Document:

EX-10.2

 Exhibit 10.2 

THIS AGREEMENT CONTAINS INDEMNIFICATION PROVISIONS AND PROVISIONS 

LIMITING LENDER’S LIABILITY FOR NEGLIGENCE 

LOAN AGREEMENT 
 made
between 
 CIO 190, LIMITED PARTNERSHIP, 

as Borrower 
 and 

CIBC INC., 
 as
Lender 
 DATED: as of September 3, 2015 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of September 3 2015 (as amended, restated, replaced, supplemented or otherwise
modified from time to time, this “Agreement”), between CIBC INC., a Delaware corporation, having an address at 425 Lexington Avenue, New York, New York 10017, Attn: Real Estate Group (together with its successors and assigns,
“Lender”) and CIO 190, LIMITED PARTNERSHIP, a Delaware limited partnership, having its principal place of business at c/o City Office REIT, Inc., 8150 North Central Expressway, Suite 1255, Dallas, Texas 75206
(“Borrower”). 
 W I T N E S S E T H: 

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

WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement
and the other Loan Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the making of the Loan
by Lender and the covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I 
 DEFINITIONS;
PRINCIPLES OF CONSTRUCTION 
 1.1        Definitions. 

For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary
intent: 
 “Interest Rate” shall mean Four and 79/100 percent (4.79%) per annum. 

“Loan” shall mean the loan in the principal amount of up to FORTY-ONE MILLION TWO HUNDRED FIFTY THOUSAND
AND NO/100 DOLLARS ($41,250,000.00) made by Lender to Borrower pursuant to this Agreement. 
 “Monthly Payment
Amount” shall mean, for any Payment Date, (a) if such Payment Date is for an Interest Accrual Period that commenced during the Interest-Only Period, interest on the outstanding principal balance of the Loan at the Interest Rate for the
number of days during the Interest Accrual Period ending on such Payment Date, and (b) if such Payment Date is for an Interest Accrual Period that commenced after the end of the Interest-Only Period, the amount of Two Hundred Sixteen Thousand
One Hundred and Seventy-Five and 19/100 Dollars ($216,175.19). 
 “Accounts Receivable Instruction” shall
have the meaning set forth in Section 3.1 hereof. 
 “Accounts Receivable Payor” shall have the
meaning set forth in Section 3.1 hereof. 
 “ACMs” shall have the meaning set forth in
Section 4.25 hereof. 
 “Added Fee Collateral” shall have the meaning set forth in
Section 4.31(f)(ii) hereof. 

  
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 “Added Fee Acquisition” and “Added Fee Acquisition
Date” shall have the meanings set forth in Section 4.31(f)(ii)(B) hereof. 
 “Additional
Taxes” shall have the meaning set forth in Section 2.3(b) hereof. 
 “Affiliate” shall
mean any person or entity which directly or indirectly through one or more intermediaries (i) controls, is controlled by or is under common control with a specified person or entity, or (ii) at least twenty-five percent (25%) of the
ownership interests in which are owned by a specified person or entity and/or entities described in clause (i) above with respect thereto, or (iii) owns (individually or with other entities described in clause (i) above) at least
twenty-five percent (25%) of the ownership interests in a specified person or entity. For purposes of the definition of “Affiliate”, the terms “control”, “controlled”, or “controlling” with respect to a
specified person or entity shall include, without limitation, (A) the ownership, control or power to vote ten percent (10%) or more of (1) the outstanding shares of any class of voting securities or (2) beneficial interests, of
any such person or entity, as the case may be, directly or indirectly, or acting through one or more persons or entities, (B) the control in any manner over the general partner(s) or the election of more than one director or trustee (or persons
exercising similar functions) of such person or entity, or (C) the power to exercise, directly or indirectly, control over the management or policies of such person or entity. 

“Amortization Term” shall mean a period of thirty (30) years. 

“Annual Budget” shall have the meaning set forth in Section 3.8 hereof. 

“Applicable Laws” shall have the meaning set forth in Section 4.1(h) hereof. 

“Approved Annual Budget” shall mean each Annual Budget approved by Lender in accordance with the terms of
Section 3.8 of this Agreement. 
 “Assignment of Leases” shall mean that certain Assignment of
Leases and Rents, dated as of the date hereof, from Borrower to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Available Cash” shall have the meaning set forth in Section 3.3 hereof. 

“Bankruptcy Action” shall mean, with respect to any Person, to (i) institute proceedings to be
adjudicated bankrupt or insolvent; (ii) consent to the institution of bankruptcy or insolvency proceedings against it; (iii) file a petition seeking, or consenting to, reorganization or relief under any applicable federal or state law
relating to bankruptcy; (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of an entity or a substantial part of its property; (v) make any assignment for the benefit of
creditors; (vi) admit in writing its inability to pay its debts generally as they become due or declare or effect a moratorium on its debts; or (vii) take any action in furtherance of any such action. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as amended from time to time and any
successor statute thereto. 
 “Borrower” shall have the meaning set forth in the introductory paragraph
hereto, together with its successors and permitted assigns. 

  
 2 

 “Business Day” or “business day” shall mean any
day other than (a) a Saturday or Sunday, or (b) a day on which banking and savings and loan institutions in the State of New York are authorized or obligated by law or executive order to be closed. 

“Buyer” shall have the meaning set forth in Section 4.11 hereof 

“Calculation Date” shall mean the last day of each calendar quarter during the Term. 

“Capital Expenditures” shall mean for any period, the amount expended for items capitalized under generally
accepted accounting principles, including expenditures for building improvements or major repairs, as set forth in an Approved Annual Budget. 

“Cash Collateral Reserve” shall have the meaning set forth in Section 4.28 hereof. 

“Cash Expenses” shall mean, for any period, the operating expenses for the operation and maintenance of the
Property as set forth in an Approved Annual Budget to the extent that such expenses are actually incurred by Borrower, excluding payments into the Impound Account, the Leasing Reserve, Replacement Reserve and expenses for which Borrower shall be
reimbursed from, or which shall be paid for out of any such account or reserve. 
 “Cash Management
Account” shall have the meaning set forth in Section 3.2 hereof. 
 “Cash Management
Bank” shall have the meaning set forth in Section 3.2 hereof. 
 “Cash Management Commencement
Date” shall mean any date on which a Cash Management Period commences. 
 “Cash Management
Period” shall commence upon the occurrence of (i) an Event of Default, (ii) the commencement of a Low Debt Service Period, (iii) the commencement of a United Healthcare Trigger Period, or (iv) the commencement of a
Parsons Trigger Period; and shall end if, with respect to a Cash Management Period continuing pursuant to clause (i), the Event of Default commencing the Cash Management Period has been cured and such cure has been accepted by Lender (and no other
Event of Default is then continuing), or, with respect to a Cash Management Period continuing due to clause (ii), the Low Debt Service Period has ended pursuant to the terms hereof, or, with respect to a Cash Management Period continuing due to
clause (iii), the United Healthcare Trigger Period has ended pursuant to the terms hereof, or, with respect to a Cash Management Period continuing due to clause (iv), the Parsons Trigger Period has ended pursuant to the terms hereof. A Cash
Management Period shall also continue for so long as any New Mezzanine Loan is outstanding. 

“Certificates” shall mean the securities issued in connection with a securitization of the Loan. 

“City Office REIT” shall mean City Office REIT, Inc., a Maryland corporation. 

“Clearing Account” shall have the meaning set forth in Section 3.1 hereof. 

“Clearing Bank” shall mean KeyBank, National Association, or any successor Eligible Bank approved or
appointed by Lender. 
 “Clearing Bank Agreement” shall mean that certain Lockbox-Deposit Account Control
Agreement (Springing) by and among Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of the Clearing Account. 

  
 3 

 “Closing Date” shall mean the date of this Agreement. 

“Closing Statement” shall mean the loan closing statement prepared by Lender and executed by Borrower and
delivered to Lender in connection with the closing of the Loan. 
 “Code” shall mean the Internal Revenue
Code of 1986, as amended from time to time or any successor statute. 
 “Collateral” shall mean the
Property, the UCC Collateral, and any and all other properties, rights, estates and interests now or at any time hereafter securing the payment of the Debt and/or the other obligations of Borrower under the Loan Documents. 

“Contracts” shall mean, collectively, all contracts and agreements now or hereafter entered into relating to
the ownership or operation or management of the Real Estate or the Improvements or any portion of them. 

“Constituent Entity” shall mean with respect to any entity, (A) with respect to any limited partnership,
(1) any general partner of such limited partnership and (2) any limited partner of such partnership which owns (or is owned by any person or entity owning, holding or controlling, directly or indirectly) the right to receive 50% or more of
the income, distributable funds or losses of such partnership; (B) with respect to any general partnership or joint venture, any partner or venturer in such general partnership or joint venture; (C) with respect to any corporation,
(1) any officer or director of such corporation, and (2) any person or entity which owns or controls 50% or more of any class of stock of such corporation; (D) with respect to any limited liability company, (1) any manager of
such limited liability company, (2) any managing member of such limited liability company, or the sole member of any limited liability company having only one (1) member, and (3) any non-managing member of such limited liability
company which owns (or is owned by any person or entity owning, holding or controlling, directly or indirectly) the right to receive 50% or more of the income, distributable funds or losses of such limited liability company; (E) any person or
entity which controls any entity described in any of foregoing clauses (A) through (D) of this definition; and (F) any entity which is a “Constituent Entity” with respect to an entity which is a “Constituent
Entity” of the subject entity. For the purposes of clause (F) of this definition, if entity “B” is a Constituent Entity of entity “A”, then any Constituent Entity of “B” shall be deemed to be a Constituent
Entity of any entity of which “A” is a Constituent Entity. 
 “Control” and “Controlled
by” shall, unless expressly noted, have the meanings assigned to such terms in Rule 405 under the Securities Act of 1933, as amended. 

“Controlling Entity” shall mean any general partner, manager, managing member or (if applicable) sole member,
of Borrower, as the case may be. 
 “Debt” shall mean the outstanding principal amount set forth in, and
evidenced by, the Note and this Agreement together with all interest accrued and unpaid thereon and all other sums (including, without limitation, any prepayment fees, if applicable) due to Lender in respect of the Loan under the Note, this
Agreement, the Mortgage and the other Loan Documents. 
 “Debt Service Constant” shall mean the constant
derived using an interest rate equal to the Interest Rate and an amortization schedule equal to the Amortization Term. 

  
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 “Debt Service Coverage Ratio” shall mean, for any period, the
ratio of (A) Underwritten Net Cash Flow, to (B) an amount equal to the maximum principal amount of the Loan multiplied (unless otherwise specified) by the Debt Service Constant. 

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for
the giving of notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” shall
mean the rate equal to the lesser of (a) the Maximum Legal Rate, or (b) four percent (4%) above the Interest Rate. 

“Defeasance” shall mean a release of the Property from the lien of the Mortgage and other Loan Documents, and
a substitution of the collateral for the Loan, all in accordance with the provisions of Section 2.5 of this Agreement. 

“Defeasance Collateral” shall mean direct, non-callable and non-prepayable obligations of the United States
of America or, at the option of Lender (and, if a Secondary Market Transaction has then occurred, only if permitted under the applicable Securitization Documents (or, if such permission is conditioned on satisfaction of any conditions, only upon the
satisfaction of all such conditions)), other securities considered “government securities” within the meaning of the Investment Company Act of 1940, as amended. 

“Defeasance Date” shall have the meaning set forth in Section 2.5(a) hereof. 

“Defeasance Deposit” shall mean funds sufficient to purchase or cause to be purchased Defeasance Collateral
in an amount that provides for payments prior, but as close as possible, to all successive Payment Dates occurring after the Defeasance Date through and including the Maturity Date, with each such payment being equal to or greater than (1) the
Monthly Payment Amount, and (2) with respect to the payment due on the Maturity Date, the entire outstanding principal balance of the Loan together with any interest accrued as of such date and all other amounts payable pursuant to the Loan
Documents. 
 “Defeasance Period” shall mean the period of time commencing on the first Payment Date to
occur on or after the date which is the earlier to occur of (i) two (2) years after the “startup day”, within the meaning of Section 860G(a)(9) of the Code, of the Trust, and (ii) four (4) years after the date of
this Agreement, and ending on the Lockout Release Date. 
 “Defeasance Security Agreement” shall mean a
pledge and security agreement, in form and substance satisfactory to Lender in its sole discretion (or, if the Loan shall then be held by a REMIC or similar entity, satisfactory to the Servicer thereof and satisfying all requirements of the
agreements establishing and/or governing such REMIC or similar entity), creating a first priority security interest in favor of Lender in the Defeasance Deposit and the Defeasance Collateral; among other things, such Defeasance Security Agreement
shall provide that any excess received by Lender on any Payment Date from the Defeasance Collateral over the amounts payable by Borrower hereunder on such Payment Date shall be refunded to Borrower promptly after the related Payment Date. 

“Deferred Maintenance” shall have the meaning set forth in Section 4.28 hereof. 

“Direction Letter” shall mean any Tenant Direction Letter. 

“Disbursement Instructions” shall have the meaning set forth in Section 3.2 hereof. 

  
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 “Early Termination Payment” shall have the meaning set forth in
Section 4.28 hereof. 
 “Early Termination Reserve” shall have the meaning set forth in
Section 4.28 hereof. 
 “Eligible Account” shall mean either (i) an account or accounts
maintained with an Eligible Bank or (ii) a Trust Account. Eligible Accounts may bear interest. 
 “Eligible
Bank” shall mean a bank that (i) satisfies the Rating Criteria and (ii) insures the deposits hereunder through the Federal Deposit Insurance Corporation. 

“Environmental Laws” shall mean local, state or federal law, rule or regulation pertaining to environmental
regulation, contamination or clean-up, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. §9601 et seq. and 40 CFR §302.1 et seq.), the Resource Conservation and
Recovery Act of 1976 (42 U.S.C. §6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. §1251 et seq. and 40 CFR § 116.1 et seq.), those relating to lead based paint, and the Hazardous Materials Transportation Act (49
U.S.C. §1801 et seq.), and the regulations promulgated pursuant to said laws, all as amended. 
 “Environmental
Report” shall mean the environmental report(s) prepared for Lender in connection with the Loan. 
 “Equity
Holder” shall mean any holder of any Equity Interest. 
 “Equity Interest” shall mean any direct
or indirect ownership interest in Borrower. 
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974 and the regulations promulgated thereunder, as amended from time to time. 
 “Event of Default”
shall have the meaning set forth in Section 5.1 hereof. 
 “Exchange Act” shall mean the
Securities and Exchange Act of 1934, and the regulations promulgated thereunder, as amended from time to time. 

“Extraordinary Expense” shall mean an extraordinary operating expense or capital expense not set forth in the
Approved Annual Budget or allotted for in the Replacement Reserve and/or the Leasing Reserve. 
 “Fee Real
Estate” shall have the meaning set forth in Mortgage. 
 “First Interest Accrual Period” shall
mean the period commencing on the Closing Date and ending on, but excluding, the Payment Date first occurring after the Closing Date. 

“Fitch” shall mean Fitch, Inc. 

“General Intangibles” shall mean, collectively, all present and future funds, accounts, instruments, accounts
receivable, documents, causes of action, claims, general intangibles (including without limitation, trademarks, trade names, servicemarks and symbols now or hereafter used in connection with any part of the Real Estate or the Improvements, all names
by which the Real Estate or the Improvements may be operated or known, all rights to carry on business under such names, and all rights, interest and privileges which Borrower has or may have as developer or declarant under any covenants,
restrictions or declarations now or hereafter relating to the Real Estate or the Improvements) and all notes or chattel paper now or hereafter arising from or by virtue of any transactions related to the Real Estate or the Improvements. 

  
 6 

 “Governmental Authority” shall mean, with respect to any person,
any federal or state government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative
functions of or pertaining to government, and any arbitration board or tribunal in each case, having jurisdiction over such applicable person or such person’s property and any stock exchange on which shares of capital stock of such person are
listed or admitted for trading. 
 “Ground Lease” shall mean the ground lease described on Exhibit G
as attached hereto and by this reference made part hereof. 
 “Ground Lessor” means Granite 190 Center,
Ltd., a Texas limited partnership, and its successors and assigns as landlord under the Ground Lease. 
 “Ground
Lessor’s Recognition Agreement” shall mean that certain Recognition, Non-Disturbance and Attornment Agreement dated on or about the date hereof by Ground Lessor and Borrower for the benefit of Lender. 

“Ground Rent” shall mean any rent, additional rent or other charge payable by the tenant under the Ground
Lease. 
 “Guarantor” shall mean City Office REIT Operating Partnership, L.P., a Maryland limited
partnership. 
 “Guarantor Financial Covenants” shall mean those covenants set forth in Section 5 of
the Indemnity and Guaranty. 
 “Hazardous Substances” shall mean, collectively, all hazardous, toxic or
harmful substances, wastes, materials, pollutants or contaminants (including, without limitation, ACMs, asbestos, lead based paint, polychlorinated biphenyls, petroleum products, flammable explosives, radioactive materials, infectious substances or
raw materials which include hazardous constituents) or any other substances or materials which are included under or regulated by Environmental Laws, or any molds, spores or fungus or other harmful microbial matter. 

“Hazardous Substances Indemnity Agreement” shall mean that certain Hazardous Substances Indemnity Agreement,
dated as of the date hereof, from Borrower and Guarantor to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Impound Account” shall have the meaning set forth in Section 4.6 hereof. 

“Improvements” shall have the meaning set forth in the granting clause of the Mortgage. 

“Indemnity and Guaranty” shall mean that certain Indemnity and Guaranty Agreement, dated as of the date
hereof, from Guarantor to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Independent Director” shall mean an individual who has prior experience as an independent director,
independent manager or independent member with at least three years of employment experience 

  
 7 

 
and who is provided by a Recognized Independent Director Provider, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as
Independent Director be, any of the following: 

    (i)        a member, partner, equityholder,
manager, director, officer or employee of the Borrower (or, if applicable, the SPE Component Entity) or any of their respective equityholders or Affiliates (other than as an Independent Director that does not own any Equity Interest in Borrower or
any Affiliate and that is required by a creditor to be a single purpose bankruptcy remote entity); 

    (ii)       a creditor, supplier or service provider
(including provider of professional services) to the Borrower, or any of its equityholders or Affiliates (other than in connection with such person’s employment by the related Recognized Independent Director Provider) to Borrower (or, if
applicable, to the SPE Component Entity) or Affiliates, in each case in the ordinary course of its business) , provided that the fees that such individual earns in any given year from serving as Independent Director of Borrower and any Affiliates
(or, if applicable, the portion of the salary paid to such person by the related Recognized Independent Director Provider from such service) constitutes (in the aggregate) less than five percent (5%) of such individual’s annual income for
that year; 
     (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) or is controlled by any of (i), (ii) or (iii) above. 
 The same persons may not serve as Independent
Directors of Borrower and SPE Component Entity or of any Equity Holder of Borrower. 
 “Insurance Premiums”
shall have the meaning set forth in Section 4.6 hereof. 
 “Insurance Rating Requirements”
shall mean that the insurer maintains either (a) a rating of “A” by S&P, (b) a rating of “A2” by Moody’s, or (c) if not rated by either Moody’s or S&P, a rating of A X from A.M. Best company.

 “Interest Accrual Period” shall mean the First Interest Accrual Period and, thereafter, the period from
the first (1st) day of each calendar month through and including the last day of such calendar month. Each Interest Accrual Period shall end one (1) day prior to the related Payment
Date. 
 “Interest-Bearing Reserve” shall have the meaning set forth in Section 4.30 hereof.

 “Interest-Only Period” shall mean the forty-two (42) calendar month period beginning on the first
day of the first calendar month following the Closing Date. 
 “Investor” shall mean any actual or
potential purchaser, transferee, assignee, servicer, participant or investor in a Secondary Market Transaction. 

“Late Payment Charge” shall have the meaning set forth in Section 2.3(c) hereof. 

“Lease” shall mean any lease (including, without limitation, the Ground Lease, any oil, gas and mineral
lease), sublease or subsublease, letting, license, concession, occupancy or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy
all or any portion of any space in the Property, and (a) every modification, amendment or other agreement relating to such lease, sublease, subsublease, or 

  
 8 

 
other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions
and agreements to be performed and observed by the other party thereto. 
 “Lease Modification” shall have
the meaning set forth in Section 4.10 hereof. 
 “Leasing Commissions” shall have the meaning
set forth in Section 4.28 hereof. 
 “Leasing Costs” shall have the meaning set forth in
Section 4.28 hereof. 
 “Leasing Reserve” shall have the meaning set forth in
Section 4.28 hereof. 
 “Lender” shall have the meaning set forth in the introductory paragraph
hereof. Any action that may be taken by Lender pursuant to this Agreement or any other Loan Document (other than the obligation to advance the Loan on the Closing Date), and any right or remedy granted to Lender pursuant to this Agreement or any
other Loan Document, may be exercised by a Servicer on behalf of Lender. 
 “Loan Documents” shall mean,
collectively, this Agreement, the Note, the Mortgage, the Assignment of Leases, the Indemnity and Guaranty, the Hazardous Substances Indemnity Agreement and all other documents executed and/or delivered in connection with the Loan, together with any
and all renewals, amendments, extensions and modifications thereof. 
 “Lockbox Address” shall have the
meaning set forth in Section 3.1 hereof. 
 “Lockout Release Date” shall mean the Payment Date
occurring two (2) months prior to the Scheduled Maturity Date. 
 “Low Debt Service Period” shall
commence if, as of any Calculation Date, the Debt Service Coverage Ratio is less than 1.15:1.00 and shall end if the Property has achieved a Debt Service Coverage Ratio of at least 1.20:1.00 for two (2) consecutive Calculation Dates, as
determined by Lender. 
 “Major Income Lease” shall have the meaning set forth in Section 4.10
hereof. 
 “Major Lease” shall mean any Lease demising in the aggregate more than the lesser of
(i) 20,000 rentable square feet or (ii) ten percent (10%) of the total rentable square feet at the Property, including, without limitation, the Ground Lease. 

“Maturity Date” shall mean the Scheduled Maturity Date, or such earlier date on which the final payment of
principal of the Note becomes due and payable as provided in this Agreement or the Note, whether at the Scheduled Maturity Date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” shall have the meaning set forth in Section 2.2(d) hereof. 

“Mortgage” shall mean that certain first priority Fee and Leasehold Deed of Trust, Assignment of Leases and
Rents and Security Agreement, dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented, severed or otherwise modified from time to
time. 
 “Moody’s” shall mean Moody’s Investor Service, Inc. 

“New Mezzanine Loan” shall have the meaning set forth in Section 8.24 hereof. 

  
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 “Net Capital Expenditures” shall mean for any period the amount
by which Capital Expenditures during such period exceeds reimbursements for such items during such period from any fund (including, but not limited to, the Leasing Reserve and the Replacement Reserve) established pursuant to the Loan Documents. 

“Non-Consolidation Opinion” shall mean an opinion of outside counsel (which counsel shall be reasonably
acceptable to Lender) to Borrower, Guarantor and such of their Affiliates and Equity Holders as Lender may require, addressed to Lender and in form and substance satisfactory to Lender, analyzing the likelihood of substantive consolidation of one or
more such Persons upon a Bankruptcy Action by other of such Persons. 
 “Note” shall mean that certain
Promissory Note, dated as of the date hereof, in the principal amount of the Loan, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented, severed or otherwise modified from time to time. 

“Occupancy Conditions” shall mean the delivery by Borrower to Lender of evidence reasonably satisfactory to
Lender (which shall include an estoppel certificate executed by the relevant Tenant(s)) that (A) the entire United Healthcare Premises or the entire Parsons Premises, as applicable, is tenanted under one or more Qualified Replacement Leases,
(B) each such Tenant has accepted possession and taken physical occupancy of the entire space demised to such Tenant and each such Tenant is open for business, not “dark” and conducting normal business operations from the United
Healthcare Premises or the Parsons Premises, as applicable, (C) all contingencies under all such Lease(s) to the effectiveness of the Lease(s) and the commencement of the payment of full, unabated rent thereunder have been satisfied (and such
Tenant has actually commenced paying full, unabated rent thereunder), (D) no defaults exist under any such Leases and no Tenant (or its guarantor) under any such Lease is subject to a Bankruptcy Action, (E) all Leasing Commissions payable
in connection with any such Lease have been paid and all Tenant Improvement obligations or other landlord obligations of an inducement nature have either been completed or paid in full, and Borrower has complied with all requirements of
Section 4.29 hereof with respect to the payment, performance and completion, as applicable, of such Leasing Commissions and Tenant Improvements, and (F) any period of free rent, rent concessions and/or partial rent abatements has
expired. 
 “OFAC List” shall mean 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 accessible through the internet website http://www.treasury.gov/ofac/downloads/t11sdn.pdf. 

“Operating Account” shall have the meaning set forth in Section 3.1 hereof. 

“Organizational Documents” shall mean, with respect to any entity, the documents customarily used to form an
entity and provide for its governance, as the same may be amended from time to time, including, without limitation, (A) with respect to a corporation, the articles of incorporation or certificate of incorporation or charter, and the by-laws;
(B) with respect to a limited liability company, the articles of organization and the operating agreement; and (C) with respect to a limited partnership, the certificate of limited partnership and the limited partnership agreement. 

“Other Charges” shall have the meaning set forth in Section 4.5 hereof. 

“PACE Loan” shall mean (x) any “Property-Assessed Clean Energy loan” or (y) any other
indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation or a
combination of the foregoing and (ii) repaid through multi-year assessments against the Property. 

  
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 “Parent” shall mean, with respect to Lender, any person
controlling Lender. 
 “Parsons” shall mean Parsons Service Corporation and Parsons Service Company,
together with their permitted successors and/or assigns under the Parsons Lease. 
 “Parsons Cash Collateral
Reserve” shall have the meaning set forth in Section 4.28 hereof. 
 “Parsons Lease”
shall mean, collectively, (i) that certain office lease dated August 28, 2007, between GPI-M 190A, LP, as successor-in-interest to Granite 190 Center, Ltd., and Parsons, as tenant, together with and as amended by that certain First
Amendment dated September 27, 2007, that certain Acceptance of Premises Memorandum dated January 29, 2008, that certain Second Amendment dated April 22, 2008, that certain Third Amendment dated February 15, 2012, that certain
Acceptance of Premises Memorandum dated June 6, 2012, that certain Fourth Amendment dated July 19, 2012, that certain Fifth Amendment dated October 2, 2013, that certain Acceptance of Premises Memorandum dated April 11, 2014 and
that certain Sixth Amendment dated July 28, 2015, covering approximately 44,346 square feet of space at the Property at the date of this Agreement, and (ii) that certain office lease dated February 25, 2013, between GPI-M 190A, LP, as
successor-in-interest to Granite 190 Center, Ltd., and Parsons, as tenant, together with and as amended by that certain Acceptance of Premises Memorandum dated February 25, 2013, that certain Acceptance of Premises Memorandum dated
July 14, 2014, that certain First Amendment dated July 14, 2014 and that certain Second Amendment dated July 29, 2015, covering approximately 2,578 square feet of space at the Property at the date of this Agreement, which covers an
approximate aggregate space of 41,031 square feet at the Property at the date of this Agreement. 
 “Parsons
Premises” shall mean that certain premises demised under the Parsons Lease. 
 “Parsons Rent
Reserve” shall have the meaning set forth in Section 4.28(j) hereof. 
 “Parsons Trigger
Period” (i) shall commence upon the occurrence of each of the following (each time any of the following may occur): 

(a)  Tenant under the Parsons Lease failing to provide written notice to Borrower of its election
to extend or renew the Parsons Lease for at least five (5) years on or before 12 months prior to lease expiration at a base rent that is not less than $25 per square foot; 

(b)  the receipt by Borrower or Property Manager of notice from the Tenant under the Parsons Lease
that it is exercising its right to terminate the Parsons Lease pursuant to the Parsons Lease; 

(c)  the date that the Parsons Lease (or any material portion of the premises demised thereunder)
is surrendered, cancelled or terminated prior to its then current expiration date (including any rejection in a Bankruptcy Action) or the receipt by Borrower or Property Manager of notice from the Tenant under the Parsons Lease of its intent to
surrender, cancel or terminate the Parsons Lease (or any material portion of the premises demised thereunder) prior to its then current expiration date; 

(d)  Tenant under the Parsons Lease failing to be in actual, physical occupancy of the Parsons
Premises, ceases operations and the conduct of its business and/or such Tenant “going dark” in or vacating the Parsons Premises; 

  
 11 

 (e)  any Bankruptcy Action of the Tenant under the
Parsons Lease or any guarantor of such Lease; or 
 (f)  an event of default under the Parsons
Lease beyond any applicable notice and cure periods; and 
 (ii) shall end upon the first to occur of the following: 

(A) in the case of clauses (i)(a), (i)(b), (i)(c), and (i)(d) above, each of the Occupancy Conditions with
respect to the entire Parsons Premises have been satisfied; 
 (B) in the case of clauses (i)(a) and (i)(b)
above, provided no other Parsons Trigger Period has commenced, the date on which Tenant under the Parsons Lease irrevocably (A) exercises its renewal or extension option (or otherwise enters into an extension agreement with Borrower and
acceptable to Lender) with respect to all of the Parsons Premises for a term of at least five (5) years at a base rent that is not less than $25 per square foot or (B) revokes or rescinds in writing all termination or cancellation notices
with respect to the Parsons Lease and re-affirms such Lease as being in full force and effect without any default thereunder, as applicable, and such Tenant is (w) conducting normal business operations at the entire Parsons Premises,
(x) is paying full, unabated rent under the Parsons Lease, (y) is not in default (beyond any applicable notice and cure period) in accordance with the terms and conditions of the Parsons Lease and (z) has executed and delivered
estoppel certificates reasonably acceptable to Lender certifying the foregoing and confirming that all Leasing Costs and other material costs and expenses associated with the Parsons Lease have, to the extent then due and owing, been paid in
accordance with the terms of the Parsons Lease; 
 (C) in the case of clause (i)(c) above, provided no
other Parsons Trigger Period has commenced, if such termination option is not validly exercised by the Tenant under the Parsons Lease by the latest exercise date specified in the Parsons Lease or is otherwise validly and irrevocably waived in
writing by the Tenant under the Parsons Lease, and such Tenant has re-affirmed the Parsons Lease as being in full force and effect without any default thereunder; 

(D) in the case of clause (i)(d) above, provided no other Parsons Trigger Period has commenced, Borrower has
provided to Lender evidence reasonably satisfactory to Lender (which shall include a duly executed estoppel certificate from such Tenant) that such Tenant is in actual, physical possession and occupancy of (and re-commenced its operations at) the
Parsons Premises, such Tenant is open to the public for business during customary hours, not “dark” in Parsons Premises and paying full, unabated rent without offset, and that there are no Leasing Costs due and payable (or to become due or
payable) and/or Tenant Improvements to be completed in connection with such re-occupancy or re-commencement of operations at the Parsons Premises; 

(E) in the case of clause (i)(e) above, provided no other Parsons Trigger Period has commenced, such Tenant
and/or the guarantor under the Parsons Lease, as applicable, is no longer insolvent or subject to any Bankruptcy Action and has affirmed the Parsons Lease pursuant to final, non-appealable order of a court of competent jurisdiction; 

(F) in the case of clause (i)(f) above, provided no other Parsons Trigger Period has commenced, Borrower has
provided Lender with evidence reasonably satisfactory to Lender (which can include a duly-executed estoppel certificate from such Tenant) that all defaults under the Parsons Lease have been cured. 

“Payment” shall have the meaning set forth in Section 2.3(e) hereof. 

  
 12 

 “Payment Date” shall mean the first (1st) day of each month beginning with the second calendar month following the date hereof (or, if the date of this Agreement is the first of a calendar month, beginning with the first calendar
month following the date hereof). 
 “Payment Differential” shall mean an amount equal to (i) the
Interest Rate less the Reinvestment Yield, divided by (ii) twelve (12), and multiplied by (iii) the principal sum outstanding under the Note after application of the Monthly Payment Amount due on the Prepayment Date (or, if notwithstanding
the provisions of Section 2.4 hereof the Prepayment Date is not a Payment Date, on the Payment Date immediately prior to the Prepayment Date), provided that the Payment Differential shall in no event be less than zero. 

“Permitted Exceptions” shall have the meaning set forth in Section 4.1(k) hereof. 

“Permitted Transfers” shall have the meaning set forth in Section 4.11 hereof. 

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

“Prepayment Date” shall have the meaning set forth in Section 2.4(c) hereof. 

“Prohibited Person” shall mean any Person identified on the OFAC List or any other Person with whom a U.S.
Person may not conduct business or transactions by prohibition of Federal law or Executive Order of the President of the United States of America. 

“Prohibited Use” shall mean (A) operation of a dry-cleaning business, except for a dry-cleaning business
at which no on-site cleaning operations of any sort are undertaken (i.e., a so-called drop-off station); (B) operation of a gasoline station or automobile service or maintenance facility; (C) operation of a car wash; (D) operation of
any other business that, in the ordinary course of operation, would be likely to result in the release of Hazardous Substances; (E) the sale or display of obscene or pornographic material, the conduct of obscene, nude or semi-nude live performances, or similar purposes; and (F) the operation of a cabaret, dance hall or similar venue. 

“Property” shall mean each parcel of real property (including, without limitation, the Fee Real Estate, and
the Leasehold Real Estate (each as defined in the Mortgage), the Improvements thereon and all personal property owned by Borrower and encumbered by the Mortgage, together with all rights pertaining to such real property, personal property and
Improvements, as more particularly described in granting clause of the Mortgage. 
 “Property Management
Agreement” shall have the meaning set forth in Section 4.24(a) hereof. 
 “Property
Manager” shall mean Transwestern Commercial Services Central Region, L.P. d/b/a Transwestern, as property manager and leasing broker, or any successor manager of the Property approved by Lender. 

“Property Reserve Accounts” shall have the meaning set forth in Section 4.29 hereof. 

“Prudent Lender Standard” shall, with respect to any matter, be deemed to have been met if the matter in
question (i) prior to a Secondary Market Transaction, is acceptable to Lender in Lender’s sole 

  
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discretion, applying standards comparable to those used by Lender in similar commercial mortgage loans, and (ii) after a Secondary Market Transaction, (A) if permitted by REMIC
requirements applicable to such matter, would be reasonably acceptable to Lender or (B) if the Lender discretion in the foregoing subsection (A) is not permitted under such applicable REMIC requirements, would be acceptable to a prudent
lender of securitized commercial mortgage loans. 
 “Qualified Replacement Lease” shall have the meaning
set forth in Section 4.28 hereof. 
 “Qualified Transferee” shall mean a Person that
(i) is a real estate investment trust, a bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, government entity or plan,
investment company registered under the Investment Company Act of 1940, as amended, or exempt or excluded from resignation or regulation thereunder pursuant to such Act and the rules thereunder, money management firm or a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act, as amended, (ii) has total assets
(in name or under management) in excess of $400,000,000.00 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity of $200,000,000.00, (iii) is not the subject of, and has
no subsidiary under its Control that is the subject of, a proceeding involving bankruptcy, insolvency, reorganization or relief of debtors, (iv) has not been convicted in a criminal proceeding for a felony or a crime involving moral turpitude
and is not reputed to have substantial business or other affiliations with an organized crime figure, (v) has no material outstanding litigation pending against such Person, and has no material regulatory actions pending against such Person or
any Person under its Control, (vi) has not, and has no subsidiary under its Control that has, defaulted under its obligations with respect to any other indebtedness in a manner which is not reasonably acceptable to Lender and (vii) has
passed all OFAC, Patriot Act and similar compliance requirements (including, without limitation, so as to cause the representations set forth in Section 4.1(nn) hereof to be true, correct and complete as of the relevant date). 

“Rating Agency” shall mean Fitch, Moody’s, S&P and/or any other nationally-recognized statistical
rating organizations, as designated by Lender from time to time, including, without limitation, to provide a rating on any proposed Defeasance Collateral, Borrower, the Loan or any securities evidencing an interest in, inter alia, a Trust or other
entity which is the holder of the Note. 
 “Rating Confirmation” shall mean, as to any proposed action,
written confirmation from each applicable Rating Agency that the proposed action will not result in a downgrade, qualification or withdrawal of any rating issued on securities evidencing an ownership interest in the Loan that was in effect
immediately prior to such proposed action. 
 “Rating Criteria” with respect to any Person shall mean that
(i) the short-term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s and F-1+ by Fitch, if deposits are held in the account for a period of less than 30 days or (ii) the
long-term unsecured debt obligations of which are rated at least “AA” by S&P and Fitch and Aa by Moody’s, if deposits are held in the account for a period of 30 days or more. 

“Real Estate” shall mean that certain real property (fee and leasehold) more particularly described on
Exhibit A attached hereto and incorporated herein by this reference. 
 “Regulation AB” shall mean
Regulation AB under the Securities Act and the Exchange Act, as amended from time to time. 

  
 14 

 “Recognized Independent Director Provider” shall mean one or
more of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or another nationally-recognized company approved by Lender (which approval
shall not unreasonably be withheld if such company is then generally acceptable both to the Rating Agencies and in the market for Secondary Market Transactions involving loans comparable to the Loan), in each case that is not an Affiliate of
Borrower or the related SPE Component Entity and that provides professional independent directors and other corporate services in the ordinary course of its business. 

“Reinvestment Yield” shall mean an amount equal to the lesser of (i) the yield on the U.S. Treasury
issue (primary issue) with a maturity date closest to the Maturity Date, or (ii) the yield on the U.S. Treasury issue (primary issue) with a term equal to the remaining average life of the indebtedness evidenced by the Note, as determined by
Lender, with each such yield being based on the bid price for such issue as published in the Wall Street Journal on the date that is fourteen (14) days prior to the Prepayment Date (or, if such bid price is not published on that date, the next
preceding date on which such bid price is so published) and converted to a monthly compounded nominal yield. 

“REMIC” shall mean a “real estate mortgage investment conduit”, within the meaning of
Section 860D of the Internal Revenue Code of 1986, as amended from time to time (or any successor statute), or any substantially similar vehicle for the holding of real estate indebtedness without the incurrence of taxation. 

“Renewal Lease” shall have the meaning set forth in Section 4.10 hereof. 

“Rents and Profits” shall mean all rents (including, without limitation, minimum rents, additional rents and
percentage rents), rent equivalents, termination payments, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables,
receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating to the
Property, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property, and proceeds, if any,
from business interruption or other loss of income insurance. 
 “Rent Roll” shall mean a schedule of all
Leases affecting the Property, accurately and completely setting forth in all material respects for each Lease the following: the name of the Tenant, the space demised to such Tenant, the Lease expiration date, extension and renewal provisions,
cancellation and termination provisions, the base rent payable, the security deposit held thereunder and any other material provisions of such Lease customarily included in similar schedules. 

“Replacement Ground Lease” shall have the meaning set forth in Section 4.1(rr) hereof. 

“Replacement Reserve” shall have the meaning set forth in Section 4.28 hereof. 

“Reserves” shall mean, collectively, all cash funds, deposit accounts and other rights and evidence of rights
to cash, now or hereafter created or held by Lender pursuant to this Agreement or any other of the Loan Documents, including, without limitation, all funds now or hereafter on deposit in the Impound Account, and in the reserves required pursuant to
Section 4.28 hereof. 
 “Restoration” shall have the meaning set forth in
Section 4.7 hereof. 

  
 15 

 “Sale” shall have the meaning set forth in
Section 4.11 hereof. 
 “S&P” shall mean Standard & Poor’s Ratings Group.

 “Scheduled Maturity Date” shall mean October 1, 2025. 

“Secondary Market Transaction” shall mean (1) any sale of this Agreement, the Mortgage, Note and other
Loan Documents to one or more Investors as a whole loan, (2) a participation of the Debt to one or more Investors, (3) a securitization of the Loan, (4) any other sale or transfer of the Debt or any interest therein to one or more
Investors. 
 “Securities Act” shall mean the Securities Act of 1933, and the regulations promulgated
thereunder, as amended from time to time. 
 “Securitization Closing Date” shall mean the date upon which a
Secondary Market Transaction closes, if any. 
 “Securitization Documents” shall mean the documents
effecting any Secondary Market Transaction in which the Loan (or any portion of, or interest in, the Loan) may be included, and/or the documents creating and/or governing any Trust created thereby, and/or any other document, instrument or agreement
in connection with the foregoing establishing conditions for the administration and/or servicing of the Loan following any Secondary Market Transaction. 

“Servicer” shall mean 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 shall be so appointed, the term “Servicer” shall be deemed to refer to Lender. 

“SPE Component Entity” shall mean a corporation or an SPE-Qualifying LLC that satisfies all of the following
at all times: (i) the sole asset of such entity is its ownership interest in Borrower, and such ownership interest represents not less than one-half of one percent (0.5%) direct ownership in Borrower; (ii) such entity has, at all times, at
least one (1) Independent Director; (iii) includes, in its Organizational Documents, provisions substantially similar to clauses (i) through (v), inclusive, of Section 4.27(c) of this Agreement; (iv) includes, in its
Organizational Documents, provisions substantially similar to Section 4.27(d), (g), and (i) of this Agreement; (v) such entity has no debt (whether secured or unsecured, direct or contingent, including pursuant to any
guaranty); and (vi) such entity agrees in writing with Lender to comply with the relevant provisions of this Agreement. 

“SPE-Qualifying LLC” shall mean a limited liability company formed under the laws of the State of Delaware or
the laws of the State of Maryland which (i) at all times has at least one springing member that, upon the dissolution of all of other members of (or the withdrawal or the disassociation of all other members from) such limited liability company,
shall immediately become the sole member of such limited liability company, and (ii) otherwise meets the criteria then applicable to such entities as established by the Rating Agencies and/or generally applicable to Secondary Market
Transactions, and (iii) generally meets the requirements of Section 4.27 of this Agreement. 

“Subaccounts” shall have the meaning set forth in Section 3.2 hereof. 

“Successor Guarantor” shall have the meaning set forth in Section 4.11 hereof 

“Taxes” shall have the meaning set forth in Section 4.5 hereof. 

  
 16 

 “Tenant” shall mean any Person leasing, subleasing or otherwise
occupying any portion of the Property under a Lease. 
 “Tenant Direction Letter” shall have the meaning
set forth in Section 3.1 hereof. 
 “Tenant Financial Information” shall have the meaning set
forth in Section 4.10 hereof. 
 “Tenant Improvements” shall have the meaning set forth in
Section 4.28 hereof. 
 “Term” shall mean the entire term of this Agreement, which shall expire
upon repayment in full of the Debt and full performance of each and every obligation to be performed by Borrower pursuant to the Loan Documents. 

“Terminating Tenant” shall have the meaning set forth in Section 4.28 hereof. 

“Title Insurance Policy” shall have the meaning set forth in Section 4.1(k) hereof. 

“Transfer” shall have the meaning set forth in Section 4.11 hereof. 

“Trust” shall mean the REMIC (or other transferee pursuant to a Secondary Market Transaction, as to which
interests are conveyed to one or more Investors) that holds the Loan. 
 “Trust Account” shall mean a
segregated trust account maintained by a corporate trust department of a federal depository institution or a state chartered depository institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of
Federal Regulations §9.10(B) which has corporate trust powers and is acting in its fiduciary capacity. 
 “UCC
Collateral” shall have the meaning set forth in the Mortgage. 
 “Underwritten Net Cash Flow”
shall mean, for any period, the underwritten net cash flow for the Property (calculated in accordance with Lender’s underwriting standards for financings similar to the Loan) for such period, annualized, reflecting (i) an assumed vacancy
rate equal to the greater of (1) the actual vacancy rate at the Property, (2) the market vacancy in the Richardson/Plano Class A office submarket, or (3) a five percent (5.0%) vacancy rate) and (ii) operating expenses
(including such reserves for tenant improvements, leasing commissions, repairs and replacements, taxes and insurance premiums as Lender requires), and (iii) management fees (equal to the greater of the actual management fees paid by Borrower or
a three percent (3.0%) management fee), and (iv) an ongoing replacement reserve equal to $0.20 per square foot, and (v) a rollover reserve equal to $230,601.00 per annum. 

“United Healthcare” shall mean United HealthCare Services, Inc., together with its permitted successors
and/or assigns under the United Healthcare Lease. 
 “United Healthcare Cash Collateral Reserve” shall have
the meaning set forth in Section 4.28 hereof. 
 “United Healthcare Lease” shall mean,
collectively, (i) that certain office lease dated April 12, 2012, between GPI-M 190A, LP, as landlord, and United Healthcare, as tenant, together with and as amended by that that certain Acceptance of Premises Memorandum dated
October 5, 2012, that certain First Amendment dated March 1, 2013 and that certain Second Amendment dated February 16, 2015, covering approximately 50,908 square feet of space at the Property at the date of this Agreement, and
(ii) that certain office lease dated March 12, 2008, between GPI-M 190B, LP, as landlord, and United 

  
 17 

 
Healthcare, as tenant, together with and as amended by that certain Acceptance of Premises Memorandum dated October 31, 2008, that certain notice letter dated June 25, 2010, that
certain Release and Indemnity Agreement dated March 2013 and that certain First Amendment dated February 16, 2015, covering approximately 147,049 square feet of space at the property at the date of this Agreement, which covers an approximate
aggregate space of 197,957 square feet at the Property at the date of this Agreement. 
 “United Healthcare
Premises” shall mean that certain premises demised under the United Healthcare Lease. 
 “United Healthcare
Rent Reserve” shall have the meaning set forth in Section 4.28(k) hereof 
 “United Healthcare
Trigger Period” (i) shall commence upon the occurrence of each of the following (each time any of the following may occur): 

(a) Tenant under the United Healthcare Lease failing to provide written notice to Borrower of its election to
extend or renew the United Healthcare Lease for at least five (5) years on or before 15 months prior to lease expiration at a base rent that is not less than $24 per square foot; 

(b) the receipt by Borrower or Property Manager of notice from the Tenant under the United Healthcare Lease
that it is exercising its right to terminate the United Healthcare Lease pursuant to the United Healthcare Lease, excluding such right to terminate with relation only to the termination option specifically provided in that certain Second Amendment
dated February 16, 2015 relating to the 50,908 square feet in building one at the Property unless such termination would result in a Low Debt Service Period; 

(c) the date that the United Healthcare Lease (or any material portion of the premises demised thereunder) is
surrendered, cancelled or terminated prior to its then current expiration date (including any rejection in a Bankruptcy Action) or the receipt by Borrower or Property Manager of notice from the Tenant under the United Healthcare Lease of its intent
to surrender, cancel or terminate the United Healthcare Lease (or any material portion of the premises demised thereunder) prior to its then current expiration date; 

(d) Tenant under the United Healthcare Lease failing to be in actual, physical occupancy of the United
Healthcare Premises, ceases operations and the conduct of its business and/or such Tenant “going dark” in or vacating the United Healthcare Premises; 

(e) any Bankruptcy Action of the Tenant under the United Healthcare Lease or any guarantor of such Lease; or

 (f) an event of default under the United Healthcare Lease beyond any applicable notice and cure periods;
and 
 (ii) shall end upon the first to occur of the following: 

(A) in the case of clauses (i)(a), (i)(b), (i)(c), and (i)(d) above, each of the Occupancy Conditions with
respect to the entire United Healthcare Premises have been satisfied; 
 (B) in the case of clauses (i)(a)
and (i)(b) above, provided no other United Healthcare Trigger Period has commenced, the date on which Tenant under the United Healthcare Lease irrevocably (A) exercises its renewal or extension option (or otherwise enters into an extension

  
 18 

 
agreement with Borrower and acceptable to Lender) with respect to all of the United Healthcare Premises for a term of at least five (5) years at a base rent that is not less than $24 per
square foot or (B) revokes or rescinds in writing all termination or cancellation notices with respect to the United Healthcare Lease and re-affirms such Lease as being in full force and effect without any default thereunder, as applicable, and
such Tenant is (w) conducting normal business operations at the entire United Healthcare Premises, (x) is paying full, unabated rent under the United Healthcare Lease, (y) is not in default (beyond any applicable notice and cure
period) in accordance with the terms and conditions of the United Healthcare Lease and (z) has executed and delivered estoppel certificates reasonably acceptable to Lender certifying the foregoing and confirming that all Leasing Costs and other
material costs and expenses associated with the United Healthcare Lease have, to the extent then due and owing, been paid in accordance with the terms of the United Healthcare Lease; 

(C) in the case of clause (i)(c) above, provided no other United Healthcare Trigger Period has commenced, if
such termination option is not validly exercised by the Tenant under the United Healthcare Lease by the latest exercise date specified in the United Healthcare Lease or is otherwise validly and irrevocably waived in writing by the Tenant under the
United Healthcare Lease, and such Tenant has re-affirmed the United Healthcare Lease as being in full force and effect without any default thereunder; 

(D) in the case of clause (i)(d) above, provided no other United Healthcare Trigger Period has commenced,
Borrower has provided to Lender evidence reasonably satisfactory to Lender (which shall include a duly executed estoppel certificate from such Tenant) that such Tenant is in actual, physical possession and occupancy of (and re-commenced its
operations at) the United Healthcare Premises, such Tenant is open to the public for business during customary hours, not “dark” in United Healthcare Premises and paying full, unabated rent without offset, and that there are no Leasing
Costs due and payable (or to become due or payable) and/or Tenant Improvements to be completed in connection with such re-occupancy or re-commencement of operations at the United Healthcare Premises; 

(E) in the case of clause (i)(e) above, provided no other United Healthcare Trigger Period has commenced, such
Tenant and/or the guarantor under the United Healthcare Lease, as applicable, is no longer insolvent or subject to any Bankruptcy Action and has affirmed the United Healthcare Lease pursuant to final, non-appealable order of a court of competent
jurisdiction; or 
 (F) in the case of clause (i)(f) above, provided no other United Healthcare Trigger
Period has commenced, Borrower has provided Lender with evidence reasonably satisfactory to Lender (which can include a duly-executed estoppel certificate from such Tenant) that all defaults under the United Healthcare Lease have been cured. 

“Vacated Space” shall have the meaning set forth in Section 4.28 hereof. 

“Yield Maintenance Amount” shall mean the present value of a series of payments each equal to the Payment
Differential and payable on each Payment Date over the remaining original term of the Loan and, with respect to the principal balance of the Note due to be outstanding on such date, on the Maturity Date, discounted at the Reinvestment Yield for the
number of months remaining as of the date of such prepayment to each such Payment Date and the Maturity Date, respectively. 

  
 19 

 ARTICLE II 

GENERAL TERMS 

2.1         Loan Commitment; Disbursement to Borrower. 

(a)        Agreement to Lend and Borrow. Subject to and upon the terms and
conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to borrow the Loan. 

(b)        Disbursement of Loan to Borrower. Borrower may request and receive
only one borrowing hereunder in respect of the Loan. 
 (c)        Use of
Proceeds. Borrower shall use the proceeds of the Loan as set forth on Closing Statement. 

(d)        No Reborrowing of Amounts Repaid. Any amount borrowed and repaid in
respect of the Loan may not be reborrowed. 
 (e)        The Note, this
Agreement, the Mortgage and Loan Documents. The Loan shall be evidenced by the Note and this Agreement and secured by the Mortgage, the Assignment of Leases and the other Loan Documents. 

2.2        Interest Rate. 

(a)        Interest Generally. Interest on the outstanding principal balance
of the Loan shall accrue from the Closing Date to the Maturity Date at the Interest Rate. Borrower shall pay to Lender on each Payment Date the interest accrued on the Loan for the preceding Interest Accrual Period. 

(b)        Interest Calculation. Interest on the outstanding principal balance
of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding
principal balance of the Loan. 
 (c)        Default Rate. During the
existence of an Event of Default, Borrower shall pay interest on the entire unpaid principal sum and any other amounts due under the Loan Documents at the Default Rate. The Default Rate shall be computed from the occurrence of an Event of Default
until the cure of all Event(s) of Default then continuing. Amounts of interest accrued at the Default Rate shall constitute a portion of the Debt, and shall be deemed secured by the Loan Documents. This clause, however, shall not be construed as an
agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. 

(d)        Usury Savings. This Agreement, the Note and the other Loan
Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of
being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay (the “Maximum Legal Rate”). If, by the terms of this Agreement or the other Loan Documents, Borrower is at any
time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum
Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender

  
 20 

 
for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated
term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 2.3         Loan Payment. 

(a)         Payments Generally. If any payment hereunder or under any
Loan Document becomes due and payable on a day other than a Business Day, such payment shall be payable on the next Business Day (but the passing of any grace period shall be measured from the original date on which such payment was due and
payable). All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. 

(b)         Principal and Interest Payments. Payments of principal and
interest under the Loan, calculated in accordance with the terms hereof, shall be due and payable (without notice or demand) as follows: 

(i)        interest only at the Interest Rate in effect for the First
Interest Accrual Period shall be due and payable concurrently with the making of the advance of the principal balance of the Loan, as shown on the Closing Statement; 

(ii)       for each Interest Accrual Period following the First Interest
Accrual Period, Borrower shall pay to Lender the Monthly Payment Amount on the related Payment Date, to be applied as set forth in Section 2.3(e) of this Agreement; and 

(iii)      the entire outstanding principal amount of the Loan, together with
all accrued and unpaid interest and any other charges due thereon and all other sums due and payable pursuant to this Agreement and/or the other Loan Documents, shall be due and payable on the Maturity Date. 

Payments made by Borrower under this Agreement shall be made free and clear of, and without reduction for or on account of, any present or
future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding income and franchise taxes of the
United States of America or any political subdivision or taxing authority thereof or therein (such non-excluded taxes being called “Additional Taxes”). If any Additional Taxes are required to be withheld from any amounts payable to
Lender hereunder or under any of the other Loan Documents, the amounts so payable to Lender shall be increased to the extent necessary to yield to Lender (after payment of all Additional Taxes) interest or any such other amounts payable hereunder at
the rates or in the amounts specified in this Agreement. 

(c)         Late Payment Charge. If any Monthly Payment Amount or any
other sums due under the Loan Documents (excluding only the outstanding principal due on the Maturity Date) is not paid by Borrower by the date on which it is due (after giving effect to any applicable notice, cure and/or grace period set forth in
Section 5.1(a) below), Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law (the “Late Payment Charge”) in
order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the other Loan
Documents to the extent permitted by applicable law. 

  
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 (d)         Method and Place of
Payment. Payments shall be paid by Borrower, without set-off or counterclaim, by wire transfer to Lender at 425 Lexington Avenue, Attention: Agency Services, New York, New York 10017, or to such other location or account as Lender may specify to
Borrower from time to time, in federal or other immediately available funds in lawful money of the United States of America, not later than 12:00 noon, New York City time, on the date due. If the date for any payments of principal is extended on
account of the foregoing or on account of operation of law or otherwise, interest thereon shall be payable at the then applicable rate during such extension. 

(e)         Application of Payments. 

(i)        Except during the continuance of an Event of Default, all
proceeds of any repayment, including prepayments, of the Loan (a “Payment”) shall be applied to pay: (1) first, any costs and expenses of Lender (and any Servicer) required to be reimbursed under the terms of the Loan
Documents; (2) second, to any Late Payment Charges and accrued and unpaid interest payable at the Default Rate; (3) third, accrued and unpaid interest payable at the Interest Rate; (4) fourth, any other amounts then due and owing
under the Loan Documents (including, without limitation, payments to any Reserve required hereunder); and (5) fifth, to the outstanding principal amount of the Loan. After the occurrence and during the continuation of an Event of Default, all
proceeds of repayment, including any payment or recovery on the Collateral, shall be applied in such order and in such manner as Lender shall elect in Lender’s sole and absolute discretion. 

(ii)       To the extent that Borrower makes a Payment or Lender receives
any Payment or proceeds for Borrower’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under
any bankruptcy law, common law or equitable cause, then, to such extent, the obligations of Borrower hereunder intended to be satisfied shall be revived and continue as if such Payment or proceeds had not been received by Lender. 

2.4         Prepayment Restrictions. 

(a)         Restriction on Prepayment. The principal balance of the Loan
may not be prepaid in whole or in part (except with respect to the application of casualty or condemnation proceeds, as to which the provisions of Section 2.4(e) shall apply) prior to the Lockout Release Date. From and after the Lockout
Release Date, the Loan may be prepaid in whole only, and not in part, in accordance with Section 2.4(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default is continuing at the time of prepayment of the Loan, then
the provisions of Section 2.4(d) of this Agreement shall apply. 

(b)         Restriction on Defeasance. Borrower may effect a Defeasance
only as set forth in Section 2.5 below. 

(c)         Conditions for Prepayment. On the Lockout Release Date, or at
any time thereafter, provided no Event of Default exists, the principal balance of the Loan may be prepaid, in whole but not in part (except with respect to the application of casualty or condemnation proceeds), on any Payment Date upon not less
than thirty (30) days nor more than ninety (90) days prior written notice to Lender specifying the Payment Date on which prepayment is to be made (the “Prepayment Date”), provided that such prepayment is accompanied
by payment of (i) any costs and expenses of Lender required to be reimbursed under the terms of the Loan Documents, (ii) interest accrued and unpaid on the principal balance of the Loan to and including the Prepayment Date, and
(iii) all other sums then due under this Agreement and the other Loan Documents. If any such notice of prepayment is given, the principal balance of the Loan that is the subject of such notice of prepayment and the other sums required under
this paragraph shall be due and payable on the Prepayment Date. 

  
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 (d)         Prepayment During
the Continuation of an Event of Default. If prepayment of the Loan, in whole or in part, occurs at any time when an Event of Default shall be continuing (irrespective of whether foreclosure proceedings have been commenced) prior to the Lockout
Release Date, then in addition to the payment of the amounts specified in clauses (i) through (iii) of Section 2.4(c) above, Borrower shall also pay to Lender a prepayment fee equal to the greater of (1) the Yield
Maintenance Amount, and (2) an amount equal to two percent (2%) of the principal amount of the Loan prepaid. 

(e)         Prepayment from Casualty or Condemnation Proceeds.
Prepayments of principal (whether full or partial) resulting from the application of casualty or condemnation proceeds to the Debt (whether such application is required by Lender or requested by Borrower) shall be applied to the payments of
principal due under the Loan in inverse order of maturity. Any such repayment shall not change the amounts of subsequent monthly installments of principal (if any are required hereunder) nor change the dates on which such installments are due,
unless Lender shall otherwise agree in writing. In addition, except as hereinafter provided in this subparagraph (e), prepayments of principal (whether full or partial) resulting from the application of casualty or condemnation proceeds to the Debt
under this subparagraph (e) shall be made without the imposition of the Yield Maintenance Amount or any other premium or penalty, provided, however, if an Event of Default shall have occurred and be continuing at the time of the related
casualty or condemnation, in addition to applying such proceeds as provided in this Agreement, Borrower shall pay the Yield Maintenance Amount to Lender. Lender, at its option, may elect to use such proceeds and Yield Maintenance Amount (if any) to
defease an amount of the Loan equal to the proceeds applied as a prepayment, in the manner provided in Section 2.5 below. 

2.5         Defeasance. At any time during the Defeasance Period, Borrower
may obtain a release of the Property from the lien of the Mortgage and other Loan Documents upon the satisfaction of the following conditions: 

(a)         Not less than thirty (30) days’ prior written notice shall
be given to Lender specifying a date (the “Defeasance Date”) on which the Defeasance Deposit is to be delivered; 

(b)         All accrued and unpaid interest on the Loan and all other sums due
hereunder and under the other Loan Documents up to the Defeasance Date, including, without limitation, all amounts payable pursuant to Section 2.5(f) hereof, shall be paid in full on or prior to the Defeasance Date; 

(c)         No Event of Default, shall be continuing either at the time Borrower
gives notice of the Defeasance Date to Lender or on the Defeasance Date; 

(d)         On or before the Defeasance Date, Borrower shall deliver (or cause
to be delivered) to Lender each of the following: 
 (i)        the
Defeasance Deposit, together with the amount required by Section 2.5(f) hereof; 

(ii)       the Defeasance Security Agreement, duly executed by Borrower,
together with an endorsement of the Defeasance Collateral by the holder thereof as directed by Lender (or a written instrument of transfer in form and substance wholly satisfactory to Lender (including, without limitation, such instruments as may be
required by the depository institution holding such securities to effectuate book-entry transfers and pledges through the book-entry facilities of such institution)) sufficient so as to create a first priority security interest therein in favor of
Lender in conformity with any applicable state and federal laws governing granting of such security interests; 

  
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 (iii)        an opinion
of counsel for Borrower, in form and substance (and delivered by counsel) satisfactory to Lender in its sole discretion stating, among other things, (w) that Lender has a perfected first priority security interest in the Defeasance Deposit and
the Defeasance Collateral, (x) that the Defeasance Security Agreement is enforceable against Borrower in accordance with its terms, (y) that the Defeasance will not (1) cause the Trust to fail to qualify as a REMIC within the meaning
of Section 860D of the Code as a result of such Defeasance, (2) constitute a “significant modification” of the Loan within the meaning of Treasury Regulation Section 1.1001-3(b) or cause the Loan to fail to be a
“qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code, (3) result in a deemed exchange for purposes of the Code and will not adversely affect the status of the Note as indebtedness for federal income tax
purposes, and (4) constitute an avoidable preference under Section 547 of the Bankruptcy Code, or similar provisions of any applicable state law, and (z) if a Non-Consolidation Opinion was delivered in connection with the closing of
the Loan, setting forth such comparable opinions as to Successor Borrower as Lender shall reasonably require (or as shall be required to satisfy the Securitization Documents); 

(iv)        a Rating Confirmation from each of the applicable Rating
Agencies for any securities issued in connection with a Secondary Market Transaction; 

(v)         a certificate in form and substance acceptable to
Lender, from a nationally-recognized firm of independent certified public accountants acceptable to Lender and satisfying the requirements of the Securitization Documents, certifying that the Defeasance Collateral is sufficient to generate monthly
amounts equal to or greater than the payments due on all successive Payment Dates occurring after the Defeasance Date through and including the Maturity Date, with each such payment being equal to or greater than (1) the Monthly Payment Amount
due on such Payment Date, and (2) with respect to the payment due on the Maturity Date, the entire outstanding principal balance of the Loan together with any interest accrued as of such date and all other amounts payable pursuant to the Loan
Documents on such date; 
 (vi)        if required to comply with
the requirements of any Securitization Documents, a certification of Borrower and Guarantor that the purpose of the defeasance is to facilitate the disposition of the Property, the refinancing of the Property or any other customary commercial
transaction, and is not part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages; and 

(vii)       such other certificates, opinions, documents or instruments as
Lender may reasonably require to satisfy any conditions of the Securitization Documents. 

(e)         As part of the Defeasance, Borrower shall assign all its obligations
and rights in, to and under the Note, the Defeasance Collateral and the Defeasance Security Agreement to a successor entity acceptable to Lender (“Successor Borrower”). In connection therewith, the Successor Borrower shall execute
an assumption agreement in form and substance satisfactory to Lender in its sole discretion pursuant to which it shall assume Borrower’s obligations under the Note and the Defeasance Security Agreement and accept an assignment of the Defeasance
Collateral. In connection with such assignment and assumption, Borrower and/or Successor Borrower shall deliver to Lender an opinion of counsel in form and substance and delivered by counsel satisfactory to Lender in its sole discretion stating,
among other things, that such assumption agreement is enforceable against Borrower and Successor Borrower, as applicable, in accordance with its terms and that the Note, the Defeasance Security Agreement and any other documents executed in
connection with such defeasance are enforceable against Borrower or Successor Borrower, as applicable, in accordance with their respective terms. 

  
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 (f)        Borrower shall pay,
simultaneously with the Defeasance of the Loan as aforesaid, all reasonable costs and expenses incurred by Lender and Successor Borrower and their respective agents and servicers in satisfying the foregoing conditions and of the transactions
contemplated by this Section 2.5, including, without limitation, the reasonable and customary brokerage or other transaction fees in purchasing the Defeasance Collateral, any reasonable legal fees and expenses incurred in connection with
obtaining and reviewing the Defeasance Collateral and the preparation of the Defeasance Security Agreement and related documentation and confirming the satisfaction of the other conditions to the Defeasance, and the cost of any Rating Confirmation.

 (g)        Upon compliance with all of the foregoing requirements of this
Section 2.5, (i) Borrower and Guarantor shall be relieved of their respective obligations under the Note and the Defeasance Security Agreement and the other Loan Documents (except to the extent such obligations survive any repayment
or defeasance of the Loan), and (ii) the Property shall be released from the lien of the Mortgage and of the other Loan Documents, and (iii) the Defeasance Collateral shall constitute the only collateral which shall secure the Note. Lender
will, at Borrower’s expense, execute and deliver any agreements reasonably requested by Borrower to release the Property from such liens. 

(h)        The entity initially named herein as “Lender” shall have the
sole right to (i) establish or designate the Successor Borrower and (ii) purchase or cause the purchase of the Defeasance Collateral with the Defeasance Deposit, which rights (collectively, the “Defeasance Rights”) may be
exercised in Lender’s sole discretion and shall be retained by such entity initially named herein as “Lender” notwithstanding any transfer or securitization of the Loan unless such Defeasance Rights are expressly conveyed together
therewith; the Defeasance Rights may be conveyed separately from the Loan. 
 ARTICLE III 

CASH MANAGEMENT 

3.1         Clearing Account; Deposit of Rents and Profits; Withdrawals from
Clearing Account. 
 (a)        Borrower confirms that upon the commencement of
a Cash Management Period and at all times thereafter, Borrower shall establish, and Borrower covenants that it shall maintain, pursuant to the Clearing Bank Agreement, an Eligible Account at the Clearing Bank (the “Clearing
Account”). Borrower irrevocably agrees that, upon the first occurrence of a Cash Management Period, Lender may direct the Clearing Bank to open the Clearing Account in accordance with the Clearing Bank Agreement. The Clearing Account shall
be in the name of the Borrower for the benefit of the Lender, provided that Borrower shall be the owner of all funds on deposit in such accounts for federal and applicable state and local tax purposes and the Clearing Account shall be assigned the
tax identification number of Borrower. Borrower acknowledges and agrees that, so long as any portion of the Debt remains outstanding, neither Borrower, Property Manager nor any other Person acting on behalf of, or claiming through, Borrower or
Property Manager, shall have any right or authority to change the identity, name, location, account number, bank location or other feature or attribute of the Clearing Account without the prior written consent of Lender, which consent may be
withheld by Lender in its sole and absolute discretion. In the event that Clearing Bank requires a modification to the Clearing Bank Agreement, such modification shall only be made following Lender’s written consent (which may be granted or
withheld in Lender’s sole and absolute discretion) and if Lender refuses to agree to the requested change, then Borrower shall establish a new Clearing Account at an Eligible Bank (and such Eligible Bank shall enter into a new Clearing Bank
Agreement in form and substance satisfactory to Lender). In addition, at the 

  
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election of Lender, exercised from time to time (i) after the occurrence and during the existence of an Event of Default, (ii) at any time Lender reasonably believes that the Clearing
Bank is not adequately performing its duties under the Clearing Bank Agreement, (iii) at any time after the credit rating of the Clearing Bank falls below the requirements of an Eligible Bank (unless Lender has waived the Eligible Bank
requirements) or (iv) at any time after Lender has waived the Eligible Bank requirements for the Clearing Bank, but Lender has elected, in its sole and absolute discretion, to require that the Clearing Account be located at an Eligible Bank,
Borrower will establish a new Clearing Account at an Eligible Bank (and such Eligible Bank shall enter into a new Clearing Bank Agreement in form and substance satisfactory to Lender). Borrower hereby irrevocably appoints Lender as its
attorney-in-fact (coupled with an interest) to execute a modification of the Clearing Bank Agreement approved by Lender or establish a new Clearing Account at an Eligible Bank upon Lender’s exercise of its rights under the preceding sentence,
upon Borrower’s failure to do so within ten (10) days following Lender’s written demand. 

(b)         The Clearing Account shall be under the sole and exclusive dominion
and control of the Lender and neither Borrower, nor Property Manager, nor any other party claiming on behalf of, or through, Borrower or Property Manager, shall have any right to transfer, withdraw, access or otherwise direct the disposition of
funds on deposit or deposited into the Clearing Account or have any other right or power with respect to the Clearing Account; provided, however, that Borrower or Property Manager or their designee shall have the right, if available
through the Clearing Bank, to access information regarding balances, deposits into and withdrawals from the Clearing Account, so long as such information access right does not permit Borrower or Property Manager or any party other than Lender or
Servicer to transfer, withdraw, access or otherwise direct the disposition of funds on deposit in the Clearing Account. 

(c)         Borrower agrees to timely pay the customary fees and expenses of
Clearing Bank in connection with the Clearing Account and any Lockbox Address, as such fees and expenses are established from time to time. In the event that Clearing Bank seeks reimbursement of any item deposited into the Clearing Account but
returned or disallowed or reimbursement of any other monetary sum pursuant to the Clearing Bank Agreement, Borrower shall promptly and timely pay such sum. In the event Clearing Bank seeks reimbursement of sums from Lender pursuant to the Clearing
Bank Agreement, Borrower shall, upon demand by Lender, pay Clearing Bank such sums. Failure of Borrower to pay any sum due and payable (by Borrower or Lender) to the Clearing Bank in connection with the Clearing Account within five (5) days
after written demand by Lender shall constitute an Event of Default under this Agreement. 

(d)         The following provisions shall apply: 

(i)        Upon the occurrence of a Cash Management Period and upon
written demand by Lender, Borrower shall establish with Clearing Bank a lock box address at the Clearing Bank (the “Lockbox Address”). 

(ii)       Upon the commencement of a Cash Management Period and upon
written demand by Lender and until the Debt is repaid in full, Borrower shall, or shall cause Property Manager to, notify and advise each Tenant under each Lease (whether such Lease is presently effective or executed after the date hereof) pursuant
to an instruction letter in the form of Exhibit E attached hereto (a “Tenant Direction Letter”) to send directly to the Lockbox Address (or to the Clearing Account via ACH transfer or wire transfer) all sums due and payable by such
Tenant under its Lease as and when due and payable under its Lease. At or prior to the Closing Date, Borrower shall deliver to Lender partially-completed original Tenant Direction Letters addressed to all Tenants listed on the Rent Roll attached
hereto as Exhibit B. Borrower hereby grants to Lender a power of attorney (which power of attorney shall be coupled with an interest and irrevocable so long as any portion of the Debt remains outstanding) to sign and

  
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deliver to any Tenant, (i) upon the occurrence of a Cash Management Period, or (ii) upon failure of Borrower to do so within five (5) days following written demand from Lender,
such partially-completed or completed Tenant Direction Letters, as applicable. 

(iii)        During any Cash Management Period and until the Debt is
repaid in full, Borrower shall, or shall cause Property Manager to, instruct all Persons that maintain open accounts with Borrower or Property Manager with respect to the Property or with whom Borrower or Property Manager does business on an
“accounts receivable” basis with respect to the Property (any such Person, an “Accounts Receivable Payor”), to deliver all payments due under such accounts directly to the Lockbox Address (or to the Clearing Account via
ACH transfer or wire transfer) (such an instruction by Borrower, an “Accounts Receivable Instruction”). Neither Borrower nor Property Manager shall direct any such Person to make payments due under such accounts in any other manner.

 (iv)        Intentionally omitted. 

(v)         If Lender requires Borrower to deliver any Direction
Letters or Accounts Receivable Instructions, then if notwithstanding the foregoing, Borrower or Property Manager should receive any Rents and Profits, the recipient of such Rents and Profits shall deposit same with the Clearing Bank within one
(1) Business Day after receipt. 
 (vi)        Without the
prior written consent of Lender, so long as any portion of the Debt remains outstanding, neither Borrower nor Property Manager shall terminate, amend, revoke or modify any Direction Letter or any Accounts Receivable Instruction in any manner
whatsoever or direct or cause any Tenant or any Accounts Receivable Payor to pay any amount in any manner other than as provided in the related Direction Letter or Accounts Receivable Instruction. 

(vii)       So long as any portion of the Debt remains outstanding,
neither Borrower, Property Manager nor any other Person shall open or maintain any accounts into which Rents and Profits are deposited other than the Clearing Account. The foregoing shall not prohibit Borrower or Property Manager from utilizing one
or more separate accounts for the disbursement or retention of funds that have been transferred to Borrower or the Property Manager pursuant to the express terms of this Agreement. 

(e)         Absent the existence of a Cash Management Period, on each Business
Day on which available funds are on deposit in the Clearing Account, Clearing Bank shall transfer all such available funds to an operating account established, maintained by and under the exclusive dominion and control of Borrower (the
“Operating Account”). Commencing with a Cash Management Commencement Date and continuing during the existence of a Cash Management Period, without limiting the foregoing provisions, all transfers from the Clearing Account to the
Operating Account shall immediately cease and Lender shall have the right, at its sole option, to instruct the Clearing Bank, from time to time, to administer available sums on deposit in or deposited into the Clearing Account in the manner set
forth in Section 3.3 below or to transfer available sums on deposit in the Clearing Account, from time to time, to a Cash Management Account (as defined below). The initial Operating Account is set forth in the Clearing Bank Agreement.

 3.2         Cash Management Account; Processing of Rents and Profits.

 (a) At Lender’s option, Lender may establish an Eligible Account (the “Cash Management Account”)
at an Eligible Bank (the “Cash Management Bank”) selected by Lender in its sole discretion. The Cash Management Account shall be in the name of the Borrower for the benefit of 

  
 27 

 
the Lender, provided that Borrower shall be the owner of all funds on deposit in such accounts for federal and applicable state and local tax purposes and the Cash Management Account shall be
assigned the tax identification number of Borrower. 
 (b)         The Cash
Management Account shall be under the sole and exclusive dominion and control of the Lender and neither Borrower, Property Manager nor any other party claiming on behalf of, or through, Borrower or Property Manager, shall have any right to transfer,
withdraw, access or otherwise direct the disposition of funds on deposit in the Cash Management Account or have any other right or power with respect to the Cash Management Account. 

(c)         Borrower agrees to timely pay the customary fees and expenses of
Cash Management Bank in connection with the Cash Management Account, as such fees and expenses are established from time to time. Failure of Borrower to pay any sum due and payable (by Borrower or Lender) to the Cash Management Bank in connection
with the Cash Management Account within five (5) days after written demand by Lender shall constitute an Event of Default under this Agreement. 

(d)         At Lender’s option, the Cash Management Bank (or, if the Lender
elects to utilize the Clearing Account as the Cash Management Account, the Clearing Bank (which shall in such context also be referred to herein as the Cash Management Bank)) shall transfer sums on deposit in the Cash Management Account to any
number of subaccounts (collectively, the “Subaccounts”) which subaccounts shall be maintained on a ledger-entry basis and which Subaccounts may include, without limitation, one or more of the Impound Account and the Reserves. 

(e)         Upon a Cash Management Commencement Date and during the existence of
a Cash Management Period, Lender or Servicer shall (so long as no Event of Default has occurred and is continuing) direct the Cash Management Bank to allocate and disburse amounts on deposit in and deposited into the Cash Management Account in
accordance with the provisions of Section 3.3 below (the “Disbursement Instructions”); provided, however, that if no Disbursement Instructions are received by the Cash Management Bank with respect to a
monthly period, the Cash Management Bank may allocate and disburse amounts in the Cash Management Account pursuant to the most recent Disbursement Instructions received from Lender or Servicer prior thereto. 

3.3         Application and Disbursement of Funds. 

(a)         During any Cash Management Period, except as set forth is
Section 3.3(c) hereof, on each Payment Date Lender shall disburse and/or allocate to Subaccounts, as applicable, amounts deposited into the Cash Management Account in the following order of priority: 

(i)        First, payments to the Impound Account in accordance with
the terms and conditions of Section 4.6 hereof; 
 (ii)       Next,
to the payment of all amounts due under the Note on such Payment Date (including, without limitation, interest and, if applicable, principal) (which, following an Event of Default shall include, without limitation, interest at the Default Rate);

 (iii)      Next, payments of any other amounts due under the Loan
Documents not otherwise addressed by this Section 3.3 (a) (including, without limitation, payments to any Reserves not otherwise addressed by this Section 3.3(a)); 

(iv)      Next, payments to the Replacement Reserve, in accordance with the
terms and conditions of Section 4.28 hereof; 

  
 28 

 (v)        Next,
payments to the Leasing Reserve, in accordance with the terms and conditions of Section 4.28 hereof; 

(vi)       Next, payments for monthly Cash Expenses, less amounts payable
to affiliates of Borrower, incurred in accordance with the terms and conditions of the related Approved Annual Budget pursuant to a written request for payment submitted by Borrower to Lender specifying the individual Cash Expenses in a form
acceptable to Lender; 
 (vii)      Next, payments for monthly Cash Expenses
payable to Affiliates of Borrower, incurred in accordance with the terms and conditions of the related Approved Annual Budget pursuant to a written request for payment submitted by Borrower to Lender specifying the individual Cash Expenses in a form
acceptable to Lender; 
 (viii)     Next, payment for monthly Net Capital
Expenditures, incurred in accordance with the terms and conditions of the related Approved Annual Budget pursuant to a written request for payment submitted by Borrower to Lender specifying the individual Net Capital Expenditures in a form
acceptable to Lender; 
 (ix)       Next, payment for Extraordinary
Expenses approved by Lender, if any; and 
 (x)        Lastly, all
amounts remaining after payment of the amounts set forth in clauses (i) through (ix) above (“Available Cash”): 

(A)       During a Cash Management Period continuing due to a United
Healthcare Trigger Period, to the United Healthcare Cash Collateral Reserve to be held and disbursed in accordance with Section 4.28(g); or 

(B)       During a Cash Management Period continuing due to a Parsons
Trigger Period, to the Parsons Cash Collateral Reserve to be held and disbursed in accordance with Section 4.28(i); or 

(C)       Provided that no United Healthcare Trigger Period or Parsons
Trigger Period is continuing, to the Cash Collateral Reserve to be held or disbursed in accordance with Section 4.28(h). 

(D)       In the event that a United Healthcare Trigger Period and a
Parsons Trigger Period exist simultaneously, then Lender shall, in its reasonable discretion, allocate funds under clause (x) to such Reserves and Leases as Lender determines. 

(b)         During any Cash Management Period, in the event that the Borrower
must incur an Extraordinary Expense, then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for the Lender’s prior written approval. 

(c)         Notwithstanding any other provision of this Agreement or of the
other Loan Documents, during the continuance of an Event of Default, Lender reserves the right, exercisable at its sole option, to (x) take such enforcement actions (including, but not limited to, acceleration and foreclosure of the Property)
as it deems appropriate under the Loan Documents or otherwise under law or in equity and/or (y) apply Rents and Profits and other sums on deposit in or deposited into the Clearing Account, the Cash Management Account, the Impound Account, the
Reserves and any other sums deposited by Borrower with Lender to the payment of the Debt, in such order, manner, amounts and times as Lender in its sole discretion determines, and such reserved rights shall be in addition to all other rights and
remedies provided to Lender under this Agreement and the other Loan Documents. 

(d)         Nothing in this Section 3.3 shall limit, reduce or otherwise
affect Borrower’s obligations to make payments of the Monthly Payment Amount and, if applicable, payments to the Impound Account and/or any other Reserves, due under this Agreement and under the other Loan Documents, whether or not Rents and
Profits are available to make such payments. 

  
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 3.4        Security Interest.
Borrower acknowledges and agrees that it has granted to Lender a first-priority security interest in the Clearing Account and Cash Management Account and the sums on deposit therein, among other things, pursuant to this Agreement. Borrower
acknowledges and agrees that, without limitation of any other provisions of this Agreement, the Mortgage or the other Loan Documents, upon the occurrence and during the existence of an Event of Default, Lender may use the Clearing Account, the Cash
Management Account and/or any sums on deposit in either of them for any or all of the following purposes: (i) repayment of the Debt, including, but not limited to, interest, principal and any prepayment premium or fee applicable to any such
full or partial prepayment, (ii) reimbursement of Lender for all losses, fees, costs and expenses (including, without limitation, reasonable legal fees and disbursements) suffered or incurred by Lender as a result of such Event of Default,
(iii) payment of any amount expended in exercising any or all rights and remedies available to Lender at law or in equity or under this Agreement or any of the other Loan Documents, (iv) payment of any item as required or permitted by this
Agreement or any of the other Loan Documents or (v) any other purpose permitted by applicable law, provided, however, that any such application of funds shall not cure or be deemed to cure any Event of Default. Without limiting any other
provisions hereof, each of the remedial actions described in the immediately preceding sentence shall be deemed to be a commercially reasonable exercise of Lender’s rights and remedies as a secured party with respect to the Clearing Account,
the Cash Management Account and any sums on deposit in either of them and shall not in any event be deemed to constitute a setoff or a foreclosure of a statutory banker’s lien. Nothing in this Agreement shall obligate Lender to apply all or any
portion of the Clearing Account or Cash Management Account to effect a cure of any Event of Default, or to pay the Debt, or, during an Event of Default, in any specific order of priority. The exercise of any or all of Lender’s rights and
remedies under this Agreement with respect to the Clearing Account, Cash Management Account and/or the sums on deposit therein shall not in any way prejudice or affect Lender’s right to initiate and complete a foreclosure under the Mortgage.

 3.5        Indemnification by Borrower. Lender shall be responsible for
the performance only of such duties with respect to the Clearing Account and Cash Management Account as are specifically set forth herein, and no duty shall be implied from any provision hereof. Lender shall not be under any obligation or duty to
perform any act which would involve it in expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own monies. Lender shall not be liable for any acts, omissions, errors in judgment or mistakes of fact or
law, including, without limitation, with respect to proceeds on deposit in the Clearing Account or Cash Management Account. Borrower shall indemnify and hold the Lender, its successors, assigns, shareholders, directors, officers, employees, and
agents (including, without limitation, any Servicers) harmless from and against any loss, cost or damage (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by such parties in connection with the Clearing
Account, Lockbox Address, Cash Management Account or the investment by Lender of amounts in the Cash Management Account or the Subaccounts, other than such as result from the gross negligence or willful misconduct of Lender or intentional
nonperformance by Lender of its obligations under this Agreement. 

3.6        Acknowledgment and Agreement by Property Manager. Borrower hereby
covenants and agrees that it shall cause the Property Manager and any successor Property Manager to acknowledge, agree to and assume in writing, the duties and obligations of the Property Manager under this Article III. 

  
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 3.7         Miscellaneous.

 (a)        Borrower agrees that the Cash Management Bank shall pay over to
Lender all amounts deposited in the Cash Management Account on demand (to be applied by Lender in accordance with this Article III), without notice to the Borrower. 

(b)        Borrower confirms and agrees that, notwithstanding the provisions of this
Agreement, Borrower retains sole control over the operation and maintenance of the Property, subject to the obligations of Borrower under this Agreement and the other Loan Documents, and Lender is not and shall not be deemed to be a mortgagee in
possession. 
 (c)        The Lender shall from time to time direct the Cash
Management Bank (which direction shall not be required to be given more often than one time per month), to invest amounts allocated to the Subaccounts in investments selected by the Lender. All funds in the Subaccounts that are so invested are
deemed to be held in the Subaccounts for all purposes of this Agreement, the Mortgage and the other Loan Documents. Except as otherwise provided in Section 4.30 hereof, all earnings on investments from the Subaccounts shall be for the
benefit of the Lender. Borrower hereby assumes all risk of loss with respect to funds on deposit in the Subaccounts. 

3.8         Annual Budgets. 

For each fiscal year during the term of the Loan, Borrower shall submit to Lender for Lender’s written approval an Annual
Budget not later than sixty (60) days prior to the commencement of such fiscal year (provided that the Annual Budget for the fiscal year in which the date hereof occurs shall be submitted to Lender for its approval prior to the date hereof, in
form satisfactory to Lender setting forth in reasonable detail budgeted monthly operating income and monthly operating capital and other expenses for the Property. Each Annual Budget shall contain, among other things, limitations on management fees,
third party service fees, and other expenses as Borrower may reasonably determine. Lender shall have the right to approve such Annual Budget, and in the event that Lender objects to the proposed Annual Budget submitted by Borrower, Lender shall
advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall within three (3) days after receipt of notice of any such
objections revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed
description of such objections) and Borrower shall revise the same in accordance with the process described in this subparagraph until the Lender approves an Annual Budget. Until such time as Lender approves a proposed Annual Budget, the most
recently Approved Annual Budget shall apply; provided that such Approved Annual Budget shall be adjusted to reflect actual increases in real estate taxes, insurance premiums and utilities expenses. Failure of the Borrower to submit, in a timely
fashion, Annual Budgets in accordance with the provisions of this Section 3.8, shall constitute, at Lender’s option, an Event of Default. In addition, and without limiting any of the foregoing, the receipt and approval by Lender of an
Annual Budget as required hereunder shall be a condition precedent to any obligation hereunder of Lender to release any funds from the Cash Management Account for the payment of Cash Expenses, Net Capital Expenditures and/or Extraordinary Expenses,
and Borrower expressly acknowledges that it shall be responsible for the current and timely payment of such expenses notwithstanding that Lender’s shall not be required to release such funds. 

  
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 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER 

For the purpose of inducing Lender to make the Loan and for the protection of the security of the Loan Documents, for so long
as the Debt or any part thereof remains unpaid, Borrower makes the representations and warranties as set forth in Section 4.1 below and covenants and agrees as set forth elsewhere in this Article IV as follows: 

4.1         Representations and Warranties of Borrower. Borrower, for
itself and its successors and assigns, does hereby represent and warrant to Lender that: 

(a)        Organization and Existence; Organizational Chart. Borrower is duly
organized and validly existing as a limited partnership in good standing under the laws of the Delaware and is qualified to do business in the state of Texas and in all other jurisdictions in which Borrower is transacting business. Attached as
Exhibit C to this Agreement is a true, correct and complete organizational chart of Borrower. Borrower has delivered to Lender a true, correct and complete copy of the Organizational Documents for each Person (other than a natural person)
shown thereon. 
 (b)        Authorization. Borrower has the power and
authority to execute, deliver and perform the obligations imposed on it under the Loan Documents and to consummate the transactions contemplated by the Loan Documents and has taken all necessary actions in furtherance thereof including, without
limitation, that those partners or members of Borrower whose approval is required by the terms of Borrower’s organizational documents have duly approved the transactions contemplated by the Loan Documents and have authorized execution and
delivery thereof by the respective signatories. To the best of Borrower’s knowledge, no other consent by any local, state or federal agency is required in connection with the execution and delivery of the Loan Documents. 

(c)        Valid Execution and Delivery. All of the Loan Documents requiring
execution by Borrower have been duly and validly executed and delivered by Borrower. 

(d)        Enforceability. All of the Loan Documents constitute valid, legal
and binding obligations of Borrower and are fully enforceable against Borrower in accordance with their terms, subject only to bankruptcy laws and general principles of equity. 

(e)        No Defenses. This Agreement, the Note, the Mortgage and the other
Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense, nor would the operation of any of the terms of this Agreement, the Note, the Mortgage or any of the other Loan Documents, or the exercise of any right
thereunder, render this Agreement, the Note, the Mortgage or any of the other Loan Documents unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury. 

(f)        Defense of Usury. Borrower knows of no facts that would support a
claim of usury to defeat or avoid its obligation to repay the principal of, interest on, and other sums or amounts due and payable under, the Loan Documents. 

(g)        No Conflict/Violation of Law. The execution, delivery and
performance of the Loan Documents by Borrower will not cause or constitute a default under or conflict with the organizational documents of Borrower, any Guarantor or any Constituent Entity of either of them. The execution, delivery and performance
of the obligations imposed on Borrower under the Loan Documents will not cause Borrower or any Guarantor or any Constituent Entity of either of them to be in default, including after due notice or lapse of time or both, under the provisions of any
agreement, judgment or order to which Borrower or any Guarantor or any Constituent Entity of either of them is a party or by which Borrower or any Guarantor or any Constituent Entity of either of them is bound. 

  
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 (h)        Compliance with Applicable
Laws and Regulations. All of the Improvements and the use of the Property by Borrower comply with, and shall remain in compliance with, all applicable statutes, rules, regulations and private covenants now or hereafter relating to the ownership,
construction, use or operation of the Property, including all applicable health, fire and building codes, and all applicable statutes, rules and regulations pertaining to requirements for equal opportunity, anti-discrimination, fair housing,
environmental protection, zoning and land use (collectively, “Applicable Laws”). There is no evidence of any illegal activities relating to controlled substances on the Property. All licenses, permits, franchises, certificates of
occupancy, consents and other approvals necessary for the operation of the Property for the use currently being made thereof have been obtained and are in full force and effect. All of the Improvements comply with all requirements of any applicable
zoning and subdivision laws and ordinances. 
 (i)         Consents
Obtained. All consents, approvals, authorizations, orders or filings with any court or governmental agency or body, if any, required for the execution, delivery and performance of the Loan Documents by Borrower have been obtained or made. 

(j)         No Litigation. There are no pending actions, suits or
proceedings, arbitrations or governmental investigations against the Property, Borrower, any Guarantor or any Constituent Entity of Borrower or any Guarantor, whether pursuant to the Loan Documents or otherwise, an adverse outcome of which would
materially affect Borrower’s performance under this Agreement, the Note, the Mortgage or any of the other Loan Documents. 

(k)        Title. Borrower has good and marketable fee simple title to the
Property, subject only to those matters expressly listed as exceptions to title or subordinate matters in the title insurance policy accepted by Lender in connection with this Agreement (the “Title Insurance Policy”), excepting
therefrom all preprinted and/or standard exceptions (the “Permitted Exceptions”). Borrower has good and marketable leasehold title to the Leasehold Real Estate, pursuant to the Ground Lease for the terms described in the Ground
Lease and subject only to the Permitted Exceptions. The possession of the Property has been peaceful and undisturbed and title thereto has not been disputed or questioned. Further, Borrower and has full power and lawful authority to grant, bargain,
sell, convey, assign, transfer and mortgage its interest in the Property in the manner and form done or intended under the Loan Documents. Borrower will preserve its interest in and title to the Property and will forever warrant and defend the same
to Lender against any and all claims whatsoever and will forever warrant and defend the validity and priority of the lien and security interest created under the Loan Documents against the claims of all persons and parties whomsoever, subject to the
Permitted Exceptions. The foregoing warranty of title shall survive the foreclosure of the Mortgage and shall inure to the benefit of and be enforceable by Lender in the event Lender acquires title to the Property pursuant to any foreclosure. 

(l)         Permitted Exceptions. The Permitted Exceptions do not and
will not materially and adversely affect (1) the ability of Borrower to pay in full the principal and interest on the Note in a timely manner or (2) the use of the Property for the use currently being made thereof, the operation of the
Property as currently being operated or the value of the Property. 
 (m)       First
Lien. Upon the execution by Borrower and the recording of the Mortgage, and upon the filing of UCC-1 financing statements or amendments thereto, Lender will have a valid first lien on the Property and a valid security interest in all personal
property encumbered thereby, subject to no liens, charges or encumbrances (which prohibition shall include any lien, charge or encumbrance securing a PACE Loan) other than the Permitted Exceptions. 

  
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 (n)        ERISA. Borrower has
made and shall continue to make all required contributions to all employee benefit plans and multi-employer plans, if any, and Borrower has no knowledge of any material liability which has been incurred by
Borrower which remains unsatisfied for any taxes or penalties with respect to any employee benefit plan or any multi-employer plan, and each such plan has been administered in compliance with its terms and the applicable provisions of ERISA and any
other federal or state law and shall continue to be qualified and tax-exempt to the greatest extent permitted thereunder. Other than with respect to any such plans, Borrower is not an entity subject to
regulation or restriction under ERISA, and no assets of Borrower are “plan assets” (as defined in ERISA). 

(o)        Financial Statements. The financial statements of Borrower (or any
predecessor-in-interest to Borrower as owner of the Property, if applicable, that is an Affiliate of Borrower), any general partner, managing member or sole member of Borrower, and Guarantor that were furnished to Lender (whether in connection with
Lender’s consideration to make the Loan, pursuant to the Loan Documents, or otherwise) are (in each case) complete and correct and fairly present the financial condition of the subject thereof (including, without limitation, assets, liabilities
and liquidity) as of the date set forth thereon, and the results of operations of such party for the periods covered by such statements (if applicable). No material adverse change in the financial condition of any such party has occurred between the
respective dates of the most recent financial statements that were furnished to Lender (whether in connection with Lender’s consideration to make the Loan, pursuant to the Loan Documents, or otherwise) relating to such entities or persons, and
the date on which this representation is made (or deemed restated). After giving effect to the Loan, each of Borrower, any general partner, managing member or sole member of Borrower, and Guarantor each has a positive net worth. After the Loan is
made, and giving effect to the payment obligations with respect to the Loan, Borrower will have sufficient working capital (including, if applicable, projected cash flow from the Property) not only to adequately maintain the Property as required by
the Loan Documents but also to pay all of Borrower’s outstanding debts as they come due. Each of the representations in this paragraph shall be deemed restated as part of each request for any disbursement from any Reserve. 

(p)        No Other Obligations or Contingent Liabilities. Borrower has no
material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than (i) obligations
incurred in the ordinary course of the operation of the Property that do not violate Section 4.27, and (ii) the Debt. Neither Borrower nor any Guarantor has any known material contingent liabilities, except for contingent
liabilities of any Guarantor explicitly set forth on the most recent financial statements of such Guarantor that were delivered to Lender in connection with the Loan. 

(q)        Fraudulent Conveyance. Borrower (1) has not entered into the
Loan or any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (2) received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the Loan contemplated by the Loan
Documents, the fair saleable value of Borrower’s assets exceed and will, immediately following the execution and delivery of the Loan Documents, exceed Borrower’s total liabilities, including, without limitation, subordinated,
unliquidated, disputed or contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the execution and delivery of the Loan Documents, be greater than Borrower’s probable liabilities, including
the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the execution and delivery of the Loan Documents 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, without limitation, contingent liabilities 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). Neither Borrower, nor any member, partner or shareholder of Borrower, has made
or received, 

  
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or is making or receiving in connection with the Loan, (1) a transfer of an interest of its property to or for the benefit of a creditor of such party that is or could constitute a voidable
preference under federal bankruptcy, state insolvency, or similar applicable creditors’ rights laws, or (2) a transfer (including any transfer to or for the benefit of an insider under an employment contract) within two years of the date
hereof that is or could constitute a fraudulent transfer under federal bankruptcy, state insolvency, or similar applicable creditors’ rights laws. 

(r)        Investment Company Act. Neither Borrower nor any Guarantor is
(1) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (2) a “holding company” or a “subsidiary
company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or
(3) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 

(s)        Access/Utilities. The Property has adequate rights of access to
public ways and is served by adequate water, sewer, sanitary sewer and storm drain facilities. All public utilities necessary to the continued use and enjoyment of the Property as presently used and enjoyed are located in the public right-of-way
abutting the Property, or enter the Property via permanent easements not subject to termination except with the consent of Borrower, and all such utilities are connected so as to serve the Property without passing over other property. All roads, and
access to such roads, necessary for the full utilization of the Property for its current purpose have been completed and dedicated to public use and accepted by all governmental authorities or are the subject of access easements for the benefit of
the Property without any further condition or cost to Borrower. 

(t)        Taxes Paid. Borrower has filed all federal, state, county and
municipal tax returns required to have been filed by Borrower, and has paid all taxes which have become due pursuant to such returns or to any notice of assessment received by Borrower, and Borrower has no knowledge of any basis for additional
assessment with respect to such taxes. Further, the Property is free from delinquent Taxes and Other Charges. 

(u)        Single Tax Lot. The Real Estate consists of a single lot or
multiple tax lots; no portion of said tax lot(s) covers property other than the Real Estate or a portion of the Real Estate and no portion of the Real Estate lies in any other tax lot. 

(v)        Special Assessments. Except as disclosed in the Title Insurance
Policy, there are no pending or, to the knowledge of Borrower, proposed special or other assessments for public improvements or otherwise affecting the Property, nor, to the knowledge of Borrower, are there any contemplated improvements to the
Property that may result in such special or other assessments. 
 (w)       Flood
Zone. The Property is not located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 4.4 is in full
force and effect with respect to the Property. 
 (x)        Seismic
Exposure. The Real Estate is not located in Zone 3 or Zone 4 of the “Seismic Zone Map of the U.S.” 

(y)        Misstatements of Fact. No certification, representation or
statement of fact made in the Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no fact presently known to Borrower,
any Guarantor or any Constituent Entity of Borrower or any Guarantor which has not been disclosed which adversely affects, or in the judgment of a reasonable person might adversely affect, 

  
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the business, operations or condition (financial or otherwise) of the representing party. Further, and in clarification of the foregoing, all reports, certificates, affidavits, representations,
statements and other data furnished by or on behalf of Borrower, Guarantor and each Constituent Entity of each of them to Lender, or their respective agents, in connection with the Loan are true and correct in all material respects and do not omit
to state any fact or circumstance necessary to make the statements contained therein not misleading. 

(z)        Condition of Improvements. The Property has not been damaged by
fire, water, wind or other cause of loss since the earlier to occur of the initial visit to or inspection of the Property by Lender or its agents in connection with the Loan. The Improvements are structurally sound, in good repair and free of
defects in materials and workmanship and have been constructed and installed in substantial compliance with the plans and specifications relating thereto. All major building systems located within the Improvements, including, without limitation, the
heating and air conditioning systems and the electrical and plumbing systems, are in good working order and condition. 

(aa)      No Insolvency or Judgment. Neither Borrower, nor any Guarantor, nor any
Constituent Entity of Borrower or any Guarantor, (i) has been or is currently the subject of or a party to any completed or pending bankruptcy, reorganization or insolvency proceeding; or (ii) is currently the subject of any judgment
unsatisfied of record or docketed in any court of the state in which the Property is located or in any other court located in the United States. The proposed Loan will not render Borrower or any general partner or member of Borrower insolvent. As
used in this Agreement, the term “insolvent” means that the sum total of all of an entity’s liabilities (whether secured or unsecured, contingent or fixed, or liquidated or unliquidated) is in excess of the value of all such
entity’s non-exempt assets, i.e., all of the assets of the entity that are available to satisfy claims of creditors. 

(bb)      No Condemnation. No part of the Property has been taken in condemnation or
other like proceeding to an extent which would impair the value of the Property, this Agreement, the Mortgage or the Loan or the usefulness of such property for the purposes contemplated by the Loan Documents, nor is any proceeding pending,
threatened or known to be contemplated for the partial or total condemnation or taking of the Property. 

(cc)      No Labor or Materialmen Claims. All parties furnishing labor and materials to
Borrower (or any predecessor-in-title) or the Property have been paid in full and, except for such liens or claims expressly disclosed in, and insured against by the
Title Insurance Policy, there are no mechanics’, laborers’ or materialmen’s liens or claims outstanding for work, labor or materials affecting the Property, whether prior to, equal with or subordinate to the lien of the Mortgage. 

(dd)      No Purchase Options. No tenant, party, firm, corporation or other Person has
an option, right of first offer, or right of first refusal, to purchase the Property, any portion thereof or any interest therein. 

(ee)      Leases. Attached hereto as Exhibit B is a true, correct and complete
Rent Roll as of the date hereof. The Property is not subject to any Leases or other agreements related to the leasing or renting of the Property or any portion thereof, except as set forth on the Rent Roll. No person has any possessory interest in
the Property or right to occupy the same, except pursuant to the Leases. Borrower hereby represents that: (i) Borrower has delivered a Rent Roll that is true, correct and complete as of the date hereof; and (ii) Borrower is the owner and
holder of the landlord’s interest under the Leases, and there are no prior assignments of all or any portion of the Leases or any portion of the Rents and Profits which are presently outstanding and have priority over the assignment of leases
and rents given by Borrower to Lender in the Mortgage or the Assignment of Leases; and (iii) each Lease constitutes the legal, valid and binding obligation of Borrower and, to the best of Borrower’s knowledge and belief, is

  
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enforceable against the Tenant thereunder; and (iv) no default exists, or with the passing of time or the giving of notice or both would exist, under any Lease which would, in the aggregate,
have a material adverse effect on Borrower or the Property; and (v) except as disclosed in writing in an estoppel certificate by such Tenant that has been delivered to and accepted by Lender in connection with the Loan, no Tenant has any offset
or defense to the payment of rent under its Lease; and (vi) except as disclosed in writing in an estoppel certificate by such Tenant that has been delivered to and accepted by Lender in connection with the Loan, no Tenant has, as of the date
hereof, paid rent under its Lease more than one (1) month in advance, and the rents under such Lease have not been waived, released, or otherwise discharged or compromised; and (vii) all work to be performed by Borrower under each Lease
has been substantially performed, all contributions to be made by Borrower to the Tenant thereunder have been made and all other conditions precedent to each Tenant’s obligations thereunder have been satisfied; and (viii) except as
disclosed in writing in an estoppel certificate by such Tenant that has been delivered to and accepted by Lender in connection with the Loan, each Tenant under a Lease has entered into occupancy of the premises demised thereunder; and
(ix) Borrower has delivered to Lender true, correct and complete copies of all Leases described in the Rent Roll; and (x) to the best of Borrower’s knowledge and belief, each Tenant is free from bankruptcy, reorganization or
arrangement proceedings or a general assignment for the benefit of creditors; and (xi) no Lease provides any party with the right to obtain a lien or encumbrance upon the Property superior to the lien of the Mortgage. 

(ff)        Appraisal. All information provided by or on behalf of Borrower to
the appraiser in connection with the appraisal of the property prepared in connection with the closing of the Loan was true, correct and complete in all material respects. 

(gg)      Boundary Lines. All of the Improvements which were included in determining the
appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and except as specifically described in the Title Insurance Policy, no improvements on adjoining properties encroach upon the Property,
and no easements or other encumbrances upon the Real Estate encroach upon any of the Improvements, in each case so as to affect the value or marketability of the Property except those which are insured against by title insurance. 

(hh)      Survey. The survey of the Property delivered to Lender in connection with this
Agreement does not fail to reflect any material matter affecting the Property or the title thereto. To the best of Borrower’s knowledge, such survey has been prepared by a duly licensed surveyor in the State in which the Real Estate is located.

 (ii)        Forfeiture. There has not been and shall never be committed
by Borrower or any other person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part
thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. 

(jj)        No Broker. No financial advisors, brokers, underwriters, placement
agents, agents or finders have been dealt with by Borrower in connection with the Loan, except for any broker whose full commission was paid out of the proceeds of the Loan and is set forth on the Closing Statement. 

(kk)      Conviction of Criminal Acts. Each of Borrower, any Guarantor, and any
Constituent Entity of Borrower or any Guarantor, has never been convicted of a crime (which shall not include traffic violations) and is not currently the subject of any pending or threatened criminal investigation or proceeding. Borrower has
disclosed to Lender in writing any civil action (whether or not such action resulted in a judgment) and regulatory or enforcement proceeding to which Borrower and any 

  
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Guarantor was a defendant or respondent within the 20-year period prior to the date of this Agreement that (i) was a Bankruptcy Action, or (ii) in which it was alleged that Borrower or
such Guarantor engaged in fraud, deception or misrepresentation, or with respect to which Borrower or any Guarantor was ordered or agreed not to engage in the banking or securities industry. 

(ll)        Security Agreements. There are no security agreements or financing
statements affecting or encumbering any of the Property other than the security agreements and financing statements created in favor of Lender. 

(mm)    Homestead. The Property forms no part of any property owned, used or claimed by Borrower
as a residence or business homestead and is not exempt from forced sale under the laws of the State in which the Real Estate is located. Borrower hereby disclaims and renounces each and every claim to all or any portion of the Property as a
homestead. 
 (nn)      Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering
Laws. None of Borrower, Guarantor, any Controlling Entity, or any Person who owns any direct equity interest in or controls any of the foregoing, is or has previously been (i) identified on the OFAC List or otherwise qualified as a
Prohibited Person, or (ii) in violation of any applicable laws relating to anti-money laundering or anti-terrorism, including, without limitation, any applicable laws related to transacting business with Prohibited Persons or the requirements
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the related regulations issued thereunder, including temporary regulations, all as amended
from time to time, or (iii) in violation of other requirements of Governmental Authority (including, without limitation, requirements applicable to Lender of which Borrower has notice) with respect to anti-money laundering, “know your
customer” regulations, and similar matters. Borrower will implement procedures, approved by Borrower’s Controlling Entity, to ensure that no Equity Holder (and no Person who, after the date hereof, becomes an Equity Holder) causes the
foregoing representations not to be true, correct and complete. 
 (oo)      Personal
Property. Borrower is the owner, free and clear of all liens and encumbrances, of all personal property that is used in, and is reasonably necessary to, the operation of the Property. 

(pp)      Use of 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 to reduce ore retire any obligation originally incurred to purchase any margin
stock, or for any other purpose which would be inconsistent with such Regulations T, U or X or any other Regulations of such Board of Governors, or for any purposes prohibited by any Applicable Laws or by the terms and conditions of this Agreement
or any other Loan Document. Borrower does not own any margin stock (as so defined). 

(qq)      Intentionally Omitted. 

(rr)       Ground Lease. 

(1)        The Ground Lease or a memorandum regarding such Ground
Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease (either by itself or together with the Ground Lessor’s Recognition Agreement) permits the
interest of Borrower to be encumbered, including, without limitation, by the Mortgage. The Ground Lease does not restrict the use of the Property in a manner that would materially adversely affect the security provided by the Mortgage and other Loan
Documents; 

  
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 (2)        The Ground
Lease (either itself or together with the Ground Lessor’s Recognition Agreement) provides that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of Ground Lessor and Borrower, or surrendered by Borrower, in
each case without the prior written consent of Lender; 

(3)        The term of the Ground Lease as currently in effect expires
on June 9, 2023. The Ground Lease provides for renewal term that is automatically coterminous without further requirements with any extensions and/or renewals of the United Healthcare Lease. 

(4)        The priority of the Ground Lease with respect to fee title
to the Real Estate is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the Ground Lessor and the Permitted Encumbrances. The lien of any mortgage hereafter placed
on the fee title to the Real Estate is and will be subject and subordinate to the Ground Lease and to any Replacement Ground Lease; 

(5)        [Intentionally Omitted]; 

(6)        The Ground Lease is in full force and effect. There is no
default under the Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a default under the Ground Lease. The Ground Lease represents the entire agreement between the parties thereto and their
respective Affiliates with respect to the Real Estate and the Improvements; 

(7)        The Ground Lease (either by themselves or together with the
Ground Lessor’s Recognition Agreement) requires the Ground Lessor to give to Lender written notice of any default under the Ground Lease, and provides that no notice of default or termination is effective against Lender unless such notice is
given to Lender; 
 (8)        Pursuant to the Ground Lessor’s
Recognition Agreement, Lender is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of Borrower under the Ground Lease through legal proceedings) to cure any default under the Ground
Lease which is curable after Lender’s receipt of notice of any such default, before Ground Lessor may terminate the Ground Lease. Provided that no monetary default remains uncured beyond any applicable notice and grace periods to which Borrower
and Lender are entitled, the Ground Lease may not be terminated by Ground Lessor by reason of any default by Borrower which is not susceptible of cure by Lender without Ground Lessor being obligated to offer a Replacement Ground Lease to Lender;

 (9)        The Ground Lease does not impose any restrictions on
subletting of the Property that are commercially unreasonable; 

(10)      [Intentionally Omitted]; 

(11)      In the event of a casualty, the terms and conditions of the Loan
Documents shall prevail. The foregoing shall not apply with respect to any condemnation, it being understood and agreed that per the terms of the Ground Lease, Ground Landlord shall be entitled to all proceeds from any condemnation; 

  
 39 

 (12)      Provided that Lender
cures any defaults under the Ground Lease that are susceptible of being cured, Ground Lessor has agreed to enter into a new lease(s) (such new lease, a “Replacement Ground Lease”) with Lender (or Lender’s designee), for the
remainder of the term of such Ground Lease upon the same base rent and additional rent and other terms, covenants, conditions and agreements as are contained in the Ground Lease, upon termination of the Ground Lease for any reason, including
rejection of the Ground Lease in a bankruptcy proceeding involving Borrower; 
 (13)  Borrower
does not make any type of escrow deposits with Ground Lessor and Ground Lessor does not hold any type of deposit from Borrower (security or otherwise). 

4.2        Defense of Title. If the title to the Property or the interest of
Lender therein shall be the subject, directly or indirectly, of any action at law or in equity, or be attached directly or indirectly, or endangered, clouded or adversely affected in any manner, Borrower, at Borrower’s expense, shall take all
necessary and proper steps for the defense of said title or interest, including the employment of counsel approved by Lender (it being agreed that Lender shall not unreasonably withhold its consent to counsel appointed pursuant to the Title
Insurance Policy for such purposes), the prosecution or defense of litigation, and the compromise or discharge of claims made against said title or interest. Notwithstanding the foregoing, in the event that Lender determines that Borrower is not
adequately performing its obligations under this Section 4.2, Lender may, without limiting or waiving any other rights or remedies of Lender hereunder, take such steps with respect thereto as Lender shall deem necessary or proper; any
and all costs and expenses incurred by Lender in connection therewith, together with interest thereon at the Default Rate, shall be immediately paid by Borrower on demand. 

4.3        Performance of Obligations. Borrower shall pay when due the
principal of and the interest on and other amounts evidenced by the Note. Borrower shall also pay and perform all of the Debt as and when due. Further, Borrower shall promptly and strictly perform and comply with all covenants, conditions,
obligations and prohibitions required of Borrower in connection with any other document or instrument affecting title to the Property, or any part thereof, regardless of whether such document or instrument is superior or subordinate to the Mortgage,
except as expressly prohibited by the Loan Documents. 

4.4        Insurance. Borrower shall, at Borrower’s expense, maintain in
force and effect on the Property at all times the following insurance (or such greater insurance as may be required under the Ground Lease): 

(a)        Insurance against loss or damage to the Property by fire, windstorm,
tornado and hail and against loss and damage by such other, further and additional risks as may be now or hereafter embraced by an “all-risk/special” form of insurance policy. The amount of such insurance shall be not less than one hundred
percent (100%) of the full replacement (insurable) cost of the Improvements from time to time, without reduction for depreciation. The determination of the replacement cost amount shall be adjusted annually to comply with the requirements of
the insurer issuing such coverage or, at Lender’s election, by reference to such indices, appraisals or information as Lender determines in its reasonable discretion. Full replacement cost, as used herein, means, with respect to the
Improvements, the cost of replacing the Improvements without regard to deduction for depreciation, exclusive of the cost of excavations, foundations and footings below the lowest basement floor, and means, with respect to such furniture,
furnishings, fixtures, equipment and other items, the cost of replacing the same, in each case, with inflation guard coverage to reflect the effect of inflation, or annual valuation. Each policy or policies shall contain a replacement cost
endorsement and either an agreed amount endorsement (to avoid the operation of any co-insurance provisions) or a waiver of any co-insurance provisions, all subject to Lender’s approval. In the event that the Real Estate or the Improvements
constitutes a legal 

  
 40 

 
non-conforming use under applicable building, zoning or land use laws or ordinances, shall include ordinance or law coverage which will contain Coverage A: “Loss to Operation of Law”
(with a minimum liability limit approved by Lender), Coverage B: “Demolition Cost” and Coverage C: “Increased Cost of Construction” coverages (each with sublimits reasonably approved by Lender). The deductible with respect to
such insurance shall not exceed $25,000.00 per occurrence, except for wind/hail coverage which is permitted to have up to a $100,000 deductible. 

(b)        Comprehensive Commercial General Liability Insurance written on an
occurrence basis for personal injury, bodily injury, death and property damage liability in amounts not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate, with no deductible or self insured retention together with umbrella
coverage in amounts not less than $50,000,000.00. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50%) of the annual aggregate, Borrower
shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Lender’s reasonable judgment, Borrower maintains sufficient concurrent excess
liability insurance to satisfy the liability requirements of this Loan Document without the reinstatement of the aggregate limit. This insurance shall be primary and non-contributory and the additional insureds required will be added to both the CGL
and Umbrella policies. During any construction on the Property, Borrower’s general contractor for such construction shall also provide the insurance required in this Subsection (b). Lender hereby retains the right to periodically review
the amount of said liability insurance being maintained by Borrower and to require an increase in the amount of said liability insurance should Lender deem an increase to be reasonably prudent under then existing circumstances. 

(c)        General boiler and machinery insurance coverage is required if the
property contains centralized equipment, steam boilers or other pressure-fired vessels in operation at the Property. Minimum liability amount per accident must equal the lesser of the replacement (insurable) value of the Improvements housing such
equipment, boiler or pressure-fired machinery or such lesser amount as approved by Lender in their discretion. The deductible with respect to such insurance shall not exceed $10,000.00 per claim. 

(d)       If the Improvements on the Property or any part thereof is identified by the
Secretary of Housing and Urban Development as being situated in an area now or subsequently designated as having special flood hazards (including, without limitation, those areas designated as Zone A or Zone V), flood insurance in an amount equal to
the lesser of: (i) the minimum amount required, under the terms of coverage, to compensate for any damage or loss on a replacement basis (or the unpaid balance of the Debt if replacement cost coverage is not available for the type of building
insured); or (ii) such lesser amount as may be required by Lender. The deductible with respect to such insurance shall not exceed $5,000.00 per occurrence for residential properties and $10,000 for commercial properties. 

(e)        During the period of any construction on the Property or renovation or
alteration of the Improvements, a so-called “Builder’s All-Risk Completed Value” insurance policy for any Improvements under construction, renovation or alteration in an amount approved by Lender consistent with Section 4.1(a)
above and Worker’s Compensation Insurance covering all persons engaged in such construction, renovation or alteration. The deductible for such insurance, if any, shall be satisfactory to Lender. 

(f)        Loss of rents or loss of business income insurance which covers a period
of not less than eighteen (18) months), together with an extended period of indemnity of not less than 180 days, and covers the actual loss sustained during restoration. The amount of such rental loss and/or business interruption insurance
shall be increased from time to time while the Loan remains outstanding as and 

  
 41 

 
when new Leases and renewal Leases are entered into and the Rents and Profits increase or the estimate of (or the actual) operating expenses for the Property, as may be applicable, increases. The
deductible for such insurance, if any, shall be satisfactory to Lender. 

(g)        Any other insurance coverage (or higher coverages) running to the benefit
of, or required by, Lender in connection with the making of the Loan and as set forth on the insurance certificates or policies delivered to and accepted by Lender in connection with the closing of the Loan. 

(h)        The property insurance, public liability insurance and rental loss and/or
business interruption insurance required under Sections 4.4(a), (b) and (f) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain property insurance, public liability insurance and rental loss
and/or business interruption insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 4.4(a), (b) and (f) above at all times during the term of the
Loan, and such other insurance (see section (i)). 
 (i)        Such other
insurance on the Property or on any replacements or substitutions thereof or additions thereto as may from time to time be required by Lender against other insurable hazards or casualties which at the time are commonly insured against in the case of
property similarly situated to the Property including, without limitation, Sinkhole, Mine Subsidence, Earthquake and Environmental insurance, due regard being given to the height and type of buildings, their construction, location, use and
occupancy. 
 Unless otherwise approved by lender in writing in advance of placement, all such insurance shall (i) be
with insurers authorized to do business in the State within which the Real Estate is located and who have and maintain a rating satisfying the Insurance Ratings Requirement (or, alternatively, if the insurers maintain re-insurance with re-insurers
maintaining such rating, Lender will not unreasonably withhold its consent to satisfying the Insurance Ratings Requirement by means of a “cut-through” endorsement allowing recourse directly against a reinsurer that meets the Insurance
Rating Requirement), (ii) contain the complete address of the Property (or a complete legal description), (iii) be for terms of at least one year, and (iv) be subject to the approval of Lender as to insurance companies, amounts,
content, forms of policies, method by which premiums are paid and expiration dates. 
 Borrower shall as of the date hereof
deliver to Lender evidence that said insurance policies have been paid current as of the date hereof and certified copies of such insurance policies and original certificates of insurance signed by an authorized agent of the applicable insurance
companies evidencing such insurance, all of which shall be satisfactory to Lender. Without limiting the foregoing, all certificates of insurance for the liability insurance referenced in (b) above shall be on the ACORD 25 Form, and all
certificates of insurance for other coverages shall be on either the ACORD 27 form or the March, 1993 edition of the ACORD 28 form (unless Lender expressly approves another form). Borrower shall renew all such insurance and deliver to Lender
certificates evidencing such renewals at least fifteen (15) days before any such insurance shall expire. Without limiting the required endorsements to the insurance policies, Borrower further agrees that all such policies shall include a
standard, non-contributory, mortgagee clause naming: 
 CIBC INC., 

its successors and/or assigns, as their interests may appear 

Attn: Real Estate Group, Mr. Karin O’Callahan 

425 Lexington Avenue, 4th Floor 

New York, New York 10017 

  
 42 

 (x) as an additional insured under all liability insurance policies, (y) as the first
mortgagee on all property insurance policies and (z) as the loss payee/lender’s loss payable on all business personal property, loss of rents and/or loss of business income insurance policies as applicable. Borrower further agrees that all
such insurance policies: (1) shall provide for at least thirty (30) days’ prior written notice to Lender prior to any cancellation or termination thereof (10 days for nonpayment of premium as statutorily required) on the property
insurance and when available, on the liability insurance policies (provided, however, that if such notice provisions are not available in any of the Policies, Borrower shall provide the required notice to Lender); (2) shall contain an
endorsement or agreement by the insurer that any loss shall be payable to Lender in accordance with the terms of such policy notwithstanding any act or negligence of Borrower which might otherwise result in forfeiture of such insurance;
(3) shall waive all rights of subrogation against Lender; and (4) may be in the form of a blanket policy provided that, in the event that any such coverage is provided in the form of a blanket policy, Borrower hereby acknowledges and
agrees that failure to pay any portion of the premium therefor which is not allocable to the Property or by any other action not relating to the Property which would otherwise permit the issuer thereof to cancel the coverage thereof, will result in
Lender requiring the Property to be insured by a separate, single-property policy. The blanket policy must properly identify and fully protect the Property as if a separate policy were issued for 100% of Replacement Cost at the time of loss and
otherwise meet all of Lender’s applicable insurance requirements set forth in this Section 4.4. Lender will be provided a complete schedule of locations and values for all properties associated with a blanket policy. The delivery to
Lender of the insurance policies or the certificates of insurance as provided above shall constitute an assignment of all proceeds payable under such insurance policies relating to the Property by Borrower to Lender as further security for the Debt.
In the event of foreclosure of the Mortgage, or other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to all unearned insurance premiums and proceeds payable under
such policies then in force concerning the Property shall thereupon vest in the purchaser at such foreclosure, or in Lender or other transferee in the event of such other transfer of title whether or not the damage to the Property occurred prior to
such transfer of title. Approval of any insurance by Lender shall not be a representation of the solvency of any insurer or the sufficiency of any amount of insurance. In the event Borrower fails to provide, maintain, keep in force or deliver and
furnish to Lender the policies of insurance required by this Agreement or evidence of their renewal as required herein, Lender may, but shall not be obligated to, procure such insurance and Borrower shall pay all amounts advanced by Lender therefor,
together with interest thereon at the Default Rate from and after the date advanced by Lender until actually repaid by Borrower, promptly upon demand by Lender. Lender shall not be responsible for nor incur any liability for the insolvency of the
insurer or other failure of the insurer to perform, even though Lender has caused the insurance to be placed with the insurer after failure of Borrower to furnish such insurance. Borrower shall not obtain insurance for the Property in addition to
that required by Lender without the prior written consent of Lender, which consent will not be unreasonably withheld provided that (i) Lender is mortgagee, loss payee/lender’s loss payable and/or additional insured (as applicable) on such
insurance, (ii) Lender receives complete copies of all policies evidencing such insurance, and (iii) such insurance complies with all of the applicable requirements set forth herein. To the extent that at any time Lender agrees to accept
insurance from an insurer that is rated less than the foregoing, Lender may terminate its waiver and reassert the aforesaid minimum rating requirements upon any renewal of any insurance coverage, or at any time if the rating of any insurer is
reduced or Lender determines that any other material adverse event has occurred with respect to the financial condition of such insurer. 

4.5        Payment of Taxes. Except to the extent funds are held in the Impound
Account therefor pursuant to Section 4.6 of this Agreement when the same become due and payable, (a) Borrower shall pay or cause to be paid all taxes, assessments, water rents, sewer rents, governmental impositions and other
charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Real Estate, now or hereafter levied or assessed or imposed against, or which are or may become a lien upon, the
Property (“Taxes”), and all ground rents, maintenance charges and 

  
 43 

 
similar charges, now or hereafter levied or assessed or imposed against the Property or any part thereof (the “Other Charges”), and (b) Borrower shall furnish Lender with
receipts (or if receipts are not immediately available, with copies of canceled checks evidencing payment with receipts to follow promptly after they become available) showing payment of such Taxes and Other Charges at least fifteen (15) days
prior to the applicable delinquency date therefor. In no event shall any PACE Loan be considered a Tax or Other Charge for purposes of this Agreement. Notwithstanding the foregoing, Borrower may in good faith, by appropriate proceedings and upon
notice to Lender, contest the validity, applicability or amount of any asserted Taxes or Other Charges so long as (x) such contest is diligently pursued, (y) Lender determines, in its subjective opinion, that such contest suspends the
obligation to pay the Taxes or Other Charges and that nonpayment of such Taxes or Other Charges will not result in the sale, loss, forfeiture or diminution of the Property or any part thereof or any interest of Lender therein, and (z) prior to
the earlier of the commencement of such contest or the delinquency date of the asserted Taxes or Other Charges, Borrower deposits in the Impound Account an amount determined by Lender to be adequate to cover the payment of such Taxes or Other
Charges and a reasonable additional sum to cover possible interest, costs and penalties; provided, however, that Borrower shall promptly cause to be paid any amount adjudged by a court of competent jurisdiction to be due, with all
interest, costs and penalties thereon, promptly after such judgment becomes final; and provided, further, that in any event each such contest shall be concluded, the Taxes or Other Charges, as the case may be, together with any applicable interest,
costs and penalties, shall be paid prior to the date any writ or order is issued under which the Property may be sold, lost or forfeited. 

4.6        Tax and Insurance Impound Account. Borrower shall establish and
maintain in effect with Lender at all times while the Loan is outstanding an impound account (the “Impound Account”) for payment of Taxes and Other Charges and for the premiums on the insurance required to be maintained with respect
to Borrower and the Property (“Insurance Premiums”) and as additional security for the Debt. In addition to the initial deposit to the Impound Account required simultaneously with the execution hereof, commencing on the first
Payment Date and continuing thereafter on each Payment Date until the Note and all other Debt are fully paid and performed, Borrower shall pay to Lender, for deposit to the Impound Account, an amount equal to one-twelfth (1/12th) of the amount of the annual Taxes and Other Charges that will next become due and payable on the Property, plus one-twelfth
(1/12th) of the amount of the annual Insurance Premiums that will next become due and payable, each as estimated and determined by Lender. So long as no Default has occurred and is
continuing, all sums in the Impound Account shall be held by Lender in the Impound Account to pay said Taxes and Other Charges, in periodic installments, and Insurance Premiums in one annual installment, in each case, before the same become
delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all Taxes and Other Charges, and all
Insurance Premiums, and so long as no Event of Default has occurred and is continuing, Lender shall pay the Governmental Authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In
making any payment from the Impound Account, Lender shall be entitled to rely on any bill, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such bill, statement
or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. The Impound Account shall not, unless otherwise explicitly
required by applicable law, be or be deemed to be escrow or trust funds, but, at Lender’s option and in Lender’s discretion, may either be held in a separate account or be commingled by Lender with the general funds of Lender. No interest
on the funds contained in the Impound Account shall be paid by Lender to Borrower. The Impound Account is solely for the protection of Lender and entails no responsibility on Lender’s part beyond the payment of Taxes and Other Charges, and of
Insurance Premiums, following receipt of bills, invoices or statements therefor in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. Upon assignment of this Agreement by Lender, any funds in the
Impound Account shall be turned over to 

  
 44 

 
the assignee and any responsibility of Lender, as assignor, with respect thereto shall terminate. If the total funds in the Impound Account are reasonably determined by Lender to be in excess of
the amount of payments required by Lender for the purposes of the Impound Account, such excess may be credited by Lender on subsequent payments to be made hereunder or, if such excess is greater than the amounts due from Borrower to Lender in the
month following such determination (and if no Default or Event of Default is then continuing), refunded to Borrower. If at any time Lender determines that, with the making of all monthly deposits to the Impound Account when due, the Impound Account
nonetheless would not contain sufficient funds to pay the next due periodic installments of all Taxes and Other Charges at least 30 days prior to the delinquency date thereof, or to pay the next due annual Insurance Premiums at least 30 days prior
to the due date thereof, Borrower shall, within ten (10) days after receipt of written notice thereof, deposit with Lender the full amount of any such deficiency. If Borrower shall fail to deposit with Lender the full amount of such deficiency
as provided above, Lender shall have the option, but not the obligation, to make such deposit and all amounts so deposited by Lender, together with interest thereon at the Default Rate from the date incurred by Lender until actually paid by
Borrower, shall be immediately paid by Borrower on demand. At any time during the continuance of an Event of Default, Lender may, but shall not be obligated to, apply at any time the balance then remaining in the Impound Account against the Debt in
whatever order Lender shall subjectively determine. No such application of the Impound Account shall be deemed to cure any Default or Event of Default hereunder, and any such application shall not limit Borrower’s obligation to deposit any
deficiency of which Lender gives notice. Upon full payment of the Debt in accordance with its terms or at such earlier time as Lender may elect, the balance of the Impound Account then in Lender’s possession shall be paid over to Borrower and
no other party shall have any right or claim thereto. 
 4.7        Condemnation
and Casualty. Borrower shall give Lender prompt written notice of the occurrence of any casualty affecting, or the institution of any proceedings for eminent domain or for the condemnation of, the Property or any portion thereof. All insurance
proceeds on the Property, and all causes of action, claims, compensation, awards and recoveries for any damage, condemnation or taking of all or any part of the Property or for any damage or injury to it for any loss or diminution in value of the
Property, are hereby assigned to and shall be paid to Lender. Lender may participate in any suits or proceedings relating to any such proceeds, causes of action, claims, compensation, awards or recoveries and Lender is hereby authorized, in its own
name or in Borrower’s name, to adjust any loss covered by insurance or any condemnation claim or cause of action, and to settle or compromise any claim or cause of action in connection therewith, and Borrower shall from time to time deliver to
Lender any instruments required to permit such participation; provided, however, that so long as no Default or Event of Default is continuing, Lender shall not participate in the adjustment of any loss which is less than the lesser of
(a) ten percent (10%) of the then outstanding principal balance of the Note and (b) $500,000.00. Lender may, at Lender’s option, (i) hold the balance of any of such proceeds to be used to reimburse Borrower for the cost of
restoring and repairing the Property to the equivalent of its original condition or to such other condition as may be approved by Lender (the “Restoration”), and require Borrower to restore the Property to the equivalent of its
original condition or to such other condition as may be approved by Lender, or (ii) apply the balance of such proceeds to the payment of the Debt, whether or not then due. To the extent Lender, in accordance with the terms hereof, determines to
apply insurance or condemnation proceeds to Restoration, Lender shall do so in accordance with Lender’s then-current policies relating to the, as applicable, restoration of casualty damage on similar properties or restoration or rebuilding of
properties that have been the subject of a partial condemnation. Lender shall not exercise its option to apply insurance proceeds or condemnation proceeds to the payment of the Debt if all of the following conditions are met: (A) no Default or
Event of Default has occurred and is continuing; (B) in the case of casualty, less than forty percent (40%) of the Improvements has been damaged, or in the case of a taking, less than twenty-five percent (25%) of the Improvements has
been taken; (C) Lender determines, in its discretion, that there will be sufficient funds to complete the Restoration (including, without limitation, by means of a deposit of any shortfall by Borrower with Lender prior to the commencement of
the 

  
 45 

 
Restoration or promptly upon Lender’s determination that such a shortfall exists); (D) Lender determines, in its discretion, that the rental income from the Property after completion of
the Restoration will be sufficient to meet all operating costs and other expenses, deposits to the Impound Account, deposits to Reserves and loan repayment obligations relating to the Property and that the debt service coverage ratio after
Restoration will be the same as on the Closing Date and the ratio of the amount of the Loan to the value of the Property after Restoration will be the same as on the Closing Date; (E) Lender determines, in its discretion, that (1) the
Restoration will be completed before the earlier of (a) one year before the Scheduled Maturity Date or (b) one year after the date of the loss or casualty, and (2) the rent loss insurance or business interruption insurance referenced
in Section 4.4(f) will cover all payments due under the Loan during the completion of the Restoration; (F) the Ground Lease shall remain in full force and effect during the completion of the Restoration; (G) upon Lender’s
request, Borrower provides Lender evidence of the availability during and after the Restoration of the insurance required to be maintained by Borrower pursuant to Section 4.4; and (H) Borrower provides Lender with written notice
within five (5) days after settlement of the aforesaid insurance or condemnation claim of its request to undertake a Restoration. 

Unless Lender otherwise agrees in writing, any application of any insurance or condemnation awards or proceeds to the Debt
shall not extend or postpone the due date of any monthly installments referred to in the Note or the Loan Documents or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any insurance or
condemnation awards or proceeds as Lender may require. Any reduction in the Debt resulting from Lender’s application of any sums received by it hereunder shall take effect only when Lender actually receives such sums and elects to apply such
sums to the Debt and, in any event, the unpaid portion of the Debt shall remain in full force and effect and Borrower shall not be excused in the payment thereof. Partial payments received by Lender, as described in the preceding sentence, shall be
applied first to the final principal payment due under the Note and thereafter to other principal installments due under the Note in the inverse order of their due date. If Borrower elects to effect or is otherwise required to effect a Restoration,
Borrower shall promptly and diligently, at Borrower’s sole cost and expense and regardless of whether the insurance proceeds or condemnation award, as appropriate, shall be sufficient for the purpose, restore, repair, replace and rebuild the
Property as nearly as possible to its value, condition and character immediately prior to such casualty or partial taking in accordance with the foregoing provisions and Borrower shall pay to Lender all costs and expenses of Lender incurred in
administering said rebuilding, restoration or repair, provided that Lender makes such proceeds or award available for such purpose. Borrower agrees to execute and deliver from time to time such further instruments as may be requested by Lender to
confirm the foregoing assignment to Lender of any award, damage, insurance proceeds, payment or other compensation. Lender is hereby irrevocably constituted and appointed the attorney-in-fact of Borrower (which power of attorney shall be irrevocable
so long as any Debt is outstanding, shall be deemed coupled with an interest, shall survive the voluntary or involuntary dissolution of Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date
hereof), with full power of substitution, subject to the terms of this Section 4.7, to settle for, collect and receive any such awards, damages, insurance proceeds, payments or other compensation from the parties or authorities making
the same, to appear in and prosecute any proceedings therefor and to give receipts and acquittances therefor. 

Notwithstanding the foregoing provisions of this Section 4.7, if (I) Lender is a REMIC at the time when any
portion of the Property is the subject of a taking, condemnation, eminent domain or similar proceeding, and (II) immediately after giving effect to the related release (and taking into account any proposed Restoration), the loan-to-value ratio
(based solely on the value of real property, and excluding any personal property and/or going concern value, if any) shall be greater than one hundred twenty-five percent (125%), then an amount equal to the entire net proceeds (as defined in Revenue
Procedure 2010-30) of the taking, condemnation, eminent domain or similar proceeding must be applied 

  
 46 

 
to the principal amount of the Debt (rather than to any other portion of the Debt) if and to the extent necessary for the Loan to remain a “qualified mortgage” in accordance with the
requirements applicable to a REMIC under Revenue Procedure 2010-30. 

4.8         Mechanics’ Liens. Borrower shall pay when due all claims
and demands of mechanics, materialmen, laborers and others for any work performed or materials delivered for the Real Estate or Improvements; provided, however, that, Borrower shall have the right to contest in good faith any such
claim or demand, so long as it does so diligently, by appropriate proceedings and without prejudice to Lender, and provided that neither the Property nor any interest therein would be in any danger of sale, loss or forfeiture as a result of such
proceeding or contest. In the event Borrower shall contest any such claim or demand, Borrower shall promptly notify Lender of such contest and thereafter shall, upon Lender’s request, promptly provide a bond, cash deposit or other security
satisfactory to Lender to protect Lender’s interest and security should the contest be unsuccessful. If Borrower shall fail to immediately discharge or provide security against any such claim or demand as aforesaid, Lender may do so and any and
all expenses incurred by Lender, together with interest thereon at the Default Rate from the date incurred by Lender until actually paid by Borrower, shall be immediately paid by Borrower on demand. 

4.9         Assignment of Leases and Rents and Profits. As additional and
collateral security for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, pursuant to the Mortgage and the Assignment of Leases the Borrower has assigned to Lender all existing and future Leases, and all
existing and future Rents and Profits. 
 4.10       Leases. 

(a)        Entering Into Leases. Borrower may enter into a proposed Lease
(which includes the renewal or extension of an existing Lease (a “Renewal Lease”)) without the prior written consent of Lender (except if required pursuant to Section 4.10(d) hereof) if such proposed Lease
(i) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such Lease is executed by Borrower (unless, in the case of a Renewal Lease, the
rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original Lease), (ii) is an arms-length transaction with a bona fide, independent third party tenant for occupancy by the lessee under
such Lease, (iii) does not have a materially adverse effect on the value of the Property taken as a whole, (iv) is subject and subordinate to the Mortgage, and obligates the lessee thereunder to attorn to Lender, or any designee, upon
transfer of title to the Property thereto, (v) does not contain any option or right of first refusal to purchase all or any portion of the Property, (vi) expressly provides that the portion of the Property demised thereby shall not be used
for a Prohibited Use, and (vii) is written on the standard form of lease which was either delivered to Lender simultaneously herewith or was subsequently approved by Lender, in either case with only immaterial variations from such standard
form. All proposed Leases which do not satisfy the requirements set forth in this Section 4.10(a) shall be subject to the prior approval of Lender and its counsel, at Borrower’s expense (and, in conjunction therewith, Borrower shall
provide Lender with such information as Lender shall reasonably request with respect to such proposed Lease and the Tenant thereunder). Promptly upon entering into any Lease without Lender’s approval pursuant to this
Section 4.10(a), Borrower shall promptly deliver to Lender a copy of such Lease, together with Borrower’s certification that such Lease satisfies all of the conditions of this Section 4.10. Upon Lender’s request,
Borrower shall deliver to Lender a true, correct and complete copy of each Lease then in effect. 

(b)        Covenants Regarding Leases. Borrower (i) shall observe and
perform all the obligations imposed upon the lessor under each Lease, and shall not do or permit to be done anything to impair the value of any Lease as security for the Debt; (ii) upon request (which request is hereby deemed given with respect
to any Major Lease), shall promptly send copies to Lender of all notices of default 

  
 47 

 
which Borrower shall send or receive thereunder; (iii) shall enforce all of the material terms, covenants and conditions contained in each Lease upon the part of the Tenant thereunder to be
observed or performed; (iv) shall not collect any of the Rents and Profits more than one (1) month in advance (it being acknowledged that security deposits shall not be deemed Rents and Profits collected in advance); and (v) shall not
execute any other assignment of the lessor’s interest in any of the Leases or the Rents and Profits (other than to Lender as security for the Debt), in each case without the prior written consent of Lender. Within 30 days after
Lender’s request therefor (which request, other than a request for a Tenant estoppel certificate pursuant to Section 4.29 hereof, shall not be made more than twice in any calendar year absent an Event of Default), Borrower shall deliver to
Lender an estoppel certificate from each Tenant. 
 (c)        Amendments to
Leases. Provided no Default exists hereunder, Borrower may, without the prior written consent of Lender (except if required pursuant to Section 4.10(d) hereof), amend, modify or waive the provisions of any Lease or terminate, reduce
rents under, accept a surrender of space under, shorten the term of, consent to any assignment of, or consent to the subletting of any portion of the premises demised pursuant to any Lease (including any guaranty, letter of credit or other credit
support with respect thereto) (any of the foregoing, a “Lease Modification”), provided that (i) such Lease Modification (taking into account, in the case of a termination, reduction in rent, surrender of space or shortening of
term, the planned alternative use of the affected space) does not have a materially adverse effect on the value of the Property taken as a whole, (ii) such Lease Modification is in the normal course of business and is consistent with sound and
customary leasing and management practices for similar properties in the community in which the Property is located, and (iii) such Lease, as amended, modified or waived, is otherwise in compliance with the requirements of this Agreement and
any subordination agreement binding upon Lender with respect to such Lease. A termination of a Lease with a Tenant who is in default beyond applicable notice and grace periods shall not be considered an action which has a materially adverse effect
on the value of the Property taken as a whole. Any Lease Modification which does not satisfy the requirements set forth in this Section 4.10(c) shall be subject to the prior approval of Lender and its counsel, at Borrower’s expense
(and, in conjunction therewith, Borrower shall provide Lender with such information as Lender shall reasonably request with respect to such proposed Lease Modification and the Tenant under the Lease affected thereby). Promptly upon entering into any
Lease Modification without Lender’s approval pursuant to this Section 4.10(c), Borrower shall deliver to Lender a copy of such instrument, together with Borrower’s certification that such instrument satisfies all of the
conditions of this Section 4.10. 
 (d)        Major Leases.
Notwithstanding anything contained herein to the contrary, Borrower shall not, without the prior written consent of Lender, enter into, renew, extend, amend, modify, waive any provisions of, terminate, reduce rents under, accept a surrender of space
under, shorten the term of, consent to any assignment of, or consent to the subletting of any portion of the premises demised pursuant to any Major Lease. 

(e)        Security Deposits. All security deposits of Tenants, whether held
in cash or in any other form, shall be held in compliance with applicable law. All such security deposits shall not be commingled with any other funds of Borrower or any other Person. Any bond or other instrument which Borrower is permitted to hold
in lieu of cash security deposits under any applicable legal requirements (i) shall be maintained in full force and effect in the full amount of such deposits unless replaced by cash deposits as hereinabove described; (ii) shall be issued
by an institution reasonably satisfactory to Lender; (iii) shall, if permitted pursuant to any applicable legal requirements, name Lender as payee or mortgagee thereunder or, at Lender’s option, be assigned or fully assignable to Lender;
and (iv) shall, in all respects, comply with any applicable legal requirements and otherwise be reasonably satisfactory to Lender. Borrower shall, upon request, provide Lender with evidence reasonably satisfactory to Lender of Borrower’s
compliance with the foregoing. Upon an Event of Default, Borrower shall, immediately upon Lender’s request (if permitted by applicable law), deliver to Lender the security deposits (and any interest previously earned thereon and not disbursed
to the person(s) lawfully entitled to receive same) with respect to all or any portion of the Property, to be held by Lender subject to the terms of the Leases. 

  
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 (f)        Tenant Financial
Information. Borrower shall cause each Lease entered into on or after the date hereof which, if all Tenants paid all rents as and when due under their respective Leases, would yield one-quarter or more of the aggregate rental income of the
Property (a “Major Income Lease”) to require the Tenant under such Lease to deliver to Borrower periodic operating statements with respect to (i) such Tenant’s operations at the Property, and (ii) the operations of
such Tenant and, if applicable, any parent or affiliated entity of such Tenant which operates, or has subsidiaries that operate, comparable businesses (collectively, “Tenant Financial Information”). Notwithstanding the provisions of
Section 4.10(a) above, any Major Income Lease entered into after the date hereof which does not require the Tenant to provide Tenant Financial Information upon request shall require the prior written approval of Lender. Borrower shall,
from time to time promptly upon request of Lender, request Tenant Financial Information from the Tenant under each Major Income Lease (and use all commercially reasonable efforts to obtain such Tenant Financial Information), and promptly upon
receipt thereof, deliver such Tenant Financial Information to Lender; provided, however, that (1) prior to a Secondary Market Transaction consisting of a securitization, Lender shall not require Borrower to request Tenant
Financial Information more than three (3) times, and (2) following a Secondary Market Transaction consisting of a securitization, provided that no Event of Default is continuing, Lender shall not request such information without reasonable
cause (which reasonable cause shall include, without limitation, the occurrence of any default by the Tenant under a Major Income Lease or if such Tenant ceases to conduct its business in the premises demised by such Major Income Lease). 

4.11       Restrictions on Alienation and Further Encumbrances. 

(a)        Borrower acknowledges that Lender has relied upon the principals of
Borrower and their experience in owning and operating properties similar to the Property in connection with the closing of the Loan. Accordingly, notwithstanding anything to the contrary contained in Section 8.6 hereof, neither the
Property, nor any part thereof or interest therein, shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants under Leases which are not in violation of Section 4.10), assigned, pledged, mortgaged, further
encumbered or otherwise transferred, nor shall Borrower be divested of its title to the Property or any interest therein, in any manner or way, whether voluntarily or involuntarily, nor shall Borrower enter into or subject the Property to any PACE
Loan (any of the foregoing, a “Transfer”), in each case without the prior written consent of Lender being first obtained, which consent may be withheld in Lender’s sole discretion. For the avoidance of doubt and without
limiting the generality of the foregoing, Borrower acknowledges and agrees that the forgoing sentence is intended by the parties to prevent Borrower from encumbering (other than in favor of lender pursuant to Section 4.31(f) hereof) any
fee interest in any portion of the premises subject to the Ground Lease that may hereafter be acquired by Borrower without Lender’s prior written consent, which consent may be withheld in Lender’s sole discretion. For the purposes of this
Agreement and the other Loan Documents, a Transfer shall also include (and each of the following shall also be prohibited without the prior written consent of Lender being first obtained in each case, which consent may be withheld in Lender’s
sole discretion): (i) transfers of direct or indirect ownership interests in Borrower, and the creation of new or additional ownership interests in Borrower, or in any Constituent Entity of Borrower, (ii) an installment sales agreement
with respect to the Property or any portion thereof, (iii) a Lease of all or substantially all of the Property other than for actual occupancy by a space tenant thereunder, (iv) any sale or assignment of any of Borrower’s right, title
and interest in, to and under any Leases or Rents and Profits, other than to Lender, (v) if Borrower or any Constituent Entity of Borrower is a partnership or joint venture, the addition, change, removal or resignation of any general partner,
or the transfer or pledge of any interest (whether as a general partner or limited partner) of any general partner in such partnership, and (vi) if Borrower or any Constituent Entity of Borrower is a limited liability company, the addition,
change, 

  
 49 

 
removal or resignation of any manager or managing member, or the transfer or pledge of any interest (whether as a managing member or otherwise) of such manager or managing member in such limited
liability company, or the transfer of control (as defined in Section 4.27) of such manager or managing member. 

(b)         Notwithstanding the foregoing provisions of this Section, Lender
shall not unreasonably withhold its consent to the sale of the Property in its entirety (hereinafter, “Sale”) to a single-purpose entity that complies with the requirements of Section 4.27 of this Agreement and is
otherwise reasonably acceptable to Lender (such transferee, hereinafter, a “Buyer”) provided that such Sale occurs after the earlier to occur of a Secondary Market Transaction and the date that is two (2) years after the date
of this Agreement, and each of the following terms and conditions are satisfied in connection with such Sale: 

(1)        No Event of Default is then continuing; 

(2)        Borrower gives Lender written notice of the terms of such prospective Sale
not less than thirty (30) days before the date on which such Sale is scheduled to close, accompanied by all information concerning the proposed Buyer as Lender would require in evaluating an initial extension of credit to a borrower and a
non-refundable application fee in the amount of $2,500.00. Lender shall have the right to approve or disapprove the proposed Buyer in its reasonable discretion (it being acknowledged that Lender may, as a condition to approving any proposed Buyer,
require a Rating Confirmation with respect to such Sale and satisfaction of any conditions applicable thereto pursuant to the Securitization Documents), and such approval, if given, may be given subject to such conditions as Lender may deem
appropriate; 
 (3)        Borrower pays Lender, concurrently with the closing of
such Sale, a non-refundable assumption fee in an amount equal to all out-of-pocket costs and expenses, including, without limitation, attorneys’ fees, incurred by Lender in connection with the Sale plus an amount equal to one half of one
percent (0.5%) of the outstanding principal balance of the Note for the first Sale and thereafter an amount equal to one percent (1.0%) of the then outstanding principal balance of the Note; 

(4)        Buyer assumes and agrees to pay the Debt (subject to the provisions of
Section 8.16 hereof) and, prior to or concurrently with the closing of such Sale, the Buyer executes, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate said
assumption (together with causing to be filed such new financing statements and/or financing statement amendments as Lender may require) and delivers such legal opinions as Lender may require, all in such reasonable and customary form as Lender may
require; 
 (5)        Borrower causes to be delivered to Lender, without any cost
or expense to Lender, such endorsements to Lender’s title insurance policy, hazard insurance endorsements or certificates and other similar materials as are generally required for comparable transactions, all in form and substance satisfactory
to Lender, including, without limitation, an endorsement or endorsements to Lender’s title insurance policy insuring the lien of the Mortgage, extending the effective date of such policy to the date of execution and delivery (or, if later, of
recording) of the assumption agreement referenced above in subparagraph (4) of this Section, with no additional exceptions added to such policy and insuring that title to the Property is vested in the Buyer with no exceptions not included in
the Title Insurance Policy or approved by Lender in accordance with this Agreement; 

(6)        Borrower and Guarantor each executes and delivers to Lender, without any
cost or expense to Lender, a release of Lender, its officers, directors, employees and agents, from all claims and liability relating to the transactions evidenced by the Loan Documents through and including the date of the closing of the Sale,
which agreement shall be in form and substance satisfactory to Lender and shall be binding upon the Buyer; 

  
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 (7)        Subject to the provisions of
Section 8.16 hereof, such Sale is not construed so as to relieve Borrower of any personal liability under the Note or any of the other Loan Documents for any acts or events occurring or obligations arising prior to or simultaneously with
the closing of such Sale and Borrower executes, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate the ratification of said personal liability. Borrower shall be
released from and relieved of any personal liability under the Note or any of the other Loan Documents for any acts or events occurring or obligations arising after the closing of such Sale which are not caused by or arising out of any acts or
events occurring or obligations arising prior to or simultaneously with the closing of such Sale; 

(8)        Such Sale is not construed so as to relieve any Guarantor of its
obligations under any Loan Document, and a Constituent Entity of the Buyer approved by Lender in its sole discretion (a “Successor Guarantor”) assumes the obligations of such Guarantor and executes such documents as may be required
by Lender to evidence such assumption. Each Guarantor shall be released from and relieved of any of its obligations under any Loan Document for any acts or events occurring or obligations arising after the closing of such Sale which are not caused
by or arising out of any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Sale; 

(9)        Buyer has furnished to Lender all appropriate instruments evidencing the
Buyer’s capacity and good standing, and the authority of the signers to execute the assumption of the Loan Documents and the Debt, which papers shall include certified copies of all documents relating to the organization and formation of the
Buyer and of the entities, if any, which are Constituent Entities of the Buyer, all of which shall be satisfactory to Lender and which, inter alia, shall satisfy the requirements of Section 4.27 hereof; 

(10)      Buyer shall assume the obligations of Borrower under any management agreements
pertaining to the Property, or shall cause the new manager and management agreement to satisfy the requirements of Section 4.24 hereof; 

(11)      The Ground Lease shall have been assigned to and assumed by the Buyer, and the Ground
Lessor has consented in writing thereto pursuant to the terms of the Ground Lease; and 

(12)      Buyer shall furnish an opinion of counsel satisfactory to Lender that the acquisition
of the Property and the assumption of the Loan Documents and Debt by Buyer and, to the extent applicable, Successor Guarantor, was validly authorized, and duly executed and delivered, and constitutes the legal, valid and binding obligations of Buyer
and Successor Guarantor, enforceable against each of them in accordance with their respective terms, and with respect to such other matters as Lender may reasonably require. 

Upon the delivery of such assumption agreement by the Buyer, and the assumption by the Successor Guarantor of the obligations of the
Guarantor, “Loan Documents” as used herein and in each Loan Document shall include such Loan Document as assumed by Buyer and/or Successor Guarantor, as applicable (together with such assumption agreements and any other instruments
delivered to or for the benefit of Lender in connection with such Sale). 

  
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 (c)         The following Transfers
shall be permitted upon satisfaction of the conditions noted in Section 4.11(d) below (such Transfers being referred to herein as “Permitted Transfers”): 

(i)        A Transfer which, when taken in the aggregate with all
prior Transfers effected pursuant to this Section 4.11(c)(i), results in the Transfer of not more than forty-nine percent of the beneficial ownership interests in Borrower; provided that (A) no Event of Default shall then be existing and
(B) Borrower continues (after such Transfer) to be Controlled by City Office REIT; or 

(ii)       A Transfer for estate planning purposes by any natural person
who is a holder of beneficial ownership interests in Borrower, provided that such Transfer does not result in any change of Control of the interests Transferred; or 

(iii)      Any involuntary transfer caused by the death of a holder of any
natural person who is a direct or indirect ownership interests in Borrower or in any Controlling Entity, in each case so long as (y) Borrower is reconstituted, if required, following any such death and (z) either (i) the Person in
Control of Borrower and responsible for the management of the Property remains unchanged, or (ii) any substitute for such Person is approved by Lender; or 

(iv)      For so long as Borrower and Guarantor each is under the Control of
City Office REIT, a Transfer (directly or indirectly) of limited partnership interests in Guarantor; and 

(v)       Transfers of ownership interests in City Office REIT resulting
solely from the sale, transfer or issuance of shares of publicly traded common stock listed on the New York Stock Exchange or another nationally recognized stock exchange or marketplace in the United States of America and subject to the federal laws
thereof. 
 (d)         Each Permitted Transfer shall be subject to
satisfaction of the following conditions precedent if applicable thereto: 

(i)        Other than with respect to Transfers as set forth in
subsection (v) of Section 4.11(c) above, evidence reasonably satisfactory to Lender that, after giving effect to such Transfer, the representations set forth in Section 4.1(nn) shall continue to be true, correct and complete as to
each Person that holds, in the aggregate, ten percent (10%) or more of the beneficial ownership interests of Borrower or Controls Borrower; and 

(ii)       If, as a result of any Permitted Transfer of the type described
in subsection (i)-(iv) of Section 4.11(c) above, any Person owns, in the aggregate, twenty percent (20%) or more of the direct or indirect beneficial ownership interests of Borrower (and such Person owned less than twenty percent
(20%) of such interests prior to such Transfer): 
  

	 	A.	 such Person shall have delivered a certification (in Lender’s then-current standard form) as to its prior history (for a period of not less
than ten (10) years prior to such Transfer) regarding any Bankruptcy Action by such Person (or an entity Controlled by such Person) and as to whether such Person has any felony convictions during such period, which certification shall not
include any matters that a prudent commercial mortgage lender would generally deem unacceptable; 

  

	 	B.	 Lender shall have received (at Borrower’s cost and expense) results of searches of such public records as Lender may require, verifying and
confirming the information set forth in such certification; and 

  

	 	C.	 Borrower shall cause to be delivered to Lender an updated organizational chart for Borrower (reflecting such Transfer, on a pro forma basis)
together with any Organizational Documents revised in connection with such Transfer. 

(iii)      Ground Lessor shall have consented in writing to such Permitted
Transfer if required pursuant to the terms of the Ground Lease. 

  
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 Borrower shall deliver the foregoing to Lender not less than ten (10) days prior to any such
Transfer of the type described in subsection (i)-(iv) of Section 4.11(c) above, except in the case of a Transfer pursuant to Section 4.11(c)(iii) above, in which case such delivery shall be given reasonably promptly thereafter. Upon
Lender’s verification that such Transfer satisfies the requirements of this Section 4.11(d), the revised organizational chart delivered in accordance with Section 4.11(d)(ii)(C) shall be deemed substituted for that attached as Exhibit
C attached hereto. 
 In addition to the foregoing provisions of this Section 4.11, Guarantor may Transfer any
of its beneficial ownership interests in Borrower and the SPE Component Entity, collectively, to a Qualified Transferee, provided each of the following conditions is satisfied: 

(1)        Borrower shall pay Lender a non-refundable application fee
of $5,000.00 and, upon completion of such Transfer, a transfer fee equal to one percent (1%) of the then-current outstanding principal balance of the Loan; 

(2)        Borrower shall pay any and all reasonable and documented
out-of-pocket costs incurred in connection with such Transfer (including Lender’s counsel fees and disbursements for outside counsel and all recording fees, title insurance premiums and mortgage and intangible taxes, and the fees and expenses
of the Rating Agencies pursuant to clause (5) below); 

(3)        The proposed Qualified Transferee or its principals must
have demonstrated experience in owning and operating properties similar in location, size, class and operation to the Property, which experience shall be reasonably acceptable to Lender; 

(4)        The proposed Qualified Transferee must not cause any
representation or covenant set forth in this Agreement or in any other Loan Document (including, without limitation, those set forth in Section 4.27 of this Agreement) to become not true, correct and complete in any material respects or
to be breached, and shall deliver (a) all organizational documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender, and (b) all certificates, agreements, covenants and legal opinions reasonably required
by Lender, and (c) a revised organizational chart reflecting the proposed ownership of Borrower after giving effect to such proposed Transfer; 

(5)        If required by Lender, the proposed Qualified Transferee
shall obtain a Rating Confirmation with respect to such Transfer from each applicable Rating Agency; 

(6)        Such Qualified Transferee, or an Affiliate thereof under
common Control therewith approved by Lender in its sole discretion, shall assume the obligations of the then-current Guarantor (including, without limitation, pursuant to the Hazardous Substances Indemnity Agreement and the Indemnity and Guaranty
Agreement) and executes such documents as may be required by Lender to evidence such assumption, and deliver such organization documents and enforceability or other opinions as may be required by Lender; upon the delivery of such assumptions, the
previously existing Guarantor shall be released from and relieved of any of its obligations under any Loan Document for any acts or events occurring or obligations arising after the closing of such Transfer which are not caused by or arising out of
any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Transfer; 

  
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 (7)        The Property
shall be managed in a manner that satisfies the requirements of Section 4.24 of this Agreement; and 

(8)        Borrower or the proposed Qualified Transferee shall
deliver to Lender a Non-Consolidation Opinion reflecting such Transfer in form and substance reasonably satisfactory to Lender. 

(e)        Notwithstanding (and without limiting) the foregoing provisions of this
Section 4.11, no transfer of any direct or indirect ownership interests in Borrower may be made (other than with respect to Transfers as set forth in subsection (v) of Section 4.11(c) above) such that the transferee owns, in the
aggregate with the ownership interests in Borrower of transferee’s Affiliates, more than a forty-nine percent (49%) interest in Borrower unless such transfer is conditioned upon the delivery of a nonconsolidation opinion acceptable to the
Lender and any applicable Rating Agency. 
 4.12      Use of Rents and Profits. Except
to the extent provided to the contrary in the Loan Documents, all Rents and Profits generated by or derived from the Property shall first be utilized solely for current expenses directly attributable to the ownership and operation of the Property,
including, without limitation, current expenses relating to Borrower’s liabilities and obligations with respect to this Agreement and the other Loan Documents, and none of the Rents and Profits generated by or derived from the Property shall be
diverted by Borrower, distributed to the Equity Holders or utilized for any other purposes, in each case unless all expenses attributable to the ownership and operation of the Property then due and payable have been fully paid and satisfied. Without
limiting the foregoing, Borrower shall pay when due all utility charges (e.g., for gas, electricity, water and sewer services and similar charges) which are incurred by Borrower or its agents, and all other assessments or charges of a similar
nature, or assessments payable pursuant to any restrictive covenants, whether public or private, affecting the Real Estate and/or the Improvements or any portion thereof, whether or not such assessments or charges are or may become liens thereon.

 4.13      Access Privileges and Inspections. Lender and the agents, representatives
and employees of Lender shall, subject to the rights of Tenants, have full and free access to the Real Estate and the Improvements and any other location where books and records concerning the Property are kept at all reasonable times for the
purposes of inspecting the Property and of examining, copying and making extracts from the books and records of Borrower relating to the Property. Borrower shall lend assistance to all such agents, representatives and employees of Lender. Upon
reasonable notice to Borrower, Borrower shall make principals and executives of Borrower available at reasonable times to meet with Lender to review and discuss the status of the Loan and the Property. 

4.14      Waste; Alteration of Improvements. Borrower shall not commit, suffer or permit
any waste on the Property nor take any actions that might invalidate any insurance carried on the Property. Borrower shall maintain the Property in good condition and repair. No part of the Improvements may be removed, demolished or materially
altered, in each case, without the prior written consent of Lender, except as required pursuant to Applicable Laws or to cause the Property not to be in violation of any Lease approved or deemed approved pursuant to Section 4.10. Without
the prior written consent of Lender in each case, Borrower shall not commence construction of any improvements on the Real Estate other than improvements required for the maintenance or repair of the Property. 

4.15      Zoning. Without the prior written consent of Lender in each case, Borrower
shall not (a) change the use of the Property or (b) seek, make, suffer, consent to or acquiesce in any change in the 

  
 54 

 
zoning or conditions of use of the Real Estate or the Improvements. If, under applicable zoning provisions, the use of all or any part of the Real Estate or the Improvements is or becomes a
nonconforming use, Borrower shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Lender. Without Lender’s prior written consent, Borrower shall not file or subject any part of the Real Estate
or the Improvements to any declaration of condominium or co-operative or convert any part of the Real Estate or the Improvements to a condominium, co-operative or other form of multiple ownership and governance. 

4.16       Financial Statements; Books and Records; Informational Reporting.
Borrower shall keep accurate books and records of account of the Property and its own financial affairs sufficient to permit the preparation of financial statements therefrom in accordance with generally accepted accounting principles. Lender and
its duly authorized representatives shall have the right to examine, copy and audit Borrower’s records and books of account at all reasonable times. So long as all or any portion of the Loan is outstanding, Borrower shall provide to Lender, in
addition to any other financial statements required hereunder or under any of the other Loan Documents, the following financial statements and information, all of which must be certified to Lender as being true and correct by Borrower or the person
or entity to which they pertain, as applicable, be prepared in accordance with generally accepted accounting principles consistently applied, and be in form and substance acceptable to Lender: 

(a)        copies of all tax returns filed by Borrower, within thirty (30) days
after the date of filing; 
 (b)        monthly operating statements for the
Property (including a current Rent Roll), within thirty (30) days after the end of each month, provided, however, that after a Secondary Market Transaction, monthly operating statements shall only be required if (i) a Cash
Management Period is continuing, or (ii) if the amount of any payment under the Loan Documents (including, without limitation, any deposit to any Reserve) is determined based in whole or in part on the revenue, expenses or net cash flow (or
comparable concepts) of Borrower or the Property; 
 (c)        quarterly operating
statements for the Property, accompanied by a current Rent Roll certified by Borrower as being true, correct and complete, within thirty (30) days after the end of each calendar quarter; 

(d)        annual financial statements for Borrower (setting forth Borrower’s
balance sheet and operating statements for the Property) and each Guarantor in connection with the Loan including an annual balance sheet for the Property, within ninety (90) days after the end of each calendar year; and 

(e)        such other information with respect to the Property, Borrower, the
principals in Borrower, and each Guarantor which may reasonably be requested from time to time by Lender, within a reasonable time after the applicable request. 

If any of the aforementioned materials are not furnished to Lender within the applicable time periods, in addition to any other rights and
remedies of Lender contained herein, Lender shall have the right, but not the obligation, to obtain the same by means of an audit by an independent certified public accountant selected by Lender, in which event Borrower agrees to pay, or to
reimburse Lender for, any expense of such audit and further agrees to provide all necessary information to said accountant and to otherwise cooperate in the making of such audit. 

4.17       Further Documentation. Borrower shall, on the request of Lender and at
the expense of Borrower, promptly: (a) correct any defect, error or omission which may be discovered in the contents of this Agreement or in the contents of any of the other Loan Documents; (b) execute, acknowledge, deliver

  
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and record or file such further instruments (including, without limitation, further mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements
and assignments of rents or leases) and promptly do such further acts as may be necessary, desirable or proper to carry out more effectively the purposes of this Agreement and the other Loan Documents and to subject to the liens and security
interests hereof and thereof any property intended by the terms hereof and thereof to be covered hereby and thereby, including specifically, but without limitation, any renewals, additions, substitutions, replacements or appurtenances to the
Property; (c) execute, acknowledge, deliver, procure and record or file any document or instrument (including specifically any financing statement) deemed advisable by Lender to protect, continue or perfect the liens or the security interests
hereunder against the rights or interests of third persons; and (d) furnish to Lender, upon Lender’s request, a duly acknowledged written statement and estoppel certificate addressed to such party or parties as directed by Lender and in
form and substance supplied by Lender, setting forth all amounts due under the Note, stating whether any Default or Event of Default exists, stating whether any offsets or defenses exist against the Debt, affirming that the Loan Documents are the
legal, valid and binding obligations of Borrower, and containing such other matters as Lender may reasonably require. 

4.18      Payment of Costs; Reimbursement to Lender. Borrower shall pay all costs and
expenses of every character incurred in connection with the closing of the Loan or otherwise attributable or chargeable to Borrower as the owner of the Property, including, without limitation, appraisal fees, recording fees, documentary, stamp,
mortgage or intangible taxes, brokerage fees and commissions, title policy premiums and title search fees, public records search fees, escrow fees and attorneys’ fees (including, without limitation, Lender’s attorneys’ fees and
expenses). Borrower shall pay to Lender any and all reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees) in connection with any matter for which the consent or approval of Lender is required (or which is
required to be delivered to Lender for review and/or approval) pursuant to the Loan Documents. If Borrower defaults in any such payment, which default is not cured within any applicable grace or cure period, Lender may pay the same and Borrower
shall reimburse Lender on demand for all such costs and expenses incurred or paid by Lender, together with such interest thereon at the Default Rate from and after the date of Lender’s making such payment until reimbursement thereof by
Borrower. Further, Borrower shall promptly notify Lender in writing of any litigation or threatened litigation affecting the Property, or any other demand or claim which, if enforced, could impair or threaten to impair Lender’s security
hereunder. Without limiting or waiving any other rights and remedies of Lender hereunder, if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief
proceeding) is commenced which might affect Lender’s interest in the Property or Lender’s right to enforce its security, or upon the occurrence of any other Event of Default, then Lender may, at its option, with or without notice to
Borrower, make any appearances, disburse any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Agreement, the Mortgage and the other Loan Documents or to remedy such Event of Default (without,
however, waiving any Default). Borrower agrees to pay on demand all expenses of Lender incurred with respect to the foregoing (including, but not limited to, reasonable fees and disbursements of counsel), together with interest thereon at the
Default Rate from and after the date on which Lender incurs such expenses until reimbursement thereof by Borrower. The necessity for any such actions and of the amounts to be paid shall be determined by Lender in its discretion. Lender is hereby
empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Borrower or any person in
possession holding under Borrower. Borrower hereby acknowledges and agrees that the remedies set forth in this Section 4.18 shall be exercisable by Lender, and any and all payments made or costs or expenses incurred by Lender in
connection therewith shall, without demand, immediately be repaid by Borrower with interest thereon at the Default Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Lender after the filing
by Borrower of a voluntary case or the filing against Borrower of an involuntary case pursuant to or within the meaning of 

  
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the Bankruptcy Reform Act of 1978, as amended, Title 11 U.S.C., or after any similar action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any
jurisdiction whatsoever, now or hereafter, in effect, which may be or become applicable to Borrower, Lender, any Guarantor, the Debt or any of the Loan Documents. Borrower hereby indemnifies and holds Lender harmless from and against all loss, cost
and expenses with respect to any Default hereof, any liens (i.e., judgments, mechanics’ and materialmen’s liens, or otherwise), charges and encumbrances filed against the Property, and from any claims and demands for damages or injury,
including claims for property damage, personal injury or wrongful death, arising out of or in connection with any accident or fire or other casualty on the Real Estate or the Improvements or any nuisance made or suffered thereon, including, in any
case, attorneys’ fees, costs and expenses as aforesaid, whether at pretrial, trial or appellate level, and such indemnity shall survive payment in full of the Debt. This Section 4.18 shall not be construed to require Lender to incur
any expenses, make any appearances or take any actions. 
 4.19      Security Interest and
Security Agreement. Borrower acknowledges and agrees that the Mortgage is also a security agreement under the Uniform Commercial Code for the UCC Collateral. 

4.20      Easements and Rights-of-Way. Borrower shall not grant any easement or
right-of-way with respect to all or any portion of the Real Estate or the Improvements without the prior written consent of Lender. The purchaser at any foreclosure sale under the Mortgage may, at its discretion, disaffirm any easement or
right-of-way granted in violation of any of the provisions of this Agreement and may take immediate possession of the Property free from, and despite the terms of, such grant of easement or right-of-way. If Lender consents to the grant of an
easement or right-of-way, Lender agrees to grant such consent provided that Lender is paid a standard review fee together with all other expenses, including, without limitation, attorneys’ fees, incurred by Lender in the review of
Borrower’s request and in the preparation of documents effecting the subordination. Borrower shall at all times comply with all easement agreements, reciprocal easement agreements, declarations, restrictive covenants and any other similar types
of agreements now or hereafter affecting the Property, and Borrower shall not amend, modify or terminate any such easement agreements, reciprocal easement agreements, declarations, restrictive covenants or any other similar types of agreements
without Lender’s prior written consent. 
 4.21      Compliance with Laws.
Borrower shall at all times comply with all Applicable Laws, even if such compliance shall require structural changes to the Property. Borrower may, upon providing Lender with security satisfactory to Lender, proceed diligently and in good faith to
contest the validity or applicability of any Applicable Law so long as the Property shall not be subject to any lien, charge, fine or other liability, and shall not be in danger of being forfeited, lost or closed, during or as a result of such
contest. Borrower shall not alter the Property in any manner that would materially increase Borrower’s responsibilities for compliance with Applicable Laws without the prior approval of Lender. Borrower shall not use or occupy, or allow the use
or occupancy of, the Property in any manner which violates any Lease or any Applicable Law or which constitutes a public or private nuisance or which makes void, voidable or cancelable, or increases the premium of, any insurance then in force with
respect thereto. Borrower shall, from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that the Property complies with all Applicable Laws. Borrower shall keep all material licenses, permits,
franchises, certificates of occupancy, consents and other approvals necessary for the operation of the Property in full force and effect. 

4.22      Additional Taxes. In the event of the enactment after this date of any law of
the State where the Real Estate is located or of any other governmental entity deducting from the value of the Property for the purpose of taxation any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part
of the taxes required to be paid by Borrower, or changing in any way the laws relating to the taxation of mortgages or security agreements or debts secured by mortgages or security agreements or the interest of lenders or secured parties in the
property covered thereby, or the 

  
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manner of collection of such taxes, so as to adversely affect this Agreement, the Mortgage or the Debt or Lender, then, and in any such event, Borrower, upon demand by Lender, shall pay such
Taxes or Other Charges, or reimburse Lender therefor; provided, however, that if in the opinion of counsel for Lender (a) it might be unlawful to require Borrower to make such payment, or (b) the making of such payment might
result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrower, to declare all of the Debt to be and become due and payable in full thirty
(30) days from the giving of such notice. 
 4.23       Borrower’s
Waivers. 
 (a)        To the full extent permitted by applicable law, Borrower
shall not at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any appraisement, valuation, stay, moratorium or extension, or any law now or hereafter in force providing for the
reinstatement of the Debt prior to any sale of the Property to be made pursuant to any provisions contained herein or prior to the entering of any decree, judgment or order of any court of competent jurisdiction, or any right under any statute to
redeem all or any part of the Property so sold. Borrower, for Borrower and Borrower’s successors and assigns, and for any and all Persons ever claiming any interest in the Property, to the full extent permitted by law, hereby knowingly,
intentionally and voluntarily with and upon the advice of competent counsel: (i) waives, releases, relinquishes and forever forgoes all rights of valuation, appraisement, stay of execution, reinstatement and notice of election or intention to
mature or declare due the Debt (except such notices as are specifically provided for herein); (ii) waives, releases, relinquishes and forever forgoes all right to a marshalling of the assets of Borrower, including the Property, to a sale in the
inverse order of alienation, or to direct the order in which any of the Property shall be sold in the event of foreclosure of the liens and security interests hereby created and agrees that any court having jurisdiction to foreclose such liens and
security interests may order the Property sold as an entirety; and (iii) waives, releases, relinquishes and forever forgoes all rights and periods of redemption provided under applicable law. To the full extent permitted by law, Borrower shall
not have or assert any right under any statute or rule of law pertaining to the exemption of homestead or other exemption under any federal, state or local law now or hereafter in effect, the administration of estates of decedents or other matters
whatever to defeat, reduce or affect the right of Lender under the terms of this Agreement, the Mortgage or any of the other Loan Documents to a sale of the Property, for the collection of the Debt without any prior or different resort for
collection, or the right of Lender under the terms of this Agreement, the Mortgage or any of the other Loan Documents to the payment of the Debt out of the proceeds of sale of the Property in preference to every other claimant whatever. Further,
Borrower hereby knowingly, intentionally and voluntarily, with and upon the advice of competent counsel, waives, releases, relinquishes and forever forgoes all present and future statutes of limitations as a defense to any action to enforce the
provisions of this Agreement, the Mortgage or any of the other Loan Documents or to collect any of the Debt the fullest extent permitted by law. Borrower covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy
proceeding by or against Borrower, Borrower shall not seek a supplemental stay or otherwise shall not seek pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Reform Act of 1978, as amended, or any other debtor relief law
(whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights of
Lender against any Guarantor of the secured obligations or any other party liable with respect thereto by virtue of any indemnity, guaranty or otherwise. 

(b)        Except as may be specifically provided in the Loan Documents, Borrower
waives presentment and demand for payment, notice of intent to accelerate maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation and appraisement, notice of demand, and
all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of the Note and this Agreement and the bringing of 

  
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suit and diligence in taking any action to collect any sums owing under the Note or hereunder or in proceeding against any of the rights and collateral securing payment hereof. Borrower agrees
(i) that the time for any payments under the Note or hereunder may be extended from time to time without notice and consent, (ii) to the acceptance by Lender of further collateral, (iii) the release by Lender of any existing
collateral for the payment of the Note or the payments due under this Agreement or any of the other Loan Documents, (iv) to any and all renewals, waivers or modifications that may be granted by Lender with respect to the payment or other
provisions of the Note, this Agreement or any of the other Loan Documents, and/or (v) that additional Persons may become parties hereto or the other Loan Documents all without notice to Borrower and without in any manner affecting
Borrower’s obligations or liabilities under or with respect to the Note, this Agreement or any of the other Loan Documents. No extension of time for the payment of the Note or the payments due under this Agreement or any of the other Loan
Documents or any installment thereof or hereof shall affect the obligations or liabilities of Borrower under the Note, this Agreement or any of the other Loan Documents even if Borrower is not a party to such agreement. 

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

(a)        The management of the Property (including, without limitation, property
management, leasing brokerage and/or asset management services) shall be performed by one or more of the following: (i) an entity affiliated with Borrower approved by Lender for so long as Borrower or said affiliated entity is managing the
Property in a first class manner; and/or (ii) a professional property management company approved by Lender, and in either case pursuant to a written agreement (a “Property Management Agreement”) approved by Lender. As of the
date hereof, the entity named in this Agreement as “Property Manager” is the only entity responsible for management of the Property as aforesaid. In no event shall any Property Manager be removed, replaced or retained, or any Property
Management Agreement entered into, modified or amended, in each case without the prior written consent of Lender, which shall not unreasonably be withheld. After an Event of Default hereunder or a default under any Property Management Agreement then
in effect, which default is not cured within any applicable grace or cure period, Lender shall have the right to terminate, or to direct Borrower to terminate, such Property Management Agreement upon thirty (30) days’ notice and to retain,
or to direct Borrower to retain, a new Property Manager approved by Lender. It shall be a condition of Lender’s consent to any Property Management Agreement, whether with an affiliate of Borrower or a professional property management company,
that such Property Manager enter into an agreement with Lender whereby the manager acknowledges and agrees to the aforesaid rights of Lender, and as to such other matters as Lender may require. 

(b)        Borrower has delivered to Lender a true, correct and complete copy of each
Contract now in effect. Borrower will comply with all of its obligations under all Contracts which are material to the operation of the Property in accordance with Borrower’s current practice, and with all material obligations under all other
Contracts. Without limiting the restrictions set forth in Section 4.24(a) pertaining to the Property Management Agreement, Borrower may not terminate any other Contract that 

  
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is material to the operation of the Property, or enter into any amendment thereto that makes the terms thereof less favorable to Borrower, in each case without the prior written consent of
Lender, which shall not unreasonably be withheld; provided, however, that if the other party to such Contract is in default thereunder, and Borrower can replace the goods or services provided on terms not materially disadvantageous to
Borrower, then the prior written consent of Lender shall not be required to terminate such Contract. Borrower shall perform its obligations under each Contract and each of the General Intangibles, except where Borrower’s failure to do so would
not have a material adverse effect on Borrower or the Property. Borrower represents that its interest under each Contract, and each General Intangible, is not subject to any claim, setoff, lien, deduction or encumbrance of any nature, other than
that created by the Loan Documents. At any time during the continuance of an Event of Default, Lender may (but shall not be obligated to) take such action as Lender may determine to be reasonably necessary to protect the rights of Borrower under any
or all of the Contracts and/or the General Intangibles. Should Lender, or Lender’s designee, acquire the Property (whether pursuant to exercise of Lender’s remedies hereunder or by transfer in lieu thereof), Lender may elect to assume
Borrower’s interests under any or all of the Contracts or General Intangibles as Lender shall determine, and Borrower shall cause to be terminated, without obligation to Lender or the successor owner of the Property, such other Contracts and/or
General Intangibles as Lender may direct. 
 4.25       Hazardous Waste and Other
Substances. 
 (a)        Borrower hereby represents and warrants to Lender
that, as of the date hereof, except as disclosed in writing to Lender: (i) to the best of Borrower’s knowledge, information and belief, except as expressly set forth in the Environmental Report, the Property is not in direct or indirect
violation of any Environmental Laws; (ii) to the best of Borrower’s knowledge, information and belief, except as expressly set forth in the Environmental Report, no Hazardous Substances are located on or have been handled, generated,
stored, processed or disposed of on or released or discharged from the Property (including underground contamination) except for those substances used by Borrower or Tenants in the ordinary course of their respective business and in compliance with
all Environmental Laws; (iii) the Property is not subject to any private or governmental lien or judicial or administrative notice or action relating to Hazardous Substances; (iv) to the best of Borrower’s knowledge, information and
belief, except as expressly set forth in the Environmental Report, there are no existing or closed underground storage tanks or other underground storage receptacles for Hazardous Substances on the Property; (v) Borrower has received no notice
of, and to the best of Borrower’s knowledge and belief, there exists no investigation, action, proceeding or claim by any agency, authority or unit of government or by any third party which could result in any liability, penalty, sanction or
judgment under any Environmental Laws with respect to any condition, use or operation of the Property nor does Borrower know of any basis for such a claim; and (vi) Borrower has received no notice of and, to the best of Borrower’s
knowledge and belief, there has been no claim by any party that any use, operation or condition of the Property has caused any nuisance or any other liability or adverse condition on any other property nor does Borrower know of any basis for such a
claim. 
 (b)        Borrower shall keep or cause the Property to be kept free from
Hazardous Substances (except those substances used by Borrower and Tenants in the ordinary course of their respective business and, in each case, in compliance with all Environmental Laws and in a manner that does not result in contamination of the
Property) and in compliance with all Environmental Laws, shall not install or use any underground storage tanks, shall expressly prohibit the use, generation, handling, storage, production, processing and disposal of Hazardous Substances by all
Tenants (except in the ordinary course of a business that is not a Prohibited Use and in each case in compliance with all Environmental Laws and in a manner that does not result in contamination of the Property) and, without limiting the generality
of the foregoing, shall not install in the Improvements or permit to be installed in the Improvements asbestos-containing materials (“ACMs”) or any substance containing ACMs. Borrower

  
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shall, if required under applicable Environmental Laws, maintain all applicable Material Safety Data Sheets with respect to the Property, and make same available to Lender or Lender’s
consultants upon reasonable notice. 
 (c)        Borrower shall promptly notify
Lender if Borrower shall become aware of the possible existence of any Hazardous Substances on the Property (except to the extent used in the ordinary course of a business that is not a Prohibited Use and in each case in compliance with all
Environmental Laws and in a manner that does not result in contamination of the Property) or if Borrower shall become aware that the Property is or may be in direct or indirect violation of any Environmental Laws. Further, immediately upon receipt
of the same, Borrower shall deliver to Lender copies of any and all orders, notices, permits, applications, reports, and other communications, documents and instruments pertaining to the actual, alleged or potential presence or existence of any
Hazardous Substances at, on, about, under, within, near or in connection with the Property. Borrower shall, promptly and when and as required by Lender, at Borrower’s sole cost and expense, take all actions as shall be necessary or advisable
for the clean-up of any and all portions of the Property or other affected property, including, without limitation, all investigative, monitoring, removal, containment and remedial actions in accordance with all applicable Environmental Laws (and in
all events in a manner satisfactory to Lender), and shall further pay or cause to be paid, at no expense to Lender, all clean-up, administrative and enforcement costs of applicable governmental agencies which may be asserted against the Property; in
the event Borrower fails to take such actions, (i) Lender may, but shall not be obligated to, cause the Property or other affected property to be freed from any Hazardous Substances or otherwise brought into conformance with Environmental Laws
and any and all costs and expenses incurred by Lender in connection therewith, together with interest thereon at the Default Rate from the date incurred by Lender until actually paid by Borrower, shall be immediately paid by Borrower on demand, and
(ii) Borrower hereby grants to Lender and its agents and employees access to the Property and a license to remove any items deemed by Lender to be Hazardous Substances and to do all things Lender shall deem necessary to bring the Property in
conformance with Environmental Laws. Borrower covenants and agrees, at Borrower’s sole cost and expense, to indemnify, defend (at trial and appellate levels, and with attorneys, consultants and experts acceptable to Lender), and hold Lender
harmless from and against any and all liens, damages, losses, liabilities, obligations, settlement payments, penalties, assessments, citations, directives, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or
expenses of any kind or of any nature whatsoever (including, without limitation, reasonable attorneys’, consultants’ and experts’ fees and disbursements actually incurred in investigating, defending, settling or prosecuting any claim,
litigation or proceeding) which may at any time be imposed upon, incurred by or asserted or awarded against Lender or the Property, and arising directly or indirectly from or out of: (A) the presence, release or threat of release of any
Hazardous Substances on, in, under or affecting all or any portion of the Property or (to the extent such Hazardous Substances were released from, or migrated from, the Property) any surrounding areas, regardless of whether or not caused by or
within the control of Borrower; (B) the violation of any Environmental Laws relating to or affecting the Property, whether or not caused by or within the control of Borrower; (C) the failure by Borrower to comply fully with the terms and
conditions of this Section 4.25; (D) the breach of any representation or warranty contained in this Section 4.25; or (E) the enforcement of this Section 4.25, including, without limitation, the cost of
assessment, containment and/or removal of any and all Hazardous Substances from all or any portion of the Property or (to the extent such Hazardous Substances were released from, or migrated from, the Property) any surrounding areas, the cost of any
actions taken in response to the presence, release or threat of release of any Hazardous Substances on, in, under or affecting any portion of the Property or (to the extent such Hazardous Substances were released from, or migrated from, the
Property) any surrounding areas to prevent or minimize such release or threat of release so that it does not migrate or otherwise cause or threaten danger to present or future public health, safety, welfare or the environment, and costs incurred to
comply with the Environmental Laws in connection with all or any portion of the Property or any surrounding areas. The indemnity set forth in this Section 4.25(c) shall also include any diminution in the

  
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value of the security afforded by the Property or any future reduction in the sales price of the Property by reason of any matter set forth in this Section 4.25(c). Lender’s
rights under this Section 4.25(c) shall survive payment in full of the Debt and shall be in addition to all other rights of Lender under this Agreement, the Mortgage, the Note and the other Loan Documents. 

(d)        Upon Lender’s request, at any time during the continuance of an Event
of Default or at such other time as Lender has reasonable grounds to believe that Hazardous Substances are or have been released, stored or disposed of on or around the Property or that the Property may be in violation of the Environmental Laws,
Borrower shall provide, at Borrower’s sole cost and expense, an inspection or audit of the Property prepared by a hydrogeologist or environmental engineer or other appropriate consultant approved by Lender indicating the presence or absence of
Hazardous Substances on the Property or an inspection or audit of the Improvements prepared by an engineering or consulting firm approved by Lender indicating the presence or absence of friable asbestos or substances containing asbestos on the
Property. If Borrower fails to provide such inspection or audit within thirty (30) days after such request, Lender may order the same, and Borrower hereby grants to Lender and its employees and agents access to the Property and a license to
undertake such inspection or audit. The cost of such inspection or audit, together with interest thereon at the Default Rate from the date incurred by Lender until actually paid by Borrower, shall be immediately due and payable to Lender by Borrower
on demand. 
 (e)        The obligations of Borrower under this Agreement
(including, without limitation, this Section 4.25) with respect to Hazardous Substances shall not in any way limit the obligations of any party under the Hazardous Substances Indemnity. 

4.26       Indemnification; Subrogation. 

(a)        Borrower shall indemnify, defend and hold Lender harmless against:
(i) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Property or the Debt, and (ii) any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs and
expenses (including Lender’s reasonable attorneys’ fees, together with reasonable appellate counsel fees, if any) of whatever kind or nature which may be asserted against, imposed on or incurred by Lender in connection with the Debt, this
Agreement, the other Loan Documents, the Property, or any part thereof, or the exercise by Lender of any rights or remedies granted to it under this Agreement; provided, however, that nothing herein shall be construed to obligate
Borrower to indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses enacted against, imposed on or incurred by Lender by reason of
Lender’s willful misconduct or gross negligence. 
 (b)        If Lender is
made a party defendant to any litigation or any claim is threatened or brought against Lender concerning the Debt, this Agreement, the other Loan Documents, the Property, or any part thereof, or any interest therein, or the construction,
maintenance, operation or occupancy or use thereof, then Borrower shall indemnify, defend and hold Lender harmless from and against all liability by reason of said litigation or claims, including reasonable attorneys’ fees (together with
reasonable appellate counsel fees, if any) and expenses incurred by Lender in any such litigation or claim, whether or not any such litigation or claim is prosecuted to judgment. If Lender commences an action against Borrower to enforce any of the
terms hereof or to prosecute any breach by Borrower of any of the terms hereof or of any of the other Loan Documents, Borrower shall pay to Lender its reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and
expenses. The right to such attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses shall be deemed to have accrued on the commencement of such action, and shall be enforceable whether or not such action is
prosecuted to judgment. If Borrower breaches any term of this Agreement, Lender may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of such engagement following any

  
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breach by Borrower, Borrower shall pay Lender reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by Lender, whether or not an action
is actually commenced against Borrower by reason of such breach. All references to “attorneys” in this Section 4.26 and elsewhere in this Agreement shall include without limitation any attorney or law firm engaged by Lender and
Lender’s in-house counsel, and all references to “fees and expenses” in this Section 4.26 and elsewhere in this Agreement shall include without limitation any fees of such attorney or law firm and any allocation charges
and allocation costs of Lender’s in-house counsel. The rights of Lender and obligations of Borrower under this section shall survive the foreclosure of the Mortgage and/or the repayment of the Debt. The rights of Lender under this section shall
inure to the benefit of all current and future holders of all or any portion of the Loan from time to time, and shall continue to inure to the benefit of any such holder even after any such holder transfers its interest in the Loan (it being
acknowledged, for purposes of clarification, that in connection with any transfer of a holder’s interest in the Loan, that such rights shall continue to inure to the benefit of both the transferor and transferee of such interest in the Loan).

 (c)         A waiver of subrogation shall be obtained by Borrower from its
insurance carrier and, consequently, Borrower waives any and all right to claim or recover against Lender, its officers, employees, agents and representatives, for loss of or damage to Borrower, the Property, Borrower’s property or the property
of others under Borrower’s control from any cause insured against or required to be insured against by the provisions of this Agreement. 

4.27       Single-Purpose Entity Covenants. Borrower hereby represents, warrants and
covenants, as of the date hereof and until such time as the Debt is paid in full, that without, in each case, the prior written consent of Lender (which may be withheld or conditioned by Lender in its sole and absolute discretion for any reason or
for no reason): 
 (a)         The sole purpose of Borrower has been, is and
will be, to acquire, own, hold, maintain, and operate the Property, together with such other activities as may be necessary or advisable in connection with the ownership and operation of the Property. Borrower has not engaged, and does not and shall
not engage, in any business, and it has and shall have no purpose, unrelated to the Property. Borrower has not owned, does not own and shall not acquire, any real property or own assets other than those related to the Property and/or otherwise in
furtherance of the limited purposes of Borrower. 
 (b)         Borrower shall
at all times satisfy one of the following requirements: 

(i)        Borrower shall be a corporation that, at all times, has an
Independent Director; 
 (ii)       Borrower shall be an SPE-Qualifying
LLC that at all times has an Independent Director; 
 (iii)      Borrower
shall be a limited partnership as to which, at all times, each general partner is an SPE Component Entity; or 

(iv)      Borrower shall be a limited liability company (other than an
SPE-Qualifying LLC) as to which, at all times, at least one member shall be an SPE Component Entity. 

(c)         Borrower shall not: 

(i)        make any loans to any Affiliate, any Equity Holder or any
Affiliate of any Equity Holder; 

  
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 (ii)       except as
expressly permitted by Lender in writing (including, without limitation, as contemplated by Section 4.11 of this Agreement), sell, encumber (except with respect to Lender) or otherwise transfer or dispose of all or substantially all of
its properties (a sale or disposition will be deemed to be “all or substantially all of its properties” if the sale or disposition includes the Property or if the total value of the properties sold or disposed of in such transaction and
during the twelve months preceding such transaction is sixty six and two thirds percent (66-2/3%) or more in value of its total assets as of the end of the most recently completed fiscal year); 

(iii)      to the fullest extent permitted by law, dissolve, wind-up, or
liquidate, or merge or consolidate with, or acquire all or substantially all of the assets of, any other person or entity (whether or not an Affiliate); 

(iv)      change the nature of the business conducted by it; 

(v)       act in a manner not consistent with the assumptions of any
Non-Consolidation Opinion delivered to Lender in connection with the closing of the Loan, or in connection with any Transfer; 

(vi)      perform, nor shall any Controlling Entity of Borrower have the
authority to cause Borrower to perform, any act in respect of Borrower in violation of any (a) applicable laws or regulations or (b) any agreement between Borrower and Lender (including, without limitation, this Agreement and the other
Loan Documents); or 
 (vii)     except as permitted by Lender in writing, amend,
modify or otherwise change its Organizational Documents (which approval, after a Secondary Market Transaction with respect to the Loan, may be conditioned upon Lender’s receipt of a Rating Confirmation). 

(d)         Without the prior written affirmative vote of both (1) one
hundred percent (100%) of the members, partners or stockholders of Borrower, and (2) the Independent Directors of Borrower and/or (if applicable) of any SPE Component Entity of Borrower, Borrower shall not undertake a Bankruptcy Action.

 (e)         Borrower shall have no indebtedness (including any PACE Loan)
or incur any liability other than (i) unsecured debts and liabilities for trade payables and accrued expenses incurred in the ordinary course of its business of operating the Property; provided, however, that such unsecured
indebtedness or liabilities (A) are in amounts that are normal and reasonable under the circumstances, but in no event to exceed two percent (2%) of the original principal amount of the Loan, and (B) are not evidenced by a note and
are paid when due, but in no event for more than sixty (60) days from the date that such indebtedness or liabilities are incurred, and (ii) the Debt. No indebtedness (including any PACE Loan) other than the Loan shall be secured (senior,
subordinated or pari passu) by the Property. 
 (f)         The provisions of
this Section 4.27(f) shall apply at all times when Borrower is a limited liability company or a partnership. A Bankruptcy Action by or against any partner or member of Borrower, as applicable, shall not cause such partner or member of
Borrower, as applicable, to cease to be a partner or member of Borrower and upon the occurrence of a Bankruptcy Action, Borrower shall continue without dissolution. Additionally, to the fullest extent permitted by law, if any partner or member of
Borrower, as applicable, ceases to be a partner or member of Borrower, as applicable, such event shall not terminate Borrower and Borrower shall continue without dissolution. 

(g)         Borrower shall at all times observe the applicable legal
requirements for the recognition of Borrower as a legal entity separate from any Equity Holder or Affiliates of Borrower or of any Equity Holder, including, without limitation, as follows: 

(i)        It shall either (A) maintain its principal executive
office and telephone and facsimile numbers separate from that of any Affiliate or of any Equity Holder and shall conspicuously identify such office and numbers as its own, or (B) shall allocate by written agreement fairly and reasonably any
rent, overhead and expenses for shared office space. Additionally, it shall use its own separate stationery, invoices and checks which reflects its name, address, telephone number and facsimile number. 

  
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 (ii)       It shall maintain
correct and complete financial statements, accounts, books and records and other entity documents separate from those of any Affiliate or any Equity Holder or any other person or entity. It shall prepare unaudited quarterly and annual financial
statements, and its financial statements shall substantially comply with generally accepted accounting principles. 

(iii)      It shall maintain its own separate bank accounts, payroll and
correct, complete and separate books of account. 
 (iv)      It shall file or
cause to be filed its own separate tax returns, if required to file tax returns. 

(v)       It shall hold itself out to the public (including any of its
Affiliates’ creditors) under its own name and as a separate and distinct entity and not as a department, division or otherwise of any Affiliate or any Equity Holder. 

(vi)      It shall observe all customary formalities regarding its existence,
including holding meetings and maintaining current and accurate entity record books separate from those of any Affiliate or any Equity Holder. 

(vii)     It shall hold title to its assets in its own name and act solely in its own
name and through its own duly authorized officers and agents. No Affiliate or Equity Holder shall be appointed or act as its agent (except that, with respect to Borrower, an Affiliate or Equity Holder may serve as Property Manager with respect to
the Property if in accordance with Section 4.24 hereof). 

(viii)    Investments shall be made in its name directly by it or on its behalf by brokers
engaged and paid by it. 
 (ix)      Except as required by Lender, it shall
not guarantee, pledge or assume or hold itself out or permit itself to be held out as having guaranteed, pledged or assumed any liabilities or obligations of any Equity Holder or any Affiliate, nor shall it make any loan, except as permitted in the
Loan Documents. 
 (x)       It was solvent as of the date of its
formation and remains solvent as of the date hereof, and will not make any distribution or dividend if doing so would cause it not to be solvent. 

(xi)      Its assets shall be separately identified, maintained and segregated.
Its assets shall at all times be held by or on behalf of it and, if held on its behalf by another entity, shall at all times be kept identifiable (in accordance with customary usages) as assets owned by it. This restriction requires, among other
things, that (A) funds shall be deposited or invested in its name, (B) funds shall not be commingled with the funds of any Affiliate or any Equity Holder, (C) it shall maintain all accounts in its own name and with its own tax
identification number, separate from those of any Affiliate or any Equity Holder, and (D) its funds shall be used only for its business. 

(xii)     It shall maintain its assets in such a manner that it is not costly or
difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or any Equity Holder. 

  
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 (xiii)     It shall pay or cause to be
paid its own liabilities and expenses of any kind, including but not limited to salaries of its employees, only out of its own separate funds and assets. 

(xiv)     It shall at all times be adequately capitalized to engage in the
transactions contemplated at its formation, and will not make any distribution or dividend if doing so would cause it not to be adequately capitalized. 

(xv)      It shall not do any act which would make it impossible to carry on its
ordinary business. 
 (xvi)     All data and records (including computer records)
used by it or any Affiliate in the collection and administration of any loan shall reflect its ownership interest therein. 

(xvii)    None of its funds shall be invested in securities issued by, nor shall it
acquire the indebtedness or obligation of, any Affiliate or any Equity Holder. 

(xviii)   It shall maintain an arm’s length relationship with each of its Affiliates and
Equity Holders, and may enter into contracts or transact business with its Affiliates or Equity Holders only on commercially reasonable terms that are no less favorable to it than is obtainable in the market from a person or entity that is not an
Affiliate or Equity Holder. 
 (xix)     It shall correct any misunderstanding that
is known to it regarding its name or separate identity. 
 (h)         Any
indemnification obligation of Borrower to any Equity Holder shall (i) be fully subordinated to the Loan, and (ii) not constitute a claim against Borrower or its assets until such time as the Loan has been indefeasibly paid in accordance
with its terms and otherwise has been fully discharged (or, if applicable, defeased as contemplated by this Agreement). 

(i)          As to Borrower, or any SPE Component Entity with an
Independent Director, the Organizational Documents shall also include provisions substantially comparable to the following (together with such modifications as may be approved (or, in the case of any Buyer or other Transfer, required) by Lender
based on changes in relevant law or market standards after the date of this Agreement): 

(i)         To the fullest extent permitted by law, and
notwithstanding any duty otherwise existing at law or in equity, the Independent Director shall consider only the interests of this entity (and, in the case of an SPE Component Entity, of Borrower), including its creditors, in exercising such
person’s authority as an Independent Director. Except for duties to the entity in which it is an Independent Director (and, in the case of an SPE Component Entity, duties to Borrower) as set forth in the immediately preceding sentence
(including duties to creditors solely to the extent of their respective economic interests in Borrower or such SPE Component Entity, but excluding (i) all other interests of such entity, (ii) the interests of other Affiliates of such
entity, and (iii) the interests of any group of Affiliates of which the entity is a part), the Independent Directors shall not have any fiduciary duties to the entity, any other member or director of such entity, or to Borrower or Lender);
provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. 

(ii)        To the fullest extent permitted by law, an Independent
Director shall not be liable to the entity in which it serves for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct. 

  
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 (iii)      No Independent Director
shall resign or be removed or replaced, in each case unless Lender receives not less than five (5) business days’ prior written notice of (a) any proposed resignation or removal or replacement of such Independent Director, and
(b) the identity of the proposed replacement Independent Director, together with evidence satisfactory to Lender that such replacement satisfies the applicable requirements to be an Independent Director, in each case except for removal of an
Independent Director by reason of (y) acts or omissions by such Independent Director that constitute willful disregard of such Independent Director’s duties, in accordance with the standards set forth herein, or (z) such Independent
Director having engaged in or having been charged with, or having been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Director, in which case a replacement Independent Director shall be identified
and elected or appointed within five (5) business days after Borrower (or, if applicable, such SPE Component Entity) knew or was deemed to have known thereof. 

(j)         Borrower shall cause the Organizational Documents of Borrower to
include, at all times, substantially all of the requirements of this Section 4.27, in a manner satisfactory to Lender. 

4.28       Reserve Accounts and Disbursement Requests. At Lender’s option, as
additional security for the Debt, Borrower shall establish and maintain the reserve accounts required by this Section 4.28, subject to the security interest therein as more fully set forth in Section 4.19. 

(a)         Intentionally Omitted. 

(b)         Replacement Reserve. Borrower agrees that it will perform all
repairs and replacements necessary to maintain the Property in good working order, in accordance with its condition as of the date hereof. On each Payment Date until the Note is paid in full, Borrower shall pay to Lender the sum of $5,124.50 to be
held in a reserve fund (the “Replacement Reserve”) subject to this Agreement, for payment of certain repairs and replacements at the Property which, under generally accepted accounting principles, are categorized as capital expenses
and not as operating expenses (the “Repairs”). Borrower shall perform all Repairs in a good and workmanlike manner, in accordance with all applicable codes and regulations, and in each case in a manner satisfactory to Lender and as
necessary to maintain the Property in good condition and in compliance with all Applicable Laws. So long as no Default shall exist and be continuing, Lender shall, to the extent funds are available for such purpose in the Replacement Reserve,
disburse to Borrower the amount paid or incurred by Borrower in performing the Repairs as required above upon satisfaction of the requirements set forth in Section 4.29 of this Agreement. Lender may, at Borrower’s expense, make or
cause to be made an inspection of the Property to determine the need, as determined by Lender in its reasonable judgment, for further Repairs of the Property. In the event that such inspection reveals that further Repairs are required, Lender shall
provide Borrower with a written description of the required Repairs, and Borrower shall complete such Repairs to Lender’s reasonable satisfaction within ninety (90) days after Lender’s notice, or such later date as may be approved by
Lender in its discretion. 
 (c)         Intentionally Omitted. 

(d)         Leasing Reserve. Borrower agrees that, upon the execution of
any Lease approved or deemed approved in accordance with Section 4.10 of this Agreement, Borrower shall timely perform all build-out, construction, tenant improvement work and other obligations required to be performed by Borrower under
such Lease (the foregoing, “Tenant Improvements”) and timely pay as and when due any and all commissions to brokers in connection with such Lease (“Leasing Commissions”). Simultaneously herewith, Borrower shall
deposit with Lender the sum of $2,253,651 for outstanding Leasing Commissions and Tenant Improvements as shown on Exhibit F attached hereto and 

  
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made a part hereof, and on each Payment Date until the Note is paid in full, Borrower shall pay to Lender the sum of $19,216.75 to be held in a reserve fund (the “Leasing
Reserve”) subject to this Agreement, for payment of the costs of Leasing Commissions and Tenant Improvements (collectively, “Leasing Costs”). Borrower shall make additional deposits to the Leasing Reserve from time to time
as required by Section 4.28(f) below. Borrower shall perform all Tenant Improvements in a good and workmanlike manner, in accordance with all applicable codes and regulations, and each case in a manner satisfactory to Lender and as
necessary to maintain the Property in good condition and in compliance with all Applicable Laws. So long as no Default shall exist and be continuing, Lender shall, to the extent funds are available for such purpose in the Leasing Reserve (including,
without limitation, in any Early Termination Reserve established pursuant to Section 4.28(f) hereof), disburse to Borrower the amount paid or incurred by Borrower as Leasing Costs upon satisfaction of the requirements set forth in
Section 4.29 of this Agreement. 
 (e)         Intentionally
Omitted. 
 (f)         Early Termination Reserve. If any Tenant (a
“Terminating Tenant”) gives notice to Borrower that it is exercising an early termination option set forth in its Lease with Borrower, or if Borrower agrees to allow any Tenant to reduce or terminate its obligations under its Lease
(subject, in each case, to the restrictions of Section 4.10(c) hereof), Borrower shall direct such Tenant that the payment or other consideration in connection therewith (the “Early Termination Payment”) is to be remitted to
Lender (or, if a Cash Management Period shall then be in effect, such Early Termination Payment shall be deposited in the Clearing Account), for application as set forth below. If such Tenant remits the Early Termination Payment directly to
Borrower, Borrower shall remit the Early Termination Payment to Lender, for application as set forth below. Any Early Termination Payment shall be deposited in a segregated sub-account of the Leasing Reserve (the “Early Termination
Reserve”) to be held as additional security for the Debt; a separate Early Termination Reserve shall be maintained with respect to each Lease so terminated. Funds deposited in an Early Termination Reserve shall be disbursed as follows: 

(i)        If Borrower enters into a Lease for the entire premises
previously demised under the Lease so terminated (the “Vacated Space”) with a Tenant reasonably acceptable to Lender and such Lease satisfies all applicable requirements of Section 4.10 hereof, and the Tenant under such Lease
accepts such demised premises, takes occupancy thereof and commences the payment of base rent under its Lease (any such Lease, a “Qualified Replacement Lease”), then all funds in the Early Termination Reserve shall be used first to
pay Leasing Costs with respect to such Qualified Replacement Lease upon satisfaction of the conditions set forth in Section 4.29 hereof; any funds remaining in the Early Termination Reserve after payment of all Leasing Costs with respect
thereto shall be disbursed to Borrower as follows: (x) if the monthly net rent payable under the Qualified Replacement Lease is greater than or equal to the monthly net rent payable by the Terminating Tenant under its Lease as of the date of
such termination, then provided no Default is then continuing, such funds remaining in the Early Termination Reserve shall be disbursed to Borrower; and (y) if the monthly net rent payable under the Qualified Replacement Lease is less than the
monthly net rent payable by the Terminating Tenant under its Lease as of the date of such termination, then provided no Default is then continuing all funds remaining in the Early Termination Reserve shall be disbursed to Borrower in equal monthly
installments over the remaining term of the Qualified Replacement Lease, until such time as all funds have been disbursed from the Early Termination Reserve. 

  
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 (ii)       If Borrower enters
into one or more Leases each for less than the entire Vacated Space, no disbursements shall be permitted from the Early Termination Reserve except as follows: 
  

	 	A.	 Until such time as the entire Vacated Space has been re-leased pursuant to one or more Qualified Replacement Leases, and the Tenant under each such
Qualified Replacement Lease accepts such demised premises, takes occupancy thereof and commences the payment of base rent under its Lease, Lender shall from time to time make disbursements on account of Leasing Costs with respect to the Vacated
Space, provided, however, that the disbursements with respect to any portion of the Vacated Space on a per-square foot basis shall not exceed the amount of the Early Termination Payment on a per-square-foot basis; and 

 

	 	B.	 At such time as the entire Vacated Space has been re-leased pursuant to one or more Qualified Replacement Leases and the Tenant under each such
Qualified Replacement Lease accepts such demised premises, takes occupancy thereof and commences the payment of base rent under its Lease, then after payment of all Leasing Costs with respect to the re-leasing of such Vacated Space, the funds
remaining in the Early Termination Reserve shall be disbursed as follows: (i) first, to the extent that any disbursements were made from the Leasing Reserve with respect to such Vacated Space, an amount equal to the sum of all such
disbursements will be transferred to the Leasing Reserve (notwithstanding any limit to the required deposits thereto); (ii) next, any funds remaining in the Early Termination Reserve shall be disbursed to Borrower as follows: (x) if
the monthly aggregate net rents payable under all such Qualified Replacement Leases is greater than or equal to the monthly net rent payable by the Terminating Tenant, and the term of all such Qualified Replacement Leases extends to or beyond the
scheduled expiration date of the Lease with the Terminating Tenant, then provided no Default is then continuing such funds remaining in the Early Termination Reserve shall be disbursed to Borrower; and (y) if the conditions of clause
(x) are not satisfied, then provided no Default is then continuing such funds remaining in the Early Termination Reserve shall be disbursed to Borrower in equal monthly installments over the period that would have remained in the term of the
Lease with the Terminating Tenant. 

 Leasing Costs with respect to any Qualified Replacement Lease shall be disbursed
first out of the related Early Termination Reserve, if applicable, prior to using any funds in the Leasing Reserve with respect thereto. 

(g)         Cash Collateral Reserve. If a Cash Management Period shall be
continuing (other than a Cash Management Period continuing due to a United Healthcare Trigger Period or a Parsons Trigger Period), Borrower shall make deposits to a reserve fund (the “Cash Collateral Reserve”) in accordance with
Section 3.3(a) hereof. All funds on deposit in the Cash Collateral Reserve not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period and so long as no other Cash Management Period
then exists. Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion, to apply any and all funds on deposit in the Cash Collateral Reserve to the Debt, in
such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Debt (together with the applicable Yield Maintenance Amount, if any, applicable thereto) or any other amounts due hereunder.

 (h)         United Healthcare Cash Collateral Reserve. 

(i)        During the continuance of a United Healthcare Trigger
Period, Borrower shall make deposits to a reserve fund (the “United Healthcare Cash Collateral Reserve”) in 

  
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accordance with Section 3.3(a) hereof for the payment of Leasing Costs associated with the United Healthcare Premises and as additional collateral for the Loan. So long as no Event of
Default shall exist and be continuing, Lender shall, to the extent funds are available for such purpose in the United Healthcare Cash Collateral Reserve, disburse to Borrower the amount paid or incurred by Borrower as Leasing Costs with respect to
the United Healthcare Premises upon satisfaction of the requirements set forth in Section 4.29 of this Agreement. 

(ii)       Following the termination of a United Healthcare Trigger
Period, provided no Event of Default is continuing, funds on deposit in the United Healthcare Cash Collateral Reserve not previously disbursed or applied shall be disbursed as follows: (x) provided no other Cash Management Period is continuing,
to Borrower once all Occupancy Conditions are satisfied, or (y) if a Cash Management Period is continuing, but all Occupancy Conditions have been satisfied, on the next occurring Payment Date in accordance Section 3.3 hereof 

(i)          Parsons Cash Collateral Reserve. 

(i)        During the continuance of a Parsons Trigger Period,
Borrower shall make deposits to a reserve fund (the “Parsons Cash Collateral Reserve”) in accordance with Section 3.3(a) hereof for the payment of Leasing Costs associated with the Parsons Premises and as additional
collateral for the Loan. So long as no Event of Default shall exist and be continuing, Lender shall, to the extent funds are available for such purpose in the Parsons Cash Collateral Reserve, disburse to Borrower the amount paid or incurred by
Borrower as Leasing Costs with respect to the Parsons Premises upon satisfaction of the requirements set forth in Section 4.29 of this Agreement. 

(ii)       Following the termination of a Parsons Trigger Period, provided
no Event of Default is continuing, funds on deposit in the Parsons Cash Collateral Reserve not previously disbursed or applied shall be disbursed as follows: (x) provided no other Cash Management Period is continuing, to Borrower once all
Occupancy Conditions are satisfied, or (y) if a Cash Management Period is continuing but all Occupancy Conditions have been satisfied, on the next occurring Payment Date in accordance Section 3.3 hereof 

(j)         Parsons Rent Reserve.  Simultaneously herewith,
Borrower shall pay to Lender the sum of $83,646.64 to be held in a reserve fund (the “Parsons Rent Reserve”) as additional collateral for the Debt, subject to this Agreement. So long as no Event of Default exists, Lender shall
disburse to Borrower the amount in the Parsons Rent Reserve provided that all of the following conditions have been satisfied, as determined by Lender: (i) the Parsons Lease is in full force and effect and there are not defaults by Borrower
thereunder; (ii) Parsons has taken actual possession and occupancy of the space demised to Parsons under the Parsons Lease, and is conducting business with the public therefrom; (iii) Parsons is paying full, unabated rent pursuant to the
Parsons Lease; (iv) all work to be performed and paid for by Borrower, as landlord, under such Lease has been fully performed and paid for; and (v) Tenant delivers to Lender a tenant estoppel certificate in form and substance acceptable to
Lender in its discretion confirming each of the foregoing subsections (i)-(iv). 

(k)        United Healthcare Rent Reserve.  Simultaneously herewith,
Borrower shall pay to Lender the sum of $1,781,613 to be held in a reserve fund (the “United Healthcare Rent Reserve”) as additional collateral for the Debt, subject to this Agreement. So long as no Event of Default or other Cash
Management Period exists, Lender shall disburse to Borrower the amount of $593,871 from the United Healthcare Rent Reserve within ten (10) following Borrower’s written request on each of April 1, 2016, May 1, 2016 and
June 1, 2016, provided that all of the following conditions have been satisfied as of the date of the request, as determined by Lender: (i) the United Healthcare Lease is in full force and effect

  
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and there are not defaults by Borrower thereunder; (ii) United Healthcare has taken actual possession and occupancy of the space demised to United Healthcare under the United Healthcare
Lease, and is conducting business with the public therefrom; (iii) United Healthcare is paying full, unabated rent pursuant to the United Healthcare Lease; (iv) all work to be performed and paid for by Borrower, as landlord, under such
Lease has been fully performed and paid for; and (v) Tenant delivers to Lender a tenant estoppel certificate in form and substance acceptable to Lender in its discretion confirming each of the foregoing subsections (i)-(iv) 

4.29       Disbursements from the
Property Reserve Accounts. So long as no Event of Default shall have occurred and be continuing under this Agreement, all sums in each of the Leasing Reserve, the United Healthcare Cash Collateral Reserve, the Parsons Cash Collateral Reserve,
the Parsons Rent Reserve, the United Healthcare Rent Reserve and the Replacement Reserve (the foregoing, collectively, the “Property Reserve Accounts”) shall be held by Lender in the respective Property Reserve Account as set forth
above for the purposes set forth in Section 4.28. So long as no Default has occurred and is continuing, Lender shall disburse to Borrower, from the appropriate Property Reserve Account for the purposes set forth in
Section 4.28, an amount equal to the actual expenses incurred to date by Borrower, less any prior disbursements to Borrower from any of the Property Reserve Account for such expenditure, but only to the extent that such expense is one
for which, pursuant to Section 4.28, the proceeds of a Property Reserve Account may be disbursed. Disbursements shall be made to Borrower within ten (10) days following Lender’s receipt of each of the following: 

(a)        a written request from Borrower for such disbursement, accompanied by a
certification by Borrower, in the form therefor then utilized by Lender or Lender’s servicing agent; 

(b)        copies of invoices, receipts or other evidence satisfactory to Lender
verifying the costs and expenses for which Borrower is requesting such disbursement; 

(c)        for disbursement requests in connection with a single project, or group of
related projects, for which Borrower is seeking disbursement of $10,000 or more, affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, contractors, suppliers and other parties who have
or might claim statutory or common law liens, or who have furnished labor, materials or supplies to or in connection with the Property, have been paid (or are being paid out of the proceeds of such disbursement) all amounts due; 

(d)        for disbursement requests in connection with a single project, or group of
related projects, for which Borrower is seeking disbursement of $20,000 or more, excluding, however, Leasing Commissions, a certification from an inspecting architect or other third party acceptable to Lender, verifying that the any work for which
Borrower is requesting a disbursement has been properly completed and that the cost of such work bears a reasonable relationship to the costs incurred therefor; 

(e)        if requested by Lender, for disbursement requests in connection with
Leasing Costs, a current estoppel certificate (in form and substance acceptable to Lender) from the tenant under the applicable Lease pursuant to which such Leasing Costs were incurred; 

(f)         a copy of the
certificate of occupancy for the Improvements if, as a result of any work undertaken by Borrower, it was necessary to receive an amendment to the existing certificate of occupancy (or similar instrument) issued with respect to the Improvements, or
to obtain a new certificate of occupancy for the Improvements, or a certification of Borrower that no such amended or new certificate of occupancy is required; and 

(g)        payment of an administrative fee of $150.00 per request. 

  
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 Lender shall not be required to make an advance from each Property Reserve Account more
frequently than once in any thirty (30) day period. In making any disbursement from a Property Reserve Account, Lender shall be entitled to rely on the disbursement request from Borrower without any inquiry into the accuracy, validity or
contestability of any amount set forth therein. All costs and expenses required to be incurred in connection with the review and approval of each request for a disbursement from a Property Reserve Account shall be paid by Borrower not later than
concurrently with such disbursement; Lender shall have the right to make disbursement of any costs and expenses not paid as of the request for such disbursement directly to the contractor, vendor or other provider (or by two-party check jointly to
Borrower and such contractor, vendor or other provider). The Reserves shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds. Lender may, at its discretion, hold the Reserves either in a
separate account or commingled by Lender with any other funds in the possession or control of Lender. The Reserves are solely for the protection of Lender, and entail no responsibility on Lender’s part beyond making disbursements upon strict
satisfaction of the requirements of Section 4.28 and this Section 4.29 and beyond the allowing of due credit for the sums actually received. To the extent that any funds in any of the Reserves are invested by Lender, Borrower
shall bear the risk of loss of such investments. In the event that the amounts on deposit in any of the Property Reserve Account are insufficient to reimburse Borrower for amounts otherwise properly requested, Lender shall not be obligated or
authorized to transfer funds from other Reserves, and Borrower shall pay the amount of such deficiency. Upon assignment of this Agreement by Lender, any funds in the Reserves shall be turned over to the assignee, and any responsibility of the
assignor with respect thereto shall terminate. 

4.30       Interest-Bearing
Reserves. Lender shall cause funds in the Leasing Reserve and the Replacement Reserve (referred to in this Section 4.30 as the “Interest-Bearing Reserve”) to be deposited into an interest bearing account of the type
customarily maintained by Lender or its Servicer for the investment of similar reserves, which account may not yield the highest interest rate then available. Interest payable on such amounts shall be computed based on the daily outstanding balance
in the Interest-Bearing Reserve. Such interest shall be calculated on a simple, non-compounded interest basis based solely on contributions made to the Interest-Bearing Reserve by Borrower. All interest earned on amounts contributed to the
Interest-Bearing Reserve shall be retained by Lender and added to the balance in such Interest-Bearing Reserve and shall be disbursed for payment of the items for which other funds in such Interest-Bearing Reserve are to be disbursed. Borrower
acknowledges that all Reserves other than the Interest-Bearing Reserves shall not accrue or bear interest for the benefit of Borrower, and no interest shall be payable thereon by Lender. 

4.31       Ground Lease
Covenants.  Borrower hereby covenants and agrees with Lender with respect to the Ground Lease: 

(a)        Borrower will comply in all material respects with the terms and
conditions of the Ground Lease. Borrower will not do or permit anything to be done, the doing of which, or refrain from doing anything, the omission of which, will impair or tend to impair the security of the Leasehold Real Estate under the Ground
Lease or will be grounds for declaring a default under, or forfeiture of, the Ground Lease. 

(b)        Borrower shall enforce the Ground Lease and will not terminate, modify,
cancel, change, supplement, alter or amend the Ground Lease, or waive, excuse, condone or in any way release or discharge the Ground Lessor of or from any of the material covenants and conditions to be performed or observed by the Ground Lessor
under the Ground Lease. Borrower hereby expressly covenants with Lender not to cancel, surrender, amend, modify or alter in any way the terms of the Ground Lease. Borrower hereby assigns to Lender, as further security for the payment of the
Obligations and for the performance and observance of the terms, covenants and conditions of the Loan Documents, all of the 

  
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rights, privileges and prerogatives of Borrower, as tenant under the Ground Lease, to surrender the leasehold estate created by the Ground Lease or to terminate, cancel, modify, change,
supplement, alter or amend the Ground Lease, and any such surrender of the leasehold estate created by the Ground Lease or termination, cancellation, modification, change, supplement, alteration or amendment of the Ground Lease without the prior
consent of Lender shall be void and of no force and effect. Notwithstanding the foregoing, if the United Healthcare Lease is amended pursuant to the terms and conditions hereof during the Loan Term so that the parking obligations required therein no
longer require the Ground Lease be utilized to meet their permitted parking spaces, and the parking at the Property otherwise complies with all zoning requirements for parking and no other tenants at the Property require the use of such parking
spaces and/or the Leasehold Real Estate pursuant to the Ground Lease, Borrower may, with Lender’s reasonable prior written consent, terminate the Ground Lease. 

(c)         Borrower will
give Lender prompt (and in all events within five (5) days) notice of any default under the Ground Lease or of the receipt by Borrower of any notice of default from Ground Lessor. Borrower will promptly (and in all events within (5) days)
furnish to Lender copies of all information furnished to Ground Lessor by the terms of the Ground Lease or the provisions of this Section. Borrower will deposit with Lender an exact copy of any notice, communication, plan, specification or other
instrument or document received or given by Borrower in any way relating to or affecting the Ground Lease which may concern or affect the estate of Ground Lessor or Borrower thereunder in or under the Ground Lease or in the Leasehold Real Estate
thereby demised. 

(d)         Lender shall
have the right, but not the obligation, to perform any obligations of Borrower under the terms of the Ground Lease during the continuance of a default. All costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) so incurred, shall be treated as an advance secured by the Loan Documents, shall bear interest thereon at the Default Rate from the date of payment by Lender until paid in full and shall be paid by Borrower to Lender during the continuance
of an Event of Default within five (5) days after demand. No performance by Lender of any obligations of Borrower shall constitute a waiver of any default arising by reason of Borrower’s failure to perform the same. Subject to the rights
of lessees, sublessees and other occupants under the Leases, Lender and any person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such
action. 
 (e)         To
the extent permitted by law, the amounts payable by Borrower or any other Person in the exercise of any right of redemption following foreclosure of the Property shall include all Ground Lease Rents paid and other sums advanced by Lender, together
with interest thereon at the Default Rate, on behalf of Borrower and/or any successor to Borrower as lessee under the Ground Lease or any Replacement Ground Lease, on account of the Property. 

(f)         Unless Lender
shall otherwise consent, the fee title and the leasehold estate in the Leasehold Real Estate shall not merge but shall always be kept separate and distinct, notwithstanding the union of said estates either in Ground Lessor or in Borrower, or in a
third party, by purchase or otherwise. 
 (i)        Without
limiting the generality of the foregoing, Borrower expressly agrees to promptly execute, acknowledge and deliver to Lender such instruments as may be required to create, perfect, and preserve (i) a valid first lien, subject to no liens, charges
or encumbrances other than the Permitted Exceptions, in favor of Lender, on the fee interest in any portion of the premises subject to the Ground Lease that may hereafter be acquired by Borrower (the “Added Fee Real Estate”), and
(ii) a valid security interest in all personal property associated therewith. 

  
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(ii)         Notwithstanding the foregoing, any other provision
of this Agreement, or any requirement of the Ground Lease, Borrower shall not acquire a fee interest in any part of the Leasehold Real Estate (any such interest, along with all other interests in real or personal property acquired in conjunction
therewith, “Added Fee Collateral,” provided, for avoidance of doubt, that Added Fee Real Estate shall not include any leasehold or other interest in real or personal property that is, immediately prior to an acquisition, both
(1) held by Borrower, and (2) subject to the lien of the Mortgage), unless and until Borrower has caused each of the following conditions to be satisfied: 

A.        Lender shall have received a copy of a deed (and, as to
any associated personal property, a bill of sale) conveying such Added Fee Collateral to Borrower, and a letter from the Borrower (countersigned by a title insurance company reasonably acceptable to Lender) acknowledging receipt of such deed and
bill of sale, and agreeing to record such deed in the appropriate real estate records for the county in which the Fee Real Estate is located. 

B.        If the Loan (or any interest therein) is held by a REMIC,
Lender shall have received an appraisal of the Property, including therein the proposed Added Fee Collateral, prepared by an appraiser acceptable to the Lender and the Rating Agencies (or such other evidence of valuation of the Fee Collateral as may
be acceptable to a REMIC), dated no more than sixty (60) days prior to the date upon which such an acquisition (a “Fee Acquisition”) is to be consummated (the “Fee Acquisition Date”), indicating that as of the
Fee Acquisition Date, the value of the Property including the proposed Added Fee Collateral and accounting for any merger of fee and leasehold interests that may occur as a result of such Fee Acquisition below, will be greater than the value of the
Property, excluding the Fee Collateral, immediately prior to the Fee Acquisition. 

C.        After giving effect to such Fee Acquisition and any
reduction in Borrower’s obligation to pay Ground Rent, the Debt Service Coverage Ratio for the Loan is not less than the Debt Service Coverage Ratio immediately preceding the Fee Acquisition. 

D.        If the Loan (or any interest therein) is held by a REMIC,
Lender shall have received a Rating Confirmation with respect to the contemplated Fee Acquisition. 

E.        If the Loan (or any interest therein) is held by a REMIC,
Borrower shall include in the certificate required pursuant to clause (E) above such additional representations and warranties with respect to Borrower, the Property, the Added Fee Collateral or the Loan as the Lender or the Rating Agencies may
require (in accordance with the Prudent Lender Standard), and shall deliver such certificate in form and substance satisfactory to the Lender and the Rating Agencies. 

F.        Borrower shall have executed, acknowledged and delivered
to Lender (A) a first priority deed of trust, an assignment of leases, a security agreement, and applicable financing statements with respect to the Added Fee Collateral (or, if determined by Lender in accordance with the Prudent Lender
Standard, a modification and spreader of the lien of the Mortgage and the Assignment of Leases, together with an amendment to any previously filed financing statements), together with a letter from Borrower countersigned by a title insurance company
reasonably acceptable to Lender 

  
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acknowledging receipt of such deed of trust, assignment of leases, security agreement, and financing statements and agreeing to record or file, as applicable, such instruments in the real estate
records for the county in which the Added Fee Collateral is located and to file one of the financing statements in the office of the Secretary of State of the state in which Borrower is organized, so as to effectively create upon such recording and
filing a valid and enforceable first priority lien upon the Added Fee Collateral in favor of Lender (or such other trustee as may be desired under local law), subject only to the Permitted Exceptions and such other liens as are permitted pursuant to
the Loan Documents, and (B) modifications of all other Loan Documents necessary to include the Added Fee Collateral within the scope thereof (including to acknowledge any merger of fee and leasehold interests that may occur as a result of the
Fee Acquisition). All such instruments shall be substantially the same in form and substance as the counterparts of such documents executed and delivered with respect to the Property as a whole, subject to modifications reflecting that the Added Fee
Collateral is only a portion of the Property as a whole, and as otherwise might be appropriate under the Prudent Lender Standard based on changes in Applicable Laws as of the Fee Acquisition Date in order for counsel admitted to practice in the
state of Texas to deliver the opinion as to the enforceability of such documents required pursuant to clause (L) below. Such Mortgage, as modified to encumber the Added Fee Collateral (including by the addition of any separate deed of trust or
other security instrument), shall continue to secure all amounts evidenced by the Note, and any instruments delivered pursuant to this clause (F) shall thereafter be included within the term Loan Documents. 

G.        Lender shall have received an endorsement to the Title
Insurance Policy, dated as of the Fee Acquisition Date, insuring that the Mortgage, modified or spread as contemplated by this Section 4.31(f), encumbers all of the Property including the Added Fee Collateral. The amount of coverage under the
Title Insurance Policy shall not be reduced in connection with such endorsement, nor shall any exceptions to coverage be added thereby. Lender also shall have received copies of paid receipts showing that all premiums in respect of such endorsements
and Title Insurance Policies have been paid. 
 H.        If the
Loan (or any interest therein) is held by a REMIC, Lender shall have received an opinion of counsel acceptable to Lender and the Rating Agencies (together with such other evidence as Lender may request in accordance with the Prudent Lender Standard)
that (a) the Fee Acquisition as contemplated hereby will not cause a “significant modification” of the Loan within the meaning of U.S. Treasury Regulation Section 1.860G-2(b)(2); (b) the substitution as contemplated hereby
will not cause the Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; and (c) the aggregate fair market value of the Property including therein the proposed Added Fee Collateral, as
determined immediately after such Fee Acquisition, either (1) is equal to at least 80% of the adjusted issue price of the Loan that is outstanding immediately after such Fee Acquisition, or (2) equals or exceeds the aggregate fair market
value of the borrower’s interest in the Ground Lease (to the extent not extinguished by any prior merger) and any previously acquired Fee Collateral that secures the Loan immediately before such Fee Acquisition. For purposes of the preceding
clause (c), fair market value shall be determined by any commercially reasonable valuation method permitted under the REMIC Provisions and by excluding any personal property or going concern value attributable to the Property, the Added Fee
Collateral, or the borrower’s interest therein. 

  
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 I.         Lender
shall have received valid certificates of insurance indicating that the requirements for the policies of insurance required for the Property include the Added Fee Collateral, and evidencing the payment of all premiums payable for the existing policy
period. 
 J.         Intentionally Omitted. 

K.        Borrower shall deliver or cause to be delivered to Lender
(1) updates, certified by Borrower, of all organizational documentation related to Borrower and/or the formation, structure, existence, good standing and/or qualification to do business delivered to Lender in connection with the origination of
the Loan; (2) good standing certificates, certificates of qualification to do business in the State of Texas and (3) resolutions of the manager or managing member of Borrower authorizing the Fee Acquisition and any actions taken in
connection with such substitution. 
 L.        Lender shall have
received the following opinions of Borrower’s counsel: (1) an opinion or opinions of counsel admitted to practice under the laws of the state Texas stating that the Loan Documents delivered with respect to the Added Fee Collateral pursuant
to clause (F) above are valid and enforceable in accordance with their terms, subject to the laws applicable to creditors’ rights and equitable principles, and that Borrower is qualified to do business and in good standing under the laws
of the state in which the Added Fee Collateral is located; (2) an opinion of counsel acceptable to the Lender and the Rating Agencies stating that the Loan Documents delivered with respect to the Added Fee Collateral pursuant to clause
(G) above were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Loan Documents and the performance by Borrower of its obligations thereunder will not cause a breach of, or a default under, any
agreement, document or instrument to which Borrower is a party or to which it or its properties are bound; (3) an opinion of counsel acceptable to the Lender and the Rating Agencies stating that subjecting the Added Fee Collateral to the Lien
of the Mortgage (or such spreader agreement, as applicable) and the execution and delivery of the related Loan Documents does not and will not affect or impair the ability of Lender to enforce its remedies under all of the Loan Documents;
(4) an update of the Non-Consolidation Opinion indicating that such Fee Acquisition does not affect the opinions set forth therein; and (5), if the Loan (or any interest therein) is held by a REMIC, an opinion of counsel acceptable to the
Lender and the Rating Agencies stating that such Fee Acquisition and the related transactions do not constitute a fraudulent conveyance under applicable bankruptcy and insolvency laws. 

M.       Borrower shall have paid all costs relating to the ownership of
the Property, including the Added Fee Collateral, including without limitation, (1) accrued but unpaid insurance premiums relating to the Property as modified to include the Added Fee Collateral, (2) currently due Taxes and Other Charges
(including any in arrears) relating to the Property, including the Added Fee Collateral, and (3) amounts then due under the Ground Lease (including without limitation in respect of any leasehold estate that may be extinguished by merger as a
result of such Fee Acquisition notwithstanding Borrower’s compliance with the requirements of clause (Q) below). 

N.        Borrower shall have paid or reimbursed Lender for all
costs and expenses incurred by Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with the Fee Acquisition and Borrower shall have paid all recording charges, filing fees, taxes or other expenses
(including, without limitation, 

  
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mortgage and intangibles taxes and documentary stamp taxes) payable in connection with the substitution. Borrower shall have paid all costs and expenses of the Lender and the Rating Agencies
incurred in connection with the Fee Acquisition. 

O.         Lender shall have received (1) an endorsement
to the Title Insurance Policy insuring the first priority Lien of the Mortgage, modified or spread as contemplated by this Section 4.31(f), insuring that the Added Fee Collateral constitutes a separate tax lot or, if such an endorsement is not
available in the state in which the Fee Collateral is located, other evidence meeting the Prudent Lender Standard, that the Fee Collateral constitutes a separate tax lot or (2) evidence meeting the Prudent Lender Standard that the Fee
Collateral constitutes a separate tax lot. 
 P.         If
any rating on any security evidencing an ownership interest in the Loan has been issued and is then in effect, Lender shall have received such other and further approvals, opinions, documents and information in connection with the substitution as
the Lender or the Rating Agencies may have requested. 

Q.         No Event of Default shall have occurred and be
continuing as of the Fee Acquisition Date. 

R.         Lender shall have received from Borrower and
Guarantor a certificate, in form and substance reasonably satisfactory to Lender: 

(1)        accompanying debt service coverage ratio
calculation confirming satisfaction of the requirements of clause (C) above; 

(2)        attesting that such calculation is
accurate, complete, and not misleading; 

(3)        stating that the representations and
warranties of Borrower contained in this Agreement and the other Loan Documents are true and correct in all material respects on and as of the Fee Acquisition Date with respect to Borrower, Guarantor and the Property (including the Added Fee
Collateral), unless such certificate would be inaccurate (in which case such certificate shall recite any exceptions to such representations and warranties); and 

(4)        certifying that all of the requirements
set forth in this Section 4.31(f) have been satisfied. 
 Upon the satisfaction of the foregoing
conditions precedent, the Fee Acquisition may be consummated and the Added Fee Collateral shall be deemed to be part of the Property for purposes of this Agreement. Should such a Fee Acquisition occur without the conditions set forth above having
been satisfied or waived (which waiver may be withheld by Lender in accordance with the Prudent Lender Standard), the same shall constitute an Event of Default. 

(g)        The actions or payments of Lender to cure any default by Borrower under
the Ground Lease shall not cure or waive, as between Borrower and Lender, the default that occurred under this Agreement by virtue of Borrower’s default under the Ground Lease. All reasonable out-of-pocket

  
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costs and expenses incurred by Lender to cure or attempt to cure any such default shall be paid by Borrower to Lender, upon demand, with interest at the Default Rate from the date such costs and
expenses were incurred to and including the date the reimbursement payment is received by Lender. All such indebtedness shall be secured by the Mortgage. 

(h)        Borrower shall not, without prior consent of Lender, subordinate or
consent to the subordination of the Ground Lease to any mortgage, security deed, lease or other interest on or in Ground Lessor’s interest in all or any part of the Property. 

(i)         Within fifteen (15) days after receipt of Lender’s
request, Borrower shall use reasonable efforts to obtain from Ground Lessor and furnish to Lender an estoppel certificate of Ground Lessor stating the date through which Ground Rent has been paid, whether or not there are any defaults under the
Ground Lease and specifying the nature of such claimed defaults, if any, and such other matters as Lender may reasonably request. 

(j)         Upon acquisition of the fee title in the Real Estate, the Mortgage
shall, automatically and without the necessity of execution of any other documents, attach to and cover and be a lien upon such other estate so acquired, and such other estate shall be considered as mortgaged, assigned and conveyed to Lender and the
lien hereof spread to cover such estate with the same force and effect as though specifically herein mortgaged, assigned and conveyed. The provisions of this subsection (g) shall not apply if Lender acquires title to the Property unless Lender
shall so elect. 
 (k)        If the Ground Lessor shall deliver to Lender a copy
of any notice of default sent by the Ground Lessor to Borrower, as tenant under the Ground Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in reliance thereon. 

(l)         Borrower shall exercise each individual option, if any, to extend or
renew the term of the Ground Lease promptly (and in all events within five (5) days) after demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised, and Borrower hereby expressly
authorizes and appoints Lender its attorney-in-fact to exercise any such option in the name of and upon behalf of Borrower to so exercise such option if Borrower fails to exercise as herein required, which power of attorney shall be irrevocable and
shall be deemed to be coupled with an interest. 
 (m)       Each Lease hereafter made,
and each renewal of any existing Lease, shall provide that, (i) in the event of the termination of the Ground Lease, the Lease shall not terminate or be terminable by the lessee; (ii) in the event of any action for the foreclosure of the
Mortgage, the Lease shall not terminate or be terminable by the subtenant by reason of the termination of the Ground Lease unless the lessee is specifically named and joined in any such action and unless a judgment is obtained therein against the
lessee; and (iii) in the event that the Ground Lease is terminated as aforesaid, the lessee under the Lease shall attorn to the lessee under the Ground Lease (or any Replacement Ground Lease) or to the purchaser at the sale of the Property on
such foreclosure, as the case may be. 
 (n)        Borrower hereby assigns,
transfers and sets over to Lender all of Borrower’s claims and rights to the payment of damages arising from any rejection by the Ground Lessor of the Ground Lease under the Bankruptcy Code. Borrower shall notify Lender promptly (and in any
event within ten (10) days) of any claim, suit action or proceeding relating to the rejection of the Ground Lease. Lender is hereby irrevocably appointed as Borrower’s attorney-in-fact, coupled with an interest, with exclusive power to
file and prosecute, to the exclusion of Borrower, any proofs of claim, complaints, motions, applications, notices and other documents, in any case in respect of the Ground Lessor under the Bankruptcy Code during the continuance of any Event of
Default. Borrower may make any compromise 

  
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or settlement in connection with such proceedings (subject to Lender’s reasonable approval); provided, however, that Lender shall be authorized and entitled to compromise or settle any such
proceeding if such compromise or settlement is made after the occurrence and during the continuance of any Event of Default. Borrower shall promptly execute and deliver to Lender any and all instruments reasonably required in connection with any
such proceeding after request therefor by Lender. Except as set forth above, Borrower shall not adjust, compromise, settle or enter into any agreement with respect to such proceedings without the prior written consent of Lender. 

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

(p)        If pursuant to Section 365(h)(2) of the Bankruptcy Code, Borrower
seeks to offset against the rent reserved in the Ground Lease the amount of any damages caused by the non-performance by the Ground Lessor of any of the Ground Lessor’s obligations under the Ground Lease after the rejection by the Ground Lessor
of the Ground Lease under the Bankruptcy Code, Borrower shall, prior to effecting such offset, notify Lender of its intention to do so, setting forth the amounts proposed to be so offset and the basis therefor. If Lender has failed to object as
aforesaid within ten (10) days after notice from Borrower in accordance with the first sentence of this subsection (m), Borrower may proceed to effect such offset in the amounts set forth in Borrower’s notice. Neither Lender’s failure
to object as aforesaid nor any objection or other communication between Lender and Borrower relating to such offset shall constitute an approval of any such offset by Lender. Borrower shall indemnify and save Lender harmless from and against any and
all claims, demands, actions, suits, proceedings, damages, losses, costs and expenses of every nature whatsoever (including, without limitation, reasonable attorneys’ fees and disbursements) arising from or relating to any such offset by
Borrower against the rent reserved in the Ground Lease. 
 (q)        If any
action, proceeding, motion or notice shall be commenced or filed in respect of Borrower or, during the continuance of any Event of Default, the Property in connection with any case under the Bankruptcy Code, Lender shall have the option, to the
exclusion of Borrower, exercisable upon notice from Lender to Borrower, to conduct and control any such litigation with counsel of Lender’s choice. Lender may proceed in its own name or in the name of Borrower in connection with any such
litigation, and Borrower agrees to execute any and all powers, authorizations, consents and other documents required by Lender in connection therewith. Borrower shall pay to Lender all costs and expenses (including, without limitation, reasonable
attorneys’ fees and disbursements) paid or incurred by Lender in connection with the prosecution or conduct of any such proceedings within five (5) days after notice from Lender setting forth such costs and expenses in reasonable detail.
Any such costs or expenses not paid by Borrower as aforesaid shall be secured by the Mortgage, shall be added to the Debt and shall bear interest at the Default Rate. Borrower shall not commence any action, suit, proceeding or case, or file any
application or make any motion, in respect of the Ground Lease in any such case under the Bankruptcy Code without the prior written consent of Lender. 

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

  
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 (s)        If there shall be filed by or
against Borrower a petition under the Bankruptcy Code, and Borrower, as the tenant under the Ground Lease, shall determine to reject the Ground Lease pursuant to Section 365(a) of the Bankruptcy Code, then Borrower shall give Lender not less
than ten (10) days’ prior notice of the date on which Borrower shall apply to the bankruptcy court for authority to reject the Ground Lease. Lender shall have the right, but not the obligation, to serve upon Borrower within such 10-day
period a notice stating that (i) Lender demands that Borrower assume and assign the Ground Lease to Lender pursuant to Section 365 of the Bankruptcy Code and (ii) Lender covenants to cure or provide adequate assurance of prompt cure
of all defaults and provide adequate assurance of future performance under the Ground Lease. If Lender serves upon Borrower the notice described in the preceding sentence, Borrower shall not seek to reject the Ground Lease and shall comply with the
demand provided for in clause (i) of the preceding sentence within thirty (30) days after the notice shall have been given, subject to the performance by Lender of the covenant provided for in clause (ii) of the preceding sentence.

 (t)        effective upon the entry of an order for relief in respect of
Borrower under the Bankruptcy Code, Borrower hereby assigns and transfers to Lender a non-exclusive right to apply to the Bankruptcy Code under Section 365(d)(4) of the Bankruptcy Code for an order extending the period during which the Ground
Lease may be rejected or assumed. 
 ARTICLE V 

EVENTS OF DEFAULT 

5.1         Events of
Default. The occurrence of any of the following shall be an “Event of Default” hereunder: 

(a)        Borrower fails to punctually perform any covenant, agreement, obligation,
term or condition of the Note, this Agreement, the Mortgage or any other Loan Document which requires payment of any money to Lender (including, without limitation, the failure of Borrower to repay the entire outstanding principal balance of the
Note in full on the Maturity Date), and such failure continues (i) in the case of payment of the Monthly Payment Amount and the related payments to Reserves due from Borrower to Lender on a Payment Date, for a period of seven (7) days
after any such Payment Date, and (ii) for all other payments (other than the payment of the entire outstanding principal balance of the Note due on the Maturity Date), for a period of ten (10) days after such payment becomes due (giving
effect to any grace period set forth in the Loan Documents therefor) or, if due on demand, is demanded. 

(b)        Borrower fails (i) to maintain in effect at all times insurance as
required by Section 4.4 hereof, or (ii) to perform any covenant, agreement, obligation, term or condition set forth in Section 4.5 hereof, or (iii) to comply with Section 4.27(b) hereof. 

(c)        If, after the occurrence of a Cash Management Period, Borrower gives any
Tenant or other party directions that contradict any Tenant Direction Letter then required to be in effect, or deposits Rents and Profits (or otherwise causes Rents and Profits to be deposited) into any bank account other than the Clearing Account.

 (d)        Borrower fails to perform any other covenant, agreement, obligation,
term or condition set forth herein other than those otherwise described in this Section 5.1 and, to the extent such failure or default is susceptible of being cured, the continuance of such failure or default for thirty (30) days
after written notice thereof from Lender to Borrower; provided, however, that if such default is susceptible of cure but such cure cannot be accomplished with reasonable diligence within said period of time, and if Borrower commences
to cure such default promptly after receipt of notice thereof from Lender (but in any event within thirty (30) days of such notice), and thereafter continuously and diligently prosecutes the curing of such default, such period of time shall be
extended for such period of time as may be necessary to cure such default with reasonable diligence, but not to exceed an additional sixty (60) days. 

  
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 (e)        Any representation or
warranty made herein, in or in connection with materials delivered to Lender regarding the Property or the Loan or any loan commitment issued by Lender relating to the Loan, or in any of the other Loan Documents to Lender, by Borrower, by any
Guarantor or by any Constituent Entity of Borrower or any Guarantor, is determined by Lender to have been false or misleading in any material respect at the time made. 

(f)        A Transfer, except as expressly permitted by Section 4.11.

 (g)        A default occurs under any of the other Loan Documents which has not
been cured within any applicable grace or cure period therein provided. 

(h)        Borrower, any Guarantor, any Constituent Entity of Borrower or any
Guarantor becomes insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of creditors, shall file a petition in bankruptcy, shall voluntarily be adjudicated insolvent or bankrupt or shall admit in
writing the inability to pay debts as they mature, shall petition or apply to any tribunal for or shall consent to or shall not contest the appointment of a receiver, trustee, custodian or similar officer for Borrower, any Guarantor, any such
Constituent Entity, or for a substantial part of the assets of Borrower, any such Guarantor, any such Constituent Entity, or shall commence any case, proceeding or other action under any bankruptcy, reorganization, arrangement, readjustment or debt,
dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect. 

(i)         A petition is filed or any case, proceeding or other action is
commenced against Borrower, against any Guarantor, against any Constituent Entity of Borrower or any Guarantor, seeking to have an order for relief entered against it as debtor or seeking reorganization, arrangement, adjustment, liquidation,
dissolution or composition of it or its debts or other relief under any law relating to bankruptcy, insolvency, arrangement, reorganization, receivership or other debtor relief under any law or statute of any jurisdiction whether now or hereafter in
effect or a court of competent jurisdiction enters an order for relief against Borrower, against any Guarantor, against any Constituent Entity of Borrower or any Guarantor, as debtor, or an order, judgment or decree is entered appointing, with or
without the consent of Borrower, of any Guarantor, of any Constituent Entity of Borrower or any Guarantor, a receiver, trustee, custodian or similar officer for Borrower, for any such Guarantor, for any such Constituent Entity, or for any
substantial part of any of the properties of Borrower, any such Guarantor, any such Constituent Entity, and if any such event shall occur, such petition, case, proceeding, action, order, judgment or decree shall not be dismissed within sixty
(60) days after being commenced. 
 (j)        The Property or any part
thereof shall be taken on execution or other process of law (other than by eminent domain) in any action against Borrower. 

(k)       Borrower abandons all or a portion (other than a de minimis portion) of the
Property. 
 (l)        The holder of any lien or security interest on the Property
(without implying the consent of Lender to the existence or creation of any such lien or security interest), whether superior or subordinate to the Mortgage or any of the other Loan Documents, declares a default and such default is not cured within
any applicable grace or cure period set forth in the applicable document or such holder institutes foreclosure or other proceedings for the enforcement of its remedies thereunder. 

  
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 (m)       The Property, or any part thereof,
is subjected to actual or threatened waste or to removal, demolition or material alteration so that the value of the Property is materially diminished thereby, and Lender determines that it is not adequately protected from any loss, damage or risk
associated therewith. 
 (n)        Any dissolution, termination, partial or
complete liquidation, merger or consolidation of Borrower, any Guarantor or any Constituent Entity of Borrower or any Guarantor, without the prior written consent of Lender. 

(o)        Borrower shall fail in the payment of any rent, additional rent or other
charge mentioned in or made payable by the Ground Lease when said rent or other charge is due and payable. 

(p)        There shall occur any default by Borrower, as lessee under the Ground
Lease, in the observance or performance of any term, covenant or condition of the Ground Lease on the part of Borrower, to be observed or performed, and said default is not cured within five (5) Business Days prior to the expiration of any
applicable grace period therein provided, or any one or more of the events referred to in the Ground Lease shall occur which would cause the Ground Lease to terminate without notice or action by the Ground Lessor or which would entitle the Ground
Lessor to terminate the Ground Lease and the term thereof by giving notice to Borrower, as tenant thereunder, of if the leasehold estate created by the Ground Lease shall be surrendered or the Ground Lease shall be terminated or cancelled for any
reason or under any circumstances whatsoever, or any of the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered or amended without the consent of Lender , or Borrower shall fail or
neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to the terms of the Ground Lease. 

(q)        Guarantor breaches any of the Guarantor Financial Covenants. 

(r)        Borrower shall effect a Fee Acquisition other than pursuant to
Section 4.31(f). 
 ARTICLE VI 

REMEDIES 

6.1         Remedies.

 (a)        Acceleration. At any time during the continuance of an Event
of Default (other than an Event of Default described in paragraph (h) or (i) of Section 5.1), in addition to any other rights or remedies available to it pursuant to the Loan Documents or at law or in equity, Lender may take
such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property; including declaring the Debt to be immediately due and payable (including unpaid interest), Default
Rate interest, Late Payment Charges and any other amounts owing by Borrower), without notice or demand; and upon any Event of Default described in paragraph (h) or (i) of Section 5.1, the Debt (including unpaid interest,
Default Rate interest, Late Payment Charges and any other amounts owing by Borrower) shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything
contained in any Loan Document to the contrary notwithstanding. 

(b)        Remedies Cumulative. During the continuance of an Event of Default,
all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under the Loan Documents or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any
of the Debt shall be declared, or be automatically, due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the 

  
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enforcement of its rights and remedies under any of the Loan Documents. Any such 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 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 the Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing, (i) to the extent permitted by applicable law, Lender is not subject to any “one
action or “election of remedies law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property, the
Mortgage has been foreclosed, the Property has been sold and/or otherwise realized upon in satisfaction of the Debt or the Debt have been paid in full. To the extent permitted by applicable law, nothing contained in any Loan Document shall be
construed as requiring Lender to resort to any portion of the Property for the satisfaction of any of the Debt in preference or priority to any other portion, and Lender may seek satisfaction out of the entire Property or any part thereof, in its
discretion. 

(c)         
Severance.  Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (and, in connection therewith, to bifurcate or otherwise
modify the nature of the collateral that secures such notes) in such denominations and priorities of payment and liens as Lender shall determine in its discretion for purposes of evidencing and enforcing its rights and remedies. Borrower shall
execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and
substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to
effect such severance, Borrower ratifying all that such attorney shall do by virtue thereof. The rights under this Section 6.1(c) are in addition to, and shall not limit or be deemed to limit, the rights of Lender under Sections 8.24 and
8.25 hereof. 
 (d)        Delay.  No delay or omission to
exercise any remedy, right or power accruing upon an Event of Default, or the granting of any indulgence or compromise by Lender shall impair any such remedy, right or power hereunder or be construed as a waiver thereof, but any such remedy, right
or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default shall not be construed to be a waiver of any subsequent Default or Event of Default or to impair any remedy, right or
power consequent thereon. Lender shall not be required to accept the tendered cure of any Event of Default, except to the extent Lender is required to do so pursuant to Applicable Laws or to the extent Lender agrees to the contrary pursuant to a
written instrument executed and delivered by Lender. Notwithstanding any other provision of this Agreement, Lender reserves the right to seek a deficiency judgment or preserve a deficiency claim in connection with the foreclosure of the Mortgage to
the extent necessary to foreclose on all or any portion of the Property, the Rents and Profits, the Cash Management Account or any other collateral. 

(e)        Lender’s Right to Perform.   If Borrower fails
to perform any covenant or obligation contained herein and such failure shall continue for a period of five Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to
exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause performance of, such covenant or obligation, and all costs, expenses,
liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Debt (and to the extent permitted under applicable laws, secured by the
Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure. 

  
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 6.2         Payment of Expenses.
Borrower shall pay on demand all of Lender’s expenses incurred in any efforts to enforce any terms of this Agreement, the Mortgage or any of the other Loan Documents, whether or not any lawsuit is filed and whether or not foreclosure is
commenced but not completed, including, but not limited to, legal fees and disbursements, foreclosure costs and title charges, together with interest thereon from and after the date incurred by Lender until actually paid by Borrower at the Default
Rate. Furthermore, Borrower shall, and does hereby, indemnify Lender for, and hold Lender harmless from, any and all losses, costs, expenses, claims, actions, demands liabilities, loss or damage which may or might be incurred by Lender under this
Agreement, the Mortgage or any of the other Loan Documents or by the exercise of rights or remedies hereunder, and from any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or
undertakings on Lender’s part with respect to the Property except as expressly set forth in the Loan Documents, other than those finally determined to have resulted solely from the gross negligence or willful misconduct of Lender.
Borrower’s obligation pursuant to the previous sentence shall include, without limitation, payment to (or reimbursement of) any compensation payable by the holder of the Loan to any servicing agent under a Secondary Market Transaction pursuant
to the Securitization Documents if such payment becomes due solely by reason of the existence and/or continuance of any Event of Default. Should Lender incur any such liability, the amount thereof, including, without limitation, costs, expenses and
attorneys’ fees, together with interest thereon at the Default Rate from the date incurred by Lender until actually paid by Borrower, shall be immediately due and payable to Lender from Borrower on demand. 

ARTICLE VII 
 RESERVED

 ARTICLE VIII 

MISCELLANEOUS TERMS AND CONDITIONS 

8.1         Time of Essence. Time is of the essence with respect to all
provisions of the Loan Documents. 
 8.2         Release of Mortgage. If all
of the Debt be paid and all other obligations under the Loan Documents be performed (in accordance and in compliance with the terms and provisions of the Loan Documents), then and in that event only, upon delivery and recordation of a written
satisfaction or reconveyance of the Mortgage (in form acceptable to Lender), all rights under the Mortgage shall terminate except for those provisions thereof which by their terms survive, and the Property shall become wholly clear of the liens,
security interests, conveyances and assignments evidenced thereby, which shall be released by Lender in due form at Borrower’s cost. No release of the Mortgage or the lien of any Loan Document shall be valid unless executed by Lender. 

8.3         Certain Rights of Lender. Without affecting Borrower’s
liability for the payment of any of the Debt, Lender may from time to time and without notice to Borrower: (a) release any person liable for the payment of the Debt; (b) extend or modify the terms of payment of the Debt; (c) accept
additional real or personal property of any kind as security or alter, substitute or release any property securing the Debt; (d) consent in writing to the making of any subdivision map or plat thereof; (e) join in granting any easement
therein; or (f) join in any extension agreement of the Mortgage or any agreement subordinating the lien hereof. 

8.4         Waiver of Certain Defenses. No action for the enforcement of the
lien of the Mortgage or of any provision thereof shall be subject to any defense which would not be good and available to the party interposing the same in an action at law upon the Note or any of the other Loan Documents. 

  
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 8.5         Notices. All notices,
demands, requests or other communications to be sent by one party to the other hereunder or required by law shall be in writing and shall be deemed to have been validly given or served by delivery of the same in person to the intended addressee, or
by depositing the same with Federal Express or another reputable private courier service for next business day delivery, with all charges prepaid, or by depositing the same in the United States mail, postage prepaid, certified mail, return receipt
requested, in any event addressed to the intended addressee at its address set forth below or at such other address as may be designated by such party as herein provided. All notices, demands and requests shall be effective upon such personal
delivery, or one (1) business day after being deposited with the private courier service, or three (3) business days after being deposited in the United States mail as required above. Rejection or other refusal to accept or the inability
to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice, demand or request sent. By giving to the other party hereto at least fifteen (15) days’ prior written notice
thereof in accordance with the provisions hereof, the parties hereto shall have the right from time to time to change their respective addresses and each shall have the right to specify as its address any other address within the United States of
America. All notices, demands, requests or other communications shall be addressed as follows: 
 If to
Lender: 
 CIBC INC. 

425 Lexington Avenue 

4th Floor 

New York, New York 10017 

Attn: Real Estate Group, Mr. Todd Roth 

and to: 

Cassin & Cassin LLP 

711 Third Avenue, 20th Floor 

New York, New York 10017 

Attention: Michael J. Hurley, Jr., Esq. 

If to Borrower: 

CIO 190, Limited Partnership 

c/o City Office REIT, Inc. 

8150 North Central Expressway, Suite 1255 

Dallas, TX 75206 

Attention: Merrick Egin 

and to: 

CIO 190, Limited Partnership 

c/o City Office REIT, Inc. 

Suite 2600 – 1075 West Georgia Street 

Vancouver, BC V6E 3C9 

8.6         Successors and Assigns. The terms, provisions, indemnities,
covenants and conditions hereof shall be binding upon Borrower and the successors and assigns of Borrower, including all successors in interest of Borrower in and to all or any part of the Property, and shall inure to the benefit of Lender, its
successors and assigns, and shall constitute covenants running with the land. All indemnities 

  
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in this Agreement for the benefit of Lender shall inure to the benefit of Lender and each of its directors, officers, shareholders, partners, members, managers, employees and agents (including,
without limitation, any Servicers), and pledgees and participants of the Debt, and their respective successors and assigns. All references in this Agreement to Borrower or Lender shall be deemed to include each such party’s successors and
assigns. If Borrower consists of more than one person or entity, each will be jointly and severally liable to perform the obligations of Borrower. 

8.7         Severability. A determination that any provision of this Agreement
is unenforceable or invalid shall not affect the enforceability or validity of any other provision, and any determination that the application of any provision of this Agreement to any person or circumstance is illegal or unenforceable shall not
affect the enforceability or validity of such provision as it may apply to any other persons or circumstances. 

8.8         Interpretation. Within this Agreement, words of any gender shall be
held and construed to include any other gender, and words in the singular shall be held and construed to include the plural, and vice versa, unless the context otherwise requires. The headings of the sections and paragraphs of this Agreement are for
convenience of reference only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. In the event of any inconsistency between the provisions hereof and the provisions in any of the other Loan
Documents, it is intended that the provisions of this Agreement shall be controlling. 

8.9         Waiver: Discontinuance of Proceedings. Lender may waive any single
Event of Default by Borrower hereunder without waiving any other prior or subsequent Event of Default. Lender may remedy any Event of Default by Borrower hereunder without waiving the Event of Default remedied. Neither the failure by Lender to
exercise, nor the delay by Lender in exercising, any right, power or remedy upon any Event of Default by Borrower hereunder shall be construed as a waiver of such Event of Default or as a waiver of the right to exercise any such right, power or
remedy at a later date. No single or partial exercise by Lender of any right, power or remedy hereunder shall exhaust the same or shall preclude any other or further exercise thereof, and every such right, power or remedy hereunder may be exercised
at any time and from time to time. No modification or waiver of any provision hereof nor consent to any departure by Borrower therefrom shall in any event be effective unless the same shall be in writing and signed by Lender, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose given. No notice to nor demand on Borrower in any case shall of itself entitle Borrower to any other or further notice or demand in similar or other circumstances.
Acceptance by Lender of any payment in an amount less than the amount then due on any of the Debt shall be deemed an acceptance on account only and shall not in any way affect the existence of a Default or an Event of Default hereunder. In case
Lender shall have proceeded to invoke any right, remedy or recourse permitted hereunder or under the other Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, Lender shall have the unqualified right to do so
and, in such an event, Borrower and Lender shall be restored to their former positions with respect to the Debt, the Loan Documents, the Property and otherwise, and the rights, remedies, recourses and powers of Lender shall continue as if the same
had never been invoked. 
 8.10        Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State in which the Real Estate is located, provided that to the extent any of such laws may now or hereafter be preempted by Federal law, in which case such Federal law shall so govern and
be controlling. 
 8.11        Counting of Days. The term “days”
when used herein shall mean calendar days. If any time period ends on a Saturday, Sunday or holiday officially recognized by the state within which the Real Estate is located, the period shall be deemed to end on the next succeeding Business Day.

  
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 8.12      Relationship of the Parties. The
relationship between Borrower and Lender is that of a borrower and a lender only and neither of those parties is, nor shall it hold itself out to be, the agent, employee, joint venturer or partner of the other party. 

8.13      Application of the Proceeds of the Note. To the extent that proceeds of the
Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender at Borrower’s request and Lender shall be subrogated to any and
all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released. 

8.14      Unsecured Portion of Indebtedness. If any part of the Debt cannot be lawfully
secured by the Mortgage or if any part of the Property cannot be lawfully subject to the lien and security interest thereof to the full extent of such indebtedness, then all payments made shall be applied on said indebtedness first in discharge of
that portion thereof which is unsecured by the Mortgage. 
 8.15      Cross Default. An
Event of Default shall be a default (without further rights to cure) under each of the other Loan Documents. 

8.16      Exculpation. Notwithstanding anything in the Loan Documents to the contrary,
but subject to the qualifications set forth in this Section 8.16, Lender agrees that (i) Borrower shall be liable upon the Debt and for the other obligations arising under the Loan Documents to the full extent (but only to the
extent) of the Collateral, (ii) during the continuance of any Event of Default, any judicial or other proceedings brought by Lender against Borrower shall be limited to the preservation, enforcement and foreclosure, or any thereof, of the
liens, security titles, estates, assignments, rights and security interests now or at any time hereafter securing the Debt, and no attachment, execution or other writ of process shall be sought, issued or levied upon any assets, properties or funds
of Borrower other than the Collateral, except with respect to the liability described below in this Section 8.16, and (iii) in the event of a foreclosure of such liens, security titles, estates, assignments, rights or security
interests securing the Debt and/or the other obligations of Borrower under the Loan Documents, no judgment for any deficiency upon the Debt shall be sought or obtained by Lender against Borrower, except with respect to the liability described below
in this Section 8.16; provided, however, that, notwithstanding the foregoing provisions of this Section 8.16, Borrower shall be fully liable, and subject to legal action, for all losses, costs and expenses incurred by Lender
(including, without limitation, the fees and expenses of Lender’s counsel) by reason of: 

(a)        Misappropriation or misapplication or conversion of any Rents and Profits,
or other funds constituting proceeds of the Property (which misappropriation may include, without limitation, (i) rent and other payments received from Tenants paid more than one month in advance, and not applied in accordance with the Loan
Documents or paid to Lender upon an Event of Default; and/or (ii) failure to apply Rents and Profits in accordance with the terms of this Agreement and the other Loan Documents), in each case to the full extent of the funds misappropriated or
misapplied; 
 (b)        Any security deposits not delivered to Lender upon
foreclosure of the Mortgage (or similar sale pursuant to the terms thereof) or an action or conveyance in lieu thereof, except to the extent previously applied in accordance with the terms of the related Lease; 

(c)        Proceeds (i) paid under any insurance policies (or paid as a result
of any other claim or cause of action against any person or entity) by reason of damage, loss or destruction to all or any portion of the Property, or (ii) resulting from the condemnation or other taking in lieu of condemnation of all or any
portion of the Property, or any of them, in each case to the full extent of such proceeds not previously delivered to Lender, but which, under the terms of the Loan Documents, should have been delivered to Lender; 

  
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 (d)         Any willful misconduct by
the Borrower or Guarantor, or any Person acting at the direction of either of them (including, without limitation, removal of any portion of the Property in violation of the terms of the Loan Documents); 

(e)         Material physical waste committed on the Property by the Borrower or
Guarantor, or any Person acting at the direction of either of them; 
 (f)        
Failure to pay, or make deposits to the Impound Account on account of, any (i) Taxes or Other Charges, or other amounts which (if unpaid) could create liens on any portion of the Property which would be superior to the lien or security title
granted to Lender pursuant to the Loan Documents and which accrue prior to the Lender taking title to the Property, or (ii) premiums on insurance policies required under the Loan Documents to be maintained by Borrower or with respect to the
Property and which accrue prior to Lender taking title to the Property and, in each case to the extent not previously escrowed with Lender, with respect to Taxes and Insurance Premiums and then, only to the extent the Property generated, and the
Borrower received sufficient revenue to escrow and/or pay, such Taxes or Insurance Premiums; 

(g)         Intentionally omitted; 

(h)         Fraud or
material misrepresentation or failure to disclose a material fact by Borrower or Guarantor, or any person acting on behalf of, or at the direction of, Borrower or Guarantor; 

(i)          If the
Ground Lease is amended, modified, or terminated without Lender’s prior written consent, or if Borrower surrenders any or all of its interest under the Ground Lease; or 

(j)         If the representation and warranty given under
Section 4.1(rr)(6) of the Loan Agreement is determined to have been materially false, incomplete, or misleading when given. 

Furthermore, notwithstanding the foregoing provisions of this Section 8.16 or anything to the contrary in the Loan Documents, the
Loan shall be fully recourse to Borrower (and the exculpatory provisions above shall be of no force or effect) upon the occurrence of any of the following: (A) Borrower fails to obtain Lender’s prior written consent to any subordinate
financing or other voluntary lien encumbering the Property or the ownership interests in Borrower (including with respect to a PACE Loan), if such consent is required by the Loan Documents; (B) Borrower fails to obtain Lender’s prior
written consent to any Transfer, if such consent is required by Loan Documents; (C) the first Monthly Payment Amount (together with all required payments for Reserves due concurrently therewith) is not paid in full when due; (D) a
bankruptcy petition is filed by, consented to, or acquiesced in by Borrower (or Borrower takes similar voluntary action under any comparable state or federal law); or (E) Borrower or Guarantor (or any Equity Holder or Affiliate of either of the
foregoing) shall have made or colluded with creditors of Borrower (other than Lender) to cause an involuntary bankruptcy filing with respect to Borrower (or similar action under any comparable state or federal law). 

Nothing contained in this Section 8.16 shall (1) be deemed to be a release or impairment of the Debt or the
other obligations of Borrower under the Loan Documents or the lien of the Loan Documents upon the Property, or (2) preclude Lender from foreclosing the Loan Documents during the continuance of any Event of Default or from enforcing any of the
other rights of Lender except as stated in this section, or (3) reduce, release, relieve, waive, limit or impair in any way whatsoever the liability of Guarantor pursuant to any guaranty or indemnity executed and delivered in connection with
the Loan, or 

  
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release, relieve, reduce, waive or impair in any way whatsoever, any obligation of any party to such instrument, or (4) waive any right that Lender may have under Section 506 (a), 506
(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Loan or to require that all Collateral shall continue to secure all of the Debt in accordance with the Loan Documents. 

8.17       No Merger. It is the desire and intention of the parties hereto that the
Mortgage and the lien thereof do not merge in fee simple title to the Property. It is hereby understood and agreed that should Lender acquire any additional or other interests in or to the Property or the ownership thereof, then, unless a contrary
intent is manifested by Lender as evidenced by an appropriate document duly recorded, the Mortgage and the lien thereof shall not merge in such other or additional interests in or to the Property, toward the end that the Mortgage may be foreclosed
as if owned by a stranger to said other or additional interests. 
 8.18       Lender May File Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Borrower or
the principals or general partners or members in Borrower, or their respective creditors or property, Lender, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in
order to have the claims of Lender allowed in such proceedings for the entire Debt at the date of the institution of such proceedings and for any additional amount which may become due and payable by Borrower hereunder after such date. 

8.19       No Representation. By accepting delivery of any item required to be observed,
performed or fulfilled or to be given to Lender pursuant to the Loan Documents, including, but not limited to, any officer’s certificates, balance sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance
policy, and/or by conducting its own underwriting, due diligence and investigations into Borrower, Guarantor, the Property and related matters, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, legality,
effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance of delivery thereof shall not be or constitute any warranty, consent or affirmation with respect thereto by Lender. 

8.20       Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as if all parties hereto had signed the same signature page. Any
signature page of this Agreement may be detached from any counterpart of this Agreement without impairing the legal effect of any signatures thereon and may be attached to another counterpart of this Agreement identical in form hereto but having
attached to it one or more additional signature pages. Each Loan Document other than this Agreement may be executed in any number of counterparts, each of which shall be effective only upon delivery and thereafter shall be deemed an original, and
all of which shall be taken to be one and the same instrument, for the same effect as if all parties thereto had signed the same signature page. Any signature page of any such Loan Document may be detached from any counterpart of such Loan Document
without impairing the legal effect of any signatures thereon and may be attached to another counterpart of such Loan Document identical in form thereto but having attached to it one or more additional signature pages. 

8.21       Recording and Filing. Borrower will cause the Loan Documents and all
amendments and supplements thereto and substitutions therefor to be recorded, filed, re-recorded and re-filed in such manner and in such places as Lender shall reasonably request, and will pay on demand all such recording, filing, re-recording and
re-filing taxes, fees and other charges. Borrower shall reimburse Lender, or its Servicer, for the costs incurred in obtaining a tax service company to verify the status of payment of Taxes and Other Charges on the Property. 

  
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 8.22      Entire Agreement and Modification.
This Agreement and the other Loan Documents contain the entire agreements between the parties relating to the subject matter hereof and thereof and all prior agreements relative hereto and thereto which are not contained herein or therein are
terminated. This Agreement and the other Loan Documents may not be amended, revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by the party against which enforcement of the amendment,
revision, waiver, discharge, release or termination is asserted. Any alleged amendment, revision, waiver, discharge, release or termination which is not so documented shall not be effective as to any party. 

8.23      Secondary Market Transaction. 

(a)         
Cooperation. Borrower acknowledges that Lender may effectuate a Secondary Market Transaction. Borrower shall cooperate in good faith with Lender in effecting any such Secondary Market Transaction and shall cooperate in good faith to
implement all requirements imposed by any Investor or Rating Agency involved therein or as may be necessary for Lender to comply with or applicable law (including, without limitation, Regulation AB), including, without limitation, all structural or
other changes to Borrower and/or the Debt, and modifications to any Loan Documents and/or Organizational Documents; provided, however, that Borrower shall not be required to modify any Loan Documents if such modification would
(A) increase the interest rate payable under the Note, (B) shorten the period until the stated maturity of the Note, (C) modify the amortization of principal of the Note, or (D) modify any other material term of the Debt.
Borrower shall provide such information and documents relating to Borrower, any Guarantor, the Property and any Tenants as Lender may reasonably request in connection with such Secondary Market Transaction. Borrower shall make available to Lender
all information concerning its business and operations that Lender may reasonably request. Upon request, Borrower shall furnish to Lender from time to time such financial data and financial statements as Lender determines to be necessary, advisable
or appropriate for complying with any applicable legal requirements (including those applicable to Lender or any Servicer (including, without limitation and to the extent applicable, Regulation AB)) within the timeframes necessary, advisable or
appropriate in order to comply with such legal requirements. 
 (b)        
Rating Confirmation. Borrower acknowledges that, as part of the Securitization Documents, the parties to such Secondary Market Transaction may, in their sole discretion, elect to impose certain requirements as conditions precedent to certain
actions by one or more of the Servicers (including, without limitation, that such Servicer obtain either or both of the approval of one or more Investors (or representatives of one or more Investors) as to certain proposed actions, and/or a Rating
Confirmation). No requirement or condition imposed upon such Servicer pursuant to such Securitization Documents as a condition precedent to the granting or denying of any consent or approval, or the taking or refusal to take of any action, pursuant
to this Agreement (except only for any action required of Lender hereunder) shall give rise to any claim or cause of action by Borrower against Lender, or give Borrower any defense for failure to perform its obligations under the Loan Documents.
Borrower further acknowledges that the cost of any Rating Confirmation required by the Securitization Documents in connection with any matter requiring the approval or consent of Lender shall be payable by Borrower. 

(c)         Disclosure; Indemnification. Lender shall be permitted to share
all information provided in connection with the Loan with the Investors, Rating Agencies, investment banking firms, accounting firms, law firms and other third-party advisory firms involved with the Loan Documents or the applicable Secondary Market
Transaction. It is understood that the information provided to Lender in connection with the Loan may ultimately be incorporated into the offering documents for the Secondary Market Transaction and thus potential Investors may also see some or all
of the information with respect to the Loan, the Property, Borrower and the Equity Holders. Borrower irrevocably waives any and all rights it may have under any applicable laws (including, without limitation, any right of privacy) to

  
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prohibit such disclosure. Lender and all of the aforesaid third-party advisors and professional firms shall be entitled to rely on the information supplied by, or on behalf of, Borrower. Borrower
hereby indemnifies Lender as to any losses, claims, damages or liabilities that arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the information provided by or on behalf of Borrower,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in such information, or necessary in order to make the statements in such information, or in light of the circumstances under
which they were made, not misleading. Lender may publicize the existence of the Loan in connection with its marketing for a Secondary Market Transaction or otherwise as part of its business development. 

8.24      New Mezzanine Loan. Lender, without in any way limiting Lender’s other
rights hereunder, in its sole and absolute discretion, shall have the right at any time to require Borrower to restructure a portion of the Loan into a mezzanine loan (the “New Mezzanine Loan”) to the owners of the direct equity
interests in Borrower, secured by a pledge of such direct equity interests, the establishment of different interest rates and debt service payments for the Loan and the New Mezzanine Loan and the payment of the Loan and the New Mezzanine Loan in
such order of priority as may be designated by Lender; provided, that (a) (i) the total amounts of the Loan and the New Mezzanine Loan shall equal the amount of the Loan immediately prior to the restructuring, (ii) the weighted
average interest rate of the Loan and the New Mezzanine Loan, shall on the date created equal the interest rate which was applicable to the Loan immediately prior to the restructuring and (iii) the debt service payments on the Loan and the New
Mezzanine Loan shall on the date created equal the debt service payment which was due under the Loan immediately prior to the restructuring; provided that any such restructuring carried out after the closing of the Loan shall be at no material cost
to Borrower, and provided, further, that if Borrower is not an SPE-Qualifying LLC, no SPE Component Entity shall be the borrower of (and the ownership interests of any SPE Component Entity shall not be collateral for) such New
Mezzanine Loan, but appropriate structural changes shall be made to result in comparable effect. Borrower shall cooperate with all reasonable requests of Lender in order to restructure the Loan and create the New Mezzanine Loan and shall
(A) execute and deliver such documents including, without limitation, in the case of the New Mezzanine Loan, a mezzanine note, a mezzanine loan agreement, a pledge and security agreement and a mezzanine deposit account agreement, (B) cause
Borrower’s counsel to deliver such legal opinions and (C) create such bankruptcy remote borrower under the New Mezzanine Loan as, in the case of each of (A), (B) and (C) above, shall be reasonably required by Lender and required
by any Rating Agency in connection therewith, all in form and substance reasonably satisfactory to Lender and satisfactory to any such Rating Agency, including the severance of this Agreement, the Mortgage and other Loan Documents if requested. In
the event Borrower fails to execute and deliver such documents to Lender within ten (10) Business Days following such request by Lender, Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an
interest, in its name and stead to make and execute all documents necessary or desirable to effect such transactions, Borrower ratifying all that such attorney shall do by virtue thereof. It shall be an Event of Default if Borrower fails to comply
with any of the terms, covenants or conditions of this Section 8.24 after the expiration of ten (10) Business Days after notice thereof. 

8.25      Component Notes. Lender, without in any way limiting Lender’s other rights
hereunder, in its sole and absolute discretion, shall have the right at any time to require Borrower to execute and deliver “component” notes (which may include senior and junior notes), which notes may be paid in such order of priority as
may be designated by Lender, provided that (a) the aggregate principal amount of such “component” notes shall equal the outstanding principal balance of the Loan immediately prior to the

  
 91 

 
creation of such “component” notes, (b) the weighted average interest rate of all such “component” notes shall on the date created equal the interest rate which was
applicable to the Loan immediately prior to the creation of such “component” notes, (c) the debt service payments on all such “component” notes shall on the date created equal the debt service payment which was due under the
Loan immediately prior to the creation of such component notes and (d) the other terms and provisions of each of the “component” notes shall be identical in substance and substantially similar in form to the Loan Documents. Borrower
shall cooperate with all reasonable requests of Lender in order to establish the “component” notes and shall execute and deliver such documents as shall reasonably be required by Lender in connection therewith, all in form and substance
reasonably satisfactory to Lender, including, without limitation, the severance of security documents if requested. It shall be an Event of Default if Borrower fails to comply with any of the terms, covenants or conditions of this
Section 8.25 after the expiration of ten (10) Business Days after notice thereof. 

8.26       Updated Appraisals. Lender shall have the right to cause to be prepared,
from time to time, at Borrower’s expense, a new or updated appraisal of the Property prepared by an M.A.I. appraiser selected by Lender; provided that absent the existence of an Event of Default, Borrower shall not be required to pay for the
cost of such new or updated appraisal. In connection with any new or updated appraisal of the Property requested by Lender, Borrower shall cooperate with Lender and the appraiser in connection therewith, and shall provide to the appraiser such
information as the appraiser shall request in order to prepare such new or updated appraisal. 

8.27       SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 

(a)         BORROWER, TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW, HEREBY
KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN THE STATE IN WHICH THE REAL ESTATE IS LOCATED OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR
RELATING TO THE NOTE, THIS AGREEMENT OR ANY OTHER OF THE LOAN DOCUMENTS, (ii) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION OVER THE COUNTY IN WHICH THE REAL ESTATE IS
LOCATED, (iii) SUBMITS TO THE JURISDICTION OF SUCH COURTS, AND, (iv) TO THE FULLEST EXTENT PERMITTED BY LAW, AGREES THAT IT WILL NOT BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF
LENDER TO BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM). BORROWER FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO
BORROWER AT THE ADDRESS FOR NOTICES DESCRIBED IN SECTION 8.5, AND CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN EVERY RESPECT VALID AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR EFFECTIVENESS OF
PROCESS SERVED IN ANY OTHER MANNER PERMITTED BY LAW). 
 (b)         LENDER AND
BORROWER, TO THE FULL EXTENT PERMITTED BY LAW, EACH HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER
OR BORROWER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 

8.28       State-Specific Provisions. The following provisions shall govern and
control in the event of a conflict with any other provision of this Agreement: 

(a)         SPECIFIC NOTICE. IT IS EXPRESSLY AGREED AND UNDERSTOOD THAT THE
INDEMNIFICATION PROVISIONS SET FORTH IN THIS AGREEMENT OBLIGATE BORROWER TO INDEMNIFY LENDER FROM ALL CLAIMS OR LOSSES INCURRED OR SUFFERED BY LENDER, INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM THE JOINT, CONCURRENT OR COMPARATIVE
NEGLIGENCE OF LENDER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN SUCH INDEMNIFICATION PROVISIONS. 

  
 92 

 (b)         Interest
Calculation. The following language is hereby added to the end of Section 2.2(b) of this Agreement: 

“If calculating interest based on a 360 day year would result in a usurious rate, interest shall be calculated on the
per annum basis of a year of 365 or 366 days, as the case may be.” 

(c)         Definitions. 

(i)         
The definition of “Interest Rate” under Section 1.1 of this Agreement is hereby deleted in its entirety and the following substituted therefor: 

“Interest Rate” shall mean a rate equal to the lesser of 4.79% per annum or the Highest Lawful Rate.”

 (ii)        The following definition is added to
Section 1.1: 
 “Highest Lawful Rate” as used herein shall mean, with respect to the Lender, the
maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Debt under laws applicable to the Lender that are presently in effect or, to the extent allowed by
law, under such applicable laws that may hereafter be in effect and that allow a higher maximum nonusurious interest rate than applicable laws now allow. 

(iii)       The definition of “Environmental Laws” as
used in this Agreement and the other Loan Documents shall include, without limitation, the Texas Solid Waste Disposal Act (V.T.C.A. Health and Safety Code §361.001 et. Seq.), the Texas Water Code (V.T.C.A. Water Code §§26.001-26.407)
and Risk Reduction Standard No. 1 (30 Tex. Adm. Code §335.554). 

(d)         Replacement of the Term Maximum Legal Rate for Highest Lawful
Rate. 
 (i)         The definition of “Maximum Legal
Rate” is hereby deleted and the phrase “Maximum Legal Rate” is hereby deleted wherever used in any of the Loan Documents and the phrase “Highest Lawful Rate” substituted therefore. 

(e)         Compliance with Usury Laws. 

It is the intention of the parties hereto to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated
hereby would be usurious under any such applicable law, then, and in that event, notwithstanding anything to the contrary in this Agreement, or in any other instrument or agreement entered into in connection with or as security for the Loan, it is
agreed as follows: 
 (i)         the aggregate of all
consideration that constitutes interest under any such applicable law and that is contracted for, charged or received under this Agreement and the Note, or under any of the aforesaid instruments or agreements or otherwise in connection with this
Agreement and the Note (whether designated as interest, fees, late charges, payments or otherwise) shall under no circumstances exceed the maximum amount of interest permitted by any such applicable law and any excess shall be cancelled
automatically and, if theretofore paid, shall be credited on the Note by Lender (or, if the Note has been paid in full, refunded to Borrower); 

  
 93 

 (ii)         in the
event that the Maturity Date is accelerated by reason of an Event of Default under this Agreement, or otherwise, then such consideration that constitutes interest may never include more than the maximum amount permitted by any such applicable law,
and excess interest, if any, provided for in this Agreement and the Note, or otherwise, shall be canceled automatically as of the date of such acceleration or prepayment, and, if theretofore paid, shall be credited on the Note (or, if the Note has
been paid in full, refunded to Borrower); 
 (iii)         to the
extent that Lender is relying on Chapter 303, as amended, of the Texas Finance Code to determine the maximum amount of interest permitted by applicable law on the principal of the Note, Lender will utilize the weekly rate ceiling from time to time
in effect as provided in such Chapter 303, as amended. To the extent United States federal law permits a greater amount of Interest than is permitted under Texas law, Lender will rely on United States federal law instead of such Chapter 303, as
amended, for the purpose of determining the maximum amount permitted by applicable law. Additionally, to the extent permitted by applicable law now or hereafter in effect, Lender may, at its option and from time to time, implement any other method
of computing the maximum lawful rate under such Chapter 303, as amended, or under other applicable law by giving notice, if required, to maker as provided by applicable law now or hereafter in effect. In no event shall the provisions of chapter 346
of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the indebtedness evidenced by the Loan Documents; and 

(iv)         all sums paid or agreed to be paid to Lender for the
use, forbearance or detention of the indebtedness evidenced hereby shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or
amount of interest on account of any such indebtedness does not exceed the applicable usury ceiling. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK; SIGNATURE PAGE FOLLOWS] 

  
 94 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as
of the day and year first above written. 
  

					
	BORROWER:
	
	 CIO 190, LIMITED PARTNERSHIP,

a Delaware limited partnership

		
	By:  	 	CIO 190 GP, LLC,
		 	a Delaware limited liability company,
		 	its General Partner
		
		 	By:/s/ James Farrar                              
                      
		 	Name:           James Farrar
		 	Title:             President

  
 [ADDITIONAL SIGNATURE PAGE
FOLLOWS] 

 The undersigned is an “SPE Component Entity” with respect to Borrower and, as such,
hereby (a) represents and warrants to Lender that: (i) its sole asset is its ownership interest in Borrower, and such ownership interest represents not less than one-half of one percent (0.5%) direct ownership in Borrower; (ii) it has
at least one Independent Director (namely, Mr. Steven P. Zimmer, as of the date hereof); (iii) it includes, in its Organizational Documents, provisions substantially similar to clauses (i) through (v), inclusive, of
Section 4.27(c) of this Agreement; (iv) it includes, in its Organizational Documents, provisions substantially similar to Section 4.27(d), (g), and (i) of this Agreement; (v) it has no debt (whether secured or
unsecured, direct or contingent, including pursuant to any guaranty), and (b) covenants to Lender that, (i) it shall have, at all times, at least one Independent Director, and (ii) for so long as Borrower shall remain obligated for
payment of the Loan, it shall not take any actions that would cause itself or Borrower to violate the provisions of Section 4.27 of this Agreement. 
  

			
	CIO 190 GP, LLC,
	a Delaware limited liability company
	
	By:   /s/ James Farrar                           
                     
	Name:          James Farrar
	Title:            President

  
 [ADDITIONAL SIGNATURE PAGE
FOLLOWS] 

 
			
	LENDER:
	
	CIBC INC., a
	Delaware corporation
	
	By:/s/ Todd Roth                              
                      
	Name:               Todd Roth
	Title:                 Managing DirectorEX-10.3

 Exhibit 10.3 
  

 
 LOAN AGREEMENT 

Dated as of September 3, 2015 

Between 
 CIO INTELLICENTER,
LIMITED PARTNERSHIP, 
 as Borrower 

and 
 KEYBANK NATIONAL
ASSOCIATION, 
 as Lender 

Loan No. 10099360 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Principles of Construction	  	 	27	  
		
	ARTICLE II - GENERAL TERMS	  	 	28	  
	 Section 2.1
	 	Loan Commitment; Disbursement to Borrower	  	 	28	  
	 2.1.1
	 	Agreement to Lend and Borrow	  	 	28	  
	 2.1.2
	 	Single Disbursement to Borrower	  	 	28	  
	 2.1.3
	 	The Note, Security Instrument and Loan Documents	  	 	29	  
	 2.1.4
	 	Use of Proceeds	  	 	29	  
	 Section 2.2
	 	Interest Rate	  	 	29	  
	 2.2.1
	 	Interest Rate	  	 	29	  
	 2.2.2
	 	Interest Calculation	  	 	29	  
	 2.2.3
	 	Default Rate	  	 	29	  
	 2.2.4
	 	Usury Savings	  	 	30	  
	 Section 2.3
	 	Loan Payment	  	 	30	  
	 Section 2.4
	 	Prepayments	  	 	30	  
	 Section 2.5
	 	Intentionally Deleted	  	 	30	  
	 Section 2.6
	 	Release of Property	  	 	30	  
	 2.6.1
	 	Release of Property	  	 	30	  
	 Section 2.7
	 	Clearing Account/Cash Management	  	 	31	  
	 2.7.1
	 	Clearing Account	  	 	31	  
	 2.7.2
	 	Cash Management Account	  	 	32	  
	 2.7.3
	 	Payments Received under the Cash Management Agreement	  	 	33	  
		
	ARTICLE III - CONDITIONS PRECEDENT	  	 	33	  
	 Section 3.1
	 	Conditions Precedent to Closing	  	 	33	  
		
	ARTICLE IV - REPRESENTATIONS AND WARRANTIES	  	 	34	  
	 Section 4.1
	 	Borrower Representations	  	 	34	  
	 4.1.1
	 	Organization	  	 	34	  
	 4.1.2
	 	Proceedings	  	 	34	  
	 4.1.3
	 	No Conflicts	  	 	34	  
	 4.1.4
	 	Litigation	  	 	34	  
	 4.1.5
	 	Agreements	  	 	35	  
	 4.1.6
	 	Title	  	 	35	  
	 4.1.7
	 	Solvency	  	 	35	  
	 4.1.8
	 	Full and Accurate Disclosure	  	 	36	  
	 4.1.9
	 	No Plan Assets	  	 	36	  
	 4.1.10
	 	Compliance	  	 	36	  
	 4.1.11
	 	Financial Information	  	 	37	  
	 4.1.12
	 	Condemnation	  	 	37	  
	 4.1.13
	 	Federal Reserve Regulations	  	 	37	  
	 4.1.14
	 	Utilities and Public Access	  	 	37	  

  
 i 

							
	 4.1.15
	 	Not a Foreign Person	  	 	37	  
	 4.1.16
	 	Separate Lots	  	 	37	  
	 4.1.17
	 	Assessments	  	 	38	  
	 4.1.18
	 	Enforceability	  	 	38	  
	 4.1.19
	 	No Prior Assignment	  	 	38	  
	 4.1.20
	 	Insurance	  	 	38	  
	 4.1.21
	 	Use of Property	  	 	38	  
	 4.1.22
	 	Certificate of Occupancy; Licenses	  	 	38	  
	 4.1.23
	 	Flood Zone	  	 	38	  
	 4.1.24
	 	Physical Condition	  	 	38	  
	 4.1.25
	 	Boundaries	  	 	39	  
	 4.1.26
	 	Leases	  	 	39	  
	 4.1.27
	 	Survey	  	 	39	  
	 4.1.28
	 	Inventory	  	 	40	  
	 4.1.29
	 	Filing and Recording Taxes	  	 	40	  
	 4.1.30
	 	Special Purpose Entity/Separateness	  	 	40	  
	 4.1.31
	 	Management Agreement	  	 	40	  
	 4.1.32
	 	Illegal Activity	  	 	41	  
	 4.1.33
	 	No Change in Facts or Circumstances; Disclosure	  	 	41	  
	 4.1.34
	 	Investment Company Act	  	 	41	  
	 4.1.35
	 	Embargoed Person	  	 	41	  
	 4.1.36
	 	Principal Place of Business; State of Organization	  	 	41	  
	 4.1.37
	 	Environmental Representations and Warranties	  	 	41	  
	 4.1.38
	 	Cash Management Account	  	 	42	  
	 Section 4.2
	 	Survival of Representations	  	 	43	  
		
	ARTICLE V - BORROWER COVENANTS	  	 	43	  
	 Section 5.1
	 	Affirmative Covenants	  	 	43	  
	 5.1.1
	 	Existence; Compliance with Legal Requirements	  	 	43	  
	 5.1.2
	 	Taxes and Other Charges	  	 	44	  
	 5.1.3
	 	Litigation	  	 	45	  
	 5.1.4
	 	Access to Property	  	 	45	  
	 5.1.5
	 	Notice of Default	  	 	45	  
	 5.1.6
	 	Cooperate in Legal Proceedings	  	 	45	  
	 5.1.7
	 	Perform Loan Documents	  	 	46	  
	 5.1.8
	 	Award and Insurance Benefits	  	 	46	  
	 5.1.9
	 	Further Assurances	  	 	46	  
	 5.1.10
	 	Principal Place of Business, State of Organization	  	 	46	  
	 5.1.11
	 	Financial Reporting	  	 	47	  
	 5.1.12
	 	Business and Operations	  	 	49	  
	 5.1.13
	 	Title to the Property	  	 	50	  
	 5.1.14
	 	Costs of Enforcement	  	 	50	  
	 5.1.15
	 	Estoppel Statement	  	 	50	  
	 5.1.16
	 	Loan Proceeds	  	 	51	  
	 5.1.17
	 	Intentionally Omitted	  	 	51	  
	 5.1.18
	 	Confirmation of Representations	  	 	51	  
	 5.1.19
	 	Environmental Covenants	  	 	51	  

  
 ii 

							
	 5.1.20
	 	Leasing Matters	  	 	53	  
	 5.1.21
	 	Alterations	  	 	55	  
	 5.1.22
	 	Operation of Property	  	 	56	  
	 5.1.23
	 	Embargoed Person	  	 	56	  
	 Section 5.2
	 	Negative Covenants	  	 	57	  
	 5.2.1
	 	Operation of Property	  	 	57	  
	 5.2.2
	 	Liens	  	 	57	  
	 5.2.3
	 	Dissolution	  	 	57	  
	 5.2.4
	 	Change In Business	  	 	58	  
	 5.2.5
	 	Debt Cancellation	  	 	58	  
	 5.2.6
	 	Zoning	  	 	58	  
	 5.2.7
	 	No Joint Assessment	  	 	58	  
	 5.2.8
	 	Intentionally Omitted	  	 	58	  
	 5.2.9
	 	ERISA	  	 	58	  
	 5.2.10
	 	Transfers	  	 	59	  
		
	ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATION	  	 	65	  
	 Section 6.1
	 	Insurance	  	 	65	  
	 Section 6.2
	 	Casualty	  	 	69	  
	 Section 6.3
	 	Condemnation	  	 	69	  
	 Section 6.4
	 	Restoration	  	 	70	  
		
	ARTICLE VII - RESERVE FUNDS	  	 	74	  
	 Section 7.1
	 	Intentionally Omitted	  	 	74	  
	 Section 7.2
	 	Tax and Insurance Escrow Fund	  	 	74	  
	 Section 7.3
	 	Replacements and Replacement Reserve	  	 	75	  
	 7.3.1
	 	Replacement Reserve Fund	  	 	75	  
	 7.3.2
	 	Disbursements from Replacement Reserve Account	  	 	75	  
	 7.3.3
	 	Performance of Replacements	  	 	76	  
	 7.3.4
	 	Failure to Make Replacements	  	 	79	  
	 7.3.5
	 	Balance in the Replacement Reserve Account	  	 	79	  
	 Section 7.4
	 	Rollover Reserve	  	 	79	  
	 7.4.1
	 	Deposits to Rollover Reserve Fund	  	 	79	  
	 7.4.2
	 	Withdrawal of Rollover Reserve Funds	  	 	80	  
	 Section 7.5
	 	Excess Cash Flow Reserve Fund	  	 	80	  
	 7.5.1
	 	Deposits to Excess Cash Flow Reserve Account	  	 	80	  
	 7.5.2
	 	Release of Excess Cash Flow Reserve Funds	  	 	80	  
	 Section 7.6
	 	Reserve Funds, Generally	  	 	80	  
	 Section 7.4
	 	Morgan Stanley Reserve	  	 	81	  
	 7.7.1
	 	Deposits to Morgan Stanley Reserve Fund	  	 	81	  
	 7.7.2
	 	Release of Morgan Stanley Reserve Funds	  	 	82	  
	 Section 7.8
	 	Major Tenant Rollover Reserve	  	 	82	  
	 7.8.1
	 	Deposits to Major Tenant Rollover Reserve Fund	  	 	82	  
	 7.7.2
	 	Withdrawal of Major Tenant Rollover Reserve Fund	  	 	83	  
		
	ARTICLE VIII - DEFAULTS	  	 	83	  
	 Section 8.1
	 	Event of Default	  	 	83	  
	 Section 8.2
	 	Remedies	  	 	86	  
	 Section 8.3
	 	Remedies Cumulative; Waivers	  	 	87	  

  
 iii 

							
		
	ARTICLE IX - SPECIAL PROVISIONS	  	 	88	  
	 Section 9.1
	 	Securitization	  	 	88	  
	 9.1.1
	 	Sale of Notes and Securitization	  	 	88	  
	 9.1.2
	 	Securitization Costs	  	 	89	  
	 Section 9.2
	 	Right To Release Information	  	 	89	  
	 Section 9.3
	 	Exculpation	  	 	90	  
	 Section 9.4
	 	Matters Concerning Manager	  	 	92	  
	 Section 9.5
	 	Servicer	  	 	93	  
		
	ARTICLE X - MISCELLANEOUS	  	 	93	  
	 Section 10.1
	 	Survival	  	 	93	  
	 Section 10.2
	 	Lender’s Discretion	  	 	93	  
	 Section 10.3
	 	Governing Law	  	 	94	  
	 Section 10.4
	 	Modification, Waiver in Writing	  	 	95	  
	 Section 10.5
	 	Delay Not a Waiver	  	 	95	  
	 Section 10.6
	 	Notices	  	 	95	  
	 Section 10.7
	 	Intentionally Omitted	  	 	96	  
	 Section 10.8
	 	Headings	  	 	97	  
	 Section 10.9
	 	Severability	  	 	97	  
	 Section 10.10
	 	Preferences	  	 	97	  
	 Section 10.11
	 	Waiver of Notice	  	 	97	  
	 Section 10.14
	 	Schedules Incorporated	  	 	99	  
	 Section 10.15
	 	Offsets, Counterclaims and Defenses	  	 	99	  
	 Section 10.16
	 	No Joint Venture or Partnership; No Third Party Beneficiaries	  	 	99	  
	 Section 10.17
	 	Publicity	  	 	99	  
	 Section 10.18
	 	Waiver of Marshalling of Assets	  	 	100	  
	 Section 10.19
	 	Waiver of Counterclaim	  	 	100	  
	 Section 10.20
	 	Conflict; Construction of Documents; Reliance	  	 	100	  
	 Section 10.21
	 	Brokers and Financial Advisors	  	 	100	  
	 Section 10.22
	 	Prior Agreements	  	 	101	  
	 Section 10.23
	 	Liability	  	 	101	  
	 Section 10.24
	 	Certain Additional Rights of Lender (VCOC)	  	 	101	  
	 Section 10.25
	 	OFAC	  	 	102	  
	 Section 10.26
	 	Duplicate Originals; Counterparts	  	 	102	  
		
	ARTICLE XI – LOCAL LAW PROVISIONS	  	 	102	  
	 Section 11.1
	 	Inconsistencies	  	 	102	  
	 Section 11.2
	 	Trial by Jury	  	 	102	  

  
 iv 

 SCHEDULES 
  

					
	Schedule I	    	–	    	Rent Roll
			
	Schedule II	    	–	    	Intentionally Omitted
			
	Schedule III	    	–	    	Organizational Chart of Borrower

  
 v 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT is made as of September 3, 2015 (this “Agreement”), between KEYBANK
NATIONAL ASSOCIATION, a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 6211 (“Lender”) and CIO INTELLICENTER, LIMITED PARTNERSHIP, a Delaware limited partnership,
having its principal place of business at c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia V6E 3C9, Canada (“Borrower”). 

RECITALS: 

A.        Borrower desires to obtain the Loan (as hereinafter defined) from Lender.

 B.        Lender is willing to make the Loan to Borrower, subject to and in
accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 
 NOW THEREFORE, for
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I -
DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1 Definitions. For all purposes of this
Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 

“Accrual Period” means the period commencing on and including the first (1st) day of each
calendar month during the term of the Loan and ending on and including the final calendar date of such calendar month; however, the initial Accrual Period shall commence on and include the Closing Date and shall end on and include the final calendar
date of the calendar month in which the Closing Date occurs.  
 “Action” has the meaning set forth
in Section 10.3 hereof. 
 “Additional Insolvency Opinion” means any subsequent
Insolvency Opinion. 
 “Additional Permitted Transfer” has the meaning set forth in
Section 5.2.10(f) hereof.  
 “Affiliate” 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 or is a director or officer of such Person or of an Affiliate of such Person. 

“Affiliated Party Transfer” has the meaning set forth in Section 5.2.10(g) hereof. 

 “Affiliated Manager” means any Manager in which Borrower, Principal, or Guarantor has,
directly or indirectly, any legal, beneficial or economic interest. 
 “Agent” means KeyBank
National Association, or any successor Eligible Institution acting as Agent under the Cash Management Agreement. 

 “Amortizing Monthly Payment” has the meaning set forth in
the Loan Terms Table of the Note. 
 “Amortizing Payment Date” has the meaning set forth in
the Loan Terms Table of the Note.  
 “Annual Budget” means an operating budget, including all
planned Capital Expenditures, for the Property prepared by Borrower in accordance with Section 5.1.11(g) hereof for the applicable Fiscal Year or other period. 

“Approved Annual Budget” has the meaning set forth in Section 5.1.11(g) hereof. 

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

“Availability Threshold” means the greater of $30,000.00 or 1% of the initial principal balance of the
Loan. 
 “Award” means any compensation paid by any Governmental Authority in connection with
a Condemnation. 
 “Bankruptcy Action” means with respect to any Person (a) such Person
filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law that is not dismissed within ninety (90) days of filing; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the
Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any
portion of the Property; (e) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due. 

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

“Borrower” has the meaning set forth in the introductory paragraph hereto, together with its
successors and permitted assigns. 
 “Business Day” means a day upon which commercial banks
are not authorized or required by law to close in the city designated from time to time as the place for receipt of payments. 

  
 2 

 “Capital Expenditures” means, for any period, the amount
expended for items capitalized under GAAP (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 

“Cash Management Account” has the meaning set forth in Section 2.7.2 hereof. 

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

“Cash Sweep Event” means the occurrence of: (a) an Event of Default; (b) any Bankruptcy
Action of Borrower or Manager; (c) a DSCR Trigger Event or (d) a Major Tenant Trigger Event. 

“Cash Sweep Event Cure” means (a) if the Cash Sweep Event is caused solely by the occurrence of a
DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of 1.25 to 1.00 or greater for two (2) consecutive quarters based upon the trailing three (3) month period immediately preceding each date of determination, (b) if
the Cash Sweep Event is caused by an Event of Default, the cure of such Event of Default in accordance with the terms and conditions of the Loan Documents, (c) if the Cash Sweep Event is caused by a Bankruptcy Action of Manager, if Borrower
replaces the Manager with a Qualified Manager under a Replacement Management Agreement within sixty (60) days of such Bankruptcy Action or (d) if the Cash Sweep Event is caused by a Major Tenant Trigger Event, the completion of the
applicable Major Tenant Cure Event; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under
this Agreement or any of the other Loan Documents at the time of such Cash Sweep Event Cure, (ii) a Cash Sweep Event Cure may occur no more than a total of four (4) times in the aggregate during the term of the Loan, and
(iii) Borrower shall have paid all of Lender’s reasonable and documented out-of-pocket expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. Notwithstanding any provision
in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower. 

“Cash Sweep Period” means each period commencing on the occurrence of a Cash Sweep Event and
continuing until the earlier of (a) the date of the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents in accordance with the terms
and provisions of the Loan Documents. 
 “Casualty” has the meaning set forth in
Section 6.2 hereof. 
 “Casualty Consultant” has the meaning set forth in
Section 6.4(b)(iii) hereof. 
 “Casualty Retainage” has the meaning set forth in
Section 6.4(b)(iv) hereof. 
 “Clearing Account” has the meaning set forth in
Section 2.7.1 hereof. 

  
 3 

 “Clearing Account Agreement” means that certain Clearing
Account - Deposit Account Control Agreement dated the date hereof among Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the
Clearing Account. 
 “Clearing Bank” means the clearing bank which establishes, maintains and
holds the Clearing Account, which shall be an Eligible Institution acceptable to Lender in its reasonable discretion. 

“Closing Date” means the date of the funding of the Loan. 

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

“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in
lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the
Property or any part thereof. 
 “Condemnation Proceeds” has the meaning set forth in
Section 6.4(b) hereof. 
 “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” have correlative
meanings. 
 “Current Owner” has the meaning set forth in Section 5.2.10(f) hereof. 

“Debt” means the Outstanding Principal Balance of the Loan set forth in, and evidenced by, this
Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including any Prepayment Consideration (as defined in the Note)) due to Lender in respect of the Loan under the Note, this Agreement, the Security
Instrument or any other Loan Document. 
 “Debt Service” means, with respect to any
particular period of time, the scheduled principal and interest payments due under this Agreement and the Note. 

“Debt Service Coverage Ratio” means a ratio for the applicable period in which: 

(a)        the numerator is the Net Operating Income (excluding interest on credit
accounts and using annualized operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for such period as set forth in the financial statements required hereunder, without deduction for (i) actual
management fees incurred in connection with the operation of the Property, or (ii) amounts paid to the Reserve Funds, less (A) management fees equal to the greater of (1) assumed management fees of 2% of Gross Income from Operations
and (2) the actual management fees incurred, and (B) annual Replacement Reserve Fund contributions equal to $0.20 per square foot of gross leasable area at the Property, and (C) annual Rollover Reserve Fund contributions equal to
$0.34 per square foot of gross leasable area at the Property; and 

  
 4 

 (b)        the denominator is an amount
equal to the Amortizing Monthly Payment multiplied by the aggregate number of Payment Dates occurring during such period. 

“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for
the giving of notice or passage of time, or both, would be an Event of Default. 
 “Default
Rate” means, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) four percent (4%) above the Interest Rate. 

“Disclosure Documents” means, collectively and as applicable, any offering circular, prospectus,
prospectus supplement, private placement memorandum or other offering document, in each case, in connection with a Securitization. 

“DSCR Trigger Event” means, that as of the date of determination, the Debt Service Coverage Ratio
based on the trailing three (3) month period immediately preceding the date of such determination is less than 1.20 to 1.00. 

“Eligible Account” means a separate and identifiable account from all other funds held by the holding
institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or
accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially
similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate
of deposit, passbook or other instrument. 
 “Eligible Institution” means KeyBank National
Association or a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by
Moody’s and “F-1+” by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt
obligations of which are rated at least “AA-” by Fitch and S&P and “Aa3” by Moody’s). 

“Embargoed Person” means any person, entity or government subject to trade restrictions under U.S.
law, including The USA PATRIOT Act (including the anti terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive
Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether
directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 

  
 5 

 “Environmental Indemnity” means that certain
Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “Environmental Law” means any present and future federal, state and local laws,
statutes, ordinances, rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of
Hazardous Substances or relating to liability for or costs of other actual or threatened danger to human health or the environment. Environmental Law includes the following statutes, as amended, any successor 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 Substances Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and
the River and Harbors Appropriation Act. Environmental Law also includes any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like: conditioning transfer of property upon a negative declaration or
other approval of a governmental authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to any governmental authority or
other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits or other authorization for lawful activity; relating to nuisance, trespass or other causes
of action related to the Property; or relating to wrongful death, personal injury, or property or other damage in connection with any Hazardous Substances at, on, or under the Property. 

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

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

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
the regulations promulgated and the rulings issued thereunder. 
 “Event of Default” has the
meaning set forth in Section 8.1(a) hereof. 
 “Excess Cash Flow” has the meaning
set forth in the Cash Management Agreement. 
 “Excess Cash Flow Reserve Account” has the
meaning set forth in Section 7.5 hereof. 
 “Excess Cash Flow Reserve Fund” has
the meaning set forth in Section 7.5 hereof. 
 “Extraordinary Expense” has the
meaning set forth in Section 5.1.11(h) hereof. 

  
 6 

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

“Fitch” means Fitch, Inc. 

“Foreclosure Sale” has the meaning set forth in Section 9(c) of the Note. 

“GAAP” means generally accepted accounting principles in the United States of America as of the date
of the applicable financial report. 
 “Governing State” has the meaning set forth is
Section 10.3 hereof. 
 “Governmental Authority” means any court, board, agency,
commission, office or other authority of any nature whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Gross Income from Operations” means, during any period, all income as reported on the financial statements
delivered by Borrower in accordance with this Agreement, computed in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including, without limitation, (i) Rents from
Tenants that are in occupancy, open for business and paying full contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits, (v) interest on credit accounts,
(vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss of income or rental insurance proceeds,
(xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants or Tenants that are included in any Bankruptcy Action (unless and until the underlying lease
is affirmed by the Tenant or trustee, as applicable), (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts,
(iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and
other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the creation of any intervening estate or interest in the Property or
any part thereof. 
 “Guarantor” means City Office REIT Operating Partnership, L.P., a Maryland
limited partnership. 
 “Guarantor Interests” has the meaning set forth in
Section 5.2.10(i) hereof.  
 “Guarantor Transfer” has the meaning set forth in
Section 5.2.10(i) hereof.  
 “Guaranty” means that certain Guaranty Agreement,
dated as of the date hereof, executed and delivered by Guarantor in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 7 

 “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, or words of similar meaning or regulatory effect under any present or
future Environmental Laws or that may have a negative impact on human health or the environment, including petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials,
flammables, explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purpose of
cleaning or other maintenance or operations (including, without limitation, operations by any Tenant) and otherwise in compliance with all Environmental Laws. 

“Immediate Family Member” has the meaning set forth in Section 5.2.10(f). 

“Improvements” has the meaning set forth in the granting clause of the Security Instrument.

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

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

 “Indemnified Parties” means Lender, any Affiliate of Lender that has filed any registration
statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued in the
Securitization, any other co-underwriters, co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors, partners, employees, representatives, agents and Affiliates and
each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933 as amended or Section 20 of the Security Exchange Act of 1934 as amended, any Person who is or will have been involved in the
origination of the Loan, any Person who is or will have been involved in the servicing of the Loan secured hereby, any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, any Person who may hold or
acquire or will have held a full or partial interest in the Loan secured hereby (including investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest
in the Loan secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants,
successors and assigns of any and all of the foregoing 

  
 8 

 
(including any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following
a foreclosure of the Loan and including any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Independent Director” means a natural Person who (a) is not at the time of initial appointment,
or at any time while serving in such capacity, and is not, and has never been, and shall not while serving as Independent Director be: (i) a stockholder, director (with the exception of serving as the Independent Director of Borrower), officer,
employee, partner, member (other than a “special member” or “springing member”), manager, attorney or counsel of Borrower, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor; (ii) a customer,
supplier or other person who derives any of its purchases or revenues from its activities with Borrower or Guarantor, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor; (iii) a Person Controlling or under common
Control with any such stockholder, director, officer, employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person; or (iv) a member of the immediate family of any such stockholder, director, officer,
employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person and (b) has (i) prior experience as an independent director or independent manager for a corporation, a trust or limited liability
company whose charter documents required the unanimous consent of all independent directors or independent managers thereof before such corporation, trust or limited liability company could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or more nationally-recognized companies that
provides, inter alia, professional independent directors or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders
originating commercial real estate loans for inclusion in securitization or structured finance instruments, agreements or securities (a “Professional Independent Director”) and is at all times during his or her service as an
Independent Director of Borrower an employee of such a company or companies. A natural Person who satisfies the foregoing definition except for being (or having been) the independent director or independent manager of a “special purpose
entity” affiliated with Borrower (provided such affiliate does not or did not own a direct or indirect equity interest in an Borrower) shall not be disqualified from serving as an Independent Director, provided that such natural Person
satisfies all other criteria set forth above and that the fees such individual earns from serving as independent director or independent manager of affiliates of Borrower or in any given year constitute in the aggregate less than five percent
(5%) of such individual’s annual income for that year. A natural Person who satisfies the foregoing definition other than subparagraph (a)(ii) shall not be disqualified from serving as an Independent Director of Borrower if such individual
is a Professional Independent Director and such individual complies with the requirements of the previous sentence. 

“Initial Interest Payment Per Diem” has the meaning set forth in the Loan Terms Table of the Note. 

“Insolvency Opinion” means that certain non-consolidation opinion letter dated the date hereof
delivered by Gardere Wynne Sewell LLP in connection with the Loan. 

  
 9 

 “Institutional Controls” means any legal or physical
restrictions or limitations on the use of, or access to, the Property to eliminate or minimize potential exposures to any Hazardous Substance, to prevent activities that could interfere with the effectiveness of any Remediation, or to ensure
maintenance of a level of risk to human health or the environment, including physical modifications to the Property such as slurry walls, capping, hydraulic controls for ground water, or point of use water treatment, restrictive covenants,
environmental protection easements, or property use limitations. 
 “Insurance Premiums” has the
meaning set forth in Section 6.1(b) hereof. 
 “Insurance Proceeds” has the
meaning set forth in Section 6.4(b) hereof. 
 “Interest Only Monthly Payment”
has the meaning set forth in the Loan Terms Table of the Note. 
 “Interest Only Payment
Date” has the meaning set forth in the Loan Terms Table of the Note. 
 “Interest
Rate” means a rate of four and sixty five hundredths percent (4.65%).  
 “Land” has
the meaning set forth in the granting clause of the Security Instrument. 
 “Lease” means any
lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any
portion of any space in the Property by or on behalf of Borrower, and (a) every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease,
subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 

“Legal Requirements” means, all federal, state, county, municipal and other governmental statutes,
laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or
hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any
time in force affecting Borrower, the Property or any part thereof, including any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment
thereof. 
 “Lender” has the meaning set forth in the introductory paragraph hereto, together
with its successors and assigns. 
 “Lien” means, any mortgage, deed of trust, deed to secure
debt, indemnity deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens
and encumbrances. 

  
 10 

 “Loan” means the loan in the Original Principal Amount
made by Lender to Borrower pursuant to this Agreement. 
 “Loan Documents” means,
collectively, this Agreement, the Note, the Security Instrument, the Environmental Indemnity, the Assignment of Management Agreement, the Guaranty, the Clearing Account Agreement, the Cash Management Agreement, and all other documents executed or
delivered in connection with the Loan. 
 “Loan to Value Ratio” shall mean, as of the date of
its calculation, the ratio of (i) the sum of the Outstanding Principal Balance of the Loan as of the date of such calculation to (ii) the fair market value of the Property, as determined, in Lender’s reasonable discretion, by any
commercially reasonable method permitted to a REMIC Trust. 
 “Major Tenant” means H. Lee
Moffitt Cancer Center & Research Institute, Inc., a Florida non-profit corporation, any successor or assigns of such entity as tenant under the Major Tenant Lease, or any subsequent Tenant under any replacement of the Major Tenant Lease.

 “Major Tenant Cure Event” shall mean: 

(i)       if the Cash Sweep Period is caused by Major Tenant Trigger Event
- Bankruptcy, no Event of Default has occurred and is continuing and no other uncured Cash Sweep Event exists, (A) the date which is thirty (30) days after the date that Major Tenant, or the trustee, if applicable, has affirmed the Major
Tenant’s Lease and Major Tenant is in occupancy and paying full contractual unabated post-petition rent without right of offset or free rent credit and has delivered to Lender a tenant estoppel reasonably acceptable to Lender, or (B) the
date that Borrower has entered into one or more replacement Leases or Major Tenant has entered into one or more subleases, in each case with a Tenant or Tenants acceptable to Lender in its reasonable discretion (with respect to replacement leases),
for a rental rate and term acceptable to Lender in its reasonable discretion, and, with respect to replacement leases, containing such other terms and conditions substantially similar or superior to the terms which were applicable to such space
under the Major Tenant Lease as of the closing of the Loan or as otherwise reasonably acceptable to Lender, and such replacement Tenant or Tenants and/or Major Tenant has delivered to Lender a tenant estoppel reasonably acceptable to Lender
(provided, however, in the event of one or more subleases by Major Tenant, Major Tenant shall remain fully liable for all of the obligations under the Major Tenant Lease) confirming that such replacement Tenant or Tenants and/or Major Tenant are
collectively in occupancy of not less than 80% of the net leaseable area of the Major Tenant Premises, are obligated to pay full contractual rent without right of offset or free rent credit, and have made their first monthly rental payment; 

(ii)      if the Cash Sweep Event is caused by the occurrence of a Major Tenant
Trigger Event - Vacation, no Event of Default has occurred and is continuing and no other uncured Cash Sweep Event exists, (A) the date which is thirty (30) days after the date that Major Tenant is in occupancy of not less than 80% of the
net leaseable area of 

  
 11 

 
the Major Tenant Premises, is obligated to pay full contractual rent without right of offset or free rent credit, is open for business, has made its next due monthly rental payment, and has
delivered to Lender a tenant estoppel reasonably acceptable to Lender, or (B) the date that Borrower has entered into one or more replacement Leases or Major Tenant has entered into one or more subleases, in each case with a Tenant or Tenants
acceptable to Lender in its reasonable discretion (with respect to replacement leases) for a rental rate and term acceptable to Lender in its reasonable discretion, and, with respect to replacement leases, containing such other terms and conditions
substantially similar or superior to the terms which were applicable to such space under the Major Tenant Lease as of the closing of the Loan or as otherwise reasonably acceptable to Lender, and such replacement Tenant or Tenants and/or Major Tenant
has delivered to Lender a tenant estoppel reasonably acceptable to Lender (provided, however, in the event of one or more subleases by Major Tenant, Major Tenant shall remain fully liable for all of the obligations under the Major Tenant Lease)
confirming that such replacement Tenant or Tenants and/or Major Tenant are collectively in occupancy of 80% of the portion of the Property covered by the Major Tenant Lease, are obligated to pay full contractual rent without right of offset or free
rent credit, and have made their first monthly rental payment. 
 “Major Tenant Lease” means that
certain Lease Agreement with an effective date of December 19, 2011, between Intellicenter Tampa Investments LLP, a Delaware limited liability company (predecessor to Borrower)], as landlord, and Major Tenant, as tenant, as the same may have
been amended, modified, renewed and/or restated, or, if applicable, replaced in connection with any replacement of the Major Tenant Lease. 

“Major Tenant Premises” means the entire space at the Property leased pursuant to the Major Tenant
Lease as of the Closing Date. 
 “Major Tenant Rollover Reserve Account” has the meaning set
forth in Section 7.8.1 hereof. 
 “Major Tenant Rollover Reserve Fund” has the
meaning set forth in Section 7.8.1 hereof. 
 “Major Tenant Trigger Event” means
the occurrence of a (a) Major Tenant Trigger Event – Bankruptcy, or (b) Major Tenant Trigger Event – Vacation. 

“Major Tenant Trigger Event - Bankruptcy” means any Bankruptcy Action of any Major Tenant. 

“Major Tenant Trigger Event - Vacation” means the earlier to occur of (a) the date that any Major
Tenant gives a notice that it intends to cease all substantial business operations at its Major Tenant Premises, i.e. to “go dark”, or vacate or abandon substantially all of its Major Tenant Premises, which notice is not thereafter
rescinded, or (b) the date that any Major Tenant ceases all substantial business operations at its Major Tenant Premises, i.e. “goes dark”, or vacates or abandons substantially all of its Major Tenant Premises. 

  
 12 

 “Management Agreement” means the management agreement
entered into by and between Borrower and Manager, pursuant to which Manager is to provide management and other services with respect to the Property, or, if the context requires, a Qualified Manager who is managing the Property in accordance with
the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

“Manager” means Cassidy Turley Commercial Real Estate Services, Inc., d/b/a Cushman and Wakefield, a
Missouri corporation, or, if the context requires, a Qualified Manager who is managing the Property in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

“Material Action” means to consolidate or merge Borrower with or into any Person, or sell all or
substantially all of the assets of Borrower, or to institute proceedings to have Borrower be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against Borrower or file a petition seeking, or
consent to, reorganization or relief with respect to Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of
Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of Borrower, or admit in writing Borrower’s inability to pay its debts generally as they become due, or take action in furtherance of any such
action, or, to the fullest extent permitted by law, dissolve or liquidate Borrower.  
 “Maturity
Date” means October 1, 2025, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or
otherwise. 
 “Maximum Legal Rate” has the meaning set forth in Section 7 of the
Note. 
 “Monthly Debt Service Payment Amount” means individually and collectively, as the
context may require, any Interest Only Monthly Payment and any Amortizing Monthly Payment. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Morgan Stanley Premises” means the entire space at the Property occupied by Morgan Stanley Smith
Barney financing LLC pursuant to its Lease as of the Closing Date. 
 “Morgan Stanley Reserve
Account” has the meaning set forth in Section 7.7.1 hereof. 
 “Morgan Stanley
Reserve Deposit” has the meaning set forth in Section 7.7.1 hereof. 
 “Morgan
Stanley Reserve Fund” has the meaning set forth in Section 7.7.1 hereof. 
 “Net
Cash Flow” means, with respect to the Property for any period, the amount obtained by subtracting Operating Expenses and Capital Expenditures for such period from Gross Income from Operations for such period. 

“Net Operating Income” means the amount obtained by subtracting Operating Expenses from Gross Income
from Operations. 

  
 13 

 “Net Proceeds” has the meaning set forth in
Section 6.4(b) hereof. 
 “Net Proceeds Deficiency” has the meaning set forth in
Section 6.4(b)(vi) hereof. 
 “Note” means that certain Promissory Note, dated
the date hereof, in the principal amount of $33,562,500.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“OFAC” has the meaning set forth in Section 10.25 hereof. 

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

“Operating Expenses” means the total of all expenditures, computed in accordance with GAAP, of
whatever kind relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis, including, bad debt, utilities, ordinary repairs and maintenance, insurance, license fees, property
taxes and assessments, advertising expenses, management fees, payroll and related taxes, computer processing charges, operational equipment or other lease payments as approved by Lender, and other similar costs, but excluding depreciation, Debt
Service, Capital Expenditures and contributions to the Reserve Funds. 
 “Original Principal
Amount” means $33,562,500.00. 
 “Other Charges” means all ground rents, maintenance
charges, impositions other than Taxes, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any
part thereof. 
 “Other Obligations” has the meaning as set forth in the Security
Instrument. 
 “Outstanding Principal Balance” or “OPB” means the portion of
the Original Principal Amount that remains outstanding from time to time 
 “Payment Date”
means, as applicable, an Interest Only Payment Date or an Amortizing Payment Date. 
 “Permitted
Encumbrances” means, with respect to the Property, collectively, (a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy,
(c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent, (d) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s discretion, (e) such other
Liens, encumbrances and other matters that are expressly permitted to exist in accordance with the terms and conditions of the Loan Documents, which Permitted Encumbrances, individually or in the aggregate, do not materially interfere with the
current use or operation of the Property or the security intended to be provided by the Security Instrument or with the current ability of the Property to generate Net Cash Flow sufficient to service the Loan or Borrower’s ability to pay its
obligations under the Loan Documents when they become due. 

  
 14 

 “Permitted Investments” means any one or more of the
following obligations or securities acquired at a purchase price of not greater than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not
later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(i)        obligations of, or obligations fully guaranteed as to
payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including obligations of: the U.S. Treasury (all
direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the
Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed
transit bonds); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(ii)       Federal Housing Administration debentures; 

(iii)      obligations of the following United States government sponsored
agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt
obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal
due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single
interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(iv)      federal funds, unsecured certificates of deposit, time deposits,
bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated
by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise 

  
 15 

 
acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher,
then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if
rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(v)       fully Federal Deposit Insurance Corporation-insured demand and
time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term
rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such
investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this
clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a
variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their
maturity; 
 (vi)      debt obligations with maturities of not more than 365
days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of
itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments
described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to
liquidation prior to their maturity; 
 (vii)     commercial paper (including both
non interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated
by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating; 

  
 16 

 
provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that
cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(viii)    units of taxable money market funds, which funds are regulated investment
companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by
all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the
initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 

(ix)      any other security, obligation or investment which has been approved
as a Permitted Investment in writing by (a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself,
result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 

provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security
evidences a right to receive only interest payments or (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the
yield to maturity at par of such underlying investment. 
 “Permitted Par Prepayment Date” means
July 2, 2025. 
 “Permitted Transfer” means any of the following: (a) any transfer, directly as a
result of the death of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer,
directly as a result of the legal incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto,
(c) any Additional Permitted Transfer, and (d) all other Transfers or transfers that are expressly permitted under the terms and conditions of this Agreement or the other Loan Documents. 

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

“Personal Property” has the meaning set forth in the granting clause of the Security Instrument. 

  
 17 

 “Policies” has the meaning specified in
Section 6.1(b) hereof. 
 “Policy” has the meaning specified in Section 6.1(b)
hereof. 
 “Prepayment Date” has the meaning specified in Section 9(b) of the Note. 

“Principal” means the Special Purpose Entity that is the general partner of Borrower, if Borrower is a
limited partnership, or managing member of Borrower, if Borrower is a limited liability company. 

“Property” means the parcel of real property, the Improvements thereon and all personal property owned by
Borrower and encumbered by the Security Instrument, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clauses of the Security Instrument and referred to therein as the
“Property.” 
 “Provided Information” means any and all financial and other information provided
at any time prepared by, or on behalf of, Borrower, Principal or Guarantor or, solely to the extent prepared on behalf of Borrower, by Manager. 

“Qualified Manager” means either (a) Manager, Tower Realty Asset Management, Inc., Tower Realty
Partners, Inc., CBRE, Inc. or Jones Lang LaSalle; or (b) in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) that (i) possesses adequate experience in managing
properties similar in size, scope, use and value as the Property, (ii) has a reasonably acceptable reputation for property management, (iii) is, at the time it manages the Property, managing similar office space in the submarket in which
the Property is located and (iv) is not a debtor in bankruptcy or similar proceedings, provided, that, if required under the operative documents in connection with any Securitization, Borrower shall have obtained (i) prior written
confirmation from the applicable Rating Agencies that management of the Property by such entity will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof, and (ii) in the event
such entity is an Affiliate of Borrower, an Additional Insolvency Opinion. 
 “Qualified Transferee” has
the meaning set forth in Section 5.2.10(h) hereof. 
 “Rating Agencies” means each of S&P,
Moody’s, Fitch, and Morningstar Credit Ratings, LLC, or any other nationally recognized statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Recognized Stock Exchange” has the meaning set forth in Section 5.2.10(i) hereof. 

“REIT” has the meaning set forth in Section 5.2.10(g) hereof. 

“REIT Share Transfer” has the meaning set forth in Section 5.2.10(i) hereof. 

“REIT Shares” has the meaning set forth in Section 5.2.10(i) hereof. 

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

  
 18 

 “Release” means any release, deposit, discharge,
emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 

“Remediation” includes any response, remedial, removal, or corrective action, any activity to cleanup,
detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to comply with any Environmental Laws or with any permits issued pursuant
thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

“REMIC Requirements” shall mean any applicable legal requirements relating to any REMIC Trust
(including, without limitation, those relating to the continued treatment of the Loan (or the applicable portion thereof or interest therein) as a “qualified mortgage” held by such REMIC Trust, the continued qualification of such REMIC
Trust as such under the Code, the non-imposition of any tax on such REMIC Trust under the Code (including, without limitation, taxes on “prohibited transactions and “contributions”) and any other constraints, rules or other
regulations or requirements relating to the servicing, modification or other similar matters with respect to the Loan (or any portion thereof or interest therein) that may now or hereafter exist under applicable legal requirements (including,
without limitation under the Code)). 
 “REMIC Trust” means a “real estate mortgage
investment conduit” within the meaning of Section 860D of the Code that holds the Note or a portion thereof. 

“Rents” means, all rents (including percentage rents), rent equivalents, moneys payable as damages or
in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, payments (including payments in connection with the exercise of any purchase option or
termination rights), deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating to the Property, including
charges for electricity, oil, gas, water, steam, heat, ventilation, air-conditioning and any other energy, telecommunication, telephone, utility or similar items or time use charges, HVAC equipment charges, sprinkler charges, escalation charges,
license fees, maintenance fees, charges for Taxes, operating expenses or other reimbursables payable to Borrower (or to the Manager for the account of Borrower) under any Lease, and other consideration of whatever form or nature received by or paid
to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property. 

“Replacement Management Agreement” means, collectively, (a) either (i) a management
agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form
and substance, provided, with respect to this subclause (ii), Lender, if required by under the operative documents in connection with any Securitization, may require that Borrower shall have obtained prior written confirmation from the
applicable Rating Agencies that such management agreement will not cause a downgrade, withdrawal or qualification of the then current rating of the 

  
 19 

 
Securities or any class thereof and (b) an assignment of management agreement and subordination of management fees substantially in the form then used by Lender (or of such other
form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense. 

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

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

 “Replacement Reserve Monthly Deposit” has the meaning set forth in Section 7.3.1
hereof. 
 “Replacements” has the meaning set forth in Section 7.3.1 hereof. 

“Reserve Funds” means, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund,
the Rollover Reserve Fund, the Major Tenant Rollover Reserve Fund, the Morgan Stanley Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents. 

“Restoration” means the repair and restoration of the Property after a Casualty or Condemnation as
nearly as possible to the condition the Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender. 

“Restricted Party” means collectively, (a) Borrower, Principal, any Guarantor, and any Affiliated
Manager and (b) any shareholder, partner, member, non-member manager, or any direct or indirect legal or beneficial owner who Controls Borrower, Principal, any Guarantor, any Affiliated Manager or any non-member manager. 

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

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

“Rollover Reserve Letter of Credit” means, an unconditional irrevocable letter of credit, together with any
related documentation required by Lender, an amount equal to $525,000.00 minus the then current balance of the Rollover Reserve Account, issued by an institution reasonably acceptable to Lender and otherwise in form and substance reasonably
acceptable to Lender. The Letter of Credit (a) shall have a term expiring not earlier than twelve (12) months from the date of its issuance, (b) shall provide that it is transferable by Lender and its successors at no cost to them,
and that the issuer of the Letter of Credit will look solely to Borrower for any transfer costs or fees, (c) shall provide for partial draws thereon, and (d) shall not include any requirements or conditions for draws other than
Lender’s written or in person demand therefor. Not less than thirty (30) days prior to the expiration date of the Letter of Credit then held by Lender hereunder, Borrower shall deposit with Lender a replacement Letter of Credit complying
with the requirements of this paragraph or provide Lender with evidence reasonably satisfactory to Lender that the expiration date of the existing Letter of Credit has been extended an additional twelve (12) months. Borrower’s failure to
provide to Lender such replacement cash or replacement or extension of the letter of credit as required by the immediately prior sentence shall allow Lender to draw the entire remaining proceeds thereof and

  
 20 

 
deposit the same in the Rollover Reserve Account. Borrower will pay all costs associated with the initial issuance of any re-issuance of the Letter of Credit as provided hereunder, or associated
with any modification or re-issuance of the Letter of Credit, now or in the future, in connection with any transfer of the Loan by Lender, in connection with any Securitization or otherwise. Upon such transfer, Borrower agrees that Lender is
released from all liability in respect of the Letter of Credit, and that Borrower shall look solely to the transferee with respect to all matters relating to the Letter of Credit. 

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

 “S&P” means Standard & Poor’s Ratings Group, a division of the McGraw-Hill
Companies. 
 “Sale or Pledge” means a voluntary or involuntary sale, conveyance, assignment,
transfer, encumbrance, pledge, grant of option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 

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

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

“Security Agreement” has the meaning set forth in Section 2.5.1(a)(v) hereof. 

“Security Instrument” means, that certain first priority Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing, dated the date hereof, executed and delivered by Borrower to Lender as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time. 
 “Servicer” has the meaning set forth in Section 9.5 hereof. 

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

“Significant Lease” means a Lease which (i) when aggregated with all other Leases at the Property
with the same Tenant or its Affiliates, 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 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 or Cash Sweep Period. 

“Special Purpose Entity” means a corporation, limited partnership or limited liability company that,
since the date of its formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do otherwise from Lender or a permitted
administrative agent thereof, or, while the Loan is securitized, confirmation from each of the applicable Rating Agencies that such noncompliance would not result in the requalification, withdrawal, or downgrade of the ratings of any Securities or
any class thereof: 
 (i) is and shall be organized solely for the purpose of (A) in the case of
Borrower, acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents with Lender, refinancing the Property in
connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (B) in the case of a Principal, acting as a general partner of the limited partnership
that owns the Property or as member of the limited liability company that owns the Property and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

  
 21 

 (ii) has not engaged and shall not engage in any business
unrelated to (A) the acquisition, development, ownership, management or operation of the Property, or (B) in the case of a Principal, acting as general partner of the limited partnership that owns the Property or acting as a member of the
limited liability company that owns the Property, as applicable; 
 (iii) has not owned and shall not own
any real property other than, in the case of Borrower, the Property; 
 (iv) does not have, shall not have
and at no time had any assets other than (A) in the case of Borrower, the Property and personal property necessary or incidental to its ownership and operation of the Property or (B) in the case of a Principal, its partnership interest in
the limited partnership or the member interest in the limited liability company that owns the Property and personal property necessary or incidental to its ownership of such interests; 

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

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

(vii) if such entity is a limited partnership, has and shall have at least one general partner and has and
shall have, as its only general partners, Special Purpose Entities each of which (A) is a corporation or single-member Delaware limited liability company, (B) holds a direct interest as general partner in the limited partnership of not
less than one percent (1.0%); and (C) has one (1) Independent Director; 
 (viii) if such entity
is a corporation, has and shall have at least one (1) Independent Director, and shall not cause or permit the board of directors of such entity to take any Material Action either with respect to itself or, if the corporation is a Principal,
with respect to Borrower or any action requiring the unanimous affirmative 

  
 22 

 
vote of one hundred percent (100%) of the members of its board of directors unless one (1) Independent Director shall have participated in such vote and shall have voted in favor of
such action; 
 (ix) if such entity is a limited liability company (other than a limited liability company
meeting all of the requirements applicable to a single-member limited liability company set forth in this definition of “Special Purpose Entity”), has and shall have at least one (1) member that is a Special Purpose Entity, that is a
corporation, that directly owns at least one percent (1.0%) of the equity of the limited liability company; and that has at least one (1) Independent Director; 

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

(xi) has not and shall not (and, if such entity is (a) a limited liability company, has and shall have a
limited liability agreement or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement, or (c) a corporation, has a certificate of incorporation or articles that, in each case, provide that
such entity shall not) (1) dissolve, merge, liquidate, consolidate; (2) sell all or substantially all of its assets; (3) amend its organizational documents with respect to the matters set forth in this definition without the consent
of Lender; or (4) without the affirmative vote of one (1) Independent Director of itself or without the consent of a Principal that is a member or general partner in it: (A) file or consent to the filing of any bankruptcy, insolvency
or reorganization case or proceeding, institute any proceedings under any applicable insolvency law or otherwise seek relief under any laws relating to the relief from debts or the protection of debtors generally, file a bankruptcy or insolvency
petition or otherwise institute insolvency proceedings; (B) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for the entity or a substantial portion of its
property; (C) make an assignment for the benefit of the creditors of the entity; or (D) take any action in furtherance of any of the foregoing; 

(xii) has at all times been and shall at all times intend to remain solvent and has paid and shall pay its
debts and liabilities (including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets, to the extent of sufficient liquid assets, as the same shall become due, and has maintained and

  
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shall intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; 

(xiii) holds itself out as a legal entity, separate and apart from any other person or entity, has not failed
and shall not fail to correct any known misunderstanding regarding the separate identity of such entity and has not identified and shall not identify itself as a division of any other Person; 

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

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

(xvi) has not commingled and shall not commingle its funds or assets with those of any other Person and has
not participated and shall not participate in any cash management system with any other Person; 
 (xvii)
has held and shall hold its assets in its own name; 
 (xviii) has conducted and shall conduct its business
in its name or in a name franchised or licensed to it by an entity other than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on
commercially-reasonable terms, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

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

(xx) has paid and shall pay, to the extent of sufficient liquid assets, its own liabilities and expenses,
including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of employees in light of its contemplated business operations; 

  
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 (xxi) has observed and shall observe all partnership, corporate
or limited liability company formalities, as applicable; 
 (xxii) has not incurred any Indebtedness other
than (i) acquisition financing with respect to the Property; construction financing with respect to the Improvements and certain off-site improvements required by municipal and other authorities as conditions to the construction of the
Improvements; and first mortgage financings secured by the Property; and Indebtedness pursuant to letters of credit, guaranties, interest rate protection agreements and other similar instruments executed and delivered in connection with such
financings, (ii) unsecured trade payables and operational debt not evidenced by a note, and (iii) Indebtedness incurred in the financing of equipment and other personal property used on the Property; 

(xxiii) if such entity is the “Borrower” hereunder, shall have no Indebtedness other than
(i) the Loan, (ii) liabilities incurred in the ordinary course of business relating to the ownership and operation of the Property and the routine administration of Borrower, in amounts not to exceed 2% of the amount of the Loan which
liabilities are not more than sixty (60) days past the date incurred, are not evidenced by a note and are paid when due, and which amounts are normal and reasonable under the circumstances, and (iii) such other liabilities that are
permitted pursuant to this Agreement or, if such entity is the Principal hereunder, shall have no other Indebtedness other than unsecured trade payable or accrued expenses incurred in the ordinary course of business related to the ownership of the
interest in the Borrower that is not evidenced by a promissory note and is due and payable within sixty (60) days after the date incurred and which in no event exceeds $20,000.00; 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated
for the debts of any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets for the benefit of any other Person, in each
case except as permitted pursuant to this Agreement; 
 (xxv) has not acquired and shall not acquire
obligations or securities of its partners, members or shareholders or any other owner or Affiliate; 

(xxvi) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared with any
of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including paying for shared office space and for services performed by any employee of an Affiliate; 

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

(xxviii) has not pledged and shall not pledge its assets to or for the benefit of any other Person other than
with respect to loans secured by the Property and no such pledge remains outstanding except to Lender to secure the Loan; 

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

(xxx) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult
to segregate, ascertain or identify its individual assets from those of any other Person; 
 (xxxi) has not
made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject
to common ownership with such entity); 
 (xxxii) has not identified and shall not identify its partners,
members or shareholders, or any Affiliate of any of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

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

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

 (xxxv) if such entity is a corporation, has considered and shall consider the interests of its creditors
in connection with all corporate actions; 
 (xxxvi) has not had and shall not have any of its obligations
guaranteed by any Affiliate except as provided by the Loan Documents; 
 (xxxvii) has not formed, acquired
or held and shall not form, acquire or hold any subsidiary, except that a Principal may acquire and hold its interest in Borrower; 

(xxxviii) has complied and shall comply with all of the terms and provisions contained in its organizational
documents; 
 (xxxix) has conducted and shall conduct its business so that each of the assumptions made
about it and each of the facts stated about it in the Insolvency Opinion are true; and 
 (xl) has not
permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts. 

  
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 “State” means, the State or Commonwealth in which the
Land or any part thereof is located. 
 “Survey” means that certain survey of the Property
prepared by Extreme Surveying of Florida, Inc., as Job No. 0610-100-095, and delivered to Lender in connection with the closing of the Loan, or, if applicable, any subsequent survey of the Property prepared by a surveyor reasonably satisfactory
to Lender and containing a certification reasonably satisfactory to Lender. 
 “Tax and Insurance
Escrow Fund” has the meaning set forth in Section 7.2 hereof. 
 “Taxes”
means all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof. 

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

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

“Title Insurance Policy” means the mortgagee title insurance policy issued with respect to the
Property and insuring the lien of the Security Instrument. 
 “Transfer” has the meaning set forth
in Section 5.2.10(b) hereof. 
 “Transferee” has the meaning set forth in
Section 5.2.10(e) hereof. 
 “Transferee’s Principals” means collectively,
(A) Transferee’s managing members, general partners or principal shareholders (to the extent such parties Control Transferee) and (B) such other members, partners or shareholders which directly or indirectly shall own a fifty-one
percent (51%) or greater economic, voting interest, and Control rights in Transferee. 

“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect in
the State in which the Property is located. 
 “U.S. Obligations” means non redeemable, non
prepayable, non callable securities evidencing an obligation to timely pay principal or interest in a full and timely manner that constitute “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act
of 1940, as amended, and are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Rating Agencies, other “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

Section 1.2     Principles of Construction. The following rules of construction
shall be applicable for all purposes of this Agreement and all documents or instruments supplemental hereto, unless the context otherwise clearly requires: 

(a)        any pronoun used herein shall be deemed to cover all genders, and words
importing the singular number shall mean and include the plural number, and vice versa; 

  
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 (b)        the term “or” has,
except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; 

(c)        an Event of Default shall “continue” or be “continuing”
or “exist” or be “existing” until (A) with respect to a monetary Event of Default, (x) the total amount then due and payable by Borrower (including all penalties and interest thereon pursuant to the terms and conditions
hereof) shall be paid in full to Lender or (y) such Event of Default has otherwise been waived in writing by Lender, or (B) with respect to a non-monetary Event of Default, such Event of Default has been waived in writing by Lender or has
otherwise been cured to the reasonable satisfaction of Lender; 
 (d)        no
inference in favor of or against any party shall be drawn from the fact that such party has drafted any portion hereof or any other Loan Document; 

(e)        the cover page (if any) of, all recitals set forth in, and all Exhibits to,
this Agreement are hereby incorporated herein; 
 (f)        all references to
sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified; 

(g)        all uses of the words “include,” “including” and
similar terms shall be construed as if followed by the phrase “without being limited to” unless the context shall indicate otherwise; 

(h)        unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and 

(i)        unless otherwise specified, all meanings attributed to defined terms herein
shall be equally applicable to both the singular and plural forms of the terms so defined. 
 ARTICLE II - GENERAL TERMS 

Section 2.1      Loan Commitment; Disbursement to Borrower. 

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

2.1.2    Single Disbursement to Borrower. Borrower may request and receive only one
(1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of the Closing Date. 

  
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 2.1.3    The Note, Security Instrument and Loan
Documents. The Loan shall be evidenced by the Note and secured by the Security Instrument and the other Loan Documents. 

2.1.4    Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire
the Property or repay and discharge any existing loans relating to the Property, (b) pay all past due basic carrying costs, if any, with respect to the Property, (c) make deposits into the Reserve Funds on the Closing Date in the amounts
provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, as reasonably approved by Lender, (e) fund any working capital requirements of the Property and (f) distribute the balance, if any, to
Borrower. 
 Section 2.2      Interest Rate. 

2.2.1    Interest Rate. Interest on the Outstanding Principal Balance of the Loan shall
accrue at the Interest Rate or as otherwise set forth in this Agreement or in the Note from (and including) the Closing Date to but excluding the Maturity Date. 

2.2.2    Interest Calculation. Interest on the Outstanding Principal Balance of the Loan
shall be calculated by multiplying (a) the actual number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Interest Rate and a three hundred sixty (360) day year by (c) the then Outstanding Principal
Balance of the Loan. Borrower acknowledges that the calculation method for interest described herein results in a higher effective interest rate than the numeric Interest Rate and Borrower hereby agrees to this calculation method. 

2.2.3    Default Rate. Upon the occurrence and during the continuance of an Event of Default
(including the failure of Borrower to make full payment of the Debt on the Maturity Date), Lender shall be entitled to receive and Borrower shall pay interest on the Outstanding Principal Balance at the Default Rate. Interest shall accrue and be
payable at the Default Rate from the occurrence of an Event of Default until all Events of Default have been waived in writing by Lender, or the cure thereof accepted by Lender in its reasonable discretion, or, with respect to any monetary Events of
Default, all amounts due Lender (together will all applicable interest and penalties) on account of such monetary Events of Default shall be paid in full to Lender. Such accrued interest, to the extent unpaid, shall be added to the Outstanding
Principal Balance, and interest shall accrue thereon at the Default Rate until fully paid. Such accrued interest shall be secured by the Security Instrument and other Loan Documents. Borrower agrees that Lender’s right to collect interest at
the Default Rate is given for the purpose of compensating Lender at reasonable amounts for Lender’s added costs and expenses that occur as a result of Borrower’s Event of Default and that are difficult to predict in amount, such as
increased general overhead, concentration of management resources on problem loans, and increased cost of funds. Lender and Borrower agree that Lender’s collection of interest at the Default Rate is not a fine or penalty, but is intended to be
and shall be deemed to be reasonable compensation to Lender for increased costs and expenses that Lender will incur if there occurs an Event of Default hereunder. Collection of interest at the Default Rate shall not be construed as an agreement or
privilege to extend the Maturity Date or to limit 

  
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or impair any rights and remedies of Lender under any Loan Documents. If judgment is entered on the Note, interest shall continue to accrue post-judgment at the greater of (a) the Default
Rate or (b) the applicable statutory judgment rate. 
 2.2.4      Usury
Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which is in excess of
the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not
on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so
long as the Loan is outstanding. 
 Section 2.3      Loan Payment.
Payments of principal, interest, and Late Charges (as defined in the Note) shall be made as provided in the Note. 

Section 2.4      Prepayments. Except as provided in Section 9 of the
Note, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Maturity Date.  

Section 2.5      Intentionally Deleted. 

Section 2.6      Release of Property. Except as set forth in this
Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. 

2.6.1    Release of Property. (a) If Borrower has the right to and has elected to
prepay in full the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 and Section 9 of the Note, as applicable, and this Section 2.6, either (x) all of the
Property shall be released from the Lien of the Security Instrument, or (y) Lender shall cooperate with Borrower, at Borrower’s cost, to assign the Security Instrument and other relevant Loan Documents to such new lender as is designated
by Borrower. 
 (b)        In connection with the release of the Security
Instrument, Borrower shall submit to Lender, not less than ten (10) days prior to the Prepayment Date, either (x) a release of Lien (and related Loan Documents) for the Property, or (y) such assignment documents, satisfactory to
Lender in its discretion, as are required to transfer and assign the Note, the Security Instrument 

  
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and any related loan documents to a new lender designated by Borrower in lieu of discharging the Note and satisfying the Security Instrument and related loan documents, for execution by Lender.
Such release or assignment documents shall be in a form appropriate in the jurisdiction in which the Property is located and that would be satisfactory to a prudent lender and contains standard provisions, if any, protecting the rights of the
releasing or assigning lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release or assignment, together with an Officer’s Certificate certifying
that such documentation (i) is, to the actual knowledge of officer signing such Officer’s Certificate, in compliance with all applicable Legal Requirements, and (ii) will effect such releases or transfers and assignments in accordance
with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any reasonable and documented out-of-pocket costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and
expenses for outside counsel) and Borrower shall pay, in connection with such release or assignment documents, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a
processing fee in an amount determined by Lender or Servicer in its reasonable discretion, not to exceed the customary amount typically charged by such Servicer in connection therewith. 

Section 2.7    Clearing Account/Cash Management. 

2.7.1    Clearing Account. (a) During the term of the Loan, Borrower shall establish
and maintain an Eligible Account (the “Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Clearing Account shall be entitled in the
name of Borrower for the benefit of Lender. Borrower hereby grants to Lender a security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take (or shall authorize Lender to take) all
actions reasonably necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Account, including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to
make withdrawals from the Clearing Account. All reasonable and customary costs and expenses for establishing and maintaining the Clearing Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Account shall be
deemed additional security for the Debt. The Clearing Account Agreement and Clearing Account shall remain in effect until the Loan has been repaid in full. 

(b)        Borrower shall, and shall cause Manager to, deposit all amounts received by
Borrower or Manager constituting Rents into the Clearing Account within two (2) Business Days after receipt thereof. Until so deposited, all Rents received by Borrower or Manager shall be held in trust for the benefit of Lender and shall not be
commingled with any other funds or property of Borrower or Manager. 

(c)        Borrower shall obtain from Clearing Bank its agreement to transfer on each
Business Day all amounts on deposit in the Clearing Account at the direction of Borrower unless a Cash Sweep Period is in effect, in which case such funds shall be transferred to the Cash Management Account. 

  
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 (d)        Upon the occurrence and during
the continuance of an Event of Default or any Bankruptcy Action of Borrower or Manager, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in the Clearing Account to the payment of the
Debt in any order in its discretion.. 
 (e)        The Clearing Account shall not
be commingled with other monies held by Borrower, Manager or Clearing Bank. 

(f)        Borrower shall not further pledge, assign or grant any security interest in
the Clearing Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect
thereto. 
 (g)        Borrower shall indemnify Lender and hold Lender harmless from
and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and the reasonable and documented out-of-pocket costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses for
outside counsel) arising from or in any way connected with the Clearing Account or the Clearing Account Agreement (unless arising from the gross negligence, willful misconduct, or bad faith of Lender) or the performance of the obligations for which
the Clearing Account was established. 
 (h)        Upon (i) Clearing Bank
ceasing to be an Eligible Institution, (ii) the Clearing Account ceasing to be an Eligible Account, (iii) any resignation by Clearing Bank or termination of the Clearing Account Agreement by Clearing Bank or Lender in accordance with the
terms and conditions of the Loan Documents or (iv) the occurrence and continuance of an Event of Default, Borrower shall, within fifteen (15) days of Lender’s written request, (A) terminate the existing Clearing Account
Agreement, (B) appoint a new Clearing Bank (which such Clearing Bank shall (I) be an Eligible Institution, (II) other than during the continuance of an Event of Default, be selected by Borrower and reasonably approved by Lender and
(III) during the continuance of an Event of Default, be selected by Lender), (C) cause such Clearing Bank to open a new Clearing Account (which such account shall be an Eligible Account) and enter into a new Clearing Account Agreement with
Lender on substantially the same terms and conditions as the previous Clearing Account Agreement and (D) send any notices required pursuant to the terms hereof relating to such new Clearing Account Agreement and Clearing Account. Borrower
constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete or undertake any action required of Borrower under this Section 2.7.1 in the name of Borrower in the event Borrower fails to
do the same as required hereunder. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. 

2.7.2    Cash Management Account. (a) Upon the occurrence of a Cash Sweep Event, a
segregated Eligible Account (the “Cash Management Account”) shall be established and maintained with Agent in Borrower’s name for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control
of Lender. Borrower hereby grants to Lender a security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and shall take (or shall authorize Lender to take) all actions reasonably
necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including filing UCC-1 

  
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Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all reasonable and customary costs and
expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower. 

 (b)        The insufficiency of funds on deposit in the Cash Management Account
shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance
whatsoever. 
 (c)        All funds on deposit in the Cash Management Account
following the occurrence and during the continuance of an Event of Default or any Bankruptcy Action of Borrower or Manager may be applied by Lender in such order and priority as Lender shall determine. 

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

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

Section 3.1    Conditions Precedent to Closing. The obligation of Lender to make the
Loan hereunder is subject to the fulfillment by Borrower, in all material respects, or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the Loan delivered by Borrower to Lender and the
commitment or commitment rider, if any, to the application or term sheet for the Loan issued by Lender. Lender’s funding of the Loan (or any part thereof) to Borrower on the Closing Date or thereafter shall be conclusive evidence of the
satisfaction or waiver of all conditions precedent to Lender’s obligation to make the Loan hereunder. 

  
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 ARTICLE IV - REPRESENTATIONS AND WARRANTIES 

Section 4.1    Borrower Representations. Borrower represents and warrants as of the
date hereof that: 
 4.1.1    Organization. Borrower has been duly organized and is
validly existing and in good standing with requisite power and authority to own the Property and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in the jurisdiction in which
the Property is located and each other jurisdiction where it is required to be so qualified in connection with its businesses and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary
to entitle it to own the Property and to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property. The direct and indirect ownership interests in Borrower are as
set forth on the organizational chart attached hereto as Schedule III. 

4.1.2    Proceedings. Borrower has taken all necessary action to authorize the execution,
delivery and performance of this Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower
enforceable against Borrower in accordance with their respective terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally, and (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

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

4.1.4    Litigation. Borrower has received no written notice of any actions, suits or
proceedings at law or in equity, arbitrations, or governmental investigations by or before any Governmental Authority or other agency now pending, filed, or, to Borrower’s actual knowledge, threatened against or affecting Borrower, Guarantor,
Principal or the Property, which actions, suits or proceedings, or governmental investigations, if determined against Borrower, Guarantor, Principal or the Property, would materially adversely affect (a) title to the Property; (b) the
validity or enforceability of the Security Instrument; (c) Borrower’s ability to perform under the Loan; (d) Guarantor’s ability to perform under the Guaranty; (e) the use, operation or value of the Property; (f) the
principal benefit of the security intended to be provided by the Loan Documents; (g) the current ability of the Property to generate Net Cash Flow sufficient to service the Loan; or (h) the current principal use of the Property. 

  
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 4.1.5    Agreements. Borrower is not a party to
any agreement or instrument or, to Borrower’s actual knowledge, subject to any restriction which would materially and adversely affect Borrower or the Property, or Borrower’s business, properties or assets, operations or condition,
financial or otherwise. To its actual knowledge, Borrower is not in default, beyond any applicable notice and cure period, in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any agreement or instrument to which it is a party or by which, to its actual knowledge, Borrower or the Property is bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which Borrower is a party or by which, to its actual knowledge, Borrower or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Property as
permitted pursuant to clause (xxiii) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof and (b) obligations under the Loan Documents. 

4.1.6    Title. Borrower has good, marketable and insurable fee simple title to the real
property comprising part of the Property and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as may be expressly permitted pursuant to the Loan Documents and the
Liens created by the Loan Documents. The Permitted Encumbrances in the aggregate do not materially and adversely affect the operation or use of the Property (as currently used) or Borrower’s ability to repay the Loan. The Security Instrument,
when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected lien on the Property, subject only to Permitted
Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case
subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. There are no claims for payment for work, labor or materials affecting the Property
which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. 

4.1.7    Solvency. Borrower has (a) not entered into this transaction or executed the
Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such Loan Documents. Giving effect to the Loan,
the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total known liabilities, including subordinated, unliquidated, disputed and contingent liabilities. The fair
saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s total known liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become
absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to,
and does not believe, as of the date hereof, that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its 

  
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ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of
obligations of Borrower). No petition in bankruptcy has been filed against Borrower or Principal in the last seven (7) years, and neither Borrower nor Principal in the last seven (7) years has ever made an assignment for the benefit of
creditors or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower nor Principal are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all
or a major portion of Borrower’s assets or property, and Borrower has no actual knowledge of any Person contemplating the filing of any such petition against it or Principal. 

4.1.8    Full and Accurate Disclosure. No statement of fact made by Borrower in this
Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact presently known
to Borrower which has not been disclosed to Lender which materially adversely affects, nor as far as Borrower can reasonably foresee, would reasonably be expected to materially adversely affect, the Property or the business, operations or financial
condition of Borrower. 
 4.1.9    No Plan Assets. Borrower does not sponsor, is not
obligated to contribute to, and is not itself an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will
constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and
(b) transactions by or with Borrower are not subject to any state or other statute, regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32)
of ERISA which is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and which prohibit or otherwise restrict the transactions contemplated by this Agreement, including the exercise by Lender of any of its rights
under the Loan Documents. 
 4.1.10  Compliance. Except as otherwise set forth in the Environmental
Report, Title Insurance Policy, any property condition report or zoning report delivered to Lender by or on behalf of Borrower in connection with the Loan, Borrower and, to Borrower’s knowledge, the Property and the use thereof comply in all
material respects with all applicable Legal Requirements, including building and zoning ordinances and codes. To Borrower’s knowledge, it is not in material default or violation of any order, writ, injunction, decree or demand of any
Governmental Authority. To Borrower’s knowledge, there has not been committed by Borrower or any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any
other Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Except as otherwise set forth in the Environmental
Report, Title Insurance Policy, any property condition report or zoning report delivered to Lender in connection with the Loan, to the knowledge of the Borrower, on the Closing Date, the Improvements at the Property were in material compliance with
applicable law. 

  
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 4.1.11  Financial Information. All financial data,
including the statements of cash flow and income and operating expense, that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects, (b) accurately represent the financial
condition of Borrower and the Property, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP throughout the
periods covered, except as disclosed therein. Except for Permitted Encumbrances or as otherwise permitted pursuant to the terms and conditions of the Loan Documents, Borrower does not have any contingent liabilities, liabilities for delinquent
taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a material adverse effect on the Property or the current operation thereof,
except as referred to or reflected in said financial statements or otherwise disclosed to Lender in writing. Since the date of such financial statements, there has been no material adverse change in the financial condition or business of Borrower
from that set forth in said financial statements. 
 4.1.12  Condemnation. To Borrower’s
knowledge, no Condemnation or other similar proceeding has been commenced or is threatened or contemplated with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property. 

4.1.13  Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose
of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations
of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

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

4.1.15  Not a Foreign Person. Borrower is not a “foreign person” within the meaning of
§1445(f)(3) of the Code. 
 4.1.16  Separate Lots. The Property is comprised of one (1) or
more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Property. 

  
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 4.1.17  Assessments. To Borrower’s knowledge, there
are no pending or 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. 

4.1.18  Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder
thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. The Loan Documents are not
subject to any right of rescission, set off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the
Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any
right of rescission, set off, counterclaim or defense with respect thereto. 
 4.1.19  No Prior
Assignment. There are no prior assignments of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding. 

4.1.20  Insurance. Borrower has obtained and has delivered to Lender certified copies of the Policies
(or other evidence reasonably acceptable to Lender) reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under
any such Policies, and to the actual knowledge of Borrower, neither Borrower nor any other Person, has done, by act or omission, anything which would impair the coverage of any such Policy. 

4.1.21  Use of Property. The Property is used primarily for office purposes and other appurtenant,
related, and incidental uses. 
 4.1.22  Certificate of Occupancy; Licenses. All certifications,
permits, franchises, licenses, consents, authorizations, and approvals, including, certificates of completion and occupancy permits, required for the legal use, occupancy and operation of the Property have been obtained and are in full force and
effect. The use being made of the Property is in conformity with the certificate of occupancy issued for the Property. 

4.1.23  Flood Zone. Except as otherwise set forth in the Survey, none of the Improvements on the
Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a) is in full force and effect with
respect to the Property. 
 4.1.24  Physical Condition. Except as otherwise set forth in the
Environmental Report or property condition report delivered to Lender in connection with the Loan, the Property, including all buildings, improvements, parking 

  
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facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping,
irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not
received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect 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. 

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

4.1.26  Leases. The Property is not subject to any leases other than the Leases described in the rent
roll attached hereto as Schedule I and made a part hereof, which rent roll is true, complete and accurate in all material respects as of the Closing Date. Borrower is the owner and lessor of landlord’s interest in the Leases; subject,
however, to the rights therein granted to Lender pursuant to the Loan Documents. 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 current Leases are in
full force and effect and, to Borrower’s actual knowledge, there are no defaults thereunder by either party and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder.
Except with respect to security deposits, no Rent has been paid more than one (1) month in advance of its due date. All security deposits are held by Borrower in accordance with applicable law. All work to be performed by Borrower under each
Lease has been performed as required and has been accepted by the applicable Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any Tenant has
already been received by such Tenant. There has been no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein which is outstanding. No Tenant listed on Schedule I has assigned its Lease or
sublet all or any material portion of the premises demised thereby, no such Tenant holds its leased premises under assignment or sublease, nor does anyone except such Tenant and its employees occupy such leased premises. No Tenant under any Lease
has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. No Tenant under any Lease has any right or option for additional space in the
Improvements. 
 4.1.27  Survey. To Borrower’s knowledge, the Survey for the Property delivered
to Lender in connection with this Agreement does not fail to reflect any material matter affecting the Property or the title thereto. 

  
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 4.1.28  Inventory. Except as otherwise expressly set
forth in the Leases, Borrower is the owner of all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Security Instrument) located on or at the Property and shall not lease any Equipment, Fixtures or Personal Property
other than as permitted hereunder. All of the Equipment, Fixtures and Personal Property are sufficient to operate the Property in the manner required hereunder and in the manner in which it is currently operated. 

4.1.29  Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts
in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements have been paid or adequate arrangements have been made for the payment thereof promptly following the Closing Date. All mortgage, mortgage
recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of
any of the Loan Documents, including the Security Instrument, have been paid or adequate arrangements have been made for the payment thereof promptly following the Closing Date.  

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

(b)        The representations, warranties and covenants set forth in
Section 4.1.30(a) shall survive for so long as any of the Debt remains payable to Lender under this Agreement or any other Loan Document. 

(c)        Intentionally omitted. 

(d)        Any and all of the stated facts and assumptions made in any Insolvency
Opinion, including any exhibits attached thereto, will have been and shall be true and correct in all material respects, and Borrower and Principal will have complied and will comply, in all material respects, with all of the stated facts and
assumptions made with respect to it in any Insolvency Opinion. Each entity other than Borrower and Principal with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and shall comply, in all material
respects, with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion. Borrower covenants that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide
an updated certification regarding material compliance with the facts and assumptions made therein. 

(e)        Borrower covenants and agrees that Borrower shall provide Lender with
thirty (30) days’ prior written notice prior to any removal of an Independent Director of any of Borrower or Principal. 

4.1.31  Management Agreement. The Management Agreement is in full force and effect and, to the actual
knowledge of Borrower, there is no default thereunder by any party thereto and no event has occurred that, with the passage of time or the giving of notice would constitute a default thereunder. The Management Agreement was entered into on
commercially reasonable terms. 

  
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 4.1.32  Illegal Activity. No portion of any proceeds used
by Borrower to acquire the Property are the proceeds of any illegal activity. 
 4.1.33  No Change in
Facts or Circumstances; Disclosure. All information submitted by and on behalf of Borrower to Lender and in all financial statements, rent rolls (including the rent roll attached hereto as Schedule I), reports, certificates and other
documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are, to Borrower’s knowledge, true, complete and correct in all
material respects. To Borrower’s knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or
that otherwise materially and adversely affects the use, operation or value of the Property or the business operations or the financial condition of Borrower. Borrower has disclosed to Lender all material facts actually known to Borrower and has not
failed to disclose any material fact actually known to Borrower that could cause any Provided Information or representation or warranty made herein to be materially misleading.  

4.1.34  Investment Company Act. Borrower is not (a) an “investment company” or a
company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or
an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other federal or state law or
regulation which purports to restrict or regulate its ability to borrow money. 
 4.1.35  Embargoed
Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and Guarantor
constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment
in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful activity
with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. 

4.1.36  Principal Place of Business; State of Organization. Borrower’s principal place of
business as of the date hereof is the address set forth in the introductory paragraph of this Agreement. Borrower’s state of organization is as set forth in the introductory paragraph of this Agreement. 

4.1.37  Environmental Representations and Warranties. Except as otherwise disclosed by that certain
Phase I  

  
 41 

 
environmental report (or Phase II environmental report, if required) delivered to Lender by Borrower in connection with the origination of the Loan (such report is referred to below as the
“Environmental Report”), (a) to Borrower’s knowledge, there are no Hazardous Substances or underground storage tanks in, on, or under the Property and no Hazardous Substances have been handled, manufactured, generated,
stored, processed, or disposed of on or released or discharged from the Property, except those that are (i) in compliance with Environmental Laws and with permits issued pursuant thereto (to the extent such permits are required under
Environmental Law), and (ii) de minimis amounts necessary to operate the Property for the purposes set forth in this Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise
permitted under and used in compliance with Environmental Law; (b) to Borrower’s knowledge, there are no past, present or threatened Releases of Hazardous Substances in, on, under or from the Property which has not been fully remediated in
accordance with Environmental Law; (c) to Borrower’s knowledge, there is no threat of any Release of Hazardous Substances migrating to the Property; (d) to Borrower’s knowledge, there is no past or present non-compliance with
Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which has not been fully remediated in accordance with Environmental Law; (e) Borrower does not know of, and has not received, any written notice or
other communication from any Person (including a Governmental Authority) relating to Hazardous Substances or Remediation thereof, of possible liability of any Person pursuant to any Environmental Law, other environmental conditions in connection
with the Property, or any actual or potential administrative or judicial proceedings in connection with any of the foregoing; (f) Borrower has truthfully and fully disclosed to Lender, in writing (including the Environmental Report), any and
all information relating to environmental conditions in, on, under or from the Property that is known to Borrower and has provided to Lender all information that is contained in Borrower’s files and records, including any reports relating to
Hazardous Substances in, on, under or from the Property or to the environmental condition of the Property; and (g) there are no Institutional Controls on or affecting the Property. 

4.1.38  Cash Management Account. Borrower hereby represents and warrants to Lender that: 

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

(b)        Each of the Clearing Account and Cash Management Account constitutes a
“deposit account” or “securities account” within the meaning of the Uniform Commercial Code); 

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

  
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 (d)        The Clearing Account and Cash
Management Account are not in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Clearing Bank and Agent complying with instructions with respect to the Clearing Account and Cash
Management Account from any Person other than Lender; and 
 (e)        The Property
is not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous financing have been duly terminated or superseded prior to the date
hereof or will be duly terminated or superseded promptly following the Closing Date. 

Section 4.2     Survival of Representations. Borrower agrees that all of the
representations and warranties of Borrower set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any of the Debt remains owing to Lender under this Agreement or any
of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation
heretofore or hereafter made by Lender or on its behalf.  
 ARTICLE V - BORROWER COVENANTS 

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

5.1.1    Existence; Compliance with Legal Requirements. Borrower shall do or cause to be
done all things reasonably necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits, authorizations, and franchises and comply in all material respects with all Legal Requirements applicable to it and
the Property, including all regulations, building and zoning codes and certificates of occupancy. There shall never be committed by Borrower, and Borrower shall never knowingly permit any other Person in occupancy of or involved with the operation
or use of the Property to commit any act or omission affording the federal government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in performance of Borrower’s obligations
under any of the Loan Documents. Borrower hereby covenants and agrees not to commit or knowingly permit to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and protect all franchises and
trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep the Property in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs,
renewals, replacements, betterments and improvements thereto, all as more fully provided in the  

  
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Loan Documents. Borrower shall keep the Property insured at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other
insurance, as is more fully provided in this Agreement. Borrower shall from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that the Property complies with all Legal Requirements or is exempt
from compliance with Legal Requirements. Borrower shall give prompt notice to Lender of the receipt by Borrower of any written notice related to a violation of any Legal Requirements affecting the Property or Borrower and of the commencement of any
proceedings or investigations which relate to compliance with Legal Requirements affecting the Property or Borrower. After prior written notice to Lender, Borrower, at Borrower’s own expense, may contest by appropriate legal proceeding promptly
initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation of any Legal Requirement, provided that (i) no
Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a material default
thereunder (beyond applicable notice and cure periods) and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in danger
of being sold, forfeited, terminated, cancelled or lost prior to the final determination of such proceeding; (iv) Borrower shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or
applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or the Property; and (vi) Borrower shall furnish such security as may be
required in the proceeding, or as may be reasonably requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Lender may apply any such security, as reasonably
necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or the Property (or any part thereof or
interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost. 

5.1.2    Taxes and Other Charges. Borrower shall pay, prior to delinquency, all Taxes and
Other Charges now or hereafter levied or assessed or imposed against the Property or any part thereof as the same become due and payable; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower
complies with the terms and provisions of Section 7.2 hereof, in which event Lender shall pay all such Taxes and Other Charges prior to delinquency in accordance with the terms and conditions hereof. Borrower shall furnish to Lender
receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent (provided, however, Borrower is not required to furnish such receipts for payment of Taxes and Other Charges if such Taxes or Other
Charges have been paid by Lender pursuant to Section 7.2 hereof and Lender has received receipts from the relevant taxing authority). Subject to Borrower’s right to contest Liens and other charges to the extent expressly set forth
in the Loan Documents, Borrower shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against the Property, and shall pay, prior to delinquency, for all utility services provided to the
Property, except for utility services billed directly to the Tenants. After prior written notice to Lender, Borrower, at Borrower’s own expense, may  

  
 44 

 
contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other
Charges, provided that (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and
shall not constitute a material default thereunder beyond applicable notice and cure periods and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof
or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost prior to the final determination of such proceeding; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or
Other Charges, together with all costs, interest and penalties which may be payable in connection therewith, determined to be due; (v) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the Property;
(vi) Borrower shall have set aside reasonably adequate reserves for the payment of the Taxes, together with all interest and penalties thereon, unless Borrower has paid all of the Taxes under protest; and (vii) Borrower shall furnish such
security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part
thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is finally established or the Property (or part thereof or interest therein) shall be in imminent danger
of being sold, forfeited, terminated, cancelled or lost or there shall be any imminent danger of the Lien of the Security Instrument being primed by any related Lien. 

5.1.3    Litigation. Promptly after becoming aware of the same, Borrower shall give written
notice to Lender of any litigation or governmental proceedings pending or threatened against Borrower or Guarantor which, if adversely determined, would reasonably be expected to materially adversely affect Borrower’s or Guarantor’s
financial condition or the operation of the Property. 
 5.1.4    Access to
Property. Subject to the rights of the Tenants under their Leases, Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice.

 5.1.5    Notice of Default. Promptly after becoming aware of the same, Borrower
shall give written notice to Lender of any material adverse change in Borrower’s or Guarantor’s financial condition or existence of any continuing Event of Default. 

5.1.6    Cooperate in Legal Proceedings. Borrower shall reasonably cooperate with Lender
with respect to any proceedings before any court, board or other Governmental Authority which may materially and adversely affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in
connection therewith, permit Lender, at its election, to participate in any such proceedings.  

  
 45 

 5.1.7    Perform Loan Documents. Borrower shall
observe, perform and satisfy, in all material respects, all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or
applicable to, Borrower, and shall not enter into or otherwise permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower, except as permitted pursuant to
the express terms and conditions of the Loan Documents, without the prior written consent of Lender. 

5.1.8    Award and Insurance Benefits. Borrower shall reasonably cooperate with Lender in
obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any reasonable and documented out-of-pocket expenses incurred in connection
therewith (including attorneys’ fees and disbursements for outside counsel, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting the Property or any part thereof) out of
such Insurance Proceeds. 
 5.1.9    Further Assurances. Borrower shall, at
Borrower’s sole cost and expense: 
 (a)        furnish to Lender all
instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument
required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith; 

(b)        execute and deliver to Lender such documents, instruments, certificates,
assignments and other writings, and do such other acts reasonably necessary or desirable, to evidence, preserve or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as Lender may
reasonably require; and 
 (c)        do and execute all and such further lawful and
reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 

5.1.10  Principal Place of Business, State of Organization. Borrower shall not cause or permit any
change to be made in its name, identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36 hereof) or Borrower’s corporate or partnership or other structure (except as otherwise
expressly permitted under Section 5.2.10 hereof) unless Borrower shall have first notified Lender in writing of such change at least thirty (30) days prior to the effective date of such change, and shall have first taken all action
required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement, and the other Loan Documents and, in the case of a change in Borrower’s structure, without first obtaining the
prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned, or delayed. Upon Lender’s request, Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional security agreements 

  
 46 

 
and other instruments which may be reasonably necessary to effectively evidence or perfect Lender’s security interest in the Property as a result of such change of principal place of
business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium or
recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth at the
introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender of any change in its organizational identification number.
If Borrower does not now have an organizational identification number and later obtains one, Borrower promptly shall notify Lender of such organizational identification number. 

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

(b)        Borrower shall furnish to Lender annually, within hundred twenty
(120) days following the end of each Fiscal Year of Borrower, a complete copy of Borrower’s annual financial statements and prepared in accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Property for
such Fiscal Year and containing statements of profit and loss for Borrower and the Property, an annual rent roll and a balance sheet for Borrower, all of the forgoing to be accompanied by an Officer’s Certificate stating that such items are
true, correct, accurate, and complete in all material respects and fairly present the financial condition and results of the operations of Borrower and the Property in all material respects. If Borrower consists of more than one entity, said
financial statements shall be in the form of an annual combined balance sheet of the Borrower entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining
balance sheet and statement of income for the Individual Properties on a combined basis. Such statements shall set forth the financial condition and the results of operations for the Property for such Fiscal Year, and shall include amounts
representing annual net operating income, Net Cash Flow, gross income, and operating expenses. Borrower shall also furnish to Lender annually, within fifteen (15) days after the same has been filed, a complete copy of the audited Annual Report
(Form 10-K) of the REIT. 
 (c)        Borrower shall furnish, or cause to be
furnished, to Lender on or before thirty (30) days after the end of each calendar quarter the following items, accompanied by an Officer’s 

  
 47 

 
Certificate stating that such items are true, correct, accurate, and complete, in all material respects, and fairly present the financial condition and results of the operations of Borrower and
the Property (subject to normal year-end adjustments) as applicable: (i) a rent roll for the subject quarter; (ii) quarterly and year-to-date operating statements (including Capital Expenditures) prepared for each calendar quarter, noting
net operating income, gross income, and operating expenses (not including any contributions to the Replacement Reserve Fund), and other information necessary and sufficient to fairly represent the financial position and results of operation of the
Property during such calendar quarter, and containing a comparison of budgeted income and expenses and the actual income and expenses; and (iii) a calculation reflecting the annual Debt Service Coverage Ratio for the immediately preceding three
(3), six (6), and twelve (12) month periods as of the last day of such quarter. In addition, such certificate shall also be accompanied by an Officer’s Certificate stating that the representations and warranties of Borrower set forth in
Section 4.1.30 are true and correct, in all material respects, as of the date of such certificate. 

(d)        Until the earlier of Securitization or twelve (12) months after the
date of this Agreement, Borrower shall furnish, or cause to be furnished, to Lender on or before thirty (30) days after the end of each calendar month, all of the following items with respect to the previous calendar month, accompanied by an
Officer’s Certificate stating that such items are true, correct, accurate, and complete, in all material respects, and fairly present the financial condition and results of the operations of Borrower and the Property (subject to normal year-end
adjustments) as applicable: (A) a rent roll for the subject month; (B) monthly operating statement(s) of the Property; and (C) year-to-date operating statement(s) of the Property. 

(e)        Intentionally omitted. 

(f)        Upon request, Borrower and its affiliates shall furnish to Lender a listing
of all security deposits held in connection with any Lease of any part of the Property, including the name of the Tenant to which each such security deposit applies. 

(g)        For each Fiscal Year commencing after the Closing Date, Borrower
shall submit to Lender an Annual Budget not later than sixty (60) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory to Lender. The Annual Budget shall be subject to Lender’s written approval (each
such Annual Budget, an “Approved Annual Budget”). If Lender objects to a proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver
to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten
(10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this subsection until Lender approves the
Annual Budget. Until such time that Lender approves a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance
Premiums, Other Charges and any other Operating Expenses for which the annual costs thereof are reasonably ascertainable. 

  
 48 

 (h)        If Borrower must incur
an extraordinary operating expense or capital expense not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed
Extraordinary Expense for Lender’s approval, which approval shall not be unreasonably withheld, conditioned, or delayed. 

(i)        Borrower shall furnish to Lender, within ten (10) Business Days after
request (or as soon thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested by Lender, provided that Borrower
shall not be obligated to deliver such information more than once in any calendar year, except during the existence of an Event of Default. 

(j)        Borrower shall furnish to Lender, within (x) ten (10) Business
Days after Lender’s request (or as soon thereafter as may be reasonably possible) or (y) such longer period in which the applicable Tenant has to respond to such a request under its Lease, financial information from any Tenant designated
by Lender (to the extent such financial information is required to be provided under the applicable Lease and same is received by Borrower after request therefor), provided that Borrower shall not be obligated to deliver such information with
respect to each Tenant more than once in any calendar year, except during the existence of an Event of Default. 

(k)        Borrower shall cause Guarantor to furnish to Lender annually, within one
hundred twenty (120) days following the end of each Fiscal Year of Guarantor: (i) if such Guarantor is an entity, financial statements, which shall include an annual balance sheet and profit and loss statement of Guarantor, in the form
reasonably required by Lender, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete in all material respects and fairly present the financial condition and results of the operations of
Guarantor in all material respects, or (ii) if such Guarantor is an individual, a signed personal financial statement in a form reasonably satisfactory to Lender. 

(l)        Any reports, statements or other information required to be delivered under
this Agreement shall be delivered (i) in paper form, (ii) on compact disk, flash drive, or other reasonably reliable portable storage media, which may be delivered in secured or encrypted format and (iii) if requested by Lender and
within the capabilities of Borrower’s data systems without change or modification thereto, in electronic form and prepared using Microsoft Word for Windows files (which files may be prepared using a spreadsheet program and saved as word
processing files), which may be delivered in secured or encrypted format. Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section 5.1.11 in connection
with and solely to the extent reasonably required for the Securitization to such parties requesting such information in connection with such Securitization. 

5.1.12  Business and Operations. Borrower shall continue to engage in the businesses presently
conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower shall qualify to do business and shall remain in good standing in the jurisdiction in which the Property
is located and the jurisdiction of its formation. Borrower shall  

  
 49 

 
at all times during the term of the Loan, continue to own all of Equipment, Fixtures and Personal Property which are necessary to operate the Property in the manner required hereunder and in the
manner in which it is currently operated. 
 5.1.13  Title to the Property. Borrower shall warrant
and defend (a) the title to the Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Security Instrument on the Property, subject
only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses or damages, and reasonable and documented out-of-pocket costs or expenses
(including reasonable attorneys’ fees and expenses for outside counsel) actually incurred by Lender if an interest in the Property, other than as permitted hereunder, is claimed by another Person. 

5.1.14  Costs of Enforcement. In the event (a) that the Security Instrument encumbering the
Property is foreclosed in whole or in part or that the Security Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage encumbering the Property prior to or subsequent
to the Security Instrument in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any
of its constituent Persons for the benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all reasonable and documented out-of-pocket costs of collection and defense, including reasonable
attorneys’ fees and expenses for outside counsel, incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or use
taxes. 
 5.1.15  Estoppel Statement. (a) After request by Lender, Borrower shall within
ten (10) days furnish Lender or any proposed assignee of the Loan with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) to the knowledge of Borrower, the unpaid principal
amount of the Note, (iii) the Interest Rate of the Note, (iv) the terms of payment and Maturity Date, (v) the date installments of interest or principal were last paid, (vi) that, except as provided in such statement, there are
no Defaults or Events of Default under this Agreement or any of the other Loan Documents, (vii) that the Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(viii) whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect (except as otherwise provided) and
(provided the Property is not a residential multifamily property) have not been modified (or if modified, setting forth all modifications), (x) the date to which the Rents thereunder have been paid pursuant to the Leases, (xi) whether or
not, to the knowledge of Borrower, any of the lessees under the Leases are in default under the Leases, and, if any of the lessees are in default, setting forth the specific nature of all such defaults, (xii) the amount of security deposits
held by Borrower under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations secured
hereby, the Property or the Security Instrument.  

  
 50 

 (b)       Borrower shall use commercially
reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each commercial Tenant leasing space at the Property in form and substance reasonably acceptable to Lender (it being agreed that an estoppel certificate in the
form provided as of the closing of the Loan shall be deemed acceptable to Lender) provided that Borrower shall not be required to deliver such certificates more frequently than (i) two (2) times in any calendar year prior to
Securitization, and (ii) one (1) time in any calendar year following Securitization. 

5.1.16  Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date
only for the purposes set forth in Section 2.1.4 hereof. 
 5.1.17  Intentionally
Omitted.  
 5.1.18  Confirmation of Representations. Upon the request of Lender,
Borrower shall deliver, in connection with any Securitization, (a) one (1) or more Officer’s Certificates certifying as to the accuracy, in all material respects, of all representations made by Borrower in the Loan Documents (or
disclosing any materially inaccurate representations) as of the date of the closing of such Securitization in all relevant jurisdictions, and (b) certificates of the relevant Governmental Authorities in all relevant jurisdictions indicating the
good standing and qualification of Borrower, Principal and Guarantor as of a date that is no more than thirty (30) days prior to the Securitization. 

5.1.19  Environmental Covenants. (a) Borrower covenants and agrees that: (i) all uses and
operations on or of the Property, whether by Borrower or any other Person claiming by, through, or under Borrower, shall be in compliance, in all material respects, with all Environmental Laws and permits issued pursuant thereto; (ii) there
shall be no Releases of Hazardous Substances in, on, under or from the Property; (iii) there shall be no Hazardous Substances in, on, or under the Property, except those that are (A) in compliance with all Environmental Laws and with
permits issued pursuant thereto (to the extent such permits are required by Environmental Law), and (B) de-minimis amounts necessary to operate the Property for the purposes set forth in this Agreement and the Leases which will not result in an
environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law; (iv) Borrower shall keep the Property free and clear of all liens and other encumbrances imposed
pursuant to any Environmental Law, whether due to any act or omission of Borrower or any other Person (the “Environmental Liens”); (v) Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all
activities pursuant to subsection (b) below, including providing all relevant information and making knowledgeable persons available for interviews; (vi) intentionally omitted; (vii) Borrower shall, at its sole cost and
expense, comply with all reasonable written requests of Lender made if Lender has a reasonable basis to believe that an environmental hazard exists on the Property in order to: (A) reasonably effectuate Remediation of any condition (including a
Release of a Hazardous Substance) in, on, under or from the Property; (B) comply with any applicable Environmental Law; (C) comply with any written directive from any Governmental Authority; and (D) take any other reasonable action
necessary or appropriate for protection of human health or the environment; (viii) Borrower shall not do, 

  
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and shall utilize commercially reasonable efforts to ensure that no Tenant or other user of the Property does, any act that materially increases the dangers to human health or the environment,
poses an unreasonable risk of harm to any Person (whether on or off the Property), impairs or may impair the value of the Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes material
physical waste, or violates, in any material respect, any covenant, condition, agreement or easement applicable to the Property; (ix) immediately upon Borrower becoming aware of the same, Borrower shall notify Lender in writing of (A) any
presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property; (B) any material non-compliance with any Environmental Laws related in any way to the Property; (C) any actual or
threatened Environmental Lien; (D) any required or proposed Remediation of environmental conditions relating to the Property; and (E) any written notice or other communication of which Borrower becomes aware from any source whatsoever
(including a governmental entity) relating in any way to the release or potential release of Hazardous Substances or Remediation thereof, likely to result in liability of any Person pursuant to any Environmental Law, other environmental conditions
in connection with the Property, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section; (x) Borrower shall not install, use, generate, manufacture, store, treat, release or
dispose of, nor knowingly permit the installation, use, generation, storage, treatment, release or disposal of, any Hazardous Substances (except de-minimis amounts necessary to operate the Property for the purposes set forth in this Agreement and
the Leases which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law) on, under or about the Property, and all uses and operations on or of
the Property, whether by Borrower or any other person or entity claiming by, through, or under Borrower, shall be in compliance, in all material respects, with all Environmental Laws and permits issued pursuant thereto; (xi) Borrower shall not
make any change in the use or condition of the Property which (A) would reasonably be expected to lead to the presence on, under or about the Property of any Hazardous Substances which is not in accordance with any applicable Environmental Law,
or (B) would require, under any applicable Environmental Law, notice be given to or approval be obtained from any governmental agency in the event of a transfer of ownership or control of the Property, in each case without the prior written
consent of Lender; (xii) Borrower shall not allow any Institutional Control on or to affect the Property; and (xiii) Borrower shall take all acts reasonably necessary to preserve its status, if applicable, as an “innocent
landowner,” “contiguous property owner,” or “prospective purchaser” as to the Property and as those terms are defined in CERCLA; provided, however, that this covenant does not limit or modify any of Borrower’s other
duties or obligations under this Agreement. 
 (b)       If Lender has a reasonable basis to
believe that an environmental hazard exists on the Property, upon reasonable notice from Lender, Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant reasonably satisfactory to Lender to conduct an environmental
assessment or audit (the scope of which shall be determined in Lender’s reasonable discretion) and take any samples of soil, groundwater or other water, air, or building materials or any other invasive testing requested by Lender and promptly
deliver the results of any such assessment, audit, sampling or other testing; provided, however, if such results are not delivered to Lender within a reasonable period or if Lender has reason to believe that an environmental hazard exists on the
Property that, in Lender’s reasonable judgment, endangers any Tenant or other occupant of the Property or their guests or the general public or may 

  
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materially and adversely affect the value of the Property, upon not less than five (5) Business Days prior notice to Borrower, Lender and any other Person designated by Lender, including any
receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, subject to the rights of Tenants, but not the obligation, to enter upon the Property at all reasonable times to assess any and all aspects
of the environmental condition of the Property and its use, including conducting any environmental assessment or audit (the scope of which shall be determined in Lender’s reasonable discretion) and taking samples of soil, groundwater or other
water, air, or building materials, and reasonably conducting other invasive testing. Borrower shall reasonably cooperate with and provide Lender and any such Person designated by Lender with access to the Property, subject to the rights of Tenants
and the foregoing notice requirements. 
 (c)       Intentionally omitted. 

(d)       Intentionally omitted. 

(e)       Borrower shall promptly perform all reasonably necessary remedial work in
response to the presence of any Hazardous Substances on the Property, any violation of any Environmental Laws, or any claims or requirements made by any governmental agency or authority. All such work shall be conducted by licensed and reputable
contractors pursuant to written plans approved by the agency or authority in question (if applicable), under proper permits and licenses (if applicable) with such insurance coverage as is customarily maintained by prudent property owners in similar
situations. If the cost of the work exceeds $100,000, then Lender shall have the right of prior approval over the environmental contractor and plans, which shall not be unreasonably withheld, conditioned, or delayed. Subject to Borrower’s
rights under the Security Instrument and this Agreement to contest costs and expenses for labor and materials, the costs and expenses of the remedial work shall be promptly paid by Borrower. In the event Borrower fails to undertake the remedial
work, or fails to complete the same within a reasonable time period after the same is undertaken, and if Lender is of the good faith opinion that Lender’s security in the Property is materially jeopardized thereby, then Lender shall have the
right to undertake or complete the remedial work itself. In such event all reasonable and documented out-of-pocket costs of Lender in doing so, including all fees and expenses of environmental consultants, engineers, attorneys, accountants and other
professional advisors, shall become a part of the Loan and shall be due and payable from Borrower upon demand. Such amount shall be secured by the Loan Documents, and failure to pay the same within thirty (30) days following demand therefor
shall be an Event of Default under the Loan Documents. In the event any Hazardous Substances are removed from the Property, either by Borrower or Lender, the number assigned by the United States Environmental Protection Agency to such Hazardous
Substances shall be solely in the name of Borrower, and Borrower shall have any and all liability for such removed Hazardous Substances, except to the extent of any liability arising from the gross negligence, willful misconduct, or bad faith of
Lender, its employees, or agents. 
 5.1.20 Leasing Matters. Any Significant Leases written after the date
hereof shall be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. All subleases related to, or any renewals or extensions of, any Significant Lease after the date hereof shall
be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, 

  
 53 

 
conditioned or delayed; provided, however, that no such Lender approval shall be required in connection with (a) any sublease by a Tenant under an existing Significant Lease pursuant to
subleasing rights specifically set forth in such Significant Lease, or (b) any renewal or extension of an existing Significant Lease pursuant to the renewal or extension terms specifically set forth in such Significant Lease. Additionally, no
Lender approval shall be required in connection with any renewal or extension of an existing Significant Lease on renewal or extension terms not specifically set forth in such Significant Lease, but which (I) is on the then existing form lease
previously approved by Lender or another lease form approved by Lender, (II) provides for base rents equal to or in excess of ninety five (95%) percent of the per square foot paid by the applicable Tenant in the immediately preceding Lease
year, (III) does not contain Inducement Costs (as hereinafter defined) paid or to be payable by Borrower in excess of the sum of the then current balance of the Rollover Reserve Fund plus any additional capital contributions made by the partners of
Borrower that are specifically designated to be used, or are otherwise actually used, for such Inducement Costs. For purposes of this Section 5.1.20, “Inducement Costs” shall consist of free rent and Borrower
contributions to tenant improvement costs. Upon request, Borrower shall furnish Lender with executed copies of all Leases. Other than as provided for herein, all renewals of Leases and all proposed Leases shall provide for rental rates comparable to
existing local market rates, shall be on commercially reasonable terms and shall not contain any terms which would materially affect Lender’s rights under the Loan Documents, shall provide that they are subordinate to the Security Instrument
and that the lessee agrees to attorn to Lender or any purchaser at a sale by foreclosure or power of sale, which subordination and attornment agreements by lessee may be subject to Lender delivering to such lessee a customary non-disturbance
agreement that is reasonably acceptable to the parties thereto. Borrower (i) shall observe and perform, in all material respects, the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall
enforce and may amend or terminate the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the
Property involved except that no termination by Borrower or acceptance of surrender by a Tenant of any Leases shall be permitted unless by reason of a tenant default and then only in a commercially reasonable manner to preserve and protect the
Property; provided, however, that no such termination or surrender of any Significant Lease will be permitted without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned, or delayed; (iii) shall
not collect any of the rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan
Documents); (v) shall not alter, modify or change the terms of the Leases, in any material respect, in a manner inconsistent with the provisions of the Loan Documents; and (vi) shall execute and deliver at the request of Lender all such
further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require. Notwithstanding anything to the contrary contained herein, Borrower shall not enter into a new Significant Lease of
all or substantially all of the Property without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned, or delayed Notwithstanding anything to the contrary contained herein, all new Leases and all
amendments, modifications, extensions, and renewals of existing Leases with Tenants that are Affiliates of Borrower shall be subject to the prior written consent of Lender. 

  
 54 

 Notwithstanding anything to the contrary contained herein, to the extent
Lender’s prior approval is required for any matters related to a Significant Lease, Lender shall have seven (7) Business Days from receipt of written request (which such written request shall include a copy of the proposed lease, market
information relating to leases comparable to the proposed lease, financial information with respect to the proposed tenant to the extent in Borrower’s possession and such other relevant materials and information used by Borrower in connection
with negotiation of the proposed Lease, and such information as is necessary to evidence that the proposed Lease satisfies the requirements of an acceptable Approved Replacement Lease), to approve or disapprove such matter, provided that such
request to Lender is marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN SEVEN (7) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED
AND LENDER.” In the event additional information is reasonably requested by Lender, Lender shall have five (5) Business Days from receipt of all additional requested information in which to approve or disapprove such applicable matter,
notwithstanding the date of the original request. In the event that Lender fails to respond to the applicable matter in question within such time frame as set forth above, Borrower shall submit a second request for approval with respect to such
matter in accordance with the above conditions, including marking the request in bold lettering as described above. In the event that Lender fails to respond to the applicable matter in question within five (5) Business Days from receipt of
such second written request, Lender’s failure to respond shall constitute Lender’s deemed approval for all purposes related to the particular approval request. Borrower shall provide Lender with such information and documentation as may be
reasonably required by Lender, including, without limitation, lease comparables and other market information as reasonably required by Lender. 

5.1.21  Alterations. Borrower shall obtain Lender’s prior written consent to any material
alterations to any Improvements, which consent shall not be unreasonably withheld, conditioned or delayed except with respect to alterations that may have a material adverse effect on Borrower’s financial condition, the value of the Property or
the Property’s Net Operating Income. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any material alterations that will not have a material adverse effect on Borrower’s financial condition, the
value of the Property or the Property’s Net Operating Income, provided that such material alterations are made in connection with (a) tenant improvement work performed pursuant to the terms of any Lease executed on or before the date
hereof, (b) tenant improvement work performed pursuant to the terms and provisions of a Lease and not adversely affecting any structural component of any Improvements, any utility or HVAC system contained in any Improvements or the exterior of
any building constituting a part of any Improvements, or (c) material alterations performed in connection with the Restoration of the Property after the occurrence of a Casualty or Condemnation in accordance with the terms and provisions of
this Agreement. For purposes of this Section 5.1.21, an alteration shall be deemed to be “material” if: (i) such alteration affects any structural component of any Improvements, any utility or HVAC system contained in any
Improvements or the exterior of any building constituting a part of any Improvements, or (ii) the total anticipated cost of such alteration will be in excess of $250,000.00. If the total unpaid amounts due and payable with respect to
alterations to the Improvements at the Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall at any time exceed $250,000.00 (the “Threshold Amount”), Borrower shall promptly deliver to Lender
as security for the payment of such 

  
 55 

 
amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (A) cash, (B) U.S. Obligations, (C) other securities having a
rating acceptable to Lender and that, if required by under the operative documents in connection with any Securitization, the applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or
qualification of the initial, or, if higher, then current ratings assigned to any Securities or any class thereof in connection with any Securitization or (D) a completion and performance bond or an irrevocable letter of credit (payable on
sight draft only) issued by a financial institution having a rating by S&P of not less than “A-1+” if the term of such bond or letter of credit is no longer than three (3) months or, if such term is in excess of three
(3) months, issued by a financial institution having a rating that is acceptable to Lender and that, if required by under the operative documents in connection with any Securitization, the applicable Rating Agencies have confirmed in writing
will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings assigned to any Securities or class thereof in connection with any Securitization. Such security shall be in an amount
equal to the excess of the total unpaid amounts with respect to alterations to the Improvements on the Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) over the Threshold Amount and Lender may apply such
security from time to time at the option of Lender to pay for such alterations. 
 5.1.22  Operation of
Property. (a) Borrower shall cause the Property to be operated, in all material respects, in accordance with the Management Agreement (or Replacement Management Agreement) as applicable. If the Management Agreement expires or is
terminated (without limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into
a Replacement Management Agreement with Manager or another Qualified Manager, as applicable. 

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

5.1.23  Embargoed Person. Borrower has performed and shall perform reasonable due diligence to ensure
that at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, Principal and Guarantor constitute property of, or
are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, Principal or Guarantor, as applicable, with the result that the investment in Borrower,
Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower, Principal or Guarantor, as applicable, have been

  
 56 

 
derived from, or are the proceeds of, any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the investment in Borrower, Principal or
Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to forfeiture or seizure. 

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

5.2.1    Operation of Property. (a) Borrower shall not, without Lender’s prior
written consent (which consent shall not be unreasonably withheld, conditioned, or delayed): (i) surrender, terminate, cancel, amend or modify the Management Agreement; provided, that Borrower may, without Lender’s consent, replace the
Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (ii) reduce or consent to the reduction of the term of the Management Agreement, subject to Borrower’s foregoing right to
replace the Manager; (iii) increase or consent to the increase of the amount of any management fees under the Management Agreement to an above-market rate, or (iv) otherwise modify, change, supplement, alter or amend, or waive or release
any of its rights and remedies under, the Management Agreement in any material respect. 

(b)       Following the occurrence and during the continuance of an Event of Default, Borrower
shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender, which consent may be granted, conditioned or withheld in Lender’s
discretion. 
 (c)       If under applicable zoning provisions the use of all or any portion
of the Property is or shall become a nonconforming use that is otherwise permitted as a pre-existing nonconforming use, Borrower shall not cause or permit the nonconforming use or Improvement to be discontinued or abandoned without the express
written consent of Lender. 
 5.2.2    Liens. Borrower shall not create, incur, assume or
allow any Lien to exist on any portion of the Property or permit any such action to be taken, except for Permitted Encumbrances and subject to Borrower’s right to contest any such Lien in accordance with the terms and conditions of the Loan
Documents. 
 5.2.3    Dissolution. Borrower shall not (a) engage in any dissolution,
liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to or incidental to the ownership and operation of the Property, (c) transfer, lease or sell, in one transaction
or any combination of transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent permitted by the Loan Documents, (d) modify, amend, waive or terminate, in any material respects, its
organizational documents or its qualification and good standing in any jurisdiction, except to the extent permitted by the Loan Documents, or (e) cause Principal to (i) dissolve, wind up or liquidate or take any action, or omit to take an
action, as a result of which the Principal 

  
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would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate, in any material respects, the organizational documents of Principal except to the
extent permitted by the Loan Documents, in each case, without obtaining the prior written consent of Lender or Lender’s designee. 

5.2.4    Change In Business. Borrower shall not enter into any line of business other than
the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Nothing
contained in this Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.10(d) hereof. 

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

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

5.2.7    No Joint Assessment. Borrower shall not allow, permit or initiate the joint
assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or
any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 

5.2.8    Intentionally Omitted. 

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

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

(i)       Equity interests in Borrower are publicly offered securities, within
the meaning of 29 C.F.R. §2510.3-101(b)(2); 
 (ii)      Less than twenty-five
percent (25%) of each outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 

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

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

(b)       Without the prior written consent of Lender, which consent shall not be unreasonably
withheld, conditioned, or delayed, and except to the extent otherwise set forth in this Section 5.2.10, Borrower shall not, and shall not permit any Restricted Party to do any of the following (collectively, a
“Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or
otherwise, and whether or not for consideration or of record) the Property or any part thereof or any legal or beneficial interest therein or any interest of Borrower in the Loan or (ii) permit a Sale or Pledge of an interest in any Restricted
Party, other than (A) pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 5.1.20, (B) Permitted Transfers, and (C) Permitted Encumbrances. 

(c)       A Transfer shall include (i) an installment sales agreement wherein Borrower
agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of the Property for other than actual occupancy by a space Tenant thereunder or a sale,
assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents (except with respect to the security interest created under the Loan Documents); (iii) if a
Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any
merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or
Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any
merger or consolidation or the change, removal, resignation or addition of a managing member or non member manager (or if no 

  
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managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership
interest, or the Sale or Pledge of non managing membership interests or the creation or issuance of new non managing membership interests; (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge
of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the managing agent (including an Affiliated Manager) other than in accordance
with Section 5.1.22 hereof. 
 (d)       Notwithstanding any contrary provisions
of this Section 5.2.10 or anything else to the contrary contained in this Agreement or any other Loan Documents, Lender’s consent shall not be required in connection with one or a series of Transfers, of not more than forty-nine
percent (49%) of the stock, the limited partnership interests or non-managing membership interests (as the case may be) in a Restricted Party; provided, however, no such Transfer shall result in the change of Control in a
Restricted Party, and as a condition to each such Transfer, Lender shall receive not less than fifteen (15) days prior written notice of such proposed Transfer. If after giving effect to any such Transfer, more than forty-nine percent
(49%) in the aggregate of direct or indirect interests in a Restricted Party are owned by any Person and its Affiliates that owned less than forty-nine percent (49%) direct or indirect interest in such Restricted Party as of the Closing
Date, Borrower shall, no less than fifteen (15) days prior to the effective date of any such Transfer, deliver to Lender an Additional Insolvency Opinion acceptable to Lender and the Rating Agencies. In addition, at all times, the management
team of City Office REIT Operating Partnership, L.P. must continue to Control Borrower and the Property. Borrower shall pay any and all reasonable and documented out-of-pocket costs and expenses incurred in connection with such Transfers (including
Lender’s counsel fees and disbursements and any fees and expenses of the Rating Agencies). 

(e)       No Transfer of the Property and assumption of the Loan shall occur during the period
that is sixty (60) days prior to and sixty (60) days after a Securitization. Except for such 120 day period, so long as no Event of Default exists and is then continuing, Lender shall not unreasonably withhold, condition, or delay its
consent to a Transfer of the Property and assumption of the Loan provided that the following minimum conditions are satisfied: 

(i)       Borrower shall pay Lender a transfer fee equal to one-half percent
(0.50%) of the outstanding principal balance of the Loan at the time of such transfer; 

(ii)       Borrower shall pay any and all reasonable and documented
out-of-pocket costs incurred in connection with such Transfer (including Lender’s counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies
pursuant to clause (x) below); 
 (iii)     The proposed transferee (the
“Transferee”) or Transferee’s Principals must have demonstrated experience in owning and operating properties similar in location, size, class and operation to the Property, which experience shall be reasonably determined by
Lender; 

  
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 (iv)      Transferee and
Transferee’s Principals shall, as of the date of such transfer, have an aggregate net worth and liquidity acceptable to Lender; 

(v)       Transferee, Transferee’s Principals and all other entities
which may be owned or Controlled directly or indirectly by Transferee’s Principals (“Related Entities”) must not have been party to any voluntary bankruptcy proceedings, or involuntary bankruptcy proceedings (except to the
extent dismissed within ninety (90) days following the commencement thereof), made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any act for the benefit of debtors within seven (7) years prior to
the date of the proposed Transfer; 
 (vi)      Transferee shall assume all of
the obligations of Borrower under the Loan Documents, from and after the date of such assumption, in a manner reasonably satisfactory to Lender in all respects, including by entering into an assumption agreement in form and substance reasonably
satisfactory to Lender; 
 (vii)     There shall be no material adverse litigation
or regulatory action pending or threatened against Transferee, Transferee’s Principals or Related Entities which is not acceptable to Lender; 

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

(ix)      Transferee and Transferee’s Principals must be able to satisfy,
in all material respects, all the representations and covenants set forth in Sections 4.1.30, 4.1.35, 5.1.23 and 5.2.9 of this Agreement, no Event of Default shall otherwise occur as a result of such Transfer, and
Transferee and Transferee’s Principals shall deliver (A) all organizational documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender and (B) all certificates, agreements, covenants and legal
opinions reasonably required by Lender; 
 (x)       If required by
Lender, Transferee shall be approved by the Rating Agencies selected by Lender, which approval, if required by Lender, shall take the form of a confirmation in writing from such Rating Agencies to the effect that such Transfer will not result in a
requalification, reduction, downgrade or withdrawal of the ratings in effect immediately prior to such assumption or transfer for the Securities or any class thereof issued in connection with a Securitization which are then outstanding; 

(xi)      Prior to any release of Guarantor, one (1) or more substitute
guarantors reasonably acceptable to Lender shall have assumed all of the liabilities and obligations of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a replacement guaranty and environmental indemnity
reasonably satisfactory to Lender. 
 (xii)     Borrower shall deliver, at its sole
cost and expense, an endorsement to the Title Insurance Policy, as modified by the assumption agreement, as a valid first lien on the Property and naming the Transferee as owner of the Property, which endorsement

  
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shall insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the Title
Policy issued on the date hereof and the Permitted Encumbrances; 
 (xiii)    The
Property shall be managed by Qualified Manager pursuant to a Replacement Management Agreement; 

(xiv)    Intentionally omitted; and 

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

(f)         Notwithstanding any provision in this
Section 5.2.10 to the contrary, limited partnership or membership interests, as applicable, in Borrower may be transferred without Lender’s consent and without application of the fee or any other requirements set forth in
Section 5.2.10(e): (i) among limited partners or members, as applicable, of Borrower who are limited partners or members, as applicable, of Borrower as of the date of this Agreement (each a “Current Owner”), and
(ii) to immediate family members (which shall be limited to a spouse, parent, child and grandchild (each, an “Immediate Family Member”)), of any Current Owner or to trusts formed for the benefit of Immediate Family Members of
such Current Owner for bona fide estate planning purposes (each, an “Additional Permitted Transfer”), provided each of the following conditions is satisfied: (A) no Event of Default has occurred and is continuing;
(B) Lender has received Borrower’s notice of the Additional Permitted Transfer no less than 30 days prior to the commencement of such transfer; (C) no Indemnitor or Guarantor shall be released from any guaranty or indemnity agreement
by virtue of the Additional Permitted Transfer; (D) Borrower shall be responsible for the reasonable and documented out-of-pocket costs and expenses of documenting the Additional Permitted Transfer; (E) Borrower shall reimburse Lender for
all actual reasonable and documented out-of-pocket costs and expenses incurred by Lender in connection with the Additional Permitted Transfer, whether or not consummated; (F) once the Additional Permitted Transfer is complete, the persons with
Control of Borrower and management of the Property are the same persons (or represent the majority of such persons) who had such Control and management rights immediately prior to the Additional Permitted Transfer; (G) Borrower shall furnish
Lender copies of any material documentation executed in connection with the Additional Permitted Transfer promptly after execution thereof; (H) Borrower shall have delivered reasonably satisfactory evidence to Lender that, following the
Additional Permitted Transfer, Borrower shall continue to comply with the provisions of Section 4.1.30 hereof; and (I) if required under the operative documents in connection with any Securitization, delivery of an Additional
Insolvency Opinion acceptable to Lender. 
 (g)        Notwithstanding
any contrary provisions of this Section 5.2.10 or anything else to the contrary contained in this Agreement or any other Loan Documents, Guarantor may Transfer its interest in Borrower to any entity owned or Controlled directly or
indirectly by Guarantor or City Office REIT, Inc., a Maryland corporation (the “REIT”) (any such transfer is hereinafter referred to as an “Affiliated Party Transfer”), without consent of Lender, provided each of
the following conditions is satisfied: (A) no Event of Default has occurred and is continuing; (B) Lender has received Borrower’s notice of the Affiliated Party Transfer no less than 10 days prior

  
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to such Transfer; (C) no Indemnitor or Guarantor shall be released from any guaranty or indemnity agreement by virtue of the Affiliated Party Transfer; (D) Borrower shall be responsible
for the reasonable and documented out-of-pocket costs and expenses of documenting the Affiliated Party Transfer; (E) Borrower shall reimburse Lender for all actual reasonable and documented out-of-pocket costs and expenses incurred by Lender in
connection with the Affiliated Party Transfer, whether or not consummated; (F) once the Affiliated Party Transfer is complete, the persons with Control of Borrower and management of the Property are the same persons (or represent the majority
of such persons) who had such Control and management rights immediately prior to the Affiliated Party Transfer; (G) Borrower shall furnish Lender copies of any material documentation executed in connection with the Affiliated Party Transfer
promptly after execution thereof; (H) Borrower shall have delivered reasonably satisfactory evidence to Lender that, following the Affiliated Party Transfer, Borrower shall continue to comply with the provisions of Section 4.1.30
hereof; and (I) if required under the operative documents in connection with any Securitization, delivery of an Additional Insolvency Opinion acceptable to Lender. 

(h)        Notwithstanding any provision in this Section 5.2.10 to the
contrary, Guarantor may Transfer its interest in Borrower to a Qualified Transferee, provided each of the following conditions is satisfied: 

(A)       Borrower shall pay Lender a non-refundable application fee of
$5,000.00 and a transfer fee equal to one percent (1%) of the Outstanding Principal Balance of the Loan at the time of such Transfer; 

(B)       Borrower shall pay any and all reasonable and documented
out-of-pocket costs incurred in connection with such Transfer (including Lender’s counsel fees and disbursements for outside counsel and all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of
the Rating Agencies pursuant to clause (E) below); 
 (C)       The
proposed Qualified Transferee or its principals must have demonstrated experience in owning and operating properties similar in location, size, class and operation to the Property, which experience shall be reasonably acceptable to Lender; 

(D)       The proposed Qualified Transferee must be able to satisfy, in all
material respects, all the representations and covenants set forth in Sections 4.1.30, 4.1.35, 5.1.23 and 5.2.9 of this Agreement, and shall deliver (1) all organizational documentation reasonably requested by
Lender, which shall be reasonably satisfactory to Lender and (2) all certificates, agreements, covenants and legal opinions reasonably required by Lender; 

(E)       If required by Lender, the proposed Qualified Transferee shall be
approved by the Rating Agencies through a written confirmation to the effect that such Transfer will not result in a requalification, reduction, downgrade or withdrawal of the ratings in effect immediately prior to such Transfer for the Securities
or any class thereof issued in connection with a Securitization which are then outstanding; 

  
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 (F)        Prior to any
release of Guarantor, one or more substitute guarantors reasonably acceptable to Lender shall have assumed all of the liabilities and obligations of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a
replacement guaranty and environmental indemnity reasonably satisfactory to Lender; 

(G)       The Property shall be managed by Qualified Manager pursuant to a
Replacement Management Agreement; 
 (H)       Borrower or the proposed
Qualified Transferee, at no cost to Lender, shall deliver to Lender an Additional Insolvency Opinion reflecting such Transfer in form and substance reasonably satisfactory to Lender. 

A “Qualified Transferee” for purposes of this this Section 5.2.10(h) shall mean a person that (i) is
a real estate investment trust, a bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, government entity or plan, investment company
registered under the Investment Company Act of 1940, as amended, or exempt or excluded from resignation or regulation thereunder pursuant to such Act and the rules thereunder, money management firm or a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, (ii) has total assets (in name or
under management) in excess of $200,000,000.00 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity of $100,000,000.00, (iii) is not the subject of a proceeding
involving bankruptcy, insolvency, reorganization or relief of debtors, (iv) has not been convicted in a criminal proceeding for a felony or a crime involving moral turpitude and is not reputed to have substantial business or other affiliations
with an organized crime figure, (v) has no material outstanding litigation or regulatory actions pending against such person, (vi) has not defaulted under its obligations with respect to any other Indebtedness in a manner which is not
reasonably acceptable to Lender and (vii) has passed all OFAC, Patriot Act and similar compliance requirements.  

(i)         Notwithstanding the foregoing or any provision in any Loan Document,
the following transfers shall constitute Permitted Transfers (subject only to any conditions set forth below) and shall not require Lender’s consent: 

(A)       the issuance, sale, conveyance, transfer, redemption, or
other disposition (each, a “REIT Share Transfer”) of any shares of common stock or preferred stock (the “REIT Shares”) in the REIT so long as (1) at the time of the REIT Share Transfer, the REIT Shares are
listed on the New York Stock Exchange or any other nationally recognized stock exchange (any such stock exchange, a “Recognized Stock Exchange”), and (2) the REIT Share Transfer does not result in or cause a Change of
Control; 
 (B)       the issuance, sale, conveyance,
transfer, redemption, or other disposition (each a “Guarantor Transfer”), of any limited partnership interests (the “Guarantor Interests”) in Guarantor so long as (1) at the time of the Guarantor Transfer, the
REIT Shares are listed on a Recognized Stock Exchange, and (2) the Guarantor Transfer does not result in or cause a Change of Control; 

  
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 For purposes of this Section 5.2.10(i), a “Change of Control” shall
occur when: (i) the REIT is no longer the sole general partner of Guarantor, (ii) the REIT owns less than 50.1% of the limited partnership interest in Guarantor, or (iii) if the REIT no longer Controls Borrower. 

Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder
in order to declare the Debt immediately due and payable upon Borrower’s Transfer without Lender’s consent, except for Permitted Transfers and such other Transfers or transfers that are expressly permitted under this
Section 5.2.10 or elsewhere in the Loan Documents without the consent of Lender. This provision shall apply to every Transfer hereunder that requires Lender’s consent regardless of whether voluntary or not, or whether or not Lender
has consented to any previous Transfer. 
 ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATION 

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

(i)       comprehensive all risk “special form” insurance
including loss caused by any type of windstorm, windstorm related perils, “named storms,” or hail on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased
Cost of Construction Endorsements, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement means actual replacement value (exclusive of costs of excavations,
foundations, underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no
co-insurance form; (C) providing for no deductible in excess of 5% of Net Cash Flow of the Property for all such insurance coverage; provided however with respect to windstorm and earthquake coverage, providing for a deductible
satisfactory to Lender in its reasonable discretion; and (D) if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an amount
equal to the full Replacement Cost, coverage for demolition costs and coverage for increased costs of construction. In addition, Borrower shall obtain: (y) if any material portion of the Improvements is currently or at any time in the future
located in a federally designated “special flood hazard area,” flood hazard insurance in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of
1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, plus excess flood coverage in an amount equal to the “probable maximum loss” for the Improvements, as determined by an engineer reasonably satisfactory to
Lender, or such greater amount as Lender shall require, and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Lender (but in any event, in an amount not less than 150% of the “probable maximum
loss”) in the event the Property is located in an area with a high degree of seismic activity and the “probable maximum loss” for the Improvements, as determined by an engineer reasonably satisfactory to Lender, is 20% or

  
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greater (based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance), provided that the insurance pursuant to clauses (y) and
(z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

(ii)       business income or rental loss insurance (A) with loss
payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the
operation of the Property (as reduced to reflect expenses not incurred during a period of Restoration) for a period of (1) not less than twelve (12) months from the date of casualty or loss if the amount of the Loan is less than
$35,000,000, or (2) not less than eighteen (18) months from the date of casualty or loss if the amount of the Loan is $35,000,000 or more; and (D) if the amount of the Loan is $50,000,000 or more, containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the
loss, or the expiration of 180 days from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such
business income or rental loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross revenues from the Property for the succeeding twelve
(12) month period. Notwithstanding the provisions of Section 2.7.1 hereof, all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the Loan Documents from
time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective
dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

(iii)      at all times during which structural construction, repairs or
alterations are being made with respect to the Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective
Liability, covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy and (B) the insurance provided for in subsection (i) above written in a so-called
builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property and (4) with an agreed
amount endorsement waiving co-insurance provisions; 
 (iv)      comprehensive
boiler and machinery insurance, if steam boilers, other pressure-fixed vessels, large air conditioning systems, elevators or other large machinery are in operation, in amounts as shall be reasonably required by Lender on terms consistent with the
commercial property insurance policy required under subsection (i) above; 

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

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

(vii)     worker’s compensation and employee’s liability subject to the
worker’s compensation laws of the applicable state; 
 (viii)    umbrella and
excess liability insurance in an amount not less than: (A) $5,000,000.00 per occurrence if the amount of the Loan is less than $35,000,000, or (B) $25,000,000.00 per occurrence, if the amount of the Loan is $35,000,000 or more, on terms
consistent with the commercial general liability insurance policy required under subsection (v) above, including supplemental coverage for employer liability and automobile liability, which umbrella liability coverage shall apply in
excess of the automobile liability coverage in clause (vi) above; 

(ix)      the insurance required under this Section 6.1(a) above
shall cover perils of terrorism and acts of terrorism and Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 6.1(a) above at all
times during the term of the Loan; and 
 (x)       upon sixty
(60) days written notice, such other reasonable insurance, including sinkhole or land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time
are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 

(b)        All insurance provided for in Section 6.1(a) hereof, shall be
obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss
payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a rating of (A) if the amount of the Loan is $35,000,000 or more, “A:VIII” or
better in the current Best’s Insurance Reports and a claims paying ability rating of “A-” or better by S&P, and “A3” or better by Moody’s or (B) if the amount of the Loan is less than $35,000,000,
“A-:VIII” or better in the current Best’s Insurance Reports and a claims paying ability rating of “A-” or better by S&P, and “A3” or better by Moody’s. Notwithstanding the foregoing, any required
earthquake insurance must 

  
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satisfy the requirements of subsection (A) hereof regardless of the amount of the Loan. The Policies described in Section 6.1 hereof (other than those strictly limited to
liability protection) shall designate Lender as loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies accompanied by evidence
reasonably satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 

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

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

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

(i)        no act or negligence of Borrower, or anyone acting for
Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the
insurance insofar as Lender is concerned; 
 (ii)       the Policy shall
not be materially changed (other than to increase the coverage provided thereby) or canceled without at least thirty (30) days written notice to Lender and any other party named therein as an additional insured; 

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

(iv)      Lender shall not be liable for any Insurance Premiums thereon or
subject to any assessments thereunder. 
 (f)        If at any time Lender is not in
receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems reasonably necessary to protect its interest in the Property,
including the obtaining of such insurance coverage as Lender in its reasonable discretion deems appropriate after three (3) Business Days notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender
deems reasonably necessary (regardless of prior notice to Borrower) to avoid the lapse of any such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by
Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall bear interest at the Default Rate. 

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

Section 6.3      Condemnation. Promptly after becoming aware of the same,
Borrower shall give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of the Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may
participate in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments reasonably requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall
consult with Lender, its attorneys and experts, and reasonably cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including
any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until
any Award shall have been actually received and applied by Lender, after the deduction of the reasonable and documented out-of-pocket expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid
on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any portion of the Property is taken by a condemning authority, Borrower shall promptly
commence and diligently prosecute the Restoration of the Property pursuant to Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof. If the Property is sold, through foreclosure or otherwise, prior
to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. Notwithstanding
the foregoing provisions of this Section 6.3, and Section 6.4 hereof, if the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Security Instrument
in connection with a Condemnation (but taking into account any proposed Restoration on the remaining portion of the Property), the Loan to Value Ratio is greater than 125% (such value to be determined, in Lender’s sole discretion, by any
commercially reasonable method permitted to a REMIC Trust and, if the Property is a hospitality property, determination of such value shall exclude personal property and going concern value, if any), the principal balance of the Loan must be paid
down in an amount sufficient to satisfy the REMIC Requirements, unless the Lender receives an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its 

  
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status as a REMIC Trust and that the REMIC Trust will not be subject to tax as a result of the related release of such portion of the Lien of the Security Instrument. In connection with the
foregoing, the Net Proceeds shall not be available for Restoration and shall be used to pay down the principal balance of the Loan to the extent set forth above (i.e. to the extent required to sufficient to satisfy the REMIC Requirements) and shall
thereafter be made available to Borrower for Restoration. 

Section 6.4       Restoration. The following provisions shall apply in
connection with the Restoration of the Property: 
 (a)        If the Net
Proceeds shall be less than the Availability Threshold and the costs of completing the Restoration shall be less than the Availability Threshold, the Net Proceeds shall be disbursed by Lender to Borrower upon receipt, provided that all of the
conditions set forth in Section 6.4(b)(i) hereof are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of
this Agreement. 
 (b)        If the Net Proceeds are equal to or greater
than the Availability Threshold or the costs of completing the Restoration are equal to or greater than the Availability Threshold, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this
Section 6.4. The term “Net Proceeds” for purposes of this Section 6.4 means: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i), (iv),
(ix) and (x) as a result of such damage or destruction, after deduction of its reasonable and documented out-of-pocket costs and expenses (including reasonable counsel fees for outside counsel), if any, in collecting same
(“Insurance Proceeds”), or (ii) the net amount of the Award, after deduction of its reasonable and documented out-of-pocket costs and expenses (including reasonable counsel fees), if any, in collecting same
(“Condemnation Proceeds”), whichever the case may be. 

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

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

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

(C)       Leases demising in the aggregate a percentage amount equal to or
greater than the Rentable Space Percentage of the total rentable space in the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be,
shall remain in full force and effect during and after the completion of the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower or Tenant, as applicable

  
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under the respective Lease, shall make all necessary repairs and restorations thereto at their sole cost and expense. The term “Rentable Space Percentage” means (1) in
the event the Net Proceeds are Insurance Proceeds, a percentage amount equal to eighty percent (80%) and (2) in the event the Net Proceeds are Condemnation Proceeds, a percentage amount equal to eighty percent (80%); 

(D)        Borrower shall commence the Restoration as soon as
reasonably practicable (but in no event later than ninety (90) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

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

(F)        Lender shall be satisfied that the Restoration will be
completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date, (2) the earliest date required for such completion under the terms of any Leases included within the Rentable Space Percentage calculation
set forth in Section 6.4(b)(i)(C) above (and the inclusion of which is required to meet the Rentable Space Percentage), the failure to meet such completion date would permit the Tenant thereunder to terminate such Lease, (3) such
time as may be required under all applicable Legal Requirements in order to repair and restore the Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such
Condemnation, as applicable, or (4) the expiration of the insurance coverage referred to in Section 6.1(a)(ii) hereof; 

(G)        the Property and the use thereof after the Restoration
will be in compliance with and permitted under all applicable Legal Requirements; 

(H)        the Restoration shall be done and completed by Borrower in
an expeditious and diligent fashion and in material compliance with all applicable Legal Requirements; 

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

(J)         the Debt Service Coverage Ratio for the Property,
after giving effect to the Restoration, shall be equal to or greater than 1.20 to 1.0; 

(K)        Borrower shall deliver, or cause to be delivered, to
Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s approval, which approval shall not be unreasonably
withheld, conditioned, or delayed; and 
 (L)        the Net
Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s reasonable discretion to cover the cost of the Restoration. 

  
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 (ii)       The Net Proceeds
shall be held by Lender in an Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net
Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor
performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or
materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the
alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. 

(iii)      All plans and specifications required in connection with the
Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans and
specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they
have been engaged, shall be subject to prior review and approval by Lender and the Casualty Consultant, which approval shall not be unreasonably withheld, conditioned, or delayed. All reasonable and documented out-of-pocket costs and expenses
incurred by Lender in connection with making the Net Proceeds available for the Restoration including reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 

(iv)      In no event shall Lender be obligated to make disbursements of
the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty
Retainage” means an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed; provided, that the
Casualty Retainage shall be reduced to five percent (5%) of the costs once the Restoration is more than seventy-five percent (75%) completed, as certified by the Casualty Consultant. The Casualty Retainage shall in no event, and
notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage
shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in  

  
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accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate
governmental and quasi-governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that
Lender shall release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor,
subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or
materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender
receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Security Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion
of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 

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

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

(vii)      Provided no continuing Event of Default shall then exist, after the
Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in
connection with the Restoration have been paid in full, the excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds Deficiency) deposited with Lender shall be (1) if a Cash Sweep Period then exists, deposited
in the Cash Management Account to be disbursed in accordance with this Agreement, and (2) if no Cash Sweep Period then exists, disbursed to Borrower. 

(c)        All Net Proceeds not required (i) to be made available for the
Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(vii) hereof may be 

  
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retained and applied by Lender toward the payment of the Debt in accordance with Section 9(e) of the Note, whether or not then due and payable in such order, priority and proportions
as Lender in its reasonable discretion shall deem proper; provided, however, that no Prepayment Consideration or other penalty shall be due or payable in connection with such prepayment, or, at the reasonable discretion of Lender, the same may be
paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its reasonable discretion. 

(d)        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 Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning the Property and all proceeds payable thereunder shall
thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 
 ARTICLE
VII - RESERVE FUNDS 
 Section 7.1      Intentionally Omitted. 

 Section 7.2      Tax and Insurance Escrow Fund. Borrower shall pay
to Lender (a) on the Closing Date an initial deposit and (b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that Lender estimates will be payable during the next ensuing twelve
(12) months in order to accumulate with Lender sufficient funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective due dates, and (ii) one-twelfth (1/12) of the Insurance Premiums that
Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days
prior to the expiration of the Policies (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Escrow Fund”). Provided, however, so long as Borrower maintains blanket policies of insurance in
accordance with Section 6.1 hereof, the provisions of this Section with regard to Insurance Premiums shall not be applicable, until and unless Lender elects to apply such provisions following (i) the issuance by any insurer or its
agent of any notice of cancellation, termination, or lapse of any insurance coverage required under Section 6.1 hereof, (ii) any cancellation, termination, or lapse of any insurance coverage required under Section 6.1
hereof whether or not any notice is issued, (iii) Lender having not received from Borrower evidence of insurance coverages as required by and in accordance with the terms of Section 6.1 hereof, or (iv) the occurrence of any
Event of Default. Lender shall apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 hereof and under the Security Instrument and shall make all such
payments prior to delinquency. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent
(with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof, to the extent that on its face, such bill,
statement or estimate reasonably appears to be valid. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes, Other Charges and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its
reasonable discretion, return any  

  
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excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow
Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to
Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Taxes and Other Charges or thirty (30) days prior to expiration of the Policies, as the case may be.

 Section 7.3      Replacements and Replacement Reserve. 

7.3.1    Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date
an initial deposit of $3,392.00 and (b) on each Payment Date thereafter $3,392.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and
repairs required to be made to the Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the
account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account.” Lender may reasonably reassess its estimate of the amount necessary for the Replacement Reserve Fund from time
to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain
the proper maintenance and operation of the Property. Any interest earned on the amounts on deposit in the Replacement Reserve Account shall be added to and become a part of the Replacement Reserve Fund. 

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

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

(c)        Each request for disbursement from the Replacement Reserve Account shall be
in a form reasonably specified or approved by Lender and shall specify the specific Replacements for which the disbursement is requested and the cost of all contracted labor or other services applicable to each Replacement for which such request for
disbursement is made. With each request Borrower shall certify that all Replacements have been made (to the extent completed) in 

  
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accordance, in all material respects, with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property. Each request for disbursement shall include
copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement, each request shall include
evidence reasonably satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e) hereof, each request for disbursement from the Replacement Reserve Account shall be made only after completion of the
Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion of the subject Replacement satisfactory to Lender in its reasonable judgment. 

(d)        Borrower shall pay all invoices in connection with the Replacements with
respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender shall issue joint checks, payable to Borrower and the contractor, supplier,
materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman,
mechanic or subcontractor who receives payment in an amount equal to or greater than $25,000.00 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and
shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, if
payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). 

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

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

7.3.3    Performance of Replacements. (a) Borrower shall make Replacements when
reasonably required in order to keep the Property in condition and repair consistent with other comparable properties in the same market  

  
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segment in the metropolitan area in which the Property is located, and to keep the Property or any portion thereof from deteriorating. Borrower shall complete all Replacements in a good and
workmanlike manner as soon as is reasonably practicable following the commencement of making each such Replacement. 

(b)        Lender reserves the right, at its option, to approve, in its reasonable
discretion, all contracts or work orders in excess of $200,000.00 with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Replacements. Upon Lender’s request,
Borrower shall assign any of the forgoing contracts or subcontracts to Lender. 

(c)        In the event Lender determines in its reasonable discretion that any
Replacement is not being performed in a workmanlike or timely manner or that any Replacement has not been completed in a workmanlike or timely manner, and such matters are not corrected to the reasonable satisfaction of Lender within sixty
(60) days following written notice thereof from Lender to Borrower, Lender shall have the option to withhold disbursement therefor and to proceed under existing contracts or to contract with third parties to complete such Replacement and to
apply the Replacement Reserve Fund toward the labor and materials necessary to complete such Replacement. 

(d)        In order to facilitate Lender’s completion of any Replacements
pursuant to Section 7.3.3(c) above, Borrower grants Lender the right to enter, upon reasonable prior notice and during reasonable times, onto the Property, subject to the rights of the Tenants, and perform any and all work and labor
necessary to complete such Replacements or employ watchmen to protect the Property from damage. All reasonable and documented out-of-pocket sums so expended by Lender, to the extent not from the Replacement Reserve Fund, shall be deemed to have been
advanced under the Loan to Borrower and secured by the Security Instrument. For this purpose Borrower constitutes and appoints Lender its true and lawful attorney in fact with full power of substitution to complete or undertake such Replacements in
the name of Borrower. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. Borrower empowers said attorney in fact as follows: (i) to use any funds in the Replacement Reserve Account for the
purpose of making or completing such Replacements; (ii) to make such additions, changes and corrections to such Replacements as shall be reasonably necessary or desirable to complete such Replacements; (iii) to employ such contractors,
subcontractors, agents, architects and inspectors as shall be reasonably required for such purposes; (iv) to pay, settle or compromise all existing bills and claims which are or may become Liens against the Property, or as may be reasonably
necessary or desirable for the completion of such Replacements, or for clearance of title; (v) to execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (vi) to prosecute
and defend all actions or proceedings in connection with the Property or the rehabilitation and repair of the Property; and (vii) to do any and every act which Borrower might do in its own behalf to fulfill the terms of this Agreement. 

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

  
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 (f)         In connection with any
requested monthly disbursement in excess of $100,000.00, Borrower shall permit Lender and Lender’s agents and representatives (including Lender’s engineer, architect, or inspector) or third parties making Replacements pursuant to this
Section 7.3.3 to enter onto the Property with reasonable prior notice and during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Replacements and all materials being used in
connection therewith, to examine all plans and shop drawings relating to such Replacements which are or may be kept at the Property, and to complete any Replacements made pursuant to this Section 7.3.3. Borrower shall cause all
contractors and subcontractors to reasonably cooperate with Lender or Lender’s representatives or such other persons described above in connection with inspections described in this Section 7.3.3(f) or the completion of Replacements
pursuant to this Section 7.3.3. 
 (g)        In connection with any
requested monthly disbursement in excess of $100,000.00, Lender may require an inspection of the Property at Borrower’s reasonable expense prior to making a monthly disbursement from the Replacement Reserve Account in order to verify completion
or progress of the Replacements (or the portion thereof) for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender or may require a copy of a
certificate of completion by an independent qualified professional reasonably acceptable to Lender prior to the disbursement of any amounts from the Replacement Reserve Account. Borrower shall pay the reasonable and documented expense of the
inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. 

(h)        The Replacements and all materials, equipment, fixtures, or any other item
comprising a part of any Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for those Liens existing on the date of this Agreement which have been
approved in writing by Lender); subject, however, to Borrower’s right to contest such Liens in accordance with the terms and conditions of the Loan Documents. 

(i)         In connection with any requested monthly disbursement in excess of
$100,000.00, Lender may require Borrower to provide Lender with a search of title to the Property effective to the date of the disbursement, which search shows that no mechanic’s or materialmen’s liens or other liens of any nature have
been placed against the Property since the date of recordation of the related Security Instrument and that title to the Property is free and clear of all Liens (other than the lien of the related Security Instrument and any other Liens previously
approved in writing by Lender, if any) or such Liens as are being contested by Borrower in accordance with the terms and conditions of the Loan Documents. 

(j)         All Replacements shall comply, in all material respects, with all
applicable Legal Requirements of all Governmental Authorities having jurisdiction over the Property and applicable insurance requirements including applicable building codes, special use permits, environmental regulations, and requirements of
insurance underwriters. 

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

7.3.4    Failure to Make Replacements. (a) It shall be an Event of Default under this
Agreement if Borrower fails to comply, in all material respects, with any provision of this Section 7.3 and such failure is not cured within thirty (30) days after notice thereof from Lender to Borrower. Upon the occurrence and
during the continuance of such an Event of Default, Lender may use the Replacement Reserve Fund (or any portion thereof) for any purpose, including completion of the Replacements as provided in Section 7.3.3, or for any other repair or
replacement to the Property or toward payment of the Debt in such order, proportion and priority as Lender may determine in its reasonable discretion. Lender’s right to withdraw and apply the Replacement Reserve Fund shall be in addition to all
other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 

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

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

Section 7.4      Rollover Reserve. 

7.4.1    Deposits to Rollover Reserve Fund. Borrower shall pay to Lender (a) on the
Closing Date an initial deposit of $250,000.00 and (b) on each Payment Date thereafter $16,959.00 (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and
leasing commission obligations incurred following the date hereof. Amounts so deposited, and, if applicable, any amount resulting from a draw on the Rollover Reserve Letter of Credit, shall hereinafter be referred to as the “Rollover Reserve
Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account.” Borrower shall also pay to Lender, for deposit into the Rollover Reserve Account, all fees and other
payments made to Borrower in connection with or relating to the rejection, buy-out, termination, surrender or cancellation of any Lease (excluding, however, any such Fee related to the Morgan Stanley Premises). Notwithstanding the aforementioned,
the aggregate amount of the Rollover Reserve Fund and the amount of the Rollover Reserve Letter of Credit remaining available for draws shall not exceed $525,000.00 in the aggregate (the “Rollover Reserve Cap”) on any Payment Date
(after giving effect to the payment of the Rollover Reserve Monthly Deposit) and accordingly, to the extent a Rollover Reserve Monthly Deposit would 

  
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result in the aggregate amount of Rollover Reserve Funds in the Rollover Reserve Account and the amount of the Rollover Reserve Letter of Credit remaining available for draws exceeding the
Rollover Reserve Cap, such Rollover Reserve Monthly Deposit shall be decreased by an amount equal to such excess or if applicable, eliminated. Any interest earned on the amounts on deposit in the Rollover Reserve Account shall be added to and become
a part of the Rollover Reserve Fund. 
 7.4.2    Withdrawal of Rollover Reserve Funds.
Provided no Event of Default hereunder then exists, Lender shall make disbursements from the Rollover Escrow Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its
reasonable discretion. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid
invoices for the amounts requested (or the unpaid invoices to be paid therewith) and, with respect to any single disbursement in excess of $50,000.00, if required by Lender, lien waivers and releases from all parties furnishing materials or services
in connection with the requested payment. In connection with any requested monthly disbursement in excess of $50,000.00, Lender may require an inspection of the Property at Borrower’s expense prior to making such disbursement in order to verify
completion of improvements for which reimbursement is sought. 
 Section 7.5    Excess Cash
Flow Reserve Fund. 
 7.5.1    Deposits to Excess Cash Flow Reserve Account.
During a Cash Sweep Period caused by a DSCR Trigger Event, Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be
hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account.” 

7.5.2    Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep
Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed to Borrower in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been
paid in full shall be paid to Borrower. 
 Section 7.6    Reserve Funds, Generally.
(a) Borrower grants to Lender a security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance
herewith, the Reserve Funds shall constitute additional security for the Debt. 

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

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

(d)        Borrower shall not, without obtaining the prior written consent of Lender,
further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming
Lender as the secured party, to be filed with respect thereto. 
 (e)        Lender
and Servicer shall not be liable for any loss sustained on the investment of any funds constituting the Reserve Funds. Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits,
claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the
obligations for which the Reserve Funds were established, except to the extent arising out of the gross negligence, willful misconduct or bad faith of Lender. Borrower shall assign to Lender all rights and claims Borrower may have against all
persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains
uncured. 
 (f)        The required monthly deposits into the Reserve Funds and the
Monthly Debt Service Payment Amount, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. 

(g)        Any amount remaining in the Reserve Funds after the Debt has been paid in
full shall be promptly returned to Borrower. 
 Section 7.7    Morgan Stanley
Reserve. 
 7.7.1    Deposits to Morgan Stanley Reserve Fund. Within one
(1) Business Day after its receipt of the same, Borrower shall pay to Lender any fee and other payments made to Borrower in connection with or relating to the rejection, buy-out, termination, surrender or cancellation of the Lease of Morgan
Stanley (the “Morgan Stanley Reserve Deposit”), which amount shall be held by Lender as additional security for the Loan. Amounts so held shall be hereinafter referred to as the “Morgan Stanley Reserve Fund” and the
account in which such amounts are held shall hereinafter be referred to as the “Morgan Stanley Reserve Account”. Any interest earned on the amounts on deposit in the Morgan Stanley Reserve Account shall be added to and become a part
of the Morgan Stanley Reserve Fund. 

  
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 7.7.2    Release of Morgan Stanley Reserve
Funds. Provided no Event of Default hereunder then exists, Lender shall make disbursements from the Morgan Stanley Reserve Fund to fund tenant improvement costs, leasing commission costs and market free rent obligations, to the extent
incurred by Borrower in connection with its re-leasing all or part of the Morgan Stanley Premises. All such costs shall be approved by Lender in its reasonable discretion. Lender shall make disbursements as requested by Borrower on a monthly basis
in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested (or the unpaid invoices to be paid therewith) and, with respect to any
single disbursement in excess of $50,000.00, if required by Lender, lien waivers and releases from all parties furnishing materials or services in connection with the requested payment. In connection with any requested monthly disbursement in excess
of $50,000.00, Lender may require an inspection of the Property at Borrower’s expense prior to making such disbursement in order to verify completion of improvements for which reimbursement is sought. So long as no Event of Default or uncured
Cash Sweep Event then exists, Lender shall disburse the full remaining amount of the Morgan Stanley Reserve Fund to Borrower upon Borrower’s delivery to Lender of (a) fully executed Leases with one or more Tenant(s) covering the entire net
leaseable area of the Morgan Stanley Premises, and (b) evidence, in form and substance satisfactory to Lender (including one or more tenant estoppels), confirming that (i) such Tenant(s) are (A) in full possession and occupancy not
less than ninety percent (90%), in the aggregate, of the Morgan Stanley Premises, (B) open for business therein, and (C) paying full, unabated contractual rent pursuant to their respective Lease, without right of offset or free rent
credit, (ii) Borrower has completed any tenant improvements required to be completed by Borrower with respect to the Morgan Stanley Premises, such tenant improvements have been accepted by such Tenant(s), and that that all of the costs and
expenses associated with such tenant improvements have been fully paid, or, if applicable, reimbursed by Borrower to such Tenant(s), (iii) such Tenant(s) have received any and all amounts or reimbursements required to be paid to them pursuant
to their respective Lease, and (iv) all leasing commissions related to such Tenant(s) have been fully paid. 

Section 7.8    Major Tenant Rollover Reserve. 

7.8.1    Deposits to Major Tenant Rollover Reserve Fund. During a Cash Sweep Period caused
by a Major Tenant Trigger Event, Borrower shall deposit with Lender all Excess Cash Flow, which amounts shall be held by Lender for tenant improvement and leasing commission obligations incurred in connection with the leasing of any or all of the
Major Tenant Premises. Amounts so deposited, shall hereinafter be referred to as the “Major Tenant Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Major Tenant
Rollover Reserve Account”. Borrower shall also pay to Lender, for deposit into the Major Tenant Rollover Reserve Account, all fees and other payments made to Borrower in connection with or relating to the rejection, buy-out, termination,
surrender or cancellation of any Major Tenant Lease. Any interest earned on the amounts on deposit in the Major Tenant Reserve Account shall be added to and become a part of the Major Tenant Reserve Fund. 

  
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 7.8.2    Withdrawal of Major Tenant Rollover Reserve
Fund. Provided no Event of Default hereunder exists and is then continuing, Lender shall make disbursements from the Major Tenant Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower incurred
in connection with the leasing of any or all of the Major Tenant Premises. All such expenses shall be approved by Lender in its reasonable discretion. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of no
less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested (or the unpaid invoices to be paid therewith) and, with respect to any single disbursement
in excess of $50,000.00, if required by Lender, lien waivers and releases from all parties furnishing materials or services in connection with the requested payment. In connection with any requested monthly disbursement in excess of $50,000.00,
Lender may require an inspection of the Property at Borrower’s expense prior to making any disbursement in order to verify completion of improvements for which reimbursement is sought. Upon the occurrence of a Major Tenant Cure Event for the
last then existing Major Tenant Trigger Event, so long as no uncured Event of Default or other uncured Cash Sweep Event then exists, all Major Tenant Rollover Reserve Funds in the Major Tenant Rollover Reserve Account shall be disbursed to Borrower.

 ARTICLE VIII - DEFAULTS 

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

(i)        if: (A) Borrower fails to make full and punctual
payment of any Monthly Debt Service Payment Amount or any other amount payable on a monthly basis under the Note, this Loan Agreement, the Security Instrument or any other Loan Document within five (5) days of the date on which such payment was
due; (B) Borrower fails to pay all amounts payable on the Maturity Date on such date; or (C) any portion of the Debt (other than any portion of the Debt described in subclauses A or B in this Section 8.1(i)) is not paid when due,
provided, however, any such nonpayment described in this subclause C shall not be deemed to be an Event of Default until five (5) days (or such longer period as is expressly set forth in the Loan Documents with respect to such payment) after
Lender’s written notice to Borrower demanding payment of the same; 

(ii)       if any of the Taxes or Other Charges are not paid on the date
the same are due and payable, unless there are sufficient funds in the Tax and Insurance Escrow Fund on such date and Lender fails to pay same out of the Tax and Insurance Escrow Fund; 

(iii)      if certified copies of the Policies are not delivered to Lender upon
request, or if the Policies are not kept in full force and effect (provided that no Event of Default shall occur if the Policies are terminated as a result of a failure to pay the applicable premiums on the date the same are due, sufficient funds
were present in the Tax and Insurance Escrow Fund on such date and Lender fails to pay same out of the Tax and Insurance Escrow Fund); 

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

(v)       if any representation or warranty made by Borrower herein or in
any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect as of the date the representation or warranty was
made; 
 (vi)      if Borrower or Principal shall make an assignment for the
benefit of creditors; 
 (vii)     if (A) Borrower, Principal, Guarantor or
any other guarantor or indemnitor under any guarantee issued in connection with the Loan shall commence any case, proceeding or other action (I) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts, or (II) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets,
or the Borrower, Principal, Guarantor or any other guarantor or indemnitor shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against Borrower, Principal, Guarantor or any other guarantor or
indemnitor any case, proceeding or other action of a nature referred to in clause (A) above that is not dismissed within ninety (90) days of filing; or (C) there shall be commenced against the Borrower, Principal, Guarantor or any
other guarantor or indemnitor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that is not discharged or dismissed within
ninety (90) days of filing; or (D) the Borrower, Principal, Guarantor or any other guarantor or indemnitor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (A), (B), or (C) above; or (E) the Borrower, Principal, Guarantor or any other guarantor or indemnitor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

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

(ix)      if Borrower breaches any covenant contained in
Section 4.1.30 hereof or any negative covenant contained in Section 5.2 hereof, provided, however, any such breach or violation shall not be deemed to be an Event of Default hereunder if (i) such breach or violation was
inadvertent or immaterial, is susceptible of cure and would not be reasonably likely to result in a in a material adverse effect on Borrower, the Property, Lender or the Loan and (ii) within ten (10) Business Days of the earlier of
(1) notice of such breach or violation from Lender or (2) the date Borrower becomes aware of such breach or violation, Borrower cures such beach or violation and provides Lender with satisfactory evidence of same; 

  
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 (x)        with respect
to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such
grace period; 
 (xi)      if any of the assumptions contained in the
Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect, provided, however, the same shall not be
deemed to be an Event of Default hereunder if the same is cured within ten (10) Business Days of the date Borrower becomes aware of it; 

(xii)     if a material default has occurred and continues beyond any applicable cure
period under the Management Agreement (or any Replacement Management Agreement) and as a result thereof the Manager thereunder terminates or cancels the Management Agreement (or any Replacement Management Agreement) and Borrower fails to replace the
Manager with a Qualified Manager pursuant to a Replacement Management Agreement within thirty (30) days following the termination or cancellation of the Management Agreement; 

(xiii)    if Borrower shall continue to be in Default under any of the terms, covenants or
conditions of Section 9.1 hereof, or fails to reasonably cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for five (5) days after notice to Borrower from Lender;

 (xiv)    if Borrower shall continue to be in default under any of the other terms,
covenants or conditions of this Agreement not specified in subsections (i) to (xiii) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of
money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and
provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time
as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed sixty (60) days; 

(xv)      if there shall be default under any of the other Loan Documents beyond
any applicable cure periods contained in such documents, whether as to Borrower or the Property, or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any
portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt; or 

(xvi)    Borrower shall be in default under any other deed of trust, mortgage or security
agreement covering any part of the Property whether it be superior or junior in priority to the Security Instrument (it not being implied by this clause that any such encumbrance will be permitted). 

  
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 (b)        During the continuance of an
Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity,
Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and the Property, including declaring the Debt to be immediately due and payable, and Lender may enforce or avail
itself of any or all rights or remedies provided in the Loan Documents against Borrower and any or all of the Property, including all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi),
(vii) or (viii) above, the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives, to
the extent permitted under applicable law, any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

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

(b)        With respect to Borrower and the Property, nothing contained herein or in
any other Loan Document shall be construed as requiring Lender to resort to the Property for the satisfaction of any of the Debt in any preference or priority, and Lender may seek satisfaction out of the Property, or any part thereof, in its
discretion in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Security Instrument in any manner and for any amounts secured by the Security Instrument then due and payable as determined by
Lender in its discretion including the following circumstances: (i) during the continuance of an Event of Default in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Security Instrument to
recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal 

  
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Balance of the Loan, Lender may foreclose the Security Instrument to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Security
Instrument as Lender may elect. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Security Instrument to secure payment of sums secured by the Security Instrument and not previously recovered. 

(c)        Lender shall have the right from time to time to sever the Note and the
other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its discretion for purposes of evidencing and enforcing
its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall reasonably request in order to effect
the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and
stead to make and execute all documents reasonably necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such
documents under such power until five (5) days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any reasonable and documented out-of-pocket
costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan
Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. 

(d)        As used in this Section 8.2, a “foreclosure” shall
include, without limitation, any sale by power of sale to the extent permitted by applicable law. 

Section 8.3      Remedies Cumulative; Waivers. The rights, powers and
remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or
otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s discretion. No delay or omission to exercise any remedy, right or
power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver
of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

  
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 ARTICLE IX - SPECIAL PROVISIONS 

Section 9.1      Securitization. 

9.1.1    Sale of Notes and Securitization. (a) Borrower acknowledges and agrees that
Lender may sell all or any portion of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the
“Securities”) secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations or securitizations,
collectively, a “Securitization”). 
 (b)        At the request of
Lender, and to the extent not already required to be provided by or on behalf of Borrower under this Agreement, Borrower shall use reasonable efforts to provide information not in the possession of Lender or which may be reasonably required by
Lender or take other actions reasonably required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors or the Rating Agencies in connection
with any such Securitization. Lender shall have the right to provide to prospective investors and the Rating Agencies any information in its possession, including financial statements relating to Borrower, Guarantor, if any, the Property and any
Tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Property may be included in a private placement memorandum, prospectus or other disclosure documents. Borrower agrees that
each of Borrower, Principal, Guarantor and their respective officers and representatives, shall, at Lender’s request, reasonably cooperate with Lender’s efforts to arrange for a Securitization in accordance with the market standards to
which Lender customarily adheres or which may be required by prospective investors or the Rating Agencies in connection with any such Securitization. Borrower, Principal and Guarantor agree to review, at Lender’s request in connection with the
Securitization, the Disclosure Documents as such Disclosure Documents relate to Borrower, Principal, Guarantor, the Property and the Loan, including, the sections entitled “Risk Factors,” “Special Considerations,”
“Description of the Security Instrument,” “Description of the Mortgage Loan and Mortgaged Property,” “The Manager,” “The Borrower,” and “Certain Legal Aspects of the Mortgage Loan,” and shall
confirm, each to its actual knowledge, that the factual statements and representations contained in such sections and such other information in the Disclosure Documents (to the extent such information relates to, or is based on, or includes any
information regarding the Property, Borrower, Guarantor, Manager or the Loan) do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances
under which they were made, not misleading. 
 (c)        Borrower agrees to make
upon Lender’s written request, without limitation, all reasonable structural or other changes to the Loan (including delivery of one or more new component notes to replace the original note or modify the original note to reflect multiple
components of the Loan and such new notes or modified note may have different interest rates and amortization schedules), reasonable modifications to any documents evidencing or securing the Loan, creation of one or more mezzanine loans (including
amending Borrower’s organizational structure to provide for one or more mezzanine borrowers), delivery of opinions of counsel acceptable to the Rating Agencies or potential investors and addressing such matters as the Rating Agencies or
potential investors may require; provided, however, that in creating such new notes or modified notes or mezzanine notes Borrower shall not be required to modify ((i) modify the initial weighted average interest rate payable under the Note,
(ii) modify the 

  
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stated maturity of the Note, (iii) modify the aggregate amortization of principal under the Note, (iv) modify any other material economic term of the Loan (including, without
limitation, any prepayment rights), (v) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents, or (vi) make any other modification the effect of which would be to materially
increase Borrower’s obligations or liabilities under the Loan Documents, or to materially reduce Borrower’s rights or any obligations owed to Borrower under the Loan Documents. In connection with the foregoing, Borrower covenants and
agrees to modify the Cash Management Agreement to reflect the newly created components loans or mezzanine loans. 

(d)        To the extent not otherwise required to be delivered to Lender hereunder,
if requested by Lender, Borrower shall provide to Lender, upon request and at no out-of-pocket cost to Borrower, with any financial statements, or financial, statistical or operating information not then in the possession of Lender, as Lender shall
determine to be required pursuant to Regulation AB under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any amendment, modification or replacement thereto or other
legal requirements in connection with any private placement memorandum, prospectus or other disclosure documents or any filing pursuant to the Exchange Act in connection with the Securitization or as shall otherwise be reasonably requested by
Lender. 
 (e)        Borrower hereby appoints Lender its attorney-in-fact with full
power of substitution (which appointment shall be deemed to be coupled with an interest and to be irrevocable until the Loan is paid and the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall
do by virtue thereof) to execute and deliver all documents and do all other acts and things reasonably necessary or desirable to effect any Securitization authorized hereunder; provided, however, that unless an Event of Default exists, Lender shall
not execute or deliver any such documents or do any such acts or things under such power until five (5) days after written notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.
Borrower’s failure to deliver any document, or to take any other action, that Borrower is obligated to take hereunder with respect to any Securitization for a period five (5) days after notice of such failure is delivered by Lender shall,
at Lender’s option, constitute an Event of Default hereunder. 
 9.1.2    Securitization
Costs. All reasonable and documented third party costs and expenses incurred by Borrower and Guarantor in connection with Borrower’s compliance with this Section 9.1 (including the fees and expenses of the Rating Agencies)
shall be paid or reimbursed by Lender. 
 Section 9.2      Right To Release
Information. Following the occurrence of any Event of Default, Lender may forward to any broker, prospective purchaser of the Property or the Loan, or other person or entity all documents and information which Lender now has or may hereafter
acquire relating to the Debt, Borrower, any Guarantor, any indemnitor, the Property and any other matter in connection with the Loan, whether furnished by Borrower, any Guarantor, any indemnitor or otherwise, as Lender reasonably determines
necessary or desirable. Borrower irrevocably waives any and all rights it may have to limit or prevent such disclosure, including any right of privacy or any claims arising therefrom. 

  
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 Section 9.3      Exculpation.
(a) Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Security Instrument or the other Loan Documents by any
action or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and
realize upon its interest under the Note, this Agreement, the Security Instrument and the other Loan Documents, or in the Property, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however,
that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to
Lender, and Lender, by accepting the Note, this Agreement, the Security Instrument and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under or by
reason of or under or in connection with the Note, this Agreement, the Security Instrument or the other Loan Documents. The provisions of this Section shall not, however, (i) constitute a waiver, release or impairment of any obligation
evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Security Instrument; (iii) affect the validity or
enforceability of any guaranty, indemnity or similar agreement or undertaking made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver;
(v) impair the enforcement of any assignment of leases contained in the Security Instrument and any other Loan Documents; or (vi) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully
realize the security granted by the Security Instrument or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against the Property; provided, that any such judgment shall be enforced solely against
and to the extent of Borrower’s interest in the Property. 
 (b)        Nothing
contained herein shall in any manner or way release, affect or impair the right of Lender to recover, and Borrower shall be fully and personally liable and subject to legal action, for any loss, damage, claim or other obligation and any reasonable
and documented out-of-pocket costs and expenses (including attorneys’ fees for outside counsel and court costs) actually incurred or suffered by Lender arising out of or in connection with the following: 

(i)        fraud or willful misrepresentation by Borrower, Principal,
Guarantor or any of their Affiliates in connection with the Loan; 

(ii)       the gross negligence or willful misconduct of Borrower,
Principal or Guarantor, or any Affiliate of the foregoing, in connection with the Loan; 

(iii)      material physical waste of the Property, excluding any failure to
maintain or make repairs or replacements to the Property because there was insufficient cash flow available from the Property and physical waste resulting from Lender failing to make funds available to maintain and make repairs and replacements to
the Property in violation of the Loan Documents; 

  
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 (iv)      during the continuance of
an Event of Default, the removal or disposal of any portion of the Property in violation of the terms of the Loan Documents; 

(v)       the misapplication in violation of the terms of the Loan
Documents, misappropriation, or conversion by Borrower, any of its Affiliates, Principal or Guarantor of (A) any Insurance Proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards received in connection
with a Condemnation of all or a portion of the Property, (C) any Rents or other Property income or collateral proceeds in their respective possession during the continuance of an Event of Default, or (D) any Rents paid more than one month
in advance (including security deposits); 
 (vi)      during the continuance
of an Event of Default, the failure to apply Rents or other Property income, whether collected before or after such Event of Default, to the ordinary, customary, and necessary expenses of operating the Property or, upon demand, to deliver such rents
or other Property income to Lender (provided that the foregoing shall not apply to any Rents or other Property income distributed or expended prior to the occurrence of the Event of Default); 

(vii)     (A) failure to pay charges for labor or materials or other charges or
judgments that can create Liens on any portion of the Property unless Borrower is contesting such Liens or underlying charges for labor and materials in accordance with the Loan Documents, or (B) failure to maintain insurance or to pay taxes
and assessments unless (1) Lender is escrowing funds therefor and fails to make such payments or has taken possession of the Property following an Event of Default, has received all Rents from the Property applicable to the period for which
such insurance, taxes or other items are due, and thereafter fails to make such payments or (2) there is insufficient cash flow from the Property to pay such taxes, assessments, and insurance premiums; 

(viii)    any security deposits, advance deposits or any other deposits collected with
respect to the Property which are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases
prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; 

(ix)      intentionally omitted; 

(x)       any failure by Borrower to comply with any of the
representations, warranties or covenants set forth in Sections 4.1.37 or 5.1.19 hereof; 

(xi)      any failure by Borrower to reasonably cooperate in good faith, as and
when required pursuant to the Loan Documents, in establishing the cash management system described in Section 2.7 hereof, the Clearing Account Agreement and the Cash Management Agreement, including the creation of the Cash Management
Account and the Clearing Account; 
 (xii)     any failure by Borrower to permit
on-site inspections of the Property in accordance with the terms and provisions of the Loan Documents; or 

(xiii)    any failure by Borrower to appoint a new property manager upon the request of
Lender as permitted under this Agreement. 

  
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 (c)        Notwithstanding anything to
the contrary in this Agreement, the Note or any of the other Loan Documents, 

(i)         Borrower shall be personally liable for the Debt if
(and only if) (A) Borrower fails to obtain Lender’s prior written consent to any Transfer, to the extent required by this Agreement or the Security Instrument; (B) Borrower fails to obtain Lender’s prior written consent, to the
extent required under the Loan Documents, to any Indebtedness or voluntary Lien encumbering the Property; (C) Borrower shall at any time hereafter make an assignment for the benefit of its creditors; (D) Borrower fails to maintain its
status as a Special Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30 hereof, each as required by, and in accordance with, the terms and provisions of this Agreement or the Security Instrument;
(E) Borrower or any Principal admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; (F) Borrower fails to make the first full monthly payment of principal and interest on or before
the first Payment Date; (G) Borrower or any Principal files, consents to, or acquiesces in a petition for bankruptcy, insolvency, dissolution or liquidation under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law,
or there is a filing of an involuntary petition against Borrower or any Principal under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which Borrower or Guarantor or any Principal colludes with, or otherwise
assists any party in connection with such filing, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower or such Principal from any party; (H) the Property or any part thereof shall at any time
hereafter become property of the estate or an asset in (1) a voluntary bankruptcy, insolvency, receivership, liquidation, winding up, or other similar type of proceeding, or (2) an involuntary bankruptcy or insolvency proceeding (other
than one filed by Lender) in which Borrower or Guarantor or any Principal colludes with, or otherwise assists any party in connection with such filing, or solicits or causes to be solicited petitioning creditors for any involuntary petition against
Borrower or such Principal from any party. 
 (d)        Nothing herein shall be
deemed to constitute a waiver by Lender of any right Lender may have under Sections 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall
continue to secure all of the Debt. 
 Section 9.4      Matters Concerning
Manager. If (a) an Event of Default hereunder has occurred and remains uncured, (b) Manager shall become subject to a Bankruptcy Action, (c) a material default occurs beyond any applicable notice and cure period under the
Management Agreement, or (d) the occurrence of a DSCR Trigger Event, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement,
it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates. 

  
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 Section 9.5      Servicer. At
the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are
collectively referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing
agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall be
responsible for any reasonable and customary set up fees or any other initial costs relating to or arising under the Servicing Agreement (to the extent relating directly to the Loan), but Borrower shall not be responsible for payment of the regular
monthly master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne by, and not reimbursable to, Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on
demand for the following reasonable and documented out-of-pocket costs and expenses payable by Lender to Servicer as a result of the Loan becoming specially serviced following an Event of Default: (i) any liquidation fees that are due and
payable to Servicer under the Servicing Agreement in connection with the exercise of any or all remedies permitted under this Agreement, (ii) any workout fees and special servicing fees that are due and payable to Servicer under the Servicing
Agreement, which fees may be due and payable under the Servicing Agreement on a periodic or continuing basis, and which may be payable to a special servicer, in amounts not to exceed reasonable and customary amounts, upon return of the Loan by the
special servicer to the master servicer, and (iii) the costs of all amounts owed to any third-party contractor in connection with the Servicer obtaining any third-party report, including any property inspections or appraisals of the Properties
(or any updates to any existing inspection or appraisal) that Servicer reasonably determines to obtain or may be required to obtain (other than the cost of regular annual inspections required to be borne by Servicer under the Servicing Agreement).

 ARTICLE X - MISCELLANEOUS 

Section 10.1    Survival. This Agreement and all covenants, agreements, representations
and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of
the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal
representatives, successors and assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 10.2    Lender’s Discretion. Whenever pursuant to this Agreement, Lender
exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory
shall (except as is otherwise specifically herein provided) be in the sole and absolute discretion of Lender and shall be final and conclusive. 

  
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 Section 10.3    Governing Law.
(a) LENDER HAS OFFICES IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO
THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS
AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE
CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE
LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b)        ANY
ACTION TO ENFORCE THE LIEN OF THIS MORTGAGE BY FORECLOSURE MUST BE BROUGHT IN THE STATE AND COUNTY IN WHICH THE MORTGAGED PROPERTY IS SITUATE. ANY IN PERSONAM LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS (“ACTION”) MAY AT LENDER’S OPTION BE INSTITUTED IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) ANY FEDERAL OR
STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE OR FORUM NON CONVENIENS OF ANY SUCH
ACTION, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY ACTION. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 

CT CORPORATION SYSTEM 

111 8TH AVENUE 

NEW YORK, NEW YORK 10011 

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

Section 10.4    Modification, Waiver in Writing. No modification, amendment, extension,
discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by
the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower,
shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5    Delay Not a Waiver. Neither any failure nor any delay on the part of
Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security
therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts
due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 10.6    Notices. All notices, consents, approvals and requests required or
permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or
(b) expedited 

  
 95 

 
prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) by telecopier (with answer back acknowledged) and with a second copy to
be sent to the intended recipient by any other means permitted under this Section, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the
other parties hereto in the manner provided for in this Section): 
  

			
	 If to Lender:
	  	 KeyBank National Association

		  	 11501 Outlook, Suite 300

		  	 Overland Park, Kansas 66211

		  	 Facsimile No.: 877-379-1625

		  	 Attention:  Loan Servicing

		
	 with a copy to:
	  	 Daniel Flanigan, Esq.

		  	 POLSINELLI

		  	 900 West 48th Place, Suite 900

		  	 Kansas City, Missouri 64112

		  	 Facsimile No.:  816-753-1536

		
	 If to Borrower:
	  	 CIO Intellicenter, Limited Partnership

		  	 c/o City Office REIT, Inc.

		  	 1075 West Georgia Street, Suite 2600

		  	 Vancouver, British Columbia V6E 3C9, Canada

		  	 Facsimile No.:  604-661-4873

		  	 Attention:  Jamie Farrar

		
	 With a copy to:
	  	 CIO Intellicenter, Limited Partnership

		  	 8150 North Central Expressway, Suite 1255

		  	 Dallas, Texas 75206

		  	 Attn:  Merrick Egan

		
	 With a copy to:
	  	 Miller, Canfield, Paddock & Stone, P.L.C.

		  	 101 North Main Street, 7th Floor

		  	 Ann Arbor, Michigan 48104

		  	 Facsimile No.:  734-747-7147

		  	 Attention:  Joseph M. Fazio, Esq.

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the
case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s
receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 

Section 10.7    Intentionally Omitted. 

  
 96 

 Section 10.8    Headings. The Article or
Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9    Severability. Wherever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 10.10  Preferences. Lender shall have the continuing and exclusive right to apply or
reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds
received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 10.11  Waiver of Notice. Borrower shall not be entitled to any notices of any nature
whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is
not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. To the extent permitted under applicable law, Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which
this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower. 

Section 10.12  Remedies of Borrower. If a claim or adjudication is made that Lender or its agents
have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that
neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or
proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13  Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower
fails to pay, to reimburse, Lender upon receipt of written notice from Lender, for all reasonable and documented out-of-pocket costs and expenses (including attorneys’ fees and expenses for outside counsel) incurred by Lender, to the extent the
payment of such costs and expenses is expressly made the obligation of Borrower under the Loan Documents, in connection with (i) the preparation, negotiation, 

  
 97 

 
execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by
counsel for Borrower (including any opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with
Borrower’s respective 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; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iv) the
negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Lender; (v) securing
Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal
opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the
prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (viii) enforcing
any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property (including any fees incurred by Servicer in connection with the transfer of the Loan to a special servicer
prior to a Default or Event of Default) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work out” or of any insolvency or bankruptcy proceedings; provided,
however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud, willful misconduct or bad faith of Lender. Any cost and expenses due and
payable to Lender may be paid from any amounts in the Clearing Account or Cash Management Account, as applicable. 

(b)        Borrower shall indemnify, defend and hold harmless the Indemnified Parties
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, reasonable and documented out-of-pocket costs, expenses and disbursements of any kind or nature whatsoever (including the
reasonable fees and disbursements of counsel in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not an Indemnified Party shall be designated a party thereto), that may be imposed on,
incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan
Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to any Indemnified Party hereunder to the
extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud, willful misconduct or bad faith of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the
preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities
incurred by the Indemnified Parties. 

  
 98 

 (c)        Borrower covenants and agrees
to pay for or, if Borrower fails to pay, to reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent,
approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to
the obtaining of any such consent, approval, waiver or confirmation. 
 Section 10.14  Schedules
Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 10.15  Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and
to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and
no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or
defense in any such action or proceeding is hereby expressly waived by Borrower. 
 Section 10.16  No
Joint Venture or Partnership; No Third Party Beneficiaries. (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is
intended to create a joint venture, partnership, tenancy in common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender. 

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

Section 10.17  Publicity. All news releases, publicity or advertising by Borrower or its
Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, KeyBank National Association or any of their Affiliates shall be subject to the prior
written approval of Lender and KeyBank National Association, which approval shall not be unreasonably withheld, conditioned, or delayed. 

  
 99 

 Section 10.18  Waiver of Marshalling of Assets. To
the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and agrees
not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the
right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in
preference to every other claimant whatsoever. 
 Section 10.19  Waiver of Counterclaim.
Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents; provided, however, that such waiver shall in no way limit or otherwise affect
Borrower’s right to assert a claim against Lender in any separate action or proceeding. 

Section 10.20  Conflict; Construction of Documents; Reliance. In the event of any conflict
between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting
and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely
on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation
whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of
any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies.
Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 

Section 10.21  Brokers and Financial Advisors. Borrower hereby represents that it has dealt with
no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all
claims, liabilities, reasonable and documented out-of-pocket costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of
Borrower or Lender in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt. 

  
 100 

 Section 10.22  Prior Agreements. This Agreement and
the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower
and Lender are superseded by the terms of this Agreement and the other Loan Documents. 

Section 10.23  Liability. If Borrower consists of more than one (1) Person the obligations
and liabilities of each Person shall be joint and several. Under no circumstances whatsoever shall Lender have any liability for punitive, special, consequential or incidental damages in connection with, arising out of, or in any way related to or
under this Loan Agreement or any other Loan Document or in any way related to the transactions contemplated or any relationship established by this Agreement or any other Loan Document or any act, omission or event occurring in connection herewith
or therewith, and, to the extent not expressly prohibited by applicable laws, Borrower for itself and its Guarantor and indemnitors waives all claims for punitive, special, consequential or incidental damages. Lender shall have no duties or
responsibilities except those expressly set forth in this Agreement, the Security Instrument and the other Loan Documents. Neither Lender nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by them
as such hereunder or in connection herewith, unless caused by their gross negligence, willful misconduct or bad faith. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns
forever. 
 Section 10.24  Certain Additional Rights of Lender (VCOC). Notwithstanding anything
to the contrary contained in this Agreement, Lender shall have: 
 (a)        the
right to consult with and advise Borrower’s management regarding the significant business activities and business and financial developments of Borrower; provided, however, that such consultations shall not include discussions of
environmental compliance programs or disposal of hazardous substances. Consultation meetings should occur on a regular basis (no more frequently than twice per calendar year) with Lender having the right to call special meetings at any reasonable
times and upon reasonable advance notice; 
 (b)        the right, in accordance
with the terms of this Agreement, to examine the books and records of Borrower at any reasonable times upon not less than five (5) Business Days prior notice but no more than once in any calendar year except during the continuance of an Event
of Default; 
 (c)        the right, in accordance with the terms of this Agreement,
including Section 5.1.11 hereof, to receive quarterly and year end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness;
and 
 (d)        the right, without restricting any other rights of Lender under
this Agreement (including any similar right), to approve any acquisition by Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 

The rights described above in this Section 10.24 may be exercised by any entity which owns and Controls, directly or indirectly,
substantially all of the interests in Lender. 

  
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 Section 10.25  OFAC. Borrower hereby represents,
warrants and covenants that neither Borrower nor any Guarantor is (or will be) a person with whom Lender is restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the
Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under 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 and is not and shall not engage in any dealings or transactions or otherwise be associated with such persons. In addition,
Borrower hereby covenants to provide Lender with any additional information that Lender deems reasonably necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 

Section 10.26  Duplicate Originals; Counterparts. This Agreement may be executed in any number of
duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterpart shall be deemed an original instrument and all of which together shall constitute a
single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

ARTICLE XI – LOCAL LAW PROVISIONS 

Section 11.1    Inconsistencies. In the event of any inconsistencies between the terms
and conditions of this Article XI and the other provisions of this Agreement, the terms and conditions of this Article XI shall control and be binding. 

Section 11.2    Trial by Jury. TO THE FULLEST EXTENT NOW OR HEREAFTER PERMITTED BY
APPLICABLE LAW, EACH OF LENDER AND BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO
THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY 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. EACH OF LENDER AND BORROWER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 102 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their duly authorized representatives, all as of the day and year first above written. 
  

			
		 	BORROWER:
		
		 	 CIO INTELLICENTER, LIMITED PARTNERSHIP,    

a Delaware limited partnership

					
			
		 	By:	  	CIO Intellicenter GP, LLC
		 		  	a Delaware limited liability company
		 		  	General Partner
			
		 		  	By:/s/ James Farrar                              
		 		  	Name: James Farrar
		 		  	Title: President

  
 SIGNATURE
PAGE TO LOAN AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their duly authorized representatives, all as of the day and year first above written. 
  

					
	LENDER:
	
	 KEYBANK NATIONAL ASSOCIATION,

a national banking association

	
	By:/s/ Mary Ann Gripka                             
           
		 	   Name: Mary Ann Gripka
		 	   Title: Vice President

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