Document:

EX-10.1 SECOND AMENDMENT TO CREDIT AGREEMENT

 

Exhibit 10.1

AFC ENTERPRISES, INC.

SECOND AMENDMENT

TO CREDIT AGREEMENT

This SECOND AMENDMENT, dated as of April 25, 2007 (this “Amendment”), to the Second Amended and
Restated Credit Agreement, dated as of May 11, 2005 (the “Credit Agreement”, as amended by the
First Amendment to the Credit Agreement, dated April 14, 2006 among the Borrower, JPMorgan Chase
Bank, N.A. and the Lenders party thereto, each in their stated capacities), is entered into by and
among AFC ENTERPRISES, INC., a Minnesota corporation (the “Borrower”), the LENDERS party thereto,
JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Administrative Agent, J.P.MORGAN SECURITIES INC., as Sole
Bookrunner and Lead Arranger and FLEET NATIONAL BANK, N.A., as Documentation Agent. Capitalized
terms used herein not otherwise defined herein or otherwise amended hereby shall have the meanings
ascribed thereto in the Credit Agreement.

RECITALS:

WHEREAS, Borrower has requested that the Lenders agree to make amendments to certain provisions of
the Credit Agreement to permit certain repurchases of Borrower Common Stock subject to the terms
and conditions set forth herein;

WHEREAS, the Lenders have agreed to amend certain provisions of the Credit Agreement, in each case
in the manner, and on the terms and conditions, provided for herein;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO CREDIT AGREEMENT

     1.1 Amendments to Article I: Definitions

     A. Section 1.01 is hereby amended by adding the following definitions:

     “Second Amendment” means the amendment to the Credit Agreement dated as of April 25,
2007.

     “Second Amendment Effective Date” means the date on or prior to April 25, 2007 upon
which all the conditions precedent set forth in Section 2 of the Second Amendment are satisfied.

     B. The definition of “Consolidated Excess Cash Flow” in Section 1.01 is hereby amended
by deleting subclause (ii)(a) in its entirety and replacing it with the following:

     “(a) voluntary, mandatory and scheduled repayments of Consolidated Total Indebtedness
(excluding repayments of Revolving Loans except to the extent the Revolving Loan Commitments are
permanently reduced in connection with such repayments and mandatory

	 	 	 	 	 
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prepayments of the Loans and excluding voluntary repayments made after the Borrower’s fiscal
year ending in 2006),”.

     1.2 Amendment to Article II: The Credits

     Section 2.10(d) is hereby amended by deleting such subsection in its entirety and replacing it
with the following:

     “(d) Following the end of each fiscal year of the Borrower, the Borrower shall prepay Term
Loan Borrowings in an aggregate amount equal to: (i) 50% of the sum of (A) Consolidated Excess Cash
Flow less (B) the amount of any voluntary prepayments, less (C) the amount by which Revolving Loan
Commitments are permanently reduced in connection with repayments and mandatory prepayments of the
Revolving Loans, for such fiscal year in accordance with paragraph (e) below if the Total Leverage
Ratio is greater than or equal to 3.00 to 1.00 on the last day of such fiscal year, (ii) 25% of the
sum of (A) Consolidated Excess Cash Flow less (B) the amount of any voluntary prepayments, less (C)
the amount by which Revolving Loan Commitments are permanently reduced in connection with
repayments and mandatory prepayments of the Revolving Loans, for such fiscal year in accordance
with paragraph (e) below if the Total Leverage Ratio is less than 3.00 to 1.00 but greater than
2.00 to 1.00 on the last day of such fiscal year or (iii) 0% of Consolidated Excess Cash Flow for
such fiscal year in accordance with paragraph (e) below if the Total Leverage Ratio is less than or
equal to 2.00 to 1.00 on the last day of such fiscal year. Each prepayment pursuant to this
paragraph shall be made on or before March 31 of each year.

     1.3 Amendments to Article VI: Negative Covenants

     A. Section 6.06(a) is hereby amended by deleting such subsection in its entirety and replacing
it with the following:

     “(a) The Borrower will not, and will not permit any of its Subsidiaries to, declare or make,
or agree to pay or make, directly or indirectly, any Restricted Payment, except, so long as no
Default or Event of Default shall have occurred and be continuing, the Borrower may (i) consummate
the Shareholder Transaction in an aggregate amount not to exceed $375,000,000 (the
“Shareholder Transaction Amount”), (ii) make payments to purchase Borrower
Common Stock or options, warrants or rights to purchase or acquire Borrower Common Stock (or any
transaction that has a substantially similar effect) with Consolidated Excess Cash Flow to the
extent not required to be paid pursuant to Section 2.10(d); provided, however, that
if at the time of making such purchase, and after giving effect thereto, the Total Leverage Ratio
of Borrower (a) is greater than or equal to 3:00 to 1.00, such payment shall not exceed $15,000,000
per fiscal year and (b) is less than 3.00 to 1.00 but greater than 2.00 to 1.00, such payment shall
not exceed $25,000,000 per fiscal year, (iii) at any time from and after the Second Amendment
Effective Date, make payments to purchase Borrower Common Stock or options, warrants or rights to
purchase or acquire Borrower Common Stock (or any transaction that has a substantially similar
effect) in an aggregate amount not to exceed $40,000,000, in addition to all other payments made
and permitted hereunder, and (iv) use the proceeds from stock option exercises in an amount not to
exceed the sum of (x) $6,400,000 from such proceeds received from the Closing Date to December 25,
2005 and (y) 100% of such proceeds received subsequent to December 26, 2005

	 	 	 	 	 
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to make payments to purchase Borrower Common Stock or options, warrants or rights to purchase
or acquire Borrower Common Stock (or any transaction that has a substantially similar effect). The
Borrower shall provide the Administrative Agent a certificate, in form and substance reasonably
satisfactory to the Administrative Agent, with respect to clauses (i), (ii), (iii) and (iv)
above, in reasonable detail.”

     B. Section 6.12 is hereby amended by deleting such section in its entirety and replacing it
with the following:

     “SECTION 6.12 Minimum Fixed Charge Coverage Ratio. As of the last day of any fiscal
quarter, the Borrower will not permit the ratio of (i) Consolidated EBITDAR less provisions for
current taxes based upon or determined by reference to income of Borrower and its Subsidiaries and
payable in cash with respect to such period less Consolidated Maintenance Capital
Expenditure to (ii) Consolidated Fixed Charges, in each case for any period of four consecutive
fiscal quarters ending on or after the Closing Date to be less than 1.30:1.00 for any such periods
ending on or prior to June 30, 2006, 1.40:1.00 for any such periods ending in subsequent to June
30, 2006, but prior to the fiscal quarter ending June 30, 2008 and 1.50:1.00 thereafter.”

     1.4 Amendment to Article IX: Miscellaneous

     Section 9.01(b) is hereby amended by deleting such subsection in its entirety and replacing it
with the following:

     “(b) if to the Borrower, to it at 5555 Glenridge Connector, Suite 300, Atlanta, GA 30342,
Attention of Treasurer (Telecopy No. (404) 459-4539); and in the case of any notice of default or
in the Event of Default, concurrently to each of AFC Enterprises, Inc., 5555 Glenridge Connector,
Suite 300, Atlanta, GA 30342, Attention of General Counsel (Telecopy No. (404) 459-4649) and to
Cohen Pollock Merlin & Small, P.C., 3350 Riverwood Parkway, SE, Suite 1600, Atlanta, GA 30339-3359,
Attention of Steven A. Fetter, Esq. (Telecopy No. (770) 858-1277);”.

SECTION 2. CONDITIONS PRECEDENT TO EFFECTIVENESS

     2.1 The effectiveness of the amendments set forth at Section 1 hereof are subject to the
satisfaction, or waiver, of the following conditions on or before the date hereof:

     A. The Borrower, the Required Lenders and the Subsidiary Loan Party shall have indicated their
consent to this Amendment by the execution and delivery of the applicable signature pages to the
Administrative Agent.

     B. As of the Second Amendment Effective Date, after giving effect to this Amendment, the
representations and warranties contained herein and in the other Loan Documents shall be true,
correct and complete in all material respects on and as of the Second Amendment Effective Date to
the same extent as though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case

	 	 	 	 	 
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such representations and warranties shall have been true, correct and complete in all material
respects on and as of such earlier date.

     C. As of the Second Amendment Effective Date, after giving effect to this Amendment, no event
shall have occurred and be continuing that would constitute an Event of Default or a Default.

     D. As of the Second Amendment Effective Date, the Borrower shall have paid all fees and other
amounts due and payable, including, to the extent invoiced, reimbursement or other payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower under any Loan Document.

     E. Administrative Agent shall have received, for distribution to all Lenders executing this
Amendment by 12:00 noon Eastern time on Wednesday, April 25, 2007, an amendment fee equal to 0.05%
of such Lenders’ outstanding Loans and, without duplication, unused Commitments immediately prior
to the Second Amendment Effective Date.

SECTION 3. REPRESENTATIONS AND WARRANTIES

     In order to induce Required Lenders to enter into this Amendment, each applicable Loan Party
represents and warrants to each Lender, as of the date hereof and upon giving effect to this
Amendment, that the representations and warranties contained in each of the Loan Documents are
true, correct and complete in all material respects on and as of the date hereof to the same extent
as though made on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and warranties shall
have been true, correct and complete in all material respects on and as of such earlier date.

SECTION 4. ACKNOWLEDGMENT AND CONSENT

     4.1 The Subsidiary Loan Party has (i) guarantied the Obligations and (ii) created Liens in
favor of Lenders on certain Collateral to secure such obligations.

     4.2 The Subsidiary Loan Party hereby acknowledges that it has reviewed the terms and
provisions of the Credit Agreement and this Amendment and consents to the amendment of the Credit
Agreement effected pursuant to this Amendment. The Subsidiary Loan Party hereby confirms that each
Security Document to which it is a party or otherwise bound and all Collateral encumbered thereby
will continue to guarantee or secure, as the case may be, to the fullest extent possible in
accordance with the Security Documents, the payment and performance of all Obligations under the
Credit Agreement and the Obligations (as such term is defined in the Security Documents) under the
Security Documents, as the case may be, including without limitation the payment and performance of
all such Obligations under the Credit Agreement and the Obligations under the Security Documents in
respect of the Obligations of Borrower now or hereafter existing under or in respect of the Credit
Agreement, as amended hereby, and grants to the Collateral Agent a continuing lien on and security
interest in and to all Collateral as collateral security for the prompt payment and performance in
full when due of the Obligations under the Credit Agreement and the Obligations under the Security
Documents (whether at stated maturity, by acceleration or otherwise).

	 	 	 	 	 
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     4.3 The Subsidiary Loan Party acknowledges and agrees that any of the Security Documents to
which it is a party or otherwise bound shall continue in full force and effect and that all of its
obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the
execution or effectiveness of this Amendment. The Subsidiary Loan Party represents and warrants
that all representations and warranties contained in the Credit Agreement, as amended hereby, and
the Security Documents to which it is a party or otherwise bound are true, correct and complete in
all material respects on and as of the Second Amendment Effective Date to the same extent as though
made on and as of that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

     4.4 The Subsidiary Loan Party acknowledges and agrees that (i) notwithstanding the conditions
to effectiveness set forth in this Amendment, the Subsidiary Loan Party is not required by the
terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit
Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this
Amendment or any other Loan Document shall be deemed to require the consent of the Subsidiary Loan
Party to any future amendments to the Credit Agreement.

SECTION 5. MISCELLANEOUS

     5.1 This Amendment shall be binding upon the parties hereto and the Lenders and their
respective successors and assigns and shall inure to the benefit of the parties hereto and the
successors and assigns of Lenders. No Loan Party’s rights or obligations hereunder or any interest
therein may be assigned or delegated by any Loan Party without the prior written consent of all
Lenders.

     5.2 In case any provision in or obligation hereunder shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby.

     5.3 On and after the Second Amendment Effective Date, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be
a reference to the Credit Agreement as amended by this Amendment.

     5.4 Except as specifically amended by this Amendment, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

     5.5 The execution, delivery and performance of this Amendment shall not, except as expressly
provided herein, constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan
Documents.

	 	 	 	 	 
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     5.6 Section headings herein are included herein for convenience of reference only and shall
not constitute a part hereof for any other purpose or be given any substantive effect.

     5.7 THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     5.8 This Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original, but all such counterparts together shall
constitute but one and the same instrument. As set forth herein, this Amendment shall become
effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by
Borrower and Administrative Agent of written or telephonic notification of such execution and
authorization of delivery thereof.

[The remainder of this page is intentionally left blank.]

	 	 	 	 	 
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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 
	BORROWER: 	AFC ENTERPRISES, INC.

 	 
	 	By:  	/s/ H. Melville Hope, III
 	 
	 	 	Name:  	H. Melville Hope, III 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	SUBSIDIARY LOAN PARTY:	AFC PROPERTIES, INC.

 	 
	 	By:  	/s/ Harold M. Cohen
 	 
	 	 	Name:  	Harold M. Cohen 	 
	 	 	Title:  	Vice President 	 
	 

Second Amendment to Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	LENDERS: 	JPMORGAN CHASE BANK, N.A.,

individually as a Lender and as Administrative Agent

 	 
	 	By:  	/s/ H. David Jones
 	 
	 	 	Name:  	H. David Jones 	 
	 	 	Title:  	Senior Vice President 	 
	 

Second Amendment to Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	By signing below, you have indicated your consent to the Second Amendment.

Institution Name: JP Morgan Chase Bank, N.A.

 	 
	 	By:  	/s/ H. David Jones
 	 
	 	 	Name:  	H. David Jones 	 
	 	 	Title:  	Senior Vice President 	 
	 

Second Amendment to Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	By signing below, you have indicated your consent to the Second Amendment.

Institution Name: Bank of America, N.A. (f/k/a/ Fleet

National Bank, Inc.)

 	 
	 	By:  	/s/ John H. Schmidt
 	 
	 	 	Name:  	John H. Schmidt 	 
	 	 	Title:  	Vice President 	 
	 

Second Amendment to Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	By signing below, you have indicated your consent to the Second Amendment. 

[Other Lender signatures omitted.]

 	 

Second Amendment to Second Amended and Restated Credit AgreementEX-10.1 FIXED RATE NOTE (LOAN A) DATED MAY 5, 2005

 

Exhibit
10.1

Loan No. V_49857

FIXED RATE NOTE

(A LOAN)

			
	 	 	 
	$10,240,000.00
	 	May 2, 2005

     FOR VALUE RECEIVED, SHAFER PLAZA I, LTD., a Texas limited partnership (hereinafter referred
to as “Borrower”), having its principal place of business at 3001 Knox Street, Suite 207, Dallas,
Texas 75205, unconditionally promises to pay to the order of
JPMORGAN CHASE BANK, N.A., a banking
association chartered under the laws of the United States of America having an office at 270 Park
Avenue, New York, New York 10017, its successors and assigns (hereinafter referred to as
“Lender”), at the office of Lender or its agent, designee, or assignee at 270 Park Avenue, New
York, New York 10017, Attention: Loan Servicing, or at such place as Lender or its agent,
designee, or assignee may from time to time designate in writing, the principal sum of TEN MILLION
TWO HUNDRED FORTY THOUSAND AND NO/100 DOLLARS ($10,240,000.00), in lawful money of the United
States of America, with interest thereon to be computed on the unpaid principal balance from time
to time outstanding at the Applicable Interest Rate (hereinafter defined) at all times prior to
the occurrence of an Event of Default (as defined in the Security Instrument [hereinafter
defined]), and to be paid in installments as set forth below. Unless otherwise herein defined, all
initially capitalized terms shall have the meanings given such terms in the Security Instrument.
Notwithstanding anything in the Security Instrument to the contrary, the term “this Note” as used
herein shall mean and refer only to this Fixed Rate Note securing this loan (the “A Loan”).

     Concurrently with the execution of this Note, Borrower has executed and delivered to Lender
that certain Fixed Rate Note for a loan (the “B Loan”) dated of even date herewith executed by
Borrower in the original principal amount of $640,000.00 (the “B Note”). The indebtedness evidenced
by the B Note and the obligations created thereby are also secured by the Security Instrument, the
Assignment and the other Loan Documents securing the A Loan. Lender has been engaged as collateral
agent by Lender (the “Collateral Agent”) and the holder of the B Note to administer the documents
and collateral securing this Note and the B Note, including, without limitation the Property (as
hereinafter defined).

     Borrower shall make separate payments of principal and interest under the notes evidencing
the A Loan and the B Loan, as directed by the holder of the A Note and the B Note.

     1. Payment Terms. Principal and interest due under this Note shall be paid as
follows:

     (a) A payment of interest only on the date hereof for the period from the date
hereof through May 30, 2005, both inclusive; and

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 1
	 	JPMorgan Chase Bank, N.A.

 

 

     (b) A constant payment of $58,914.89, on the first day of July, 2005 and on the
first day of each calendar month thereafter up to and including the first day of May, 2015;

with payments under this Note to be applied as follows:

     (i) First, to the payment of interest and other costs and charges due in
connection with this Note or the Debt, as Lender may determine in its sole
discretion; and

     (ii) The balance shall be applied toward the reduction of the principal sum;

and the balance of said principal sum, together with accrued and unpaid interest and any
other amounts due under this Note shall be due and payable on the first day of June, 2015
or upon earlier maturity hereof whether by acceleration or otherwise (the “Maturity
Date”). Interest on the principal sum of this Note shall be calculated on the basis of
a three hundred sixty (360) day year and paid for the actual number of days elapsed. All
amounts due under this Note shall be payable without setoff, counterclaim or any other
deduction whatsoever.

     2. Interest . The term “Applicable Interest Rate” means from the date of this
Note through and including the Maturity Date, a rate of five and 620/1000ths percent (5.62%) per
annum.

     3. Security. This Note is secured by, and Lender is entitled to the benefits of, the
Security Instrument, the Assignment, the Environmental Agreement, and the other Loan Documents
(hereinafter defined). The term “Security Instrument” means the Deed of Trust and Security
Agreement dated the date hereof given by Borrower for the use and benefit of Lender covering the
estate of Borrower in certain premises as more particularly described therein (which premises,
together with all properties, rights, titles, estates and interests now or hereafter securing the
Debt and/or other obligations of Borrower under the Loan Documents, are collectively referred to
herein as the “Property”). The term “Assignment” means the Assignment of Leases and Rents of even
date herewith executed by Borrower in favor of Lender. The term “Environmental Agreement”
means the Environmental Indemnity Agreement of even date herewith executed by Borrower in favor of
Lender. The term “Loan Documents” refers collectively to this Note, the Security
Instrument, the Assignment, the Environmental Agreement, and any and all other documents
executed in connection with this Note or now or hereafter executed by Borrower and/or others and by
or in favor of Lender, which wholly or partially secure or guarantee payment of this Note or
pertains to indebtedness evidenced by this Note.

     4. Late Fee. If any installment payable under this Note (including the final
installment due on the Maturity Date) is not received by Lender prior to the seventh (7th) calendar
day after the same is due (without regard to any applicable cure and/or notice period), Borrower
shall pay to Lender upon demand an amount equal to the lesser of (a) five percent

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 2
	 	JPMorgan Chase Bank, N.A.

 

 

(5%) of such unpaid sum or (b) the maximum amount permitted by applicable law to defray the
expenses incurred by Lender in handling and processing such delinquent payment and to compensate
Lender for the loss of the use of such delinquent payment, and such amount shall be secured by the
Loan Documents.

     5. Default and Acceleration. So long as an Event of Default exists, Lender may, at
its option, without notice or demand to Borrower, declare the Debt immediately due and payable. All
remedies hereunder, under the Loan Documents and at law or in equity shall be cumulative. In the
event that it should become necessary to employ counsel to collect the Debt or to protect or
foreclose the security for the Debt or to defend against any claims asserted by Borrower arising
from or related to the Loan Documents, Borrower also agrees to pay to Lender on demand all costs of
collection or defense incurred by Lender, including reasonable attorneys’ fees for the services of
counsel whether or not suit be brought.

     6. Default Interest. Upon the occurrence of an Event of Default Borrower shall pay
interest on the entire unpaid principal sum and any other amounts due under the Loan Documents at
the rate equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) the
greater of (i) five percent (5%) above the Applicable Interest Rate or (ii) five percent (5%) above
the Prime Rate (hereinafter defined), in effect at the time of the occurrence of the Event of
Default (the “Default Rate”). The term “Prime Rate” means the prime rate reported in the Money
Rates section of The Wall Street Journal. In the event that The Wall Street Journal should cease
or temporarily interrupt publication, the term “Prime Rate” shall mean the daily average prime rate
published in another business newspaper, or business section of a newspaper, of national standing
and general circulation chosen by Lender. In the event that a prime rate is no longer generally
published or is limited, regulated or administered by a governmental or quasi-governmental body,
then Lender shall select a comparable interest rate index which is readily available and verifiable
to Borrower but is beyond Lender’s control. The Default Rate shall be computed from the occurrence
of the Event of Default until the actual receipt and collection of a sum of money determined by
Lender to be sufficient to cure the Event of Default Amounts of interest accrued at the Default
Rate shall constitute a portion of the Debt, and shall be deemed secured by the Loan Documents.
This clause, however, shall not be construed as an agreement or privilege to extend the date of the
payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of
the occurrence of any Event of Default. As used herein, the term “Default Rate” shall mean
(a) in the case of an advance made or cost incurred solely on behalf of the holder of the A Note,
the Default Rate as defined in the A Note, (b) in the case of an advance made or cost incurred
solely on behalf of the holder of the B Note, the Default Rate as defined in the B Note, (c) in the
case of an advance made or cost incurred on behalf of the holder of the A Note and the holder of
the B Note, the Default Rate as defined in the A Note and the Default Rate as defined in the B
Note, as applicable, shall apply to the advance or cost in the same proportion as the then
outstanding principal balance of the A Loan bears to the principal balance of the B Loan, and (d)
where interest is payable on the loan principal balance at the “Default Rate”, the Default Interest
Rate as defined in the A Note shall apply to the principal balance of the A Loan and the Default
Rate as defined in the B Note shall apply to the principal balance of the B Loan.

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 3
	 	JPMorgan Chase Bank, N.A.

 

 

     7. Prepayment.

     (a) The principal balance of this Note may not be prepaid in whole or in part (except
with respect to the application of casualty or condemnation proceeds) prior to the Maturity
Date. If following the occurrence of any Event of Default, Borrower shall tender payment
to Lender or Lender shall receive proceeds (whether through foreclosure or the exercise of
the other remedies available to Lender under the Security Instrument or the other Loan
Documents), Borrower shall pay in addition to interest accrued and unpaid on the principal
balance of this Note and all other sums then due under this Note and the other Loan
Documents a prepayment consideration in an amount equal to the greater of (A) one percent
(1%) of the outstanding principal balance of this Note at the time such payment or proceeds
are received, or (B) (x) the present value as of the date such payment or proceeds are
received of the remaining scheduled payments of principal and interest from the date such
payment or proceeds are received through the Maturity Date (including any balloon payment)
determined by discounting such payments at the Discount Rate (as hereinafter defined), less
(y) the amount of the payment or proceeds received. The term “Discount Rate” means
the rate which, when compounded monthly, is equivalent to the Treasury Rate (as
hereinafter defined), when compounded semi-annually. The term “Treasury Rate”
means the yield calculated by the linear interpolation of the yields, as reported in
Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading
“U.S. Government Securities/Treasury Constant Maturities” for the week ending prior to the
date the payment or such proceeds are received, of U.S. Treasury constant maturities with
maturity dates (one longer and one shorter) most nearly approximating the Maturity Date. (In
the event Release H. 15 is no longer published, Lender shall select a comparable publication
to determine the Treasury Rate.) Lender shall notify Borrower of the amount and the
basis of determination of the required prepayment consideration, which shall be conclusive
except in the case of manifest error. Notwithstanding the foregoing, Borrower shall have
the additional privilege to prepay the entire principal balance of this Note (together with
any other sums constituting the Debt) on any scheduled payment date occurring on or after
that date which is three (3) months preceding the Maturity Date without any fee or
consideration for such privilege.

     (b) If the prepayment results from the application to the Debt of the casualty or
condemnation proceeds from the Property, no prepayment consideration will be imposed.
Partial prepayments of principal resulting from the application of casualty or condemnation
proceeds to the Debt shall not change the amounts of subsequent monthly installments nor
change the dates on which such installments are due, unless Lender shall otherwise agree in
writing.

     (c) (i) Notwithstanding any provision of this Section 7 to the
contrary, at any time after the earlier of (A) the date that is four (4) years
after the date of the first monthly payment due under Section l(b) hereof,
and (B) the later of (i) the date which is two years after the “startup day,”
within the meaning of Section 860G(a)(9) of the Internal Revenue Code of 1986, as
amended from time

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 4
	 	JPMorgan Chase Bank, N.A.

 

 

to time or any successor statute (the “Code”), of a “real estate mortgage
investment conduit,” within the meaning of Section 860D of the Code, that holds the
A Loan and (ii) the date which is two years after the “startup day,” within the
meaning of Section 860G(a)(9) of the Code, of a “real estate mortgage investment
conduit,” within the meaning of Section 860D of the Code, that holds the B Loan, and
provided no Event of Default (or any event which with the passage of time or the
giving of notice, or both, could become an Event of Default) has occurred under the
Security Instrument or under any of the Loan Documents, Borrower may cause the
release of the Property (in whole but not in part) from the lien of the Security
Instrument and the other Loan Documents upon the satisfaction of the following
conditions precedent:

     (A) not less than thirty (30) days prior written notice to Lender
specifying a regularly scheduled payment date (the “Release Date”) on which
the Defeasance Deposit (hereinafter defined) is to be made;

     (B) the payment to Lender of interest accrued and unpaid on the
principal balance of this Note to and including the Release Date;

     (C) the payment to Lender of all other sums, not including scheduled
interest or principal payments, due under this Note, the Security Instrument
and the other Loan Documents;

     (D) the payment to Lender of the Defeasance Deposit; and

     (E) the delivery to Lender of:

     (1) a security agreement, in form and substance
satisfactory to Lender, creating a first priority lien on the
Defeasance Deposit and the U.S. Obligations (hereinafter defined)
purchased on behalf of Borrower with the Defeasance Deposit in
accordance with this subparagraph (the “Security Agreement”):

     (2) a release of the Property from the lien of the Security
Instrument (for execution by Lender) in a form
appropriate for the jurisdiction in which the Property is located;

     (3) an officer’s certificate of Borrower certifying that the
requirements set forth in this subparagraph (i) have been satisfied;

     (4) an opinion of counsel for Borrower in form
satisfactory to Lender stating, among other things, that defeasance
of this Note will not cause any adverse consequences to any REMIC
holding the Loan or the holders of any securities issued by the REMIC
or result in a taxation of the income from the Loan to

			
	 	 	 
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	 	JPMorgan Chase Bank, N.A.

 

 

such REMIC or cause a loss of REMIC status, and that Lender has
a perfected first priority security interest in the Defeasance
Deposit and the U.S. Obligations purchased by Lender on behalf of
Borrower;

     (5) an opinion of a certified public accountant
acceptable to Lender to the effect that the Defeasance Deposit is
adequate to provide payment on or prior to, but as close as possible
to, all successive scheduled payment dates after the Release Date
upon which interest and principal payments are required under this
Note (including the amounts due on the Maturity Date) and in amounts
equal to the scheduled payments due on such dates under this Note;

     (6) evidence in writing from the applicable Rating Agencies to
the effect that such release will not result in a re-qualification,
reduction or withdrawal of any rating in effect immediately prior to
such defeasance for any Securities;

     (7) payment of all of Lender’s expenses incurred in connection
with the defeasance including, without limitation, reasonable
attorneys fees; and

     (8) such other certificates, documents or instruments as Lender
may reasonably request.

     In connection with the conditions set forth in subsection (c)(i)(E) above,
Borrower hereby appoints Lender as its agent and attorney-in-fact for the purpose
of using the Defeasance Deposit to purchase U.S. Obligations which provide payment
on or prior to, but as close as possible to, all successive scheduled payment dates
after the Release Date upon which interest and principal payments are required
under this Note (including the amounts due on the Maturity Date) and in amounts
equal to the scheduled payments due on such dates under this Note (the
“Scheduled Defeasance Payments”). Borrower, pursuant to the Security
Agreement or other appropriate document, shall authorize and direct that the
payments received from the U.S. Obligations may be made directly to Lender and
applied to satisfy the obligations of the Borrower under this Note.

     (ii) Upon compliance with the requirements of this subsection (c), the
Property shall be released from the lien of the Security Instrument and the pledged
U.S. Obligations shall be the sole source of collateral securing this Note. Any
portion of the Defeasance Deposit in excess of the amount necessary to purchase the
U.S. Obligations required by subparagraph (c)(i) above and satisfy the Borrower’s
obligations under this subsection (c) shall be remitted to the Borrower with the
release of the Property from the lien of the Security Instrument.

			
	 	 	 
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     (iii) For purposes of this subsection (c), the following terms shall have
the following meanings:

     (A) The term “Defeasance Deposit” shall mean an amount equal to
100% of the remaining principal amount of this Note, the Yield Maintenance
Premium, any costs and expenses incurred or to be incurred in the purchase of
the U.S. Obligations necessary to meet the Scheduled Defeasance Payments and
any revenue, documentary stamp or intangible taxes or any other tax or charge
due in connection with the transfer of this Note or otherwise required to
accomplish the agreements of this subsection;

     (B) The term “Yield Maintenance Premium” shall mean the amount
(if any) which, when added to the remaining principal amount of this Note,
will be sufficient to purchase U.S. Obligations providing the required
Scheduled Defeasance Payments; and

     (C) The term “U.S .Obligations” shall mean direct non-callable
obligations of the United States of America.

     (iv) Upon the release of the Property in accordance with this subsection (c),
Borrower shall, at Lender’s request, assign all its obligations and rights under
this Note, together with the pledged Defeasance Deposit, to a successor special
purpose entity designated by Borrower and approved by Lender in its sole
discretion. Such successor entity shall execute an assumption agreement in form and
substance satisfactory to Lender in its sole discretion pursuant to which it shall
assume Borrower’s obligations under this Note and the Security Agreement. In
connection with such assignment and assumption, Borrower shall (x) deliver to
Lender an opinion of counsel in form and substance and delivered by counsel
satisfactory to Lender in its sole discretion stating, among other things, that
such assumption agreement is enforceable against Borrower and such successor entity
in accordance with its terms and that this Note, the Security Agreement and the
other Loan Documents, as so assumed, are enforceable against such successor entity
in accordance with their respective terms, and (y) pay all costs and expenses
incurred by Lender or its agents in connection with such assignment and assumption
(including, without limitation, the review of the proposed transferee and the
preparation of the assumption agreement and related documentation). In connection
with such assignment and assumption, Borrower and any Guarantor may be released of
personal liability under the Note and the other Loan Documents, but only as to acts
or events occurring after the closing of such assignment and assumption.

     (v) Upon the release of the Property in accordance with this subsection (c),
Borrower shall have no further right to prepay this Note pursuant to the other
provisions of this Section 7 or otherwise.

			
	 	 	 
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	 	JPMorgan Chase Bank, N.A.

 

 

     (d) Application of a Prepayment. Prior to an Event of Default, except as
otherwise provided herein, any prepayment of the Loan (including, without limitation, by
virtue of the payment of release prices or the application of title awards, casualty
proceeds or condemnation awards), together with all correspondence prepayment premiums, if
any, shall be applied, first, to the principal balance of the A Loan (together with any
corresponding prepayment premium) and, then, upon payment in full of the A Loan, to the
principal balance of the B Loan (together with any correspondence prepayment premium). Any
voluntary prepayment or defeasance of the A Loan must occur concurrently with the voluntary
prepayment or defeasance of the B Loan. Any voluntary prepayment or defeasance of the B
Loan must occur concurrently with the voluntary prepayment or defeasance of the A Loan.
Unless there is a continuing Event of Default, there shall be no prepayment penalty or
premium for prepayment resulting from the application of title insurance, casualty
insurance or condemnation proceeds or awards. If during the continuance of an Event of
Default, the Lenders are entitled to receive any prepayment penalty or premium, then
principal and interest on the A Loan and the B Loan shall be paid from the amounts paid by
Borrower prior to the payment of any such prepayment penalty or premium.

     8. Savings Clause. This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due hereunder at a rate
which could subject Lender to either civil or criminal liability as a result of being in excess of
the maximum interest rate which Borrower is permitted by applicable law to contract or agree to
pay. If by the terms of this Note, Borrower is at any time required or obligated to pay interest on
the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable
Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to
such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have
been payments in reduction of principal and not on account of the interest due hereunder. All sums
paid or agreed to be paid to Lender for the use, forbearance, retention or detention of the Debt,
shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of this Note until payment in full so that the rate or amount of
interest on account of the Debt does not exceed the maximum lawful rate of interest from time to
time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding
anything to the contrary contained herein or in any of the other Loan Documents, it is not the
intention of Lender to accelerate the maturity of any interest that has not accrued at the time of
such acceleration or to collect unearned interest at the time of such acceleration.

     9. Waivers.

     (a) Except as specifically provided in the Loan Documents, Borrower and any endorsers,
sureties or guarantors hereof jointly and severally waive presentment and demand for
payment, notice of intent to accelerate maturity, notice of acceleration of maturity,
protest and notice of protest and non-payment, all applicable exemption rights, valuation
and appraisement, notice of demand, and all other notices in connection with the delivery,
acceptance, performance, default or enforcement of the payment of this

			
	 	 	 
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	 	JPMorgan Chase Bank, N.A.

 

 

Note and the bringing of suit and diligence in taking any action to collect any sums
owing hereunder or in proceeding against any of the rights and collateral securing payment
hereof. Borrower and any surety, endorser or guarantor hereof agree (i) that the time for
any payments hereunder may be extended from time to time without notice and consent, (ii) to
the acceptance by Lender of further collateral, (iii) the release by Lender of any existing
collateral for the payment of this Note, (iv) to any and all renewals, waivers or
modifications that may be granted by Lender with respect to the payment or other provisions
of this Note, and/or (v) that additional Borrowers, endorsers, guarantors or sureties may
become parties hereto all without notice to them and without in any manner affecting their
liability under or with respect to this Note. No extension of time for the payment of this
Note or any installment hereof shall affect the liability of Borrower under this Note or any
endorser or guarantor hereof even though the Borrower or such endorser or guarantor is not a
party to such agreement.

     (b) Failure of Lender to exercise any of the options granted herein to Lender upon the
happening of one or more of the events giving rise to such options shall not constitute a
waiver of the right to exercise the same or any other option at any subsequent time in
respect to the same or any other event. The acceptance by Lender of any payment hereunder
that is less than payment in full of all amounts due and payable at the time of such
payment shall not constitute a waiver of the right to exercise any of the options granted
herein to Lender at that time or at any subsequent time or nullify any prior exercise of
any such option without the express written acknowledgment of the Lender.

     10. Exculpation.

     (a) Notwithstanding anything in the Loan Documents to the contrary, but subject to the
qualifications below, Lender and Borrower agree that:

     (i) Borrower shall be liable upon the Debt and for the other obligations
arising under the Loan Documents to the full extent (but only to the extent) of the
security therefor; provided, however, that in the event (A) of fraud,
willful misconduct or material misrepresentation by Borrower, or any of its
principals, officers, managers, members or general partners, if any, its members,
if any, its principals, its affiliates, its agents or its employees or by any
Guarantor in connection with the loan evidenced by this Note, (B) of a breach or
default under Sections 4.3 or 8.2 of the Security Instrument, or
(C) the Property or any part thereof becomes an asset in a voluntary bankruptcy or
insolvency proceeding, the limitation on recourse set forth in this Subsection
10(a) will be null and void and completely inapplicable, and this Note shall be
with full recourse to Borrower.

     (ii) If a default occurs in the timely and proper payment of all or any part of
the Debt, Lender shall not enforce the liability and obligation of Borrower to
perform and observe the obligations contained in this Note or the Security
Instrument by any action or proceeding wherein a money judgment shall be sought
against Borrower, except that Lender may bring a foreclosure action,

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 9
	 	JPMorgan Chase Bank, N.A.

 

 

action for specific performance or other appropriate action or proceeding to
enable Lender to enforce and realize upon the Security Instrument, the Other Loan
Documents and the interest in the Property, the Rents and any other collateral given
to Lender created by the Security Instrument and the Other Loan Documents;
provided, however, that any judgment in any action or proceeding shall be
enforceable against Borrower only to the extent of Borrower’s interest in the
Property, in the Rents and in any other collateral given to Lender. Lender, by
accepting this Note and the Security Instrument, agrees that it shall not, except as
otherwise herein provided, sue for, seek or demand any deficiency judgment against
Borrower in any action or proceeding, under or by reason of or under or in
connection with this Note, the Other Loan Documents or the Security Instrument.

     (iii) The provisions of this Subsection 10(a) shall not (A) constitute
a waiver, release or impairment of any obligation evidenced or secured by this Note,
the Other Loan Documents or the Security Instrument; (B) impair the right of Lender
to name Borrower as a party defendant in any action or suit for judicial foreclosure
and sale under the Security Instrument; (C) affect the validity or enforceability of
any indemnity, guaranty, master lease or similar instrument made in connection with
this Note, the Security Instrument, or the Other Loan Documents; (D) impair the
right of Lender to obtain the appointment of a receiver; (E) impair the enforcement
of the Assignment executed in connection herewith; (F) impair the right of Lender to
enforce the provisions of Article 11 of the Security Instrument; or (G) impair the
right of Lender to obtain a deficiency judgment or judgment on this Note against
Borrower if necessary to obtain any insurance proceeds or condemnation awards to
which Lender would otherwise be entitled under the Security Instrument;
provided, however, Lender shall only enforce such judgment against the
insurance proceeds and/or condemnation awards.

     (iv) Notwithstanding the provisions of this Article to the contrary, Borrower
shall be personally liable to Lender for the Losses it incurs due to: (A) the
misapplication or misappropriation of Rents; (B) the misapplication or
misappropriation of insurance proceeds or condemnation awards; (C) Borrower’s
failure to return or to reimburse Lender for all Personal Property taken from the
Property by or on behalf of Borrower and not replaced with Personal Property of the
same utility and of the same or greater value; (D) any act of actual waste or arson
by Borrower, any principal, affiliate, general partner or member thereof or by any
Guarantor; (E) any fees or commissions paid by Borrower to any principal, affiliate,
general partner or member of Borrower, or any Guarantor in violation of the terms of
this Note, the Security Instrument or the Other Loan Documents; (F) Borrower’s
failure to comply with the provisions of Article 11 of the Security Instrument; (G)
any breach of the Environmental Indemnity; or (H) any violation, breach, or
non-compliance of Borrower or the Property with the provisions of that certain
Declaration of Easements and Restrictions filed for record under Clerk’s File No.
R075370, as amended by First Amendment to Declaration of Easements

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 10
	 	JPMorgan Chase Bank, N.A.

 

 

and Restrictions filed for record under Clerk’s File No. R778938, Official
Public Records of Real Property of Harris County, Texas (the “Declaration”), which
accrue or arise prior to the date hereof; provided, however, that upon
receipt of an estoppel certificate by Lender, in a form acceptable to Lender, from
Wal-Mart Stores, Inc., or its successor in interest under the Declaration, this
Section 10(a)(iv)(H) shall be of no further force or effect.

     (b) Nothing herein shall be deemed to be a waiver of any right which Lender may have
under Sections 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 or to require that all collateral shall
continue to secure all of the Debt, owing to Lender in accordance with this Note, the
Security Instrument and the Other Loan Documents.

     (c) Lender and Borrower hereby agree that any rights, powers or remedies of enforcement
available to Lender by the terms of the Loan Documents may be exercised by the Collateral
Agent.

     11. Authority. Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute, deliver and perform
its obligations pursuant to this Note and the other Loan Documents and that this Note and the other
Loan Documents constitute legal, valid and binding obligations of Borrower. Borrower further
represents that the loan evidenced by the Loan Documents was made for business or commercial
purposes and not for personal, family or household use.

     12. Notices. All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner and be effective as specified in the Security
Instrument, directed to the parties at their respective addresses as provided therein.

     13. Transfer. Lender shall have the unrestricted right at any time or from time to
time to sell this Note and the loan evidenced by this Note and the Loan Documents or participation
interests therein. Borrower shall execute, acknowledge and deliver any and all instruments
requested by Lender to satisfy such purchasers or participants that the unpaid indebtedness
evidenced by this Note is outstanding upon the terms and provisions set out in this Note and the
other Loan Documents. To the extent, if any, specified in such assignment or participation, such
assignee(s) or participant(s) shall have the rights and benefits with respect to this Note and the
other Loan Documents as such assignee(s) or participant(s) would have if they were the Lender
hereunder.

     14. Waiver of Trial by Jury. 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 THIS NOTE OR THE OTHER LOAN
DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH INCLUDING,
BUT NOT LIMITED TO, THOSE RELATING TO (A) ALLEGATIONS THAT A PARTNERSHIP
EXISTS BETWEEN LENDER AND BORROWER; (B) USURY OR

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 11
	 	JPMorgan Chase Bank, N.A.

 

 

PENALTIES OR DAMAGES THEREFOR; (C) ALLEGATIONS OF UNCONSCIONABLE ACTS, DECEPTIVE TRADE
PRACTICE, LACK OF GOOD FAITH OR FAIR DEALING, LACK OF COMMERCIAL REASONABLENESS, OR SPECIAL
RELATIONSHIPS (SUCH AS FIDUCIARY, TRUST OR CONFIDENTIAL RELATIONSHIP); (D) ALLEGATIONS OF DOMINION,
CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL ESTATE FRAUD, MISREPRESENTATION, DURESS, COERCION,
UNDUE INFLUENCE, INTERFERENCE OR NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS INTERFERENCE WITH PRESENT OR PROSPECTIVE BUSINESS
RELATIONSHIPS OR OF ANTITRUST; OR

(F) SLANDER, LIBEL OR DAMAGE TO REPUTATION. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.

     15. Applicable Law. This Note shall be governed by and construed in accordance
with the laws of the state in which the real property encumbered by the Security Instrument is
located (without regard to any conflict of laws or principles) and the applicable laws of the
United States of America.

     16. Jurisdiction. BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY
COURT OF COMPETENT JURISDICTION LOCATED IN THE STATE IN WHICH THE PROPERTY IS LOCATED IN
CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

     17. No Oral Change. The provisions of this Note and the Loan Documents may be amended
or revised only by an instrument in writing signed by the Borrower and Lender. This Note and all
the other Loan Documents embody the final, entire agreement of Borrower and Lender and supersede
any and all prior commitments, agreements, representations and understandings, whether written
or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by
evidence of prior, contemporaneous or subsequent oral agreements or discussions of Borrower and
Lender. There are no oral agreements between Borrower and Lender.

The remainder of this page is left blank. The signature page(s) follow.

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Page 12
	 	JPMorgan Chase Bank, N.A.

 

 

     Executed as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	SHAFER PLAZA I, LTD., 

a Texas limited partnership
	 
	 	 	 	 	 	 
	 	 	By:	SHAFER PLAZA ONE CM, INC., 

a Texas corporation, its General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Steven G. Shafer
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Steven G. Shafer
	 

	 	 	 	 	 	Title: President

			
	 	 	 
	FIXED RATE NOTE (A LOAN) — Signature Page
	 	JPMorgan Chase Bank, N.A.

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