Document:

EXHIBIT 4.2

 

UNLESS PERMITTED UNDER SECTION 11 OF
MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKETS, THE HOLDER OF THIS SECURITY MUST NOT TRADE
THE SECURITY IN OR FROM A JURISDICTION OF CANADA AND MAY HAVE TO HOLD THE SECURITY FOR AN INDEFINITE PERIOD, UNLESS (A) THE SECURITY
HOLDER TRADES THE SECURITY THROUGH AN INVESTMENT DEALER REGISTERED IN A JURISDICTION OF CANADA FROM AN ACCOUNT AT THAT DEALER IN
THE NAME OF THAT SECURITY HOLDER, AND (B) THE DEALER EXECUTES THE TRADE THROUGH ANY OF THE OVER-THE-COUNTER MARKETS IN THE UNITED
STATES OF AMERICA.

 

NEITHER THESE WARRANTS NOR THE COMMON
SHARES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S.
SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE WARRANTS MAY NOT BE EXERCISED WITHIN THE
UNITED STATES OR BY OR ON BEHALF OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT), EXCEPT PURSUANT TO
AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, AND EXEMPTIONS FROM APPLICABLE STATE SECURITIES LAWS,
IN EACH CASE AFTER PROVIDING AN OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT.

 

NEITHER THESE WARRANTS NOR THE COMMON
SHARES ISSUABLE UPON EXERCISE THEREOF MAY BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT:
(A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT; (B) IN A TRANSACTION OUTSIDE THE UNITED STATES
MEETING THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT OR (C) IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. PRIOR TO THE COMPLETION
OF ANY SUCH TRANSACTION PURSUANT TO THE FOREGOING CLAUSES (B) OR (C), THE TRANSFEROR SHALL DELIVER TO THE CORPORATION A WRITTEN
OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH TRANSACTION IS IN COMPLIANCE WITH
THE REGISTRATION REQUIREMENTS OF ALL APPLICABLE UNITED STATES FEDERAL AND STATE SECURITIES LAWS. HEDGING TRANSACTIONS WITH RESPECT
TO THESE WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE THEREOF ARE PROHIBITED UNLESS THEY ARE CONDUCTED IN COMPLIANCE WITH
THE U.S. SECURITIES ACT.

 

This
warrant certificate is void if not exercised on or before 4:30 p.m. (Alberta time) on l
, 2015.

 

WARRANT CERTIFICATE

DEEP WELL OIL & GAS, INC.

 

(Incorporated under the
laws of the State of Nevada and extra-

provincially registered in the Province of Alberta, Canada)

 

	WARRANT CERTIFICATE
 NO. l	 	l WARRANTS, each entitling the Holder
    to acquire one Common Share for each Warrant represented hereby

 

THIS IS TO CERTIFY THAT, FOR VALUE RECEIVED

 

<Name>

<Address>

<City, Province/State, Zip or Postal
Code, County>

<Telephone Number>

 

    	 

    	 

    
 

(hereinafter referred to as the "Holder"
or the "Warrantholder") is entitled to acquire for each Warrant represented hereby, in the manner and subject to the
restrictions and adjustments set forth herein, at any time and from time to time until 4:30 p.m. (Edmonton time) (the "Time
of Expiry") on the Expiry Date (as hereinafter defined), one fully paid and non-assessable common share ("Common Share")
of DEEP WELL OIL & GAS, INC. (the "Corporation"), at the Exercise Price (as hereinafter defined), subject to adjustment
as herein provided.

 

These Warrants may only be exercised at
the principal office of the Corporation at Suite 700, 10150 – 100 Street, Edmonton, Alberta, T5J 0P6, or such other office
as the Corporation may advise the Holder in writing. These Warrants are issued subject to the terms and conditions appended hereto
as Schedule "A".

 

IN WITNESS WHEREOF, the Corporation has
caused this Warrant Certificate to be executed by a duly authorized officer.

 

DATED this __________________________,
2012.

 

 

	 	DEEP WELL OIL & GAS, INC.
	 	 	 
	 	 	 
	 	Per: 	 

 

(See terms and conditions attached hereto)

 

    	 

    	 

    

 

SCHEDULE "A"

 

TERMS AND CONDITIONS FOR WARRANT

 

Article 1

 

INTERPRETATION

 

		1.1	Definitions

 

In these Terms and
Conditions, unless there is something in the subject matter or context inconsistent therewith:

 

		(a)	"Common Shares" means the common shares in the capital of the Corporation;

 

		(b)	"Corporation" means Deep Well Oil & Gas, Inc.;

 

		(c)	"Current Market Price" of the Common Shares at any date means the simple average of the
closing price per share for the Common Shares for any 10 consecutive trading days selected by the Corporation commencing not more
than 45 trading days before such date on the stock exchange on which the Common Shares are listed or, if such Common Shares are
not listed on a stock exchange, such over-the-counter market on which the Common Shares are quoted or trade (provided that if on
any day in such period no closing price per share for the Common Shares is reported on by such exchange or over-the-counter market
for such day, the average of the reported closing bid and asked prices on such exchange or over-the-counter market on such day
shall be deemed to be the closing price per share for the Common Shares for such day) of if the Common Shares are not listed or
quoted on any stock exchange or over-the-counter market, a price determined by the board of directors of the Corporation acting
reasonably;

 

		(d)	"Dividend Paid in the Ordinary Course" means a dividend declared payable on the Common
Shares in any four consecutive quarters of the Corporation, whether in (1) cash, (2) securities of the Corporation, including rights,
options or warrants (other than rights, options or warrants referred to in subsection 4.2(b)) to purchase any securities of the Corporation or property or other assets of the Corporation, or (3)
property or other assets of the Corporation, to the extent that the amount or value of such dividend together with the amount or
value of all other dividends theretofore paid during such financial year (any such securities, property or other assets so distributed
to be valued at the fair market value of such securities, property or other assets, as the case may be, as determined by the Corporation,
which determination shall be conclusive, provided that, for the purposes of this definition, the fair market value of any Common
Share distributed by way of dividend shall be conclusively determined by reference to the Current Market Price per Common Share
on the date prior to the declaration of such dividend) does not exceed the greater of:

 

		(i)	150% of the aggregate amount and/or value of dividends declared payable by the Corporation on the
Common Shares in the period of four consecutive financial quarters ended immediately prior to the first day of such financial year;
and

 

    	 

    	 

    
 

		(ii)	100% of the consolidated net income of the Corporation before extraordinary items (but after dividends
payable on all shares ranking prior to or on a parity with respect to the payment of dividends with the Common Shares) in respect
of the period of four consecutive financial quarters ended immediately prior to the first day of the current financial quarter
(such consolidated net income, extraordinary items and dividends to be shown in the audited consolidated financial statements of
the Corporation for such period of four consecutive financial quarters or if there are no audited consolidated financial statements
for such period, computed in accordance with generally accepted accounting principles, consistent with those applied in the preparation
of the most recent audited consolidated financial statements of the Corporation);

 

		(e)	"Exercise Price" means the price of US$0.105 per Common Share (subject to adjustment
in certain events);

 

		(f)	"Expiry Date" means the l ,
2015 unless modified in accordance with section 3.3 and 3.8;

 

		(g)	"herein", "hereby" and similar expressions refer to these Terms and Conditions
as the same may be amended or modified from time to time; and the expression "Article" and "Section" followed
by a number refer to the specified Article or Section of these Terms and Conditions;

 

		(h)	"person" means an individual, corporation, partnership, trustee or any unincorporated
organization and words importing persons have a similar meaning;

 

		(i)	“Prior Share Issuance Reservations” means all previously reserved share
issuances including the ten percent (10%) of the issued and outstanding share capital which may be granted as options pursuant
to the Corporation’s stock option plan;

 

		(j)	"Time of Expiry" means 4:30 p.m. (Edmonton time) on the Expiry Date;

 

		(k)	"Warrant" means the warrant to acquire Common Shares evidenced by the Warrant Certificate
issued to the Holder; and

 

		(l)	"Warrant Certificate" means the certificate to which these Terms and Conditions are attached.

 

		1.2	Gender

 

Words importing the
singular number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders.

 

    	2

    	 

    
 

		1.3	Interpretation Not Affected by Headings

 

The division of these
Terms and Conditions into Articles, Sections and Subsections and the insertion of headings are for convenience of reference only
and shall not affect the construction or interpretation thereof.

 

		1.4	Applicable Law

 

The terms hereof and
of the Warrant shall be construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable thereto.

 

Article 2

 

ISSUE OF WARRANT

 

		2.1	Issue of Warrants

 

That number of Warrants
set out on the Warrant Certificate are hereby created and authorized to be issued.

 

		2.2	Additional Warrants

 

Subject to any other
written agreement between the Corporation and the Warrantholder, the Corporation may at any time and from time to time undertake
further equity or debt financing and may issue additional securities of any kind including Common Shares, warrants or grant options
or similar rights to purchase Common Shares to any person.

 

		2.3	Issue in Substitution for Lost Warrants

 

If the Warrant Certificate
becomes mutilated, lost, destroyed or stolen:

 

		(a)	the Corporation shall, subject to subsection 2.3(b) hereof, issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated, lost,
destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant
Certificate; and

 

		(b)	the Holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case
of the mutilation, loss, destruction or theft of the Warrant Certificate, shall, as a condition precedent to the issuance of a
new Warrant Certificate, furnish to the Corporation such evidence of mutilation, loss, destruction, or theft as shall be satisfactory
to the Corporation in its sole discretion and, if required by the Corporation, an indemnity in an amount and form satisfactory
to the Corporation, in its discretion, and shall pay the reasonable charges of the Corporation in connection therewith.

 

		2.4	Warrantholder Not a Shareholder

 

The Warrant Certificate
shall not constitute the Holder a shareholder of the Corporation, nor entitle it to any right or interest in respect thereof except
as may be expressly provided in the Warrant Certificate. The Corporation may deem and treat the Holder of the Warrant Certificate
as the absolute owner thereof for all purposes and the Corporation shall not be affected by any notice to the contrary.

 

    	3

    	 

    
 

		2.5	Register of Warrants

 

At all times while
Warrants are outstanding, the Corporation shall maintain a register of all holders of Warrants on which shall be entered the names,
latest known addresses of all holders and if available, the telecopier numbers of such holders and particulars of the Warrants
held by them and a register of transfers in which shall be entered the particulars of all transfers of Warrants, such registers
to be kept by and at the office of the Corporation.

 

		2.6	Transfer

 

Warrants may only be
transferred on the register of the Corporation by the Holder thereof or its legal representatives or its attorney duly appointed
by an instrument in writing in form and execution satisfactory to the Corporation in accordance with applicable laws. The Warrants
and the Common Shares issuable thereunder are and may continue to be subject to resale restrictions and hold periods, and holders
should consult their legal advisors in respect of the same. Such transfer will be effected upon surrender to the Corporation of
this Warrant Certificate for cancellation and the duly completed and executed Transfer Form attached hereto as Appendix 1
and upon compliance, to the reasonable satisfaction of the Corporation, with:

 

		(a)	the conditions herein;

 

		(b)	such reasonable requirements as the Corporation may require; and

 

		(c)	all applicable securities legislation and requirements of regulatory authorities and all stock
exchanges upon which the Common Shares are listed from time to time, as applicable.

 

		2.7	Default on Issuance of Common Shares

 

Notwithstanding anything
contained in this Warrant Certificate, if for any reason, other than the failure or default of the Holder of the Warrants, the
Corporation is unable to issue and deliver the Common Shares as contemplated within this Warrant Certificate to the Holder upon
the proper exercise by the Holder of the right to purchase any of the Common Shares covered by this Warrant Certificate, the Corporation,
at the option of the Holder, must pay to the Holder, in cash, an amount equal to the difference between the Exercise Price and
the Current Market Price of the Common Shares on the Exercise Date, for each Common Share that is not delivered, in complete satisfaction
of its obligations with respect to the particular Warrant for which the Common Share was not issued.

 

    	4

    	 

    
 

Article 3

 

EXERCISE OF THE WARRANT

 

		3.1	No Registration under U.S. Securities Act

 

The Warrants may not
be exercised within the United States, or by or on behalf of a “U.S. Person” (as defined in Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), nor will certificates representing Common
Shares issuable upon exercise of the Warrants be delivered in the United States, except pursuant to an exemption from the registration
requirements of the U.S. Securities Act and exemptions from applicable state securities laws. Any person who proposes to exercise
a Warrant shall provide to the Corporation, as contemplated in Appendix 2, either (i) written certification that, among
other things, the Warrant is not being exercised within the United States or by or on behalf of a U.S. Person, (ii) a written opinion
of counsel or other evidence satisfactory to the Corporation to the effect that the issuance of Common Shares upon exercise of
such Warrant is not required to be registered under the U.S. Securities Act and applicable state securities laws or (iii) written
confirmation by the person exercising the Warrant that it is the original purchaser thereof and reaffirming, as of the date of
such exercise, the representations, warranties made by it in the subscription agreement pursuant to which it purchased the Warrant.
Common Shares issuable upon exercise of Warrants by a person in the United States or by or on behalf of a U.S. Person may, if so
determined by the Corporation in its sole discretion, bear a legend restricting transfer.

 

		3.2	Method of Exercise of The Warrant

 

The Holder may exercise
the right hereby conferred on the Holder to acquire Common Shares (subject to the provisions of this Article 3) by:

 

		(a)	duly completing and executing the Warrant Exercise Form attached hereto as Appendix 2;
and

 

		(b)	certifying that the Holder or (if different) the recipient of the Common Shares to be issued upon
exercise of the Warrant either: (i) is not (a) a "U.S. Person", (b) exercising the Warrant(s) on behalf of a "U.S.
Person", and (c) in the United States at the time that the Warrant(s) are exercised and did not execute or deliver the Warrant
Exercise Form in the United States; or (ii) at or prior to the time of such exercise, has delivered to the Corporation a written
opinion of counsel or other evidence satisfactory to the Corporation to the effect that the issuance of Common Shares upon such
exercise is not required to be registered under the U.S. Securities Act and applicable state securities laws; or (iii) is the original
purchaser of the Warrants and confirms as of the date of such exercise, the representations, warranties and agreements made by
it in the subscription agreement pursuant to which the Warrant was purchased by it; and

 

		(c)	surrendering this certificate, together with the Holder’s certified cheque or a bank draft,
money order or wire transfer in the full amount of the total aggregate Exercise Price of the Common Shares being purchased, together
with the duly completed and executed Warrant Exercise Form, to the Corporation at its offices,

 

at any time up until the Time of Expiry.
This Warrant Certificate shall be deemed to be surrendered only upon personal delivery thereof to, or if sent by mail or other
means of transmission, upon actual receipt thereof by, the Corporation at its offices.

 

    	5

    	 

    
 

		3.3	Accelerated Exercise Right

 

		(a)	In the event that the Corporation’s closing price, on the OTCQB, of the Common Share’s
is equal to or exceeds US$1.00 per Common Share for at least thirty (30) consecutive trading days, the Expiry Date of the Warrant
will automatically accelerate to the date which is thirty (30) calendar days following the date that written notice has been given
to the Warrantholder.

 

		(b)	To exercise the accelerated exercise right described in Section 3.3(a), the Corporation must give
notice by hand delivery, facsimile transmission, other means of electronic communication or (provided that the mailing party does
not know and should not reasonably have known of any disruption or anticipated disruption of postal service which might affect
delivery of the mail) by registered mail (postage prepaid), to the Warrantholder confirming that the conditions described in Section
3.3(a) are met. This notice must inform the Warrantholder of the Corporation’s intention to exercise its right to cause the
accelerated exercise of the Warrant. The accelerated exercise date, which will be the date that the Warrantholder must pay the
exercise price of the Warrants to the Corporation, will be a date selected by the Corporation (the “Accelerated Exercise
Date”) and will be no earlier than thirty (30) calendar days after the date of the notice described in this Section 3.3(b)
is emailed to the Warrantholder.

 

		(c)	In addition to any information required by applicable law and regulation, the notice of a accelerated
exercise described in Section 3.3(b) shall state, as appropriate: (i) the accelerated Exercise Date; (ii) the number of Common
Shares to be issued upon exercise of the Warrant; (iii) the Aggregate Warrant Price to be paid by the Warrantholder; and (iv) the
place where the Warrants are to be surrendered for exercise.

 

		3.4	Effect of Exercise of the Warrant

 

		(a)	Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as
fully paid and non-assessable shares, free from all liens, charges and encumbrances and the Holder shall become the Holder of record
of such Common Shares on the date of such surrender and payment;

 

		(b)	Within ten (10) business days after surrender and payment as aforesaid, the Corporation shall forthwith
cause the issuance of and mail to the Holder a certificate for the Common Shares purchased as aforesaid;

 

		(c)	Notwithstanding anything herein contained including any adjustment provided for in
                                                           Article 4 , the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common
Shares or to distribute certificates which evidence fractional Common Shares. Any fractional Common Shares that would otherwise
be issuable upon the exercise of Warrants shall be cancelled by the Corporation without compensation to the Holder thereof; and

 

		(d)	Notwithstanding anything herein contained, no Common Shares will be issued pursuant to the exercise
of any Warrant if the issuance of such Common Shares would constitute a violation of the securities laws of any applicable jurisdiction
or the requirements of any applicable stock exchange, and without limiting the generality of the foregoing, in the event that
any of the Warrants are exercised prior to expiry of any hold period or other resale restriction placed thereon by such laws or
requirements, the certificates evidencing the Common Shares thereby issued will bear such legend as is required under applicable
securities laws and that, in the opinion of legal counsel to the Corporation, is necessary in order to avoid a violation of any
such laws or requirements.

 

    	6

    	 

    
 

		3.5	Subscription for Less than Entitlement

 

The Holder may subscribe
for and purchase a number of Common Shares less than the number which it is entitled to purchase pursuant to the surrendered Warrant
Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased pursuant to
the Warrant Certificate, the Corporation shall forthwith issue and deliver to the Holder a new Warrant Certificate containing the
same terms and conditions as disclosed herein to purchase that number of Common Shares with respect to which such partial exercise
did not apply.

 

		3.6	Resale Restrictions

 

As the Corporation
is not a reporting issuer in any jurisdiction of Canada, unless permitted under Canadian securities legislation, the Holder of
this security must not trade the security in Canada and may have to hold the security for an indefinite period.

 

		3.7	Expiration of the Warrant

 

After the Time of Expiry,
all rights hereunder shall wholly cease and terminate and the Warrant Certificate and the Warrants shall be void and of no further
force and effect, subject to paragraph 3.8

 

		3.8	Extension of the Warrant

 

Notwithstanding paragraph 3.7 above,
in the event the issuance of the Common Shares received upon exercise of the Warrant exceeds the Corporation’s then
authorized share capital, taking into consideration all of the Prior Share Issuance Reservations, the Warrant shall not be
exercisable until such time as the authorized share capital of the Corporation has been sufficiently increased to accommodate
for the exercise of the Warrant. The period of time during which the Warrant cannot be exercised by the Warrantholder shall
automatically be extended to the Expiry Date.

 

    	7

    	 

    
 

Article 4

 

ADJUSTMENTS

 

		4.1	Adjustment of Number of Common Shares

 

The acquisition rights
in effect at any date attaching to the Warrants shall be subject to adjustment from time to time as follows:

 

		(a)	If and whenever at any time after the date hereof and prior to the Time of Expiry, any adjustment
in the Exercise Price or in the calculation thereof pursuant to Section 4.2 shall occur as a result of:

 

		(i)	an event referred to in subsection 4.2(a);

 

		(ii)	the fixing by the Corporation of a record date for an event referred to in subsection 4.2(b); or

 

		(iii)	the fixing by the Corporation of a record date for an event referred to in subsection 4.2(c) if such event constitutes the issue or distribution to the holders of all or substantially all of its
outstanding Common Shares of:

 

		(A)	Common Shares, or

 

		(B)	securities exchangeable for or convertible into Common Shares at less than the Current Market Price
of the Common Shares on such record date, or

 

		(C)	rights, options or warrants to acquire Common Shares at an exercise, exchange or conversion price
per Common Share less than the Current Market Price of the Common Shares on such record date,

 

		 	the number of Common Shares obtainable upon the subsequent
exercise of the Warrant shall be adjusted simultaneously with the adjustment in the Exercise Price pursuant to Section 4.2 by
multiplying the number of Common Shares theretofore obtainable on the exercise thereof immediately prior to such adjustment by
a fraction of which the numerator shall be the total number of Common Shares outstanding immediately after such date and the denominator
shall be the total number of Common Shares outstanding immediately prior to such date. To the extent that any adjustment in subscription
rights occurs pursuant to this subsection 4.1(a) as a result of the distribution of securities convertible into or exchangeable
for Common Shares referred to in subsection 4.2(a) or as a result of the fixing by the Corporation of a record date for the distribution
of rights, options or warrants referred to in subsection 4.2(b), the number of Common Shares purchasable upon exercise of a Warrant
shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the number of Common
Shares which would be purchasable based upon the number of Common Shares actually issued and remaining issuable immediately
after such expiration, and shall be further readjusted in such manner upon expiration of any further such right. To the extent
that any such adjustment in subscription rights occurs pursuant to this subsection 4.1(a) as a result of the fixing by the Corporation
of a record date for the distribution referred to in subsection 4.2(c) of rights, options or warrants or exchangeable or convertible
securities, the number of Common Shares purchasable upon exercise of a Warrant shall be readjusted immediately after the expiration
of any relevant exchange, conversion or exercise right to the number which would be purchasable pursuant to this subsection 4.1(a)
if the fair market value of such rights, options or warrants or other exchangeable or convertible securities had been determined
for the purposes of the adjustment pursuant to this subsection 4.1(a) on the basis of the number of Common Shares issued and remaining
issuable immediately after such expiration, and shall be further readjusted in such manner upon expiration of any further right.

 

    	8

    	 

    
 

		(b)	If and whenever at any time after the date hereof and prior to the Time of Expiry there is a
                                                           reclassification of the Common Shares or a capital reorganization of the Corporation other than as described in subsection
                                                           4.2(a) or a consolidation, amalgamation or merger of the Corporation (including, without limitation, by
way of plan of arrangement) with or into any other body corporate, trust, partnership or other entity, or a sale or
conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other body
corporate, trust, partnership or other entity, any Warrantholder who has not exercised his right of acquisition prior to the
effective date of such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, upon the
exercise of such right thereafter, shall be entitled to receive and shall accept, in lieu of the number of Common Shares then
sought to be acquired by it, the kind and number of shares or other securities or property of the Corporation or of the body
corporate, trust, partnership or other entity resulting from such reclassification, reorganization, consolidation,
amalgamation or merger, or to which such sale or conveyance may be made, as the case may be, that such Holder would have been
entitled to receive as a result of such reclassification, reorganization, consolidation, amalgamation, merger, sale or
conveyance, if, on the record date or the effective date thereof, as the case may be, the Warrantholder had been the
registered Holder of the number of Common Shares to which the Holder was theretofore entitled upon exercise. If determined
appropriate by the board of directors of the Corporation to give effect to or to evidence the provisions of this
subsection 4.1(b), the Corporation, its successor, or such purchasing body corporate, partnership, trust or
other entity, as the case may be, shall prior to or contemporaneously with any such reclassification, reorganization,
consolidation, amalgamation, merger, sale or conveyance, enter into an agreement or new Warrant Certificate which shall
provide, to the extent possible, for the application of the provisions set forth in this Warrant Certificate with respect to
the rights and interests thereafter of the Warrantholder to the end that the provisions set forth in this Warrant shall
thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities
or property to which a Warrantholder is entitled on the exercise of its acquisition rights thereafter and upon entering into
such new Warrant Certificate or agreement, the Corporation shall cease to have any obligations (including the obligation to
issue any Common Shares) hereunder and the Holder shall cease to have any rights hereunder. Any Warrant Certificate or
agreement entered into pursuant to the provisions of this subsection 4.1(b) shall be an agreement entered into pursuant to
the provisions of Article 6. Any Warrant Certificate or agreement entered into between the Corporation, any successor to
the Corporation or such purchasing body corporate, partnership, trust or other entity shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided in this Article 4 and which shall apply
to successive reclassifications, reorganizations, consolidations, amalgamations, mergers, sales or conveyances.

 

    	9

    	 

    
 

		4.2	Adjustment of Exercise Price

 

The Exercise Price
in effect at any date attaching to the Warrants shall be subject to adjustment from time to time as follows:

 

		(a)	If and whenever after the date hereof and at any time prior to the Time of Expiry, the Corporation
shall:

 

		(i)	subdivide, divide or change its outstanding Common Shares into a greater number of Common Shares;

 

		(ii)	consolidate, reduce or combine its outstanding Common Shares into a lesser number of Common Shares;

 

		(iii)	make any distribution, other than by way of Dividend Paid in the Ordinary Course, to the holders
of all or substantially all of the outstanding Common Shares payable in Common Shares;

 

the Exercise
Price in effect on the effective date of such events referred to in subsections 4.2(a)(i), 4.2(a)(ii), or 4.2(a)(iii) shall
be adjusted to equal the price determined by multiplying the Exercise Price in effect immediately prior to such effective
date by a fraction of which the numerator shall be the total number of Common Shares outstanding immediately prior to such
date and the denominator shall be the total number of Common Shares immediately after such date. Such adjustment shall be
made successively whenever any event referred to in this subsection 4.2(a) shall occur.

 

		(b)	If and whenever at any time after the date hereof, the Corporation shall fix a record date which
is prior to the Time of Expiry for the issue of rights, options or warrants to all or substantially all the holders of outstanding
Common Shares under which such holders are entitled during a period expiring not more than sixty (60) days after the record date
for such issue to subscribe for or purchase Common Shares, or securities convertible into or exchangeable for Common Shares, at
a price per Common Share or having a conversion or exchange price per Common Share less than the Current Market Price per Common
Share on such record date, the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price
determined by multiplying the Exercise Price in effect on such record date by a fraction of which the numerator shall be the total
number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing
the aggregate price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate conversion
or exchange price of the convertible securities so offered, by such Current Market Price per Common Share, and of which the denominator
shall be the total number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered
for subscription or purchase (or into which the convertible securities so offered are convertible or exchangeable). If by the terms
of the rights, options or warrants referred to in this subsection 4.2(b), there is more than one purchase, conversion or exchange price per Common Share, the aggregate
price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate conversion or
exchange price of the convertible securities so offered, shall be calculated for purposes of the adjustment on the basis of
the lowest purchase, conversion or exchange price per Common Share, as the case may be. Any Common Shares owned by or held
for the account of the Corporation or any subsidiary of the Corporation shall be deemed not to be outstanding for the purpose
of any such computation. To the extent that any adjustment in Exercise Price occurs pursuant to this subsection 4.2(b) as a
result of the fixing by the Corporation of a record date for the distribution of rights, options or warrants referred to in
this subsection 4.2(b), the Exercise Price shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Common Shares
actually issued and remaining issuable after such expiration, and shall be further readjusted in such manner upon expiration
of any further such right.

 

    	10

    	 

    
 

		(c)	If and whenever at any time prior to the Time of Expiry, the Corporation shall fix a record date
which is prior to the Time of Expiry for the issue or distribution to all or substantially all the holders of its outstanding Common
Shares of:

 

		(i)	shares of any class other than Common Shares (excluding Dividends Paid in the Ordinary Course);

 

		(ii)	rights, options or warrants (excluding those referred to in subsection 4.2(b));

 

		(iii)	evidences of its indebtedness; or

 

		(iv)	any other property or assets (excluding Dividends Paid in the Ordinary Course);

 

then, and in each such case,
the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying
the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares
outstanding on such record date multiplied by the Current Market Price on such record date, less the aggregate fair market value
(as determined by the Corporation, which determination shall be conclusive) of such shares, rights, options, warrants, evidences
of indebtedness or assets so issued or distributed, and of which the denominator shall be the total number of Common Shares outstanding
on such record date multiplied by such Current Market Price, and any Common Shares owned by or held for the account of the Corporation
or any subsidiary of the Corporation shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed, and to the extent that such distribution is not so made, the Exercise
Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or to
the Exercise Price which would then be in effect based upon such shares, rights, options, warrants, evidences of indebtedness or
assets actually distributed, as the case may be.

 

    	11

    	 

    
 

		4.3	General Adjustments

 

		(a)	If necessary, appropriate adjustments shall be made in the application of the provisions set forth
in this Article 4 with respect to the rights and interests thereafter of the holders of Warrants to the end that the
provisions set forth in this Article 4 shall thereafter correspondingly be made applicable as nearly as may reasonably
be possible in relation to any shares or other securities or property thereafter deliverable upon the exercise of any
Warrant. Any such adjustments shall be made by and set forth in an amendment to this Warrant Certificate hereto approved by
the directors of the Corporation and shall for all purposes conclusively be deemed to be an appropriate adjustment.

 

		(b)	If any case in which this Article 4 shall require that an adjustment shall become effective immediately after a record date for an event
referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the Holder of any Warrant exercised
after such event the additional Common Shares issuable upon such conversion by reason of the adjustment required by such event
before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such Holder an appropriate instrument
evidencing such Holder's right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment
and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common
Shares on and after the relevant date of exercise or such later date as such Holder would, but for the provisions of this subsection 4.3(b),
have become the Holder of record of such additional Common Shares as a result of the exercise of the Warrants.

 

		(c)	No adjustment in the Exercise Price or in the number of shares to be issued pursuant to the exercise
of the Warrants shall be required unless such adjustment would result in a change of at least 1% in the Exercise Price then in
effect or unless the number of shares to be issued would change by at least 1/100th of a share, provided, however, that any adjustments
which, except for the provisions of this subsection 4.3(c).

 

		(d)	The adjustments provided for in this Article 4 in the Exercise Price and in the number and classes of shares which are to be received on the exercise
of Warrants are cumulative. After any adjustment pursuant to this Section, the term "Common Shares" where used in this
Warrant shall be interpreted to mean the shares or other securities or property of the Corporation which, as a result of all prior
adjustments pursuant to this Section, the Warrantholder is entitled to receive upon the exercise of his Warrant, and the number
of Common Shares indicated in any subscription made pursuant to a Warrant shall be interpreted to mean the number and kind of
securities or property which, as a result of all prior adjustments pursuant to this Article 4, a Warrantholder is entitled
to receive upon the full exercise of a Warrant entitling the Holder thereof to purchase the number of Common Shares so indicated.

 

    	12

    	 

    
 

		(e)	All securities and property which a Warrantholder is at the time in question entitled to receive
on the full exercise of his Warrant, whether or not as a result of adjustments made pursuant to this Section, shall, for the purposes
of the interpretation of this Warrant be deemed to be securities and property which such Warrantholder is entitled to purchase
pursuant to such Warrant.

 

		4.4	Notice of Adjustment

 

Whenever the number
of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted, as herein
provided, the Corporation shall promptly send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment
or adjustments.

 

Article 5

 

COVENANTS BY THE CORPORATION

 

		5.1	Covenants by the Corporation

 

The Corporation hereby
covenants and agrees as follows:

 

		(a)	it will at all times maintain its corporate existence and will carry on its business as currently
carried on;

 

		(b)	it will reserve and there will remain unissued out of its authorized capital a sufficient number
of Common Shares to satisfy the rights of acquisition provided for in the Warrant Certificate; and

 

		(c)	all Common Shares issued upon exercise of the right to purchase provided for herein shall, upon
payment of the Exercise Price therefor, be issued as fully paid and non-assessable shares.

 

Article 6

 

MERGER AND SUCCESSORS

 

		6.1	Corporation May Consolidate, etc. on Certain Terms

 

Nothing herein contained
shall prevent any consolidation, reorganization, amalgamation, arrangement or merger of the Corporation with or into any other
body corporate, trust, partnership or other entity, or a conveyance or transfer of all or substantially all the properties and
assets of the Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other
entity lawfully entitled to acquire and operate same, provided, however, that the other body corporate, trust, partnership or other
entity formed by such reorganization, consolidation, amalgamation, arrangement or merger or which acquires by conveyance or transfer
all or substantially all the properties and assets of the Corporation shall, simultaneously with such reorganization, consolidation,
amalgamation, arrangement, merger, conveyance or transfer, assume the due and punctual performance and observance of all the covenants
and conditions hereof to be performed or observed by the Corporation.

 

    	13

    	 

    
 

		6.2	Successor Corporation Substituted

 

In case the Corporation,
pursuant to Section 6.1, shall be reorganized, consolidated, amalgamated, arranged, or merged with or into any other body
corporate, trust, partnership or other entity, or shall convey or transfer all or substantially all of its properties and assets
as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity, the successor
formed by such reorganization, consolidation, amalgamation, arrangement or merger or into which the Corporation shall have been
reorganized, consolidated, amalgamated, arranged or merged or which shall have received a conveyance or transfer as aforesaid,
shall succeed to and be substituted for the Corporation hereunder and such changes in phraseology and form (but not in substance)
may be made in the Warrant Certificate and herein as may be appropriate in view of such reorganization, consolidation, amalgamation,
arrangement, merger, conveyance or transfer.

 

    	14

    	 

    
 

APPENDIX 1

 

 

 

TRANSFER FORM

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers to _____________________________________, __________________ Warrants of Deep Well Oil & Gas,
Inc. registered in the name of the undersigned on the records of Deep Well Oil & Gas, Inc. represented by the Warrant
Certificate attached hereto and irrevocably appoints Deep Well Oil & Gas, Inc. the attorney of the undersigned to transfer
the said securities on the books or register with full power of substitution.

 

DATED the ______ day of ________________,
201__.

 

 

	 	 	 	 
	Signature Guaranteed	 	Signature of Holder	 

 

 

Instructions:

 

		1.	The signature of the Holder must be the signature of the person appearing on the face of this Certificate.

 

		2.	If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney,
officer of a corporation or any person acting in a judiciary or representative capacity, the certificate must be accompanied by
evidence of authority to sign satisfactory to the Corporation.

 

		3.	The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank,
trust Corporation or an investment dealer who is a member of a recognized stock exchange.

 

		4.	Warrants shall only be transferable in accordance with applicable laws. The Warrants and the
Common Shares issuable thereunder are subject to resale restrictions and hold periods which will prevent the Holder, except in
very limited circumstances from trading such securities. Holders should consult their legal advisors in this regard.

 

    	 

    	 

    
 

APPENDIX 2

 

 

 

WARRANT EXERCISE
FORM

 

TO:Deep Well Oil & Gas, Inc.

 

The undersigned Holder of the within Warrant(s)
hereby subscribes for _______________ Common Shares of Deep Well Oil & Gas, Inc. (the "Corporation") (or such number
of Common Shares or other securities or property to which such exercise entitles the undersigned in lieu thereof or in addition
thereto under the provisions of the Warrant Certificate) pursuant to the within Warrant(s) at US$0.105 per share (or the adjusted
dollar amount per share at which the undersigned is entitled to purchase such shares under the provisions of the Warrant(s) subscribed
for above) prior to 4:30 p.m. (Edmonton time) on the Expiry Date on the terms specified in the said Warrant Certificate, which
certificate is surrendered to the Corporation and which will, upon the issuance of the Common Shares referred to above and the
issuance of a new Warrant for any outstanding rights of the surrendered Warrant, be null and void. The undersigned also encloses
herewith a certified cheque, bank draft or money order or has transmitted good same day funds by wire or other similar transfer,
in lawful money of the United States, payable to or to the order of Deep Well Oil & Gas, Inc. in payment of the exercise price.

 

In order to exercise any Warrants represented
by this certificate, the person exercising Warrant(s) must check one of the following:

 

[PLEASE CHECK ONE]

 

		 ̈	The undersigned Holder (i) at the time of exercise of these Warrants
is not in the United States; (ii) is not a "U.S. person" as defined in Regulation S under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), and is not exercising these Warrants on behalf of a "U.S. person";
(iii) did not acquire the Warrants in the United States; (iv) did not execute or deliver this Warrant Exercise Form in the United
States; or
	 	 	 

		 ̈	The undersigned certifies that an exemption from registration under
the U.S. Securities Act and any applicable state securities laws is available, and attached hereto is an opinion of counsel to
such effect, it being understood that any opinion of counsel tendered in connection with the exercise of these Warrants must be
in form and substance satisfactory to the Corporation; or
	 	 	 
	 	 ̈	The undersigned certifies that the undersigned is the original purchaser
of the Warrant(s) being exercised and confirms as of the date hereof, the representations, warranties and agreements made by the
undersigned in the subscription agreement pursuant to which such Warrant(s) was acquired by it.

 

The undersigned directs that the said Common
Shares hereby exercised, be issued and delivered as follows:

 

	Name in full	 	Address(es) (Include Postal Code)	 	# of Common Shares
	 	 	 	 	 

(Please print full
name in which certificates are to be issued. If any of the securities are to be issued to a person or persons other than the undersigned,
the undersigned Holder must pay to the Corporation all requisite taxes or other governmental charges.)

 

DATED this                            day of
                            , 201    .

 

	 	 	 
	Witness	 	Signature of Warrantholder (or its representative if not an individual).
	 	 	 
	Print name and address of Warrantholder in full	 	 	 
	 	 	 	 	 
	Name: 	 	 	Address:	 
	 	 	 	 	 
	 	 	 	 	 
	Title of person signing on behalf of Holder (if	 	 	 
	subscriber is not an individual):	 	 	 
	 	 	 	 
	 	 	 
	 	 	Signature Guaranteed
	 	 	 	 

 

    	 

    	 

    
 

		1.	If the Warrant Exercise Form indicates that Common Shares are to be issued to a person or persons
other than the registered Holder of the certificate, the signature of such Holder of the Warrant Exercise Form must be guaranteed
by an authorized officer of a chartered bank, trust corporation or an investment dealer who is a member of a recognized stock exchange.

 

		2.	If the Warrant Exercise Form is signed by a trustee, executor, administrator, curator, guardian,
attorney, officer of a corporation or any person acting in a judiciary or representative capacity, the certificate must be accompanied
by evidence of authority to sign satisfactory to the Corporation.

 

		3.	If the registered Holder exercises its right to receive Common Shares prior to expiry of any
hold period or other resale restriction placed on the Warrants by the securities laws of any applicable jurisdiction or the requirements
of any applicable stock exchange, the certificates evidencing the Common Shares thereby issued will bear such legend as is required
under applicable securities laws and that, in the opinion of legal counsel to the Corporation, be necessary in order to avoid a
violation of any such laws or requirements.

 

    	2LOAN AGREEMENT

 

Dated as of December 6, 2012

 

Between

 

GPT GIG BOA PORTFOLIO OWNER LLC,

as Borrower

 

and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Lender

 

    	 

    	 

    

 

TABLE OF CONTENTS

  

	 	Page
	 	 
	ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION	1
	Section 1.1	Definitions	1
	Section 1.2	Principles of Construction	35
	 	 	 
	ARTICLE II – GENERAL TERMS	35
	Section 2.1	Loan Commitment; Disbursement to Borrower	35
	2.1.1	Agreement to Lend and Borrow	35
	2.1.2	Single Disbursement to Borrower	35
	2.1.3	The Note, Mortgage and Loan Documents	35
	2.1.4	Use of Proceeds	35
	Section 2.2	Interest Rate	36
	2.2.1	Interest Rate	36
	2.2.2	Interest Calculation	36
	2.2.3	Determination of Interest Rate	36
	2.2.4	Additional Costs	38
	2.2.5	Default Rate	39
	2.2.6	Usury Savings	39
	2.2.7	Interest Rate Cap Agreement	40
	Section 2.3	Loan Payment	42
	2.3.1	Monthly Debt Service Payments	42
	2.3.2	Payments Generally	42
	2.3.3	Payment on Maturity Date	42
	2.3.4	Late Payment Charge	43
	2.3.5	Method and Place of Payment	43
	Section 2.4	Prepayments	43
	2.4.1	Voluntary Prepayments	43
	2.4.2	Mandatory Prepayments	44
	2.4.3	Prepayments After Default	44
	2.4.4	Application of Prepayments to Notes	45
	Section 2.5	Release of Property	45
	2.5.1	Release of all Properties Upon Payment in Full	45
	2.5.2	Release of an Individual Property	45
	Section 2.6	Lockbox Account/Cash Management	48
	2.6.1	Lockbox Account	48
	2.6.2	Cash Management Account	49
	2.6.3	Payments Received under the Cash Management Agreement	50
	Section 2.7	Withholding Taxes	50
	Section 2.8	Extension of the Initial Maturity Date	53
	 	 	 
	ARTICLE III – CONDITIONS PRECEDENT	55
	Section 3.1	Conditions Precedent to Closing	55

 

    	-i-

    	 

    

 

	ARTICLE IV – REPRESENTATIONS AND WARRANTIES	55
	Section 4.1	Borrower Representations	55
	4.1.1	Organization	55
	4.1.2	Proceedings	55
	4.1.3	No Conflicts	56
	4.1.4	Litigation	56
	4.1.5	Agreements	56
	4.1.6	Title	56
	4.1.7	Solvency	57
	4.1.8	Full and Accurate Disclosure	57
	4.1.9	No Plan Assets	57
	4.1.10	Compliance	58
	4.1.11	Financial Information	58
	4.1.12	Condemnation	58
	4.1.13	Federal Reserve Regulations	58
	4.1.14	Utilities and Public Access	59
	4.1.15	Not a Foreign Person	59
	4.1.16	Separate Lots	59
	4.1.17	Assessments	59
	4.1.18	Enforceability	59
	4.1.19	No Prior Assignment	59
	4.1.20	Insurance	59
	4.1.21	Use of Property	60
	4.1.22	Certificate of Occupancy; Licenses	60
	4.1.23	Flood Zone	60
	4.1.24	Physical Condition	60
	4.1.25	Boundaries	60
	4.1.26	Leases	61
	4.1.27	Survey	61
	4.1.28	Inventory	61
	4.1.29	Filing and Recording Taxes	62
	4.1.30	Special Purpose Entity/Separateness	62
	4.1.31	Management Agreement	62
	4.1.32	Illegal Activity	62
	4.1.33	No Change in Facts or Circumstances; Disclosure	63
	4.1.34	Investment Company Act	63
	4.1.35	Embargoed Person	63
	4.1.36	Principal Place of Business; State of Organization	63
	4.1.37	Environmental Representations and Warranties	64
	4.1.38	Cash Management Account	64
	4.1.39	Material Ground Leases	65
	4.1.40	Other Ground Leases	68
	4.1.41	Purchase Agreement.	68
	Section 4.2	Survival of Representations	69

 

    	-ii-

    	 

    

 

	ARTICLE V – BORROWER COVENANTS	69
	Section 5.1	Affirmative Covenants	69
	5.1.1	Existence; Compliance with Legal Requirements	69
	5.1.2	Taxes and Other Charges	70
	5.1.3	Litigation	71
	5.1.4	Access to the Properties; Property Covenants	71
	5.1.5	Notice of Default	72
	5.1.6	Cooperate in Legal Proceedings	72
	5.1.7	Perform Loan Documents	72
	5.1.8	Award and Insurance Benefits	72
	5.1.9	Further Assurances	73
	5.1.10	Principal Place of Business, State of Organization	73
	5.1.11	Financial Reporting	74
	5.1.12	Business and Operations	76
	5.1.13	Title to the Properties	76
	5.1.14	Costs of Enforcement	76
	5.1.15	Estoppel Statement	76
	5.1.16	Loan Proceeds	77
	5.1.17	No Modifications by Borrower	77
	5.1.18	Confirmation of Representations	77
	5.1.19	Environmental Covenants	78
	5.1.20	Leases	79
	5.1.21	Alterations	80
	5.1.22	Operation of Property	81
	5.1.23	Embargoed Person	81
	5.1.24	Ground Leases	82
	Section 5.2	Negative Covenants	84
	5.2.1	Operation of Property	84
	5.2.2	Liens	85
	5.2.3	Dissolution	85
	5.2.4	Change In Business	85
	5.2.5	Debt Cancellation	85
	5.2.6	Zoning	85
	5.2.7	No Joint Assessment	85
	5.2.8	Ground Lease	86
	5.2.9	ERISA	87
	5.2.10	Transfers	87
	5.2.11	Purchase Agreement. 	91
	 	 	 
	ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION	91
	Section 6.1	Insurance	91
	Section 6.2	Casualty	95
	Section 6.3	Condemnation	95
	Section 6.4	Restoration	96

 

    	-iii-

    	 

    

 

	ARTICLE VII – RESERVE FUNDS	100
	Section 7.1	Required Repairs	100
	7.1.1	Deposits	100
	7.1.2	Release of Required Repair Funds	101
	Section 7.2	Tax and Insurance Escrow Fund	102
	Section 7.3	Replacements and Replacement Reserve	102
	7.3.1	Replacement Reserve Fund	102
	7.3.2	Disbursements from Replacement Reserve Account	102
	7.3.3	Performance of Replacements	104
	7.3.4	Failure to Make Replacements	106
	7.3.5	Balance in the Replacement Reserve Account	106
	Section 7.4	Rollover Reserve	107
	7.4.1	Deposits to Rollover Reserve Fund	107
	7.4.2	Withdrawal of Rollover Reserve Funds	107
	Section 7.5	Excess Cash Flow Reserve Fund	107
	7.5.1	Deposits to Excess Cash Flow Reserve Fund	107
	7.5.2	Release of Excess Cash Flow Reserve Funds	107
	Section 7.6	Ground Lease Reserve  Fund	107
	7.6.1	Deposit of Ground Lease Reserve Fund	107
	7.6.2	Release of Ground Lease Reserve Fund	108
	Section 7.7	Reserve Funds, Generally	108
	 	 	 
	ARTICLE VIII – DEFAULTS	109
	Section 8.1	Event of Default	109
	Section 8.2	Remedies	113
	Section 8.3	Remedies Cumulative; Waivers	114
	 	 	 
	ARTICLE IX – SPECIAL PROVISIONS	115
	Section 9.1	Securitization	115
	9.1.1	Sale of Notes and Securitization	115
	9.1.2	Securitization Costs; Cooperation Costs	117
	9.1.3	Splitting the Loan; Uncross of Properties	117
	9.1.4	Mezzanine Loans	118
	Section 9.2	Securitization Review	118
	Section 9.3	Exculpation	119
	Section 9.4	Matters Concerning Manager	122
	Section 9.5	Servicer	122
	 	 	 
	ARTICLE X – MISCELLANEOUS	123
	Section 10.1	Survival	123
	Section 10.2	Lender’s Discretion	123
	Section 10.3	Governing Law	123
	Section 10.4	Modification, Waiver in Writing	125
	Section 10.5	Delay Not a Waiver	125
	Section 10.6	Notices	125
	Section 10.7	Trial by Jury	126

 

    	-iv-

    	 

    

 

	Section 10.8	Headings	127
	Section 10.9	Severability	127
	Section 10.10	Preferences	127
	Section 10.11	Waiver of Notice	127
	Section 10.12	Remedies of Borrower	127
	Section 10.13	Expenses; Indemnity	128
	Section 10.14	Schedules Incorporated	129
	Section 10.15	Offsets, Counterclaims and Defenses	129
	Section 10.16	No Joint Venture or Partnership; No Third Party Beneficiaries	129
	Section 10.17	Publicity	130
	Section 10.18	Cross Default; Cross Collateralization; Waiver of Marshalling of Assets	130
	Section 10.19	Waiver of Counterclaim	131
	Section 10.20	Conflict; Construction of Documents; Reliance	131
	Section 10.21	Brokers and Financial Advisors	131
	Section 10.22	Prior Agreements	131
	Section 10.23	Joint and Several Liability	131
	Section 10.24	Certain Additional Rights of Lender (VCOC)	131
	Section 10.25	Register	132

  

SCHEDULES

 

	Schedule I	–	Rent Roll
	 	 	 
	Schedule II	–	Required Repairs - Deadlines for Completion
	 	 	 
	Schedule III	–	Organizational Chart of Borrower
	 	 	 
	Schedule IV	–	Individual Properties and Release Amounts
	 	 	 
	Schedule V	–	Ground Leases
	 	 	 
	Schedule VI	–	Properties Requiring O&M Programs
	 	 	 
	Schedule 4.1.26	–	Outstanding Lease Work Obligations
	 	 	 
	Schedule 4.1.40 	–	Exceptions to Ground Lease Representations and Warranties

  

    	-v-

    	 

    

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT,
dated as of December 6, 2012 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”),
between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of
America, having an address at 383 Madison Avenue, New York, New York 10179 (“Lender”), and GPT GIG BOA PORTFOLIO
OWNER LLC, a Delaware limited liability company, having its principal place of business at c/o Gramercy Capital Corp., 420
Lexington Avenue, 18th Floor, New York, NY 10170 (“Borrower”).

 

WITNESSETH:

 

WHEREAS, Borrower
desires to obtain the Loan (as hereinafter defined) from Lender; and

 

WHEREAS, Lender
is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents
(as hereinafter defined).

 

NOW THEREFORE,
in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in
this Agreement, the parties hereto hereby agree as follows:

 

ARTICLE
I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

Section 1.1        Definitions.
   For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent:

 

“Acceptable
Counterparty” shall mean a counterparty to the Interest Rate Cap Agreement (or the guarantor of such counterparty’s
obligations) that (a) has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, (i) (x) a
long-term unsecured debt rating of not less than “A” by S&P and a short-term senior unsecured debt rating of at
least “A-1” from S&P or (y) if no short-term debt rating exists, a long-term senior unsecured debt rating
of at least “A+” from S&P, (ii)(x) a long-term unsecured debt rating of not less than “A2” from
Moody’s and a short-term senior unsecured debt rating of at least “P1” from Moody’s or (y) if no short-term
debt rating exists, a long-term senior unsecured debt rating of at least “A1” from Moody’s, and (iii) if
any Securities or any class thereof in any Securitization are rated by Fitch, a long-term unsecured debt rating of at least
“A” by Fitch and short-term unsecured debt rating of at least “F1”, or (b) is otherwise acceptable
to the Approved Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty shall not cause
a downgrade, withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in
any Securitization.

 

    	 

    	 

    

 

“Additional
Material Ground Lease” shall have the meaning set forth in Section 4.1.39(b).

 

“Adjusted Release
Amount” shall mean, for each Individual Property, the sum of (a) the Release Amount for such Individual Property
plus (b) fifteen percent (15%) of the Release Amount for such Individual Property.

 

“Additional
Insolvency Opinion” shall mean a non-consolidation opinion letter delivered in connection with the Loan subsequent to
the Closing Date reasonably satisfactory in form and substance to Lender and, following a Securitization, satisfactory in form
and substance to the Approved Rating Agencies, and from counsel reasonably acceptable to Lender and, following a Securitization,
the Approved Rating Agencies.

 

“Affiliate”
shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common
Control with such Person or is a director or officer of such Person or of an Affiliate of such Person.

 

“Affiliated
Manager” shall mean any Manager that is an Affiliate of Borrower or Guarantor.

 

“Agent”
shall mean Wells Fargo Bank, N.A., or any successor Eligible Institution acting as Agent under the Cash Management Agreement.

 

“Agreement”
shall have the meaning set forth in the introductory paragraph hereof.

 

“Amortization
Election Notice” shall have the meaning set forth in Section 2.8(h) hereof.

 

“Annual Budget”
shall mean the operating budget, including all planned Capital Expenditures, for the Properties prepared by Borrower in accordance
with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period.

 

“Applicable
Threshold Amount” shall mean the higher of (a) $500,000 and (b) ten percent (10%) of the Release Amount for
the affected Individual Property.

 

“Approved Accounting
Method” shall mean any of (a) GAAP, (b) federal tax basis accounting or (c) such other method of accounting
proposed by Borrower and reasonably acceptable to Lender, in each case consistently applied.

 

“Approved Annual
Budget” shall have the meaning set forth in Section 5.1.11(d) hereof.

 

“Approved Rating
Agencies” shall mean each of S&P, Moody’s, Fitch, DBRS, Kroll and Morningstar or any other nationally-recognized
statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities.

 

    	-2-

    	 

    

 

“Assignment
of Interest Rate Cap Agreement” shall have the meaning set forth in Section 2.2.7(a) hereof.

 

“Assignment
of Leases” shall mean, with respect to each Individual Property located in Arizona, California, Georgia, Kansas and Missouri,
that certain Assignment of Leases and Rents, dated the date hereof, executed and delivered by Borrower to Lender as security for
the Loan and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time.

 

“Assignment
of Management Agreement” shall mean, with respect to each Individual Property, that certain Assignment of Management
Agreement and Subordination of Management Fees, dated as of the date hereof, among Lender, Borrower and Manager, as the same may
be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation.

 

“Bankruptcy
Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code;
(b) the filing of an involuntary petition against such Person under the Bankruptcy Code or soliciting or causing to be solicited
petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or
otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code;
(d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver,
trustee, or examiner for such Person or any portion of any Individual Property; or (e) such Person making an assignment for
the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as
they become due or to take action in furtherance of any of the foregoing.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, 11 U.S.C. §101, et seq., as the same may be amended from time
to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any
comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal, state, local or foreign
bankruptcy or insolvency law.

 

“Bankruptcy
Defaulting Guarantor” shall have the meaning set forth in Section 8.1(a)(ix) hereof.

 

“Bankruptcy
Trigger” shall have the meaning set forth in the definition of Cash Sweep Event.

 

“Basic Carrying
Costs” shall mean, for any period, the sum of the following costs: (a) Taxes, (b) Other Charges and (c) Insurance
Premiums.

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

 

    	-3-

    	 

    

 

“Borrower Confirmed
Information” shall have the meaning set forth in Section 9.1.1(b) hereof.

 

“Breakage Costs”
shall have the meaning set forth in Section 2.2.3(g) hereof.

 

“Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York, or the place of
business of the trustee under a Securitization (or, if no Securitization has occurred, Lender), or any Servicer or the financial
institution that maintains any collection account for or on behalf of any Servicer or any Reserve Funds or the New York Stock Exchange
or the Federal Reserve Bank of New York is not open for business.

 

“Capital Expenditures”
shall mean, for any period, the amount expended by Borrower for items capitalized under the Approved Accounting Method (including
expenditures for building improvements or major repairs, leasing commissions and tenant improvements).

 

“Cash Management
Account” shall have the meaning set forth in Section 2.6.2 hereof.

 

“Cash Management
Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among Borrower, Lender
and Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Cash Sweep
Event” shall mean the occurrence of: (a) an Event of Default (“Default Trigger”); (b) any
Bankruptcy Action of Borrower (“Bankruptcy Trigger”); (c) (i) any Bankruptcy Action of an Affiliated
Manager or (ii) sixty (60) days following any Bankruptcy Action of a manager which is not an Affiliated Manager (a “Non-Affiliated
Manager”) where such Non-Affiliated Manager is not replaced in accordance with Section 9.4 of this Agreement within
such sixty (60) day period (each such event a “Manager Trigger”); provided however, that a Manager Trigger shall
not exist with respect to any Individual Property managed by Bank of America, N.A. pursuant to its rights to manage under the Master
Lease; (d) as of the date of determination, the Ongoing Debt Yield calculated for the immediately preceding trailing twelve
(12) month period for two (2) consecutive calendar quarters is more than 1.0% lower (i.e., is less than 10.34%) than the Closing
Debt Yield (a “Debt Yield Trigger”); or (e) the long-term unsecured debt credit rating of Bank of America,
N.A., is downgraded to BB+ or lower by S&P or Fitch and/or Ba1 or lower by Moody’s (a “Master Tenant Downgrade
Trigger”), as applicable.

 

    	-4-

    	 

    

 

“Cash Sweep
Event Cure” shall mean (a) if the Cash Sweep Event is caused by a Default Trigger, the acceptance by Lender of a
cure of such Event of Default (which cure Lender is not obligated to accept and may reject or accept in its sole and absolute discretion),
(b) if the Cash Sweep Event is caused by a Manager Trigger, if Borrower replaces the Manager with a Qualified Manager under
a Replacement Management Agreement within one hundred twenty (120) days of the occurrence of such Manager Trigger; provided, that
if a Manager Trigger is due to a Bankruptcy Action of an Affiliated Manager, such Replacement Manager shall not be an Affiliated
Manager, (c) if the Cash Sweep Event is caused solely by the occurrence of a Debt Yield Trigger, the achievement of an Ongoing
Debt Yield calculated on a trailing twelve (12) month basis for two (2) consecutive quarters of one percent (1%) or more greater
than the Closing Debt Yield as determined by Lender in its sole discretion; provided, however, that Borrower shall
be permitted to make a prepayment to be applied to the outstanding principal amount of the Loan in an amount sufficient to meet
the foregoing applicable Ongoing Debt Yield test and any such prepayment shall be subject to the requirements of Section 2.4.1(c)
hereof and shall not be eligible to be part of the Free Prepayment Amount, or (d) if a Cash Sweep Event exists solely by reason
of a Master Tenant Downgrade Trigger, the long-term unsecured credit rating of Bank of America, N.A. is rated BBB- or higher by
S&P and Fitch and Baa3 or higher by Moody’s in each case for two (2) consecutive calendar quarters; provided,
however, that, each such Cash Sweep Event Cure set forth in this definition
shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement
or any of the other Loan Documents at the time of such cure (excluding any that have been or will, in Lender's determination, be
cured by Borrower), (ii) a Cash Sweep Event Cure may occur no more than a total of two (2) times in the aggregate during the
term of the Loan, and (iii) Borrower shall have paid all of Lender’s reasonable out-of-pocket expenses incurred in connection
with such Cash Sweep Event Cure including, reasonable out-of-pocket attorney’s fees and expenses. For the avoidance of doubt,
Borrower shall have no cure rights with respect to a Cash Sweep Event caused by a Bankruptcy Trigger.

 

“Cash Sweep
Period” shall mean each period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of
(a) the date of the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the
Loan and all other amounts payable under the Loan Documents in accordance with the terms and provisions of the Loan Documents.

 

“Casualty”
shall have the meaning set forth in Section 6.2 hereof.

 

“Casualty Consultant”
shall have the meaning set forth in Section 6.4(b)(iii) hereof.

 

“Casualty Retainage”
shall have the meaning set forth in Section 6.4(b)(iv) hereof.

 

“Cause”
shall mean that Borrower shall exercise diligent efforts to cause an event to happen through its own efforts or through the exercise
of its contractual or legal rights and remedies under any Lease or other contractual arrangement with a counterparty, but shall
not require Borrower to terminate any Lease or other contractual arrangement or to otherwise take action that is not commercially
reasonable in light of the circumstances.

 

“Closing Date”
shall mean the date of the funding of the Loan.

 

“Closing Debt
Yield” shall mean the Ongoing Debt Yield on the Closing Date, which Borrower and Lender acknowledge and agree is 11.34%
(as rounded up to the nearest 1/100 of one percent (1%)).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes
thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

 

    	-5-

    	 

    

 

“Conclusive”
shall mean, in connection with a determination by Lender, Servicer or its agent, that such determination is presumed correct so
long as it is made in accordance with the applicable provisions of this Agreement or the other Loan Documents, provided,
that, upon Borrower’s written request to Lender, Borrower shall have the opportunity to review any calculations made
in arriving at such determination, and any manifest errors, together with any other errors of which Borrower gives notice to Lender
and which are accepted by Lender in its reasonable discretion, have been corrected.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right
accruing thereto, including any right of access thereto or any change of grade affecting such Individual Property or any part thereof.

 

“Condemnation
Proceeds” shall have the meaning set forth in Section 6.4(b).

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Section 2.7 Taxes or branch profits Section 2.7 Taxes.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities
of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling”
shall have correlative meanings.

 

“Covered Disclosure
Information” shall have the meaning set forth in Section 9.2(b) hereof.

 

“Covered Rating
Agency Information” shall have the meaning set forth in Section 10.13(d) hereof.

 

“DBRS”
shall mean DBRS, Inc.

 

“Debt”
shall mean 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 (including, but not limited to, any Spread Maintenance Payment and Breakage Costs)
due to Lender in respect of the Loan under the Note, this Agreement, the Mortgages or any other Loan Document.

 

“Debt Service”
shall mean, with respect to any particular period of time, the scheduled principal and interest payments due under this Agreement
and the Note, including (if applicable), any amortization payment required during the third Extension Option pursuant to Section 2.8(h)
hereof during such period of time and any Monthly Go Dark Amortization Payment required pursuant to Section 2.3.1(c) hereof
during such period of time.

 

“Debt Yield
Trigger” shall have the meaning set forth in the definition of Cash Sweep Event.

 

    	-6-

    	 

    

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage
of time, or both, would be an Event of Default.

 

“Default Rate”
shall mean, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) five
percent (5%) above the Interest Rate.

 

“Default Trigger”
shall have the meaning set forth in the definition of Cash Sweep Event.

 

“Determination
Date” shall mean, with respect to each Interest Period, the date that is two (2) London Business Days prior to the commencement
date of such Interest Period.

 

“Disclosure
Documents” shall mean, collectively, any written materials used or provided to any prospective investors and/or the Rating
Agencies in connection with any public offering or private placement in connection with a Securitization (including, without limitation,
a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering circular, term sheet, road show
presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each
case in preliminary or final form and including any amendments, supplements, exhibits, annexes and other attachments thereto.

 

“Eligible Account”
shall mean a separate and identifiable account from all other funds held by the holding institution that is either (a) an
account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary
capacity which complies with the definition of Eligible Institution, (b) a segregated trust account or accounts maintained
with the corporate trust department of a federal or state chartered depository institution or trust company acting in its fiduciary
capacity that has a Moody’s rating of at least “A2” and an equivalent rating by DBRS, and which, in the case
of a federally chartered depository institution or trust company acting in its fiduciary capacity is subject to the regulations
regarding fiduciary funds on deposit therein under 12 C.F.R. §9.10(b), and in the case of a state chartered depository institution
or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined
capital surplus of at least $200,000,000 and is subject to supervision or examination by federal and state authority or (c) an
account otherwise approved by Lender in its sole discretion. An Eligible Account shall not be evidenced by a certificate of deposit,
passbook or other instrument.

 

“Eligible Institution”
shall mean either (a) a depository institution or trust company insured by the Federal Deposit Insurance Corporation (i) the
short term unsecured debt obligations, commercial paper or other short term deposits of which are rated at least “A-1”
by S&P, “P-1” by Moody’s, “F-1” by Fitch and “R-1 (middle)” by DBRS, in the case
of accounts in which funds are held for thirty (30) days or less, or (ii) the long term unsecured debt obligations of which
are rated at least “AA-” by S&P (or “A-” if the short term unsecured debt obligations are rated at
least “A-1” by S&P), “A2” by Moody’s, “AA-” by Fitch (or “A-” if the
short term unsecured debt obligations are rated at least “F-1” by Fitch) and “A” by DBRS, in the case of
accounts in which funds are held for more than thirty (30) days, or (b) each of JPMorgan Chase Bank, National Association
and Bank of America, National Association, provided that the rating by S&P and
the other Approved Rating Agencies for the short term unsecured debt obligations or commercial paper and long term unsecured debt
obligations of the same does not decrease below the ratings set forth in subclause (a) hereof.

 

    	-7-

    	 

    

 

“Eligible Sublease”
shall mean (a) any sublease entered into by Master Tenant for which Borrower has no approval right under the terms of the Master
Lease and which is for more than fifty percent (50%) of the square footage of the individual building or bank branch that such
sublease relates to or (b) any other sublease reasonably approved by Lender.

 

“Embargoed Person”
shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but not limited to, The USA
PATRIOT Act (including the anti-terrorism provisions thereof), 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
including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the
investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the
Lender is in violation of law.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower
and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Environmental
Law” means any applicable present and future federal, state and local laws, statutes, ordinances, rules and regulations,
as well as common law, relating to protection of human health or the environment, Hazardous Substances, liability for or costs
of Remediation or prevention of Releases of Hazardous Substances. Environmental Law includes, but is not limited to, the following
statutes to the extent applicable to any Individual Property, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules and regulations addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation
Act. Environmental Law also includes, but is not limited to, any applicable present and future federal, state and local laws, statutes,
ordinances, rules and regulations, as well as common law: conditioning transfer of property upon a negative declaration or other
approval of a governmental authority of the environmental condition of any Individual Property; requiring notification or disclosure
of Releases of Hazardous Substances or other environmental condition of any Individual Property to any governmental authority or
other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements
in connection with permits or other authorization issued under Environmental Law for lawful activity; relating to nuisance, trespass,
wrongful death, personal injury, or property or other damage in connection with the environmental condition of any Individual Property.

 

    	-8-

    	 

    

 

“Environmental
Liens” shall have the meaning set forth in Section 5.1.19 hereof.

 

“Environmental
Report” shall have the meaning set forth in Section 4.1.37 hereof.

 

“Equipment”
shall have the meaning set forth in the granting clause of the related Mortgage with respect to the related Individual Property.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
the rulings issued thereunder.

 

“Event of Default”
shall have the meaning set forth in Section 8.1(a) hereof.

 

“Excess Cash
Flow” shall have the meaning set forth in the Cash Management Agreement.

 

“Excess Cash
Flow Reserve Account” shall have the meaning set forth in Section 7.5.1 hereof.

 

“Excess Cash
Flow Reserve Fund” shall have the meaning set forth in Section 7.5.1 hereof.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“Excluded Taxes”
means any of the following Section 2.7 Taxes imposed on or with respect to Lender or required to be withheld or deducted from
a payment to Lender, (a) Section 2.7 Taxes imposed on or measured by net income (however denominated), franchise Section 2.7
Taxes, and branch profits Section 2.7 Taxes, in each case, (i) imposed as a result of Lender being organized under the
laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Section 2.7
Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Section 2.7
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan (other than a Lender designated
by Borrower pursuant to Section 2.2.4(b)) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.7, amounts with respect to such Section 2.7 Taxes were payable either to such
Lender's assignor or participating Lender immediately before such Lender became a party hereto or to such Lender immediately before
it changed its lending office, (c) Section 2.7 Taxes attributable to such Lender’s failure to comply with Section 2.7(e)
and (d) any U.S. federal withholding Section 2.7 Taxes imposed under FATCA.

 

“Existing Manager”
shall mean First States Management Corp., a wholly-owned subsidiary of Gramercy Sponsor.

 

“Extended Maturity
Date” shall have the meaning set forth in Section 2.8 hereof.

 

“Extension Option”
shall have the meaning set forth in Section 2.8 hereof.

 

    	-9-

    	 

    

 

“Extension Term”
shall have the meaning set forth in Section 2.8

hereof.

 

“Extraordinary
Expense” shall have the meaning set forth in Section 5.1.11(e) hereof.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations
thereof.

 

“Fiscal Year”
shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term of the
Loan.

 

“Fitch”
shall mean Fitch, Inc.

 

“Fixtures”
shall have the meaning set forth in the granting clause of the related Mortgage with respect to the related Individual Property.

 

“Floating Interest
Rate” shall mean, with respect to each of Note A and Note B, a fluctuating rate per annum equal to LIBOR plus the applicable
Spread.

 

“Floating Interest
Rate Loan” shall mean the Loan at such time as the interest thereon accrues at a rate of interest based on the Floating
Interest Rate; provided, however, in no event shall LIBOR be deemed to be less than zero percent (0%).

 

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

 

“Free Prepayment
Amount” means fifteen percent (15%) of the original principal amount of the Loan; provided, however, that
amounts prepaid by Borrower pursuant to Section 2.4.2 shall not be counted against the Free Prepayment Amount provided
that such payment is not made during the continuance of an Event of Default.

 

“Full Replacement
Cost” shall have the meaning set forth in Section 6.1(a) hereof.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial
report, consistently applied.

 

“Garrison Sponsor”
shall mean Garrison Real Estate Fund II LP, a Delaware limited partnership.

 

“Go Dark Stage
1 Amortization Event” shall mean Master Tenant has Gone Dark on any date of determination with respect to at least fifteen
(15%) but less than thirty percent (30%) of the actual rentable square footage leased by Master Tenant under the Master Lease as
of such determination date (the “Aggregate Master Leased Square Footage”). For purposes of calculating the percentage
of rentable square footage that has “Gone Dark” in order to determine if a Go Dark Stage 1 Amortization Event has occurred,
the numerator shall be (a) the total rentable square footage of the individual buildings and bank branches then leased by Master
Tenant under the Master Lease with respect to which Master Tenant has Gone Dark (the “Aggregate Gone Dark Space”),
minus (b) the actual rentable square footage of the Aggregate Gone Dark Space that is in use and occupancy by a subtenant
that is paying full contractual rent under an Eligible Sublease, and the denominator shall be the Aggregate Master Leased Square
Footage then subject to the Lien of the Mortgage.

 

    	-10-

    	 

    

 

“Go Dark Stage
2 Amortization Event” shall mean Master Tenant has Gone Dark on any date of determination with respect to at least thirty
(30%) of the actual rentable square footage leased by Master Tenant under the Master Lease as of such determination date. For purposes
of calculating the percentage of rentable square footage that has “Gone Dark” in order to determine if a Go Dark Stage
2 Amortization Event has occurred, the numerator shall be (a) the Aggregate Gone Dark Space (as defined in the definition of “Go
Dark Stage 1 Amortization Event”), minus (b) the actual rentable square footage of the Aggregate Gone Dark Space that
is in use and occupancy by a subtenant that is paying full contractual rent under an Eligible Sublease, and the denominator shall
be the Aggregate Master Leased Square Footage (as defined in the definition of “Go Dark Stage 1 Amortization Event”)
then subject to the Lien of the Mortgage.

 

“Gone Dark”
shall mean that, with respect to any individual building (including any “bank branch”) that constitutes all or a portion
of the Improvements at any Individual Property, Master Tenant has vacated and ceased operations in all of the space in such building
(or bank branch) for more than 120 consecutive calendar days, other than as a result of a Casualty/Condemnation affecting such
Improvements, as evidenced by one or more of the following: (a) Borrower’s receipt of written notice or a third party’s
receipt of written notice of which Borrower is made aware (e.g. a property insurer), (b) Borrower’s actual knowledge based
on physical inspection, (c) Lender’s actual knowledge based on physical inspection that is promptly verified by Borrower
(Borrower agrees to promptly verify same after notice from Lender), (d) verifiable published reports, press releases or other media,
or (e) the subject space (i.e., all of the space in such building or bank branch) being actively marketed for sublease after Master
Tenant has vacated and ceased operations in the subject space; provided, that Master Tenant shall not be considered to have
Gone Dark with respect to an individual building or bank branch if Borrower has obtained evidence satisfactory to Lender in its
sole discretion that Master Tenant intends to resume or has resumed activity at such individual building or bank branch. For purposes
of this definition, each reference to “Borrower” shall additionally include any of its Affiliates or any Manager retained
by Borrower (as opposed to a property manager retained by Master Tenant).

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any
governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Gramercy Sponsor”
shall mean Gramercy Capital Corp., a Maryland corporation.

 

“Grantor Trust”
shall mean a grantor trust as defined in Subpart E, Part I of Subchapter J of the Code, that holds the Note or a portion thereof.

 

    	-11-

    	 

    

 

“Gross Income
from Operations” shall mean, during any period, all sustainable income as reported on the financial statements delivered
by Borrower in accordance with this Agreement, computed in accordance with the Approved Accounting Method, payable to or received
by Borrower (or Manager on behalf of Borrower) and derived from the ownership and operation of the Properties (or any Individual
Property, if the context requires) from whatever source during such period, including, but not limited to, (a) Rents
from Tenants that are paying full contractual rent without right of offset or credit, (b) utility charges, (c) escalations,
(d) forfeited security deposits, (e) interest on credit accounts, (f) service fees or charges, (g) license
fees, (h) parking fees, (i) rent concessions or credits, (j) income from vending machines, (k) business interruption
or other loss of income or rental insurance proceeds, (l) other required pass-throughs payable by Tenants and (xiii) interest
on Reserve Funds, if any, but excluding (i) Rents that a Tenant is not required to pay during a free-rent period under
such Tenant’s Lease, (ii) Rents from Tenants that are subject to any Bankruptcy Action (unless such Tenants have affirmed
their respective Leases in such Bankruptcy Action), (iii) sales, use and occupancy or other taxes on receipts required to
be accounted for by Borrower to any Governmental Authority, (iv) refunds and uncollectible accounts, (v) sales of furniture,
fixtures and equipment, (vi) Insurance Proceeds (other than business interruption or other loss of income or rental insurance),
(vii) Awards (other than any portion thereof that expressly compensates Borrower for the loss of rental income), (viii) 
unforfeited security deposits, (ix) utility and other similar deposits, (x) any disbursements to Borrower from the Reserve
Funds, if any and (xi) payments made to Borrower pursuant to the Interest Rate Cap Agreement. Gross Income From Operations
shall not be diminished as a result of the Mortgages or the creation of any intervening estate or interest in the Properties or
any part thereof.

 

“Ground Lease”
shall mean, individually or collectively, as the context may require, the leases listed on Schedule V attached hereto.

 

“Ground Lease
Property” shall have the meaning set forth in Section 5.1.24(b) hereof.

 

“Ground Lease
Reserve Account” shall have the meaning set forth in Section 7.6.1 hereof.

 

“Ground Lease
Reserve Fund” shall have the meaning set forth in Section 7.6.1 hereof.

 

“Ground Lessor”
shall mean, individually or collectively, as the context may require, the lessor and/or landlord, as the case may be, under any
Ground Lease.

 

“Ground Rent”
shall have the meaning set forth in Section 7.6.1 hereof.

 

“Guarantor”
shall mean, collectively, Gramercy Sponsor and Garrison Sponsor.

 

“Guarantor Bankruptcy
EOD” shall have the meaning set forth in Section 8.1(a)(ix) hereof.

 

“Guarantor BK
Default Limitation Conditions” shall have the meaning set forth in Section 8.1(a)(ix) hereof.

 

    	-12-

    	 

    

 

“Guaranty”
shall mean that certain Guaranty Agreement, dated as of the date hereof, executed and delivered by Guarantor in connection with
the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time.

 

“Hazardous Substances”
shall mean any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous
wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect
under any present or future Environmental Laws, including but not limited to petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables, explosives, mold, mycotoxins, microbial matter
and airborne pathogens (naturally occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and customarily
used or stored in similar properties for the purpose of cleaning or other maintenance or operations and otherwise in compliance
with all Environmental Laws.

 

“Improvements”
shall have the meaning set forth in the granting clause of the related Mortgage with respect to the related Individual Property.

 

“Indebtedness”
of a Person, at a particular date, shall mean the sum (without duplication) at such date of (a) all indebtedness or liability
of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred
equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the
deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations
under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course
of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person
or entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations
have been assumed (other than the Permitted Encumbrances).

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.

 

“Indemnified
Parties” shall mean Lender, any Affiliate of Lender that has filed any registration statement relating to the Securitization
or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter,
placement agent or initial purchaser of Securities issued in the Securitization, any other co-underwriters, co-placement agents
or co-initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors, partners,
employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, any Person who is or will have been involved in the
origination of the Loan, any Person who is or will have been involved in the servicing of the Loan secured hereby, any Person in
whose name the encumbrance created by the Mortgages is or will have been recorded, any Person who may hold or acquire or will have
held a full or partial interest in the Loan secured hereby (including, but not limited to, investors or prospective investors in
the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan
secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees,
agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns
of any and all of the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation
or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of
the Loan and including, but not limited to any successors by merger, consolidation or acquisition of all or a substantial portion
of Lender’s assets and business).

 

    	-13-

    	 

    

 

“Indemnified
Taxes” means (a) Section 2.7 Taxes, other than Excluded Taxes, imposed on or with respect to any payment made
by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in
(a), Other Taxes.

 

“Independent
Director” shall mean 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 Directors, another nationally-recognized company reasonably approved by Lender,
in each case that is not an Affiliate of Borrower and that provides professional Independent Directors and other corporate services
in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never
been, and will not while serving as Independent Director be, any of the following:

 

(a)        a
member, partner, equityholder, manager, director, officer or employee of Borrower or any of its equityholders or Affiliates (other
than as an Independent Director of Borrower or an Affiliate of Borrower that is not in the direct chain of ownership of Borrower
and that is required by a creditor to be a single purpose bankruptcy remote entity, provided
that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers
in the ordinary course of its business);

 

(b)        a
creditor, supplier or service provider (including provider of professional services) to Borrower or any of its equityholders or
Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors and other corporate
services to Borrower 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.

 

    	-14-

    	 

    

 

A natural person who
otherwise satisfies the foregoing definition and satisfies subparagraph (a) by reason of being the Independent Director of
a “special purpose entity” affiliated with Borrower shall be qualified to serve as an Independent Director of the Borrower,
provided that the fees that such individual earns from serving as an Independent Director of affiliates of Borrower in any given
year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 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
those contained in the definition of Special Purpose Entity of this Agreement.

 

“Individual
Property” shall mean each parcel of real property separately listed on Schedule IV hereto, the Improvements thereon
and all personal property owned by Borrower and encumbered by a Mortgage, together with all rights pertaining to such property
and Improvements, as more particularly described in the Granting Clauses of each Mortgage and referred to therein as the “Property”.

 

“Initial Interest
Period” shall have the meaning set forth in Section 2.3.2 hereof.

 

“Initial Maturity
Date” shall mean December 9, 2014.

 

“Insolvency
Opinion” shall mean that certain non-consolidation opinion letter dated the date hereof delivered by Allen & Overy
LLP in connection with the Loan.

 

“Insurance Premiums”
shall have the meaning set forth in Section 6.1(b) hereof.

 

“Insurance Proceeds”
shall have the meaning set forth in Section 6.4(b) hereof.

 

“Interest Period”
shall mean, in connection with the calculation of interest accrued with respect to any specified Payment Date, including the Maturity
Date, the period commencing on and including the fifteenth (15th) day of the prior calendar month and ending on and including the
fourteenth (14th) day of the calendar month in which such Payment Date occurs; provided,
however, the Initial Interest Period shall be as set forth in Section 2.3.2
hereof.

 

“Interest Rate”
shall mean the rate at which the outstanding principal amount of the Loan bears interest from time to time in accordance with Section 2.2.3
hereof.

 

“Interest Rate
Cap Agreement” shall mean, collectively, one or more interest rate protection agreements (together with the confirmation
and schedules relating thereto) reasonably acceptable to Lender, between an Acceptable Counterparty and Borrower obtained by Borrower
as and when required pursuant to Section 2.2.7 hereof. After delivery of a Replacement Interest Rate Cap Agreement
to Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap Agreement
and such Replacement Interest Rate Cap Agreement shall be subject to all requirements applicable to the Interest Rate Cap Agreement.

 

“Kroll”
means Kroll Bond Ratings.

 

“Labor and Material
Costs” shall have the meaning set forth in Section 5.1.4(d) hereof.

 

    	-15-

    	 

    

 

“Land”
shall have the meaning set forth in the granting clause of the related Mortgage with respect to the related Individual Property.

 

“Lease”
shall mean the Master Lease and any other lease, sublease or subsublease, letting, license, concession or other agreement (whether
written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right
to use or occupy all or any portion of any space in any Individual Property by or on behalf of Borrower, and (a) every modification,
amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with
such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants,
conditions and agreements to be performed and observed by any such Person.

 

“Legal Requirements”
shall mean, with respect to Borrower and each Individual Property, all federal, state, county, municipal and other governmental
statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting
Borrower or any Individual Property or any part thereof, or the construction, use, alteration or operation thereof, or any part
thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto,
and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower,
at any time in force affecting Borrower, such Individual Property or any part thereof, including, without limitation, any which
may (a) require repairs, modifications or alterations in or to such Individual Property or any part thereof, or (b) in
any way limit the use and enjoyment thereof.

 

“Lender”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns. If the beneficial
owner of the Loan for U.S. federal income tax purposes is a REMIC or a Grantor Trust, Lender shall mean the REMIC or Grantor Trust,
as applicable.

 

“LIBOR”
shall mean, with respect to each Interest Period, the rate (expressed as a percentage per annum and rounded up to the next nearest
1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on Reuters Screen LIBOR01 Page (or the successor
thereto) as of 11:00 a.m., London time, on the related Determination Date. If such rate does not appear on Reuters Screen LIBOR01
Page as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed
as a percentage per annum) for deposits in U.S. dollars for a one-month period that appear on the Reuters Screen Libor Page as
of 11:00 a.m., London time, on such Determination Date, if at least two such offered rates so appear. If fewer than two such offered
rates appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, Lender (or Servicer, on
Lender’s behalf) shall request the principal London office of any four major reference banks in the London interbank market
selected by Lender to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London
interbank market for deposits in U.S. dollars for a one-month period as of 11:00 a.m., London time, on such Determination Date
for the amounts of not less than U.S. $1,000,000. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic
mean of such quotations. If fewer than two such quotations are so provided, Lender (or Servicer, on Lender’s behalf) shall
request any three major banks in New York City selected by Lender to provide such bank’s rate (expressed as a percentage
per annum) for loans in U.S. dollars to leading European banks for a one-month period as of approximately 11:00 a.m., New York
City time on the applicable Determination Date for amounts of not less than U.S. $1,000,000. If at least two such rates are so
provided, LIBOR shall be the arithmetic mean of such rates. Lender’s or it agent’s determination of LIBOR shall be
Conclusive.

 

    	-16-

    	 

    

 

“Lien”
shall mean, with respect to each Individual Property, any mortgage, deed of trust, deed to secure debt, indemnity deed of trust,
lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower,
any Individual Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other
title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing
of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

“Loan”
shall mean the loan made by Lender to Borrower pursuant to this Agreement.

 

“Loan Documents”
shall mean, collectively, this Agreement, the Note, the Mortgages, the Environmental Indemnity, the Assignment of Management Agreement,
the Guaranty, the Lockbox Agreement, the Cash Management Agreement, the Interest Rate Cap Agreement, the Assignment of Interest
Rate Cap Agreement, the Assignment of Leases and all other documents executed and/or delivered by Borrower or Guarantor in connection
with the Loan.

 

“Loan-to-Value
Ratio” shall mean, as of the date of its calculation, the ratio of (a) the outstanding principal amount of the Loan
as of the date of such calculation to (b) the fair market value of the Properties (for purposes of the REMIC provisions, counting
only real property and excluding any personal property or going concern value), as determined, in Lender’s sole discretion,
by any commercially reasonable method permitted to be used in connection with a REMIC Trust, it being agreed that Lender, in its
reasonable discretion, shall use the most cost-effective method available to determine such fair market value of the Properties,
including, if then in compliance with laws and regulations applicable to REMIC Trusts, using existing appraisals of the Properties
to the extent the same are not older than one (1) year old (which Lender acknowledges would be in compliance as of the Closing
Date).

 

“Loan Splitting”
shall have the meaning set forth in Section 9.1.3 hereof.

 

“Lockbox Account”
shall have the meaning set forth in Section 2.7.1 hereof.

 

“Lockbox Agreement”
shall mean that certain Clearing Account Agreement dated the date hereof among Borrower, Lender, Manager and Lockbox Bank, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the
Lockbox Account.

 

“Lockbox Bank”
shall mean the clearing bank which establishes, maintains and holds the Lockbox Account, which shall be an Eligible Institution.

 

    	-17-

    	 

    

 

“London Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which commercial banks in London, England are
not open for business.

 

“Major Lease”
shall mean the Master Lease and any Lease which, either individually or when taken together with any other Lease with the same
Tenant or its Affiliates, demises in excess of 25,000 square feet in the Improvements at an Individual Property or is a Lease for
all of the Improvements at any Individual Property.

 

“Management
Agreement” shall mean, with respect to each Individual Property, (a) the management agreement entered into by and
between Borrower and Existing Manager as of the Closing Date, pursuant to which Manager is to provide management and other services
with respect to such Individual Property or (b) a Replacement Management Agreement that may after the date of this Agreement
be entered into by and between Borrower and a Qualified Manager to manage such Individual Property in accordance with the terms
and provisions of this Agreement.

 

“Manager”
shall mean (a) the Existing Manager (but only for such time that Existing Manager is Controlled by Gramercy Sponsor) or (b) any
Qualified Manager who is managing the Properties or any Individual Property in accordance with the terms and provisions of this
Agreement pursuant to a Replacement Management Agreement.

 

“Manager Trigger”
shall have the meaning set forth in the definition of Cash Sweep Event.

 

“Master Lease”
shall mean that certain Amended and Restated Master Lease Agreement between Borrower, as successor in interest to First States
Investors 5000A LLC, as landlord, and Master Tenant, as tenant, dated as of January 1, 2005, as affected by (a) a Lease Supplement
for each Individual Property between Borrower or Borrower’s predecessor in interest, and Master Tenant, (b) that certain
First Amendment to the Master Lease Agreement, dated January 1, 2005, (c) that certain Side Letter Agreement, dated June 13,
2006, (d) that certain Second Amendment to the Master Lease Agreement, dated January 1, 2007 and (e) that certain Third Amendment
to Amended and Restated Master Lease Agreement, dated July 22, 2011, as the same may be amended, modified or supplemented in accordance
with the requirements of this Agreement.

 

“Master Tenant”
shall mean Bank of America, N.A., together with its successors and its permitted assigns under the Master Lease.

 

“Master Tenant
Rents” shall mean all Rents payable by Master Tenant to Borrower.

 

“Master Tenant
Downgrade Trigger” shall have the meaning set forth in the definition of Cash Sweep Event.

 

“Material Ground
Lease” shall mean the Ground Leases listed for Sites (Property IDs) 5004-5007, 5009, 5113 and 5114 on Schedule V
attached hereto.

 

    	-18-

    	 

    

 

“Maturity Date”
shall mean the Initial Maturity Date, or following an exercise by Borrower of one or more Extension Options described in Section 2.8
hereof, the Extended Maturity Date, or such other date on which the final payment of principal of the Note becomes due and payable
as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise.

 

“Maximum Legal
Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan
Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest
rate provisions of the Loan.

 

“Monthly Go
Dark Amortization Payment” shall mean, as applicable, (a) if a Go Dark Stage 1 Amortization Event has occurred and is
continuing, an amount equal to $20,000,000 divided by the number of Payment Dates remaining from the occurrence of the Go Dark
Stage 1 Amortization Event, commencing with the first Payment Date occurring after the occurrence of such Go Dark Stage 1 Amortization
Event, through the Maturity Date as fully extended pursuant to Section 2.8 hereof, or (b) if a Go Dark Stage 2 Amortization
Event has occurred and is continuing, an amount equal to $40,000,000 (less the aggregate amount of any Monthly Go Dark Amortization
Payments already paid by Borrower to Lender as a result of the occurrence of a Go Dark Stage 1 Amortization Event) divided by the
number of Payment Dates remaining from the occurrence of the Go Dark Stage 2 Amortization Event, commencing with the first Payment
Date occurring after the occurrence of such Go Dark Stage 2 Amortization Event, through the Maturity Date as fully extended pursuant
to Section 2.8 hereof.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed
entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings,
LLC.

 

“Mortgage”
shall mean, with respect to each Individual Property, that certain first priority Mortgage (or Deed to Secure Debt or Fee/Leasehold
Deed of Trust), Assignment of Leases and Rents and Security Agreement, dated the date hereof, executed and delivered by Borrower
to Lender as security for the Loan and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time. A Mortgage may encumber one or more than one Individual Property.

 

“Mortgage Release
Documentation” shall have the meaning set forth in Section 2.5.2(a) hereof.

 

“Net Operating
Income” shall mean, for the applicable period, the amount obtained by subtracting Operating Expenses for such period
from Gross Income from Operations for such period.

 

“Net Proceeds”
shall have the meaning set forth in Section 6.4(b) hereof.

 

    	-19-

    	 

    

 

 

“Net Proceeds
Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof.

 

“New Mezzanine
Borrower” shall have the meaning set forth in Section 9.1.4 hereof.

 

“New Mezzanine
Loan” shall have the meaning set forth in Section 9.1.4 hereof.

 

“Non-Affiliated
Manager” shall have the meaning set forth in the definition of Cash Sweep Event.

 

“Note”
shall mean, collectively, Note A and Note B.

 

“Note A”
shall mean that certain Promissory Note A, dated the date hereof, in the principal amount of $155,000,000, made by Borrower in
favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Note B”
shall mean that certain Promissory Note B, dated the date hereof, in the principal amount of $45,000,000, made by Borrower in
favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“O&M Program”
shall have the meaning set forth in Section 5.1.19 hereof.

 

“Obligations”
shall mean Borrower’s obligation to pay the Debt and perform its obligations under the Note, this Agreement and the other
Loan Documents.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of Borrower
or the general partner, managing member or sole member of Borrower, as applicable.

 

“Ongoing Debt
Yield” shall mean a ratio expressed as a percentage and rounded up to the next nearest 1/100 of one percent (1%) for
the applicable period in which:

 

(a)          the
numerator is the Net Operating Income (excluding interest on credit accounts and using annualized operating expenses for any recurring
expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for such period based on the most recently prepared financial
statements, without deduction for (i) actual management fees incurred in connection with the operation of the Properties,
or (ii) amounts paid to the Reserve Funds, less (A) management fees equal to the greater of (1) assumed management
fees of three percent (3%) of Gross Income from Operations and (2) the actual management fees incurred, and (B) Replacement
Reserve Fund contributions equal to $0.25 per square foot of gross leasable area at the Properties, and (C) Rollover Reserve
Fund contributions equal to $1.00 per square foot of gross leasable area at the Properties; and

 

(b)          the
denominator is the then outstanding principal balance of the Loan.

 

    	-20-

    	 

    

 

“Ongoing Debt
Yield Calculation Notice” shall mean a written notice prepared by Borrower and delivered to Lender containing (a) Borrower’s
calculation of the Ongoing Debt Yield for the applicable period(s) and circumstances as required herein, together with reasonably
detailed backup thereof, (b) Borrower’s determination of the principal amount, if any, by which the Loan must be prepaid
in order to satisfy the Ongoing Debt Yield test in connection with which such notice is being delivered and (c) an Officer’s
Certificate, signed by an officer of Borrower familiar with the subject matter of the notice, certifying to Lender that such calculations
are true, accurate, and complete to the best of such certifying officer’s knowledge and with no personal liability to such
officer.

 

“Operating
Expenses” shall mean the total of all expenditures, computed in accordance with the Approved Accounting Method and without
duplication, of whatever kind relating to the operation, maintenance and management of the Properties that are incurred on a regular
monthly or other periodic basis, including without limitation, ground rent, bad debt, utilities, ordinary repairs and maintenance,
insurance, license fees, property taxes and assessments, advertising expenses, management fees, payroll and related taxes, computer
processing charges, operational equipment or other lease payments as approved by Lender, and other similar costs, but excluding
depreciation, Debt Service, Capital Expenditures and contributions to the Reserve Funds. For the avoidance of doubt, if Borrower
is making deposits to the Reserve Funds for the payment of any Operating Expenses, the actual deposits to the Reserve Funds (as
distinct from the expenditures therefrom) shall be excluded from Operating Expenses for purposes of calculating Net Operating
Income so as to avoid double-counting.

 

“Other Charges”
shall mean, with respect to each Individual Property, all ground rents, maintenance charges, impositions other than Taxes, and
any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas
adjoining any Individual Property, now or hereafter levied or assessed or imposed against such Individual Property or any part
thereof.

 

“Other Connection
Taxes” means Section 2.7 Taxes imposed as a result of a present or former connection between Lender and the jurisdiction
imposing such Section 2.7 Tax (other than connections arising from such Lender having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Section 2.7 Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Section 2.7
Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Other Obligations”
shall have the meaning as set forth in the Mortgages.

 

“Participant
Register” shall have the meaning set forth in Section 10.25(b) hereof.

 

    	-21-

    	 

    

 

“Passive Owners”
shall mean, (a) with respect to any Person that is publicly-traded on a nationally or internationally recognized public stock
exchange, any holder of shares of stock in such publicly-traded Person and (b) with respect to any Person that is an investment
fund, any holder of limited partnership, membership or other equity interests in such investment fund that (i) do not, in any
case under clauses (a) or (b) above, entitle the holders to Control such Person and (ii) with respect to clause
(b), do not, together with such holder’s Affiliates, own more than forty-nine percent (49%) in the aggregate of such
interests in such Person.

 

“Payment Date”
shall mean the ninth (9th) day of each calendar month during the term of the Loan, or if such date is not a Business Day,
the immediately preceding Business Day.

 

“Permitted
Encumbrances” shall mean, with respect to an Individual Property, collectively, (a) the Liens and security interests
created (or otherwise expressly permitted) by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed
in the Title Insurance Policy relating to such Individual Property or any part thereof, (c) Liens, if any, for Taxes imposed
by any Governmental Authority not yet due or delinquent, (d) existing Leases and Leases entered into in accordance with the
terms of this Agreement, (e) mechanics liens and other Liens that are being contested in accordance with Sections 5.1.1
or 5.1.2 of this Agreement, (f) all Liens, obligations and Indebtedness created or otherwise permitted pursuant to clause
(xxiii) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof, and
(g) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion,
which Permitted Encumbrances set forth in clauses (b), (e), (f) and (g) of this definition in the aggregate do not materially
adversely affect the value or use of such Individual Property or Borrower’s ability to repay the Loan.

 

“Permitted
Investments” shall have the meaning set forth in the Cash Management Agreement.

 

“Permitted
Transfer” shall mean any of the following: (a) any transfer, directly or indirectly, as a result of the death of
a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent
in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly or indirectly, as a result of
the legal incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously
held by such natural person to the Person or Persons lawfully entitled thereto, (c) any transfer, directly or indirectly,
by a Passive Owner, (d) any transfer, directly or indirectly, by a Sponsor or an Affiliate of such Sponsor to one or more
Affiliates of such Sponsor (provided that such Affiliate is 100% owned and Controlled by such Sponsor) and (e) any transfer,
directly or indirectly, by a Sponsor or an Affiliate of such Sponsor to the other Sponsor or one or more Affiliates of such other
Sponsor (provided that such Affiliate is 100% owned and Controlled by such Sponsor).

 

“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

    	-22-

    	 

    

 

“Personal Property”
shall have the meaning set forth in the granting clause of the Mortgage with respect to each Individual Property.

 

“Phoenix Ground
Lease” shall mean, collectively, those Ground Leases listed for Sites (Property IDs) 5004-5007 and 5009 on Schedule
V attached to this Agreement.

 

“Phoenix Property”
shall mean that certain Individual Property located at 1825 E. Buckeye Road, Phoenix, Arizona and identified as Individual Property
number (2) on Schedule IV attached hereto.

 

“Policies”
shall have the meaning specified in Section 6.1(b) hereof.

 

“Policy”
shall have the meaning specified in Section 6.1(b) hereof.

 

“Postponement”
shall have the meaning specified in Section 2.5.2 hereof.

 

“Prepayment
Release Date” shall mean the first Business Day immediately following the Payment Date occurring in June, 2013.

 

“Prime Rate”
shall mean the annual rate of interest publicly announced by JPMorgan Chase Bank, National Association, in New York, New York,
as its base rate, as such rate shall change from time to time. If JPMorgan Chase Bank, National Association, ceases to announce
a base rate, Prime Rate shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime
Rate.” If The Wall Street Journal ceases to publish the “Prime Rate,” the Lender shall select an equivalent
publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published
or are limited, regulated or administered by a governmental or quasi-governmental body, then Lender shall select a comparable
interest rate index. Notwithstanding the foregoing, in no event shall the Prime Rate be less than zero percent (0%).

 

“Prime Rate
Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate plus
the Prime Rate Spread.

 

“Prime Rate
Spread” shall mean the difference (expressed as the number of basis points) between (a) LIBOR plus the Spread on
the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan;
provided, however, in no
event shall such difference be a negative number.

 

“Properties”
shall mean, collectively, each and every Individual Property which is subject to the terms of this Agreement, to the extent the
same is encumbered by a Mortgage and has not been released therefrom pursuant to the terms hereof.

 

“Prospective
Change” shall have the meaning set forth in Section 2.2.3(e) hereof.

 

“Provided Information”
shall mean any and all financial and other information provided at any time that is/was prepared by, or on behalf of, Borrower,
Guarantor and/or Manager, but excluding any Third Party Reports prepared on behalf of Borrower (other than information provided
by or on behalf of Borrower to the preparer of the applicable Third Party Report and pertaining to matters contained in any such
Third Party Report).

 

    	-23-

    	 

    

 

“PSA”
shall mean that certain Agreement for Sale of Membership Interests between KBS Acquisition Sub-Owner 2, LLC, as seller, and BBD1
Holdings LLC, as buyer, as the same may be amended from time to time.

 

“Qualified
Appraisal” shall mean an appraisal of the Properties (or an Individual Property) on an “as is” basis prepared
by an appraiser acceptable to Lender which appraisal must (a) satisfy the requirements of Title XI of the Federal Institution
Reform, Recovery and Enforcement Act of 1989 and the regulations promulgated thereunder, (b) be ordered by Lender and (c) be
otherwise in form and substance reasonably satisfactory to Lender and in compliance with any then applicable REMIC Trust requirements.

 

“Qualified
Manager” shall mean any of (a) Existing Manager; (b) any of Cushman & Wakefield, Inc., CBRE, Jones Lang
LaSalle and Cassidy Turley provided, that at the time of such Person’s appointment as Manager, there has been
no material adverse change in such Person, as reasonably determined by Lender, from that which existed on the Closing Date, or
(c) in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate
of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Properties, provided, that,
if required by Lender, Borrower shall have obtained (i) with respect to clause (c), a Rating Agency Confirmation from
the Approved Rating Agencies with respect to such Manager and its management of the Properties and (ii) if such entity under
clause (c) is an Affiliate of Borrower, Lender may require an Additional Insolvency Opinion in form acceptable to Lender
and each Approved Rating Agency.

 

“Qualified
Transferee” shall mean a Person that (a) owns or operates, or is Controlled by a Person or Persons that collectively
own or operate, at least 25 retail and office properties in similar markets totaling at least 1,000,000 square feet of gross leasable
area, in each case exclusive of the Properties, (b) has not less than ten (10) years of experience owning and operating properties
similar in size, scope, use and value as the Properties, (c) has not been the subject of a Bankruptcy Action and (d) immediately
prior to the Transfer in question has, or is directly or indirectly Controlled by a Person or Persons that collectively have,
total assets (in name or under management) with a gross value of $600,000,000 or more, and capital/statutory surplus or shareholder’s
equity of $250,000,000 or more (except with respect to a pension advisory firm, investment fund, or similar fiduciary in which
event there shall be no minimum capital/statutory surplus or shareholder’s equity requirement).

 

“Rating Agencies”
shall mean each of S&P, Moody’s, Fitch, Morningstar, DBRS, Kroll or any other nationally recognized statistical rating
agency, which has assigned a rating to the Securities.

 

    	-24-

    	 

    

 

“Rating Agency
Confirmation” shall mean, collectively, a written affirmation from each of the relevant Approved Rating Agencies (that
then maintain a credit rating for the Securities immediately prior to the occurrence of the event with respect to which such Rating
Agency Confirmation is sought) that the credit ratings of such Approved Rating Agency for the Securities will not be qualified,
downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Approved
Rating Agency’s sole and absolute discretion. In the event that, at any given time, (a) no Securitization of the Loan has
occurred which is rated by one or more Approved Rating Agencies, or (b) no Approved Rating Agency has elected to consider whether
to grant or withhold such an affirmation and Lender does not otherwise have an approval right with respect to such event, then
the term Rating Agency Confirmation shall be deemed instead to require the written reasonable approval of Lender based on its
good faith determination of whether the Approved Rating Agencies would issue a Rating Agency Confirmation, provided that the foregoing
shall be inapplicable in any case in which Lender has an independent approval right in respect of the matter at issue pursuant
to the terms of this Agreement.

 

“Register”
shall have the meaning set forth in Section 10.25(a) hereof.

 

“Related Entities”
shall have the meaning set forth in Section 5.2.10(e) hereof.

 

“Release”
of any Hazardous Substance shall mean any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting,
pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances, in each case other than in
compliance with Environmental Laws or permits issued thereunder.

 

“Release Amount”
shall mean for an Individual Property the amount set forth on Schedule IV hereto, as the same may be reduced pursuant
to Section 2.4.2.

 

“Release Notice”
shall have the meaning set forth in Section 2.5.2 hereof.

 

“Remediation”
shall mean any applicable response, remedial, removal, or corrective action, any activity to cleanup, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous
Substance, or any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis
or evaluation relating to any Hazardous Substances, in each case to the extent each of the foregoing is required by Environmental
Law.

 

“REMIC Trust”
shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds
the Note or a portion thereof.

 

“Rents”
shall mean, with respect to each Individual Property, all rents (including additional rents (whether paid directly by a Tenant
or pursuant to a reimbursement by a Tenant) and percentage rents), rent equivalents, moneys payable as damages or in lieu of rent
or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income,
receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash,
issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating
to such Individual Property, including, without limitation, charges for electricity, oil, gas, water, steam, heat, ventilation,
air-conditioning and any other energy, telecommunication, telephone, utility or similar items or time use charges, HVAC equipment
charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses, capital
expenses or other reimbursables payable to Borrower (or to the Manager for the account of Borrower) under any Lease, and other
consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or
employees from any and all sources arising from or attributable to such Individual Property.

 

    	-25-

    	 

    

 

“Replacement
Interest Rate Cap Agreement” shall mean, collectively, one or more interest rate protection agreements, reasonably acceptable
to Lender, from an Acceptable Counterparty with terms substantially identical to the Interest Rate Cap Agreement except that the
same shall be effective as of the date required in Section 2.2.7(c); provided that to the extent any such interest rate
protection agreements do not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be
such interest rate protection agreements approved in writing by the Approved Rating Agencies with respect thereto (or, if no Securities
have been issued, Lender).

 

“Replacement
Management Agreement” shall mean, collectively, (a) either (i) a management agreement with a Qualified Manager
substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified
Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to
this subclause (ii), Lender, at its option, may require that Borrower shall have obtained a Rating Agency Confirmation
from the Approved Rating Agencies with respect to such Manager and its management of the Properties if such Qualified Manager
is not one of the Persons listed in clause (b) of the definition of “Qualified Manager” and (b) an assignment
of management agreement and subordination of management fees substantially in the form then used by Lender (or of such other form
and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s
expense.

 

“Replacement
Reserve Account” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacement
Reserve Fund” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacement
Reserve Monthly Deposit” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacements”
shall have the meaning set forth in Section 7.3.1 hereof.

 

“Required Repair
Account” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required Repair
Fund” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required Repairs”
shall have the meaning set forth in Section 7.1.1 hereof.

 

    	-26-

    	 

    

 

“Reserve Funds”
shall mean, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover
Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan
Documents.

 

“Restoration”
shall mean the repair and restoration of an Individual Property after a Casualty or Condemnation as nearly as possible to the
condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be required
by the terms of the Master Lease or as otherwise reasonably approved by Lender.

 

“Restricted
Party” shall mean, collectively, (a) Borrower, any Guarantor, and any Affiliated Manager and (b) any shareholder,
partner, member, non-member manager, any direct or indirect legal or beneficial owner of, Borrower, any Guarantor, any Affiliated
Manager or any non-member manager but, with respect to clause (b), excluding Passive Owners that are not Affiliates of Borrower,
Guarantor or any Affiliated Manager.

 

“Rollover Reserve
Account” shall have the meaning set forth in Section 7.4.1 hereof.

 

“Rollover Reserve
Fund” shall have the meaning set forth in Section 7.4.1 hereof.

 

“Rollover Reserve
Monthly Deposit” shall have the meaning set forth in Section 7.4.1 hereof.

 

“Rollover Sweep
Event” shall mean the long-term unsecured debt credit rating of Bank of America, N.A., is BBB- or lower by S&P or
Fitch or Baa3 or lower by Moody’s.

 

“S&P”
shall mean Standard & Poor’s Ratings Services.

 

“Sale or Pledge”
shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of option or other transfer
or disposal of a legal or beneficial interest, whether direct or indirect.

 

“Section 2.7
Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto.

 

“Securities”
shall have the meaning set forth in Section 9.1 hereof.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Securitization”
shall have the meaning set forth in Section 9.1 hereof.

 

“Servicer”
shall have the meaning set forth in Section 9.5 hereof.

 

“Servicing
Agreement” shall have the meaning set forth in Section 9.5 hereof.

 

    	-27-

    	 

    

 

“Severed Loan
Documents” shall have the meaning set forth in Section 8.2(c) hereof.

 

“Special Purpose
Entity” shall mean a corporation, limited partnership or limited liability company that, since the date of its formation
and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements
unless it has received prior consent to do otherwise from Lender, and, while the Loan is securitized, a Rating Agency Confirmation
from each of the Approved Rating Agencies, and an Additional Insolvency Opinion, in each case:

 

(i)          is
and shall be organized solely for the purpose of acquiring, developing, owning, holding, selling, leasing, transferring, exchanging,
managing and operating the related Individual Property, entering into and performing its obligations under the Loan Documents
with Lender, refinancing the related Individual Property in connection with a permitted repayment of the Loan, and transacting
lawful business that is incident, necessary and appropriate to accomplish the foregoing;

 

(ii)         has
not engaged and shall not engage in any business unrelated to the acquisition, development, ownership, holding, selling, leasing,
transferring, exchanging, management or operation of the related Individual Property,

 

(iii)        has
not owned and shall not own any real property other than the Properties and any fee simple interest in a Ground Lease Property
that is acquired after the Closing Date in accordance with the provisions of Section 5.2.8(d) of this Agreement;

 

(iv)         does
not have, shall not have and at no time had any assets other than the related Individual Property and personal property necessary
or incidental to its ownership and operation of such Individual Property;

 

(v)          has
not engaged in, sought, consented or permitted to and shall not engage in, seek, consent to or permit (A) any dissolution,
winding up, liquidation, consolidation or merger, or (B) any sale or other transfer of all or substantially all of its assets
or any sale of assets outside the ordinary course of its business, except as permitted by the Loan Documents;

 

(vi)         shall
not cause, consent to or permit any amendment of its limited partnership agreement, articles of incorporation, articles of organization,
certificate of formation, operating agreement or other formation document or organizational document (as applicable) with respect
to the matters set forth in this definition;

 

(vii)        if
such entity is a limited partnership, has and shall have at least one general partner and has and shall have, as its only general
partners, Special Purpose Entities each of which (A) is a corporation or single-member Delaware limited liability company,
(B) has two (2) Independent Directors, and (C) holds a direct interest as general partner in the limited partnership
of not less than 0.5%;

 

    	-28-

    	 

    

 

(viii)      if
such entity is a corporation, has and shall have at least two (2) Independent Directors, and shall not cause or permit the board
of directors of such entity to take any Bankruptcy Action either with respect to itself;

 

(ix)         if
such entity is a limited liability company (other than a limited liability company meeting all of the requirements applicable
to a single-member limited liability company set forth in this definition of “Special Purpose Entity”), has and shall
have at least one (1) member that is a Special Purpose Entity, that is a corporation or a single-member limited liability company,
that has at least two (2) Independent Directors and that directly owns at least one-half-of-one percent (0.5%) of the equity of
the limited liability company;

 

(x)          if
such entity is a single-member limited liability company, (A) is and shall be a Delaware limited liability company, (B) has
and shall have at least two (2) Independent Directors serving as managers of such company, (C) shall not take any action
requiring the unanimous affirmative vote of the managing member and the Independent Directors pursuant to its limited liability
agreement or operating agreement and shall not cause or permit the members or managers of such entity to take any action requiring
the unanimous affirmative vote of the managing member and the Independent Directors unless two (2) Independent Directors then
serving as managers of the company shall have participated and consented in writing to such action, and (D) has and shall
have either (1) a member which owns no economic interest in the company, has signed the company’s limited liability
company agreement and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity
that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such
limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the
last remaining member of the company;

 

(xi)         has
not and shall not (and, if such entity is (a) a limited liability company, has and shall have a limited liability agreement
or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement, or (c) a corporation,
has a certificate of incorporation or articles that, in each case, provide that such entity shall not) (1) dissolve, merge,
liquidate, consolidate; (2) sell all or substantially all of its assets; (3) amend its organizational documents with
respect to the matters set forth in this definition without the consent of Lender; or (4) without the affirmative vote of
two (2) Independent Directors of itself or the consent of a principal that is a member or general partner in it, take any Bankruptcy
Action;

 

(xii)        has
at all times been and intends to remain solvent and has paid and shall pay its debts and liabilities (including, a fairly-allocated
portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due,
and has maintained and shall maintain adequate capital for the normal obligations reasonably foreseeable in a business of its
size and character and in light of its contemplated business operations, but the foregoing shall not obligate its direct or indirect
owners to contribute additional equity capital or lend additional amounts to it;

 

    	-29-

    	 

    

 

(xiii)      has
not failed and shall not fail to correct any known misunderstanding regarding the separate identity of such entity and has not
identified and shall not identify itself as a division of any other Person;

 

(xiv)        has
maintained and shall maintain its bank accounts, books of account, books and records separate from those of any other Person and,
to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except
to the extent that it is required by law to file consolidated tax returns and, if it is a corporation, has not filed and shall
not file a consolidated federal income tax return with any other corporation, except to the extent that it is required by law
to file consolidated tax returns;

 

(xv)         has
maintained and shall maintain its own records, books, resolutions and agreements;

 

(xvi)        has
not commingled and shall not commingle its funds or assets with those of any other Person and has not participated and shall not
participate in any cash management system with any other Person;

 

(xvii)      has
held and shall hold its assets in its own name;

 

(xviii)     has
conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other than an Affiliate
of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services
agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof, under such business management
services agreement holds itself out as an agent of Borrower;

 

(xix)        (A)
has maintained and shall maintain its financial statements, accounting records and other entity documents separate from those
of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart
from those of any other Person; and (C) has not permitted and shall not permit its assets to be listed as assets on the financial
statement of any of its Affiliates except as required by the Approved Accounting Method; provided, however, that any such consolidated
financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available
to pay the debts of such Affiliate and that the Special Purpose Entity’s liabilities do not constitute obligations of the
consolidated entity;

 

(xx)         has
paid and shall pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets,
and has maintained and shall maintain a sufficient number of employees in light of its contemplated business operations, but the
foregoing shall not obligate its direct or indirect owners to contribute additional equity capital or lend additional amounts
to it;

 

    	-30-

    	 

    

 

(xxi)        has
observed and shall observe all partnership, corporate or limited liability company formalities, as applicable;

 

(xxii)      intentionally
omitted.

 

(xxiii)     shall
have no Indebtedness other than (i) the Loan, (ii) liabilities incurred in the ordinary course of business relating
to the ownership and operation of the related Individual Property and the routine administration of Borrower, in amounts not to
exceed 2% of the amount of the Loan which liabilities are not more than sixty (60) days past the date incurred, are not evidenced
by a note and are paid when due, and which amounts are normal and reasonable under the circumstances, and (iii) such other
liabilities that are permitted pursuant to this Agreement;

 

(xxiv)      has
not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of any other Person,
has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not
pledged and shall not pledge its assets to secure the obligations of any other Person;

 

(xxv)        has
not acquired and shall not acquire obligations or securities of its partners, members or shareholders or any other owner or Affiliate;

 

(xxvi)      has
allocated and shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates, constituents,
or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but
not limited to, paying for shared office space and for services performed by any employee of an Affiliate;

 

(xxvii)     has
maintained and used and shall maintain and use separate stationery, invoices and checks bearing its name and not bearing the name
of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent;

 

(xxviii)    has
not pledged and shall not pledge its assets to secure the obligations of any other Person;

 

(xxix)      has
held itself out and identified itself and shall hold itself out and identify itself as a separate and distinct entity under its
own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part
of any other Person,

 

(xxx)        has
maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate, ascertain or
identify its individual assets from those of any other Person;

 

    	-31-

    	 

    

 

(xxxi)      has
not made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued by any other
Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to
common ownership with such entity);

 

(xxxii)     has
not identified and shall not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or
part of it, and has not identified itself and shall not identify itself as a division of any other Person;

 

(xxxiii)    other
than capital contributions and distributions permitted under the terms of its organizational documents, has not entered into or
been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or
Affiliates except in the ordinary course of its business and on terms which are commercially reasonable terms comparable to those
of an arm’s-length transaction with an unrelated third party;

 

(xxxiv)     has
not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers, directors
or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and
shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt;

 

(xxxv)      if
such entity is a corporation, has considered and shall consider the interests of its creditors in connection with all corporate
actions;

 

(xxxvi)     has
not had and shall not have any of its obligations guaranteed by any Affiliate except as provided by the Loan Documents with respect
to the Guaranty and Environment Indemnity;

 

(xxxvii)    has
not formed, acquired or held and shall not form, acquire or hold any subsidiary;

 

(xxxviii)    has
complied and shall comply with all of the “Special Purpose Provisions” (as defined in the Limited Liability Company
Agreement of Borrower dated as of the Closing Date) contained in its organizational documents and has materially complied with
all other terms and provisions of its organizational documents;

 

(xxxix)     has
conducted and shall conduct its business so that each of the assumptions made about it and each of the facts stated about it in
the Insolvency Opinion or, if applicable, any Additional Insolvency Opinion are true;

 

(xl)         has
not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts (other than an Affiliated
Manager in its capacity as agent of Borrower in connection with its management of an Individual Property);

 

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

 

    	-32-

    	 

    

 

(xlii)      subject
to Borrower’s right to contest pursuant to Section 5.1.2, has paid all taxes which it owes and is not as of the Closing
Date involved in any dispute with any taxing authority;

 

(xliii)     is
not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that resulted in a judgment against
it that has not been paid in full;

 

(xliv)      has
no judgments or Liens of any nature against it except for tax liens not yet due and the Permitted Encumbrances;

 

(xlv)        to
the extent it has provided Lender with financial statements, such financial statements are complete and reflect a fair and accurate
view of the entity’s financial condition; and

 

(xlvi)      has
no material contingent or actual obligations not related to the related Individual Property other than the Permitted Encumbrances.

 

“Split Loan”
shall have the meaning set forth in Section 9.1.3 hereof.

 

“Splitting
Documentation” shall have the meaning set forth in Section 9.1.3 hereof.

 

“Spread”
shall mean (a) through and including the Initial Maturity Date, shall mean, (i) with respect to Note A, 3.2210% and (ii) with
respect to Note B, 7.350% and (b) commencing on the first day of the first Extension Option through and including the Extended
Maturity Date, shall mean, (i) with respect to Note A, 3.4710% and (ii) with respect to Note B, 7.60%.

 

“Spread Maintenance
End Date” shall mean the Payment Date in June, 2014.

 

“Spread Maintenance
Payment” shall mean, with respect to any repayment of the outstanding principal amount of the Loan prior to the Spread
Maintenance End Date (other than a repayment expressly excusing Borrower from payment of any Spread Maintenance Payment), a payment
to Lender in an amount equal to the sum of the present values of each future installment of interest that would be payable under
the Loan on the outstanding principal amount of the Loan being prepaid from the date of such prepayment through and including
the Spread Maintenance End Date, assuming an interest rate equal to the difference between
(a) the Floating Interest Rate in effect as of the date of such prepayment (taking into account the effect of any floors
on such Floating Interest Rate) and (b) LIBOR in effect as of the date of such prepayment (without taking into account the
effect of any floors on the Floating Interest Rate), such future installments of interest to be discounted at an interest rate
per annum equal to the Treasury Constant Maturity Yield Index published during the second full week preceding the date on which
such premium is payable for instruments having a maturity coterminous with the Spread Maintenance
End Date.

 

    	-33-

    	 

    

 

“State”
shall mean, with respect to an Individual Property, the State or Commonwealth in which such Individual Property or any part thereof
is located.

 

“Strike Price”
shall mean two and twenty-five one hundredths of one percent (2.25%).

 

“Subordinate
Financing” shall have the meaning set forth in Section 9.1.1(c) hereof.

 

“Survey”
shall mean a survey of the Individual Property in question prepared by a surveyor licensed in the State and accepted by Lender
as satisfactory on the Closing date.

 

“Tax and Insurance
Escrow Fund” shall have the meaning set forth in Section 7.2 hereof.

 

“Taxes”
shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed
or imposed against any Individual Property or part thereof.

 

“Tenant”
means the lessee of all or a portion of any Individual Property under a Lease.

 

“Tenant Direction
Letter” shall have the meaning set forth in the Cash Management Agreement.

 

“Third Party
Reports” means any Environmental Reports, appraisals, zoning reports, property condition reports, seismic studies, engineering
reports or other similar third party reports relating to the Properties that are delivered to Lender from sources other than Borrower
or Affiliates of Borrower in accordance with Section 3.1.

 

“Threshold
Amount” shall have the meaning set forth in Section 5.1.21 hereof.

 

“Title Insurance
Policy” shall mean, with respect to each Individual Property, the mortgagee title insurance policy issued with respect
to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property.

 

“Transfer”
shall have the meaning set forth in Section 5.2.10(b) hereof.

 

“Transferee”
shall have the meaning set forth in Section 5.2.10(e)(v) hereof.

 

“Transferee’s
Principals” shall mean collectively, (a) Transferee’s managing members, general partners or principal shareholders
and (b) such other members, partners or shareholders which directly or indirectly own a fifty-one percent (51%) or greater
economic and voting interest in Transferee.

 

“UCC”
or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the applicable State in
which the Individual Property is located.

 

    	-34-

    	 

    

  

“U.S. Obligations”
shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner
that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged,
or (b) to the extent acceptable to the Approved Rating Agencies, other “government securities” within the meaning
of Section 2(a)(16) of the Investment Company Act of 1940, as amended.

 

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

 

“U.S. Tax Compliance
Certificate” shall have the meaning set forth in Section 2.7(e).

 

Section
1.2           Principles of Construction.
 All references to sections and schedules are to sections and schedules
in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including,
without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined
terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

 

ARTICLE
II – GENERAL TERMS

 

Section
2.1           Loan Commitment; Disbursement to Borrower.

 

2.1.1           Agreement
to Lend and Borrow.  Subject
to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan
on the Closing Date.

 

2.1.2           Single
Disbursement to Borrower.  Borrower
may request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder
in respect of the Loan may not be reborrowed.

 

2.1.3           The
Note, Mortgage and Loan Documents.  The
Loan shall be evidenced by the Note and secured by the Mortgage, the Assignment of Leases and the other Loan Documents.

 

2.1.4           Use
of Proceeds.  Borrower
shall use the proceeds of the Loan to (a) acquire the Properties or repay and discharge any existing loans relating to the
Properties, (b) pay all past-due Basic Carrying Costs, if any, with respect to the Properties, (c) make deposits into
the Reserve Funds on the Closing Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with
the closing of the Loan, (e) fund any working capital requirements of the Properties and (f) distribute the balance,
if any, to Borrower.

 

    	-35-

    	 

    

 

Section
2.2           Interest Rate.

 

2.2.1           Interest
Rate.   Subject
to the provisions of this Section 2.2, interest on the outstanding principal balance of the Loan shall accrue from
(and include) the Closing Date through the end of the last Interest Period at the Floating Interest Rate. Borrower shall pay to
Lender on each Payment Date the interest accrued (or to be accrued) on the Loan for the related Interest Period.

 

2.2.2           Interest
Calculation.  Interest
on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed
in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by
(c) the outstanding principal balance.

 

2.2.3           Determination
of Interest Rate.   (a)  Subject
to the terms and conditions of this Section 2.2.3, the Loan shall bear interest at the Floating Interest Rate. The
Floating Interest Rate applicable to an Interest Period shall be determined by Lender as set forth herein; provided, however,
that LIBOR for the Interest Period commencing on the Closing Date through and including December 14, 2012 shall be 0.213%.

 

(b)          In
the event that Lender shall have reasonably determined that by reason of circumstances affecting the interbank Eurodollar market
LIBOR cannot be determined as provided in the definition of LIBOR as set forth herein, then Lender shall forthwith give notice
thereof by telephone of such fact, confirmed in writing together with a reasonably-detailed description of the circumstances relating
to such determination, to Borrower, one (1) Business Day prior to the Determination Date. If such notice is given, the Loan
shall be converted, from and after the first day of the next succeeding Interest Period, to a Prime Rate Loan bearing interest
based on the Prime Rate in effect on the related Determination Date.

 

(c)          If,
pursuant to the terms of Section 2.2.3(b) above, the Loan has been converted to a Prime Rate Loan but thereafter LIBOR
can again be determined as provided in the definition of LIBOR as set forth herein, Lender shall give notice thereof to Borrower
and Lender shall convert the Prime Rate Loan back to a Floating Interest Rate Loan by delivering to Borrower notice of such conversion
no later than 11:00 a.m. (New York City Time), one (1) Business Day prior to the next succeeding Determination Date. Whether
or not such notice is given, the Loan shall be converted, from and after the first day of the next succeeding Interest Period,
to a Floating Interest Rate Loan bearing interest based on LIBOR in effect on the related Determination Date. Notwithstanding
any provision of this Agreement to the contrary, in no event shall Borrower have the right to elect to convert a Floating Interest
Rate Loan to a Prime Rate Loan.

 

(d)          Intentionally
Omitted.

 

(e)          If
any requirement of law or any change therein or in the interpretation or application thereof that first arises after the Closing
Date (a “Prospective Change”) shall hereafter make it unlawful for Lender to make or maintain a Floating Interest
Rate Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a Floating Interest Rate Loan or to convert
a Prime Rate Loan to a Floating Interest Rate Loan shall be canceled forthwith and (ii) Lender shall, as soon as reasonably
practicable following actual knowledge of such Prospective Change, give Borrower written notice describing the Prospective Change
and informing it of the Prime Rate then in effect. In the event the condition necessitating the cancellation of Lender’s
obligation to make a Floating Interest Rate Loan hereunder shall cease, the Loan shall resume its characteristics as a Floating
Interest Rate Loan in accordance with the terms hereof from and after the first day of the Interest Period next following such
cessation. Borrower hereby agrees promptly to pay Lender, within five (5) Business Days following written demand, any additional
amounts reasonably necessary to compensate Lender for any out-of-pocket costs reasonably 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 Floating Interest Rate Loan hereunder. Lender’s notice of such costs, as certified
to Borrower, shall be Conclusive.

 

    	-36-

    	 

    

 

(f)          In
the event that any Prospective Change 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 (other
than as a result of an increase in taxes);

 

(ii)         shall
hereafter have the effect of reducing the rate of return on Lender’s capital (other than as a result of an increase in taxes)
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 deemed by Lender
to be material;

 

(iii)        shall
hereafter subject Lender to any Section 2.7 Taxes (other than (A) Indemnified Taxes, (B) Section 2.7 Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes)
on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or

 

(iv)         shall
hereafter impose on Lender any other condition;

 

and the result of any of the foregoing
is to 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, Lender shall deliver a written notice as soon as reasonably practicable following actual knowledge
of such Prospective Change or other request or directive (which shall include a reasonably detailed description of the Prospective
Change) and Borrower shall promptly pay Lender, within five (5) Business Days following written demand, any additional amounts
necessary to compensate Lender for such additional cost or reduced amount receivable which Lender deems to be material as determined
by Lender in its reasonable discretion; provided, however, that Borrower shall not be required under this Section 2.2.3
to pay Lender additional amounts for additional costs or reduced amounts receivable (A) that are excluded from payment pursuant
to the provisions of Section 2.2.3(g) or Section 2.2.3(h) or (B) that result from Lender’s failure to comply
with its mitigation obligations under Section 2.2.4. A certificate as to any additional costs or amounts payable pursuant
to the foregoing sentence submitted by Lender to Borrower shall be Conclusive. This provision shall survive payment of the Note
and the satisfaction of all other obligations of Borrower under this Agreement and the Loan Documents.

 

    	-37-

    	 

    

 

(g)          Lender
shall not be entitled to claim compensation pursuant to this Section 2.2.3 for any increased cost or reduction in amounts
received or receivable under this Agreement, or any reduced rate of return, which was incurred or which accrued more than the
earlier of (i) 180 days before the date Lender notified Borrower of the Prospective Change or other circumstance on which such
claim on compensation is based and delivered to Borrower a written statement setting forth in reasonable detail the basis for
calculating the additional amounts owed to such Lender under this Section 2.2.3, which statement shall be Conclusive or
(ii) any earlier date (but not earlier than the effective date of such change in law or circumstance) so long as Lender notified
Borrower of such change in law or circumstance and delivered the written statement referenced in the immediately preceding clause
(i) within 180 days after Lender received written notice of such change in law or circumstance. This Section 2.2.3(g)
shall not apply to increased costs with respect to Section 2.7 Taxes.

 

(h)          Borrower
agrees to indemnify Lender and to hold Lender harmless from any loss or expense which Lender actually sustains or actually incurs
as a consequence of (i) any default by Borrower in payment of the principal of or interest on a Floating Interest Rate 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 Floating Interest Rate Loan hereunder, (ii) any prepayment (whether voluntary or mandatory)
of the Floating Interest Rate Loan on a day that (A) is not a Payment Date or (B) is a Payment Date if Borrower did
not give the prior written notice of such prepayment required pursuant to the terms of this Agreement, 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
Floating Interest Rate Loan hereunder and (iii) the conversion pursuant to the terms hereof of the Floating Interest Rate
Loan to the Prime Rate Loan on a date other than the Payment Date, 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 Floating Interest Rate Loan
hereunder (the amounts referred to in clauses (i), (ii) and (iii) 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.

 

2.2.4           Additional
Costs.

 

(a)          Lender
will use reasonable efforts (consistent with legal and regulatory restrictions) to maintain the availability of the Floating Interest
Rate Loan and to avoid or reduce any increased or additional costs payable by Borrower under Section 2.2.3, including,
if requested by Borrower, a transfer or assignment of the Loan to a branch, office or Affiliate of Lender in another jurisdiction,
or a redesignation of its lending office with respect to the Loan, in order to maintain the availability of the Floating Interest
Rate Loan or to avoid or reduce such increased or additional costs, provided that the transfer or assignment or redesignation
(a) would not result in any additional costs, expenses or risk to Lender that are not reimbursed by Borrower and (b) would
not be disadvantageous in any other respect to Lender (including the effect on any Securitization) as determined by Lender in
its reasonable discretion.

 

    	-38-

    	 

    

 

(b)          If
Lender requests compensation under Section 2.2.3, or if Borrower is required to pay any Indemnified Taxes or additional
amounts to Lender or any Governmental Authority for the account of Lender pursuant to Section 2.7 and, in each case, Lender
has declined or is unable to designate a different lending office in accordance with Section 2.2.4(a), then Borrower may,
at its sole expense and effort, upon notice to Lender, require Lender to assign and delegate, without recourse, all of its interests,
rights (other than its existing rights to payments pursuant to Section 2.2.3 or Section 2.7) and obligations under
this Agreement and the related Loan Documents to another Lender designated by Borrower; provided that:

 

(i)          The
assigning Lender shall have received payment of an amount equal to the outstanding principal of its ratable portion of the Loan,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts);

 

(ii)         in
the case of any such assignment resulting from a claim for compensation under Section 2.2.3 or payments required to be
made pursuant to Section 2.7, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iii)        such
assignment does not conflict with applicable law; and

 

(iv)         if,
upon such demand by Borrower, Lender elects to waive its request for additional compensation pursuant to Sections 2.2.3
or Section 2.7, the demand by Borrower for Lender to so assign all of its rights and obligations under this Agreement shall
thereupon be deemed withdrawn.

 

2.2.5           Default
Rate.   In the
event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal balance
of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts
due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated from the date such payment was due without
regard to any grace or cure periods contained herein.

 

2.2.6           Usury
Savings.  This
Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated
or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the
Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the
Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction
of principal and not on account of the interest due hereunder but shall not result in any prepayment premium or penalty. All sums
paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment
in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from
time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 

    	-39-

    	 

    

 

2.2.7           Interest
Rate Cap Agreement.  (a) Prior
to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Cap Agreement with a LIBOR strike price
equal to the Strike Price. The Interest Rate Cap Agreement (i) shall be in a form and substance reasonably acceptable to
Lender, (ii) shall at all times be with an Acceptable Counterparty, (iii) shall direct such Acceptable Counterparty
to deposit directly into the Cash Management Account any amounts due Borrower under such Interest Rate Cap Agreement so long as
any portion of the Debt exists, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial
or non-judicial foreclosure or deed-in-lieu thereof, (iv) shall be for a period equal to or longer than the initial un-extended
term of the Loan and (v) shall at all times have a notional amount equal to or greater than the principal balance of the
Loan and shall at all times provide for the applicable Strike Price. Borrower shall collaterally assign to Lender, pursuant to
the Collateral Assignment of Interest Rate Cap Agreement (the “Assignment of Interest Rate Cap Agreement”),
all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver
to Lender an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to
Lender and require that payments be deposited directly into the Cash Management Account) and shall notify the Acceptable Counterparty
of such assignment.

 

(b)          Borrower
shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by
the Acceptable Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited immediately into the
Cash Management Account or into such account as specified by Lender. Borrower shall take all actions reasonably requested by Lender
to enforce Lender’s rights under the Interest Rate Cap Agreement in the event of a default by the Acceptable Counterparty
and shall not waive, amend or otherwise modify any of its rights thereunder.

 

(c)          In
the event the counterparty to the Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement is no longer an Acceptable
Counterparty, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement with an Acceptable
Counterparty not later than ten (10) Business Days following receipt of written notice from Lender of such downgrade, withdrawal
or qualification; provided, however, such counterparty may maintain its status as an Acceptable Counterparty to
the extent a guaranty acceptable to Lender is timely posted on behalf of such counterparty in accordance with the terms of the
Assignment of Interest Rate Cap Agreement.

 

(d)          In
the event that Borrower fails to timely purchase and deliver to Lender the Interest Rate Cap Agreement or fails to maintain the
Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may, after providing the written
notice to Borrower required by this Agreement or, if no such notice is required by this Agreement, written notice and ten (10)
Business Days to so deliver or maintain the Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement,
purchase the Interest Rate Cap Agreement and the cost actually incurred by Lender in purchasing such Interest Rate Cap Agreement
shall be paid by Borrower to Lender within ten (10) Business Days after written demand 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.

 

    	-40-

    	 

    

 

(e)          In
connection with the Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender, within ten (10) days after the date
hereof, (i) a resolution/consent, as applicable, of the Acceptable Counterparty authorizing the delivery of the Interest
Rate Cap Agreement acceptable to Lender, and (ii) an opinion from counsel (which counsel may be in-house counsel for the
Acceptable Counterparty) for the Acceptable Counterparty (upon which Lender and its successors and assigns may rely) which shall
provide, in relevant part, that:

 

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

 

(B)         the
execution and delivery of the Interest Rate Cap Agreement by the Acceptable Counterparty, and any other agreement which the Acceptable
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;

 

(C)         all
consents, authorizations and approvals required for the execution and delivery by the Acceptable Counterparty of the Interest
Rate Cap Agreement, and any other agreement which the Acceptable 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

 

(D)         the
Interest Rate Cap Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto,
has been duly executed and delivered by the Acceptable Counterparty and constitutes the legal, valid and binding obligation of
the Acceptable Counterparty, enforceable against the Acceptable 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).

 

    	-41-

    	 

    

 

Section
2.3           Loan Payment.

 

2.3.1           Monthly
Debt Service Payments.  (a) Borrower
shall pay to Lender (i) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the
Loan for the Initial Interest Period, which interest shall be calculated in accordance with the provisions of Section 2.2
hereof and (ii) on each Payment Date commencing on the Payment Date occurring in January, 2013 and on each Payment Date
thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to Debt Service for the applicable
Interest Period, which payments shall be applied first to interest due for the related Interest Period at the Floating Interest
Rate or Prime Rate plus the Prime Rate Spread, as applicable, for such related Interest Period and then to the principal amount
of the Loan due in accordance with this Agreement (subject to Section 2.4.4), and lastly, to any other amounts due
and unpaid pursuant to the Loan Documents hereto.

 

(b)          If
Borrower delivers an Amortization Election Notice in accordance with Section 2.8(h), on each Payment Date thereafter
through the Extended Maturity Date, Borrower shall make an additional principal payment in the amount of $500,000.

 

(c)          If
a Go Dark Stage 1 Amortization Event or a Go Dark Stage 2 Amortization Event exists, on each Payment Date thereafter that such
Go Dark Stage 1 Amortization Event or Go Dark Stage 2 Amortization Event continues, Borrower shall make an additional principal
payment equal to the applicable Monthly Go Dark Amortization Payment. For the avoidance of doubt, upon the occurrence of a Go
Dark Stage 2 Amortization Event, Borrower shall no longer be required to make any Monthly Go Dark Amortization Payment applicable
to the Go Dark Stage 1 Amortization Event. Each Monthly Go Dark Amortization Payment required to be made hereunder shall be paid
by Borrower to Lender and, if applicable, shall be applied to principal as a portion of the Free Prepayment Amount (without the
payment of any Spread Maintenance Payment) to the extent of any remaining portion thereof. In the event any Monthly Go Dark Amortization
Payment is due hereunder on or prior to the Spread Maintenance End Date, such payment by Borrower shall be accompanied by the
applicable Spread Maintenance Payment unless the same is allocated to the Free Prepayment Amount.

 

2.3.2           Payments
Generally.  The
first Interest Period hereunder shall commence on and include the Closing Date and shall end on and include December 14, 2012
(“Initial Interest Period”). Thereafter during the term of the Loan,
each Interest Period shall commence and end as provided in the definition of Interest Period. For purposes of making payments
hereunder, but not for purposes of calculating Interest Periods, if the day on which such payment is due is not a Business Day,
then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of principal
due on the Maturity Date, interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and
including the last day of the related Interest Period. All amounts due under this Agreement and the other Loan Documents shall
be payable without setoff, counterclaim, defense or any other deduction whatsoever.

 

2.3.3           Payment
on Maturity Date.  Borrower
shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all
other amounts due hereunder and under the Note, the Mortgages and the other Loan Documents.

 

    	-42-

    	 

    

 

2.3.4           Late
Payment Charge.  If
any principal, interest or any other sums due under the Loan Documents (excluding the principal balance of the Loan due on the
Maturity Date) are not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an
amount equal to the lesser of five percent (5%) of such unpaid sum or the Maximum Legal Rate in order to defray the expense incurred
by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent
payment. Any such amount shall be secured by the Mortgages and the other Loan Documents to the extent permitted by applicable
law.

 

2.3.5           Method
and Place of Payment.  Except
as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender
not later than 11:00 a.m., New York City time, on the date when due and shall be made in lawful money of the United States
of America in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received
by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.

 

Section
2.4           Prepayments.

 

2.4.1           Voluntary
Prepayments.   (a) Except
as otherwise provided in Section 2.3.1(c), this Section 2.4.1, Section 2.4.2, Section
2.5.2 and Section 2.8(h), Borrower shall not have the right to prepay the Loan in whole or in
part.

 

(b)          From
and after the Closing Date, Borrower may prepay up to the Free Prepayment Amount without the payment of any Spread Maintenance
Payment or any other fee or penalty; provided, however, that the following conditions are satisfied: (i) such
prepayment is made in connection with the release of an Individual Property pursuant to Section 2.5.2 below, (ii) no
prepayment shall be permitted on any date during the period commencing on the first calendar day immediately following a Payment
Date to, but not including, the Determination Date in such calendar month, and (iii) Borrower pays to Lender the amounts
required pursuant to Section 2.4.1(d)(iv)(A) and (B) below.

 

(c)          On
and after the Prepayment Release Date, Borrower may prepay the Loan in part at any time if such prepayment is made in connection
with Borrower's election to prepay a portion of the Loan in order to effect a Cash Sweep Event Cure resulting from a Debt Yield
Trigger or in order to satisfy the Ongoing Debt Yield test set forth in Section 2.5, Section 2.8 or any other Section
of this Agreement; provided, however, that (i) no Event of Default then exists; (ii) Borrower gives Lender not less than ten
(10) days written notice of the amount of the Loan that Borrower intends to prepay (or any shorter time frame specifically permitted
in this Agreement with respect to such prepayment); and (iii) Borrower pays to Lender the amounts required to be paid pursuant
to Sections 2.4.1(d)(iv)(A), (B) and (C) below in addition to the outstanding principal amount of the Loan or portion thereof
to be prepaid.

 

    	-43-

    	 

    

 

(d)          On
and after the Prepayment Release Date, Borrower may prepay the Loan in whole, or in part if such prepayment is made in connection
with the release of an Individual Property pursuant to Section 2.5.2 below, provided that (i) no Event of Default
then exists; (ii) Borrower gives Lender not less than ten (10) and not more than sixty (60) days’ prior written
notice of the amount of the Loan that Borrower intends to prepay; (iii) no prepayment shall be permitted on any date during
the period commencing on the first calendar day immediately following a Payment Date to, but not including, the Determination
Date in such calendar month; and (iv) Borrower pays Lender, in addition to the outstanding principal amount or portion thereof
of the Loan to be prepaid, (A) all interest which would have accrued on the amount of the Loan to be paid through and including
the last day of the Interest Period related to the Payment Date next occurring following the date of such prepayment, or, if such
prepayment occurs on a Payment Date, through and including the last day of the Interest Period related to such Payment Date; (B) all
other sums due and payable under this Agreement, the Note, and the other Loan Documents, including, but not limited to the Breakage
Costs and all of Lender’s costs and expenses (including reasonable attorney’s fees and disbursements) incurred by
Lender in connection with such prepayment; and (C) if such prepayment is made on or prior to the Spread Maintenance End Date
with respect to any portion of the Loan (or if such prepayment is in connection with a release of an Individual Property, that
portion of the prepayment which, when aggregated with all prior prepayments in connection with releases of Individual Properties,
is in excess of the Free Prepayment Amount), the Spread Maintenance Payment. If a notice of prepayment is given by Borrower to
Lender pursuant to this Section 2.4.1(d), the amount designated for prepayment and all other sums required under this
Section 2.4 shall be due and payable on the proposed prepayment date. Any prepayment notice shall be revocable provided
that Borrower shall, if it revokes the notice, be responsible for the payment of the Breakage Costs and all of Lender’s
costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Lender in connection with such canceled
prepayment.

 

2.4.2           Mandatory
Prepayments.  On
the next occurring Payment Date following the date on which Lender actually receives any Net Proceeds, if Lender is not obligated
to make such Net Proceeds available to Borrower for the Restoration of any Individual Property or otherwise remit such Net Proceeds
to Borrower pursuant to Section 6.4 hereof, Borrower shall prepay or authorize Lender to apply such Net Proceeds as
a prepayment of all or a portion of the outstanding principal balance of the Loan together with accrued interest and any other
sums due hereunder in an amount equal to one hundred percent (100%) of such Net Proceeds. Any such application of Net Proceeds
pursuant to the terms of this Agreement shall be applied to Note A and Note B as set forth in Section 2.4.4 and shall
reduce the Release Amount of the Individual Property affected by such Casualty or Condemnation up to the Release Amount of such
Individual Property. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, Lender may apply such
Net Proceeds to the Debt (until paid in full) in any order or priority in its sole discretion and any such application to principal
shall reduce the Release Amount of the affected Individual Property up to the Release Amount of such Individual Property. Other
than during the continuance of an Event of Default, no Spread Maintenance Payment or prepayment premium shall be due in connection
with any prepayment made pursuant to this Section 2.4.2.

 

2.4.3           Prepayments
After Default.  If,
during the continuance of an Event of Default, payment of all or any part of the Debt is tendered by Borrower or otherwise recovered
by Lender (including, without limitation, through application of any Reserve Funds), such tender or recovery shall (a) include
interest at the Default Rate on the outstanding principal amount of the Loan through the last calendar day of the Interest Period
within which such tender or recovery occurs and (b) be deemed a voluntary prepayment by Borrower (and if such tender or recovery
occurs prior to the Prepayment Release Date, it shall be in violation of the prohibition against prepayment set forth in Section 2.4.1
hereof) and shall in all instances include (i) an amount equal to the greater of (y) three percent (3%) of the then
principal amount of the Loan (less any remaining Free Prepayment Amount) and (z) the Spread Maintenance Payment if such tender
or recovery occurs prior to the Prepayment Release Date, (ii) an amount equal to the Spread Maintenance Payment if such tender
or recovery occurs on or after the Prepayment Release Date and on or before the Spread Maintenance End Date and (iii) all
interest which would have accrued on the amount of the Loan to be paid through and including the Payment Date next occurring following
the date of such prepayment.

 

    	-44-

    	 

    

 

 

2.4.4        Application
of Prepayments to Notes.

 

Any prepayment of the principal of the
Loan, in whole or in part, voluntary or involuntary, shall be applied, provided no Event of Default has occurred and is continuing,
pro rata to the reduction of the outstanding principal balance of Note A and Note B. Subsequent to any Event of Default,
any payment of principal from whatever source may be applied by Lender between the Note A and Note B in Lender’s sole discretion.

 

Section 2.5        Release
of Property.  Except as set forth in this Section 2.5, no repayment or prepayment of all or any portion of the
Loan shall cause, give rise to a right to require, or otherwise result in, the release of any Lien of any Mortgage on any Individual
Property.

 

2.5.1        Release
of all Properties Upon Payment in Full.  (a)  If Borrower has elected to prepay the entire Loan and the requirements
of Section 2.4 and this Section 2.5 have been satisfied, all of the Properties shall be released from
the Liens of their respective Mortgages.

 

(b)        In connection
with the foregoing release of the Mortgages, Borrower shall submit to Lender, not less than twenty (20) days prior to the date
on which Borrower intends to prepay the Loan in full, a release of Lien (and related Loan Documents) for each Individual Property
for execution by Lender or, at Borrower's option, an assignment of the Mortgage(s) relating to one or more Individual Properties.
Such release or assignment, as applicable, shall be in a form appropriate in each jurisdiction in which an Individual Property
is located and that would be satisfactory to a prudent lender and contains standard provisions, if any, protecting the rights of
the releasing or assigning lender and shall be without recourse to, or representation or warranty by, the assigning or releasing
lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection
with such release or assignment, together with an Officer’s Certificate certifying that such documentation (i) is in
compliance with all Legal Requirements, and (ii) will effect such releases or assignments in accordance with the terms of
this Agreement.

 

2.5.2        Release
of an Individual Property.  If Borrower has elected to prepay a portion of the Loan and the requirements of Section 2.4
and this Section 2.5.2 have been satisfied, and provided that no Event of Default has occurred and is continuing
at the time of the release, upon twenty (20) days’ prior written notice to Lender (the “Release Notice”)
(it being agreed that Borrower may, from time to time, postpone the actual date of release of the Individual Property pursuant
to this Section upon written notice to Lender of such postponement (a “Postponement”) without the requirement
of delivering a new Release Notice with respect to the release of such Individual Property), Borrower may obtain the release of
an Individual Property from the Lien of the Mortgage thereon (and related Loan Documents) or, at Borrower’s option, an assignment
of the Mortgage relating to such Individual Property (each, “Mortgage Release Documentation”) and the release
of Borrower’s obligations under the Loan Documents with respect to such Individual Property (other than those expressly
stated to survive), upon the satisfaction of each of the following conditions:

 

    	-45-

    	 

    

 

(a)        Borrower
shall prepay the Loan in an amount equal to the Adjusted Release Amount for the applicable Individual Property, such prepayment
shall be deemed a voluntary prepayment for all purposes hereunder and the requirements of Section 2.4.1 shall apply,
and if any Postponement occurs, Borrower shall pay to Lender all Breakage Costs incurred and all of Lender’s costs and expenses
(including reasonable attorney’s fees and disbursements) incurred by Lender in connection with such Postponement;

 

(b)        Subsequent
to such release, Borrower shall continue to be a Special Purpose Entity pursuant to, and in accordance with, Section 4.1.30
hereof;

 

(c)        Borrower
shall deliver to Lender and the Approved Rating Agencies an Additional Insolvency Opinion or an update of the Insolvency Opinion
indicating that the release does not affect the opinions set forth therein;

 

(d)        If required
by any Approved Rating Agency, Borrower shall deliver (or cause to be delivered) to Lender and each Approved Rating Agency, an
opinion of counsel that such release would not cause a “significant modification” of the Loan, as such term is defined
in Treasury Regulations Section 1.860G-2(b);

 

(e)        Borrower
shall submit to Lender, not less than ten (10) days prior to the date on which the prepayment will be made, Mortgage Release
Documentation for execution by Lender that complies with the applicable requirements of Section 2.5.1(b). In addition,
Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release,
together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements,
(ii) will effect such release in accordance with the terms of this Agreement, and (iii) will not impair or otherwise
adversely affect the Liens, security interests and other rights of Lender under the Loan Documents not being released (or as to
the parties to the Loan Documents and Properties subject to the Loan Documents not being released);

 

(f)        Borrower
shall deliver to Lender together with its delivery of the Release Notice, an Ongoing Debt Yield Calculation Notice. Lender shall
approve or reject in writing the Borrower’s calculation of Ongoing Debt Yield and Borrower’s calculation of the principal
prepayment of the Loan, if any, necessary to satisfy the Ongoing Debt Yield test set forth in clause (g) below, which are
set forth in the Ongoing Debt Yield Calculation Notice within fifteen (15) days of Lender’s receipt of such notice or Lender
shall be deemed to have approved such calculation set forth therein. If Lender rejects Borrower’s calculations set forth
in such Ongoing Debt Yield Calculation Notice, Lender’s calculation of Ongoing Debt Yield and the principal prepayment of
the Loan, if any, necessary to satisfy the Ongoing Debt Yield test set forth in clause (g) below, shall be Conclusive;

 

    	-46-

    	 

    

 

(g)        After giving
effect to such release (including the amount prepaid in subsection (a) above and any principal amount that the Borrower
may prepay pursuant to Section 2.4.1(c)), the Ongoing Debt Yield for the trailing twelve (12) month period for the
Properties then remaining subject to the Liens of the Mortgages shall be equal to or greater than the greater of (i) the Closing
Debt Yield, and (ii) the Ongoing Debt Yield for all of the then remaining Properties for the twelve (12) month period immediately
preceding the release of the Individual Property;

 

(h)        The Individual
Property to be released shall be conveyed in an arm’s length transfer to a Person other than Borrower or any of its Affiliates;

 

(i)        The Adjusted
Release Amount paid to Lender in connection with any such release shall be applied (i) first, to reduce the Release Amount
of the Individual Property being released to zero and (ii) second, to the Debt in any order or priority as determined in Lender’s
sole discretion immediately following such release;

 

(j)        Borrower
shall reimburse Lender and Servicer for any reasonable out-of-pocket costs and expenses of Lender and Servicer arising from such
release (including reasonable out-of-pocket attorneys’ fees and expenses) and Borrower shall have paid (or caused the transferee
of the released Individual Property to have paid), in connection with such release (and without duplication), (i) all recording
charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) all reasonable out-of-pocket costs
and expenses of the Approved Rating Agencies incurred with respect to such release, and (iii) to any Servicer, the current
fee, not to exceed $15,000 for each request for release of one or more Individual Properties, being assessed by such Servicer to
effect such release;

 

(k)        (i) Borrower
shall have complied with all of the provisions of the Master Lease with respect to the to be released Individual Property, including,
without limitation, the delivery of any notices and the execution of any documents as may be required thereunder, and Borrower
shall have delivered evidence acceptable to Lender of such compliance with the requirements of the Master Lease and (ii) the
transfer of such Individual Property to the applicable third party will not result in the Master Tenant having the right to terminate
the Master Lease or obtain a reduction in the term of the Master Lease for the remaining Properties;

 

(l)        With respect
to the release of a Ground Lease Property, Borrower shall have no further liabilities or obligations under the related Ground Lease
on a going-forward basis from and after the date of the release (other than pre-existing indemnification and similar obligations
relating to events prior to the release that may survive such release pursuant to the terms of the related Ground Lease); and

 

    	-47-

    	 

    

 

(m)        Notwithstanding
anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust and the Loan-to-Value
Ratio would exceed 125% immediately after the release of the applicable Individual Property (and after taking into account any
principal paydown of the Loan required or permitted in connection with such release), no release will be permitted unless the principal
balance of the Loan is prepaid by an amount not less than the greater of (i) the Adjusted Release Amount or (ii) the
least of one (1) of the following amounts: (A) only if the released Individual Property is sold, the net proceeds of an arm’s
length sale of the released Individual Property to an unrelated Person, (B) the fair market value of the released Individual
Property at the time of the release, or (C) an amount such that the Loan-to-Value Ratio after the release of the applicable
Individual Property (and after taking into account any principal paydown of the Loan required or permitted in connection with such
release) is not greater than the Loan-to-Value Ratio of the Properties immediately prior to such release, unless Lender receives
an opinion of counsel that, if the release does not satisfy any of the tests in clause (ii) above, the Securitization will not
fail to maintain its status as a REMIC Trust as a result of the release of the applicable Individual Property. For the avoidance
of doubt, the Loan-to-Value Ratio shall not be required to be determined using an independent, third party appraisal, but may be
determined under any commercially reasonable method, including a broker's opinion of value or a capitalization of net operating
income using a reasonable discount rate, provided that the Lender has no reason to believe that the value as so determined is incorrect.
Any such prepayment shall be deemed a voluntary prepayment and shall be subject to Section 2.4.1 hereof (other than
the requirements to prepay the Debt in full and provide advance written notice to Lender).

 

Section 2.6        Lockbox
Account/Cash Management.

 

2.6.1        Lockbox
Account.  (a)  During the term of the Loan, Borrower shall establish and maintain an account (the “Lockbox
Account”) with Lockbox Bank in trust for the benefit of Lender, which Lockbox Account shall be under the sole dominion
and control of Lender. The Lockbox Account shall be entitled “GPT GIG BOA Portfolio Owner LLC as Borrower and JPMorgan Chase
Bank, National Association, as Lender, pursuant to Loan Agreement dated as of December 6, 2012 – Lockbox Account”.
Borrower hereby grants to Lender a first-priority security interest in the Lockbox Account and all deposits at any time contained
therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority
security interest in the Lockbox Account, including, without limitation, authorizing the filing of UCC-1 Financing Statements
and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Lockbox Account and all
costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Borrower. All monies now or hereafter
deposited into the Lockbox Account shall be deemed additional security for the Debt. The Lockbox Agreement and Lockbox Account
shall remain in effect until the Loan has been repaid in full.

 

(b)        Borrower
shall, or shall cause Manager to, on or prior to the Closing Date, deliver Tenant Direction Letters to all Tenants under Major
Leases to deliver all Rents payable thereunder directly to the Lockbox Account. Borrower shall, and shall cause Manager to, deposit
all amounts received by Borrower or Manager constituting Rents into the Lockbox Account within one (1) Business Day after receipt
thereof.

 

(c)        Borrower
shall obtain from Lockbox Bank its agreement to transfer to the Cash Management Account in immediately available funds by federal
wire transfer all amounts on deposit in the Lockbox Account once every Business Day throughout the term of the Loan.

 

(d)        Upon the
occurrence and during the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies
available to Lender, apply any sums then present in the Lockbox Account to the payment of the Debt in any order in its sole discretion.

 

    	-48-

    	 

    

 

(e)        The Lockbox
Account shall not be commingled with other monies held by Borrower, Manager or Lockbox Bank.

 

(f)        Borrower
shall not further pledge, assign or grant any security interest in the Lockbox Account or the monies deposited therein or permit
any lien or encumbrance to attach thereto, or any levy to be made thereon, or file or authorize the filing of any UCC-1 Financing
Statements, except those naming Lender as the secured party, to be filed with respect thereto.

 

(g)        Borrower
shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses,
damages (excluding special, punitive or consequential damages), obligations and costs and expenses (including litigation costs
and reasonable out-of-pocket attorneys’ fees and expenses) arising from or in any way connected with the Lockbox Account
and/or the Lockbox Agreement (unless arising from the gross negligence, bad faith or willful misconduct of Lender) or the performance
of the obligations for which the Lockbox Account was established as set forth in this Section 2.6.1 and in the Lockbox
Agreement.

 

2.6.2        Cash
Management Account.  (a)  During the term of the Loan, Borrower shall establish and maintain a segregated Eligible
Account (the “Cash Management Account”) to be held by Agent in trust and for the benefit of Lender, which Cash
Management Account shall be under the sole dominion and control of Lender. The Cash Management Account shall be entitled “GPT
GIG BOA Portfolio Owner LLC as Borrower and JPMorgan Chase Bank, National Association, as Lender, pursuant to Loan Agreement dated
as of December 6, 2012 - Cash Management Account.” Borrower hereby grants to Lender a first priority security interest in
the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions
necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including,
without limitation, authorizing the filing of UCC-1 Financing Statements and continuations thereof. Borrower will not in any way
alter or modify the Cash Management Account and will notify Lender of the account number thereof. Lender and Servicer shall have
the sole right and obligation to make withdrawals from the Cash Management Account in accordance with the provisions of the Cash
Management Agreement and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by
Borrower.

 

(b)        The insufficiency
of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any payments, as and
when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not
conditioned on any event or circumstance whatsoever.

 

(c)        All funds
on deposit in the Cash Management Account following the occurrence and during the continuance of an Event of Default may be applied
to the Debt by Lender in such order and priority as Lender shall determine.

 

    	-49-

    	 

    

 

(d)        Borrower
hereby agrees that Lender may modify the Cash Management Agreement only for the purpose of establishing additional sub-accounts
in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide prompt
written notice thereof to Borrower with a reasonably-detailed description of any such modification.

 

2.6.3        Payments
Received under the Cash Management Agreement.  Notwithstanding anything to the contrary contained in this Agreement or the
other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect
to the payment of Debt Service and amounts required to be deposited into the Reserve Funds, if any, shall be deemed satisfied
to the extent sufficient amounts are on deposit in the Cash Management Account to satisfy such obligations pursuant to this Agreement
on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender.

 

Section 2.7        Withholding
Taxes.

 

(a)        Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made
without deduction or withholding for any Section 2.7 Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of the Borrower) requires the deduction or withholding of any Tax from any such payment
by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section) the Lender receives
an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)        Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable
law any Other Taxes.

 

(c)        Indemnification
by the Borrower. The Borrower shall indemnify Lender, within 10 days after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid
by such Lender or required to be withheld or deducted from a payment to such Lender and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender shall be conclusive
absent manifest error.

 

(d)        Evidence
of Payments. As soon as practicable after any payment of Section 2.7 Taxes by the Borrower to a Governmental Authority
pursuant to this Section 2.7, the Borrower shall deliver to the Lender the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Lender.

 

    	-50-

    	 

    

 

(e)        Status
of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly
completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 2.7(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(ii)        Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower:

 

(A)        any
Lender that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)        any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is applicable:

 

(1)        in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to
any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(2)        executed
originals of IRS Form W-8ECI;

 

(3)        in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code,
or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or

 

    	-51-

    	 

    

 

(4)        to the
extent a Foreign Lender is a partnership or is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each
beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners
of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
on behalf of each such direct and indirect partner;

 

(C)        any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower), executed originals of any other form prescribed by applicable
law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required
to be made; and

 

(D)        if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower at the time or times prescribed by law and at such
time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary
for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

(f)        Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Section 2.7 Taxes as to which it has been indemnified pursuant to this Section 2.7 (including by the payment
of additional amounts pursuant to this Section 2.7), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Section 2.7 Taxes giving
rise to such refund), net of all out-of-pocket expenses (including Section 2.7 Taxes) of such indemnified party and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party,
upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph
(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph
(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f)
the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would
have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph
shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to
its Section 2.7 Taxes that it deems confidential) to the indemnifying party or any other Person.

 

    	-52-

    	 

    

 

(g)        Survival.
Each party’s obligations under this Section 2.7 shall survive any assignment of rights by, or the replacement
of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

Section 2.8        Extension
of the Initial Maturity Date.  Borrower shall have three (3) options (each, an “Extension Option”) to
extend the Initial Maturity Date of the Loan to the Payment Date in December, 2015, December, 2016 and December, 2017, respectively
(following the exercise of each such option, the “Extended Maturity Date”), upon satisfaction of the following
terms and conditions:

 

(a)        no Event
of Default shall have occurred and be continuing at the time the applicable Extension Option is exercised or at the time that the
additional term provided by the exercise of the applicable Extension Option (the “Extension Term”) commences;

 

(b)        Borrower
shall provide Lender with written notice of its election to extend the Maturity Date as aforesaid not later than forty-five (45)
days and not earlier than one hundred twenty (120) days prior to the date the Loan is then scheduled to mature. Any such notice
shall be revocable provided that Borrower shall remain responsible for the payment of the Breakage Costs and all of Lender’s
costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Lender in connection with such canceled
notice;

 

(c)        if the
Interest Rate Cap Agreement is scheduled to mature prior to the applicable Extended Maturity Date, Borrower shall obtain and deliver
to Lender not later than five (5) Business Days prior to the first day of each Extension Term, one or more Replacement Interest
Rate Cap Agreements from an Acceptable Counterparty which Replacement Interest Rate Cap Agreement shall be effective commencing
on the first day of such Extension Term and shall have a maturity date not earlier than the applicable Extended Maturity Date after
giving effect to the Extension Option then being exercised;

 

(d)        Borrower
shall have delivered to Lender together with its notice pursuant to subsection (b) of this Section 2.8
and at Lender’s reasonable request, on the commencement date of the applicable Extension Term, an Officer’s Certificate
certifying that (i) each of the representations and warranties of Borrower (but excluding any representations and warranties
by Borrower as to the Guarantor’s financial condition) contained in the Loan Documents is true, complete and correct in all
material respects as of the giving of the notice to the extent such representations and warranties are not matters which by their
nature can no longer be true and correct as a result of the passage of time or, if not true and correct, updating such representations
and warranties to make the same true and correct (provided that the facts and circumstances giving rise to such updated representations
and warranties are not otherwise a Default or Event of Default) or (ii) if Borrower is entitled to deliver an Officer’s Certificate
pursuant to Section 2.8(f) below, that the Master Lease remains in full force and effect and there are no defaults or events of
default by Borrower or, to Borrower’s knowledge after due inquiry, Master Tenant thereunder;

 

    	-53-

    	 

    

 

(e)        Borrower
shall reimburse Lender and Servicer for any out-of-pocket costs and expenses of Lender and Servicer arising in connection with
the Borrower’s exercise of any Extension Option (including reasonable out-of-pocket attorneys’ fees and expenses);

 

(f)        The Master
Lease shall remain in full force and effect as evidenced by a tenant estoppel certificate, dated not more than fifteen (15) days
prior to the first day of the applicable Extension Option, signed by Master Tenant and acceptable to Lender; provided, that,
if Master Tenant does not deliver such tenant estoppel certificate and Borrower has used diligent efforts to obtain the same, Borrower
shall be entitled to deliver an Officer’s Certificate pursuant to clause (d) above in lieu thereof;

 

(g)        Borrower
shall deliver to Lender, no later than twenty (20) days prior to the then applicable Maturity Date, an Ongoing Debt Yield Calculation
Notice. Lender shall approve or reject in writing the Borrower’s calculation of Ongoing Debt Yield and Borrower’s calculation
of the principal prepayment of the Loan, if any, necessary to satisfy the Ongoing Debt Yield test set forth in clause (h)
below, which are set forth in the Ongoing Debt Yield Calculation Notice within fifteen (15) days of Lender’s receipt of such
notice or Lender shall be deemed to have approved such calculation set forth therein. If Lender rejects Borrower’s calculations
set forth in such Ongoing Debt Yield Calculation Notice, Lender’s calculation of Ongoing Debt Yield and the principal prepayment
of the Loan, if any, necessary to satisfy the Ongoing Debt Yield test set forth in clause (h) below, shall be Conclusive;
and

 

(h)        the Ongoing
Debt Yield for the twelve (12) full calendar months ending on October 30th preceding the commencement of the applicable
Extension Term is to commence is equal to or greater than (i) for the exercise of the first Extension Option, 10.50%, (ii) for
the exercise of the second Extension Option, 10.50% and (iii) for the exercise of the third Extension Option, 11.00%; provided,
however, with respect to the exercise of any Extension Option, Borrower shall be permitted to make, within ten (10) days after
receiving Lender’s written notice that the Ongoing Debt Yield test has not been satisfied (but not later than the day preceding
the first (1st) day of the Extension Term), a prepayment to be applied to the outstanding principal amount of the Loan
in an amount agreed or deemed agreed to by Lender to be sufficient to meet the foregoing applicable Ongoing Debt Yield test and
any such prepayment shall not require payment of any Spread Maintenance Payment, prepayment premium, penalty or fee, but shall
require the payment of interest through the end of the applicable Interest Period; and provided further, however,
that in the event the Ongoing Debt Yield test set forth in clause (iii) of this subsection (h) is not satisfied
but the other conditions to such extension are satisfied, Borrower shall be permitted to extend the then-current Maturity Date
to the final Extended Maturity Date upon Borrower delivering a written notice to Lender prior to the Determination Date immediately
preceding the first day of the Extension Term provided by the exercise of the third Extension Option (an “Amortization
Election Notice”) pursuant to which Borrower acknowledges and agrees that, in lieu of making a prepayment to meet the
Ongoing Debt Yield Test applicable to such extension, Borrower shall make additional principal payments in the amount of $500,000
on each Payment Date during the third Extension Option through the Extended Maturity Date in accordance with Section 2.3.1(b).

 

    	-54-

    	 

    

 

ARTICLE
III – CONDITIONS PRECEDENT

 

Section 3.1        Conditions
Precedent to Closing.  The obligation of Lender to make the Loan hereunder is subject to the fulfillment by
Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the
Loan delivered by Borrower to Lender and the commitment or commitment rider, if any, to the application or term sheet for the
Loan issued by Lender. The funding of the Loan by Lender shall be conclusive evidence of the fulfillment by Borrower or waiver
by Lender of each such condition precedent, unless such condition precedent becomes a condition subsequent pursuant to a post-closing
letter executed on or prior to the Closing Date.

 

ARTICLE
IV – REPRESENTATIONS AND WARRANTIES

 

Section 4.1        Borrower
Representations.  Borrower represents and warrants as of the date hereof that:

 

4.1.1        Organization.  Borrower
has been duly organized and is validly existing and in good standing with requisite power and authority to own the Properties
and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in
each jurisdiction where it is required to be so qualified in connection with its businesses and operations. Borrower possesses
all material rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own the Properties
and to transact the businesses in which it is now engaged (provided that any failure to have the foregoing does not, and is not
reasonably likely to, result in a material adverse effect to the Borrower or the Properties), and the sole business of Borrower
is as described in the definition of Special Purpose Entity. The direct and indirect ownership interests in Borrower are as set
forth on the organizational chart attached hereto as Schedule III.

 

4.1.2        Proceedings.  Borrower
has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents.
This Agreement and such other Loan Documents to which Borrower is a party have been duly executed and delivered by or on behalf
of Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally,
and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding
in equity or at law).

 

    	-55-

    	 

    

 

4.1.3        No
Conflicts.  The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower will not
conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets
of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management
agreement or other agreement or instrument to which Borrower is a party or by which any of the Individual Properties or Borrower’s
assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation
of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent,
approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required
for the execution, delivery and performance by Borrower of this Agreement or any other Loan Documents has been obtained and is
in full force and effect.

 

4.1.4        Litigation.  There
are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or,
to Borrower’s knowledge after due inquiry, threatened against or affecting Borrower, Guarantor or, to Borrower’s knowledge
after due inquiry, any Individual Property, which actions, suits or proceedings, if determined against Borrower, Guarantor or
any Individual Property, might materially adversely affect the condition (financial or otherwise) or business of Borrower, Guarantor
or the condition or ownership of any Individual Property.

 

4.1.5        Agreements.  Borrower
is not a party to any agreement or instrument or subject to any restriction which might materially and adversely affect Borrower
or any Individual Property, or Borrower’s business, properties or assets, operations or condition, financial or otherwise.
Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any agreement or instrument to which it is a party or by which Borrower or any Individual Property
is bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which Borrower is a party or by which Borrower or the Properties are otherwise bound, other than Permitted
Encumbrances.

 

4.1.6        Title.  Borrower
has good, marketable and insurable fee simple or leasehold title, as the case may be, to the real property comprising part of
each Individual Property and good title to the balance of the such Individual Property, free and clear of all Liens whatsoever
except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the
Loan Documents. The Permitted Encumbrances in the aggregate do not materially and adversely affect the value, operation or use
of the applicable Individual Property (as currently used) or Borrower’s ability to repay the Loan. Each Mortgage, when properly
recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection
therewith, will create (a) a valid, perfected first priority lien on the applicable fee or leasehold interest in the related
Individual Property, subject only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected
security interests in and to, and perfected collateral assignments of, all collateral described in the Mortgages (including the
Leases) that can be perfected by the recording of Mortgages or the filing of a Uniform Commercial Code financing statement, all
in accordance with the terms thereof, in each case subject only to the Permitted Encumbrances. To Borrower’s knowledge after
due inquiry, except as otherwise disclosed in any Title Insurance Policy, there are no claims for payment for work, labor or materials
affecting the Properties which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents.

 

    	-56-

    	 

    

 

4.1.7        Solvency.  Borrower
has (a) not entered into this transaction or executed the Note, this Agreement or any other Loan Documents with the actual
intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations
under such Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately
following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated,
disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the
making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities
on its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of
the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.
Borrower does not intend to incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability
to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower
and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower
or against any direct or indirect owner of Borrower in the last seven (7) years, and neither Borrower nor any direct or indirect
owner of Borrower in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any
insolvency act for the benefit of debtors. Neither Borrower nor any direct or indirect owner of Borrower is contemplating either
the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion
of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition
against it or any such direct or indirect owner of Borrower.

 

4.1.8        Full
and Accurate Disclosure.  Without expanding any statements made herein which are specifically made to “Borrower’s
knowledge”, no statement of fact made by Borrower in this Agreement or in any of the other Loan Documents contains any untrue
statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not
misleading. There is no material fact presently known to Borrower which has not been disclosed to Lender which materially and
adversely affects, nor as far as Borrower can reasonably foresee, might materially and adversely affect, any Individual Property
or the business, operations or condition (financial or otherwise) of Borrower.

 

4.1.9        No
Plan Assets.  Borrower does not sponsor, is not obligated to contribute to, and is not itself an “employee benefit
plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none
of the assets of Borrower constitutes or will during any period when the Loan remains outstanding constitute “plan assets”
of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental
plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject to
any state or other statute , regulation or other restriction regulating investments of, or fiduciary obligations with respect
to, governmental plans within the meaning of Section 3(32) of ERISA which is similar to the provisions of Section 406
of ERISA or Section 4975 of the Code and which prohibit or otherwise restrict the transactions contemplated by this Agreement,
including but not limited to the exercise by Lender of any of its rights under the Loan Documents.

 

    	-57-

    	 

    

 

4.1.10        Compliance.  Except
as expressly disclosed in any Title Insurance Policy or Third Party Report received by or delivered to Lender prior to the Closing
Date, Borrower and, to Borrower’s knowledge after due inquiry, the Properties and the use thereof comply in all material
respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes. Borrower
has not received written notice and has no actual knowledge that it is in default or violation of any order, writ, injunction,
decree or demand of any Governmental Authority. There has not been committed by Borrower or, to Borrower’s knowledge after
due inquiry, any other Person in occupancy of or involved with the operation or use of the Properties any act or omission affording
the federal government or any other Governmental Authority the right of forfeiture as against any Individual Property or any part
thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents.

 

4.1.11        Financial
Information.  All financial data, including, without limitation, the statements of cash flow and income and operating expense,
that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects,
(b) accurately represent the financial condition of Borrower and the Properties, as applicable, as of the date of such reports,
and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance
with the Approved Accounting Method throughout the periods covered, except as disclosed therein. Except for Permitted Encumbrances,
Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized
or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a material adverse
effect on any Individual Property or the current operation thereof, except as referred to or reflected in said financial statements.
Since the date of such financial statements, there has been no material adverse change in the financial condition, operations
or business of Borrower from that set forth in said financial statements.

 

4.1.12        Condemnation.  No
Condemnation or other similar proceeding has been commenced or, to Borrower’s knowledge after due inquiry, is threatened
or contemplated with respect to all or any portion of any Individual Property or for the relocation of roadways providing access
to any Individual Property.

 

4.1.13        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 or by the terms and conditions of this Agreement or the other Loan Documents.

 

    	-58-

    	 

    

 

4.1.14        Utilities
and Public Access.  Each Individual Property has rights of access to public ways and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service such Individual Property for its respective intended uses. All public utilities
necessary or convenient to the full use and enjoyment of each Individual Property are located either in the public right of way
abutting such Individual Property (which are connected so as to serve such Individual Property without passing over other property)
or in recorded easements serving such Individual Property and such easements are set forth in and insured by the related Title
Insurance Policy. All roads necessary for the use of each Individual Property for its current respective purposes have been completed
and dedicated to public use and accepted by all Governmental Authorities.

 

4.1.15        Not
a Foreign Person.  Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

 

4.1.16        Separate
Lots.  Each Individual Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and,
other than with respect to any easements in favor of Borrower, does not constitute a portion of any other tax lot not a part of
such Individual Property.

 

4.1.17        Assessments.  There
are no pending or, to Borrower’s knowledge after due inquiry, proposed, special or other assessments for public improvements
or otherwise affecting any Individual Property, nor are there, to Borrower’s knowledge after due inquiry, any contemplated
improvements to any Individual Property that may result in such special or other assessments, except for such assessments as may
be set forth in the Title Insurance Policy.

 

4.1.18        Enforceability.  The
Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their respective terms, subject
to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement
of debtors’ obligations. The Loan Documents are not subject to any right of rescission, set off, counterclaim or defense
by Borrower or Guarantor, as applicable, nor would the operation of any of the terms of the Loan Documents, or the exercise of
any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and
other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower
nor Guarantor has asserted any right of rescission, set off, counterclaim or defense with respect thereto.

 

4.1.19        No
Prior Assignment.  There are no prior assignments of the Leases or any portion of the Rents due and payable or to become
due and payable which are presently outstanding.

 

4.1.20        Insurance.  Borrower
has a certificate of insurance for all Policies and will deliver to Lender promptly following receipt thereof, certified copies
of the Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have
been made or are currently pending, outstanding or otherwise remain unsatisfied under any such Policy, and neither Borrower nor,
to Borrower’s knowledge after due inquiry, any other Person, has done, by act or omission, anything which would impair the
coverage of any such Policy.

 

    	-59-

    	 

    

 

4.1.21        Use
of Property.  Each Individual Property is, to Borrower’s knowledge after due inquiry, used exclusively for banking
and related uses and general business office purposes and such other lawful purposes as are consistent with Legal Requirements
and otherwise permitted by the Leases applicable to such Individual Property.

 

4.1.22        Certificate
of Occupancy; Licenses.  Except as set forth in any Third Party Report delivered to Lender prior to the Closing Date, (a)
all certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits,
required for the legal use, occupancy and operation of each Individual Property have been obtained and are in full force and effect
and (b) the use being made of each Individual Property is in conformity with the certificate of occupancy issued for such Individual
Property.

 

4.1.23        Flood
Zone.  None of the Improvements on any Individual Property are located in an area as identified by the Federal Emergency
Management Agency as an area having special flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a)(i)
is in full force and effect with respect to such Individual Property.

 

4.1.24        Physical
Condition.  Except as set forth in a Third Party Report delivered to Lender prior to the Closing Date and to Borrower’s
knowledge after due inquiry: (a) each Individual Property, including, without limitation, all buildings, improvements, parking
facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems,
equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition,
order and repair in all material respects and (b) there exists no structural or other material defects or damages in any Individual
Property, whether latent or otherwise. Borrower has not received written notice from any insurance company or bonding company
of (i) any defects or inadequacies in any Individual Property, or any part thereof, which does or is reasonably likely to materially
and adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or (ii)
any termination or threatened termination of any policy of insurance or bond.

 

4.1.25        Boundaries.  All
of the Improvements which were included in determining the appraised value of each Individual Property lie wholly within the boundaries
and building restriction lines of such Individual Property, and no improvements on adjoining properties encroach upon any Individual
Property, and no easements or other encumbrances upon any Individual Property encroach upon any of the Improvements, so as to
affect the value or marketability of the applicable Property except those which are insured against by the applicable Title Insurance
Policy.

 

    	-60-

    	 

    

 

4.1.26        Leases.  The
Properties are not, to Borrower’s knowledge after due inquiry, subject to any leases other than the Leases described in
the rent roll attached hereto as Schedule I and made a part hereof, which rent roll is, to Borrower’s knowledge
after due inquiry, true, complete and accurate in all material respects as of the Closing Date. Borrower is the owner and lessor
of landlord's interest in the Leases. To Borrower’s knowledge after due inquiry, no Person has any possessory interest in
any Individual Property or right to occupy the same except under and pursuant to the provisions of the Leases. The current Leases
are in full force and effect and, to Borrower’s knowledge after due inquiry, there are no defaults thereunder by landlord
or the applicable Tenant (other than any additional rent arrearages disclosed to Lender prior to the Closing Date in any delinquency/aged
receivables report) and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute
defaults thereunder. No Rent has been paid to Borrower or Borrower’s predecessor-in-interest of more than one (1) month
in advance of its due date which Borrower will be affected by or bound to from and after the Closing Date. All security deposits
are held by Borrower in accordance with applicable law. All work to be performed by Borrower under each Lease has been performed
as required except as set forth on Schedule 4.1.26 and has, to Borrower’s knowledge after due inquiry, been
accepted by the applicable Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances
or abatements required to be given by Borrower to any Tenant has already been received by such Tenant. There has been no prior
sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein by Borrower which is outstanding.
Bank of America, N.A. has not assigned or sublet its interest in the Master Lease and to Borrower’s knowledge after due
inquiry, no other Tenant listed on Schedule I has assigned its Lease or sublet all or any portion of the premises demised
thereby, no such Tenant holds its leased premises under assignment or sublease, nor does anyone except such Tenant and its employees
occupy such leased premises. No Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all
or any part of the leased premises or the building of which the leased premises are a part other than the rights of first refusal
and rights of first offer to purchase in favor of the Master Tenant as set forth in the Master Lease. No Tenant under any Lease
has any right or option for additional space in the Improvements other than the expansion rights in favor of the Master Tenant
as set forth in the Master Lease. Borrower has delivered to Lender a true, correct and complete copy of the Master Lease. As of
the Closing Date, Master Tenant has the right to terminate (a) not more than 6,905 square feet of premises leased pursuant to
the Master Lease, which right to terminate must be exercised prior to June 30, 2023 and (b) not more than 105,016 square feet
of premises leased pursuant to the Master Lease, which right to terminate may be exercised no earlier than January 1, 2017 but
must be exercised prior to June 30, 2023. $3,000,000 is on deposit with Master Tenant as a security deposit and such security
deposit satisfies the requirements of the Master Lease for any security deposit required to be delivered by the landlord thereunder.
No URR Agreement (as defined in, the Master Lease) exists.

 

4.1.27        Survey.  The
Survey for each Individual Property delivered to Lender in connection with this Agreement does not, to Borrower’s knowledge
after due inquiry, fail to reflect any material matter affecting such Individual Property or the title thereto.

 

4.1.28        Inventory.  Borrower
is the owner of all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Mortgages) located on or
at each Individual Property and shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder.
All of the Equipment, Fixtures and Personal Property are sufficient for Borrower to operate the Properties in the manner required
hereunder and in the manner in which it is currently operated.

 

    	-61-

    	 

    

 

4.1.29        Filing
and Recording Taxes.  All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes
required to be paid by any Person under applicable Legal Requirements with respect to the Properties have been paid. All mortgage,
mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements
currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of
any of the Loan Documents, including, without limitation, the Mortgages, have been paid. If at any time Lender determines (i) based
on applicable law, that Lender is not being afforded the maximum amount of security available from any one or more of the Properties
as a direct or indirect result of applicable taxes not having been paid with respect to any Individual Property or (ii) Lender
and/or the Rating Agencies, in connection with a Securitization, require the amount secured by any Mortgage be increased, Borrower
agrees that Borrower will execute, acknowledge and deliver to Lender, immediately upon Lender’s request, supplemental affidavits
and/or mortgage(s) increasing the amount of the Debt attributable to any such Individual Property (as set forth as the Release
Amount on Schedule IV annexed hereto) for which all applicable taxes have been paid to an amount determined by Lender,
and Lender shall pay any additional taxes due pursuant to this clause (ii) but Borrower shall pay all others within five
(5) Business Days of Lender’s demand therefor.

 

4.1.30        Special
Purpose Entity/Separateness.  (a)  Until the Debt has been paid in full, Borrower hereby represents, warrants
and covenants that Borrower is, shall be and shall continue to be a Special Purpose Entity.

 

(b)        The representations,
warranties and covenants set forth in subsection (a) shall survive for so long as any amount remains payable to Lender under
this Agreement or any other Loan Document.

 

(c)        Any and
all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any exhibits attached thereto,
will have been and shall be true and correct in all respects, and Borrower will have complied and will comply with all of the stated
facts and assumptions made with respect to it in any Insolvency Opinion. Each entity other than Borrower with respect to which
an assumption is made or a fact stated in any Insolvency Opinion will have complied and will comply with all of the assumptions
made and facts stated with respect to it in any such Insolvency Opinion. Borrower covenants that in connection with any Additional
Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with
the facts and assumptions made therein.

 

(d)        Borrower
covenants and agrees that Borrower shall provide Lender with five (5) days’ prior written notice prior to the removal of
an Independent Director of Borrower.

 

4.1.31        Management
Agreement.  The Management Agreement is in full force and effect and there is no default thereunder by Borrower or any Affiliated
Manager or, to Borrower’s knowledge after due inquiry with respect to any Manager that is not an Affiliated Manager, any
Manager that is party thereto, and no event has to Borrower’s knowledge after due inquiry occurred that, with the passage
of time and/or the giving of notice would constitute a default thereunder. The Management Agreement was entered into on commercially
reasonable terms.

 

4.1.32        Illegal
Activity.  No portion of any Individual Property has been or will be purchased with proceeds of any illegal activity.

 

    	-62-

    	 

    

 

4.1.33        No
Change in Facts or Circumstances; Disclosure.  All information submitted by and on behalf of Borrower to Lender and in all
financial statements, rent rolls (including the rent roll attached hereto as Schedule I), reports, certificates and
other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made
by Borrower in this Agreement or in any other Loan Document, are true, complete and correct in all material respects, except to
the extent otherwise qualified in the applicable Loan Document. There has been no material adverse change in any condition, fact,
circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect
or that otherwise materially and adversely affects or might materially and adversely affect the use, operation or value of the
Properties or the business operations or the financial condition of Borrower (taken as a whole). Borrower has disclosed to Lender
all material facts and has not failed to disclose any material fact that could cause any Provided Information or representation
or warranty made herein to be materially misleading in light of the circumstances under which they were made.

 

4.1.34        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 2005, 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.

 

4.1.35        Embargoed
Person.  As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers
permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and Guarantor constitute property
of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest
of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor,
as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of
the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment
in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of
law; provided, however, that Borrower makes no representation with respect to any Passive Owners in Borrower that
are not Affiliates of Guarantor.

 

4.1.36        Principal
Place of Business; State of Organization.  Borrower’s principal place of business as of the date hereof is the address
set forth in the introductory paragraph of this Agreement. The Borrower is organized under the laws of the State of Delaware and
its organizational identification number is 5237511.

 

    	-63-

    	 

    

 

4.1.37        Environmental
Representations and Warranties.  Except as otherwise disclosed by those certain Phase I environmental reports delivered
to Lender by Borrower in connection with the origination of the Loan (such reports are collectively referred to below as the “Environmental
Report”), (a) there are no Hazardous Substances or underground storage tanks in, on, or under any Individual Property,
except those that are (i) in compliance with Environmental Laws and with permits issued pursuant thereto (to the extent such
permits are required under Environmental Law) or (ii) de-minimis amounts necessary to operate each Individual Property for
the purposes set forth in the Loan Agreement which will not result in an environmental condition in, on or under any Individual
Property and which are otherwise permitted under and used in compliance with Environmental Law; (b) there are no past, present
or threatened Releases of Hazardous Substances in, on, under or from any Individual Property which has not been fully addressed
or remediated in each case in accordance with Environmental Law; (c) there is no threat of any Release of Hazardous Substances
migrating to any Individual Property; (d) there is no present non-compliance with Environmental Laws, or with permits issued
pursuant thereto, in connection with any Individual Property which has not been fully addressed or remediated in each case in
accordance with Environmental Law and Borrower is not aware of any past non-compliance with Environmental Laws or permits issued
pursuant thereto (provided that, Borrower’s lack of knowledge with respect to such past non-compliance shall not
limit or otherwise affect the obligations of Borrower or Guarantor with respect thereto under the Loan Documents); (e) Borrower
does not know of, and has not received, any written or oral notice or other communication from any Person (including but not limited
to a Governmental Authority) in relation to the Properties relating to (i) Hazardous Substances or Remediation thereof, (ii) alleging
possible liability of any Person pursuant to any Environmental Law, or (iii) relating to or threatening any actual or potential
administrative or judicial proceedings in connection with any of the foregoing; and (f) Borrower has truthfully and fully
disclosed to Lender, in writing, any and all material information relating to environmental conditions in, on, under or from the
Properties that is known to Borrower and has provided to Lender all information that is contained in Borrower’s files and
records, including, but not limited to, any reports relating to Hazardous Substances in, on, under or from the Properties and/or
to the environmental condition of the Properties.

 

4.1.38        Cash
Management Account.

 

(a)        This Agreement,
together with the Cash Management Agreement and Lockbox Agreement, create a valid and continuing security interest (as defined
in the Uniform Commercial Code of the State of New York) in the Lockbox Account and the Cash Management Account in favor of Lender,
which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors
of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower
has not sold, pledged, transferred or otherwise conveyed the Lockbox Account and the Cash Management Account.

 

(b)        Each of
the Lockbox Account and the Cash Management Account constitutes “deposit accounts” and/or “securities accounts”
within the meaning of the Uniform Commercial Code of the State of New York).

 

(c)        Pursuant
and subject to the terms hereof, the Cash Management Agreement and the Lockbox Agreement, the Lockbox Bank and Agent have agreed
to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of all sums at
any time held, deposited or invested in the Lockbox Account and the Cash Management Account, together with any interest or other
earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles,
chattel paper, deposit accounts, instruments, documents or securities.

 

    	-64-

    	 

    

 

(d)        The Lockbox
Account and Cash Management Account are not in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower
has not consented to the Lockbox Bank and Agent complying with instructions with respect to the Lockbox Account and the Cash Management
Account from any Person other than Lender.

 

(e)        The Property
is not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant instruction
letters issued in connection with any previous financing have been duly terminated prior to the date hereof.

 

4.1.39        Material
Ground Leases.

 

(a)        Borrower
hereby represents and warrants to Lender as of the date hereof the following with respect to the Phoenix Ground Lease except as
otherwise set forth on Schedule 4.1.40 and Schedule V:

 

(i)        Recording;
Modification. A memorandum of each Material Ground Lease has been duly recorded. The Phoenix Ground Lease permits the interest
of Borrower to be encumbered by a mortgage (provided that the Mortgage is at all times subject and subordinate to the related Phoenix
Ground Lease) or the Ground Lessor has approved and consented to the encumbrance of the related Individual Property by the Mortgage.
There have not been amendments or modifications to the terms of any Phoenix Ground Lease since recordation of the Phoenix Ground
Lease (or a memoranda thereof), with the exception of written instruments which have been recorded or are listed on Schedule
V. No Phoenix Ground Lease may be terminated, surrendered or amended without prior written notice to Lender; provided that
the applicable Ground Lessor shall not be prevented from exercising its remedies in accordance with the Phoenix Ground Lease if
the obligations of Borrower under such Phoenix Ground Lease are not performed as provided in such Phoenix Ground Lease. Borrower
has delivered to Lender true, correct and complete copies of each of the Phoenix Ground Leases.

 

(ii)        No
Liens.  Except for the Permitted Encumbrances and other encumbrances of record, Borrower’s interest in each Phoenix
Ground Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage other than the Ground
Lessor’s related fee interest.

 

(iii)        Phoenix
Ground Lease Assignable. Borrower’s interest in each Phoenix Ground Lease is assignable without the consent of the related
Ground Lessor to Lender, the purchaser at any foreclosure sale or the transferee under a deed or assignment in lieu of foreclosure
in connection with the foreclosure of the Lien of the Mortgage or transfer of Borrower’s leasehold estate by deed or assignment
in lieu of foreclosure. Thereafter, the related Phoenix Ground Lease is further assignable by such transferee and its successors
and assigns without the consent of the Ground Lessor thereunder.

 

    	-65-

    	 

    

 

(iv)        Default.
As of the date hereof, each Phoenix Ground Lease is in full force and effect and, to Borrower’s knowledge after due inquiry
with respect to any default by or condition caused by Ground Lessor, no default has occurred under any Phoenix Ground Lease and
there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the
terms of any Phoenix Ground Lease.

 

(v)        Notice.
Each Phoenix Ground Lease requires the Ground Lessor to give notice of any default by Borrower to Lender prior to exercising its
remedies thereunder.

 

(vi)        Cure.
Lender is permitted the opportunity (including, where necessary, sufficient time to gain possession of the interest of Borrower
under the applicable Phoenix Ground Lease) to cure any default under each Phoenix Ground Lease, which is curable after the receipt
of notice of any of the default before the Ground Lessor thereunder may terminate such Phoenix Ground Lease.

 

(vii)        Term.
Each Phoenix Ground Lease has a term which extends not less than twenty (20) years beyond the Maturity Date.

 

(viii)        New
Lease. Each Phoenix Ground Lease requires the Ground Lessor to enter into a new lease upon termination of the Phoenix Ground
Lease for any reason, which would include rejection or disaffirmation of the Phoenix Ground Lease in a bankruptcy proceeding, provided
such new lease is requested within thirty (30) days after Ground Lessor’s notice of termination and the transferee of Borrower’s
leasehold estate cures all existing monetary defaults under the Phoenix Ground Lease.

 

(ix)        Insurance
Proceeds. Under the terms of each Phoenix Ground Lease and the Mortgage, taken together, any related insurance proceeds that
are paid or awarded with respect to the leasehold interest will be applied either to the repair or restoration of all or part of
the related Individual Property, with Lender having the right to hold and disburse the proceeds as the repair or restoration progresses
and with any surplus remaining after such repair or restoration payable as directed by Borrower.

 

(x)        Condemnation
Proceeds. Under the terms of each Phoenix Ground Lease and the Mortgage, taken together, any related condemnation proceeds
that are paid or awarded will be applied first to Ground Lessor if relating to land unencumbered by the Ground Leases. and then
either to the repair or restoration of all or part of the related Individual Property, with an escrow company authorized to do
business in the State of Arizona having the right to hold and disburse the proceeds as the repair or restoration progresses and
with any surplus remaining after such repair or restoration payable as directed by Borrower.

 

(xi)        Subleasing.
No Phoenix Ground Lease imposes any restrictions on subleasing.

 

    	-66-

    	 

    

 

(b)        Additional
Material Ground Leases.  Borrower hereby represents and warrants to Lender as of the date hereof the following with respect
to each of the Ground Leases for Individual Properties identified as Sites (Property IDs) 5113 and 5114 on Schedule V attached
hereto (each, an “Additional Material Ground Lease”) except as otherwise set forth on Schedule 4.1.40:

 

(i)        Recording;
Modification. A memorandum of each Additional Material Ground Lease has been duly recorded, except as set forth on Schedule 4.1.40.
Each Additional Material Ground Lease permits the interest of Borrower to be encumbered by a mortgage (provided that the Mortgage
is at all times subject and subordinate to the related Additional Material Ground Lease) or the Ground Lessor has approved and
consented to the encumbrance of the related Individual Property by the Mortgage. There have not been amendments or modifications
to the terms of any Additional Material Ground Lease since recordation of the Additional Material Ground Lease (or a memoranda
thereof), with the exception of written instruments which have been recorded or are listed on Schedule V. No Additional
Material Ground Lease may be terminated, surrendered or amended without prior written notice to Lender; provided that the applicable
Ground Lessor shall not be prevented from exercising its remedies in accordance with the Additional Material Ground Lease if the
obligations of Borrower under such Additional Material Ground Lease are not performed as provided in such Additional Material Ground
Lease. Borrower has delivered to Lender true, correct and complete copies of each of the Additional Material Ground Leases.

 

(ii)        No
Liens.  Except for the Permitted Encumbrances and other encumbrances of record, Borrower’s interest in each Additional
Material Ground Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage other than
the Ground Lessor’s related fee interest.

 

(iii)        Additional
Material Ground Lease Assignable. Borrower’s interest in each Additional Material Ground Lease is assignable without
the consent of the related Ground Lessor to Lender, the purchaser at any foreclosure sale or the transferee under a deed or assignment
in lieu of foreclosure in connection with the foreclosure of the Lien of the Mortgage or transfer of Borrower’s leasehold
estate by deed or assignment in lieu of foreclosure. Thereafter, the related Additional Material Ground Lease is further assignable
by such transferee and its successors and assigns without the consent of the Ground Lessor thereunder.

 

(iv)        Default.
As of the date hereof, each Additional Material Ground Lease is in full force and effect and, to Borrower’s knowledge after
due inquiry with respect to any default by or condition caused by Ground Lessor, no default has occurred under any Additional Material
Ground Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default
under the terms of any Additional Material Ground Lease.

 

(v)        Notice.
Each Additional Material Ground Lease requires the Ground Lessor to give notice of any default by Borrower to Lender prior to exercising
its remedies thereunder.

 

    	-67-

    	 

    

 

(vi)        Cure.
Lender is permitted the opportunity (including, where necessary, sufficient time to gain possession of the interest of Borrower
under the applicable Additional Material Ground Lease) to cure any default under each Additional Material Ground Lease, which is
curable after the receipt of notice of any of the default before the Ground Lessor thereunder may terminate such Additional Material
Ground Lease.

 

(vii)        New
Lease. Each Additional Material Ground Lease, other than the Additional Material Ground Lease for the Individual Property identified
on Schedule V as 5114, requires the Ground Lessor to enter into a new lease upon termination of the Additional Material
Ground Lease for any reason, which would include rejection or disaffirmation of the Additional Material Ground Lease in a bankruptcy
proceeding.

 

4.1.40        Other
Ground Leases.  Borrower hereby represents and warrants to Lender as of the date hereof the following with respect to each
Ground Lease (other than Material Ground Leases) except as otherwise set forth on Schedule 4.1.40:

 

(a)        Recording;
Modification. A memorandum of each Ground Lease has been duly recorded. There have not been amendments or modifications to
the terms of any Ground Lease since recordation of the Ground Lease (or a memoranda thereof), with the exception of written instruments
which have been recorded or are listed on Schedule 4.1.40 or referenced in any estoppel delivered to Lender. Borrower has
delivered to Lender all material documents related to each of the Ground Leases.

 

(b)        No Liens.
 Except for the Permitted Encumbrances and other encumbrances of record, Borrower’s interest in each Ground Lease
is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage other than the Ground Lessor’s
related fee interest.

 

(c)        Default.
As of the date hereof, each Ground Lease is in full force and effect and no default has occurred by Borrower or, to Borrower’s
knowledge after due inquiry with respect to any default by or condition caused by Ground Lessor, under any Ground Lease and there
is no existing condition which, but for the passage of time or the giving of notice, could result in a default by Borrower or,
to Borrower’s knowledge after due inquiry, Ground Lessor, under the terms of any Ground Lease.

 

4.1.41        Purchase
Agreement. The PSA is in full force and effect, Borrower has delivered
to Lender a true, correct and complete copy of the PSA and there have been no modifications or amendments thereto. There is no
default under the PSA by any party thereto and, to Borrower’s knowledge after due inquiry, no event has occurred that, with
the passage of time and/or the giving of notice would constitute a default thereunder.

 

4.1.42        Taxes.
Borrower is treated as a disregarded entity for U.S. federal income tax purposes. Borrower has timely filed or caused to be filed
all U.S. federal and other material Section 2.7 Tax returns and reports required to have been filed by it and has paid or caused
to be paid all U.S. federal and other material Section 2.7 Taxes required to have been paid by it, except any Section 2.7 Taxes
that are being contested in good faith by appropriate proceedings and for which Borrower has set aside on its books adequate reserves
in accordance with the Approved Accounting Method.

 

    	-68-

    	 

    

 

Section 4.2        Survival
of Representations; Due Inquiry.  Borrower agrees that all of the representations and warranties of Borrower
set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for
so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All representations,
warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have
been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. “Borrower’s
knowledge after due inquiry” means Borrower’s and its Affiliates’ inquiry with respect to its due diligence
of the Properties in connection with the acquisition contemplated by the PSA.

 

ARTICLE
V – BORROWER COVENANTS

 

Section 5.1        Affirmative
Covenants.  From the date hereof and until payment and performance in full of all obligations of Borrower under
the Loan Documents or the earlier release or assignment of the Lien of all Mortgages encumbering the Properties (and all related
obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees
with Lender that:

 

5.1.1        Existence;
Compliance with Legal Requirements.  Borrower shall do or Cause to be done all things necessary to preserve, renew and keep
in full force and effect its existence, rights, licenses, permits and franchises and comply in all material respects with all
Legal Requirements applicable to it and the Properties, including, without limitation, building and zoning codes and certificates
of occupancy. There shall never be committed by Borrower, and Borrower shall never permit any other Person in occupancy of or
involved with the operation or use of the Properties to commit any act or omission affording the federal government or any state
or local government the right of forfeiture against any Individual Property or any part thereof or any monies paid to Lender in
performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit,
permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve
and protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its
business and shall keep the Properties in good working order and repair, and from time to time make, or Cause to be made, all
reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in the
Loan Documents. Borrower shall keep the Properties insured at all times by insurers and with coverage required by the terms of
this Agreement. Borrower, at Borrower’s own expense, may contest by appropriate legal proceeding promptly initiated and
conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement
to Borrower or any Individual Property or any alleged violation of any Legal Requirement, provided that (i) no Event of Default
then exists; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument
to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance
with all applicable statutes, laws and ordinances; (iii) no Individual Property nor any part thereof or interest therein
will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly, prior to commencement
of such contest, notify Lender of any such contest if such contest equals or exceeds $1,000,000 and Borrower shall promptly notify
Lender of the pendency of all other contests, (v) Borrower shall upon final determination thereof comply with any such Legal Requirement
determined to be valid or applicable or cure any violation of any Legal Requirement; (vi) such proceeding shall suspend the
enforcement of the contested Legal Requirement against Borrower or any Individual Property; and (vii) Borrower shall furnish
such security as may be required in the proceeding, or if no security is required in the proceeding and the contested amount is
equal to or greater than $1,000,000, as may be requested by Lender, to insure compliance with such Legal Requirement, together
with all interest and penalties payable in connection therewith. Lender may apply any such security, as necessary to cause compliance
with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of
such Legal Requirement is finally established or any Individual Property (or any part thereof or interest therein) shall be in
danger of being sold, forfeited, terminated, cancelled or lost.

 

    	-69-

    	 

    

 

 

5.1.2           Taxes
and Other Charges.   Borrower shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against
the Properties or any part thereof as the same become due and payable; provided, however, Borrower’s obligation to directly
pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.2 hereof.
Borrower shall furnish to Lender receipts for or evidence of the payment of the Taxes and the Other Charges prior to the date
the same shall become delinquent (provided, however, Borrower is not required to furnish such receipts for payment of Taxes in
the event that such Taxes are to be paid by Lender pursuant to Section 7.2 hereof or are being contested by Borrower
in accordance with this Agreement). Subject to Borrower's right to contest provided in Section 5.1.1 and in this Section, Borrower
shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien
or charge against the Properties, and Borrower shall promptly pay for, or Cause to be paid, all utility services provided to the
Properties. Borrower, at Borrower’s own expense, may contest by appropriate legal proceeding, promptly initiated and conducted
in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges,
provided that (i) no Event of Default then exists; (ii) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder
and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no Individual
Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower
shall promptly, prior to commencement of such contest, notify Lender of the pendency of any such contest if such contest equals
or exceeds $1,000,000 and Borrower shall promptly notify Lender of the pendency of all other contests (except that no notice shall
be required in connection with routine tax certiorari contests to reduce the assessed value of Properties or in any contest where
the taxes have been paid in full as a condition to such contest), (v) Borrower shall promptly upon final determination thereof
pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection
therewith; (vi) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the applicable
Individual Property; and (vii) Borrower shall furnish such security as may be required in the proceeding, or if no security
is required in the proceeding and the contested amount is equal to or greater than $1,000,000 (except that security shall not
be required in connection any contest where the taxes have been paid in full as a condition thereof), as may be requested by Lender,
to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over
any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment
of Lender, the entitlement of such claimant is established or any Individual Property (or part thereof or interest therein) shall
be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Mortgage
being primed by any related Lien.

 

    	-70-

    	 

    

 

5.1.3           Litigation. Borrower
shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened against
Borrower and/or Guarantor which might materially adversely affect Borrower’s or Guarantor’s condition (financial
or otherwise) or business or any Individual Property.

 

5.1.4           Access
to the Properties; Property Covenants.

 

(a)          Subject
to the rights of Tenants under their respective Leases, Borrower shall permit agents, representatives and employees of Lender to
inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice.

 

(b)          Borrower
shall maintain, or Cause the Master Tenant to maintain, as the case may be, the Properties in a good and safe condition and repair.
The Improvements, the Fixtures, the Equipment and the Personal Property shall not be removed, demolished or materially altered
(except for normal replacement of the Fixtures, the Equipment or the Personal Property, tenant finish and refurbishment of the
Improvements or in connection with alterations or Replacements approved by Lender or otherwise permitted to be performed under
this Agreement without the consent of Lender) without the consent of Lender. Borrower shall, or shall Cause the Master Tenant to,
as the case may be, promptly repair, replace or rebuild any part of any Individual Property which may become damaged, worn or dilapidated
and shall complete and pay for any structure at any time in the process of construction or repair on the Land.

 

(c)          Borrower
shall not commit or suffer any waste of the Properties or make any change in the use of the Properties which will in any way materially
increase the risk of fire or other hazard arising out of the operation of the Property, or take any action that might invalidate
or allow the cancellation of any Policy, or do or permit to be done thereon anything that may in any way materially impair the
value of the Properties or the security of the Mortgage. Borrower will not, without the prior written consent of Lender, permit
any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the
Land, regardless of the depth thereof or the method of mining or extraction thereof.

 

    	-71-

    	 

    

 

(d)          Borrower
will promptly pay when due all bills and costs for labor, materials, and specifically fabricated materials (“Labor and
Material Costs”) incurred in connection with the Properties and never permit to exist beyond the due date thereof in
respect of any Individual Property or any part thereof any Lien or security interest, even though inferior to the liens and the
security interests of the related Mortgage, and in any event never permit to be created or exist in respect of any Individual Property
or any part thereof any other or additional Lien or security interest other than the liens or security interests of the Loan Documents
except for the Permitted Encumbrances. Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any of the Labor
and Material Costs, provided that (i) no Event of Default then exists; (ii) such proceeding shall be permitted under and be conducted
in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder
and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) such proceeding shall
suspend the collection of the Labor and Material Costs from Borrower and from the Properties or Borrower shall have paid all of
the Labor and Material Costs under protest; (iv) Borrower shall promptly, prior to commencement of such proceeding, notify Lender
of any such proceeding if such proceeding is for any amount that equals or exceeds $1,000,000 and Borrower shall promptly notify
Lender of the pendency of all other such proceedings; (v) no Individual Property nor any part thereof or interest therein will
be in danger of being sold, forfeited, terminated, cancelled or lost; (vi) Borrower shall promptly upon final determination thereof
pay the amount of any such Labor and Material Costs, together with all costs, interest and penalties which may be payable in connection
therewith; and (vii)  Borrower shall furnish such security as may be required in the proceeding, or if no security is required
in the proceeding and the contested amount is equal to or greater than $1,000,000, as may be requested by Lender, to insure the
payment of any such contested Labor and Material Costs, together with all interest and penalties thereon.

 

5.1.5           Notice
of Default.   Borrower shall promptly advise Lender of any material adverse change in Borrower’s or
Guarantor’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which
Borrower has Knowledge, provided, that, the foregoing shall not be deemed to be a requirement that Borrower or Guarantor
maintain any minimum net worth or liquidity except to the extent any such net worth or liquidity requirement is set forth in
the Guaranty.

 

5.1.6           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 other Loan Documents and, in connection therewith, permit Lender, at its election, to
participate in any such proceedings.

 

5.1.7           Perform
Loan Documents.   Borrower shall observe, perform and satisfy all the terms, provisions, covenants and
conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed
and delivered by, or applicable to, Borrower.

 

5.1.8           Award
and Insurance Benefits.   Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or
Insurance Proceeds lawfully or equitably payable in connection with any Individual Property, and Lender shall be reimbursed
for any reasonable out-of-pocket expenses incurred in connection therewith (including reasonable out-of-pocket
attorneys’ fees and disbursements, and the payment by Borrower of the reasonable out-of-pocket expense of a Qualified
Appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Individual Property or any part thereof) out
of such Insurance Proceeds.

 

    	-72-

    	 

    

 

5.1.9           Further
Assurances.   Borrower shall, at Borrower’s sole cost and expense (except to the extent expressly provided to be
a Lender expense pursuant to the terms of this Agreement or any other Loan Document):

 

(a)          furnish
to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals, title and other insurance reports and agreements in Borrower’s possession or reasonably obtainable by Borrower,
and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms
of the Loan Documents or which are reasonably requested by Lender in connection therewith;

 

(b)          execute
and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts reasonably
necessary to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower
under the Loan Documents, as Lender may reasonably require; and

 

(c)          do
and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying
out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to
time.

 

5.1.10         Principal
Place of Business, State of Organization.   Borrower will not cause or permit any change to be made in its name,
identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36
hereof) or Borrower’s corporate or partnership or other structure unless Borrower shall have first notified Lender in
writing of such change at least thirty (30) days prior to the effective date of such change, and shall have first taken all
action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to
this Agreement, and the other Loan Documents and, in the case of a change in Borrower’s structure, without first
obtaining the prior written consent of Lender, which consent may be given or denied in Lender’s reasonable discretion.
Upon Lender’s request, Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional
security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security
interest in the Property as a result of such change of principal place of business or place of organization. Borrower’s
principal place of business and chief executive office, and the place where Borrower keeps its books and records, including
recorded data of any kind or nature, regardless of the medium or recording, including software, writings, plans,
specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of
Borrower) and will continue to be the address of Borrower set forth at the introductory paragraph of this Agreement (unless
Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly
notify Lender of any change in its organizational identification number. If Borrower does not now have an organizational
identification number and later obtains one, Borrower promptly shall notify Lender of such organizational
identification number. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing
the trade names under which Borrower intends to operate the Property, and representing and warranting that Borrower does
business under no other trade name with respect to the Property.

 

    	-73-

    	 

    

 

5.1.11         Financial
Reporting.   (a)  Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year
basis, in accordance with the requirements for a Special Purpose Entity set forth herein and the Approved Accounting Method,
proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income
and expense in connection with the operation on an individual basis of the Properties. Lender shall have the right from time
to time during normal business hours upon reasonable notice to Borrower to examine such books, records and accounts at the
office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts
thereof as Lender shall desire. After the occurrence and during the continuance of an Event of Default, Borrower shall pay
any reasonable and actual costs and expenses incurred by Lender to examine Borrower’s accounting records with respect
to the Properties, as Lender shall reasonably determine to be necessary or appropriate in the protection of Lender’s
interest.

 

(b)          Borrower
will furnish to Lender annually, within seventy-five (75) days for annual unaudited and within one hundred twenty (120)
days following the end of each Fiscal Year of Borrower, a complete copy of Borrower’s annual financial statements (or in
lieu thereof, the annual financial statements of GPT GIG BOA Portfolio Holdings LLC), audited by an independent certified public
accountant acceptable to Lender (it being acknowledged by Lender that any “Big Four” accounting firm, Grant Thornton,
BDO Seidman and McGladrey & Pullen are acceptable to Lender) in accordance with the Approved Accounting Method covering the
Properties on a combined basis as well as each Individual Property for such Fiscal Year and containing statements of profit and
loss for Borrower and the Properties and a balance sheet for Borrower. Such statements shall set forth the financial condition
and the results of operations for the Properties for such Fiscal Year, and shall include, but not be limited to, amounts representing
annual net operating income, net cash flow, gross income, and operating expenses. Lender agrees that Borrower shall have no liability
with respect to the financial statements for that portion of 2012 that Borrower did not own the Properties and such financial statements
need not be audited.

 

(c)          Borrower
will furnish, or cause to be furnished, to Lender on or before forty-five (45) days after the end of each calendar quarter the
following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete
and fairly present the financial condition and results of the operations of Borrower and the Properties on a combined basis as
well as each Individual Property (subject to normal year-end adjustments) as applicable: (i) a rent roll for the subject quarter;
(ii) quarterly and year-to-date operating statements (including Capital Expenditures) prepared for each calendar quarter,
noting net operating income, gross income, and operating expenses (not including any contributions to the Replacement Reserve Fund
and the Required Repair Fund), and other information necessary and sufficient to fairly represent the financial position and results
of operation of the Properties during such calendar quarter, and containing a comparison of budgeted income and expenses and the
actual income and expenses; and (iii) a calculation reflecting the Ongoing Debt Yield for the immediately preceding three
(3), six (6), and twelve (12) month periods as of the last day of such quarter.

 

    	-74-

    	 

    

 

(d)          Borrower
shall submit to Lender an Annual Budget not later than thirty (30) days prior to the commencement of such upcoming Fiscal Year
in form substantially similar to the Annual Budget delivered to Lender prior to the Closing Date or such other form reasonably
satisfactory to Lender. The Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved
Annual Budget”). In the event that Lender reasonably objects to a proposed Annual Budget submitted by Borrower, Lender
shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed
description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Lender shall
advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower
a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process
described in this subsection until Lender (acting reasonably) approves the Annual Budget. Until such time that Lender approves
a proposed Annual Budget, the most recent Approved Annual Budget shall apply; provided that such Approved Annual Budget shall be
adjusted to reflect actual increases in Taxes, Insurance Premiums and Other Charges and other non-controllable expenses or expenses
incurred pursuant to previously-executed agreements that do not violate the provision of the Loan Documents.

 

(e)          In
the event that Borrower must incur an extraordinary operating expense or capital expense not set forth in the Approved Annual Budget
(each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation
of such proposed Extraordinary Expense for Lender’s approval to include the same as an Operating Expense or a Capital Expenditure,
which may be given or denied in Lender’s sole discretion; provided, however, that if such Extraordinary Expense is needed
in an emergency to respond to circumstances that threaten the Properties or the life or safety of Tenants or other Persons, Borrower
shall have the right to incur such Extraordinary Expense without prior written notice or approval so long as written notice is
provided to Lender promptly after the fact and the expenses incurred were reasonable under the circumstances.

 

(f)          Borrower
shall furnish to Lender, within ten (10) Business Days after written request (or as soon thereafter as may be reasonably possible),
such further detailed information with respect to the operation of the Properties and the financial affairs of Borrower as may
be reasonably requested by Lender.

 

(g)          Intentionally
Omitted.

 

(h)          Intentionally
Omitted.

 

(i)          Any
reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form,
(ii) on a diskette, and (iii) if requested by Lender and within the capabilities of Borrower’s data systems without
change or modification thereto, in electronic form and prepared using Microsoft Word for Windows files (which files may be prepared
using a spreadsheet program and saved as word processing files). Borrower agrees that Lender may disclose information regarding
the Properties and Borrower that is provided to Lender pursuant to this Section 5.1.11 in connection with the Securitization
to such parties requesting such information in connection with such Securitization, provided, that, such parties
(other than Rating Agencies) are subject to a customary confidentiality obligation in favor of Lender with respect to any information
delivered by Borrower to Lender and marked as “confidential.”

 

    	-75-

    	 

    

 

5.1.12         Business
and Operations.   Borrower shall continue to engage in the businesses presently conducted by it. Borrower will qualify
to do business and will remain in good standing under the laws of each of its jurisdiction of its formation and the
jurisdiction in which any Individual Property encumbered by the Mortgage is located. Borrower shall at all times during the
term of the Loan, continue to own or lease, or require Tenants to own or lease, all Equipment, Fixtures and Personal Property
which are necessary to operate the Properties in the manner required hereunder and in the manner in which it is currently
operated.

 

5.1.13         Title
to the Properties.   Borrower will warrant and defend (a) the title to each Individual Property and every part
thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority
of the Liens of the Mortgages on the Properties, subject only to Liens permitted hereunder (including Permitted
Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses,
costs, damages (excluding special, punitive and consequential damages) or reasonable out-of-pocket expenses (including
reasonable attorneys’ fees and expenses) incurred by Lender if an interest in any Individual Property, other than as
permitted hereunder, is claimed by another Person.

 

5.1.14         Costs
of Enforcement.   In the event (a) that any Mortgage encumbering any Individual Property is foreclosed in whole or
in part or that any Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of
the foreclosure of any mortgage encumbering any Individual Property prior to or subsequent to any Mortgage covering any
Individual Property in which suit, action or foreclosure Lender is made a party, or (c) of any Bankruptcy Action of
Borrower or any constituent of Borrower, Borrower and its successors or assigns, shall be chargeable with and agrees to pay
all costs of collection and defense, including reasonable attorneys’ fees and expenses, incurred by Lender or 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.

 

5.1.15         Estoppel
Statement.   (a)  After written request by Lender, Borrower shall within ten (10) Business Days (but no more
than once in any twelve (12) month period other than if an Event of Default exists or if needed in connection with a
Securitization) furnish Lender 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 Spread, (iv) the date
installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if
any, claimed by Borrower, and (vi) that the Note, this Agreement, the Mortgages and the other Loan Documents are valid,
legal and binding obligations and have not been modified or if modified, giving particulars of such modification.

 

    	-76-

    	 

    

 

 

(b)          After
written request by Lender, Borrower shall request and use commercially reasonable efforts to furnish to Lender a tenant estoppel
certificate from Master Tenant substantially in the form delivered on or prior to the Closing Date and from each other Tenant under
a Major Lease; provided that (i) Borrower shall not be required to deliver such certificate prior to the first anniversary of the
Closing Date or more frequently than once in any twelve (12) month period other than if an Event of Default exists, if specifically
required pursuant to the other provisions of this Agreement or if needed in connection with a Securitization and (ii) in no event
shall Borrower's failure to obtain any such estoppel certificate pursuant to this Section 5.1.15(b) or otherwise constitute
a Default or Event of Default under the Loan Documents if Borrower has used commercially reasonable efforts to obtain the same.

 

5.1.16         Loan
Proceeds.   Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set
forth in Section 2.1.4 hereof.

 

5.1.17         No
Modifications by Borrower.   Borrower shall not enter into or otherwise suffer or permit any amendment, waiver,
supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower
without the prior written consent of Lender.

 

5.1.18         Confirmation
of Representations.   Borrower shall deliver, in connection with any Securitization, (a) an Officer’s
Certificate certifying as to the accuracy of all representations in all material respects made by Borrower in the Loan
Documents as of the date of the closing of such Securitization except to the extent that any such representation (i) is made
as of a specific date, in which case, such representation is accurate and complete in all material respects as of such
specific date and (ii) must be qualified by subsequent events outside of Borrower's control in order to make such
representation accurate, and (b) certificates of the relevant Governmental Authorities in all relevant jurisdictions
indicating the good standing and qualification of Borrower and Guarantor as of the date of the Securitization.

 

    	-77-

    	 

    

 

5.1.19         Environmental
Covenants.   (a)  Borrower covenants and agrees that: (i) all uses and operations on or of the
Properties, whether by Borrower or any other Person, shall be in compliance with all Environmental Laws and permits issued
pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from the Properties except in
compliance with all Environmental Laws or pursuant to permits issued pursuant thereto; (iii) there shall be no Hazardous
Substances in, on, or under the Properties, except those that are in compliance with all Environmental Laws and with permits
issued pursuant thereto (to the extent such permits are required by Environmental Law); (iv) Borrower shall keep the
Properties free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any
act or omission of Borrower or any other Person (the “Environmental Liens”), provided that it shall not be
an Event of Default under this Agreement if any such Environmental Liens are imposed so long as Borrower either (A) removes
such Environmental Lien within thirty (30) days after the filing thereof, or (B) after notice to Lender by Borrower and
provided no Event of Default exists, contests by appropriate legal proceedings, initiated promptly after the filing thereof
and such contest otherwise complies with the requirements for contesting Legal Requirements as set forth in Section
5.1.1 hereof; (v) Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all activities
pursuant to subsection (b) below, including but not limited to providing all relevant information and making
knowledgeable persons available for interviews; (vi) Borrower shall, at its sole cost and expense, perform any
environmental site assessment or other investigation of environmental conditions in connection with the Properties, pursuant
to any reasonable written request of Lender made in the event that Lender has reason to believe that an environmental hazard
exists on any Individual Property (including but not limited to sampling, testing and analysis of soil, water, air, building
materials and other materials and substances whether solid, liquid or gas), and share with Lender the reports and other
results thereof, and Lender shall be entitled to rely on such reports and other results thereof; (vii) Borrower shall,
at its sole cost and expense, comply with all reasonable written requests of Lender made in the event that Lender has
reason to believe that an environmental hazard exists on any Individual Property (A) reasonably effectuate Remediation
of any condition (including but not limited to a Release of a Hazardous Substance) in, on, under or from such Individual
Property; (B) comply with any Environmental Law; (C) comply with any directive from any Governmental Authority; and
(D) take any other reasonable action necessary or appropriate for protection of human health or the environment;
(viii) Borrower shall not do or allow any Tenant or other user of any Individual Property to do any act that materially
increases the dangers to human health or the environment, poses an unreasonable risk of harm to any Person (whether on or off
such Individual Property), impairs or may impair the value of such Individual Property, is contrary to any requirement of any
insurer, constitutes a public or private nuisance, constitutes waste, or violates any covenant, condition, agreement or
easement applicable to such Individual Property; and (ix) Borrower shall promptly notify Lender in writing of
(A) any presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards any
Individual Property; (B) any non-compliance with any Environmental Laws of or at any Individual Property that could
reasonably be expected to, or does, require Remediation pursuant to Environmental Law; (C) any actual or potential
Environmental Lien; (D) any Remediation of environmental conditions required pursuant to Environmental Law relating to
any Individual Property; and (E) any written notice or other written communication which Borrower receives from any
source whatsoever (including but not limited to a Governmental Authority) relating in any way to the Release or
potential Release of Hazardous Substances or Remediation thereof required pursuant to Environmental Law, likely to result in
liability of any Person pursuant to any Environmental Law, or any actual or potential administrative or judicial proceedings
in connection with anything referred to in this Section.

 

(b)          In
the event that Lender has a reasonable basis to believe that an environmental hazard exists on any Individual Property that may,
in Lender’s reasonable judgment, endanger any Tenants or other occupants of such Individual Property or their guests or the
general public or may materially and adversely affect the value of such Individual Property: (i) upon reasonable notice from
Lender, Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant reasonably satisfactory to Lender
to conduct an environmental assessment or audit (the scope of which shall be determined in Lender’s reasonable discretion)
and promptly deliver the results of any such assessment, audit, sampling or other testing to Lender, and (ii) upon reasonable
notice to Borrower, Lender and any other Person designated by Lender, including but not limited to any receiver, any representative
of a governmental entity, and any environmental consultant, shall have the right, but not the obligation, to enter upon such Individual
Property at reasonable times to assess the environmental condition of such Individual Property and its use, including but not limited
to conducting any environmental assessment or audit (the scope of which shall be determined in Lender’s reasonable discretion)
including taking samples of soil, groundwater or other water, air, or building materials, and reasonably conducting other invasive
testing. For purposes of clause (ii) above, Borrower shall cooperate with and provide Lender and any such Person designated
by Lender with access to such Individual Property.

 

    	-78-

    	 

    

 

(c)          Borrower
hereby covenants to prepare, or cause to be prepared, an operations and maintenance program (the “O&M Program”)
for each Individual Property listed on Schedule VI attached hereto which addresses any requirements of the applicable Environmental
Report and includes (i) testing for asbestos at such Individual Property by an engineering firm licensed to conduct such testing
and the preparation by such engineering firm of a report on the results of such testing and any recommendations for removal, encapsulation
or other remediation with respect to any asbestos or lead-based paint; (ii) if recommended in the Environmental Report, a
plan for the encapsulation, removal or other action with respect to asbestos or lead-based paint at such Individual Property; and
(iii) compliance with other requirements required by the Environmental Report or Lender. The O&M Program shall be subject
to Lender’s approval and within thirty (30) days of the date hereof Borrower shall provide Lender with evidence reasonably
satisfactory to Lender that the O&M Program has been established and is in operation. Borrower hereby covenants and agrees
that, during the term of the Loan, including any extension or renewal thereof, Borrower shall comply in all respects with the terms
and conditions of the O&M Program.

 

(d)          Borrower
hereby represents and warrants that (a) Borrower has a global operations and maintenance plan in place with respect to the Properties
and will deliver a copy thereof to Lender promptly upon Lender’s request, and (b) Borrower has as of the date hereof
complied in all respects with the existing O&M Program. Borrower hereby covenants and agrees that, during the term of the Loan,
including any extension or renewal thereof, Borrower shall comply in all respects with the terms and conditions of the O&M
Program.

 

5.1.20         Leases.   Any
Major Leases with respect to any Individual Property executed after the Closing Date (other than Separate Leases (as defined
in the Master Lease) to Master Tenant and/or its Affiliates that may be required from time to time pursuant to the Master
Lease) shall be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld,
conditioned or delayed. Upon request, Borrower shall furnish Lender with executed copies of all Leases in Borrower’s
possession or reasonably obtainable by Borrower or Manager. All renewals of Leases and all proposed Leases shall provide for
rental rates required by the terms of the respective Leases and, if no such rates are required or specified, or if such Lease
is a new Lease, rental rates that are comparable to existing local market rates. All proposed Leases shall be on commercially
reasonable terms and shall not contain any terms which would materially affect Lender’s rights under the Loan
Documents. All Leases executed after the date hereof shall provide that they are subordinate to the Mortgage encumbering the
applicable Individual Property and that the lessee agrees to attorn to Lender or any purchaser at a sale by foreclosure or
power of sale. Borrower (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a
commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Leases upon the
part of the lessee thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair
the value of the Individual Property involved except that no termination by Borrower or acceptance of surrender by a Tenant
of any Leases shall be permitted unless by reason of a tenant default and then only in a commercially reasonable manner to
preserve and protect the Individual Property; (iii) shall not collect any of the rents more than one (1) month in
advance (other than security deposits); (iv) shall not execute any other assignment of lessor’s interest in the
Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of
the Leases in a manner inconsistent with the provisions of the Loan Documents; (vi) shall execute and deliver at the
request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall
from time to time reasonably require; and (vii) to the extent Borrower has an approval right over the same, Borrower shall
not approve any sublease of any portion of the Property by Master Tenant without the prior written consent of Lender not to
be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary contained herein,
(x) Borrower shall not enter into a Lease of all or substantially all of any Individual Property without Lender’s
prior written consent, (y) all new Leases and all amendments, modifications, extensions, and renewals of existing Leases
with Tenants that are Affiliates of Borrower shall be subject to the prior written consent of Lender and (z) Borrower
shall not enter into any amendment, modification, restatement or termination of, or accept the surrender of, any Major Lease
without the Lender’s prior written consent, such consent to be granted or withheld in Lender’s sole
discretion.

 

    	-79-

    	 

    

 

5.1.21         Alterations.   Borrower
shall obtain Lender’s prior written consent to any alterations to any Improvements, which consent shall not be
unreasonably withheld or delayed, except that Lender's consent (if required) may be withheld in its sole discretion if such
alterations are reasonably likely to have a material adverse effect on Borrower’s financial condition, the value of the
applicable Individual Property or such Individual Property’s Net Operating Income. Notwithstanding the foregoing,
Lender’s consent shall not be required in connection with any alterations that (a) Borrower is obligated to perform in
order to comply with its obligations under a Lease or to comply with Legal Requirements or (b) will not have a material
adverse effect on Borrower’s financial condition, the value of the applicable Individual Property or the applicable
Individual Property’s net operating income, or (c) alterations that (i) are made in connection with the terms of the
related Lease existing as of the Closing Date or which has been entered into in accordance with the requirements of this
Agreement, (ii) do not exceed, in the aggregate for all alterations then planned for all Individual Properties in any Fiscal
Year, more than one percent (1%) of the outstanding principal amount of the Loan (and with respect to each Individual
Property then subject to any such alterations, five percent (5%) of the aggregate Release Amount for such Individual
Property, provided that in no event shall the costs of such alterations with respect to any Individual Property, in the case
of any one Individual Property, or when aggregated with the costs of alterations with respect to any other Properties, exceed
one percent (1%) of the outstanding principal amount of the Loan), and (iii) are provided for in the Approved Annual Budget
or (d) are performed in connection with the Restoration of an Individual Property after the occurrence of a Casualty or
Condemnation in accordance with the terms and provisions of this Agreement. If the total unpaid amounts due and payable with
respect to alterations to the Improvements at an Individual Property (other than such amounts to be paid or reimbursed by
Master Tenant under the Master Lease) shall at any time exceed (x) with respect to any Individual Property then subject
to any alterations, an amount equal to five percent (5%) of the Release Amount for such Individual Property or (y) with
respect to all the Properties in the aggregate, an amount equal to five percent (5%) of the outstanding principal balance of
the Loan (each of (x) and (y), “Threshold Amount”), Borrower shall 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: (A) cash, (B) U.S. Obligations (C) other securities having a rating reasonably
acceptable to Lender and, at Lender’s option, with respect to which the Approved Rating Agencies have provided a Rating
Agency Confirmation or (D) an irrevocable letter of credit (payable on sight draft only) issued by a financial
institution having a rating by S&P of not less than “A-1+” if the term of such letter of credit is no longer
than three (3) months or, if such term is in excess of three (3) months, issued by a financial institution having a rating
that is reasonably acceptable to Lender and that, at Lender’s option, the Approved Rating Agencies have provided a
Rating Agency Confirmation with respect to. Such security shall be in an amount equal to the excess of the total unpaid
amounts with respect to alterations to the Improvements on the applicable Individual Property (other than such amounts to be
paid or reimbursed by Tenants under the Leases or for which purpose Reserve Funds are on deposit) over the Threshold Amount
and Lender may apply such security from time to time at the option of Lender to pay for such alterations.

 

    	-80-

    	 

    

 

5.1.22         Operation
of Property.   (a)  Borrower shall cause Manager to operate the Properties operated by Manager in all
material respects in accordance with the Management Agreement (or Replacement Management Agreement) as applicable. In the
event that the Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain
Lender’s consent to any termination or modification of the Management Agreement in accordance with the terms and
provisions of this Agreement), Borrower shall promptly enter into a Replacement Management Agreement with Manager or another
Qualified Manager, as applicable.

 

(b)          Borrower
shall: (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed
and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights
thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of which it is aware; (iii) promptly
deliver to Lender (unless Lender receives it directly from Manager) a copy of each financial statement, business plan, capital
expenditures plan, material notice, material report and material estimate received by it under the Management Agreement; and (iv) enforce
the performance and observance of all of the material covenants and material agreements required to be performed and/or observed
by Manager under the Management Agreement, in a commercially reasonable manner.

 

5.1.23         Embargoed
Person.   Borrower has performed and shall perform reasonable due diligence to insure that at all times throughout the
term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of
the funds or other assets of Borrower and Guarantor constitute property of, or are beneficially owned, directly or
indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or
Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or
indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or
Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering,
terrorism or terrorism activities, with the result that the investment in Borrower or Guarantor, as applicable (whether
directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause any Individual Property to be
subject to forfeiture or seizure; provided, however, that Borrower makes no representation, warranty or
covenant with respect to any Passive Owners in Borrower that are not Affiliates of Guarantor.

 

    	-81-

    	 

    

 

5.1.24         Ground
Leases.   (a) Borrower shall, at its sole cost and expense, promptly and timely perform and observe all the terms,
covenants and conditions required to be performed and observed by Borrower as lessee under each Ground Lease (including, but
not limited to, the payment of all rent, additional rent, percentage rent and other charges required to be paid under each
Ground Lease).

 

(b)          If
Borrower shall be in default under any Ground Lease, then, subject to the terms of such Ground Lease, Borrower shall grant Lender
the right (but not the obligation) to, upon written notice to Borrower (unless an Event of Default then exists), cause the default
or defaults under each such Ground Lease to be remedied and otherwise exercise any and all rights of Borrower under each such Ground
Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest
under the Loan Documents, and Lender shall have the right, subject to the rights of Tenants under their Leases, to enter all or
any portion of any Individual Property subject to a Ground Lease (each, a “Ground Lease Property”) at such times
and in such manner as Lender deems necessary, to prevent or to cure any such default.

 

(c)          The
actions or payments of Lender to cure any default by Borrower under any Ground Lease shall not remove or waive, as between Borrower
and Lender, the default that occurred under this Agreement by virtue of the default by Borrower under a Ground Lease. All sums
expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum at the
rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made
to Lender. All such indebtedness shall be deemed to be secured by the Mortgage.

 

(d)          Promptly
upon obtaining actual Knowledge thereof, Borrower shall notify Lender promptly in writing of the occurrence of any default by a
Ground Lessor under any Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both,
would constitute “an event of default” by a Ground Lessor under a Ground Lease, and the receipt by Borrower of any
notice (written or otherwise) from a Ground Lessor under the Ground Lease noting or claiming the occurrence of any default by Borrower
under a Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute
“an event of default” by Borrower under a Ground Lease. Borrower shall promptly deliver to Lender a copy of any such
written notice of “event of default.”

 

(e)          Within
twenty (20) days after receipt of written demand by Lender but in no event more than once in any twelve (12) month period
(unless an Event of Default then exists, if specifically required pursuant to the other provisions of this Agreement or if needed
in connection with a Securitization), Borrower shall request and use commercially reasonable efforts to obtain from each Ground
Lessor and furnish to Lender the estoppel certificate of such lessor stating the date through which rent has been paid and whether
or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any.

 

    	-82-

    	 

    

 

(f)          Borrower
shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure
any default under each Ground Lease or permit Lender to take such other action required to enable Lender to cure or remedy the
matter in default and preserve the security interest of Lender under the Loan Documents with respect to each Ground Lease Property.
Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts
and to execute any and all documents that are reasonably necessary to preserve any rights of Borrower under or with respect to
each Ground Lease, including, without limitation, the right to effectuate any extension or renewal of a Ground Lease, or to preserve
any rights of Borrower whatsoever in respect of any part of any Ground Lease (and the above powers granted to Lender are coupled
with an interest and shall be irrevocable) but only following Borrower’s failure to take any such action or execute any such
document for three (3) Business Days following Lender’s written request therefor.

 

(g)          Notwithstanding
anything to the contrary contained in this Agreement, with respect to each Ground Lease:

 

(i)          The
lien of the Mortgage attaches to all of Borrower’s rights and remedies at any time arising under or pursuant to Subsection 365(h)
of the Bankruptcy Code, including, without limitation, all of Borrower’s rights, as debtor, to remain in possession of the
related Ground Lease Property.

 

(ii)         Borrower
shall not, without Lender’s written consent, elect to treat any Ground Lease as terminated under subsection 365(h)(l)
of the Bankruptcy Code. Any such election made without Lender’s prior written consent shall be void.

 

(iii)        As
security for the Debt, Borrower unconditionally assigns, transfers and sets over to Lender all of Borrower’s claims and rights
to the payment of damages arising from any rejection by a Ground Lessor under a Ground Lease under the Bankruptcy Code. Lender
and Borrower shall proceed jointly or in the name of Borrower in respect of any claim, suit, action or proceeding relating to the
rejection of a Ground Lease, including, without limitation, the right to file and prosecute any proofs of claim, complaints, motions,
applications, notices and other documents in any case in respect of Ground Lessor under the Bankruptcy Code. This assignment constitutes
a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect
until all of the Debt shall have been satisfied and discharged in full. Any amounts received by Lender or Borrower as damages arising
out of the rejection of a Ground Lease as aforesaid shall be applied to all reasonable out-of-pocket costs and expenses of Lender
and Borrower (including, without limitation, reasonable out-of-pocket attorney’s fees and costs) incurred in connection with
the exercise of any of their respective rights or remedies in accordance with the applicable provisions of this Agreement.

 

(iv)         If,
pursuant to subsection 365(h) of the Bankruptcy Code, Borrower seeks to offset, against the rent reserved in a Ground Lease,
the amount of any damages caused by the nonperformance by the Ground Lessor of any of its obligations thereunder after the rejection
by Ground Lessor of the related Ground Lease under the Bankruptcy Code, then Borrower shall notify Lender and shall not affect
any offset of the amounts if objected to by Lender within ten (10) days after notice from Borrower. If Lender approves or
fails to timely object in accordance with the first sentence of this subsection, Borrower may proceed to offset the amounts set
forth in Borrower’s notice.

 

    	-83-

    	 

    

 

(v)          If
any action, proceeding, motion or notice shall be commenced or filed in respect of any Ground Lessor of all or any part of a Ground
Lease Property in connection with any case under the Bankruptcy Code, Lender and Borrower shall cooperatively conduct and control
any such litigation with counsel agreed upon between Borrower and Lender in connection with such litigation. Borrower shall, upon
demand, pay to Lender all reasonable out-of-pocket costs and expenses (including reasonable out-of-pocket attorneys’ fees
and costs) actually paid or actually incurred by Lender in connection with the cooperative prosecution or conduct of any such proceedings
to the extent that Lender reasonably determines that separate counsel of Lender is necessary to protect Lender's interests. All
such costs and expenses shall be secured by the lien of the related Mortgage.

 

(vi)         Borrower
shall promptly, after obtaining knowledge of such filing notify Lender orally of any filing by or against the lessor under any
Ground Lease of a petition under the Bankruptcy Code. Borrower shall thereafter promptly give written notice of such filing to
Lender, setting forth any information available to Borrower as to the date of such filing, the court in which such petition was
filed, and the relief sought in such filing. Borrower shall promptly deliver to Lender any and all notices, summonses, pleadings,
applications and other documents received by Borrower in connection with any such petition and any proceedings relating to such
petition.

 

5.1.25         Taxes.
Borrower will be treated as a disregarded entity or a partnership for U.S. federal income tax purposes. Borrower will timely file
or cause to be filed all U.S. federal and other material Section 2.7 Tax returns and reports required to be filed by it and will
pay or cause to be paid all U.S. federal and other material Section 2.7 Taxes required to be paid by it, except any Section 2.7
Taxes that are being contested in good faith by appropriate proceedings and for which Borrower sets aside on its books adequate
reserves in accordance with the Approved Accounting Method.

 

Section
5.2           Negative Covenants.   From the date
hereof until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release
of the Liens of the Mortgages encumbering the Properties and any other collateral in accordance with the terms of this
Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that it will not do, directly or
indirectly, any of the following:

 

5.2.1           Operation
of Property.   (a) Borrower shall not, without Lender’s prior written consent (which consent shall not be
unreasonably withheld): (i) surrender, terminate, cancel, amend or modify the Management Agreement in any material
non-monetary respect; provided, that Borrower may, without Lender’s consent, replace the Manager so long as the
replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (ii) reduce or consent to the
reduction of the term of the Management Agreement; (iii) increase or consent to the increase of the amount of any
charges under the Management Agreement, or (iv) otherwise modify, change, supplement, alter or amend, or waive or
release any of its rights and remedies under, the Management Agreement in any respect materially adverse to Borrower, Lender,
the Loan or the operation of the Properties.

 

    	-84-

    	 

    

 

(b)          Following
the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant
any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender, which consent
may be granted, conditioned or withheld in Lender’s sole discretion.

 

5.2.2           Liens.   Borrower
shall not create, incur, assume or suffer to exist any Lien on any portion of any Individual Property or permit any such
action to be taken, except for Permitted Encumbrances.

 

5.2.3           Dissolution.   Borrower
shall not (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity,
(b) engage in any business activity not permitted under the definition of Special Purpose Entity, (c) transfer,
lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the
properties or assets of Borrower except to the extent permitted by the Loan Documents, or (d) modify, amend, waive or
terminate its organizational documents or its qualification and good standing in any jurisdiction other than in connection
with the release of an Individual Property pursuant to this Agreement where there are no remaining Properties in the related
State.

 

5.2.4           Change
In Business.   Borrower shall not enter into any line of business other than as permitted under the definition of
Special Purpose Entity, or make any material change in the scope or nature of its business objectives, purposes or
operations, or undertake or participate in activities other than the continuance of its present business. Nothing contained
in this Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.10(d).

 

5.2.5           Debt
Cancellation.   Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of
Leases in accordance with this Agreement) owed to Borrower by any Person, except for adequate consideration and in the
ordinary course of Borrower’s business.

 

5.2.6           Zoning.   Borrower
shall not initiate or consent to any zoning reclassification of any portion of any Individual Property or seek any variance
under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any manner that
could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule
or regulation, without the prior written consent of Lender.

 

5.2.7           No
Joint Assessment.   Borrower shall not suffer, permit or initiate the joint assessment of any Individual Property
(a) with any other real property constituting a tax lot separate from such Individual Property, and (b) which
constitutes real property with any portion of such Individual 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 such real property portion of such Individual Property.

 

    	-85-

    	 

    

 

5.2.8           Ground
Lease.   (a) Borrower shall not, without Lender’s written consent, fail to exercise any option or
right to renew or extend the term of any Ground Lease in accordance with the terms of such Ground Lease, and shall give immediate
written notice to Lender and shall execute, acknowledge, deliver and record any document reasonably requested by Lender to evidence
the Lien of the Mortgage on such extended or renewed lease term; provided, however, Borrower shall not be required to exercise
any particular such option or right to renew or extend to the extent Borrower shall have received the prior written consent of
Lender (which consent may be withheld by Lender in its sole and absolute discretion) allowing Borrower to forego exercising such
option or right to renew or extend. If Borrower shall fail to exercise any such option or right as aforesaid without Lender’s
consent, Lender may exercise the option or right as Borrower’s agent and attorney-in-fact as provided above in Lender’s
own name or in the name of and on behalf of a nominee of Lender, as Lender may determine in the exercise of its sole and absolute
discretion.

 

(b)          Borrower
shall not waive, excuse, condone or in any way release or discharge the Ground Lessor under any Ground Lease of or from such Ground
Lessor’s material obligations, covenant and/or conditions under the related Ground Lease without the prior written consent
of Lender, which shall not be unreasonably withheld, conditioned or delayed with respect to any Ground Lease that is not a Material
Ground Lease.

 

(c)          Borrower
shall not, without Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed with
respect to any Ground Lease that is not a Material Ground Lease, surrender, terminate, forfeit, or suffer or permit the surrender,
termination or forfeiture of, or change, modify or amend in a material or adverse manner, any Ground Lease. Consent to one amendment,
change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive
amendments, changes, agreements or modifications. Any acquisition of Ground Lessor’s interest in any Ground Lease by Borrower
or any Affiliate of Borrower shall be accomplished by Borrower in such a manner so as to avoid a merger of the interests of Ground
Lessor and lessee in such Ground Lease and in compliance with the related Mortgage, except as permitted by clause (d) below.

 

(d)          Notwithstanding
the foregoing provisions of this Section 5.2.8, Borrower shall have the right, without Lender’s prior written consent,
to terminate any Ground Lease in connection with Borrower's acquisition of the fee interest in the Ground Lease Property so long
as (a) no Event of Default shall be continuing; (b) the lien of the applicable Mortgage is spread to cover the Borrower’s
interest in such fee simple interest; (c) Borrower furnishes all appropriate documents evidencing Borrower’s authorization
and good standing, and the qualification and authorization of the signers to execute any documents in connection with the acquisition
of the fee simple interest, spreader of the Mortgage and all documents reasonably required by Lender hereunder; (d) Borrower
has executed such documents and agreements as Lender shall reasonably require to evidence and effectuate said acquisition of the
fee simple interest and spreader of the Mortgage over the fee simple interest, together with such legal opinions, certifications,
and acknowledgements as may be reasonably requested by Lender; (e) Borrower delivers to Lender, without any cost or expense
to Lender, such endorsements to Lender’s Title Insurance Policy, hazard insurance endorsements or certificates and other
similar materials as Lender may deem reasonably necessary at the time of the acquisition of the fee simple, all in form and substance
reasonably satisfactory to Lender, including, without limitation, an endorsement or endorsements to Lender’s Title Insurance
Policy insuring the lien of the Mortgage, as spread to the fee simple, and that title to the fee simple interest in the applicable
Individual Property is vested in Borrower and is otherwise reasonably satisfactory to Lender; (f) the applicable Ground Lease
shall not be terminated prior to the ninety-fifth (95th) day following the satisfaction of the other requirements of
this Section and only if no Event of Default shall then exist; and (g) Borrower shall have paid all recording costs and taxes
related to the acquisition of the fee simple interest and recordation of the Mortgage spreader documentation together with all
out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by Lender.

 

    	-86-

    	 

    

 

5.2.9           ERISA.   (a)  Borrower
shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the
exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under
a statutory or administrative class exemption) prohibited transaction under ERISA.

 

(b)          Borrower
further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of
the Loan, as requested by Lender in its sole discretion, that (A) Borrower is not and does not maintain an “employee
benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan”
within the meaning of Section 3(32) of ERISA; (B) Borrower is not subject to any state statute regulating investment
of, or fiduciary obligations with respect to governmental plans and (C) one or more of the following circumstances is true:

 

(i)          Equity
interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);

 

(ii)         Less
than twenty-five percent (25%) of each outstanding class of equity interests in Borrower are held by “benefit plan investors”
within the meaning of 29 C.F.R. §2510.3-101(f)(2) as modified by Section 3(42) of ERISA; or

 

(iii)        Borrower
qualifies as an “operating company”, “venture capital operating company” or a “real estate operating
company” within the meaning of 29 C.F.R. §2510.3-101(c), (d) or (e).

 

5.2.10         Transfers.   (a)  Borrower
acknowledges that Lender has examined and relied on the experience of Borrower and its management, general partners,
members, principals and (if Borrower is a trust) beneficial owners in owning and operating properties such as the Properties
in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Properties as a means of
maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations.
Borrower acknowledges that Lender has a valid interest in maintaining the value of the Properties so as to ensure that,
should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt
by a sale of the Properties.

 

(b)          Without
the prior written consent of Lender, and except for (a) Permitted Encumbrances (with respect to the Properties), (b) the release
of any Individual Property in accordance with Section 2.5, and (c) to the extent otherwise set forth in this Section 5.2.10,
Borrower shall not, and shall not permit any Restricted Party to, do any of the following (collectively, a “Transfer”):
(i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer
or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration
or of record) any Individual Property or any part thereof or any legal or beneficial interest therein or (ii) permit a Sale
or Pledge of an interest in any Restricted Party.

 

    	-87-

    	 

    

 

(c)          A
Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell one or more
Individual Properties or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all
or a substantial part of any Individual Property for other than actual occupancy by a space Tenant thereunder or a sale, assignment
or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or
any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s
stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture,
any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership
interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited
partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new
limited partnership interests; (v) 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 the
Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds
relating to such membership interest, or the Sale or Pledge of non-managing membership interests or the creation or issuance of
new non managing membership interests; or (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation
or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial
interests.

 

(d)          Notwithstanding
the provisions of this Section 5.2.10, Lender’s consent shall not be required in connection with (i) one or a
series of Transfers, of not more than forty-nine percent (49%) of the stock, the limited partnership interests or non-managing
membership interests (as the case may be) in a Restricted Party or (ii) a Permitted Transfer; provided, however, no such Transfer
shall result in the change of Control in a Restricted Party (Lender agreeing that any Transfer from Gramercy Sponsor or its wholly-owned
Affiliates to Garrison Sponsor or its wholly-owned Affiliates and vice versa shall not, so long as the last sentence of this clause
(d) is satisfied, constitute a change of Control in a Restricted Party), and as a condition to each such Transfer, (i) Lender
shall receive not less than ten (10) days’ prior written notice of such proposed Transfer (provided that no advance notice
shall be required with respect to (y) Transfers by Passive Owners which are not Affiliated with Guarantor or (z) Transfers by Passive
Owners which are Affiliated with Guarantor solely by reason of being a director or officer of a Guarantor or a Person that is Affiliated
with Guarantor) and (ii) such Transfer will not result in a default or event of default under any Ground Lease or the Master
Lease, nor shall such Transfer cause, or give the Master Tenant the right to obtain, a reduction in the term of the Master Lease
with respect to all or any portion of the Properties. If after giving effect to any such Transfer, more than forty-nine percent
(49%) in the aggregate of direct or indirect interests in a Restricted Party are owned by any Person and its Affiliates that owned
less than forty-nine percent (49%) direct or indirect interest in such Restricted Party as of the Closing Date, Borrower shall,
no less than five (5) days prior to the effective date of any such Transfer, deliver to Lender an Additional Insolvency Opinion
reasonably acceptable to Lender and the Approved Rating Agencies. In addition, at all times, either Gramercy Sponsor, Garrison
Sponsor, or both, must continue to (1) Control Borrower and Guarantor and (2) own, directly or indirectly, at least a fifty percent
(50%) legal and beneficial interest in Borrower and Guarantor.

 

    	-88-

    	 

    

 

(e)          No
Transfer of the Properties and assumption of the Loan shall occur during the period that is sixty (60) days prior to and sixty
(60) days after a Securitization. Without limiting the foregoing, but notwithstanding anything to the contrary set forth in this
Agreement, Borrower shall be permitted to Transfer all of the then remaining Properties or all of the legal or beneficial ownership
interests therein or in Borrower (unless such Transfer is made in accordance with subsection (d) above, in which event
this clause (e) shall not be applicable) and cause an assumption of the entire Loan by a Qualified Transferee or, if the proposed
transferee is not a Qualified Transferee, upon receipt of Lender’s prior written consent, which may be granted or denied
in Lender’s sole and absolute discretion, it being agreed that any such consent and/or assumption (including by a Qualified
Transferee) of the Loan will be subject to the satisfaction of the following conditions:

 

(i)          Borrower
delivers at least sixty (60) days’ prior written request for consent to such Transfer to Lender or, to the extent consent
is not required because the transferee is a Qualified Transferee, notice thereof and the identity of the Qualified Transferee together
with evidence supporting the determination that such transferee is a Qualified Transferee;

 

(ii)         No
Event of Default has occurred or is continuing at the time of the request or at the time of the assumption;

 

(iii)        Borrower
shall pay Lender a transfer fee equal to one-half of one percent (0.5%) of the outstanding principal balance of the Loan at the
time of such transfer;

 

(iv)         Borrower
shall pay any and all reasonable out-of-pocket costs incurred in connection with such Transfer (including, without limitation,
Lender’s reasonable out-of-pocket counsel fees and disbursements and all recording fees, title insurance premiums and mortgage
and intangible taxes and the fees and expenses of the Approved Rating Agencies pursuant to clause (xii) below);

 

(v)          The
proposed transferee (the “Transferee”) or Transferee’s Principals must, unless the proposed Transferee
is a Qualified Transferee, have demonstrated expertise in owning and operating properties similar in location, size, class and
operation to the Properties, which expertise shall be reasonably determined by Lender;

 

(vi)         Except
with respect to a Qualified Transferee, Transferee and Transferee’s Principals shall, as of the date of such transfer, have
an aggregate net worth and liquidity reasonably acceptable to Lender;

 

(vii)        Transferee
and any Person that Controls or has the right to Control Transferee (“Related Entities”) must not have been
the debtor in any Bankruptcy Action within seven (7) years prior to the date of the proposed Transfer; provided, that Lender
will not unreasonably withhold consent to any Transferee or Person that has been the subject of a pre-packaged or other consensual
Bankruptcy Action consented to by its creditors;

 

    	-89-

    	 

    

 

(viii)      With
respect to a Transfer of the Properties, Transferee shall assume all of the prospective obligations of Borrower under the Loan
Documents in a manner satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement
in form and substance reasonably satisfactory to Lender;

 

(ix)         There
shall be no material litigation or regulatory action pending or threatened against Transferee, Transferee’s Principals or
any Related Entities which, in each case, is not reasonably acceptable to Lender;

 

(x)          Transferee,
Transferee’s Principals and Related Entities shall not have defaulted under its or their obligations with respect to any
other Indebtedness in a manner which is not reasonably acceptable to Lender;

 

(xi)         With
respect to any Transfer of the Properties, Transferee must be able to satisfy all representations and covenants in Section 4.1.30
as Transferee and Transferee’s Principals must be able to satisfy all the representations and covenants set forth in Sections 4.1.35,
5.1.23 and 5.2.9 of this Agreement, no Default or Event of Default shall otherwise occur as a result of such Transfer,
and Transferee shall deliver (A) all organizational documentation reasonably requested by Lender, which shall be reasonably
satisfactory to Lender and, following a Securitization, satisfactory to the Approved Rating Agencies and (B) all certificates,
agreements and legal opinions reasonably required by Lender and consistent with and in substantially the same form as those previously
delivered by Borrower under this Agreement;

 

(xii)        If
required by Lender and a Securitization has then occurred or is imminent, Transferee shall be approved by the Approved Rating Agencies,
which approval, if required by Lender, shall take the form of a Rating Agency Confirmation with respect to such assumption or Transfer,
provided, that in no event shall approval of the Approved Rating Agencies or a Rating Agency Confirmation be required in
connection with a Transfer to a Qualified Transferee;

 

(xiii)      Prior
to any release of Guarantor, one (1) or more substitute guarantors reasonably acceptable to Lender shall have assumed all of the
prospective liabilities and obligations of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or shall
have executed a replacement guaranty and environmental indemnity in substantially the same form or such other form reasonably satisfactory
to Lender and delivered an Additional Insolvency Opinion covering the replacement guarantor;

 

(xiv)        Borrower
shall deliver, at its sole cost and expense, an endorsement to the Title Insurance Policies, as modified by the assumption agreement,
insuring that the Mortgages remain as a valid first lien on the Properties and naming the Transferee as owner of the Properties,
which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Properties shall not be subject
to any additional exceptions or liens other than those contained in the Title Insurance Policies issued on the date hereof, Permitted
Encumbrances, and those that do not have a material adverse effect on the value or utility of the Properties, as reasonably determined
by Lender;

 

    	-90-

    	 

    

 

(xv)         The
Properties shall be managed by Qualified Manager pursuant to a Replacement Management Agreement;

 

(xvi)        Borrower
delivers evidence acceptable to Lender in its sole discretion that such Transfer will not result in a default or event of default
under any Material Ground Lease or the Master Lease, nor shall such Transfer cause, or give the Master Tenant the right to terminate
the Master Lease or the right to obtain, a reduction in the term of the Master Lease with respect to all or any portion of the
Properties; and

 

(xvii)      Borrower
or Transferee, at its sole cost and expense, shall deliver to Lender an Additional Insolvency Opinion reflecting such Transfer
reasonably satisfactory in form and substance to Lender.

 

Immediately upon a Transfer to such Transferee
and the satisfaction of all of the above requirements, the named Borrower and Guarantor herein shall be released from all liability
under this Agreement, the Note, the Mortgages and the other Loan Documents accruing from and after the effective date of such Transfer.

 

(f)          Lender
shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon Borrower’s Transfer without Lender’s consent (to the extent such
consent was required pursuant to the terms of this Agreement) and satisfaction of conditions to such Transfer to the extent set
forth herein. This provision shall apply to every Transfer regardless of whether voluntary or not, or whether or not Lender has
consented to any previous Transfer.

 

5.2.11         Purchase
Agreement.   Borrower shall not, without the prior written
consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed), modify, change, supplement,
alter or amend, or waive or release any of the terms and conditions under, the PSA in any material respect.

 

ARTICLE
VI – INSURANCE; CASUALTY; CONDEMNATION

 

Section
6.1           Insurance.   (a)  Borrower
shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Properties providing at least the
following coverages:

 

    	-91-

    	 

    

 

(i)          comprehensive
all risk “special form” insurance including, but not limited to, loss caused by any type of windstorm or hail on the
Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased
Cost of Construction Endorsements, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement
Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations,
underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect
to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) providing
for no deductible in excess of $50,000.00 for all such insurance coverage; provided however with respect to windstorm and earthquake
coverage, providing for a deductible satisfactory to Lender in its sole discretion; and (D) if any of the Improvements or
the use of any Individual Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due
to operation of law in an amount equal to the full Replacement Cost, coverage for demolition costs and coverage for increased costs
of construction. In addition, Borrower shall obtain: (y) if any portion of the Improvements for an Individual Property is
currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard
insurance for such Individual Property in an amount equal to the lesser of (1) the outstanding principal balance of the Note
or (2) the maximum amount of such insurance available 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 or such greater amount as Lender shall require,
and (z) earthquake insurance in amounts and in form and substance satisfactory to Lender in the event any Individual Property
is located in an area with a high degree of seismic activity (Lender agreeing that it has approved $10,000,000 as the aggregate
earthquake insurance amount for all Properties); provided that the insurance pursuant to clauses (y) and (z)
hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i);

 

(ii)         business
income or rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the
insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected
gross revenues from the operation of each Individual Property (as reduced to reflect expenses not incurred during a period of Restoration)
for a period of at least twenty-four (24) months after the date of the Casualty; and (D) containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property 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 applicable Individual Property is 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 business income or rental loss insurance shall be determined prior to the date hereof and at least once each year thereafter
based on Borrower’s reasonable estimate of the gross revenues from each Individual Property for the succeeding twelve (12)
month period. Notwithstanding the provisions of Section 2.7.1 hereof, 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 this
Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business
income insurance;

 

    	-92-

    	 

    

 

(iii)        at
all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only
if the Individual Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance,
otherwise known as Owner Contractor’s Protective Liability, covering claims not covered by or under the terms or provisions
of the above mentioned commercial general liability insurance policy and (B) the insurance provided for in subsection (i)
above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all
risks insured against pursuant to subsection (i) above, (3) including permission to occupy each Individual Property
and (4) with an agreed amount endorsement waiving co-insurance provisions;

 

(iv)         comprehensive
boiler and machinery insurance, if steam boilers or other pressure-fixed vessels are in operation, in amounts as shall be reasonably
required by Lender on terms consistent with the commercial property insurance policy required under subsection (i)
above;

 

(v)          commercial
general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about
each Individual Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of
not less than $2,000,000.00 in the aggregate and $1,000,000.00 per occurrence; (B) to continue at not less than the aforesaid
limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate
and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations
on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all written contracts
and (5) contractual liability covering the indemnities contained in Article 9 of the Mortgages to the extent the same
is available;

 

(vi)         automobile
liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence
of $1,000,000.00;

 

(vii)        worker’s
compensation and employee’s liability subject to the worker’s compensation laws of the State in which the applicable
Individual Property is located;

 

(viii)      umbrella
and excess liability insurance in an amount not less than $100,000,000.00 per occurrence on terms consistent with the commercial
general liability insurance policy required under subsection (v) above, including, but not limited to, supplemental
coverage for employer liability and automobile liability, which umbrella liability coverage shall apply in excess of the automobile
liability coverage in clause (vi) above;

 

(ix)         the
insurance required under this Section (a) above shall cover perils of terrorism and acts of terrorism and Borrower
shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those
required under Sections (a) above at all times during the term of the Loan; and

 

    	-93-

    	 

    

 

(x)          upon
sixty (60) days written notice, such other reasonable insurance, including, but not limited to, sinkhole or land subsidence insurance,
and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at
the time are commonly insured against for property similar to any Individual Property located in or around the region in which
any Individual Property is located.

 

(b)          All
insurance provided for in Section (a) hereof, shall be obtained under valid and enforceable policies (collectively,
the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of
Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound
and responsible insurance companies authorized to do business in the State and having a rating of “A:X” or better in
the current Best’s Insurance Reports and a claims paying ability rating of “A” or better by at least two (2)
of the Approved Rating Agencies including, (i) S&P, (ii) Fitch, and (iii) Moody’s, if Moody’s is
rating the Securities; provided, however, that Lender hereby approves Liberty Mutual as an acceptable insurance company so long
as it maintains a claims paying ability rating of “A-“ or better by at least two (2) of such Approved Rating Agencies.
The Policies described in Section 6.1 hereof (other than those strictly limited to liability protection) shall designate
Lender as loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender,
certificates of insurance evidencing the Policies accompanied by evidence satisfactory to Lender of payment of the premiums due
thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender.

 

(c)          Any
blanket insurance Policy shall specifically allocate to any Individual Property the amount of coverage from time to time required
hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Properties in compliance
with the provisions of Section 6.1(a) hereof.

 

(d)          All
Policies provided for or contemplated by Section 6.1(a) hereof, except for the Policy referenced in Section 6.1(a)(vii)
of this Agreement, shall name Borrower as the insured and Lender as the additional insured, as its interests may appear, and in
the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a so-called New York standard
non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.

 

(e)          All
Policies shall contain clauses or endorsements to the effect that:

 

(i)          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;

 

(ii)         the
Policy shall not be materially changed (other than to increase the coverage provided thereby) or canceled without at least thirty
(30) days written notice to Lender and any other party named therein as an additional insured;

 

    	-94-

    	 

    

 

 

(iii)        the
issuers thereof shall give written notice to Lender if the Policy has not been renewed thirty (30) days prior to its expiration;
and

 

(iv)        Lender
shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder.

 

(f)          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, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the
Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate
after three (3) Business Days’ notice to Borrower if prior to the date upon which any such coverage will lapse or at any
time Lender deems necessary (regardless of prior notice to Borrower) to avoid the lapse of any such coverage. 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
within three (3) Business Days of written demand and, until paid, shall be secured by the Mortgages and shall bear interest at
the Default Rate.

 

Section
6.2           Casualty.  If any Individual Property
shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall
give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the
Restoration of the Individual Property pursuant to Section 6.4 hereof as nearly as possible to the condition such
Individual Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by Lender and
otherwise in accordance with Section 6.4 hereof. Borrower shall pay all costs of such Restoration whether or not such
costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower.
In addition, Lender may participate in any settlement discussions with any insurance companies (and shall have approval rights
with respect to any final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty
in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Applicable Threshold Amount
and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

 

Section
6.3           Condemnation. (a) Borrower shall
promptly give Lender notice of the actual commencement of, or the written threat of the commencement of, any proceeding for the
Condemnation of any Individual Property of which Borrower has knowledge and shall deliver to Lender copies of any and all papers
served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time
deliver to Lender all instruments reasonably requested by it to permit such participation. Borrower shall, at its expense, diligently
prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying
on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation
or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking),
Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement
and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction
of reasonable out-of-pocket expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to
the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate
or rates provided herein or in the Note. If any Individual Property or any portion thereof is taken by a condemning authority,
Borrower shall promptly commence and diligently prosecute the Restoration of the applicable Individual Property pursuant to Section 6.4
hereof and otherwise comply with the provisions of Section 6.4 hereof. If any Individual Property is sold, through
foreclosure or other remedies available to Lender under the Loan Documents, prior to the receipt by Lender of the Award, Lender
shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive
the Award, or a portion thereof sufficient to pay the Adjusted Release Amount with respect to such Individual Property.

 

    	-95-

    	 

    

 

(b)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, if the Loan or any portion thereof is included in a REMIC
Trust and, immediately following a release of any portion of the Lien of the Mortgage in connection with a Condemnation of an Individual
Property (but taking into account any proposed Restoration on the remaining portion of such Individual Property) (based solely
on real property and excluding any personal property or going concern value), the Loan-to-Value Ratio is greater than 125%, the
principal balance of the Loan must prepaid down by an amount not less than the least of the following amounts: (i) the Condemnation
Proceeds, (ii) the fair market value of the released property at the time of the release, or (iii) an amount such that
the Loan-to-Value Ratio (as so determined by Lender) does not increase after the release, unless Lender receives an opinion of
counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of
the related release of such portion of the Lien of the Mortgage. Any such prepayment shall be deemed a voluntary prepayment and
shall be subject to Section 2.4.1 hereof (other than the requirements to prepay the Debt in full and provide any advance
written notice to Lender).

 

Section
6.4           Restoration.  The following provisions
shall apply in connection with the Restoration of any Individual Property:

 

(a)          If
the Net Proceeds shall be less than the Applicable Threshold Amount and the costs of completing the Restoration shall be less than
the Applicable Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the
conditions set forth in Section 6.4(b)(i) hereof are met and Borrower delivers to Lender a written undertaking to expeditiously
commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.

 

(b)          If
the Net Proceeds are equal to or greater than the Applicable Threshold Amount or the costs of completing the Restoration is equal
to or greater than the Applicable Threshold Amount Lender shall make the Net Proceeds available for the Restoration in accordance
with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of this Section 6.4
shall mean: (y) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i), (iv),
(ix) and (x) as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including,
but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“Insurance Proceeds”),
or (z) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable
counsel fees), if any, actually incurred in collecting same (“Condemnation Proceeds”), whichever the case may
be.

 

    	-96-

    	 

    

 

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

 

(A)         no
Event of Default shall have occurred and be continuing;

 

(B)         (1) in
the event the Net Proceeds are Insurance Proceeds, less than thirty-five percent (35%) of the total floor area of the Improvements
on the Individual Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event
the Net Proceeds are Condemnation Proceeds, less than fifteen percent (15%) of the land constituting the Individual Property is
taken, and such land is located along the perimeter or periphery of the Individual Property, and no portion of the Improvements
is located on such land;

 

(C)         the
Master Lease shall remain in full force and effect with respect to each Individual Property during and after the completion of
the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower and/or
Master Tenant, as applicable under the Master Lease and the Ground Lease (if any), will make all necessary repairs and restorations
thereto at their sole cost and expense;

 

(D)         Borrower
shall commence the Restoration as soon as reasonably practicable (but in no event later than the earlier of (1) sixty (60)
days after such Casualty or Condemnation, whichever the case may be, occurs and (2) the date required for Restoration to commence
under the applicable Ground Lease (if any) and the Master Lease) and shall diligently pursue the same to satisfactory completion;

 

(E)         Lender
shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which
will be incurred with respect to the Individual Property as a result of the occurrence of any such Casualty or Condemnation, whichever
the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(ii)
hereof, if applicable, or (3) by other funds of Borrower;

 

(F)         Lender
shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to
the then applicable Maturity Date (as the same may have been or may, prior to the completion of the Restoration, be extended pursuant
to this Agreement), (2) the earliest date required for such completion under the terms of the Master Lease and any applicable
Ground Lease, (3) such time as may be required under all applicable Legal Requirements (if any) in order to repair and restore
the applicable Individual Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the
condition it was in immediately prior to such Condemnation, as applicable, or (4) the expiration of the insurance coverage
referred to in Section 6.1(a)(ii) hereof;

 

(G)         the
Individual Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal
Requirements, the applicable Ground Lease (if any) and the Master Lease;

 

    	-97-

    	 

    

 

(H)         the
Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable
Legal Requirements, the applicable Ground Lease (if any) and the Master Lease;

 

(I)         such
Casualty or Condemnation, as applicable, does not result in the loss of access to the Individual Property or the Improvements;

 

(J)         the
Ongoing Debt Yield for the Properties for the twelve (12) month period immediately preceding the Casualty or Condemnation, after
giving effect to the Restoration, shall be equal to or greater than the Closing Debt Yield;

 

(K)         Borrower
shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or
engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s reasonable approval;
and

 

(L)         the
Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s discretion
to cover the cost of the Restoration.

 

Notwithstanding the foregoing,
in the event Borrower is required to restore the affected Individual Property pursuant to the terms of the Master Lease or the
Ground Lease if such affected Individual Property is a Ground Lease Property, Lender shall make the Net Proceeds available for
Restoration upon the satisfaction of the conditions set forth in subsections (ii) through (vii) below.

 

(ii)          The
Net Proceeds shall be held by Lender in an interest-bearing Eligible Account and, until disbursed in accordance with the provisions
of this Section (b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents.
The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration,
upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except
to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid
for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices
of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Individual Property which have not
either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction
of Lender by the title company issuing the Title Insurance Policy.

 

(iii)         All
plans and specifications required in connection with the Restoration shall be subject to prior review and acceptance in all respects
by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall
have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the
Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts
under which they have been engaged, shall be subject to prior review and reasonable approval by Lender and the Casualty Consultant.
All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including,
without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower.

 

    	-98-

    	 

    

 

(iv)         In
no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually
incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty
Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent (10%) of the costs actually
incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been
completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b),
be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration.
The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed
in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and
use of the Individual Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender
receives evidence reasonably 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; provided, however, that Lender will release the portion of the Casualty Retainage being held
with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty
Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has
supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s
contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due
to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the related
Title Insurance Policy, and Lender receives an endorsement to the related Title Insurance Policy insuring the continued priority
of the lien of the related Mortgage and evidence of payment of any premium payable for such endorsement. If required by Lender,
the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment
or performance bond with respect to the contractor, subcontractor or materialman.

 

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

 

(vi)         If
at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in consultation with the Casualty
Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred
in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”)
with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender
shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions
applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute
additional security for the Debt and Other Obligations under the Loan Documents.

 

    	-99-

    	 

    

 

(vii)        The
excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds Deficiency) deposited with Lender after
the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b),
and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration
have been paid in full, shall be deposited in the Cash Management Account to be disbursed in accordance with this Agreement and
the Cash Management Agreement, provided no Event of Default shall have occurred and shall be continuing under the Note, this Agreement
or any of the other Loan Documents.

 

(c)          All
Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net
Proceeds pursuant to Section (b)(vii) hereof may be retained and applied by Lender toward the payment of the Debt in
accordance with Section 2.4.2 hereof, whether or not then due and payable in such order, priority and proportions as
Lender in its sole discretion shall deem proper, or, at the discretion of Lender, the same may be paid, either in whole or in part,
to Borrower for such purposes as Lender shall approve, in its discretion.

 

(d)          In
the event of foreclosure of the Mortgage with respect to an Individual Property, or other transfer of title of an Individual Property
in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not
blanket Policies then in force concerning such Individual Property and all proceeds payable thereunder shall thereupon vest in
the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title.

 

ARTICLE
VII – RESERVE FUNDS

 

Section 7.1           Required
Repairs.

 

7.1.1       Deposits.
Borrower shall perform the repairs at the Properties, as more particularly set forth on Schedule II hereto (such repairs
hereinafter referred to as “Required Repairs”). Borrower shall complete the Required Repairs on or before the
required deadline for each repair as set forth on Schedule II. It shall be an Event of Default under this Agreement
if (a) Borrower does not complete the Required Repairs at each Individual Property by the required deadline for each repair
as set forth on Schedule II, or (b) Borrower does not satisfy each condition contained in Section 7.1.2
hereof. Upon the occurrence of such an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the
Required Repair Account and Lender may apply such funds either to completion of the Required Repairs at one or more of the Properties
or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s
right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under
this Agreement and the other Loan Documents. On the Closing Date, Borrower shall deposit with Lender the amount for each Individual
Property set forth on such Schedule II hereto to perform the Required Repairs for such Individual Property. Amounts
so deposited with Lender shall be held by Lender in accordance with Section 7.5 hereof. Amounts so deposited shall
hereinafter be referred to as Borrower’s “Required Repair Fund” and the account in which such amounts
are held shall hereinafter be referred to as Borrower’s “Required Repair Account”.

 

    	-100-

    	 

    

 

7.1.2           Release
of Required Repair Funds. Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account
from time to time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall submit a written request
for payment to Lender at least thirty (30) days prior to the date on which Borrower requests such payment be made and specifies
the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be
made, no Default or Event of Default shall exist and remain uncured, (c) Lender shall have received an Officers’ Certificate
(i) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have
been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations,
such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to
commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection
with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, and (iii) stating
that each such Person has been paid in full or will be paid in full upon such disbursement, such Officers’ Certificate to
be accompanied by lien waivers (in advance if permitted by applicable Legal Requirements) or other evidence of payment satisfactory
to Lender, (d) at Lender’s option, a title search for such Individual Property indicating that such Individual Property
is free from all liens, claims (excluding claims for non-payment relating to the requested disbursement) and other encumbrances
that are not Permitted Encumbrances or not otherwise approved by Lender, and (e) Lender shall have received such other evidence
as Lender shall reasonably request that the Required Repairs at such Individual Property to be funded by the requested disbursement
have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements
from the Required Repair Account with respect to the any Individual Property (i) more than once a month and (ii) unless
such requested disbursement is in an amount greater than $25,000.00 (or a lesser amount if the total amount in the Required Repair
Account or the total amount required to pay for any Required Repair at any Individual Property is less than $25,000) and such disbursement
shall be made only upon satisfaction of each condition contained in this Section 7.1.2. Notwithstanding the foregoing,
any Required Repair Funds remaining after the Debt has been paid in full shall be paid to Borrower.

 

    	-101-

    	 

    

 

Section 7.2           Tax
and Insurance Escrow Fund.  Borrower shall deposit with Lender (a) on the Closing Date an initial deposit in the amount
of $1,186,409.13 and (b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that
Lender reasonably estimates will be payable by Borrower during the next ensuing twelve (12) months in order to accumulate sufficient
funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective due dates, and (ii) one-twelfth
(1/12) of the Insurance Premiums that Lender reasonably estimates (based on information provided by Borrower) will be payable
for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to
pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and (b)
above hereinafter called the “Tax and Insurance Escrow Fund”). Lender will apply the Tax and Insurance Escrow
Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 and Article
VI hereof and under the Mortgages. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according
to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes and Other Charges) or insurer
or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax or assessment. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes,
Other Charges and Insurance Premiums pursuant to pursuant to Section 5.1.2 and Article VI hereof and under the Mortgage,
Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to
the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or
will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth in (a) and (b) above, Lender
shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender
reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Taxes and
Other Charges and/or thirty (30) days prior to expiration of the Policies, as the case may be.

 

Section 7.3           Replacements
and Replacement Reserve.

 

7.3.1       Replacement
Reserve Fund. Borrower shall deposit with Lender (a) on the Closing Date an initial deposit in the amount of
$63,637.54 and (b) on each Payment Date thereafter $63,637.54 (the “Replacement Reserve Monthly Deposit”)
which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made
to the Properties during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter
be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held
shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Any amount held in the Replacement
Reserve Account and allocated for an Individual Property shall be retained by Lender and credited toward the future Replacement
Reserve Monthly Deposits required hereunder in the event such Individual Property is released from the Lien of its related Mortgage
in accordance with Section 2.5.2 hereof.

 

7.3.2       Disbursements
from Replacement Reserve Account. (a)  Lender shall make disbursements from the Replacement Reserve Account
to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement
Reserve Account to reimburse Borrower for the costs of routine maintenance to an Individual Property, replacements of inventory
or for costs which are to be reimbursed from the Required Repair Fund or Rollover Reserve Fund.

 

(b)          Lender
shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse
to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse
Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant
to Section 7.3.2(e) hereof). In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account
if a Default or an Event of Default exists.

 

    	-102-

    	 

    

 

(c)          Each
request for disbursement from the Replacement Reserve Account shall be in a form reasonably specified or reasonably approved by
Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and
price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of
all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and
(iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement
is made. With each request Borrower shall certify that all Replacements have been made in all material respects in accordance with
all applicable Legal Requirements of any Governmental Authority having jurisdiction over the applicable Individual Property to
which Replacements are being provided. If the cost of any individual Replacement in any request is equal to or greater than $100,000.00
and if requested by Lender, such request for disbursement shall include copies of invoices for all items or materials purchased
and all contracted labor or services provided in connection with such Replacement. In lieu of the foregoing, each request for disbursement
from the Replacement Reserve Account totaling less than $100,000.00 shall be accompanied by an Officer’s Certificate with
respect thereto. Unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement,
each reimbursement request by Borrower shall include evidence satisfactory to Lender of payment of all such amounts. Except as
provided in Section 7.3.2(e) hereof, each request for disbursement from the Replacement Reserve Account shall be made
only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion
of the subject Replacement satisfactory to Lender in its reasonable judgment.

 

(d)          If
Borrower is seeking reimbursement, Borrower shall pay all invoices in connection with the Replacements with respect to which a
disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, if Borrower
is seeking a disbursement from the Replacement Reserve Account for direct payment of amounts owing in respect of Replacements,
at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic,
subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check,
Lender may require a waiver of lien (in advance if permitted by applicable Legal Requirements) from each Person receiving payment
prior to Lender’s disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender
may require Borrower to obtain lien waivers (in advance if permitted by applicable Legal Requirements) from each contractor, supplier,
materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000.00 for completion of
its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law
and shall cover all work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property
by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request
(or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check,
the release of lien shall be effective through the date covered by the previous release of funds request).

 

    	-103-

    	 

    

 

(e)          If
(i) the cost of a Replacement exceeds $25,000.00, (ii) the contractor performing such Replacement requires periodic payments
pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request
for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract,
provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which
the request is made are on site at the applicable Individual Property and are properly secured or have been installed in the such
Individual Property, (C) all other conditions in this Agreement for disbursement from the Replacement Reserve Fund have been
satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender’s reasonable judgment, sufficient to
complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor
receiving payments under such contract shall provide a waiver of lien (in advance if permitted by applicable Legal Requirements)
with respect to amounts which have been paid to that contractor or subcontractor.

 

(f)          Borrower
shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month
and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than
$25,000.00.

 

7.3.3           Performance
of Replacements. (a)  Borrower shall make Replacements when required in order to keep each Individual
Property in condition and repair consistent with other comparable properties in the same market segment in the metropolitan area
in which the respective Individual Property is located, and to keep each Individual Property or any portion thereof from deteriorating.
Borrower shall complete all Replacements in a good and workmanlike manner as soon as commercially reasonable following the commencement
of making each such Replacement.

 

(b)          Lender
reserves the right, at its option, to reasonably approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors,
contractors or other parties providing labor or materials in connection with the Replacements in excess of $250,000.00. Upon Lender’s
request, Borrower shall collaterally assign any contract or subcontract in excess of $250,000.00 to Lender.

 

(c)          Intentionally
Omitted.

 

(d)          In
order to facilitate Lender’s completion or making of such Replacements pursuant to Section 7.3.4, Borrower grants
Lender the right, subject to the rights of Tenants under Leases, if Borrower fails to timely complete the Replacements and Lender
provides written notice that it is exercising its rights under this Section, to enter onto any Individual Property and perform
any and all work and labor necessary to complete or make such Replacements and/or employ watchmen to protect such Individual Property
from damage. All sums so expended by Lender, to the extent not from the Replacement Reserve Fund, shall be deemed to have been
advanced under the Loan to Borrower and secured by the Mortgages. For this purpose Borrower constitutes and appoints Lender its
true and lawful attorney in fact with full power of substitution to complete or undertake such Replacements in the name of Borrower.
Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. Borrower empowers said attorney
in fact as follows: (i) to use any funds in the Replacement Reserve Account for the purpose of making or completing such Replacements;
(ii) to make such additions, changes and corrections to such Replacements as shall be necessary to complete such Replacements;
(iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes;
(iv) to pay, settle or compromise all existing bills and claims which are or may become Liens against any Individual Property,
or as may be necessary for the completion of such Replacements, or for clearance of title; (v) to execute all applications
and certificates in the name of Borrower which may be required by any of the contract documents; (vi) to prosecute and defend
all actions or proceedings in connection with any Individual Property or the rehabilitation and repair of any Individual Property;
and (vii) to do any and every act which Borrower might do in its own behalf to fulfill the terms of this Agreement with respect
to Replacements.

 

    	-104-

    	 

    

 

(e)          Nothing
in this Section 7.3.3 shall: (i) make Lender responsible for making or completing any Replacements; (ii) require
Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender
to proceed with any Replacements; or (iv) obligate Lender to demand from Borrower additional sums to make or complete any
Replacement.

 

(f)          Borrower
shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect,
or inspector) or third parties making Replacements pursuant to this Section 7.3.3 to enter onto each Individual Property
during normal business hours (subject to the rights of Tenants under their Leases) upon no less than two (2) Business Day’s
advance written notice to inspect the progress of any Replacements and all materials being used in connection therewith, to examine
all plans and shop drawings relating to such Replacements which are or may be kept at each Individual Property, and, if Borrower
fails to complete the Replacements in a timely manner, to complete any Replacements. Borrower shall use commercially reasonable
efforts to cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other persons
described above in connection with inspections described in this Section 7.3.3(f) or the completion of Replacements
pursuant to this Section 7.3.3.

 

(g)          Lender
may require an inspection of the Individual Property at Borrower’s expense prior to making a monthly disbursement from the
Replacement Reserve Account in excess of $250,000.00 order to verify completion of the Replacements for which reimbursement is
sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender
and/or may require a copy of a certificate of completion by an independent qualified professional reasonably acceptable to Lender
prior to the disbursement of any amounts from the Replacement Reserve Account in relation to such Replacement. Borrower shall pay
the reasonable out-of-pocket expense of the inspection as required hereunder, whether such inspection is conducted by Lender or
by an independent qualified professional.

 

(h)          The
Replacements and all materials, equipment, fixtures, or any other item comprising a part of any Replacement shall be constructed,
installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for those
Liens existing on the date of this Agreement which have been approved in writing by Lender).

 

    	-105-

    	 

    

 

(i)          Before
each disbursement from the Replacement Reserve Account in excess of $100,000.00, Lender may require Borrower to provide Lender
with a search of title to the applicable Individual Property effective to the date of the disbursement, which search shows that
no mechanic’s or materialmen’s liens or other liens of any nature have been placed against the applicable Individual
Property since the date of recordation of the related Mortgage that have not been terminated (as evidenced by an executed lien
waiver) and that title to the applicable Individual Property is free and clear of all Liens (other than the lien of the related
Mortgage and any Permitted Encumbrances).

 

(j)          All
Replacements shall comply in all material respects with all applicable Legal Requirements of all Governmental Authorities having
jurisdiction over the applicable Individual Property and applicable insurance requirements including, without limitation, applicable
building codes, special use permits, environmental regulations, and requirements of insurance underwriters, provided that any failure
to so comply does not result, and is not reasonably likely to result, in a material adverse effect on the applicable Individual
Property or the Borrower.

 

(k)          In
addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation
insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law
in connection with a particular Replacement. All such policies shall be in form and amount reasonably satisfactory to Lender. All
such policies obtained by Borrower which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns
shall be so endorsed. Certified copies of such policies obtained by Borrower shall be delivered to Lender.

 

7.3.4         Failure
to Make Replacements. (a)  It shall be an Event of Default under this Agreement if Borrower fails to comply
with any provision of this Section 7.3 and such failure is not cured after written notice from Lender and the expiration
of the cure periods provided for in Section 8.1(a)(xix). Upon the occurrence of such an Event of Default, Lender may
use the Replacement Reserve Fund (or any portion thereof) for any purpose, including but not limited to completion of the Replacements
as provided in Section 7.3.3, or for any other repair or replacement to any Individual Property or toward payment of
the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw
and apply the Replacement Reserve Funds shall be in addition to all other rights and remedies provided to Lender under this Agreement
and the other Loan Documents.

 

(b)          Nothing
in this Agreement shall obligate Lender to apply all or any portion of the Replacement Reserve Fund on account of an Event of Default
to payment of the Debt or in any specific order or priority.

 

7.3.5           Balance
in the Replacement Reserve Account. The insufficiency of any balance in the Replacement Reserve Account shall not
relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

 

    	-106-

    	 

    

 

Section 7.4           Rollover
Reserve.

 

7.4.1       Deposits
to Rollover Reserve Fund. On each Payment Date from and after the occurrence of a Rollover Sweep Event, Borrower
shall deposit with Lender $381,825.25 (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited
with and held by Lender for tenant improvement and leasing commission obligations incurred in relation to the Properties following
the date hereof. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund” and the
account in which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”.

 

7.4.2       Withdrawal
of Rollover Reserve Funds. Provided no Default or an Event of Default hereunder exists, Lender shall make disbursements
from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower under any Lease entered
into in accordance with this Agreement. Lender shall make disbursements as requested by Borrower on a monthly basis in increments
of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid
invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials
and/or services in connection with the requested payment. Lender may require an inspection of the Properties at Borrower’s
expense prior to making a quarterly disbursement from the Rollover Reserve Fund in excess of $250,000.00 in order to verify completion
of improvements for which reimbursement is sought.

 

Section 7.5           Excess
Cash Flow Reserve Fund.

 

7.5.1       Deposits
to Excess Cash Flow Reserve Fund. During a Cash Sweep Period, Borrower shall, in accordance with the Cash Management
Agreement, deposit with Lender all Excess Cash Flow then in the Cash Management Account, which shall be held by Lender as additional
security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund”
and the account in which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

 

7.5.2       Release
of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve
Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. From
and after the Prepayment Release Date, Borrower shall be permitted to cause Lender to apply all Excess Cash Flow Reserve Funds
on deposit with Lender to the prepayment of the Debt provided the requirements of Section 2.4.1(c) (including the payment
of any applicable Spread Maintenance Payment) are satisfied.

 

Section 7.6           Ground
Lease Reserve Fund.

 

7.6.1       Deposit
of Ground Lease Reserve Fund. On each Payment Date, Borrower shall deposit with Lender one-twelfth of the rents
(including both base and additional rents) and other charges due under each Ground Lease that Lender reasonably estimates will
be payable by Borrower as lessee under the Ground Leases (collectively, the “Ground Rent”) during the next ensuing
twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior
to the respective due dates. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund”
and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account”.

 

    	-107-

    	 

    

 

7.6.2           Release
of Ground Lease Reserve Fund. Lender shall apply amounts in the Ground Lease Reserve Fund to the payment of the
Ground Rent on the due dates therefor (which may be monthly or annually). In making any payment relating to the Ground Rent, Lender
may do so according to any bill, statement or estimate procured from the Ground Lessor under the related Ground Lease, without
inquiry into the accuracy of such bill, statement or estimate. If the amount of Ground Lease Reserve Funds shall exceed the amounts
due for the Ground Rent under the Ground Leases for the immediately succeeding twelve (12) months as reasonably determined by Lender,
Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to
the Ground Lease Reserve Fund. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not
be sufficient to pay the Ground Rent by the dates set forth above, Lender shall notify Borrower of such determination and Borrower
shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency
at least thirty (30) days prior to the due date of the Ground Rent.

 

Section
7.7           Reserve Funds, Generally. (a) Borrower
grants to Lender a first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter
deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith,
the Reserve Funds shall constitute additional security for the Debt.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies
available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in
its sole discretion.

 

(c)          The
Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall
be held in an Eligible Account in Permitted Investments as directed by Lender or Lender’s Servicer. Except for the Required
Repair Funds, all interest on the Reserve Funds shall be added to and become a part of the applicable Reserve Fund and shall be
the sole property of Borrower. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable
to the interest earned on the Reserve Funds credited or paid to Borrower.

 

(d)          Borrower
shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any
Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon,
or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto.

 

(e)          Lender
and Servicer shall not be liable for any loss sustained on the investment of any funds constituting the Reserve Funds. Borrower
shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims,
demands, liabilities, losses, damages, (excluding special, consequential and punitive damages), obligations and reasonable out-of-pocket
costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected
with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established; provided, however,
that Borrower shall not be liable for the foregoing to the extent the same arise by reason of the gross negligence, illegal acts,
fraud, bad faith or willful misconduct of Lender and/or Servicer. Borrower hereby assigns to Lender, as collateral for the Loan,
all rights and claims Borrower may have against all persons or entities supplying labor, materials or other services which are
to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an
Event of Default has occurred and remains uncured.

 

    	-108-

    	 

    

 

(f)          The
required monthly deposits into the Reserve Funds and Debt Service shall be added together and shall be paid as an aggregate sum
by Borrower to Lender.

 

(g)          Any
amount remaining in the Reserve Funds after the Debt has been paid in full shall be returned to Borrower.

 

ARTICLE
VIII – DEFAULTS

 

Section
8.1           Event of Default. (a)  Each
of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)          if
any (A) regularly-scheduled payment of Debt Service is not paid when due (it being agreed that, to the extent there are sufficient
funds on deposit in the Cash Management Account for such payment of Debt Service in the order of priority set forth in the Cash
Management Agreement, Lender fails to apply such funds in the manner provided in the Cash Management Agreement and Lender’s
access to such funds has not been restricted in any manner, there shall be no Event of Default), or (B) if any other portion of
the Debt is not paid within ten (10) days of written notice by Lender that the same is then due;

 

(ii)          (A)
if any of the Taxes are not paid when the same are due and payable other than those Taxes for which there are sufficient funds
in the Tax and Insurance Escrow Fund which have actually been deposited for the payment of Taxes (and not for the payment of Insurance
Premiums and Other Charges) and Lender’s access to such funds has not been restricted in any manner (including any such Taxes
which are being contested by Borrower in accordance with Sections 5.1.1 or 5.1.2) or (B) if any Other Charges are not paid
within ten (10) days of written notice from Lender that the same are due and payable other than those Other Charges which are specifically
being reserved for and for which there are sufficient funds in the Tax and Insurance Escrow Fund which have actually been deposited
for the payment of Other Charges (and not for the payment of Insurance Premiums and Taxes) and Lender’s access to such funds
has not been restricted in any manner (including any such Other Charges which are being contested by Borrower in accordance with
Sections 5.1.1 or 5.1.2);

 

(iii)         if
(A) the Policies are not kept in full force and effect other than as a result of Lender’s failure to pay any Insurance
Premiums therefor from amounts on deposit in the Tax and Insurance Escrow Fund which have actually been deposited for the payment
of Insurance Premiums (and not for the payment of Taxes and Other Charges) and Lender’s access to such funds has not been
restricted in any manner, or (B) if certified copies of the Policies are not delivered to Lender within three (3) days of
written request by Lender;

 

    	-109-

    	 

    

 

(iv)        if
Borrower Transfers or otherwise encumbers any portion of any Individual Property without Lender’s prior written consent in
violation of the provisions of this Agreement or Article 6 of the Mortgage;

 

(v)         if
any representation or warranty made by Borrower herein or in any other Loan Document, or in any report, certificate, financial
statement or other instrument, agreement or document furnished to Lender by or on behalf of Borrower or Guarantor, shall have been
false or misleading in any material respect as of the date the representation or warranty was made; provided, however,
if such false or misleading representation or warranty was not intentional and is susceptible of being cured, Borrower shall have
the right to cure such representation or warranty within thirty (30) days of receipt of notice from Lender;

 

(vi)        if
Borrower shall make an assignment for the benefit of creditors;

 

(vii)       if
a receiver, liquidator or trustee shall be appointed for Borrower or if Borrower shall be adjudicated a bankrupt or insolvent,
or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or
state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution
or liquidation of Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or
proceeding was involuntary and not consented to by Borrower, there shall be no Event of Default if the same is discharged, stayed
or dismissed within ninety (90) days;

 

(viii)      if
Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein
in contravention of the Loan Documents;

 

(ix)         if
Guarantor or any guarantor or indemnitor under any guaranty or indemnity issued in connection with the Loan shall make an assignment
for the benefit of creditors or if a receiver, liquidator or trustee shall be appointed for Guarantor or any guarantor or indemnitor
under any guarantee or indemnity issued in connection with the Loan or if Guarantor or such other guarantor or indemnitor shall
be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy
law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor or such other
guarantor or indemnitor, or if any proceeding for the dissolution or liquidation of Guarantor or such other guarantor or indemnitor
shall be instituted (any of the foregoing, is referred to as a “Guarantor Bankruptcy EOD”; and Guarantor or
any guarantor or indemnitor under any guaranty or indemnity issued in connection with the Loan that is the subject of a Guarantor
Bankruptcy EOD, is a “Bankruptcy Defaulting Guarantor”); provided, however, that (A) if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Guarantor or such other guarantor or indemnitor, there
shall be no Event of Default if the same is discharged, stayed or dismissed within ninety (90) days; and (B) provided no other
Event of Default exists, if there is more than one Guarantor, guarantor or indemnitor, then there shall be no Event of Default
pursuant to this clause (ix) if (1) such other Guarantor is not subject to any of the foregoing actions, continues to be
a Guarantor and satisfies the requirements of Sections 3.4(b)-(d) of the Guaranty and under the Environmental Indemnity, and (2)
the enforcement of the Guaranty against such unaffected Guarantor is not, in Lender's judgment, limited by the Bankruptcy Defaulting
Guarantor (the conditions in this clause (B) shall be referred to as the “Guarantor BK Default Limitation Conditions”),
provided, that Borrower shall give written notice to Lender within three (3) Business Days of the occurrence of a Guarantor
Bankruptcy EOD of its intention to cause the Guarantor BK Default Limitation Conditions to be satisfied and the Guarantor BK Default
Limitation Conditions shall be satisfied within two (2) Business Days of delivery of such notice to Lender;

 

    	-110-

    	 

    

 

(x)          if
Borrower breaches any covenant contained in Section 4.1.30; provided however, that any such breach shall
not constitute an Event of Default (A) if such breach is inadvertent and non-recurring, (B) if such breach is curable,
if Borrower shall promptly cure such breach within thirty (30) days after becoming aware of such breach, and (C) upon the
written request of Lender, if Borrower promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency
Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the opinions rendered in the
Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable
to Lender in its reasonable discretion;

 

(xi)         if
Borrower breaches any negative covenant contained in Section 5.2 hereof;

 

(xii)        with
respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if
Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace
period;

 

(xiii)       if
any of the assumptions contained in the Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional
Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect, provided,
that such breach shall not constitute an Event of Default if upon the written request of Lender, Borrower promptly delivers to
Lender an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such breach
shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which opinion or modification and
the counsel delivering such opinion and modification shall be reasonably acceptable to Lender in its sole discretion;

 

(xiv)      if
a material default has occurred and continues beyond any applicable cure period under the Management Agreement (or any Replacement
Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management Agreement (or any
Replacement Management Agreement); provided, however, no Event of Default shall exist hereunder if a Replacement
Management Agreement is obtained within thirty (30) days of such material default;

 

    	-111-

    	 

    

 

 

(xv)       if
Borrower shall fail to comply with any of the terms, covenants or conditions of Section 9.1 hereof, or fails to cooperate
with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for three (3) Business
Days after written notice to Borrower from Lender;

 

(xvi)      (A)
Borrower shall fail to obtain and maintain the Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement, as applicable,
as required pursuant to the first two sentences of Section 2.2.7(a) hereof or (B) if Borrower shall otherwise violate
the provisions Section 2.2.7 hereof (except to the extent governed by the immediately preceding clause (A)),
for three (3) Business Days after written notice to Borrower from Lender;

 

(xvii)     if
(i) a breach or default by Borrower under any condition or obligation contained in any Material Ground Lease is not cured
within any applicable cure period provided in such Material Ground Lease, (ii) there occurs any other event or condition that
gives a Ground Lessor a right to terminate or cancel a Material Ground Lease, (iii) any Ground Lease Property with respect
to a Material Ground Lease shall be surrendered or any Material Ground Lease shall be terminated or cancelled for any reason or
under any circumstances whatsoever, or (iv) any of the terms, covenants or conditions of any Material Ground Lease shall in
any manner be modified, changed, supplemented, altered, or amended by Borrower without the prior written consent of Lender (to
the extent such consent is required by this Agreement);

 

(xviii)    if
the Master Lease is amended, modified, changed, supplemented, altered, surrendered, canceled, rejected or terminated (other than
the unilateral termination of the Master Lease by the Master Tenant which is expressly permitted under the Master Lease as in effect
as of the Closing Date other than by reason of a default by Borrower thereunder) for any reason without the prior written consent
of Lender;

 

(xix)       if
any certification made by Borrower pursuant to Section 9.2(b) hereof shall have been false or misleading in any material
respect as of the date of such certification;

 

(xx)        the
breach by Continuing Guarantor (as defined in the Guaranty) of its representations, warranties and/or covenants under Sections
3.4(b) or (c) of the Guaranty;

 

(xxi)       if
Borrower shall continue to be in default under any of the other terms, covenants or conditions of this Agreement not specified
in subsections (i) to (xx) above, for ten (10) days after notice to Borrower from Lender, in the case of any
default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any
other default; provided, however, that if such non-monetary default is susceptible of cure but cannot reasonably be cured within
such thirty (30) day period and provided further that Borrower shall have commenced to cure such default within such thirty (30)
day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended
for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, such additional period
not to exceed ninety (90) days; or

 

    	-112-

    	 

    

 

(xxii)      if
there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained in such documents (or
if no cure period is set forth therein, within the cure periods set forth in clause (xxi) above, whether as to Borrower
or any Individual Property, or if any other such event shall occur or condition shall exist, if the effect of such default, event
or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or
any portion of the Debt.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (vi),
(vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant
to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand (with
it being understood that, consistent with Section 10.12 hereof, the foregoing does not obviate the requirement for any notice and
cure period expressly set forth in the Loan Documents prior to the occurrence of an Event of Default), that Lender deems advisable
to protect and enforce its rights against Borrower and in and to any or all of the Properties, including, without limitation, declaring
the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in
the Loan Documents against Borrower and any or all of the Properties, including, without limitation, all rights or remedies available
at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above,
the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become
due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein
or in any other Loan Document to the contrary notwithstanding.

 

Section
8.2           Remedies. (a)  Upon the
occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other
remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by,
or applicable to, Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not
all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding
or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part
of any Individual Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently,
singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion,
to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted
by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing,
Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election
of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain
in full force and effect until Lender has exhausted all of its remedies against the Properties and each Mortgage has been foreclosed,
sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full.

 

    	-113-

    	 

    

 

(b)          With
respect to Borrower and the Properties, nothing contained herein or in any other Loan Document shall be construed as requiring
Lender to resort to any Individual Property for the satisfaction of any of the Debt in any preference or priority to any other
Individual Property, and Lender may seek satisfaction out of all of the Properties, or any part thereof, in its absolute discretion
in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Mortgages in any
manner and for any amounts secured by the Mortgages then due and payable as determined by Lender in its sole discretion including,
without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in
the payment of one or more scheduled payments of principal and interest, Lender may foreclose one or more of the Mortgages to recover
such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance
of the Loan, Lender may foreclose one or more of the Mortgages to recover so much of the principal balance of the Loan as Lender
may accelerate and such other sums secured by the Mortgages as Lender may elect. Notwithstanding one or more partial foreclosures,
the remaining Properties shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously
recovered.

 

(c)          During
the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents
into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such
denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies
provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance
agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence,
all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its
true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable
to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however,
Lender shall not make or execute any such documents under such power until three (3) Business Days after notice has been given
to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any
costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and
the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and
any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing
Date.

 

(d)          As
used in this Section 8.2, a “foreclosure” shall include, without limitation, any sale by power of sale.

 

Section
8.3           Remedies Cumulative; Waivers. The
rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or
remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in
equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such
time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy,
right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver
thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver
of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or
Event of Default by Borrower or to impair any remedy, right or power consequent thereon.

 

    	-114-

    	 

    
  

ARTICLE
IX – SPECIAL PROVISIONS

 

Section 9.1           Securitization.

 

9.1.1      Sale
of Notes and Securitization. (a)  Borrower acknowledges and agrees that Lender may sell all or any portion
of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations
of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership interests in
all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales,
participations and/or securitizations, collectively, a “Securitization”).

 

(b)          At
the request of Lender, and to the extent not already required to be provided by or on behalf of Borrower under this Agreement,
Borrower shall use reasonable efforts to provide information in the possession or control of, or reasonably obtainable by, Borrower
or its Affiliates and not in the possession of Lender or which may be reasonably required by Lender or take other actions reasonably
required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably
required by prospective investors and/or the Rating Agencies in connection with any such Securitization. Lender shall have the
right to provide to prospective purchasers, participants, investors and the Rating Agencies any information in its possession,
including, without limitation, financial statements relating to Borrower, Guarantor, if any, the Properties and any Tenant of the
Improvements. Lender acknowledges and agrees that it will not distribute Garrison Sponsor’s financial statements or other
financial information that is marked as confidential to any party except to the extent such receiving party has signed a confidentiality
agreement substantially in the form signed by Lender and an Affiliate of Garrison Guarantor, dated December 5, 2012, in connection
with the Loan, provided, that Lender shall be permitted to distribute, without the requirement of any confidentiality agreement
or confidentiality measures, such financial statements or other financial information to the Rating Agencies rating a Securitization.
Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Properties may be included in
a private placement memorandum, prospectus or other disclosure documents. Borrower agrees that Borrower and its respective officers
and representatives, shall, at Lender’s request, at its sole cost and expense, cooperate with Lender’s efforts to arrange
for a Securitization in accordance with the market standards to which Lender customarily adheres and/or which may be required by
prospective investors and/or the Rating Agencies in connection with any such Securitization. Borrower agrees to review, at Lender’s
request in connection with the Securitization, the Disclosure Documents as such Disclosure Documents relate to Borrower, Guarantor,
the Properties and the Loan, including without limitation, the sections entitled “Risk Factors,” “Special Considerations,”
“Description of the Mortgage,” “Description of the Mortgage Loan and Mortgaged Property,” “The Manager,”
“The Borrower,” and “Certain Legal Aspects of the Mortgage Loan” (or sections similarly titled or covering
similar subject matters), and to provide any edits necessary to confirm, and once such comments are incorporated to confirm that
the factual statements and representations contained in such sections and such other information in the Disclosure Documents that
Lender specifically requests Borrower to review (to the extent such information relates to, or is based on, or includes any information
regarding the Properties, the Master Lease Borrower, Guarantor, Manager and/or the Loan) do 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 (the “Borrower Confirmed Information”).

 

    	-115-

    	 

    

 

(c)          Borrower
agrees to make upon Lender’s written request, without limitation, all structural or other changes to the Loan (including
delivery of one or more new component notes to replace the original note or modify the original note to reflect multiple components
of the Loan and such new notes or modified note may have different interest rates and amortization schedules, modifications to
any documents evidencing or securing the Loan, creation of one or more mezzanine loans (including amending Borrower’s organizational
structure to provide for one or more mezzanine borrowers), delivery of opinions of counsel acceptable to the Approved Rating Agencies
or potential investors and addressing such matters as the Approved Rating Agencies or potential investors may require; provided,
however, that in creating such new notes or modified notes or mezzanine notes, or in taking any other actions under this Article
IX, Borrower shall not be required to modify (i) the initial weighted average interest rate payable under the Note, (ii) the
stated maturity of the Note, (iii) the aggregate amortization of principal of the Note, (iv) any other material economic
term of the Loan, (v) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan
Documents or (vi) materially increase any of Borrower's rights, or materially decrease any of Borrower's obligations, under the
Loan Documents or materially and adversely affect Borrower's rights or obligations under the Master Lease. In connection with the
foregoing, Borrower covenants and agrees to modify the Cash Management Agreement to reflect the newly created components and/or
mezzanine loans. Borrower and Lender each acknowledge and agree that any documentation entered into pursuant to this clause (c)
or the Splitting Documentation may only cause a change in the weighted average interest rate payable under the Note in connection
with the application of prepayments made following an Event of Default or in connection with the application of Net Proceeds to
the Debt. Any splitting, componentizing or creation of additional notes pursuant to this clause (c) is referred to as “Subordinate
Financing”.

 

(d)          If
reasonably requested by Lender, Borrower shall provide Lender, promptly upon request, with any financial statements, financial,
statistical or operating information or other information with respect to Borrower, Guarantor, Manager or the Properties in Borrower’s
possession or reasonably obtainable by Borrower as Lender shall determine necessary or appropriate (including items required (or
items that would be required if the Securitization were offered publicly) pursuant to Regulation AB under the Securities Act,
or the Exchange Act, or any amendment, modification or replacement thereto) or required by any other legal requirements, in each
case, in connection with any private placement memorandum, prospectus or other disclosure documents or materials or any filing
pursuant to the Exchange Act in connection with the Securitization or as shall otherwise be reasonably requested by Lender.

 

    	-116-

    	 

    

 

(e)          The
parties agree that each participant hereunder shall be entitled to the benefits of Sections 2.2.3(e), 2.2.3(g) and
2.7 (subject to the requirements and limitations therein, including the requirements under Section 2.7(e) (it being
understood that the documentation required under Section 2.7(e) shall be delivered to the participating Lender)) to the
same extent as if it were a Lender and had acquired its interest by assignment; provided that such participant shall not be entitled
to receive any greater payment under Sections 2.2.3(e) or 2.7, with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change
in any Legal Requirement that occurs after the participant acquired the applicable participation. Each participant shall be subject
to the provisions of Section 2.2.4.

 

9.1.2           Securitization
Costs; Cooperation Costs. All reasonable out-of-pocket third party costs and expenses incurred by Lender, Borrower,
Guarantor and Manager in connection with Borrower’s complying with Sections 9.1.1(a), (b) and (d) (including,
without limitation, the fees and expenses of the Rating Agencies and updating legal opinions) but excluding the costs and expenses
Borrower is responsible for paying pursuant to the following two sentences, shall be paid by Lender. All costs and expenses incurred
by Borrower to review the Borrower Confirmed Information shall be paid by Borrower. All costs and expenses incurred by Borrower
and all reasonable out-of-pocket third party costs and expenses (including, without limitation, the fees and expenses of the Rating
Agencies, updating legal opinions, including, without limitation, the payment of all legal fees and expenses, title insurance and/or
UCC insurance premiums and recording and filing taxes and charges) incurred by Lender, Borrower, Guarantor and Manager in connection
with any Subordinate Financing, Loan Splitting or New Mezzanine Loan required by Lender shall be paid by Borrower up to a maximum
of $25,000 in the aggregate.

 

9.1.3           Splitting
the Loan. Without limitation to Section 9.1.1(c) above, at the election of Lender (in its sole discretion)
at any time prior to a Securitization, the Loan may be split and severed into additional loans (any such splitting and severing,
a “Loan Splitting” and any such severed and split loan, a “Split Loan”). Upon the written
request of Lender in connection with any Loan Splitting, Borrower shall deliver to Lender, (a) the Splitting Documentation,
(b) updates of the opinions of counsel delivered at Closing with respect to due authorization, execution and non-consolidation,
(c) endorsements and/or updates to the Title Insurance Policies, and (d) such other certificates, instruments and documentation
as Lender may reasonably determine are necessary or appropriate to effect the Loan Splitting (the items described in subclauses (a)
through (d) collectively hereinafter shall be referred to as the “Splitting Documentation”), which Splitting
Documentation shall be in form and substance reasonably acceptable to Lender and Borrower. Upon any Loan Splitting, Lender may
effect, in its sole discretion, one or more Securitizations of which the Split Loan(s) may be a part.

 

    	-117-

    	 

    

 

9.1.4           Mezzanine
Loans. Subject to Section 9.1.3, and without limiting the provisions of Subsections 9.1.1-
9.1.3, Borrower covenants and agrees that after the Closing Date and prior to a Securitization, Lender shall have the right
to create one or more mezzanine loans (each, a “New Mezzanine Loan”), to establish different interest rates
and to reallocate the spreads and principal balances of the Loan, and any New Mezzanine Loan(s) amongst each other and to require
the payment of the Loan and any New Mezzanine Loan(s) in such order of priority as may be designated by Lender; provided, that
in no event shall (a) the weighted average spread of the Loan and any New Mezzanine Loan(s) following any such reallocation or
modification change from the weighted average spread for all in effect immediately preceding such reallocation, modification or
creation of any such New Mezzanine Loan(s) or (b) the application of prepayments permitted or required under this Agreement (other
than the application of Net Proceeds or the application of payments received during the existence of an Event of Default) be made
other than pro rata among the New Mezzanine Loan and the Loan so as to avoid “rate creep”. Borrower shall execute
and deliver such documents as shall reasonably be required by Lender as promptly as possible under the circumstances in connection
with this Section 9.1.4, all in form and substance reasonably satisfactory to Borrower, Lender and the Rating Agencies,
including, without limitation, in connection with the creation of any New Mezzanine Loan, a promissory note and loan documents
necessary to evidence such New Mezzanine Loan, and Borrower shall execute such amendments to the Loan Documents as are necessary
in connection with the creation of such New Mezzanine Loan. In addition, Borrower shall cause the formation of one or more special
purpose, bankruptcy remote entities as required by Lender in order to serve as the borrower under any New Mezzanine Loan (each,
a “New Mezzanine Borrower”) and the applicable organizational documents of Borrower shall be amended and modified
as necessary or required in the formation of any New Mezzanine Borrower. Further, in connection with any New Mezzanine Loan, Borrower
shall deliver to Lender opinions of legal counsel with respect to due execution, authority and enforceability of the New Mezzanine
Loan and the Loan Documents, as amended and an Additional Insolvency Opinion for the Loan and a substantive non-consolidation opinion
with respect to any New Mezzanine Loan, each as reasonably acceptable to Lender, prospective investors and/or the Rating Agencies.

 

Section 9.2           Securitization
Review.  (a)  Borrower understands that certain of the Provided Information may be included in Disclosure Documents
in connection with the Securitization and may also be included in filings with the Securities and Exchange Commission pursuant
to the Securities Act, or the Exchange Act, or provided or made available to investors or prospective investors in the Securities,
the Rating Agencies, and service providers relating to the Securitization. In the event that the Disclosure Document is required
to be revised prior to the sale of all Securities, Borrower will cooperate with the holder of the Note in updating the Disclosure
Document by providing all current information necessary to keep the Disclosure Document accurate and complete in all material
respects.

 

(b)          Borrower
agrees to provide, in connection with the Securitization, a certification that (i) Borrower has carefully examined the Borrower
Confirmed Information and (ii) such sections and such other information in the Disclosure Documents specifically requested
by Lender (to the extent such information relates to or includes any Borrower Confirmed Information or any factual information
regarding the Properties, Borrower, Manager and/or the Loan) (collectively with the Provided Information, the “Covered
Disclosure Information”) do 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, or if they
do contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made,
Borrower has provided to Lender in writing the information necessary to make such statements true, not misleading and complete.

 

    	-118-

    	 

    

 

(c)          Notwithstanding
anything to the contrary contained herein, Borrower shall have no obligation to act as depositor with respect to the Loan or an
issuer or registrant with respect to the Securities issued in any Securitization.

 

Section 9.3           Exculpation.

 

(a)          Subject
to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations
contained in the Note, this Agreement, the Mortgages or the other Loan Documents by any action or proceeding wherein a money judgment
shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any
other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement,
the Mortgages and the other Loan Documents, or in the Properties, the Rents, or any other collateral given to Lender pursuant to
the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding
shall be enforceable against Borrower only to the extent of Borrower’s interest in the Properties, in the Rents and in any
other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgages and the other Loan Documents,
agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under
or by reason of or under or in connection with the Note, this Agreement, the Mortgages or the other Loan Documents. The provisions
of this Section 9.3 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced
or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a party defendant in any action
or suit for foreclosure and sale under any of the Mortgages; (iii) affect the validity or enforceability of or any guaranty
made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to
obtain the appointment of a receiver; (v) impair the enforcement of any Assignment of Leases or the assignment of leases contained
in the Mortgages; or (vi) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order
to fully realize the security granted by each of the Mortgages or to commence any other appropriate action or proceeding in order
for Lender to exercise its remedies against all of the Properties.

 

(b)          Nothing
contained herein shall in any manner or way release, affect or impair the right of Lender to recover, and Borrower shall be fully
and personally liable and subject to legal action, for any loss, cost, expense, damage (excluding special, punitive and consequential
damages), claim or other obligation (including without limitation reasonable attorneys’ fees and court costs) actually incurred
or suffered by Lender arising out of or in connection with the following:

 

(i)           fraud
or intentional misrepresentation by Borrower or Guarantor at any time in connection with the Loan or the origination thereof;

 

(ii)          the
gross negligence or willful misconduct of Borrower or Guarantor at any time in connection with the Loan or the origination thereof;

 

(iii)         material
physical waste of any Individual Property by Borrower or Guarantor;

 

    	-119-

    	 

    

 

 

(iv)       the
removal or disposal of any portion of any Individual Property except to the extent permitted pursuant to the Loan Documents;

 

(v)        the
intentional misapplication or conversion by Borrower or Guarantor of (A) any Insurance Proceeds paid by reason of any loss,
damage or destruction to any Individual Property, (B) any Awards received in connection with a Condemnation of all or a portion
of any Individual Property, (C) any Rents following an Event of Default, or (D) any Rents paid more than one month in
advance;

 

(vi)       failure
to pay charges for labor or materials or other charges or judgments that can create Liens on any portion of any Individual Property
(but excluding any matter that arises by reason of lack of cash flow from the Properties as a whole, except to the extent that
such lack of cash flow arises from the misappropriation of revenue with respect to the Property) except to the extent Borrower
is contesting the same in accordance with the requirements of Sections 5.1.1, 5.1.2 or 5.1.4 of the Loan Agreement, as applicable;

 

(vii)      any
security deposits, advance deposits or any other deposits collected with respect to any Individual Property which are not delivered
to Lender upon a foreclosure of any Individual Property or action in lieu thereof, except to the extent any such security deposits
were applied (or returned to the applicable Tenant, as the case may be) in accordance with the terms and conditions of any of the
Leases prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof;

 

(viii)     intentionally
omitted;

 

(ix)        Borrower’s
failure to obtain and/or maintain the Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement, as applicable, as
required pursuant to Section 2.2.7 hereof;

 

(x)         any
amendment, modification, termination, surrender or cancellation of all or a portion of the Master Lease or any reduction in the
term of the Master Lease with respect to all or a portion of the Properties, in each case without Lender’s prior written
consent, provided, there shall be no recourse liability pursuant to this clause (x) due to the (A) unilateral
termination of the Master Lease by the Master Tenant which is expressly permitted under the Master Lease as in effect as of the
Closing Date (or any amendment of the Master Lease approved by Lender) other than by reason of a default by Borrower thereunder
or (B) the rejection of the Master Lease by Master Tenant in a Bankruptcy Action;

 

    	-120-

    	 

    

 

(xi)       any
amendment, modification (except with respect to amendment or modification of the Phoenix Ground Leases which is subject to clause
(c)(ii)(B)(6) below), termination, surrender or cancellation of a Material Ground Lease without Lender’s prior written
consent, provided, there shall be no recourse liability pursuant to this clause (xi) (A) if there was an involuntary
termination of any Material Ground Lease and the Borrower releases such Ground Lease Property upon satisfaction of the requirements
set forth in Section 2.5.2 hereof, (B) the Ground Lease is terminated due to the Borrower’s acquisition of the
fee simple interest in the Ground Lease Property in accordance with the provisions of Section 5.2.8(d) hereof, or (C) due to the
unilateral termination of the Ground Lease by the Ground Lessor other than by reason of (1) a default by Borrower thereunder or
(2) Borrower’s failure to retain its rights under such Material Ground Lease as permitted by Section 365(h)(1)(A)(ii) of
the Bankruptcy Code in connection with a rejection of the Ground Lease by the applicable Ground Lessor in a Bankruptcy Action;
or

 

(xii)      Borrower
incurs any Indebtedness (other than Indebtedness which is subject to clause (c)(ii)(B)(3) below) in violation of the provisions
of this Agreement.

 

(c)      Notwithstanding
anything to the contrary in this Agreement, the Note or any of the Loan Documents, (i) Lender shall not be deemed to have
waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions
of the Bankruptcy Code to file a claim for the full amount of the Debt secured by the Mortgages or to require that all collateral
shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (ii) the Debt shall be
fully recourse (except as limited in clause (B)(6) below) to Borrower in the event of any of the following:

 

(A)      (1) Borrower
filing a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (2) the
filing of an involuntary petition against Borrower under the Bankruptcy Code in which Borrower or Guarantor colludes with, or otherwise
assists such Person, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower
from any Person; (3) Borrower filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition
filed against it, by any other Person under the Bankruptcy Code; (4) Borrower consenting to or acquiescing in or joining in
an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of any Individual
Property (other than in connection with any deed-in-lieu or other consensual transfer or foreclosure of the Properties to Lender
following an Event of Default); or (5) Borrower making an assignment for the benefit of creditors, or admitting, in writing
or in any legal proceeding, its insolvency or inability to pay its debts as they become due; or

 

(B)      if
(1) the first full monthly payment of principal and interest on the Note is not paid when due; (2) Borrower fails to
maintain its status as a Special Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30
hereof and such failure results in Borrower being substantively consolidated in a Bankruptcy Action of any other Person; (3) the
incurrence by Borrower of any Indebtedness for any borrowed money pursuant to a loan or credit agreement or note in violation of
the provisions of this Agreement; (4) Borrower fails to obtain Lender’s prior written consent to any voluntary Lien (other
than Permitted Encumbrances) encumbering any Individual Property or the Properties as a whole; (5) Borrower fails to obtain
Lender’s prior written consent to any Transfer other than Permitted Encumbrances for which Lender’s consent is required
pursuant to this Agreement; or (6) any amendment or modification of a Phoenix Ground Lease without Lender’s prior written
consent, provided, that Borrower’s recourse liability pursuant to this clause (6) is capped at the Adjusted
Release Amount for the Phoenix Property, and further provided, that there shall be no recourse liability pursuant
to this clause (6) if Borrower releases the Phoenix Property upon satisfaction of the requirements set forth in Section 2.5.2
of this Agreement (including the payment of any Spread Maintenance Premium and the satisfaction of the applicable Ongoing Debt
Yield test).

 

    	-121-

    	 

    

 

Section
9.4      Matters Concerning Manager.
If (a) a monetary or material non-monetary Event of Default hereunder has occurred and remains uncured, (b) Manager
shall become subject to a Bankruptcy Action or (c) a monetary or material non-monetary default of Manager occurs under the
Management Agreement, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with
a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for
such Qualified Manager shall not exceed then prevailing market rates. If at any time the Existing Manager or any other Affiliated
Manager fails to be Affiliated with Borrower, Borrower shall promptly cause such Manager to be replaced with a Qualified Manager
pursuant to a Replacement Management Agreement in accordance with the preceding sentence. Notwithstanding the foregoing, Lender
shall not have the right to cause Borrower to terminate the Manager for any Individual Property managed by Bank of America, N.A.
pursuant to its rights to manage under the Master Lease.

 

Section
9.5      Servicer. At the
option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any such master
servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred
to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under
this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement, special
servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing
Agreement”) between Lender and Servicer. Lender shall be responsible for any and all set up or other initial fees and
costs relating to or arising under the Servicing Agreement. Borrower shall not be responsible for the payment of the regular monthly
master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne
by, and not reimbursable to, Servicer thereunder, however, Borrower shall be responsible for the payment of all other amounts
payable to Lender, Servicer, trustee or operating advisor solely related to the Loan under the Servicing Agreement promptly upon
Lender’s (or Servicer’s) demand therefor for the following: (a) interest payable on advances made by Servicer
with respect to delinquent debt service payments (to the extent charges are due pursuant to Section 2.3.4 and interest
at the Default Rate actually paid by Borrower in respect of such payments are insufficient to pay the same) or expenses paid by
Servicer or trustee in respect of the protection and preservation of the Properties (including, without limitation, payments of
Taxes and Insurance Premiums), (b) all costs and expenses, liquidation fees, workout fees, special servicing fees, operating
advisor fees or any other similar fees payable by Lender to Servicer as a result of an Event of Default under the Loan or the
Loan becoming specially serviced, an enforcement, refinancing or restructuring of the credit arrangements provided under this
Agreement in the nature of a “work-out” of the Loan Documents or of any insolvency or bankruptcy proceeding, which
fees may be due and payable under the Servicing Agreement on a periodic or continuing basis; (c) the costs of all property
inspections and/or appraisals of the Properties (or any updates to any existing inspection or appraisal) that Servicer, operating
advisor or the trustee may be required to obtain (other than the cost of regular annual inspections required to be borne by Servicer
under the Servicing Agreement); (d) any special requests made by Borrower or Guarantor during the term of the Loan including,
without limitation, in connection with a prepayment, assumption or modification of the Loan; or (e) any other amounts that in
market commercial mortgage-backed securitization transactions are customarily agreed to by lenders and payable or reimbursable
by Borrowers under servicing agreements.

 

    	-122-

    	 

    

 

ARTICLE
X – MISCELLANEOUS

 

Section
10.1      Survival. This
Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue
in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth
herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall
be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in
this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of
Lender.

 

Section
10.2      Lender’s Discretion.
Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement
or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or
terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion
of Lender and shall be Conclusive.

 

Section
10.3      Governing Law.
(a)  THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER
IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH
STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AGREEMENT, 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 INDIVIDUAL
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.

 

    	-123-

    	 

    

 

(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 BORROWER HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 

C/O GRAMERCY CAPITAL CORP.

420 LEXINGTON AVENUE, 18TH FLOOR

NEW YORK, NEW YORK 10170

ATTENTION: ALLAN B. ROTHSCHILD

 

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.

 

    	-124-

    	 

    

 

Section
10.4      Modification, Waiver in Writing.
No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the
Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless
the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be
effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein,
no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other
circumstances.

 

Section
10.5      Delay Not a Waiver.
Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant
or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document,
or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial
exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular,
and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or
any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all
other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt
payment of any such other amount.

 

Section
10.6      Notices. All
notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing
and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage
prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service,
with proof of attempted delivery, or (c) by facsimile with a copy pursuant to clause (b), addressed as follows (or at such other
address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the
other parties hereto in the manner provided for in this Section):

 

	If to Lender:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Joseph E. Geoghan
	 	Facsimile No.:  (212) 834-6029
	 	 
	with a copy to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	 	and

 

    	-125-

    	 

    

 

	 	Cadwalader, Wickersham & Taft LLP
	 	One World Financial Center
	 	New York, New York  10281
	 	Attention:  Fredric Altschuler, Esq.
	 	Facsimile No.: (212) 504-6666
	 	 
	If to Borrower:	c/o Gramercy Capital Corp.
	 	420 Lexington Avenue, 18th Floor
	 	New York, New York 10170
	 	Attention:  Allan B. Rothschild
	 	Facsimile No.: 212-297-1090
	 	 
	 	And
	 	 
	 	c/o Garrison Investment Group
	 	1350 Avenue of the Americas, 9th Floor
	 	New York, New York 10019
	 	Attention:  Julian Weldon
	 	Facsimile:  212-372-9525
	 	 
	With a copy to:	Allen & Overy LLP
	 	1221 Avenue of the Americas
	 	New York, New York 10020
	 	Attention:  Kevin J. O’Shea, Esq.
	 	Facsimile No.:  (212) 610-3699

 

A notice shall be deemed to have been given:
in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first
attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery
on a Business Day; or in the case of facsimile, upon sender’s receipt of a machine-generated confirmation of successful transmission.

 

Section
10.7      Trial by Jury. EACH OF LENDER AND BORROWER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY
TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR
OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER
AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF BORROWER AND LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY THE OTHER.

 

    	-126-

    	 

    

 

Section
10.8      Headings. The
Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose.

 

Section
10.9      Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement.

 

Section
10.10    Preferences. Lender
shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion
of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid
to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be
revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender.

 

Section
10.11    Waiver of Notice. Borrower
shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement
or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with
respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice.
Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement
or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower.

 

Section
10.12    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 law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, 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.

 

    	-127-

    	 

    

 

Section
10.13      Expenses; Indemnity.
(a)  Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of
written notice from Lender for all reasonable out-of-pocket costs and expenses (including reasonable out-of-pocket attorneys’
fees and expenses) actually incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery
of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby (other
than for any Securitization, Subordinate Financing, Loan Splitting or New Mezzanine Loan, each of which is governed by the provisions
of Section 9.1.2) and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any
opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to
the Properties) subject to Section 9.1; (ii) Borrower’s ongoing performance of and compliance with Borrower’s
agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with
after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s
ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents
on its part to be performed or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery
and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents
and any other documents or matters reasonably requested by Lender subject to Section 9.1; (v) securing Borrower’s
compliance with any requests made pursuant to the provisions of this Agreement (other than for any Securitization, Subordinate
Financing, Loan Splitting or New Mezzanine Loan, each of which is governed by the provisions of Section 9.1.2); (vi) the
filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all
required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant
to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims
or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower,
this Agreement, the other Loan Documents, the Properties, or any other security given for the Loan; (viii) enforcing any
obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to
the Properties and (ix) without duplication of any of the foregoing, the amounts payable by Borrower pursuant to Section 9.5;
provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise
by reason of the gross negligence, illegal acts, fraud, bad faith or willful misconduct of Lender. Any cost and expenses due and
payable to Lender may be paid from any amounts in the Lockbox Account or Cash Management Account, as applicable, if not paid within
ten (10) days after written demand from Lender together with a reasonably-detailed description of the costs and expenses.

 

(b)      Borrower
shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, (excluding special, punitive and consequential damages), penalties, actions, judgments, suits, claims, costs,
expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements
of counsel in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not
an Indemnified Party shall be designated a party thereto), that may be imposed on, incurred by, or asserted against any Indemnified
Party in any manner relating to or arising out of (i) any breach by Borrower of its obligations under, or any material misrepresentation
by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the
Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation
to any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts,
fraud, bad faith or willful misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold
harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall
pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by the Indemnified Parties.

 

    	-128-

    	 

    

 

(c)      Borrower
covenants and agrees to pay for or, if Borrower fails to pay, to reimburse Lender for, any fees and expenses incurred by any Rating
Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any
consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement
or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to
the obtaining of any such consent, approval, waiver or confirmation.

 

(d)      Borrower
shall jointly and severally indemnify the Lender and each of its respective officers, directors, partners, employees, representatives,
agents and Affiliates against any liabilities to which Lender, each of its respective officers, directors, partners, employees,
representatives, agents and Affiliates, may become subject in connection with any indemnification to the Rating Agencies in
connection with issuing, monitoring or maintaining the Securities insofar as the liabilities arise out of or are based upon
any untrue statement of any material fact in any information provided by or on behalf of the Borrowers to the Rating Agencies
(the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material
fact in the Covered Rating Agency Information required to be stated therein or necessary in order to make the statements in
the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading.

 

Section
10.14      Schedules Incorporated.
The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if
set forth in the body hereof.

 

Section
10.15      Offsets, Counterclaims and Defenses. Any assignee
of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear
of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any
assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action
or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset,
counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.

 

Section
10.16      No Joint Venture or Partnership; No Third Party Beneficiaries.
 (b)  Borrower and Lender intend that the relationships created hereunder and under 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 and Lender nor to grant Lender any interest in the Properties
other than that of mortgagee, beneficiary or lender. This Agreement and the other Loan Documents are solely for the benefit of
Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone
other than Lender 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 to make the Loan hereunder are imposed solely and exclusively
for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with
their terms or be entitled to assume that Lender will refuse to make 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, any or all of
which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable
to do so.

 

    	-129-

    	 

    

 

Section
10.17      Publicity. All news releases, publicity or advertising
by Borrower or its Affiliates (but excluding any filings required under the Securities Act, Exchange Act or other laws, rules
or regulations applicable to publicly traded companies) through any media intended to reach the general public which refers to
the Loan Documents or the financing evidenced by the Loan Documents, to Lender, JPMorgan Chase Bank, National Association, or
any of their Affiliates shall be subject to the prior written approval of Lender and JPMorgan Chase Bank, National Association
in their sole discretion.

 

Section
10.18      Cross Default; Cross Collateralization; Waiver of Marshalling of Assets.
(a)  Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective
interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral
security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized
and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event
of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement
shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall constitute security for the Note as if
a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross-collateralization
shall in no event be deemed to constitute a fraudulent conveyance.

 

(b)      To the
fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshaling of the
assets of Borrower, Borrower’s partners or members and others with interests in Borrower, and of the Properties, or to a
sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and agrees not to assert any right
under any laws pertaining to the marshaling of assets, the sale in inverse order of alienation, homestead exemption, the administration
of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents
to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right
of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every other claimant whatsoever.
In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages,
any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to
exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual
Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consents to
and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties.

 

    	-130-

    	 

    

 

Section
10.19      Waiver of Counterclaim.
Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding
brought against it by Lender or its agents.

 

Section
10.20     Conflict; Construction of Documents; Reliance.
In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions
of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection
with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle
of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower
shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements,
representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to
any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other
agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender
of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense
or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower
acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments
which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.

 

Section
10.21     Brokers and Financial Advisors.
Each of Borrower and Lender hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Each of Borrower and Lender
hereby agrees to indemnify, defend and hold the other harmless from and against any and all claims, liabilities, costs and expenses
of any kind (including Lender’s reasonable attorneys’ fees and expenses) actually incurred in any way relating to
or arising from a claim by any Person that such Person acted on behalf of the representing party in connection with the transactions
contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement
and the payment of the Debt.

 

Section
10.22      Prior Agreements. This Agreement and the other
Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby
and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are
superseded by the terms of this Agreement and the other Loan Documents.

 

Section
10.23      Joint and Several Liability.
If Borrower consists of more than one (1) Person the obligations and liabilities of each Person shall be joint and
several.

 

Section
10.24      Certain Additional Rights of Lender (VCOC).
Notwithstanding anything to the contrary contained in this Agreement, Lender shall have:

 

(a)      the right
to routinely consult with and advise Borrower’s management regarding the significant business activities and business and
financial developments of Borrower; provided, however, that such consultations shall not include discussions of environmental compliance
programs or disposal of hazardous substances. Consultation meetings should occur on a regular basis (no less frequently than quarterly)
with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice;

 

    	-131-

    	 

    

 

(b)      the right,
in accordance with the terms of this Agreement, to examine the books and records of Borrower at any reasonable times upon reasonable
notice;

 

(c)      the right,
in accordance with the terms of this Agreement, including, without limitation, Section 5.1.11 hereof, to receive monthly,
quarterly and year-end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow,
a management report and schedules of outstanding indebtedness; and

 

(d)      the right,
without restricting any other rights of Lender under this Agreement (including any similar right), to approve any acquisition by
Borrower of any other significant property (other than personal property required for the day to day operation of the Property).

 

The rights described above in this Section 10.24
may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests in Lender.

 

Section
10.25      Register.

 

(a)      Lender
shall maintain at its offices a register for the recordation of the names and addresses of the Lenders, and the commitments of,
and principal amounts (and stated interest) of the Loan owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement. The Register shall be available for inspection by Borrower or any Lender, at any reasonable time and
from time to time upon reasonable prior notice.

 

(b)      Each Lender
that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in
the Loan or other obligations under the Loan Documents (the “Participant Register”); provided, however,
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any participant or any information relating to a participant's interest in any commitments, loans, letters of credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Borrower shall have no responsibility for maintaining
a Participant Register.

 

    	-132-

    	 

    

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	-133-

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and year first
above written.

 

	 	GPT GIG BOA PORTFOLIO OWNER LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Benjamin P. Harris
	 	 	Name: Benjamin P. Harris
	 	 	Title: Authorized Signatory
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America
	 	 
	 	By:  	/s/ Thomas N. Cassino
	 	 	Name: Thomas N. Cassino
	 	 	Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]