Document:

Exhibit 10.29

 

PURCHASE AND SALE
AGREEMENT

 

BY AND BETWEEN

 

AMERICAN REALTY
CAPITAL IV, LLC,

a Delaware limited
liability company,

as Purchaser,

 

and

 

SOUTHROADS, L.L.C.

an Oklahoma limited
liability company,

as Seller

 

RELATING TO

SOUTHROADS SHOPPING
CENTER, TULSA, OKLAHOMA

 

Dated: August
19, 2014

  

Purchase and Sale
Agreement

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Agreement of Purchase and Sale	1
	 	 	 
	Section 2.	The Purchase Price	3
	 	 	 
	Section 3.	Inspection Period	3
	 	 	 
	Section 4.	Title	4
	 	 	 
	Section 5.	Closing Date	7
	 	 	 
	Section 6.	"AS IS"	7
	 	 	 
	Section 7.	Satisfaction of Liens	9
	 	 	 
	Section 8.	Representations, Warranties and Covenants	9
	 	 	 
	Section 9.	Operation of Project to Closing; Exclusivity	14
	 	 	 
	Section 10.	Conditions to Obligations to Close	15
	 	 	 
	Section 11.	Closing Documents	17
	 	 	 
	Section 12.	Brokerage	19
	 	 	 
	Section 13.	Notices	19
	 	 	 
	Section 14.	Prorations and Costs	20
	 	 	 
	Section 15.	Damage or Destruction Prior to Closing and Condemnation	25
	 	 	 
	Section 16.	Remedies	25
	 	 	 
	Section 17.	Reporting Requirements	27
	 	 	 
	Section 18.	Miscellaneous	27
	 	 	 
	Section 19.	Confidentiality	29
	 	 	 
	Section 20.	Intentionally Omitted	30
	 	 	 
	Section 21.	Intentionally Omitted	30
	 	 	 
	Section 22.	SEC S-X 3-14 Audit	30
	 	 	 
	Section 23.	Rights of First Refusal	31

 

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	Exhibits:	 
	Exhibit "A"	Description of Land
	Exhibit "B"	Earnest Money Escrow Agreement
	Exhibit "C-1"	Special Warranty Deed
	Exhibit "C-2"	Assignment & Assumption of Leases
	Exhibit "C-3"	Tenant Notice Letter
	Exhibit "C-4"	Bill of Sale
	Exhibit "C-5"	Assignment of Warranties, Approvals
    and Intangibles
	Exhibit "C-6"	Certificate
	Exhibit "C-7"	Assignment and Assumption of Contracts
	Exhibit "C-8"	Vendor Notice Letter
	Exhibit "C-9"	REA Estoppels
	Exhibit "D-1"	Tenant Estoppel Certificate
	Exhibit "E"	Due Diligence Materials to be Delivered
    to Purchaser
	Exhibit "F"	Form of Audit Letter
	 	 
	Schedules:	 
	Schedule "1.3"	Excluded Personal Property
	Schedule "1.5"	Schedule of Leases
	Schedule "1.10"	List of Contracts
	Schedule "8.1.7"	List of Pending Litigation

 

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PURCHASE AND SALE
AGREEMENT

(SOUTHROADS SHOPPING
CENTER)

 

PURCHASE AND SALE
AGREEMENT ("Agreement") made this 19th day of August, 2014 ("Effective Date"), between SOUTHROADS,
L.L.C., an Oklahoma limited liability company, having an address at c/o MD Management Company, 5201 Johnson Drive, Suite 450,
Mission, Kansas 66205 ("Seller"), and AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company, having
an address at 405 Park Avenue, 15th Floor, New York, New York 10022 (American Realty Capital IV, LLC or its permitted
assignee pursuant to Section 18.7 below is hereinafter referred to as "Purchaser").

 

WITNESSETH:

 

RECITALS

 

A.           Seller
owns a shopping center known as Southroads Shopping Center in Tulsa, Oklahoma. The land ("Land") on which such shopping
center is located is more particularly described on Exhibit "A" attached hereto and incorporated herein by this
reference (such Land and Seller's right, title and interest in and to all improvements located on such Land are herein referred
to as the "Property").

 

B.           Seller
desires to sell and Purchaser desires to acquire the Property on the terms and provisions hereinbelow set forth.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

Section
1.            Agreement of Purchase and Sale. Seller hereby
agrees to sell and convey and Purchaser agrees to purchase on such terms and conditions as are hereinafter set forth, all of the
following: 

 

1.1           Fee
simple title in and to the Property, together with all right, title and interest of Seller (if any) in and to all covenants, easements,
rights-of-way, rights, privileges and other tenements, appurtenances and hereditaments appertaining thereto, including, without
limitation, all of Seller's right, title and interest (if any) in and to (a) any strips or gores adjoining or adjacent to the
Land, (b) the streets and roads adjoining or adjacent to the Land to the center line thereof, (c) all oil, gas, mineral, water,
drilling and irrigation rights, if any, running with or otherwise pertaining to the Land, and (d) any award made or to be made
or settlement in lieu thereof for the Property by reason of condemnation, eminent domain or exercise of police power;

 

1.2           All
of Seller's right, title and interest, if any, in and to all apparatus, fittings and fixtures in or on the Property or which are
attached thereto specifically excluding any such fixtures owned by the Tenants (defined below) ("Fixtures") ;

 

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1.3           All
of Seller's right, title and interest, if any, in and to any equipment, machinery and personal property located in or on the Property
("Personal Property"), provided, however, the Personal Property shall NOT include the items listed on Schedule 1.3
attached hereto or any personal property owned by Tenants;

 

1.4           All
of Seller's right, title and interest, if any, in and to the trademark, service mark, trade name and name "Southroads Shopping
Center" and all other trademarks, services marks, trade names, names and logos used in connection with the advertising and
promotion of the Project (as hereinafter defined) or otherwise relating to the Project, and any variations thereof, together with
all good will of the business connected with the use of and symbolized by such trademarks, service marks, trade names, names and
logos, any telephone numbers and listings for the Property and any copyrights, trade secrets, intellectual property and other
intangible property relating to the Property ("Intangibles");

 

1.5           The
interest of Seller, as landlord, in all leasehold estates created by those certain leases, tenancies and rental agreements and
all amendments thereto and all guaranties thereof that are described in the Schedule of Leases attached hereto as Schedule
"1.5" (sometimes hereinafter referred to as, the "Lease Schedule") together with additional leases, tenancies
and rental agreements entered into by Seller in accordance with the terms of this Agreement (herein, collectively, referred to
as, the "Leases;" and the tenants under the Leases are herein, collectively, referred to as, the "Tenants");

 

1.6           All
of Seller's right, title and interest, if any, in and to all warranties and guaranties, if any, relating to the Property (collectively,
the "Warranties");

 

1.7           All
of Seller's right, title and interest, if any, in and to all assignable consents, authorizations, variances or waivers, licenses,
permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity
or instrumentality (collectively, "Governmental Authority") relating to the Property (collectively, the "Approvals");

 

1.8           All
of Seller's right, title and interest, if any, in and to all construction, operating and reciprocal easement agreements affecting
the Property (the "REAs");

 

1.9           All
of Seller's right, title and interest, if any, in and to all existing construction contracts, subcontracts, architecture and engineering
agreements, and similar agreements relating to the design, development and construction of the Property ("Construction Agreements");

 

1.10         All
of Seller's right, title and interest, if any, in and to all other written agreements which affect the Property (including all
amendments thereto) ("Contracts") including, without limitation, personal property leases and contracts, other than
the Leases and Permitted Exceptions (as hereinafter defined) and Contracts which Purchaser elects during the Inspection Period
(as hereinafter defined) not to assume. A schedule of all Contracts in existence on the Effective Date is attached hereto as Schedule
"1.10"; and

 

1.11         All
of Seller's right, title and interest, if any, in and to all plans and specifications and other architectural and engineering
drawings for the Property (the "Plans").

 

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It is intended
that Seller shall transfer to Purchaser all of Seller's interest, if any, of every kind or nature in the Property, the Fixtures,
the Leases, the Personal Property, the Intangibles, the Warranties, the Approvals, the REAs, the Construction Agreements, the
Contracts, the Plans and all other interests of Seller in and to the Property (the Property, the Fixtures, the Leases, the Personal
Property, the Intangibles, the Warranties, the Approvals, the REAs, the Construction Agreements, the Contracts, the Plans and
all other interests of Seller in and to the Property are herein, collectively, referred to as, the "Project").

 

Section
2.            The Purchase Price. The purchase price (the "Purchase
Price") for the Project is Sixty Million and No/100 Dollars ($60,000,000.00) to be paid as follows: 

 

2.1           One
Million and No/100 Dollars ($1,000,000.00) (such amount and any interest earned on such amount(s), the "Deposit") shall
be paid by Purchaser to Benchmark Title Services, 2000 McKinney Avenue, 4th Floor, Dallas, TX 75201 ("Escrow Agent"
or "Title Company") within two (2) business days after the Effective Date. The Deposit shall be held in escrow by the
Escrow Agent to be disbursed as provided in the Earnest Money Escrow Agreement, the form of which is attached hereto as Exhibit
"B" (the "Earnest Money Escrow Agreement"). The parties shall execute the Earnest Money Escrow Agreement
contemporaneously with the execution of this Agreement. If the purchase and sale of the Project is consummated in accordance with
the terms and provisions of this Agreement, then the Deposit shall be applied fully to the Purchase Price at Closing and transferred
to an account or accounts designated in writing by Seller. If Purchaser terminates this Agreement in accordance with Section
3.3, the Deposit shall be returned to Purchaser. In all other events, the Deposit shall be disposed of by the Title Company
as provided in the Earnest Money Escrow Agreement.

 

2.2           The
balance of the Purchase Price after deducting the Deposit shall be paid on Closing, plus or minus prorations and adjustments to
be made pursuant to this Agreement, in good immediately available United States funds by wire transfer to a bank account or accounts
to be designated in writing by the Title Company prior to the Closing for transfer to an account or accounts designated in writing
by Seller.

 

2.3           Concurrently
with the execution of this Agreement, Purchaser shall deliver the sum of $100.00 (the "Independent Consideration") to
Escrow Agent as independent consideration for the execution of this Agreement by Seller and Purchaser. The Independent Consideration
shall not be refundable to Purchaser and, following receipt by Escrow Agent, shall be delivered by Escrow Agent to, and thereafter
retained by, Seller.

 

Section
3.            Inspection Period.  

 

3.1           Purchaser
will have until the date that is forty (40) days after the Effective Date (the "Inspection Period") to perform physical
inspections and other due diligence and to decide, in Purchaser's sole discretion, whether the Project is satisfactory. To the
extent the same are in Seller's possession or direct control, Seller shall deliver to Purchaser, or make available in a secure
electronic data room to which Purchaser and Purchaser's attorneys and consultants have access, all of the materials described
on Exhibit "E" hereto (the "Property Information") within ten (10) days after the Effective Date (the
"Document Delivery Period"). All due diligence costs including, without limitation, all costs of building and site inspections,
engineering, environmental and/or other reports or inspections undertaken by Purchaser, shall be paid for by Purchaser.

 

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3.2           During
the pendency of this Agreement, Seller, upon at least three (3) days prior notice to Seller, will provide Purchaser or its designated
representatives access to the Property at reasonable times to conduct, at Purchaser's sole cost and expense, its due diligence
with respect to the Project; provided that, (i) such access shall be coordinated with a representative of Seller with at
least three (3) days prior notice to Seller, (ii) any entry into any Tenant's space shall be subject to the terms of such Tenant's
Lease, (iii) Purchaser shall indemnify, defend and hold Seller harmless from and against all claims for costs, expenses, losses,
damages and/or liabilities (collectively, "Claims") asserted against Seller arising from Purchaser's due diligence activities
on or about the Property, excluding from the foregoing indemnity any Claims caused by pre-existing conditions, except to the limited
extent Purchaser's inspections exacerbate such conditions, and/or to the extent caused by the negligence or willful misconduct
of Seller or any of Seller's agents or representatives, (iv) Purchaser shall promptly repair any damage resulting from any
such activities and restore the Property to its condition immediately prior to such activities, (v) Purchaser shall fully
comply with all applicable laws, ordinances, rules and regulations (collectively, the "Legal Requirements"), (vi) Purchaser
shall not permit any inspections, investigations or other due diligence activities to result in any liens, judgments or other
encumbrances being filed against the Property and shall, at its sole cost and expense, as promptly as possible but in no event
more than ninety (90) days, discharge of record any such liens or encumbrances that are so filed or recorded, (vii) Purchaser
shall not, without Seller’s prior written consent, which consent shall not be unreasonably withheld or delayed, contact
any Tenant or Tenant representative during any on-site visits nor at any time have any contact or discussions with anyone working
at the Property for or as a Tenant, and (viii) Seller shall have the right to have a representative present with Purchaser during
all such inspections, provided that the unavailability of a representative of Seller shall not delay or hinder any inspection
by Purchaser. Purchaser's liabilities and indemnities under this Section shall survive the Closing or earlier termination of this
Agreement.

 

3.3           On
or before the expiration of the Inspection Period, Purchaser will have the right in its sole and absolute discretion to terminate
this Agreement by giving written notice of termination to Seller. In the event Purchaser timely exercises its right to terminate
this Agreement pursuant to this Section 3.3 or pursuant to any other Section that refers to this Section 3.3, (a)
Purchaser shall receive a full return of the Deposit, (b) except for obligations that this Agreement expressly states survive
termination, neither party shall have any further rights against the other hereunder, and (c) if requested by Seller, Purchaser
shall promptly return to Seller all due diligence materials that Seller may have delivered to Purchaser pursuant to this Section
3.

 

Section
4.            Title.  

 

4.1           Purchaser
shall accept good and indefeasible fee simple title to the Property subject only to the Permitted Exceptions (hereinafter defined
in Section 4.1.1).

 

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4.1.1.          Seller
will promptly order, if it has not previously done so, a title insurance commitment ("Title Commitment") to be issued
by the Title Company and Purchaser shall, at Purchaser's sole expense, promptly order an ALTA/ACSM "as-built" survey
of the Property certified to the Title Company, Purchaser, Seller and Purchaser's lender ("Survey"). Seller will request
copies of the Title Commitment, all documents of record which are listed as exceptions in the Title Commitment and the Survey
(collectively, the "Title Materials") be delivered to Purchaser on or before the date that is ten (10) business days
after the Effective Date. Before the earlier of (i) ten (10) business days after Purchaser's receipt of all of the Title Materials,
and (ii) ten days prior to the expiration of the Inspection Period ("Title Review Period"), Purchaser shall furnish
Seller with a written statement of objections, if any, to title to the Property ("Objections"). Any matters contained
in the Title Materials not objected to by Purchaser within such time period shall be deemed "Permitted Exceptions".
If an update to the Title Commitment delivered to Purchaser ("Title Update") discloses a title matter that was not disclosed
in the Title Commitment, Purchaser may deliver to Seller, within five (5) days following Purchaser's receipt of the Title Update
("Title Update Review Period"), a written Objection to such defect first disclosed on the Title Update accompanied by
a copy of the Title Update. Purchaser shall be deemed to have agreed to accept title subject to all matters reflected in the Title
Commitment and any Title Update and to the state of facts shown on the Survey, other than Objections that have been timely given
and provided that, in no event shall Purchaser be deemed to have agreed to accept title subject to (i) monetary liens or
security interests against Seller and/or the Property evidencing voluntary financing of Seller; (ii) encumbrances that have
been voluntarily placed against the Property by Seller after the Effective Date in violation of the terms and conditions of this
Agreement; or (iii) exceptions that can be removed from the Title Commitment by Seller's delivery of a customary owner's title
certificate or gap indemnity in form reasonably acceptable to Seller and the Title Company (all of the foregoing hereinafter,
collectively, referred to as, the "Seller's Required Removal Items"). All title matters and exceptions set forth in
the Title Commitment and any Title Update and the state of facts shown on the Survey which are not Objections, or which are thereafter
deemed to be accepted or waived by Purchaser as hereinafter provided, other than the Seller's Required Removal Items, are hereafter
referred to as the "Permitted Exceptions".

 

4.1.2.          If
Purchaser notifies Seller within the Title Review Period or the Title Update Review Period, as applicable, of Objections, then
within five (5) business days after Seller's receipt of Purchaser's notice (the "Seller Title Response Period"), Seller
shall notify Purchaser in writing ("Seller's Title Response Notice") of the Objections which Seller, in Seller’s
sole discretion, agrees to satisfy at or prior to the Closing, at Seller's sole cost and expense, and of the Objections that Seller
cannot or will not satisfy. Failure by Seller to respond to Purchaser by the expiration of said Seller Title Response Period shall
be deemed as Seller's election not to cure the Objections raised by Purchaser. Notwithstanding the foregoing, Seller shall, in
any event, be obligated to satisfy Seller's Required Removal Items. Purchaser shall have the option, to be exercised within five
(5) business days following the earlier of (a) Purchaser's receipt of the Seller's Title Response Notice or (b) the expiration
of the Seller Title Response Period of either (i) terminating this Agreement by giving written notice of termination to Seller,
whereupon the rights of the parties shall be as set forth in Section 3.3 hereof or (ii) electing to consummate the purchase
of the Project, in which case Purchaser shall be deemed to have waived such Objections and such Objections shall become "Permitted
Exceptions" for all purposes hereunder. Failure by Purchaser to respond to Seller by the expiration of said five (5) business
day response period shall be deemed its election to waive the applicable Objection(s), which shall become "Permitted Exceptions".
If, at or prior to the Closing, Seller is unable or unwilling to satisfy any Objections that Seller has agreed to satisfy in Seller's
Title Response Notice, Purchaser shall have the option of either (i) terminating this Agreement by giving written notice of termination
to Seller, whereupon the rights of the parties shall be as set forth in Section 3.3 hereof and Seller shall be obligated
to reimburse Purchaser for its actual out-of-pocket third party costs and expenses in connection with its investigation of the
Property and the transactions contemplated by this Agreement (not to exceed a cumulative total of $85,000), or (ii) closing
this transaction in accordance with the terms and provisions hereof and no reduction of the Purchase Price and accepting title
in its then existing condition with all matters set forth in the Title Commitment or on the Survey (other than Seller's Required
Removal Items and Objections that Seller has cured) being deemed to be Permitted Exceptions.

 

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4.1.3.          It
is a condition to Purchaser's obligation to close that the Title Company have committed to issue an Owner's Policy of Title Insurance
to Purchaser in the amount of the Purchase Price (subject only to payment of the applicable premium and delivery of the documents
required hereunder and other typical conditions as are reasonably acceptable to Purchaser), insuring that Purchaser has good and
indefeasible fee simple title to the Property, subject only to the Permitted Exceptions, showing that all requirements applicable
to Seller have been satisfied, deleting the standard or general exceptions relating to parties in possession (excepting therefrom
all tenants under written leases) and showing that all taxes and assessments, which are due have been paid (which taxes and assessments
may be paid from the proceeds at Closing).

 

4.2           In
the event that the foregoing condition of Section 4.1.3 is not satisfied as of Closing, Purchaser shall at its election either
(a) accept such title as Seller is able to convey (and such Title Policy as the Title Company is willing to issue) without abatement
or reduction of the Purchase Price or (b) terminate this Agreement, whereupon the rights of the parties shall be as set forth
in Section 3.3 hereof and, if and only if the foregoing condition is not satisfied due to Seller’s failure to satisfy
any Seller Required Removal Items, then Seller shall be obligated to reimburse Purchaser for its actual out-of-pocket costs and
expenses in connection with its investigation of the Property and the transactions contemplated by this Agreement. Except as provided
above, Seller shall have no obligation or liability to Purchaser for any damages or other compensation which Purchaser may have
sustained by reason of Seller's inability to convey title in accordance with the terms of this Agreement. Notwithstanding anything
to the contrary herein contained, Seller shall not be required to bring any action or proceeding or take any other steps to remove
any defects in or objections to title or to expend any monies therefor; provided, however, Seller shall be required to satisfy
Seller's Required Removal Items.

 

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Section 5.            Closing
Date. Provided that all of the conditions to the parties' obligation to close shall be satisfied or waived, the sale contemplated
by this Agreement shall be consummated and closed through an escrow arrangement with the Title Company on the date (the “Closing
Date”) which is the earliest of (i) the first day of the first month which is at least thirty (30) days after the expiration
of the Inspection Period, (ii) the first date that Seller's lender will accept a payoff of Seller's existing financing which is
at least thirty (30) days after the expiration of the Inspection Period provided Seller gives Purchaser at least five (5) business
days prior notice of such date, or (iii) such date as the parties may mutually agree upon. In addition, Purchaser shall have the
option, by delivery of written notice to Seller and Title Company at least five (5) business days before the originally scheduled
Closing Date, to extend the Closing Date by up to thirty (30) days; provided, however, such extended Closing Date must be a date
that Seller's existing lender will accept a payoff of Seller's existing financing. In the event Purchaser elects to extend the
Closing Date, as set forth above, Purchaser shall deposit with Escrow Agent the additional sum of One Million and No/100 Dollars
($1,000,000.00) (the "Additional Deposit") within two (2) business days after the delivery of Purchaser's notice to
extend the Closing Date, which Additional Deposit shall be deemed part of the Deposit (and non-refundable, except to the extent
any provision of this Agreement otherwise expressly provides for a right to a refund of the Deposit thereafter) and shall be held
and disbursed by Escrow Agent in accordance with the terms of this Agreement. The terms and conditions of such escrow arrangement
shall be consistent with the terms of this Agreement and shall otherwise be reasonably acceptable to Seller, Purchaser and the
Title Company. The consummation and the closing of the purchase and sale of the Project as contemplated by this Agreement are
herein referred to as the "Closing". 

 

Section
6.            "AS IS".  

 

6.1           PURCHASER
ACKNOWLEDGES THAT, PRIOR TO CLOSING, IT AND ITS REPRESENTATIVES WILL HAVE FULLY INSPECTED THE PROJECT (INCLUDING ALL REAL PROPERTY,
PERSONAL PROPERTY, FIXTURES, THE LEASES, AND THE CONTRACTS) AND THE PROJECT INFORMATION, AND ARE, OR WILL BE, FULLY FAMILIAR WITH
THE FINANCIAL AND PHYSICAL (INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL) CONDITION THEREOF, AND THAT, EXCEPT AS OTHERWISE SPECIFICALLY
SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS REQUIRED TO BE EXECUTED AND DELIVERED BY SELLER AT THE CLOSING, THE PROJECT IS
BEING PURCHASED BY PURCHASER IN AN "AS IS" AND "WHERE IS" CONDITION AND WITH ALL EXISTING DEFECTS AND FAULTS
(PATENT AND LATENT) AS A RESULT OF SUCH INSPECTIONS AND INVESTIGATIONS AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT
OR IN THE DOCUMENTS REQUIRED TO BE EXECUTED AND DELIVERED BY SELLER AT THE CLOSING, NOT IN RELIANCE ON ANY AGREEMENT, UNDERSTANDING,
CONDITION, WARRANTY (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE)
OR REPRESENTATION MADE BY SELLER OR ANY AGENT, EMPLOYEE OR PRINCIPAL OF SELLER OR ANY OTHER PARTY AS TO THE FINANCIAL OR PHYSICAL
(INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL) CONDITION OF THE PROPERTY OR THE AREAS SURROUNDING THE PROPERTY, OR AS TO ANY OTHER
MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, AS TO ANY PERMITTED USE THEREOF, THE ZONING CLASSIFICATION THEREOF OR COMPLIANCE
THEREOF WITH FEDERAL, STATE OR LOCAL LAWS, THE INCOME OR EXPENSES OR AS TO ANY OTHER MATTER IN CONNECTION THEREWITH. PURCHASER
ACKNOWLEDGES THAT NEITHER SELLER, OR ANY AGENT, BROKER OR EMPLOYEE OF SELLER NOR ANY OTHER PARTY ACTING ON BEHALF OF SELLER, HAS
MADE OR SHALL BE DEEMED TO HAVE MADE ANY SUCH AGREEMENT, CONDITION, REPRESENTATION, OR WARRANTY, EITHER EXPRESSED OR IMPLIED,
EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT AND EXCEPT FOR THE WARRANTIES IN THE DEED.

 

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6.2           NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, EXCEPT WITH RESPECT TO THE COVENANTS, OBLIGATIONS, REPRESENTATIONS AND WARRANTIES
OF SELLER SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE DOCUMENTS TO BE EXECUTED AND DELIVERED BY SELLER AT THE CLOSING, PURCHASER
HEREBY RELEASES SELLER AND (AS THE CASE MAY BE) SELLER'S PARTNERS, MEMBERS, EMPLOYEES, MANAGERS AND AGENTS FROM ANY AND ALL CLAIMS,
DEMANDS, CAUSES OF ACTIONS, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEY'S FEES WHETHER SUIT IS INSTITUTED
OR NOT) WHETHER KNOWN OR UNKNOWN, LIQUIDATED OR CONTINGENT (HEREINAFTER COLLECTIVELY CALLED, THE "CLAIMS") ARISING FROM
OR RELATING TO (I) ANY DEFECTS (PATENT OR LATENT), ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION OF THE PROPERTY WHETHER
THE SAME ARE THE RESULT OF NEGLIGENCE OR OTHERWISE, OR (II) ANY OTHER CONDITIONS, INCLUDING ENVIRONMENTAL AND OTHER PHYSICAL CONDITIONS,
AFFECTING THE PROJECT WHETHER THE SAME ARE A RESULT OF NEGLIGENCE OR OTHERWISE. THE RELEASE SET FORTH IN THIS SECTION SPECIFICALLY
INCLUDES, WITHOUT LIMITATION, ANY CLAIMS UNDER ANY ENVIRONMENTAL LAWS OR THE AMERICANS WITH DISABILITIES ACT OF 1990, AS AMENDED,
AS THOSE LAWS MAY BE AMENDED FROM TIME TO TIME AND ANY REGULATIONS, ORDERS, RULES OR PROCEDURES OR GUIDELINES PROMULGATED IN CONNECTION
WITH SUCH LAWS, REGARDLESS OF WHETHER THEY ARE IN EXISTENCE ON THE EFFECTIVE DATE.

 

6.3           PURCHASER
ACKNOWLEDGES AND AGREES THAT THE PURCHASE PRICE HAS BEEN NEGOTIATED TO TAKE INTO ACCOUNT THAT THE PROJECT IS BEING SOLD SUBJECT
TO THE PROVISIONS OF SECTIONS 6.1 AND 6.2 AND THAT SELLER WOULD HAVE CHARGED A HIGHER PURCHASE PRICE IF THE PROVISIONS
OF THIS ARTICLE WERE NOT AGREED UPON BY THE PURCHASER.

 

6.4           Nothing
in this Section 6 shall be deemed to limit (i) Seller's liability as expressly provided in this Agreement with respect
to Seller's representations, warranties, covenants and indemnities that survive the Closing or (ii) Seller's liability under the
documents executed and delivered by Seller at the Closing.

 

The provisions of
this Section 6 shall survive the Closing and conveyance of title to the Property.

 

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Section 7.            Satisfaction
of Liens. If at the Closing there are any liens on the Property which Seller is obligated under the terms of this Agreement
to pay and discharge, Seller or Purchaser shall have the right to instruct the Title Company to use any cash portion of the Purchase
Price to satisfy the same. Provided that Seller shall have delivered to the Title Company at or before the Closing acceptable
pay-off letters from any lien holders verifying the amounts to be paid at Closing to satisfy and release such liens of record
and Seller authorizes the Title Company to use the Purchase Price (or a portion thereof) to pay such liens, then the existence
of any such liens to be satisfied and released out of the Purchase Price shall not be deemed Objections to title.

 

Section
8.            Representations, Warranties and Covenants.  

 

8.1           Seller
hereby represents and warrants for the sole, exclusive and limited benefit of Purchaser and its successors and assigns, including
Approved Assignee (as defined below), as of the Effective Date and as of the Closing as follows:

 

8.1.1.          Seller
is alimited liability company, duly organized, validly existing and in good standing under the laws of the State of Oklahoma
and is entitled to and has all requisite power and authority, to enter into this Agreement and to carry out the transactions contemplated
hereby.

 

8.1.2.          The
execution of this Agreement by Seller, the consummation of the transactions herein contemplated, and the execution and delivery
of all documents to be executed and delivered by Seller, have been or will be duly authorized by all requisite action on the part
of Seller.

 

8.1.3.          Neither
the execution of this Agreement nor the carrying out of the transactions contemplated herein will result in any violation of or
be in conflict with the instruments pursuant to which Seller was organized and/or operates, or, to Seller's knowledge, any applicable
law, rule or regulation of any Governmental Authority, or of any instrument or agreement to which Seller is a party.

 

8.1.4.          Intentionally
Omitted.

 

8.1.5.          Attached
hereto as Schedule "1.5" is the Lease Schedule which (a) identifies all Tenant Leases in effect at the Project,
(b) contains a list of all Lease documents, including the original leases, amendments, side letter agreements and guaranties,
and (c) contains a rent roll, aged receivables report and list of all Tenant security deposits.

 

There are no Leases
or other tenancies for any space in the Project other than those set forth on the Lease Schedule.

 

Except as expressly
set forth on the Lease Schedule or in the Lease files made available to Purchaser:

 

(A)         No
Tenant has given Seller any written notice of its intention to terminate its Lease or requesting a reduction or abatement of rent
or requesting consent to assign or terminate its Lease;

 

(B)         To
Seller’s knowledge, (i) all of the Leases are valid and are in full force and effect in accordance with their terms, and,
(ii) there is no current default by any Tenant thereunder. Seller has not received any written notice of an alleged default by
the landlord under the Lease nor has Seller sent a notice of termination with respect to any of the Leases;

 

    	9

    	 

    

 

(C)         the
Leases have not been modified, amended or supplemented and there are no other agreements or commitments (oral or written) between
Seller and any of the Tenants;

 

(D)         except
for Party City, (i) no construction, alteration, decoration or other work required to be performed by or before the Effective
Date remains to be performed under any Lease by the landlord thereunder and (ii) all construction allowances or other sums required
to be paid to any Tenants prior to Closing have been paid or will be paid prior to the Closing. There are no written promises,
understandings or commitments between Seller and any person or entity with respect to the foregoing which would be binding upon
Purchaser other than those contained in the documents comprising the Leases listed in Schedule "1.5" hereof;

 

(E)         except
for Party City and Chick-fil-A, all brokerage commissions and other compensation and fees payable by reason of the Leases (including,
without limitation, any renewals or expansions) have been fully paid;

 

(F)         Except
for Party City and Chick-fil-A, to Seller's knowledge, each Tenant is now in possession of the premises leased to it under its
Lease; although Sports Authority is expected to go dark on or before September 30, 2014;

 

(G)         Except
for Seller's existing lender, Seller has the sole right to collect rent under each Lease and such right has not been assigned,
pledged, hypothecated, or otherwise encumbered in any manner that will survive the Closing;

 

(H)         except
for any security deposits as shown on Schedule "1.5", there are no security deposits that have been deposited
with Seller or otherwise chargeable to Seller's account by any party under the Leases;

 

8.1.6.         Attached
hereto as Schedule "1.10" is a list of all Contracts.

 

8.1.7.         There
are no actions, suits or other proceedings by any person, firm, corporation, Tenant or by any Governmental Authority now pending
and for which Seller has received actual notice or service of process or, to Seller's knowledge, threatened in writing against
or affecting the Project or any part thereof, except those which are described on Schedule "8.1.7".

 

8.1.8.         Seller
has no knowledge of any pending or threatened (a) eminent domain proceedings affecting the Property, in whole or in part,
or (b) action or proceeding to change road patterns or grades which would affect ingress to or egress from the Property.

 

8.1.9.          To
Seller's knowledge, there are no persons having any rights or asserting any claims for occupancy or possession of the Property,
except Seller, the Tenants, as tenants only under the Leases, and parties having rights pursuant to the Contracts or any document
filed of record.

 

    	10

    	 

    

  

8.1.10.         Seller
is not a foreign person (as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder).

 

8.1.11.         On
the Closing Date, there will be no contract or agreement with Seller in effect for the leasing or management of the Property for
which Purchaser shall be bound.

 

8.1.12.         Seller
is not insolvent or bankrupt. Seller has not commenced (within the meaning of any federal or state bankruptcy law) a voluntary
case, consented to the entry of an order for relief against it in an involuntary case, or consented to the appointment of a custodian
of it or for all or any substantial part of its property, nor, to Seller's knowledge, has a court of competent jurisdiction entered
an order or decree under any federal or state bankruptcy law that is for relief against Seller in an involuntary case or appointed
a custodian of Seller for all or any substantial part of its property.

 

8.1.13.         Except
as may be set forth in any environmental reports or investigations or other records delivered to Purchaser, to Seller's knowledge,
(i) the Property is not in violation of any Environmental Laws, (ii) there are no underground storage tanks located on the Property
and no underground storage tanks have been removed from the Property, and (iii) Seller has not engaged in any Environmental
Activity (as hereinafter defined), nor has any Environmental Activity otherwise occurred, in violation of any applicable Environmental
Law. "Environmental Activity" means any actual, proposed or threatened storage, holding, existence, release, emission,
discharge, generation, processing, abatement, removal, disposition, handling or transportation of any Hazardous Materials in violation
of Environmental Laws from, under, into or on the Property or otherwise relating to the Property or the use of the Property, or
any other activity or occurrence that causes or would cause any such event to exist. "Environmental Laws" means all
laws or regulations which relate to the manufacture, processing, distribution, use or storage of Hazardous Materials (as hereinafter
defined). "Hazardous Materials" shall mean:

 

(a)          Those
substances included within the definitions of "hazardous substances", "hazardous materials", "toxic substances",
or "solid waste" in the: Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"),
42 U.S.C. § 9601 et. seq., as amended by the Superfund Amendments and Reauthorization Act or any equivalent state
or local laws or ordinances; the Resource Conservation and Recovery Act ("RCRA"), 42 U.S.C. § 6901 et. seq.,
as amended by the Hazardous and Solid Waste Amendments of 1984, or any equivalent state or local laws or ordinances; the Federal
Insecticide, Fungicide, and Rodenticide Act ("FIFRA"), 7 U.S.C. § 136 et. seq. or any equivalent state or
local laws or ordinances; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et. seq.; the Emergency Planning
and Community Right-to-Know Act ("EPCRA"), 42 U.S.C. § 11001 et. seq. or any equivalent state or local laws
or ordinances; the Toxic Substance Control Act ("TSCA"), 15 U.S.C. § 2601 et. seq. or any equivalent state
or local laws or ordinances; or the Occupational Safety and Health Act, 29 U.S.C. § 651 et. seq. or any equivalent
state or local laws or ordinances;

 

    	11

    	 

    

 

(b)          Those
substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto or by the Environmental
Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto);

 

(c)          Any
material waste or substance which is (A) designated as a "hazardous substance" pursuant to Section 311 of the Clean
Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act
(33 U.S.C. § 1317) or (B) radioactive materials; and

 

(d)          These
substances included within the definitions of "hazardous substances", "hazardous materials", "toxic substances"
or "solid waste" in the Hazardous Waste Management Act of 1978.

 

8.1.14.         To
Seller's knowledge, there are no options to purchase or rights of first refusal affecting or relating to the Property.

 

8.1.15.         Seller
has read and understands the regulations of the Office of Foreign Assets Control ("OFAC") of the Department of the Treasury
(including those named on OFAC's Specially Designated Nationals and Blocked Persons List), and any statute, executive order (including
the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit,
or Support Terrorism), or other governmental action relating thereto, and to Seller's knowledge, after due inquiry, Seller is
in compliance with the regulations of the OFAC of the Department of the Treasury (including those named on OFAC's Specially Designated
Nationals and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action relating thereto. 

 

Between the Effective
Date and the Closing, Seller shall notify Purchaser if either of Seller’s Representatives becomes actually aware, without
any duty of inquiry or investigation, that any representations and warranties of Seller contained in this Section 8.1 fail
to be true and correct in any material manner. If any of the foregoing representations or warranties shall change in any way which
would have a material adverse effect on Seller, the Property or the operation thereof, Purchaser shall have the right to terminate
this Agreement within five (5) business days of receipt of notice of any such change by giving written notice of such termination
to Seller within such five (5) business day period. If Purchaser timely exercises its right to terminate this Agreement, it shall
be deemed that Purchaser terminated this Agreement pursuant to Section 3.3 hereof and the rights of the parties shall be
as set forth therein, and, if Seller caused or knowingly permitted such a change in the foregoing representations and warranties
(unless the same was in accordance with the terms and conditions of this Agreement), then Seller shall be obligated to reimburse
Purchaser for its actual out-of-pocket costs and expenses in connection with its investigation of the Property and the transactions
contemplated by this Agreement (not to exceed a cumulative total of $85,000).

 

    	12

    	 

    

 

In
the event Purchaser elects to timely terminate this Agreement pursuant to the foregoing paragraph and the misrepresentation can
be cured by a readily ascertainable sum of money, then Seller shall have the right, exercisable by written notice to Purchaser
and the Title Company, to void the termination of this Agreement by Purchaser and, instead, Purchaser shall receive a credit against
the Purchase Price for such sum, which credit shall be deemed to have cured the applicable misrepresentation.

 

As used in this
Agreement, the term "Seller's knowledge" or any similar term shall mean the actual, current, cognitive knowledge of
Garry Hayes and Betsy Murray (together “Seller’s Representatives”), with no duty of inquiry or investigation.
Seller represents and warrants that Seller’s Representatives are the persons within Seller's organization having the most
comprehensive knowledge of the matters set forth in this Section 8.1.

 

8.2           Purchaser
hereby warrants and represents for the sole, exclusive and limited benefit of Seller as of the Effective Date and as of the Closing,
as follows:

 

(a)          Purchaser
is and will continue at all times to be until the Closing an entity, duly and validly existing in the state of its formation.

 

(b)          The
execution of this Agreement by Purchaser, the consummation of the transactions herein contemplated, and the execution and delivery
of all documents to be executed and delivered by Purchaser, have been or will be, prior to the Closing, duly authorized by all
requisite action on the part of Purchaser and this Agreement has been, and all documents to be delivered by Purchaser pursuant
to this Agreement, will be, duly executed and delivered by Purchaser and is or will be, as the case may be, binding upon and enforceable
against Purchaser in accordance with their respective terms;

 

(c)          Neither
the execution of this Agreement nor the carrying out by Purchaser of the transactions contemplated herein will result in any violation
of or be in conflict with the instruments pursuant to which Purchaser was organized and/or operates, or any applicable law, rule
or regulation of any Governmental Authority, or of any instrument or agreement to which Purchaser is a party and no consent or
approval of any third party is required for the execution of this Agreement by Purchaser or the carrying out by Purchaser of the
transactions contemplated herein.

 

(d)          Purchaser
is currently in compliance with, and shall at all times during the term of this Agreement (including any extension thereof) remain
in compliance with, the regulations of the OFAC of the Department of the Treasury (including those named on OFAC's Specially Designated
Nationals and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action relating thereto.

 

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8.3           The
representations and warranties set forth in Sections 8.1 and 8.2 hereof shall survive the Closing, provided however, that
any claim against Seller for a violation or alleged violation of Section 8.1 shall be asserted within nine (9) months following
the Closing in a written notice to Seller giving reasonable details of the claims and damages associated therewith and, if Purchaser
fails to so assert a claim within such time and containing such reasonable details or if a claim is timely asserted within such
time but an action is not filed regarding such claimed violation within one (1) year from the Closing Date and thereafter diligently
pursued, then Seller shall have no further liability with respect thereto. The provisions of the preceding sentence shall survive
the Closing. Notwithstanding anything to the contrary contained herein, if prior to Closing, Purchaser has actual knowledge or
the Property Information contains evidence that any representation or warranty of Seller set forth in this Agreement including,
without limitation, in Section 8.1, is not true, and nevertheless Purchaser proceeds to close the transaction, then Purchaser
shall be deemed to have irrevocably and unconditionally waived its rights to assert any claim against Seller after the Closing
with respect to any such misrepresentation.

 

Section
9.            Operation of Project to Closing; Exclusivity.  

 

9.1           From
the Effective Date until the Closing or sooner termination of this Agreement, Seller covenants as follows: (a) Seller shall continue
to operate the Project in the manner in which it presently operates the Project; (b) Seller will maintain the existing insurance
covering the Property or if any of such policies is expiring such policies shall be replaced with new policies containing the
same or substantially similar coverage; (c) Seller shall not place any mortgage or any other voluntary encumbrance, easement,
covenant, condition, right-of-way or restriction on the Property and Seller will not remove any of the Fixtures unless it replaces
the same with Fixtures of similar quality; (d) subject to casualty damage or destruction, Seller will continue to maintain the
Project in the manner in which it presently maintains the Project; (e) Seller will give prompt written notice to Purchaser of
any fire or other casualty affecting the Property after the Effective Date; (f) Seller will deliver to Purchaser, promptly after
receipt by Seller, a copy of (i) all current written default and other material notices to and from Tenants received after
the Effective Date; (ii) all current written default and other material notices from the service providers under any Contracts
received after the Effective Date; and (iii) all written notices of any current violations issued to Seller by Governmental Authorities
with respect to the Property and any other material notices received after the Effective Date from any Governmental Authority
with respect to the Property; (g) [intentionally omitted]; (h) without Purchaser's prior written consent, not to be unreasonably
withheld, conditioned or delayed: (i) Seller shall not alter, amend or become a party to any new Contract unless the Contract
is terminable within thirty (30) days after the Closing of the Project and such termination can occur without penalty or other
cost to Purchaser, (ii) Seller shall not terminate any Lease and (iii) Seller will not apply any security deposits held by Seller
under any of the Leases; (i) Seller shall perform its obligations under all Leases, REAs and Contracts; (j) Seller shall
not settle any condemnation claim or insurance casualty claim without Purchaser's prior written consent not to be unreasonably
withheld or delayed; and (k) Seller shall promptly notify Purchaser if Seller receives notice or knowledge of any information
that would result in a misrepresentation under Section 8.1 hereof.

 

9.2           Seller
covenants on or prior to the Closing to pay or satisfy, or cause to be paid or satisfied, all commissions or referral fees owed
by Seller with respect to all Leases executed prior to the Effective Date. Purchaser shall be responsible for and shall pay or
satisfy, or make arrangements to pay or satisfy, any commission or referral fee owed by Seller with respect to any new Lease hereafter
consented to by Purchaser pursuant to the provisions of Section 9.3 hereof. The provisions of this Section shall survive
Closing.

 

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9.3           From
the Effective Date until the Closing or sooner termination of this Agreement, Seller shall not enter into any new Lease without
the prior written approval of Purchaser (which approval shall not be unreasonably withheld, delayed or conditioned) nor shall
it amend, modify, extend or terminate any Lease or grant any post-Closing rent abatement or concessions to existing tenants without
the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed or conditioned) unless such new Lease,
renewal of a Lease or amendment, modification or termination or rent abatement or concession is expressly provided for in an existing
Lease as of the Effective Date and Seller provides Purchaser with a copy of such amendment, modification, extension or termination.
Seller shall notify Purchaser of any proposed amendment, modification or termination of a Lease or any proposed new Lease in writing,
including the identity of the proposed tenant, together with a summary of the terms thereof in reasonable detail, and Purchaser
shall notify Seller in writing within five (5) business days of receipt of its consent thereto or of any objections thereto together
with the reasons therefor. In the event Purchaser shall not notify Seller whether or not Purchaser consents to any such amendment,
modification or termination of a Lease or any such new Lease within five (5) business days following Purchaser's receipt of Seller's
notification thereof, such amendment, modification or termination of a Lease or such new Lease shall be deemed approved by Purchaser.
Between the Effective Date and Closing or the earlier termination of this Agreement, Seller will not, without obtaining Purchaser's
prior written consent thereto, consent to any request by a Tenant for permission to assign its Lease or sublet its leased premises
(or any part thereof) to the extent Seller, as landlord, has the right to approve or consent to such assignment or subletting
and, to the extent the withholding of any such approval or consent by Seller, as landlord, under the applicable Lease would not
cause Seller to be in violation of the terms of such Lease.

 

9.4           From
the Effective Date until the Closing or sooner termination of this Agreement, Seller agrees that neither Seller’s Manager
nor any other party authorized to act on behalf of Seller shall (on behalf of Seller or individually) accept any offer, or actively
market, negotiate or solicit any interest involving the sale, joint venture, financing or disposition of the Property.

 

Section
10.         Conditions to Obligations to Close.  

 

10.1         Purchaser:
The obligations of Purchaser to consummate the transactions contemplated herein shall be subject to the fulfillment of the following
conditions ("Purchaser's Conditions"), any of which may be waived by Purchaser in its sole and absolute discretion:

 

10.1.1.          The
representations and warranties of Seller made herein shall be true and correct in all material respects, Seller shall have materially
performed all covenants and agreements made herein and Seller shall have delivered to Purchaser all of the closing documents required
pursuant to Section 11.1 hereof.         

 

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10.1.2.          Purchaser's
receipt of the Required Tenant Executed Estoppels (as hereinafter defined). The term “Tenant Executed Estoppel” shall
mean an estoppel certificate in the form of Exhibit "D-1" attached hereto and made a part hereof (or in such
other form as may be prescribed under any Lease or in the customary form used by any Tenant that is a regional or national retailer)
and which (1) is certified to Purchaser and duly executed by a Tenant of the Property, (2) is dated not more than forty-five (45)
days prior to the originally scheduled Closing Date (i.e., without taking into consideration any extension of such Closing Date),
(3) has all material blanks completed or marked not applicable, as appropriate, (4) has all exhibits completed and attached, as
applicable and (5) does not indicate (x) any material discrepancy from the Property Information, (y) any Lease amendment,
assignment or subletting that was not previously provided by Seller to Purchaser pursuant to Section 3.1 and which is not
reasonably acceptable to Purchaser, or (z) any material and adverse claim or landlord or tenant default. The term “Required
Tenant Executed Estoppels” means Tenant Executed Estoppels from all tenants which lease in excess of 12,000 square feet
of space within the Project (the "Major Tenants") and such other Tenants such that all Tenant Executed Estoppels are
from Tenants that are obligated to pay at least eighty-five percent (85%) of the rental income generated from Tenants of the Center.
If Purchaser has not received the Required Tenant Executed Estoppels as of the Closing Date, then Purchaser shall have the right
to (i) terminate this Agreement by giving written notice of termination to Seller on or before the Closing Date, whereupon
the provisions of Section 3.3 hereof with respect to a termination shall apply, or (ii) adjourn the Closing Date for
a period not exceeding thirty (30) days to allow additional time to obtain the Required Tenant Executed Estoppels. 11.2         Seller
shall diligently and in good faith endeavor to obtain and deliver to Purchaser Tenant Executed Estoppels from each Tenant no later
than five (5) business days prior to the Closing. Seller agrees to forward any Tenant Executed Estoppels received by Seller from
a Tenant to Purchaser within three (3) business days after Seller's receipt of same

 

10.1.3.          Satisfaction
of the condition set forth in Section 4.1.3.

 

10.1.4.          Delivery
of possession of the Property to Purchaser subject only to the Deed Permitted Exceptions and to the rights of Tenants under the
Leases, as tenants only.

 

10.1.5.          As
of the Closing Date, no Major Tenant shall have (a) filed a petition in bankruptcy, (b) been adjudicated insolvent or bankrupt,
(c) petitioned a court for the appointment of any receiver of or trustee for it or any substantial part of its property, (d) commenced
any proceeding under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect, (e) become the subject of an involuntary bankruptcy petition, (f) vacated its leased premises,
or (g) had its Lease terminated. There shall not have been commenced and be pending against any Major Tenant any proceeding of
the nature described in the first sentence of this subparagraph. No order for relief shall have been entered with respect to any
Major Tenant under the Federal Bankruptcy Code.

 

10.1.6.          Delivery
to Purchaser of evidence that any existing management agreement and/or leasing agreement entered into by Seller with respect to
the Property has been terminated.

 

In the event any of
the Purchaser's Conditions shall not be satisfied as of the Closing Date, Purchaser shall have the right to terminate this Agreement
by giving written notice to Seller and receive a return of the Deposit and any amount owing under Section 16.2 hereof,
whereupon neither party shall have any further rights or obligations hereunder except for any provisions of this Agreement that
expressly survive termination.

 

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10.2         Seller:
The obligations of Seller to consummate the transactions contemplated herein shall be subject to the fulfillment of the following
conditions ("Seller's Conditions"), any of which may be waived by Seller in its sole and absolute discretion:

 

10.2.1           The
representations and warranties of Purchaser made herein shall be true and correct in all material respects, Purchaser shall have
materially performed all covenants and agreements made herein and Purchaser shall have delivered to Seller all of the closing
documents required pursuant to Section 11.2 hereof.

 

In the event any of
the Seller's Conditions shall not be satisfied as of the Closing Date, Seller shall have the right to terminate this Agreement
by giving written notice to Purchaser and, upon a Purchaser default pursuant to Section 16.1, receive the Deposit as liquidated
damages, whereupon neither party shall have any further rights or obligations hereunder except for any provisions of this Agreement
that expressly survive termination.

 

Section
11.         Closing Documents. 

 

11.1         At
the Closing, Seller shall deliver the following documents to the Title Company except for the Leases, Contracts and materials
referred to in Section 11.1.14, as to which delivery at Closing shall be coordinated with Purchaser:

 

11.1.1.          a
special warranty deed executed by Seller and acknowledged before a notary public and in the form of Exhibit "C-1",
attached hereto and made a part hereof, conveying fee title to the Property to Purchaser, subject to all easements, covenants,
conditions, restrictions, reservations, declarations, community contracts, and other matters of record; all matters which would
be disclosed by an accurate survey of the Property; all zoning laws; the lien of taxes and assessments for 2014 and subsequent
years; all rights of Tenants under the Leases to use or occupy the Property; and the rights of the public in and to parts thereof
in streets, roads or alleys and all other Permitted Exceptions;

 

11.1.2.          a
certified schedule executed by Seller in the form of the Lease Schedule attached hereto as Schedule "1.5" updating
and recertifying the information set forth in the Lease Schedule attached hereto as Schedule "1.5";

 

11.1.3.          assignments
of Seller's interest in all the Leases in the form of Exhibit "C-2" attached hereto and made a part hereof executed
by Seller;

 

11.1.4.          a
notice to all Tenants advising them of the transfer of title to the Property in the form of Exhibit "C-3" attached
hereto and made a part hereof executed by Seller;

 

11.1.5.          bill
of sale in the form of Exhibit "C-4" attached hereto and made a part hereof executed by Seller;

 

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11.1.6.          an
assignment transferring Seller's right, title and interest in and to Warranties, Approvals and Intangibles, if any, in the form
of Exhibit "C-5" attached hereto and made a part hereof executed by Seller;

 

11.1.7.          a
certificate in the form of Exhibit "C-6" attached hereto and made a part hereof executed by Seller;

 

11.1.8.          a
FIRPTA Affidavit executed by Seller stating that Seller is not a foreign person (as defined in Section 1445 of the Internal Revenue
Code of 1986, as amended, and the Regulations promulgated thereunder);

 

11.1.9.          an
assignment of the Contracts (other than those that Purchaser has elected not to assume) in the form of Exhibit "C-7"
attached hereto and made a part hereof executed by Seller;

 

11.1.10.         a
notice letter in the form of Exhibit "C-8" attached hereto and made a part hereof executed by Seller to each
vendor under a Contract being assigned advising the vendor of the transfer of the Property and the assignment and assumption of
the applicable Contract;

 

11.1.11.         such
authorization documentation of each party comprising Seller and such other instruments and documents executed by Seller (including,
without limitation, an owner's title certificate) as shall be reasonably required by the Title Company to consummate this transaction;

 

11.1.12.         such
other instruments and documents which shall be necessary in connection with the transaction contemplated herein and which do not
impose, create, or potentially create any liability or expense upon Seller not expressly required under this Agreement;

 

11.1.13.         to
the extent not previously delivered by Seller to Purchaser, the Tenant Executed Estoppels and any other documents in Seller's
possession or control and contemplated by Section 10;

 

11.1.14.         to
the extent in Seller's possession or control and not previously delivered by Seller to Purchaser, (a)  records and files
which are in Seller's possession or control relating to the current operation and maintenance of the Project, including, without
limitation, current tax bills, current water, sewer, utility and fuel bills, payroll records, billing records for Tenants, repair
and maintenance records and the like which affect or relate to the Project, (b) all documents necessary to conduct 2014 Tenant
reconciliations as described in Section 14 hereof, (c) all architectural and engineering plans and specifications relating
to the Property in Seller's possession or control, and (d) all original Leases and Contracts, Approvals, and Warranties. Seller's
obligation to provide the files and materials listed herein shall survive the Closing.

 

11.2         Intentionally
Omitted.

 

11.3         At
the Closing, Purchaser shall deliver the following documents in addition to payment of the balance of the Purchase Price:

 

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11.3.1.          evidence
reasonably satisfactory to Seller of Purchaser's authority to execute and deliver this Agreement and the documents to be delivered
by it pursuant thereto;

 

11.3.2.          an
instrument of assumption of all of Seller's obligations under the Leases in the form of Exhibit "C-1" executed
by Purchaser;

 

11.3.3.          an
instrument of assumption of all of Seller's obligations under those Contracts being assumed by Purchaser, in the form of Exhibit
"C-6" executed by Purchaser;

 

11.3.4.          a
closing statement executed by Purchaser;

 

11.3.5.          Intentionally
Omitted; and

 

11.3.6.           a
notice to all Tenants advising them of the transfer of title to the Project in the form of Exhibit "C-3" attached
hereto and made a part hereof executed by Purchaser;

 

11.3.7.          a
notice letter in the form of Exhibit "C-8" attached hereto and made a part hereof executed by Purchaser to each
vendor under a Contract being assigned advising the vendor of the transfer of the Project and the assignment and assumption of
the applicable Contract;

 

11.3.8.          such
other instruments or documents which shall be necessary in connection with the transaction herein contemplated and which do not
impose, create, or potentially create any liability or expense upon Purchaser not expressly required under this Agreement.

 

Section 12.          Brokerage.
Seller and Purchaser mutually represent and warrant to each other that there are no brokers involved in this transaction, except
for Colliers ("Purchaser's Broker") and MD Realty, L.L.C. ("Seller's Broker"). If, and only if, this transaction
closes in accordance with the provisions of this Agreement, Seller agrees to pay Purchaser's Broker a real estate commission ("Purchaser's
Broker's Commission") at Closing in an amount approved by Purchaser and Purchaser's Broker, and the Purchase Price shall
be increased by the amount of Purchaser's Broker's Commission and paid at Closing. Seller shall pay Seller's Broker a commission
pursuant to a separate written agreement. Seller and Purchaser shall indemnify, defend and hold harmless the other against any
costs, claims or expenses, including reasonable attorneys' fees, arising out of the breach of their respective representations
and/or agreements hereunder. The provisions of this Section shall survive the Closing. 

 

Section 13.          Notices.
All notices or other communications hereunder to either party shall be (i) in writing and shall be deemed to be given on the earlier
to occur of (a) actual receipt or (b) the third business day after deposit of both the original and copy as provided below
in a regularly maintained receptacle for the United States mail, by registered or certified mail, return receipt requested, postage
prepaid, addressed as provided hereinafter, and (ii) addressed:

 

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	 	If to Purchaser:	American Realty Capital
    IV, LLC
	 	 	405 Park Avenue, 15th Floor
	 	 	New York, New York  10022
	 	 	Attention:  Michael Weil
	 	 	Facsimile Number:  857-207-3397
	 	 	 
	 	With a copy to:	American Realty Capital IV, LLC
	 	 	405 Park Avenue, 15th Floor
	 	 	New York, New York  10022
	 	 	Attention:  Jesse Galloway
    and Jeremy Eichel
	 	 	Facsimile Number:  646-861-7751
	 	 	 
	 	And a copy to:	Retail Centers of America, Inc.
	 	 	2000 McKinney Avenue, Suite 1000
	 	 	Dallas, Texas  75201
	 	 	Attention:  Chris Cotten
    and Steve Seitz
	 	 	Facsimile Number:  214-740-3313
	 	 	 
	 	And a copy to:	Condon Thornton Sladek Harrell PLLC
	 	 	8080 Park Lane, Suite 700
	 	 	Dallas, Texas  75231
	 	 	Attention:  William L. Sladek,
    Esq.
	 	 	Facsimile Number:  214-691-6311
	 	 	 
	 	If to Seller:	Southroads, L.L.C.
	 	 	c/o MD Management Company
	 	 	5201 Johnson Drive, Suite 450
	 	 	Mission, Kansas  66205
	 	 	Attention: Garry Hayes
	 	 	Facsimile Number: 913-384-2996
	 	 	 
	 	With a copy to:	Lewis, Rice & Fingersh, LC
	 	 	1010 Walnut, Suite 500
	 	 	Kansas City, Missouri 64106
	 	 	Attention: Paul Torline and Charles
    Miller
	 	 	Facsimile Number:  816-472-2500

 

Notices may also be given by overnight
courier service, in which event, the notice shall be deemed delivered on the next business day.

 

Section
14.          Prorations and Costs. 

 

14.1         Prorations.
Purchaser and Seller shall apportion as of 11:59 p.m. (Dallas, Texas time) on the day preceding the Closing, the items hereinafter
set forth. Any errors or omissions in computing apportionments at Closing shall be promptly corrected. The obligations set forth
in this Section 14 shall survive the Closing. The items to be adjusted are:

 

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14.1.1.          city,
state, county, school, ad valorem taxes and other assessments for the fiscal year of sale; should such proration be inaccurate
based on the actual millage set forth on the ad valorem tax bill if the current tax bill has not been received by the date of
the Closing, either party may demand after the date of Closing, that such taxes and assessments be reprorated based on the actual
bill and shall be entitled to receive upon demand, any amount owing to such party based on such reproration;

 

14.1.2.          all
base rent, percentage rent and additional rent and similar charges (collectively, the "Rent") to the extent collected
by Seller. To the extent that Seller receives any base rent, percentage rent and/or other additional rent or other charges after
the Closing, the same shall be immediately applied in accordance with the terms of this Section 14.1.2 and, if applicable,
delivered to Purchaser. Any base rent, additional rent or other charges (other than percentage rent) received from a Tenant after
the Closing shall be applied in the following order of priority:

 

(1)         First,
to any Rents (other than percentage rent) then owing for any calendar month or months following the calendar month in which the
Closing occurred; and

 

(2)         Second,
to the Rents (other than percentage rent) owing for the calendar month in which the Closing occurred; and

 

(3)         Third,
to Rents (other than percentage rent) owing for any calendar month or months preceding the calendar month in which the Closing
occurred until the Tenant, under the applicable Lease, is current.

 

Purchaser shall
bill Tenants for all amounts due under their Leases for periods prior to the Closing [including, without limitation, base rent,
additional rent, percentage rent or other Tenant “Charges” (hereinafter defined) or amounts for the year 2014] and
shall use reasonable efforts to collect from Tenants all base rent, additional rent, percentage rent or other tenant “Charges”
or amounts owing with respect to the period prior to the Closing (collectively, “Delinquent Rents”). To the extent
Delinquent Rents are collected by Purchaser, (subject to clauses 1, 2 and 3 above for all Rents), such amounts, net of reasonable
proportionate costs of collection, including, without limitation, reasonable attorney's fees, shall be paid to Seller no later
than thirty (30) days following the date on which such amounts have been received by Purchaser or its agent. Purchaser shall not
be obligated to expend any funds or commence legal proceedings to collect any Delinquent Rents. Purchaser’s obligation to
include such Delinquent Rents in billings and use reasonable collection efforts with regard to the such Delinquent Rents shall
expire on the date (the “Expiration Date”) which is (i) one hundred and eighty (180) days after the Closing Date with
regard to Delinquent Rents which were due and owing by such Tenant as of the Closing Date and (ii) as of October 31, 2015 with
regard to all other Delinquent Rents. In no event shall Seller commence any legal proceedings against any Tenant after the Closing
with respect to any Delinquent Rents.

 

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At Closing, percentage
rents shall be separately apportioned based on the percentage rents actually collected by Seller. Such apportionment shall be
made separately for each Tenant who is obligated to pay percentage rent on the basis of the fiscal year set forth in the Tenant's
Lease for the determination and payment of percentage rent. Any percentage rent received from a Tenant after the Closing shall
be applied as follows: (a) Purchaser shall be entitled to a prorata portion of such percentage rent payment based on the number
of days within the applicable percentage rent fiscal year period that Purchaser owned the Project and (b) Seller shall be
entitled to a prorata portion of such percentage rent payment based on the number of days within the applicable percentage rent
period that Seller owned the Project.

 

Purchaser covenants
to provide a copy to Seller of all Tenant billings for year-end adjustments of common area maintenance, taxes and like items at
least five (5) business days prior to the same being sent to the Tenant. Additionally, Purchaser shall send all such year-end
billings to the Tenants within the time periods required by the Leases, but in all events on or before April 30, 2015. No later
than July 31, 2015 (the "Final Adjustment Date"), Seller and Purchaser shall make a final adjustment in accordance with
the provisions of this Section 14 of percentage rent and other items of additional rents for which final adjustments or
prorations could not be determined at the Closing, if any, because of the lack of actual statements, bills or invoices for the
current period, the year-end adjustment of common area maintenance, taxes and like items, the unavailability of final sales figures
or amounts for percentage rent or any other reason. Any net adjustment in favor of Purchaser or Seller is to be paid in cash by
the other no later than thirty (30) days after such final adjustment has been made. If any such information is still not available
as of the Final Adjustment Date, the parties shall equitable estimate such missing amounts. Notwithstanding the foregoing, Seller
and Purchaser shall remain obligated to pay to the other any Rents or "Charges" (hereinafter defined) received by Seller
or Purchaser, as applicable, after the Final Adjustment Date that, pursuant to this Section 14, are to be credited or paid
to Seller or Purchaser.

 

14.1.3.          
To the extent any Tenants pay monthly estimates of common area maintenance charges, central plant charges, taxes and similar expenses
(collectively, "Charges") with an adjustment at the end of each fiscal year applicable to Charges, they shall be prorated
in accordance with this Section. Until the adjustment described in this Section is made, all amounts received by Seller as interim
payments of Charges before the Closing Date shall be retained by Seller, except that all interim payments received by either party
for the month in which the Closing Date occurs shall be prorated as between Seller and Purchaser based upon the number of days
in that month and the party receiving the interim payment shall remit to (if received on or after the Closing Date) or credit
(if received before the Closing Date) the other party its proportionate share. All amounts received by Purchaser as interim payments
of Charges on or after the Closing Date shall be retained by Purchaser until year end adjustment and determination of Seller's
allocable share thereof except to the extent provided in Section 14.1.2 above. No later than the Final Adjustment Date,
Seller's allocable share of actual Charges for Leases in effect as of the Closing Date shall be determined by multiplying the
total payments due from each Tenant for such fiscal year (the sum of estimated payments plus or minus year-end adjustments) by
a fraction, the numerator of which is Seller's actual cost of providing common area maintenance services and taxes (as the case
may be) prior to the Closing Date (within that portion of the fiscal year in which the Closing Date occurs in which the applicable
Lease is in effect), and the denominator of which is the cost of providing such services and paying such taxes for the entire
fiscal year (or that portion of the fiscal year in which the applicable Lease is in effect). If, on the basis of amounts actually
incurred and the estimated payments received by Seller prior to the Closing Date, Seller has retained amounts, in excess of its
allocable share, it shall remit, within thirty (30) days after notice from Purchaser of the excess owed Purchaser, such excess
to Purchaser. If, on the basis of the foregoing amounts, Seller has retained less than its allocable share, Purchaser shall remit,
within thirty (30) days after notice from Seller of the amount owed Seller, such amount to Seller to the extent received from
the Tenants of the Project. Additionally, Seller shall have the right to audit Purchaser's books with regard to the prorations
set forth in this Section 14, which audit shall be conducted, if at all, within sixty (60) days after the completion of
the final adjustment set forth above, and shall be made at Purchaser's offices during normal business hours following not less
than five (5) business days' prior written notice to Purchaser, and shall be at Seller's sole cost and expense.

 

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14.1.4.          All
other income and all operating expenses of the Project for the assumed Contracts and public utility charges and charges and/or
payments under the REAs with respect to the Project shall be prorated at the Closing effective as of the Closing Date, and appropriate
cash adjustments shall be made by Purchaser and Seller. Seller and Purchaser shall cooperate to arrange for final utility readings
as close to the Closing Date as possible and the issuance of a final bill to Seller with Purchaser being designated the billing
party in lieu of Seller for all utilities that may be in the name of Seller from and after the Closing Date. Notwithstanding anything
herein to the contrary, the management agreement and leasing agreement, if any, for the Project shall be terminated as of the
Closing Date and there shall be no apportionment of any fees or charges thereunder.

 

14.1.5.          At
Closing, any prepaid Rents attributable to periods from and after the Closing Date and unapplied security deposits under the Leases
(together with any interest accrued thereon) shall be transferred to Purchaser either directly or by way of a credit in favor
of Purchaser.

 

14.1.6.          If,
at Closing, the Property or any part thereof shall have been affected by an assessment or assessments, which are or may become
payable in annual installments, of which the first installment is then a charge or lien, then for the purposes of this Agreement,
all the unpaid installments of any such assessment due and payable in calendar years prior to the year in which the Closing occurs
shall be paid by Seller and all installments becoming due and payable after the Closing shall be assumed and paid by Purchaser,
except, however, that any installments which are due and payable in the calendar year in which the Closing occurs shall be adjusted
pro rata. However, if such an assessment or assessments shall be required to be paid in one lump sum payment (and is not available
to be paid in installments) and is due and payable on or before the Closing Date, then to the extent such assessment(s) is for
improvements in place as of the date of this Agreement, then such assessment(s) shall be paid by Seller but if such assessment(s)
is for improvements to be made subsequent to the date of Closing, then the same shall be paid by Purchaser.

 

14.1.7.          To
the extent at Closing there are any unpaid tenant improvement allowances or brokers' commissions for Leases entered into prior
to the Effective Date ("Unpaid TI/LC"), Seller shall credit Purchaser the estimated amount of Unpaid TI/LC at Closing,
and Purchaser shall thereafter be obligated to pay directly to the applicable parties the applicable amounts from the Unpaid TI/LC
credited to Purchaser. To the extent the credit provided to Purchaser at Closing for any Unpaid TI/LC shall be less than the actual
amount of such Unpaid TI/LC, Seller shall be obligated to pay Purchaser the difference promptly following the final determination
of the Unpaid TI/LC. To the extent the credit provided to Purchaser at Closing for any Unpaid TI/LC is more than the actual amount
of such Unpaid TI/LC, Purchaser shall be obligated to pay Seller the difference promptly following the final determination of
the Unpaid TI/LC.

 

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14.1.8.          At
the Closing, Purchaser shall receive a credit against the Purchase Price in the amount of Fifty Thousand and No/100 Dollars ($50,000.00)
with respect to Rent that would have been payable under the Lease with Chick-Fil-A had the obligation to begin paying Rent under
that Lease been in effect on the Closing Date.         

 

14.2        Purchaser's
Costs. Purchaser will pay:

 

14.2.1.          The
fees and disbursements of Purchaser's counsel, inspecting architect, engineer, environmental consultant and other consultants,
if any;

 

14.2.2.          One-half
(1/2) of any closing escrow fees of the Title Company;

 

14.2.3.          The
cost of the Survey;

 

14.2.4.          The
cost of all premiums for any endorsements, modifications or deletions to the Title Policy requested by Purchaser; and

 

14.2.5.          Any
costs relating to any financing obtained by Purchaser (including, without limitation, any mortgage taxes and any additional title
premiums (in excess of what Seller is obligated to pay under Section 14.3.4) resulting from obtaining a loan title policy.

 

14.2.6.          One-half
(1/2) of all transfer taxes, documentary stamps and recording fees relating to the conveyance of the Property to Purchaser.

 

14.3         Seller's
Costs. Seller will pay:

 

14.3.1.          The
fees and disbursements of Seller's counsel;

 

14.3.2.          One-half
(1/2) of any closing escrow fees of the Title Company;

 

14.3.3.          The
cost of the basic premium for the Title Policy;

 

14.3.4.          The
cost of releasing all liens, judgments and other encumbrances that are required by Seller to be released under this Agreement
and of recording such releases; and

 

14.3.5.          One-half
(1/2) of all transfer taxes, documentary stamps and recording fees relating to the conveyance of the Property to Purchaser.

 

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Section
15.           Damage or Destruction Prior to Closing and Condemnation.
 

 

15.1         If
prior to the Closing the Property is materially damaged or destroyed by fire or other casualty, Purchaser may, at Purchaser's
option, terminate this Agreement by delivering written notice thereof to Seller and Escrow Agent within the earlier of (a) ten
(10) business days after Purchaser's receipt of written notice from Seller of such casualty or (b) the Closing Date. If the
Improvements are not materially damaged or destroyed by fire or other casualty, or if Purchaser fails to deliver written notice
of termination within the time period set forth hereinabove for a material damage, then: (i) the parties shall proceed to
close this transaction in accordance with the terms of this Agreement; (ii) at the Closing, Purchaser shall receive a credit
against the Purchase Price in an amount equal to the deductible under Seller's casualty insurance policy; and (iii) Seller
shall, as part of the Intangible Property, assign to Purchaser all of Seller's rights in the resulting casualty insurance proceeds.
If Purchaser elects to terminate this Agreement under this Section 15.1, it shall be deemed that Purchaser terminated this
Agreement pursuant to Section 3.3 and the rights of the parties shall be as set forth therein. For purposes hereof, the
Project shall be deemed "materially damaged or destroyed" if (i) the cost of repair and restoration of such damage or
destruction as estimated by the engineer or contractor selected by Seller and Purchaser is greater than either (a) $2,500,000.00,
if such damage is covered by insurance (without regard to whether or not there is a deductible applicable to such insurance) or
(b) $1,000,000 if such damage is not covered by insurance (excluding any insurance deductible) or (ii) if such damage or destruction
will entitle any Tenant occupying greater than 5,000 square feet to terminate its Lease or abate its rent in whole for a period
in excess of one hundred eighty (180) days.

 

15.2         In
the event proceedings to condemn the Property or any material portion thereof are commenced before the Closing and the same are
not dismissed prior to the Closing Date, Purchaser shall have the right to terminate this Agreement in which event it shall be
deemed that Purchaser terminated this Agreement pursuant to Section 3.3 hereof and the rights of the parties shall be as
set forth therein. A material portion as used herein shall mean that portion of the Land and Improvements which, if taken or condemned,
would reduce the value of the Property by more than $2,500,000.00. In the event Purchaser does not elect to terminate this Agreement,
the parties shall proceed to closing in accordance with the terms of this Agreement with no reduction in the Purchase Price and
Seller shall assign to Purchaser, at the Closing, as part of the Intangible Property, all of Seller's rights, title and interest
in and to any condemnation proceeds payable with respect to the Property or grant Purchaser a credit against the Purchase Price
equal to the amount of any condemnation award previously paid to Seller. The provisions of this Section 15 shall survive
the Closing.

 

Section
16.           Remedies.  

 

16.1         IF
THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY PURCHASER HEREUNDER, THEN SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY FOR PURCHASER'S
DEFAULT, SUBJECT, HOWEVER, TO THE TERMS OF THE LAST SENTENCE OF THIS SECTION 16.1 BELOW, SHALL RETAIN THE DEPOSIT, AS LIQUIDATED
DAMAGES, THE PARTIES HAVING AGREED THAT SELLER'S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO PURCHASER'S
DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING
ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES
THAT SELLER WOULD INCUR IN SUCH EVENT. EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE,
THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING SHALL BE DEEMED TO BE SELLER'S UNCONDITIONAL AND IRREVOCABLE
ELECTION OF A REMEDY FOR A DEFAULT BY PURCHASER UNDER THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING, HOWEVER, THIS LIQUIDATED
DAMAGES PROVISION SHALL NOT LIMIT SELLER'S RIGHT TO (A) RECEIVE REIMBURSEMENT FOR OR RECOVER DAMAGES IN CONNECTION WITH PURCHASER'S
INDEMNITY OF SELLER AND/OR BREACH OF PURCHASER'S OBLIGATIONS PURSUANT TO SECTION 3.2 ABOVE, AND/OR (B) RECOVER ATTORNEYS'
FEES AND COURT COSTS PURSUANT TO SECTION 18.2 BELOW.

 

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16.2         Subject
to the provisions of the last sentence of this Section 16.2 and Section 16.4 below, if Seller shall default in any
of its material obligations under this Agreement or if there shall be a breach discovered by Purchaser before Closing of any of
Seller's representations or warranties that has a material and adverse effect on Purchaser and/or the Project, the parties hereto
agree that Purchaser's sole remedies shall be limited either (a) to the termination of this Agreement as set forth in Section
3.3 hereof, or (b) to specific performance of this Agreement. Notwithstanding the foregoing, if Seller breaches any of Seller's
obligations which pursuant to this Agreement are to be performed by Seller prior to the Closing Date, and, if Purchaser is actually
aware of such a breach by Seller and elects not to terminate this Agreement pursuant to this Section 16.2, but, instead,
Purchaser proceeds with the Closing, then Purchaser shall be deemed to have waived such default by Seller. Notwithstanding anything
herein to the contrary, in the event that Seller willfully and intentionally defaults in its obligations under this Agreement
for the intended purpose of preventing Purchaser from purchasing the Project and if specific performance is not a commercially
reasonable available remedy, Purchaser shall have the right to terminate this Agreement as set forth in Section 3.3 hereof
and, in addition, recover from Seller Purchaser's actual out-of-pocket third party costs and expenses in connection with its investigation
of the Project and the transaction contemplated by this Agreement (not to exceed a cumulative total of $85,000).

 

16.3         The
provisions of Sections 16.1 and 16.2 hereof shall not limit any rights or remedies that either party may have against the
other with respect to the documents delivered pursuant to Sections 11.1 and 11.3 hereof. Without limiting the generality
of the foregoing, the provisions of Sections 16.1 and 16.2 hereof shall not limit any rights of the parties to recover
legal fees as set forth in Section 18.2 hereof.

 

16.4         Subject
to the limitations and other provisions of this Agreement, Seller's total liability with respect to a material breach of any of
Seller's representations, warranties or other obligations contained in this Agreement or in any document or instrument executed
and delivered by Seller at Closing (including any indemnity obligations of Seller in this Agreement or in any such document or
instrument, but not including any covenants or obligations contained in Section 12 and Section 14) is limited to
$2,000,000 in the aggregate. In computing the aggregate amount of claims for the foregoing purpose, Seller's liability shall be
reduced by the amount of any insurance proceeds and any indemnity, contribution or similar payment actually received by Purchaser
from any third party with respect thereto less expenses incurred by Purchaser in collecting any such insurance proceeds and third
party payments. The foregoing limitation on liability shall survive the Closing or any earlier termination of this Agreement and
shall not diminish or otherwise affect Purchaser's waivers and releases in Section 6 of this Agreement.

 

    	26

    	 

    

 

16.5         Purchaser,
on Purchaser's own behalf and on behalf of each of Purchaser's agents, members, partners, employees, representatives, related
and affiliated entities, successors and assigns, or any other party claiming by, under or through Purchaser, hereby agrees that
in no event or circumstance shall any of the members, partners, shareholders, employees, representatives, officers, directors,
or agents of Seller have any personal liability under this Agreement, or to any of Purchaser's creditors, or to any other party
in connection with the Project.

 

Section 17.           Reporting
Requirements. Purchaser and Seller shall each deposit such other instruments required to close the escrow and consummate the
purchase and sale of the Project in accordance with the terms hereof, including, without limitation, an agreement designating
the Title Company as the "Reporting Person" for the transaction pursuant to Section 6045(e) of the Internal Revenue
Code and the regulations promulgated thereunder, and executed by Seller, Purchaser and the Title Company, but in no event shall
such instruments impose, create or potentially create any liability for Seller or Purchaser not expressly provided for herein.
Such agreement shall comply with the requirements of Section 6045(e) of the Internal Revenue Code and the regulations promulgated
thereunder. 

 

Section
18.           Miscellaneous.  

 

18.1         This
Agreement constitutes the entire Agreement between the parties and supersedes any other previous agreement, oral or written, between
the parties. This Agreement cannot be changed, modified, waived or terminated orally but only by an agreement in writing signed
by the parties hereto. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, personal
representatives and permitted successors and assigns.

 

18.2         In
the event of a default by either party hereto which becomes the subject of litigation, the losing party agrees to pay the reasonable
legal fees of the prevailing party. For purposes of this Section, a party will be considered to be the "prevailing party"
if (a) such party initiated the litigation and substantially obtained the relief which it sought (whether by judgment, voluntary
agreement or action of the other party, trial, or alternative dispute resolution process), (b) such party did not initiate the
litigation and either (i) received a judgment in its favor, or (ii) did not receive judgment in its favor, but the party
receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party to the litigation withdrew
its claim or action without having substantially received the relief which it was seeking. The provision of this Section shall
survive the Closing or the termination of this Agreement.

 

18.3         This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same original,
and the execution of separate counterparts by Purchaser and Seller shall bind Purchaser and Seller as if they had each executed
the same counterpart. The parties agree that receipt of a telecopy or pdf signature on this Agreement shall be deemed to be an
original document and such telecopy or pdf shall be deemed to be an original document.

 

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18.4         This
Agreement shall be governed, construed and enforced in accordance with the laws of the State of Oklahoma.

 

18.5         The
headings used in this Agreement are for convenience only and do not constitute substantive matters to be considered in construing
same.

 

18.6         The
parties agree that neither this Agreement nor any memorandum or notice thereof shall be recorded.

 

18.7         This
Agreement may not be assigned by Purchaser in whole or in part without the prior written consent of Seller, which consent shall
not be unreasonably withheld or delayed. Notwithstanding the foregoing, Purchaser shall have the right to assign this Agreement
to an entity that is owned or controlled by, or under common ownership or control with Purchaser, or an entity that is owned or
controlled by, or under common ownership or control with, Purchaser, or in which Purchaser, or an individual or entity, that owns
or controls Purchaser, or is under common ownership or control with Purchaser, is a general partner or managing member. Further,
Purchaser is entering into this Agreement for and on behalf of ARC SRTULOK001, LLC ("Approved Assignee") and intends,
and shall have the right, to assign its rights under this Agreement to Approved Assignee prior to Closing. Notwithstanding the
foregoing, Purchaser shall also have the right to assign this Agreement to American Realty Capital-Retail Centers of America II,
Inc. and its affiliates without the prior written consent of Seller. Without limiting the generality of the foregoing, for any
assignment by Purchaser to be effective, including as to the Approved Assignee or any other permitted assignee, as provided above,
Seller, not later than two (2) business days prior to the Closing Date, shall have received an executed copy of each assignment
and assumption instrument pursuant to which Purchaser assigns all of its right, title and interest in and to this Agreement to
the assignee(s) (including all rights to the Deposit) and the assignee(s) assume and agree to be bound by all of the obligations
of Purchaser under this Agreement. No assignment of this Agreement shall release Purchaser herein.

 

18.8         Submission
of this form of Agreement for examination shall not bind Seller or Purchaser in any manner nor be construed as an offer to sell
and no contract or obligations of Seller or Purchaser shall arise until this Agreement is executed by both Seller and Purchaser
and delivery is made to each.

 

18.9         Each
of the parties agrees that upon request from the other party following the Closing and without further consideration, such party
shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts or
instruments as shall be reasonably requested by a party in order to effect or carryout the transactions contemplated herein provided
same do not impose any obligations or liabilities upon the party not contemplated in this Agreement. The provisions of this Section
18.9 shall survive the Closing.

 

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18.10       If
the final date of any period set forth herein (including, but not limited to, the Closing Date) falls on a Saturday, Sunday or
legal holiday under the laws of the State of Oklahoma, or the United States of America, the final date of such period shall be
extended to the next day that is not a Saturday, Sunday or legal holiday. The term "days" as used herein shall mean
calendar days, with the exception of "business days", which term shall mean each day except for any Saturday, Sunday
or legal holiday under the laws of the State of Oklahoma or the United States of America.

 

Section 19.            Confidentiality.
All Property Information provided by Seller or its agents and representatives to Purchaser with respect to the Project ("Confidential
Information") shall be treated as confidential information by Purchaser, using at least the same degree of care with respect
to the Confidential Information as Purchaser employs with respect to its own proprietary or confidential information of like importance.
Notwithstanding the foregoing, Purchaser may disclose Confidential Information (i) to its respective consultants, investors, lenders,
appraisers, attorneys, accountants, advisers, and affiliates (collectively, "Related Parties"), provided the Purchaser
shall advise each parties of the confidential nature of such information and that such parties are required to maintain the confidentiality
thereof, (ii) to the extent Purchaser is required to disclose the same pursuant to a court order, applicable laws (including making
such public statements or filings as may be required under any regulations of the U.S. Securities and Exchange Commission applicable
to Purchaser or its affiliates or as may be otherwise advised by counsel to Purchaser), or (iii) to the extent necessary to disclose
in the context of a legal dispute between Purchaser and Seller. Purchaser and the Related Parties shall not be obligated to keep
confidential any Confidential Information that (1) is already in the public domain, (2) is or becomes generally available to the
public other than as a result of a disclosure by Purchaser or one of the Related Parties of Purchaser, or (3) is or becomes available
to Purchaser on a non-confidential basis from a source other than Seller who, to Purchaser's knowledge, is not subject to a confidentiality
agreement with, or other obligation of secrecy to, Seller prohibiting such disclosure. If this Agreement is terminated for any
reason, Purchaser shall promptly deliver to Seller all Confidential Information it has received from Seller including all copies
or certify to Seller that Purchaser has destroyed same; provided, however, Purchaser (x) will be entitled to retain one copy of
the Confidential Information for compliance purposes or for the purposes of defending or maintaining litigation or threatened
litigation, subject to the continued application of the provisions of this Section and (y) will not be obligated to erase Confidential
Information that is contained in an archived computer system made in accordance with its security and/or disaster recovery procedures
on the understanding that any such retained Confidential Information shall remain subject to the continued application of the
provisions of this Section. Purchaser's obligations under the foregoing provisions of this Section 19 shall terminate on
the earlier of (x) twelve (12) months from the Effective Date, or (y) the Closing Date.  

 

Except
as required by applicable law, Seller agrees that it shall not publicize this transaction in the media after the Closing without
the prior written approval of Purchaser. The provisions of this Section 19 shall survive Closing.

 

    	29

    	 

    

  

 

Section 20.           Intentionally
Omitted.

 

20.1         It
is understood and agreed that either party (the "Exchanger") shall have the option, exercisable by giving notice
to other party prior to the Closing Date, of effecting a like-kind exchange of any part of its interest in the Property (the "Interest")
by assigning (the "Assignment") its rights in this Agreement to any third party (the "Intermediary")
who shall have contracted with Exchanger to exchange therefor property or other consideration ("Exchange Property"),
at such times as shall be designated in the contract between Exchanger and the Intermediary; PROVIDED, that Exchanger shall remain
responsible for its obligations under this Agreement and shall execute such documents as the other party shall reasonably request
to affirm its obligations hereunder. The other party shall reasonably cooperate with the Exchanger and execute such documents
(in forms reasonably acceptable to the cooperating party) as are reasonably necessary for Exchanger to effect such exchange; provided,
however, the other party shall not be obligated to incur any expense, and, provided, further, the other party shall not serve
as intermediary.

 

20.2         Exchanger
hereby agrees to indemnify, defend and hold the other party harmless of and from any and all liabilities, claims, demands and
expenses of any kind or nature (including, without limitation, reasonable attorney's fees) which it reasonably incurs or suffers
as a result of or in connection with a like-kind exchange contemplated by this Section.

 

20.3         Exchanger
hereby unconditionally releases, remises and forever discharges the other party and its agents, owners, officers and directors
(the "Released Parties") from any and all claims or causes of actions, known or unknown, which it might have
against any of the Released Parties for any and all matters, liabilities and/or damages arising out of or in connection with the
identification, acquisition or attempted acquisition, or conveyance of any Exchange Property; PROVIDED, that the Released Parties
shall not be released from such claims, etc. arising out of or resulting from their gross negligence or willful misconduct.

 

20.4         Exchanger
hereby acknowledges and agrees that the other party neither warrants nor represents that an exchange of the Property for the Exchange
Property will qualify for tax deferred exchange treatment pursuant to Section 1031 of the Internal Revenue Code of 1986 or otherwise,
and, in no event shall the ability to complete an exchange transaction or the efficacy of any proposed exchange transaction be
a condition to either party's obligations under this Agreement.

 

Section 21.           Intentionally
Omitted.

 

Section 22.           SEC
S-X 3-14 Audit. Seller understands that Purchaser is subject to the reporting requirements of the Securities Act of 1933,
as amended, the rules and regulations promulgated thereunder and Rule 3-14 of Regulation S-X. In order to enable Purchaser to
comply with such reporting requirements, Seller agrees, at Purchaser's sole cost and expense, to provide Purchaser and its representatives
information required for Purchaser to comply with Rule 3-14 (as reasonably determined by Purchaser's counsel) including, but not
limited to, if applicable, Seller's most current financial statements relating to the financial operation of the Project for the
current fiscal year and the most recent pre-acquisition fiscal year, and upon request and, to the extent required under such Rule
3-14, support for certain operating revenues and expenses specific to the Project. Within ten (10) business days following a written
request from Purchaser, Seller shall provide a letter to Purchaser's auditors in substantially the form attached hereto as Exhibit
"F". Seller understands that certain of such financial information may be included in filings required to be made
by Purchaser with the U.S. Securities and Exchange Commission. This Section 22 shall survive Closing for a period of one
(1) year.

 

    	30

    	 

    

  

Section 23.           Rights
of First Refusal. If any of the Leases contain tenant rights of first refusal or rights of first offer (either such right,
a "ROFR") in connection with a sale of the Project, Seller agrees that, if any Tenant gives notice of its intent to
exercise its ROFR under its Lease or does actually exercise such ROFR, this Agreement shall be deemed to terminated, provided
that Purchaser shall receive a full return of the Deposit. 

 

[SIGNATURE PAGE FOLLOWS]

 

    	31

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been entered into as of the day and year first above written.

  

	SELLER:	 	PURCHASER:
	 	 	 
	SOUTHROADS, L.L.C., an Oklahoma limited liability company	 	AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited
    liability company
	 	 	 	 	 	 
	By:	MD Management, Inc.,	 		
	 	It's Manager	 	By:	/s/ Edward M. Weil, Jr.
	 		 	Name:	Edward M. Weil, Jr.
	 	 	 	 	Title: 	President
	 	 	 	 	 	 
	 	By:	/s/ Mark Morgan	 	 	 
	 	Name:	Mark Morgan	 	 	 
	 	Title:	President	 	 	 

 

    	32

    	 

    

 

EXHIBIT "A"

Description of Land

 

TRACT A:

 

All of Lots One (1), Two (2), Three (3),
and Four (4), all being in Block One (1), SOUTHROADS MALL, a subdivision of part of the South Half of the Southwest Quarter of
Section 22, Township 19 North, Range 13 East, Tulsa County, State of Oklahoma, according to the Recorded Plat thereof.

 

Tract B:

 

The North Fifty-nine (59) feet of the
South Two Hundred Sixty-eight and five-tenths (268.5) feet of the North Half of the Southwest Quarter (N/2 SW/4 SW/4) of Section
Twenty-two (22), Township Nineteen (19) North, Range Thirteen (13) East,. Tulsa County, State of Oklahoma, LESS the West 50 feet
thereof for street purposes, being a tract 59 feet wide just North of Lot 2, Block 1, and extending the full length of said Lot
2, Block 1, SOUTHROADS MALL, Tulsa County, State of Oklahoma.

 

TRACT C:

 

A tract of land in the West Half of the
Southwest Quarter (W/2 SW/4) of Section Twenty-two (22), Township Nineteen (19) North, Range Thirteen (13) East of the Indian
Base and Meridian, Tulsa County, State of Oklahoma, according to the United States Government Survey thereof, more particularly
described as follows, to-wit:

 

BEGINNING at a point that is 50 feet East
of the West line of Section 22, said point also being the Southwesterly corner of Lot 1, in Block 3 of Max Campbell 6th Addition;
thence Easterly along the Southerly line of Block 3 for 155.99 feet; thence Easterly continuing along the Southerly line of the
said Block 3 for a distance of 814.25 feet; thence Easterly continuing along the Southerly line of Block 3 for a distance of 189.01
feet to the Southeasterly corner of Lot 16 in said Block 3; thence Southerly along the Westerly right of way line of South Canton
Avenue and also parallel to the Easterly line of said W/2 of the SW/4 for a distance of 50 feet; thence Easterly along the Southerly
right of way line of East 39th Street for a distance of 170 feet to the Easterly line of said W/2 of the SW/4; thence Southerly
along the said Easterly line of said W/2 of the SW/4 for 366.63 feet to a point that is 59 feet Northerly of the Northeasterly
corner of Lot 2, in Block 1 of Southroads Mall Subdivision; thence Westerly and parallel to the Northerly line of said Lot 2 for
a distance of 1266.91 feet to a point that is 50 feet East of the West line of said Section 22, said point also being 59 feet
Northerly of the Northwest corner of said Lot 2 of Southroads Mall Subdivision; thence Northerly and parallel to the West line
of said Section 22 for a distance of 104.24 feet to the point of Beginning LESS AND EXCEPT the following described tract;

 

    	"A"-1

    	 

    

 

A tract of land in the West Half of the
southwest Quarter (W/2 SW/4) of Section Twenty-two (22), Township Nineteen (19) North, Range Thirteen (13) East of the Indian
Base and Meridian, Tulsa County, State of Oklahoma, according to the United States Government Survey thereof, more particularly
described as follows, to-wit: COMMENCING at the Southeast corner of Lot Sixteen (16), Block Three (3), MAX CAMPBELL 6TH ADDITION
in Tulsa County, State of Oklahoma, according to the Recorded Plat thereof; thence S 00 Degrees 01 Minute 50 Seconds W, a distance
of 10.0 feet; thence N 89 Degrees 57 Minutes 50 Seconds W, a distance of 82.50 feet; thence N 00 Degrees 01 Minutes 50 Seconds
E, a distance of 10.0 feet to the Southwest corner of said Lot 16; thence S 89 Degrees 57 Minutes 50 Seconds E along the South
line of said Lot 16, a distance of 82.50 feet to the point of beginning.

 

Less and Except the following:

 

A tract of land being a part of the West
Half of the Southwest Quarter (W/2 SW/4) of Section Twenty-Two (22), Township Nineteen (19) North, Range Thirteen (13) East of
the Indian Base and Meridian, Tulsa County, State of Oklahoma, according to the United States Government Survey thereof, said
tract of land being described as follows:

 

Beginning at the Southwest corner of Lot
15, Block 3, Max Campbell 6th Addition, according to the recorded plat thereof; thence South 89 degrees 57 minutes 50 seconds
East along the Southerly line of said Lot 15 for 62.00 feet to the Southeast corner of said Lot 15; thence South 0 degrees 01
minutes 50 seconds West on a Southerly extension of the Easterly line of said Lot 15 for 10.00 feet; thence North 89 degrees 57
minutes 50 seconds West and parallel with the said Southerly line for 62.00 feet; thence North 0 degrees 01 minutes 50 seconds
East for 10.00 feet to the Southwest corner of said Lot 15 and the Point of Beginning of said tract of land.

 

    	"A"-2

    	 

    

  

EXHIBIT B

Earnest Money Escrow Agreement

 

This Escrow Agreement
("Escrow Agreement"), dated the ____ day of August, 2014, between SOUTHROADS, L.L.C., an Oklahoma limited liability
company ("Seller"), AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company ("Purchaser"), and
BENCHMARK TITLE SERVICES ("Escrow Agent").

 

WHEREAS, pursuant
to that certain Purchase and Sale Agreement, dated August __, 2014 ("Purchase Agreement"), a copy of which has been
provided to Escrow Agent, Seller agreed to sell to Purchaser and Purchaser agreed to purchase from Seller, that certain real property
and the building improvements located thereon (collectively, the "Property") known as Southroads Shopping Center; and

 

WHEREAS, the
parties are entering into this Escrow Agreement pursuant to Section 2 of the Purchase Agreement whereby Purchaser is depositing
with the Escrow Agent the sum of One Million and No/100 Dollars ($1,000,000.00) (together with any undisbursed interest thereon,
the "Deposit") to be held and disbursed in accordance with the provisions of this Escrow Agreement.

 

NOW, THEREFORE,
in consideration of Ten and No/100 ($10.00) Dollars and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Seller, Purchaser and Escrow Agent hereby agree as follows:

 

1.            Escrow
Agent agrees to hold the Deposit, subject to receipt, in escrow and disburse the Deposit in accordance with the terms of this
Escrow Agreement.

 

2.            Escrow
Agent shall disburse the Deposit as follows:

 

2.1        Escrow
Agent shall deliver the Deposit to Seller (a) upon the Closing hereunder or (b) in the event that Seller makes a written demand
therefor stating that Purchaser has failed to perform Purchaser's obligations hereunder.

 

2.2        Escrow
Agent shall return the Deposit to Purchaser (a) if Purchaser terminates the Purchase Agreement pursuant to Section 3.3 thereof
or (b) in the event that Purchaser makes a written demand therefor stating that Seller has failed to perform Seller's obligations
hereunder or that Purchaser is entitled to the Deposit pursuant to the provisions of the Purchase Agreement.

 

2.3        In
the event that Escrow Agent intends to release the Deposit to either party pursuant to clause 2.1(b) or 2.2 hereof, then Escrow
Agent shall give to the other party not less than five (5) business days prior written notice of such fact and if Escrow Agent
actually receives written notice during such five (5) business day period that such other party objects to the release, then Escrow
Agent shall not release the Deposit and any such dispute shall be resolved as provided herein.

 

    	"B"-1

    	 

    

  

3.          Escrow
Agent shall invest the Deposit in an interest bearing F.D.I.C. insured account. Purchaser shall be responsible for paying all
taxes on any interest earned on the Deposit, which obligation shall survive the Closing.

 

4.          Escrow
Agent may not commingle the Deposit with other funds held in its "trustees account".

 

5.          In
the event that a dispute shall arise as to the disposition of the Deposit or any other funds held hereunder in escrow, Escrow
Agent shall have the right, at its option, to either hold the same or deposit the same with a court of competent jurisdiction
pending decision of such court, and Escrow Agent shall be entitled to rely upon the decision of such court.

 

6.          Escrow
Agent shall have no liability whatsoever arising out of or in connection with its activity as escrow agent except in the case
of its negligence or willful misconduct or a breach by Escrow Agent of this Escrow Agreement and Seller and Purchaser jointly
and severally agree to indemnify and hold harmless Escrow Agent from all loss, cost, claim, damage, liability and expenses (including
reasonable attorneys' fees) which may be incurred by reason of its acting as escrow agent unless caused by Escrow Agent's negligence
or willful misconduct or a breach by Escrow Agent of this Escrow Agreement.

 

7.          Escrow
Agent shall be entitled to rely upon any judgment, certification, demand or other writing delivered to it hereunder without being
required to determine the authenticity or the correctness of any fact stated therein, the propriety or validity thereof, or the
jurisdiction of a court issuing any such judgment. Escrow Agent may act in reliance upon (x) any instrument or signature believed
to be genuine and duly authorized, and (y) advice of counsel in reference to any matter or matters connected therewith.

 

8.          In
the event of a dispute concerning disposition of the Deposit, the party to whom the Deposit is finally awarded by a court of competent
jurisdiction shall be entitled to be reimbursed by the other party for its reasonable legal fees incurred in the dispute.

 

9.          Notices
given under this Escrow Agreement shall be given to the parties at the addresses set forth on the signature page of this Escrow
Agreement in the manner set forth in Section 13 of the Purchase Agreement.

 

    	"B"-2

    	 

    

 

IN WITNESS WHEREOF,
this Escrow Agreement has been duly executed as of the date above written.

 

	 	SELLER:
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 	 
	 	By:	MD Management, Inc., It's
    Manager
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	PURCHASER:
	 	 	 	 
	 	AMERICAN REALTY CAPITAL
    IV, LLC, 
	 	a Delaware limited liability
    company
	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	ESCROW AGENT:
	 	 
	 	BENCHMARK TITLE SERVICES
	 	 
	 	By:_______________________________________
	 	Printed Name:_______________________________
	 	Its::_______________________________________

 

    	"B"-3

    	 

    

 

	Address for Notices
    to Escrow Agent:	 
	Benchmark Title Services	 
	2000 McKinney, 4th Floor	 
	Dallas, Texas  75021	 
	Attn:  Mr. Brett Poston	 
	Facsimile No.:  214-____________	 
	 	 
	Address for Notices to Purchaser:	Address for Notices to Seller:
	American Realty Capital IV, LLC	c/o MD Management Company
	405 Park Avenue, 15th Floor	5201 Johnson Drive, Suite 450
	New York, New York  10022	Mission, Kansas  66205
	Attn:  Jesse Galloway and
    Jeremy Eichel	Attn.: Garry Hayes
	Facsimile No.: 646-861-7751	Facsimile No.:  913-384-2996
	 	 
	with
    a copy to:	with
    a copy to:
	Condon Thornton Sladek Harrell PLLC	Lewis, Rice & Fingersh, LC
	8080 Park Lane, Suite 700	1010 Walnut, Suite 500
	Dallas, Texas  75231	Kansas City, MO 64106
	Attn:  William L. Sladek,
    Esq.	Attn.:  Paul Torline, Esq.
	Facsimile No.:  214-691-6311	Facsimile No.:  816-472-2500
	 	 
	with
    a copy to:	 
	Retail Centers of America, Inc.	 
	2000 McKinney Avenue, Suite 1000	 
	Dallas, Texas  75201	 
	Attn:  Chris Cotten and Steve
    Seitz	 
	Facsimile:  214-740-3313	 

 

    	"B"-4

    	 

    

  

NOTICE OF CONFIDENTIALITY RIGHTS: IF
YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR
RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.

 

EXHIBIT "C-1"

 

SPECIAL WARRANTY
DEED

 

	THE STATE OF OKLAHOMA	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS:
	COUNTY OF __________	§	 

 

THAT _______________________,
a_______________________ ("Grantor"), for and in consideration of the sum of Ten Dollars ($10.00) and
other good and valuable consideration to it in hand paid by __________________________, a Delaware limited liability company ("Grantee"),
whose mailing address is __________________, __________, __________, _______________, the receipt and sufficiency of which consideration
are hereby acknowledged, and upon and subject to the provisions hereinafter set forth and described, has GRANTED, BARGAINED, SOLD
and CONVEYED, and by these presents does hereby GRANT, BARGAIN, SELL and CONVEY, unto Grantee all of the real property situated
in ___________ County, Oklahoma, described on Exhibit A attached hereto and made a part hereof for all purposes, together
with all and singular all of Grantor's right, title and interest, if any, in and to the rights, benefits, privileges, easements,
tenements, hereditaments, rents, issues and profits, reversions, remainders and appurtenances thereon or in anywise appertaining
thereto, and all right, title and interest of Grantor in and to all improvements and fixtures located on said real property, and
any right, title and interest, if any, of Grantor in and to adjacent streets, alleys, rights-of-way and strips and gores (said
land, rights, benefits, privileges, easements, tenements, hereditaments, appurtenances, improvements, fixtures and interests being
hereinafter referred to as the "Property").

 

This conveyance is
made subject to all easements, covenants, conditions, restrictions, reservations, declarations, community contracts, and other
matters of record; all rights of Tenants under the Leases (as such terms are defined in the Sale Agreement [as defined below])
to use or occupy the Property; all matters which would be disclosed by an accurate survey of the Property, the rights of the public
in and to parts thereof in streets, roads or alleys and all matters listed on Exhibit B attached hereto and made a part
hereof for all purposes (collectively, the “Permitted Exceptions”).

 

TO HAVE AND TO HOLD
the Property, subject to the foregoing Permitted Exceptions, as aforesaid, unto Grantee, its successors and assigns, forever;
and Grantor does hereby covenant with Grantee that, subject only to the Permitted Exceptions, Grantor will warrant and forever
defend all and singular the Property unto Grantee, its successors and assigns, against the lawful claims and demands of all persons
claiming by, through or under Grantor, but not otherwise.

 

    	"C-1"-1

    	 

    

 

THIS DEED AND THE CONVEYANCE HEREUNDER
IS SUBJECT TO THE DISCLAIMER AND LIMITATIONS SET FORTH IN SECTION 6 OF THAT CERTAIN PURCHASE AND SALE AGREEMENT (THE "SALE
AGREEMENT") DATED AUGUST ___, 2014, BETWEEN GRANTOR, AS SELLER, AND AMERICAN REALTY CAPITAL IV, LLC, A DELAWARE LIMITED LIABILITY
COMPANY, AS PURCHASER, AS ASSIGNED BY AMERICAN REALTY CAPITAL IV, LLC TO GRANTEE.

 

IN WITNESS WHEREOF,
this Special Warranty Deed has been executed by Grantor to be effective as of the ___ day of _____________, 2014.

 

	 	_______________________,	 
	 	a_______________________	 
	 	 	 
	 	By: ____________________	 
	 	Name: __________________	 
	 	Title: ___________________	 

 

	THE STATE OF ________	§
	 	 
	COUNTY OF __________	§

 

This instrument was
acknowledged before me on this _____ day of _______________, 2014, by ________________________, _____________________ of _____________________________________,
a _______________________, on behalf of said ________.

 

	 	 	 
	 	 	Notary's Signature
	 	 	 
	My Commission Expires:	 	Notary's Printed Name:
	 	 	 

 

    	"C-1"-2

    	 

    

 

Exhibit A To Special Warranty Deed

 

LEGAL DESCRIPTION

 

    	"C-1"-3

    	 

    

 

Exhibit B To Special Warranty Deed

 

PERMITTED EXCEPTIONS

 

    	"C-1"-4

    	 

    

  

EXHIBIT "C-2"

ASSIGNMENT AND ASSUMPTION OF LEASES

 

ASSIGNMENT AND ASSUMPTION
OF LEASES (this "Assignment") made as of the ____ day of ____________________, 2014, by and between SOUTHROADS, L.L.C.,
an Oklahoma limited liability company ("Assignor"), and _________________________, a Delaware limited liability company
("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor
and AMERICAN REALTY CAPITAL IV, LLC entered into that certain Purchase and Sale Agreement, dated August ___, 2014 ("Contract"),
covering the Premises (as hereinafter defined), which Contract was assigned by AMERICAN REALTY CAPITAL IV, LLC to Assignee; and

 

WHEREAS, Assignor
has simultaneously herewith conveyed to the Assignee all of Assignor's right, title and interest in and to the premises commonly
known as Southroads Shopping Center (the "Premises"), and in connection therewith, Assignor has agreed to assign to
Assignee all of Assignor's right, title and interest in and to those leases described on the schedule attached as Exhibit "A"
hereto and the guaranties and other documents related thereto, if any (collectively, the "Leases").

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest of Assignor in and to the Leases;

 

TO HAVE AND TO HOLD
the same unto Assignee, its successors and assigns from and after the date hereof, subject to the terms, covenants and conditions
of the Leases.

 

2.          Assignee
assumes the payment and performance of all of the obligations, covenants, duties and liabilities of the landlord under the Leases
arising or accruing under the Leases from and after the date hereof. Assignee agrees to indemnify, protect, defend and hold Assignor
harmless from and against any and all claims, demands, liabilities, losses, costs, damages or expenses including, without limitation,
reasonable attorneys' fees and costs (collectively, "Claims") arising as a result of any act, omission or obligation
of Assignee arising or accruing with respect to the Leases on or after the date hereof, including, without limitation, any failure
by Assignee to comply with any applicable law from and after the date hereof with respect to the security deposits under the Leases
transferred to Assignee on the date hereof.

 

    	"C-2"-1

    	 

    

 

3.          Assignor
hereby agrees to indemnify, protect, defend and hold Assignee harmless from and against any and all Claims arising as a result
of any act, omission or obligation of Assignor arising or accruing with respect to the Leases prior to the date hereof, including,
without limitation, any failure by Assignor to comply with any applicable laws prior to the date hereof with respect to the security
deposits under the Leases that are being transferred to Assignee on the date hereof.

 

4.          Assignee
acknowledges and agrees that the Leases are being assigned to Assignee by Assignor "As-Is" and without representation
or warranty of any kind, whether express or implied, except only as expressly set forth in, and subject to the limitations of,
Section 8 of the Contract.

 

5.          This
Assignment shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, assigns and
legal representatives.

 

6.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.

 

7.          In
the event of any dispute between Assignor and Assignee arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the non-prevailing party shall pay the prevailing
party's costs and expenses of such dispute, including without limitation, reasonable attorneys' fees and costs. Any such attorneys'
fees and other expenses incurred by either party in enforcing a judgment in its favor under this Assignment shall be recoverable
separately from and in addition to any other amount included in such judgment, and such attorneys' fees obligation is intended
to be severable from the other provisions of this Assignment and to survive and not be merged into any such judgment.

 

8.          This
Assignment is subject to the limitations on liability set forth in Sections 16.4 and 16.5 of the Contract.

 

    	"C-2"-2

    	 

    

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	_________________________________,
	 	a ___________________________
	 	 
	 	By: __________________________
	 	Name: _______________________
	 	Title: ________________________
	 	 
	 	ASSIGNEE:
	 	 
	 	_______________________________________,
	 	a Delaware limited liability company
	 	 
	 	By:_________________________________
	 	Printed Name:_____________________
	 	Its:______________________________

 

    	"C-2"-3

    	 

    

 

EXHIBIT "C-3"

TENANT NOTICE LETTER

 

___________________, 201_

[Name]

[Company]

[Mailing Address]

[City, State, Zip]

 

		Re:	Lease dated _______________________
                                         (as amended, modified and supplemented from time to time, the "Lease") by and
                                         between _______________________________ ("Landlord") and __________________________________
                                         ("Tenant") concerning certain Demised Premises in the shopping center known
                                         as Southroads Shopping Center (the "Shopping Center") located in Tulsa, Oklahoma.

 

Dear [ ]:

 

Please be advised
that, as of the date set forth above, the Shopping Center and Landlord's interest in the Lease were purchased by ________________,
Federal Tax I.D. ________________ ("New Owner"). A W-9 Form is attached for your reference. All security deposits, to
the extent held by Landlord, were transferred to New Owner. New Owner has assumed and agreed to perform all of the landlord's
obligations under the Lease from and after the date set forth above. Accordingly, commencing immediately

 

(a)          all
of your obligations under the Lease (including your obligations to pay rent) shall be performed to and for the benefit of New
Owner and New Owner's successors and assigns;

 

(b)          all
of the obligations of the landlord under the Lease shall be the binding obligations of New Owner and New Owner's successors and
assigns (including the return of your security deposit after any lawful deductions from the security deposit);

 

(c)          all
payments, Rent and otherwise, shall be payable to ________________________ and delivery of such payments shall be made to:

 

____________________________________

____________________________________

____________________________________

 

For property management
issues, please contact ________________ at (___) ___ ____.

For billing and collection
issues, please contact ________________ at (___) ___ ____.

For all other purposes
under the Lease, the address for _______________________ is _________________________________ with a telephone number of ___________________.

 

    	"C-3"-1

    	 

    

  

The instructions set
forth herein are irrevocable and are not subject to modification in any manner except that any successor landlord or lender, so
identified by New Owner, may by written notice to you rescind the instructions contained herein.

 

	 	Very truly yours,
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

 

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

	 	_______________________________________,
	 	a Delaware limited liability company
	 	 
	 	By:_________________________________
	 	Printed Name:_____________________
	 	Its:______________________________

 

    	"C-3"-2

    	 

    

  

EXHIBIT "C-4"

BILL OF SALE

 

FOR GOOD AND VALUABLE CONSIDERATION, the
receipt and sufficiency of which is hereby acknowledged, SOUTHROADS, L.L.C., an Oklahoma limited liability company ("Seller"),
does hereby sell, transfer and convey to ___________________________, a Delaware limited liability company ("Purchaser"),
all personal property owned by Seller and located on that certain real property more particularly described in Exhibit A attached
hereto, including, without limitation, the personal property listed on Exhibit B attached hereto (the "Listed Property"),
but specifically excluding the property listed on Exhibit C attached hereto (collectively, the "Personal Property").

 

PURCHASER ACKNOWLEDGES
THAT SELLER IS SELLING AND PURCHASER IS PURCHASING SUCH PERSONAL PROPERTY ON AN "AS IS WITH ALL FAULTS" BASIS AND THAT
PURCHASER IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, ITS AGENTS,
OR BROKERS AS TO ANY MATTERS CONCERNING SUCH PERSONAL PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO TITLE OR IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NOTWITHSTANDING THE FOREGOING, SELLER REPRESENTS AND WARRANTS
THAT IT OWNS ALL OF THE LISTED PROPERTY FREE AND CLEAR OF ALL LIENS AND ENCUMBRANCES AND RIGHTS OF THIRD PARTIES.

 

Dated: ________________, 2014.

 

	 	SELLER:
	 	 
	 	_________________________________,
    
	 	a ___________________________

 

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

    	"C-4"-1

    	 

    

  

EXHIBIT C-5

ASSIGNMENT OF WARRANTIES, APPROVALS
AND INTANGIBLES

 

ASSIGNMENT AND ASSUMPTION
OF WARRANTIES, APPROVALS AND INTANGIBLES (this "Assignment") made as of the ____ day of ____________________, 2014,
by and between SOUTHROADS, L.L.C., an Oklahoma limited liability company ("Assignor"), and _________________________,
a Delaware limited liability company ("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor
and AMERICAN REALTY CAPITAL IV, LLC entered into that certain Purchase and Sale Agreement, dated August ___, 2014 ("Contract"),
covering the Premises (as hereinafter defined), which Contract was assigned by AMERICAN REALTY CAPITAL IV, LLC to Assignee.

 

WHEREAS, Assignor
has simultaneously herewith conveyed to Assignee all of Assignor's right, title and interest in and to the premises commonly known
as Southroads Shopping Center in Tulsa, Oklahoma (the "Premises"), and in connection therewith, Assignor has agreed
to assign to Assignee all of Assignor's right, title and interest, if any, in and to (i) any warranties and/or guaranties relating
to the Premises (collectively, "Warranties"), (ii) any transferable governmental consents, authorizations, variances,
waivers, licenses, permits and approvals relating to the Premises (collectively, "Approvals") and (iii) the trademark,
service mark, trade name and name "Southroads Shopping Center" and all other trademarks, services marks, trade names,
names and logos used in connection with the advertising and promotion of the Premises or otherwise relating to the Premises, and
any variations thereof, together with all good will of the business connected with the use of and symbolized by such trademarks,
service marks, trade names, names and logos, any telephone numbers and listings for the Premises and any copyrights, trade secrets,
intellectual property and other intangible property relating to the Premises (collectively, "Intangibles").

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

    	"C-5"-1

    	 

    

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest, if any, of Assignor in and to the Warranties, Approvals and
Intangibles. The execution of this Assignment shall not be deemed to constitute a representation or warranty by Assignor that
Assignor has the right to transfer any right, title or interest in any warranty, permit or intangible or that Assignee shall be
entitled to enforce or receive the benefit of any such right, title or interest and Assignor shall have no liability to Assignee
in the event that any or all of the Warranties, Approvals and Intangibles (a) are not transferable to Assignee or (b) are cancelled
or terminated by reason of this Assignment or any acts of Assignee.

 

2.          This
Assignment shall be binding on Assignor and its successors, assigns and legal representatives and shall inure to the benefit of
the Assignee and its successors, assigns and legal representatives.

 

3.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.

 

4.          In
the event of any dispute between Assignor and Assignee arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the non-prevailing party shall pay the prevailing
party's costs and expenses of such dispute, including without limitation, reasonable attorneys' fees and costs. Any such attorneys'
fees and other expenses incurred by either party in enforcing a judgment in its favor under this Assignment shall be recoverable
separately from and in addition to any other amount included in such judgment, and such attorneys' fees obligation is intended
to be severable from the other provisions of this Assignment and to survive and not be merged into any such judgment.

 

5.          This
Assignment is subject to the limitations on liability set forth in Sections 16.4 and 16.5 of the Contract.

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

 

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

    	"C-5"-2

    	 

    

  

EXHIBIT "C-6"

CERTIFICATE

 

Reference is
hereby made to that certain Purchase and Sale Agreement ("Agreement") dated August ____, 2014, by and between                           ,
a                                                        ("Seller"), and AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company, as assigned
by AMERICAN REALTY CAPITAL IV, LLC to _____________________________, a Delaware limited liability company
("Purchaser").

 

Seller hereby certifies
solely and exclusively to Purchaser that, as of the date hereof, all of the representations and warranties of Seller set forth
in Section 8.1 of the Agreement are true and correct in all material respects with the same force and effect except for any changes
in the representations and warranties which occurred between the date of the Agreement and the date hereof and with respect to
which Seller has heretofore notified Purchaser in writing.

 

This Certificate is
subject to the limitations on liability set forth in Sections 16.4 and 16.5 of the Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused this Certificate to be executed as of this ___ day of _______________, 2014.

 

	 	SELLER:
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

  

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

    	"C-6"-1

    	 

    

  

EXHIBIT "C-7"

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

 

ASSIGNMENT AND ASSUMPTION
OF CONTRACTS (this "Assignment") made as of the ____ day of ________________, 2014, by and between _________, a _________________
("Assignor"), and _______________________, a Delaware limited liability company ("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor
and AMERICAN REALTY CAPITAL IV, LLC, entered into that certain Purchase and Sale Agreement, dated August ___, 2014 ("Contract"),
covering certain premises, which Contract was assigned by AMERICAN REALTY CAPITAL IV, LLC to Assignee; and

 

WHEREAS, Assignor
has simultaneously herewith conveyed to the Assignee all of Assignor's right, title and interest in and to the premises located
as set forth on Exhibit "A" attached hereto, and in connection therewith, Assignor has agreed to assign to Assignee
all of Assignor's right, title and interest in and to the contracts, agreements, instruments and understandings listed on Exhibit
"B" annexed hereto ("Contracts").

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest, if any, of Assignor in and to the Contracts;

 

2.          Assignee
assumes the payment and performance of all of the obligations, covenants, duties and liabilities of Assignor arising or accruing
under the Contracts from and after the date hereof.

 

3.          Assignor
agrees to indemnify, protect, defend and hold Assignee harmless from and against any and all claims, demands, liabilities, losses,
costs, damages or expenses including, without limitation, reasonable attorneys' fees and costs (collectively, "Claims")
arising as a result of any default of Assignor arising or accruing with respect to the Contracts prior to the date hereof.

 

4.          Assignee
agrees to indemnity, protect, defend and hold Assignor harmless from and against any and all Claims arising as a result of any
default of Assignee arising or accruing with respect to the Contracts on or after the date hereof.

 

5.          Assignee
acknowledges and agrees that the Contracts are being assigned to Assignee by Assignor "As-Is" and, without representation
or warranty of any kind, whether express or implied, except only as set forth in, and subject to the limitation in Section 8 of
the Contract.

 

    	"C-7"-1

    	 

    

  

6.          This
Assignment shall be binding upon and shall inure to the benefit of Assignor and Assignee and their respective successors, assigns
and legal representatives.

 

7.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.

 

8.          In
the event of any dispute between Assignor and Assignee arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the non-prevailing party shall pay the prevailing
party's costs and expenses of such dispute, including without limitation, reasonable attorneys' fees and costs. Any such attorneys'
fees and other expenses incurred by either party in enforcing a judgment in its favor under this Assignment shall be recoverable
separately from and in addition to any other amount included in such judgment, and such attorneys' fees obligation is intended
to be severable from the other provisions of this Assignment and to survive and not be merged into any such judgment.

 

9.          This
Assignment is subject to the limitations on liability set forth in Sections 16.4 and 16.5 of the Contract.

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

  

	 	ASSIGNOR:
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

  

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

	 	ASSIGNEE:
	 	 
	 	_______________________________________,
	 	a Delaware limited liability company
    
	 	 
	 	By:_________________________________
	 	Printed Name:_____________________
	 	Its:______________________________

 

    	"C-7"-2

    	 

    

  

EXHIBIT "C-8"

VENDOR NOTICE LETTER

 

_____________, 2014

[Name]

[Company]

[Mailing Address]

[City, State, Zip]

 

		Re:	Contract dated ___________________
                                         (as amended, the "Contract") by and between _____________________________ ("Vendor")
                                         and AMERICAL REALTY CAPITAL IV, LLC relating to Southroads Shopping Center (the "Shopping
                                         Center")

 

Dear [ ____________]:

 

Please be advised
that, as of the date set forth above, the Shopping Center was purchased by ____________________________ ("New Owner"),
and Vendor's interest in the Contract was assigned to and assumed by New Owner. Hereafter, all invoices and correspondence should
be sent to:

 

Telephone:

 

If you have any questions,
please contact ________________ at:

Telephone:

Telecopier:

 

	 	Very truly yours,
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

 

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

	 	_______________________________________,
	 	a Delaware limited liability company
	 	 
	 	By:_________________________________
	 	Printed Name:_____________________
	 	Its:______________________________

 

    	"C-8"-1

    	 

    

  

EXHIBIT "D-1"

TENANT ESTOPPEL CERTIFICATE

 

	TENANT:	______________________________________________
	STORE NO:	__________________ ("Premises")
    at Southroads Shopping Center, Tulsa, Oklahoma ("Center")
	PREMISES ADDRESS:	__________________________________

 

The undersigned ("Tenant") hereby
certifies to AMERICAN REALTY CAPITAL IV, LLC , ARC SRTULOK001, LLC, and their respective successors and assigns (the "Purchaser")
of the Center and to Purchaser's lender, and its successors and assigns (the "Lender"), as follows:

 

a)         Tenant
is the present tenant of the Premises pursuant to that certain Lease dated ___________, ____, by and between _______________________
("Landlord") or its predecessor-in-interest, as landlord, and Tenant or its predecessor-in-interest, as tenant, as the
same has been amended or modified as set forth on Exhibit A attached hereto (collectively, the "Lease"). The Lease is
the entire agreement between Landlord (or any affiliated party) and Tenant (or any affiliated party) pertaining to the leased
premises. There are no amendments, modifications, supplements, arrangements, side letters or understandings, oral or written,
of any sort, of the Lease, except those which are listed on Exhibit A attached hereto. The Lease has been duly executed and delivered
by, and is a binding obligation of, Tenant, and the Lease is in full force and effect.

 

b)         The
primary term of the Lease is for a period of ____________ (___) years, commencing _______________, ____ and expiring on ______________,
_____. [The Lease also contains ____ renewal option[s] for a period of ___________ (___) years [each] under the terms and conditions
specified in the Lease.]

 

c)         The
current monthly rental of $__________________ has been paid through ________, 2010. Monthly rent is payable in advance on the
first day of each calendar month. All additional rents and other sums due and payable under the Lease have been paid through the
date hereof. No rents, additional rents or other sums payable under the Lease have been paid more than one (1) month in advance
of the due dates therefor. [Tenant's percentage share of operating expenses/common area charges, insurance and real estate taxes
is _____%, which is currently being paid on an estimated basis in advance at the rate of $__________ per month.] [Tenant is obligated
to pay percentage rent equal to ____% of annual gross sales in excess of $__________. Percentage rent has been paid through __________,
201[].]

 

d)         A
security deposit of $ _____________ has been paid under the Lease.

 

e)          All
obligations of Landlord under the Lease as of the date hereof have been performed. As of the date hereof, to Tenant's knowledge,
neither Tenant nor Landlord are in default in the performance of any of their respective obligations under the Lease, nor does
any condition exist which with the giving of notice of the passage of time, or both, would constitute a default by Tenant or Landlord
under the Lease.

 

    	"D-1"-1

    	 

    

  

f)         Tenant
has unconditionally accepted possession of the Premises and is now occupying the Premises and open for business. Any improvements
to be made by the Landlord have been completed to the satisfaction of Tenant. Tenant has received payment in full of any tenant
improvement allowance or build-out allowance or any other payment to be provided by Landlord under the terms of the Lease. Tenant
is not aware of any defect in the Premises.

 

g)       There is no
remaining free rent period or any unexpired concession or abatement of rent. The lease term has commenced and full rental is now
accruing thereunder. Landlord is not reimbursing Tenant or paying Tenant's rent obligations under any other lease, and Tenant
has not advanced any funds for or on behalf of Landlord for which Tenant has a right of deduction from, or set off against, future
rent payments. Tenant has no present right to any credit, offset, deduction or defense against any rents, additional rents or
other sums due or to become due under the Lease.

 

h)         No
assignments, subleases, mortgages, hypothecation, or other transfers of Tenant's interest in the Lease are currently in effect.
Tenant is not insolvent and is able to pay its debts as they mature. Tenant has not declared bankruptcy or similar insolvency
proceedings, and has no present intentions of doing so, no such proceeding has been commenced against Tenant seeking such relief,
and Tenant has no knowledge that any such proceeding is threatened.

 

i)         The
Lease does not contain and Tenant does not otherwise have any (1) option to purchase the Premises or the Center, (2) right of
first refusal with respect to the Premises or the Center, (3) any right to lease additional space in the Center, or (4) right
to terminate or cancel the Lease in whole or in part (except as expressly set forth in the Lease).

 

j)         Neither
the Landlord nor the Tenant has commenced any action to terminate the Lease or has given or received any notice of default with
respect to the Lease.

 

k)         The
person signing this Tenant Estoppel Certificate is duly authorized to sign this Certificate on behalf of Tenant and execution
hereof is the binding act of Tenant enforceable against Tenant.

 

l)         This
Tenant Estoppel Certificate is made knowing that Purchaser and Lender are relying upon the representations herein made. The term
"Lender" as used herein includes any successor or assign of the named Lender and the term "Landlord" as used
herein includes any successor or assign of the named Landlord.

 

    	"D-1"-2

    	 

    

 

TENANT:

 

____________________________________

By:_________________________________

Name: ______________________________

Title: _______________________________

Dated:_______________________, 2014

 

[The undersigned Guarantor(s) of the Lease
hereby ratifies and confirms all certifications of Tenant set forth in this Tenant Estoppel Certificate and certifies that its/their
guaranty of the Lease is in full force and effect as of the date hereof.

 

GUARANTOR[S]:

 

____________________________________

By:_________________________________

Name: ______________________________

Title: _______________________________

Dated:_______________________, 2014

 

    	"D-1"-3

    	 

    

 

EXHIBIT "E"

DUE DILIGENCE MATERIALS TO BE DELIVERED
TO PURCHASER

 

All of the following materials, to the
extent they exist and are in the actual possession or control of Seller, shall be delivered to Purchaser or made available in
a secure electronic data room to which Purchaser and Purchaser's attorneys and consultants have access:

Tenant Information

		1.	Current Rent Roll

		2.	Current Tenant Leases/Ground
                                         Leases/REAs

		3.	Schedule of Security
                                         Deposits

		4.	Letters of Credit
                                         (if applicable)

Property Information

		1.	Site/Building Plans
                                         (showing location(s) of water shut-off valves), maps and subdivision plats

		2.	ALTA Survey

		3.	All Certificates
                                         of Occupancy of current Tenants

		4.	Architectural plans

		5.	Plans and Specifications
                                         for Original Development of Property

		6.	Plans and Specifications
                                         for Major Capital Repairs or current Tenant Improvements

		7.	Engineering Drawings
                                         (to be made available to Purchaser at Seller's office)

		8.	Zoning Information

		9.	Real Estate Tax
                                         Information

		10.	Warranties in effect
                                         at the Property, including Roof Warranties

		11.	Current Construction
                                         Agreements

		12.	List of Personal
                                         Property

		13.	Current Property
                                         Photographs

Property Reports (the most recent
versions of the following documents in Seller's possession or control)

		1.	Environmental Reports

		2.	Geotechnical Reports

		3.	Boring Logs

		4.	Soils Reports

		5.	Utility Reports

Property Operations

		1.	Historical operating
                                         statements for 2012, 2013 and year to date

		2.	Current Annual Operating
                                         Budget

		3.	Current Account
                                         Receivables

		4.	Current Delinquency
                                         Report

		5.	CAM/RE Tax Reconciliation
                                         (most recent)

		6.	Tenant CAM and Tax
                                         Invoices (most recent)

		7.	Prepaid Rent Report
                                         (with delinquent report)

		8.	Insurance Certificates
                                         for Tenants and Seller

		9.	Schedule of Pending
                                         Insurance Claims

		10.	Real Estate Tax
                                         Bills and Receipts

 

    	"E"-1

    	 

    

 

		11.	Service Contracts
                                         - elevator, trash disposal, security, music, exterior landscaping, interior plant
                                         maintenance, cleaning, janitorial, postage meter, fire alarm, etc.

		12.	Schedule of Outstanding
                                         Tenant Improvement Costs and Leasing Commissions

Leasing/Marketing

		1.	Current Lease Deals
                                         (proposals/correspondence/approvals)

		2.	Current Leasing
                                         Report

Legal

		1.	Current/Pending
                                         Litigation

 

    	"E"-2

    	 

    

  

EXHIBIT "F"

 

FORM OF AUDIT LETTER

 

[Date]

 

[Address of Buyer's Auditor]

 

We are providing this
letter as an informational accommodation in connection with your audit of the statement of revenues and certain expenses (the
"Statement") of Southroads Shopping Center, Tulsa, Oklahoma (the "Property") for the period from _______________
to ________________.

 

We confirm, to our
actual, current knowledge, without any duty of inquiry or investigation, the following representation made to you during your
audit:

 

1.          The
Statement referred to above was prepared in material conformity with our past accounting principles, consistently applied.

 

2.          We
have no actual, current knowledge of any fraud affecting the operations of the Property that had a material effect on the accuracy
of the Statement.

 

	 	SELLER:
	 	 
	 	SOUTHROADS, L.L.C., an
    Oklahoma limited liability company
	 	 	 
	 	By:	MD Management, Inc., It's Manager

  

	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

    	"F"-1

    	 

    

  

SCHEDULE "1.3"

Excluded Personal Property

 

    	Schedule "1.3" - 1

    	 

    

  

SCHEDULE "1.5"

 

Schedule of Leases

 

    	Schedule "1.5" - 1

    	 

    

 

SCHEDULE "1.10"

 

List of Contracts

 

    	Schedule "1.10" - 1

    	 

    

  

SCHEDULE "8.1.7"

 

List of Pending Litigation

 

    	Schedule "8.1.7" - 1Exhibit 10.30

 

LOAN AGREEMENT

 

Dated as of March 6, 2014

 

between

 

SEBRING LANDING, LLC,

 

as Borrower,

 

and

 

GOLDMAN SACHS MORTGAGE COMPANY,

 

as Lender

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE 1 GENERAL TERMS	29
	1.1 The Loan	29
	1.2 Interest and Principal	30
	1.3 Method and Place of Payment	31
	1.4 Taxes; Regulatory Change	31
	1.5 Release	33
	 	 
	ARTICLE II DEFEASANCE AND ASSUMPTION	33
	2.1 Defeasance	33
	2.2 Assumption	35
	2.3 Transfers of Equity Interests in Borrower	36
	 	 
	ARTICLE III ACCOUNTS	37
	3.1 Cash Management Account	37
	3.2 Distributions from Cash Management Account	38
	3.3 Loss Proceeds Account	40
	3.4 Basic Carrying Costs Escrow Account	40
	3.5 TI/LC Reserve Account	41
	3.6 Capital Expenditure Reserve Account	42
	3.7 Deferred Maintenance and Environmental Escrow Account	42
	3.8 Intentionally Omitted	43
	3.9 Excess Cash Flow Reserve Account	43
	3.10 Account Collateral	44
	3.11 Bankruptcy	44
	3.12 Ulta Reserve Account	45
	 	 
	ARTICLE N REPRESENTATIONS	46
	4.1 Organization	47
	4.2 Authorization	47
	4.3 No Conflicts	47
	4.4 Consents	47
	4.5 Enforceable Obligations	47
	4.6 No Default	47
	4.7 Payment of Taxes	48
	4.8 Compliance with Law	48
	4.9 ERISA	48
	4.10 Investment Company Act	48
	4.11 No Bankruptcy Filing	48
	4.12 Other Debt	49
	4.13 Litigation	49
	4.14 Leases; Material Agreements	49
	4.15 Full and Accurate Disclosure	50
	4.16 Financial Condition	50

 

    	 

    	 

    

 

TABLE OF CONTENTS 

(Continued)

 

	 	Page
	 	 
	4.17 Single-Purpose Requirements	51
	4.18 Use of Loan Proceeds	51
	4.19 Not Foreign Person	51
	4.20 Labor Matters	51
	4.21 Title	51
	4.22 No Encroachments	52
	4.23 Physical Condition	52
	4.24 Fraudulent Conveyance	52
	4.25 Management	53
	4.26 Condemnation	53
	4.27 Utilities and Public Access	53
	4.28 Environmental Matters	53
	4.29 Assessments	54
	4.30 No Joint Assessment	54
	4.31 Separate Lots	54
	4.32 Permits; Certificate of Occupancy	54
	4.33 Flood Zone	54
	4.34 Security Deposits	54
	4.35 Intentionally Omitted	54
	4.36 Insurance	54
	4.37 No Dealings	55
	4.38 Estoppel Certificates	55
	4.39 Federal Trade Embargos	55
	4.40 Intellectual Property/Websites	55
	4.41 Intentionally Omitted	55
	4.42 Intentionally Omitted	55
	4.43 Survival	55
	 	 
	ARTICLE V AFFIRMATIVE COVENANTS	55
	5.1 Existence; Licenses	55
	5.2 Maintenance of Property	56
	5.3 Compliance with Legal Requirements	56
	5.4 Impositions and Other Claims	56
	5.5 Access to Property	57
	5.6 Cooperate in Legal Proceedings	57
	5.7 Leases	57
	5.8 Plan Assets, etc	59
	5.9 Further Assurances	59
	5.10 Management of Collateral	60
	5.11 Notice of Material Event	61
	5.12 Annual Financial Statements	61
	5.13 Quarterly Financial Statements	61
	5.14 Monthly Financial Statements; Non-Delivery of Financial Statements	62
	5.15 Insurance	63

 

    	 

    	 

    

 

TABLE OF CONTENTS 

(Continued)

 

	 	Page
	 	 
	5.16 Casualty and Condemnation	67
	5.17 Annual Budget	70
	5.18 Venture Capital Operating Companies; Nonbinding Consultation	70
	5.19 Compliance with Encumbrances and Material Agreements	70
	5.20 Prohibited Persons	71
	 	 
	ARTICLE VI NEGATIVE COVENANTS	71
	6.1 Liens on the Collateral	71
	6.2 Ownership	71
	6.3 Transfer; Prohibited Change of Control	71
	6.4 Debt	71
	6.5 Dissolution; Merger or Consolidation	71
	6.6 Change in Business	71
	6.7 Debt Cancellation	71
	6.8 Affiliate Transactions	71
	6.9 Misapplication of Funds	72
	6.10 Jurisdiction of Formation; Name	72
	6.11 Modifications and Waivers	72
	6.12 ERISA	72
	6.13 Alterations and Expansions	73
	6.14 Advances and Investments	73
	6.15 Single-Purpose Entity	73
	6.16 Zoning and Uses	73
	6.17 Waste	74
	 	 
	ARTICLE VII DEFAULTS	74
	7.1 Event of Default	74
	7.2 Remedies	76
	7.3 Application of Payments after an Event of Default	77
	 	 
	ARTICLE VIII CONDITIONS PRECEDENT	78
	8.1 Conditions Precedent to Closing	78
	 	 
	ARTICLE IX MISCELLANEOUS	81
	9.1 Successors	81
	9.2 GOVERNING LAW	81
	9.3 Modification, Waiver in Writing	81
	9.4 Notices	82
	9.5 TRIAL BY JURY	83
	9.6 Headings	83
	9.7 Assignment and Participation	83
	9.8 Severability	84
	9.9 Preferences; Waiver of Marshalling of Assets	84
	9.10 Remedies of Borrower	84
	9.11 Offsets, Counterclaims and Defenses	85

  

    	 

    	 

    

 

TABLE OF CONTENTS 

(Continued)

 

	 	Page
	 	 
	9.12 No Joint Venture	85
	9.13 Conflict; Construction of Documents	85
	9.14 Brokers and Financial Advisors	85
	9.15 Counterparts	85
	9.16 Estoppel Certificates	86
	9.17 General Indemnity; Payment of Expenses	86
	9.18 No Third-Party Beneficiaries	88
	9.19 Recourse	89
	9.20 Right of Set-Off	91
	9.21 Exculpation of Lender	91
	9.22 Servicer	92
	9.23 No Fiduciary Duty	92
	9.24 Borrower Information	93
	9.25 PATRIOT Act Records	94
	9.26 Prior Agreements	94
	9.27 Publicity	94
	9.28 Delay Not a Waiver	94
	9.29 Schedules and Exhibits Incorporated	95

 

Exhibits

 

A   Organizational Chart

B    Form of Tenant
Notice

 

Schedules

 

A   Property

B   Exception Report

C   Deferred Maintenance Conditions

D   Depiction of Ulta Space

E   Rent Roll

F   Material Agreements

 

    	 

    	 

    

 

LOAN AGREEMENT

 

This Loan Agreement
(this "Agreement") is dated March 6, 2014 and is between GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership,
as lender (together with its successors and assigns, including any lawful holder of any portion of the Indebtedness, as hereinafter
defined, "Lender"), and SEBRING LANDING, LLC, a Delaware limited liability company, as borrower (together with
its permitted successors and assigns, "Borrower").

 

RECITALS 

 

Borrower desires to
obtain from Lender the Loan (as hereinafter defined) in connection with the financing of the property known as Shops at Shelby
Crossing.

 

Lender is willing
to make the Loan on the terms and subject to the conditions set forth in this Agreement if Borrower joins in the execution and
delivery of this Agreement, the Note and the other Loan Documents.

 

In consideration of
the agreements, provisions and covenants contained herein and in the other Loan Documents, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower agree as follows:

 

DEFINITIONS

 

(a)          When
used in this Agreement, the following capitalized terms have the following meanings:

 

"Account Collateral"
means, collectively, the Collateral Accounts and all sums at any time held, deposited or invested therein, together with any interest
and other earnings thereon, and all securities and investment property credited thereto and all proceeds thereof (including proceeds
of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents
or securities.

 

"Agreement"
means this Loan Agreement, as the same may from time to time hereafter be amended, restated, replaced, supplemented or otherwise
modified in accordance herewith.

 

"ALTA" means the American
Land Title Association, or any successor thereto.

 

"Alteration"
means any demolition, alteration, installation, improvement or expansion of or to the Property or any portion thereof.

 

"Annual Budget"
means a capital and operating expenditure budget for the Property prepared by Borrower that specifies amounts sufficient to operate
and maintain the Property at a standard at least equal to that maintained on the Closing Date.

 

"Appraisal"
means an as-is appraisal of the Property that is prepared by a member of the Appraisal Institute selected by Lender, meets the
minimum appraisal standards for national

  

    	1

    	 

    

 

banks promulgated by the Comptroller of
the Currency pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA)
and complies with the Uniform Standards of Professional Appraisal Practice (USPAP).

 

"Approved
Accounting Method" means, at Borrower's option (i) GAAP, (ii) the cash basis accounting method used for federal income
tax purposes which is consistently applied, or (iii) another accounting method commonly used for assets similarly situated to the
Property which method set forth in such clause (iii) is consistently applied and reasonably acceptable to Lender; provided, howcver,
to the extent the use of another accounting method would result in the failure to satisfy any Rating Condition, Borrower agrees,
upon notice from Lender, to immediately commence using GAAP or the cash basis accounting method. For the avoidance of doubt, either
GAAP or the cash basis accounting method used for federal income tax purposes are deemed acceptable to Lender and deemed to satisfy
any Rating Condition, provided same is consistently applied.

 

"Approved Annual Budget"
has the meaning set forth in Section 5.17.

 

"Approved
Management Agreement" means that certain Management Agreement, dated as of June 21, 2013, between Borrower and the initial
Approved Property Manager, and any other management agreement that is approved by Lender (which approval, provided no Event of
Default is continuing, will not be unreasonably withheld, conditioned or delayed) and with respect to which the Rating Condition
is satisfied, in each case as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Approved
Property Manager" means Continental Real Estate Companies Commercial Properties Corp., a Florida corporation, or any other
management company approved by Lender (which approval, provided no Event of Default is continuing, will not be unreasonably withheld,
conditioned or delayed) and with respect to which the Rating Condition is satisfied, in each case unless and until Lender requests
the termination of that management company pursuant to Section 5.10(d).

 

"Assignment" has the meaning
set forth in Section 9.7(b).

 

"Assumption" has the meaning
set forth in Section 2.2.

 

"Bankruptcy Code" has
the meaning set forth in Section 7.1(d).

 

"Basic Carrying Costs Escrow Account"
has the meaning set forth in Section 3.4(a).

 

"Borrower" has the meaning
set forth in the first paragraph of this Agreement.

 

"Borrower
Tax" means any U.S. Tax and any present or future tax, assessment or other charge or levy imposed by, or on behalf of,
any jurisdiction through which or from which payments due hereunder are made (or any taxing authority thereof).

 

"Budgeted
Operating Expenses" means, with respect to any calendar month, (i) an amount equal to the Operating Expenses budgeted
for such calendar month as set forth in the then-applicable Approved Annual Budget, or (ii) such greater amount as shall equal
Borrower's

 

    	2

    	 

    

 

actual Operating Expenses for such month,
except that during the continuance of a Trigger Period such greater amount shall in no event exceed 105% of the amount specified
in clause (i) of this definition without the prior written consent of Lender, not to be unreasonably withheld, delayed or
conditioned, provided that no such consent shall be required in connection with expenditures for non-discretionary items
and expenditures required to be made by reason of the occurrence of any emergency (i.e., an unexpected event that threatens
imminent harm to persons or property at the Property) and with respect to which it would be impracticable, under the circumstances,
to obtain Lender's prior consent thereto.

 

"Business Day"
means any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository institutions in the State
of New York or the state in which the offices of Lender, its trustee, its Servicer or its Servicer's collection account are located
are authorized or obligated by law, governmental decree or executive order to be closed.

 

"Capital Expenditure"
means hard and soft costs incurred by Borrower with respect to replacements and capital repairs made to the Property (including
repairs to, and replacements of, structural components, roofs, building systems, parking garages and parking lots), in each case
to the extent capitalized in accordance with GAAP.

 

"Capital Expenditure Reserve Account" has the
meaning set forth in Section 3.6(a).

 

"Cash Management Account" has the meaning set forth in Section 3.1(a).

 

"Cash Management
Agreement" means that certain cash management agreement, dated as of the Closing Date, among Borrower, Lender and the
Cash Management Bank that maintains the Cash Management Account as of the Closing Date, as the same may from time to time be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Cash Management
Bank" means, individually and collectively, the Eligible Institution(s) at which the Collateral Accounts (other than the
Lockbox Account) are maintained.

 

"Casualty"
means a fire, explosion, flood, collapse, earthquake or other casualty affecting all or any portion of the Property.

 

"Cause"
means, with respect to an Independent Director, (i) acts or omissions by such Independent Director that constitute systematic and
persistent or willful disregard of such Independent Director's duties, (ii) such Independent Director has been indicted or convicted
for, any crime or crimes of moral turpitude or dishonesty or for any violation of any Legal Requirements, (iii) such Independent
Director no longer satisfies the requirements set forth in the definition of "Independent Director", (iv) the fees charged
for the services of such Independent Director are materially in excess of the fees charged by the other providers of Independent
Directors listed in the definition of "Independent Director" or (v) any other reason for which the prior written consent
of Lender shall have been obtained.

 

"Certificates"
means, collectively, any senior and/or subordinate notes, debentures or pass-through certificates, or other evidence of indebtedness,
or debt or equity securities, or any combination of the foregoing, representing a direct or beneficial interest, in whole or in
part, in the Loan.

 

    	3

    	 

    

 

"Closing Date"
means the date of this Agreement.

 

"Closing Date
NOI" means $2,494,381; provided, however, that in the event of a prepayment pursuant to Section 3.12(d), then,
from and after such prepayment, the "Closing Date NOI" shall mean $2,315,623.

 

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

 

"Collateral"
means all assets owned from time to time by Borrower including the Property, the Revenues and all other tangible and intangible
property in respect of which Lender is granted a Lien under the Loan Documents, and all proceeds thereof.

 

"Collateral
Account" means each of the accounts and sub-accounts established pursuant to Article III hereof.

 

"Condemnation"
means a taking or voluntary conveyance of all or part of the Property or any interest therein or right accruing thereto or use
thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority.

 

"Contingent
Obligation" means, with respect to any Person, any obligation of such Person directly or indirectly guaranteeing any Debt
of any other Person in any manner and any contingent obligation to purchase, to provide funds for payment, to supply funds to invest
in any other Person or otherwise to assure or indemnify a creditor against loss.

 

"Control"
of any entity means the ownership, directly or indirectly, of at least 51% of the equity interests in, and the right to at least
51% of the distributions from, such entity and the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such entity, whether through the ability to exercise voting power, by contract or otherwise ("Controlled"
and "Controlling" each have the meanings correlative thereto).

 

"Cooperation
Agreement" means that certain Mortgage Loan Cooperation Agreement, dated as of the Closing Date, among Borrower and Sponsor
for the benefit of Lender, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified
in accordance herewith.

 

"Damages"
to a Person means any and all liabilities, obligations, losses, demands, damages, penalties, assessments, actions, causes of action,
judgments, proceedings, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable
attorneys' fees and other costs of defense and/or enforcement whether or not suit is brought), fines, charges, fees, settlement
costs and disbursements imposed on, incurred by or asserted against such party, whether based on any federal, state, local or foreign
laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental
Laws), on common law or equitable cause or on contract or otherwise; provided, however, that "Damages" shall not include
special, consequential or punitive damages, except to the extent imposed upon Lender by one or more third parties.

 

    	4

    	 

    

 

"DBRS" means DBRS, Inc.
or its applicable affiliate.

 

"Debt" means, with respect
to any Person, without duplication:

 

(i)          all
indebtedness of such Person to any other party (regardless of whether such indebtedness is evidenced by a written instrument such
as a note, bond or debenture), including indebtedness for borrowed money or for the deferred purchase price of property or services;

 

(ii)         all
letters of credit issued for the account of such Person and all unreimbursed amounts drawn thereunder;

 

(iii)        all
indebtedness secured by a Lien on any property owned by such Person (whether or not such indebtedness has been assumed) except
obligations for impositions that are not yet due and payable;

 

(iv)        all
Contingent Obligations of such Person;

 

(v)         all
payment obligations of such Person under any interest rate protection agreement (including any interest rate swaps, floors, collars
or similar agreements) and similar agreements; and

 

(vi)        any
material actual or contingent liability to any Person or Governmental Authority with respect to any employee benefit plan (within
the meaning of Section 3(3) of ERISA) subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code.

 

"Default" means the occurrence
of any event that, but for the giving of notice or the passage of time, or both, would be an Event of Default.

 

"Default Interest"
means, during the continuance of an Event of Default, the amount by which interest accrued on the Notes or Note Components at their
respective Default Rates exceeds the amount of interest that would have accrued on the Notes or Note Components at their respective
Interest Rates.

 

"Default Rate"
means, with respect to any Note or Note Component, the greater of (x) 5% per annum in excess of the interest rate otherwise applicable
to such Note or Note Component hereunder and (y) 1% per annum in excess of the Prime Rate from time to time; provided that, if
the foregoing would result in an interest rate in excess of the maximum rate permitted by applicable law, the Default Rate shall
be limited to the maximum rate permitted by applicable law.

 

"Defeasance Borrower" has the meaning set forth
in Section 2.1(b).

 

"Defeasance
Collateral" means government securities (as described in Treasury Reg. 1.860G-2(a)(8)(ii)) that are the direct obligations
of the United States of America, which obligations are not subject to prepayment, call or early redemption.

 

    	5

    	 

    

 

"Defeasance Pledge Agreement"
has the meaning set forth in Section 2.1(a)(iii).

 

"Defease"
means to deliver Defeasance Collateral as substitute Collateral for the Loan in accordance with Section 2.1; and the term
"Defeasance" has the meaning correlative to the foregoing.

 

"Deferred Maintenance Amount" means $23,434.40.

 

"Deferred
Maintenance Conditions" means those items identified in Schedule C, as more particularly described in the Engineering
Report.

 

"Deferred
Maintenance and Environmental Escrow Account" has the meaning set forth in Section 3.7(a).

 

"Eligible
Account" means (i) a segregated account maintained with a federal or state-chartered depository institution or trust company
that complies with the definition of Eligible Institution, or (ii) a segregated trust account or accounts maintained with the corporate
trust department of a federal depository institution or state-chartered depository institution that has an investment-grade rating
and is subject to regulations regarding fiduciary funds on deposit under, or similar to, Title 12 of the Code of Federal Regulations
Section 9.10(b) that, in either case, has corporate trust powers, acting in its fiduciary capacity.

 

"Eligible
Institution" means an institution (i) whose commercial paper, short-term debt obligations or other short-term deposits
are rated at least "A-1" by S&P, "P-1" by Moody's and/or "F-1" by Fitch and whose long-twit senior
unsecured debt obligations are rated at least "A-" by S&P, "A" by Fitch and "A2" by Moody's and
whose deposits are insured by the FDIC or (ii) with respect to which the Rating Condition is satisfied.

 

"Embargoed
Person" means any Person subject to trade restrictions under any Federal Trade Embargo.

 

"Engineering
Report" means a structural and seismic engineering report or reports (including a "probable maximum loss" calculation,
if applicable) with respect to the Property prepared by an independent engineer approved by Lender and delivered to Lender in connection
with the Loan, and any amendments or supplements thereto delivered to Lender.

 

"Environmental
Claim" means any written notice, claim, proceeding, notice of proceeding, investigation, demand, abatement order or other
order or directive by any Person or Govermnental Authority alleging or asserting liability with respect to Borrower or the Property
arising out of, based on, in connection with, or resulting from (i) the actual or alleged presence, Use or Release of any Hazardous
Substance, (ii) any actual or alleged violation of any Environmental Law, or (iii) any actual or alleged injury or threat of injury
to property, health or safety, natural resources or to the environment caused by Hazardous Substances.

 

"Environmental
Indemnity" means that certain environmental indemnity agreement executed by Borrower and the Sponsor as of the Closing
Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 

    	6

    	 

    

 

"Environmental
Laws" means any and all present and future federal, state and local laws, statutes, ordinances, orders, rules, regulations
and the like, as well as common law, any judicial or administrative orders, decrees or judgments thereunder, and any permits, approvals,
licenses, registrations, filings and authorizations, in each case as now or hereafter in effect, relating to (i) the pollution,
protection or cleanup of the environment, (ii) the impact of Hazardous Substances on property, health or safety, (iii) the Use
or Release of Hazardous Substances, (iv) occupational safety and health, industrial hygiene or the protection of human, plant or
animal health or welfare or (v) the liability for or costs of other actual or threatened danger to health or the environment. The
term "Environmental Law" includes, but is not limited to, the following statutes, as amended, any successors thereto,
and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like
addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and
Community Right-to-Know Act; the Hazardous Materials Transportation Act; the Resource Conservation and Recovery Act (including
Subtitle I relating to underground storage tanks); 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. The term "Environmental Law" also includes, but is not limited to, any present and future federal state and
local laws, statutes ordinances, rules, regulations and the like, 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 a property; or requiring
notification or disclosure of Releases of Hazardous Substances or other environmental conditions of a property to any Governmental
Authority or other Person, whether or not in connection with transfer of title to or interest in property.

 

"Environmental
Reports" means "Phase I Environmental Site Assessments" as referred to in the ASTM Standards on Environmental
Site Assessments for Commercial Real Estate, E 1527-05 (and, if necessary, "Phase H Environmental Site Assessments"),
prepared by an independent environmental auditor approved by Lender and delivered to Lender in connection with the Loan and any
amendments or supplements thereto delivered to Lender, and shall also include any other environmental reports delivered to Lender
pursuant to this Agreement and the Environmental Indemnity.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

"ERISA Affiliate,"
at any time, means each trade or business (whether or not incorporated) that would, at the time, be treated together with Borrower
as a single employer under Title IV or Section 302 of ERISA or Section 412 of the Code.

 

"Event of Default" has
the meaning set forth in Section 7.1.

 

"Excess Cash Flow Reserve Account"
has the meaning set forth in Section 3.9(a).

 

    	7

    	 

    

 

"Exception
Report" means the report prepared by Borrower and attached to this Agreement as Schedule B, setting forth any exceptions
to the representations set forth in Article IV.

 

"Exculpated
Person" means each Person that is an affiliate, equityholder, beneficiary, trustee, member, officer, director, agent,
manager, independent manager, employee or partner of Borrower or Sponsor.

 

"Federal Trade
Embargo" means any federal law imposing trade restrictions, including (i) the Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended), (ii) the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq., as amended), (iii)
any enabling legislation or executive order relating to the foregoing, (iv) Executive Order 13224, and (v) the PATRIOT Act.

 

"Fiscal Quarter"
means the three-month period ending on March 31, June 30, September 30 and December 31 of each year, or such other fiscal quarter
of Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld,
delayed or conditioned.

 

"Fiscal Year"
means the 12-month period ending on December 31 of each year, or such other fiscal year of Borrower as Borrower may select from
time to time with the prior consent of Lender, not to be unreasonably withheld, delayed or conditioned.

 

"Fitch" means Fitch, Inc. and
its successors.

 

"Force Maieure"
means a delay due to acts of God, governmental restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion,
fire, casualty, strikes, work stoppage, shortages of labor or materials or similar causes beyond the reasonable control of Borrower;
provided that (1) any period of Force Majeure shall apply only to performance of the obligations necessarily affected by
such circumstance and shall continue only so long as Borrower is continuously and diligently using all reasonable efforts to minimize
the effect and duration thereof; and (2) Force Majeure shall not include the unavailability or insufficiency of funds.

 

"Form W-8BEN"
means Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) of the Department of Treasury
of the United. States of America, and any successor form.

 

"Form W-8ECI"
means Form W-8ECI (Certificate of Foreign Person's Claim for Exemption from Withholding of Tax on Income Effectively Connected
with the Conduct of a Trade or Business in the United States) of the Department of the Treasury of the United States of America,
and any successor form.

 

"Form W-9"
means Form W-9 (Request for Taxpayer Identification Number and Certification) of the Department of the Treasury of the United States
of America, and any successor form.

 

    	8

    	 

    

 

"GAAP"
means generally accepted accounting principles in the United States of America, consistently applied.

 

"Governmental
Authority" means any federal, state, county, regional, local or municipal government, any bureau, department, agency or
political subdivision thereof and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government (including any court).

 

"Guaranty"
means that certain guaranty, dated as of the Closing Date, executed by Sponsor for the benefit of Lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Hazardous
Substances" means 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, toxic substances, toxic pollutants, contaminants,
pollutants or words of similar meaning or regulatory effect under any present or future Environmental Laws or the presence of which
on, in or under the Property is prohibited or requires monitoring, investigation or remediation under Environmental Law, including
petroleum and petroleum by-products, asbestos and asbestos-containing materials, toxic mold, polychlorinated biphenyls, lead and
radon, and compounds containing them (including gasoline, diesel fuel, oil and lead-based paint), pesticides and radioactive materials,
flammables and explosives and compounds containing them, but excluding those substances commonly used in the operation and maintenance
of properties of kind and nature similar to those of the Property that are used at the Property in compliance with all Environmental
Laws and in a manner that does not result in contamination of the Property or in a Material Adverse Effect.

 

"Increased Costs" has
the meaning set forth in Section 1.4(d).

 

"Indebtedness"
means the Principal Indebtedness, together with interest and all other obligations and liabilities of Borrower under the Loan Documents,
including all transaction costs, Yield Maintenance Premiums, late fees and other amounts due or to become due to Lender pursuant
to this Agreement, under the Notes or in accordance with any of the other Loan Documents, and all other amounts, sums and expenses
reimbursable by Borrower to Lender hereunder or pursuant to the Notes or any of the other Loan Documents.

 

"Indemnified Liabilities" has the meaning set
forth in Section 9.19(bl.

 

"Indemnified Parties" has the meaning set forth in Section 9.17.

 

"Independent
Director" of any corporation or limited liability company means an individual 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 or managers, another nationally-recognized
company reasonably approved by Lender, in each case that is not an affiliate of Borrower and that provides professional independent
directors or managers and other corporate services in the ordinary course of its business, and which individual is duly appointed
as a member of the board of directors or board of managers of

 

    	9

    	 

    

 

such corporation or limited liability company
and is not, and has never been, and will not while serving as Independent Director be, any of the following:

 

(i)          a
member (other than an independent, non-economic "springing" member), partner, equityholder, manager, director, officer
or employee of such corporation or limited liability company or any of its equityholders or affiliates (other than as an independent
director or manager of an affiliate of such corporation or limited liability company that is not in the direct chain of ownership
of such corporation or limited liability company and that is required by a creditor to be a single purpose bankruptcy remote entity,
provided that such independent director or manager is employed by a company that routinely provides professional independent directors
or managers);

 

(ii)         a
creditor, supplier or service provider (including provider of professional services) to such corporation or limited liability company
or any of its equityholders or affiliates (other than a nationally recognized company that routinely provides professional independent
managers or directors and that also provides lien search and other similar services to such corporation or limited liability company
or any of its equityholders or affiliates in the ordinary course of business);

 

(iii)        a
family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or

 

(iv)        a
Person that controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii) above.

 

A natural person who otherwise satisfies
the foregoing definition other than subparagraph (i) by reason of being the Independent Director of a Single-Purpose Entity affiliated
with the corporation or limited liability company in question shall not be disqualified from serving as an Independent Director
of such corporation or limited liability company, provided that the fees that such natural person earns from serving as Independent
Director of affiliates of such corporation or limited liability company in any given year constitute in the aggregate less than
five percent of such natural person's annual income for that year. The same natural persons may not serve as Independent Directors
of a corporation or limited liability company and, at the same time, serve as Independent Directors of an equityholder or member
of such corporation or limited liability company.

 

"Insurance
Requirements" means, collectively, (i) all material terms of any insurance policy required pursuant to this Agreement
and (ii) all material regulations and then-current standards applicable to or affecting the Property or any portion thereof or
any use or condition thereof, which may, at any time, be recommended by the board of fire underwriters, if any, having jurisdiction
over the Property, or any other body exercising similar functions.

 

"Interest
Accrual Period" means each period from and including the sixth day of a calendar month through and including the fifth
day of the immediately succeeding calendar month; provided, that, prior to a Securitization, Lender shall have the right,
in connection with a change in the Payment Date in accordance with the definition thereof, to make a corresponding

 

    	10

    	 

    

 

change to the Interest Accrual Period.
Notwithstanding the foregoing, the first Interest Accrual Period shall commence on and include the Closing Date.

 

"Interest Rate" means
4.8975% per annum (subject to Section 1.1(c)).

 

"KBRA" means Kroll Bond
Rating Agency, Inc. and its successors.

 

"Lease"
means any lease, license, letting, concession, occupancy agreement, sublease to which Borrower is a party or has a consent right,
or other agreement (whether written or oral and whether now or hereafter in effect) under which Borrower is a lessor, sublessor,
licensor or other grantor existing as of the Closing Date or thereafter entered into by Borrower, in each case 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 the Property, and
every modification or amendment thereof, and every guarantee of the performance and observance of the covenants, conditions and
agreements to be performed and observed by the other party thereto.

 

"Leasing Commissions"
means leasing commissions required to be paid by Borrower in connection with the leasing of space to Tenants at the Property pursuant
to Leases entered into by Borrower in accordance herewith and payable in accordance with third-party/arm's-length written brokerage
agreements (including the SCG Leasing Agreement) or in accordance with the Approved Management Agreement, provided that
the commissions payable pursuant thereto are commercially reasonable based upon the then current brokerage market for property
of a similar type and quality to the Property in the geographic market in which the Property is located (or, in the case of leasing
commissions payable pursuant to an Approved Management Agreement, not in excess of the leasing commissions set forth in such Approved
Management Agreement as of the Closing Date).

 

"Legal Requirements"
means all governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental
Authorities (including Environmental Laws and zoning restrictions) affecting Borrower, Sponsor, the Property or any other Collateral
or any portion thereof or the construction, ownership, use, alteration or operation thereof, or any portion thereof (whether now
or hereafter enacted and in force), and all permits, licenses and authorizations and regulations relating thereto.

 

"Lender"
has the meaning set forth in the first paragraph of this Agreement and in Section 9.7.

 

"Lender 80%
Determination" means a reasonable determination by Lender that, based on a current or updated appraisal, a broker's price
opinion or other written determination of value using a commercially reasonable valuation method satisfactory to Lender, the fair
market value of the Property securing the Loan at the time of such determination (but excluding any value attributable to property
that is not an interest in real property within the meaning of section 860G(a)(3)(A) of the Code) is at least 80% of the Loan's
adjusted issue price within the meaning of the Code.

 

"Lien" means
any mortgage, lien (statutory or other), pledge, hypothecation, assignment, preference, priority, security interest, restrictive
covenant, easement or any other encumbrance or charge on or affecting any Collateral or any portion thereof, or any interest therein
(including any

 

    	11

    	 

    

 

conditional sale or other title retention
agreement, any sale-leaseback, any financing lease or similar transaction having substantially the same economic effect as any
of the foregoing, the filing of any fmancing statement or similar instrument under the Uniform Commercial Code or comparable law
of any other jurisdiction, domestic or foreign, and mechanics', materialmen's and other similar liens and encumbrances, as well
as any option to purchase, right of first refusal, right of first offer or similar right).

 

"Loan" has the meaning set forth in Section

 

1_1(a).
"Loan Amount" means $24,400,000.00.

 

"Loan Documents"
means this Agreement, the Note, the Security Instrument (and related financing statements), the Environmental Indemnity, the Subordination
of Property Management Agreement, the Cash Management Agreement, the Lockbox Account Agreement, the Cooperation Agreement, the
Guaranty, any Defeasance Pledge Agreement, the Operating Account Agreement and all other agreements, instruments, certificates
and documents necessary to effectuate the granting to Lender of first-priority Liens on the Collateral or otherwise in satisfaction
of the requirements of this Agreement or the other documents listed above or hereafter entered into by Lender and Borrower in connection
with the Loan, as all of the aforesaid may be amended, restated, replaced, supplemented or otherwise modified from time to time
in accordance herewith.

 

"Lockbox Account" has
the meaning set forth in Section 3.1(a).

 

"Lockbox Account Agreement"
has the meaning set forth in Section 3.1(a).

 

"Lockbox Bank"
means an Eligible Institution chosen by Borrower and reasonably satisfactory to Lender.

 

"Lockout Period"
means the period from the Closing Date to but excluding the first Payment Date following the earlier to occur of (i) the third
anniversary of the Closing Date and (ii) the second anniversary of the date on which the entire Loan (including any subordinated
interest therein) has been Securitized pursuant to a Securitization or series of Securitizations.

 

"Loss Proceeds"
means amounts, awards or payments payable to Borrower or Lender in respect of all or any portion of the Property in connection
with a Casualty or Condemnation thereof (after the deduction therefrom and payment to Borrower and Lender, respectively, of any
and all reasonable expenses incurred by Borrower and Lender in the recovery thereof, including all attorneys' fees and disbursements,
the fees of insurance experts and adjusters and the costs incurred in any litigation or arbitration with respect to such Casualty
or Condemnation).

 

"Loss Proceeds Account"
has the meaning set forth in Section 3.3(a).

 

"Major Lease"
means any Lease that (i) when aggregated with all other Leases at the Property with the same Tenant (or affiliated Tenants), and
assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in such Lease, is
expected to cover more than 15,000 rentable square feet, (ii) contains an option or preferential right to

 

    	12

    	 

    

 

purchase all or any portion of the Property,
(iii) is with an affiliate of Borrower as Tenant, or (iv) is entered into during the continuance of an Event of Default.

 

"Material
Adverse Effect" means a material adverse effect upon (i) Borrower's title to the Property, (ii) the ability of the Property
to generate net cash flow sufficient to service the Loan, (iii) the ability of Borrower or Sponsor to perform any material provision
of any Loan Document, (iv) Lender's ability to enforce and derive the principal benefit of the security intended to be provided
by the Security Instrument and the other Loan Documents, or (v) the value, use or enjoyment of the Property or the operation or
occupancy thereof.

 

"Material
Agreements" means each contract and agreement (other than Leases) relating to the Property, or otherwise imposing obligations
on Borrower, under which Borrower would have the obligation to pay more than $100,000 per annum and that cannot be terminated by
Borrower without cause upon 60 days' notice or less without payment of a termination fee, or that is with an affiliate of Borrower.

 

"Material
Alteration" means any Alteration to be performed by or on behalf of Borrower at the Property that (i) is reasonably expected
to result in a Material Adverse Effect, (ii) is reasonably expected to cost in excess of the Threshold Amount, as determined by
an independent architect (except for Alterations in connection with (a) Tenant Improvements under and pursuant to Leases existing
as of the Closing Date (pursuant to the terms thereof in existence as of the Closing Date) or Leases thereafter entered into in
accordance with this Agreement, (b) the remediation of any Deferred Maintenance Condition in accordance with this Agreement and
(c) restoration of the Property following a Casualty or Condemnation in accordance with this Agreement), or (iii) is reasonably
expected to permit (or is reasonably likely to induce) any Tenant to terminate its Lease or abate rent.

 

"Maturity
Date" means the Payment Date in March 2024, or such earlier date as may result from acceleration of the Loan in
accordance with this Agreement.

 

"Maximum Management Fee"
means 4.0% of Revenues.

 

"Monthly Capital Expenditure Amount"
means $3,905.83.

 

"Monthly TUC
Amount" means (i) from the Closing Date through and including the Payment Date in February 2018, $25,000.00, and (ii)
from and after the Payment Date in March 2018, $17,500.00.

 

"Moody's" means Moody's
Investors Service, Inc. and its successors.

 

"Net Operating
Income" means, with respect to any Test Period, the excess of (i) Operating Income (other than percentage rent and other
income not considered base rent with respect to such Test Period) for the last two Fiscal Quarters contained in such Test Period,
times two, for the Test Period, minus (ii) Operating Expenses for such Test Period.

 

"Note(s)"
means that certain amended, restated, consolidated and increased promissory note, dated as of the Closing Date, made by Borrower
to the order of Lender to evidence the Loan, as such note may be replaced by multiple Notes in accordance with Section 1.1(c)
and as

 

    	13

    	 

    

 

otherwise assigned (in whole or in part),
amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Note Component" has the
meaning set forth in Section 1.1(c).

 

"OFAC List"
means the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office
of Foreign Assets Control pursuant to any applicable governmental statutes, laws, rules, orders, regulations, ordinances, judgments,
decrees and injunctions of Governmental Authorities, including trade embargo, economic sanctions, or other prohibitions imposed
by Executive Order of the President of the United States. The OFAC List currently is accessible at http://wvvw.treasurv.gov/ofac/downloads/t11
sdn.pdf.

 

"Officer's
Certificate" means a certificate delivered to Lender that is signed by an authorized officer of Borrower and certifies
the information stated therein to the best of such officer's knowledge as to such matters.

 

"Operating
Account" means an Eligible Account maintained by the Approved Property Manager or Borrower at an Eligible Institution,
which account (i) shall only contain amounts in respect of Operating Expenses for the Property (and no amounts unrelated to the
Property shall be deposited therein or otherwise commingled with the amounts on deposit in such account) and (ii) is subject to
an Operating Account Agreement.

 

"Operating
Account Agreement" means an agreement relating to the Operating Account, dated as of the date hereof, among Lender, Borrower
and the Eligible Institution at which such account is maintained, pursuant to which such account is pledged to the Lender and the
Approved Property Manager or Borrower is given full access to the funds on deposit therein but provides for the discontinuance
of such access upon receipt by such Eligible Institution of written notice from Lender of the occurrence of an Event of Default,
as such agreement may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Operating
Expenses" means, for any period, all operating, renting, administrative, management, legal and other ordinary expenses
of Borrower and the Property during such period, determined in accordance with GAAP; provided, however, that such expenses
shall not include (i) depreciation, amortization or other non-cash items, (ii) interest, principal or any other sums due and owing
with respect to the Loan, (iii) income taxes or other taxes in the nature of income taxes, (iv) Capital Expenditures, or (v) equity
distributions.

 

"Operating
Income" means, for any period, all operating income from the Property during such period, determined in accordance with
GAAP (but without straight-lining of rents), and as adjusted by Lender to normalize such income, other than (1) Loss Proceeds (but
Operating Income will include rental loss insurance proceeds to the extent allocable to such period), (ii) any revenue attributable
to a Lease that is not a Qualifying Lease, (iii) any revenue attributable to a Lease to the extent it is paid more than 30 days
prior to the due date, (iv) any interest income from any source, (v) any repayments received from any third party of principal
loaned or advanced to such third party by Borrower, (vi) any proceeds resulting from the Transfer of all or

 

    	14

    	 

    

 

any portion of the Collateral, (vii) sales,
use and occupancy or other taxes on receipts required to be accounted for by Borrower to any government or governmental agency,
(viii) Termination Fees, and (ix) any other extraordinary or non-recurring items.

 

"Participation" has the
meaning set forth in Section 9.7(b).

 

"PATRIOT Act"
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title
Ill of Pub. L. 107-56 (signed into law October 26, 2001), as amended from time to time.

 

"Payment Date"
means, with respect to each Interest Accrual Period, the sixth day of the calendar month in which such Interest Accrual Period
ends; provided, that prior to a Securitization, Lender shall have the right to change the Payment Date so long as a corresponding
change to the Interest Accrual Period is also made. Whenever a Payment Date is not a Business Day, the entire amount that would
have been due and payable on such Payment Date shall instead be due and payable on the immediately preceding Business Day.

 

"Peg Balance" has the
meaning set forth in Section 3.2(a).

 

"Permits"
means all licenses, permits, variances and certificates used in connection with the ownership, operation, use or occupancy of the
Property (including certificates of occupancy, business licenses, state health department licenses, licenses to conduct business
and all such other permits, licenses, consents, approvals and rights, obtained from any Governmental Authority or private Person
concerning ownership, operation, use or occupancy of the Property).

 

"Permitted Debt" means:

 

(i)          the
Indebtedness;

 

(ii)         Taxes
not yet delinquent;

 

(iii)        tenant
allowances and Capital Expenditure costs required under Leases or otherwise permitted to be incurred under the Loan Documents that
are paid on or prior to the date when due; and

 

(iv)        Trade
Payables not represented by a note, customarily paid by Borrower within 60 days of incurrence and in fact not more than 60 days
outstanding, which are incurred in the ordinary course of Borrower's ownership and operation of the Property, in amounts reasonable
and customary for similar properties and not exceeding 2.0% of the Loan Amount in the aggregate.

 

"Permitted Encumbrances"
means:

 

(i)          the
Liens created by the Loan Documents;

 

(ii)         all
Liens and other matters specifically disclosed on Schedule B of the Title Insurance Policy;

 

    	15

    	 

    

 

(iii)        Liens,
if any, for Taxes not yet delinquent;

 

(iv)        mechanics',
material men's or similar Liens, if any, and Liens for delinquent taxes or impositions, in each case only if being diligently contested
in good faith and by appropriate proceedings, provided that no such Lien is in imminent danger of foreclosure and provided
further that either (a) each such Lien is released or discharged of record or fully insured over by the title insurance company
issuing the Title Insurance Policy within 30 days of its creation, or (b) Borrower deposits or causes to be deposited with Lender,
by the expiration of such 30-day period, an amount equal to 110% (or such greater amount as may be required by applicable law)
of the dollar amount of such Lien or a bond in the aforementioned amount from such surety, and upon such terms and conditions,
as is reasonably satisfactory to Lender, as security for the payment or release of such Lien; and

 

(v)         rights
of existing and future Tenants as tenants only pursuant to written Leases entered into in conformity with the provisions of this
Agreement.

 

"Permitted Investments"
means the following, subject to the qualifications hereinafter set forth:

 

(i)          direct
obligations of, or obligations fully and unconditionally guaranteed as to principal and interest by, the U.S. government or any
agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America
and have maturities not in excess of one year;

 

(ii)         federal
funds, unsecured certificates of deposit, time deposits, banker's acceptances, and repurchase agreements, each having maturities
of not more than 90 days, of any commercial bank organized under the laws of the United States of America or any state thereof
or the District of Columbia, the short-term debt obligations of which are rated A-1+ by S&P, Fl+ by Fitch and P-1 by Moody's
(and if the term is between one and three months Al by Moody's) and, if it has a term in excess of three months, the long-term
debt obligations of which are rated AAA (or the equivalent) by each of the Rating Agencies, and that (a) is at least "adequately
capitalized" (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined
in such regulations) of not less than $1,000,000,000;

 

(iii)        deposits
that are fully insured by the Federal Deposit Insurance Corp. (FDIC);

 

(iv)        commercial
paper rated A-1+ by S&P, F1+ by Fitch and P-1 Moody's (and if the term is between one and three months Al by Moody's) by each
of the Rating Agencies and having a maturity of not more than 90 days;

 

(v)         any
money market funds that (a) has substantially all of its assets invested continuously in the types of investments referred to in
clause (i) above, (b) has net assets of not less than $5,000,000,000, and (c) has a rating of AAAm or AAAm-G from S&P,
Aaa(mf) by Moody's and the highest rating obtainable from Fitch;

 

    	16

    	 

    

 

(vi)        such
other investments as to which the Rating Condition has been satisfied; and

 

(vii)       sweep
products of the Cash Management Bank rated not less than "A by S&P.

 

Notwithstanding the foregoing, "Permitted
Investments" (i) shall exclude any security with the Standard & Poor's "r" symbol (or any other Rating Agency's
corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because
of market risk), as well as any mortgage-backed securities and any security of the type commonly known as "strips"; (ii)
shall not have maturities that exceed the tune periods set forth above; (iii) shall be limited to those instruments that have a
predetermined fixed dollar of principal due at maturity that cannot vary or change; and (iv) shall exclude any investment where
the right to receive principal and interest derived from the underlying investment provides a yield to maturity in excess of 120%
of the yield to maturity at par of such underlying investment. Interest on Permitted Investments may either be fixed or variable,
and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately
with that index. No Permitted Investments shall require a payment above par for an obligation if the obligation may be prepaid
at the option of the issuer thereof prior to its maturity. Except as expressly provided for above, all Permitted Investments shall
mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their
purchase or (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.

 

"Person"
means any natural person, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association
or Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

"Plan Assets"
means assets of any (i) employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, (ii) plan (as
defined in Section 4975(e)(1) of the Code) subject to Section 4975 of the Code, or (iii) governmental plan (as defined in Section
3(32) of ERISA) subject to federal, state or local laws, rules or regulations substantially similar to Title I of ERISA or Section
4975 of the Code.

 

"Policies" has the meaning
set forth in Section 5.15(b).

 

"Prepayment
Period" means the final three (3) Interest Accrual Periods prior to the Maturity Date.

 

"Prime Rate"
means the "prime rate" published in the "Money Rates" section of The Wall Street Journal. if The
Wall Street Journal ceases to publish the "prime rate," then Lender shall select an equivalent publication that publishes
such "prime rate," and if such "prime rate" is no longer generally published or is limited, regulated or administered
by a governmental or quasi-governmental body, then Lender shall reasonably select a comparable interest rate index.

 

"Principal
Indebtedness" means the principal balance of the Loan outstanding from time to time.

 

    	17

    	 

    

 

"Prior Loan" has the meaning
set forth in Section 4.17(c).

 

"Prior Owned
Property" means, individually and collectively, those certain parcels of real property having the Property ID Numbers/APNs
of C-26-34-28-A00-0120-0000 and C-26-3428-040-0010.0, which were previously owned by Borrower.

 

"Prohibited
Change of Control" means the occurrence of either or both of the following: (i) the failure of Borrower to be Controlled
by one or more Qualified Equity holders (individually or collectively), or (ii) the failure of any other Required SPE to be Controlled
by the same Qualified Equity holder(s) that Control Borrower.

 

"Prohibited Pledge" has
the meaning set forth in Section 7.1(f).

 

"Property"
means the real property described on Schedule A, together with all buildings and other improvements thereon and all personal
property appurtenant thereto.

 

"Qualified Equity holder"
means:

 

(1)         prior
to April 20, 2014, Sponsor; and

 

(2)         from
and after April 20, 2014 (without being subject to the 5-Business Day restriction noted in the last sentence of this subsection
(2)), (i) Sponsor, (ii) any Person approved by Lender with respect to which the Rating Condition is satisfied, or (iii) a bank,
saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension
fund or pension advisory firm, mutual fund, government entity or plan, real estate company, investment fund or an institution substantially
similar to any of the foregoing, provided in each case under this clause (iii) that such Person (a) has total assets (in
name or under management) in excess of $650,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory
surplus or shareholder's equity in excess of $250,000,000 (in both cases, exclusive of the Property), and (b) is regularly engaged
in the business of owning and operating properties comparable to the Property in major metropolitan areas. In determining whether
to give or withhold its approval under the foregoing clause (ii), Lender may (a) undertake and receive satisfactory background
searches and credit information similar to the information obtained in relation to Borrower and Sponsor in connection with the
origination of Loan verifying the Qualified Equity holder, such that its principal owners have never been subject to a bankruptcy,
reorganization or insolvency proceeding or a defendant in a criminal enforcement proceeding involving any matter classified as
a felony or involving any charges of moral turpitude or fraud; (b) consider and be satisfied with the experience of the proposed
Qualified Equity holder (whether individually or together with its principal owners, any guarantor which guarantees similar obligations
as Sponsor pursuant to the Loan Documents ("Guarantor") and any entity that any of the foregoing Persons Control, is
Controlled by or is under common Control with such Persons) in owning and operating commercial properties similar to the Property
(1,000,000 sq. ft. of income-producing commercial properties similar in quality to the Property with a market value in excess of
$250,000,000 (in each case excluding the Property) shall be deemed sufficient to make this determination

 

    	18

    	 

    

 

provided such Person is able
to produce appropriate financial statements, appraisal reports, rent rolls and other information deemed reasonable by Lender),
the financial strength and creditworthiness of such proposed Qualified Equity holder (a minimum tangible net worth of such Person,
whether individually or together with its principal owners, any Guarantor and any entity that any of the foregoing Persons Control,
is Controlled by or is under common Control with such Persons, of not less than $250,000,000 excluding the value of the Property
shall be deemed sufficient to make this determination); and (c) consider the general business reputations and characters (including
standing and relationships with contractors, vendors, tenants, lenders and other business entities) of such proposed Qualified
Equity holder and its principals, provided, to the extent a Qualified Equity holder does not itself satisfy the minimum criteria
outlined herein for ownership of other commercial properties and net worth as set forth in subsection (b) above and consideration
is to be given to principal owners, any Guarantor and any entity that any of the foregoing Persons Control, is Controlled by or
is under common Control with such Persons, then no more than three (3) other Persons may be considered in determining the satisfaction
of such criteria. Furthermore, in making the determination under clause (ii) and evaluating the criteria set forth in the immediately
preceding sentence, Lender will not unreasonably withhold approval of such Person based solely on a failure of such Person to satisfy
the aforementioned threshold for minimum tangible net worth so long as (Y) all other criteria and factors identified in the foregoing
provisions of this definition are acceptable to Lender and (Z) both (i) the tangible net worth of such Person is not less than
$100,000,000, inclusive of the Property and (ii) the liquid assets of such Person are not less than $15,000,000. Notwithstanding
the foregoing, if the Loan is not included in a Securitization which is scheduled to close on or about the aforementioned date,
none of the Persons identified in subsections (ii) and (iii) above shall be approved as a Qualified Equity holder during those
periods which are less than either (y) ten (10) Business Days prior to the scheduled closing of a Securitization of which Borrower
has received notice from Lender (which notice may be given pursuant to Section 9.4 or by any other written communication
including e-mail from an authorized representative of Lender to an authorized representative of Borrower) or (z) five (5) Business
Days after the actual closing of a Securitization, in either case which will include all or a portion of the Loan.

 

"Qualifying
Lease" means a Lease to a Tenant that is in occupancy at the Property, open for business at the Property, not in default
of any material term or condition under its Lease beyond any applicable cure period thereunder and not the subject of a bankruptcy
or similar insolvency proceedings (unless such Tenant has assumed such Lease in bankruptcy).

 

"Rating Agency"
shall mean, prior to the final Securitization of the Loan, each of KBRA, S&P, Moody's, DBRS and Fitch, or any other nationally-recognized
statistical rating agency that has been .designated by Lender and, after the final Securitization of the Loan, shall mean any of
the foregoing that have rated and continue to rate any of the Certificates (excluding unsolicited ratings).

 

"Rating Condition"
means, with respect to any proposed action, the receipt by Lender of confirmation in writing from each of the Rating Agencies that
such action shall not result, in and of itself; in a downgrade, withdrawal, or qualification of any rating then assigned to any

 

    	19

    	 

    

 

outstanding Certificates; except that if
all or any portion of the Loan has not been Securitized pursuant to a Securitization rated by the Rating Agencies, then "Rating
Condition" shall instead mean the receipt of prior written approval of both (x) the applicable Rating Agencies (if and to
the extent that any portion of the Loan has been Securitized pursuant to a Securitization or series of Securitizations rated by
such Rating Agencies), and (y) Lender in its sole discretion. No Rating Condition shall be regarded as having been satisfied unless
and until any conditions imposed on the effectiveness of any confirmation from any Rating Agency shall have been satisfied. Lender
shall have the right in its sole discretion to waive a Rating Condition requirement with respect to any Rating Agency that Lender
determines has declined to review the applicable proposal; provided that if Lender determines that any Rating Agency has declined
to review a Defeasance, then the Rating Condition requirement shall not be waived but shall instead be deemed satisfied as it relates
to such Rating Agency for such Defeasance.

 

"Regulatory
Change" means any change after the Closing Date in federal, state or foreign laws or regulations or the adoption or the
making, after such date, of any interpretations, directives or requests applying to a class of banks or companies controlling banks,
including Lender, of or under any federal, state or foreign laws or regulations (whether or not having the force of law) by any
court or governmental or monetary authority charged with the interpretation or administration thereof

 

"Release"
with respect to any Hazardous Substance means any release, deposit, discharge, emission, leaking, leaching, spilling, seeping,
migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances into the
indoor or outdoor environment (including the movement of Hazardous Substances through ambient air, soil, surface water, ground
water, wetlands, land or subsurface strata), and "Released" has the meaning correlative thereto.

 

"REMIC"
means a "real estate mortgage investment conduit" as defined in Section 860D of the Code.

 

"Rent Roll" has the meaning
set forth in Section 4.14(a).

 

"Required SPE" means Borrower
and any Single-Purpose Equity holder.

 

"Revenues"
means all rents (including percentage rent), rent equivalents, moneys payable as damages pursuant to a Lease or hi lieu of rent
or rent equivalent (including all Termination Fees), royalties (including all oil and gas or other mineral royalties and bonuses),
income, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues, profits,
charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of
or benefit of Borrower from any and all sources including any obligations now existing or hereafter arising or created out of the
sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services
by Borrower and proceeds, if any, from business interruption or other loss of income insurance.

 

"Rollover
Spaces" means, individually and collectively as required by the context, those certain portions of the Property which
are currently, as of the date hereof, subject to Leases with

 

    	20

    	 

    

 

the Tenants doing business as TJ Maxx/Marshall's,
Michael's, Petco, Ross, Books-A-Million, Bed Bath & Beyond, and/or Gold's Gym, and/or the 20,352 square foot portion of the
Property known as Suite 1700 which is currently, as of the date hereof, vacant and unleased.

 

"S&P"
means Standard & Poor's Ratings Services, a division of the McGraw-Hill Companies, Inc., and its successors.

 

"SCG Leasing
Agreement" means that certain Exclusive Sales and Leasing Agreement commencing August 1, 2013 and ending July 31, 2014,
between Borrower and The Shopping Center Group, LLC, as broker.

 

"Securitization"
means a transaction in which all or any portion of the Loan is deposited into one or more trusts or entities that issue Certificates
to investors, or a similar transaction; and the term "Securitize" and "Securitized" have meanings
correlative to the foregoing..

 

"Securitization Vehicle"
means the issuer of Certificates in a Securitization of the Loan.

 

"Security
Instrument" means that certain amended and restated mortgage, assignment of rents and leases, collateral assignment of
property agreements, security agreement and fixture filing encumbering the Property, executed by Borrower as of the Closing Date,
as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Service" means the Internal
Revenue Service or any successor agency thereto.

 

"Servicer"
means the entity or entities appointed by Lender from time to time to serve as servicer and/or special servicer of the Loan. If
at any time no entity is so appointed, the term "Servicer" shall be deemed to refer to Lender.

 

"Single Member
LLC" means a limited liability company that either (x) has only one member, or (y) has multiple members, none of which
is a Single-Purpose Equity holder.

 

"Single-Purpose Entity"
means a Person that:

 

(a)          was
formed under the laws of the State of Delaware solely for the purpose of acquiring and holding (i) in the case of Borrower, an
ownership interest in the Property (or, if applicable, Defeasance Collateral), and the Prior Owned Property (which, for the sake
of clarity, Borrower no longer owns and shall not own after the date hereof), or (ii) in the case of a Single-Purpose Equity holder,
an ownership interest in Borrower;

 

(b)          does
not engage in any business unrelated to (i) the Property (or, if applicable, Defeasance Collateral), or (ii) in the case of a Single-Purpose
Equity holder, its ownership interest in Borrower;

 

(c)          does
not own any assets other than those related to (i) its interest in the Property (or, if applicable, Defeasance Collateral), or
(ii) in the case of a Single-Purpose Equity holder, its ownership interest in Borrower (and in the case of Borrower, does not

 

    	21

    	 

    

 

and will not own any assets
on which Lender does not have a Lien, other than excess cash that has been released to Borrower pursuant hereto);

 

(d)          does
not have any Debt other than, (i) in the case of Borrower, Permitted Debt, or (ii) in the case of a Single-Purpose Equity holder,
reasonable and customary administrative expenses and state franchise taxes;

 

(e)          maintains
books, accounts, records, financial statements, stationery, invoices and checks that are separate and apart from those of any other
Person (except that such Person's financial position, assets, results of operations and cash flows may be included in the consolidated
financial statements of an affiliate of such Person in accordance with the Approved Accounting Method, provided that (i)
any such consolidated financial statements do not suggest in any way that such Person's assets are available to satisfy the claims
of its affiliate's creditors and (ii) such assets shall also be listed on such Person's own separate balance sheet);

 

(f)          is
subject to and complies with all of the limitations on powers and separateness requirements set forth in the organizational documentation
of such Person as of the Closing Date;

 

(g)          holds
itself out as being a Person separate and apart from each other Person and not as a division or part of another Person;

 

(h)          conducts
its business in its own name;

 

(i)          exercises
reasonable efforts to correct any known misunderstanding actually known to it regarding its separate identity, and maintains an
arm's-length relationship with its affiliates and only enters into a contract or agreement with an affiliate upon terms and conditions
that are intrinsically fair, commercially reasonable and substantially similar to those that would be available on an arms' length
basis with unaffiliated third parties;

 

(1)         pays
its own liabilities out of its own funds, including the salaries of its own employees, if any (provided that the foregoing shall
not require such Person's equity holders to make any additional capital contributions to such Person) and reasonably allocates
any overhead that is shared with an affiliate, including paying for shared office space and services performed by any officer or
employee of an affiliate;

 

(k)          maintains
a sufficient number of employees, if any, in light of its contemplated business operations;

 

(1)         intentionally
omitted;

 

(m)        maintains
its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from
those of any other Person;

 

(n)         observes
all applicable entity-level formalities in all material respects;

 

    	22

    	 

    

 

(o)         does
not commingle its assets with those of any other Person and holds its assets in its own name;

 

(p)         does
not assume, guarantee or become obligated for the debts of any other Person, and does not hold out its credit as being available
to satisfy the obligations or securities of others;

 

(q)         does
not acquire obligations or securities of its direct or indirect equity holders;

 

(r)          does
not pledge its assets for the benefit of any other Person and does not make any loans or advances to any other Person;

 

(s)          maintains
adequate capital in light of its contemplated business operations (provided that the foregoing shall not require such Person's
partners, members or shareholders to make any additional capital contributions to such Person);

 

(t)          has
one (1) Independent Director on its board of directors or board of managers or has a Single-Purpose Equity holder with one Independent
Director on such Single-Purpose Equity holder’s board of directors or board of managers, and has organizational documents
that (i) provide that the Independent Director shall consider only the interests of Borrower, including its creditors, and shall
have no fiduciary duties to Borrower's equity holders (except to the extent of their respective interests in Borrower), and (ii)
prohibit the replacement of any Independent Director without Cause and without giving at least two Business Days' prior written
notice to Lender and the Rating Agencies (except in the case of the death, legal incapacity, or voluntary non-collusive resignation
of an Independent Director, in which case no prior notice to Lender or the Rating Agencies shall be required in connection with
the replacement of such Independent Director with a new Independent Director that is provided by any of the companies listed in
the definition of "Independent Director");

 

(u)          if
such entity is a Single Member LLC, has organizational documents that provide that upon the occurrence of any event (other than
a permitted equity transfer) that causes its sole member to cease to be a member while the Loan is outstanding, the Independent
Director shall automatically be admitted as the sole member of the Single Member LLC and shall preserve and continue the existence
of the Single Member LLC without dissolution;

 

(v)         files
its own tax returns separate from those of any other Person, except to the extent it is treated as a "disregarded entity"
for tax purposes and is not required to file tax returns under applicable law, and pays any taxes required to be paid under applicable
law only from its own funds; and

 

(w)        has
by-laws or an operating agreement, or has a Single-Purpose Equity holder with by-laws or an operating agreement, which provides
that, for so long as the Loan is outstanding, such Person shall not take or consent to any of the following actions except to the
extent expressly permitted in this Agreement and the other Loan Documents:

 

    	23

    	 

    

 

(i)          the
dissolution, liquidation, consolidation, merger or sale of all or substantially all of its assets (and, in the case of a Single-Purpose
Equity holder, the assets of Borrower);

 

(ii)         the
engagement by such Person (and, in the case of a Single- Purpose Equity holder, the engagement by Borrower) in any business other
than the acquisition, development, management, leasing, ownership, maintenance and operation of the Property and activities incidental
thereto (and, in the case of a Single-Purpose Equity holder, activities incidental to the acquisition and ownership of its interest
in Borrower);

 

(iii)        the
filing, or consent to the filing, of a bankruptcy or insolvency petition, any general assignment for the benefit of creditors or
the institution of any other insolvency proceeding, the seeking or consenting to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator, custodian or any similar official in respect of such Person, admitting in writing such Person's inability
to pay its debts generally as they become due, or the taking of any action in furtherance of any of the foregoing, in each case,
in respect of itself or, in the case of a Single-Purpose Equity holder, in respect of Borrower without the affirmative vote of
its Independent Director; and

 

(iv)        any
amendment or modification of any provision of it’s (and, in the case of a Single-Purpose Equity holder, Borrower's) organizational
documents relating to qualification as a "Single-Purpose Entity".

 

"Single-Purpose
Equity holder" means a Single-Purpose Entity that (x) is a limited liability company or corporation formed under the laws
of the State of Delaware, (y) owns at least a l% direct equity interest in Borrower, and (z) serves as the general partner or managing
member of Borrower. Lender acknowledges and agrees that, as of the date hereof, Borrower is a Single Member LLC and no Single-Purpose
Equity holder exists or is required to exist on the date hereof.

 

"Sponsor"
means DeBartolo Real Estate Investments, LLC, a Florida limited liability company.

 

"Subordination
of Property Management Agreement" means that certain consent and agreement of manager and subordination of management
agreement executed by Borrower and the Approved Property Manager as of the Closing Date, as the same may from time to time be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith.

 

"Successor
Borrower" means a Single-Purpose Entity that is Controlled by one or more Qualified Equity holders.

 

"Survey"
means a current land title survey of the Property, certified to Borrower, the title company issuing the Title Insurance Policy
and Lender and its successors and assigns, in form and substance reasonably satisfactory to Lender.

 

    	24

    	 

    

 

"Taxes"
means all real estate and personal property taxes, assessments, fees, taxes on rents or rentals, water rates or sewer rents, facilities
and other governmental, municipal and utility district charges or other similar taxes or assessments now or hereafter levied or
assessed or imposed against the Property or Borrower with respect to the Property or rents therefrom or that may become Liens upon
the Property, without deduction for" any amounts reimbursable to Borrower by third parties.

 

"Tenant"
means any Person liable by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) pursuant
to a Lease.

 

"Tenant Improvements"
means, collectively, (i) tenant improvements to be undertaken for any Tenant that are required to be completed by or on behalf
of Borrower pursuant to the terms of such Tenant's Lease, and (ii) tenant improvements paid or reimbursed through allowances to
a Tenant pursuant to such Tenant's Lease.

 

"Tenant Notice" has the
meaning set forth in Section 3.1(a). "Termination

 

Fee" has the meaning set forth
in Section 3.5(d). "Test Period" means each

 

12-month period ending on the last day
of a Fiscal Quarter. "Threshold

 

Amount" means
an amount equal to 5.0% of the Loan Amount.

 

"Title Insurance
Policy" means an American Land Title Association lender's title insurance policy or a comparable form of lender's title
insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably satisfactory to Lender.

 

"TI/LC Monthly
Threshold Amount" means $1,300,000.00 subject to reduction by amounts equal to the TI/LC Rollover Release Amount so long
as the TI/LC Monthly Threshold Reduction Conditions are satisfied in full, in each case excluding any amounts attributable to Termination
Fees deposited in the TI/LC Reserve Account

 

"TI/LC Monthly
Threshold Reduction Conditions" means satisfaction of each of the following with respect to the Rollover Spaces: (i) the
TI/LC Rollover Release Conditions, and (ii) with respect to each such renewal, extension or new Lease (X) has a base term which
expires no earlier than March 6, 2025, (Y) does not contain any early termination option (except in connection with a casualty
or condemnation), and (Z) does not contain any co-tenancy requirements that can be triggered upon the failure of any co-tenancy
related to less than two (2) Tenants.

 

"TPLC Reserve
Account" has the meaning set forth in Section 3.5(a).

 

"TI/LC Rollover
Deposit" has the meaning set forth in Section 3.5(c).

 

"TI/LC Rollover
Deposit Amount" means the amount necessary to be deposited by Borrower into the TI/LC Reserve Account in order to achieve
a balance of funds therein equal to the TI/LC Rollover Threshold Amount.

 

    	25

    	 

    

 

"TULC Rollover Deposit Date"
means March 30, 2017.

 

"TI/LC Rollover
Deposit Period" means the period commencing upon Borrower's failure to make the TULC Rollover Deposit as and when required
pursuant to the terms hereof, and ending upon the earlier of the date thereafter on which the funds on deposit in the TI/LC Reserve
Account equal or exceed the TI/LC Rollover Threshold Amount.

 

"TULC Rollover
Release Amount" means an amount equal to the product of (y) $6.94 per square foot, and (z) the total square footage of
the Rollover Spaces which, as of such date, have been renewed, extended, and/or leased pursuant to a written Lease approved by
Lender and which space is fully occupied by such Tenant and open for business during normal business hours paying full unabated
rent (provided that so long as (i) each such Tenant for which the release of funds is sought is then paying at least 85% of the
full unabated rent amount, (ii) the terms of such Lease are otherwise approved by Lender, and (iii) all other conditions for release
are satisfied, then Lender will permit release of funds therefor notwithstanding that such Tenant is not then paying full unabated
rent).

 

"TI/LC Rollover
Release Conditions" means satisfaction of each of the following with respect to the Rollover Spaces: (i) if the Lease
associated with such Rollover Space is renewed or extended then such renewal or extension must be on the terms related thereto
as specified in the applicable Lease (provided the length of any renewal or extension may be greater than the period specified
in the appropriate Lease), (ii) the rent per square foot under each Lease related to the Rollover Spaces (whether a new Lease,
renewal or extension) must be consistent with then current market rents, as determined by an independent third-party leasing broker
or agent reasonably acceptable to Lender, and (iii) the new, renewed or additional term, as applicable, of each Lease of any Rollover
Space must be for at least five (5) years.

 

"TULC Rollover
Threshold Amount" means an amount equal to the product of (y) $6.94 per square foot, and (z) the total square footage
of the Rollover Spaces which remains non-renewed, unoccupied, vacant and/or non-leased pursuant to an extension or renewal, as
calculated and determined by Lender, as of the TI/LC Rollover Deposit Date.

 

"Trade Payables"
means unsecured amounts payable by or on behalf of Borrower for or in respect of the operation of the Property in the ordinary
course and that would under GAAP be regarded as ordinary expenses, including amounts payable to suppliers, vendors, contractors,
mechanics, material men or other Persons providing property or services to the Property or Borrower and the capitalized amount
of any ordinary-course financing leases.

 

"Transaction"
means, collectively, the transactions contemplated and/or financed by the Loan Documents.

 

"Transfer"
means the sale or other whole or partial conveyance of all or any portion of the Collateral or any direct or indirect interest
therein to a third party, including granting of any purchase options, rights of first refusal, rights of first offer or similar
rights in respect of any portion of the Collateral or the subjecting of any portion of the Collateral to restrictions on transfer;
except that the conveyance of a space lease at the Property in accordance herewith shall not constitute a Transfer.

 

    	26

    	 

    

 

"Treasury Constant
Yield" means the arithmetic mean of the rates published as "Treasury Constant Maturities" as of 5:00 p.m., New
York time, for the five Business Days preceding the date on which acceleration has been declared or, as applicable, the date .on
which a prepayment subject to a Yield Maintenance Premium pursuant to this Agreement is made, as shown on the USD screen of Reuters
(or such other page as may replace that page on that service, or such other page or replacement therefor on any successor service),
or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg
Service is available, under Section 504 in the weekly statistical release designated H.15(519) (or any successor publication) published
by the Board of Governors of the Federal Reserve System, for "On the Run" U.S. Treasury obligations corresponding to
the commencement of the Prepayment Period. If no such maturity shall so exactly correspond, yields for the two most closely corresponding
published maturities shall be calculated pursuant to the foregoing sentence and the Treasury Constant Yield shall be interpolated
or extrapolated (as applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest
month).

 

"Trigger Level" means Closing
Date NOI times 80%.

 

"Trigger Period"
means any of the following: (a) any period from (i) the conclusion of any Test Period during which Net Operating Income is less
than the Trigger Level, to (ii) the conclusion of the second of any two Test Periods ending in consecutive Fiscal Quarters thereafter
during each of which Test Periods Net Operating Income is equal to or greater than the Trigger Level, provided, until such time
as the funds in the Ulta Reserve Account are disbursed to Borrower pursuant to Section 3.12(c) or prepaid against the Principal
Indebtedness pursuant to Section 3.12(d), Net Operating Income shall include an amount equal to $178,758 with respect to
the Ulta Lease even if such Lease is not a Qualifying Lease as of the date of the calculation of Net Operating Income; (b) if the
financial reports required under Sections 5.12, 5.13 and 5.14 are not delivered to Lender as and when required hereunder,
a Trigger Period shall be deemed to have commenced and be ongoing, unless and until such reports are delivered and they indicate
that, in fact, no Trigger Period is ongoing; (c) the existence of a TI/LC Rollover Deposit Period.

 

"Ulta" shall mean Ulta Salon,
Cosmetics & Fragrance, Inc., a Delaware corporation.

 

"Ulta Initial Deposit Amount"
shall mean $1,588,000.00..

 

"Ulta Lease"
shall mean that certain Shopping Center Lease, in the form approved by Lender, and entered or to be entered into between Borrower
and Ulta, as amended or assigned.

 

"Ulta Paydown Date" means
the date that is eighteen (18) months after the Closing Date.

 

"Ulta Reserve Account"
shall have the meaning set forth in Section 3.12.

 

"Ulta Space" means the
leased premises identified on Schedule D.

 

"Upfront TI/LC Amount"
means $25,000.00.

 

"Use" means,
with respect to any Hazardous Substance, the generation, manufacture, processing, distribution, handling, possession, use, discharge,
placement, treatment, disposal,

 

    	27

    	 

    

 

disposition, removal, abatement, recycling
or storage of such Hazardous Substance or transportation of such Hazardous Substance.

 

"U.S. Person"
means a United States person within the meaning of Section 7701(a)(30) of the Code.

 

"U.S. Tax"
means any present or future tax, assessment or other charge or levy imposed by or on behalf of the United States of America or
any taxing authority thereof.

 

"Waste"
means any material abuse or destructive use (whether by action or inaction) of the Property.

 

"Yield Maintenance
Premium" means, with respect to any payment of principal on a Note or Note Component during the continuance of an Event
of Default or pursuant to Section 3.12(d), the product of:

 

(A)         a
fraction whose numerator is the amount so paid and whose denominator is the outstanding principal balance of the Note or Note Component
before giving effect to such payment, times 

 

(B)         the
excess of (1) the sum of the respective present values, computed as of the date of prepayment, of the remaining scheduled payments
of principal and interest with respect to the Note or Note Component, including the balloon payment on the scheduled Maturity Date
(assuming no prepayments or acceleration of the Loan), determined by discounting such payments to the date on which such prepayment
is made at the Treasury Constant Yield, over (2) the outstanding principal balance of the Note or Note Component on such date immediately
prior to such prepayment;

 

provided that the Yield Maintenance Premium
shall not be less than 1% of the amount prepaid. The calculation of the Yield Maintenance Premium shall be made by Lender and shall,
absent manifest error, be final, conclusive and binding upon all parties.

 

(b)          Rules
of Construction. Unless otherwise specified, (i) all references to sections, schedules and exhibits are to sections, schedules
and exhibits in or to this Agreement, (ii) all meanings attributed to defined terms in this Agreement shall be equally applicable
to both the singular and plural forms of the terms so defined, (iii) "including" means "including, but not
limited to", (iv) "mortgage" means a mortgage, deed of trust, deed to secure debt or similar instrument,
as applicable, and "mortgagee" means the secured party under a mortgage, deed of trust, deed to secure debt or
similar instrument, (v) the words "hereof," "herein," "hereby," "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, article,
section or other subdivision of this Agreement, (vi) unless otherwise indicated, all references to "this Section" shall
refer to the Section of this Agreement in which such reference appears in its entirety and not to any particular clause or subsection
or such Section, (vii) the use of the phrases "an Event of Default exists", "during the continuance of an Event
of Default" or similar phrases in the Loan Documents shall not be deemed to grant Borrower any right to cure an Event of Default,
and each Event of Default shall continue unless and until the same is waived by Lender in writing in accordance with the requirements
of the Loan Documents, (viii) all references to the Cash

 

    	28

    	 

    

 

Management Account shall exclude the subaccounts
thereof, and (ix) terms used herein and defined by cross-reference to another agreement or document shall have the meaning set
forth in such other agreement or document as of the Closing Date, notwithstanding any subsequent amendment or restatement of or
modification to such other agreement or document. Except as otherwise indicated, all accounting terms not specifically defined
in this Agreement shall be construed in accordance with GAAP, as the same may be modified in this Agreement.

 

ARTICLE I

 

GENERAL 'PERMS

 

1.1       The
Loan.

 

(a)          On
the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the "Loan")
in an amount equal to the Loan Amount. The Loan shall initially be represented by a single Note that shall bear interest as described
in this Agreement at a per annum rate equal to the Interest Rate. Interest payable hereunder shall be computed on the basis of
a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.

 

(b)          The
Loan shall be secured by the Collateral pursuant to the Security Instrument and the other Loan Documents.

 

(c)          Upon
written notice from Lender to Borrower, the Note will be deemed to have been subdivided into multiple components (the "Note
Components"). Each Note Component shall have such notional balance and interest rate as Lender shall specify in such notice,
provided that the sum of the principal balances of all Note Components shall equal the then-current Principal Indebtedness,
and the weighted average of the component interest rates, weighted on the basis of their respective principal balances, shall equal
the Interest Rate (except following repayments of principal during the continuance of an Event of Default or as a result of a Casualty
or Condemnation). Borrower shall be treated as the obligor with respect to each of the Note Components, and Borrower acknowledges
that each Note Component may be individually beneficially owned by a separate Person. The Note Components need not be represented
by separate physical Notes, but if requested by Lender, each Note Component shall be represented by a separate physical Note, in
which case Borrower shall execute and return to Lender each such Note promptly following Borrower's receipt of an execution copy
thereof. Voluntary and involuntary prepayments of principal on the Loan shall be applied to the Notes or Note Components as Lender
shall determine, provided that, except with respect to amounts applied toward principal during the continuance of an Event
of Default or as a result of a Casualty or Condemnation, no such allocation of principal to the Notes or Note Components shall
have the effect of increasing the weighted average of the component interest rates (but amounts applied toward principal during
the continuance of an Event of Default or as a result of a Casualty or Condemnation may increase the weighted average interest
rate of the Notes or Note Components, with the result that the Interest Rate might increase). Furthermore, with respect to amounts
applied toward principal during the continuance of an Event of Default or as a result of a Casualty or Condemnation, such amounts
shall be applied to the Notes or Note

    	29

    	 

    

 

Components sequentially, starting with
the most senior tranche of such Notes or Note Components.

 

1.2       Interest
and Principal.

 

(a)          On
each Payment Date, Borrower shall pay to Lender a constant monthly payment of $129,460.25, which amount shall be applied first
toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except
that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect
to any portion of such Interest Accrual Period falling during the continuance of an Event of Default, in which case the monthly
payment shall be increased by the amount of Default Interest accrued on the Notes during the applicable Interest Accrual Period),
and the balance shall be applied toward the reduction of the outstanding principal balances of the Notes or Note Components pro
rata in accordance with their then outstanding principal balances. Notwithstanding the foregoing, on the Closing Date, Borrower
shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making
such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case,
no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing
on the first Payment Date following the Closing Date).

 

(b)          No
prepayments of the Loan shall be permitted except for (i) prepayments resulting from Casualty or Condemnation as described in Section
5.16, and (ii) a prepayment of the Loan in whole (but not in part) during the Prepayment Period on not less than 30 days prior
written notice; provided that any prepayment hereunder shall be accompanied by all interest accrued on the amount prepaid,
plus if the prepayment is made on a date other than a Payment Date, the amount of interest that would have accrued on the amount
prepaid if the Loan had remained outstanding through the end of the Interest Accrual Period in which such prepayment occurs, plus
all other amounts then due under the Loan Documents. Borrower's notice of prepayment shall create an obligation of Borrower to
prepay the Loan as set forth therein, but may be rescinded with five days' written notice to Lender (subject to payment of any
out-of-pocket costs and expenses resulting from such rescission). In addition, Defeasance shall be permitted after the expiration
of the Lockout Period as described in Section 2.1. The entire outstanding principal balance of the Loan, together with interest
through the end of the applicable Interest Accrual Period and all other amounts then due under the Loan Documents, shall be due
and payable by Borrower to Lender on the Maturity Date. In addition, notwithstanding anything to the contrary contained herein,
if Borrower shall be required to prepay a portion of the Indebtedness due to a Casualty or Condemnation in accordance with the
terms and provisions of Section 5.16(f), Borrower shall have the right to prepay the balance of the Indebtedness in accordance
with the other terms and provisions of this Section 1.2(b), without the obligation to pay the Yield Maintenance Premium
or any other prepayment fee or penalty, provided such prepayment is made by Borrower within 120 days of the prepayment under Section
5.16(f) and Borrower delivers notice to Lender of its intention to prepay the balance within thirty (30) days of Borrower's
receipt of written notice of such application by Lender under Section 5.16(f).

 

    	30

    	 

    

 

(c)          Except
as otherwise set forth in this Agreement, if all or any portion of the Principal Indebtedness is paid to Lender following acceleration
of the Loan, Borrower shall pay to Lender an amount equal to the applicable Yield Maintenance Premium. Amounts received in respect
of the Indebtedness during the continuance of an Event of Default shall be applied toward interest, principal and other components
of the Indebtedness (in such order as Lender shall determine) before any such amounts are applied toward payment of Yield Maintenance
Premiums, with the result that Yield Maintenance Premiums shall accrue as the Principal Indebtedness is repaid but no amount received
from Borrower shall constitute payment of a Yield Maintenance Premium until the remainder of the Indebtedness shall have been paid
in full. Borrower acknowledges that (i) a prepayment will cause damage to Lender; (ii) the Yield Maintenance Premium is intended
to compensate Lender for the loss of its investment and the expense incurred and time and effort associated with making the Loan,
which will not be fully repaid if the Loan is prepaid; (iii) it will be extremely difficult and impractical to ascertain the extent
of Lender's damages caused by a prepayment after an acceleration or any other prepayment not permitted by the Loan Documents; and
(iv) the Yield Maintenance Premium represents Lender's and Borrower's reasonable estimate of Lender's damages from the prepayment
and is not a penalty.

 

(d)          Any
payments of interest and/or principal not paid when due hereunder shall bear interest at the applicable Default Rate and, in the
case of all payments due hereunder other than the repayment of the Principal Indebtedness on the Maturity Date, when paid, shall
be accompanied by a late fee in an amount equal to the lesser of five percent of such unpaid sum and the maximum amount permitted
by applicable law in order to defray a portion of 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.

 

1.3       Method
and Place of Payment. Except as otherwise specifically provided in this Agreement, all payments and prepayments under this
Agreement and the Notes (including any deposit into the Cash Management Account pursuant to Section 3.2(c)) shall be made
to Lender not later than 1:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States
of America by wire transfer in federal or other immediately available funds to the account specified from time to time by Lender.
Any funds received by Lender after such time shall be deemed to have been paid on the next succeeding Business Day. Lender shall
notify Borrower in writing of any changes in the account to which payments are to be made, and in any event will endeavor to provide
such notice at least ten (10) days prior to the applicable Payment Date. If the amount received from Borrower (or from the Cash
Management Account pursuant to Section 3.2(b)) is less than the sum of all amounts then due and payable hereunder, such
amount shall be applied, at Lender's sole discretion, either toward the components of the Indebtedness (e.g., interest,
principal and other amounts payable hereunder) and the Notes and Note Components, in such sequence as Lender shall elect in its
sole discretion, or toward the payment of Property expenses.

 

1.4       Taxes;
Regulatory Change.

 

(a)          Borrower
shall indemnify Lender and hold Lender harmless from and against any present or future stamp, documentary or other similar or related
taxes or other similar or related charges now or hereafter imposed, levied, collected, withheld or assessed by any

 

 

    	31

    	 

    

 

Governmental Authority by reason of the
execution and delivery of the Loan Documents and any consents, waivers, amendments and enforcement of rights under the Loan Documents.

 

(b)          Reasonably
promptly following Borrower's request, the initial Lender shall complete and deliver to Borrower a duly executed Form W-9 certifying
that it is not subject to backup withholding. If Borrower is required by law to withhold or deduct any amount from any payment
hereunder in respect of any Borrower Tax, Borrower shall withhold or deduct the appropriate amount, remit such amount to the appropriate
Governmental Authority and pay to the Lender and each Person to whom there has been an Assignment or Participation of a Loan such
additional amounts as are necessary in order that the net payment of any amount due hereunder, after deduction for or withholding
in respect of any Borrower Tax imposed with respect to such payment, will not be less than the amount stated in this Agreement
to be then due and payable; except that the foregoing obligation to pay such additional amounts shall not apply (i) to any net
income or franchise taxes imposed by the jurisdiction under the laws of which the Lender is organized, has its principal place
of business or where its applicable lending office is located, (ii) with respect to any amount of U.S. Tax in effect and applicable
to payments to the Lender on the date of this Agreement (or, for payments made under this Agreement to any Person to whom there
has been an Assignment or Participation, with respect to any amount of U.S. Tax imposed by any law in effect and applicable to
payments to such Person on the date of such Assignment or Participation) or (iii) to any amount of Borrower Taxes imposed solely
by reason of the failure by an assignee to comply with applicable certification, information, documentation or other reporting
requirements concerning the nationality, residence, identity or connections with the United States of America of such Person (or
beneficial owner, as the case may be) if such compliance is required by statute or regulation of the United States of America as
a precondition to relief or exemption from such Borrower Taxes. If Borrower shall fail to pay any Borrower Taxes or other amounts
that Borrower is required to pay pursuant to this Section, and Lender or any Person to whom there has been an Assignment or Participation
of a Loan pays the same believing them to be correctly and legally asserted, Borrower shall reimburse Lender or such Person promptly
following demand therefore in the currency in which such Borrower Taxes or other amounts are paid, whether or not such Borrower
Taxes were correctly or legally asserted, together with interest thereon from and including the date of payment to but excluding
the date of reimbursement at a rate per annum equal to the Default Rate.

 

(c)          Within
30 days after paying any amount from which it is required by law to make any deduction or withholding, and within 30 days after
it is required by law to remit such deduction or withholding to any relevant taxing or other authority, Borrower shall deliver
to Lender satisfactory evidence of such deduction, withholding or payment (as the case may be).

 

(d)          If,
as a result of any Regulatory Change, any reserve, special deposit or similar requirements relating to any extensions of credit
or other assets of, or any deposits with, Lender or any holder of all or a portion of the Loan is imposed, modified or deemed applicable
and the result is to increase the cost to such Lender or such holder of the Loan, or to reduce the amount receivable by Lender
or such holder hereunder in respect of any portion of the Loan by an amount deemed by Lender or such holder to be material (such
increases in cost and reductions in amounts receivable, "Increased Costs"), then Borrower agrees that it will
pay to Lender or such holder upon Lender's or such holder's request such additional amount or amounts as will compensate Lender
and/or such holder for such Increased Costs to the extent that such Increased

 

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Costs relate directly or indirectly, as
reasonably determined by Lender or such holder, to the Loan. Lender will notify Borrower in writing of any event occurring after
the Closing Date that will entitle Lender or any holder of the Loan to compensation pursuant to this Section as promptly as practicable
after it obtains knowledge thereof and determines to request such compensation and will designate a different lending office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the reasonable judgment of
such Lender, have a material and adverse impact on such Lender. If such Lender shall fail to notify Borrower of any such event
within 9 months following the end of the month during which such event occurred, then Borrower's liability for any amounts described
in this Section incurred by such Lender as a result of such event shall be limited to those attributable to the period occurring
subsequent to the date that is 9 months prior to the date upon which such Lender actually notified Borrower of the occurrence of
such event. Notwithstanding the foregoing, in no event shall Borrower be required to compensate Lender or any holder of the Loan
for any portion of the income or franchise taxes of Lender or such holder, whether or not attributable to payments made by Borrower.
If a Lender requests compensation under this Section, Borrower may, by notice to Lender, require that such Lender furnish to Borrower
a statement setting forth in reasonable detail the basis for requesting such compensation and the method for determining the amount
thereof. To the extent Borrower is requested to pay any Increased Cost pursuant to this Section 1.4(d), Borrower shall be entitled
to prepay the Loan in full without penalty upon not less than thirty (30) days advance written notice to Lender.

 

1.5       Release.
Upon payment of the Indebtedness in full when permitted or required hereunder, Lender shall execute instruments prepared by Borrower
and reasonably satisfactory to Lender, which, at Borrower's election and at Borrower's sole cost and expense: (a) release and discharge
all Liens on all Collateral securing payment of the Indebtedness (subject to Borrower's obligation to pay any associated fees and
expenses), including all balances in the Collateral Accounts; or (b) assign such Liens (and the Loan Documents) to a new lender
designated by Borrower. Any release or assignment provided by Lender pursuant to this Section shall be without recourse, representation
or warranty of any kind.

 

ARTICLE II

 

DEFEASANCE AND- ASSUMPTION

 

2.1       Defeasance.

 

(a)          On
any date after the expiration of the Lockout Period, provided Lender has not accelerated any portion of the Indebtedness, and subject
to the notice requirement described in Section 2.1(c), Borrower may obtain the release of the Collateral from the Liens
of the Loan Documents upon the payment to Lender of all sums then due under the Loan Documents and satisfaction of all other obligations
of Borrower under the Loan Documents, including the delivery of the following to Lender:

 

Defeasance
Collateral sufficient to provide payments on or prior to, and in any event as close as possible to, all successive Payment Dates
in an amount sufficient to make all payments of interest and principal due hereunder, including the then

 

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outstanding Principal Indebtedness, on the first Payment
Date in the Prepayment Period or such other Payment Date in the Prepayment Period as Borrower shall elect;

 

(ii)         written
confirmation from an independent certified public accounting firm reasonably satisfactory to. Lender that such Defeasance Collateral
is sufficient to provide the payments described in clause (i) above;

 

(iii)        a
security agreement, in form and substance reasonably satisfactory to Lender, creating in favor of Lender a first priority perfected
security interest in such Defeasance Collateral (a "Defeasance Pledge Agreement");

 

(iv)        an
opinion of counsel for Borrower, in form and substance reasonably satisfactory to Lender and delivered by counsel reasonably satisfactory
to Lender, opining that (1) the Defeasance Pledge Agreement has been duly authorized and is enforceable against Borrower in accordance
with its terms and that Lender has a perfected security interest in such Defeasance Collateral; and (2) if the Loan has been Securitized,
the Defeasance (including the assumption pursuant to Section 2.1(b)) does not cause a tax to be imposed on the Securitization
Vehicle or, if the Securitization Vehicle is a REMIC, does not cause any portion of the Loan to cease to be a "qualified mortgage"
within the meaning of section 860G(a)(3) of the Code; and (3) the Defeasance does not constitute a "significant modification"
of the Loan under Section 1001 of the Code;

 

(v)         if
the Loan has been Securitized, the Rating Condition with respect to such Defeasance shall have been satisfied or deemed satisfied
pursuant to the definition of "Rating Condition";

 

(vi)        instruments
reasonably satisfactory to Lender releasing and discharging or assigning to a third party Lender's Liens on the Collateral (other
than the Defeasance Collateral);

 

(vii)       such
other customary certificates, opinions, documents or instruments as Lender and the Rating Agencies may reasonably request; and

 

(viii)      reimbursement
for any costs and expenses incurred in connection with this Section 2.1 (including Rating Agency and Servicer fees and expenses,
reasonable fees and expenses of legal counsel and accountants and any revenue, documentary stamp or intangible taxes or any other
tax or charge due in connection herewith).

 

Lender shall reasonably cooperate with Borrower to avoid the
incurrence of mortgage recording taxes in connection with a Defeasance at Borrower's sole cost and expense.

 

(b)         At
the time of the Defeasance, the Loan shall be assumed by a bankruptcy-remote entity established or designated by the initial Lender
hereunder or its designee, to which Borrower shall transfer all of the Defeasance Collateral (a "Defeasance Borrower").
The right of the initial Lender hereunder or its designee to establish or designate a Defeasance Borrower shall be retained by
the initial Lender notwithstanding the sale or transfer of the Loan unless such

 

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obligation is specifically assigned to
and assumed by the transferee. Such Defeasance Borrower shall execute and deliver to Lender an assumption agreement in form and
substance reasonably satisfactory to Lender, such Uniform Commercial Code financing statements as may be reasonably requested by
Lender and legal opinions of counsel reasonably acceptable to Lender; and Borrower and the Defeasance Borrower shall deliver such
other documents, certificates and legal opinions as Lender shall reasonably request.

 

(c)          Borrower
must give Lender and each applicable Rating Agency at least 30 days' (and not more than 60 days') prior written notice of any Defeasance
under this Section, specifying the date on which the Defeasance is to occur. If such Defeasance is not made on such date (x) Borrower's
notice of Defeasance will be deemed rescinded, and (y) Borrower shall on such date pay to Lender all reasonable costs and expenses
and actual losses suffered by Lender as a consequence of such rescission.

 

(d)         Upon
satisfaction of the requirements contained in this Section, Lender will execute and deliver to Borrower such instruments, prepared
by Borrower and approved by Lender, as shall be necessary to release the Property from the Liens of the Loan Documents.

 

2.2                     Assumption.
From and after April 20, 2014 (without being subject to the 5-Business Day restriction noted immediately below), Borrower shall
have the right to Transfer all of the Collateral to a Successor Borrower that will assume all of the obligations of Borrower hereunder
and under the other Loan Documents (an "Assumption"), provided no Event of Default or monetary Default is then
continuing or would result therefrom and the following conditions are met to the reasonable satisfaction of Lender, provided, further,
if the Loan is not included in a Securitization which is scheduled to close on or about the aforementioned date, Borrower shall
not be entitled to complete an Assumption as described herein less than either (y) ten (10) Business Days prior to the scheduled
closing of a Securitization of which Borrower has received notice from Lender (which notice may be given pursuant to Section
9.4 or by any other written communication including e-mail from an authorized representative of Lender to an authorized representative
of Borrower) or (z) five (5) Business Days after the actual closing of a Securitization, in either case which will include all
or a portion of the Loan:

 

(1)         such
Successor Borrower shall have executed and delivered to Lender an assumption agreement (including an assumption of the Security
Instrument in recordable form, if requested by Lender), in form and substance reasonably acceptable to Lender, evidencing its
agreement to abide and be bound by the terms of the Loan Documents and containing representations substantially equivalent to
those contained in Article IV (recast, as necessary, such that representations that specifically relate to Closing Date
are remade as of the date of such assumption), and such other representations (and evidence of the accuracy of such representations)
as Lender shall reasonably request;

 

(ii)         such
Uniform Commercial Code financing statements as may be reasonably requested by Lender shall be filed;

 

(iii)        a
Person satisfactory to Lender in its sole discretion assumes all obligations, liabilities, guarantees and indemnities of Sponsor
and any other guarantor

 

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under the Loan Documents pursuant
to documentation satisfactory to Lender (and upon such assumption by such Person, Sponsor and any other such guarantor shall be
released from such obligations, liabilities, guarantees and indemnities);

 

(iv)        such
Successor Borrower shall have delivered to Lender legal opinions of counsel reasonably acceptable to Lender that are equivalent
to the opinions delivered to Lender on the Closing Date, including, to the extent requested by Lender, non-consolidation opinions
that are reasonably satisfactory to Lender and satisfactory to each of the applicable Rating Agencies; and Borrower and the Successor
Borrower shall have delivered such other documents, certificates and legal opinions, including relating to REMIC matters, as Lender
shall reasonably request;

 

(v)         such
Successor Borrower shall have delivered to Lender all documents reasonably requested by it relating to the existence of such Successor
Borrower and the due authorization of the Successor Borrower to assume the Loan and to execute and deliver the documents described
in this Section, each in form and substance reasonably satisfactory to Lender, including a certified copy of the applicable resolutions
from all appropriate persons, certified copies of the organizational documents of the Successor Borrower, together with all amendments
thereto, and certificates of good standing or existence for the Successor Borrower issued as of a recent date by its state of organization
and each other state where such entity, by the nature of its business, is required to qualify or register;

 

(vi)        the
Title Insurance Policy shall have been properly endorsed to reflect the Transfer of the Property to the Successor Borrower;

 

(vii)       the
Rating Condition shall have been satisfied with respect to the legal structure of the Successor Borrower, the documentation of
the Assumption and the related legal opinions; and

 

(viii)      Borrower
shall have paid to Lender a nonrefundable assumption fee in an amount equal to (Y) for the first such Assumption, $0.00, and (Z)
for each Assumption thereafter, 1.0% of the Principal Indebtedness, and in each case Borrower shall have reimbursed Lender for
its reasonable out-of-pocket costs and expenses incurred in connection with each such Assumption.

 

2.3       Transfers
of Equity Interests in Borrower. No direct or indirect equity interests in Borrower shall be conveyed or otherwise transferred
to any Person, unless the following conditions are satisfied:

 

(i)          no
Event of Default or monetary Default shall be continuing at the time of such conveyance or transfer;

 

(ii)         no
Prohibited Change of Control or Prohibited Pledge shall occur as a result thereof;

 

(iii)        if
any such conveyance or transfer results in Borrower ceasing to be Controlled by Sponsor (and in connection with each subsequent
conveyance or

 

    	36

    	 

    

 

transfer that again changes the
identity of the Qualified Equity holder that Controls Borrower), Borrower shall have paid to Lender a transfer fee in an amount
equal to (Y) for the first such conveyance or transfer, $0.00, and (Z) for each conveyance or transfer thereafter, 1.0% of the
Principal Indebtedness at the time of such conveyance or transfer;

 

(iv)        so
long as any particular Qualified Equity holder is in Control of Borrower, no more than forty-nine and nine-tenths percent (49.9%)
of the direct or indirect ownership interests in Borrower or any Single Purpose Equity holder shall be transferred pursuant to
this Section 2.3;

 

(v)         if
such conveyance or transfer results in any Person acquiring more than 49.9% of the direct or indirect equity interest in any Required
SPE (even if not constituting a Prohibited Change of Control), Borrower shall have delivered to Lender with respect to such Person
a non-consolidation opinion that in Lender's reasonable judgment satisfies the then-current criteria of the Rating Agencies;

 

(vi)        Borrower
shall have paid the costs and expenses (if any) of the Rating Agencies and Servicers and reimbursed Lender for its reasonable out-of-pocket
costs and expenses incurred in connection with any such conveyance or transfer; and

 

(vii)       Lender
shall have received ten (10) days advance written notice of such conveyance or transfer.

 

ARTICLE III

 

ACCOUNTS 

 

3.1       Cash
Management Account.

 

(a)          On
or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Lockbox Bank a lockbox account into which
income from the Property will be deposited (the "Lockbox Account"). As a condition precedent to the closing of
the Loan, Borrower shall cause the Lockbox Bank to execute and deliver an agreement (as modified or replaced in accordance herewith,
a "Lockbox Account Agreement") which provides, inter alia, that Borrower shall have no access to funds
in the Lockbox Account and that at the end of each Business Day the Lockbox Bank will remit all amounts contained therein directly
into an Eligible Account specified from time to time by Lender (the "Cash Management Account"). Within five Business
Days following the Closing Date, Borrower shall deliver to each Tenant in the Property a written notice (a "Tenant Notice")
in the form of Exhibit B instructing that (i) all payments under the Leases shall thereafter be remitted by them directly
to, and deposited directly into, the Lockbox Account, and (ii) such instruction may not be rescinded unless and until such Tenant
receives from Borrower or Lender a copy of Lender's written consent to such rescission. Borrower shall send a copy of each such
written notice to Lender and shall redeliver such notices to each Tenant until such time as such Tenant complies therewith. Borrower
shall cause all cash Revenues relating to the Property and all other money received by Borrower or the Approved Property Manager
with respect to the Property (other than tenant security deposits required to be held in escrow accounts) to be deposited in the
Lockbox Account or the Cash Management

 

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Account by the end of the first Business Day following Borrower's
or the Approved Property Manager's receipt thereof

 

(b)          Lender
shall have the right at any time and from time to time in its sole discretion to change the Eligible Institution at which any one
or more of the Collateral Accounts (other than the Lockbox Account) is maintained (and in the case of any such change in respect
of the Cash Management Account, Lender shall deliver not less than five Business Days' prior written notice to Borrower and the
Lockbox Bank. In addition, during the continuance of an Event of Default or if the Lockbox Bank fails to comply with the Lockbox
Account Agreement or ceases to be an Eligible Institution, Lender shall have the right at any time, upon not less than 30 days'
prior written notice to Borrower, to replace the Lockbox Bank with any Eligible Institution at which Eligible Accounts may be maintained
that will promptly execute and deliver to Lender a Lockbox Account Agreement satisfactory to Lender.

 

(c)          Borrower
shall maintain at all times an Operating Account into which amounts may be deposited from time to time pursuant to Section 3.2(4
Borrower shall not permit any amounts unrelated to the Property to be commingled with amounts on deposit in the Operating Account
and shall cause all amounts payable with respect to Operating Expenses for the Property to be paid from the Operating Account or
the Cash Management Account (to the extent required or permitted hereunder) and no other account. Borrower shall deliver to Lender
each month the monthly bank statement related to such Operating Account. So long as no Event of Default is continuing, Borrower
shall be permitted to withdraw amounts from the Operating Account for the purpose of paying Property expenses incurred in accordance
with this Agreement; and provided no Event of Default or Trigger Period is continuing, Borrower shall be permitted to make equity
distributions from amounts remaining therein after Property expenses that are then due and payable have been paid. During the continuance
of an Event of Default, all amounts contained in the Operating Account shall be remitted to the Cash Management Account.

 

3.2       Distributions
from Cash Management Account.

 

(a)          Lender
shall transfer from the Cash Management Account to the Operating Account, at the end of each Business Day (or, at Borrower's election,
on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate
amount required to be paid to or reserved with Lender on the next Payment Date pursuant hereto (the "Peg Balance");
provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period.

 

(b)          On
each Payment Date, provided no Event of Default is continuing (and, if and to the extent Lender so elects in its sole discretion,
during the continuance of an Event of Default until the Loan has been accelerated), Lender shall transfer amounts from the Cash
Management Account, to the extent available therein, to make the following payments in the following order of priority:

 

(i)          to
the Basic Carrying Costs Escrow Account, the amounts then required to be deposited therein pursuant to Section 3.4;

 

 

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(ii)         to
Lender, the amount of all scheduled or delinquent interest and principal on the Loan and all other amounts then due and payable
under the Loan-Documents (with any amounts in respect of principal paid last);

 

(iii)        during
the continuance of a Trigger Period, to the Operating Account, an amount equal to the Budgeted Operating Expenses for the month
in which such Payment Date occurs, provided that the amounts disbursed to such account pursuant to this clause (iii)
shall be used by Borrower solely to pay Budgeted Operating Expenses for such month (Borrower agreeing that, in the event that such
Budgeted Operating Expenses exceed the actual operating expenses for such month, such excess amounts shall be remitted by Borrower
to the Cash Management Account prior to the next succeeding Payment Date) and provided further that no amounts will be disbursed
to Borrower• in respect of the fees of the Approved Property Manager to the extent such fees exceed the Maximum Management
Fee;

 

(iv)        to
the Capital Expenditure Reserve Account, the amount, if any, required to be deposited therein pursuant to Section 3.6;

 

(v)         to
the TI/LC Reserve Account, the amount, if any, required to be deposited therein pursuant to Section 3.5;

 

(vi)        during
the continuance of a Trigger Period (which does not exist solely as a result of a TI/LC Rollover Deposit Period) or Event of Default,
all remaining amounts to the Excess Cash Flow Reserve Account;

 

(vii)       during
the continuance of a Trigger Period which exists solely as a result of a TI/LC Rollover Deposit Period (and not as a result of
any other circumstance which commences a Trigger Period, and provided no Event of Default Exists), all remaining amounts to the
TI/LC Reserve Account up to the greater of (Y) the TI/LC Rollover Threshold Amount and (Z) the TI/LC Monthly Threshold Amount,
and thereafter to the Excess Cash Flow Reserve Account; and

 

(viii)      if
no Trigger Period or Event of Default is continuing, all remaining amounts to the Operating Account.

 

(c)          If
on any Payment Date the amount in the Cash Management Account is insufficient to make all of the transfers described above (other
than remittance of excess cash to the Excess Cash Flow Reserve Account or the Operating Account), then Borrower shall remit to
the Cash Management Account on such Payment Date the amount of such deficiency. If Borrower fails to remit such amount to the Cash
Management Account, the same shall constitute an Event of Default and, in addition to all other rights and remedies provided for
under the Loan Documents, Lender may disburse and apply the amounts in the Collateral Accounts in accordance with Section 3.10(c).

 

    	39

    	 

    

 

3.3       Loss
Proceeds Account.

 

(a)          Upon
the occurrence of a Casualty or Condemnation, Lender will establish and maintain with an Eligible Account (which may be a subaccount
of the Cash Management Account) for the purpose of depositing any Loss Proceeds (the "Loss Proceeds Account").

 

(b)          Provided
no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.

 

3.4       Basic
Carrying Costs Escrow Account.

 

(a)          Lender
will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving
amounts payable by Borrower in respect of Taxes and insurance premiums (the "Basic Carrying Costs Escrow Account").

 

(b)          On
the Closing Date, the Basic Carrying Costs Escrow Account shall be funded in an amount equal to the sum of (i) an amount sufficient
to pay all Taxes by no later than the 30th day prior to the date they come due, assuming subsequent monthly fundings
on Payment Dates of 1/12 of projected annual Taxes, taking into account all applicable discounts for early payment provided by
the applicable taxing authority, plus (ii) an amount sufficient to pay all insurance premiums by the 3011 day
prior to the date they come due, assuming subsequent monthly fundings on Payment Dates of 1/12 of projected annual insurance premiums.

 

(c)          On
each subsequent Payment Date, an additional deposit shall be made therein in an amount equal to the sum of:

 

(A)         1/12
of the Taxes that Lender reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing
12 months, plus 

 

(B)         1/12
of the insurance premiums that Lender reasonably estimates, based on information provided by Borrower, will be payable during the
next ensuing 12 months;

 

provided, however, that if at any
time Lender reasonably determines that the amount in the Basic Carrying Costs Escrow Account will not be sufficient to accumulate
(upon payment of subsequent monthly amounts in accordance with the provisions of this Agreement) the full amount of all installments
of Taxes and insurance premiums by the date on which such amounts come due, then Lender shall notify Borrower of such determination
and Borrower shall increase its monthly payments to the Basic Carrying Costs Escrow Account by the amount that Lender reasonably
estimates is sufficient to achieve such accumulation.

 

(d)         Borrower
shall provide Lender with copies of all tax and insurance bills relating to the Property promptly after Borrower's receipt thereof.
Lender will apply amounts in the Basic Carrying Costs Escrow Account toward the purposes for which such amounts are deposited therein.
In connection with the making of any payment from the Basic Carrying Costs Escrow Account, Lender may cause such payment to be
made according to any bill, statement or

 

    	40

    	 

    

 

estimate provided by Borrower or procured
from the appropriate public office or insurance carrier, without inquiry into the accuracy of such bill, statement or estimate
or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof unless given written advance
notice by Borrower of such inaccuracy, invalidity or other contest.

 

3.5       TI/LC
Reserve Account.

 

(a)          Lender
will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving
amounts in respect of Tenant Improvements and Leasing Commissions which may be payable in relation to the Rollover Spaces (the
"TI/LC Reserve Account").

 

(b)          On
the Closing Date, Borrower shall deposit into the TI/LC Reserve Account an amount equal to the Upfront TI/LC Amount. In addition,
on each Payment Date, if and to the extent the amount contained therein is less than the TI/LC Monthly Threshold Amount, Borrower
shall deposit into the TI/LC Reserve Account an amount equal to the Monthly TI/LC Amount.

 

(c)          If,
on the TI/LC Rollover Deposit Date, the amount of funds on deposit in the TI/LC Reserve Account is less than the TI/LC Rollover
Threshold Amount, Borrower shall within five (5) Business Days make a deposit (the "TI/LC Rollover Deposit") thereto
in an amount equal to the TI/LC Rollover Deposit Amount.

 

(d)          Upon
the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender
shall cause disbursements in amounts equal to the TI/LC Rollover Release Amount to Borrower from the TI/LC Reserve Account, provided
that:

 

(i)          The
TI/LC Rollover Release Conditions have been satisfied in full for the applicable Rollover Spaces for which disbursement is requested;

 

(ii)         Borrower
shall deliver to Lender evidence (reasonably satisfactory to Lender) that all Tenant Improvements and Leasing Commissions associated
with the Lease for the applicable Rollover Space (whether a new Lease, extension or renewal) for which the TI/LC Rollover Release
Conditions have been satisfied have been paid in full; and

 

(iii)        Borrower
shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower and that
all conditions precedent to such disbursement required by the Loan Documents have been satisfied.

 

(e)          Whenever
a Lease is terminated, in whole or in part, whether by buy-out, cancellation, default, rejection or otherwise, and Borrower receives
any payment, fee, damages or penalty in respect of such termination (a "Termination Fee"), Borrower shall promptly
cause such Termination Fee to be deposited into the TI/LC Reserve Account. Provided no Event of Default is continuing, (1) Lender
shall disburse such Termination Fee or portion thereof to Borrower at the written request of Borrower in respect of Leasing Commissions
and Tenant

 

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Improvement costs incurred by Borrower
in connection with a replacement Lease entered into in accordance with the terms of this Agreement in respect of the space covered
by such terminated Lease and (ii) unless a Trigger Period is continuing, the remainder of such Termination Fee or portion thereof,
if any, shall be remitted to the Cash Management Account after the space covered by such terminated Lease has been relet, the replacement
Tenant is in occupancy and has commenced paying rent under the replacement Lease and all Leasing Commissions and Tenant Improvement
costs relating to such space have been paid.

 

3.6       Capital
Expenditure Reserve Account.

 

(a)          Lender
will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving
amounts in respect of. Capital Expenditures (the "Capital Expenditure Reserve Account").

 

(b)          On
each Payment Date, Borrower shall deposit into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure
Amount.

 

(c)          Upon
the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender
shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures
that are consistent with the Approved Annual Budget; provided that:

 

(i)          Borrower
shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;

 

(ii)         Borrower
shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be
paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan
Documents have been satisfied; and

 

(iii)        Lender
may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts
previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate and (2)
with respect to disbursements for Capital Expenditures relating to any single capital improvement costing in excess of $250,000
in the aggregate (whether disbursed in a lump sum or multiple installments), (x) a reasonably satisfactory site inspection, and
(y) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.

 

3.7 Deferred Maintenance and Environmental
Escrow Account.

 

(a)          If
the Deferred Maintenance Amount is greater than zero, Lender will establish and maintain an Eligible Account (which may be a subaccount
of the Cash Management Account) for the purpose of reserving amounts anticipated to be required to correct Deferred Maintenance
Conditions (the "Deferred Maintenance and Environmental Escrow Account").

 

 

    	42

    	 

    

 

(b)          On
the Closing Date, Borrower shall deposit into the Deferred Maintenance and Environmental Escrow Account an amount equal to the
Deferred Maintenance Amount.

 

(c)          Upon
the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender
shall cause disbursements to Borrower from the Deferred Maintenance and Environmental Escrow Account to reimburse Borrower for
reasonable costs and expenses incurred in order to correct Deferred Maintenance Conditions, provided that

 

(i)          Borrower
shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;

 

(ii)         Borrower
shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be
paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan
Documents have been satisfied; and

 

(iii)        Lender
may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts
previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate and (2)
with respect to disbursements for any single Deferred Maintenance Condition costing in excess of $250,000 in the aggregate to remediate
(whether disbursed in a lump sum or multiple installments), (x) reasonably satisfactory site inspections, and (y) receipt of lien
releases and waivers from any contractors, subcontractors and others with respect to such amounts.

 

(d)          Upon
the correcting of all Deferred Maintenance Conditions and payment of all costs and expenses in respect thereof, provided no Event
of Default or Trigger Period is then continuing, any amounts then remaining in the Deferred Maintenance and Environmental Escrow
Account shall promptly be remitted to Borrower and the Deferred Maintenance and Environmental Escrow Account will no longer be
maintained.

 

3.8       Intentionally
Omitted.

 

3.9 Excess Cash Flow Reserve Account.

 

(a)          Lender
will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the deposit of amounts
required to be deposited therein in accordance with Section 3.2(b) (the "Excess Cash Flow Reserve Account").

 

(b)          Provided
that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in
the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory
to Lender establishing that no Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement
of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b).

 

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3.10 Account Collateral.

 

(a)          Borrower
hereby pledges the Account Collateral and the Operating Account to Lender as security for the Indebtedness, together with all rights
of a secured party with respect thereto, it being the intention of the parties that such pledge shall be a perfected first-priority
security interest. Each Collateral Account shall be an Eligible Account under the sole dominion and control of Lender; provided,
however, that Borrower shall have direct access to the Operating Account so long as no Event of Default or Trigger Period exists.
Borrower shall have no right to make withdrawals from any of the Collateral Accounts other than the Operating Account. Funds in
the Collateral Accounts shall not be commingled with any other monies at any time. Borrower shall execute any additional documents
that Lender in its reasonable discretion may require and shall provide all other evidence reasonably requested by Lender to evidence
or perfect its first-priority security interest in the Account Collateral. Funds in the Collateral Accounts shall be invested only
in Peunitted Investments, which Permitted Investments shall be credited to the related Collateral Account. All income and gains
from the investment of funds in the Collateral Accounts other than the Basic Carrying Costs Escrow Account shall be retained in
the Collateral Accounts from which they were derived. Unless otherwise required by applicable law, all income and gains from the
investment of funds in the Basic Carrying Costs Escrow Account shall be for the account of Lender in consideration of its administration
of such Collateral Account, and Lender shall have the right at any time to withdraw such amounts from the Basic Carrying Costs
Escrow Account. All fees of the Cash Management Bank and the Lockbox Bank shall be paid by Borrower. After the Loan and all other
Indebtedness have been paid in full, the Collateral Accounts shall be closed and the balances therein, if any, shall be paid to
Borrower.

 

(b)          The
insufficiency of amounts contained in the Collateral Accounts shall not relieve Borrower from its obligation to fulfill all covenants
contained in the Loan Documents.

 

(c)          During
the continuance of an Event of Default, Lender may, in its sole discretion, apply funds in the Collateral Accounts, and funds resulting
from the liquidation of Permitted Investments contained in the Collateral Accounts, either toward the components of the Indebtedness
(e.g., interest, principal and other amounts payable hereunder), the Loan, the Note Components and the Notes, in such sequence
as Lender shall elect in its sole discretion, and/or toward the payment of Property expenses.

 

3.11 Bankruptcy.
Borrower and Lender acknowledge and agree that upon the filing of a bankruptcy petition by or against Borrower under the Bankruptcy
Code, the Account Collateral and the Revenues (whether then already in the Collateral Accounts, or then due or becoming due thereafter)
shall be deemed not to be property of Borrower's bankruptcy estate within the meaning of Section 541 of the Bankruptcy Code. If,
however, a court of competent jurisdiction determines that, notwithstanding the foregoing characterization of the Account Collateral
and the Revenues by Borrower and Lender, the Account Collateral and/or the Revenues do constitute property of Borrower's bankruptcy
estate, then Borrower and Lender further acknowledge and agree that all such. Revenues, whether due and payable before or after
the filing of the petition, are and shall be cash collateral of Lender. Borrower acknowledges that Lender does not consent to Borrower's
use of such cash collateral and that, in the event Lender elects (in its sole

 

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discretion) to give such consent, such
consent shall only be effective if given in writing signed by Lender. Except as provided in the immediately preceding sentence,
Borrower shall not have the right to use or apply or require the use or application of such cash collateral (i) unless Borrower
shall have received a court order authorizing the use of the same, and (ii) Borrower shall have provided such adequate protection
to Lender as shall be required by the bankruptcy court in accordance with the Bankruptcy Code.

 

3.12 Ulta Reserve Account.

 

(a)          Lender
shall establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of
reserving certain funds with respect to the Ulta Lease (the "Ulta Reserve Account").

 

(b)          On
the Closing Date, Borrower shall deposit into the Ulta Reserve Account, from the proceeds of the Loan, an amount equal to the Ulta
Initial Deposit Amount.

 

(c)          Upon
the request of Borrower at any time prior to the Ulta Paydown Date, so long as no Event of Default is then continuing, Lender shall,
subject to the conditions outlined in subsection (ii) below, disburse the balance of funds on deposit in the Ulta Reserve
Account to Borrower, provided that Borrower satisfies either subsection (i) or (ii) immediately below:

 

(i)          As
it pertains to the Ulta Lease:

 

(A)         Ulta
shall be in occupancy, open for business and paying unabated monthly rent, which payment shall be evidenced by canceled checks
or other documentation reasonably acceptable to Lender;

 

(B)         Borrower
shall have delivered an estoppel certificate from Ulta on Ulta's standard form or another form reasonably acceptable to Lender
and confirming that Ulta has begun paying monthly rent and that no monetary defaults or outstanding monetary obligations or other
material non-monetary defaults are currently existing with respect to such Lease; and

 

(C)         Borrower
shall have delivered to Lender an Officer's Certificate confirming that all conditions precedent to such disbursement required
by this Section have been satisfied.

 

(ii)         (A)
The Net Operating Income with respect to Tenants in occupancy, open for business and paying full unabated rent pursuant to Qualifying
Leases (entered into either prior to the Closing Date or hereafter in accordance with Section 5.7) for the immediately preceding
Test Period is equal to or greater than $2,494,381; and (B) Borrower shall have delivered to Lender an Officer's Certificate confirming
that all conditions precedent to such disbursement required by this Section have been satisfied, provided, if, as of such
date, all applicable Tenant Improvements and Leasing Commissions associated with a Lease entered for the ULTA Space have not been
completed in accordance with the Lease, Lender shall maintain an amount equal to $467,000 in the Ulta Reserve Account with such
amounts being subject to disbursement in order to reimburse Borrower for Leasing Commissions and Tenant Improvement costs

 

    	45

    	 

    

 

incurred by Borrower in connection with a new Lease
for the Ulta Space entered in accordance herewith, provided that:

 

(a)          Borrower
shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;

 

(b)          Borrower
shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be
paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan
Documents have been satisfied; and

 

(c)          Lender
may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts
previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate and (2)
with respect to disbursements for Tenant Improvements relating to any single Tenant or any single Lease in excess of $250,000 in
the aggregate (whether disbursed in a lump sum or multiple installments), (x) a reasonably satisfactory site inspection, and (y)
receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.

 

So long as no Event
of Default is then continuing, all remaining amounts being held in the Ulta Reserve Account shall be disbursed to Borrower upon
the completion and payment of all required Tenant Improvements and Leasing Commissions associated with the Ulta Space in accordance
with the applicable Lease and the delivery of an estoppel certificate from the Tenant which is reasonably satisfactory to Lender
and confirms all such items have been completed in accordance with the Lease.

 

(d)          If
by the Ulta Paydown Date the conditions set forth in Section 3.12(c)(i) or (c)(ii) as it pertains solely to the minimum
Net Operating Income, then Lender shall apply all or any part of the funds on deposit in the Ulta Reserve Account to prepayment
of the Loan on the next Payment Date (excluding any amounts for Tenant Improvements and Leasing Commissions as described therein).
Any prepayment of the Loan pursuant to this Section 3.12(d) shall be subject to payment of the Yield Maintenance Premium,
and Borrower shall pay to Lender the applicable Yield Maintenance Premium and all costs and expenses incurred by Lender with respect
to such prepayment within five (5) Business Days after notice to Borrower of such prepayment.

 

ARTICLE IV

 

REPRESENTATIONS 

 

Borrower represents
to Lender that, as of the Closing Date, except as set forth in the Exception Report:

 

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4.1         Organization.

 

(a)          Each
Required SPE is duly organized, validly existing and in good standing under the laws of the State of Delaware, and is in good standing
in each other jurisdiction where ownership of its properties or the conduct of its business requires it to be so, and each Required
SPE has all power and authority under such laws and its organizational documents and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted.

 

(b)          The
organizational chart contained in Exhibit A is true and correct as of the date hereof.

 

4.2       Authorization.
Borrower has the power and authority to enter into this Agreement and the other Loan Documents, to perform its obligations hereunder
and thereunder and to consummate the transactions contemplated by the Loan Documents and has by proper action duly authorized the
execution and delivery of the Loan Documents.

 

4.3       No
Conflicts. Neither the execution and delivery of the Loan Documents, nor the consummation of the transactions contemplated
therein, nor performance of and compliance with the terms and provisions thereof will (i) violate or conflict with any provision
of its formation and governance documents, (ii) violate any Legal Requirement, regulation (including Regulation U, Regulation X
or Regulation T), order, writ, judgment, injunction, decree or permit applicable to it, (iii) violate or conflict with contractual
provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, contract or other Material Agreement
to which Borrower or any of its direct or, to the best of Borrower's knowledge, indirect equity holders is a party or may be bound,
or (iv) result in or require the creation of any Lien or other charge or encumbrance upon or with respect to the Collateral in
favor of any Person other than Lender.

 

4.4       Consents.
No consent, approval, authorization or order of, or qualification with, any court or Governmental Authority is required in connection
with the execution, delivery or performance by Borrower of this Agreement or the other Loan Documents, except for any of the foregoing
that have already been obtained.

 

4.5       Enforceable
Obligations. This Agreement and the other Loan Documents have been duly executed and delivered by Borrower and constitute Borrower's
legal, valid and binding obligations, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency
and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. The Loan
Documents to which Sponsor is a party have been duly executed and delivered by Sponsor and constitute Sponsor's legal, valid and
binding obligations, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and similar laws
of general applicability relating to or affecting creditors' rights and to general equity principles. The Loan Documents are not
subject to any right of rescission, offset, abatement, counterclaim or defense by Borrower or Sponsor, including the defense of
usury or fraud.

 

4.6       No
Default. No Default or Event of Default will exist immediately following the making of the Loan.

 

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4.7       Payment
of Taxes. Borrower has filed, or caused to be filed, all tax returns (federal, state, local and foreign) required to be filed
and paid all amounts of taxes due (including interest and penalties) except for taxes that are not yet delinquent and has paid
all other taxes, fees, assessments and other governmental charges (including mortgage recording taxes, documentary stamp taxes
and intangible taxes) owing by it necessary to preserve the Liens in favor of Lender.

 

4.8       Compliance
with Law. Borrower, and to the best of Borrower's knowledge the Property and the use thereof comply in all material respects
with all applicable Insurance Requirements and Legal Requirements. Except as specified in the zoning report delivered to Lender
in connection with the Closing, to the best of Borrower's knowledge the Property conforms to current zoning requirements (including
requirements relating to parking) and is neither an illegal nor a legal nonconforming use, and complies with all building and zoning
ordinances and codes. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental
Authority the violation of which could adversely affect the Property or the condition (financial or otherwise) or business of Borrower.
There has not been committed by or on behalf of Borrower or, to Borrower's knowledge, any other person in occupancy of or involved
with the operation or use of the Property, any act or omission affording any federal Governmental Authority or any state or local
Governmental Authority the right of forfeiture as against the Property or any portion thereof or any monies paid in performance
of its obligations under any of the Loan Documents. Neither Borrower nor Sponsor has purchased any portion of the Property with
proceeds of any illegal activity.

 

4.9         ERISA.
Neither Borrower nor any ERISA Affiliate of Borrower has incurred or could be subjected to any liability under Title IV or Section
302 of ERISA or Section 412 of the Code or maintains or contributes to, or is or has been required to maintain or contribute to,
any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title IV or Section 302 of ERISA or Section 412 of the
Code. The consummation of the transactions contemplated by this Agreement will not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or substantially similar provisions under federal, state or local
laws, rules or regulations.

 

4.10 Investment
Company Act. Borrower is not an "investment company", or a company "controlled" by an "investment
company", registered or required to be registered under the Investment Company Act of 1940, as amended.

 

4.11 No Bankruptcy
Filing. Borrower is not 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 its assets or property. Borrower does not have knowledge of any Person contemplating
the filing of any such petition against it. During the ten year period preceding the Closing Date, no petition in bankruptcy has
been filed by or against any Required SPE, Sponsor, any of their respective affiliates or any Person that owns or controls, directly
or indirectly, ten percent or more of the beneficial ownership interests in Borrower, any Required SPE or Sponsor and no such Persons
have been convicted of a felony. Borrower has not received notice of and is not otherwise aware of any Tenant under a Major Lease
contemplating or having filed any of the foregoing actions.

 

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4.12 Other Debt.
Borrower does not have outstanding any Debt other than Permitted Debt.

 

4.13 Litigation.
There are no actions, suits, proceedings, arbitrations or governmental investigations by or before any Governmental Authority or
other court or agency now filed or otherwise pending, and to Borrower's knowledge there are no such actions, suits, proceedings,
arbitrations or governmental investigations threatened against or affecting Borrower, Sponsor or the Collateral, in each case,
except as listed in the Exception Report (and none of the matters listed in the Exception Report, even if determined against Borrower
or the Collateral, would reasonably be expected to have a Material Adverse Effect).

 

4.14 Leases; Material Agreements.

 

(a)      To
the best of Borrower's knowledge, Borrower has delivered to Lender true and complete copies of all Leases, including all modifications
and amendments thereto. No person has any possessory interest in the Property or right to occupy the same except under and pursuant
to the provisions of the Leases. The rent roll attached to this Agreement as Schedule E (the "Rent Roll")
is accurate and complete in all material respects as of the Closing Date. Except as indicated on the Rent Roll or Exception Report,
no security deposits are being held by Borrower (including bonds or letters of credit being held in lieu of cash security deposits),
no Tenant has any termination options or rights (except in connection with a Casualty or Condemnation and except as set forth in
the Leases), no Tenant has any extension or renewal rights (except as set forth in its Lease), no Tenant or other party has any
option, right of first refusal or similar preferential right to purchase all or any portion of the Property, no fixed rent has
been paid more than 30 days in advance of its due date and no payments of rent are more than 30 days delinquent. Each of the following
is true and correct with respect to each Lease:

 

(i)          such
Lease is valid and enforceable and is in full force and effect;

 

(ii)         Borrower
is the sole owner of the entire lessor's interest in such Lease;

 

(iii)        such
Lease is an arm's-length agreement with bona fide, independent third parties;

 

(iv)        none
of the Revenues reserved in such Lease have been assigned or otherwise pledged or hypothecated (except such pledge or hypothecation
that will be fully terminated and released in connection with the filing and recordation of the Security Instrument and except
for the Liens contemplated pursuant to the Loan Documents);

 

(v)         neither
Borrower nor, to Borrower's knowledge, any other party under such Lease is in default thereunder in any material respect;

 

(vi)        to
the best of Borrower's knowledge, there exist no offsets or defenses to the payment of any portion of the rents thereunder;

 

(vii)       to
the best of Borrower's knowledge, no brokerage commissions or finder's fees are due and payable regarding any Lease;

 

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(viii)      each
Tenant is in actual, physical occupancy of the premises demised under its Lease and to the best of Borrower's knowledge no event
has occurred giving any Tenant the right to terminate its Lease or pay reduced or alternative rent to Borrower under any of the
terms of such Lease; and

 

(ix)         to
the best of Borrower's knowledge, all work to be performed by the landlord under such Lease has been substantially performed, all
Tenants have accepted possession of their respective premises under such Lease, all contributions to be made by the landlord to
the Tenants thereunder have been made, all other conditions to each Tenant's obligations thereunder have been satisfied, no Tenant
has the right to require Borrower to perform or finance Tenant Improvements or Material Alterations and no Leasing Commissions
are owed or would be owed upon the exercise of any Tenant's existing renewal or expansion options, and Borrower has no other monetary
obligation to any Tenant under such Lease.

 

(b)      There
are no Material Agreements except as described in Schedule F. Borrower has made available to Lender true and complete copies
of all Material Agreements. Each Material Agreement has been entered into at arm's length in the ordinary course of business by
or on behalf of Borrower. The Material Agreements are in full force and effect and there are no defaults thereunder by Borrower
or, to Borrower's knowledge, any other party thereto. To the best of Borrower's knowledge, 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 Permitted
Encumbrance or any other agreement or instrument to which it is a party or by which it or the Property is bound.

 

4.15 Full and Accurate
Disclosure. No statement of fact heretofore delivered by Sponsor or Borrower to Lender in writing in respect of the Property
or Borrower contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained
therein not misleading unless subsequently corrected (except that the foregoing representation, as it relates to any Environmental
Report, Engineering Report, Title Insurance Policy and zoning report delivered to Lender in connection with the closing of the
Loan, shall be limited to Borrower's knowledge). There is no fact, event or circumstance presently known to Borrower that has not
been disclosed to Lender that has had or could reasonably be expected to result in a Material Adverse Effect.

 

4.16 Financial
Condition. Borrower has heretofore delivered to Lender (i) all financial statements and operating statements with respect to
the Property for the period of Borrower's ownership of the Property, and such statements are accurate and complete in all material
respects and fairly present in accordance with the Approved Accounting Method the financial position of Borrower in all material
respects as of their respective dates and do not omit to state any material fact necessary to make statements contained herein
or therein not misleading, and (ii) copies of any and all financial and operating statements which were provided to Borrower by
the previous owner of the Property, which statements Borrower has not altered or modified hi any way. Since the delivery of such
data, except as otherwise disclosed in writing to Lender, there have occurred no changes or circumstances that have had or are
reasonably expected to result in a Material Adverse Effect.

 

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4.17 Single-Purpose Requirements.

 

(a)          Each
Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial
compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property,
the Prior Owned Property (which, for the sake of clarity, Borrower no longer owns and shall not own after the date hereof) and
related personal property, (ii) engaged in any business, except the ownership and operation of the Property and the Prior Owned
Property (which, for the sake of clarity, Borrower no longer owns and shall not own after the date hereof) or (iii) had any material
contingent or actual obligations or liabilities unrelated to the Property.

 

(b)          Borrower
has provided Lender with true, correct and complete copies of (i) Borrower's current financial statements; and (ii) Borrower's
current operating agreement or partnership agreement, as applicable, together with all amendments and modifications thereto.

 

(c)          On
or prior to the Closing Date, Borrower shall have been fully released from any loan (other than the Loan) secured by the Property
or any of the Collateral (a ''Prior Loan"), and Borrower shall not have any continuing liability, actual or contingent, for
any Prior. Loan, and no recourse whatsoever against any portion of the Property shall be available to satisfy any Prior Loan under
any circumstances except for those rights and obligations under the Prior Loan currently held by Canpartners Realty Holding Company
IV LLC and assigned to Lender on the Closing Date as contemplated pursuant to the Assignment Transaction (as defined in the Security
Instrument) and except for any contingent liability under the Prior Loan which, by its terms, continues or survives the indefeasible
payment in full of the debt under the Prior Loan, but for the avoidance of doubt Borrower hereby represents to Lender that there
is no actual, pending, threatened, matured or existing environmental related liability of Borrower or Sponsor under the Prior Loan.

 

4.18 Use of Loan
Proceeds. 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 Regulations T, U or X of the Board of Governors of the Federal Reserve System or for any other purpose that
would be inconsistent with such Regulations T, U or X or any other Regulations of such Board of Governors, or for any purpose prohibited
by Legal Requirements or by the terms and conditions of the Loan Documents. The Loan is solely for the business purpose of Borrower
or for distribution to Borrower's equity.holders in accordance with Legal Requirements and no portion thereof shall be used for
personal, consumer, household or similar purposes.

 

4.19 Not Foreign
Person. Borrower is not a "foreign person" within the meaning of Section 1445(f)(3) of the Code.

 

4.20 Labor Matters.
Borrower has no employees and is not a party to any collective bargaining agreements.

 

4.21 Title.
Borrower owns good, marketable and insurable title to the Property and good and marketable title to the related personal property,
to the Collateral Accounts and to any other Collateral, in each case free and clear of all Liens whatsoever except the Permitted
Encumbrances. The Security Instrument, when properly recorded in the appropriate records,

 

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together with any Uniform Commercial Code
financing statements required to be filed in connection therewith, will create (i) a valid, perfected first priority Lien on the
Property and the rents therefrom, enforceable as such against creditors of and purchasers from Borrower and subject only to Permitted
Encumbrances, and (ii) perfected Liens in and to all personally, all in accordance with the terms thereof, in each case subject
only to any applicable Permitted Encumbrances. The Permitted Encumbrances do not and will not, individually or in the aggregate,
materially and adversely affect or interfere with the value, or current or contemplated use or operation, of the Property, or the
security intended to be provided by the Security Instrument, the ability of the Property to generate net cash flow sufficient to
service the Loan or Borrower's ability to pay its obligations as and when they come due, including its ability to repay the Indebtedness
in accordance with the terms of the Loan Documents. Except as insured over by a Title Insurance Policy, there are no claims for
payment for work, labor or materials affecting the Property that are or may become a Lien prior to, or of equal priority with,
the Liens created by the Loan Documents. No creditor of Borrower other than Lender has in its possession any goods that constitute
or evidence the Collateral.

 

4.22 No Encroachments.
Except as shown on the Survey, all of the improvements on the Property lie wholly within the boundaries and building restriction
lines of the Property, and no improvements on adjoining property encroach upon the Property, and no easements or other encumbrances
upon the Property encroach upon any of the improvements, so as, in either case, to adversely affect the value, use or marketability
of the Property, except those that are insured against by a Title Insurance Policy.

 

4.23 Physical Condition.

 

(a)          Except
for matters set forth in the Engineering Report, to the best of Borrower's knowledge the Property and all building systems (including
sidewalks, storm drainage system, root plumbing system, HVAC system, fire protection system, electrical system, equipment, elevators,
exterior sidings and doors, irrigation system and all structural components) are free of all material damage (ordinary wear and
tear excepted) and are in good condition, order and repair in all respects material to the Property's use, operation or value.

 

(b)          Except
as disclosed in the Engineering Report, Borrower is not aware of any material structural or other material defect or damages in
the Property, whether latent or otherwise.

 

(c)          Borrower
has not received and is not aware of any other Person's receipt of notice from any insurance company or bonding company of any
defects or inadequacies in the Property that would, alone or in the aggregate, adversely affect in any material respect the insurability
of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination
of any policy of insurance or bond.

 

4.24 Fraudulent
Conveyance. Borrower has not entered into the Transaction or any of the Loan Documents with the actual intent to hinder, delay
or defraud any creditor. Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents.
On the Closing Date, the fair salable value of Borrower's aggregate assets is and will, immediately following the making of the
Loan and the use and disbursement of the

 

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proceeds thereof, be greater than Borrower's
probable aggregate liabilities (including subordinated, unliquidated, disputed and Contingent Obligations). Borrower's aggregate
assets do not and, immediately following the making of the Loan and the use and disbursement of the proceeds thereof will not,
constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not
intend to, and does not believe that it will, incur debts and liabilities (including Contingent Obligations and other commitments)
beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect
of obligations of Borrower).

 

4.25 Management.
Except for any Approved Management Agreement, no property management agreements are in effect with respect to the Property. The
Approved Management Agreement is in full force and effect and, to the best of Borrower's knowledge, there is no event of default
thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute
a default thereunder.

 

4.26 Condemnation.
No Condemnation has been commenced or, to Borrower's knowledge, is contemplated or threatened with respect to all or any portion
of the Property or for the relocation of roadways providing access to the Property.

 

4.27 Utilities
and Public Access. The Property has adequate rights of access to dedicated public ways (and makes no material use of any means
of access or egress that is not pursuant to such dedicated public ways or recorded, irrevocable rights-of-way or easements) and
is adequately served by all public utilities, including water and sewer (or well and septic), necessary to the continued use and
enjoyment of the Property as presently used and enjoyed.

 

4.28 Environmental Matters. Except
as disclosed in the Environmental Reports:

 

(i)          To
Borrower's knowledge, no Hazardous Substances are located at, on, in or under the Property or have been handled, manufactured,
generated, stored, processed, or disposed of at, on, in or under, or have been Released from, the Property. Without limiting the
foregoing, there is not present at, on, in or under the Property, any PCB-containing equipment, asbestos or asbestos containing
materials, underground storage tanks or surface impoundments for any Hazardous Substance, lead in drinking water (except in concentrations
that comply with all Environmental Laws), or lead-based paint. To Borrower's knowledge, there is no threat of any Release of any
Hazardous Substance migrating to the Property.

 

(ii)         To
the best of Borrower's knowledge, the Property is in compliance in all material respects with all Environmental Laws applicable
to the Property (which compliance includes, but is not limited to, the possession of, and compliance with, all environmental, health
and safety permits, approvals, licenses, registrations and other governmental authorizations required in connection with the ownership,
and operation of the Property under all Environmental Laws). No Environmental Claim is pending with respect to the Property, nor,
to Borrower's knowledge, is any threatened, nor are there any consent decrees or other decrees, consent orders, administrative
orders or other orders, or other administrative or judicial

 

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requirements outstanding under
any Environmental Law with respect to Borrower or the Property.

 

(iii)        No
Liens are presently recorded with the appropriate land records under or pursuant to any Enviromnental Law with respect to the Property
and, to Borrower's knowledge, no Governmental Authority has been taking any action to subject the Property to Liens under any Environmental
Law.

 

(iv)        There
have been no material environmental investigations, studies, audits, reviews or other analyses conducted by or that are in the
possession of Borrower in relation to the Property that have not been made available to Lender.

 

4.29 Assessments.
There are no pending or, to Borrower's knowledge, proposed special or other assessments for public improvements or otherwise affecting
the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
No extension of time for assessment or payment by Borrower of any federal, state or local tax is in effect.

 

4.30 No Joint Assessment.
Borrower has not suffered, permitted or initiated the joint assessment of the Property (i) with any other real property constituting
a separate tax lot, or (ii) with any personal property, or any other procedure whereby the Lien of any Taxes that may be levied
against such other real property or personal property shall be assessed or levied or charged to the Property as a single Lien.

 

4.31 Separate Lots.
No portion of the Property is part of a tax lot that also includes any real property that is not Collateral.

 

4.32 Permits: Certificate
of Occupancy. Borrower has obtained all Permits necessary for the present and contemplated use and operation of the Property.
Except as otherwise set forth in the zoning report delivered to Lender in connection with Closing, to the best of Borrower's knowledge
the uses being made of the Property are in conformity in all material respects with the certificate of occupancy and/or Permits
for the Property and any other restrictions, covenants or conditions affecting the Property.

 

4.33 Flood Zone.
None of the improvements on the Property is located in an area identified by the Federal Emergency Management Agency or the Federal
Insurance Administration as a "100 year flood plain" or as having special flood hazards (including Zones A and V), or,
to the extent that any portion of the Property is located in such an area, the Property is covered by flood insurance meeting the
requirements set forth in Section 5.15(a)(ii).

 

4.34 Security Deposits.
Borrower is in compliance in all material respects with all Legal Requirements relating to security deposits.

 

4.35 Intentionally Omitted.

 

4.36 Insurance.
Borrower has obtained insurance policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement.
All premiums on such insurance policies required to be paid as of the Closing Date have been paid for the current

 

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policy period. No Person, including Borrower,
has done, by act or omission, anything that would impair the coverage of any such policy.

 

4.37 No Dealings.
Neither Borrower nor Sponsor is aware of any unlawful influence on the assessed value of the Property. .

 

4.38 Estoppel Certificates.
Borrower has requested estoppel certificates from each Tenant on the form heretofore agreed by Lender and has delivered to Lender
true and complete copies of each estoppel certificate received back from any Tenant prior to the Closing Date.

 

4.39 Federal Trade
Embargos. Sponsor and each Required SPE is in compliance with all Federal Trade Embargos in all material respects. No Embargoed
Person owns any direct or indirect equity interest in any Required SPE. To Borrower's knowledge, no Tenant at the Property is identified
on the OFAC List. Borrower has implemented procedures, and will consistently apply those procedures throughout the term of the
Loan, to ensure that the foregoing representations and warranties remain true and correct during the term of the Loan.

 

4.40 Intellectual
Propertv/Websites. Other than as set forth in the Exception Report, neither Borrower nor any Affiliate (i) has or holds any
trade names, trademarks, service marks, logos, copyrights, patents or other intellectual property with respect to the Property
or the use or operations thereof or (ii) is the registered holder of any website with respect to the Property (other than Tenant
websites).

 

4.41 Intentionally Omitted.

 

4.42 Intentionally Omitted.

 

4.43 Survival.
All of the representations of Borrower set forth in this Agreement and in the other Loan Documents shall survive for so long as
any portion of the Indebtedness is outstanding. All representations, covenants and agreements made by Borrower in this Agreement
or in the other Loan Documents shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore
or hereafter made by Lender or on its behalf. On the date of any Securitization, on not less than three days' prior written notice,
Borrower shall deliver to Lender a certification (x) confirming that all of the representations contained in this Agreement are
true and correct as of the date of such Securitization, or (y) otherwise specifying any changes in or qualifications to such representations
as of such date as may be necessary to make such representations consistent with the facts as they exist on such date.

 

ARTICLE V

 

AFFIRMATIVE COVENANTS 

 

5.1       Existence;
Licenses. Each Required SPE shall do or cause to be done all things necessary to remain in existence. Borrower shall do or
cause to be done all things necessary to preserve, renew and keep in full force and effect all rights, licenses, Permits, franchises,
certificates of occupancy, consents, approvals and other agreements necessary for the continued use and operation of the Property.
Each Required SPE shall deliver to Lender a copy of each amendment or other modification to any of its organizational documents
promptly after the

 

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execution thereof Each Required SPE shall
at all times elect to be treated for tax purposes as a "disregarded entity" that is not taxable as a corporation for
U.S. federal tax purposes.

 

5.2       Maintenance
of Property.

 

(a)          Borrower
shall cause the Property to be maintained in good and safe working order and repair, reasonable wear and tear excepted, and in
keeping with the condition and repair of properties of a similar use, value, age, nature and construction. Borrower shall not use,
maintain or operate the Property in any manner that constitutes a public or private nuisance or that makes void, voidable, or cancelable,
or increases the premium of, any insurance then in force with respect thereto. Subject to Section 6.13, no improvements
or equipment located at or on the Property shall be removed, demolished or materially altered so as to cause or reasonably be expected
to result in a Material Adverse Effect without the prior written consent of Lender (except for replacement of equipment in the
ordinary course of Borrower's business with items of the same utility and of equal or greater value and sales of obsolete equipment
no longer needed for the operation of the Property) and Borrower shall from time to time make, or cause to be made, all reasonably
necessary and desirable repairs, renewals, replacements, betterments and improvements to the Property. Borrower shall not make
any change in the use of the Property that would materially increase the risk of fire or other hazard arising out of the operation
of the Property, or do or permit to be done thereon anything that may in any way cause or reasonably be expected to result in a
Material Adverse Effect. Borrower shall not install or permit to be installed on the Property any underground storage tank. Borrower
shall 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 Property, regardless of the depth thereof or the method of mining or
extraction thereof.

 

(b)          Borrower
shall remediate the Deferred Maintenance Conditions within the time periods following the Closing Date as specified in Schedule
C hereto (or if no time periods are specified on Schedule C, within 12 months following the Closing Date), subject to
Force Majeure, and upon request from Lender after the expiration of such period shall deliver to Lender an Officer's Certificate
confirming that such remediation has been completed and that all associated expenses have been paid. Borrower shall comply with
all material terms of any asbestos operating and maintenance program in effect as of the Closing Date or otherwise required to
be implemented by Borrower.

 

5.3       Compliance
with Legal Requirements. Borrower shall comply with, and shall cause the Property to comply with and be operated, maintained,
repaired and improved in compliance with, all Legal Requirements, Insurance Requirements and all material contractual obligations
by which Borrower is legally bound.

 

5.4       Impositions
and Other Claims. Borrower shall pay and discharge all taxes, assessments and governmental charges levied upon it, its income
and its assets as and when such taxes, assessments and charges are due and payable, as well as all lawful claims for labor, materials
and supplies or otherwise, subject to any rights to contest contained in the definition of Permitted Encumbrances. Borrower shall
file all federal, state and local tax returns and other reports that it is required by law to file. If any law or regulation applicable
to Lender, any Note, any of the Collateral or the Security Instrument is enacted that deducts from the value of property

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for the purpose of taxation any Lien thereon,
or imposes upon Lender the payment of the whole or any portion of the taxes or assessments or charges or Liens required by this
Agreement to be paid by Borrower, or changes in any way the laws or regulations relating to the taxation of mortgages or security
agreements or debts secured by mortgages or security agreements or the interest of the mortgagee or secured party in the property
covered thereby, or the manner of collection of such taxes, so as to affect the Security Instrument, the Indebtedness or Lender,
then Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or Liens, or reimburse Lender for any amounts
paid by Lender. Following any such demand, Borrower shall have the right, upon 30 days advance written notice to Lender, to repay
the Indebtedness in full (but not in part) without the payment of any prepayment premium or prepayment fee. In addition, if it
shall be unlawful to require Borrower to make such payment or the making of such payment results in the imposition of interest
beyond the maximum amount permitted by applicable law, Lender may elect to declare all of the Indebtedness to be due and payable
150 days from the giving of written notice by Lender to Borrower, without the payment of any prepayment premium or prepayment fee.

 

5.5       Access
to Property. Borrower shall permit agents, representatives and employees of Lender and the Servicer to enter and inspect the
Property or any portion thereof, and/or inspect, examine, audit and copy the books and records of Borrower (including all recorded
data of any kind or nature, regardless of the medium of recording), at such reasonable times as may be requested by Lender upon
reasonable advance notice. If Lender shall determine that an Event of Default exists, the cost of such inspections, examinations,
copying or audits shall be borne by Borrower, including the cost of all follow up or additional investigations, audits or inquiries
deemed reasonably necessary by Lender. The cost of such inspections, examinations, audits and copying, if not paid for by Borrower
following demand, may be added to the Indebtedness and shall bear interest thereafter until paid at the Default Rate.

 

5.6       Cooperate
in Legal Proceedings. Except with respect to any claim by Borrower against Lender, Borrower shall cooperate fully with Lender
with respect to any proceedings before any Governmental Authority that may in any way affect the rights of Lender hereunder or
under any of the Loan Documents and, in connection therewith, Lender may, at its election, participate or designate a representative
to participate in any such proceedings.

 

5.7 Leases.

 

(a)          Borrower
shall furnish Lender with executed copies of all Leases. All new Leases and renewals or amendments of Leases must (i) be entered
into on an arms-length basis with Tenants that are not affiliates of Borrower and whose identity and creditworthiness is appropriate
for tenancy in property of comparable quality, (ii) provide for rental rates and other economic terms that, taken as a whole, are
at least equivalent to then-existing market rates, based on the applicable market, and otherwise contain terms and conditions that
are commercially reasonable, (iii) have an initial term of not more than 10 years, (iv) not reasonably be expected to result in
a Material Adverse Effect and (v) be subject and subordinate to the Security Instrument and contain provisions for the agreement
by the Tenant thereunder to attorn to Lender and any purchaser at a foreclosure sale, such attornment to be self-executing and
effective upon acquisition of title to the Property by any purchaser at a foreclosure sale. Lender, at the request of Borrower
(and at Borrower's sole cost and expense), shall enter into a subordination,

 

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attornment and non-disturbance agreement
on Lender's then standard form (with such modifications thereto as may be reasonably acceptable to Lender) or on such other form
reasonably satisfactory to Lender, with respect to any Lease entered into after the Closing Date that expressly requires the delivery
of a subordination, attornment and non-disturbance agreement.

 

(b)          Any
Lease that does not conform to the standards set forth in Section 5.7(a) shall be subject to the prior written consent of
Lender, which consent shall not be unreasonably withheld, delayed or conditioned. In addition, all new Leases that are Major Leases,
and all terminations, renewals (excluding renewals pursuant to the terms of a Lease) and amendments of Major Leases, and any surrender
of rights under any Major Lease, shall be subject to the prior written consent of Lender. If Lender shall fail to respond to Borrower's
request for such consent within ten (10) Business Days of Lender's receipt of such request accompanied by a comprehensive term
sheet and reasonably detailed financial information about the proposed Tenant (to the extent available from such Tenant), Borrower
may deliver to Lender a second request for consent stating in bold and capitalized type that "LENDER'S FAILURE TO RESPOND
TO THE ENCLOSED REQUEST WITHIN FIVE BUSINESS DAYS SHALL BE DEEMED LENDER'S APPROVAL", provided that if Lender has reasonably
requested any additional information with respect to the Tenant (and such information is possessed by or available to Borrower),
Borrower shall not have the right to send any such second request unless and until Borrower shall have delivered to Lender such
additional information. In the event Lender fails to approve or disapprove such request within five (5) Business Days after Lender's
receipt of such second request, such request shall be deemed approved.

 

(c)          Borrower
shall (i) observe and punctually perform all the material obligations imposed upon the lessor under the Leases; (ii) enforce all
of the material terms, covenants and conditions contained in the Leases on the part of the lessee/tenant thereunder to be observed
or performed, short of termination thereof, except that Borrower may terminate any Lease following a material default thereunder
by the respective Tenant; (iii) not collect any of the rents thereunder more than one month in advance; (iv) not execute any assignment
of lessor's/landlord's interest in the Leases or associated rents other than the assignment of rents and leases under the Security
Instrument; (v) not cancel or terminate any guarantee of any of the Major Leases without the prior written consent of Lender, except
to the extent expressly provided for under such Major Lease which has been reviewed and approved by Lender, either prior to the
date hereof or thereafter in accordance with the terms hereof; and (vi) not permit any subletting of any space covered by a Lease
or an assignment of the Tenant's rights under a Lease, except in strict accordance with the terms of such Lease. Borrower shall
deliver to each new Tenant a Tenant Notice upon execution of such Tenant's Lease, and promptly thereafter deliver to Lender a copy
thereof and evidence of such Tenant's receipt thereof.

 

(d)          Security
deposits of Tenants under all Leases shall be held in compliance with Legal Requirements and any provisions in Leases relating
thereto. Borrower shall maintain books and records of sufficient detail to identify all security deposits of Tenants separate and
apart from any other payments received from Tenants. Subject to Legal Requirements, any bond or other instrument held by Borrower
in lieu of cash security shall name Lender as payee or mortgagee thereunder or be fully assignable to Lender. Borrower hereby pledges
to Lender each such bond or other instrument as security for the Indebtedness. Upon the occurrence of an Event

 

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of Default, Borrower shall, upon Lender's
request, deposit with Lender in an Eligible Account pledged to Lender an amount equal to the aggregate security deposits of the
Tenants (and any interest theretofore earned on such security deposits and actually received by Borrower), and any such bonds,
that Borrower had not returned to the applicable Tenants or applied in accordance with the terms of the applicable Lease.

 

(e)          Borrower
shall promptly deliver to Lender a copy of each written notice from a Tenant under any Major Lease claiming that Borrower is in
default in the performance or observance of any of the material terms, covenants or conditions thereof to be performed or observed
by Borrower. Borrower shall use commercially reasonable efforts to provide in each Major Lease executed after the Closing Date
to which Borrower is a party that any Tenant delivering any such notice shall send a copy of such notice directly to Lender.

 

(f)          All
agreements entered into by or on behalf of Borrower that require the payment of Leasing Commissions or other similar compensation
to any party shall (i) provide that the obligation will not be enforceable against Lender and (ii) be subordinate to the lien of
the Security Instrument.

 

5.8        Plan
Assets, etc. Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan
Assets at any time.

 

5.9        Further
Assurances. Borrower shall, at Borrower's sole cost and expense, from time to time as reasonably requested by Lender, execute,
acknowledge, record, register, file and/or deliver to Lender such other instruments, agreements, certificates and documents (including
amended or replacement mortgages), and Borrower hereby consents to the filing by Lender of any Uniform Commercial Code financing
statements, in each case as Lender may reasonably request to evidence, confirm, perfect and maintain the Liens securing or intended
to secure the obligations of Borrower and the rights of Lender under the Loan Documents and do and execute all 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 request from time to time (including the payment and application
of Loss Proceeds). Upon foreclosure, the appointment of a receiver or any other relevant action, Borrower shall, at its sole cost
and expense, cooperate fully and completely to effect the assignment or transfer of any license, permit, agreement or any other
right necessary or useful to the operation of the Collateral. Upon receipt of an affidavit of Lender as to the loss, theft, destruction
or mutilation of any Note, Borrower shall issue, in lieu thereof, a replacement Note in the same principal amount thereof and in
the form thereof. Borrower hereby authorizes and appoints Lender as its attorney-in-fact to, during the continuance of an Event
of Default, execute, acknowledge, record, register and/or file such instruments, agreements, certificates and documents, and to
do and execute such acts, conveyances and assurances, should Borrower fail to do so itself in violation of this Agreement or the
other Loan Documents following written request from Lender, in each case without the signature of Borrower. The foregoing grant
of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term of this Agreement.
Borrower hereby ratifies all actions that such attorney shall lawfully take or cause to be taken in accordance with this Section.

 

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5.10 Management of Collateral.

 

(a)          The
Property shall be managed at all times by an Approved Property Manager pursuant to an Approved Management Agreement. Pursuant to
the Subordination of Property Management Agreement or Agreements, each Approved Property Manager shall agree that its Approved
Management Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower
may from time to time appoint an Approved Property Manager to manage the Property pursuant to an Approved Management Agreement,
provided that (i) no Event of Default is continuing, (ii) Lender receives at least 45 days' prior written notice of same, (iii)
such successor manager shall execute and deliver to Lender for Lender's benefit a Subordination of Property Management Agreement
in form and substance reasonably satisfactory to Lender, and (iv) if requested by Lender if such Approved Property Manager is an
affiliate of Borrower, Borrower shall deliver to Lender a non-consolidation opinion reasonably acceptable to Lender with respect
..to such Approved Property Manager and new Approved Management Agreement. The per annum fees of the Approved Property Manager (including
any incentive fees) shall not, at any time, exceed the Maximum Management Fee.

 

(b)          Borrower
shall cause each Approved Property Manager (including any successor Approved Property Manager) to maintain at all times worker's
compensation insurance as required by Governmental Authorities.

 

(c)          Borrower
shall notify Lender in writing of any default of Borrower or the Approved Property Manager under the Approved Management Agreement,
after the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after
reasonable notice to Borrower and in accordance with the Subordination of Property Management Agreement, to cure defaults of Borrower
under the Approved Management Agreement. Any out-of-pocket expenses incurred by Lender to cure any such default shall constitute
a part of the Indebtedness and shall be due from Borrower upon demand by Lender.

 

(d)          During
the continuance of an Event of Default, or following any foreclosure, conveyance in lieu of foreclosure or other similar transaction,
or during the continuance of a material default by the Approved Property Manager under the Approved Management Agreement (after
the expiration of any applicable notice and/or cure periods), or if the Approved Property Manager files or is the subject of a
petition in bankruptcy, or if a trustee or receiver is appointed for the Approved Property Manager's assets or the Approved Property
Manager makes an assignment for the benefit of creditors, or if the Approved Property Manager is adjudicated insolvent, or if the
Approved Property Manager ceases to be affiliated with Sponsor, then, in any such case, Lender may, in its sole discretion, terminate
or require Borrower to terminate the Approved Management Agreement and engage an Approved Property Manager selected by Lender to
serve as replacement Approved Property Manager pursuant to an Approved Management Agreement.

 

(e)          In
the event that the Approved Management Agreement is scheduled to expire at any time during the term of the Loan, Borrower shall
submit to Lender by no later than 60 days prior to such expiration a draft replacement management agreement for approval in

 

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accordance with the terms and conditions hereof. Borrower's
failure to submit the same within such time-frame shall, at Lender's option, constitute an immediate Event of Default.

 

5.11 Notice of
Material Event. Borrower shall give Lender prompt notice (containing reasonable detail) of (i) any material change in the financial
or physical condition of the Property, as reasonably determined by Borrower, including the termination or cancellation of any Major
Lease (or the addition or closure of any anchor Tenant) and the termination or cancellation of terrorism or other insurance required
by this Agreement, (ii) any notice from the Approved Property Manager, to the extent such notice relates to a matter that could
reasonably be expected to result in a Material Adverse Effect, (iii) any litigation or governmental proceedings pending or threatened
in writing against Borrower or the Property that is reasonably expected .to result in a Material Adverse Effect, (iv) the insolvency
or bankruptcy filing of any Required SPE, Sponsor or an affiliate of any of the foregoing and (v) any other circumstance or event
that could reasonably be expected to result in a Material Adverse Effect.

 

5.12 Annual Financial
Statements. As soon as available, and in any event within 85 days after the close of each Fiscal Year, Borrower shall furnish
to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower's sole cost and expense),
or, in the case of predominantly text documents, in Adobe pdf format, annual financial statements of Borrower, including a balance
sheet and operating statement of Borrower as of the end of such year, together with related statements of operations and equity
holders' capital and cash flow for such Fiscal Year, in each case for the prior calendar year, and such statements shall be accompanied
by an Officer's Certificate certifying that the same are true, correct and complete and were prepared in accordance with the Approved
Accounting Method, subject to changes resulting from audit and normal year-end audit adjustments. Together with Borrower's annual
financial statements, Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an
intralinks site at Borrower's sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format:

 

(i)          a
statement of cash flows;

 

(i)          then
current rent roll, Tenant sales reports and occupancy reports; and

 

(iii)        such
other information as Lender shall reasonably request.

 

5.13 Quarterly
Financial Statements. As soon as available, and in any event within 45 days after the end of each Fiscal Quarter (including
year-end), Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks
site at Borrower's sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, quarterly and
year-to-date unaudited financial statements prepared for such Fiscal Quarter with respect to Borrower, including a balance sheet
and operating statement of Borrower as of the end of such Fiscal Quarter, together with related statements of operations, equityholders'
capital and cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal Quarter, which statements
shall be accompanied by an Officer's Certificate certifying that the same are true, correct and complete and were prepared in accordance
with the Approved Accounting Method, subject to changes resulting from audit and

 

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normal year-end audit adjustments. Each
such quarterly report shall be accompanied by the following, in an Excel spreadsheet file in electronic format (which may be via
an intralinks site at Borrower's sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format:

 

(i)          a
statement in reasonable detail that calculates Net Operating Income as of the end of each of the Fiscal Quarters in the Test Period
ending in such Fiscal Quarter;

 

(ii)         copies
of each of the Leases signed during such quarter;

 

(iii)        then
current rent roll, Tenant sales reports and occupancy reports; and

 

(iv)        such
other information as Lender shall reasonably request.

 

5.14 Monthly Financial Statements; Non-Delivery
of Financial Statements.

 

(a)          Until
the occurrence of a Securitization and during the continuance of a Trigger Period or an Event of Default (or, in the case of item
(ii) below, at all times), Borrower shall furnish within 30 days after the end of each calendar month (other than the calendar
month immediately following the final calendar month of any Fiscal Year or Fiscal Quarter), in an Excel spreadsheet file in electronic
format (which may be via an intralinks site at Borrower's sole cost and expense), or, in the case of predominantly text documents,
in Adobe pdf format, monthly and year-to-date unaudited fmancial statements prepared for the applicable month with respect to Borrower,
including a balance sheet and operating statement as of the end of such month, together with related statements of income, equityholders'
capital and cash flows for such month and for the portion of the Fiscal Year ending with such month, which statements shall be
accompanied by an Officer's Certificate certifying that the same are true, correct and complete and were prepared in accordance
with the Approved Accounting Method, subject to changes resulting from audit and normal year-end audit adjustments. Each such monthly
report shall be accompanied by the following:

 

(i)          then
current rent roll, Tenant sales reports and occupancy reports; and

 

(ii)         such
other information as Lender shall reasonably request.

 

(b)          If
Borrower fails to provide to Lender the financial statements and other information specified in Sections 5.12, 5.13 and
this Section within the respective time period specified in such Sections, then (i) such failure shall, at Lender's election, constitute
an Event of Default following written notice from Lender; and (ii) a Trigger Period shall be deemed to have commenced for all purposes
hereunder and shall continue until such failure is remedied and the financial statements delivered to Lender evidence that no Trigger
Period is in effect.

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5.15 Insurance.

 

(a)          Borrower
shall obtain and maintain with respect to the Property, for the mutual benefit of Borrower and Lender at all times, the following
policies of insurance:

 

(i)          property
insurance against loss or damage by standard perils included within the classification "All Risks" or "Special Form"
Causes of Loss, including coverage for damage caused by windstorm (including named storm) and hail. Such insurance shall (A) be
in an amount equal to the full insurable value on replacement cost basis of the Property and, if applicable, all related furniture,
furnishings, equipment and fixtures (without deduction for physical depreciation); (B) have deductibles acceptable to Lender (but
in any event not in excess of $50,000, except in the case of windstorm and earthquake coverage, which shall have deductibles not
in excess of 5% of the total insurable value of the Property); (C) be paid annually in advance; (D) be written on a "Replacement
Cost" basis, waiving depreciation, (E) be written on a no coinsurance form or contain an "Agreed Amount" endorsement,
waiving all coinsurance provisions; (F) i1 at any time during the Loan, any of the Improvements at the Property constitute legal
non-conforming structures, include ordinance or law coverage on a replacement cost basis, with no co-insurance provisions, containing
Coverage A: "Loss Due to Operation of Law" (with a limit equal to replacement cost), Coverage B: "Demolition Cost"
and Coverage C: "Increased Cost of Construction" coverages each with limits of no less than 10% of replacement cost or
such lesser amounts as Lender may require in its sole discretion; and (G) permit that the improvements and other property covered
by such insurance be rebuilt at another location in the event that such improvements and other property cannot be rebuilt at the
location on which they are situated as of the date hereof. If such insurance excludes mold, then Borrower shall implement a mold
prevention program satisfactory to Lender;

 

(ii)         if
any material portion of the Property is located in an area identified in the Federal Register by the Federal Emergency Management
Agency as having special flood hazards, flood insurance in an amount equal to the maximum limit of coverage available under the
National Flood Insurance Program, plus such additional excess limits as shall be requested by Lender, with a deductible not in
excess of $25,000;

 

(iii)        commercial
general liability insurance, including broad form coverage of property damage, contractual liability for insured contracts and
personal injury (including bodily injury and death), to be on the so-called "occurrence" form containing minimum limits
per occurrence of not less than $1,000,000 with not less than a $2,000,000 general aggregate for any policy year (with a per location
aggregate if the Property is on a blanket policy), with a deductible not in excess of $50,000. In addition, at least $20,000,000.00
excess and/or umbrella liability insurance shall be obtained and maintained for any and all claims, including all legal liability
imposed upon Borrower and all related court costs and attorneys' fees and disbursements;

 

(iv)        rental
loss and/or business interruption insurance covering actual loss sustained during restoration from all risks required to be covered
by the insurance provided for herein, including clauses (i), (v), (viii) and (ix) of this Section, and

 

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covering the 18 month period
from the date of any Casualty and containing an extended period of indemnity endorsement covering the 12 month period commencing
on the date on which the Property has been restored, as reasonably determined by the applicable insurer (even if the policy will
expire prior to the end of such period). The amount of such insurance shall be increased from time to time as and when the gross
revenues from the Property increase;

 

(v)         insurance
for steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus
now or hereafter installed in any of the improvements (without exclusion for explosions) and insurance against loss of occupancy
or use arising from any breakdown, in such amounts as are generally available and are generally required by institutional lenders
for properties comparable to the Property, in each case, with a deductible not in excess of $50,000;

 

(vi)        worker's
compensation insurance with respect to all employees of Borrower as and to the extent required by any Governmental Authority or
Legal Requirement and employer's liability coverage of at least $1,000,000 (if applicable);

 

(vii)       during
any period of repair or restoration, and only if the property and liability coverage forms do not otherwise apply, (A) commercial
general liability and umbrella liability insurance covering claims related to the repairs or restoration at the Property that are
not covered by or under the terms or provisions of the insurance provided for in Section 5.15(a)(iii) and (B) the insurance
provided for in Section 5.15(a)(i), which shall, in addition to the requirements set forth in such Section, (1) be written
in a so-called builder's risk completed value form or equivalent coverage, including coverage for 100% of the total costs of construction
on a non-reporting basis and against all risks insured against pursuant to clauses (i), (ii), (iv), (v), (viii) and (ix)
of Section 5.15(a) and (2) include permission to occupy the Property;

 

(viii)      if
required by Lender, earthquake insurance (A) with minimum coverage equivalent to the greater of 1.0x SUL (scenario upper loss)
and 1.5x SEL (scenario expected loss) multiplied by the full replacement cost of the building plus business income, (B) having
a deductible not in excess of 5% of the total insurable value of the Property, and (C) if the Property is legally nonconforming
under applicable zoning ordinances and codes, containing ordinance of law coverage in amounts as required by Lender;

 

(ix)         so
long as the Terrorism Risk Insurance Program Reauthorization Act of 2007 ("TRIPRA") or a similar or subsequent
statute is in effect, terrorism insurance for foreign and domestic acts (as such terms are defined in TRIPRA or similar or subsequent
statute) in an amount equal to the full replacement cost of the Property (plus rental loss and/or business interruption insurance
coverage for a term set forth in clause (iv) above). If TRIPRA or a similar or subsequent statute is not in effect, then
provided that terrorism insurance is commercially available, Borrower shall be required to carry terrorism insurance throughout
the term of the Loan as required by the preceding sentence, but in such event Borrower shall not be required to spend on terrorism
insurance coverage more than two times the amount of the insurance premium that is

 

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payable at such time in respect
of the property and business interruption/rental loss insurance required hereunder on a stand alone-basis (without giving effect
to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance), and if the
cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism insurance available with
funds equal to such amount. In either such case, such insurance shall not have a deductible in excess of $50,000;

 

(x)          auto
liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence
of $1,000,000 (if applicable); and

 

(xi)         such
other insurance as may from time to time be requested by Lender.

 

(b)          All
policies of insurance (the "Policies") required pursuant to this Section shall be issued by one or more insurers
having a rating of at least "A" by S&P and "A2" by Moody's (or, if Moody's does not rate such insurer,
at least "A: VIII" by AM Best), or by a syndicate of insurers through which at least 75% of the coverage (if there are
4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with
insurers having such ratings (provided that the first layers of coverage are from insurers rated at least "A" by S&P
and "A2" by Moody's (or, if Moody's does not rate such insurer, at least "A: VIII" by AM Best), and all such
insurers shall have ratings of not less than "BBB+" by S&P and "Baal" by Moody's (or, if Moody's does not
rate such insurer, at least "A: VIII" by AM Best).

 

(c)          All
Policies required pursuant to this Section:

 

(i)          shall
contain deductibles that, in addition to complying with any other requirements expressly set forth in Section 5.15(a), are
approved by Lender (such approval not to be unreasonably withheld, delayed or conditioned, but subject to the requirements of each
Rating Agency) and are no larger than is customary for similar policies covering similar properties in the market in which the
Property is located;

 

(ii)         shall
be maintained throughout the term of the Loan without cost to Lender and shall name Borrower as the named insured;

 

(iii)        with
respect to property and rental or business interruption insurance policies, shall contain a standard noncontributory mortgagee
clause naming Lender and its successors and assigns as their interests may appear as first mortgagee and loss payee;

 

(iv)        with
respect to liability policies, except for workers compensation, employers liability and auto liability, shall name Lender and its
successors and assigns as their interests may appear as additional insureds;

 

(v)         with
respect to property and rental or business interruption insurance policies, shall either be written on a no coinsurance form or
contain an

 

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endorsement providing that neither Borrower nor Lender
nor any other party shall be a co-insurer under such Policies;

 

(vi)        with
respect to property and rental or business interruption insurance policies, shall contain an endorsement or other provision providing
that Lender shall receive at least 30 days' prior written notice of cancellation thereof (or, in the case of cancellation due to
non-payment of premium, 10 days' prior written notice);

 

(vii)       with
respect to property and rental or business interruption insurance policies, shall contain an endorsement providing that no act
or negligence of Borrower or any foreclosure or other proceeding or notice of sale relating to the Property shall affect the validity
or enforceability of the insurance insofar as a mortgagee is concerned;

 

(viii)      shall
not contain provisions that would make Lender liable for any insurance premiums thereon or subject to any assessments thereunder;

 

(ix)         shall
contain a waiver of subrogation against Lender, as applicable;

 

(x)          may
be in the form of a blanket policy, provided that Borrower shall provide evidence satisfactory to Lender that the insurance
premiums for the Property are separately allocated to the Property, and such blanket policy shall provide the same protection as
would a separate Policy as reasonably determined by Lender, subject to review and approval by Lender based on the schedule of locations
and values, if requested by Lender; and

 

(xi)         shall
otherwise be reasonably satisfactory in form and substance to Lender and shall contain such other provisions as Lender deems reasonably
necessary or desirable to protect its interests.

 

(d)          Borrower
shall pay the premiums for all Policies as the same become due and payable. Complete copies of such Policies shall be delivered
to Lender promptly upon request. Not later than 30 days prior to the expiration date of each Policy, Borrower shall deliver to
Lender evidence, reasonably satisfactory to Lender, of its renewal. Borrower shall promptly forward to Lender a copy of each written
notice received by Borrower of any modification, reduction or cancellation of any of the Policies or of any of the coverages afforded
under any of the Policies. Within 30 days after request by Lender, Borrower shall obtain such increases in the amounts of coverage
required hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time,
changes in liability laws, changes in prudent customs and practices, and the like.

 

(e)          Borrower
shall not procure any other insurance coverage that would be on the same level of payment as the Policies or would adversely impact
in any way the ability of Lender or Borrower to collect any proceeds under any of the Policies. If at any time Lender is not in
receipt of written evidence that all Policies are in full force and effect when and as required hereunder, Lender shall have the
right to take such action as Lender deems necessary to protect its interest in the Property, including the obtaining of such insurance
coverage as Lender in its sole discretion deems appropriate (but limited to the coverages and amounts required

 

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hereunder). All premiums, costs and expenses
(including attorneys' fees and expenses) incurred by Lender in connection with such action or in obtaining such insurance and keeping
it in effect shall be paid by Borrower to Lender upon demand and, until paid, and shall bear interest at the Default Rate.

 

(f)          In
the event of foreclosure of the Security Instrument or other transfer of title to the Property in extinguishment in whole or in
part of the Indebtedness, all right, title and interest of Borrower in and to the Policies then in force with respect to the Property
and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or in Lender or other transferee
in the event of such other transfer of title.

 

5.16 Casualty and Condemnation.

 

(a)          Borrower
shall give prompt notice to Lender of any Casualty or Condemnation or of the actual or threatened commencement of proceedings that
would result in a Condemnation.

 

(b)          Lender
may participate in any proceedings for any taking by any public or quasi-public authority accomplished through a Condemnation or
any transfer made in lieu of or in anticipation of a Condemnation, to the extent permitted by law. Upon Lender's request, Borrower
shall deliver to Lender all instruments reasonably requested by it to permit such participation. Borrower shall, at its sole cost
and 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. Borrower shall not consent or agree to a Condemnation or action
in lieu thereof without the prior written consent of Lender in each instance, which consent shall not be unreasonably withheld,
delayed or conditioned in the case of a taking of an immaterial portion of the Property.

 

(c)          Lender
may (x) jointly with Borrower settle and adjust any claims, (y) during the continuance of an Event of Default, settle and adjust
any claims without the consent or cooperation of Borrower, or (z) allow Borrower to settle and adjust any claims; except that if
no Event of Default is continuing, Borrower may settle and adjust claims aggregating not in excess of the Threshold Amount if such
settlement or adjustment is carried out in a competent and timely manner, but Lender shall be entitled to collect and receive (as
set forth below) any and all Loss Proceeds. The reasonable expenses incurred by Lender in the adjustment and collection of Loss
Proceeds shall become part of the Indebtedness and shall be reimbursed by Borrower to Lender upon demand therefor.

 

(d)          All
Loss Proceeds from any Casualty or Condemnation shall be immediately deposited into the Loss Proceeds Account (monthly rental loss/business
interruption proceeds to be initially deposited into the Loss Proceeds Account and subsequently deposited into the Cash Management
Account in installments as and when the lost rental income covered by such proceeds would have been payable). Following the occurrence
of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to restore,
repair, replace or rebuild the Property to be of at least equal value and of substantially the same character as prior to the Casualty,
all in accordance with the terms hereof applicable to Alterations; provided, however, in the event Borrower has made the
election to prepay the

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Indebtedness in accordance with the last
sentence of  Section 1.2(b) hereof, Borrower's obligation to commence to restore, repair, replace or rebuild the Property
shall be suspended until the earlier to occur of (i) the time period required by the terms of any Major Leases or (ii) expiration
of the 120 day period following the prepayment under Section 5.16(f). If any Condemnation or Casualty occurs as to which,
in the reasonable judgment of Lender:

 

(i)          in
the case of a Casualty, the cost of restoration would not exceed 25% of the Loan Amount and the Casualty does not render untenantable,
or result in the cancellation of Leases covering, more than 25% of the gross rentable area of the Property, or result in cancellation
of Leases covering more than 25% of the base contractual rental revenue of the Property;

 

(ii)         in
the case of a Condemnation, the Condemnation does not render untenantable, or result in the cancellation of Leases covering, more
than 15% of the gross rentable area of the Property;

 

(iii)        restoration
of the Property is reasonably expected to be completed prior to the expiration of rental interruption insurance and at least six
months prior to the Maturity Date;

 

(iv)        after
such restoration, the fair market value of the Property is reasonably expected to equal at least the fair market value of the Property
immediately prior to such Condemnation or Casualty (assuming the affected portion of the Property is rel et); and

 

(v)         all
necessary approvals and consents from Governmental Authorities will be obtained to allow the rebuilding and re-occupancy of the
Property;

 

or if Lender otherwise elects to allow
Borrower to restore the Property, then, provided no Event of Default is continuing, the Loss Proceeds after receipt thereof by
Lender and reimbursement of any reasonable expenses incurred by Lender in connection therewith shall be applied to the cost of
restoring, repairing, replacing or rebuilding the Property or part thereof subject to the Casualty or Condemnation, in the manner
set forth below (and Borrower shall commence, as promptly and diligently as practicable, to prosecute such restoring, repairing,
replacing or rebuilding of the Property in a workmanlike fashion and in accordance with applicable law to a status at least equivalent
to the quality and character of the Property immediately prior to the Condemnation or Casualty). Provided that no Event of Default
shall have occurred and be then continuing, Lender shall disburse such Loss Proceeds to Borrower upon Lender's being furnished
with (i) evidence reasonably satisfactory to it of the estimated cost of completion of the restoration, (ii) if the cost of completion
of the restoration plus payment of debt service on the Loan during the period of restoration exceeds the amount then contained
in the Loss Proceeds Account, funds in an amount equal to such excess, which funds shall be remitted into the Loss Proceeds Account
as additional Collateral for the Loan, and (iii) such architect's certificates, waivers of lien, contractor's sworn statements,
title insurance endorsements, bonds, plats of survey and such other evidences of cost, payment and performance as Lender may reasonably
request; and Lender may, in any event, require that all plans and specifications for restoration reasonably estimated by Lender
to exceed the Threshold Amount be submitted to and approved by Lender prior to commencement of work

 

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(which approval shall not be unreasonably
withheld, delayed or conditioned). If Lender reasonably estimates that the cost to restore will exceed the Threshold Amount, Lender
may retain a local construction consultant to inspect such work and review Borrower's request for payments and Borrower shall,
on demand by Lender, reimburse Lender for the reasonable fees and expenses of such consultant (which fees and expenses shall constitute
Indebtedness). No payment shall exceed 90% of the value of the work performed from time to time until such time as 50% of the restoration
(calculated based on the anticipated aggregate cost of the work) has been completed, and amounts retained prior to completion of
50% of the restoration shall not be paid prior to the final completion of the restoration. Funds other than Loss Proceeds shall
be disbursed prior to disbursement of such Loss Proceeds, and at all times the undisbursed balance of such proceeds remaining in
the Loss Proceeds Account, together with any additional funds irrevocably and unconditionally deposited therein or irrevocably
and unconditionally committed for that purpose, shall be at least sufficient in the reasonable judgment of Lender to pay for the
cost of completion of the restoration free and clear of all Liens or claims for Lien.

 

(e)          Borrower
shall cooperate with Lender in obtaining for Lender the benefits of any Loss Proceeds lawfully or equitably payable to Lender in
connection with the Property. Lender shall be reimbursed for any expenses reasonably incurred in connection therewith (including
reasonable attorneys' fees and disbursements, and, if reasonably necessary to collect such proceeds, the expense of an Appraisal
on behalf of Lender) out of such Loss Proceeds or, if insufficient for such purpose, by Borrower.

 

(f)          If
Borrower is not entitled to apply Loss Proceeds toward the restoration of the Property pursuant to Section 5.16(d) and Lender
elects not to permit such Loss Proceeds to be so applied, such Loss Proceeds shall be applied on the first Payment Date following
such election to the prepayment of the Principal Indebtedness; provided, however, so long as no Event of Default is continuing,
no Yield Maintenance Premium or other prepayment fee shall be payable in connection with such prepayment. If the Note has been
bifurcated into multiple Notes or Note Components pursuant to Section 1.1(c), all prepayments of the Loan made by Borrower
in accordance with this Section shall be applied to the Notes or Note Components in ascending order of interest rate (i.e.,
first to the Note with the lowest interest rate until its outstanding principal balance has been reduced to zero, then to the Note
with the second lowest interest rate until its outstanding principal balance has been reduced to zero, and so on) or in such other
order as Lender shall determine.

 

(g)          Notwithstanding
the foregoing provisions of this Section, if the Loan is included in a REMIC and immediately following a release of any portion
of the applicable Property from the Lien of the Loan Documents in connection with a Casualty or Condemnation the Loan would fail
to satisfy a Lender 80% Determination (taking into account the planned restoration of the Property), then Borrower shall prepay
the Principal Indebtedness in accordance with Section 5.16(f) in an amount equal to either (i) so much of the Loss Proceeds
as are necessary to cause the Lender 80% Determination to be satisfied, or if the aggregate Loss Proceeds are insufficient for
such purpose, then 100% of such Loss Proceeds, or (ii) a lesser amount, provided that Borrower delivers to Lender an opinion of
counsel, in form and substance reasonably satisfactory to Lender and delivered by counsel reasonably satisfactory to Lender, opining
that such release of Property from the Lien does not cause any portion of the Loan to cease to be a "qualified mortgage"
within the meaning of section 860G(a)(3) of the Code.

 

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5.17 Annual Budget.
At least 30 days prior to the commencement of each Fiscal Year during the term of the Loan, and within 30 days after the commencement
of any Trigger Period or Event of Default, Borrower shall deliver to Lender an Annual Budget for the Property for the ensuing Fiscal
Year and, promptly after preparation thereof, any subsequent revisions to the Annual Budget, which delivery shall be for informational
purposes only so long as no Trigger Period or Event of Default is continuing. During the continuance of any Trigger Period or Event
of Default, such Annual Budget and any revisions thereto shall be subject to Lender's approval (the Annual Budget, as so approved,
the "Approved Annual Budget"). Borrower shall not amend any Approved Annual Budget more than once in any 60-day
period during the continuance of any Trigger Period or Event of Default. For so long as Lender shall withhold its consent to any
Annual Budget or any revisions thereto, the Annual Budget in effect prior to any such request for approval shall remain in effect.

 

5.18 Venture Capital
Operating Companies; Nonbinding Consultation. Solely to the extent that Lender or any direct or indirect holder of an interest
in the Loan must qualify as a "venture capital operating company" (as defined in Department of Labor Regulation 29 C.F.R.
§ 2510.3-101), Lender shall have the right to consult with and advise Borrower regarding significant business activities and
business and fmancial developments of Borrower, provided that any such advice or consultation or the result thereof shall be completely
nonbinding on Borrower.

 

5.19 Compliance
with Encumbrances and Material Agreements. Borrower covenants and agrees as follows:

 

(i)          Borrower
shall comply with all material terms, conditions and covenants of each Material Agreement and each material Permitted Encumbrance,
including any reciprocal easement agreement, ground lease, declaration of covenants, conditions and restrictions, and any condominium
arrangements.

 

(ii)         Borrower
shall promptly deliver to Lender a true and complete copy of each and every written notice of default received by Borrower with
respect to any obligation of Borrower under the provisions of any Material Agreement and/or Permitted Encumbrance.

 

(iii)        Borrower
shall deliver to Lender copies of any written notices of default or event of default relating to any Material Agreement and/or
Permitted Encumbrance served by Borrower.

 

(iv)        Without
the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, Borrower shall not grant or withhold
any material consent, approval or waiver under any Material Agreement or Permitted Encumbrance unless no Event of Default is continuing
and the same would not be reasonably likely to have a Material Adverse Effect.

 

(v)         Borrower
shall deliver to each other party to any Permitted Encumbrance and any Material Agreement notice of the identity of Lender and
each

 

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assignee of Lender of which Borrower is aware if such
notice is required in order to protect Lender's interest thereunder.

 

(vi) Borrower
shall enforce, short of termination thereof, the performance and observance of each and every material term, covenant and provision
of each Material Agreement and Permitted Encumbrance to be performed or observed, if any.

 

5.20 Prohibited
Persons. No Required SPE or any of their direct or indirect equity holders shall (i) knowingly conduct any business, or engage
in any transaction or dealing, with any Embargoed Person, including the making or receiving of any contribution of funds, goods,
or services, to or for the benefit of a Embargoed Person, or (ii) knowingly engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any Federal Trade Embargo. Borrower shall
cause the representation set forth in Section 4.39 to remain true and correct at all times.

 

ARTICLE VI

 

NEGATIVE COVENANTS 

 

6.1           Liens
on the Collateral. No Required SPE shall permit or suffer the existence of any Lien on any of its assets, other than Permitted
Encumbrances.

 

6.2           Ownership.
Borrower shall not own any assets other than the Property and related personal property and fixtures located therein or used in
connection therewith.

 

6.3           Transfer;
Prohibited Change of Control. Borrower shall not Transfer any Collateral other than in compliance with Article II and
other than the replacement or other disposition of obsolete or non-useful personal property and fixtures in the ordinary course
of business, and Borrower shall not hereafter file a declaration of condominium with respect to the Property. No Prohibited Change
of Control or Prohibited Pledge shall occur.

 

6.4           Debt.
Borrower shall not have any Debt, other than Permitted Debt.

 

6.5           Dissolution;
Merger or Consolidation. No Required SPE shall dissolve, terminate, liquidate, merge with or consolidate into another Person
without first causing the Loan to be assumed by a Successor Borrower pursuant to Section 2.2.

 

6.6           Change
in Business. Borrower shall not 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.

 

6.7           Debt
Cancellation. Borrower shall not cancel or otherwise forgive or release any material claim or Debt owed to it by any Person,
except for adequate consideration or in the ordinary course of its business.

 

6.8           Affiliate
Transactions. Borrower shall not enter into, or be a party to, any transaction with any affiliate of Borrower, except on terms
that are intrinsically fair,

 

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commercially reasonable and substantially
similar to those that Borrower would have obtained in a comparable arm's length transaction with an unrelated third party.

 

6.9           Misapplication
of Funds. Borrower shall not (a) distribute any Revenue or Loss Proceeds in violation of the provisions of this Agreement (and
shall promptly cause the reversal of any such distributions made in error of which Borrower becomes aware), (b) fail to remit amounts
to the Lockbox Account as required by Section 3.1, (c) make any distributions to equity holders during the continuance of
a Trigger Period or Event of Default unless expressly permitted hereunder, or (d) misappropriate any security deposit or portion
thereof.

 

6.10 Jurisdiction
of Formation; Name. Borrower shall not change its jurisdiction of formation or name without receiving Lender's prior written
consent and promptly providing Lender such information and replacement Uniform Commercial Code financing statements and legal opinions
as Lender may reasonably request in connection therewith.

 

6.11 Modifications and Waivers.
Unless otherwise consented to in writing by Lender:

 

(i)          Borrower
shall not amend, modify, terminate, renew, or surrender any rights or remedies under any Lease, or enter into any Lease, except
in compliance with Section 5.7;

 

(ii)         No
Required SPE shall terminate, amend or modify its organizational documents (including any operating agreement, limited partnership
agreement, by-laws, certificate of formation, certificate of limited partnership or certificate of incorporation);

 

(iii)        Borrower
shall not terminate, amend or modify the Approved Management Agreement; and

 

(iv)        Borrower
shall not (x) enter into any Material Agreement, or amend, modify, surrender or waive any material rights or remedies under any
Material Agreement, except, in each case, on arms-length commercially reasonable terms, (y) terminate any Material Agreement, except
for terminations in connection with a material default thereunder, or (z) default in its obligations under any Material Agreement.

 

6.12 ERISA.

 

(a)          Borrower
shall not maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate of Borrower to maintain
or contribute to or agree to maintain or contribute to, any employee benefit plan (as defined in Section 3(3) of ERISA) subject
to Title IV or Section 302 of ERISA or Section 412 of the Code.

 

(b)          Borrower
shall not engage in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code, or substantially
similar provisions under federal, state or local laws, rules or regulations or in any transaction that would cause any obligation
or action taken or to be taken hereunder (or the exercise by Lender of any of its rights

 

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under the Notes, this Agreement, the Security
Instrument or any other Loan Document) to be a non-exempt prohibited transaction under such provisions.

 

6.13 Alterations
and Expansions. During the continuance of any Trigger Period or Event of Default, Borrower shall not incur or contract to incur
any capital improvements requiring Capital Expenditures that are not consistent with the Approved Annual Budget. Borrower shall
not perform, undertake, contract to perform or consent to any Material Alteration without the prior written consent of Lender,
which consent (in the absence of an Event of Default) shall not be unreasonably withheld, delayed or conditioned, but may be conditioned
on the delivery of additional collateral in the form of cash or cash equivalents acceptable to Lender in respect of the amount
by which any such Material Alteration exceeds the Threshold Amount. If Lender's consent is requested hereunder with respect to
a Material Alteration, Lender may retain a construction consultant to review such request and, if such request is granted, Lender
may retain a construction consultant to inspect the work from time to time. Borrower shall, on demand by Lender, reimburse Lender
for the reasonable fees and disbursements of such consultant.

 

6.14 Advances and
Investments. Borrower shall not lend money or make advances to any Person, or purchase or acquire any stock, obligations or
securities of, or any other interest in, or make any capital contribution to, any Person, except for Permitted Investments.

 

6.15 Single-Purpose
Entity. No Required SPE shall cease to be a Single-Purpose Entity. No Required SPE shall remove or replace any Independent
Director without Cause and without providing at least two Business Days' advance written notice thereof to Lender and the Rating
Agencies.

 

6.16 Zoning and
Uses. Borrower shall not do any of the following without the prior written consent of Lender:

 

(i)          initiate
or support any limiting change in the permitted uses of the Property (or to the extent applicable, zoning reclassification of the
Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the
extent applicable, zoning ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would
result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that
would violate the terms of any Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use
of all or any portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued
or abandoned);

 

(ii)         impose
or consent to the imposition of any restrictive covenants, easements or encumbrances upon the Property in any manner that is reasonably
likely to have a Material Adverse Effect;

 

(iii)        execute
or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot
comprising the Property; or

 

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(iv) permit
or consent to the Property being used by the public or any Person in such manner as might make possible a claim of adverse usage
or possession or of any implied dedication or easement.

 

6.17 Waste.
Borrower shall not commit or permit any Waste on the Property, nor take any actions that might invalidate any insurance carried
on the Property (and Borrower shall promptly correct any such actions of which Borrower becomes aware).

 

ARTICLE VII

 

DEFAULTS 

 

7.1           Event
of Default. The occurrence of any one or more of the following events shall be, and shall constitute the commencement of, an
"Event of Default" hereunder (any Event of Default that has occurred shall continue unless and until waived by
Lender in writing in its sole discretion):

 

(a)          Payment.

 

(i)          Borrower
shall default in the payment when due of any principal, interest or required monthly reserve owing hereunder or under the Notes
(including any mandatory prepayment required hereunder); or

 

(ii)         Borrower
shall default, and such default shall continue for at least five Business Days after notice to Borrower that such amounts are owing,
in the payment when due of fees, expenses or other amounts owing hereunder, under the Notes or under any of the other Loan Documents
(other than principal, interest and required monthly reserves owing hereunder or under the Note).

 

(b)          Representations.
Any representation made by Borrower in any of the Loan Documents, or in any report, certificate, financial statement or other instrument,
agreement or document furnished to Lender shall have been false or misleading in any material respect (or, with respect to any
representation that itself contains a materiality qualifier, in any respect) as of the date such representation was made.

 

(c)          Other
Loan Documents. Any Loan Document shall fail to be in full force and effect or to convey the material Liens, rights, powers
and privileges purported to be created thereby and Borrower shall fail to promptly remedy such failure in accordance with Section
5.9; or a default by Borrower, Sponsor or any of their respective affiliates shall occur under any of the other Loan Documents
or Material Agreements, or a default by Borrower shall occur under the Approved Management Agreement, in each case, beyond the
expiration of any applicable cure period.

 

(d)          Bankruptcy,
etc.

 

(i)          Any
Required SPE or Sponsor shall commence a voluntary case concerning itself under any Title of the United States Code (as amended,
modified, succeeded or replaced, from time to time, the "Bankruptcy Code");

 

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(ii)         any
Required SPE or Sponsor shall commence any other proceeding under any reorganization, arrangement, adjustment of debt, relief of
creditors, dissolution, insolvency or similar law of any jurisdiction whether now or hereafter in effect relating to such Required
SPE or Sponsor, or shall dissolve or otherwise cease to exist;

 

(iii)        there
is commenced against any Required SPE or Sponsor an involuntary case under the Bankruptcy Code, or any such other proceeding, which
remains undismissed for a period of 60 days after commencement;

 

(iv)        any
Required SPE or Sponsor is adjudicated insolvent or bankrupt;

 

(v)         any
Required SPE or Sponsor suffers appointment of any custodian or the like for it or for any substantial portion of its property
and such appointment continues unchanged or unstayed for a period of 60 days after commencement of such appointment;

 

(vi)        any
Required SPE or Sponsor makes a general assignment for the benefit of creditors; or

 

(vii)       any
Required SPE or Sponsor takes any action for the purpose of effecting any of the foregoing.

 

(e)          Prohibited
Change of Control.

 

(i)          A
Prohibited Change of Control shall occur; or

 

(ii)         Borrower
shall fail to deliver any non-consolidation opinion required to be delivered pursuant to Section 2.3.

 

(f)          Equity
Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject
to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred
equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity);
except that the following shall be permitted:

 

(i)          any
pledge of direct or indirect equity interests in and rights to distributions from a Qualified Equity holder; and

 

(ii)         the
issuance of direct or indirect preferred equity interests in a Qualified Equity holder.

 

Any act, action or state of affairs that
would result in an Event of Default pursuant to this subsection shall be referred to in this Agreement as a "Prohibited
Pledge".

 

(g)          Insurance.
Borrower shall fail to maintain in full force and effect all Policies required hereunder.

 

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(h)          ERISA;
Negative Covenants. A default shall occur in the due performance or observance by Borrower of any term, covenant or agreement
contained in Section 5.8 or in Article VI, provided that such default shall not constitute an Event of Default unless and
until it shall remain uncured for 10 days after Borrower receives written notice thereof

 

(i)          Legal
Requirements. Borrower shall fail to cure properly any violations of Legal Requirements affecting all or any portion of the
Property within 30 days after Borrower first receives written notice of any such violations; provided, however, if any
such violation is reasonably susceptible of cure, but not within such 30 day period, then Borrower shall be permitted up to an
additional 90 days to cure such violation provided that Borrower commences a cure within such initial 30 day period and thereafter
diligently and continuously pursues such cure.

 

Express Events of
Default. Any event shall occur that is explicitly identified as an "Event of Default" under any provision contained
herein or in any of the other Loan Documents.

 

(k)          Other
Covenants. A default shall occur in the due performance or observance by-Borrower of any term, covenant or agreement
(other than those referred to in any other subsection of this Section) contained in this Agreement or in any of the other Loan
Documents, except that in the case of a default that can be cured by the payment of money, such default shall not constitute an
Event of Default unless and until it shall remain uncured for 10 days after Borrower receives written notice thereof; and in the
case of a default that cannot be cured by the payment of money but is susceptible of being cured within 30 days, such default shall
not constitute an Event of Default unless and until it remains uncured for 30 days after Borrower receives written notice thereof,
provided that promptly following its receipt of such written notice, Borrower delivers written notice to Lender of its intention
and ability to effect such cure within such 30 day period; and if such non-monetary default is not cured within such 30 day period
despite Borrower's diligent efforts but is susceptible of being cured within 90 days of Borrower's receipt of Lender's original
notice, then Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess
of 90 days from Borrower's receipt of Lender's original notice, provided that Borrower promptly delivers written notice to Lender
of its intention and ability to effect such cure prior to the expiration of such 90 day period.

 

7.2 Remedies.

 

(a)          During
the continuance of an Event of Default, Lender may by written notice to Borrower, in addition to any other rights or remedies
available pursuant to this Agreement, the Notes, the Security Instrument and the other Loan Documents, at law or in equity, declare
by written notice to Borrower all or any portion of the Indebtedness to be immediately due and payable, whereupon all or such
portion of the Indebtedness shall so become 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 the Collateral (including all rights or remedies available at law or in equity);
provided, however, that, notwithstanding the foregoing, if an Event of Default specified in Section 7.1(d) shall
occur, then (except as specified in Section 7.2(f)

 

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below) the Indebtedness shall immediately
become due and payable without the giving of any notice or other action by Lender. Any actions taken by Lender shall be cumulative
and concurrent and may be pursued independently, singly, 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 in this Agreement or in the other Loan
Documents.

 

(b)          If
Lender forecloses on any Collateral, Lender shall apply all net proceeds of such foreclosure to repay the Indebtedness, the Indebtedness
shall be reduced to the extent of such net proceeds and the remaining portion of the Indebtedness shall remain outstanding and
secured by the remaining Collateral. At the election of Lender, the Notes shall be deemed to have been accelerated only to the
extent of the net proceeds actually received by Lender with respect to the Property and applied in reduction of the Indebtedness.

 

(c)          During
the continuance of any Event of Default (including an Event of Default resulting from a failure to satisfy the insurance requirements
specified herein), Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing
Borrower from any obligation hereunder, take any action to cure such Event of Default. Lender may enter upon any or all of the
Property upon reasonable notice to Borrower for such purposes or appear in, defend, or bring any action or proceeding to protect
its interest in the Collateral or to foreclose the Security Instrument or collect the Indebtedness. The reasonable costs and expenses
incurred by Lender in exercising rights under this paragraph (including reasonable attorneys' fees), with interest at the Default
Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall
constitute a portion of the Indebtedness, shall be secured by the Security Instrument and other Loan Documents and shall be due
and payable to Lender upon demand therefor.

 

(d)          Interest
shall accrue on any judgment obtained by Lender in connection with its enforcement of the Loan at a rate of interest equal to the
Default Rate.

 

(e)          Notwithstanding
the availability of legal remedies, Lender will be entitled to obtain specific performance, mandatory or prohibitory injunctive
relief, or other equitable relief requiring Borrower to cure or refrain from repeating any Default.

 

(f)          Notwithstanding
anything herein to the contrary, if an event specified in Section 7.1(d) occurs solely in respect of Sponsor and not any
Required SPE, then such event shall not constitute an Event of Default or result in an acceleration of the Loan unless, in each
case, Lender so determines in its sole discretion by written notice to Borrower; and unless and until Lender sends such notice,
a Trigger Period shall be deemed to have commenced for all purposes hereunder, which Trigger Period shall continue until the Loan
is repaid in full.

 

7.3           Application
of Payments after an Event of Default. Notwithstanding anything to the contrary contained herein, during the continuance of
an Event of Default, all amounts received by Lender in respect of the Loan shall be applied at Lender's sole discretion either
toward the components of the Indebtedness (e.g., Lender's expenses in enforcing the Loan, interest, principal and other
amounts payable hereunder) and the Notes or Note Components in

 

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such sequence as Lender shall elect in
its sole discretion, or toward the payment of Property expenses.

 

ARTICLE VIII

 

CONDITIONS PRECEDENT

 

8.1           Conditions
Precedent to Closing. This Agreement shall become effective on the date that all of the following conditions shall have been
satisfied (or waived in accordance with Section 9.3):

 

(a)          Loan
Documents. Lender shall have received a duly executed copy of each Loan Document. Each Loan Document that is to be recorded
in the public records shall be in form suitable for recording.

 

(b)          Collateral
Accounts. Each of the Collateral Accounts shall have been established and funded to the extent required under Article III.

 

(c)          Opinions
of Counsel. Lender shall have received, in each case in form and substance satisfactory to Lender, (i) a New York legal opinion,
(ii) a legal opinion with respect to the laws of the state in which the Property is located, (iii) intentionally omitted, and
(iv) a Delaware legal opinion regarding matters related to Single Member LLC's.

 

(d)          Organizational
Documents. Lender shall have received all documents reasonably requested by Lender relating to the existence of Borrower,
the validity of the Loan Documents and other matters relating thereto, in form and substance satisfactory to Lender, including:

 

(i)          Authorizing
Resolutions. To the extent the required authorizations are not contained directly in the organizational documents of any Required
SPE and Sponsor, certified copies of the resolutions authorizing the execution and delivery of the Loan Documents by Sponsor and
Borrower.

 

(ii)         Organizational
Documents. Certified copies of the organizational documents of Sponsor and each Required SPE (including any certificate of
formation, certificate of limited partnership, certificate of incorporation, operating agreement, limited partnership agreement
or by-laws), in each case together with all amendments thereto.

 

(iii)        Certificates
of Good Standing or Existence. Certificates of good standing or existence for Sponsor and each Required SPE issued as of a
recent date by its state of organization and by the state in which the Property is located.

 

(iv)        Recycled
Entity Certificate. A recycled entity certificate acceptable to Lender with respect to any Required SPE that was formed more
than 60 days prior to the date hereof.

 

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(e)         Material
Agreements. Lender shall have received true, correct and complete copies of all Leases and all Material Agreements.

 

(f)          Lien
Search Reports. Lender shall have received satisfactory reports of Uniform Commercial Code, tax lien, bankruptcy and judgment
searches conducted by a search firm acceptable to Lender with respect to the Property, Sponsor, each Required SPE and Borrower's
immediate predecessor, if any, such searches to be conducted in such locations as Lender shall have requested.

 

(g)         No
Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date either before
or after the execution and delivery of this Agreement.

 

(h)         No
Injunction. No Legal Requirement shall exist, and no litigation shall be pending or threatened, which in the good faith judgment
of Lender would enjoin, prohibit or restrain, or impose or result in the imposition of any material adverse condition upon, the
making or repayment of the Loan or the consummation of the Transaction.

 

(i)         Representations.
The representations in this Agreement and in the other Loan Documents shall be true and correct in all respects on and as of the
Closing Date with the same effect as if made on such date.

 

(j)          Estoppel
Letters. Borrower shall have received and delivered to Lender estoppel certificates from such parties and in such form and
substance as shall be satisfactory to Lender, each of which shall specify that Lender and its successors and assigns may rely
thereon.

 

(k)         No
Material Adverse Effect. No event or series of events shall have occurred that Lender reasonably believes has had or is reasonably
expected to result in a Material Adverse Effect.

 

(1)         Transaction
Costs. Borrower shall have paid all transaction costs (or provided for the direct payment of such transaction costs by Lender
from the proceeds of the Loan).

 

(m)         Insurance.
Lender shall have received certificates of insurance on ACORD Form 25 for liability insurance and ACORD Form 28 for casualty
insurance demonstrating insurance coverage in respect of the Property of types, in amounts, with insurers and otherwise in compliance
with the terms, provisions and conditions set forth in this Agreement. Such certificates shall indicate that Lender and its successors
and assigns are named as additional insured on each liability policy, and that each casualty policy and rental interruption policy
contains a loss payee and mortgagee endorsement in favor of Lender, its successors and assigns.

 

(n)         Title.
Lender shall have received a marked, signed commitment to issue, or a signed pro-forma version of, a Title Insurance Policy in
respect of the Property, listing only such exceptions as are reasonably satisfactory to Lender. If the Title Insurance Policy
is to be issued by, or if disbursement of the proceeds of the Loan are to be made through, an agent of the

 

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actual insurer under the Title Insurance
Policy (as opposed to the insurer itself), the actual insurer shall have issued to Lender for Lender's benefit a so-called "Insured
Closing Letter."

 

(o)          Zoning. 
 Lender shall have received evidence reasonably satisfactory to Lender that the Property is in compliance with all
applicable zoning requirements (including a zoning report, a zoning endorsement if obtainable and a letter from the
applicable municipality if obtainable).

 

(p)          Permits:,
Certificate of Occupancy. Lender shall have received a copy of all Permits necessary for the use and operation of the Property
and the certificate(s) of occupancy, if required, for the Property, all of which shall be in form and substance reasonably satisfactory
to Lender.

 

(q)          Engineering
Report. Lender shall have received a current Engineering Report with respect to the Property, which report shall be in form
and substance reasonably satisfactory to Lender.

 

(r)           Environmental
Report. Lender shall have received an Environmental Report (not more than six months old) with respect to the Property that
discloses no material environmental contingencies with respect to the Property.

 

(s)          Survey.
Lender shall have received a Survey with respect to the Property in form and substance reasonably satisfactory to Lender.

 

(t)           Appraisal.
Lender shall have obtained an Appraisal of the Property satisfactory to Lender.

 

(u)          Consents,
Licenses, Approvals, etc. Lender shall have received copies of all consents, licenses and approvals, if any, required in connection
with the execution, delivery and performance by Borrower, and the validity and enforceability, of the Loan Documents, and such
consents, licenses and approvals shall be in full force and effect.

 

(v)          Financial
Information. Lender shall have received financial information relating to Sponsor, Borrower and the Property that is satisfactory
to Lender.

 

(w)         Annual
Budget. Lender shall have received the Annual Budget for the current calendar year (and, if the Closing Date occurs in December,
the Annual Budget for the next calendar year).

 

(x)           Know
Your Customer Rules. At least 10 days prior to the Closing Date, Lender shall have received all documentation and other information
required by bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations,
including the PATRIOT Act.

 

(y)          Additional
Matters. Lender shall have received such other certificates, opinions, documents and instruments relating to the Loan as may
have been reasonably requested by Lender. All corporate and other proceedings, all other documents (including all documents referred
to in this Agreement and not appearing as exhibits to this Agreement) and all legal

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matters in connection with the Loan shall
be reasonably satisfactory in form and substance to Lender.

 

ARTICLE IX

 

MISCELLANEOUS

 

9.1           Successors. Except
as otherwise provided in this Agreement, whenever in this Agreement any of the parties to this Agreement is referred to, such
reference shall be deemed to include the successors and permitted assigns of such party. All covenants, promises
and agreements in this Agreement contained, by or on behalf of Borrower, shall inure to the benefit of Lender and its
successors and assigns.

 

9.2 GOVERNING LAW.

 

(A)         THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF
LAW RULES TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

(B)         ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT
TO ANY LOAN DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) MAY BE INSTITUTED IN ANY FEDERAL OR STA'T'E COURT IN NEW
YORK, NEW YORK. BORROWER AND LENDER HEREBY (i) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY
CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEFiN BROUGHT IN AN INCONVENIENT FORUM, (ii) IRREVOCABLY SUBMIT TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND (iii) IRREVOCABLY CONSENT TO SERVICE OF PROCESS BY MAIL,
PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, AT ME ADDRESS SPECIFIED IN SECTION 9.4 (AND AGREES
THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT).

 

9.3           Modification,
Waiver in Writing. Neither this Agreement nor any other Loan Document may be amended, changed, waived, discharged or terminated,
nor shall any consent or

 

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approval of Lender be granted hereunder,
unless such amendment, change, waiver, discharge, termination, consent or approval is in writing signed by Lender.

 

9.4           Notices.
All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in
writing by expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery or attempted
delivery, addressed as follows (except that any party hereto may change its address and other contact information for purposes
hereof at any time by sending a written notice to the other parties to this Agreement in the manner provided for in this Section).
A notice shall be deemed to have been given when delivered or upon refusal to accept delivery.

 

	If to Lender:	Goldman Sachs Mortgage Company
	 	200 West Street
	 	New York, New York 10282
	 	Attention: Rene Theriault and J. Theodore Borter
	 	 
	with copies to:	Goldman Sachs Mortgage Company
	 	6011 Connection Drive, Suite 550
	 	Irving, Texas 75039
	 	Attention: General Counsel
	 	 
	and	Winstead PC
	 	201 North Tryon Street
	 	Suite 2000
	 	Charlotte, North Carolina 28202
	 	Attention: Brian S. Short, Esq.
	 	 
	If to Borrower:	Sebring Landing, LLC
	 	15436 North Florida Avenue
	 	Suite 200
	 	Tampa, Florida 33613
	 	Attention: James D. Palermo
	 	 
	with a copy to:	Gray Robinson, P.A.
	 	401 East Jackson Street
	 	Suite 2700
	 	Tampa, Florida 33602
	 	Attention: Joseph Covelli, Esq.

 

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9.5 TRIAL BY JURY.
LENDER AND BORROWER, TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE
TRIABLE OF RIGHT BY JURY, AND WAIVE 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 LENDER AND 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 AND BORROWER ARE EACH HEREBY INDIVIDUALLY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

9.6         Headings.
The Article and Section headings in this Agreement are included in this Agreement for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

 

9.7         Assignment
and Participation.

 

(a)          Except
as expressly set forth in Article H Borrower may not sell, assign or otherwise transfer any rights, obligations or other interest
of Borrower in or under the Loan Documents.

 

(b)          Lender
and each assignee of all or a portion of the Loan shall have the right from time to time in its discretion and without the consent
of Borrower to sell one or more of the Notes or Note Components or any interest therein (an "Assignment") and/or
sell a participation interest in one or more of the Notes or Note Components (a "Participation"). Borrower shall
reasonably cooperate with Lender, at Lender's request, in order to effectuate any such Assignment or Participation, and Borrower
shall promptly provide such information, legal opinions and documents relating to each Required SPE, Sponsor, the Property, the
Approved Property Manager and any Tenants as Lender may reasonably request in connection with such Assignment or Participation.
In the case of an Assignment, (i) each assignee shall have, to the extent of such Assignment, the rights, benefits and obligations
of the assigning Lender as a "Lender" hereunder and under the other Loan Documents, (ii) the assigning Lender shall,
to the extent that rights and obligations hereunder have been assigned by it pursuant to an Assignment, relinquish its rights and
be released from its obligations under this Agreement, and (iii) one Lender shall serve as agent for all Lenders and shall be the
sole Lender to whom notices, requests and other communications shall be addressed and the sole party authorized to grant or withhold
consents hereunder on behalf of the Lenders (subject, in each case, to appointment of a Servicer, pursuant to Section 9.22,
to receive such notices, requests and other communications and/or to grant or withhold consents, as the case may be). Goldman Sachs
Mortgage Company or, upon the appointment of a Servicer, such Servicer, shall maintain, or cause to be maintained, as non-fiduciary
agent for Borrower, a register on which it shall enter the name or names of the registered owner or owners from time to time of
the Notes. Upon effectiveness of any Assignment of any Note in part, Borrower will promptly provide to the assignor and the assignee
separate Notes in the amount of their respective interests (but, if applicable, with a notation thereon that it is given in substitution
for and replacement of an original Note or any replacement thereof), and otherwise in the form of such Note, upon return of the
Note then being replaced. Each potential or actual assignee, participant or investor in a Securitization, and each Rating Agency,
shall be entitled to receive all information received by Lender under this Agreement. After the effectiveness of any Assignment,
the party conveying the Assignment shall provide notice to Borrower and each Lender of the identity and address of the assignee.
Notwithstanding anything in this Agreement to the contrary, after an Assignment, the assigning Lender (in addition to the assignee)
shall continue to have the benefits of any indemnifications contained in this Agreement that such assigning Lender had prior to
such 

 

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assignment with respect to matters occurring prior to the
date of such assignment. Lender and Borrower shall each be responsible for their own respective costs and expenses in
connection with compliance with this Section 9.7(b); provided, however, that Lender agrees to reimburse Borrower for
Borrower's reasonable out of pocket expenses actually incurred.

 

(c)          If,
pursuant to this Section, any interest in this Agreement or any Note is transferred to any transferee, such transferee shall, promptly
upon receipt of written request from Borrower, furnish to Borrower Form W-9, Form W-8BEN or Form W-8ECI, as applicable.

 

9.8       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. All covenants hereunder shall be given independent effect so that if a particular action or condition is not
permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations
of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

9.9       Preferences;
Waiver of Marshalling of Assets. Lender shall have no obligation to marshal any assets in favor of Borrower or any other party
or against or in payment of any or all of the obligations of Borrower pursuant to the Loan Documents. 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 and under the Loan Documents. If any payment to Lender is 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 the obligations hereunder or portion thereof intended to be satisfied by such payment shall be revived
and continue in full force and effect, as if such payment had not been made. Borrower hereby waives any legal right otherwise available
to Borrower that would require the sale of any Collateral either separate or apart from other Collateral, or require Lender to
exhaust its remedies against any Collateral before proceeding against any other Collateral. Without limiting the foregoing, to
the fullest extent permitted by law, Borrower hereby waives and shall not assert any rights in respect of a marshalling of Collateral,
a sale in the inverse order of alienation, any 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 Collateral or any portion
thereof in any sequence and any combination as determined by Lender in its sole discretion.

 

9.10       Remedies
of Borrower. If a claim is made that Lender or its agents have unreasonably delayed acting or acted unreasonably in any case
where by law or under this Agreement or the other Loan Documents, any of such Persons has an obligation to act promptly or reasonably,
Borrower agrees that no such Person shall be liable for any monetary damages, and Borrower's sole remedy shall be limited to commencing
an action seeking specific performance, injunctive relief and/or declaratory judgment; provided, however, that the forgoing
shall not prevent Borrower from obtaining a monetary judgment against Lender if it is determined by a court of competent jurisdiction
that Lender acted with gross negligence, bad faith or willful misconduct. Notwithstanding anything herein to the contrary, Borrower
shall not assert, and hereby waives, any claim against Lender and/or its affiliates, directors, employees, attorneys, agents or
sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (whether or not the claim therefor
is based on contract, tort or duty imposed by any applicable Legal Requirement) arising out of, as a result of, or in any way related
to, the Loan Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to
herein or therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission
or event occurring in 

 

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connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim for
any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

 

9.11 Offsets, Counterclaims
and Defenses. All payments made by Borrower hereunder or under the other Loan Documents shall be made irrespective of, and
without any deduction for, any offsets or counterclaims or defenses. Borrower waives the right to assert a counterclaim, other
than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Lender arising out of or in any
way connected with the Notes, this Agreement, the other Loan Documents or the Indebtedness. Any assignee of Lender's interest in
the Loan shall take the same free and clear of all offsets, counterclaims or defenses against the assigning Lender.

 

9.12 No Joint Venture.
Nothing in this Agreement 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 Property other than that of mortgagee or lender.

 

9.13 Conflict; Construction
of Documents. In the event of any conflict between the provisions of this Agreement and the provisions of the other Loan Documents,
the provisions of this Agreement shall prevail. The parties acknowledge that they were each represented by competent counsel in
connection with the negotiation, drafting and execution of the Loan Documents and that the Loan Documents shall not be subject
to the principle of construing their meaning against the party that drafted same.

 

9.14 Brokers and
Financial Advisors. Borrower represents that neither it nor Sponsor has dealt with any financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower shall indemnify
and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to
or arising from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated
in this Agreement. The provisions of this Section shall survive the expiration and termination of this Agreement and the repayment
of the Indebtedness.

 

9.15 Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. Copies of originals, including copies delivered by facsimile,
pdf or other electronic means shall have the same import and effect as original counterparts and shall be valid, enforceable and
binding for the purposes of this Agreement.

 

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9.16 Estoppel Certificates.

 

(a)          Borrower
shall execute, acknowledge and deliver to Lender, within ten (10) days after receipt of Lender's written request therefor at any
time from time to time, a statement in writing setting forth (A) the Principal Indebtedness, (B) the date on which installments
of interest and/or principal were last paid, (C) any offsets or defenses to the payment of the Indebtedness, (D) that the Notes,
this Agreement, the Security Instrument and the other Loan Documents are valid, legal and binding obligations and have not been
modified or if modified, giving particulars of such modification, (E) that neither Borrower nor, to Borrower's knowledge, Lender,
is in default under the Loan Documents (or specifying any such default), (F) that all Leases are in full force and effect and have
not been modified (except in accordance with the Loan Documents), (G) whether or not any of the Tenants under the Leases are 'in
material default under the Leases (setting forth the specific nature of any such material defaults) and (H) such other matters
as Lender may reasonably request. Any prospective purchaser of any interest in a Loan shall be permitted to rely on such certificate.

 

(b)          Upon
Lender's written request, Borrower shall use commercially reasonable efforts to obtain from each Tenant and thereafter promptly
deliver to Lender duly executed estoppel certificates from any one or more Tenants specified by Lender, attesting to such facts
regarding the Leases as Lender may reasonably require, including attestations that each Lease covered thereby is in full force
and effect with no material defaults thereunder on the part of any party, that rent has not been paid more than one month in advance,
except as security, and that the Tenant claims no defense or offset against the full and timely performance of its obligations
under the Lease. Borrower shall not be required to deliver such certificates more frequently than one time in any 12-month period,
other than the 12-month period during which a Securitization occurs or is attempted.

 

9.17 General Indemnity; Payment of Expenses.

 

(a)          Borrower,
at its sole cost and expense, shall protect, indemnify, reimburse, defend and hold haindess Lender and its officers, partners,
members, directors, trustees, advisors, employees, agents, sub-agents, affiliates, successors, participants and assigns of any
and all of the foregoing (collectively, the "Indemnified Parties") for, from and against any and all Damages of
any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any of the Indemnified Parties, in any way
relating to or arising out of Lender's interest in the Loan; provided, however, that no Indemnified Party shall have the
right to be indemnified hereunder to the extent that such Damages have been found by a final, non-appealable judgment of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Party.

 

(b)          If
for any reason (including violation of law or public policy) the undertakings to defend, indemnify, pay and hold harmless set forth
in this Section are unenforceable in whole or in part or are otherwise unavailable to an Indemnified Party or insufficient to hold
it harmless, then Borrower shall contribute to the amount paid or payable by Indemnified Party as a result of any Damages the maximum
amount Borrower is permitted to pay under Legal Requirements. The obligations of Borrower under this Section will be in

 

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addition to any liability that Borrower
may otherwise have hereunder and under the other Loan Documents.

 

(e)          To
the extent any Indemnified Party has notice of a claim for which it intends to seek indemnification hereunder, such Indemnified
Party shall give prompt written notice thereof to Borrower, provided that failure by Lender to so notify Borrower will not relieve
Borrower of its obligations under this Section, except to the extent that Borrower suffers actual prejudice as a result of such
failure. • In connection with any claim for which indemnification is sought hereunder, Borrower shall have the right to defend
the applicable Indemnified Party (if requested by the applicable Indemnified Party, in the name of such Indemnified Party) from
such claim by attorneys and other professionals reasonably approved by the applicable Indemnified Party. Upon assumption by Borrower
of any defense pursuant to the immediately preceding sentence, Borrower shall have the right to control such defense, provided
that the Applicable Indemnified Party shall have the right to reasonably participate in such defense and Borrower shall not consent
to the terms of any compromise or settlement of any action defended by Borrower in accordance with the foregoing without the prior
consent of the applicable Indemnified Party, unless such compromise or settlement (i) includes an unconditional release of the
applicable Indemnified Party from all liability arising out of such action and (ii) does not include a statement as to or an admission
of fault, culpability or a failure to act, by or on behalf of the applicable Indemnified Party. The applicable Indemnified Party
shall have the right to retain its own counsel if (i) Borrower shall have failed to employ counsel reasonably satisfactory to the
applicable Indemnified Party in a timely manner, or (ii) the applicable Indemnified Party shall have been advised by counsel that
there are actual or potential material conflicts of interest between Borrower and the applicable Indenmified Party, including situations
in which there are one or more legal defenses available to the applicable Indemnified Party that are different from or additional
to those available to Borrower. So long as Borrower is conducting the defense of any action defended by Borrower in accordance
with the foregoing in a commercially reasonable manner, Lender and the applicable Indemnified Party shall not compromise or settle
such action defended without Borrower's consent, which shall not be unreasonably withheld or delayed. Upon demand, Borrower shall
pay or, in the sole discretion of the applicable Indemnified Party, reimburse the applicable Indemnified Party for the payment
of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals retained
by the Applicable Indemnified Party in accordance with this Section in connection with defending any claim subject to indemnification
hereunder.

 

(d)          Any
amounts payable to Lender by reason of the application of this Section shall be secured by the Security Instrument and shall become
immediately due and payable and shall bear interest at the Interest Rate from the date Damages are sustained by the Indemnified
Parties until paid, and in the event Borrower fails to pay any Damages within ten days from the date such Damages are sustained,
such amount shall thereafter bear interest at the Default Rate.

 

(e)          The
provisions of and undertakings and indemnification set forth in this Section shall survive the satisfaction and payment in full
of the Indebtedness and termination of this Agreement.

 

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(f)          Borrower
shall reimburse Lender upon receipt of written notice from Lender for (i) all out-of-pocket costs and expenses incurred by Lender
(or any of its affiliates) in connection with the origination of the Loan, including legal fees and disbursements, accounting fees,
and the costs of the Appraisal, the Engineering Report, the Title Insurance Policy, the Survey, the Environmental Report and any
other third-party diligence materials; (ii) all out-of-pocket costs and expenses incurred by Lender (or any of its affiliates)
in connection with (A) monitoring 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 confirming
compliance with environmental and insurance requirements, (B) 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 relating hereto (including Leases, Material Agreements, and Permitted Encumbrances), (C) filing, registration and recording
fees and expenses and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this
Agreement and the other Loan Documents (including the filing, registration or recording of any instrument of further assurance)
and all federal, state, county and municipal, taxes (including, if applicable, intangible taxes), search fees, title insurance
premiums, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Loan
Documents, any mortgage supplemental thereto, any security instrument with respect to the Collateral or any instrument of further
assurance, (D) 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
or any Collateral, and (E) the satisfaction of any Rating Condition in respect of any matter required or requested by Borrower
hereunder; and (iii) all actual out-of-pocket costs and expenses (including attorneys fees and, if the Loan has been Securitized,
special servicing fees) incurred by Lender (or any of its affiliates) in connection with the enforcement of any obligations of
Borrower, or a Default by Borrower, under the Loan Documents, including any actual or attempted foreclosure, deed-inlieu of foreclosure,
refinancing, restructuring, settlement or workout and any insolvency or bankruptcy proceedings (including any applicable transfer
taxes). Without limiting the foregoing, Borrower shall pay all costs, expenses and fees of Lender and its Servicer, operating advisor
and securitization trustee resulting from Defaults or reasonably imminent defaults by Borrower or requests by Borrower (including
enforcement expenses and any liquidation fees, workout fees, special servicing fees, operating advisor consulting fees or any other
similar fees and interest payable on advances made by the Servicer or the securitization trustee with respect to delinquent debt
service payments or expenses of curing Borrower's defaults under the Loan Documents, and any expenses paid by Servicer or a trustee
in respect of the protection and preservation of any Property, such as payment of taxes and insurance premiums); and the costs
of all property inspections and/or appraisals (or any updates to any existing inspection or appraisal) that Servicer may be required
to obtain due to a request by Borrower or the occurrence of a Default.

 

9.18 No Third-Party
Beneficiaries. 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, Borrower and Indemnified
Parties 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

 

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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 it in Lender's sole discretion, Lender deems it advisable or
desirable to do so.

 

9.19 Recourse.

 

(a)          Subject
to the qualifications herein, Lender shall not enforce Borrower's obligation to pay the Indebtedness by any action or proceeding
wherein a deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any of its
affiliates, or any Exculpated Person, except for foreclosure actions or any other appropriate actions or proceedings in order to
fully exercise Lender's remedies in respect of, and to realize upon, the Collateral, and except for any actions to enforce any
obligations expressly assumed or guaranteed by any guarantor, indemnitor or similar party (whether or not such party is an . Exculpated
Person) under the Loan Documents.

 

(b)          Borrower
shall indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses
of enforcing the obligations of Borrower under this Section and Sponsor under the Guaranty) resulting from or arising out of any
of.he following (the "Indemnified Liabilities"):

 

(i)          any
intentional or grossly negligent physical Waste at the Property committed or permitted by Borrower, Sponsor or any of their respective
affiliates;

 

(ii)         any
fraud or intentional misrepresentation committed by Borrower, Sponsor or any of their respective affiliates;

 

(iii)        any
willful misconduct by Borrower, Sponsor or any of their respective affiliates (including any litigation or other legal proceeding
initiated by such Person in bad faith that delays, opposes impedes, obstructs, hinders, enjoins or otherwise interferes with or
frustrates the efforts of Lender to exercise any rights and remedies available to Lender as provided herein and in the other Loan
Documents during the continuance of an Event of Default);

 

(iv)        the
misappropriation or misapplication by Borrower, Sponsor or any of their respective affiliates of any funds in violation of the
Loan Documents (including misappropriation or misapplication of Revenues, security deposits and/or Loss Proceeds);

 

(v)         any
voluntary Debt if and to the extent the continued existence of such Debt is prohibited hereunder;

 

(vi)        any
breach by Borrower or Sponsor of any representation or covenant regarding environmental matters contained in this Agreement or
in the Environmental Indemnity;

 

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(vii)    the
failure to pay or maintain the Policies or pay the amount of any deductible required thereunder following a Casualty or other insurance
claim, provided Lender permits cash flow from the Property to be applied for such purpose;

 

(viii)   any
violation of or misrepresentation in connection with Section 4.17 of this Agreement or any violation of or failure to comply
with Section 6.15 of this Agreement;

 

(ix)      removal
of personal property from the Property during or in anticipation of an Event of Default, unless replaced with personal property
of the same utility and of the same or greater value and utility;

 

(x)       any
fees or commissions paid by Borrower to any affiliate in violation of the terms, of the Loan Documents;

 

(xi)      any
bankruptcy of any Required SPE, provided that, for this purpose "Damages" shall be limited to the amount by which such
costs and expenses exceed the costs and expenses Lender would have incurred in an uncontested foreclosure on the Property (for
the avoidance of doubt, the recourse described in this clause shall be in addition to the full recourse for bankruptcy described
below);

 

(xii)     for
any loss or damage suffered by Lender as a result of or in any way related to the Assignment Transaction (as defined in the Security
Instrument);

 

(xiii)    the
contesting or opposition by Borrower, Sponsor or any of their respective affiliates of any motion filed by Lender for relief from
the automatic stay in any bankruptcy proceeding of Borrower;

 

(xiv)    the
Prior Owned Property; and

 

(xv)     the
failure of Borrower to pay the applicable Yield Maintenance Premium and all costs and expenses incurred by Lender with respect
to a prepayment in accordance with Section 3.12(d).

 

In addition to the
foregoing, the Loan shall be fully recourse to Borrower and Sponsor, jointly and severally, if (i) there is any unauthorized Transfer
of the Property or any other Collateral (including unauthorized Liens and encumbrances on the Collateral) or Prohibited Change
of Control or Prohibited Pledge, in each case, in violation of the Loan Documents, (ii) any petition for bankruptcy, insolvency,
dissolution or liquidation under the Bankruptcy Code or any similar federal or state law is filed by, consented to, or acquiesced
in by, any Required SPE, (iii) any Required SPE or any of their respective affiliates (including Sponsor) shall have colluded with
other creditors to cause an involuntary filing under the Bankruptcy Code or similar federal or state law with respect to any Required
SPE, or any Required SPE shall have terminated any Independent Director for the purpose of facilitating a bankruptcy filing, or
(iv) any Required SPE fails to be, and to at all times have been, a Single-Purpose Entity, which failure results in a substantive
consolidation of Borrower with any affiliate in a bankruptcy or similar proceeding.

 

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(c)          The
foregoing limitations on personal liability shall in no way impair or constitute a waiver of the validity of the Notes, the Indebtedness
secured by the Collateral, or the Liens on the Collateral, or the right of Lender, as mortgagee or secured party, to foreclose
and/or enforce its rights with respect to the Collateral after an Event of Default. Nothing in this Agreement shall be deemed to
be a waiver of any right which Lender may have under the Bankruptcy Code to file a claim for the full amount of the debt owing
to Lender by Borrower or to require that all Collateral shall continue to secure all of the Indebtedness owing to Lender in accordance
with the Loan Documents. Lender may seek a judgment on the Note (and, if necessary, name Borrower in such suit) as part of judicial
proceedings to foreclose on any Collateral or as a prerequisite to any such foreclosure or to confirm any foreclosure or sale pursuant
to power of sale thereunder, and in the event any suit is brought on the Notes, or with respect to any Indebtedness or any judgment
rendered in such judicial proceedings, such judgment shall constitute a Lien on and may be enforced on and against the Collateral
and the rents, profits, issues, products and proceeds thereof. Nothing in this Agreement shall impair the right of Lender to accelerate
the maturity of the Note upon the occurrence of an Event of Default, nor shall anything in this Agreement impair or be construed
to impair the right of Lender to seek personal judgments, and to enforce all rights and remedies under applicable law, jointly
and severally against any indemnitors and guarantors to the extent allowed by any applicable Loan Documents. The provisions set
forth in this Section are not intended as a release or discharge of the obligations due under the Note or under any Loan Documents,
but are intended as a limitation, to the extent provided in this Section, on Lender's right to sue for a deficiency or seek a personal
judgment except as required in order to realize on the Collateral.

 

(d)          For
the purposes of this Section 9.19, "affiliate" or "affiliated" means 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.

 

9.20 Right of Set-Off.
In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such
rights, during the continuance of an Event of Default, Lender may from time to time, without presentment, demand, protest or other
notice of any kind (all of such rights being hereby expressly waived), set-off and appropriate and apply any and all deposits (general
or special) and any other indebtedness at any time held or owing by Lender (including branches, agencies or affiliates of Lender
wherever located) to or for the credit or the account of Borrower against the obligations and liabilities of Borrower to Lender
hereunder, under the Notes, the other Loan Documents or otherwise, irrespective of whether Lender shall have made any demand hereunder
and although such obligations, liabilities or claims, or any of them, may be contingent or unmatured, and any such set-off shall
be deemed to have been made immediately upon the occurrence of an Event of Default even though such charge is made or entered on
the books of Lender subsequent thereto.

 

9.21 Exculpation
of Lender. Lender neither undertakes nor assumes any responsibility or duty to Borrower or any other party to select, review,
inspect, examine, supervise, pass judgment upon or inform Borrower or any third party of (a) the existence, quality, adequacy or
suitability of Appraisals of the Property or other Collateral, (b) any environmental report, or (c) any other matters or items,
including engineering, soils and seismic reports that are contemplated in the Loan Documents. Any such selection, review, inspection,
examination and the like, and any other due diligence conducted by Lender, is solely for the purpose of protecting

 

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Lender's rights under the Loan Documents,
and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness or legality
thereof.

 

9.22 Servicer.
Lender may delegate any and all rights and obligations of Lender hereunder and under the other Loan Documents to the Servicer upon
notice by Lender to Borrower, whereupon any notice or consent from the Servicer to Borrower, and any action by Servicer on Lender's
behalf, shall have the same force and effect as if Servicer were Lender.

 

9.23 No Fiduciary Duty.

 

(a)          Borrower
acknowledges that, in connection with this Agreement, the other Loan Documents and the Transaction, Lender has relied upon and
assumed the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided
to, discussed with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or responsibility
for the accuracy, completeness or independent verification thereof. Lender, its affiliates and their respective equityholders and
employees (for purposes of this Section, the "Lending Parties") have no obligation to conduct any independent
evaluation or appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities)
of Sponsor, Borrower or any other Person or any of their respective affiliates or to advise or opine on any related solvency or
viability issues.

 

(b)          It
is understood and agreed that (i) the Lending Parties shall act under this Agreement and the other Loan Documents as an independent
contractor, (ii) the Transaction is an arm's-length commercial transaction between the Lending Parties, on the one hand, and Borrower,
on the other, (iii) each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower, Sponsor or
their respective affiliates, stockholders, employees or creditors or any other Person and (iv) nothing in this Agreement, the other
Loan Documents, the Transaction or otherwise shall be deemed to create (A) a fiduciary duty (or other implied duty) on the party
of any Lending Party to Sponsor, Borrower, any of their respective affiliates, stockholders, employees or creditors, or any other
Person or (B) a fiduciary or agency relationship between Sponsor, Borrower or any of their respective affiliates, stockholders,
employees or creditors, on the one hand, and the Lending Parties, on the other. Borrower agrees that neither it nor Sponsor nor
any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion that
any Lending Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Borrower, Sponsor
or their respective affiliates, stockholders, employees or creditors. Nothing in this Agreement or the other Loan Documents is
intended to confer upon any other Person (including affiliates, stockholders, employees or creditors of Borrower and Sponsor) any
rights or remedies by reason of any fiduciary or similar duty.

 

(c)          Borrower
acknowledges that it has been advised that the Lending Parties are a full service financial services firm engaged, either directly
or through affiliates in various activities, including securities trading, investment banking and financial advisory, investment
management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for
both companies and individuals. In the ordinary course of these activities, the Lending Parties may make or hold a broad array
of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments

 

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(including loans) for their own account
and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments.
Such investment and other activities may involve securities and instruments of affiliates of Borrower, including Sponsor, as well
as of other Persons that may (i) be involved in transactions arising from or relating to the Transaction, (ii) be customers or
competitors of Borrower, Sponsor and/or their respective affiliates, or (iii) have other relationships with Borrower, Sponsor and/or
their respective affiliates. In addition, the Lending Parties may provide investment banking, underwriting and financial advisory
services to such other Persons. The Lending Parties may also co-invest with, make direct investments in, and invest or co-invest
client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles
may trade or make investments in securities of affiliates of Borrower, including Sponsor, or such other Persons. The Transaction
may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although the
Lending Parties in the course of such other activities and relationships may acquire information about the Transaction or other
Persons that may be the subject of the Transaction, the Lending Parties shall have no obligation to disclose such information,
or the fact that the Lending Parties are in possession of such information, to Borrower, Sponsor or any of their respective affiliates
or to use such information on behalf of Borrower, Sponsor or any of their respective affiliates.

 

(d)          Borrower
acknowledges and agrees that Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and
that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction
and the process leading thereto.

 

9.24 Borrower Information.
Borrower shall make available to Lender all information concerning its business and operations that Lender may reasonably request.
Lender shall have the right to disclose any and all information provided to Lender by Borrower or Sponsor regarding Borrower, Sponsor,
the Loan and the Property (i) to affiliates of Lender and to Lender's agents and advisors, (ii) to any actual or potential assignee,
transferee or participant in connection with the contemplated assignment, transfer, participation or Securitization of all or any
portion of the Loan or any participations therein, and to any investors or prospective investors in the Certificates, and their
respective advisors and agents, including the operating advisor, or to any direct or indirect contractual counterparties (or the
professional advisors thereto) to any swap or derivative transaction relating to Borrower and its obligations, or to any Person
that is a party to a repurchase agreement with respect to the Loan, (iii) to any Rating Agency in connection with a Securitization
or as otherwise required in connection with a disposition of the Loan, (iv) to any Person necessary or desirable in connection
with the exercise of any remedies hereunder or under any other Loan Document following an Event of Default, (v) to any governmental
agency, including the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC, the Securities
and Exchange Commission and any other regulatory authority that may exercise authority over Lender or any investor in the Certificates
(including the Servicer, the Securitization trustee and their respective agents and employees) or any representative thereof, and
to the National Association of Insurance Commissioners, in each case if requested by such governmental agency or otherwise required
to comply with the applicable rules and regulations of such governmental agency or if required pursuant to legal or judicial process
and (vi) in any Disclosure Document (as defined in the Cooperation Agreement). In addition, Lender may disclose the existence of
this Agreement and

 

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the information about this Agreement to
market data collectors, similar services providers to the lending industry, and service providers to Lender in connection with
the administration and management of this Agreement and the other Loan Documents. Each party hereto (and each of their respective
affiliates, employees, representatives or other agents) may disclose to any and all Persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any kind (including opinions and other tax analyses) that
are provided to any such party relating to such tax treatment and tax structure. For the purpose of this Section, "tax structure"
means any facts relevant to the federal income tax treatment of the Transaction but does not include information relating to the
identity of any of the parties hereto or any of their respective affiliates.

 

9.25 PATRIOT Act
Records. Lender hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify
and record information that identifies Borrower and Sponsor, which information includes the name and address of Borrower and Sponsor
and other information that will allow Lender to identify Borrower or Sponsor in accordance with the PATRIOT Act.

 

9.26 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 PARILES, WHETHER ORAL OR WRITTEN, INCLUDING ANY
TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS (EXCEPT THAT ANY ORIGINATION FEE SPECIFIED IN ANY 'TERM SHEET, COMMITMENT LETTER OR FEE LETTER SHALL BE AN OBLIGATION
OF BORROWER AND SHALL BE PAID AT CLOSING, AND ANY INDEMNIFICATIONS, FLEX PROVISION, EXIT FEES AND THE LIKE PROVIDED FOR THEREIN
SHALL SURVIVE THE CLOSING).

 

9.27 Publicity.
If the Loan is made, Lender may issue press releases, advertisements and other promotional materials describing in general terms
or in detail Lender's participation in such transaction, and may utilize photographs of the Property in such promotional materials.
Borrower shall not make any references to Lender in any press release, advertisement or promotional material issued by Borrower
or Sponsor, unless Lender shall have approved of the same in writing prior to the issuance of such press release, advertisement
or promotional material.

 

9.28 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, under any other Loan Document, or under 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 hereunder or under any other Loan Document,
Lender shall not be deemed to have waived any right either to require prompt payment when due

 

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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.

 

9.29 Schedules and Exhibits Incorporated.
The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if
set forth in the body hereof.

 

[Remainder of page intentionally left
blank;

Signature Pages to follow.]

 

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Lender and Borrower are executing this Agreement as of the date
first above written:

 

	 	LENDER:
	 	 
	 	GOLDMAN SACHS MORTGAGE COMPANY,
	 	a New York limited partnership
	 	 	 
	 	By:	/s/ Nick Losada
	 	 	Name: Nick Losada
	 	 	Title: Authorized Representative

 

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	 	BORROWER:
	 	 
	 	SEBRING LANDING, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Geza Henni
	 	 	Name: Geza Henni
	 	 	Title: President

 

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