Document:

FIFTH AMENDMENT TO LOAN AGREEMENT, DATED AS OF SEPTEMBER 2, 2003

 EXHIBIT 10.1 
  
 FIFTH AMENDMENT TO LOAN AGREEMENT 
  
 THIS FIFTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”), dated as of September 2, 2003, is entered into
by and among: 
  
 (1) CATELLUS FINANCE 1, L.L.C.,
a Delaware limited liability company (“Borrower”); 
  
 (2) LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1
(“Lender”); 
  
 (3) Each of the
certificateholders listed in Schedule I attached hereto (collectively, the “Certificateholders”) comprising all of the holders of Certificates as defined in that certain Trust and Servicing Agreement dated as of November 11,
1998, by and among Prudential Mortgage Capital Company I, LLC, as Depositor, The Prudential Insurance Company of America, as Servicer, ABN AMRO Bank N.V., as Fiscal Agent, and LaSalle National Bank, as Trustee (the “Trust and Servicing
Agreement”); and 
  
 (4) THE PRUDENTIAL
INSURANCE COMPANY OF AMERICA, as servicer under the Trust and Servicing Agreement (in such capacity, “Servicer”). 
  
 RECITALS 
  
 A. Reference is made to that certain loan agreement dated as of October 26, 1998 (the “Original Loan Agreement”) between Borrower and
Prudential Mortgage Capital Company, Inc., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender, as amended by that certain First Amendment to Loan Agreement dated as of January 11, 2001, by and among Borrower,
Lender, the Certificateholders, and Servicer (the “First Amendment”) and that certain Second Amendment to Loan Agreement dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to
Loan Agreement dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First
Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment and as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan
Agreement”). Pursuant to the terms of the Original Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that certain promissory note dated October 26, 1998, in the original principal amount
of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00). 
  
 B. Prudential assigned all of its right, title and interest under the Loan to Prudential Mortgage Capital Company I, LLC, which in turn assigned all of its right, title and interest under the Loan to Lender in
accordance with the terms and provisions of the Trust and Servicing Agreement. 
  

 C. In connection with the closing of the Loan, Borrower pledged to Prudential as collateral for the Loan,
among other things, certain real property comprising a portion of the Property Pool and identified in Exhibit A to the Loan Agreement as (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”), which
property is more specifically described on Exhibit A-1 attached hereto; (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA 0591031”), which property is more specifically described on Exhibit A-2
attached hereto; and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”), which property is more specifically described on Exhibit A-3 attached hereto (CA 0591552, CA 0591031 and IL 1970104 are sometimes
collectively referred to herein as the “Proposed Replaced Properties”). 
  
 D. Pursuant to Paragraph 7 of the Fourth Amendment, in connection with the release from the Property Pool of the Oklahoma Property (as defined in the Fourth Amendment), the Borrower deposited with Servicer, the
Interim Cash Reserve Deposit. Paragraph 7(b) of the Fourth Amendment provides that the Borrower may obtain a release of the Interim Cash Reserve Deposit by providing Lender with a Substitute Property in place of the Oklahoma Property.

  
 E. In accordance with Section 2.12 of the Loan
Agreement, Borrower has requested: (i) to substitute the Proposed Replaced Properties with the four properties identified as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”), which property is more particularly
described on Exhibit A-4 attached hereto; (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”), which property is more particularly described on Exhibit A-5 attached hereto; (3) CO 0310505, Stapleton A-2,
Denver, Colorado (“CO 0310505”), which property is more particularly described on Exhibit A-6 attached hereto; and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”), which property is
more particularly described on Exhibit A-7 attached hereto (TX 4390530, CO 0310411, CO 0310505 and CO 0310415 are sometimes collectively referred to herein as the “Proposed Substitute Properties”); and (ii) to release from
the Property Pool the Proposed Replaced Properties as if such Properties were Replaced Properties, to amend the Loan Agreement, the applicable mortgage(s) and the other Loan Documents accordingly, and to have the Interim Cash Reserve Deposit
released to Borrower in accordance with Paragraph 7(b) of the Fourth Amendment. 
  
 F. Lender, the Certificateholders, and the Servicer have agreed to such requests and are willing so to amend the Loan Agreement and permit the requested substitution and release the Interim Cash Reserve Deposit upon
the terms and subject to the conditions set forth herein. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in
consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lender, the Certificateholders and the Servicer hereby agree as follows: 
  
 1. Definitions, Interpretation. All capitalized terms defined
above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms in the Loan Agreement, as amended by this
Amendment. 
  

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 2. Amendments to Loan Agreement and Deliveries. 
  
 (a) Subject to the satisfaction of the conditions set forth
in Paragraph 6 below, the applicable conditions set forth in Sections 2.12 and 2.15 of the Loan Agreement, and the applicable conditions set forth in Paragraph 7 of the Fourth Amendment, the following shall occur on the
Effective Date (as defined below): 
  
 (i) This
Amendment and the various documents executed and delivered by the parties in connection with this Amendment shall become effective and such documents shall become a part of the Loan Documents. 
  
 (ii) The Proposed Substitute Properties shall constitute
Substitute Properties and the Proposed Replaced Properties are released from the Property Pool as Replaced Properties. In furtherance thereof: (1) Exhibit A of the Loan Agreement is hereby amended by deleting therefrom the legal descriptions
of the Proposed Replaced Properties and inserting in place thereof, the legal descriptions of the Proposed Substitute Properties, and (2) Schedule 1 of the Loan Agreement is hereby amended by deleting therefrom the information relating to the
Proposed Replaced Properties (including all information relating thereto), and supplement such Schedule 1 with the information with respect to the Substitute Properties that is contained in Schedule II attached hereto. Notwithstanding
the foregoing, the release of the Proposed Replaced Properties shall not constitute a release of Borrower’s indemnification obligations under the Loan Agreement or under the other Loan Documents as to any matters or claims which occurred or
relate to any matters or claims which occurred on or before the Effective Date with respect to the Proposed Replaced Properties and such obligations shall survive the release of the Proposed Replaced Properties from the Property Pool. 
  
 (iii) Lender shall deliver or cause the Servicer to deliver
to Borrower: (1) the Second Amendment to Orange County Deed of Trust, the Second Amendment to Orange County Assignment of Leases, the CA 0591552 UCC Termination, the CA 0591031 UCC Termination, the Release of Will County Mortgage, the Release of
Will County Assignment of Leases, the IL 197104 UCC Termination (each, as defined in Paragraph 6 below); and (2) the Interim Cash Reserve Deposit. 
  
 3. Representations and Warranties of Borrower. Borrower hereby represents and warrants to Lender, the Certificateholders and Servicer that
the following are true and correct on the date of this Amendment and that, after giving effect to the amendment set forth in Paragraph 2 above, the following will be true and correct on the Effective Date: 
  
 (a) The representations and warranties of Borrower set forth
in Article V of the Loan Agreement and in the other Loan Documents are true and correct in all material respects as if made on such date (except for representations and warranties expressly made as of a specified date, which shall be true as
of such date); 
  
 (b) No Default or Event of
Default has occurred and is continuing; 
  
 (c)
All of the Loan Documents are in full force and effect in accordance with their terms; 
  

 3 

 (d) The fair market value of all the Properties securing the Loan as of the Closing Date
as listed on Schedule 1 to the Loan Agreement was $522,829,999, and, to Borrower’s knowledge, the current fair market value of all the Properties currently securing the Loan as of the date hereof has not materially and adversely changed
from the fair market values as of the Closing Date; 
  
 (e) The Borrower has not previously undertaken a Substitution on six (6) occasions; and 
  
 (f) There are no existing rights, conditions or options to expand onto, to lease, or to purchase, all or any portion of the Proposed
Replaced Properties held by any tenant of the Proposed Replaced Properties which shall remain in the Property Pool following the consummation of the Substitution contemplated herein (collectively, the “Continuing Property”). All
options, rights of first refusal or any other right to lease or purchase all or any portion of the Proposed Replaced Properties, if any, held by any past or present tenant or any other person with an interest in the Proposed Replaced Properties have
either been terminated, waived or expired, such that the Proposed Replaced Properties can be released from the Property Pool without any resulting adverse consequences to Lender. 
  
 (Without limiting the scope of the term “Loan Documents,” Borrower expressly acknowledges in making the representations and
warranties set forth in this Paragraph 3 that, on and after the date hereof, such term includes this Amendment and all documents, executed pursuant to the terms hereof.) 
  
 4. Representations of Servicer to Lender and Certificateholders. Servicer hereby represents and warrants to
Lender and the Certificateholders that the following are true and correct on the date of this Amendment: 
  
 (a) To Servicer’s knowledge, the outstanding principal balance of the Loan as of September 2, 2003 is Three Hundred Forty-Eight
Million Six Hundred Twenty-One Thousand One Hundred Sixty-Seven and 70/100 Dollars ($348,621,167.70); 
  
 (b) Servicer is not receiving any loan payments or fees from Borrower in connection with the transactions contemplated in this Amendment
other than for fees and charges as provided in the Loan Documents and for amounts intended to reimburse Servicer for costs and expenses in handling the transaction; and 
  
 (c) The consummation of the transactions contemplated herein will not change the Servicer’s payment
expectations with respect to the Loan. 
  
 5. Effective
Date. The amendments effected by Paragraph 2 above shall become effective (the “Effective Date”) upon satisfaction and receipt by Lender, the Certificateholders and Servicer of the following matters, each in form and
substance satisfactory to Lender, the Certificateholders and Servicer: 
  
 (a) This Amendment duly executed by Borrower, Lender, the Certificateholders and Servicer; 
  

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 (b) A Second Amendment to Deed of Trust, Assignment of Leases and Rents, Security
Agreement and Fixture Filing in the form of Exhibit B-1 hereto with respect to CA 0591552 and CA 0591031, duly executed by Lender and Borrower and appropriately notarized (the “Second Amendment to Orange County Deed of
Trust”); 
  
 (c) A Second Amendment to
and Partial Release of Assignment of Leases and Rents in the form of Exhibit B-2 hereto with respect to CA 0591552 and CA 0591031 (“Second Amendment to Orange County Assignment of Leases”), duly executed by Lender and
appropriately notarized; 
  
 (d) An amendment of
UCC-1 Financing Statement in the form of Exhibit B-3 attached hereto relating to CA 0591552 and CA 0591031; 
  
 (e) A Release of Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing in the form of Exhibit C-1 hereto
with respect to IL 1970104, duly executed by Lender and Borrower and appropriately notarized (“Release of Will County Mortgage”); 
  
 (f) A Release of Assignment of Leases and Rents in the form of Exhibit C-2 hereto with respect to IL 1970104, duly executed by
Lender and Borrower and appropriately notarized (“Release of Will County Assignment of Leases”); 
  
 (g) A termination of UCC-1 Financing Statement in the form of Exhibit C-3 attached hereto relating to IL 1970104 (“IL
1970104 UCC Termination”); 
  
 (h) A
Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing in the form of Exhibit D-1 attached hereto and to be recorded in Dallas County, Texas, duly executed by Borrower and appropriately notarized, pursuant to
which Borrower shall mortgage TX 4390530 with Lender as security for the Loan (the “New Dallas County Deed of Trust”); 
  
 (i) An Assignment of Leases and Rents in the form of Exhibit D-2 attached hereto and to be recorded in Dallas County, Texas, duly
executed by Borrower and appropriately notarized, pursuant to which Borrower shall assign to Lender, the leases and rents with respect to TX 4390530 as security for the Loan (the “New Dallas County Assignment of Leases”);

  
 (j) A UCC-1 Financing Statement with respect
to TX 4390530 in the form of Exhibit D-3 attached hereto and to be recorded with the Secretary of State of the State of Delaware; 
  
 (k) A Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing in the form of Exhibit E-1 attached
hereto and to be recorded in Denver County, Colorado, duly executed by Borrower and appropriately notarized, pursuant to which Borrower shall mortgage CO 0310411, CO 0310505 and CO 0310415 with Lender as security for the Loan (the “Denver
County Deed of Trust”); 
  

 5 

 (l) An Assignment of Leases and Rents in the form of Exhibit E-2 attached hereto
and to be recorded in Denver County, Colorado, duly executed by Borrower and appropriately notarized, pursuant to which Borrower shall assign to Lender, the leases and rents with respect to CO 0310411, CO 0310505 and CO 0310415 as security for the
Loan (the “Denver County Assignment of Leases”); 
  
 (m) A UCC-1 Financing Statement with respect to CO 0310411, CO 0310505, and CO 0310415 in the form of Exhibit E-3 attached hereto and to be recorded with the Secretary of State of the State of Delaware;

  
 (n) A title endorsement to Lender’s
title insurance policy insuring the lien of the Mortgages encumbering the Continuing Property which shall provide, inter alia, that the lien and priority of the applicable Mortgages shall be unaffected as a result of the release of the
Proposed Replaced Properties from the Property Pool, and the recordation of the amendment to deed of trust in Orange County, California and the release of mortgage in Will County, Illinois; 
  
 (o) Lender’s title insurance policies insuring the
liens of the Mortgages encumbering TX 4390530, CO 0310411, CO 0310505 and CO 0310415, respectively, as valid first priority liens with respect to such properties together with such endorsements thereto as shall be requested by Lender, such policies
and endorsements to be in form and substance satisfactory to Lender in its sole and absolute discretion; 
  
 (p) A Third Amendment to the Indemnity and Guaranty Agreement in the form attached hereto as Exhibit F and duly executed by
Catellus Development Corporation and Lender; 
  
 (q) A Third Amendment to the Hazardous Substances Indemnity Agreement in the form attached hereto as Exhibit G and duly executed by Indemnitors (as defined therein) and Lender; 
  
 (r) A Third Amendment to the Assignment of Warranties and
Contract Rights in the form attached hereto as Exhibit H and duly executed by Borrower and Lender; 
  
 (s) A Third Amendment to the Cash Management Agreement in the form attached hereto as Exhibit I-1 and duly executed by Borrower,
Lender and Manager (as defined therein); 
  
 (t)
A Third Amendment to Consent and Agreement of Manager in the form attached hereto as Exhibit I-2 and duly executed by Manger and Lender; 
  
 (u) A Cash Management Agreement by and among Borrower, Lender and Cushman & Wakefield of Colorado, Inc. (“Cushman &
Wakefield”), in the form attached hereto as Exhibit I-3 and duly executed by Borrower, Lender and Cushman & Wakefield; 
  
 (v) A Consent and Agreement of Manager in the form attached hereto as Exhibit I-4 and duly executed by Cushman & Wakefield and
Lender; 
  

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 (w) Copies of Lessee Payment Direction Letters, one for each tenant at each Substitute
Property, in the form of Exhibit B to the Cash Management Agreement, duly executed by Borrower, together with confirmation, reasonably satisfactory to Lender, that such letters have been sent to the tenants at the Substitute Properties; 

 
 (x) A Second Amendment to the Indemnity and Guaranty
Agreement in the form attached hereto as Exhibit J and duly executed by Plato REIT, LLC, and Lender; 
  
 (y) A Second Amendment to the Hazardous Substances Indemnity Agreement in the form attached hereto as Exhibit K and duly executed
by Plato REIT, LLC and Lender; 
  
 (z) The
Agreement of Catellus Development Corporation and Plato REIT, LLC, as guarantors under the Loan, duly executed by the guarantors and in the form of Exhibit L hereto (the “Reaffirmation”); 
  
 (aa) An opinion or opinions of Borrower’s legal counsel
dated as of the Effective Date in form and substance acceptable to Lender, which shall cover, without limitation, the following matters: 
  
 (i) the due organization, valid legal existence and good standing of Borrower, Catellus Development Corporation, and Plato REIT, LLC;

  
 (ii) the due authorization, execution,
delivery, validity, binding effect and enforceability of this Amendment and all documents contemplated hereby or executed in connection herewith in accordance with their terms; 
  
 (iii) the existence of, or the nonexistence of, any requirement for any consent of any other party in
connection with the execution, delivery or performance of the this Amendment and the and all documents contemplated hereby or executed in connection herewith; 
  

(iv) the fact that this Amendment, all documents contemplated hereby or executed in connection herewith and the execution thereof and
the performance of the obligations thereunder do not conflict with or violate any applicable laws, agreements or restrictions; and 
  
 (v) bankruptcy and non-consolidation and such other matters incident to this Amendment as Lender may reasonably request; 
  
 (bb) An opinion of counsel (obtained at the expense of
Borrower) to the effect that this Amendment and the consummation of the transactions contemplated hereby will not cause either the Lower-Tier REMIC or the Upper Tier REMIC (as such terms are defined in the Trust and Servicing Agreement) to fail to
qualify as REMIC for federal income tax purposes; 
  
 (cc) Confirmation from the Rating Agencies that of the transactions contemplated hereby, the entering into of this Amendment and the consummation will not result in a downgrade, qualification or withdrawal of the ratings of the securities
held by the Certificateholders; 
  

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 (dd) Payment of all fees and expenses payable to Lender, the Certificateholders and
Servicer, including, without limitation, the Substitution servicing fee in the amount of $15,000 for each Substitute Property, and all reasonable attorneys’ fees and expenses; 
  
 (ee) Confirmation that the documents referenced in subsections (b) (c), (e), (f), (h), (i), (k) and (l)
above have been recorded in the land records of the counties where the Properties such documents relate to are located; and 
  
 (ff) Such other evidence as Lender, the Certificateholders and Servicer may reasonably request to establish the accuracy and completeness
in all material respects of the representations and warranties and the compliance with the terms and conditions contained in this Amendment and the other Loan Documents. 
  
 6. Covenant to Obtain Ingress and Egress Easement for Denver County, Colorado Properties. As of the Effective
Date, Borrower is in the process of finalizing and obtaining all required signatures for the recordation of the Subdivision Plat for Stapleton Business Center, Denver, Colorado (titled “Stapleton Business Center Filing No. 1, A Part of the
South One-Half of Section 15 and a Part of the North One-Half of Section 22, Township 3 South, Range 67 West, of the 6th P.M., City and County of Denver, State of Colorado”) (the “Subdivision Plat”), affecting Proposed
Substitute Properties CO 0310411, CO 0310505 and CO 0310415. Until the final Subdivision Plat is recorded, all dedicated streets shown on the Subdivision Map continue to be private streets and will not be deemed accepted by the City and County of
Denver as public streets. Borrower has represented to Lender and the Servicer that there currently exists adequate ingress and egress to CO 0310411, CO 0310505 and CO 0310415 to existing dedicated public streets through various private streets owned
either by Catellus Development Corporation or SF Pacific Properties Inc. Borrower has further represented to Lender and the Servicer that all required on-site and off-site improvements for CO 0310411, CO 0310505 and CO 0310415 have been completed
and that all tenants under leases for such properties are in actual occupancy and possession in accordance with the terms of the respective tenant’s lease agreement and that the tenants are using such private streets for ingress and egress to
the properties. In light of such circumstances, Lender and Servicer are willing to accept CO 0310411, CO 0310505 and CO 0310415 as Substitute Properties, provided, however, Borrower covenants and agrees that it shall, within six (6) months of the
Effective Date of this Amendment, either: (a) cause the final Subdivision Plat to be recorded in the Official Records of Denver County, Colorado, or (b) obtain a permanent vehicular and pedestrian ingress and egress easement appurtenant to and
benefiting each of CO 0310411, CO 0310505 and CO 0310415 from Catellus Development Corporation and/or SF Pacific Properties Inc., in form and substance reasonably acceptable to Servicer (which easement(s) may provide that it shall terminate only
upon the recordation of the final Subdivision Plat). Such easement(s) shall be recorded in the Official Records of Denver County, Colorado, and must be sufficient to enable the title company to issue a title endorsement to Lender’s title
insurance policies insuring the easement(s) and providing affirmative coverage for direct access to a public open street. Lender and Servicer agree that it shall extend, for a reasonable period, beyond the six (6) month period for recording the
final Subdivision Plat (and Borrower shall not be required to obtain the easement from 

  

 8 

 
Catellus Development Corporation and/or SF Pacific Properties Inc. during such extension period) if prior to the expiration of such six (6) month period: (1)
Borrower provides evidence acceptable to Servicer that the Subdivision Plat is in its final form and has been approved by all required parties; (2) such final Subdivision Plat has been distributed to all required parties for signature; and (3) that
recordation of the Subdivision Plat has been delayed and cannot be recorded within such six (6) month period only because Borrower is awaiting receipt of the required signatures to the final Subdivision Plat. If an extension of time is granted by
Lender and Servicer, Borrower agrees that it shall diligently pursue the prompt recordation of the Subdivision Plat. 
  
 7. Effect of this Amendment. Except as specifically amended above and by the documents executed and delivered in connection herewith, (a)
the Loan Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as
a waiver of any right, power, or remedy of Lender, the Certificateholders or Servicer, nor constitute a waiver of any provision of the Loan Agreement or any other Operative Document. 
  
 8. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of identical counterparts, any set of which signed by all the
parties hereto shall be deemed to constitute a complete, executed original for all purposes. 
  
 (b) Headings. Headings in this Amendment are for convenience of reference only and are not part of the substance hereof.

  
 (c) Governing Law. This Amendment
shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. 
  
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, Borrower, Lender, the Certificateholders and Servicer have caused this Amendment to
be executed as of the day and year first above written. 
  

	BORROWER:	 	 	 	 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability company

					
	 	 	 	 	 	 	By:	 	 /s/ William M. Lau

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 William M. Lau

	 	 	 	 	 	 	 Title:
	 	 Vice President, Finance and Treasurer

			
	LENDER:	 	 	 	 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a LaSalle National Bank,
 as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through
Certificates, Series 1998-1

					
	 	 	 	 	 	 	By:	 	 /s/ Ann M. Kelly

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Ann M. Kelly

	 	 	 	 	 	 	 Title:
	 	 Assistant Vice President

			
	SERVICER:	 	 	 	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
					
	 	 	 	 	 	 	By:	 	 Prudential Asset Resources, Inc.,
 as Subservicer

						
	 	 	 	 	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 	 	 	 	 Title:
	 	 Vice President

			
	CERTIFICATEHOLDERS:	 	 	 	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
					
	 	 	 	 	 	 	By:	 	 /s/ Frederick O. van Overbeek

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Frederick O. van Overbeek

	 	 	 	 	 	 	 Title:
	 	 Vice President

  

 10 

 SCHEDULE I 
  
 LIST OF CERTIFICATEHOLDERS 
  
 The Prudential Insurance Company of America 
  

 SCHEDULE II 
  
 INFORMATION ABOUT SUBSTITUTED PROPERTIES 
 TO BE INSERTED INTO SCHEDULE 1 
 OF THE LOAN AGREEMENT 
  

	 PN #

	  	 Property

	  	 City

	  	State

	  	 Property Type

	  	SF

	  	FMV

	  	NOI

	  	Allocated
Loan

									
	 TX 4390530
	  	4750 Liberty Way (Ford BTS)	  	Fort Worth	  	TX	  	Industrial warehouse	  	252,000	  	$	12,250,000	  	$	765,699	  	$	8,083,000
									
	 CO 0310411
	  	10415-10445 East 49th Avenue (Stapleton B-4)	  	Denver	  	CO	  	Industrial warehouse	  	161,511	  	$	9,100,000	  	$	772,024	  	$	6,005,000
									
	 CO 0310505
	  	5025 Florence Street (Stapleton A-2)	  	Denver	  	CO	  	Industrial warehouse	  	325,999	  	$	13,400,000	  	$	1,361,910	  	$	8,842,000
									
	 CO 0310415
	  	4555 Geneva Street (Stapleton D-1)	  	Denver	  	CO	  	Industrial warehouse	  	171,346	  	$	10,200,000	  	$	838,347	  	$	6,730,000

  

 EXHIBIT A-1 
  
 LEGAL DESCRIPTION OF PROPOSED REPLACED PROPERTY 
 KNOWN AS CA 0591552 
  
 The land located in the City of Tustin, County of Orange, State of California, and is described as follows: 
  
 Parcel 2 of Parcel Map No. 85-197, as shown on a map filed in Book 208 Pages 44 and 45 of Parcel Maps, in the office of the county recorder of said county. 
 A.P.N. 430-261-25 
  

 EXHIBIT A-2 
  
 LEGAL DESCRIPTION OF PROPOSED REPLACED PROPERTY 
 KNOWN AS CA 0591031 
  
 The land located in the City of Anaheim, County of Orange, State of California, and is described as follows: 
  
 PARCEL 1 AS SHOWN ON LOT LINE ADJUSTMENT NO. 277 RECORDED APRIL 2, 1992 AS INSTRUMENT NO. 92-205083, OFFICIAL RECORDS. 
  
 EXCEPTING THEREFROM ALL OIL, GAS AND OTHER HYDROCARBON AND MINERAL SUBSTANCES LYING NOT LESS
THEN 500 FEET BELOW THE SURFACE OF SAID LAND BUT WITHOUT THE RIGHT OF ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE FOR THE PURPOSE OF EXTRACTING SAID OIL, GAS OR OTHER HYDROCARBON AND MINERAL SUBSTANCES, NOR FOR ANY
OTHER PURPOSE IN CONNECTION THEREWITH, BUT SHALL HAVE THE RIGHT TO EXTRACT AND REMOVE SAID OIL, GAS OR OTHER HYDROCARBON AND MINERAL SUBSTANCES BY MEANS OF SLANT DRILLED WELLS LOCATED ON ADJACENT OR NEARBY LAND, OR BY ANY OTHER MEANS WHICH SHALL NOT
REQUIRE ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE, AS RESERVED IN DEED RECORDED APRIL 30, 1965 IN BOOK 7502, PAGES 746 AND 759, OFFICIAL RECORDS. 
  
 AN UNDIVIDED ONE-HALF INTEREST IN AND TO ALL OIL, GAS AND OTHER HYDROCARBON AND MINERAL SUBSTANCES AS RESERVED IN THE ABOVE DEEDS, WAS
CONVEYED TO SANTA FE LAND IMPROVEMENT COMPANY, A CORPORATION, IN DEEDS RECORDED MAY 12, 1996 IN BOOK 7930, PAGE 203, AND RECORDED MAY 25, 1966 IN BOOK 7942, PAGE 361, OFFICIAL RECORDS. 
 A.P.N. 346-404-12 
  

 EXHIBIT A-3 
  
 LEGAL DESCRIPTION OF PROPOSED REPLACED PROPERTY 
 KNOWN AS IL 1970104 
  
 THE REAL PROPERTY SITUATED IN WILL COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS: 
  
 LOT 1 IN INTERNATIONALE CENTRE WEST, BEING A SUBDIVISION IN THE SOUTHEAST QUARTER OF SECTION 29, TOWNSHIP 37 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 24, 1998 AS DOCUMENT NO.
R98-156310, IN WILL COUNTY, ILLINOIS. 
  

 EXHIBIT A-4 
  
 LEGAL DESCRIPTION OF PROPOSED SUBSTITUTE PROPERTY 
 KNOWN AS TX 4390530 
  
 BEING a 16.508 acre tract of land situated in the Jose Chirino Survey, Abstract No. 265, City of Fort Worth, Tarrant County, County, Texas, and being all of Lot 3, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of Fort Worth
according to the plat recorded in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. The bearings for this description are based on the bearings as they appear in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. Said 16.508 acre
tract of land being more particularly described by metes and bounds as follows: 
  
 BEGINNING at a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Northeast corner of said Lot 3, Block 3, and the Northwest corner of Lot 2, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of
Fort Worth according to the plat recorded in Cabinet A, Slide 2862, Plat Records, Tarrant County, Texas, also being on the South right of way line of Liberty Way, a 120’ wide public right of way according to the plat recorded in Cabinet A,
Slide 5722, Plat Records, Tarrant County, Texas; 
  
 THENCE South 00 degrees 08
minutes 21 seconds East, leaving the South right-of-way line of Liberty Way, along the West line of said Lot 2, Block 3, a distance of 765.00 Feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the
Southeast corner of said Lot 3, Block 3, and the Southwest corner of said Lot 2, Block 3; 
  
 THENCE South 89 degrees 51 minutes 39 seconds West, along the South line of said Lot 3, Block 3, a distance of 940.00 feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the
Southwest corner of said Lot 3, Block 3; 
  
 THENCE North 00 degrees 08 minutes 21
seconds West, along the West line of said Lot 3, Block 3, a distance of 765.00 Feet to a 1/2” iron rod with a plastic cap stamped “RPLS 4818” set on the South right of way line of Liberty Way at the Northwest corner of said Lot 3,
Block 3; 
  
 THENCE North 89 degrees 51 minutes 39 seconds East, along the South
right of way line of Liberty Way, a distance of 940.00 Feet to the POINT OF BEGINNING and containing a computed area of 16.508 acres or 719,100 Square Feet. 
  

 EXHIBIT A-5 
  
 LEGAL DESCRIPTION OF PROPOSED SUBSTITUTE PROPERTY 
 KNOWN AS CO 0310411 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows: 
  
 Parcel 1: 
  
 A parcel of land located in the Southeast quarter of Section 15, Township 3 South, Range 67 West of the 6th Principal Meridian, City and County of Denver, State of
Colorado, being more particularly described as follows: 
  
 Commencing at the
Northeast corner of said Southeast quarter of said Section 15; thence S 00°59’07” E coincident with the East line of said Southeast quarter, a distance of 716.23 feet to the Southerly line of a 30 foot railroad easement as recorded in
Denver County as Reception No. 9800126772, dated August 5, 1998; thence S 89°34’25” W coincident with said Southerly line, a distance of 90.01 feet to the Westerly right of way of Havana Street and the point of beginning; thence S
00°59’07” E coincident with said Westerly right of way, a distance of 812.35 feet to the beginning of a curve to the right, having a radius of 30.00 feet and a long chord which bears S 44°00’52” W, 42.43 feet; thence
along the arc of said curve, a distance of 47.12 feet through a central angle of 90°00’00” to the Northerly right of way of proposed 49th Avenue and the Northerly line of Tract C and the point of tangency; thence S
89°00’52” W, coincident with said Northerly right of way and said Northerly line, a distance of 515.00 feet; thence N 00°59’08” W, a distance of 847.66 feet to said Southerly line of said railroad easement; thence N
89°34’25” E coincident with said Southerly line, a distance of 545.05 feet to the point of beginning, 
 City and County of Denver, 

State of Colorado. 
  
 Parcel 2: 
  
 A reciprocal non-exclusive easement for ingress and egress over those certain lands referred to as Catellus Property, S. F. Pacific Property, Tippmann Property, Dillon
Property and Montovani Property, over the existing 51st Avenue and New 51st Avenue as defined and established in that certain Reciprocal Easement Agreement recorded July 8, 1999 at Reception No. 9900119715, 
 City and County of Denver, 
 State of Colorado. 
  

 EXHIBIT A-6 
  
 LEGAL DESCRIPTION OF PROPOSED SUBSTITUTE PROPERTY 
 KNOWN AS CO 0310505 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows: 
  
 Parcel l: 
  
 A tract of land located in the S 1/2 of Section 15, Township 3 South, Range 67 West of the 6th P.M., City and County of Denver, State of Colorado, described as follows:

  
 Commencing at the Northwest corner of the SE 1/4 of said Section 15, from
which the S 1/4 corner of said Section 15 bears S 00 ° 41’59” E, 2654.05 feet; thence S 00° 41’59” E, 353.12 feet along the West line of the SE1/4 of said Section 15 to the South right of way line of 51st Avenue in the
City and County of Denver, Colorado, as described at Reception No. 9600136067 of the records of the City and County of Denver, Colorado; thence S 89 °28’34” W, 125.00 feet along the South right of way line of said 51st Street to a line
125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of said Section 15; thence S 00° 41’59” E, 374.72 feet along a line 125.00 feet Westerly as measured at right angles from and parallel
with the West line of the SE 1/4 of said Section 15 to the True Point of Beginning; thence N 89°00’52” E, 964.68 feet; thence S 00° 59’08” E, 886.58 feet; thence S 89 °00’52” w, 969.10 feet to a line 125.00
feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of Section 15; thence N 00° 41’59” E, 886.59 feet along a line 125.00 feet Westerly as measured at right angles from and parallel with the
West line of the SE 1/4 of said Section 15 to the True Point of Beginning, 
 City and County of Denver, 
 State of Colorado. 
  
 Parcel 2: 
  
 A reciprocal, non-exclusive easement for ingress and egress over those certain lands referred to as Catellus Property, SF Pacific Property, Tippmann Property, Dillon
Property and Montovani Property over the Existing 51st Avenue and New 51st Avenue, as defined and established in that certain Reciprocal Easement 
 Agreement
recorded July 8, 1999 at Reception No. 9900119715, City and County of Denver, State of Colorado. 
  
 Parcel 3: 
  
 A reciprocal, non-exclusive easement for common driveway purposes to be used as a means of ingress and egress to and from the Catellus Property and the Suntrust Property
and Florence Street, as defined and established in that certain Reciprocal Easement Agreement, Recorded June 14, 1999 at Reception No. 
 9900105623, City and
County of Denver, State of Colorado. 
  

 EXHIBIT A-7 
  
 LEGAL DESCRIPTION OF PROPOSED SUBSTITUTE PROPERTY 
 KNOWN AS CO 0310415 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows: 
  
 A parcel of land located in the Northeast quarter of Section 22, Township 3 South, Range 67 West, 6th Principal Meridian, City and County of Denver, State of Colorado,
being more particularly described as follows: 
  
 Commencing at the Northeast
corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a distance of 1300.03 feet to the centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence
S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing S00°33’22”E, along said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve
to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears S08°09’47”E, 139.79 feet, an arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, departing
said centerline, a distance of 371.51 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 90°00’58”, a radius of 30.00 feet, a chord which bears N44°27’07”E, 42.43 feet, an arc
distance of 47.13 feet to a tangent line; thence N00°33’22”W, a distance of 1110.29 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 89°59’01”, a radius of 30.00 feet, a
chord which bears N45°32’53”W, 42.42 feet, an arc distance of 47.12 feet to a tangent line; thence S89°27’36”W, a distance of 375.01 feet to the Point of Beginning. 
  
 EXCLUDING THE FOLLOWING: 
  
 A parcel of land located in the Northeast quarter of Section 22, Township 3 South, Range 67
West, 6th Principal Meridian, City and County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a distance of 1300.03 feet to the
centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing S00°33’22”E along
said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears S08°09’47”E, 139.79 feet, an
arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, a distance of 41.23 feet to a non-tangent curve; thence along the arc of a curve to the right, having a central angle of 16°06’47”, a radius of 444.28
feet, a chord which bears N14°28’07”W, 124.53 feet, an arc distance of 124.94 feet to a tangent line; thence N06°24’44”W, a distance of 144.71 feet to the Easterly line of tangent line; thence N06°24’44”W, a
distance of 144.71 feet to the Easterly line of said Railroad Easement; thence N00°33’22”W, along said Easterly line, a distance of 905.47 feet; thence S89°27’36”W, a distance of 15.02 feet to the Point of Beginning, City
and County of Denver, State of Colorado. 
  

 EXHIBIT B-1 
  
 SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND 
 RENTS, SECURITY AGREEMENT AND FIXTURE FILING WITH RESPECT TO CA 
 0591552 AND
CA 0591031 
  
 See Attachment. 
  

 EXHIBIT B-2 
  
 SECOND AMENDMENT TO AND PARTIAL RELEASE OF ASSIGNMENT OF 
 LEASES AND RENTS WITH RESPECT TO CA 0591552 AND CA 0591031 
  
 See Attachment. 
  

 EXHIBIT B-3 
  
 AMENDMENT OF UCC-1 FINANCING STATEMENT RELATING TO CA 059552 AND 
 CA 0591031 
  
 See Attachment. 
  

 EXHIBIT C-1 
  
 RELEASE OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING WITH RESPECT TO IL 1970104 
  
 See Attachment. 
  

 EXHIBIT C-2 
  
 RELEASE OF ASSIGNMENT OF LEASES AND RENTS WITH 
 RESPECT TO IL 1970104 
  
 See Attachment. 
  

 EXHIBIT C-3 
  
 TERMINATION OF UCC-1 FINANCING STATEMENT RELATING TO IL 1970104 
  
 See Attachment. 
  

 EXHIBIT D-1 
  
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING TO BE RECORDED IN DALLAS COUNTY, 
 TEXAS RELATING
TO TX 4390530 
  
 See Attachment 
  

 EXHIBIT D-2 
  
 ASSIGNMENT OF LEASES AND RENTS TO BE RECORDED IN DALLAS COUNTY, 
 TEXAS WITH RESPECT TO TX 4390530 
  
 See Attachment 
  

 EXHIBIT D-3 
  
 UCC-1 FINANCING STATEMENT WITH RESPECT TO TX 4390530 
  
 See Attachment 
  

 EXHIBIT E-1 
  
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING RELATING TO CO 0310411, CO 0310505 AND 
 CO
0310415 
  
 See Attachment. 
  

 EXHIBIT E-2 
  
 ASSIGNMENT OF LEASES AND RENTS WITH RESPECT TO CO 0310411, 
 CO 0310505 AND CO 0310415 
  
 See Attachment. 
  

 EXHIBIT E-3 
  
 UCC-1 FINANCING STATEMENT WITH RESPECT TO CO 0310411, CO 0310505 AND 
 CO 0310415 
  
 See Attachment. 
  

 EXHIBIT F 
  
 THIRD AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT 
 (CATELLUS DEVELOPMENT CORPORATION) 
  
 See Attachment. 
  

 EXHIBIT G 
  
 THIRD AMENDMENT TO HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT 
 (CATELLUS DEVELOPMENT CORPORATION) 
  
 See Attachment. 
  

 EXHIBIT H 
  
 THIRD AMENDMENT TO ASSIGNMENT OF WARRANTIES AND 
 CONTRACT RIGHTS 
  
 See Attachment. 
  

 EXHIBIT I-1 
  
 THIRD AMENDMENT TO CASH MANAGEMENT AGREEMENT 
  
 See Attachment. 
  

 EXHIBIT I-2 
  
 THIRD AMENDMENT TO CONSENT AND AGREEMENT OF MANAGER 
  
 See Attachment. 
  

 EXHIBIT I-3 
  
 CASH MANAGEMENT AGREEMENT 
  
 See Attachment. 
  

 EXHIBIT I-4 
  
 CONSENT AND AGREEMENT OF MANAGER 
  
 See Attachment. 
  

 EXHIBIT J 
  
 SECOND AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT 
  
 (PLATO REIT) 
  
 See Attachment. 
  

 EXHIBIT K 
  
 SECOND AMENDMENT TO HAZARDOUS SUBSTANCES 
 INDEMNITY AGREEMENT 
  
 (PLATO REIT) 
  
 See Attachment. 
  

 EXHIBIT L 
  
 AGREEMENT OF CATELLUS DEVELOPMENT CORPORATION AND 
 PLATO REIT, LLC 
  
 [See Attachment] 
  

 (Exhibit B-1) 
  
 Recording Requested by and 
 When Recorded Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie 
  
 SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT
AND FIXTURE FILING 
  
 by and between 
  
 CATELLUS FINANCE 1, L.L.C., 
 a Delaware limited liability company, 
  
 as Trustor 
  
 and 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
 f/k/a LaSalle National Bank, 
 as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1, 
  
 as Beneficiary 
  
 Dated as of September 2, 2003

  

  
 County of Orange (the “County”) 
  
 State of California (the “State”) 
  

 (Exhibit B-1) 
  
 SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND 
 RENTS, SECURITY AGREEMENT AND FIXTURE FILING 
  
 THIS SECOND AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Amendment”), dated as of September 2, 2003, is entered into by and between CATELLUS
FINANCE 1, L.L.C., a Delaware limited liability company (“Trustor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94105, and by LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as
trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Beneficiary”), having an address at 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60647-4107. 
  
 RECITALS 
  
 A. Reference is made to that certain loan agreement dated as of October 26,
1998 between Trustor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Beneficiary (as amended and as the same may hereinafter be consolidated, extended, modified,
amended and/or restated or renewed from time to time, the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that certain promissory note
dated October 26, 1998, in the original principal amount of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), and secured by, among other things, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement
and Fixture Filing dated as of October 26, 1998, and recorded on October 27, 1998 as Document 19980726609 in the Official Records of Orange County, California (as subsequently assigned and amended, the “Orange Deed of Trust”).

  
 B. As described in Section 2.12 of the Loan Agreement, Trustor
has the option to substitute certain properties in place of certain other properties designated by Trustor (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan.

  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that
is being executed and delivered on or about the date hereof, Trustor has now elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver,
Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) as Substitute Properties, and
has designated the following properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro
Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. Beneficiary and Trustor now desire to amend the Orange Deed of Trust to release CA 0591552 and CA 0591031, from the lien
of the Orange Deed of Trust. 
  

 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Beneficiary and Trustor hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have
the respective meanings given to those terms in the Loan Agreement. 
  
 2. Authorization to Trustee to Execute Partial Reconveyance of Property under Orange Deed of Trust. Beneficiary hereby authorizes and requests that First American Title Insurance Company, as trustee under the Orange Deed of
Trust, execute a deed of partial reconveyance to release and discharge from the lien of the Orange Deed of Trust that portion, and only that portion, of the real property and improvements encumbered by the Orange Deed of Trust which is more
particularly described on Exhibits A-1 and A-2 attached hereto (the “Release Parcels”). All other “Property” described in and currently encumbered by the Orange Deed of Trust shall remain encumbered by the Orange
Deed of Trust in accordance with the terms thereof. 
  
 3.
Effect of this Amendment. On and after the date this Amendment is recorded in the Official Records of Orange County, California, each reference in the Loan Agreement to the Deed of Trust encumbering the Release Parcels shall mean such
Deed of Trust as amended hereby. Except as specifically amended above, (a) the Loan Agreement, the Orange Deed of Trust and the other Loan Documents shall remain in full force and effect and are hereby ratified and affirmed and (b) the execution,
delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of Beneficiary, nor constitute a waiver of any provision of the Loan Agreement, the Orange Deed of Trust
or any other Loan Document. 
  
 4. Miscellaneous.

  
 (a) Counterparts. This Amendment may
be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and
attached to any other counterpart to evidence execution thereof by all of the parties hereto without affecting the validity thereof. 
  
 (b) Headings. Headings in this Amendment are for convenience of reference only and are not part of the substance hereof.

  
 (c) Governing Law. This Amendment
shall be governed by and construed in accordance with the laws of the State of New York and the laws of the State of California as provided in the Orange Deed of Trust. 
  
 [The signature page follows] 
  

 -2- 

 IN WITNESS WHEREOF, Beneficiary and Trustor have caused this Amendment to be executed as of the day and
year first above written. 
  

	TRUSTOR:
	
	 CATELLUS FINANCE 1, L.L.C.,
 a
Delaware limited liability company

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

	BENEFICIARY:
	
	 LASALLE BANK NATIONAL ASSOCIATION,

 f/k/a LaSalle National Bank,

 as trustee for the registered Holders of Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage Pass-Through
Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of America,
 as Servicer

			
	 	 	 By:
	 	 Prudential Asset Resources, Inc.,
 as Subservicer

				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 -3- 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 EXHIBIT A-1 
  
 LEGAL DESCRIPTION OF CA 0591552 
  
 The land referred to herein is located in the City of Tustin, County of Orange, State of California, and is described as follows: 
  
 Parcel 2 of Parcel Map No. 85-197, as shown on a map filed in Book 208 Pages 44 and 45 of
Parcel Maps, in the office of the county recorder of said county. 
  
 A.P.N.
430-261-25 
  

 EXHIBIT A-2 
  
 LEGAL DESCRIPTION OF CA 0591031 
  
 The land referred to herein is located in the City of Anaheim, County of Orange, State of California, and is described as follows: 
  
 PARCEL 1 AS SHOWN ON LOT LINE ADJUSTMENT NO. 277 RECORDED APRIL 2, 1992 AS INSTRUMENT NO.
92-205083, OFFICIAL RECORDS. 
  
 EXCEPTING THEREFROM ALL OIL, GAS AND OTHER
HYDROCARBON AND MINERAL SUBSTANCES LYING NOT LESS THEN 500 FEET BELOW THE SURFACE OF SAID LAND BUT WITHOUT THE RIGHT OF ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE FOR THE PURPOSE OF EXTRACTING SAID OIL, GAS OR OTHER
HYDROCARBON AND MINERAL SUBSTANCES, NOR FOR ANY OTHER PURPOSE IN CONNECTION THEREWITH, BUT SHALL HAVE THE RIGHT TO EXTRACT AND REMOVE SAID OIL, GAS OR OTHER HYDROCARBON AND MINERAL SUBSTANCES BY MEANS OF SLANT DRILLED WELLS LOCATED ON ADJACENT OR
NEARBY LAND, OR BY ANY OTHER MEANS WHICH SHALL NOT REQUIRE ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE, AS RESERVED IN DEED RECORDED APRIL 30, 1965 IN BOOK 7502, PAGES 746 AND 759, OFFICIAL RECORDS. 
  
 AN UNDIVIDED ONE-HALF INTEREST IN AND TO ALL OIL, GAS AND OTHER HYDROCARBON AND MINERAL
SUBSTANCES AS RESERVED IN THE ABOVE DEEDS, WAS CONVEYED TO SANTA FE LAND IMPROVEMENT COMPANY, A CORPORATION, IN DEEDS RECORDED MAY 12, 1996 IN BOOK 7930, PAGE 203, AND RECORDED MAY 25, 1966 IN BOOK 7942, PAGE 361, OFFICIAL RECORDS. 
  
 A.P.N. 346-404-12 
  

 (Exhibit B-2) 
  
 Recording Requested by and 
 When Recorded Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie 
  
 SECOND AMENDMENT TO AND PARTIAL RELEASE OF 
 ASSIGNMENT OF LEASES AND RENTS 

 
 by and between 
  
 CATELLUS FINANCE 1, L.L.C., 
 a Delaware limited liability company, 
  
 as Assignor 
  
 and 
 LASALLE BANK NATIONAL ASSOCIATION, 
 f/k/a LaSalle National Bank, 
 as trustee for
the registered Holders of Prudential Mortgage Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1,

  
 as Assignee 
  
 Dated as of September 2, 2003 
  

  
 County of Orange (the “County”) 
  
 State of California (the “State”) 
  

 (Exhibit B-2) 
  
 SECOND AMENDMENT TO AND PARTIAL RELEASE OF 
 ASSIGNMENT OF LEASES AND RENTS 
  
 THIS SECOND
AMENDMENT TO AND PARTIAL RELEASE OF ASSIGNMENT OF LEASES AND RENTS (this “Amendment”), dated as of September 2, 2003, is entered into by and between CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company
(“Assignor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94105, and by LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage
Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Assignee”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107. 
  
 RECITALS 
  
 A. Reference is made to that certain loan agreement dated as of October 26,
1998 between Assignor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Assignee (as amended and as the same may hereinafter be consolidated, extended, modified, amended
and/or restated or renewed from time to time, the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that certain promissory note dated
October 26, 1998, in the original principal amount of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), and secured by, among other things, that certain Assignment of Leases and Rents dated as of October 26, 1998, and
recorded on October 27, 1998 as Document 19980726611 in the Official Records of Orange County, California (as subsequently assigned and amended, the “Orange Assignment of Leases”). 
  
 B. As described in Sections 2.12 and 2.15(a) of the Loan Agreement, Assignor
has the option to substitute certain properties in place of certain other properties designated by Assignor (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan.

  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that
is being executed and delivered on or about the date hereof, Assignor has now elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver,
Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) as Substitute Properties, and
has designated the following properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro
Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. Assignee and Assignor now desire to amend the Orange Assignment of Leases to release CA 0591552 and CA 0591031, from the
lien of the Orange Assignment of Leases. 
  

 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Assignee and Assignor hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have
the respective meanings given to those terms in the Loan Agreement. 
  
 2. Partial Release of Property under Orange Assignment of Leases. Assignee hereby releases and discharges from the lien of the Orange Assignment of Leases that portion, and only that portion, of the real property and
improvements encumbered by the Orange Assignment of Leases which is more particularly described on Exhibits A-1 and A-2 attached hereto and made a part hereof (the “Release Parcels”). All other “Property” described
in and currently encumbered by the Orange Assignment of Leases shall remain encumbered by the Orange Assignment of Leases in accordance with the terms thereof. 
  

3. Effect of this Amendment. On and after the date this Amendment is recorded in the Official Records of Orange County, California, each
reference in the Loan Agreement to the Assignment of Leases and Rents encumbering the Release Parcels, shall mean such Assignment of Leases and Rents as amended hereby. Except as specifically amended above, (a) the Loan Agreement, the Orange
Assignment of Leases and the other Loan Documents shall remain in full force and effect and are hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate
as a waiver of any right, power, or remedy of Assignee, nor constitute a waiver of any provision of the Loan Agreement, the Orange Assignment of Leases or any other Loan Document. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto
without affecting the validity thereof. 
  
 (b)
Headings. Headings in this Amendment are for convenience of reference only and are not part of the substance hereof. 
  
 (c) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York and the
laws of the State of California as provided in the Orange Assignment of Leases. 
  
 [The signature page follows.] 
  

 -2- 

 IN WITNESS WHEREOF, Assignee and Assignor have caused this Amendment to be executed as of the day and
year first above written. 
  

	 ASSIGNOR:
  
 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability
company

		
	By:	 	/s/ William M. Lau
	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

	
	 ASSIGNEE:
  
 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a LaSalle National Bank,
 as trustee for the registered Holders of Prudential
 Mortgage Capital Company
I, LLC, Commercial
 Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of America,
 as Servicer

			
	 	 	 By:
	 	 Prudential Asset Resources, Inc.,
 as Subservicer

				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 -3- 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)          ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)          ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)          ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 EXHIBIT A-1 
  
 LEGAL DESCRIPTION OF CA 0591552 
  
 The land referred to herein is located in the City of Tustin, County of Orange, State of California, and is described as follows: 
  
 Parcel 2 of Parcel Map No. 85-197, as shown on a map filed in Book 208 Pages 44 and 45 of
Parcel Maps, in the office of the county recorder of said county. 
  
 A.P.N.
430-261-25 

 EXHIBIT A-2 
  
 LEGAL DESCRIPTION OF CA 0591031 
  
 The land referred to herein is located in the City of Anaheim, County of Orange, State of California, and is described as follows: 
  
 PARCEL 1 AS SHOWN ON LOT LINE ADJUSTMENT NO. 277 RECORDED APRIL 2, 1992 AS INSTRUMENT NO.
92-205083, OFFICIAL RECORDS. 
  
 EXCEPTING THEREFROM ALL OIL, GAS AND OTHER
HYDROCARBON AND MINERAL SUBSTANCES LYING NOT LESS THEN 500 FEET BELOW THE SURFACE OF SAID LAND BUT WITHOUT THE RIGHT OF ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE FOR THE PURPOSE OF EXTRACTING SAID OIL, GAS OR OTHER
HYDROCARBON AND MINERAL SUBSTANCES, NOR FOR ANY OTHER PURPOSE IN CONNECTION THEREWITH, BUT SHALL HAVE THE RIGHT TO EXTRACT AND REMOVE SAID OIL, GAS OR OTHER HYDROCARBON AND MINERAL SUBSTANCES BY MEANS OF SLANT DRILLED WELLS LOCATED ON ADJACENT OR
NEARBY LAND, OR BY ANY OTHER MEANS WHICH SHALL NOT REQUIRE ENTRY UPON THE SURFACE OF SAID LAND OR WITHIN 500 FEET BELOW SUCH SURFACE, AS RESERVED IN DEED RECORDED APRIL 30, 1965 IN BOOK 7502, PAGES 746 AND 759, OFFICIAL RECORDS. 
  
 AN UNDIVIDED ONE-HALF INTEREST IN AND TO ALL OIL, GAS AND OTHER HYDROCARBON AND MINERAL
SUBSTANCES AS RESERVED IN THE ABOVE DEEDS, WAS CONVEYED TO SANTA FE LAND IMPROVEMENT COMPANY, A CORPORATION, IN DEEDS RECORDED MAY 12, 1996 IN BOOK 7930, PAGE 203, AND RECORDED MAY 25, 1966 IN BOOK 7942, PAGE 361, OFFICIAL RECORDS. 
  
 A.P.N. 346-404-12 

 (Exhibit C-1) 
  
 RELEASE OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING 
  
 by
and between 
  
 CATELLUS FINANCE 1, L.L.C., 
 a Delaware limited liability company, 
  
 as Mortgagor 
  
 and 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
 f/k/a LaSalle National Bank, 
 as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1, 
  
 as Mortgagee 
  
 Dated as of September 2, 2003 

 

  
 County of Will (the “County”) 
  
 State of Illinois (the “State”) 
  

  
 Record and Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111

 Attention: Gary Louie 

 (Exhibit C-1) 
  
 RELEASE OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING 
  
 THIS RELEASE OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Release”), dated as of September 2, 2003, is executed by LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank,
as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Mortgagee”), having an address at 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60647-4107. 
  
 Mortgagee is the owner and holder of that
certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of September 7, 1999, executed by CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Mortgagor”), and recorded on
September 8, 1999 as Document R1999111415 in the Official Records of Will County, Illinois (as amended, the “Gillette Mortgage”), and by this Release, Mortgagee does hereby release and discharge from the lien of the Gillette
Mortgage all of the property secured thereunder. 
  
 IN WITNESS
WHEREOF, Mortgagee has caused this Release to be executed as of the day and year first above written. 
  

	MORTGAGEE:
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a LaSalle National Bank,
 as trustee for the registered Holders of Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of America,
 as Servicer

			
	 	 	 By:
	 	Prudential Asset Resources, Inc.,
as Subservicer
				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 (Exhibit C-2) 
  
 RELEASE OF 
 ASSIGNMENT OF LEASES AND RENTS

  
 by and between 
  
 CATELLUS FINANCE 1, L.L.C., 
 a Delaware limited liability company, 
  
 as Assignor 
  
 and 
 LASALLE BANK NATIONAL ASSOCIATION, 
 f/k/a LaSalle National Bank, 
 as trustee for
the registered Holders of Prudential Mortgage Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1,

  
 as Assignee 
  
 Dated as of September 2, 2003 
  

  
 County of Will (the “County”) 
 State of Illinois (the
“State”) 
  

  
 Record and Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie

 (Exhibit C-2) 
  
 RELEASE OF 
 ASSIGNMENT OF LEASES AND
RENTS 
  
 THIS RELEASE OF ASSIGNMENT OF LEASES AND RENTS (this
“Release”), dated as of September 2, 2003, is executed by LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage
Pass-Through Certificates, Series 1998-1 (“Assignee”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107. 
  

Assignee is the owner and holder of that certain Assignment of Leases and Rents dated as of September 7, 1999, executed by CATELLUS FINANCE 1, L.L.C.,
a Delaware limited liability company (“Assignor”), and recorded on September 8, 1999 as Document R1999111416 in the Official Records of Will County, Illinois (as amended the “Gillette Assignment of Leases”), and by
this Release, Assignee does hereby release and discharge from the lien of the Gillette Assignment of Leases all of the property secured thereunder. 
  
 IN WITNESS WHEREOF, Assignee has caused this Release to be executed as of the day and year first above written. 
  

	ASSIGNEE:
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a LaSalle National Bank,
 as trustee for the registered Holders of Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of America,
 as Servicer

			
	 	 	 By:
	 	Prudential Asset Resources, Inc.,
as Subservicer
				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 (EXHIBIT D-1) 
  
 Recording requested by 
 and when recorded
return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie 
  
 Assessor’s Parcel Numbers: 
 See Exhibit A Hereof 
  
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING 
  
 CATELLUS FINANCE 1, L.L.C., 
  
 TRUSTOR 
  
 TO 
  
 FIRST AMERICAN TITLE INSURANCE COMPANY, 
  
 AS TRUSTEE 
  
 FOR THE BENEFIT OF 
 LASALLE BANK NATIONAL ASSOCIATION, 
 F/K/A LASALLE NATIONAL BANK, 
 AS TRUSTEE FOR THE REGISTERED HOLDERS OF PRUDENTIAL MORTGAGE 
 CAPITAL COMPANY I, LLC,
COMMERCIAL MORTGAGE PASS-THROUGH 
 CERTIFICATES, SERIES 1998-1, 
  
 AS BENEFICIARY 
  
 DATED: AS OF SEPTEMBER 2, 2003 
  
 County: Tarrant (the “County”) 
 State: Texas (the “State”) 
  
 TO BE RECORDED IN THE
DEED 
 OF TRUST RECORDS FOR THE 
 FOLLOWING COUNTY OF THE

 STATE OF TEXAS: TARRANT 

 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
  
 THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Deed of Trust”), dated as of September
2, 2003, is entered into by CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company, as trustor (the “Trustor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94105, to FIRST AMERICAN TITLE
INSURANCE COMPANY, as trustee (the “Trustee”), having an address at 520 North Central Avenue, Glendale, California, 91203, for the benefit of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the
registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Beneficiary”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107.

  
 R E C I T A L
S 
  
 A. Reference is made to that certain loan agreement
dated as of October 26, 1998 between Trustor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Beneficiary (as amended and as the same may hereinafter be consolidated,
extended, modified, amended and/or restated or renewed from time to time, the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that
certain promissory note dated October 26, 1998, in the original principal amount of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), and secured by, among other things, certain deeds of trust, mortgages and security deeds
encumbering properties located within and without the state (as subsequently assigned and amended, the “Existing Mortgages”). 
  
 B. As described in Section 2.12 of the Loan Agreement, Trustor has the option to substitute certain properties in place of certain other properties
designated by Trustor (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan. 
  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof, Trustor has now elected to have
the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado
(“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) as Substitute Properties, and has designated the following properties as Replaced Properties and to be released from the
applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104,
Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. It is a condition precedent to the consummation of the Substitution described in the foregoing paragraph that Trustor execute and deliver this Deed of Trust with 

  

 
respect to TX 4390530 (the Existing Mortgages and this Deed of Trust are collectively referred to herein as the “Mortgages”). 
  
 E. The term “Loan Documents” shall have the same meaning
given to such term in the Loan Agreement. Unless otherwise specifically defined or used in this Deed of Trust to the contrary, capitalized terms shall have the meaning set forth in the Loan Agreement. 
  
 W I T N E S S E
T H: 
  
 Trustor has GRANTED, BARGAINED, MORTGAGED, ASSIGNED, SOLD
and CONVEYED, and by these presents does GRANT, BARGAIN, MORTGAGE, ASSIGN, SELL and CONVEY, unto Trustee, in trust, for the benefit of Beneficiary with power of sale and right of entry and possession, all of the following described property, whether
now owned or hereafter acquired (collectively, the “Property”): 
  
 A. All those certain parcels of real property, located in the County and State (as hereinbefore defined), more particularly described on Exhibit A attached hereto and incorporated herein by this reference
(collectively, the “Real Estate”), together with all of the easements, rights, privileges, franchises, tenements, hereditaments and appurtenances now or hereafter thereunto belonging or in any way appertaining thereto and all of the
estate, right, title, interest, claim and demand whatsoever of Trustor therein or thereto, either at law or in equity, in possession or in expectancy, now or hereafter acquired; 
  
 B. All structures, buildings and improvements of every kind and description now or at any time hereafter located or placed
on the Real Estate except to the extent Trustor’s interest in any structures, building and improvement may be limited as of the date hereof pursuant to the terms of an existing ground lease more particularly described in the Loan Agreement (the
“Improvements”); 
  
 C. All furniture,
furnishings, fixtures, goods, equipment, inventory or personal property owned by Trustor and now or hereafter located on, attached to or used in and about the Improvements, including, but not limited to, all machines, engines, boilers, dynamos,
elevators, stokers, tanks, cabinets, lawn mowers, and all appliances, plumbing, heating, air conditioning, lighting, ventilating, refrigerating, disposal and incinerating equipment, and all fixtures and appurtenances thereto, and such other goods
and chattels and personal property owned by Trustor as are now or hereafter used or furnished in operating the Improvements, or the activities conducted therein, and all building materials and equipment hereafter situated on or about the Real Estate
or the Improvements, and all warranties and guaranties relating thereto, and all additions thereto and substitutions and replacements therefor (exclusive of any of the foregoing owned or leased from a third-party by tenants of space in the
Improvements); 
  
 D. All easements, rights-of-way, strips and
gores of land, vaults, streets, ways, alleys, passages, sewer rights, air rights, other emblements and other development rights now or hereafter located on the Real Estate or under or above the same or any part or parcel thereof, and all estates,
rights, titles, interests, tenements, hereditaments and appurtenances, reversions and remainders whatsoever, in any way belonging, relating or appertaining to the Real Estate and/or 

  

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the Improvements or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired
by Trustor; 
  
 E. All water, ditches, wells, reservoirs and
drains and all water, ditch, well, reservoir and drainage rights which are appurtenant to, located on, under or above or used in connection with the Real Estate or the Improvements, or any part thereof, whether now existing or hereafter created or
acquired; 
  
 F. All minerals, crops, timber, trees, landscaping
and landscaping features now or hereafter located on, under or above the Real Estate; 
  
 G. All cash funds, deposit accounts and other rights and evidence of rights to cash, now or hereafter created or held by Beneficiary pursuant to the Loan Agreement or any other of the other Loan Documents, including,
without limitation, such funds, deposit accounts and other rights and evidence of rights to cash pursuant to those certain Cash Management Agreements executed among others, by Trustor and Beneficiary (the “Cash Management
Agreements”); 
  
 H. All leases (including, without
limitation, oil, gas and mineral leases), licenses, concessions and occupancy agreements of all or any part of the Real Estate or the Improvements now existing or hereafter entered into, as same may be amended (each, a “Lease” and
collectively, “Leases”) whether written or verbal and all rents, royalties, issues, profits, revenue, income and other benefits (collectively, the “Rents and Profits”) of the Real Estate or the Improvements, now or
hereafter arising from the use or enjoyment of all or any portion thereof or from any present or future Lease or other agreement pertaining thereto or arising from any of the Contracts (as hereinafter defined) or any of the General Intangibles (as
hereinafter defined) and all cash or securities deposited to secure performance by the tenants, lessees or licensees (each, a “Tenant” and collectively, the “Tenants”), as applicable, of their obligations under any
such Leases, whether said cash or securities are to be held until the expiration of the terms of said Leases, or applied to one or more of the installments of rent coming due prior to the expiration of said terms, subject to, however, the provisions
contained in Section 1.7 hereinbelow; 
  
 I. All contracts and
agreements now or hereafter entered into covering any part of the Real Estate or the Improvements (collectively, the “Contracts”) and all revenue, income and other benefits thereof, including, without limitation, management
agreements, service contracts, maintenance contracts, equipment leases, personal property leases and any contracts or documents relating to construction on any part of the Real Estate or the Improvements (including plans, drawings, surveys, tests,
reports, bonds and governmental approvals) or to the management or operation of any part of the Real Estate or the Improvements; 
  
 J. All present and future monetary deposits given to any public or private utility with respect to utility services furnished to any part of the Real
Estate or the Improvements; 
  
 K. 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 

  

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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 Trustor 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 (collectively, the “General Intangibles”); 
  
 L. All water taps, sewer taps, certificates of occupancy, permits, licenses,
franchises, certificates, consents, approvals and other rights and privileges now or hereafter obtained in connection with the Real Estate or the Improvements and all present and future warranties and guaranties relating to the Improvements or to
any equipment, fixtures, furniture, furnishings, personal property or components of any of the foregoing now or hereafter located or installed on the Real Estate or the Improvements; 
  
 M. All building materials, supplies and equipment now or hereafter placed on the Real Estate or in the Improvements and all
architectural renderings, models, drawings, plans, specifications, studies and data now or hereafter relating to the Real Estate or the Improvements (exclusive of any of the foregoing owned or leased from a third-party by tenants of space in the
Improvements); 
  
 N. All right, title and interest of Trustor in
any insurance policies or binders now or hereafter relating to the Property including any unearned premiums thereon; 
  
 O. All proceeds, products, substitutions and accessions (including claims and demands therefor) of the conversion, voluntary or involuntary, of any of the
foregoing into cash or liquidated claims, including, without limitation, proceeds of insurance and condemnation awards; and 
  
 P. All other or greater rights and interests of every nature in the Real Estate or the Improvements and in the possession or use thereof and income
therefrom, whether now owned or hereafter acquired by Trustor. 
  
 FOR THE PURPOSES OF SECURING: 
  
 (1) The indebtedness
evidenced by the Note and the Loan Amount, together with interest as therein provided; 
  
 (2) The full and prompt payment and performance of all of the provisions, agreements, covenants and obligations herein contained and contained in any other Loan Documents and the payment of all other sums herein or
therein covenanted to be paid specifically including, but without limitation, any applicable yield maintenance premiums or prepayment fees; 
  
 (3) Any and all additional advances made by Beneficiary to protect or preserve the Property or the lien or security interest created hereby on the
Property, or for taxes, assessments or insurance premiums as hereinafter provided or for performance of any of Trustor’s obligations hereunder or under the other Loan Documents or for any other purpose 

  

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provided herein or in the other Loan Documents (whether or not the original Trustor remains the owner of the Property at the time of such advances) together
with interest on such amounts as provided herein or in the other Loan Documents; 
  
 (4) Any and all other indebtedness now owing or which may hereafter be owing by Trustor to Beneficiary under the Loan, including, without limitation, all prepayment premiums, however and whenever incurred or
evidenced, whether express or implied, direct or indirect, absolute or contingent, or due or to become due, and all renewals, modifications, consolidations, replacements and extensions thereof, it being contemplated by Trustor and Beneficiary that
Trustor may hereafter become so indebted to Beneficiary, including, without limitation any modifications of the required principal payment dates or interest payment dates or both, as the case may be, deferring or accelerating payment dates wholly or
partly. 
  
 The principal amount of the indebtedness that this
Deed of Trust secures as of the date hereof is $348,621,167.70. 
  
 (All of the sums referred to in the preceding five (5) paragraphs above are herein sometimes referred to as the “Secured Obligations”). 
  
 TO HAVE AND TO HOLD the Property unto Trustee, its successors and assigns forever, and Trustor does hereby bind itself, its
successors and assigns, to WARRANT AND FOREVER DEFEND the title to the Property unto Trustee against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to the Permitted Exceptions; 
  
 PROVIDED, HOWEVER, that if the principal and interest and all other sums due
or to become due under the Note or under the other Loan Documents, including, without limitation, any prepayment premiums required pursuant to the terms of the Note, shall have been paid at the time and in the manner stipulated therein and all other
sums payable hereunder and all other Secured Obligations shall have been paid and all other covenants contained in the Loan Documents shall have been performed, then, in such case, this Deed of Trust shall be satisfied and the estate, right, title
and interest of Beneficiary in the Property shall cease, and upon payment to Beneficiary of all costs and expenses incurred for the preparation of the release hereinafter referenced and all recording costs if allowed by law, Beneficiary shall
release this Deed of Trust and the lien and security interest hereof by proper instrument. 
  

 -5- 

 ARTICLE I 
  

COVENANTS OF TRUSTOR 
  
 For the purpose of further securing the Secured Obligations and for the protection of the security of this Deed of Trust, for so long as the Secured
Obligations or any part thereof remains outstanding, Trustor covenants and agrees as follows: 
  
 1.1 Warranties of Trustor. Trustor, for itself and its successors and assigns hereby represent, warrant and covenant to and with Beneficiary, its successors, and assigns, that: 
  
 (a) First Lien. Upon the execution by the Trustor and the recording of
this Deed of Trust, and upon the execution and filing of UCC-1 financing statements or amendments thereto, the Beneficiary will have a valid first lien on the Property and a valid first security interest in all personal property secured hereby,
subject to no liens, charges or encumbrances other than the Permitted Exceptions (as defined in the Loan Agreement). 
  
 (b) Homestead. The Property forms no part of any property owned, used or claimed by Trustor 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. Trustor hereby disclaims and renounces each and every claim to all or any portion of the Property as a homestead. 
  
 1.2 Defense of Title. If, while this Deed of Trust is in force, the
title to the Property or the interest of Beneficiary 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, Trustor,
at Trustor’s expense, shall take all necessary and proper steps for the defense of said title or interest, including the employment of counsel approved by Beneficiary, 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 Beneficiary determines that Trustor is not adequately performing its obligations under this Section, Beneficiary may, without limiting or waiving any other
rights or remedies of Beneficiary hereunder, take such steps, with respect thereto as Beneficiary shall deem necessary or proper and any and all costs and expenses incurred by Beneficiary in connection therewith, together with interest thereon at
the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately paid by Trustor on demand and shall be secured by this Deed of Trust and by all of the other Loan Documents securing all or any part
of the Secured Obligations. 
  
 1.3 Performance of
Obligations. Trustor shall pay when due the principal of and the interest on the Secured Obligations in accordance with the terms of the Note and the other Loan Documents. Trustor shall also pay all charges, fees and other sums required to be
paid by Trustor as provided in the Loan Documents, in accordance with the terms of the Loan Documents and shall observe, perform and discharge all obligations, covenants and agreements to be observed, performed or discharged by Trustor set forth in
the Loan Documents in accordance with their terms. Further, Trustor shall promptly and strictly perform and comply with all covenants, conditions, obligations and prohibitions required of Trustor 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 this Deed of Trust. 
  
 1.4 Payment of Taxes. Trustor shall pay or cause to be paid, except to the extent provision is actually made as provided in the Loan Agreement, all
taxes and assessments which are or may become a lien on the Property or which are assessed against or imposed upon the Property and Trustor shall furnish Beneficiary 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 assessments prior to the applicable delinquency date therefor. Notwithstanding the foregoing, Trustor may in good
faith, by appropriate proceedings and upon notice to Beneficiary, contest the validity, 

  

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applicability or amount of any asserted tax or assessment so long as (i) the amount of such tax or assessment is paid prior to commencing such contest or
(ii) all of the following conditions are satisfied: (a) such contest is diligently pursued, (b) Beneficiary determines, in its subjective opinion, that such contest suspends the obligation to pay the tax and that nonpayment of such tax or assessment
will not result in the sale, loss, forfeiture or diminution of the Property or any part thereof or any interest of Beneficiary therein, and (c) prior to the earlier of the commencement of such contest or the delinquency date of the asserted tax or
assessment, Trustor deposits in the Impound Account (as defined in the Loan Agreement) an amount determined by Beneficiary to be adequate to cover the payment of such tax or assessment and a reasonable additional sum to cover possible interest,
costs and penalties; provided, however, that Trustor 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, assessments, 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. 
  
 1.5 Casualty and Condemnation.

  
 (a) Trustor shall give Beneficiary 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
Beneficiary. Notwithstanding the foregoing assignment, proceeds from rent loss insurance as described in Section 4.1(g) of the Loan Agreement shall not be applied to the restoration of any casualty pursuant to this Section 1.05. Provided there is no
Event of Default, to the extent that Trustor makes all of the requisite payments on the Loan with respect to a given period, Beneficiary shall pay to Trustor the rent loss insurance proceeds held by the Beneficiary which relate to such period.
Beneficiary may participate in any suits or proceedings relating to any such proceeds, causes of action, claims, compensation, awards or recoveries, and Beneficiary is hereby authorized, in its own name or in Trustor’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 Trustor shall from time to time deliver to Beneficiary any instruments required to permit such
participation; provided, however, that, so long as no Default or Event of Default shall have occurred, Beneficiary shall not have the right to participate in the adjustment of any loss which is not in excess of the lesser of (i) five percent (5%) of
the Allocated Loan Amount (as defined in the Loan Agreement) of the affected Property Parcel or (ii) $250,000.00 All insurance proceeds coming into possession of Beneficiary shall not be deemed trust funds and Beneficiary shall have the option in
its sole discretion to apply any insurance proceeds it may receive pursuant hereto to the payment of the Secured Obligations or to allow all or a portion of such proceeds to be used for the restoration of the Property. In the event any such
insurance proceeds shall be used to reduce the Secured Obligations, Beneficiary shall apply any sums received by it under this Section first to the payment of all of its costs and expenses (including, but not limited to, legal fees and
disbursements) incurred in obtaining those sums. 
  

 -7- 

 (b) Notwithstanding the foregoing, in the event that (i) less than sixty percent (60%) of the
Improvements located on a Property Parcel having an Allocated Loan Amount of Two Million Dollars ($2,000,000.00) or more have been taken or destroyed, or (ii) all or any portion of the Improvement located on a Property Parcel having an Allocated
Loan Amount of less than Two Million Dollars ($2,000,000.00) have been taken or destroyed, then if and so long as: 
  
 (1) no Default (as defined in the Loan Agreement) or Event of Default is then continuing hereunder or under any of the other Loan
Documents, and 
  
 (2) the Property Parcel can,
in Beneficiary’s judgment, with diligent restoration or repair, be returned to a condition at least substantially equal to the condition that existed prior to the casualty or partial taking causing the loss or damage within the earlier to occur
of (i) nine (9) months (or twelve (12) months provided the Property Parcel is covered by not less than twenty-four (24) months of rent loss insurance (as described in Section 4.1(g) in the Loan Agreement) or equivalent security posted with and
acceptable to Beneficiary) after the casualty or taking, and (ii) sixty (60) days prior to the stated maturity date of the Note, and 
  
 (3) all necessary governmental approvals can be obtained to allow the rebuilding and re-occupancy of the Property Parcel as described in
Section 1.5(b)(2) above, and 
  
 (4) there
are sufficient sums available (through insurance proceeds or condemnation awards and contributions by Trustor, the full amount of which shall, at Beneficiary’s option, have been deposited with Beneficiary) for such restoration or repair
(including, without limitation, for any costs and expenses of Beneficiary to be incurred in administering said restoration or repair) and for payment of principal and interest to become due and payable under the Note during such restoration or
repair, and 
  
 (5) the economic feasibility of
the Improvements after such restoration or repair in Beneficiary’s reasonable determination will be such that income from their operation is reasonably anticipated to be sufficient to pay operating expenses of the Property Parcel and debt
service on the proportionate share of the Secured Obligations in full with the same coverage ratio considered by Beneficiary in its determination to make the loan secured hereby, which feasibility study may include, among other factors, whether the
existing tenant remains obligated to the then existing lease or whether a new tenant has entered into a lease the term of which will commence upon completion of the restoration, and 
  
 (6) evidence satisfactory to Beneficiary, and subject to Rating Confirmation (as defined in the Loan
Agreement), that the NOI (as defined in the Loan Agreement, except, that for the purposes hereof, Beneficiary will look to the twelve (12) month period following the restoration) of the Property Parcel after the restoration will equal or exceed the
NOI immediately prior to the casualty or the taking, as Beneficiary may reasonably determine. In calculating NOI, Beneficiary shall not consider proforma or projected leases but shall include (x) all Rents and Profits from any existing Lease that,
in accordance with its terms, has not been and may not be, terminated or extinguished as a result of the casualty or the taking (unless waived in writing by the Tenant), provided that the Rents and Profits are not abated, reduced or eliminated
(unless such abated, reduced or eliminated Rents and Profits are insured 

  

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under an existing business interruption/rent loss policy) and (y) all Rents and Profits from all newly executed, arms-length Leases, to the extent
applicable, and 
  
 (7) in the event that the
insurance proceeds or condemnation awards received as a result of such casualty or partial taking exceed the lesser of (i) five percent (5%) of the Allocated Loan Amount for the Property Parcel or (ii) $250,000.00, Trustor shall have delivered to
Beneficiary, at Beneficiary’s option and at Trustor’s sole cost and expense, an appraisal report in form and substance reasonably satisfactory to Beneficiary appraising the value of the Property Parcel as proposed to be restored or
repaired to be not less than the appraised value of the Property Parcel considered by Beneficiary in its determination to make the loan secured hereby, and 
  
 (8) Trustor elects to fully restore or repair the Improvements by written notice delivered to Beneficiary prior to the end of the fifth
(5th) Business Day (as defined in the Loan Agreement) after settlement of the aforesaid insurance or condemnation
claim, 
  
 then, Beneficiary shall, solely for the purposes of such restoration or
repair, advance so much of the remainder of such sums as may be required for such restoration or repair, and any funds deposited by Trustor therefor, to Trustor in the manner and upon such terms and conditions as would be required by a prudent
construction lender, including, but not limited to, the prior approval by Beneficiary of plans and specifications, contractors and form of construction contracts and the furnishing to Beneficiary of permits, bonds, lien waivers, invoices, receipts
and affidavits from contractors and subcontractors, in form and substance satisfactory to Beneficiary in its reasonable discretion (with retainages of not less than twenty-five percent (25%)) and with any remainder being applied by Beneficiary, at
its option, for payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion without the imposition of any Yield Maintenance Charge (as defined in the Note) or other prepayment fee, provided,
however, that no Event of Default shall have occurred under the Loan Documents. 
  
 (c) In all other cases, namely, in the event that sixty percent (60%) or more of the Improvements located on a Property Parcel having an Allocated Loan Amount of Two Million Dollars ($2,000,000.00) or more have been
taken or destroyed or Trustor does not elect to restore or repair the Property Parcel pursuant to clause (b) above or otherwise fails to meet the requirements of clause (b) above, then, in either such events, Beneficiary shall elect, in
Beneficiary’s sole and absolute discretion and without regard to the adequacy of Beneficiary’s security, to do either of the following: (1) apply all of the proceeds (net of fees, costs and expenses, including, but not limited to legal
fees, incurred by Beneficiary) received pursuant to this Section to the payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion and without the imposition of the Yield Maintenance Charge (as defined in the
Note), provided that an Event of Default shall not have occurred and be continuing at the time of the taking or destruction or at the time of application of insurance proceeds and with any remainder being paid to Trustor, or (2)
notwithstanding that Trustor may have elected not to restore or repair the Property Parcel pursuant to the provisions of Section 1.5(b)(8) above, if the Beneficiary determines it is economically feasible to restore the Property Parcel in
accordance with Section 1.5(b)(5), above, then, the Beneficiary may require Trustor to restore or repair the Property Parcel in the manner and upon such terms and conditions as would be required by a prudent construction lender, including,
but not limited to, the deposit by Trustor with 

  

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Beneficiary, within thirty (30) days after demand therefor, of any deficiency reasonably determined by Beneficiary to be necessary in order to assure the
availability of sufficient funds to pay for such restoration or repair, including Beneficiary’s costs and expenses to be incurred in connection therewith, the prior approval by Beneficiary of plans and specifications, contractors and form of
construction contracts and the furnishing to Beneficiary of permits, bonds, lien waivers, invoices, receipts and affidavits from contractors and subcontractors, in form and substance satisfactory to Beneficiary in its discretion, and apply the
remainder of such sums toward such restoration and repair, with any balance thereafter remaining being applied by Beneficiary first, provided no Event of Default exists, to return to Trustor any such amounts deposited by Trustor, and thereafter, for
payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion. 
  
 Any reduction in the Secured Obligations resulting from Beneficiary’s application of any sums received by it hereunder shall take effect only when
Beneficiary actually receives such sums and elects to apply such sums to the Secured Obligations and, in any event, the unpaid portion of the Secured Obligations shall remain in full force and effect and Trustor shall not be excused in the payment
thereof. If Trustor elects as provided above or Beneficiary directs Trustor to restore or repair the Property Parcel after the occurrence of a casualty or partial taking of the Property Parcel as provided above, Trustor shall promptly and
diligently, at Trustor’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 Parcel 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 Trustor shall pay to Beneficiary all costs and expenses of Beneficiary incurred in administering said
rebuilding, restoration or repair, provided that Beneficiary makes such proceeds or award available for such purpose. Trustor agrees to execute and deliver from time to time such further instruments as may be requested by Beneficiary to confirm the
foregoing assignment to Beneficiary of any award, damage, insurance proceeds, payment or other compensation. Beneficiary is hereby irrevocably constituted and appointed the attorney-in-fact of Trustor (which power of attorney shall be irrevocable so
long as any portion of the Secured Obligations is outstanding, shall be deemed coupled with an interest, shall survive the voluntary or involuntary dissolution of Trustor and shall not be affected by any disability or incapacity suffered by Trustor
subsequent to the date hereof), with full power of substitution, subject to the terms of this Section 1.5, 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. 
  
 1.6 Mechanics’ Liens. Trustor 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 the Improvements; provided, however, that, Trustor 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 Beneficiary 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 Trustor shall contest any such claim or
demand, Trustor shall promptly notify Beneficiary of such contest and thereafter shall, upon Beneficiary’s request, promptly provide a bond, cash deposit or other security satisfactory to Beneficiary to protect Beneficiary’s interest and
security should the contest be unsuccessful. If Trustor shall fail to immediately 

  

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discharge or provide security against any such claim or demand as aforesaid, Beneficiary may do so and any and all expenses incurred by Beneficiary, together
with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately paid by Trustor on demand and shall be secured by this Deed of Trust and by all of the other Loan Documents
securing all or any part of the Secured Obligations. 
  
 1.7
Assignment of Leases and Rents. Trustor acknowledges and confirms that, as additional collateral security for the payment of the indebtedness secured hereby, and cumulative of any and all rights and remedies herein provided, it has executed
and delivered to Beneficiary an Assignment of Leases and Rents of even date herewith (the “Assignment”), intending such Assignment to create a present, absolute assignment to Beneficiary of all current or future leases of all or any
portion of the Property and Rents and Profits. It is agreed that, notwithstanding that the Assignment provides for a present, absolute and executed assignment of the Rents and Profits and of the Leases, Trustor is hereby permitted, at the sufferance
of Beneficiary and at its discretion, and is hereby granted a license by Beneficiary, to retain possession of the Leases and to retain the Rents and Profits that are delivered to Trustor pursuant to the Cash Management Agreements unless and until
the occurrence of a Sweep Event (as defined in the Cash Management Agreements). Upon the occurrence of an Event of Default (as hereinafter defined), the aforementioned license granted to Trustor shall automatically terminate without notice to
Trustor, and Beneficiary may thereafter, without taking possession of the Property, take possession of the Leases and collect and retain the Rents and Profits in accordance with the terms and conditions of the Cash Management Agreements, the
Assignment and the other Loan Documents. Upon the occurrence of an Event of Default under this Deed of Trust, Beneficiary shall be entitled to exercise any or all of the remedies provided in this Deed of Trust and in the Assignment, including,
without limitation, the appointment of a receiver. The Assignment shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property. 
  
 1.8 Leases and Licenses. 
  
 (a) Prior to the date hereof, Trustor has submitted to Beneficiary for approval a copy of the form or forms of Lease Trustor uses in leasing space in the
Improvements. After the date hereof, but prior to execution of any new Leases of space in the Improvements, Trustor shall submit to Beneficiary, for Beneficiary’s prior approval, which approval shall not be unreasonably withheld, a copy of any
new form Lease Trustor plans to use in leasing space in the Improvements which differs materially from the form or forms of Lease previously submitted to Beneficiary for approval. All Leases and modifications of Leases of space in the Improvements
shall be on terms consistent with the terms for similar leases in the market area of the Real Estate, shall provide for free rent only if the same is consistent with prevailing market conditions and shall provide for market rents then prevailing in
the market area of the Real Estate. Such Leases shall also provide for security deposits in reasonable amounts consistent with prevailing market conditions. Trustor shall also submit to Beneficiary for Beneficiary’s approval, which approval
shall not be unreasonably withheld or delayed, prior to the execution thereof, any proposed Lease of the Improvements, or any portion thereof, or any modification of Lease, that differs materially and adversely from the aforementioned form Lease,
including, without limitation, such Leases which fail to contain the provisions required under Section 1.8(b) hereof. Trustor shall not execute any Lease for all or a substantial portion of the Property, except for an 

  

 -11- 

 
actual occupancy by the Tenant lessee or licensee thereunder, and shall at all times promptly and faithfully perform, or cause to be performed, all of the
covenants, conditions and agreements contained in all Leases with respect to the Property, now or hereafter existing, on the part of the landlord, lessor or licensor thereunder to be kept and performed. Upon the request of Beneficiary, Trustor shall
deliver to Beneficiary a copy of each such Lease. Promptly after its full execution, Trustor shall deliver a complete copy of every Lease and amendment of a Lease. Trustor shall not do or suffer to be done any act, or omit to take any action, that
might result in a default by the landlord, lessor or licensor under any such Lease or allow the Tenant thereunder to withhold payment of rent or cancel or terminate same and shall not further assign any such Lease, Rents or Profits. Trustor, at no
cost or expense to Beneficiary, shall enforce, short of termination, the performance and observance of each and every condition and covenant of each of the parties under such Leases and Trustor shall not anticipate, discount, release, waive,
compromise or otherwise discharge any rent payable under any of the Leases except in the normal course of business in a manner which is consistent with sound and customary leasing and management practices for similar properties in the community in
which the Property is located and in such manner as is most consistent with maintaining or enhancing the value of the Property. Trustor shall not, without the prior written consent of Beneficiary, modify any of the Leases, terminate or accept the
surrender of any Leases, waive or release any other party from the performance or observance of any obligation or condition under such Leases except in the normal course of business in a manner which is consistent with sound and customary leasing
and management practices for similar properties in the community in which the Property is located and in such manner as is most consistent with maintaining or enhancing the value of the Property. From the date hereof, Trustor shall not enter into
any new lease which permits the prepayment of any rents under any of the Leases for more than one (1) month prior to the due date thereof. 
  
 (b) Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must provide, in a manner approved by Beneficiary, that
the Tenant, will recognize as its landlord, lessor or licensor, as applicable, and attorn to any person succeeding to the interest of Trustor upon any foreclosure of this Deed of Trust or deed in lieu of foreclosure. Each such Lease shall also
provide that, upon request of said successor-in-interest, the Tenant shall execute and deliver an instrument or instruments confirming its attornment as provided for in this Section; provided, however, that (x) neither Beneficiary nor any
successor-in-interest shall be bound by any payment of rent for more than one (1) month in advance (unless such rent is delivered and retained by Beneficiary) or any material amendment or modification of said Lease made without the express written
consent of Beneficiary or said successor-in-interest, and (y) neither Beneficiary nor said successor-in-interest shall be bound by any indemnity or other obligation of Trustor accruing prior to foreclosure of this Deed of Trust or deed in lieu of
foreclosure, and (z) neither Beneficiary nor successor-in-interest shall be bound by any construction obligation of Trustor, unless ratified by Beneficiary or said successor-in-interest. 
  
 (c) Subject to Rating Confirmation (as defined in the Loan Agreement), Beneficiary may at any time and from time to time by
specific written instrument intended for such purpose, unilaterally subordinate the lien of this Deed of Trust to any Lease, without joinder or consent of, or notice to, Trustor, any tenant or any other person. Notice is hereby given to each tenant
under a Lease of such right to subordinate. No subordination referred to in this Section shall constitute a subordination to any lien or other encumbrance, whenever arising, or 

  

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improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Deed of Trust to any Lease. 
  
 (d) Upon the occurrence and during the continuance of an Event of Default
under this Deed of Trust, whether before or after the Secured Obligations are declared to be immediately due or whether before or after the institution of legal proceedings to foreclose this Deed of Trust, forthwith, upon demand of Beneficiary,
Trustor shall surrender to Beneficiary and Beneficiary shall be entitled to take, actual possession of the Property or any part thereof personally, or by its agent or attorneys. In such event, Beneficiary shall have, and Trustor hereby gives and
grants to Beneficiary, the right, power and authority to make and enter into Leases with respect to the Property or portions thereof for such rents and for such periods of occupancy and upon conditions and provisions as Beneficiary may deem
desirable in its sole discretion, and Trustor expressly acknowledges and agrees that the term of any such Lease may extend beyond the date of any foreclosure sale of the Property, it being the intention of Trustor that in such event Beneficiary
shall be deemed to be and shall be the attorney-in-fact of Trustor for the purpose of making and entering into Leases of parts or portions of the Property for the rents and upon the terms, conditions and provisions deemed desirable to Beneficiary in
its sole discretion and with like effect as if such Leases had been made by Trustor as the owner in fee simple of the Property free and clear of any conditions or limitations established by this Deed of Trust. The power and authority hereby given
and granted by Trustor to Beneficiary shall be deemed to be coupled with an interest, shall not be revocable by Trustor so long as any portion of the Secured Obligations is outstanding, shall survive the voluntary or involuntary dissolution of
Trustor and shall not be affected by any disability or incapacity suffered by Trustor subsequent to the date hereof. In connection with any action taken by Beneficiary pursuant to this Section, Beneficiary shall not be liable for any loss sustained
by Trustor resulting from any failure to let the Property, or any part thereof, or from any other act or omission of Beneficiary in managing the Property, nor shall Beneficiary be obligated to perform or discharge any obligation, duty or liability
under any Lease covering the Property or any part thereof or under or by reason of this instrument or the exercise of rights or remedies hereunder. TRUSTOR SHALL, AND DOES HEREBY, INDEMNIFY BENEFICIARY FOR, AND HOLD BENEFICIARY HARMLESS FROM, ANY
AND ALL CLAIMS, ACTIONS, DEMANDS, LIABILITIES, LOSS OR DAMAGE WHICH MAY OR MIGHT BE INCURRED BY BENEFICIARY UNDER ANY SUCH LEASE OR UNDER THIS DEED OF TRUST OR BY THE EXERCISE OF RIGHTS OR REMEDIES HEREUNDER AND FROM ANY AND ALL CLAIMS AND DEMANDS
WHATSOEVER WHICH MAY BE ASSERTED AGAINST BENEFICIARY BY REASON OF ANY ALLEGED OBLIGATIONS OR UNDERTAKINGS ON ITS PART TO PERFORM OR DISCHARGE ANY OF THE TERMS, COVENANTS OR AGREEMENTS CONTAINED IN ANY SUCH LEASE OTHER THAN THOSE FINALLY DETERMINED
BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED SOLELY FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF BENEFICIARY. Should Beneficiary incur any such liability, the amount thereof, including, without limitation, costs, expenses and
reasonable attorneys’ fees, together with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately due and payable to Beneficiary by Trustor on demand and shall be
secured hereby and by all of the other Loan Documents securing all or any part of the Secured Obligations. Nothing in this Section shall impose on Beneficiary any duty, obligation or responsibility for the control, care, management or repair of the
Property, or for the 

  

 -13- 

 
carrying out of any of the terms and conditions of any such Lease, nor shall it operate to make Beneficiary responsible or liable for any waste committed on
the Property by the Tenants or by any other parties or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property. Trustor hereby assents to, ratifies and confirms any
and all actions of Beneficiary with respect to the Property taken under this Section. 
  
 (e) Trustor covenants and agrees that it shall not enter into, modify or terminate any Lease (x) affecting fifty percent (50%) or more of the gross leasable area of the Improvements on any Property Parcel, or (y)
affecting 10,000 square feet or more of any Property Parcel that is a multi-tenant office building or, 40,000 square feet or more in the case of any other type of Property Parcel, or (z) having a term (which shall include any and all extension
periods) of ten (10) years or more, without the prior written approval of Beneficiary, which approval shall not be unreasonably withheld. Trustor (as required) shall furnish to Beneficiary (and any loan servicer specified from time to time by
Beneficiary): (i) such biographical and financial information about the proposed Tenant as Beneficiary may require in conjunction with its review, (ii) a copy of the proposed form of Lease or modification, (iii) a summary of the material terms of
such proposed Lease or modification (including, without limitation, rental terms and the term of the proposed lease or modification and any options) and (iv) such other information as Beneficiary may reasonably request. It is acknowledged that
Beneficiary intends to include (as applicable) among its criteria for approval the following: (i) such Lease or modification shall be with a bona-fide arm’s-length Tenant; (ii) such Lease or modification shall not contain any rental or other
concessions which are not then customary and reasonable for similar properties and Leases in the market area of the Property Parcel; (iii) such Lease or modification shall provide that the Tenant pays for its expenses; (iv) the rental shall be at
least at the market rate then prevailing for similar properties and leases in the market area of the Property Parcel; and (v) such Lease shall contain subordination and attornment provisions in form and content acceptable to Beneficiary. All notices
requesting Beneficiary’s approval shall clearly and prominently state “APPROVAL REQUEST” thereon. If Beneficiary has not responded to the Trustor’s request for Lease approval after ten (10) days from that date such
approval request is deemed received (as provided in the provisions governing the giving of notices in the Loan Agreement), Trustor shall send a second notice which contains a legend on the face of the envelope and on such notice, printed in bold
typeface of at least 10 pitch or larger which reads: “FAILURE TO RESPOND TO THE ENCLOSED REQUEST WITHIN FIVE (5) DAYS OF RECEIPT HEREOF IS DEEMED APPROVAL.” If Beneficiary fails to respond to the second notice within five (5) days
after receipt of such second request, such Lease shall be deemed approved, provided that all the documents and information required to be furnished to Mortgagee in connection with such request notice have been properly furnished
pursuant to this Section 1.8(e). Beneficiary shall be entitled to charge and Trustor agrees to pay to Beneficiary the administrative fees incurred in connection with the review, approval and other matters relating to Leases, including without
limitation, all out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees). 
  
 1.9 Payment of Utilities, Assessments, Charges, Etc. Trustor shall pay when due all utility charges which are incurred by Trustor or which may
become a charge or lien against any portion of the Property for gas, electricity, water and sewer services furnished to the Real Estate and/or the Improvements and all other assessments or charges of a similar nature, or 

  

 -14- 

 
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. 
  
 1.10 Access Privileges and Inspections. Beneficiary and the agents, representatives and employees of Beneficiary 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 and, except in the event of an emergency, upon reasonable notice (which notice may be telephonic), for the purposes of inspecting
the Property and of examining, copying and making extracts from the books and records of Trustor relating to the Property. Trustor shall lend assistance to all such agents, representatives and employees of Beneficiary. 
  
 1.11 Abandonment; Waste; Alteration of Improvements. Trustor shall not
abandon all or any material portion of the Property nor commit, suffer or permit any waste on the Property nor take any actions that might invalidate any insurance carried on the Property. Trustor shall maintain the Property in good condition and
repair. No part of the Improvements may be removed, demolished or materially altered, except with respect to tenant improvements made in the ordinary course of business or made pursuant to Section 9.4(b) of the Loan Agreement), without the prior
written consent of Beneficiary. Without the prior written consent of Beneficiary, except with respect to tenant improvements as provided in the Loan Agreement, Trustor shall not commence construction of any improvements on the Real Estate other than
improvements required for the maintenance or repair of the Property. 
  
 1.12 Zoning. Without the prior written consent of Beneficiary, Trustor shall not seek, make, suffer, consent to or acquiesce in any change in the zoning or conditions of use of the Real Estate or the Improvements. Trustor shall
comply with and make all payments required under the provisions of any covenants, conditions or restrictions affecting the Real Estate or the Improvements. Trustor shall comply with all existing and future requirements of all governmental
authorities having jurisdiction over the Property. Trustor shall keep all licenses, permits, franchises and other approvals necessary for the operation of the Property in full force and effect. For so long as the Secured Obligations are outstanding,
Trustor shall operate the each of the Property Parcels in the same manner as each is now operated, except where an alternative use is specifically permitted under the Loan Agreement. 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, Trustor shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Beneficiary. Further, without Beneficiary’s prior written
consent, Trustor 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. 
  
 1.13 Further
Documentation. 
  
 Trustor shall, on the request of
Beneficiary and at the expense of Trustor: (a) promptly correct any defect, error or omission which may be discovered in the contents of this Deed of Trust or in the contents of any of the other Loan Documents; (b) promptly execute, acknowledge,
deliver and record or file such further instruments (including, without limitation, 

  

 -15- 

 
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 Deed of Trust 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) promptly execute, acknowledge,
deliver, procure and record or file any document or instrument (including specifically, without limitation, any financing statement) deemed advisable by Beneficiary to protect, continue or perfect the liens or the security interests hereunder
against the rights or interests of third persons; and (d) promptly furnish to Beneficiary, upon Beneficiary’s request, a duly acknowledged written statement and estoppel certificate addressed to such party or parties as directed by Beneficiary
and in form and substance supplied by Beneficiary, setting forth all amounts due under the Note, stating whether any Default or Event of Default has occurred hereunder, stating whether any offsets or defenses exist against the Secured Obligations
and containing such other matters as Beneficiary may reasonably require. 
  
 1.14 Payment of Costs; Reimbursement to Beneficiary. Trustor shall pay all costs and expenses of every character reasonably incurred to close, administer or enforce the Loan evidenced by the Note and secured
hereby or attributable or chargeable to Trustor 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, uniform commercial code/tax lien/litigation search fees, escrow fees and reasonable attorneys’ fees. Beneficiary 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 Trustor or any person in possession holding under Trustor. Trustor hereby acknowledges and agrees that the remedies set forth in
this Section 1.14 shall be exercisable by Beneficiary, and any and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Trustor with
interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Trustor of a voluntary case or the filing against Trustor of an
involuntary case pursuant to or within the meaning of the Bankruptcy Code (as defined in the Loan Agreement) 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 Trustor, Beneficiary, any guarantor or indemnitor, the Secured Obligations or any of the Loan Documents. Trustor hereby indemnifies and holds Beneficiary
harmless from and against all loss, cost and expense with respect to any Event of Default, 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, but not limited to, 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 (except that which is due to Beneficiary’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction), including, without limitation, in any case,
reasonable attorneys’ fees, costs and expenses as aforesaid, whether at pretrial, trial or appellate level, and such indemnity shall survive payment in full of the Secured 

  

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Obligations. This Section shall not be construed to require Beneficiary to incur any expenses, make any appearances or take any actions. 
  
 1.15 Security Interest. This Deed of Trust is also intended to
encumber and create a security interest in, and Trustor hereby grants to Beneficiary a security interest in, all sums on deposit with Beneficiary pursuant to the provisions of this Deed of Trust, the Loan Agreement, or any of the other Loan
Documents and all fixtures, chattels, accounts, equipment, inventory, contract rights, general intangibles and other personal property included within the Property, all renewals, replacements of any of the aforementioned items, or articles in
substitution therefor or in addition thereto or the proceeds thereof (said property is hereinafter referred to collectively as the “Collateral”), whether or not the same shall be attached to the Real Estate or the Improvements in
any manner. It is hereby agreed that to the extent permitted by law, all of the foregoing property is to be deemed and held to be a part of and affixed to the Real Estate and the Improvements. The foregoing security interest shall also cover
Trustor’s leasehold interest in any of the foregoing property which is leased by Trustor. Notwithstanding the foregoing, all of the foregoing property shall be owned by Trustor and no leasing or installment sales or other financing or title
retention agreement in connection therewith shall be permitted without the prior written approval of Beneficiary. Trustor shall, from time to time (but not more than one (1) time in any twelve (12) month period) upon the request of Beneficiary,
supply Beneficiary with a current inventory of all of the property in which Beneficiary is granted a security interest hereunder, in such detail as Beneficiary may require. Trustor shall promptly replace all of the Collateral subject to the lien or
security interest of this Deed of Trust when worn or obsolete with Collateral comparable to the worn out or obsolete Collateral when new and will not, without the prior written consent of Beneficiary, remove from the Real Estate or the Improvements
any of the Collateral subject to the lien or security interest of this Deed of Trust except such as is replaced by an article of equal suitability and value as above provided, owned by Trustor free and clear of any lien or security interest except
that created by this Deed of Trust and the other Loan Documents. All of the Collateral shall be kept at the location of the Real Estate except as otherwise required by the terms of the Loan Documents. Trustor shall not use any of the Collateral in
violation of any applicable statute, ordinance or insurance policy. 
  
 1.16 Security Agreement. This Deed of Trust constitutes a security agreement between Trustor and Beneficiary with respect to the Collateral in which Beneficiary is granted a security interest hereunder, and, cumulative of all other
rights and remedies of Beneficiary hereunder, Beneficiary shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code as adopted and enacted by the State or States where any of the Collateral is located
(as amended and recodified from time to time, the “Uniform Commercial Code”). Trustor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints (irrevocably and coupled with an interest)
Beneficiary the attorney-in-fact of Trustor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Beneficiary
may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Beneficiary shall have the right of possession of all cash, securities,
instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Trustor shall promptly deliver
the same to Beneficiary, endorsed to Beneficiary, 

  

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without further notice from Beneficiary. Trustor agrees to furnish Beneficiary with notice of any change in the name, identity, organizational structure,
residence, or principal place of business or mailing address of Trustor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Beneficiary shall have the rights and remedies as prescribed in this
Deed of Trust, or as prescribed by general law, or as prescribed by the Uniform Commercial Code, all at Beneficiary’s election. Any disposition of the Collateral may be conducted by an employee or agent of Beneficiary. Any person, including
both Trustor and Beneficiary, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Beneficiary’s
reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be paid by Trustor on demand and shall be secured by this
Deed of Trust and by all of the other Loan Documents securing all or any part of the Secured Obligations. Beneficiary shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the
subject of the security interest granted herein is located to take possession of, assemble and collect the same or to render it unusable, or Trustor, upon demand of Beneficiary, shall assemble such property and make it available to Beneficiary at
the Real Estate, or at a place designated by Beneficiary. If notice is required by law, Beneficiary shall give Trustor at least ten (10) days’ prior written notice of the time and place of any public sale of such property, or adjournments
thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such notice is sent to Trustor, as the same is provided for the mailing of notices herein, it is hereby deemed that such
notice shall be and is reasonable notice to Trustor. No such notice is necessary for any such property that is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale made pursuant to the
provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with
respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Beneficiary
pursuant to the Uniform Commercial Code: 
  
 (a) In the event of a
foreclosure sale, the Property may, at the option of Beneficiary, be sold as a whole; and 
  
 (b) It shall not be necessary that Beneficiary take possession of the aforementioned Collateral, or any part thereof, prior to the time that any sale pursuant to the provisions of this Section is conducted and it
shall not be necessary that said Collateral, or any part thereof, be present at the location of such sale; and 
  
 (c) Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Beneficiary,
including the sending of notices and the conduct of the sale, but in the name and on behalf of Beneficiary. 
  
 The name and address of Trustor (as Debtor under any the Uniform Commercial Code) are: 
  
 Catellus Finance 1, L.L.C. 
 201 Mission
Street – Suite 340 
 San Francisco, California 94105 
  

 -18- 

 The name and address of Beneficiary (as Secured Party under the Uniform Commercial Code) are: 
  
 LaSalle Bank National Association, f/k/a LaSalle National Bank 

As trustee for the registered Holders of Prudential Mortgage 
 Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1 
 135 South LaSalle Street, Suite 1625 
 Chicago, Illinois 60647-4107 
  
 1.17 Easements and
Rights-of-Way. Trustor 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 Beneficiary which consent shall not be unreasonably withheld. The
purchaser at any foreclosure sale hereunder may, at its discretion, disaffirm any easement or right-of-way granted in violation of any of the provisions of this Deed of Trust and may take immediate possession of the Property free from, and despite
the terms of, such grant of easement or right-of-way. If Beneficiary consents to the grant of an easement or right-of-way, Beneficiary agrees to grant such consent provided that Beneficiary is paid a standard review fee together with all other
expenses, including, without limitation, reasonable attorneys’ fees, incurred by Beneficiary in the review of Trustor’s request and in the preparation of documents effecting the subordination. 
  
 1.18 Compliance with Laws. Trustor shall at all times comply with all
statutes, ordinances, orders, regulations and other governmental or quasi-governmental requirements and private covenants now or hereafter relating to the ownership, construction, use or operation of the Property, including, but not limited to,
those concerning employment and compensation of persons engaged in operation and maintenance of the Property and any environmental requirements (specifically including, but without limitation, the Texas Solid Waste Disposal Act (V.T.C.A. Health and
Safety Code §361.001 et seq.) and the Texas Water Code (V.T.C.A. Water Code §§26.001-26.407)), even if such compliance shall require structural changes to the Property; provided, however, that,
Trustor may, upon providing Beneficiary with security satisfactory to Beneficiary, proceed diligently and in good faith to contest the validity or applicability of any such statute, ordinance, regulation or requirement so long as during such contest
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. Trustor shall not use or occupy, or allow the use or occupancy of, the Property in any manner which
violates any Lease of or any other agreement applicable to the Property or any applicable law, rule, regulation or order 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. 
  
 1.19
Additional Taxes. In the event of the enactment after this date of any law of the state where any portion of the Property 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 Beneficiary the payment of the whole or any part of the taxes or 

  

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assessments or charges or liens herein required to be paid by Trustor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages
or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the beneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely
affect this Deed of Trust, the Secured Obligations or the Beneficiary, then, and in any such event, Trustor, upon demand by Beneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Beneficiary therefor; provided, however, that
if in the opinion of counsel for Beneficiary (a) it might be unlawful to require Trustor 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, Trustor may elect a Substitution (as defined and described in the Loan Agreement) or a Partial Defeasance (as defined and described in the Note) in accordance with the terms, covenants and conditions thereof, or, upon failure of Trustor
to so elect, Beneficiary may elect, by notice in writing given to Trustor, to declare that portion of the Secured Obligation (based on the Allocated Loan Amount of that portion of the Property), to become due and payable in full thirty (30) days
from the giving of such notice. 
  
 1.20 The Secured
Obligations. It is understood and agreed that this Deed of Trust shall secure payment of not only the indebtedness evidenced by the Note but also any and all substitutions, replacements, renewals and extensions of the Note, any and all
indebtedness and obligations arising pursuant to the terms hereof and any and all indebtedness and obligations arising pursuant to the terms of any of the other Loan Documents, all of which indebtedness is equally secured with and has the same
priority as any amounts outstanding as of the date hereof. It is agreed that any future advances made by Beneficiary to or for the benefit of Trustor from time to time under this Deed of Trust or the other Loan Documents and whether or not such
advances are obligatory or are made at the option of Beneficiary, or otherwise, made for any purpose, within twenty (20) years from the date hereof, and all interest accruing thereon, shall be equally secured by this Deed of Trust and shall have the
same priority as all amounts, if any, outstanding as of the date hereof and shall be subject to all of the terms and provisions of this Deed of Trust. 
  
 1.21 Trustor’s Waivers. To the full extent permitted by law, Trustor agrees that Trustor 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 Secured Obligations 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. Trustor, for Trustor and Trustor’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: (a) 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 Secured Obligations (except
such notices as are specifically provided for herein); (b) waives, releases, relinquishes and forever forgoes all right to a marshaling of the assets of Trustor, 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

  

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sold as an entirety; and (c) waives, releases, relinquishes and forever forgoes all rights and periods of redemption provided under applicable law. To the
full extent permitted by law, Trustor 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 Beneficiary under the terms of this Deed of Trust to a sale of the Property, for the collection of the Secured Obligations without any prior or
different resort for collection, or the right of Beneficiary under the terms of this Deed of Trust to the payment of the Secured Obligations out of the proceeds of sale of the Property in preference to every other claimant whatever. Furthermore,
Trustor 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 Deed of Trust or to collect any of the Secured Obligations to the fullest extent permitted by law. Trustor covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against Trustor,
Trustor 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 Code, 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 Beneficiary to enforce any rights of Beneficiary against any guarantor or indemnitor of the
Secured Obligations or any other party liable with respect thereto by virtue of any indemnity, guaranty or otherwise. 
  
 1.22 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 
  
 TRUSTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE
OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN NEW YORK AND THE STATE IN WHICH THE PROPERTY IS LOCATED OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THE NOTE, THIS DEED OF TRUST 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 SITTING IN THE COUNTY IN WHICH THE PROPERTY IS LOCATED OR IN NEW YORK, (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 INVOLVING THE PROPERTY OR THE LOAN IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF BENEFICIARY TO BRING ANY
ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM). TRUSTOR FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO THE
TRUSTOR AT THE ADDRESS FOR NOTICES DESCRIBED IN SECTION 5.5 HEREOF, 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). 
  

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 BENEFICIARY AND TRUSTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE SECURED OBLIGATIONS OR ANY CONDUCT,
ACT OR OMISSION OF BENEFICIARY OR TRUSTOR, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH BENEFICIARY OR TRUSTOR, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE. 
  
 TRUSTOR’S
INITIALS:                     
  
 1.23 Attorney-in-Fact Provisions. With respect to any provision of this Deed of Trust or any other Loan Document whereby Trustor grants to
Beneficiary a power-of-attorney, provided no Default or Event of Default has occurred under this Deed of Trust, Beneficiary shall first give Trustor written notice at least three (3) days prior to acting under such power, which notice shall demand
that Trustor first take the proposed action within such period and advising Trustor that if it fails to do so, Beneficiary will so act under the power; provided, however, that, in the event that a Default or an Event of Default has occurred, or if
necessary to prevent imminent death, serious injury, damage, loss, forfeiture or diminution in value to the Property or any surrounding property or to prevent any adverse effect on Beneficiary’s interest in the Property, Beneficiary may act
immediately and without first giving such notice. In such event, Beneficiary will give Trustor notice of such action as soon thereafter as reasonably practical. 
  

1.24 Management. The management of the Property shall be by either: (a) Trustor or an entity affiliated with Trustor approved by Beneficiary for
so long as Trustor or said affiliated entity is managing the Property in a first class manner; or (b) a professional property management company approved by Beneficiary. Such management by an affiliated entity or a professional property management
company shall be pursuant to a written agreement approved by Beneficiary. In no event shall any manager be removed or replaced or the terms of any management agreement modified or amended in any material respect without the prior written consent of
Beneficiary. After an Event of Default or a default under any management contract then in effect, which default is not cured within any applicable grace or cure period, Beneficiary shall have the right to terminate, or to direct Trustor to
terminate, such management contract upon thirty (30) days’ notice and to retain, or to direct Trustor to retain, a new management agent approved by Beneficiary. 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 Trustor’s liabilities and obligations with respect to this Deed of Trust and
the other Loan Documents, and none of the Rents and Profits generated by or derived from the Property shall be diverted by Trustor and utilized for any other purposes unless all such current expenses attributable to the ownership and operation of
the Property have been fully paid and satisfied. 
  

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 1.25 INDEMNIFICATION; SUBROGATION. 
  
 (A) TRUSTOR SHALL INDEMNIFY, DEFEND AND HOLD BENEFICIARY HARMLESS AGAINST:
(I) ANY AND ALL CLAIMS FOR BROKERAGE, LEASING, FINDERS OR SIMILAR FEES WHICH MAY BE MADE RELATING TO THE PROPERTY, THE SECURED OBLIGATIONS, AND (II) ANY AND ALL LIABILITY, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, CLAIMS, ACTIONS, SUITS, COSTS AND
EXPENSES (INCLUDING BENEFICIARY’S REASONABLE ATTORNEYS’ FEES) OF WHATEVER KIND OR NATURE WHICH MAY BE ASSERTED AGAINST, IMPOSED ON OR INCURRED BY BENEFICIARY IN CONNECTION WITH THE SECURED OBLIGATIONS, THIS DEED OF TRUST, THE PROPERTY, OR
ANY PART THEREOF, OR THE EXERCISE BY BENEFICIARY OF ANY RIGHTS OR REMEDIES GRANTED TO IT UNDER THIS DEED OF TRUST; PROVIDED, HOWEVER, THAT NOTHING HEREIN SHALL BE CONSTRUED TO OBLIGATE TRUSTOR TO INDEMNIFY, DEFEND AND HOLD HARMLESS BENEFICIARY FROM
AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, CLAIMS, ACTIONS, SUITS, COSTS AND EXPENSES ENACTED AGAINST, IMPOSED ON OR INCURRED BY BENEFICIARY BY REASON OF BENEFICIARY’S WILLFUL MISCONDUCT OR GROSS NEGLIGENCE AS
FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION. 
  
 (B) IF BENEFICIARY IS MADE A PARTY DEFENDANT TO ANY LITIGATION OR ANY CLAIM IS THREATENED OR BROUGHT AGAINST BENEFICIARY CONCERNING THE SECURED OBLIGATIONS, THIS DEED OF TRUST, THE PROPERTY, OR ANY PART THEREOF, OR ANY INTEREST THEREIN,
OR THE CONSTRUCTION, MAINTENANCE, OPERATION OR OCCUPANCY OR USE THEREOF, THEN TRUSTOR SHALL INDEMNIFY, DEFEND AND HOLD BENEFICIARY HARMLESS FROM AND AGAINST ALL LIABILITY BY REASON OF SAID LITIGATION OR CLAIMS, INCLUDING REASONABLE ATTORNEYS’
FEES AND EXPENSES INCURRED BY BENEFICIARY IN ANY SUCH LITIGATION OR CLAIM, WHETHER OR NOT ANY SUCH LITIGATION OR CLAIM IS PROSECUTED TO JUDGMENT. IF BENEFICIARY COMMENCES AN ACTION AGAINST TRUSTOR TO ENFORCE ANY OF THE TERMS HEREOF OR TO PROSECUTE
ANY BREACH BY TRUSTOR OF ANY OF THE TERMS HEREOF OR TO RECOVER ANY SUM SECURED HEREBY, TRUSTOR SHALL PAY TO BENEFICIARY ITS REASONABLE ATTORNEYS’ FEES AND EXPENSES. THE RIGHT TO SUCH ATTORNEYS’ FEES 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 TRUSTOR BREACHES ANY TERM OF THIS DEED OF TRUST, BENEFICIARY MAY ENGAGE THE SERVICES OF AN ATTORNEY OR ATTORNEYS TO PROTECT
ITS RIGHTS HEREUNDER, AND IN THE EVENT OF SUCH ENGAGEMENT FOLLOWING ANY BREACH BY TRUSTOR, TRUSTOR SHALL PAY BENEFICIARY REASONABLE ATTORNEYS’ FEES AND EXPENSES INCURRED BY BENEFICIARY, WHETHER OR NOT AN ACTION IS ACTUALLY COMMENCED AGAINST
TRUSTOR BY REASON OF SUCH BREACH. ALL 

  

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REFERENCES TO “ATTORNEYS” IN THIS SUBSECTION AND ELSEWHERE IN THIS DEED OF TRUST SHALL INCLUDE, WITHOUT LIMITATION ANY ATTORNEY OR LAW FIRM
ENGAGED BY BENEFICIARY AND BENEFICIARY’S IN-HOUSE COUNSEL, AND ALL REFERENCES TO “FEES AND EXPENSES” IN THIS SUBSECTION AND ELSEWHERE IN THIS DEED OF TRUST SHALL INCLUDE, WITHOUT LIMITATION, ANY FEES OF SUCH ATTORNEY OR LAW FIRM AND
APPELLATE COUNSEL FEES, IF APPLICABLE AND ANY ALLOCATION CHARGES AND ALLOCATION COSTS OF BENEFICIARY’S IN-HOUSE COUNSEL. 
  
 (C) A WAIVER OF SUBROGATION SHALL BE OBTAINED BY TRUSTOR FROM ITS INSURANCE CARRIER AND, CONSEQUENTLY, TRUSTOR WAIVES ANY AND ALL RIGHT TO CLAIM OR
RECOVER AGAINST BENEFICIARY, ITS OFFICERS, EMPLOYEES, AGENTS AND REPRESENTATIVES, FOR LOSS OF OR DAMAGE TO TRUSTOR, THE PROPERTY, TRUSTOR’S PROPERTY OR THE PROPERTY OF OTHERS UNDER TRUSTOR’S CONTROL FROM ANY CAUSE INSURED AGAINST OR
REQUIRED TO BE INSURED AGAINST BY THE PROVISIONS OF THIS DEED OF TRUST. 
  
 ARTICLE II 
 EVENTS OF DEFAULT 
  
 The occurrence of any of the following events (each an “Event of Default”) shall constitute an Event of
Default under this Deed of Trust and under each of the other Loan Documents. 
  
 (a) An Event of Default, as defined in the Loan Agreement, shall occur; 
  
 (b) Trustor fails to punctually perform any covenant, agreement or obligation under this Deed of Trust which requires payment of any money to Beneficiary
at the time or within any applicable period set forth herein, or if no time or period is set forth herein, then within ten (10) Business Days of the date such payment is due (except that no grace period is provided for payments due under the Note
which is secured hereby) or following demand if there is no due date; or 
  
 (c) Trustor fails to perform any other Secured Obligation or term or condition set forth in this Deed of Trust other than those described in subparagraph (b) above 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 Beneficiary to Trustor; 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 Trustor commences to cure such default promptly after receipt of notice thereof from Beneficiary and Beneficiary’s security is not otherwise materially impaired, and thereafter
prosecutes the curing of such default with reasonable diligence, 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 ninety (90) days.

  

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 ARTICLE III 
 REMEDIES 
  
 3.1
Remedies Available. If there shall occur an Event of Default under this Deed of Trust, then this Deed of Trust is subject to foreclosure as provided by law and Beneficiary may, at its option and by or through a trustee, nominee, assignee or
otherwise, to the fullest extent permitted by law, exercise any or all of the following rights, remedies and recourses, either successively or concurrently: 
  
 (a) Acceleration. Accelerate the maturity date of the Note and declare any or all of the Secured Obligations to be immediately due and payable
without any presentment, demand, protest, notice, or action of any kind whatever (each of which is hereby expressly waived by Trustor), whereupon the same shall become immediately due and payable. Upon any such acceleration, payment of such
accelerated amount shall constitute a prepayment of the principal balance of the Note and any applicable prepayment premium provided for in the Note shall then be immediately due and payable. 
  
 (b) Entry on the Property. Either in person or by agent, with or
without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, without force or with such force as is
permitted by law and without notice or process or with such notice or process as is required by law, unless such notice and process is waivable, in which case Trustor hereby waives such notice and process, and do any and all acts and perform any and
all work which may be desirable or necessary in Beneficiary’s judgment to complete any unfinished construction on the Real Estate, to preserve the value, marketability or rentability of the Property, to increase the income therefrom, to manage
and operate the Property or to protect the security hereof and all sums expended by Beneficiary therefor, together with interest thereon at the Default Interest Rate, shall be immediately due and payable to Beneficiary by Trustor on demand and shall
be secured hereby and by all of the other Loan Documents securing all or any part of the Secured Obligations. 
  
 (c) Collect Rents and Profits. With or without taking possession of the Property, sue or otherwise collect the Rents and Profits, including those
past due and unpaid. 
  
 (d) Appointment of Receiver. Upon,
or at any time prior or after, initiating the exercise of any power of sale, instituting any judicial foreclosure or instituting any other foreclosure of the liens and security interests provided for herein or any other legal proceedings hereunder,
make application to a court of competent jurisdiction for appointment of a receiver for all or any part of the Property, as a matter of strict right and without notice to Trustor and without regard to the adequacy of the Property for the repayment
of the Secured Obligations or the solvency of Trustor or any person or persons liable for the payment of the Secured Obligations, and Trustor does hereby irrevocably consent to such appointment, waives any and all notices of and defenses to such
appointment and agrees not to oppose any application therefor by Beneficiary, but nothing herein is to be construed to deprive Beneficiary of any other right, remedy or privilege Beneficiary may now have under the law to have a receiver appointed,
provided, however, that the appointment of such receiver, trustee or other appointee by virtue of any court order, statute or regulation shall not impair or in any manner prejudice the rights of 

  

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Beneficiary to receive payment of the Rents and Profits pursuant to other terms and provisions hereof. Any such receiver shall have all of the usual powers
and duties of receivers in similar cases, including, without limitation, the full power to hold, develop, rent, lease, manage, maintain, operate and otherwise use or permit the use of the Property upon such terms and conditions as said receiver may
deem to be prudent and reasonable under the circumstances as more fully set forth in Section 3.3 below. Such receivership shall, at the option of Beneficiary, continue until full payment of all of the Secured Obligations or until title to the
Property shall have passed by foreclosure sale under this Deed of Trust or deed in lieu of foreclosure. 
  
 (e) Foreclosure. Immediately commence an action to foreclose this Deed of Trust or to specifically enforce its provisions with respect to all or
any portion of the Secured Obligations pursuant to the statutes in such case made and provided, and sell the Property or cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or
in several parcels at the option of Beneficiary. 
  
 (1) Should Beneficiary have elected to accelerate the indebtedness secured hereby, Beneficiary may initiate foreclosure of the Property by requesting the Trustee to effectuate a non-judicial foreclosure sale. The Trustee of this Deed of
Trust shall then sell, or offer for sale, the Property at public sale to the highest bidder for cash during a three hour period between the hours of ten o’clock a.m. and four o’clock p.m. whose earliest point in time is specified, on the
first Tuesday of any month, at the area officially designated for holding such sales at the courthouse of any county in the State of Texas in which any part of the Property is situated, after having given notice of the date, the time period, place
and terms of said sale in accordance with the laws of the State of Texas then in force and governing said sales of real property and improvements under powers conferred by deeds of trust. The Property shall be sold by posting, or causing to be
posted, at least twenty-one (21) consecutive days prior to the date of said sale, written or printed notice thereof at the courthouse door in each of the counties in which the Property is situated, designating the county where the Property will be
sold and designating the date, the time period, the place and the terms of sale. A copy of such notice shall also be filed in the office of the County Clerk in each county of the State of Texas in which any part of the Property is situated at least
twenty-one (21) consecutive days before the date of said sale of the Property. Beneficiary shall have the right to become the purchaser at any sale held by any Trustee or substitute or successor Trustee, or by any receiver or public officer. Any
Beneficiary purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Beneficiary upon the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Said Trustee may appoint an
attorney-in-fact to act in its stead as Trustee to conduct sale as hereinbefore provided. Trustor authorizes and empowers the Trustee to sell the Property, in lots or parcels or as a whole, and to execute and deliver to the purchaser or purchasers
thereof good and sufficient deeds of conveyance thereto of the estate of title then existing on the Property and bills of sale with covenants of general warranty. Trustor binds himself to warrant and forever defend the title of such purchaser or
purchasers when so made by the Trustee, and agrees to accept proceeds of said sale, if any, which are payable to Trustor as provided herein. In addition to the posting and filing of notices hereinabove provided, and for so long as required by law,
no foreclosure under the power of sale herein contained shall be held unless Beneficiary, at least twenty-one (21) days preceding 

  

 -26- 

 
the date of sale and in the manner prescribed by law, shall have served written notice of the proposed sale which designates the County where the Property
will be sold and designates the date, time period, the place and the terms of sale by certified mail on Trustor. Service of such a notice by certified mail shall be completed upon deposit of such notice, postage prepaid and properly addressed to
each such person or entity at the address for Trustor indicated on the first page of this Deed of Trust, in a Post Office of the United States Postal Service or in an official depository under the care and custody of the United States Postal
Service. The affidavit of a person knowledgeable of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service. 
  
 (2) Should Beneficiary have not elected to accelerate the indebtedness secured hereby, Beneficiary may
nonetheless proceed with foreclosure in satisfaction of such default, either through the courts or by directing the Trustee to proceed as if under a full foreclosure, conducting sale as hereinbefore provided, but without declaring the entire
indebtedness secured by this Deed of Trust due, and provided that if said sale is made because of such default, such sale may be made subject to the unmatured part of the secured indebtedness. Such sale, if so made, shall not in any manner affect
the unmatured part of the debt secured by this Deed of Trust, but as to such unmatured part, this Deed of Trust shall remain in full force as though no sale had been made. Several sales may be made without exhausting the right of sale with respect
to any unmatured part of the secured indebtedness, it being the purpose and intent hereof to provide for a foreclosure and the sale of the Property for any matured portion of said secured indebtedness without exhausting the power of foreclosure.

  
 (3) In the event foreclosure proceedings are
instituted by Beneficiary, all expenses incident to such proceedings, including, but not limited to, attorneys’ fees and costs, shall be paid by Trustor and secured by this Deed of Trust and by all of the other Loan Documents securing all or
any part of the indebtedness evidenced by the Note. The secured indebtedness and all other obligations secured by this Deed of Trust, including, without limitation, interest at the Default Interest Rate (as defined in the Note), any prepayment
charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), reasonable attorneys’ fees and any other amounts due and unpaid to Beneficiary under the Loan Documents, may be
bid by Beneficiary in the event of a foreclosure sale hereunder. 
  
 (f) Judicial Remedies. Proceed by suit or suits, at law or in equity, instituted by Beneficiary, or Trustee, upon written request of Beneficiary, to enforce the payment of the Secured Obligations or any portion thereof or the other
obligations of Trustor hereunder or pursuant to the Loan Documents, to foreclose the liens and security interests of this Deed of Trust as against all or any part of the Property, and to have all or any part of the Property sold under the judgment
or decree of a court of competent jurisdiction. This remedy shall be cumulative of any other non-judicial remedies available to the Beneficiary with respect to the Loan Documents. Proceeding with the request or receiving a judgment for legal relief
shall not be or be deemed to be an election of remedies or bar any available non-judicial remedy of the Beneficiary. 
  

 -27- 

 (g) Additional Cross-Collateralization/Cross-Default Remedies. Without limiting any other
provisions of this Deed of Trust: 
  
 (i) upon
the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Beneficiary against Trustor under the Mortgages or any of the other documents evidencing, securing or otherwise relating
to the Secured Obligations at law or in equity may be exercised by Beneficiary at any time and from time to time, whether or not all or any of the Secured Obligations shall be declared due and payable, and whether or not Beneficiary 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 of the Property Parcels secured by the Mortgages. Any such actions taken by Beneficiary
shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Beneficiary may determine in its sole discretion, to the fullest extent permitted by law, without
impairing or otherwise affecting the other rights and remedies of Beneficiary permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Trustor agrees that if an
Event of Default is continuing (i) Trustor hereby waives and forever relinquishes any “one action”, “election of remedies” or “marshalling” law or rule to the fullest extent permitted by law, and (ii) all liens and
other rights, remedies or privileges provided to Beneficiary shall remain in full force and effect until Beneficiary has exhausted all of its remedies against all or any of the Property Parcels secured by the Mortgages and each Mortgage has been
foreclosed, sold and/or otherwise realized upon in satisfaction of the Secured Obligations or the Secured Obligations have been paid in full; and 
  
 (ii) Nothing contained herein or in any other Loan Document shall be construed as requiring Beneficiary to resort to any Property Parcels
for the satisfaction of any of the Secured Obligations in preference or priority to any other Property Parcel secured by any of the Mortgages, and Beneficiary may seek satisfaction out of each and every Property Parcel or any part thereof, in its
absolute discretion in respect of the Secured Obligations. In addition, Beneficiary shall have the right from time to time to partially foreclose one or more of the Mortgages in any manner and for any amounts of the Secured Obligations secured by
the Mortgages then due and payable as determined by Beneficiary in its sole discretion, including the following circumstances: (i) in the event of any Event of Default by Trustor caused by a failure to make one or more scheduled payments of
principal and interest, Beneficiary may foreclose one or more of the Mortgages to recover such delinquent payments, or (ii) in the event Beneficiary elects to accelerate less than the entire outstanding principal balance of the Secured Obligations,
Beneficiary may foreclose one or more of the Mortgages to recover so much of the principal balance of the Secured Obligations as Beneficiary may elect to accelerate, and to recover such other sums secured by one or more of the Mortgages as
Beneficiary may elect. Notwithstanding one or more partial foreclosures, each and every Property Parcel shall remain subject to the Secured Obligations to secure payment of sums secured by the Secured Obligations and not previously recovered.

  
 (h) Other. Exercise any other right or remedy available
hereunder, under any of the other Loan Documents or at law or in equity. 
  

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 3.2 Application of Proceeds. To the fullest extent permitted by law, the proceeds of any sale
under this Deed of Trust shall be applied, to the extent funds are so available, to the following items in such order as Beneficiary in its discretion may determine: 
  
 (a) To payment of the reasonable costs, expenses and fees of taking possession of the Property, and of holding, operating,
maintaining, using, leasing, repairing, improving, marketing and selling the same and of otherwise enforcing Beneficiary’s right and remedies hereunder and under the other Loan Documents, including, but not limited to, receivers’ fees,
court costs, attorneys’, accountants’, appraisers’, managers’ and other professional fees, title charges and transfer taxes. 
  
 (b) To payment of all sums expended by Beneficiary under the terms of any of the Loan Documents and not yet repaid, together with interest on such sums at
the Default Interest Rate. 
  
 (c) To payment of the Secured
Obligations or otherwise payable under the Loan Documents, in any order that Beneficiary chooses in its sole discretion. 
  
 The remainder, if any, of such funds shall be disbursed to Trustor or to the person or persons legally entitled thereto. 
  
 3.3 Right and Authority of Receiver or Beneficiary in the Event of
Default; Power of Attorney. Upon the occurrence of an Event of Default and entry upon the Property pursuant to Section 3.1(b) hereof or appointment of a receiver pursuant to Section 3.1(d) hereof, and under such terms and
conditions as may be prudent and reasonable under the circumstances in Beneficiary’s or the receiver’s sole discretion, all at Trustor’s expense, Beneficiary or said receiver, or such other persons or entities as they shall hire,
direct or engage, as the case may be, may do or permit one or more of the following, successively or concurrently: (a) enter upon and take possession and control of any and all of the Property; (b) take and maintain possession of all documents,
books, records, papers and accounts relating to the Property; (c) exclude Trustor and its agents, servants and employees wholly from the Property; (d) manage and operate the Property; (e) preserve and maintain the Property; (f) make repairs and
alterations to the Property; (g) complete any construction or repair of the Improvements, with such changes, additions or modifications of the plans and specifications or intended disposition and use of the Improvements as Beneficiary may in its
sole discretion deem appropriate or desirable to place the Property in such condition as will, in Beneficiary’s sole discretion, make it or any part thereof readily marketable or rentable; (h) conduct a marketing or leasing program with respect
to the Property, or employ a marketing or leasing agent or agents to do so, directed to the leasing or sale of the Property under such terms and conditions as Beneficiary may in its sole discretion deem appropriate or desirable; (i) employ such
contractors, subcontractors, materialmen, architects, engineers, consultants, managers, brokers, marketing agents, or other employees, agents, independent contractors or professionals, as Beneficiary may in its sole discretion deem appropriate or
desirable to implement and effectuate the rights and powers herein granted; (j) execute and deliver, in the name of Beneficiary as attorney-in-fact and agent of Trustor or in its own name as Beneficiary, such documents and instruments as are
necessary or appropriate to consummate authorized transactions; (k) enter into such leases, whether of real or personal property, or tenancy agreements, under such terms and conditions as Beneficiary may in its sole 

  

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discretion deem appropriate or desirable; (l) collect and receive the Rents and Profits from the Property; (m) eject Tenants or repossess personal property,
as provided by law, for breaches of the conditions of their Leases; (n) sue for unpaid Rents and Profits, payments, income or proceeds in the name of Trustor or Beneficiary; (o) maintain actions in forcible entry and detainer, ejectment for
possession and actions in distress for rent; (p) compromise or give acquittance for Rents and Profits, payments, income or proceeds that may become due; (q) delegate or assign any and all rights and powers given to Beneficiary by this Deed of Trust;
and (r) do any acts which Beneficiary in its sole discretion deems appropriate or desirable to protect the security hereof and use such measures, legal or equitable, as Beneficiary may in its sole discretion deem appropriate or desirable to
implement and effectuate the provisions of this Deed of Trust. This Deed of Trust shall constitute a direction to and full authority to any lessee, or other third party who has heretofore dealt or contracted or may hereafter deal or contract with
Trustor or Beneficiary, at the request of Beneficiary, to pay all amounts owing under any Lease, contract, concession, license or other agreement to Beneficiary without proof of the Event of Default relied upon. Any such lessee or third party is
hereby irrevocably authorized to rely upon and comply with (and shall be fully protected by Trustor in so doing) any request, notice or demand by Beneficiary for the payment to Beneficiary of any Rents and Profits or other sums which may be or
thereafter become due under its Lease, contract, concession, license or other agreement, or for the performance of any undertakings under any such Lease, contract, concession, license or other agreement, and shall have no right or duty to inquire
whether any Event of Default under this Deed of Trust or under any of the other Loan Documents has actually occurred or is then existing. Trustor hereby constitutes and appoints Beneficiary, its assignees, successors, transferees and nominees, as
Trustor’s true and lawful attorney-in-fact and agent, with full power of substitution in the Property, in Trustor’s name, place and stead, to do or permit any one or more of the foregoing described rights, remedies, powers and authorities,
successively or concurrently, and said power of attorney shall be deemed a power coupled with an interest and irrevocable so long as any portion of the Secured Obligations is outstanding. Any money advanced by Beneficiary in connection with any
action taken under this Section 3.3, together with interest thereon at the Default Interest Rate from the date of making such advancement by Beneficiary until actually paid by Trustor, shall be a demand obligation owing by Trustor to
Beneficiary and shall be secured by this Deed of Trust and by every other instrument securing the Secured Obligations. 
  
 3.4 Occupancy After Foreclosure. In the event there is a foreclosure sale hereunder and at the time of such sale, Trustor or Trustor’s
representatives, successors or assigns, or any other persons claiming any interest in the Property by, through or under Trustor (except tenants of space in the Improvements subject to Leases entered into prior to the date hereof), are occupying or
using the Property, or any part thereof, then, to the extent not prohibited by applicable law, each and all shall, at the option of Beneficiary or the purchaser at such sale, as the case may be, immediately become the tenant of the purchaser at such
sale, which tenancy shall be a tenancy from day-to-day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the Property occupied or used, such rental to be due daily to the purchaser. Further,
to the extent permitted by applicable law, in the event the tenant fails to surrender possession of the Property upon the termination of such tenancy, the purchaser shall be entitled to institute and maintain an action for unlawful detainer of the
Property in the appropriate court of the County. 
  

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 3.5 Notice to Account Debtors. Beneficiary may, at any time after an Event of Default hereunder,
notify the account debtors and obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Trustor included in the Property to pay Beneficiary directly. Trustor shall at any time or from time to time upon
the request of Beneficiary provide to Beneficiary a current list of all such account debtors and obligors and their addresses. 
  
 3.6 Cumulative Remedies. All remedies contained in this Deed of Trust are cumulative and Beneficiary shall also have all other remedies provided at
law and in equity or in any other Loan Documents. Such remedies may be pursued separately, successively or concurrently at the sole subjective direction of Beneficiary and may be exercised in any order and as often as occasion therefor shall arise.
No act of Beneficiary shall be construed as an election to proceed under any particular provisions of this Deed of Trust to the exclusion of any other provision of this Deed of Trust or of any other provision of the Loan Documents as an election of
remedies to the exclusion of any other remedy which may then or thereafter be available to Beneficiary. No delay or failure by Beneficiary to exercise any right or remedy under this Deed of Trust shall be construed to be a waiver of that right or
remedy or of any Default or Event of Default. Beneficiary may exercise any one or more of its rights and remedies at its option without regard to the adequacy of its security. 
  
 3.7 Payment of Expenses. Trustor shall pay on demand all of Beneficiary’s expenses incurred in any efforts to
enforce any terms of this Deed of Trust, whether or not any lawsuit is filed and whether or not foreclosure is commenced but not completed, including, but not limited to, reasonable legal fees and disbursements, foreclosure costs and title charges,
together with interest thereon from and after the date incurred by Beneficiary until actually paid by Trustor at the Default Interest Rate, and the same shall be secured by this Deed of Trust and by all of the other Loan Documents securing all or
any part of the Secured Obligations. 
  
 3.8 Fair Market
Value. To the extent Section 51.003 of the Texas Property Code, or any amendment thereto or judicial interpretation thereof, requires that the “fair market value” of the Property shall be determined as of the foreclosure date in order
to enforce a deficiency against Trustor or any other party liable for the repayment of the indebtedness secured hereby, the term “fair market value” shall include those matters required by law and shall also include the additional factors
as follows: 
  
 (1) The Property is to be valued
“AS IS, WHERE IS” and “WITH ALL FAULTS” and there shall be no assumption of restoration of or refurbishment of the Property after the date of foreclosure; 
  
 (2) There shall be an assumption of a prompt resale of the Property for an all cash sales price by the
purchaser at the foreclosure so that no extensive holding period should be factored into the determination of “fair market value” of the Property; 
  
 (3) An offset to the fair market value of the Property, as determined hereunder, shall be made by deducting from such value the reasonable
estimated closing costs relating to the sale of the Property, including, but not limited to, brokerage commissions, title 

  

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policy expenses, tax prorations, escrow fees, and other common charges which are incurred by a seller of real property similar to the Property; and

  
 (4) After consideration of the factors
required by law and those required above, an additional discount factor shall be calculated based upon the estimated time it will take to effectuate a sale of the Property so that the “fair market value” as so determined is discounted to
be as of the date of the foreclosure of the Property. 
  
 ARTICLE
IV 
 CONCERNING THE TRUSTEE 
  
 4.1 No Required Action. Trustee shall not be required to take any action toward the execution and enforcement of the trust hereby created or to
institute, appear in, or defend any action, suit, or other proceeding in connection therewith where, in his opinion, such action would be likely to involve him in expense or liability, unless requested so to do by a written instrument signed by
Beneficiary and, if Trustee so requests, unless Trustee is tendered security and indemnity satisfactory to Trustee against any and all cost, expense, and liability arising therefrom. Trustee shall not be responsible for the execution,
acknowledgment, or validity of the Loan Documents, or for the proper authorization thereof, or for the sufficiency of the lien and security interest purported to be created hereby, and Trustee makes no representation in respect thereof or in respect
of the rights, remedies, and recourse of Beneficiary. 
  
 4.2
Certain Rights. With the approval of Beneficiary, Trustee shall have the right to take any and all of the following actions: (i) to select, employ, and consult with counsel (who may be, but need not be, counsel for Beneficiary) upon any
matters arising hereunder, including the preparation, execution, and interpretation of the Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and
to perform any duty hereunder either directly or through his agents or attorneys, (iii) to select and employ, in and about the execution of his duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either
corporate or individual, not regularly in the employ of Trustee (and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other expert, agent or attorney-in-fact, if selected with
reasonable care, or for any error of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad faith), and (iv) any and all other
lawful action that Beneficiary may instruct Trustee to take to protect or enforce Beneficiary’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to
Trustee, upon the Property for debts contracted for or liability or damages incurred in the management or operation of the Property. Trustee shall have the right to rely on any instrument, document, or signature authorizing or supporting any action
taken or proposed to be taken by Trustee hereunder, believed by Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable
compensation for such of Trustee’s services hereunder as shall be rendered. Trustor will, from time to time, pay the compensation due to Trustee hereunder and reimburse Trustee for, and save Trustee harmless against, any and all liability and
expenses which may be incurred by Trustee in the performance of Trustee’s duties. 
  

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 4.3 Retention of Money. All moneys received by Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by applicable law), and Trustee shall be under no liability for interest on any
moneys received by Trustee hereunder. 
  
 4.4 Successor
Trustees. Trustee may resign by the giving of notice of such resignation in writing or verbally to Beneficiary. If Trustee shall die, resign, or become disqualified from acting in the execution of this trust, or if, for any reason, Beneficiary
shall prefer to appoint a substitute trustee or multiple substitute trustees, or successive substitute trustees or successive multiple substitute trustees, to act instead of the aforenamed Trustee, Beneficiary shall have full power to appoint a
substitute trustee (or, if preferred, multiple substitute trustees) in succession who shall succeed (and if multiple substitute trustees are appointed, each of such multiple substitute trustees shall succeed) to all the estates, rights, powers, and
duties of the aforenamed Trustee. Such appointment may be executed by any authorized agent of Beneficiary, and if such Beneficiary be a corporation and such appointment be executed in its behalf by any officer of such corporation, such appointment
shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Trustor hereby ratifies and confirms any and all acts
which the aforenamed Trustee, or his successor or successors in this trust, shall do lawfully by virtue hereof. If multiple substitute Trustees are appointed, each of such multiple substitute Trustees shall be empowered and authorized to act alone
without the necessity of the joinder of the other multiple substitute trustees, whenever any action or undertaking of such substitute trustees is requested or required under or pursuant to this Deed of Trust or applicable law. 
  
 4.5 Perfection of Appointment. Should any deed, conveyance, or
instrument of any nature be required from Trustor by any Trustee or substitute Trustee to more fully and certainly vest in and confirm to the Trustee or substitute Trustee such estates, rights, powers, and duties, then, upon request by the Trustee
or substitute Trustee, any and all such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Trustor. 
  
 4.6 Succession Instruments. Any substitute Trustee appointed pursuant to any of the provisions hereof shall, without
any further act, deed, or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its or his predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the
written request of Beneficiary or of the substitute Trustee, the Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute Trustee, upon the trusts herein expressed, all the estates, properties, rights, powers,
and trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and moneys held by such Trustee to the substitute Trustee so appointed in the Trustee’s place. 
  
 4.7 No Representation by Trustee or Beneficiary. By accepting or
approving anything required to be observed, performed, or fulfilled or to be given to Trustee or Beneficiary pursuant to the Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss
or other financial statement, survey, appraisal, or insurance 

  

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policy, neither Trustee nor Beneficiary shall 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 or approval thereof shall not be or constitute any warranty or affirmation with respect thereto by Trustee or Beneficiary. 
  
 ARTICLE V 
 MISCELLANEOUS TERMS AND CONDITIONS 
  
 5.1 Time of Essence. Time is of the essence with respect to all provisions of this Deed of Trust. 
  
 5.2 Release of Deed of Trust. If all of the Secured Obligations be paid or, if the Property or any portion thereof shall be substituted therefor by
defeasance or by the Trustor’s right of Substitution as provided in the Loan Agreement, then and in that event only, all rights, or the applicable portion of the Beneficiary’s rights, under this Deed of Trust, except for those provisions
hereof which by their terms survive, shall terminate and the Property, or portion thereof (as applicable) shall become wholly clear of the liens, security interests, conveyances and assignments evidenced hereby, which shall be promptly released of
record by Beneficiary in due form at Trustor’s cost. No release or partial release of this Deed of Trust or the lien hereof shall be valid unless executed by Beneficiary. 
  
 5.3 Certain Rights of Beneficiary. Without affecting Trustor’s liability for the payment of any of the Secured
Obligations, Beneficiary may from time to time and without notice to Trustor: (a) release any person liable for the payment of the Secured Obligations or portion thereof; (b) extend or modify the terms of payment of the Secured Obligations or
portion thereof; (c) accept additional real or personal property of any kind as security or alter, substitute or release any property securing the Secured Obligations or portion thereof; (d) reconvey any part of the Property; (e) consent in writing
to the making of any subdivision map or plat thereof; (f) join in granting any easement therein; or (g) join in any extension agreement of this Deed of Trust or any agreement subordinating the lien hereof. 
  
 5.4 Waiver of Certain Defenses. No action for the enforcement of the
lien hereof or of any provision hereof 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 Loan Documents. 
  
 5.5 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 given and become effective as provided in Section 11.2 of the Loan Agreement. 
  
 5.6 Successors and Assigns. The terms, provisions, indemnities, covenants and conditions hereof shall be binding upon
Trustor and the successors and assigns of Trustor, including, but not limited to, all successors in interest of Trustor in and to all or any part of the Property, and shall inure to the benefit of Beneficiary, its directors, officers, shareholders,
employees and agents and their respective successors and assigns and shall constitute covenants running with the land. All references in this Deed of Trust to Trustor or Beneficiary shall be deemed to include all such parties’ successors and
assigns, and the term “Beneficiary” as used 

  

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herein shall also mean and refer to any lawful holder or owner, including, but not limited to, pledgees and participants, of any of the Secured Obligations.

  
 5.7 Severability. A determination that any provision of
this Deed of Trust 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 Deed of Trust 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. 
  
 5.8 Gender. Within this Deed of Trust, 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. 
  
 5.9 Waiver: Discontinuance of Proceedings. Beneficiary may waive any single Event of Default by Trustor hereunder without waiving any other prior
or subsequent default or Event of Default. Beneficiary may remedy any Event of Default by Trustor hereunder without waiving the default remedied. Neither the failure by Beneficiary to exercise, nor the delay by Beneficiary in exercising, any right,
power or remedy upon any Event of Default by Trustor hereunder shall be construed as a waiver of such 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 Beneficiary 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 Trustor therefrom shall in any event be effective unless the same shall be in writing and signed by Beneficiary, 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 Trustor in any case shall of itself entitle Trustor to any other or further notice or demand in similar or other circumstances. Acceptance by Beneficiary of any payment in an amount less
than the amount then due on any of the Secured Obligations 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 Beneficiary 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, Beneficiary shall have the unqualified right to do so and, in such an event, Trustor
and Beneficiary shall be restored to their former positions with respect to the Secured Obligations, the Loan Documents, the Property and otherwise, and the rights, remedies, recourses and powers of Beneficiary shall continue as if the same had
never been invoked. 
  
 5.10 Section Headings. The headings
of the sections and paragraphs of this Deed of Trust 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. 
  
 5.11 GOVERNING LAW. EXCEPT AS HEREINAFTER PROVIDED, THIS
DEED OF TRUST SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW RULES. IT IS THE INTENT OF THE PARTIES HERETO THAT THE PROVISIONS OF SECTION 5-1401 OF THE 

  

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GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK APPLY TO THIS DEED OF TRUST. ACCORDINGLY, IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF
CONSTRUCTION, VALIDITY, ENFORCEABILITY AND PERFORMANCE, THIS DEED OF TRUST AND THE OBLIGATIONS ARISING HEREUNDER 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, AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR ENFORCEMENT OF THE POWER OF SALE GRANTED HEREUNDER AND THE CREATION, PERFECTION AND ENFORCEMENT OF THE SECURITY INTERESTS CREATED
PURSUANT THERETO AND HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE WHERE THE REAL ESTATE IS LOCATED. EXCEPT AS PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, TRUSTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN NEW YORK GOVERNS THIS DEED OF TRUST. 
  
 5.12 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 any portion of the Real Estate is located, the period shall be deemed to end on the next succeeding Business Day, as that term is defined in the Loan Agreement. 
  
 5.13 Relationship of the Parties. The relationship between Trustor and
Beneficiary 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. 
  
 5.14 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 Beneficiary at Trustor’s request and Beneficiary 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. 
  
 5.15 Unsecured Portion of Indebtedness. If any part of the Secured
Obligations cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully subject to the lien and security interest hereof 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 this Deed of Trust. 
  
 5.16 Cross Default. An Event of Default hereunder shall be a default under each of the other Loan Documents and a default (after any applicable
notice or grace period) under any other Loan Document shall constitute an Event of Default hereunder. 
  
 5.17 Interest After Sale. In the event the Property or any part thereof shall be sold upon foreclosure as provided hereunder, to the extent
permitted by law, the sum for which 

  

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the same shall have been sold shall, for purposes of redemption (pursuant to the laws of the state in which the Property is located), bear interest at the
Default Interest Rate. 
  
 5.18 Inconsistency with Other Loan
Documents. 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 the Loan Agreement shall be controlling. 
  
 5.19 Construction of this Document. This document may be construed as
a mortgage, security deed, deed of trust, chattel mortgage, conveyance, assignment, security agreement, pledge, financing statement, hypothecation or contract, or any one or more of the foregoing, in order to fully effectuate the liens and security
interests created hereby and the purposes and agreements herein set forth. 
  
 5.20 No Merger. It is the desire and intention of the parties hereto that this Deed of Trust and the lien hereof do not merge in fee simple title to the Property. It is hereby understood and agreed that should
Beneficiary acquire any additional or other interests in or to the Property or the ownership thereof, then, unless a contrary intent is manifested by Beneficiary as evidenced by an appropriate document duly recorded, this Deed of Trust and the lien
hereof shall not merge in such other or additional interests in or to the Property, toward the end that this Deed of Trust may be foreclosed as if owned by a stranger to said other or additional interests. 
  
 5.21 Rights With Respect to Junior Encumbrances. Any person or entity
purporting to have or to take a junior mortgage or other lien upon the Property or any interest therein shall be subject to the rights of Beneficiary to amend, modify, increase, vary, alter or supplement this Deed of Trust, the Note or any of the
other Loan Documents, and to extend the maturity date of the Secured Obligations and to increase the amount of the Secured Obligations and to waive or forebear the exercise of any of its rights and remedies hereunder or under any of the other Loan
Documents and to release any collateral or security for the any portion of the Secured Obligations, in each and every case without obtaining the consent of the holder of such junior lien and without the lien or security interest of this Deed of
Trust losing its priority over the rights of any such junior lien. 
  
 5.22 Beneficiary May File Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Trustor or the principals, general partners or
managing members in Trustor, or their respective creditors or property, Beneficiary, 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
Beneficiary allowed in such proceedings for the entire secured Secured Obligations at the date of the institution of such proceedings and for any additional amount which may become due and payable by Trustor hereunder after such date. 
  
 5.23 Fixture Filing. Pursuant to the Uniform Commercial Code (as
adopted in Texas), this Deed of Trust shall be effective from the date of its recording as a financing statement filed as a fixture filing with respect to all goods constituting part of the Property which are or are to become fixtures. This Deed of
Trust shall also be effective as a financing statement covering as-extracted collateral subject to Section 9.301 of the Uniform Commercial Code-Secured Transactions, as adopted in Texas and as the same may be later amended, and is to be 

  

 -37- 

 
filed of record in the real estate records of the County where the Property is situated. The mailing address of Trustor and the address of Beneficiary from
which information concerning the security interests may be obtained are set forth in Section 1.16 hereof. Some or all of the Collateral may be or become a fixture in which Beneficiary has a security interest under the security agreement set
forth in Section 1.16 above (the “Security Agreement”), and the purpose of this Section 5.23 is to create a fixture filing under the Uniform Commercial Code. The rights, remedies and interests of Beneficiary under the
Security Agreement and under other provisions of this Deed of Trust are independent and cumulative, and there shall be no merger of any security interest created by the Security Agreement with any lien created under the other provisions of this Deed
of Trust. Beneficiary may elect to exercise or enforce any of its rights, remedies, or interests under the Security Agreement and the other provisions of this Deed of Trust, as Beneficiary may from time to time deem appropriate. 
  
 5.24 After-Acquired Property. All property acquired by Trustor after
the date of this Deed of Trust which by the terms of this Deed of Trust shall be subject to the lien and the security interest created hereby, shall immediately upon the acquisition thereof by Trustor and without further mortgage, conveyance or
assignment become subject to the lien and security interest created by this Deed of Trust. Nevertheless, Trustor shall execute, acknowledge, deliver and record or file, as appropriate, all and every such further mortgages, security agreements,
financing statements, assignments and assurances, as Beneficiary shall require for accomplishing the purposes of this Deed of Trust. 
  
 5.25 No Representation. By accepting delivery of any item required to be observed, performed or fulfilled or to be given to Beneficiary pursuant to
the Loan Documents, including, but not limited to, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance policy, Beneficiary 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 Beneficiary. 
  
 5.26 Counterparts.
This Deed of Trust 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 Deed of Trust may be detached from any counterpart of this Deed of Trust without impairing the legal effect of any signatures thereon and may be attached to
another counterpart of this Deed of Trust identical in form hereto but having attached to it one or more additional signature pages. 
  
 5.27 Personal Liability. Notwithstanding anything to the contrary contained in this Deed of Trust, the liability of Trustor and its officers,
directors, general partners, managers, members or principals for the Secured Obligations and for the performance of the other agreements, covenants and obligations contained herein and in the other Loan Documents shall be limited as set forth in the
Note the terms and provisions of which are incorporated herein by specific reference. 
  

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 5.28 Recording and Filing. Trustor 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 Beneficiary shall reasonably request, and will pay on demand all such recording, filing, re-recording and re-filing
taxes, fees and other charges. Trustor shall reimburse Beneficiary, or its servicing agent, for the costs incurred in obtaining a tax service company to verify the status of payment of taxes and assessments on the Property. 
  
 5.29 Entire Agreement and Modifications. This Deed of Trust 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 Deed of
Trust 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. 
  
 5.30 Maximum Interest. The provisions of this Deed of Trust and of all
agreements between Trustor and Beneficiary, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand or acceleration of the
maturity of the Note or otherwise, shall the amount paid, or agreed to be paid (“Interest”), to Beneficiary for the use, forbearance or retention of the money loaned under the Note exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, performance or fulfillment of any provision hereof or of any agreement between Trustor and Beneficiary shall, at the time performance or fulfillment of such provision shall be due, exceed the
limit for Interest prescribed by law or otherwise transcend the limit of validity prescribed by applicable law, then, ipso facto, the obligation to be performed or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Beneficiary shall ever receive anything of value deemed Interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive Interest shall be applied to the reduction of the principal balance owing under
the Note in the inverse order of its maturity (whether or not then due) or, at the option of Beneficiary, be paid over to Trustor, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest) paid or
agreed to be paid to Beneficiary shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal balance of the Note so that the Interest thereon for
such full period will not exceed the maximum amount permitted by applicable law. This Section will control all agreements between Trustor and Beneficiary. 
  
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 5.31 SPECIFIC NOTICE. IT IS EXPRESSLY AGREED AND UNDERSTOOD THAT THIS ASSIGNMENT INCLUDES
INDEMNIFICATION PROVISIONS (INCLUDING, WITHOUT LIMITATION, THE INDEMNIFICATION PROVISIONS CONTAINED IN SECTIONS 1.8(D) AND 1.25 HEREOF) WHICH, IN CERTAIN CIRCUMSTANCES, COULD INCLUDE AN INDEMNIFICATION BY TRUSTOR OF BENEFICIARY FROM CLAIMS OR LOSSES
RESULTING FROM BENEFICIARY’S NEGLIGENCE. 
  
 IN WITNESS
WHEREOF, Trustor has executed this Deed of Trust as of the day and year first above written. 
  
 THE UNDERSIGNED TRUSTOR, REQUESTS THAT A COPY OF ANY NOTICE OF DEFAULT AND ANY NOTICE OF SALE HEREUNDER BE MAILED TO IT AT ITS ADDRESS HEREINBEFORE SET FORTH. 
  

	 TRUSTOR:

	
	CATELLUS FINANCE 1, L.L.C.,
a Delaware limited liability company
		
	By:	 	 /s/ William M. Lau

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
  

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                     
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

 SIGNATURE OF NOTARY
	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
  
  
  
  
  
  
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF TX 4390530 
  
 BEING a 16.508 acre tract of land situated in the Jose Chirino Survey, Abstract No. 265, City of Fort Worth, Tarrant County, County, Texas,
and being all of Lot 3, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of Fort Worth according to the plat recorded in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. The bearings for this description are based on the bearings
as they appear in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. Said 16.508 acre tract of land being more particularly described by metes and bounds as follows: 
  
 BEGINNING at a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Northeast corner of said Lot 3,
Block 3, and the Northwest corner of Lot 2, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of Fort Worth according to the plat recorded in Cabinet A, Slide 2862, Plat Records, Tarrant County, Texas, also being on the South right of way
line of Liberty Way, a 120’ wide public right of way according to the plat recorded in Cabinet A, Slide 5722, Plat Records, Tarrant County, Texas; 
  
 THENCE South 00 degrees 08 minutes 21 seconds East, leaving the South right-of-way line of Liberty Way, along the West line of said Lot 2, Block 3, a distance of 765.00
Feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Southeast corner of said Lot 3, Block 3, and the Southwest corner of said Lot 2, Block 3; 
  
 THENCE South 89 degrees 51 minutes 39 seconds West, along the South line of said Lot 3, Block
3, a distance of 940.00 feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Southwest corner of said Lot 3, Block 3; 
  
 THENCE North 00 degrees 08 minutes 21 seconds West, along the West line of said Lot 3, Block 3, a distance of 765.00 Feet to a 1/2”
iron rod with a plastic cap stamped “RPLS 4818” set on the South right of way line of Liberty Way at the Northwest corner of said Lot 3, Block 3; 
  
 THENCE North 89 degrees 51 minutes 39 seconds East, along the South right of way line of Liberty Way, a distance of 940.00 Feet to the POINT OF BEGINNING and containing a
computed area of 16.508 acres or 719,100 Square Feet. 
  

 (EXHIBIT D-2) 
  
 Recording requested by, 
 And when Recorded
Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie 
  

	 	 	 TO BE RECORDED IN THE REAL
 PROPERTY RECORDS OF
 TARRANT COUNTY, TEXAS

  
 ASSIGNMENT OF LEASES
AND RENTS 
  
 CATELLUS FINANCE 1, L.L.C., 
  
 AS ASSIGNOR 
  
 AND 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
 F/K/A LASALLE NATIONAL BANK, 
 AS TRUSTEE FOR THE REGISTERED HOLDERS OF PRUDENTIAL MORTGAGE

 CAPITAL COMPANY I, LLC, COMMERCIAL MORTGAGE PASS-THROUGH 
 CERTIFICATES, SERIES 1998-1, 
  
 AS ASSIGNEE 
  
 County:
Tarrant (the “County”) 
  
 State: Texas (the
“State”) 
  

 ASSIGNMENT OF LEASES AND RENTS 
  
 THIS ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) made as of September 2, 2003, is by CATELLUS
FINANCE 1, L.L.C., a Delaware limited liability company (“Assignor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94203, in favor of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank,
as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Assignee”), having an address at 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60647-4107. 
  
 W I T N E S S E T H: 
  
 A. Reference is made to that certain loan agreement dated as of October 26, 1998 between Assignor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a
Delaware corporation (“Prudential”), predecessor-in-interest to Assignee (as amended and as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, the “Loan
Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that certain promissory note dated October 26, 1998, in the original principal amount of THREE HUNDRED
SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), and secured by, among other things, certain deeds of trust, mortgages and security deeds encumbering properties located within and without the state (as heretofore and hereafter assigned
and amended, the “Mortgages”) and further secured by those certain Cash Management Agreements (the “Cash Management Agreements”) by and among Assignor, Assignee and those certain managers for each of the properties
as more particularly set forth in the Cash Management Agreements. 
  
 B. As described in Section 2.12 of the Loan Agreement, Assignor has the option to substitute certain properties in place of certain other properties designated by Assignor (the “Replaced Properties”) and to have such
Replaced Properties released from the Property Pool securing the Loan. 
  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof, Assignor has now elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas
(“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver,
Colorado (“CO 0310415”) as Substitute Properties, and has designated the following properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin,
California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. It is a condition precedent to the consummation of the Substitution
described in the foregoing paragraph that Assignor execute and deliver that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith (the “Deed of Trust”), from
Assignor, as trustor, to Assignee, as beneficiary, 

  

 
which encumbers TX 4390530, which real property is more particularly described on Exhibit A attached hereto and incorporated herein by this reference,
together with all buildings and other improvements now or hereafter located thereon (to the full extent of Assignor’s interest) (collectively, the “Improvements”) (said parcel of real property and the Improvements are
hereinafter sometimes collectively referred to as the “Property”). 
  
 E. It is an additional condition precedent to the consummation of the Substitution described in paragraph B. that Assignor execute and deliver this Assignment with respect to the Property. 
  
 F. The term “Loan Documents” shall have the same meaning
given to such term in the Loan Agreement. Unless otherwise specifically defined or used in this Assignment to the contrary, capitalized terms shall have the meaning set forth in the Loan Agreement. 
  
 NOW, THEREFORE, in consideration of the making of the loan evidenced by the
Note by Assignee to Assignor, the consummation of the Substitution described above and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor does hereby irrevocably, absolutely and
unconditionally transfer, sell, assign, grant, pledge and convey to Assignee, its successors and assigns, all of the right, title and interest of Assignor in and to: 
  
 (a) any and all leases, licenses, rental agreements and occupancy agreements of whatever form now or
hereafter affecting all or any part of the Property and any and all guarantees, extensions, renewals, replacements and modifications thereof (collectively, the “Leases”); and 
  
 (b) all deposits (whether for security or otherwise), rents,
issues, profits, revenues, royalties, accounts, rights, benefits and income of every nature of and from the Property, including, without limitation, minimum rents, additional rents, termination payments, forfeited security deposits, liquidated
damages following default and all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability due to destruction or damage to the Property, together with the immediate and continuing right to collect and
receive the same, whether now due or hereafter becoming due, and together with all rights and claims of any kind that Assignor may have against any tenant, lessee or licensee under the Leases or against any other occupant of the Property
(collectively, the “Rents”). 
  
 TO HAVE AND TO
HOLD the same unto Assignee, its successors and assigns. 
  
 IT IS
AGREED that, notwithstanding that this instrument is a present, absolute and executed assignment of the Rents and of the Leases and a present, absolute and executed grant of the powers herein granted to Assignee, Assignor is hereby permitted, at the
sufferance of Assignee and at its discretion, and is hereby granted a license by Assignee, to retain possession of the Leases and to retain the Rents that are delivered to Assignor pursuant to the Cash Management Agreements unless and until the
occurrence of a Sweep Event (as defined in the Cash Management Agreements). Upon the occurrence of an Event of Default (as hereinafter defined), the aforementioned license granted to Assignor shall automatically terminate without notice to Assignor,
and Assignee may thereafter, without taking possession of the Property, take 

  

 2 

 
possession of the Leases and collect and retain the Rents in accordance with the terms and conditions of the Cash Management Agreements and the other Loan
Documents. Further, from and after such termination, Assignor shall be the agent of Assignee in collection of the Rents, and any Rents so collected by Assignor shall be held in trust by Assignor for the sole and exclusive benefit of Assignee and
Assignor shall, within one (1) business day after receipt of any Rents, pay the same to Assignee to be applied by Assignee as hereinafter set forth. Furthermore, from and after such Event of Default and termination of the aforementioned license,
Assignee shall have the right and authority, without any notice whatsoever to Assignor and without regard to the adequacy of the security therefor, to: (a) make application to a court of competent jurisdiction for appointment of a receiver for all
or any part of the Property, as particularly set forth in the Deed of Trust, (b) manage and operate the Property, with full power to employ agents to manage the same; (c) demand, collect, receive and sue for the Rents, including those past due and
unpaid; and (d) do all acts relating to such management of the Property, including, but not limited to, negotiation of new Leases, making adjustments of existing Leases, contracting and paying for repairs and replacements to the Improvements and to
the fixtures, equipment and personal property located in the Improvements or used in any way in the operation, use and occupancy of any Property as in the sole subjective judgment and discretion of Assignee may be necessary to maintain the same in a
tenantable condition, purchasing and paying for such additional furniture and equipment as in the sole subjective judgment of Assignee may be necessary to maintain a proper rental income from the Property, employing necessary managers and other
employees, purchasing fuel, providing utilities and paying for all other expenses incurred in the operation of the Property, maintaining adequate insurance coverage over hazards customarily insured against and paying the premiums therefor. Assignee
may apply the Rents received by Assignor from the Property, after deducting the costs of collection thereof, including, without limitation, attorneys’ fees and a management fee for any management agent so employed, against amounts expended for
repairs, upkeep, maintenance, service, fuel, utilities, taxes, assessments, insurance premiums and such other expenses as Assignee incurs in connection with the operation of the Property and against interest, principal, required escrow deposits and
other sums which have or which may become due, from time to time, under the terms of the Loan Documents, in such order or priority as to any of the items so mentioned as Assignee, in its sole subjective discretion, may determine. The exercise by
Assignee of the rights granted Assignee in this paragraph, and the collection of, the Rents and the application thereof as herein provided, shall not be considered a waiver by Assignee of any Event of Default under the Loan Documents or prevent
foreclosure of any liens on the Property nor shall such exercise make Assignee liable under any of the Leases, Assignee hereby expressly reserving all of its rights and privileges under the Deed of Trust and the other Loan Documents as fully as
though this Assignment had not been entered into. 
  
 Without
limiting the rights granted hereinabove, in the event Assignor shall fail to make any payment or to perform any act required under the terms hereof and such failure shall not be cured within any applicable grace or cure period, then Assignee may,
but shall not be obligated to, without prior notice to or demand on Assignor, and without releasing Assignor from any obligation hereof, make or perform the same in such manner and to such extent as Assignee may deem necessary to protect the
security hereof, including specifically, without limitation, appearing in and defending any action or proceeding purporting to affect the security hereof or the rights or powers of Assignee, performing or discharging any obligation, covenant or
agreement of Assignor under any of the Leases, and, in exercising any of such powers, paying all 

  

 3 

 
necessary costs and expenses, employing counsel and incurring and paying attorneys’ fees. Any sum advanced or paid by Assignee for any such purpose,
including, without limitation, attorneys’ fees, together with interest thereon at the Default Interest Rate (as defined in the Note) from the date paid or advanced by Assignee until repaid by Assignor, shall immediately be due and payable to
Assignee by Assignor on demand and shall be secured by the Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. 
  
 IT IS FURTHER AGREED that this Assignment is made upon the following terms, covenants and conditions: 
  
 1. This Assignment shall not operate to place responsibility
for the control, care, management or repair of the Property upon Assignee, nor for the performance of any of the terms and conditions of any of the Leases, nor shall it operate to make Assignee responsible or liable for any waste committed on any
Property by the tenants or any other party or for any dangerous or defective condition of any Property or for any negligence in the management, upkeep, repair or control of any Property. Assignee shall not be liable for any loss sustained by
Assignor resulting from Assignee’s failure to let the Property or from any other act or omission of Assignee in managing the Property. ASSIGNOR SHALL AND DOES HEREBY INDEMNIFY AND HOLD ASSIGNEE HARMLESS FROM AND AGAINST ANY AND ALL
LIABILITY, LOSS, CLAIM, DEMAND OR DAMAGE WHICH MAY OR MIGHT BE INCURRED BY REASON OF THIS ASSIGNMENT, INCLUDING, WITHOUT LIMITATION, CLAIMS OR DEMANDS FOR SECURITY DEPOSITS FROM TENANTS OF SPACE IN THE IMPROVEMENTS DEPOSITED WITH ASSIGNOR, AND FROM
AND AGAINST ANY AND ALL CLAIMS AND DEMANDS WHATSOEVER WHICH MAY BE ASSERTED AGAINST ASSIGNEE BY REASON OF ANY ALLEGED OBLIGATIONS OR UNDERTAKINGS ON ITS PART TO PERFORM OR DISCHARGE ANY OF THE TERMS, COVENANTS OR AGREEMENTS CONTAINED IN ANY OF THE
LEASES EXCEPT TO THE EXTENT ASSIGNOR’S DAMAGES ARE A DIRECT RESULT OF ASSIGNEE’S WILLFUL MISCONDUCT OR GROSS NEGLIGENCE AS FINALLY DETERMINED BY THE COURT OF COMPETENT JURISDICTION. SHOULD ASSIGNEE INCUR ANY LIABILITY BY REASON OF THIS
ASSIGNMENT OR IN DEFENSE OF ANY CLAIM OR DEMAND FOR LOSS OR DAMAGE AS PROVIDED ABOVE, THE AMOUNT THEREOF, INCLUDING, WITHOUT LIMITATION, COSTS, EXPENSES AND ATTORNEYS’ FEES, TOGETHER WITH INTEREST THEREOF AT THE DEFAULT INTEREST RATE FROM THE
DATE PAID OR INCURRED BY ASSIGNEE UNTIL REPAID BY ASSIGNOR, SHALL BE IMMEDIATELY DUE AND PAYABLE TO ASSIGNEE BY ASSIGNOR UPON DEMAND AND SHALL BE SECURED BY THE DEED OF TRUST AND BY ALL OF THE OTHER LOAN DOCUMENTS SECURING ALL OR ANY PART OF THE
INDEBTEDNESS EVIDENCED BY THE NOTE. 
  
 2.
This Assignment shall not be construed as making Assignee a mortgagee in possession. 
  
 3. Assignee is obligated to account to Assignor only for such Rents as are actually collected or received by Assignee. 
  

 4 

 4. Assignor hereby further presently and absolutely assigns to Assignee subject to the
terms and provisions of this Assignment: (a) any award or other payment which Assignor may hereafter become entitled to receive with respect to any of the Leases as a result of or pursuant to any bankruptcy, insolvency or reorganization or similar
proceedings involving the tenants under such Leases; and (b) any and all payments made by or on behalf of any tenant of any part of any Property in lieu of Rent. Assignor hereby irrevocably appoints Assignee as its attorney-in-fact to, from and
after the occurrence of an Event of Default by Assignor hereunder or under any of the other Loan Documents, appear in any such proceeding and to collect any such award or payment, which power of attorney is coupled with an interest by virtue of this
Assignment and is irrevocable so long as any sums are outstanding under the Loan. 
  
 5. Assignor represents, warrants and covenants to and for the benefit of Assignee: (a) that Assignor now is (or with respect to any Leases
not yet in existence, will be immediately upon the execution thereof) the absolute owner of the landlord’s interest in the Leases, with full right and title to assign the same and the Rents due or to become due thereunder; (b) that, other than
this Assignment and those assignments, if any, specifically permitted in the Loan Agreement or Deed of Trust, there are no outstanding assignments of the Leases or Rents; (c) that no Rents have been anticipated, discounted, released, waived,
compromised or otherwise discharged except for prepayment of rent of not more than one (1) month prior to the accrual thereof, except as disclosed by Assignor as referenced in Section 5.1(ee)(ii) of the Loan Agreement; (d) that there are no material
defaults now existing under any of the Leases by the landlord or tenant, and there exists no state of facts which, with the giving of notice or lapse of time or both, would constitute a default under any of the Leases by the landlord or tenant,
except as disclosed in writing to Assignee; (e) that Assignor has and shall duly and punctually observe and perform all covenants, conditions and agreements in the Leases on the part of the landlord to be observed and performed thereunder and (f)
the Leases are in full force and effect and are the valid and binding obligations of Assignor, and, to the knowledge of Assignor, are the valid and binding obligations of the tenants thereto. 
  
 6. Assignor covenants and agrees that Assignor shall comply
with all conditions, covenants and agreements set forth in Section 1.8 of the Deed of Trust. 
  
 7. Assignor covenants and agrees that Assignor shall, at its sole cost and expense, appear in and defend any action or proceeding arising
under, growing out of, or in any manner connected with the Leases or the obligations, duties or liabilities of the landlord or tenant thereunder, and shall pay on demand all costs and expenses, including, without limitation, attorneys’ fees,
which Assignee may incur in connection with Assignee’s appearance, voluntary or otherwise, in any such action or proceeding, payable upon demand within five (5) Business Days (as defined in the Loan Agreement) from the date incurred, together
with interest thereon at the Default Interest Rate from the date payable, until repaid by Assignor. 
  
 8. At any time, Assignee may, at its option, notify any tenants or other parties of the existence of this Assignment. Assignor does hereby
specifically authorize, instruct and direct each and every present and future tenant, lessee and licensee of the whole or any part of any Property to pay all unpaid and future Rents to Assignee upon receipt of demand from Assignee to so pay the same
and Assignor hereby agrees that each such present and future tenant, lessee and licensee may rely upon such written demand from Assignee to so pay said Rents without any 

  

 5 

 
inquiry into whether there exists an Event of Default hereunder or under the other Loan Documents or whether Assignee is otherwise entitled to said Rents.
Assignor hereby waives any right, claim or demand which Assignor may now or hereafter have against any present or future tenant, lessee or licensee by reason of such payment of Rents to Assignee, and any such payment shall discharge such
tenant’s, lessee’s or licensee’s obligation to make such payment to Assignor. 
  
 9. Assignee may take or release any security for the indebtedness evidenced by the Note, may release any party primarily or secondarily
liable for the indebtedness evidenced by the Note, may grant extensions, renewals or indulgences with respect to the indebtedness evidenced by the Note and may apply any other security therefor held by it to the satisfaction of any indebtedness
evidenced by the Note without prejudice to any of its rights hereunder. 
  
 10. The acceptance of this Assignment and the collection of the Rents in the event Assignor’s license is terminated, as referred to above, shall be without prejudice to Assignee. The rights of Assignee hereunder
are cumulative and concurrent, may be pursued separately, successively or together and may be exercised as often as occasion therefor shall arise, it being agreed by Assignor that the exercise of any one or more of the rights provided for herein
shall not be construed as a waiver of any of the other rights or remedies of Assignee, at law or in equity or otherwise, so long as any obligation under the Loan Documents remains unsatisfied. 
  
 11. All rights of Assignee hereunder shall inure to the
benefit of its successors and assigns; and all obligations of Assignor shall bind its successors and assigns and any subsequent owner of the Property. All rights of Assignee in, to and under this Assignment shall pass to and may be exercised by any
assignee of such rights of Assignee. The foregoing shall not be construed to confer a right of transfer or assignment hereunder to the Assignor except as specifically provided in the Loan Agreement. Assignor hereby agrees that if Assignee gives
notice to Assignor of an assignment of said rights, upon such notice the liability of Assignor to the assignee of the Assignee shall be immediate and absolute. Assignor will not set up any claim against Assignee or any intervening assignee as a
defense, counterclaim or setoff to any action brought by Assignee or any intervening assignee for any amounts due hereunder or for possession of or the exercise of rights with respect to the Leases or the Rents. 
  
 12. It shall be an Event of Default hereunder (a) if an
Event of Default, as defined in the Loan Agreement shall occur, (b) Assignor fails to punctually perform any covenant, agreement or obligation under this Assignment which requires payment of money to Assignee at the time or within any applicable
period of time set forth herein, or if no time period is sent forth herein, then, within ten (10) Business Days, or (c) upon any failure by Assignor in the performance or observance of any covenant or condition hereof (other than as described in
subsection (b) above) and, to the extent such failure or default described in subsection (c) is susceptible of being cured, the continuance of such failure or default for thirty (30) days after written notice thereof from Assignee to Assignor;
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 Assignor commences to cure such default promptly after receipt of notice thereof
from Assignee, and thereafter prosecutes the curing of such default with reasonable diligence, 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 ninety (90) days. Any Event of Default hereunder shall be deemed an Event of Default under each of the other 

  

 6 

 
Loan Documents, entitling Assignee to exercise any or all rights and remedies available to Assignee under the terms hereof or of any or all of the other Loan
Documents, and any Event of Default under any other Loan Document shall be deemed an Event of Default hereunder, entitling Assignee to exercise any or all rights provided for herein. 
  
 13. Failure by Assignee to exercise any right which it may have hereunder shall not be deemed a waiver
thereof unless so agreed in writing by Assignee, and the waiver by Assignee of any default hereunder shall not constitute a continuing waiver or a waiver of any other default or of the same default on any future occasion. No collection by Assignee
of any Rents pursuant to this Assignment shall constitute or result in a waiver of any default then existing hereunder or under any of the other Loan Documents. 
  
 14. If any provision under this Assignment or the application thereof to any entity, person or circumstance
shall be invalid, illegal or unenforceable to any extent, the remainder of this Assignment and the application of the provisions hereof to other entities, persons or circumstances shall not be affected thereby and shall be enforced to the fullest
extent permitted by law. 
  
 15. This Assignment
may not be amended, modified or otherwise changed except by a written instrument duly executed by Assignor and Assignee. 
  
 16. This Assignment shall be in full force and effect continuously from the date hereof to and until the Deed of Trust shall be released
of record, and the release of the Deed of Trust shall, for all purposes, automatically terminate this Assignment and render this Assignment null and void and of no effect whatsoever. 
  
 17. In case of a conflict between any provision of this Assignment and any provision of any of the other
Loan Documents, such provision shall be construed as to give Assignee the maximum benefit in its interpretation and construction. 
  
 18. All notices, demands, requests or other communications to be sent by one party to the other hereunder or required by law shall be
given and become effective as provided in the Loan Agreement. 
  
 19. EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW RULES. IT IS THE INTENT OF THE
PARTIES HERETO THAT THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK APPLY TO THIS ASSIGNMENT. ACCORDINGLY, IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY, ENFORCEABILITY AND
PERFORMANCE, THIS ASSIGNMENT AND THE OBLIGATIONS ARISING HEREUNDER 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, AND ANY APPLICABLE LAW OF THE
UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE 

  

 7 

 
CREATION, PERFECTION AND ENFORCEMENT OF THE SECURITY INTERESTS CREATED PURSUANT THERETO AND HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE
LAWS OF THE STATE WHERE THE PROPERTY IS LOCATED. EXCEPT AS PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, ASSIGNOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION OTHER THAN NEW YORK GOVERNS THIS ASSIGNMENT. 
  
 20. This Assignment 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 Assignment may be detached from any counterpart of this Assignment without impairing the legal effect of any signatures thereon
and may be attached to another counterpart of this Assignment identical in form hereto but having attached to it one or more additional signature pages. 
  
 21. In addition to, but not in lieu of, any other rights hereunder, Assignee shall have the right to institute suit and obtain a
protective or mandatory injunction against Assignor to prevent a breach or default, or to reinforce the observance, of the agreements, covenants, terms and conditions contained herein, as well as the right to damages occasioned by any breach or
default by Assignor. 
  
 22. This Assignment
shall continue and remain in full force and effect during any period of foreclosure with respect to the Property. 
  
 23. Assignor hereby covenants and agrees that Assignee shall be entitled to all of the rights, remedies and benefits available by statute,
at law, in equity or as a matter of practice for the enforcement and perfection of the intents and purposes hereof. Assignee shall, as a matter of absolute right, be entitled, upon application to a court of applicable jurisdiction and without notice
to Assignor, to the appointment of a receiver to obtain and secure the rights of Assignee hereunder and the benefits intended to be provided to Assignee hereunder. 
  
 24. Notwithstanding anything to the contrary contained in this Assignment, the liability of Assignor and its
officers, directors, general partners, managers, members and principals for the indebtedness secured hereby and for the performance of the other agreements, covenants and obligations contained herein and in the other Loan Documents shall be limited
as set forth in Section 1.05 of the Note, which Section is incorporated herein by specific reference. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 8 

 25. SPECIFIC NOTICE. IT IS EXPRESSLY AGREED AND UNDERSTOOD THAT THIS ASSIGNMENT
INCLUDES INDEMNIFICATION PROVISIONS (INCLUDING, WITHOUT LIMITATION, THE INDEMNIFICATION PROVISIONS CONTAINED IN SECTION 1 HEREOF) WHICH, IN CERTAIN CIRCUMSTANCES, COULD INCLUDE AN INDEMNIFICATION BY ASSIGNOR OF ASSIGNEE FROM CLAIMS OR LOSSES
RESULTING FROM ASSIGNEE’S NEGLIGENCE. 
  
 IN WITNESS
WHEREOF, Assignor has executed this Assignment as of the day and year first above written. 
  

	ASSIGNOR:
	 
	 CATELLUS FINANCE 1, L.L.C.,
 a
Delaware limited liability company

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF TX 4390530 
  
 BEING a 16.508 acre tract of land situated in the Jose Chirino Survey, Abstract No. 265, City of Fort Worth, Tarrant County, County, Texas,
and being all of Lot 3, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of Fort Worth according to the plat recorded in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. The bearings for this description are based on the bearings
as they appear in Cabinet A, Slide 7242, Plat Records, Tarrant County, Texas. Said 16.508 acre tract of land being more particularly described by metes and bounds as follows: 
  
 BEGINNING at a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Northeast corner of said Lot 3,
Block 3, and the Northwest corner of Lot 2, Block 3, ALLIANCE GATEWAY SOUTH, an addition to the City of Fort Worth according to the plat recorded in Cabinet A, Slide 2862, Plat Records, Tarrant County, Texas, also being on the South right of way
line of Liberty Way, a 120’ wide public right of way according to the plat recorded in Cabinet A, Slide 5722, Plat Records, Tarrant County, Texas; 
  
 THENCE South 00 degrees 08 minutes 21 seconds East, leaving the South right-of-way line of Liberty Way, along the West line of said Lot 2, Block 3, a distance of 765.00
Feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Southeast corner of said Lot 3, Block 3, and the Southwest corner of said Lot 2, Block 3; 
  
 THENCE South 89 degrees 51 minutes 39 seconds West, along the South line of said Lot 3, Block
3, a distance of 940.00 feet to a 5/8” iron rod with a plastic cap stamped “Carter and Burgess” found at the Southwest corner of said Lot 3, Block 3; 
  
 THENCE North 00 degrees 08 minutes 21 seconds West, along the West line of said Lot 3, Block 3, a distance of 765.00 Feet to a 1/2”
iron rod with a plastic cap stamped “RPLS 4818” set on the South right of way line of Liberty Way at the Northwest corner of said Lot 3, Block 3; 
  
 THENCE North 89 degrees 51 minutes 39 seconds East, along the South right of way line of Liberty Way, a distance of 940.00 Feet to the POINT OF BEGINNING and containing a
computed area of 16.508 acres or 719,100 Square Feet. 
  

 A-1 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

 SIGNATURE OF NOTARY
	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
  
  
  
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  
  

	 	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 (EXHIBIT E-1) 
  
 Recording Requested by 
 and When Recorded
Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 
 Attention: Gary Louie 
  
 Assessor’s Parcel Numbers: 
 See Exhibit A Hereof 
  
 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY 
 AGREEMENT AND FIXTURE FILING 
  
 CATELLUS FINANCE 1, L.L.C., 
  
 TRUSTOR 
  
 TO 
  
 PUBLIC TRUSTEE OF THE CITY AND COUNTY OF DENVER, 
  
 AS TRUSTEE 
  
 FOR THE BENEFIT OF 
 LASALLE BANK NATIONAL ASSOCIATION, 
 F/K/A LASALLE NATIONAL BANK, 
 AS TRUSTEE FOR THE REGISTERED HOLDERS OF PRUDENTIAL MORTGAGE 
 CAPITAL COMPANY I, LLC,
COMMERCIAL MORTGAGE PASS-THROUGH 
 CERTIFICATES, SERIES 1998-1, 
  
 AS BENEFICIARY 
  
 DATED: AS OF SEPTEMBER 2, 2003 
  
 City and County of Denver (the “County”) 
 State: Colorado (the “State”) 

 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
  
 THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Deed of Trust”), dated as of September
2, 2003, is entered into by CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company, as trustor (the “Trustor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94105, to the Public Trustee of
the City and County of Denver, as trustee (the “Trustee”) for the benefit of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC,
Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Beneficiary”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107. 
  
 R E C I T A L S 
  
 A. Reference is made to that certain loan agreement dated as of October 26,
1998 between Trustor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Beneficiary (as amended and as the same may hereinafter be consolidated, extended, modified,
amended and/or restated or renewed from time to time, the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the “Loan”), evidenced by that certain promissory note
dated October 26, 1998, in the original principal amount of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), with a maturity date of November 11, 2028, and secured by, among other things, certain deeds of trust, mortgages
and security deeds encumbering properties located within and without the state (as subsequently assigned and amended, the “Existing Mortgages”). 
  
 B. As described in Section 2.12 of the Loan Agreement, Trustor has the option to substitute certain properties in place of
certain other properties designated by Trustor (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan. 
  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof,
Trustor has now elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3) CO 0310505,
Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) as Substitute Properties, and has designated the following properties as Replaced
Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA
0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. It is a condition precedent to the consummation of the Substitution described in the foregoing paragraph that Trustor execute and deliver this Deed of
Trust with 

  

 
respect to CO 0310411, CO 0310505 and CO 0310415 (the Existing Mortgages and this Deed of Trust are collectively referred to herein as the
“Mortgages”). 
  
 E. The term “Loan
Documents” shall have the same meaning given to such term in the Loan Agreement. Unless otherwise specifically defined or used in this Deed of Trust to the contrary, capitalized terms shall have the meaning set forth in the Loan Agreement.

  
 W I T N E S S
E T H: 
  
 Trustor has GRANTED, BARGAINED, MORTGAGED,
ASSIGNED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, MORTGAGE, ASSIGN, SELL and CONVEY, unto Trustee, in trust, for the benefit of Beneficiary with power of sale and right of entry and possession, all of the following described
property, whether now owned or hereafter acquired (collectively, the “Property”): 
  
 A. All those certain parcels of real property, located in the County and State (as hereinbefore defined), more particularly described on Exhibit A
attached hereto and incorporated herein by this reference (collectively, the “Real Estate”), together with all of the easements, rights, privileges, franchises, tenements, hereditaments and appurtenances now or hereafter thereunto
belonging or in any way appertaining thereto and all of the estate, right, title, interest, claim and demand whatsoever of Trustor therein or thereto, either at law or in equity, in possession or in expectancy, now or hereafter acquired; 

 
 B. All structures, buildings and improvements of every kind and
description now or at any time hereafter located or placed on the Real Estate except to the extent Trustor’s interest in any structures, buildings and improvements may be limited as of the date hereof pursuant to the terms of an existing ground
lease more particularly described in the Loan Agreement (the “Improvements”); 
  
 C. All furniture, furnishings, fixtures, goods, equipment, inventory or personal property owned by Trustor and now or hereafter located on, attached to or used in and about the Improvements, including, but not limited
to, all machines, engines, boilers, dynamos, elevators, stokers, tanks, cabinets, lawn mowers, and all appliances, plumbing, heating, air conditioning, lighting, ventilating, refrigerating, disposal and incinerating equipment, and all fixtures and
appurtenances thereto, and such other goods and chattels and personal property owned by Trustor as are now or hereafter used or furnished in operating the Improvements, or the activities conducted therein, and all building materials and equipment
hereafter situated on or about the Real Estate or the Improvements, and all warranties and guaranties relating thereto, and all additions thereto and substitutions and replacements therefor (exclusive of any of the foregoing owned or leased from a
third-party by tenants of space in the Improvements); 
  
 D. All
easements, rights-of-way, strips and gores of land, vaults, streets, ways, alleys, passages, sewer rights, air rights and other development rights now or hereafter located on the Real Estate or under or above the same or any part or parcel thereof,
and all estates, rights, titles, interests, tenements, hereditaments and appurtenances, reversions and remainders whatsoever, in any way belonging, relating or appertaining to the Real Estate and/or the 

  

 -2- 

 
Improvements or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired by
Trustor; 
  
 E. All water, ditches, wells, reservoirs and drains
and all water, ditch, well, reservoir and drainage rights which are appurtenant to, located on, under or above or used in connection with the Real Estate or the Improvements, or any part thereof, whether now existing or hereafter created or
acquired; 
  
 F. All minerals, landscaping and landscaping
features now or hereafter located on, under or above the Real Estate; 
  
 G. All cash funds, deposit accounts and other rights and evidence of rights to cash, now or hereafter created or held by Beneficiary pursuant to the Loan Agreement or any other of the other Loan Documents, including, without limitation,
such funds, deposit accounts and other rights and evidence of rights to cash pursuant to those certain Cash Management Agreements executed among others, by Trustor and Beneficiary (the “Cash Management Agreements”); 
  
 H. All leases (including, without limitation, oil, gas and mineral leases),
licenses, concessions and occupancy agreements of all or any part of the Real Estate or the Improvements now existing or hereafter entered into, as same may be amended (each, a “Lease” and collectively, “Leases”)
whether written or verbal and all rents, royalties, issues, profits, revenue, income and other benefits (collectively, the “Rents and Profits”) of the Real Estate or the Improvements, now or hereafter arising from the use or
enjoyment of all or any portion thereof or from any present or future Lease or other agreement pertaining thereto or arising from any of the Contracts (as hereinafter defined) or any of the General Intangibles (as hereinafter defined) and all cash
or securities deposited to secure performance by the tenants, lessees or licensees (each, a “Tenant” and collectively, the “Tenants”), as applicable, of their obligations under any such Leases, whether said cash or
securities are to be held until the expiration of the terms of said Leases, or applied to one or more of the installments of rent coming due prior to the expiration of said terms, subject to, however, the provisions contained in Section 1.7
hereinbelow; 
  
 I. All contracts and agreements now or hereafter
entered into covering any part of the Real Estate or the Improvements (collectively, the “Contracts”) and all revenue, income and other benefits thereof, including, without limitation, management agreements, service contracts,
maintenance contracts, equipment leases, personal property leases and any contracts or documents relating to construction on any part of the Real Estate or the Improvements (including plans, drawings, surveys, tests, reports, bonds and governmental
approvals) or to the management or operation of any part of the Real Estate or the Improvements; 
  
 J. All present and future monetary deposits given to any public or private utility with respect to utility services furnished to any part of the Real
Estate or the Improvements; 
  
 K. 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 

  

 -3- 

 
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 Trustor 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 (collectively, the “General Intangibles”); 
  
 L. All water taps, sewer taps, certificates of occupancy, permits, licenses,
franchises, certificates, consents, approvals and other rights and privileges now or hereafter obtained in connection with the Real Estate or the Improvements and all present and future warranties and guaranties relating to the Improvements or to
any equipment, fixtures, furniture, furnishings, personal property or components of any of the foregoing now or hereafter located or installed on the Real Estate or the Improvements; 
  
 M. All building materials, supplies and equipment now or hereafter placed on the Real Estate or in the Improvements and all
architectural renderings, models, drawings, plans, specifications, studies and data now or hereafter relating to the Real Estate or the Improvements (exclusive of any of the foregoing owned or leased from a third-party by tenants of space in the
Improvements); 
  
 N. All right, title and interest of Trustor in
any insurance policies or binders now or hereafter relating to the Property including any unearned premiums thereon; 
  
 O. All proceeds, products, substitutions and accessions (including claims and demands therefor) of the conversion, voluntary or involuntary, of any of the
foregoing into cash or liquidated claims, including, without limitation, proceeds of insurance and condemnation awards; and 
  
 P. All other or greater rights and interests of every nature in the Real Estate or the Improvements and in the possession or use thereof and income
therefrom, whether now owned or hereafter acquired by Trustor. 
  
 FOR THE PURPOSES OF SECURING: 
  
 (1) The indebtedness
evidenced by the Note and the Loan Amount, together with interest as therein provided; 
  
 (2) The full and prompt payment and performance of all of the provisions, agreements, covenants and obligations herein contained and contained in any other Loan Documents and the payment of all other sums herein or
therein covenanted to be paid; 
  
 (3) Any and all additional
advances made by Beneficiary to protect or preserve the Property or the lien or security interest created hereby on the Property, or for taxes, assessments or insurance premiums as hereinafter provided or for performance of any of Trustor’s
obligations hereunder or under the other Loan Documents or for any other purpose provided herein or in the other Loan Documents (whether or not the original Trustor remains the owner of the Property at the time of such advances); 
  

 -4- 

 (4) Any and all other indebtedness now owing or which may hereafter be owing by Trustor to Beneficiary
under the Loan, including, without limitation, all prepayment premiums, however and whenever incurred or evidenced, whether express or implied, direct or indirect, absolute or contingent, or due or to become due, and all renewals, modifications,
consolidations, replacements and extensions thereof, including, without limitation: (a) modifications of the required principal payment dates or interest payment dates or both, as the case may be, deferring or accelerating payment dates wholly or
partly. 
  
 The principal amount of the indebtedness that this
Deed of Trust secures as of the date hereof is $348,621,167.70. 
  
 (All of the sums referred to in the preceding five (5) paragraphs above are herein sometimes referred to as the “Secured Obligations”). 
  
 TO HAVE AND TO HOLD the Property unto Trustee, its successors and assigns forever, and Trustor does hereby bind itself, its
successors and assigns, to WARRANT AND FOREVER DEFEND the title to the Property unto Trustee against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to the Permitted Exceptions; 
  
 PROVIDED, HOWEVER, that if the principal and interest and all other sums due
or to become due under the Note or under the other Loan Documents, including, without limitation, any prepayment premiums required pursuant to the terms of the Note, shall have been paid at the time and in the manner stipulated therein and all other
sums payable hereunder and all other Secured Obligations shall have been paid and all other covenants contained in the Loan Documents shall have been performed, then, in such case, this Deed of Trust shall be satisfied and the estate, right, title
and interest of Beneficiary in the Property shall cease, and upon payment to Beneficiary of all costs and expenses incurred for the preparation of the release hereinafter referenced and all recording costs if allowed by law, Beneficiary shall
release this Deed of Trust and the lien and security interest hereof by proper instrument. 
  
 ARTICLE I 
  
 COVENANTS
OF TRUSTOR 
  
 For the purpose of further securing the Secured
Obligations and for the protection of the security of this Deed of Trust, for so long as the Secured Obligations or any part thereof remains outstanding, Trustor covenants and agrees as follows: 
  
 1.1 Warranties of Trustor. Trustor, for itself and its successors and
assigns hereby represent, warrant and covenant to and with Beneficiary, its successors, and assigns, that: 
  
 (a) First Lien. Upon the execution by the Trustor and the recording of this Deed of Trust, and upon the execution and filing of UCC-1 financing
statements or amendments thereto, the Beneficiary will have a valid first lien on the Property and a valid first security interest in all personal property secured hereby, subject to no liens, charges or encumbrances other than the Permitted
Exceptions (as defined in the Loan Agreement). 
  

 -5- 

 (b) Homestead. The Property forms no part of any property owned, used or claimed by Trustor 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. Trustor hereby disclaims and renounces each and every claim to all or any portion of the Property as a homestead.

  
 1.2 Defense of Title. If, while this Deed of Trust is
in force, the title to the Property or the interest of Beneficiary 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, Trustor, at Trustor’s expense, shall take all necessary and proper steps for the defense of said title or interest, including the employment of counsel approved by Beneficiary, 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 Beneficiary determines that Trustor is not adequately performing its obligations under this Section, Beneficiary may, without
limiting or waiving any other rights or remedies of Beneficiary hereunder, take such steps, with respect thereto as Beneficiary shall deem necessary or proper and any and all costs and expenses incurred by Beneficiary in connection therewith,
together with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately paid by Trustor on demand and shall be secured by this Deed of Trust and by all of the other Loan
Documents securing all or any part of the Secured Obligations. 
  
 1.3 Performance of Obligations. Trustor shall pay when due the principal of and the interest on the Secured Obligations in accordance with the terms of the Note and the other Loan Documents. Trustor shall also pay all charges, fees
and other sums required to be paid by Trustor as provided in the Loan Documents, in accordance with the terms of the Loan Documents and shall observe, perform and discharge all obligations, covenants and agreements to be observed, performed or
discharged by Trustor set forth in the Loan Documents in accordance with their terms. Further, Trustor shall promptly and strictly perform and comply with all covenants, conditions, obligations and prohibitions required of Trustor 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 this Deed of Trust. 
  
 1.4 Payment of Taxes. Trustor shall pay or cause to be paid, except to the extent provision is actually made as
provided in the Loan Agreement, all taxes and assessments which are or may become a lien on the Property or which are assessed against or imposed upon the Property and Trustor shall furnish Beneficiary 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 assessments prior to the applicable delinquency date therefor. Notwithstanding
the foregoing, Trustor may in good faith, by appropriate proceedings and upon notice to Beneficiary, contest the validity, applicability or amount of any asserted tax or assessment so long as (i) the amount of such tax or assessment is paid prior to
commencing such contest or (ii) all of the following conditions are satisfied: (a) such contest is diligently pursued, (b) Beneficiary determines, in its subjective opinion, that such contest suspends the obligation to pay the tax and that
nonpayment of such tax or assessment will not result in the sale, loss, forfeiture or diminution of the Property or any part thereof or any interest of Beneficiary therein, and (c) prior to the earlier of the commencement of 

  

 -6- 

 
such contest or the delinquency date of the asserted tax or assessment, Trustor deposits in the Impound Account (as defined in the Loan Agreement) an amount
determined by Beneficiary to be adequate to cover the payment of such tax or assessment and a reasonable additional sum to cover possible interest, costs and penalties; provided, however, that Trustor 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, assessments, 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. 
  
 1.5 Casualty and Condemnation. 
  
 (a) Trustor shall give Beneficiary 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 Beneficiary. Notwithstanding the foregoing assignment, proceeds from rent loss
insurance as described in Section 4.1(g) of the Loan Agreement shall not be applied to the restoration of any casualty pursuant to this Section 1.05. Provided there is no Event of Default, to the extent that Trustor makes all of
the requisite payments on the Loan with respect to a given period, Beneficiary shall pay to Trustor the rent loss insurance proceeds held by the Beneficiary which relate to such period. Beneficiary may participate in any suits or proceedings
relating to any such proceeds, causes of action, claims, compensation, awards or recoveries, and Beneficiary is hereby authorized, in its own name or in Trustor’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 Trustor shall from time to time deliver to Beneficiary any instruments required to permit such participation; provided, however, that, so long as no
Default or Event of Default shall have occurred, Beneficiary shall not have the right to participate in the adjustment of any loss which is not in excess of the lesser of (i) five percent (5%) of the Allocated Loan Amount (as defined in the Loan
Agreement) of the affected Property Parcel or (ii) $250,000.00 All insurance proceeds coming into possession of Beneficiary shall not be deemed trust funds and Beneficiary shall have the option in its sole discretion to apply any insurance proceeds
it may receive pursuant hereto to the payment of the Secured Obligations or to allow all or a portion of such proceeds to be used for the restoration of the Property. In the event any such insurance proceeds shall be used to reduce the Secured
Obligations, Beneficiary shall apply any sums received by it under this Section first to the payment of all of its costs and expenses (including, but not limited to, legal fees and disbursements) incurred in obtaining those sums. 
  
 (b) Notwithstanding the foregoing, in the event that (i) less than sixty
percent (60%) of the Improvements located on a Property Parcel having an Allocated Loan Amount of Two Million Dollars ($2,000,000.00) or more have been taken or destroyed, or (ii) all or any portion of the Improvement located on a Property Parcel
having an Allocated Loan Amount of less than Two Million Dollars ($2,000,000.00) have been taken or destroyed, then if and so long as: 
  
 (1) no Default (as defined in the Loan Agreement) or Event of Default is then continuing hereunder or under any of the other Loan
Documents, and 
  

 -7- 

 (2) the Property Parcel can, in Beneficiary’s judgment, with diligent restoration or
repair, be returned to a condition at least substantially equal to the condition that existed prior to the casualty or partial taking causing the loss or damage within the earlier to occur of (i) nine (9) months (or twelve (12) months provided the
Property Parcel is covered by not less than twenty-four (24) months of rent loss insurance (as described in Section 4.1(g) in the Loan Agreement) or equivalent security posted with and acceptable to Beneficiary) after the casualty or taking,
and (ii) sixty (60) days prior to the stated maturity date of the Note, and 
  
 (3) all necessary governmental approvals can be obtained to allow the rebuilding and re-occupancy of the Property Parcel as described in Section 1.5(b)(2) above, and 
  
 (4) there are sufficient sums available (through insurance
proceeds or condemnation awards and contributions by Trustor, the full amount of which shall, at Beneficiary’s option, have been deposited with Beneficiary) for such restoration or repair (including, without limitation, for any costs and
expenses of Beneficiary to be incurred in administering said restoration or repair) and for payment of principal and interest to become due and payable under the Note during such restoration or repair, and 
  
 (5) the economic feasibility of the Improvements after such
restoration or repair in Beneficiary’s reasonable determination will be such that income from their operation is reasonably anticipated to be sufficient to pay operating expenses of the Property Parcel and debt service on the proportionate
share of the Secured Obligations in full with the same coverage ratio considered by Beneficiary in its determination to make the loan secured hereby, which feasibility study may include, among other factors, whether the existing tenant remains
obligated to the then existing lease or whether a new tenant has entered into a lease the term of which will commence upon completion of the restoration, and 
  

(6) evidence satisfactory to Beneficiary, and subject to Rating Confirmation (as defined in the Loan Agreement), that the NOI (as
defined in the Loan Agreement, except, that for the purposes hereof, Beneficiary will look to the twelve (12) month period following the restoration) of the Property Parcel after the restoration will equal or exceed the NOI immediately prior to the
casualty or the taking, as Beneficiary may reasonably determine. In calculating NOI, Beneficiary shall not consider proforma or projected leases but shall include (x) all Rents and Profits from any existing Lease that, in accordance with its terms,
has not been and may not be, terminated or extinguished as a result of the casualty or the taking (unless waived in writing by the Tenant), provided that the Rents and Profits are not abated, reduced or eliminated (unless such abated, reduced or
eliminated Rents and Profits are insured under an existing business interruption/ rent loss policy) and (y) all Rents and Profits from all newly executed, arms-length Leases, to the extent applicable, and 
  
 (7) in the event that the insurance proceeds or condemnation
awards received as a result of such casualty or partial taking exceed the lesser of (i) five percent (5%) of the Allocated Loan Amount for the Property Parcel or (ii) $250,000.00, Trustor shall have delivered to Beneficiary, at Beneficiary’s
option and at Trustor’s sole cost and expense, an 

  

 -8- 

 
appraisal report in form and substance reasonably satisfactory to Beneficiary appraising the value of the Property Parcel as proposed to be restored or
repaired to be not less than the appraised value of the Property Parcel considered by Beneficiary in its determination to make the loan secured hereby, and 
  
 (8) Trustor elects to fully restore or repair the Improvements by written notice delivered to Beneficiary prior to the end of the fifth
(5th) Business Day (as defined in the Loan Agreement) after settlement of the aforesaid insurance or condemnation
claim, 
  
 then, Beneficiary shall, solely for the purposes of such restoration or
repair, advance so much of the remainder of such sums as may be required for such restoration or repair, and any funds deposited by Trustor therefor, to Trustor in the manner and upon such terms and conditions as would be required by a prudent
construction lender, including, but not limited to, the prior approval by Beneficiary of plans and specifications, contractors and form of construction contracts and the furnishing to Beneficiary of permits, bonds, lien waivers, invoices, receipts
and affidavits from contractors and subcontractors, in form and substance satisfactory to Beneficiary in its reasonable discretion (with retainages of not less than twenty-five percent (25%)) and with any remainder being applied by Beneficiary, at
its option, for payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion without the imposition of any Yield Maintenance Charge (as defined in the Note) or other prepayment fee, provided,
however, that no Event of Default shall have occurred under the Loan Documents. 
  
 (c) In all other cases, namely, in the event that sixty percent (60%) or more of the Improvements located on a Property Parcel having an Allocated Loan Amount of Two Million Dollars ($2,000,000.00) or more have been
taken or destroyed or Trustor does not elect to restore or repair the Property Parcel pursuant to clause (b) above or otherwise fails to meet the requirements of clause (b) above, then, in either such events, Beneficiary shall elect, in
Beneficiary’s sole and absolute discretion and without regard to the adequacy of Beneficiary’s security, to do either of the following: (1) apply all of the proceeds net of fees, costs and expenses, including, but not limited to legal
fees, incurred by Beneficiary) received pursuant to this Section to the payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion and without the imposition of the Yield Maintenance Charge (as defined in the
Note), provided that an Event of Default shall not have occurred and be continuing at the time of the taking or destruction or at the time of application of insurance proceeds and with any remainder being paid to Trustor, or (2)
notwithstanding that Trustor may have elected not to restore or repair the Property Parcel pursuant to the provisions of Section 1.5(b)(8) above, if the Beneficiary determines it is economically feasible to restore the Property Parcel in
accordance with Section 1.5(b)(5), above, then, the Beneficiary may require Trustor to restore or repair the Property Parcel in the manner and upon such terms and conditions as would be required by a prudent construction lender, including,
but not limited to, the deposit by Trustor with Beneficiary, within thirty (30) days after demand therefor, of any deficiency reasonably determined by Beneficiary to be necessary in order to assure the availability of sufficient funds to pay for
such restoration or repair, including Beneficiary’s costs and expenses to be incurred in connection therewith, the prior approval by Beneficiary of plans and specifications, contractors and form of construction contracts and the furnishing to
Beneficiary of permits, bonds, lien waivers, invoices, receipts and affidavits from contractors and subcontractors, in form and substance satisfactory to Beneficiary in its discretion, and apply the remainder of such sums 

  

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toward such restoration and repair, with any balance thereafter remaining being applied by Beneficiary first, provided no Event of Default exists, to return
to Trustor any such amounts deposited by Trustor, and thereafter, for payment of the Secured Obligations in whatever order Beneficiary directs in its absolute discretion. 
  
 Any reduction in the Secured Obligations resulting from Beneficiary’s application of any sums received by it hereunder
shall take effect only when Beneficiary actually receives such sums and elects to apply such sums to the Secured Obligations and, in any event, the unpaid portion of the Secured Obligations shall remain in full force and effect and Trustor shall not
be excused in the payment thereof. If Trustor elects as provided above or Beneficiary directs Trustor to restore or repair the Property Parcel after the occurrence of a casualty or partial taking of the Property Parcel as provided above, Trustor
shall promptly and diligently, at Trustor’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
Parcel 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 Trustor shall pay to Beneficiary all costs and expenses of Beneficiary incurred
in administering said rebuilding, restoration or repair, provided that Beneficiary makes such proceeds or award available for such purpose. Trustor agrees to execute and deliver from time to time such further instruments as may be requested by
Beneficiary to confirm the foregoing assignment to Beneficiary of any award, damage, insurance proceeds, payment or other compensation. Beneficiary is hereby irrevocably constituted and appointed the attorney-in-fact of Trustor (which power of
attorney shall be irrevocable so long as any portion of the Secured Obligations is outstanding, shall be deemed coupled with an interest, shall survive the voluntary or involuntary dissolution of Trustor and shall not be affected by any disability
or incapacity suffered by Trustor subsequent to the date hereof), with full power of substitution, subject to the terms of this Section 1.5, 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. 
  
 1.6 Mechanics’ Liens. Trustor 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 the Improvements; provided, however, that, Trustor 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 Beneficiary 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 Trustor shall
contest any such claim or demand, Trustor shall promptly notify Beneficiary of such contest and thereafter shall, upon Beneficiary’s request, promptly provide a bond, cash deposit or other security satisfactory to Beneficiary to protect
Beneficiary’s interest and security should the contest be unsuccessful. If Trustor shall fail to immediately discharge or provide security against any such claim or demand as aforesaid, Beneficiary may do so and any and all expenses incurred by
Beneficiary, together with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately paid by Trustor on demand and shall be secured by this Deed of Trust and by all of
the other Loan Documents securing all or any part of the Secured Obligations. 
  

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 1.7 Rents and Profits. Trustor hereby absolutely and presently assigns to Beneficiary all existing
and future Rents and Profits. Trustor hereby grants to Beneficiary the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any
and all of said Rents and Profits, for which purpose Trustor does hereby irrevocably make, constitute and appoint Beneficiary its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of
attorney shall be irrevocable so long as any portion of the Secured Obligations is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Trustor and shall not be affected by any
disability or incapacity suffered by Trustor subsequent to the date hereof). Beneficiary shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the
occurrence of an Event of Default under this Deed of Trust or under any of the other Loan Documents, Trustor shall have a revocable license to collect and receive (subject to the Cash Management Agreements and the Loan Agreement), the Rents and
Profits and payments thereof for not more than one month in advance thereof and for those Rents and Profits collected under the Leases referenced in Section 5.1(ee)(iii) of the Loan Agreement in the manner described, and subject to all of the
terms, covenants and conditions of the Loan Agreement and the Cash Management Agreements, as applicable. Upon the occurrence of an Event of Default hereunder or under any of the other Loan Documents, Trustor’s license shall automatically
terminate without notice to Trustor and Beneficiary may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or receiver. From and after the termination of such license, Trustor shall be the
agent of Beneficiary in collection of the Rents and Profits and all of the Rents and Profits so collected by Trustor shall be held in trust by Trustor for the sole and exclusive benefit of Beneficiary and Trustor shall, within one (1) Business Day
after receipt of any Rents and Profits, pay the same to Beneficiary to be applied by Beneficiary as hereinafter set forth. Neither the demand for or collection of Rents and Profits by Beneficiary shall constitute any assumption by Beneficiary of any
obligations under any agreement relating thereto. Beneficiary is obligated to account only for such Rents and Profits as are actually collected or received by Beneficiary. Trustor irrevocably agrees and consents that the respective payors of the
Rents and Profits shall, upon demand and notice from Beneficiary of an Event of Default, pay said Rents and Profits to Beneficiary without liability to determine the actual existence of any Event of Default claimed by Beneficiary. Trustor hereby
waives any right, claim or demand which Trustor may now or hereafter have against any such payor by reason of such payment of Rents and Profits to Beneficiary, and any such payment shall discharge such payor’s obligation to make such payment to
Trustor. All Rents and Profits collected or received by Beneficiary may be applied against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and
against the Secured Obligations, in whatever order or priority as to any of the items so mentioned as Beneficiary directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Beneficiary of
any rights under this Section nor the application of any Rents and Profits to the Secured Obligations shall cure or be deemed a waiver of any Event of Default hereunder. The assignment of Rents and Profits hereinabove granted shall continue in full
force and effect during any period of foreclosure or redemption with respect to the Property. Trustor has executed an Assignment of Leases and Rents of even date herewith (the “Assignment”) in favor of Beneficiary covering all of
the right, title and interest of Trustor, as landlord, lessor or licensor, 

  

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in and to any Leases. All rights and remedies granted to Beneficiary under the Assignment and under the Cash Management Agreements shall be in addition to
and cumulative of all rights and remedies granted to Beneficiary hereunder. 
  
 1.8 Leases and Licenses. 
  
 (a) Prior to the date hereof, Trustor has submitted to Beneficiary for approval a copy of the form or forms of Lease Trustor uses in leasing space in the Improvements. After the date hereof, but prior to execution of any new Leases of space
in the Improvements, Trustor shall submit to Beneficiary, for Beneficiary’s prior approval, which approval shall not be unreasonably withheld, a copy of any new form Lease Trustor plans to use in leasing space in the Improvements which differs
materially from the form or forms of Lease previously submitted to Beneficiary for approval. All Leases and modifications of Leases of space in the Improvements shall be on terms consistent with the terms for similar leases in the market area of the
Real Estate, shall provide for free rent only if the same is consistent with prevailing market conditions and shall provide for market rents then prevailing in the market area of the Real Estate. Such Leases shall also provide for security deposits
in reasonable amounts consistent with prevailing market conditions. Trustor shall also submit to Beneficiary for Beneficiary’s approval, which approval shall not be unreasonably withheld or delayed, prior to the execution thereof, any proposed
Lease of the Improvements, or any portion thereof, or any modification of Lease, that differs materially and adversely from the aforementioned form Lease, including, without limitation, such Leases which fail to contain the provisions required under
Section 1.8(b) hereof. Trustor shall not execute any Lease for all or a substantial portion of the Property, except for an actual occupancy by the Tenant lessee or licensee thereunder, and shall at all times promptly and faithfully perform,
or cause to be performed, all of the covenants, conditions and agreements contained in all Leases with respect to the Property, now or hereafter existing, on the part of the landlord, lessor or licensor thereunder to be kept and performed. Upon the
request of Beneficiary, Trustor shall deliver to Beneficiary a copy of each such Lease. Promptly after its full execution, Trustor shall deliver a complete copy of every Lease and amendment of a Lease. Trustor shall not do or suffer to be done any
act, or omit to take any action, that might result in a default by the landlord, lessor or licensor under any such Lease or allow the Tenant thereunder to withhold payment of rent or cancel or terminate same and shall not further assign any such
Lease, Rents or Profits. Trustor, at no cost or expense to Beneficiary, shall enforce, short of termination, the performance and observance of each and every condition and covenant of each of the parties under such Leases and Trustor shall not
anticipate, discount, release, waive, compromise or otherwise discharge any rent payable under any of the Leases except in the normal course of business in a manner which is consistent with sound and customary leasing and management practices for
similar properties in the community in which the Property is located and in such manner as is most consistent with maintaining or enhancing the value of the Property. Trustor shall not, without the prior written consent of Beneficiary, modify any of
the Leases, terminate or accept the surrender of any Leases, waive or release any other party from the performance or observance of any obligation or condition under such Leases except in the normal course of business in a manner which is consistent
with sound and customary leasing and management practices for similar properties in the community in which the Property is located and in such manner as is most consistent with maintaining or enhancing the value of the Property. From the date
hereof, Trustor shall not enter into any new lease which permits the prepayment of any rents under any of the Leases for more than one (1) month prior to the due date thereof. 
  

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 (b) Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must
provide, in a manner approved by Beneficiary, that the Tenant, will recognize as its landlord, lessor or licensor, as applicable, and attorn to any person succeeding to the interest of Trustor upon any foreclosure of this Deed of Trust or deed in
lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the Tenant shall execute and deliver an instrument or instruments confirming its attornment as provided for in this Section; provided, however,
that (x) neither Beneficiary nor any successor-in-interest shall be bound by any payment of rent for more than one (1) month in advance (unless such rent is delivered and retained by Beneficiary) or any material amendment or modification of said
Lease made without the express written consent of Beneficiary or said successor-in-interest, and (y) neither Beneficiary nor said successor-in-interest shall be bound by any indemnity or other obligation of Trustor accruing prior to foreclosure of
this Deed of Trust or deed in lieu of foreclosure, and (z) neither Beneficiary nor successor-in-interest shall be bound by any construction obligation of Trustor, unless ratified by Beneficiary or said successor-in-interest. 
  
 (c) Subject to Rating Confirmation (as defined in the Loan Agreement),
Beneficiary may at any time and from time to time by specific written instrument intended for such purpose, unilaterally subordinate the lien of this Deed of Trust to any Lease, without joinder or consent of, or notice to, Trustor, any tenant or any
other person. Notice is hereby given to each tenant under a Lease of such right to subordinate. No subordination referred to in this Section shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of
any junior lienholder. Nothing herein shall be construed as subordinating this Deed of Trust to any Lease. 
  
 (d) Upon the occurrence and during the continuance of an Event of Default under this Deed of Trust, whether before or after the Secured Obligations are
declared to be immediately due or whether before or after the institution of legal proceedings to foreclose this Deed of Trust, forthwith, upon demand of Beneficiary, Trustor shall surrender to Beneficiary and Beneficiary shall be entitled to take,
actual possession of the Property or any part thereof personally, or by its agent or attorneys. In such event, Beneficiary shall have, and Trustor hereby gives and grants to Beneficiary, the right, power and authority to make and enter into Leases
with respect to the Property or portions thereof for such rents and for such periods of occupancy and upon conditions and provisions as Beneficiary may deem desirable in its sole discretion, and Trustor expressly acknowledges and agrees that the
term of any such Lease may extend beyond the date of any foreclosure sale of the Property, it being the intention of Trustor that in such event Beneficiary shall be deemed to be and shall be the attorney-in-fact of Trustor for the purpose of making
and entering into Leases of parts or portions of the Property for the rents and upon the terms, conditions and provisions deemed desirable to Beneficiary in its sole discretion and with like effect as if such Leases had been made by Trustor as the
owner in fee simple of the Property free and clear of any conditions or limitations established by this Deed of Trust. The power and authority hereby given and granted by Trustor to Beneficiary shall be deemed to be coupled with an interest, shall
not be revocable by Trustor so long as any portion of the Secured Obligations is outstanding, shall survive the voluntary or involuntary dissolution of Trustor and shall not be affected by any disability or incapacity suffered by Trustor subsequent
to the date 

  

 -13- 

 
hereof. In connection with any action taken by Beneficiary pursuant to this Section, Beneficiary shall not be liable for any loss sustained by Trustor
resulting from any failure to let the Property, or any part thereof, or from any other act or omission of Beneficiary in managing the Property, nor shall Beneficiary be obligated to perform or discharge any obligation, duty or liability under any
Lease covering the Property or any part thereof or under or by reason of this instrument or the exercise of rights or remedies hereunder. Trustor shall, and does hereby, indemnify Beneficiary for, and hold Beneficiary harmless from, any and all
claims, actions, demands, liabilities, loss or damage which may or might be incurred by Beneficiary under any such Lease or under this Deed of Trust or by the exercise of rights or remedies hereunder and from any and all claims and demands
whatsoever which may be asserted against Beneficiary by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any such Lease other than those finally determined
by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of Beneficiary. Should Beneficiary incur any such liability, the amount thereof, including, without limitation, costs, expenses and
reasonable attorneys’ fees, together with interest thereon at the Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be immediately due and payable to Beneficiary by Trustor on demand and shall be
secured hereby and by all of the other Loan Documents securing all or any part of the Secured Obligations. Nothing in this Section shall impose on Beneficiary any duty, obligation or responsibility for the control, care, management or repair of the
Property, or for the carrying out of any of the terms and conditions of any such Lease, nor shall it operate to make Beneficiary responsible or liable for any waste committed on the Property by the Tenants or by any other parties or for any
dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property. Trustor hereby assents to, ratifies and confirms any and all actions of Beneficiary with respect to the Property
taken under this Section. 
  
 (e) Trustor covenants and agrees
that it shall not enter into, modify or terminate any Lease (x) affecting fifty percent (50%) or more of the gross leasable area of the Improvements on any Property Parcel, or (y) affecting 10,000 square feet or more of any Property Parcel that is a
multi-tenant office building or, 40,000 square feet or more in the case of any other type of Property Parcel, or (z) having a term (which shall include any and all extension periods) of ten (10) years or more, without the prior written approval of
Beneficiary, which approval shall not be unreasonably withheld. Trustor (as required) shall furnish to Beneficiary (and any loan servicer specified from time to time by Beneficiary): (i) such biographical and financial information about the proposed
Tenant as Beneficiary may require in conjunction with its review, (ii) a copy of the proposed form of Lease or modification, (iii) a summary of the material terms of such proposed Lease or modification (including, without limitation, rental terms
and the term of the proposed lease or modification and any options) and (iv) such other information as Beneficiary may reasonably request. It is acknowledged that Beneficiary intends to include (as applicable) among its criteria for approval the
following: (i) such Lease or modification shall be with a bona-fide arm’s-length Tenant; (ii) such Lease or modification shall not contain any rental or other concessions which are not then customary and reasonable for similar properties and
Leases in the market area of the Property Parcel; (iii) such Lease or modification shall provide that the Tenant pays for its expenses; (iv) the rental shall be at least at the market rate then prevailing for similar properties and leases in the
market area of the Property Parcel; and (v) such Lease shall contain subordination and attornment provisions in form and content acceptable to Beneficiary. All notices requesting Beneficiary’s approval shall clearly 

  

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and prominently state “APPROVAL REQUEST” thereon. If Beneficiary has not responded to the Trustor’s request for Lease approval after
ten (10) days from that date such approval request is deemed received (as provided in the provisions governing the giving of notices in the Loan Agreement), Trustor shall send a second notice which contains a legend on the face of the envelope and
on such notice, printed in bold typeface of at least 10 pitch or larger which reads: “FAILURE TO RESPOND TO THE ENCLOSED REQUEST WITHIN FIVE (5) DAYS OF RECEIPT HEREOF IS DEEMED APPROVAL.” If Beneficiary fails to respond to the
second notice within five (5) days after receipt of such second request, such Lease shall be deemed approved, provided that all the documents and information required to be furnished to Mortgagee in connection with such request notice
have been properly furnished pursuant to this Section 1.8(e). Beneficiary shall be entitled to charge and Trustor agrees to pay to Beneficiary the administrative fees incurred in connection with the review, approval and other matters relating
to Leases, including without limitation, all out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees). 
  
 1.9 Payment of Utilities, Assessments, Charges, Etc. Trustor shall pay when due all utility charges which are incurred by Trustor or which may
become a charge or lien against any portion of the Property for gas, electricity, water and sewer services furnished to the Real Estate and/or the Improvements 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. 
  
 1.10 Access Privileges and Inspections. Beneficiary and the agents,
representatives and employees of Beneficiary 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 and, except in the event of an emergency, upon reasonable notice (which notice may be telephonic), for the purposes of inspecting the Property and of examining, copying and making extracts from the books and records of Trustor relating to the
Property. Trustor shall lend assistance to all such agents, representatives and employees of Beneficiary. 
  
 1.11 Abandonment; Waste; Alteration of Improvements. Trustor shall not abandon all or any material portion of the Property nor commit, suffer or
permit any waste on the Property nor take any actions that might invalidate any insurance carried on the Property. Trustor shall maintain the Property in good condition and repair. No part of the Improvements may be removed, demolished or materially
altered, except with respect to tenant improvements made in the ordinary course of business or made pursuant to Section 9.4(b) of the Loan Agreement, without the prior written consent of Beneficiary. Without the prior written consent of
Beneficiary, except with respect to tenant improvements as provided in the Loan Agreement, Trustor shall not commence construction of any improvements on the Real Estate other than improvements required for the maintenance or repair of the Property.

  
 1.12 Zoning. Without the prior written consent of
Beneficiary, Trustor shall not seek, make, suffer, consent to or acquiesce in any change in the zoning or conditions of use of the Real Estate or the Improvements. Trustor shall comply with and make all payments required under the provisions of any
covenants, conditions or restrictions affecting the Real 

  

 -15- 

 
Estate or the Improvements. Trustor shall comply with all existing and future requirements of all governmental authorities having jurisdiction over the
Property. Trustor shall keep all licenses, permits, franchises and other approvals necessary for the operation of the Property in full force and effect. For so long as the Secured Obligations are outstanding, Trustor shall operate the each of the
Property Parcels in the same manner as each is now operated, except where an alternative use is specifically permitted under the Loan Agreement. 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, Trustor shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Beneficiary. Further, without Beneficiary’s prior written consent, Trustor 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. 
  
 1.13 Further Documentation. 
  
 Trustor shall, on the request of Beneficiary and at the expense of Trustor:
(a) promptly correct any defect, error or omission which may be discovered in the contents of this Deed of Trust or in the contents of any of the other Loan Documents; (b) promptly execute, acknowledge, deliver 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 Deed of Trust 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) promptly execute, acknowledge, deliver, procure and record or file any
document or instrument (including specifically, without limitation, any financing statement) deemed advisable by Beneficiary to protect, continue or perfect the liens or the security interests hereunder against the rights or interests of third
persons; and (d) promptly furnish to Beneficiary, upon Beneficiary’s request, a duly acknowledged written statement and estoppel certificate addressed to such party or parties as directed by Beneficiary and in form and substance supplied by
Beneficiary, setting forth all amounts due under the Note, stating whether any Default or Event of Default has occurred hereunder, stating whether any offsets or defenses exist against the Secured Obligations and containing such other matters as
Beneficiary may reasonably require. 
  
 1.14 Payment of Costs;
Reimbursement to Beneficiary. Trustor shall pay all costs and expenses of every character reasonably incurred to close, administer or enforce the Loan evidenced by the Note and secured hereby or attributable or chargeable to Trustor 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, uniform commercial code/tax
lien/litigation search fees, escrow fees and reasonable attorneys’ fees. Beneficiary 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 Trustor or any person in possession holding under Trustor. Trustor hereby acknowledges and agrees that the remedies set forth in this Section 1.14 shall be exercisable
by Beneficiary, and any and all payments made 

  

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or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Trustor with
interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs incurred by Beneficiary after the filing by Trustor of a voluntary case or the filing against Trustor of an
involuntary case pursuant to or within the meaning of the Bankruptcy Code (as defined in the Loan Agreement) 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 Trustor, Beneficiary, any guarantor or indemnitor, the Secured Obligations or any of the Loan Documents. Trustor hereby indemnifies and holds Beneficiary
harmless from and against all loss, cost and expense with respect to any Event of Default, 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, but not limited to, 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 (except that which is due to Beneficiary’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction), including, without limitation, in any case,
reasonable attorneys’ fees, costs and expenses as aforesaid, whether at pretrial, trial or appellate level, and such indemnity shall survive payment in full of the Secured Obligations. This Section shall not be construed to require Beneficiary
to incur any expenses, make any appearances or take any actions. 
  
 1.15 Security Interest. This Deed of Trust is also intended to encumber and create a security interest in, and Trustor hereby grants to Beneficiary a security interest in, all sums on deposit with Beneficiary pursuant to the
provisions of this Deed of Trust, the Loan Agreement, or any of the other Loan Documents and all fixtures, chattels, accounts, equipment, inventory, contract rights, general intangibles and other personal property included within the Property, all
renewals, replacements of any of the aforementioned items, or articles in substitution therefor or in addition thereto or the proceeds thereof (said property is hereinafter referred to collectively as the “Collateral”), whether or
not the same shall be attached to the Real Estate or the Improvements in any manner. It is hereby agreed that to the extent permitted by law, all of the foregoing property is to be deemed and held to be a part of and affixed to the Real Estate and
the Improvements. The foregoing security interest shall also cover Trustor’s leasehold interest in any of the foregoing property which is leased by Trustor. Notwithstanding the foregoing, all of the foregoing property shall be owned by Trustor
and no leasing or installment sales or other financing or title retention agreement in connection therewith shall be permitted without the prior written approval of Beneficiary. Trustor shall, from time to time (but not more than one (1) time in any
twelve (12) month period) upon the request of Beneficiary, supply Beneficiary with a current inventory of all of the property in which Beneficiary is granted a security interest hereunder, in such detail as Beneficiary may require. Trustor shall
promptly replace all of the Collateral subject to the lien or security interest of this Deed of Trust when worn or obsolete with Collateral comparable to the worn out or obsolete Collateral when new and will not, without the prior written consent of
Beneficiary, remove from the Real Estate or the Improvements any of the Collateral subject to the lien or security interest of this Deed of Trust except such as is replaced by an article of equal suitability and value as above provided, owned by
Trustor free and clear of any lien or security interest except that created by this Deed of Trust and the other Loan Documents. All of the Collateral shall be kept at the location of the Real 

  

 -17- 

 
Estate except as otherwise required by the terms of the Loan Documents. Trustor shall not use any of the Collateral in violation of any applicable statute,
ordinance or insurance policy. 
  
 1.16 Security Agreement.
This Deed of Trust constitutes a security agreement between Trustor and Beneficiary with respect to the Collateral in which Beneficiary is granted a security interest hereunder, and, cumulative of all other rights and remedies of Beneficiary
hereunder, Beneficiary shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code as adopted and enacted by the State or States where any of the Collateral is located (as amended and recodified from
time to time, the “Uniform Commercial Code”). Trustor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints (irrevocably and coupled with an interest) Beneficiary the attorney-in-fact of
Trustor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Beneficiary may request or require in order to
impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Beneficiary shall have the right of possession of all cash, securities, instruments, negotiable instruments,
documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Trustor shall promptly deliver the same to Beneficiary, endorsed to
Beneficiary, without further notice from Beneficiary. Trustor agrees to furnish Beneficiary with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Trustor within ten
(10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Beneficiary shall have the rights and remedies as prescribed in this Deed of Trust, or as prescribed by general law, or as prescribed by the Uniform
Commercial Code, all at Beneficiary’s election. Any disposition of the Collateral may be conducted by an employee or agent of Beneficiary. Any person, including both Trustor and Beneficiary, shall be eligible to purchase any part or all of the
Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Beneficiary’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the
Default Interest Rate from the date incurred by Beneficiary until actually paid by Trustor, shall be paid by Trustor on demand and shall be secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the Secured
Obligations. Beneficiary shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble
and collect the same or to render it unusable, or Trustor, upon demand of Beneficiary, shall assemble such property and make it available to Beneficiary at the Real Estate, or at a place designated by Beneficiary. If notice is required by law,
Beneficiary shall give Trustor at least ten (10) days’ prior written notice of the time and place of any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition
thereof is to be made, and if such notice is sent to Trustor, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall be and is reasonable notice to Trustor. No such notice is necessary for any such
property that is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a
commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section
3.1(e). Furthermore, to the 

  

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extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Beneficiary pursuant to the Uniform
Commercial Code: 
  
 (a) In the event of a foreclosure sale, the
Property may, at the option of Beneficiary, be sold as a whole; and 
  
 (b) It shall not be necessary that Beneficiary take possession of the aforementioned Collateral, or any part thereof, prior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that
said Collateral, or any part thereof, be present at the location of such sale; and 
  
 (c) Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Beneficiary, including the sending of notices and the conduct of the sale,
but in the name and on behalf of Beneficiary. 
  
 The name and address of Trustor
(as Debtor under any the Uniform Commercial Code) are: 
  
 Catellus Finance 1, L.L.C. 
 201 Mission Street – Suite 340 
 San Francisco, California 94105 
  
 The name and address of Beneficiary (as Secured Party under the Uniform Commercial Code) are: 
  
 LaSalle Bank National Association, f/k/a LaSalle National Bank 
 As trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, 
 Commercial Mortgage Pass-Through Certificates, Series 1998-1 
 135 South LaSalle Street, Suite 1625 
 Chicago, Illinois 60647-4107. 
  
 1.17 Easements and Rights-of-Way. Trustor 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 Beneficiary which consent shall not be unreasonably withheld. The purchaser at any foreclosure sale hereunder may, at its
discretion, disaffirm any easement or right-of-way granted in violation of any of the provisions of this Deed of Trust and may take immediate possession of the Property free from, and despite the terms of, such grant of easement or right-of-way. If
Beneficiary consents to the grant of an easement or right-of-way, Beneficiary agrees to grant such consent provided that Beneficiary is paid a standard review fee together with all other expenses, including, without limitation, reasonable
attorneys’ fees, incurred by Beneficiary in the review of Trustor’s request and in the preparation of documents effecting the subordination. 
  
 1.18 Compliance with Laws. Trustor shall at all times comply with all statutes, ordinances, orders, regulations and other governmental or
quasi-governmental requirements and private covenants now or hereafter relating to the ownership, construction, use or operation of the Property, including, but not limited to, those concerning employment and compensation of 

  

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persons engaged in operation and maintenance of the Property and any environmental requirements, even if such compliance shall require structural changes to
the Property; provided, however, that, Trustor may, upon providing Beneficiary with security satisfactory to Beneficiary, proceed diligently and in good faith to contest the validity or applicability of any such statute,
ordinance, regulation or requirement so long as during such contest 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. Trustor shall not use or occupy, or
allow the use or occupancy of, the Property in any manner which violates any Lease of or any other agreement applicable to the Property or any applicable law, rule, regulation or order 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. 
  
 1.19 Additional Taxes. In the event of the enactment after this date of any law of the state where any portion of the Property 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 Beneficiary the payment of the whole or any part of the taxes or assessments or charges or liens
herein required to be paid by Trustor, or changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the
beneficiary, mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Deed of Trust, the Secured Obligations or the Beneficiary, then, and in any such event, Trustor, upon
demand by Beneficiary, shall pay such taxes, assessments, charges or liens, or reimburse Beneficiary therefor; provided, however, that if in the opinion of counsel for Beneficiary (a) it might be unlawful to require Trustor 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, Trustor may elect a Substitution (as defined and described in the Loan Agreement) or a Partial
Defeasance (as defined and described in the Note) in accordance with the terms, covenants and conditions thereof, or, upon failure of Trustor to so elect, Beneficiary may elect, by notice in writing given to Trustor, to declare that portion of the
Secured Obligation (based on the Allocated Loan Amount of that portion of the Property), to become due and payable in full thirty (30) days from the giving of such notice. 
  
 1.20 The Secured Obligations. It is understood and agreed that this Deed of Trust shall secure payment of not only
the indebtedness evidenced by the Note but also any and all substitutions, replacements, renewals and extensions of the Note, any and all indebtedness and obligations arising pursuant to the terms hereof and any and all indebtedness and obligations
arising pursuant to the terms of any of the other Loan Documents. Solely for purposes of establishing priority of the security interest granted by this Deed of Trust, this Deed of Trust shall secure the indebtedness and all future advances of any
kind or nature to Trustor by Beneficiary to the total maximum principal amount of $21,577,000 (“Total Maximum Principal Amount”), together with any additional amounts permitted to be added to the principal amount of the indebtedness
pursuant to Colorado Revised Statutes § 38-39-106 or its successor statute, all of which shall be secured to the same extent and with the same effect and priority as if such Total Maximum Principal Amount and additional amounts permitted by
said statute had been fully disbursed on or before the date this Deed of Trust shall be recorded in the applicable real property records. 
  

 -20- 

 1.21 Trustor’s Waivers. To the full extent permitted by law, Trustor agrees that Trustor
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 Secured Obligations 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. Trustor, for Trustor and Trustor’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: (a) 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 Secured Obligations (except such notices as are specifically provided for herein); (b) waives, releases, relinquishes and forever forgoes all right to a marshaling of the assets of Trustor, 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 (c) waives, releases, relinquishes and forever forgoes all rights and periods of redemption provided under applicable law. To the full extent permitted by
law, Trustor 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 Beneficiary under the terms of this Deed of Trust to a sale of the Property, for the collection of the Secured Obligations without any prior or different resort for collection, or
the right of Beneficiary under the terms of this Deed of Trust to the payment of the Secured Obligations out of the proceeds of sale of the Property in preference to every other claimant whatever. Furthermore, Trustor 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 Deed of Trust or to
collect any of the Secured Obligations to the fullest extent permitted by law. Trustor covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against Trustor, Trustor 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 Code, 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 Beneficiary to enforce any rights of Beneficiary against any guarantor or indemnitor of the secured obligations or any other party liable
with respect thereto by virtue of any indemnity, guaranty or otherwise. 
  
 1.22 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 
  
 TRUSTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN NEW YORK AND THE STATE IN WHICH
THE PROPERTY IS LOCATED OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THE NOTE, THIS DEED OF TRUST OR ANY OTHER OF THE LOAN 

  

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DOCUMENTS, (ii) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE
COUNTY IN WHICH THE PROPERTY IS LOCATED OR IN NEW YORK, (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 INVOLVING THE PROPERTY OR THE
LOAN IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF BENEFICIARY TO BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM). TRUSTOR FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY
SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO THE TRUSTOR AT THE ADDRESS FOR NOTICES DESCRIBED IN SECTION 5.5 HEREOF, 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). 
  
 BENEFICIARY AND TRUSTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT
COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE SECURED OBLIGATIONS OR ANY CONDUCT, ACT OR OMISSION OF BENEFICIARY OR TRUSTOR, OR ANY OF
THEIR DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH BENEFICIARY OR TRUSTOR, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 
  
 TRUSTOR’S
INITIALS:                                  
  
 1.23 Attorney-in-Fact Provisions. With respect to any provision of
this Deed of Trust or any other Loan Document whereby Trustor grants to Beneficiary a power-of-attorney, provided no Default or Event of Default has occurred under this Deed of Trust, Beneficiary shall first give Trustor written notice at least
three (3) days prior to acting under such power, which notice shall demand that Trustor first take the proposed action within such period and advising Trustor that if it fails to do so, Beneficiary will so act under the power; provided, however,
that, in the event that a Default or an Event of Default has occurred, or if necessary to prevent imminent death, serious injury, damage, loss, forfeiture or diminution in value to the Property or any surrounding property or to prevent any adverse
effect on Beneficiary’s interest in the Property, Beneficiary may act immediately and without first giving such notice. In such event, Beneficiary will give Trustor notice of such action as soon thereafter as reasonably practical. 

 
 1.24 Management. The management of the Property shall be by either:
(a) Trustor or an entity affiliated with Trustor approved by Beneficiary for so long as Trustor or said 

  

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affiliated entity is managing the Property in a first class manner; or (b) a professional property management company approved by Beneficiary. Such
management by an affiliated entity or a professional property management company shall be pursuant to a written agreement approved by Beneficiary. In no event shall any manager be removed or replaced or the terms of any management agreement modified
or amended in any material respect without the prior written consent of Beneficiary. After an Event of Default or a default under any management contract then in effect, which default is not cured within any applicable grace or cure period,
Beneficiary shall have the right to terminate, or to direct Trustor to terminate, such management contract upon thirty (30) days’ notice and to retain, or to direct Trustor to retain, a new management agent approved by Beneficiary. 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
Trustor’s liabilities and obligations with respect to this Deed of Trust and the other Loan Documents, and none of the Rents and Profits generated by or derived from the Property shall be diverted by Trustor and utilized for any other purposes
unless all such current expenses attributable to the ownership and operation of the Property have been fully paid and satisfied. 
  
 1.25 Indemnification; Subrogation. 
  
 (a) Trustor shall indemnify, defend and hold Beneficiary harmless against: (i) any and all claims for brokerage, leasing, finders or similar fees which
may be made relating to the Property, the Secured Obligations, and (ii) any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses (including Beneficiary’s reasonable attorneys’ fees) of
whatever kind or nature which may be asserted against, imposed on or incurred by Beneficiary in connection with the Secured Obligations, this Deed of Trust, the Property, or any part thereof, or the exercise by Beneficiary of any rights or remedies
granted to it under this Deed of Trust; provided, however, that nothing herein shall be construed to obligate Trustor to indemnify, defend and hold harmless Beneficiary from and against any and all liabilities, obligations, losses, damages,
penalties, claims, actions, suits, costs and expenses enacted against, imposed on or incurred by Beneficiary by reason of Beneficiary’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction.

  
 (b) If Beneficiary is made a party defendant to any litigation
or any claim is threatened or brought against Beneficiary concerning the Secured Obligations, this Deed of Trust, the Property, or any part thereof, or any interest therein, or the construction, maintenance, operation or occupancy or use thereof,
then Trustor shall indemnify, defend and hold Beneficiary harmless from and against all liability by reason of said litigation or claims, including reasonable attorneys’ fees and expenses incurred by Beneficiary in any such litigation or claim,
whether or not any such litigation or claim is prosecuted to judgment. If Beneficiary commences an action against Trustor to enforce any of the terms hereof or to prosecute any breach by Trustor of any of the terms hereof or to recover any sum
secured hereby, Trustor shall pay to Beneficiary its reasonable attorneys’ fees and expenses. The right to such attorneys’ fees 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 Trustor breaches any term of this Deed of Trust, Beneficiary may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of such engagement following
any breach by Trustor, Trustor shall pay Beneficiary reasonable attorneys’ fees and expenses incurred by Beneficiary, whether or not an 

  

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action is actually commenced against Trustor by reason of such breach. All references to “attorneys” in this Subsection and elsewhere in this Deed
of Trust shall include, without limitation any attorney or law firm engaged by Beneficiary and Beneficiary’s in-house counsel, and all references to “fees and expenses” in this Subsection and elsewhere in this Deed of Trust shall
include, without limitation, any fees of such attorney or law firm and appellate counsel fees, if applicable and any allocation charges and allocation costs of Beneficiary’s in-house counsel. 
  
 (c) A waiver of subrogation shall be obtained by Trustor from its insurance
carrier and, consequently, Trustor waives any and all right to claim or recover against Beneficiary, its officers, employees, agents and representatives, for loss of or damage to Trustor, the Property, Trustor’s property or the property of
others under Trustor’s control from any cause insured against or required to be insured against by the provisions of this Deed of Trust. 
  
 ARTICLE II 
 EVENTS OF DEFAULT

  
 The occurrence of any of the following events (each an
“Event of Default”) shall constitute an Event of Default under this Deed of Trust and under each of the other Loan Documents. 
  
 (a) An Event of Default, as defined in the Loan Agreement, shall occur; 
  
 (b) Trustor fails to punctually perform any covenant, agreement or obligation under this Deed of Trust which requires
payment of any money to Beneficiary at the time or within any applicable period set forth herein, or if no time or period is set forth herein, then within ten (10) Business Days of the date such payment is due (except that no grace period is
provided for payments due under the Note which is secured hereby) or following demand if there is no due date; or 
  
 (c) Trustor fails to perform any other Secured Obligation or term or condition set forth in this Deed of Trust other than those described in subparagraph
(b) above 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 Beneficiary to Trustor; 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 Trustor commences to cure such default promptly after receipt of notice thereof from Beneficiary and Beneficiary’s security is
not otherwise materially impaired, and thereafter prosecutes the curing of such default with reasonable diligence, 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 ninety (90) days. 
  

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 ARTICLE III 
 REMEDIES 
  
 3.1
Remedies Available. If there shall occur an Event of Default under this Deed of Trust, then this Deed of Trust is subject to foreclosure as provided by law and Beneficiary may, at its option and by or through a trustee, nominee, assignee or
otherwise, to the fullest extent permitted by law, exercise any or all of the following rights, remedies and recourses, either successively or concurrently: 
  
 (a) Acceleration. Accelerate the maturity date of the Note and declare any or all of the Secured Obligations to be immediately due and payable
without any presentment, demand, protest, notice, or action of any kind whatever (each of which is hereby expressly waived by Trustor), whereupon the same shall become immediately due and payable. Upon any such acceleration, payment of such
accelerated amount shall constitute a prepayment of the principal balance of the Note and any applicable prepayment premium provided for in the Note shall then be immediately due and payable. 
  
 (b) Entry on the Property. Either in person or by agent, with or
without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, without force or with such force as is
permitted by law and without notice or process or with such notice or process as is required by law, unless such notice and process is waivable, in which case Trustor hereby waives such notice and process, and do any and all acts and perform any and
all work which may be desirable or necessary in Beneficiary’s judgment to complete any unfinished construction on the Real Estate, to preserve the value, marketability or rentability of the Property, to increase the income therefrom, to manage
and operate the Property or to protect the security hereof and all sums expended by Beneficiary therefor, together with interest thereon at the Default Interest Rate, shall be immediately due and payable to Beneficiary by Trustor on demand and shall
be secured hereby and by all of the other Loan Documents securing all or any part of the Secured Obligations. 
  
 (c) Collect Rents and Profits. With or without taking possession of the Property, sue or otherwise collect the Rents and Profits, including those
past due and unpaid. 
  
 (d) Appointment of Receiver. Upon,
or at any time prior or after, initiating the exercise of any power of sale, instituting any judicial foreclosure or instituting any other foreclosure of the liens and security interests provided for herein or any other legal proceedings hereunder,
make application to a court of competent jurisdiction for appointment of a receiver for all or any part of the Property, as a matter of strict right and without notice to Trustor and without regard to the adequacy of the Property for the repayment
of the Secured Obligations or the solvency of Trustor or any person or persons liable for the payment of the Secured Obligations, and Trustor does hereby irrevocably consent to such appointment, waives any and all notices of and defenses to such
appointment and agrees not to oppose any application therefor by Beneficiary, but nothing herein is to be construed to deprive Beneficiary of any other right, remedy or privilege Beneficiary may now have under the law to have a receiver appointed,
provided, however, that the appointment of such receiver, trustee or other appointee by virtue of any court order, statute or regulation shall not impair or in any manner prejudice the rights of Beneficiary to receive payment of the
Rents and Profits pursuant to other terms and provisions hereof. Any such receiver shall have all of the usual powers and duties of receivers in similar cases, including, without limitation, the full power to hold, develop, rent, lease, manage,
maintain, operate and otherwise use or permit the use of the Property upon such terms and conditions as said receiver may deem to be prudent and reasonable under the circumstances as more fully set forth in Section 3.3 below. Such
receivership shall, at the option of Beneficiary, 

  

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continue until full payment of all of the Secured Obligations or until title to the Property shall have passed by foreclosure sale under this Deed of Trust
or deed in lieu of foreclosure. 
  
 (e) Foreclosure.
Immediately commence an action to foreclose this Deed of Trust or to specifically enforce its provisions with respect to all or any portion of the Secured Obligations pursuant to the statutes in such case made and provided, and sell the Property or
cause the Property to be sold in accordance with the requirements and procedures provided by said statutes in a single parcel or in several parcels at the option of Beneficiary. 
  
 (1) Should Beneficiary have elected to accelerate the indebtedness secured hereby, Beneficiary may initiate
foreclosure of the Property by electing to advertise the Property for sale and demanding such sale. Upon filing notice of such election and demand for sale with the Trustee, the Trustee shall give and record such notice, as the law then requires as
a condition precedent to a trustee’s sale. When the minimum period of time required by law after such notice has elapsed, Trustee, without notice to or demand upon Trustor except as required by law, shall sell the Property at the time and place
of sale fixed by it in the notice of sale, at one or several sales, either as a whole or in separate parcels and in such manner and order, all as Beneficiary in its sole discretion may determine, at public auction to the highest bidder for cash, in
lawful money of the United States, payable at time of sale. Neither Trustor nor any other person or entity other than Beneficiary shall have the right to direct the order in which the Property is sold. Subject to requirements and limits imposed by
law, Trustee may, from time to time postpone the sale of all or any portion of the Property by public announcement at such time and place of sale, and from time to time may postpone the sale by public announcement at the time and place fixed by the
preceding postponement. A sale of less than the whole of the Property on any defective or irregular sale made hereunder shall not exhaust the power of sale provided for herein. Trustee shall deliver to the purchaser at such sale a deed conveying the
Property or portion thereof so sold, but without any covenant or warranty, express or implied. The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Beneficiary shall have the right to become the
purchaser at any sale held by any Trustee or substitute or successor Trustee, or by any receiver or public officer. Any Beneficiary purchasing at any such sale shall have the right to credit the secured indebtedness owing to such Beneficiary upon
the amount of its bid entered at such sale to the extent necessary to satisfy such bid. Said Trustee may appoint an attorney-in-fact to act in its stead as Trustee to conduct sale as hereinbefore provided. Trustor authorizes and empowers the Trustee
to sell the Property, in lots or parcels or as a whole, and to execute and deliver to the purchaser or purchasers thereof good and sufficient deeds of conveyance thereto of the estate of title then existing on the Property and bills of sale with
covenants of general warranty. Trustor binds himself to warrant and forever defend the title of such purchaser or purchasers when so made by the Trustee, and agrees to accept proceeds of said sale, if any, which are payable to Trustor as provided
herein. 
  
 (2) In the event foreclosure
proceedings are instituted by Beneficiary, all expenses incident to such proceedings, including, but not limited to, attorneys’ and trustee’s fees and costs, shall be paid by Trustor and secured by this Deed of Trust and by all of the
other Loan Documents securing all or any part of the Secured Obligations. The 

  

 -26- 

 
Secured Obligations and all other obligations secured by this Deed of Trust, including, without limitation, interest at the Default Interest Rate, any
prepayment charge, fee or premium required to be paid under the Note in order to prepay principal (to the extent permitted by applicable law), reasonable attorneys’ and trustee’s fees and any other amounts due and unpaid to Beneficiary
under the Loan Documents, may be bid by Beneficiary in the event of a foreclosure sale hereunder. 
  
 (f) Judicial Remedies. Proceed by suit or suits, at law or in equity, instituted by Beneficiary, to enforce the payment of the Secured Obligations
or any portion thereof or the other obligations of Trustor hereunder or pursuant to the Loan Documents, to foreclose the liens and security interests of this Deed of Trust as a mortgage as against all or any part of the Property, and to have all or
any part of the Property sold under the judgment or decree of a court of competent jurisdiction in any manner permitted by the laws of the State. This remedy shall be cumulative of any other non-judicial remedies available to the Beneficiary with
respect to the Loan Documents. Proceeding with the request or receiving a judgment for legal relief shall not be or be deemed to be an election of remedies or bar any available non-judicial remedy of the Beneficiary. 
  
 (g) Additional Cross-Collateralization/Cross-Default Remedies. Without
limiting any other provisions of this Deed of Trust: 
  
 (i) upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Beneficiary against Trustor under the Mortgages or any of the other documents evidencing, securing or
otherwise relating to the Secured Obligations at law or in equity may be exercised by Beneficiary at any time and from time to time, whether or not all or any of the Secured Obligations shall be declared due and payable, and whether or not
Beneficiary 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 of the Property Parcels secured by the Mortgages. Any such actions
taken by Beneficiary shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Beneficiary may determine in its sole discretion, to the fullest extent
permitted by law, without impairing or otherwise affecting the other rights and remedies of Beneficiary permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing,
Trustor agrees that if an Event of Default is continuing (i) Trustor hereby waives any “one action” or “election of remedies” law or rule to the fullest extent permitted by law, and (ii) all liens and other rights, remedies or
privileges provided to Beneficiary shall remain in full force and effect until Beneficiary has exhausted all of its remedies against all or any of the Property Parcels secured by the Mortgages and each Mortgage has been foreclosed, sold and/or
otherwise realized upon in satisfaction of the Secured Obligations or the Secured Obligations have been paid in full; and 
  
 (ii) Nothing contained herein or in any other Loan Document shall be construed as requiring Beneficiary to resort to any Property Parcels
for the satisfaction of any of the Secured Obligations in preference or priority to any other Property Parcel secured by any of the Mortgages, and Beneficiary may seek satisfaction out of each and every Property Parcel or any part thereof, in its
absolute discretion in respect of the Secured Obligations. In addition, 

  

 -27- 

 
Beneficiary shall have the right from time to time to partially foreclose one or more of the Mortgages in any manner and for any amounts of the Secured
Obligations secured by the Mortgages then due and payable as determined by Beneficiary in its sole discretion, including the following circumstances: (i) in the event of any Event of Default by Trustor caused by a failure to make one or more
scheduled payments of principal and interest, Beneficiary may foreclose one or more of the Mortgages to recover such delinquent payments, or (ii) in the event Beneficiary elects to accelerate less than the entire outstanding principal balance of the
Secured Obligations, Beneficiary may foreclose one or more of the Mortgages to recover so much of the principal balance of the Secured Obligations as Beneficiary may elect to accelerate, and to recover such other sums secured by one or more of the
Mortgages as Beneficiary may elect. Notwithstanding one or more partial foreclosures, each and every Property Parcel shall remain subject to the Secured Obligations to secure payment of sums secured by the Secured Obligations and not previously
recovered. 
  
 (h) Other. Exercise any other right or
remedy available hereunder, under any of the other Loan Documents or at law or in equity. 
  
 3.2 Application of Proceeds. To the fullest extent permitted by law, the proceeds of any sale under this Deed of Trust shall be applied, to the extent funds are so available, to the following items in such
order as Beneficiary in its discretion may determine: 
  
 (a) To
payment of the reasonable costs, expenses and fees of taking possession of the Property, and of holding, operating, maintaining, using, leasing, repairing, improving, marketing and selling the same and of otherwise enforcing Beneficiary’s right
and remedies hereunder and under the other Loan Documents, including, but not limited to, receivers’ fees, court costs, attorneys’, accountants’, appraisers’, managers’ and other professional fees, title charges and transfer
taxes. 
  
 (b) To payment of all sums expended by Beneficiary
under the terms of any of the Loan Documents and not yet repaid, together with interest on such sums at the Default Interest Rate. 
  
 (c) To payment of the Secured Obligations or otherwise payable under the Loan Documents, in any order that Beneficiary chooses in its sole discretion.

  
 The remainder, if any, of such funds shall be disbursed to
Trustor or to the person or persons legally entitled thereto. 
  
 3.3 Right and Authority of Receiver or Beneficiary in the Event of Default; Power of Attorney. Upon the occurrence of an Event of Default and entry upon the Property pursuant to Section 3.1(b) hereof or appointment of a
receiver pursuant to Section 3.1(d) hereof, and under such terms and conditions as may be prudent and reasonable under the circumstances in Beneficiary’s or the receiver’s sole discretion, all at Trustor’s expense, Beneficiary
or said receiver, or such other persons or entities as they shall hire, direct or engage, as the case may be, may do or permit one or more of the following, successively or concurrently: (a) enter upon and take possession and control of any and all
of the Property; (b) take and maintain possession of all documents, books, records, papers and accounts relating to the Property; (c) exclude Trustor and 
  

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 its agents, servants and employees wholly from the Property; (d) manage and operate the Property; (e) preserve and
maintain the Property; (f) make repairs and alterations to the Property; (g) complete any construction or repair of the Improvements, with such changes, additions or modifications of the plans and specifications or intended disposition and use of
the Improvements as Beneficiary may in its sole discretion deem appropriate or desirable to place the Property in such condition as will, in Beneficiary’s sole discretion, make it or any part thereof readily marketable or rentable; (h) conduct
a marketing or leasing program with respect to the Property, or employ a marketing or leasing agent or agents to do so, directed to the leasing or sale of the Property under such terms and conditions as Beneficiary may in its sole discretion deem
appropriate or desirable; (i) employ such contractors, subcontractors, materialmen, architects, engineers, consultants, managers, brokers, marketing agents, or other employees, agents, independent contractors or professionals, as Beneficiary may in
its sole discretion deem appropriate or desirable to implement and effectuate the rights and powers herein granted; (j) execute and deliver, in the name of Beneficiary as attorney-in-fact and agent of Trustor or in its own name as Beneficiary, such
documents and instruments as are necessary or appropriate to consummate authorized transactions; (k) enter into such leases, whether of real or personal property, or tenancy agreements, under such terms and conditions as Beneficiary may in its sole
discretion deem appropriate or desirable; (l) collect and receive the Rents and Profits from the Property; (m) eject Tenants or repossess personal property, as provided by law, for breaches of the conditions of their Leases; (n) sue for unpaid Rents
and Profits, payments, income or proceeds in the name of Trustor or Beneficiary; (o) maintain actions in forcible entry and detainer, ejectment for possession and actions in distress for rent; (p) compromise or give acquittance for Rents and
Profits, payments, income or proceeds that may become due; (q) delegate or assign any and all rights and powers given to Beneficiary by this Deed of Trust; and (r) do any acts which Beneficiary in its sole discretion deems appropriate or desirable
to protect the security hereof and use such measures, legal or equitable, as Beneficiary may in its sole discretion deem appropriate or desirable to implement and effectuate the provisions of this Deed of Trust. This Deed of Trust shall constitute a
direction to and full authority to any lessee, or other third party who has heretofore dealt or contracted or may hereafter deal or contract with Trustor or Beneficiary, at the request of Beneficiary, to pay all amounts owing under any Lease,
contract, concession, license or other agreement to Beneficiary without proof of the Event of Default relied upon. Any such lessee or third party is hereby irrevocably authorized to rely upon and comply with (and shall be fully protected by Trustor
in so doing) any request, notice or demand by Beneficiary for the payment to Beneficiary of any Rents and Profits or other sums which may be or thereafter become due under its Lease, contract, concession, license or other agreement, or for the
performance of any undertakings under any such Lease, contract, concession, license or other agreement, and shall have no right or duty to inquire whether any Event of Default under this Deed of Trust or under any of the other Loan Documents has
actually occurred or is then existing. Trustor hereby constitutes and appoints Beneficiary, its assignees, successors, transferees and nominees, as Trustor’s true and lawful attorney-in-fact and agent, with full power of substitution in the
Property, in Trustor’s name, place and stead, to do or permit any one or more of the foregoing described rights, remedies, powers and authorities, successively or concurrently, and said power of attorney shall be deemed a power coupled with an
interest and irrevocable so long as any portion of the Secured Obligations is outstanding. Any money advanced by Beneficiary in connection with any action taken under this Section 3.3, together with interest thereon at the Default
Interest Rate from the date of making such 
  

 -29- 

 advancement by Beneficiary until actually paid by Trustor, shall be a demand obligation owing by Trustor to Beneficiary
and shall be secured by this Deed of Trust and by every other instrument securing the Secured Obligations. 
  
 3.4 Occupancy After Foreclosure. In the event there is a foreclosure sale hereunder and at the time of such sale, Trustor or Trustor’s
representatives, successors or assigns, or any other persons claiming any interest in the Property by, through or under Trustor (except tenants of space in the Improvements subject to Leases entered into prior to the date hereof), are occupying or
using the Property, or any part thereof, then, to the extent not prohibited by applicable law, each and all shall, at the option of Beneficiary or the purchaser at such sale, as the case may be, immediately become the tenant of the purchaser at such
sale, which tenancy shall be a tenancy from day-to-day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the Property occupied or used, such rental to be due daily to the purchaser. Further,
to the extent permitted by applicable law, in the event the tenant fails to surrender possession of the Property upon the termination of such tenancy, the purchaser shall be entitled to institute and maintain an action for unlawful detainer of the
Property in the appropriate court of the County. 
  
 3.5 Notice
to Account Debtors. Beneficiary may, at any time after an Event of Default hereunder, notify the account debtors and obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Trustor included in the
Property to pay Beneficiary directly. Trustor shall at any time or from time to time upon the request of Beneficiary provide to Beneficiary a current list of all such account debtors and obligors and their addresses. 
  
 3.6 Cumulative Remedies. All remedies contained in this Deed of Trust
are cumulative and Beneficiary shall also have all other remedies provided at law and in equity or in any other Loan Documents. Such remedies may be pursued separately, successively or concurrently at the sole subjective direction of Beneficiary and
may be exercised in any order and as often as occasion therefor shall arise. No act of Beneficiary shall be construed as an election to proceed under any particular provisions of this Deed of Trust to the exclusion of any other provision of this
Deed of Trust or of any other provision of the Loan Documents as an election of remedies to the exclusion of any other remedy which may then or thereafter be available to Beneficiary. No delay or failure by Beneficiary to exercise any right or
remedy under this Deed of Trust shall be construed to be a waiver of that right or remedy or of any Default or Event of Default. Beneficiary may exercise any one or more of its rights and remedies at its option without regard to the adequacy of its
security. 
  
 3.7 Payment of Expenses. Trustor shall pay on
demand all of Beneficiary’s expenses incurred in any efforts to enforce any terms of this Deed of Trust, whether or not any lawsuit is filed and whether or not foreclosure is commenced but not completed, including, but not limited to,
reasonable legal fees and disbursements, foreclosure costs and title charges, together with interest thereon from and after the date incurred by Beneficiary until actually paid by Trustor at the Default Interest Rate, and the same shall be secured
by this Deed of Trust and by all of the other Loan Documents securing all or any part of the Secured Obligations. 
  

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 ARTICLE IV 
 CONCERNING THE TRUSTEE 
  
 4.1 No Required Action. Trustee shall not be required to take any action toward the execution and enforcement of the trust hereby created or to institute, appear in, or defend any action, suit, or other proceeding in connection
therewith where, in his opinion, such action would be likely to involve him in expense or liability, unless requested so to do by a written instrument signed by Beneficiary and, if Trustee so requests, unless Trustee is tendered security and
indemnity satisfactory to Trustee against any and all cost, expense, and liability arising therefrom. Trustee shall not be responsible for the execution, acknowledgment, or validity of the Loan Documents, or for the proper authorization thereof, or
for the sufficiency of the lien and security interest purported to be created hereby, and Trustee makes no representation in respect thereof or in respect of the rights, remedies, and recourse of Beneficiary. 
  
 4.2 Certain Rights. With the approval of Beneficiary, Trustee shall
have the right to take any and all of the following actions: (i) to select, employ, and consult with counsel (who may be, but need not be, counsel for Beneficiary) upon any matters arising hereunder, including the preparation, execution, and
interpretation of the Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either directly or through its agents
or attorneys, (iii) to select and employ, in and about the execution of its duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of Trustee
(and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by Trustee
in good faith, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad faith), and (iv) any and all other lawful action that Beneficiary may instruct Trustee to take to protect
or enforce Beneficiary’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Property for debts contracted for or liability or
damages incurred in the management or operation of the Property. Trustee shall have the right to rely on any instrument, document, or signature authorizing or supporting any action taken or proposed to be taken by Trustee hereunder, believed by
Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as
shall be rendered as provided by applicable law.. Trustor will, from time to time, pay the compensation due to Trustee hereunder and reimburse Trustee for, and save Trustee harmless against, any and all liability and expenses which may be incurred
by Trustee in the performance of Trustee’s duties. 
  
 4.3
Retention of Money. All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the
extent required by applicable law), and Trustee shall be under no liability for interest on any moneys received by Trustee hereunder. 
  
 4.4 Intentionally Deleted. 
  

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 4.5 Perfection of Appointment. Should any deed, conveyance, or instrument of any nature be
required from Trustor by Trustee or Beneficiary to more fully and certainly vest in and confirm to the Trustee such estates, rights, powers, and duties, then, upon request by the Trustee or Beneficiary, any and all such deeds, conveyances and
instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Trustor. 
  
 4.6 Intentionally Deleted. 
  
 4.7 No Representation by Trustee or Beneficiary. By accepting or approving anything required to be observed, performed, or fulfilled or to be given
to Trustee or Beneficiary pursuant to the Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance policy, neither
Trustee nor Beneficiary shall 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 or approval thereof
shall not be or constitute any warranty or affirmation with respect thereto by Trustee or Beneficiary. 
  
 ARTICLE V 
 MISCELLANEOUS TERMS AND CONDITIONS 
  
 5.1 Time of Essence. Time is of the essence with respect to all
provisions of this Deed of Trust. 
  
 5.2 Release of Deed of
Trust. If all of the Secured Obligations be paid or, if the Property or any portion thereof shall be substituted therefor by defeasance or by the Trustor’s right of Substitution as provided in the Loan Agreement, then and in that event
only, all rights, or the applicable portion of the Beneficiary’s rights, under this Deed of Trust, except for those provisions hereof which by their terms survive, shall terminate and the Property, or portion thereof (as applicable) shall
become wholly clear of the liens, security interests, conveyances and assignments evidenced hereby, which shall be promptly released of record by Beneficiary in due form at Trustor’s cost. No release or partial release of this Deed of Trust or
the lien hereof shall be valid unless executed by Beneficiary. 
  
 5.3 Certain Rights of Beneficiary. Without affecting Trustor’s liability for the payment of any of the Secured Obligations, Beneficiary may from time to time and without notice to Trustor: (a) release any person liable for the
payment of the Secured Obligations or portion thereof; (b) extend or modify the terms of payment of the Secured Obligations or portion thereof; (c) accept additional real or personal property of any kind as security or alter, substitute or release
any property securing the Secured Obligations or portion thereof; (d) reconvey any part of the Property; (e) consent in writing to the making of any subdivision map or plat thereof; (f) join in granting any easement therein; or (g) join in any
extension agreement of this Deed of Trust or any agreement subordinating the lien hereof. 
  
 5.4 Waiver of Certain Defenses. No action for the enforcement of the lien hereof or of any provision hereof 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 Loan Documents. 
  

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 5.5 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 given and become effective as provided in Section 11.2 of the Loan Agreement. 
  
 5.6 Successors and Assigns. The terms, provisions, indemnities, covenants and conditions hereof shall be binding upon Trustor and the successors
and assigns of Trustor, including, but not limited to, all successors in interest of Trustor in and to all or any part of the Property, and shall inure to the benefit of Beneficiary, its directors, officers, shareholders, employees and agents and
their respective successors and assigns and shall constitute covenants running with the land. All references in this Deed of Trust to Trustor or Beneficiary shall be deemed to include all such parties’ successors and assigns, and the term
“Beneficiary” as used herein shall also mean and refer to any lawful holder or owner, including, but not limited to, pledgees and participants, of any of the Secured Obligations. 
  
 5.7 Severability. A determination that any provision of this Deed of
Trust 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 Deed of Trust 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. 
  
 5.8 Gender. Within this Deed of Trust, 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. 
  
 5.9 Waiver: Discontinuance of Proceedings. Beneficiary may waive any single Event of Default by Trustor hereunder without waiving any other prior
or subsequent default or Event of Default. Beneficiary may remedy any Event of Default by Trustor hereunder without waiving the default remedied. Neither the failure by Beneficiary to exercise, nor the delay by Beneficiary in exercising, any right,
power or remedy upon any Event of Default by Trustor hereunder shall be construed as a waiver of such 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 Beneficiary 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 Trustor therefrom shall in any event be effective unless the same shall be in writing and signed by Beneficiary, 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 Trustor in any case shall of itself entitle Trustor to any other or further notice or demand in similar or other circumstances. Acceptance by Beneficiary of any payment in an amount less
than the amount then due on any of the Secured Obligations 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 Beneficiary 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, Beneficiary shall have the unqualified right to do so and, in 

  

 -33- 

 
such an event, Trustor and Beneficiary shall be restored to their former positions with respect to the Secured Obligations, the Loan Documents, the Property
and otherwise, and the rights, remedies, recourses and powers of Beneficiary shall continue as if the same had never been invoked. 
  
 5.10 Section Headings. The headings of the sections and paragraphs of this Deed of Trust 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. 
  
 5.11 Governing Law. Except as herewith provided, this Deed of Trust shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. It is the
intent of the parties hereto that the provisions of Section 5-1401 of the General Obligations Law of the State of New York apply to this Deed of Trust. Accordingly, in all respects, including, without limitation, matters of construction, validity,
enforceability and performance, this Deed of Trust and the obligations arising hereunder 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, and any
applicable law of the United States of America, except that at all times the provisions for enforcement of the power of sale granted hereunder and the creation, perfection and enforcement of the security interests created pursuant thereto and
hereunder (including without limitation foreclosure through the Trustee or as a mortgage), shall be governed by and construed according to the laws of the state where the Real Estate is located. Except as provided in the immediately preceding
sentence, Trustor hereby unconditionally and irrevocably waives, to the fullest extent permitted by law, any claim to assert that the law of any jurisdiction other than New York governs this Deed of Trust. Notwithstanding anything to the contrary in
this paragraph, it is the intention of the Trustor that the Beneficiary shall have all rights of a secured party under the laws of the State as granted hereunder in its exercise of remedies against the Real Estate securing this Deed of Trust.

  
 5.12 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 any portion of the Real Estate is located, the period shall be deemed to end on the next succeeding
Business Day, as that term is defined in the Loan Agreement. 
  
 5.13 Relationship of the Parties. The relationship between Trustor and Beneficiary 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. 
  
 5.14 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 Beneficiary at
Trustor’s request and Beneficiary 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. 
  
 5.15
Unsecured Portion of Indebtedness. If any part of the Secured Obligations cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully 

  

 -34- 

 
subject to the lien and security interest hereof 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 this Deed of Trust. 
  
 5.16 Cross Default. An Event of Default hereunder shall be a default under each of the other Loan Documents and a default (after any applicable notice or grace period) under any other Loan Document shall
constitute an Event of Default hereunder. 
  
 5.17 Interest
After Sale. In the event the Property or any part thereof shall be sold upon foreclosure as provided hereunder, to the extent permitted by law, the sum for which the same shall have been sold shall, for purposes of redemption (pursuant to the
laws of the state in which the Property is located), bear interest at the Default Interest Rate. 
  
 5.18 Inconsistency with Other Loan Documents. 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 the Loan Agreement shall be controlling. 
  
 5.19 Construction of this Document. This document may be construed as a mortgage, security deed, deed of trust, chattel mortgage, conveyance,
assignment, security agreement, pledge, financing statement, hypothecation or contract, or any one or more of the foregoing, in order to fully effectuate the liens and security interests created hereby and the purposes and agreements herein set
forth. 
  
 5.20 No Merger. It is the desire and intention
of the parties hereto that this Deed of Trust and the lien hereof do not merge in fee simple title to the Property. It is hereby understood and agreed that should Beneficiary acquire any additional or other interests in or to the Property or the
ownership thereof, then, unless a contrary intent is manifested by Beneficiary as evidenced by an appropriate document duly recorded, this Deed of Trust and the lien hereof shall not merge in such other or additional interests in or to the Property,
toward the end that this Deed of Trust may be foreclosed as if owned by a stranger to said other or additional interests. 
  
 5.21 Rights With Respect to Junior Encumbrances. Any person or entity purporting to have or to take a junior mortgage or other lien upon the
Property or any interest therein shall be subject to the rights of Beneficiary to amend, modify, increase, vary, alter or supplement this Deed of Trust, the Note or any of the other Loan Documents, and to extend the maturity date of the Secured
Obligations and to increase the amount of the Secured Obligations and to waive or forebear the exercise of any of its rights and remedies hereunder or under any of the other Loan Documents and to release any collateral or security for the any
portion of the Secured Obligations, in each and every case without obtaining the consent of the holder of such junior lien and without the lien or security interest of this Deed of Trust losing its priority over the rights of any such junior lien.

  
 5.22 Beneficiary May File Proofs of Claim. In the case
of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Trustor or the principals, general partners or managing members in Trustor, or their respective creditors or property,
Beneficiary, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or 

  

 -35- 

 
advisable in order to have the claims of Beneficiary allowed in such proceedings for the entire secured Secured Obligations at the date of the institution of
such proceedings and for any additional amount which may become due and payable by Trustor hereunder after such date. 
  
 5.23 Fixture Filing. Pursuant to the Uniform Commercial Code, this Deed of Trust shall be effective from the date of its recording as a financing
statement filed as a fixture filing with respect to all goods constituting part of the Property which are or are to become fixtures. This Deed of Trust shall also be effective as a financing statement covering minerals or the like (including, but
not limited to, oil and gas) and is to be filed of record in the real estate records of the County. The mailing address of Trustor and the address of Beneficiary from which information concerning the security interest may be obtained are set forth
in Section 1.16 hereof. Some or all of the Collateral may be or become a fixture in which Beneficiary has a security interest under the security agreement set forth in Section 1.16 above (the “Security Agreement”), and
the purpose of this Section 5.23 is to create a fixture filing under the Uniform Commercial Code. The rights, remedies and interests of Beneficiary under the Security Agreement and under other provisions of this Deed of Trust are independent
and cumulative, and there shall be no merger of any security interest created by the Security Agreement with any lien created under the other provisions of this Deed of Trust. Beneficiary may elect to exercise or enforce any of its rights, remedies,
or interests under the Security Agreement and the other provisions of this Deed of Trust, as Beneficiary may from time to time deem appropriate. 
  
 5.24 After-Acquired Property. All property acquired by Trustor after the date of this Deed of Trust which by the terms of this Deed of Trust shall
be subject to the lien and the security interest created hereby, shall immediately upon the acquisition thereof by Trustor and without further mortgage, conveyance or assignment become subject to the lien and security interest created by this Deed
of Trust. Nevertheless, Trustor shall execute, acknowledge, deliver and record or file, as appropriate, all and every such further mortgages, security agreements, financing statements, assignments and assurances, as Beneficiary shall require for
accomplishing the purposes of this Deed of Trust. 
  
 5.25 No
Representation. By accepting delivery of any item required to be observed, performed or fulfilled or to be given to Beneficiary pursuant to the Loan Documents, including, but not limited to, any officer’s certificate, balance sheet,
statement of profit and loss or other financial statement, survey, appraisal or insurance policy, Beneficiary 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 Beneficiary. 
  
 5.26 Counterparts. This Deed of Trust 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 Deed of
Trust may be detached from any counterpart of this Deed of Trust without impairing the legal effect of any signatures thereon and may be attached to another counterpart of this Deed of Trust identical in form hereto but having attached to it one or
more additional signature pages. 
  

 -36- 

 5.27 Personal Liability. Notwithstanding anything to the contrary contained in this Deed of Trust,
the liability of Trustor and its officers, directors, general partners, managers, members or principals for the Secured Obligations and for the performance of the other agreements, covenants and obligations contained herein and in the other Loan
Documents shall be limited as set forth in the Note the terms and provisions of which are incorporated herein by specific reference. 
  
 5.28 Recording and Filing. Trustor 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 Beneficiary shall reasonably request, and will pay on demand all such recording, filing, re-recording and re-filing taxes, fees and other charges. Trustor shall reimburse
Beneficiary, or its servicing agent, for the costs incurred in obtaining a tax service company to verify the status of payment of taxes and assessments on the Property. 
  
 5.29 Entire Agreement and Modifications. This Deed of Trust 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 Deed of Trust 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. 
  
 5.30 Maximum Interest. The provisions of this Deed of Trust and of all agreements between Trustor and Beneficiary, whether now existing or
hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand or acceleration of the maturity of the Note or otherwise, shall the amount paid, or agreed to be
paid (“Interest”), to Beneficiary for the use, forbearance or retention of the money loaned under the Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, performance or fulfillment
of any provision hereof or of any agreement between Trustor and Beneficiary shall, at the time performance or fulfillment of such provision shall be due, exceed the limit for Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed or fulfilled shall be reduced to such limit, and if, from any circumstance whatsoever, Beneficiary shall ever receive anything of value deemed Interest by
applicable law in excess of the maximum lawful amount, an amount equal to any excessive Interest shall be applied to the reduction of the principal balance owing under the Note in the inverse order of its maturity (whether or not then due) or, at
the option of Beneficiary, be paid over to Trustor, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest) paid or agreed to be paid to Beneficiary shall, to the extent permitted by applicable law,
be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal balance of the Note so that the Interest thereon for such full period will not exceed the maximum amount permitted by applicable law. This
Section will control all agreements between Trustor and Beneficiary. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -37- 

 IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the day and year first above written.

  
 THE UNDERSIGNED TRUSTOR REQUESTS THAT A COPY OF ANY NOTICE
OF DEFAULT AND ANY NOTICE OF SALE HEREUNDER BE MAILED TO IT AT ITS ADDRESS HEREINBEFORE SET FORTH. 
  

	 TRUSTOR:

	 
	 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability company

		
	By:	 	 /s/ William M. Lau

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
  
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

 SIGNATURE OF NOTARY
	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	 	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310411 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 Parcel 1: 
  
 A parcel of land located in the Southeast quarter of Section 15, Township 3 South, Range 67 West of the 6th Principal Meridian, City and
County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Southeast quarter of said Section 15; thence S 00°59’07” E coincident with the East line of said Southeast quarter, a distance of 716.23 feet to the Southerly line of a 30 foot
railroad easement as recorded in Denver County as Reception No. 9800126772, dated August 5, 1998; thence S 89°34’25” W coincident with said Southerly line, a distance of 90.01 feet to the Westerly right of way of Havana Street and the
point of beginning; thence S 00°59’07” E coincident with said Westerly right of way, a distance of 812.35 feet to the beginning of a curve to the right, having a radius of 30.00 feet and a long chord which bears S
44°00’52” W, 42.43 feet; thence along the arc of said curve, a distance of 47.12 feet through a central angle of 90°00’00” to the Northerly right of way of proposed 49th Avenue and the Northerly line of Tract C and the
point of tangency; thence S 89°00’52” W, coincident with said Northerly right of way and said Northerly line, a distance of 515.00 feet; thence N 00°59’08” W, a distance of 847.66 feet to said Southerly line of said
railroad easement; thence N 89°34’25” E coincident with said Southerly line, a distance of 545.05 feet to the point of beginning, City and County of Denver, State of Colorado. 
  
 Parcel 2: 
  
 A reciprocal non-exclusive easement for ingress and egress over those certain lands referred to as Catellus Property, S. F. Pacific
Property, Tippmann Property, Dillon Property and Montovani Property, over the existing 51st Avenue and New 51st Avenue as defined and established in that certain Reciprocal Easement Agreement recorded July 8, 1999 at Reception No. 9900119715, City
and County of Denver, State of Colorado. 
  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310505 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 Parcel l: 
  
 A tract of land located in the S 1/2 of Section 15, Township 3 South, Range 67 West of the 6th P.M., City and County of Denver, State of
Colorado, described as follows: 
  
 Commencing at the Northwest corner of the SE
1/4 of said Section 15, from which the S 1/4 corner of said Section 15 bears S 00 ° 41’59” E, 2654.05 feet; thence S 00° 41’59” E, 353.12 feet along the West line of the SE1/4 of said Section 15 to the South right of way
line of 51st Avenue in the City and County of Denver, Colorado, as described at Reception No. 9600136067 of the records of the City and County of Denver, Colorado; thence S 89 °28’34” W, 125.00 feet along the South right of way line of
said 51st Street to a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of said Section 15; thence S 00° 41’59” E, 374.72 feet along a line 125.00 feet Westerly as measured at
right angles from and parallel with the West line of the SE 1/4 of said Section 15 to the True Point of Beginning; thence N 89°00’52” E, 964.68 feet; thence S 00° 59’08” E, 886.58 feet; thence S 89 °00’52”
w, 969.10 feet to a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of Section 15; thence N 00° 41’59” E, 886.59 feet along a line 125.00 feet Westerly as measured at right
angles from and parallel with the West line of the SE 1/4 of said Section 15 to the True Point of Beginning, City and County of Denver, State of Colorado. 
  
 Parcel 2: 
  
 A reciprocal, non-exclusive easement for ingress and egress over those certain lands referred to as Catellus Property, SF Pacific Property, Tippmann Property, Dillon Property and Montovani Property over the Existing
51st Avenue and New 51st Avenue, as defined and established in that certain Reciprocal Easement Agreement recorded July 8, 1999 at Reception No. 9900119715, City and County of Denver, State of Colorado. 
  
 Parcel 3: 
  
 A reciprocal, non-exclusive easement for common driveway purposes to be used as a means of ingress and egress to and from the Catellus
Property and the Suntrust Property and Florence Street, as defined and established in that certain Reciprocal Easement Agreement, Recorded June 14, 1999 at Reception No. 9900105623, City and County of Denver, State of Colorado. 
  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310415 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 A parcel of land located in the Northeast quarter of Section 22, Township 3
South, Range 67 West, 6th Principal Meridian, City and County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a distance of 1300.03 feet to the
centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing S00°33’22”E, along
said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears S08°09’47”E, 139.79 feet, an
arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, departing said centerline, a distance of 371.51 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of
90°00’58”, a radius of 30.00 feet, a chord which bears N44°27’07”E, 42.43 feet, an arc distance of 47.13 feet to a tangent line; thence N00°33’22”W, a distance of 1110.29 feet to a tangent curve; thence
along the arc of a curve to the left, having a central angle of 89°59’01”, a radius of 30.00 feet, a chord which bears N45°32’53”W, 42.42 feet, an arc distance of 47.12 feet to a tangent line; thence
S89°27’36”W, a distance of 375.01 feet to the Point of Beginning. 
  
 EXCLUDING THE FOLLOWING: 
  
 A parcel of land located in the Northeast
quarter of Section 22, Township 3 South, Range 67 West, 6th Principal Meridian, City and County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a
distance of 1300.03 feet to the centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing
S00°33’22”E along said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears
S08°09’47”E, 139.79 feet, an arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, a distance of 41.23 feet to a non-tangent curve; thence along the arc of a curve to the right, having a central angle of
16°06’47”, a radius of 444.28 feet, a chord which bears N14°28’07”W, 124.53 feet, an arc distance of 124.94 feet to a tangent line; thence N06°24’44”W, a distance of 144.71 feet to the Easterly line of
tangent line; thence N06°24’44”W, a distance of 144.71 feet to the Easterly line of said Railroad Easement; thence N00°33’22”W, along said Easterly line, a distance of 905.47 feet; thence S89°27’36”W, a
distance of 15.02 feet to the Point of Beginning, City and County of Denver, State of Colorado. 
  

 (EXHIBIT E-2) 
  
 Recording Requested by, 
 and When Recorded
Return to: 
  
 Orrick, Herrington & Sutcliffe LLP 
 400 Sansome Street 
 San Francisco, CA 94111 

	Attention:	Gary Louie 

  

  
 ASSIGNMENT OF LEASES AND RENTS 
  
 CATELLUS FINANCE 1, L.L.C., 
  
 AS ASSIGNOR 
  
 AND 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
 F/K/A LASALLE NATIONAL BANK, 
 AS TRUSTEE FOR THE REGISTERED HOLDERS OF PRUDENTIAL MORTGAGE

 CAPITAL COMPANY I, LLC, COMMERCIAL MORTGAGE PASS-THROUGH 
 CERTIFICATES, SERIES 1998-1, 
  
 AS ASSIGNEE 
  
 City and
County of Denver (the “County”) 
  
 State:
Colorado (the “State”) 
  

 ASSIGNMENT OF LEASES AND RENTS 
  
 THIS ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) made as of September 2, 2003, is by CATELLUS
FINANCE 1, L.L.C., a Delaware limited liability company (“Assignor”), having an address at 201 Mission Street, Suite 340, San Francisco, California 94203, in favor of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank,
as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Assignee”), having an address at 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60647-4107. 
  
 W I T N
E S S E T H: 
  
 A.
Reference is made to that certain loan agreement dated as of October 26, 1998 between Assignor and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Assignee (as amended and
as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Prudential agreed to extend a loan (the
“Loan”), evidenced by that certain promissory note dated October 26, 1998, in the original principal amount of THREE HUNDRED SEVENTY-THREE MILLION AND 00/100 DOLLARS ($373,000,000.00), and secured by, among other things, certain
deeds of trust, mortgages and security deeds encumbering properties located within and without the state (as heretofore and hereafter assigned and amended, the “Mortgages”) and further secured by those certain Cash Management
Agreements (the “Cash Management Agreements”) by and among Assignor, Assignee and those certain managers for each of the properties as more particularly set forth in the Cash Management Agreements. 
  
 B. As described in Section 2.12 of the Loan Agreement, Assignor has the
option to substitute certain properties in place of certain other properties designated by Assignor (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan. 
  
 C. Pursuant to the Fifth Amendment to the Loan Agreement that is being
executed and delivered on or about the date hereof, Assignor has now elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado
(“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) as Substitute Properties, and has
designated the following properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro
Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”). 
  
 D. It is a condition precedent to the consummation of the Substitution described in the foregoing paragraph that Assignor
execute and deliver that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith (the “Deed of Trust”), from Assignor, as trustor, to Assignee, as beneficiary, 

  

 
encumbering CO 0310411, CO 0310505 and CO 0310415, which real properties are more particularly described on Exhibit A attached hereto and incorporated
herein by this reference, together with all buildings and other improvements now or hereafter located thereon (to the full extent of Assignor’s interest) (collectively, the “Improvements”) (said parcels of real property and the
Improvements are hereinafter sometimes collectively referred to as the “Properties” and individually as a “Property”). 
  
 E. It is an additional condition precedent to the consummation of the Substitution described in paragraph B. that Assignor execute and deliver this
Assignment with respect to CO 0310411, CO 0310505 and CO 0310415. 
  
 F. The term “Loan Documents” shall have the same meaning given to such term in the Loan Agreement. Unless otherwise specifically defined or used in this Deed of Trust to the contrary, capitalized terms shall have the
meaning set forth in the Loan Agreement. 
  
 NOW, THEREFORE, in
consideration of the making of the loan evidenced by the Note by Assignee to Assignor and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor does hereby irrevocably, absolutely and
unconditionally transfer, sell, assign, pledge and convey to Assignee, its successors and assigns, all of the right, title and interest of Assignor in and to: 
  

(a) any and all leases, licenses, rental agreements and occupancy agreements of whatever form now or hereafter affecting all or any
part of the Properties and any and all guarantees, extensions, renewals, replacements and modifications thereof (collectively, the “Leases”); and 
  
 (b) all deposits (whether for security or otherwise), rents, issues, profits, revenues, royalties, accounts,
rights, benefits and income of every nature of and from each of the Properties, including, without limitation, minimum rents, additional rents, termination payments, forfeited security deposits, liquidated damages following default and all proceeds
payable under any policy of insurance covering loss of rents resulting from untenantability due to destruction or damage to the Properties, together with the immediate and continuing right to collect and receive the same, whether now due or
hereafter becoming due, and together with all rights and claims of any kind that Assignor may have against any tenant, lessee or licensee under the Leases or against any other occupant of the Properties (collectively, the “Rents”).

  
 TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns. 
  
 IT IS AGREED that, notwithstanding that this
instrument is a present, absolute and executed assignment of the Rents and of the Leases and a present, absolute and executed grant of the powers herein granted to Assignee, Assignor is hereby permitted, at the sufferance of Assignee and at its
discretion, and is hereby granted a license by Assignee, to retain possession of the Leases and to retain the Rents that are delivered to Assignor pursuant to the Cash Management Agreements unless and until the occurrence of a Sweep Event (as
defined in the Cash Management Agreements). Upon the occurrence of an Event of Default (as hereinafter defined), the aforementioned license granted to Assignor shall automatically terminate without notice to Assignor, and Assignee may thereafter,
without taking possession of any one or more 

  

 2 

 
of the Properties, take possession of the Leases and collect and retain the Rents in accordance with the terms and conditions of the Cash Management
Agreements and the other Loan Documents. Further, from and after such termination, Assignor shall be the agent of Assignee in collection of the Rents, and any Rents so collected by Assignor shall be held in trust by Assignor for the sole and
exclusive benefit of Assignee and Assignor shall, within one (1) business day after receipt of any Rents, pay the same to Assignee to be applied by Assignee as hereinafter set forth. Furthermore, from and after such Event of Default and termination
of the aforementioned license, Assignee shall have the right and authority, without any notice whatsoever to Assignor and without regard to the adequacy of the security therefor, to: (a) make application to a court of competent jurisdiction for
appointment of a receiver for all or any part of the Properties, as particularly set forth in the Deed of Trust, (b) manage and operate the Properties, with full power to employ agents to manage the same; (c) demand, collect, receive and sue for the
Rents, including those past due and unpaid; and (d) do all acts relating to such management of the Properties, including, but not limited to, negotiation of new Leases, making adjustments of existing Leases, contracting and paying for repairs and
replacements to the Improvements and to the fixtures, equipment and personal property located in the Improvements or used in any way in the operation, use and occupancy of any Property as in the sole subjective judgment and discretion of Assignee
may be necessary to maintain the same in a tenantable condition, purchasing and paying for such additional furniture and equipment as in the sole subjective judgment of Assignee may be necessary to maintain a proper rental income from the
Properties, employing necessary managers and other employees, purchasing fuel, providing utilities and paying for all other expenses incurred in the operation of the Properties, maintaining adequate insurance coverage over hazards customarily
insured against and paying the premiums therefor. Assignee may apply the Rents received by Assignor from the Properties, after deducting the costs of collection thereof, including, without limitation, attorneys’ fees and a management fee for
any management agent so employed, against amounts expended for repairs, upkeep, maintenance, service, fuel, utilities, taxes, assessments, insurance premiums and such other expenses as Assignee incurs in connection with the operation of the
Properties and against interest, principal, required escrow deposits and other sums which have or which may become due, from time to time, under the terms of the Loan Documents, in such order or priority as to any of the items so mentioned as
Assignee, in its sole subjective discretion, may determine. The exercise by Assignee of the rights granted Assignee in this paragraph, and the collection of, the Rents and the application thereof as herein provided, shall not be considered a waiver
by Assignee of any Event of Default under the Loan Documents or prevent foreclosure of any liens on the Properties nor shall such exercise make Assignee liable under any of the Leases, Assignee hereby expressly reserving all of its rights and
privileges under the Deed of Trust and the other Loan Documents as fully as though this Assignment had not been entered into. 
  
 Without limiting the rights granted hereinabove, in the event Assignor shall fail to make any payment or to perform any act required under the terms
hereof and such failure shall not be cured within any applicable grace or cure period, then Assignee may, but shall not be obligated to, without prior notice to or demand on Assignor, and without releasing Assignor from any obligation hereof, make
or perform the same in such manner and to such extent as Assignee may deem necessary to protect the security hereof, including specifically, without limitation, appearing in and defending any action or proceeding purporting to affect the security
hereof or the rights or powers of Assignee, performing or discharging any obligation, covenant or agreement of Assignor under any of the Leases, and, in exercising any of such powers, paying all 

  

 3 

 
necessary costs and expenses, employing counsel and incurring and paying attorneys’ fees. Any sum advanced or paid by Assignee for any such purpose,
including, without limitation, attorneys’ fees, together with interest thereon at the Default Interest Rate (as defined in the Note) from the date paid or advanced by Assignee until repaid by Assignor, shall immediately be due and payable to
Assignee by Assignor on demand and shall be secured by the Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. 
  
 IT IS FURTHER AGREED that this Assignment is made upon the following terms, covenants and conditions: 
  
 1. This Assignment shall not operate to place responsibility
for the control, care, management or repair of the Properties upon Assignee, nor for the performance of any of the terms and conditions of any of the Leases, nor shall it operate to make Assignee responsible or liable for any waste committed on any
Property by the tenants or any other party or for any dangerous or defective condition of any Property or for any negligence in the management, upkeep, repair or control of any Property. Assignee shall not be liable for any loss sustained by
Assignor resulting from Assignee’s failure to let any Property or from any other act or omission of Assignee in managing any of the Properties. Assignor shall and does hereby indemnify and hold Assignee harmless from and against any and all
liability, loss, claim, demand or damage which may or might be incurred by reason of this Assignment, including, without limitation, claims or demands for security deposits from tenants of space in the Improvements deposited with Assignor, and from
and against any and all claims and demands whatsoever which may be asserted against Assignee by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in any of the
Leases except to the extent Assignor’s damages are a direct result of Assignee’s willful misconduct or gross negligence as finally determined by the court of competent jurisdiction. Should Assignee incur any liability by reason of this
Assignment or in defense of any claim or demand for loss or damage as provided above, the amount thereof, including, without limitation, costs, expenses and attorneys’ fees, together with interest thereof at the Default Interest Rate from the
date paid or incurred by Assignee until repaid by Assignor, shall be immediately due and payable to Assignee by Assignor upon demand and shall be secured by the Deed of Trust and by all of the other Loan Documents securing all or any part of the
indebtedness evidenced by the Note. 
  
 2. This
Assignment shall not be construed as making Assignee a mortgagee in possession. 
  
 3. Assignee is obligated to account to Assignor only for such Rents as are actually collected or received by Assignee. 
  
 4. Assignor hereby further presently and absolutely assigns
to Assignee subject to the terms and provisions of this Assignment: (a) any award or other payment which Assignor may hereafter become entitled to receive with respect to any of the Leases as a result of or pursuant to any bankruptcy, insolvency or
reorganization or similar proceedings involving the tenants under such Leases; and (b) any and all payments made by or on behalf of any tenant of any part of any Property in lieu of Rent. Assignor hereby irrevocably appoints Assignee as its
attorney-in-fact to, from and after the occurrence of an Event of Default by Assignor hereunder or under any of the other Loan Documents, appear in any such proceeding and to collect any 

  

 4 

 
such award or payment, which power of attorney is coupled with an interest by virtue of this Assignment and is irrevocable so long as any sums are
outstanding under the Loan. 
  
 5. Assignor
represents, warrants and covenants to and for the benefit of Assignee: (a) that Assignor now is (or with respect to any Leases not yet in existence, will be immediately upon the execution thereof) the absolute owner of the landlord’s interest
in the Leases, with full right and title to assign the same and the Rents due or to become due thereunder; (b) that, other than this Assignment and those assignments, if any, specifically permitted in the Loan Agreement or Deed of Trust, there are
no outstanding assignments of the Leases or Rents; (c) that no Rents have been anticipated, discounted, released, waived, compromised or otherwise discharged except for prepayment of rent of not more than one (1) month prior to the accrual thereof,
except as disclosed by Assignor as referenced in Section 5.1(ee)(ii) of the Loan Agreement; (d) that there are no material defaults now existing under any of the Leases by the landlord or tenant, and there exists no state of facts which, with the
giving of notice or lapse of time or both, would constitute a default under any of the Leases by the landlord or tenant, except as disclosed in writing to Assignee; (e) that Assignor has and shall duly and punctually observe and perform all
covenants, conditions and agreements in the Leases on the part of the landlord to be observed and performed thereunder and (f) the Leases are in full force and effect and are the valid and binding obligations of Assignor, and, to the knowledge of
Assignor, are the valid and binding obligations of the tenants thereto. 
  
 6. Assignor covenants and agrees that Assignor shall comply with all conditions, covenants and agreements set forth in Section 1.8 of the Deed of Trust. 
  
 7. Assignor covenants and agrees that Assignor shall, at its sole cost and expense, appear in and defend any
action or proceeding arising under, growing out of, or in any manner connected with the Leases or the obligations, duties or liabilities of the landlord or tenant thereunder, and shall pay on demand all costs and expenses, including, without
limitation, attorneys’ fees, which Assignee may incur in connection with Assignee’s appearance, voluntary or otherwise, in any such action or proceeding, payable upon demand within five (5) Business Days (as defined in the Loan Agreement)
from the date incurred, together with interest thereon at the Default Interest Rate from the date payable, until repaid by Assignor. 
  
 8. At any time, Assignee may, at its option, notify any tenants or other parties of the existence of this Assignment. Assignor does hereby
specifically authorize, instruct and direct each and every present and future tenant, lessee and licensee of the whole or any part of any Property to pay all unpaid and future Rents to Assignee upon receipt of demand from Assignee to so pay the same
and Assignor hereby agrees that each such present and future tenant, lessee and licensee may rely upon such written demand from Assignee to so pay said Rents without any inquiry into whether there exists an Event of Default hereunder or under the
other Loan Documents or whether Assignee is otherwise entitled to said Rents. Assignor hereby waives any right, claim or demand which Assignor may now or hereafter have against any present or future tenant, lessee or licensee by reason of such
payment of Rents to Assignee, and any such payment shall discharge such tenant’s, lessee’s or licensee’s obligation to make such payment to Assignor. 
  
 9. Assignee may take or release any security for the indebtedness evidenced by the Note, may release any
party primarily or secondarily liable for the indebtedness evidenced by the 

  

 5 

 
Note, may grant extensions, renewals or indulgences with respect to the indebtedness evidenced by the Note and may apply any other security therefor held by
it to the satisfaction of any indebtedness evidenced by the Note without prejudice to any of its rights hereunder. 
  
 10. The acceptance of this Assignment and the collection of the Rents in the event Assignor’s license is terminated, as referred to
above, shall be without prejudice to Assignee. The rights of Assignee hereunder are cumulative and concurrent, may be pursued separately, successively or together and may be exercised as often as occasion therefor shall arise, it being agreed by
Assignor that the exercise of any one or more of the rights provided for herein shall not be construed as a waiver of any of the other rights or remedies of Assignee, at law or in equity or otherwise, so long as any obligation under the Loan
Documents remains unsatisfied. 
  
 11. All rights
of Assignee hereunder shall inure to the benefit of its successors and assigns; and all obligations of Assignor shall bind its successors and assigns and any subsequent owner of the Properties. All rights of Assignee in, to and under this Assignment
shall pass to and may be exercised by any assignee of such rights of Assignee. The foregoing shall not be construed to confer a right of transfer or assignment hereunder to the Assignor except as specifically provided in the Loan Agreement. Assignor
hereby agrees that if Assignee gives notice to Assignor of an assignment of said rights, upon such notice the liability of Assignor to the assignee of the Assignee shall be immediate and absolute. Assignor will not set up any claim against Assignee
or any intervening assignee as a defense, counterclaim or setoff to any action brought by Assignee or any intervening assignee for any amounts due hereunder or for possession of or the exercise of rights with respect to the Leases or the Rents.

  
 12. It shall be an Event of Default hereunder
(a) if an Event of Default, as defined in the Loan Agreement shall occur, (b) Assignor fails to punctually perform any covenant, agreement or obligation under this Assignment which requires payment of money to Assignee at the time or within any
applicable period of time set forth herein, or if no time period is sent forth herein, then, within ten (10) Business Days, or (c) upon any failure by Assignor in the performance or observance of any covenant or condition hereof (other than as
described in subsection (b) above) and, to the extent such failure or default described in subsection (c) is susceptible of being cured, the continuance of such failure or default for thirty (30) days after written notice thereof from Assignee to
Assignor; 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 Assignor commences to cure such default promptly after receipt of
notice thereof from Assignee, and thereafter prosecutes the curing of such default with reasonable diligence, 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 ninety (90) days. Any Event of Default hereunder shall be deemed an Event of Default under each of the other Loan Documents, entitling Assignee to exercise any or all rights and remedies available to Assignee under the terms
hereof or of any or all of the other Loan Documents, and any Event of Default under any other Loan Document shall be deemed an Event of Default hereunder, entitling Assignee to exercise any or all rights provided for herein. 
  
 13. Failure by Assignee to exercise any right which it may
have hereunder shall not be deemed a waiver thereof unless so agreed in writing by Assignee, and the waiver by Assignee of any default hereunder shall not constitute a continuing waiver or a waiver of any other default 

  

 6 

 
or of the same default on any future occasion. No collection by Assignee of any Rents pursuant to this Assignment shall constitute or result in a waiver of
any default then existing hereunder or under any of the other Loan Documents. 
  
 14. If any provision under this Assignment or the application thereof to any entity, person or circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this Assignment and the
application of the provisions hereof to other entities, persons or circumstances shall not be affected thereby and shall be enforced to the fullest extent permitted by law. 
  
 15. This Assignment may not be amended, modified or otherwise changed except by a written instrument duly
executed by Assignor and Assignee. 
  
 16. This
Assignment shall be in full force and effect continuously from the date hereof to and until the Deed of Trust shall be released of record, and the release of the Deed of Trust shall, for all purposes, automatically terminate this Assignment and
render this Assignment null and void and of no effect whatsoever. 
  
 17. In case of a conflict between any provision of this Assignment and any provision of any of the other Loan Documents, such provision shall be construed as to give Assignee the maximum benefit in its interpretation
and construction. 
  
 18. All notices, demands,
requests or other communications to be sent by one party to the other hereunder or required by law shall be given and become effective as provided in the Loan Agreement. 
  
 19. This Assignment shall be governed by and construed in accordance with the laws of the State of New York
without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of the General Obligations Law of the State of New York apply to this Assignment. Accordingly, in all respects, including,
without limitation, matters of construction, validity, enforceability and performance, this Assignment and the obligations arising hereunder 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, 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 security interests created pursuant thereto and hereunder
shall be governed by and construed according to the laws of the state where such Property is located. Except as provided in the immediately preceding sentence, Assignor hereby unconditionally and irrevocably waives, to the fullest extent permitted
by law, any claim to assert that the law of any other jurisdiction other than New York governs this Assignment. 
  
 20. This Assignment 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 Assignment may be detached from any
counterpart of this Assignment without impairing the legal effect of any signatures thereon and may be attached to another counterpart of this Assignment identical in form hereto but having attached to it one or more additional signature pages.

  

 7 

 21. In addition to, but not in lieu of, any other rights hereunder, Assignee shall have
the right to institute suit and obtain a protective or mandatory injunction against Assignor to prevent a breach or default, or to reinforce the observance, of the agreements, covenants, terms and conditions contained herein, as well as the right to
damages occasioned by any breach or default by Assignor. 
  
 22. This Assignment shall continue and remain in full force and effect during any period of foreclosure with respect to any and all of the Properties. 
  
 23. Assignor hereby covenants and agrees that Assignee shall be entitled to all of the rights, remedies and
benefits available by statute, at law, in equity or as a matter of practice for the enforcement and perfection of the intents and purposes hereof. Assignee shall, as a matter of absolute right, be entitled, upon application to a court of applicable
jurisdiction and without notice to Assignor, to the appointment of a receiver to obtain and secure the rights of Assignee hereunder and the benefits intended to be provided to Assignee hereunder. 
  
 24. Notwithstanding anything to the contrary contained in
this Assignment, the liability of Assignor and its officers, directors, general partners, managers, members and principals for the indebtedness secured hereby and for the performance of the other agreements, covenants and obligations contained
herein and in the other Loan Documents shall be limited as set forth in Section 1.05 of the Note, which Section is incorporated herein by specific reference. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 8 

 IN WITNESS WHEREOF, Assignor has executed this Assignment as of the day and year first above written.

  

	 ASSIGNOR:
  
 CATELLUS FINANCE 1, L.L.C.,

 a Delaware limited liability company

		
	 By:
	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310411 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 Parcel 1: 
  
 A parcel of land located in the Southeast quarter of Section 15, Township 3 South, Range 67
West of the 6th Principal Meridian, City and County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Southeast quarter of said Section 15; thence S 00°59’07” E coincident with the East line of said Southeast
quarter, a distance of 716.23 feet to the Southerly line of a 30 foot railroad easement as recorded in Denver County as Reception No. 9800126772, dated August 5, 1998; thence S 89°34’25” W coincident with said Southerly line, a
distance of 90.01 feet to the Westerly right of way of Havana Street and the point of beginning; thence S 00°59’07” E coincident with said Westerly right of way, a distance of 812.35 feet to the beginning of a curve to the right,
having a radius of 30.00 feet and a long chord which bears S 44°00’52” W, 42.43 feet; thence along the arc of said curve, a distance of 47.12 feet through a central angle of 90°00’00” to the Northerly right of way of
proposed 49th Avenue and the Northerly line of Tract C and the point of tangency; thence S 89°00’52” W, coincident with said Northerly right of way and said Northerly line, a distance of 515.00 feet; thence N 00°59’08” W,
a distance of 847.66 feet to said Southerly line of said railroad easement; thence N 89°34’25” E coincident with said Southerly line, a distance of 545.05 feet to the point of beginning, City and County of Denver, State of Colorado.

  
 Parcel 2: 
  
 A reciprocal non-exclusive easement for ingress and egress over those certain lands referred
to as Catellus Property, S. F. Pacific Property, Tippmann Property, Dillon Property and Montovani Property, over the existing 51st Avenue and New 51st Avenue as defined and established in that certain Reciprocal Easement Agreement recorded July 8,
1999 at Reception No. 9900119715, City and County of Denver, State of Colorado. 
  

 A-1 

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310505 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 Parcel l: 
  
 A tract of land located in the S 1/2 of Section 15, Township 3 South, Range 67 West of the
6th P.M., City and County of Denver, State of Colorado, described as follows: 
  
 Commencing at the Northwest corner of the SE 1/4 of said Section 15, from which the S 1/4 corner of said Section 15 bears S 00 ° 41’59” E, 2654.05 feet; thence S 00° 41’59” E, 353.12 feet along the West line of
the SE1/4 of said Section 15 to the South right of way line of 51st Avenue in the City and County of Denver, Colorado, as described at Reception No. 9600136067 of the records of the City and County of Denver, Colorado; thence S 89
°28’34” W, 125.00 feet along the South right of way line of said 51st Street to a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of said Section 15; thence S 00°
41’59” E, 374.72 feet along a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of said Section 15 to the True Point of Beginning; thence N 89°00’52” E, 964.68 feet;
thence S 00° 59’08” E, 886.58 feet; thence S 89 °00’52” w, 969.10 feet to a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of Section 15; thence N 00°
41’59” E, 886.59 feet along a line 125.00 feet Westerly as measured at right angles from and parallel with the West line of the SE 1/4 of said Section 15 to the True Point of Beginning, City and County of Denver, State of Colorado.

  
 Parcel 2: 
  
 A reciprocal, non-exclusive easement for ingress and egress over those certain lands
referred to as Catellus Property, SF Pacific Property, Tippmann Property, Dillon Property and Montovani Property over the Existing 51st Avenue and New 51st Avenue, as defined and established in that certain Reciprocal Easement Agreement recorded
July 8, 1999 at Reception No. 9900119715, City and County of Denver, State of Colorado. 
  
 Parcel 3: 
  
 A reciprocal, non-exclusive easement for common driveway purposes to be used as a means of ingress and egress to and from the Catellus Property and the Suntrust Property
and Florence Street, as defined and established in that certain Reciprocal Easement Agreement, Recorded June 14, 1999 at Reception No. 9900105623, City and County of Denver, State of Colorado. 
  

 A-2 

 EXHIBIT A 
  
 LEGAL DESCRIPTION OF CO 0310415 
  
 The land referred to herein is situate in the City and County of Denver, State of Colorado and more particularly described as follows:

  
 A parcel of land located in the Northeast quarter of Section 22, Township 3
South, Range 67 West, 6th Principal Meridian, City and County of Denver, State of Colorado, being more particularly described as follows: 
  
 Commencing at the Northeast corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a distance of 1300.03 feet to the
centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing S00°33’22”E, along
said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears S08°09’47”E, 139.79 feet, an
arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, departing said centerline, a distance of 371.51 feet to a tangent curve; thence along the arc of a curve to the left, having a central angle of
90°00’58”, a radius of 30.00 feet, a chord which bears N44°27’07”E, 42.43 feet, an arc distance of 47.13 feet to a tangent line; thence N00°33’22”W, a distance of 1110.29 feet to a tangent curve; thence
along the arc of a curve to the left, having a central angle of 89°59’01”, a radius of 30.00 feet, a chord which bears N45°32’53”W, 42.42 feet, an arc distance of 47.12 feet to a tangent line; thence
S89°27’36”W, a distance of 375.01 feet to the Point of Beginning. 
  
 EXCLUDING THE FOLLOWING: 
  
 A parcel of land located in the Northeast quarter of Section 22, Township 3 South, Range 67 West, 6th Principal Meridian, City and County of Denver, State of Colorado,
being more particularly described as follows: 
  
 Commencing at the Northeast
corner of said Section 22; thence S89°27’36”W, along the North line of said Northeast quarter, a distance of 1300.03 feet to the centerline of the Railroad Easement recorded August 5, 1998 at Reception No. 9800126773; thence
S00°33’22”E, along said centerline, a distance of 644.20 feet to the Point of Beginning; thence continuing S00°33’22”E along said centerline, a distance of 1031.74 feet to a tangent curve; thence along the arc of a curve
to the left, having a central angle of 15°12’49”, a radius of 528.00 feet, a chord which bears S08°09’47”E, 139.79 feet, an arc distance of 140.20 feet to a non-tangent line; thence N89°27’36”E, a distance
of 41.23 feet to a non-tangent curve; thence along the arc of a curve to the right, having a central angle of 16°06’47”, a radius of 444.28 feet, a chord which bears N14°28’07”W, 124.53 feet, an arc distance of 124.94
feet to a tangent line; thence N06°24’44”W, a distance of 144.71 feet to the Easterly line of tangent line; thence N06°24’44”W, a distance of 144.71 feet to the Easterly line of said Railroad Easement; thence
N00°33’22”W, along said Easterly line, a distance of 905.47 feet; thence S89°27’36”W, a distance of 15.02 feet to the Point of Beginning, City and County of Denver, State of Colorado. 
  

 A-3 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

 SIGNATURE OF NOTARY
	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	 	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 (EXHIBIT F) 
  

THIRD AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT 
  
 THIS THIRD AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT (this “Amendment”), made as September 2, 2003, by
and between CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation (“Indemnitor”), having an address at 201 Mission Street, Second Floor, San Francisco, California 94105, and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle
National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Lender”), having an address at 135 South LaSalle Street, Suite 1625,
Chicago, Illinois 60647-4107. 
  
 W I T N E S S E T H:

  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a Delaware limited
liability company (“Borrower”), previously obtained a loan in the principal amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions
of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the
“Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement, dated as of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February
8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement, dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December
23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified,
amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”; capitalized terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26,
1998 (as the same may from time to time be amended, supplemented, replaced, modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is
secured by certain deeds of trust, mortgages and security deeds dated as of October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same
may from time to time be amended, supplemented, replaced, modified or amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, as a condition to making the Loan to Borrower, Indemnitor entered into that certain Indemnity and Guaranty
Agreement dated as of October 26, 1998 as amended by First Amendment dated as of March 18, 1999 and Second Amendment dated as of September 7, 1999 (the “Indemnity and Guaranty Agreement”), in favor of Prudential pursuant to which
Indemnitor agreed to indemnify Prudential from and against and guarantee payment to Prudential 

  

 
of those items for which Borrower is personally liable and for which Prudential has recourse against Borrower under the terms of the Note, the Loan Agreement
and the other Loan Documents; and 
  
 WHEREAS, Indemnitor
transferred all of its membership interests in Borrower to Plato REIT, LLC, a Delaware limited liability company (“Plato”) by means of that certain Assignment and Assumption of Limited Liability Company Interest dated as of July 1, 1999
(the “Assignment and Assumption”), while reaffirming its obligations and its waivers of various defenses to such obligations under the Indemnity and Guaranty Agreement, pursuant to that certain Agreement of Catellus Development
Corporation dated as of July 1, 1999 (the “Catellus Agreement”); and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents; and 
  

WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties
designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  

WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth
Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3)
CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following
properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim,
California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture
Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and 
  
 WHEREAS, it is an additional condition precedent to the consummation of the Substitution described in the preceding
paragraph that Indemnitor execute and deliver this Amendment to confirm the inclusion into the Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415. 
  

 -2- 

 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Borrower and Lender hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined.
Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms in the Loan Agreement. 
  
 2. Amendment to Indemnity and Guaranty Agreement. Indemnitor and Lender specifically acknowledge and agree that, on and
after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a) the terms “Property” and “Property Pool” as defined in the Indemnity and Guaranty Agreement include TX 4390530, CO 0310411,
CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms “Property” and “Property Pool” as defined in the Indemnity and Guaranty Agreement with respect to any matter
occurring or first arising after the Effective Date, subject, however, to any provision contained in the Indemnity and Guaranty Agreement which provides that the obligation shall survive or shall be reinstated, and (c) the terms
“Mortgage,” “Mortgages” and “Loan Documents” as defined in the Indemnity and Guaranty Agreement include the Texas Mortgage and the Colorado Mortgage. 
  
 3. Effect of this Amendment. On and after the date of this Amendment, each reference in the
Loan Documents or in the Other Related Documents to the Indemnity and Guaranty Agreement shall mean the Indemnity and Guaranty Agreement as amended hereby. Except as specifically amended above, (a) the Indemnity and Guaranty Agreement shall remain
in full force and effect and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of Lender, nor constitute a waiver of any provision of the
Indemnity and Guaranty Agreement. 
  
 4.
Miscellaneous. 
  
 (a)
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any
counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto without affecting the validity thereof. 
  
 (b) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of
the State of New York without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of the General Obligations Law of the State of New York apply to this Amendment. 
  

 -3- 

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

	 INDEMNITOR:
  
 CATELLUS DEVELOPMENT CORPORATION,
 a Delaware corporation

		
	By:	 	/s/ William M. Lau
	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

	
	 LENDER:
  
 LASALLE BANK NATIONAL ASSOCIATION, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates,
Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
			
	 	 	 By:
	 	 Prudential Asset Resources, Inc.,
 as Subservicer

				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, title of Officer
	  	Through statute does not require the Notary to fill in he data below, doing so may prove invaluable o persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 -3- 

 (EXHIBIT G) 
  

THIRD AMENDMENT TO 
 HAZARDOUS
SUBSTANCES INDEMNITY AGREEMENT 
  
 THIS THIRD AMENDMENT
TO HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT (this “Amendment”), made as of September 2, 2003, is by CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Borrower”), having an address at 201 Mission
Street, Suite 340, San Francisco, California 94105 and by CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation (“CDC”), having an address at 201 Mission Street, Second Floor, San Francisco, California 94105, jointly and
severally (Borrower and CDC being referred to herein collectively as “Indemnitors” and individually as “Indemnitor”), in favor of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the
registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Lender”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107.

  
 W I T N E S S E T H: 
  
 WHEREAS, Borrower previously obtained a loan in the principal amount of THREE
HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL MORTGAGE
CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement, dated as
of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement, dated as of
August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First Amendment, the
Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”; capitalized
terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26, 1998 (as the same may from time to time be amended, supplemented, replaced,
modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is secured by certain deeds of trust, mortgages and security deeds dated as of
October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same may from time to time be amended, supplemented, replaced, modified or
amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, as a condition to making the Loan to Borrower, Indemnitors entered into that certain Hazardous Substances Indemnity Agreement dated as of October
26, 1998 as amended by the First Amendment dated as of March 18, 1999 and Second Amendment dated as of September 7, 1999 (the “Hazardous Substances Indemnity Agreement”), in favor of 

  

 
Prudential pursuant to which Indemnitors agreed to indemnify Prudential with respect to hazardous wastes on, in, under or affecting the Property Pool; and

  
 WHEREAS, Indemnitor transferred all of its membership interest
in Borrower to Plato REIT, LLC, a Delaware limited liability company (“Plato”) by means of that certain Assignment and Assumption of Limited Liability Company Interest dated as of July 1, 1999 (the “Assignment and
Assumption”), while reaffirming its obligations and its waivers of various defenses to such obligations under the Hazardous Substances Indemnity Agreement, pursuant to that certain Agreement of Catellus Development Corporation dated as of
July 1, 1999 (the “Catellus Agreement”); and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents; and 
  
 WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties
designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  

WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth
Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3)
CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following
properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim,
California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture
Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and 
  
 WHEREAS, it is an additional condition precedent to the consummation of the Substitution described in the preceding
paragraph that Borrower execute and deliver this Amendment to confirm the inclusion into the Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415; 
  

 -2- 

 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Indemnitors and Lender hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined.
Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms in the Loan Agreement. 
  
 2. Amendment to Hazardous Substances Indemnity Agreement. Indemnitors and Lender specifically acknowledge and agree that, on
and after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a) the terms “Property” and “Property Pool” as defined in the Hazardous Substances Indemnity Agreement include TX 4390530,
CO 0310411, CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms “Property” and “Property Pool” as defined in the Hazardous Substances Indemnity Agreement with respect
to any matter occurring or first arising after the Effective Date, subject, however, to any provision contained in the Hazardous Substances Indemnity Agreement which provides that the obligation shall survive or shall be reinstated, and (c) the
terms “Mortgage,” “Mortgages” and “Loan Documents” as defined in the Hazardous Substances Indemnity Agreement include the Texas Mortgage and the Colorado Mortgage. 
  
 3. Effect of this Amendment. On and after the
date of this Amendment, each reference in the Loan Documents or in the Other Related Documents to the Hazardous Substances Indemnity Agreement shall mean the Hazardous Substances Indemnity Agreement as amended hereby. Except as specifically amended
above, (a) the Hazardous Substances Indemnity Agreement shall remain in full force and effect and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power,
or remedy of Lender, nor constitute a waiver of any provision of the Hazardous Substances Indemnity Agreement. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto
without affecting the validity thereof. 
  
 (b)
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of
the General Obligations Law of the State of New York apply to this Amendment. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -3- 

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

	BORROWER/INDEMNITOR:
	
	 CATELLUS FINANCE 1, L.L.C.,
 a
Delaware limited liability company

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

	CDC/INDEMNITOR:
	
	 CATELLUS DEVELOPMENT CORPORATION,
 a Delaware corporation

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

	LENDER:
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1

	
	By:  The Prudential Insurance Company of America,         as Servicer
		
	 	 	By:  Prudential Asset Resources, Inc.,
        as Subservicer
				
	 	 	 	 	By:	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT 
 SIGNER(S) OTHER THAN NAMED ABOVE ___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 
  

 (EXHIBIT H) 
  

THIRD AMENDMENT TO 
 ASSIGNMENT
OF WARRANTIES AND OTHER CONTRACT RIGHTS 
  
 THIS THIRD
AMENDMENT TO ASSIGNMENT OF WARRANTIES AND OTHER CONTRACT RIGHTS (this “Amendment”), made as of September 2, 2003, is by CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Borrower”), having an
address at 301 Mission Street, Suite 340, San Francisco, California 94105, and LASALLE BANK NATIONAL ASSOCIATION, f/k/a Lasalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage
Pass-Through Certificates, Series 1998-1 (“Lender”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107. 
  

W I T N E S S E T H: 
  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Borrower”), previously obtained a loan in the principal
amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL
MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement,
dated as of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement,
dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First
Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”;
capitalized terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26, 1998 (as the same may from time to time be amended, supplemented, replaced,
modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is secured by certain deeds of trust, mortgages and security deeds dated as of
October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same may from time to time be amended, supplemented, replaced, modified or
amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, to further secure the Loan, Borrower entered into that certain Assignment of Warranties and Other Contract Rights dated as of October 26, 1998 as
amended by First Amendment dated as of March 18, 1999 and Second Amendment dated as of September 7, 1999 (the “Assignment of Warranties”), in favor of Prudential; and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents;
and 
  

 WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain
properties in place of certain other properties designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  
 WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being
executed and delivered on or about the date hereof (the “Fifth Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO
0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO
0310415”) be treated as Substitute Properties, and has designated the following properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California
(“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that
certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed
of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and

  
 WHEREAS, it is an additional condition precedent to the
consummation of the Substitution described in the preceding paragraph that Borrower execute and deliver this Amendment to confirm the inclusion into the Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower and Lender hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined.
Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms in the Loan Agreement. 
  
 2. Assignment of General Intangibles. Borrower hereby irrevocably, absolutely and unconditionally assigns and transfers to
Lender, its successors and assigns, all of Borrower’s right, title and interest in and to the “General Intangibles” (as such term is defined in the Assignment of Warranties) relating to the TX 4390530, CO 0310411, CO 031050 and CO
0310415. 
  

 -2- 

 3. Amendment to Assignment of Warranties. Borrower and Lender specifically
acknowledge and agree that, on and after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a) the terms “Property” and “Property Pool” as defined in the Assignment of Warranties
include TX 4390530, CO 0310411, CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms “Property” and “Property Pool” as defined in the Assignment of Warranties with
respect to any matter occurring or first arising after the Effective Date, subject, however, to any provision contained in the Assignment of Warranties which provides that the obligation shall survive or shall be reinstated, and (c) the terms
“Mortgage,” “Mortgages” and “Loan Documents” as defined in the Assignment of Warranties include the Texas Mortgage and the Colorado Mortgage. 
  
 4. Effect of this Amendment. On and after the date of this Amendment, each reference in the
Loan Documents or in the Other Related Documents to the Assignment of Warranties shall mean the Assignment of Warranties as amended hereby. Except as specifically amended above, (a) the Assignment of Warranties shall remain in full force and effect
and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of Lender, nor constitute a waiver of any provision of the Assignment of Warranties.

  
 5. Miscellaneous. 

 
 (a) Counterparts. This Amendment may be executed
in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to
any other counterpart to evidence execution thereof by all of the parties hereto without affecting the validity thereof. 
  
 (b) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without
reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of the General Obligations Law of the State of New York apply to this Amendment. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -3- 

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

	 BORROWER:
  
 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability
company

		
	By:	 	/s/ William M. Lau
	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

	
	 LENDER:
  
 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of
Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
			
	 	 	 By:
	 	 Prudential Asset Resources, Inc.
 as Subservicer

				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 (EXHIBIT I-1) 
  
 THIRD AMENDMENT TO CASH MANAGEMENT AGREEMENT 
  
 (CATELLUS DEVELOPMENT CORPORATION) 
  

THIS THIRD AMENDMENT TO CASH MANAGEMENT AGREEMENT (this “Amendment”) dated as of September 2, 2003 by and among CATELLUS FINANCE 1,
L.L.C., a Delaware limited liability company, having an address at 201 Mission Street, Suite 340, San Francisco, California 94105 (“Borrower”), CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation, having an address
at 201 Mission Street, Second Floor, San Francisco, California 94105 (“Manager”), and LASALLE BANK NATIONAL ASSOCIATION, f/k/a Lasalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital
Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1, having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107 (together with its successors and assigns, “Lender”). 

 
 W I T N E S S E T H: 
  
 WHEREAS, Borrower previously obtained a loan in the principal amount of THREE
HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL MORTGAGE
CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement, dated as
of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement, dated as of
August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First Amendment, the
Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”; capitalized
terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26, 1998 (as the same may from time to time be amended, supplemented, replaced,
modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is secured by certain deeds of trust, mortgages and security deeds dated as of
October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same may from time to time be amended, supplemented, replaced, modified or
amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, Borrower and Manager are parties to that certain Property Management Agreement dated October 26, 1998; and 
  

 WHEREAS, as a condition to making the Loan to Borrower, Borrower, Manager and Prudential entered into
that certain Cash Management Agreement dated as of October 26, 1998 as amended by First Amendment dated as of March 18, 1999 and Second Amendment dated as of September 7, 1999 (the “Cash Management Agreement”), pursuant to which
certain “Property Accounts” as set forth on Schedule 1 were established and the parties agreed that all of the “Rents and Profits” from the “Properties” would be deposited into the Property Accounts (all as such
terms are defined in the Cash Management Agreement); and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents; and 
  
 WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties
designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  

WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth
Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3)
CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following
properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim,
California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture
Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and 
  
 WHEREAS, it is an additional condition precedent to the consummation of the Substitution described in the paragraph
immediately preceding the preceding paragraph that Borrower execute and deliver this Amendment to confirm the inclusion into the Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415. 
  

 -2- 

 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have
the respective meanings given to those terms in the Loan Agreement. 
  
 2. Amendment to Cash Management Agreement. Borrower, Manager and Lender specifically acknowledge and agree that, on and after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a)
the terms “Property” and “Properties” as defined in the Cash Management Agreement include TX 4390530, CO 0310411, CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms
“Property” and “Property Pool” as defined in the Cash Management Agreement with respect to any matter occurring or first arising after the Effective Date, subject, however, to any provision contained in the Cash Management
Agreement which provides that the obligation shall survive or shall be reinstated, (c) the terms “Mortgage,” “Mortgages” and “Loan Documents” as defined in the Cash Management Agreement include the Texas Mortgage and
the Colorado Mortgage, and (d) all “Account Proceeds” as defined in the Cash Management Agreement include any and all Rents and Profits (as defined in the Texas Mortgage and the Colorado Mortgage, as applicable) derived from TX 4390530, CO
0310411, CO 0310505 and CO 0310415, as applicable. 
  
 3.
Effect of this Amendment. On and after the date of this Amendment, each reference in the Loan Documents or in the Other Related Documents to the Cash Management Agreement shall mean the Cash Management Agreement as amended hereby.
Except as specifically amended above, (a) the Cash Management Agreement shall remain in full force and effect and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power, or remedy of Lender, nor constitute a waiver of any provision of the Cash Management Agreement. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto
without affecting the validity thereof. 
  
 (b)
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of
the General Obligations Law of the State of New York apply to this Amendment. 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above
written. 
  

	 BORROWER:
  
 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability
company

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

	 MANAGER:
  
 CATELLUS DEVELOPMENT CORPORATION,
 a Delaware corporation

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

	 LENDER:
  
 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of
Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage
Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of
 America,
as Servicer

			
	 	 	By:	 	 Prudential Asset Resources, Inc.,
 as
Subservicer

				
	 	 	 	 	By:	 	/s/ C. Todd Moore
	 	 	 	 	 	

	 	 	 	 	Name:	 	C. Todd Moore
	 	 	 	 	Title:	 	Vice President

  

 -4- 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 Personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 SCHEDULE 1 
  

	 Lockbox Address

	 	 Account Nos.:
 Property Accounts A

	 	 Account Nos.:
 Property Accounts B

	 SF – 73586
	 	14225-02103	 	14229-02125

  

 (EXHIBIT I-2) 
  
 THIRD AMENDMENT TO CONSENT AND AGREEMENT OF MANAGER 
  
 (CATELLUS DEVELOPMENT CORPORATION) 
  

THIS THIRD AMENDMENT TO CONSENT AND AGREEMENT OF MANAGER (this “Amendment”) dated as of September 2, 2003, by and between CATELLUS
DEVELOPMENT CORPORATION, a Delaware corporation, having an address at 201 Mission Street, Second Floor, San Francisco, California 94105 (“Manager”), and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as
trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1, having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107 (together with
its successors and assigns, “Lender”). 
  
 W I
T N E S S E T H: 
  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a
Delaware limited liability company, having an address at 201 Mission Street, Suite 340, San Francisco, California 94105 (“Borrower”), obtained a loan in the principal amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars
($373,000,000.00) (the “Loan”) from PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26,
1998, by and between Borrower and Prudential (as the same may from time to time be amended, supplemented, replaced, modified or amended and restated, the “Loan Agreement”); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26,
1998 (as the same may from time to time be amended, supplemented, replaced, modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is
secured by certain deeds of trust, mortgages and security deeds dated as of October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same
may from time to time be amended, supplemented, replaced, modified or amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, Borrower and Manager are parties to that certain Property Management Agreement dated October 26, 1998; and

  
 WHEREAS, as a condition to making the Loan to Borrower,
Manager executed that certain Consent and Agreement of Manager dated as of October 26, 1998 (the “Original Consent and Agreement of Manager”), pursuant to which Manager consented to the assignment of certain “Contracts”
(as defined in the Original Consent and Agreement of Manager) and made certain representations, warranties and covenants in favor of Prudential; and 
  
 WHEREAS, the Original Consent and Agreement of Manager has been amended by that certain First Amendment to Consent and Agreement of Manager dated as of
March 18, 1999 (the “First Amendment”), and further amended by that certain Second Amendment to Consent and Agreement of Manager dated as of September 7, 1999 (the “Second Amendment”) 

  

 
(the Original Consent and Agreement of Manager, as amended by the First Amendment and by the Second Amendment, the “Consent and Agreement of
Manager”); and 
  
 WHEREAS, Lender is the
successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents; and 
  
 WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties
designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  

WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth
Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3)
CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following
properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim,
California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”);and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”), that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”), and that certain Third Amendment to Assignment of Warranties and Other Contract
Rights dated of even date herewith in favor of Lender (the “Third Amendment to Assignment of Warranties”). 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
  
 1.
Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to
those terms in the Loan Agreement. 
  

 2. Amendment to Consent and Agreement of Manager. Manager and Lender specifically
acknowledge and agree that, on and after the date hereof, (a) the term “Property” as defined in the Consent and Agreement of Manager includes TX 4390530, (b) the terms “Mortgage,” “Mortgages” and “Loan
Documents” as defined in the Consent and Agreement of Manager include the Texas Mortgage and the Colorado Mortgage, and (c) “Contracts” as defined in the Consent and Agreement of Manager include any and all “General
Intangibles” (as defined in the Third Amendment to Assignment of Warranties) relating to TX 4390530. 
  
 3. Effect of this Amendment. On and after the date of this Amendment, each reference in the Loan Documents or in the Other Related Documents
to the Consent and Agreement of Manager shall mean the Consent and Agreement of Manager as amended hereby. Except as specifically amended above, (a) the Consent and Agreement of Manager shall remain in full force and effect and is hereby ratified
and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of Lender, nor constitute a waiver of any provision of the Consent and Agreement of Manager. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in
any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to
any other counterpart to evidence execution thereof by all of the parties hereto without affecting the validity thereof. 
  
 (b) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without
reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of the General Obligations Law of the State of New York apply to this Amendment. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
day and year first above written. 
  

	MANAGER:
	 
	 CATELLUS DEVELOPMENT CORPORATION,
 a Delaware corporation

		
	By:	 	 /s/ William M. Lau

	 	

	 Name:
	 	William M. Lau
	 Title:
	 	Vice President, Finance and Treasurer

  

	LENDER:
	 
	 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
			
	 	 	By:	 	Prudential Asset Resources, Inc., as Subservicer
				
	 	 	 	 	By:	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 (EXHIBIT I-3) 
  
 CASH MANAGEMENT AGREEMENT 
  
 THIS CASH MANAGEMENT AGREEMENT (this “Agreement”) dated as of September 2, 2003 by and among CATELLUS
FINANCE 1, L.L.C., a Delaware limited liability company, having an address at 201 Mission Street, Suite 340, San Francisco, California 94105 (the “Borrower”), CUSHMAN & WAKEFIELD OF COLORADO, INC., a Colorado
corporation, having an office at 633 Seventeenth Street, Suite 1500, Denver, Colorado 80202 (the “Manager”), and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of
Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1, having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60674-4107 (the “Lender”). 
  
 Preliminary Statement 
  
 WHEREAS, pursuant to that certain loan agreement dated as of October 26,
1998, by and between the Borrower and Prudential Mortgage Capital Company, Inc., a Delaware corporation (“Prudential”), predecessor-in-interest to the Lender (the “Loan Agreement”), the Lender provided financing
(the “Loan”) to the Borrower secured, among other things, by those certain security deeds, deeds of trust and mortgage instruments (as same may hereafter be amended, supplemented, modified, severed or amended and restated from time
to time, each a “Mortgage”, collectively the “Mortgages”), encumbering certain parcels of real properties owned by the Borrower (each a “Property” collectively the “Properties”)
some of which are managed by the Manager, as identified on Schedule 1 attached hereto and made a part hereof. 
  
 WHEREAS, Borrower has delivered to that certain bank (the “Clearing Bank”) maintaining the operating account or accounts of the Borrower
(individually, a “Property Account” and collectively, the “Property Accounts”) a Clearing Bank Instruction Letter in the form attached as Exhibit A attached hereto and made a part hereof (together with any
modifications, amendments or replacements thereof, the “Instruction Letter”), which provides that all Rents and Profits (as defined in the Mortgages) be deposited in the account named therein commencing as of the Closing Date, and
administered in the manner provided herein including, without limitation, to periodically sweep funds held on deposit in the Clearing Bank into the accounts described herein or, as otherwise instructed in an Instruction Letter or any amendment or
replacement thereto. 
  
 NOW THEREFORE, in consideration of the
mutual premises contained herein and for Ten Dollars ($10.00) and other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  
 Section 1. Defined Terms. 
  
 (a) As used herein the following capitalized terms shall have the respective
meanings set forth below: 
  
 “Account Proceeds”
shall mean any and all Rents and Profits and other revenue in connection with the Properties and any other sums that are deposited into, or earned from 

  

 
sums deposited in Property Accounts A or, all sums that are deposited into, or earned on sums deposited into the Deposit Account, as applicable. 

 
 “Accrued Interest” shall have the same meaning given to
such term under the Note. 
  
 “Additional
Collateral” shall have the meaning given such term in Section 3(c)(ii). 
  
 “Annual Budget” shall have the same meaning given to such term in Section 4(g) hereof. 
  
 “Anticipated Repayment Date” shall have the same meaning given to such term in the Loan Agreement. 
  
 “Applicable Interest Rate” shall have the same meaning given
to such term under the Note. 
  
 “Approved Annual
Budget” shall mean each Annual Budget, as and when approved by Lender. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday, a legal holiday or other day on which the Clearing Bank, the Deposit Bank or commercial banks in California or New York are
authorized or required by law to close. All references in this Agreement to a “day” or a “date” shall be to a calendar day unless specifically referenced as a Business Day. 
  
 “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. 
  
 “Cash Expenses” shall mean for any period, the operating expenses as set forth in the Approved Annual Budget to the extent that such
expenses are actually incurred by the Borrower minus payments into the Impound Account, the Replacement Reserve, the TI/LC Reserve and other reserves, if applicable. 
  
 “Cash Management Period” shall mean any period during which Lender may instruct the Clearing Bank to
transfer Account Proceeds to the Deposit Account or to otherwise hold sums on deposit in Property Accounts A, which period commences on a Sweep Event and continues until a Mortgage Satisfaction Event, except in the case of a Cash Sweep Event 2, as
otherwise expressly provided in Section 3 (c) (ii) hereof. 
  
 “Cash Sweep Event 1” shall mean the date that is three (3) months prior to the Anticipated Repayment Date. 
  
 “Cash Sweep Event 2” shall mean the date Lender determines that the ratio of (a) Net Cash Flow from ongoing and continuous operations of
the Properties to (b) the annual 

  

 2 

 
debt service on the Loan has fallen below the Minimum Coverage Ratio, as determined by Lender. 
  
 “Cash Sweep Event 3” shall mean the occurrence of an Event of Default under the Loan Agreement. 

 
 “Certificates” means the securities issued in connection
with a Securitization of the Loan. 
  
 “Clearing
Bank” shall be the bank named in Exhibit A hereof, or any successor thereto acceptable to Lender, which bank must at all times have and maintain a credit rating of at least (1) ”A” by Fitch and at least “Aa2” by
Moody’s, or if not rated by Fitch and Moody’s, an equivalent rating from at least two (2) of the four (4) Rating Agencies. 
  
 “Closing Date” shall mean the date Lender releases or authorizes the escrow to release the Loan proceeds to Borrower. 
  
 “Deposit Account” shall mean the account or accounts
maintained by Lender at the Deposit Bank pursuant to the term of Section 3 hereof. 
  
 “Deposit Bank” shall mean the bank or banks selected by the Lender to maintain the Deposit Account. 
  
 “DSCR” shall mean the ratio of the Net Cash Flow to annual debt service on the Loan, as determined by Lender. 
  
 “Eligible Account”: 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. 
  
 “Event of Default” shall have the meaning given to such term
under the Loan Agreement. 
  
 “Extraordinary
Expenses” shall mean extraordinary operating expenses or capital expenses not set forth in the Approved Annual Budget or allocated for in the Replacement Reserve or the TI/LC Reserve. 
  
 “Fitch” means Fitch Ratings. 
  
 “Gross Income” shall mean all income actually received
pursuant to any lease, but excluding, security deposits, rents paid more than 30 days in advance, interest income and refunds. 
  
 “Impound Account” shall have the meaning set forth for such term in the Loan Agreement. 
  

 3 

 “Instruction Letter” shall have the meaning given to such term in the Preliminary
Statement hereto. 
  
 “Lender” shall have the
meaning given to such term in the introduction paragraph hereof, and shall include, in all instances where the context permits, the Servicer. 
  
 “Loan Documents” shall mean the documents evidencing, securing or otherwise relating to the Loan, including, without limitation, this
Agreement, the Loan Agreement, the Note and the Mortgages. 
  
 “Lockbox Address” shall be the address of the Clearing Bank, as shown on the Instruction Letter or any replacement or amendment thereto. 
  
 “Minimum Coverage Ratio” shall have the same meaning given to such term in the Loan Agreement. 

 
 “Monthly Payment Amount” shall have the meaning given to
such term in the Note. 
  
 “Moody’s” means
Moody’s Investor Service, Inc. 
  
 “Mortgage” or “Mortgages” shall have the meaning given to such term in the Preliminary Statement hereto. 
  
 “Mortgage Satisfaction Event” shall mean the satisfaction in full of the Secured Obligations. 
  
 “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 TI/LC Reserve and the Replacement Reserve) established pursuant to the Loan Documents.

  
 “Net Cash Flow” shall mean NOI less
deductions for actual Capital Expenditures and Capital Expenditure reserves (but without duplication of replacement reserves as described in the NOI definition), including, without limitation, tenant improvement costs and leasing commissions, and
any reserves established with respect thereto. 
  
 “NOI” shall mean annual Gross Income realized from ongoing and continuous operations of the Property or Properties, as applicable, for the twelve (12) month period prior to the Closing Date or such other applicable twelve
(12) month period, as reasonably determined by Lender, less all necessary and ordinary operating expenses (both fixed and variable) for such period, including, without limitation, utilities, administrative, cleaning, landscaping, security, repairs
and, maintenance, ground rent payments, management fees, (computed at the higher of actual management fees or 31⁄2% of Gross Income), replacement reserves, real estate and other taxes, assessments and insurance, but excluding any deduction for
federal, state and other income taxes, debt service expenses (except for assessment bonds), depreciation or amortization of capital expenditures, and other similar non-cash items. For purposes of determining NOI, ordinary operating expenses which
have been prepaid will nonetheless be treated as a cost to be 

  

 4 

 
incurred. Documentation of NOI shall be certified by an officer of Borrower with detail reasonably satisfactory to Lender and shall be subject to the
approval of Lender. 
  
 “Note” shall mean that
certain promissory note of even date herewith, made by the Borrower in favor of the Lender and evidencing the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Payment Date” with respect to any calendar month shall be
the eleventh (11th) day of such month. 
  
 “Permitted
Investments” shall mean any investment established in connection with a Securitization, as the standards with respect to such investments are established from time to time by the Rating Agencies. 
  
 “Person” shall mean any individual, sole proprietorship,
partnership, limited liability partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, entity, party or government (whether territorial, national, federal, state, county,
city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body or department thereof). 
  
 “Property” and “Properties” shall have the meaning given to such term, in the Preliminary Statement hereto. 
  
 “Property Account(s) A” shall have the meaning given to such
term in Section 2(a) hereof. 
  
 “Property Account(s)
B” shall have the meaning given to such term in Section 2(a) hereof. 
  
 “Property Accounts” shall mean, collectively, each and every Property Account A and each and every Property Account B, established at the Clearing Bank to be held and administered as set forth herein.

  
 “Rating Agency” shall mean (i) any of the
nationally-recognized statistical rating organizations from time to time rating Certificates or any portion thereof on the date of issuance of the Certificates or (ii) prior to the issuance of the Certificates, Moody’s and/or Fitch or any of
the other nationally-recognized statistical rating organizations that have been designated by the Lender in its sole discretion. 
  
 “Rating Confirmation” shall have the meaning given to such term in the Loan Agreement. 
  
 “Rating Criteria” with respect to any Person shall mean that
(i) the short-term unsecured debt obligations of such Person are rated at least “D-1” by Fitch and, if rated by another Rating Agency, are rated in an equivalent category by such other Rating Agency, if deposits are held in the account for
a period of less than 30 days, or (ii) the long-term unsecured debt obligations of such Person are rated at least “AA-” by Fitch and, if rated by another Rating 

  

 5 

 
Agency, are rated in an equivalent category by such other Rating Agency, if deposits are held in the account for a period of 30 days or more. 
  
 “Rents and Profits” shall have the same meaning given to
such term in the Mortgages. 
  
 “Replacement
Reserve” shall have the meaning given to such term under the Loan Agreement. 
  
 “Securitization” shall have the meaning given to such term in the Loan Agreement. 
  
 “Secured Obligations” shall have the same meaning given to such term in the Mortgages. 
  
 “Servicer” shall mean a servicer or account administrator of
the Lender designated by and acting for the benefit of the Lender. 
  
 “Substitute Property” shall have the meaning given to such term under Section 2.12 of the Loan Agreement. 
  
 “Sweep Event” shall mean the occurrence of either a Cash Sweep Event 1, Cash Sweep Event 2 or Cash Sweep Event 3. 
  
 “T&I Impound Account” shall have the meaning given to
such term in Section 3(e) hereto. 
  
 “TI/LC
Reserve” shall have the meaning given to such term under the Loan Agreement. 
  
 “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. 
  
 (b) The meanings given to capitalized terms defined herein shall be equally applicable in both singular and plural forms of
such terms. 
  
 (c) Capitalized terms used and not defined herein
shall have the respective meanings given to such terms in the Loan Agreement or, if not defined therein, in the other Loan Documents. 
  

	Section	2. Establishment of the Property Accounts. 

  
 (a) Prior to the date hereof, Borrower has established two types of Property Account at the Clearing Bank. The first type shall be designated
“Property Accounts A” and shall be accounts in the name of the Borrower but under the sole dominion and control of the 

  

 6 

 
Lender and any Servicer designated by Lender or any successor designee identified by written notice from the Lender to the Clearing Bank. The second of type
of Property Account shall be designated “Property Accounts B”, which accounts shall be in the name and sole dominion and control of the Borrower. It is the intention of the parties hereto that all amounts deposited into Property
Accounts A shall be invested in Permitted Investments to the extent such investment is reasonably practicable. 
  
 (b) From and after the Closing Date, the Borrower shall cause all Rents and Profits generated by the Properties to be deposited directly by the payors
with respect thereto into Property Accounts A in the form of checks, money order and similar instruments. Until the Lender notifies the Clearing Bank of the occurrence of a Sweep Event, the Clearing Bank shall be authorized to transfer daily all
Account Proceeds on deposit in each respective Property Account A into the corresponding Property Account B. Upon and after notice from Lender to the Clearing Bank of the occurrence of a Sweep Event, the Clearing Bank shall immediately cease to
transfer all Account Proceeds into any Property Account B, and all Account Proceeds on deposit in each and every Property Account A will be administered as set forth herein. 
  
 (c) In order to secure the performance by the Borrower of its Secured Obligations and as a material inducement for the
Lender to make the Loan in accordance with the terms of the Loan Documents, the Borrower hereby (i) authorizes that Property Accounts A and Property Accounts B be established at the Clearing Bank as set forth in Exhibit A hereof and (ii)
acknowledges and agrees that (A) Property Accounts A will be in the name of the Borrower but, until the occurrence of a Mortgage Satisfaction Event, subject to the sole dominion, control and discretion of the Lender (which may be exercised through
the Servicer), subject to the terms, covenants and conditions of this Agreement and the other Loan Documents, (B) until the occurrence of a Mortgage Satisfaction Event, neither the Borrower nor any other Person acting on behalf of, or claiming
through Borrower, shall have any right or authority, whether express or implied, to make use of, or withdraw any, Account Proceeds or any other funds, investments or other properties from Property Accounts A, or to give any instructions with respect
to Property Accounts A, (C) neither Borrower nor any other person acting on behalf of, or claiming through Borrower, shall have any right or authority to close Property Accounts A or change the bank, bank location or account number of the Property
Accounts without in each instance, the express written authorization of Lender which may be withheld by Lender in its sole discretion, (D) upon the occurrence of a Sweep Event, Lender shall have the right, without notice to Borrower, to instruct the
Clearing Bank to deposit all Account Proceeds into an account (which may or may not be with the Clearing Bank) in Lender’s name and under Lender’s dominion and control until further written notice from Lender or, (E) Lender shall have
right to instruct that Account Proceeds are to be held and administered in some other manner as directed by Lender in its sole discretion. 
  
 (d) The Borrower hereby agrees that before any change is made with respect to any bank, bank location or account number of the Property Accounts at the
Clearing Bank or if otherwise required by the Lender, the Borrower (x) must obtain the Lender’s prior written consent with respect thereto, (y) will execute a new letter substantially similar to the Instruction Letter (subject to the
Lender’s approval) with respect to such new bank (or the then existing bank, if applicable), bank location or account number and deliver such new Instruction Letter to the Lender together with the new bank’s (or existing bank, if
applicable) acknowledgement and 

  

 7 

 
agreement with respect thereto and (z) if such substitute bank shall be outside the States of California or Illinois, the Property Accounts shall be
established and maintained in the name of the Lender. The Borrower hereby irrevocably appoints the Lender as its attorney-in-fact (coupled with an interest) with full authority on behalf of the Borrower to execute and deliver the Instruction Letter,
to make changes to any Instruction Letter where required by the Clearing Bank and to execute and deliver modified Instruction Letters, all in accordance with this Agreement. At the election of the Lender, exercised from time to time during any Cash
Management Period, the Borrower will establish new Property Accounts at a bank selected by the Lender and cooperate to cause all Account Proceeds in the existing Property Accounts A to be transferred to the new Property Accounts and any future Rents
and Profits from the Properties to be deposited into such new Property Accounts A. The Borrower hereby irrevocably appoints the Lender as its attorney-in-fact (coupled with an interest) to establish new Property Accounts A from time to time and to
cause the transfer of all Rents and Profits (and all funds in the existing Property Accounts A) thereto. 
  
 Section 3. Establishment of the Deposit Account. 
  
 (a) The Lender shall have the right, at its option, to establish and maintain the Deposit Account at the Deposit Bank as one or more separate deposit
accounts any of which may be Trust Account and which may be entitled “[LENDER] as secured party of [BORROWER], Deposit Account”. In connection with the issuance of the Certificates, the Lender shall have the right to cause the Deposit Bank
to entitle the Deposit Accounts with such other designation as the Lender may select in its reasonable discretion. Each Deposit Account may be an Eligible Account. 
  
 (b) The Deposit Account shall be assigned the federal tax identification number of the Borrower, which number is
52-2122-532. 
  
 (c) Upon and following the occurrence of a Sweep
Event, the Lender shall have the right to instruct the Clearing Bank to transfer all Account Proceeds in Property Accounts A on a daily basis to the Deposit Account which, at Lender’s discretion, may be further allocated to designated
subaccounts. Notwithstanding the foregoing, following a Cash Sweep Event, Lender shall have the additional right and option to direct that all Account Proceeds be held in Account A or otherwise administered as permitted under the Loan Documents or
pursuant to law or in equity. 
  
 (i) Following
the occurrence of a Cash Sweep Event 1 or Cash Sweep Event 3, the Cash Management Period shall continue until a Mortgage Satisfaction Event. 
  
 (ii) Following the occurrence of a Cash Sweep Event 2 and the establishment of the Cash Management Period, if Borrower demonstrates to
Lender’s reasonable satisfaction during two consecutive years after the Cash Sweep Event 2, a DSCR of 1.25 times or greater, the Cash Management Period shall be suspended until the occurrence of another Cash Sweep Event. If, after the second
occurrence of a Cash Sweep Event 2, Borrower demonstrates to Lender’s reasonable satisfaction during two consecutive years from and after the second Cash 

  

 8 

 
Sweep Event 2, a DSCR of 1.40 times or greater, the Cash Management Period shall be suspended until the occurrence of a third Cash Sweep Event 2, in which
event, the Cash Management Period shall remain in effect until a Mortgage Satisfaction Event. To avoid the occurrence of a Sweep Event prior to the occurrence of what would otherwise be a Cash Sweep Event 2, Borrower shall have a one-time right
during the term of the Loan to provide Lender with Additional Collateral for the Loan, the inclusion of which would allow Borrower to satisfy the Minimum Coverage Ratio. Such Additional Collateral means additional real estate security which meets
Lender’s then-current underwriting standards, and otherwise meets the standards set out for a Substitution (as described and defined in Section 2.12 of the Loan Agreement). The taking of Additional Collateral and the avoidance of a Sweep Event
shall also be subject to Rating Confirmation. Borrower agrees to pay all fees, cost and expenses (including, but not limited to, reasonable legal fees and disbursements) in respect of providing the Additional Collateral, together with a one-time
servicing fee of $15,000 per building per Substitute Property. Documentation of the DSCR shall be certified by the Borrower with detail reasonably satisfactory to the Lender and shall be subject to Lender’s approval. Until twelve (12) full
calendar months after the Closing Date, Lender shall adjust the calculation of DSCR by using an imputed amount for debt service equal to those payments which would have been due if the Loan had then been outstanding, rather than the debt service
actually due or paid on any financing of the Property then in effect. 
  
 (d) The Deposit Bank will deposit or pay the Account Proceeds transferred from the Clearing Bank to the Deposit Bank into any number of subaccounts (collectively, the “Subaccounts”) which subaccounts shall be maintained on
a ledger-entry basis. 
  
 (i) The Subaccounts may
consist of the related reserve accounts previously established under the Loan Documents. Amounts allocated to the Subaccounts shall be disbursed in accordance with the terms of the Loan Agreement and the Disbursement Instructions (as defined below).

  
 (ii) Upon a Sweep Event, and during the
continuance of the Cash Management Period, the Lender or the Servicer may direct the Deposit Bank to disburse amounts deposited into the Deposit Account in a manner consistent with Section 4 hereof and with the Loan Agreement (the
“Disbursement Instructions”); provided, that if no Disbursement Instructions are received with respect to a Cash Management Period, the Servicer or the Deposit Bank may allocate and disburse amounts in the Deposit Account
pursuant to the most recent Disbursement Instructions received from the Lender or the Servicer prior thereto, or otherwise, as the Lender or Servicer may direct by an amended or replacement Disbursement Instructions as Lender and/or Servicer
determines in its reasonable discretion, consistent with this Agreement and the other Loan Documents. 
  
 (e) Upon a Sweep Event and during the continuance of the Cash Management Period, the Lender shall have the right, at its option, to establish and maintain
at the Deposit Bank one or more separate deposit accounts (each of which may be a Trust Account) (collectively, the “T&I Impound Account”) which shall be entitled “[LENDER] as secured party of [BORROWER] Tax and Insurance
Impound Account” (which may be the account designated as the “Impound Account” previously established under the Loan Agreement). The Lender shall deposit into the T&I Impound Account from the Rents and Profits the amounts 

  

 9 

 
required to be deposited by the Borrower with the Lender pursuant to the Loan Agreement (including, but not limited to, taxes, assessments and insurance
premiums). Amounts on deposit in the T&I Impound Account shall be disbursed at the direction of the Lender in accordance with the provisions of the Loan Agreement. The T&I Impound Account shall be assigned the federal taxpayer identification
number of the Borrower as provided herein. The T&I Impound Account may consist of the related reserve account previously established under the Mortgages. For purposes of this Agreement the T&I Impound Account shall be a Subaccount.

  
 (f) The Lender shall direct the Deposit Bank from time to
time, to invest amounts allocated to the Subaccounts in Permitted Investments selected by the Lender. It is the intention of the parties hereto that the entire amounts deposited in the Subaccounts (or as much thereof as the Lender may reasonably
arrange to invest) shall at all times be invested in Permitted Investments, and that the Deposit Account (including, without limitation, all Subaccounts) shall be a so-called “zero balance” account. All funds in the Subaccounts that are
invested in a Permitted Investment are deemed to be held in the Subaccounts for such purposes as set forth in the Loan Agreement and the other Loan Documents. Except as otherwise provided in the Loan Agreement, all earnings on Permitted Investments
from the Subaccounts shall be for the benefit of the Lender. Any actual losses sustained on a liquidation of a Permitted Investment shall be deposited by the Borrower immediately, but in no event later than one Business Day following such
liquidation, into the Subaccounts. 
  
 (g) In order to further
secure the performance by the Borrower of the Secured Obligations and as a material inducement for the Lender to make the Loan in accordance with the terms of the Loan Documents, the Borrower hereby acknowledges that (A) the Deposit Account shall be
in the name of and subject to the sole dominion, control and discretion of the Lender (which may be exercised through the Servicer), subject to the terms, covenants and conditions of this Agreement and the other Loan Documents, (B) Lender shall have
the sole right to make withdrawals from Deposit Account in accordance with the terms, covenants and conditions of this Agreement and the other Loan Documents and (C) neither the Borrower nor any other Person claiming on behalf of or through the
Borrower shall have any right or authority, whether express or implied, to make use of, or withdraw any Account Proceeds or any other funds, investments or other properties from, the Deposit Account, or to give any instructions with respect to the
Deposit Account. 
  
 Section 4. Payment Application to Lender from the
Deposit Account 
  
 (a) Upon and following the occurrence
of a Cash Sweep Event 1, to but not including the Anticipated Repayment Date (and, provided that there shall be no intervening Sweep Event, in which case Section 4(b) shall govern), Lender may direct the Deposit Bank to deposit the
Account Proceeds directly into the applicable Subaccounts established at the Deposit Bank which shall be applied by Lender on or following each Payment Date as follows: 
  
 (i) First, payments to the T&I Impound Account in accordance with the terms, covenants and conditions of
Section 9.2 of the Loan Agreement; 
  

 10 

 (ii) Second, the payment of the Monthly Payment Amount to be applied first to the payment
of interest computed at the Applicable Interest Rate with the remainder applied to the reduction of the outstanding principal balance of this Note; 
  
 (iii) Third, payments to Lender of any other amounts due and payable under the Loan Documents; and 
  
 (iv) Lastly, payment to the Borrower of any excess amounts.

  
 (b) Upon the occurrence of a Cash Sweep Event 2 or Cash Sweep
Event 3, but prior to the Anticipated Repayment Date, Lender may direct the Deposit Bank to deposit the Account Proceeds directly into the applicable Subaccounts established at the Deposit Bank which shall be applied by Lender on or following each
Payment Date as follows: 
  
 (i) First, payments
to the T&I Impound Account in accordance with the terms, covenants and conditions of Section 9.2 of the Loan Agreement; 
  
 (ii) Second, the payment of the Monthly Payment Amount to be applied first to the payment of interest computed at the Applicable Interest
Rate (including, but not limited to Default Interest, if applicable) with the remainder applied to the reduction of the outstanding principal balance of this Note; 
  
 (iii) Third, payments to the Replacement Reserve, in accordance with the terms, covenants and conditions of
Section 9.4 of the Loan Agreement; 
  
 (iv)
Fourth, payments to the TI/LC Reserve in accordance with the terms, covenants and conditions of Section 9.4 of the Loan Agreement; 
  
 (v) Fifth, payments to Lender of any other amounts due and payable under the Loan Documents; 
  
 (vi) Sixth, payments for monthly Cash Expenses, less
management fees payable to affiliates of Borrower, pursuant to the terms and conditions of the related Approved Annual Budget; 
  
 (vii) Seventh, payment for monthly Net Capital Expenditures, pursuant to the terms and conditions of the related Approved Annual Budget;

  
 (viii) Lastly, payment to the Borrower of any
excess amounts, subject to the provisions of Section 4(f) hereof. 
  
 (c) Upon and subsequent to the Anticipated Repayment Date, Lender may direct the Deposit Bank to deposit the Account Proceeds directly into the applicable Subaccounts established at the Deposit Bank which shall be applied by Lender on or
following each Payment Date as follows: 
  
 (i)
First, payments to the T&I Impound Account in accordance with the terms, covenants and conditions of Section 9.2 of the Loan Agreement; 
  

 11 

 (ii) Second, the payment of the Monthly Payment Amount to be applied first to the payment
of interest computed at the Applicable Interest Rate (including, but not limited to Default Interest, if applicable) with the remainder applied to the reduction of the outstanding principal balance of this Note; 
  
 (iii) Third, payments to the Replacement Reserve, in
accordance with the terms, covenants and conditions of Section 9.4 of the Loan Agreement; 
  
 (iv) Fourth, payments to the TI/LC Reserve in accordance with the terms, covenants and conditions of Section 9.4 of the Loan Agreement;

  
 (v) Fifth, payments to Lender of any other
amounts (other than Accrued Interest, if applicable) due and payable under the Loan Documents; 
  
 (vi) Sixth, payments for monthly Cash Expenses, less management fees payable to affiliates of Borrower, pursuant to the terms and
conditions of the related Approved Annual Budget; 
  
 (vii) Seventh, payment for monthly Net Capital Expenditures, pursuant to the terms and conditions of the related Approved Annual Budget; 
  
 (viii) Eighth, payment for Extraordinary Expenses approved by Lender, if any; 
  
 (ix) Ninth, payments to Lender to be applied against the
outstanding principal due under this Note (but not including any Accrued Interest) until such principal amount (not including any Accrued Interest) is paid in full; 
  
 (x) Tenth, payments to Lender for Accrued Interest. 
  
 (xi) Lastly, payment to the Borrower of any excess amounts,
subject in the Event of Default, to the provisions of Section 4(f) hereof. 
  
 (d) Following the Anticipated Repayment Date, 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 approval. 
  
 (e) Failure of sufficient sums to have been deposited to fully fund the monthly amounts required under clauses a(i) through a(iii), b(i) through (b)(vii) and (c)(i) through and including (c)(ix), above, shall constitute an Event of Default.

  
 (f) Notwithstanding any provision of this Agreement to the
contrary, following an Event of Default, Lender reserves the right to take such enforcement actions as it deems appropriate under the Loan Documents or otherwise under law or in equity as it shall in its sole discretion elect and the right to apply
Rents and Profits and all other sums, whether from the Deposit Bank, the Properties or otherwise, to the Loan in such order and manner, and at such time, as Lender in its sole discretion determines. 
  

 12 

 (g) Annual Budgets. For each fiscal year commencing with the fiscal year in which the earlier of
the Anticipated Repayment Date or a Sweep Event occurs, the Borrower shall submit to Lender for Lender’s written approval of an annual budget (the “Annual Budget”) not later than sixty (60) days prior to the commencement of the
fiscal year in which the Anticipated Repayment Date occurs or sixty (60) days from the occurrence of a Cash Sweep Event 2 or Cash Sweep Event 3, as applicable, in form satisfactory to Lender setting forth in reasonable detail budgeted monthly
operating income and monthly operating, capital and other expenses for each Property. Each Annual Budget shall contain, among other things, management fees, third party service fees, and other expenses as the Borrower may reasonably determine.
Lender shall have the right to approve such Annual Budget (which approval shall not be unreasonably withheld or delayed), and in the event that Lender objects to the proposed Annual Budget submitted by the Borrower, Lender shall advise the Borrower
of such objection within fifteen (15) days after receipt thereof (and deliver to the Borrower a reasonably detailed description of such objection) and the Borrower shall within three (3) business days after receipt of notice of any such objection
revise such Annual Budget and resubmit the same to Lender. Lender shall advise the Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to the Borrower a reasonably detailed description of
such objections) and the Borrower shall revise the same in accordance with the process described in this subsection until the Lender approves an Annual Budget, provided, however, that if Lender shall not advise the Borrower of its objections to any
proposed Annual Budget within the applicable time period set forth in this paragraph, then such proposed Annual Budget shall be deemed approved by Lender. 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. 
  
 Section 5. Remedies Not Exclusive. 
  
 In addition to the rights and remedies available to the Lender under this Agreement and under any of the Loan Documents, upon an Event of Default, the
Lender shall have all of the remedies of a secured party under the Uniform Commercial Code as adopted in New York or the state in which any Deposit Account or where any Property Account is located (the “Uniform Commercial Code”),
including, without limitation, the right and power to take immediate and exclusive possession of any Property Account or any Deposit Account and to direct the disposition thereof, without any additional consent or authorization of the Borrower. The
Deposit Bank and the Clearing Bank are hereby irrevocably authorized and directed, without any additional consent or authorization of Borrower, to deliver any Property Account or any Deposit Account and all Account Proceeds to Lender upon
Lender’s instruction or to follow Servicer’s instructions as to the disposition of any Property Account or any Deposit Account pursuant hereto. The Deposit Bank and the Clearing Bank have no obligation to determine whether an Event of
Default has occurred under the Loan Documents or to follow the instructions of the Borrower, but shall act solely at the instruction of the Lender or Servicer disregarding any instruction of the Borrower. The remedies of the Lender under this
Agreement and under the Loan Documents are cumulative, and the exercise of any one or more of the remedies under the foregoing agreements or the Uniform Commercial Code shall not be construed as a waiver of any of the other remedies of the Lender.
The acceptance by the Lender of the security interest granted herein shall not waive or impair any other security the Lender 

  

 13 

 
may have or hereafter acquire, nor shall the taking of any such additional security waive or impair the security interest granted hereby, or any term,
covenant or condition herein contained, but the Lender may resort to any security it may have in the order it may deem proper at its sole and absolute discretion. 
  
 The Borrower acknowledges and agrees that all payments from each Property Account and each Deposit Account pursuant to this
Agreement are deemed to be made at Borrower’s direction. By exercising any of its rights or remedies under this Agreement (including, without limitation, taking possession of any Property Account or any Deposit Account), neither Servicer nor
Lender shall be deemed to have exercised any equitable right of setoff or foreclosed any statutory banker’s lien. Accordingly, the exercise of any or all of Servicer’s or Lender’s rights and remedies under this Agreement shall not in
any way prejudice or affect Servicer’s or Lender’s right to initiate and complete a judicial or nonjudicial foreclosure under the Mortgages or any of the other Loan Documents. This Agreement evidences the consensual granting of a personal
property security interest in each Property Account and each Deposit Account and the Account Proceeds as permitted by the Uniform Commercial Code. 
  
 Section 6. Fees. 
  
 (a) The Borrower agrees to pay upon request from time to time the fees of the Clearing Bank and the Deposit Bank in accordance with the customary fees
charged by the banks for the services described herein, as such fees are established from time to time. 
  
 (b) Upon the request of the Borrower, the Lender shall cause the Deposit Bank to include its fees in an account analysis statement. 
  
 Section 7. Termination. 
  
 (a) The Lender may replace the Deposit Bank with a new Deposit Bank in
Lender’s discretion from time to time. The Borrower hereby agrees that it shall take all reasonable action necessary to facilitate the transfer of the respective obligations, duties and rights of the Deposit Bank to the successor thereof
selected by the Lender in its sole discretion. 
  
 (b) The Lender
shall terminate this Agreement upon the occurrence of a Mortgage Satisfaction Event by written notice to the Borrower, the Clearing Bank and the Deposit Bank. 
  

Section 8. Matters Concerning the Borrower. 
  
 (a) At the option of the Lender, the Lender may require one or more of the following: 
  
 (i) The Borrower or the Manager shall immediately instruct all Persons that maintain open accounts with
Borrower or the Manager or with whom the Manager or the Borrower do business on an “accounts receivable” basis with respect to the Properties to deliver all payments due under such accounts to the Clearing Bank at the lock box address at
the Clearing Bank set forth on the applicable Instruction Letter (the “Lockbox Address”) in the form of cash, checks, drafts, money orders, cashier’s checks or equivalent instruments for the 

  

 14 

 
payment of money. Neither the Borrower nor the Manager shall direct any such Person to make payments due under such accounts in any other manner. 

 
 (ii) Each of Borrower and Manager warrant and represent
that, and pursuant to an instruction letter in the form of Exhibit B hereto (a “Lessee Payment Direction Letter”), each of the Borrower or Manager has notified or caused to be notified each tenant, and shall notify or cause
to be notified all future tenants, (collectively, the “Tenants”) under each lease with respect to the each Property (whether such lease is presently effective or executed after the date hereof in which latter case such payment
direction must be given simultaneously with the execution of the lease), to send directly to the Lockbox Address promptly when due all payments, whether in the form of checks, cash, drafts, money orders or any other type of payment whatsoever of
rent or any other item payable to the Borrower, as landlord under such leases. 
  
 (iii) If Borrower or the Manager shall receive any Rents and Profits notwithstanding the foregoing, they shall deposit with the Clearing
Bank within one Business Day of receipt thereof, all such Rents and Profits. 
  
 (b) Without the prior written consent of the Lender, neither the Borrower nor the Manager shall (i) terminate, amend, revoke, modify or contradict any Lessee Payment Direction Letter in any manner or (ii) direct or
cause any Tenant to pay any amount in any manner other than as provided specifically in the related Lessee Payment Direction Letter. 
  
 (c) The Borrower hereby pledges, transfers and assigns to the Lender, and grants to the Lender, as additional security for the payment and performance of
the Secured Obligations, a continuing perfected security interest in and to, and a general first lien upon, (i) the Account Proceeds, the Deposit Account, the Property Accounts and all of the Borrower’s right, title and interest in and to all
cash, property or rights transferred to or deposited in the Deposit Account and the Property Accounts from time to time by the Borrower or on behalf of the Borrower in accordance with the provisions of this Agreement, (ii) all earnings, investments
and securities held in the Deposit Account and the Property Accounts in accordance with this Agreement and (iii) any and all proceeds of the foregoing. This Agreement and the pledge, assignment and grant of security interest made hereby shall secure
the Secured Obligations. The Borrower acknowledges that the Servicer and the Deposit Bank are acting as the agent of, and at the direction of, the Lender in connection with the subject matter of this Agreement. The Borrower further agrees to
execute, acknowledge, deliver, file or do at its sole cost and expense, all other acts, assignments, notices, agreements or other instruments as the Lender may reasonably require in order to effectuate, assure, convey, secure, assign, transfer and
convey unto the Lender any of the rights granted by this section. 
  
 (d) In its sole discretion, the Borrower may, from time to time, deposit amounts into the Deposit Account in respect of any Subaccount, in each case, from sources of the Borrower other than those received by the Clearing Bank;
provided, that if the Borrower deposits such amounts, the amounts deposited shall be subject to all of the terms hereof as if not separately deposited by the Borrower, and may not be withdrawn except as otherwise provided for in this
Agreement. 
  

 15 

 (e) The Borrower hereby covenants and agrees that amounts allocated to any operating expense Subaccount
with respect to the payment of operating expenses or Capital Expenditures shall be used only for payment of expenses incurred in the ordinary course of business of the ownership and operation of the Property or for the payment of Capital
Expenditures approved by the Lender in accordance with the terms of the this Agreement, the Loan Agreement or any other Loan Document. 
  
 (f) The Borrower hereby covenants and agrees that it shall cause any successor property manager to assume in writing (with a copy to the Lender) the
duties and obligations hereunder of the Manager to whom such party succeeds. 
  
 (g) The Borrower hereby irrevocably appoints each of the Lender and the Servicer (each of whom is authorized to act under this power independently of the other) as its attorney-in-fact (coupled with an interest) with
full authority to take any or all actions in the name of the Borrower which the Borrower is required to take under this Agreement. 
  
 Section 9. Certain Matters Regarding the Lender. 
  
 (a) The parties agree that the Deposit Bank shall pay over to the Lender all amounts deposited in any account maintained pursuant to the terms hereof on
demand, without notice to the Borrower. Notwithstanding the foregoing, the Borrower shall not be deemed to have waived any rights the Borrower may have against the Lender if it is determined that the Lender acted improperly. 
  
 (b) The Lender shall prepare all Disbursement Instructions such that they are
in accordance with the provisions of the Loan Documents. 
  
 Section 10.
Successors and Assigns; Assignments; Agents. 
  
 (a)
This Agreement shall bind and inure to the benefit of and be enforceable by the Borrower, the Lender and the Manager and their respective successors and assigns. 
  
 (b) The Lender shall have the right to assign or transfer rights and obligations under this Agreement one or more times
without limitation. Any resulting assignee or transferee shall be entitled to all the benefits afforded the Lender under this Agreement. 
  
 (c) Any duties or actions of the Lender hereunder may be performed by the Lender or its agents, including, without limitation, any Servicer or trustee in
a Securitization. 
  
 Section 11. 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. 
  

 16 

 Section 12. Amendment. 
  
 This Agreement may only be amended by the written agreement of all parties hereto. 
  
 Section 13. Notices. 
  
 All notices, demands and other communications under this Agreement shall be
in writing and telecopied (with a confirmation copy sent by overnight courier), mailed, messengered or sent by overnight delivery service to the appropriate party at its telecopy number or address set forth below (subject to change from time to time
by written notice to all other parties to this Agreement). All such notices and communications shall be effective (a) upon receipt, when delivered by hand or overnight delivery service, or if mailed, upon the first to occur of receipt or the
expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of Borrower or Lender at the address specified; provided, however, that non-receipt of any
communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication, and (b) upon transmission, when delivered by telecopy to
the specified telecopy number (if a confirmation copy is also sent by overnight courier). 
  

	 Lender:
	  	 LaSalle Bank National Association
 135
South LaSalle Street, Suite 1625
 Chicago, Illinois 60674-4107
 Attn: [Ms. Kori Sumser]
 Ref: Catellus Securitization
 Telecopy No.: 312-904-2084
 Telephone No.: 312-904-0390
  
 with copy to:
  
 Prudential Asset Resources, Inc.,
 as Subservicer
 2200 Ross Avenue, Suite 4900E
 Dallas, Texas 75201
 Attn: Ross Heath
 Telecopy No.: 214-777-4556
 Telephone No.: 214-777-4526

		
	 Borrower:
	  	 Catellus Finance 1, L.L.C.
 201 Mission
Street, Suite 340
 San Francisco, California 94105
 Attn: Michael
Bradish
 Telecopy No.: 415-974-4502
 Telephone No.:
415-974-3708

  

 17 

	 Manager:
	  	 Cushman & Wakefield of Colorado, Inc.
 633 Seventeenth Street, Suite 1500
 Denver, Colorado 80202
 Attn: Steve Schwab
 Telecopy No.: 303-292-0920
 Telephone No.: 303-292-2300

  
 Section 14. Governing Law.

  
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS RULES OF SUCH STATE EXCEPT IN CONNECTION WITH THE CREATION AND PERFECTION OF A SECURITY INTEREST IN ANY ACCOUNT ESTABLISHED HEREUNDER, IN WHICH CASE THE LAWS
OF THE STATE WHERE SUCH ACCOUNT IS LOCATED SHALL GOVERN. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement in several counterparts (each
of which shall be deemed an original) as of the date first above written. 
  

	 BORROWER:
  
 CATELLUS FINANCE 1, L.L.C.,
 a Delaware limited liability
company

		
	By	 	/s/ William M. Lau
	 	

	 	 	 William M. Lau

	 	 	 Vice President, Finance and Treasurer

	
	 LENDER:
  
 LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage
Pass-Through Certificates, Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
			
	 	 	 By:
	 	 Prudential Asset Resources, Inc.,
 as Subservicer

				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

	 MANAGER:
  
 CONSENTED AND AGREED AS TO THE PROVISIONS OF SECTION 8(a) & 8(b):
  
 CUSHMAN & WAKEFIELD OF COLORADO, INC., a Colorado corporation

		
	By:	 	/s/ Steve Schwab
	 	

	 	 	 Name: Steve Schwab

	 	 	 Title: Senior Managing Director

  

 ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
  
 On this                  day of               
          , 2003,
	    	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY
SIGNER

	 before me,
 ,

 Name, Title of Officer
	    	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                        
                             ,
	    	_        INDIVIDUAL
	Name(s) of Signer(s)	    	_        CORPORATE OFFICERS(S)
	 	    	_        PARTNER(S)        _     LIMITED
	 _ personally known to me - OR - _ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
  
 WITNESS my hand and
official seal.
  
  
	    	                                         
_    GENERAL
 _        ATTORNEY-IN-FACT
 _        TRUSTEE(S)
 _        GUARDIAN/CONSERVATOR
 _        OTHER:
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	    	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
  
 TITLE OR TYPE OF DOCUMENT 
 NUMBER OF PAGES                         
DATE OF DOCUMENT 
 SIGNER(S) OTHER THAN NAMED ABOVE 
  
 Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. 
  

 ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
  
 On this                  day of               
          , 2003,
	    	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY
SIGNER

	 before me,
 ,

 Name, Title of Officer
	    	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                        
                             ,
	    	_        INDIVIDUAL
	Name(s) of Signer(s)	    	_        CORPORATE OFFICERS(S)
	 	    	_        PARTNER(S)        _     LIMITED
	 _ personally known to me - OR - _ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
  
 WITNESS my hand and
official seal.
  
  
	    	                                         
_    GENERAL
 _        ATTORNEY-IN-FACT
 _        TRUSTEE(S)
 _        GUARDIAN/CONSERVATOR
 _        OTHER:
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	    	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
  
 TITLE OR TYPE OF DOCUMENT 
 NUMBER OF PAGES                         
DATE OF DOCUMENT 
 SIGNER(S) OTHER THAN NAMED ABOVE 
  
 Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. 
  

 ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
  
 On this                  day of               
          , 2003,
	    	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY
SIGNER

	 before me,
 ,

 Name, Title of Officer
	    	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                        
                             ,
	    	_        INDIVIDUAL
	Name(s) of Signer(s)	    	_        CORPORATE OFFICERS(S)
	 	    	_        PARTNER(S)        _     LIMITED
	 _ personally known to me - OR - _ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
  
 WITNESS my hand and
official seal.
  
  
	    	                                         
_    GENERAL
 _        ATTORNEY-IN-FACT
 _        TRUSTEE(S)
 _        GUARDIAN/CONSERVATOR
 _        OTHER:
  
 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	    	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
  
 TITLE OR TYPE OF DOCUMENT 
 NUMBER OF PAGES                         
DATE OF DOCUMENT 
 SIGNER(S) OTHER THAN NAMED ABOVE 
  
 Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. 
  

 EXHIBIT A 
  

INSTRUCTION LETTER 
  
                 , 2003 
  
 _____________________ 
 _____________________ 
 _____________________ 
 _____________________ 
 _____________________ 
 _____________________ 
  
 Re:

  
 Ladies and Gentlemen: 
  
 This letter agreement (the “Instruction Letter”) dated as of
                         , 2003, is by and among
                                       
          (the “Borrower”),
                                       
      (the “Clearing Bank”) and
                                        
     (together with its successors and/or assigns “the Lender”). 
  
 The Borrower has entered into that certain loan agreement (the “Loan Agreement”) with Lender, pursuant to which the Lender has provided or is
providing financing (the “Loan”) to the Borrower evidenced by a promissory note (the “Note”) and secured by, among other documents, those certain mortgages and/or deeds of trust (collectively, the “Mortgages”)

  
 The Mortgages encumber a certain group of properties (the
“Properties”). The Loan is further secured by those certain cash management agreements by and among Borrower, Lender and each of the property managers (the “Cash Management Agreements”). 
  
 All of the Properties are owned by the Borrower and managed by the property
managers (individually a “Manager” and collectively, the “Managers”). The Loan Agreement and all other documents evidencing, securing or otherwise relating to the Loan (as the same may be amended, supplemented, replaced, modified
or amended and restated) are collectively referred to herein as the “Loan Documents”. 
  
 Currently, the Borrower maintains two types of accounts with the Clearing Bank, at each location shown on Schedule 2. The first type (each a
“Property Account A”, collectively, the “Property Accounts A” together with any and all interest thereon and, subject to the written 

  

 A-1 

 
approval of Lender, any and all renewals and replacements thereof and substitutions therefor) and the second type (each a “Property Account B” and,
collectively the “Property Accounts B” together with any and all interest thereon and, subject to the written approval of Lender, any and all renewals and replacements thereof and substitutions therefor). Property Accounts A and Property
Accounts B, each a “Property Account,” are hereafter collectively referred to as the “Property Accounts”. 
  
 Section 1. Establishment of the Lockbox Address and Property Accounts. 
  
 (a) The Clearing Bank hereby acknowledges that as of the date hereof Borrower has submitted and Clearing Bank has received
and accepted properly executed “set-up” documents to establish the lockbox addresses set forth on Schedule 2 hereto (each a “Lockbox Address”), collectively, the “Lockbox Addresses”) in order to establish lockbox
servicing for the Property Accounts. The Borrower hereby notifies the Clearing Bank, that as a condition to extending the Loan, the Lender has required that, commencing immediately, the Borrower instruct all of the tenants at each of the Properties
to deliver to the Clearing Bank at an established Lockbox Address, all rents, additional rents and other sums due under any and all of the leases affecting the Properties (collectively, the “Rents and Profits”). 
  
 (b) Borrower hereby acknowledges and agrees that the Clearing Bank may
process as Rents and Profits, all checks and other negotiable instruments (each a “Check”, collectively, the “Checks”) received at each Lockbox Address without the necessity of determining whether any Checks received properly
constitutes Rents and Profits, as defined herein, or whether such Checks were properly deposited, it being Borrower’s intention and agreement to assume all risk and liability for errors in the deposit of Rents and Profits except for the
Clearing Bank’s gross negligence or willful misconduct. Borrower further agrees that any mail containing Borrower’s Lockbox number received at the Clearing Bank’s lockbox operations address (instead of the Lockbox Address) shall be
processed and deposited as if it were received at the Lockbox Address. 
  
 (c) Borrower authorizes and directs that all Checks received at a Lockbox Address be deposited into the corresponding Property Account A, after being processed by the Clearing Bank in accordance with its processing procedures, as described
on Exhibit C, attached hereto and made a part hereof. All Rents and Profits received in Property Accounts A, together with all sums earned from Rents and Profits deposited into Property Accounts A, whether deposited by the Clearing Bank, the
Borrower, the Managers or any other party, are hereafter referred to, collectively, as the “Account Proceeds”. 
  
 (d) Except as hereinafter provided, Property Accounts A shall be an account in the name of the Borrower but shall be under the sole dominion and control
of the Lender and any servicer or servicers of the Loan (collectively, the “Servicer”) designated by Lender and named below or, any successor servicer designee identified in any subsequent written notice from the Lender. Property Accounts
B shall be accounts in the name and sole dominion and control of the Borrower. Each Property Account A and Property Account B shall be assigned the federal tax identification number of the Borrower, which number is 52-2122-532. 
  

 A-2 

 (e) From and after the Closing Date, the Borrower shall cause all Rents and Profits generated by the
Properties to be delivered directly by the payors with respect thereto into a Lockbox Address in the form of checks, money orders and similar instruments. Until the Lender notifies the Clearing Bank of the occurrence of an event which constitutes a
“Sweep Event” (as defined in the Cash Management Agreement) the Clearing Bank shall be authorized to transfer daily all Account Proceeds on deposit in each respective Property Account A into the corresponding Property Account B. Upon and
after notice from Lender to the Clearing Bank of the occurrence of a Sweep Event, the Clearing Bank shall cease to transfer all Account Proceeds into any Property Account B, and all Account Proceeds on deposit in each and every Property Account A
will be administered as set forth herein. 
  
 (f) The Clearing
Bank shall hold the Account Proceeds of Property Accounts A on behalf of the Lender and shall not commingle such amounts with any other amounts held by the Clearing Bank in the name of and for the benefit of the Lender, the Borrower, the Managers or
any other persons or entities. The Clearing Bank hereby recognizes Lender’s security interest in the Property Accounts and agrees to promptly notify Lender of any third-party lien or claim on the Property Accounts, or of any notice of judicial
process with respect to the Property Accounts or of any attempt by Borrower or, any Manager to close or move the Property Accounts. 
  
 Section 2. Duties of the Clearing Bank. 
  
 (a) The Clearing Bank shall perform its lockbox service and follow its usual operating procedures for handling any Checks in accordance with the Standard
Terms and Conditions attached hereto as Exhibit C. 
  
 (b) The
Clearing Bank is authorized to charge each of the Property Accounts B for all returned Checks, service charges and other reasonable fees associated with the lockbox service, the Property Accounts and this Agreement in accordance with the fee
schedule attached hereto and made a part hereof, subject to change from time to time following the written approval of Lender. Notwithstanding the foregoing, the Clearing Bank’s right to fees and service charges from Account Proceeds is hereby
subordinated to the lien of the Mortgages. 
  
 (c) The Clearing
Bank is authorized to follow applicable law or governing bank regulations in the event that any of the Lockbox Addresses, any of the Property Accounts or any Check should become the subject of any writ, levy, order or other similar judicial or
regulatory order or process. 
  
 (d) Each Business Day (as that
term is hereafter defined), the Clearing Bank shall deposit in the respective Property Account A, all Checks received at the respective Lockbox Address. As used in this Agreement, “Business Day” means any day other than a Saturday or
Sunday, a legal holiday or any day on which the Clearing Bank is authorized or required to be closed in any state where the Property Accounts A are located. Until the Clearing Bank receives notice of a Sweep Event, on each Business Day, the Clearing
Bank shall transfer into the respective Property Account B all collected Account Proceeds from the corresponding Property Account A. Until the Clearing Bank receives notice of a Sweep Event, the Clearing Bank shall 

  

 A-3 

 
permit Borrower to operate and transact business through Property Accounts B in its normal fashion, including, without limitation, making withdrawals from
Property Accounts B. 
  
 (e) Upon and following notice of a Sweep
Event (which notice shall make specific reference to this Instruction Letter and the Cash Management Agreement), the Clearing Bank shall wire daily to the Deposit Account by wire transfer, all collected and available Account Proceeds in Property
Accounts A, as follows or, as subsequently instructed by Lender, its successors and assigns from time to time: 
  
 Deposit Bank Name: [Information to Follow] 
  
 ABA No.: ________________________________ 
  
 Credit Account No.: ________________________ 
  
 The Clearing Bank agrees to promptly and fully follow all Lender’s instructions in any notice of a Sweep Event as expeditiously as possible, but in
no event to exceed two Business Days from the date such notice is received. Lender will endeavor to give Clearing Bank sufficient advance written notice of any change in the instructions. 
  
 (f) If the balances in Property Accounts B are not sufficient to compensate Clearing Bank for any fees or service charges
(as provided in the attached fee schedule) or any amounts with respect to a returned check in connection with the lockbox service at the respective Lockbox Address, Borrower agrees to pay the Clearing Bank, on demand, (a copy of which demand shall
be delivered to Lender) the amount due the Clearing Bank in respect of such fees, service charges or returned check charges. If Borrower has not paid such fees, service charges or returned check charges within thirty (30) days, the Clearing Bank is
authorized, without prior notice, to debit any account (other than Property Account A) Borrower may have with Clearing Bank for the amount or amounts due Clearing Bank under this subsection (f) or if none, from Property Account A, with notice to
Lender of such debit. Borrower will have breached this Agreement if the payments due under this subsection (f) are not made within said thirty (30) days. 
  
 (g) Clearing Bank agrees it shall not offset against any Property Account, except as permitted under this Instruction Letter, until it has been advised in
writing by Lender that all of Borrower’s obligations which are secured in part by the Account Proceeds have been paid in full. Lender shall notify Clearing Bank promptly, in writing, upon payment in full of Borrower’s obligations and this
Instruction Letter shall automatically terminate upon receipt of such notice. 
  
 Section 3. Termination. 
  
 (a) Clearing
Bank may only terminate this Instruction Letter (a) for nonpayment of fees, service charges and return check charges, provided that Lender is given written notice of Borrower’s breach under Paragraph 2(f) hereof and provided further that Lender
shall be given an additional 30 days from receipt of notice of Borrower’s breach hereunder to cure said breach, or (b) for any reason upon 90 days’ prior written notice to Lender and Borrower. 
  

 A-4 

 (b) Lender may terminate this Instruction Letter for any reason upon written notice which termination
shall be effective upon receipt. Nothing herein shall give rise to any obligation on Lender’s part to cure a breach or default by Borrower hereunder. 
  
 Section 4. Limitation of Liability. 
  
 (a) Clearing Bank will not be liable to Borrower or Lender or any other party for any expense, claim, loss, damage or cost (“Damages”) arising
out of or relating to its performance under this Instruction Letter other than those Damages which result directly from its acts or omissions constituting negligence. 
  
 (b) In no event will Clearing Bank be liable for any special, indirect, exemplary or consequential damages, including but
not limited to lost profits. 
  
 (c) Clearing Bank will be excused
from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this Instruction Letter or otherwise give rise to any liability of Clearing Bank, if (i) such failure or delay is caused by circumstances beyond
Clearing Bank’s reasonable control, including but not limited to legal constraint, emergency conditions, action or inaction of governmental, civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood,
earthquake or other natural disaster, breakdown or public or private or common carrier communications or transmission facilities, equipment failure, or act, negligence or default of Lender or Borrower or (ii) such failure or delay resulted from
Clearing Bank’s reasonable belief that the action would have violated banking regulations or any guidelines, rules or regulations of any government authority. 
  
 (d) Clearing Bank shall not be obligated to verify whether a Sweep Event has actually occurred. 
  
 Section 5. Indemnification. 
  
 (a) Borrower hereby indemnifies the Clearing Bank and Lender against, and
agrees to hold each of them harmless from, any and all liabilities, claims, costs, expenses and damages of any nature (including but not limited to allocated costs of staff counsel, other reasonable attorney’s fees and any fees and expenses
incurred in enforcing this Instruction Letter) or in any way arising out of or relating to disputes or legal actions concerning the Clearing Bank’s lockbox service, this Instruction Letter, any Check or any of the Lockbox Addresses. This
Section does not apply to any Damages attributable to the gross negligence or intentional misconduct of the Clearing Bank. Borrower’s obligations under this Section shall survive termination of this Instruction Letter. 
  
 Section 6. Attorney’s Fees. 
  
 Borrower agrees to pay to the Clearing Bank, upon receipt of the Clearing
Bank’s invoice, all costs, expenses and attorney’s fees (including allocated costs for in-house legal services) incurred by Clearing Bank in connection with the enforcement of this Agreement and any instrument or agreement required
hereunder, including but not limited to any such costs, expenses and fees arising out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Clearing Bank’s rights in a

  

 A-5 

 
case arising under Title 11, United States Code. Borrower agrees to pay Clearing Bank, upon receipt of Clearing Bank’s invoice, all costs, expenses and
attorneys’ fees (including allocated costs for in-house legal fees) incurred by the Clearing Bank in the preparation and administration of this Instruction Letter (including any amendments hereto or instruments or agreements required
hereunder). 
  
 Section 7. Borrower’s Representations, Agreements
and Warranties. 
  
 (a) The Borrower hereby acknowledges,
agrees and warrants that, in accordance with the Cash Management Agreement, the Property Accounts, all Account Proceeds and all renewals, replacements and substitutions therefor, have been irrevocably pledged to the Lender as additional security for
the Loan. In connection with such pledge, the Borrower hereby irrevocably waives all rights of withdrawal from Property Accounts A. 
  
 (b) The Borrower hereby irrevocably instructs and authorizes the Clearing Bank to fully comply with any and all written instructions set forth in this
letter and in any subsequent notices purported to be delivered by the Lender or the Servicer from time to time, which notices may provide that the Account Proceeds in Property Accounts A are to be disbursed by wire transfer to an account in
Lender’s name and under Lender’s dominion and control or, that the Account Proceeds are to be held and administered in some other manner as directed by Lender in its sole discretion. 
  
 (c) Borrower hereby warrants and agrees that all notices, instructions,
agreements and statements of Borrower set forth herein are irrevocable and are not subject to modification in any manner or at any time hereafter without the express written authorization of the Lender in each instance. Borrower hereby acknowledges
and agrees that only the Lender and/or the Servicer may amend or supplement this Instruction Letter and any and all further Instruction Letters. Borrower hereby authorizes the Clearing Bank to fully comply with this and any subsequent Instruction
Letter from the Lender without the necessity of confirming the reason for any change of instruction and without determining whether such change is a result of Borrower’s default under the Loan Documents or, for any other reason. 
  
 (d) The Borrower hereby agrees not to close any Property Account or change
the bank, bank location or account number of any Property Account, without in each instance, the express written authorization of the Lender (which may be withheld by the Lender in its sole discretion) and unless and until Borrower first executes a
new Instruction Letter substantially similar to this letter with respect to such new account, bank, location or account numbers and delivers such new letter to the Lender, together with the new bank’s acknowledgment of receipt of and agreement
to such new Instruction Letter which acknowledgement shall be substantially in the form annexed hereto and made a part hereof. Without limiting the foregoing, in the event the Property Accounts are moved to any branch of the Clearing Bank outside
the States of California or Illinois, Borrower hereby agrees and requests the Clearing Bank to establish and maintain the Property Account A in the name of Lender. 
  
 (e) The Borrower hereby irrevocably appoints the Lender as Borrower’s attorney-in-fact (coupled with an interest) with
full authority to make changes to this letter from time to 

  

 A-6 

 
time and to execute and deliver on behalf of the Borrower any documents evidencing such changes. 
  
 Section 8. Miscellaneous. 
  
 (a) This Instruction Letter may be executed in counterparts; all such
counterparts shall constitute one agreement. 
  
 (b) This
Instruction Letter may be amended by Lender at any time upon notice to Clearing Bank, but subject to the mutual agreement of the Clearing Bank. Notwithstanding the foregoing, notices and instructions delivered by Lender in accordance with this
Instruction Letter (including, without limitation, the directions given by Lender in its notice of Sweep Event as provided in Paragraph 2(e) hereof) shall not constitute an amendment requiring the consent and agreement of the Clearing Bank. As
between the Lender and the Clearing Bank and between the Clearing Bank and the Borrower, in the event of any conflict between this Instruction Letter and any other document or written oral statement, this Instruction Letter shall control. As between
Lender and Clearing Bank and as between the Borrower and the Clearing Bank, this Instruction Letter supersedes all prior understandings, writings, proposals, representations and communications, oral or written, of any party relating to the subject
matter hereof. 
  
 (c) This Instruction Letter shall be
interpreted in accordance with California law without reference to California principles of conflicts of law. 
  
 (d) The Borrower, the Clearing Bank and the Lender hereby acknowledge and agree that it is their intent that this Instruction Letter constitute an
authenticated record that the Clearing Bank will comply with the instructions originated by the Lender directing disposition of the funds in the Property Account A without further consent of the Borrower as required pursuant to Section 9104 of the
Uniform Commercial Code, for the purpose of the Lender perfecting its security interest in the Property Account A. 
  
 (e) Matters not covered by this Instruction Letter shall be implemented in a manner consistent with the customary practices and procedures of the Clearing
Bank and in compliance with all regulatory banking practices and applicable law. As between Lender and Clearing Bank only, in the event of a conflict between the terms of this Instruction Letter and the customary procedures of the Clearing Bank; the
terms of this Instruction Letter shall govern. 
  
 (f) All
notices, demands and other communications in connection with this Property Account, Lockbox Address or this Instruction Letter shall be in writing and telecopied (with a confirmation copy sent by overnight courier), mailed, messengered or sent by
overnight delivery service to the appropriate party at its telecopy number or address set forth below (subject to change from time to time by written notice to all other parties to this Instruction Letter). All such notices and communications shall
be effective upon receipt. 
  

	 Lender:
	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	Telecopy No.: _______________________

  

 A-7 

	 	  	 with copy to:
  

	 Servicer:
	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	 Telecopy No.: _______________________
  

	 Borrower:
	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	__________________________________
	 	  	 Telecopy No.: _______________________
  

	 Clearing Bank:
	  	__________________________________
	 	  	__________________________________1
	 	  	__________________________________
	 	  	__________________________________
	 	  	Telecopy No.: _______________________

  
 [NO FURTHER TEXT ON
THIS PAGE] 
  

 A-8 

 Please acknowledge receipt of this letter and your agreement to the terms described herein by executing
and returning to each of the Lender (in care of the Servicer) and the Borrower a counterpart of the attached acknowledgement and agreement, by an authorized officer of the Clearing Bank. 
  
 Sincerely, 
  
 [BORROWER’S SIGNATURE BLOCK] 
  
 [LENDER’S SIGNATURE BLOCK] 
  
 [CLEARING BANK’S SIGNATURE BLOCK] 
  

 EXHIBIT B 
  
 Form of Lessee Payment Direction Letter 
  
 [MANAGER/OWNER LETTERHEAD] 
  
 [Date] 
  
 [Addressee] 
  
 Re: Lessee Payment
Direction Letter for [Property] 
  
 Dear
[            ]: 
  
 [BORROWER], the owner of the [PROPERTY] (the “Property”), has mortgaged the Property to [LENDER] (together with its successors and assigns, the “Lender”) and has agreed that all rents
and other payment due under the Lease (the “Rent”) due for the Property will be paid directly to a bank selected by the Lender. Therefore, from and after [the date hereof], Rent to be paid by you under the [LEASE] between you and
[BORROWER/MANAGER] (the “Lease”) should be sent directly to the following address: 
  
 [CLEARING BANK] 
 [Lockbox Address] 
  
 All checks should be made out to
                    ; or 
  
 Transfer such amounts by the ACH System or wire transfer to the following accounts: 
  
 [CLEARING BANK] 
 ABA # 
 Attn:

 Fax: 
 Account of: 
 Account #
                     
  
 This Payment Direction Letter may only be withdrawn or modified with the prior written instruction of the Lender or its agent (the
“Servicer”). Until you receive written instructions from the Lender or the Servicer, continue to send all Rent due under the Lease to [CLEARING BANK]. All rent payments must be delivered to [CLEARING BANK] no later than the day on
which such amounts are due under the Lease. 
  

 B-1 

 If you have any questions concerning this letter, please contact
[                    ] at [                ]. We
appreciate your cooperation in this matter. 
  

	 Sincerely, 

	
	MANAGER
	
	 
	 [INSERT SIGNATURE BLOCK]

  

 EXHIBIT C 
  
 PROCESSING PROCEDURES 
  

	A.	RECEIPT OF CHECKS 

  
 The Clearing Bank will handle Checks received in accordance with this Agreement subject to all banking regulations. 
  
 The Clearing Bank will pick-up mail at the Lockbox Address according to its pick-up schedule. The Clearing Bank will open envelopes picked up from the Lockbox Address and
remove the contents. Checks and other documents contained in the envelopes will be inspected and handled in the manner specified in the Borrower’s set-up documents. The Clearing Bank will capture and report information relating to lockbox
processing, where available, if Borrower has specified this option in the set-up documents. The Clearing Bank will endorse all processed Checks on Borrower’s behalf. 
  
 If the Clearing Bank processes an unsigned check as instructed in the set-up documents, and the check is paid, but the account owner does
not authorize payment, Borrower agrees to indemnify the Clearing Bank, the drawee Clearing Bank (which may include the Clearing Bank) and any intervening collecting Clearing Bank for any liability or expense incurred due to the payment and
collection of the check. 
  
 If Borrower instructs the Clearing Bank not to
process a check bearing a handwritten or typed notation “Payment in Full” or words of similar import on the face of the check, the Borrower understands that although the Clearing Bank has adopted procedures designed to detect Checks
bearing such notations; the Clearing Bank will not be liable to the Borrower or any other party for losses suffered if the Clearing Bank fails to detect Checks bearing such notations. 
  

	B.	RETURNED CHECKS 

  
 Unless Borrower and the Clearing Bank agree to another processing procedure, the Clearing Bank will reclear a Check once which has been returned and marked “Refer to Maker,” “Not Sufficient Funds”
or “Uncollected Funds.” If the Check is returned for any other reason or if the Check is returned a second time, the Clearing Bank will debit the applicable Account and return the Check to the Borrower. The Borrower agrees that Clearing
Bank will not send a returned item notice to the Borrower for a returned Check unless the Borrower and the Clearing Bank have agreed otherwise. 
  

 C-1 

	C.	ACCEPTABLE PAYEES 

  
 The term “Acceptable Payees” means Borrower’s name and any other or substitute payee name provided to the Clearing Bank by the Lender, the Servicer or, with the Lender’s written consent, the
Borrower as an acceptable payee for Checks to be processed under the Lockbox Service). For the Lockbox Address, the following names are Acceptable Payees: 
  

  

  

The Clearing Bank will process a check if it is made payable to an Acceptable Payee (or reasonable variation thereof) if the check is otherwise capable of being
processed. Borrower warrants that each Acceptable Payee has authorized Checks payable to it that pertain to the rents at the Properties to be credited as provided herein. The Clearing Bank’s determination of what constitutes a reasonable
variation of any Acceptable Payee’s name shall be made in the Clearing Bank’s discretion. 
  

	D.	CHANGES TO PROCESSING INSTRUCTIONS 

  
 Subject to the Clearing Bank receiving Lender’s (or Servicer’s) prior written approval in each instance, Borrower may request Clearing Bank in writing to make
changes only to the matters described in the Processing Procedures in Section A above, (i.e. pick-up schedules, policies regarding returned checks and changes to Acceptable Payees). The Clearing Bank will not be obligated to implement any requested
changes until the Clearing Bank has actually received the request and had a reasonable opportunity to act upon it. In making changes, the Clearing Bank shall rely only on instructions approved by Lender. 
  

 C-2 

 SCHEDULE 1 
  

List of Properties Managed by the Manager 
  
 Industrial Buildings 
  

	Parcel #

	  	 Property Address, City

	  	Sq. Ft.

	 CO0310505
	  	5025 Florence Street, Denver, Colorado	  	324,700
	 CO0310411
	  	10425 East 49th Avenue, Denver, Colorado	  	161,500
	 CO0310415
	  	4555 Geneva, Denver, Colorado	  	171,300

  

 SCHEDULE 2 
  

	 Manager

	  	Lockbox Address

	  	Account Nos.:
Property Accounts A

	  	Account Nos.:
Property Accounts B

	 Catellus Development Corporation
	  	SF –73586	  	14225-02103	  	14229-02125
	 U.S. Equities
	  	Chicago –7580	  	81886-10141	  	14221-02124
	 Cushman & Wakefield of Colorado
	  	Dallas – 55786	  	1233203619	  	1233409139
	 Experien Property Solutions, So CA
	  	LA – 55783	  	14221-02643	  	14229-02644
	 Cushman & Wakefield of Arizona
	  	LA – 55786	  	14225-02122	  	14223-02123

  

 (EXHIBIT I-4) 
  
 CONSENT AND AGREEMENT OF MANAGER 
  
 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the undersigned, CUSHMAN
& WAKEFIELD OF COLORADO, INC., a Colorado corporation, having an office at 633 Seventeenth Street, Suite 1500, Denver, Colorado 80202 (the “Manager”), hereby acknowledges and agrees as follows: 
  
 1. The Manager hereby acknowledges that CATELLUS FINANCE 1, L.L.C., a
Delaware limited liability company (“Borrower”) and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage
Pass-Through Certificates, Series 1998-1 as successor-in-interest to PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Lender”) are parties to a Loan Agreement dated October 26, 1998 (as the same may previously
have been amended or may subsequently be amended, the “Loan Agreement”) pursuant to which Lender made a loan (the “Loan”) evidenced by a promissory note (as the same may previously have been amended or may
subsequently be amended, the “Note”) and secured by, among other things, certain deeds of trust, mortgages and security deeds (individually and collectively, the “Mortgages”). To further secure Borrower’s
performance under the Loan Agreement, Borrower has assigned to Lender, among other things, all of its right, title and interest in and to those certain contracts as more fully described in that certain Assignment of Warranties and Other Contract
Rights dated as of October 26, 1998 (as the same may previously have been amended or may subsequently be amended, the “Assignment”) (the Loan Agreement, the Note, the Mortgages, the Cash Management Agreement (as hereinafter defined)
and all other documents evidencing, securing or otherwise relating to the Loan, as the same may previously have been amended or may subsequently be amended, collectively the “Loan Documents”). 
  
 2. The Manager hereby consents to the assignment of any and all contracts to
which the Manager is a party (the “Contracts”) pursuant to the Assignment. The Manager hereby acknowledges and agrees that the Contracts which have been assigned by Borrower to Lender pursuant to the Assignment include, without
limitation, that certain management agreement, the “Primary Contract”, by and between Borrower and the Manager relating to the management of a certain parcel or parcels of real property (individually and collectively, the
“Property”) more particularly described in the Primary Contract, a copy of which is attached hereto as Exhibit A and by this reference incorporated herein. Unless otherwise defined herein, all capitalized terms shall have the
same meaning as set forth in the Assignment. Notwithstanding any contrary terms in the Primary Contract or in any such other contracts to which the Manager is a party, the Manager hereby agrees to the terms of the Assignment and further agrees that:

  
 (a) Lender shall have the right and option at
any time after the occurrence of an event of default under any of the Loan Documents to terminate or cause the termination of, upon thirty (30) days’ written notice to the Manager, the Primary Contract and any of the other Contracts with or
without cause (whether or not any fee, charge or penalty may be incurred as a result thereof); 
  
 (b) Until the date that termination of the Primary Contract becomes effective either under the Primary Contract or hereunder, the Manager
shall continue to perform the 

 
obligations specified to be performed by it under the Primary Contract and under any of the other Contracts, and, after the date Lender notifies Manager it
is exercising its rights under the Assignment, such performance shall be for the benefit and at the written direction of Lender, notwithstanding that Manager may have rights of counterclaim, set-off, claims for additional payment, defenses or like
rights against Borrower for Borrower’s default under, or breach of, the Primary Contract or any other Contract (including, without limitation, non-payment). Manager shall be entitled to receive compensation as provided in the Primary Contract
and any of the other Contracts, as applicable, only for services performed directly for Lender after notice from Lender that it is exercising its rights under the Assignment; 
  
 (c) Lender shall not be (x) liable for any action or omission of Borrower or any prior owner of the Property
that is the subject of the Primary Contract or any of the other Contracts (including, without limitation, non-payment thereunder) (y) bound by any material amendment or modification of the Primary Contract or any of the other Contracts made without
Lender’s prior written consent, or (z) subject to any counterclaim or claims which the Manager may be entitled to assert against Borrower; 
  
 (d) Any and all monies, rents, deposits, penalties and the like received by the Manager from or in connection with the Property(ies)
pursuant to the terms of the Primary Contract or any of the other Contracts to which the Manager is a party shall be transferred in accordance with the terms and provisions of that certain cash management agreement of even date herewith entered into
by and among Borrower, Lender and Manager (as the same may previously have been amended or may subsequently be amended, the “Cash Management Agreement”); and 
  
 (e) If, after notice from Lender that it is exercising its rights under the Assignment, Lender exercises its
option to terminate the Primary Contract or any of the other Contracts, no termination fee, commission (unpaid or otherwise), construction management fee, administrative fee, charge, penalty or other compensation shall be due and payable by Lender
to the Manager as a result thereof other than services performed directly, for Lender at Lender’s direction. 
  
 3. The Manager hereby certifies to Lender that the Primary Contract attached hereto as Exhibit A is a true, correct and complete copy of the
contract between the parties and has not been modified or amended except as indicated in said Exhibit A, that the Primary Contract has been executed by the duly authorized officer(s) of the Manager and that the Primary Contract is a valid,
binding and enforceable obligation of the Manager. 
  
 4. The
Manager expressly acknowledges that by accepting the Assignment or by exercising any of its rights under the Assignment, Lender assumes no obligations or liabilities of Borrower under the Primary Contract and/or under any of the other Contracts to
which the Manager is a party and that Lender shall have no obligation to the Manager to exercise its rights under the Assignment or to declare a default under the Assignment, the Note, the Loan Agreement, the Mortgages or any of the other Loan
Documents, but that the right and option to exercise such rights or declare a default rests in the sole and absolute discretion of Lender. 

 5. The Manager acknowledges and agrees that it has no interest whatsoever enforceable against Lender in
proceeds of the Loan or any right of action under the Note, the Loan Agreement, the Mortgages or any of the other Loan Documents to garnish, require or compel payment of proceeds of the Loan to be applied toward payment of Borrower’s
liabilities or obligations under the Primary Contract and/or under any of the other Contracts to which the Manager is a party. 
  
 6. The Manager hereby fully and completely subordinates to the liens of the Mortgages and the other Loan Documents, and to Lender’s right to payment
under the Note and the other Loan Documents, the following: (a) the Primary Contract and the other Contracts; (b) any claim or security interest the Manager may now or hereafter have against the Property and the rents, issues, profits and income
therefrom; and (c) any right to payment of the Manager arising out of or in any way connected with its services performed under the Primary Contract and/or any of the other Contracts. 
  
 7. The Manager further agrees to make no material modifications or amendments to the Primary Contract and/or any of the
other Contracts to which the Manager is a party, without the prior written consent of Lender, which consent shall not be unreasonably withheld. 
  
 8. As of the date hereof, the Manager represents and warrants that it has no claim, counterclaim, right of set-off, or like right against Borrower, that
the Primary Contract is valid and in full force and effect, that no default exists thereunder, and that the Manager has been paid all amounts due for all services, if any, furnished as of this date with respect to the Property. 
  
 9. The Manager reserves its right to terminate the Primary Contract and any
of the other Contracts upon 30 days’ prior written notice in accordance with the terms and conditions of the Primary Contract or other Contract, except that if such right of termination is exercised after Lender notifies Manager that is
exercising its rights under the Assignment, Manager shall give notice of termination to Lender in accordance with the provisions of paragraph 10 hereof. 
  
 10. Any notice, demand, request or other communication required or permitted hereunder shall be in writing and shall be made and effective as provided in
the Cash Management Agreement. 
  
 11. If any provision under this
Consent and Agreement of Manager or the application thereof to any entity, person or circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this Consent and Agreement of Manager and the application of the provisions
hereof to other entities, persons or circumstances shall not be affected thereby and shall be enforced to the fullest extent permitted by law. 
  
 12. This Consent and Agreement of Manager may not be amended, modified or otherwise changed except by a written instrument duly executed by Manager and
Lender. This agreement shall inure to the benefit of Lender and its successors and assigns. 
  
 13. This Consent and Agreement of Manager shall be governed by and construed in accordance with the laws of the State New York, except with respect to the perfection of a security interest in any bank account
established under the Cash Management Agreement in which case, the laws of the state where such bank account is located shall govern. 

 IN WITNESS WHEREOF, this Consent and Agreement of Manager is executed and delivered as of the
         day of September, 2003. 
  

	 CUSHMAN & WAKEFIELD, a Colorado
 corporation

		
	 By:
	 	 /s/ Steve Schwab

	 	 	 Name:
	 	Steve Schwab
	 	 	 Title:
	 	Director of Asset Services

  

	 AGREED:
  
 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a
LaSalle National Bank,
 as trustee for the registered Holders of Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of America,
 as Servicer

			
	 	 	By:	 	 Prudential Asset Resources, Inc.,
 as
Subservicer

				
	 	 	 	 	By:	 	 /s/ C. Todd Moore

	 	 	 	 	 	 	Name:	 	 C. Todd Moore

	 	 	 	 	 	 	Title:	 	 Vice President

 ALL-PURPOSE NOTARY ACKNOWLEDGMENT 
  

	 State of
                                       
 
 County of
                                    
 On this                  day of               
          , 2003,
	  	 *** OPTIONAL SECTION ***
 CAPACITY CLAIMED BY SIGNER

	 before me,
 ,

 Name, Title of Officer
	  	Through statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document
		
	 personally appeared                                  
                                    ,
	  	 ̈        INDIVIDUAL
	                                Name(s) of Signer(s)	  	 ̈        CORPORATE OFFICERS(S)
	 	  	 ̈        PARTNER(S)         ̈        LIMITED
	  ̈ personally known to me - OR
-  ̈ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 WITNESS my hand and
official seal.
  
  

	  	                                        
     ̈        GENERAL
  ̈        ATTORNEY-IN-FACT
  ̈        TRUSTEE(S)
  ̈        GUARDIAN/CONSERVATOR
  ̈        OTHER:
                                        
        
  
 SIGNER IS
REPRESENTING:
 NAME OF PERSON(S) OR ENTITY(IES)
  

	SIGNATURE OF NOTARY	  	 

  
 ******************
OPTIONAL SECTION ****************** 
  
 THIS CERTIFICATE MUST BE ATTACHED TO
THE DOCUMENT DESCRIBED BELOW: 
 TITLE OR TYPE OF DOCUMENT ____________________________________________________________________________ 
 NUMBER OF PAGES                         
DATE OF DOCUMENT  _____________________________________________________ 
 SIGNER(S) OTHER THAN NAMED ABOVE
___________________________________________________________________ 
 Though the data requested here is not required by law, it could prevent fraudulent
reattachment of this form. 

 EXHIBIT A 
  
 PRIMARY CONTRACT 
  
 See Attachment. 

 (EXHIBIT J) 
  

SECOND AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT 
  
 THIS SECOND AMENDMENT TO INDEMNITY AND GUARANTY AGREEMENT (this “Amendment”), made as of September 2, 2003,
by and between PLATO REIT, LLC, a Delaware limited liability company (“Indemnitor”), having an address at 201 Mission Street, Second Floor, San Francisco, California 94105, and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle
National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Lender”), having an address at 135 South LaSalle Street, Suite 1625,
Chicago, Illinois 60647-4107. 
  
 W I T N E S S E T H:

  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a Delaware limited
liability company (“Borrower”), previously obtained a loan in the principal amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions
of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the
“Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement, dated as of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February
8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement, dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December
23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified,
amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”; capitalized terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26,
1998 (as the same may from time to time be amended, supplemented, replaced, modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is
secured by certain deeds of trust, mortgages and security deeds dated as of October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same
may from time to time be amended, supplemented, replaced, modified or amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation, transferred all of its membership interest (the
“Transfer”) in Borrower to Indemnitor by means of that certain Assignment and Assumption of Limited Liability Company Interest dated as of July 1, 1999 (the “Assignment and Assumption”); and 
  

 WHEREAS, as a condition of the Transfer, Indemnitor entered into that certain Guaranty Agreement dated as
of July 1, 1999 as amended by First Amendment dated as of September 7, 1999 (the “Indemnity and Guaranty Agreement”) in favor of Lender pursuant to which Indemnitor agreed to indemnify Lender from and against and guarantee payment
to Lender of those items for which Borrower is personally liable and for which Lender has recourse against Borrower under the terms of the Note, the Loan Agreement and the other Loan Documents; and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note,
the Loan Agreement and the other Loan Documents; and 
  
 WHEREAS,
pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties
released from the Property Pool securing the Loan; and 
  
 WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth Amendment”), Borrower has elected to have the Properties identified therein as (1)
TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3) CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO
0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following properties as Replaced Properties and to be released from the applicable security
documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim, California (“CA 0591031”); and (3) IL 1970104, Gillette Building,
Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary,
encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering
CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and 
  
 WHEREAS, it is an additional condition precedent to the consummation of the Substitution described in the preceding paragraph that Indemnitor execute and deliver this Amendment to confirm the inclusion into the
Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in
consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower and Lender hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be
used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms in the Loan Agreement. 
  

 -2- 

 2. Amendment to Indemnity and Guaranty Agreement. Indemnitor and Lender
specifically acknowledge and agree that, on and after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a) the terms “Property” and “Property Pool” as defined in the Indemnity and
Guaranty Agreement include TX 4390530, CO 0310411, CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms “Property” and “Property Pool” as defined in the Indemnity and
Guaranty Agreement with respect to any matter occurring or first arising after the Effective Date, subject, however, to any provision contained in the Indemnity and Guaranty Agreement which provides that the obligation shall survive or shall be
reinstated, and (c) the terms “Mortgage,” “Mortgages” and “Loan Documents” as defined in the Indemnity and Guaranty Agreement include the Texas Mortgage and the Colorado Mortgage. 
  
 3. Effect of this Amendment. On and after the
date of this Amendment, each reference in the Loan Documents or in the Other Related Documents to the Indemnity and Guaranty Agreement shall mean the Indemnity and Guaranty Agreement as amended hereby. Except as specifically amended above, (a) the
Indemnity and Guaranty Agreement shall remain in full force and effect and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of Lender,
nor constitute a waiver of any provision of the Indemnity and Guaranty Agreement. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto
without affecting the validity thereof. 
  
 (b)
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of
the General Obligations Law of the State of New York apply to this Amendment. 
  

 -3- 

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

	INDEMNITOR:
	 
	 PLATO REIT, LLC,
 a Delaware
limited liability company

		
	By:	 	 /s/ William M. Lau

	 Name:
	 	 William M. Lau

	 Title:
	 	 Chief Financial Officer and Treasurer

	
	LENDER:
	 
	 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
		
	 	 	 By:   Prudential Asset Resources, Inc.,
          as Subservicer

				
	 	 	 	 	By:	 	 /s/ C. Todd Moore

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 (EXHIBIT K) 
  

SECOND AMENDMENT TO 
 HAZARDOUS
SUBSTANCES INDEMNITY AGREEMENT 
  
 THIS SECOND
AMENDMENT TO HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT (this “Amendment”), made as of September 2, 2003, is by PLATO REIT, LLC, a Delaware limited liability company (“Indemnitor”), having an address at 201
Mission Street, Second Floor, San Francisco, California 94105, jointly and severally in favor of LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC,
Commercial Mortgage Pass-Through Certificates, Series 1998-1 (“Lender”), having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60647-4107. 
  
 W I T N E S S E T H: 
  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Borrower”), previously obtained a loan in the principal
amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL
MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement,
dated as of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement,
dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First
Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”;
capitalized terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, the Loan is evidenced by a Promissory Note dated as of October 26, 1998 (as the same may from time to time be amended, supplemented, replaced,
modified or amended and restated, the “Note”), executed by Borrower and payable to the order of Prudential in the stated principal amount of the Loan and is secured by certain deeds of trust, mortgages and security deeds dated as of
October 26, 1998, and by other documents and instruments (the Loan Agreement, the Note and such other documents and instruments evidencing or securing the Loan, as the same may from time to time be amended, supplemented, replaced, modified or
amended and restated, being collectively referred to herein as the “Loan Documents”); and 
  
 WHEREAS, CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation, transferred all of its membership interest (the “Transfer”) in
Borrower to Indemnitor by means of that certain Assignment and Assumption of Limited Liability Company Interest dated as of July 1, 1999 (the “Assignment and Assumption”); and 
  

 WHEREAS, as a condition of the Transfer, Indemnitor entered into that certain Hazardous Substances
Indemnity Agreement dated as of July 1, 1999 as amended by First Amendment dated as of September 7, 1999 (the “Hazardous Substances Indemnity Agreement”) in favor of Lender pursuant to which Indemnitor agreed to indemnify Lender
with respect to hazardous wastes on, in, under or affecting the Property Pool; and 
  
 WHEREAS, Lender is the successor-in-interest to Prudential under the Note, the Loan Agreement and the other Loan Documents; and 
  

WHEREAS, pursuant to Section 2.12 of the Loan Agreement, Borrower has the option to substitute certain properties in place of certain other properties
designated by Borrower (the “Replaced Properties”) and to have such Replaced Properties released from the Property Pool securing the Loan; and 
  

WHEREAS, pursuant to the Fifth Amendment to the Loan Agreement that is being executed and delivered on or about the date hereof (the “Fifth
Amendment”), Borrower has elected to have the Properties identified therein as (1) TX 4390530, Ford BTS, Fort Worth, Texas (“TX 4390530”); (2) CO 0310411, Stapleton B-4, Denver, Colorado (“CO 0310411”); (3)
CO 0310505, Stapleton A-2, Denver, Colorado (“CO 0310505”); and (4) CO 0310415, Stapleton D-1 (Whirlpool), Denver, Colorado (“CO 0310415”) be treated as Substitute Properties, and has designated the following
properties as Replaced Properties and to be released from the applicable security documents: (1) CA 0591552, Scan-Tron Corporation Building, Tustin, California (“CA 0591552”); (2) CA 0591031, Micro Technology Building, Anaheim,
California (“CA 0591031”); and (3) IL 1970104, Gillette Building, Romeoville, Illinois (“IL 1970104”); and 
  
 WHEREAS, Borrower, as mortgagor, has executed, among other documents, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Fixture Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering TX 4390530 (the “Texas Mortgage”) and that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture
Filing dated of even date herewith for the benefit of Lender, as beneficiary, encumbering CO 0310411, CO 0310505 and CO 0310415 (the “Colorado Mortgage”); and 
  
 WHEREAS, it is an additional condition precedent to the consummation of the Substitution described in the preceding
paragraph that Borrower execute and deliver this Amendment to confirm the inclusion into the Property Pool of TX 4390530, CO 0310411, CO 0310505 and CO 0310415; 
  

AGREEMENT 
  
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Indemnitors and Lender hereby agree as follows: 
  
 1. Definitions. All capitalized terms defined above and elsewhere in this Amendment shall be used herein as so defined. Unless otherwise defined herein, all other capitalized terms used herein shall have
the respective meanings given to those terms in the Loan Agreement. 
  

 -2- 

 2. Amendment to Hazardous Substances Indemnity Agreement. Indemnitor and
Lender specifically acknowledge and agree that, on and after the “Effective Date” of the Fifth Amendment (the “Effective Date”), (a) the terms “Property” and “Property Pool” as defined in the Hazardous
Substances Indemnity Agreement include TX 4390530, CO 0310411, CO 0310505 and CO 0310415, (b) Properties CA 0591552, CA 0591031, and IL 1970104 shall be deleted from the terms “Property” and “Property Pool” as defined in the
Hazardous Substances Indemnity Agreement with respect to any matter occurring or first arising after the Effective Date, subject, however, to any provision contained in the Hazardous Substances Indemnity Agreement which provides that the obligation
shall survive or shall be reinstated, and (c) the terms “Mortgage,” “Mortgages” and “Loan Documents” as defined in the Hazardous Substances Indemnity Agreement include the Texas Mortgage and the Colorado Mortgage.

  
 3. Effect of this Amendment. On
and after the date of this Amendment, each reference in the Loan Documents or in the Other Related Documents to the Hazardous Substances Indemnity Agreement shall mean the Hazardous Substances Indemnity Agreement as amended hereby. Except as
specifically amended above, (a) the Hazardous Substances Indemnity Agreement shall remain in full force and effect and is hereby ratified and affirmed and (b) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power, or remedy of Lender, nor constitute a waiver of any provision of the Hazardous Substances Indemnity Agreement. 
  
 4. Miscellaneous. 
  
 (a) Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. The signature page and acknowledgment of any counterpart may be removed therefrom and attached to any other counterpart to evidence execution thereof by all of the parties hereto
without affecting the validity thereof. 
  
 (b)
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules. It is the intent of the parties hereto that the provisions of Section 5-1401 of
the General Obligations Law of the State of New York apply to this Amendment. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -3- 

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

	 INDEMNITOR:
  
 PLATO REIT, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ William M. Lau
	 	

	 Name:
	 	 William M. Lau

	 Title:
	 	 Chief Financial Officer and Treasurer

	
	 LENDER:
  
 LASALLE BANK NATIONAL ASSOCIATION,
 as trustee for the registered Holders of
Prudential
 Mortgage Capital Company I, LLC, Commercial
 Mortgage
Pass-Through Certificates, Series 1998-1

		
	By:	 	The Prudential Insurance Company of America, as Servicer
			
	 	 	 By:
	 	Prudential Asset Resources, Inc., as Subservicer
				
	 	 	 	 	 By:
	 	 /s/ C. Todd Moore

	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 C. Todd Moore

	 	 	 	 	 Title:
	 	 Vice President

  

 (EXHIBIT L) 
  

AGREEMENT OF CATELLUS DEVELOPMENT CORPORATION 
 AND PLATO REIT, LLC 
  
 This AGREEMENT OF
CATELLUS DEVELOPMENT CORPORATION AND PLATO REIT, LLC (this “Agreement”) is made as of September 2, 2003, by and among CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation (“Catellus”), PLATO REIT, LLC, a
Delaware limited liability company (“Plato”), and LASALLE BANK NATIONAL ASSOCIATION, f/k/a LaSalle National Bank, as trustee for the registered Holders of Prudential Mortgage Capital Company I, LLC, Commercial Mortgage Pass-Through
Certificates, Series 1998-1, having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60674-4107 (the “Lender”). 
  
 RECITALS 
  
 WHEREAS, CATELLUS FINANCE 1, L.L.C., a Delaware limited liability company (“Borrower”), previously obtained a loan in the principal
amount of THREE HUNDRED SEVENTY-THREE MILLION and 00/100 Dollars ($373,000,000.00) (the “Loan”) in accordance with the terms and conditions of that certain loan agreement dated as of October 26, 1998, between Borrower and PRUDENTIAL
MORTGAGE CAPITAL COMPANY, INC., a Delaware corporation (“Prudential”), predecessor-in-interest to Lender under the Loan (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement,
dated as of January 11, 2001 (the “First Amendment”), that certain Second Amendment to Loan Agreement, dated as of February 8, 2001 (the “Second Amendment”), that certain Second [sic] Amendment to Loan Agreement,
dated as of August 27, 2002 (the “Third Amendment”) and that certain Fourth Amendment to Loan Agreement dated as of December 23, 2002 (the “Fourth Amendment”) (the Original Loan Agreement as amended by the First
Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment as the same may hereinafter be consolidated, extended, modified, amended and/or restated or renewed from time to time, collectively, the “Loan Agreement”;
capitalized terms used and not otherwise defined herein shall have the meanings given in the Loan Agreement); and 
  
 WHEREAS, Catellus, as original sole member of Borrower, transferred its membership interest in Borrower, consisting of one-hundred percent (100%) of the
limited liability company interests in Borrower, to Plato pursuant to that certain Assignment and Assumption of Limited Liability Company Interest dated as of July 1, 1999, between Catellus and Plato; and 
  
 WHEREAS, Catellus executed that certain Indemnity and Guaranty Agreement
dated as of October 26, 1998 (as subsequently amended from time to time, the “Catellus Guaranty”) and that certain Hazardous Substances Indemnity Agreement dated as of October 26, 1998 (as subsequently amended from time to time, the
“Catellus Environmental Indemnity”), and Plato executed that certain Indemnity and Guaranty Agreement dated as of July 1, 1999 (as subsequently amended from time to time, the “Plato Guaranty”) and that certain
Hazardous Substances Indemnity Agreement dated as of July 1, 1999 (as subsequently amended from time to time, the “Plato Environmental Indemnity”), pursuant to which Catellus and Plato each agreed to guarantee payment and
performance to Lender of certain obligations of Borrower under the Loan; and 
  

 WHEREAS, Borrower has requested Lender, the Certificate holders and the Servicer to enter into a Fifth
Amendment to the Loan Agreement dated even date herewith (the “Fifth Amendment”) which would permit Borrower to consummate a Substitution and obtain a release of the Interim Cash Reserve Deposit (as defined in the Fourth Amendment);
and 
  
 WHEREAS, as a condition to entering into the Fifth
Amendment, Lender has required that Catellus and Plato consent to the Fifth Amendment and reaffirm each of their obligations under their respective guaranties. 
  

NOW, THEREFORE, to induce Lender to enter into the Fifth Amendment and in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Catellus and Plato each hereby represents, warrants, covenants and agrees for the benefit of Lender as follows: 
  
 AGREEMENT 
  
 1. Reaffirmation of Catellus Guaranty and Environmental Indemnity. Catellus hereby consents to the Fifth Amendment,
reaffirms its obligations under the Catellus Guaranty and the Catellus Environmental Indemnity (collectively, the “Catellus Guaranties”), and reaffirms its waiver of each and every one of the defenses to such obligations as set
forth in the Catellus Guaranties. Catellus specifically, but not by way of limitation, hereby further reaffirms that its obligations under the Catellus Guaranties are separate and distinct from Borrower’s obligations under the Loan Agreement
and the other Loan Documents and from Plato’s obligations under the Plato Guaranty and the Plato Environmental Indemnity in favor of Lender. 
  
 2. Reaffirmation of Plato Guaranty and Environmental Indemnity. Plato hereby consents to the Fifth Amendment, reaffirms its obligations under the
Plato Guaranty and the Plato Environmental Indemnity (collectively, the “Plato Guaranties”), and reaffirms its waiver of each and every one of the defenses to such obligations as set forth in the Plato Guaranties. Plato
specifically, but not by way of limitation, hereby further reaffirms that its obligations under the Plato Guaranties are separate and distinct from Borrower’s obligations under the Loan Agreement and the other Loan Documents and from
Catellus’ obligations under the Catellus Guaranties in favor of Lender. 
  
 3. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of laws rules. 
  
 4. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed to be an original, and all such counterparts together shall constitute one and the same instrument. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 2 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement of Catellus Development Corporation and
Plato REIT, LLC, as of the day and year first above written. 
  

	 CATELLUS DEVELOPMENT CORPORATION,
 a Delaware corporation

		
	By:	 	 /s/ William M. Lau

	Name:	 	William M. Lau
	Title:	 	Vice President, Finance and Treasurer

  

	 PLATO REIT, LLC,
 a Delaware
limited liability company

		
	By:	 	 /s/ William M. Lau

	Name:	 	William M. Lau
	Title:	 	Chief Financial Officer and Treasurer

  

	 LASALLE BANK NATIONAL ASSOCIATION,
 f/k/a LaSalle National Bank, as trustee for the
 registered Holders of Prudential Mortgage Capital
 Company I, LLC, Commercial Mortgage Pass-Through Certificates, Series 1998-1

		
	By:	 	 The Prudential Insurance Company of
 America,
as Servicer

			
	 	 	By:	 	 Prudential Asset Resources, Inc.,
 as
Subservicer

				
	 	 	 	 	By:	 	 /s/ C. Todd Moore

	 	 	 	 	Name:	 	C. Todd Moore
	 	 	 	 	Title:	 	Vice President

  

 3CREDIT AGREEMENT, ENTERED INTO AS OF SEPTEMBER 15, 2003

 EXECUTION 
  

Exhibit 10.2 

  
 CREDIT AGREEMENT 
  
 $200,000,000 Revolving Credit Facility 
  
 Dated as of September 15, 2003 
  
 among 
  
 CATELLUS DEVELOPMENT CORPORATION 
  
 and 
  
 CATELLUS LAND AND
DEVELOPMENT CORPORATION, 
  
 as Borrowers, 
  
 BANK OF AMERICA, N.A., 
 as Administrative Agent, Swing Line Lender, and L/C Issuer, 
  
 FLEET NATIONAL BANK, 
 as Syndication
Agent, 
  
 BANK ONE, NA, 
 as Documentation Agent, 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Managing Agent, 
  
 UNION BANK OF CALIFORNIA, N.A.,

 as Managing Agent, 
  
 and 
  
 The Other Lenders Party Hereto 
  
 BANC OF AMERICA SECURITIES LLC, 
 as 
 Sole Lead Arranger and Sole Book Manager 
  

 TABLE OF CONTENTS 
  

	 Section

	 	 	  	Page

			
	 ARTICLE I.
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	1
	 1.01
	 	 Defined Terms
	  	1
	 1.02
	 	 Other Interpretive Provisions
	  	31
	 1.03
	 	 Accounting Terms
	  	32
	 1.04
	 	 Rounding
	  	32
	 1.05
	 	 References to Agreements and Laws
	  	32
	 1.06
	 	 Times of Day
	  	32
	 1.07
	 	 Letter of Credit Amounts.
	  	32
			
	 ARTICLE II.
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	33
	 2.01
	 	 Committed Loans
	  	33
	 2.02
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	33
	 2.03
	 	 Letters of Credit
	  	35
	 2.04
	 	 Swing Line Loans
	  	42
	 2.05
	 	 Prepayments
	  	44
	 2.06
	 	 Termination or Reduction of Commitments
	  	45
	 2.07
	 	 Repayment of Loans
	  	46
	 2.08
	 	 Interest
	  	46
	 2.09
	 	 Fees
	  	47
	 2.10
	 	 Computation of Interest and Fees
	  	47
	 2.11
	 	 Evidence of Debt
	  	47
	 2.12
	 	 Payments Generally
	  	48
	 2.13
	 	 Sharing of Payments
	  	49
	 2.14
	 	 Extension of Maturity Date
	  	50
	 2.15
	 	 Increase in Commitments
	  	51
	 2.16
	 	 Replacement Documentation
	  	52
			
	 ARTICLE III.
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	52
	 3.01
	 	 Taxes
	  	52
	 3.02
	 	 Illegality
	  	53
	 3.03
	 	 Inability to Determine Rates
	  	54
	 3.04
	 	 Increased Cost and Reduced Return; Capital Adequacy Reserves on Eurodollar Rate Loans
	  	54
	 3.05
	 	 Funding Losses
	  	55
	 3.06
	 	 Matters Applicable to all Requests for Compensation
	  	56
	 3.07
	 	 Survival
	  	56
			
	 ARTICLE IV.
	 	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS AND REIT CONVERSION
	  	56
	 4.01
	 	 Conditions of Initial Credit Extension
	  	56
	 4.02
	 	 Conditions to all Credit Extensions
	  	59
	 4.03
	 	 Conditions of Maintenance of Commitments and Extensions of Credit After the REIT Conversion Date
	  	60
	 4.04
	 	 Conditions of Maintenance of Commitments and Extensions of Credit After the REIT Election Date
	  	63
			
	 ARTICLE V.
	 	 REPRESENTATIONS AND WARRANTIES
	  	64
	 5.01
	 	 Existence, Qualification and Power; Compliance with Laws
	  	64

  

 i 

	 5.02
	 	 Authorization; No Contravention
	  	65
	 5.03
	 	 Governmental Authorization; Other Consents
	  	65
	 5.04
	 	 Binding Effect
	  	65
	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	65
	 5.06
	 	 Litigation
	  	66
	 5.07
	 	 No Default
	  	66
	 5.08
	 	 Ownership of Property; Liens
	  	66
	 5.09
	 	 Environmental Compliance
	  	66
	 5.10
	 	 Insurance
	  	67
	 5.11
	 	 Taxes
	  	67
	 5.12
	 	 ERISA Compliance
	  	67
	 5.13
	 	 Subsidiaries; Pledge of Capital Stock
	  	68
	 5.14
	 	 Margin Regulations; Investment Company Act; Public Utility Holding Company Act
	  	68
	 5.15
	 	 Disclosure
	  	69
	 5.16
	 	 Compliance with Laws
	  	69
	 5.17
	 	 Tax Shelter Regulations
	  	69
	 5.18
	 	 Intellectual Property; Licenses, Etc.
	  	69
	 5.19
	 	 Violation of Laws; Permits
	  	70
	 5.20
	 	 Borrowing Base Assets
	  	70
	 5.21
	 	 Leases and Ground Leases
	  	70
	 5.22
	 	 Notes Receivable
	  	70
	 5.23
	 	 Solvency
	  	71
	 5.24
	 	 Additional Representations and Warranties as of the REIT Conversion Date
	  	71
	 5.25
	 	 Additional Representations and Warranties as of the REIT Election Date
	  	72
			
	 ARTICLE VI.
	 	 AFFIRMATIVE COVENANTS
	  	73
	 6.01
	 	 Financial Statements
	  	73
	 6.02
	 	 Certificates; Other Information
	  	73
	 6.03
	 	 Notices
	  	75
	 6.04
	 	 Payment of Obligations
	  	76
	 6.05
	 	 Preservation of Existence, Etc
	  	76
	 6.06
	 	 Maintenance of Properties
	  	76
	 6.07
	 	 Maintenance of Insurance
	  	77
	 6.08
	 	 Compliance with Laws
	  	77
	 6.09
	 	 Books and Records
	  	77
	 6.10
	 	 Inspection Rights
	  	77
	 6.11
	 	 Use of Proceeds
	  	78
	 6.12
	 	 Additional Guarantors and Pledge of Capital Stock; Release of Guarantors and Pledges of
Guarantor Capital
 Stock
	  	78
	 6.13
	 	 Pledge by REIT Guarantor; Pledge and Delivery of Notes Receivable
	  	80
	 6.14
	 	 Borrowing Base Certificate
	  	82
			
	 ARTICLE VII.
	 	 NEGATIVE COVENANTS
	  	82
	 7.01
	 	 Liens
	  	82
	 7.02
	 	 Investments and Development Costs
	  	83
	 7.03
	 	 Indebtedness
	  	84
	 7.04
	 	 Fundamental Changes
	  	85
	 7.05
	 	 Dispositions
	  	86
	 7.06
	 	 Restricted Payments
	  	87
	 7.07
	 	 Change in Nature of Business
	  	88
	 7.08
	 	 Transactions with Affiliates
	  	88

  

 ii 

	 7.09
	 	 Burdensome Agreements
	  	88
	 7.10
	 	 Use of Proceeds
	  	88
	 7.11
	 	 Financial Covenants
	  	89
	 7.12
	 	 Fundamental Changes and REIT Covenants
	  	89
			
	 ARTICLE VIII.
	 	 EVENTS OF DEFAULT AND REMEDIES
	  	90
	 8.01
	 	 Events of Default
	  	90
	 8.02
	 	 Remedies Upon Event of Default
	  	93
	 8.03
	 	 Application of Funds
	  	93
			
	 ARTICLE IX.
	 	 ADMINISTRATIVE AGENT
	  	94
	 9.01
	 	 Appointment and Authorization of Administrative Agent
	  	94
	 9.02
	 	 Delegation of Duties
	  	94
	 9.03
	 	 Liability of Administrative Agent
	  	95
	 9.04
	 	 Reliance by Administrative Agent
	  	95
	 9.05
	 	 Notice of Default
	  	96
	 9.06
	 	 Credit Decision; Disclosure of Information by Administrative Agent
	  	96
	 9.07
	 	 Indemnification of Administrative Agent
	  	96
	 9.08
	 	 Administrative Agent in its Individual Capacity
	  	97
	 9.09
	 	 Successor Administrative Agent
	  	97
	 9.10
	 	 Administrative Agent May File Proofs of Claim
	  	98
	 9.11
	 	 Agent Under Other Loan Documents, Collateral, Release of Collateral and Release of Guaranty Matters
	  	99
	 9.12
	 	 Other Agents; Arrangers and Managers
	  	99
			
	 ARTICLE X.
	 	 MISCELLANEOUS
	  	100
	 10.01
	 	 Amendments, Etc.
	  	100
	 10.02
	 	 Notices and Other Communications; Facsimile Copies
	  	101
	 10.03
	 	 No Waiver; Cumulative Remedies
	  	102
	 10.04
	 	 Attorney Costs, Expenses and Taxes
	  	102
	 10.05
	 	 Indemnification by Loan Parties
	  	103
	 10.06
	 	 Payments Set Aside
	  	104
	 10.07
	 	 Successors and Assigns
	  	104
	 10.08
	 	 Confidentiality
	  	107
	 10.09
	 	 Set-off
	  	108
	 10.10
	 	 Interest Rate Limitation
	  	109
	 10.11
	 	 Counterparts
	  	109
	 10.12
	 	 Integration
	  	109
	 10.13
	 	 Survival of Representations and Warranties
	  	109
	 10.14
	 	 Severability
	  	109
	 10.15
	 	 Tax Forms
	  	110
	 10.16
	 	 Replacement of Lenders
	  	111
	 10.17
	 	 Governing Law
	  	112
	 10.18
	 	 Waiver of Right to Trial by Jury
	  	112
	 10.19
	 	 Time of the Essence
	  	113
		
	 SIGNATURES
	  	S-1

  

 iii 

	 SCHEDULES

		
	 2.01
	  	 Commitments and Pro Rata Shares

	 5.01
	  	 Jurisdictions of organizational and qualification for each Loan Document Party

	 5.06
	  	 Litigation

	 5.12
	  	 ERISA Disclosure

	 5.13
	  	 Subsidiaries and Other Investment Affiliates

	 5.21
	  	 Ground Lease Property

	 5.22(a)
	  	 Notes Receivable

	 5.22(b)
	  	 Intercompany Notes Receivable not subject to a Pledge

	 5.22(c)
	  	 Notes Receivable (principal outstanding more than $1,000,000) not subject to a Pledge

	 7.03
	  	 Existing Indebtedness

	 7.11
	  	 Financial Covenants

	 7.12
	  	 Anticipated Fundamental Changes

	 10.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices

		
	 EXHIBITS
	  	 
		
	 	  	 Form of

		
	 A
	  	 Committed Loan Notice

	 B
	  	 Swing Line Loan Notice

	 C
	  	 Note

	 D
	  	 Compliance Certificate

	 E
	  	 Assignment and Assumption

	 F(1)
	  	 Guaranty (REIT Guarantor)

	 F(2)
	  	 Guaranty (Subsidiary)

	 F(3)
	  	 Guaranty (Borrower)

	 G
	  	 Intentionally Left Blank

	 H
	  	 Borrowing Base Certificate

	 I(1)
	  	 Pledge Agreement

	 I(2)
	  	 Pledge Agreement (Intercompany Promissory Note)

	 J
	  	 REIT Conversion Compliance Certificate

	 K
	  	 Loan Document Assumption and Affirmation

	 L
	  	 Supplemental Signature Page (New Lender)

  

 iv 

 CREDIT AGREEMENT 
  
 This CREDIT AGREEMENT (“Agreement”) is entered into as of September 15, 2003, among CATELLUS DEVELOPMENT
CORPORATION, a Delaware corporation (the “Pre-REIT Conversion Borrower” or the “OP Borrower”), CATELLUS LAND AND DEVELOPMENT CORPORATION, a Delaware corporation (the “TRS Borrower”, and together
with the OP Borrower, each, a “Borrower” and together, the “Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK
OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, FLEET NATIONAL BANK, as Syndication Agent, BANK ONE, NA, as Documentation Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Managing Agent, and UNION BANK OF
CALIFORNIA, N.A., as Managing Agent. 
  
 A. Each Borrower has
requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein. 
  
 B. In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
  
 ARTICLE I. 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
  
 “Adjusted Aggregate NOI” means, for any fiscal quarter for any Real Property, (a) the Aggregate NOI of such Real Property, minus
(b) the Adjusted CAPEX of such Real Property. 
  
 “Adjusted CAPEX” means, in respect of a reserve for any Real Property, capital expenditures for replacements for any fiscal quarter, the greater of (a) $0.10 per square foot (calculated on an annual basis), or (b) actual
expenditures for replacements (on a trailing four fiscal quarter basis), excluding, however, one-time expenditures that increase the rentable area of any Real Property, enhance the value of any Real Property (as opposed to maintaining the value of
such Real Property), change the use of any Real Property, represent improvements to recently acquired Real Property contemplated at the time of the acquisition, or expenditures that are reimbursable by third parties not affiliated with any Loan
Party. 
  
 “Administrative Agent” means Bank of
America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
  
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrowers and the Lenders. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  

 1 

 “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. Without limiting the
generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting power for the election of directors,
managing general partners or the equivalent. 
  
 “Agent-Related Persons” means the Administrative Agent, together with its Affiliates (including, in the case of Bank of America in its capacity as the Administrative Agent, the Arranger), and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  
 “Aggregate Commitments” means the Commitments of all the Lenders. 
  
 “Aggregate NOI” means, for any fiscal quarter for any Real Property, (a) the gross operating income for such fiscal quarter of such Real Property (determined in accordance with GAAP; provided,
however, that rentals included in gross operating income shall (i) be based upon the actual cash rentals payable to the owner of such Real Property during such fiscal quarter, without giving effect to straight-line rental accounting under GAAP,
and (ii) exclude all deferred rentals for such fiscal quarter), adjusted by deducting the aggregate amount of all reasonable and customary property expenses, including operating costs, maintenance and repair costs and administrative costs,
management fees, real estate taxes and insurance premiums attributable to such Real Property for such fiscal quarter; plus (b) all interest income of any Loan Party relating to such Real Property. 
  
 “Agreement” means this Credit Agreement. 
  
 “Allocable Share” means the Loan Parties’ pro rata
share of the capital investment in any Investment Affiliate or Subsidiary. 
  
 “Applicable Capitalization Rate” means, for any Real Property, 9.25%. 
  
 “Applicable Rate” means the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 
  

	 Pricing
Level

	 	 Consolidated
Leverage Ratio

	 	 Eurodollar Rate
+ margin below;
 Letters of Credit

	 	 Base Rate +
margin below

	 I
	 	<50%	 	1.65%	 	0%
	 II
	 	3 50% and < 55%	 	1.85%	 	0%
	 III
	 	3 55% and < 60%	 	2.00%	 	0.15%
	 IV
	 	3 60%	 	2.25%	 	0.25%

  

 2 

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage
Ratio shall become effective with respect to all Outstanding Amounts as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a
Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level IV shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain
in effect until delivery of such Compliance Certificate, in which case the Applicable Rate shall be calculated in accordance with such Compliance Certificate on the first Business Day following delivery thereof. The Applicable Rate in effect from
the Closing Date shall be determined based upon Pricing Level III. 
  
 “Applicable Unused Fee Rate” means the following percentages per annum, based upon the Usage Percentage: 
  

	 Usage Percentage

	 	 Applicable Unused
Fee Rate

	 <33%
	 	0.30%
	 333% and <66%
	 	0.25%
	 366%
	 	0.20%

  
 The Applicable Unused
Fee Rate shall be calculated for every calendar quarter. 
  
 “Arranger” means Banc of America Securities LLC, in its capacity as sole lead arranger and sole book manager. 
  
 “Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit E. 
  
 “Attorney Costs” means and includes all fees, expenses and
disbursements of any law firm or other external counsel and, without duplication, the allocated cost of internal legal services and all expenses and disbursements of internal counsel. 
  
 “Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the
relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 
  
 “Audited Financial Statements” means (a) the audited consolidated balance sheet of the Consolidated Group
for the fiscal year ended December 31, 2002, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Consolidated Group, including the notes thereto; and (b) as
applicable, any subsequent audited financial statements of the Consolidated Group delivered pursuant to Section 6.01(a). 
  

 3 

 “Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the of the L/C
Issuer to make L/C Credit Extensions pursuant to Section 8.02. 
  
 “Bank of America” means Bank of America, N.A. and its successors. 
  
 “Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced
from time to time by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change. 
  
 “Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan. 
  
 “Base Rate Loan” means a Loan that bears interest based on the Base Rate. 
  
 “Borrower” means, individually, the OP Borrower or the TRS Borrower, and “Borrowers”
means, collectively, the OP Borrower and the TRS Borrower. 
  
 “Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may require. 
  
 “Borrowing Base” means, as of any date of determination, the sum of the following (without double counting): 
  
 (a) the Eligible Stabilized Operating Property Value
multiplied by 65%; 
  
 (b) the Eligible Ground
Lease Property Value multiplied by 65%, in an amount not to exceed 10% of the Borrowing Base Availability; 
  
 (c) the sum of the (1) Eligible Lease-Up Property Value, plus (2) the Eligible WIP Value, multiplied by 50%, in an amount not to
exceed 20% of the Borrowing Base Availability; 
  
 (d) the Eligible Unimproved Land Value multiplied by 25%, in an amount not to exceed 20% of the Borrowing Base Availability; 
  
 (e) the book value (in accordance with GAAP) of Eligible Cash owned by the Loan Parties, less a $20,000,000 reserve, in an amount not to
exceed 20% of the Borrowing Base Availability; 
  
 (f) the Eligible Notes Receivable Value multiplied by 25%, in an amount not to exceed 10% of the Borrowing Base Availability; and 
  

 4 

 (g) the Eligible Mission Bay Block 28 Value multiplied by 50%, in an amount not to exceed
25% of the Borrowing Base Availability; 
  
 provided, however, that
(y) all Real Property included in the Borrowing Base and subject to an Eligible Bond Transaction shall not exceed 30% of the Borrowing Base Availability; and (z) if, on the date of determination, (i) Eligible Mission Bay Block 28 is
included in the Borrowing Base, the aggregate total of clauses (b) through (g) above shall not exceed 55% of the Borrowing Base Availability, and (ii) no Eligible Mission Bay Block 28 is included in the Borrowing Base, the aggregate
total of clauses (b) through (f) above shall not exceed 45% of the Borrowing Base Availability. 
  
 “Borrowing Base Availability” means the lesser of (a) the Aggregate Commitments, or (b) the Borrowing Base. 
  
 “Borrowing Base Certificate” means a certificate signed by a
Responsible Officer of each Borrower, in substantially the form of Exhibit H, with such changes thereto as the Administrative Agent may from time to time reasonably request, and including the addition of any assets that become Eligible
Borrowing Base Assets after the delivery of any previous Borrowing Base Certificate, and the deletion of any assets that are no longer Eligible Borrowing Base Assets as of the delivery of the previous Borrowing Base Certificate. 
  
 “Business Day” means any day other than a Saturday, Sunday
or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state of California, New York or the state where the Administrative Agent’s Office is located and, if such day relates to any
Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
  
 “Capital Stock” means all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing,
provided that in no event shall the term “Capital Stock” include convertible notes. 
  
 “Cash Collateralize” has the meaning specified in Section 2.03(g). 
  
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued
by an agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year after the date of acquisition thereof; (b) marketable direct obligations issued by any state of the United States of America or
any political subdivision of any such state or any public instrumentality thereof maturing within 90 days after the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from S&P and
Moody’s (or, if at any time either or both of S&P and Moody’s shall not be rating such obligations, then from two such other nationally recognized rating services as may be acceptable to the Administrative Agent) and not listed for
possible down-grade in Credit Watch published by S&P; (c) commercial paper, other than commercial paper issued by any Borrower, the REIT Guarantor or any of its Affiliates, maturing no more than 90 days after the date of creation thereof and, at
the time of acquisition, 

  

 5 

 
having a rating of at least A-1 or P-1 from either S&P or Moody’s (or, if at any time neither Standard & Poor’s nor Moody’s shall be
rating such obligations, then the highest rating from such other nationally recognized rating services as may be acceptable to the Administrative Agent); (d) shares of any money market mutual fund rated at least AAA or its equivalent by either
S&P or Moody’s; (e) shares of any money market mutual fund whose investment policy restricts it to investments in ‘first tier’ securities as defined by the SEC; and (f) domestic certificates of deposit or time deposits or
bankers’ acceptances maturing within 90 days after the date of acquisition thereof, overnight securities repurchase agreements, or reverse repurchase agreements secured by any of the foregoing types of securities or debt instruments issued, in
each case, by (i) any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia having combined capital and surplus of not less than $250,000,000, or (ii) any Lender. 
  
 “Change of Control” means the following: 
  
 (a) With respect to the Pre-REIT Conversion Borrower (prior
to the REIT Conversion) and the REIT Guarantor (after the REIT Conversion), an event or series of events by which: 
  
 (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an
“option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 25% or more of the equity securities of such Person entitled to vote for members of the board of directors
or equivalent governing body of such Person on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or 
  
 (ii) during any period of 12 consecutive months, a majority
of the members of the board of directors or other equivalent governing body of such Person cease to be composed of individuals (A) who were members of that board or equivalent governing body on the first day of such period, (B) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (A) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (C)
whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (A) and (B) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (B) and clause (C), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of
directors). 
  

 6 

 (b) With respect to the Post-REIT Conversion Borrower, an event or series of events by
which: 
  
 (i) after the REIT Conversion Date,
the REIT Guarantor no longer owns a majority of the outstanding Capital Stock of the Post-REIT Conversion Borrower; or 
  
 (ii) after the REIT Conversion Date, the REIT Guarantor no longer serves as the sole general partner of the Post-REIT Conversion Borrower.

  
 (c) With respect to the TRS Borrower, an
event or series of events by which the OP Borrower no longer owns 100% of the outstanding Capital Stock of the TRS Borrower, directly or indirectly. 
  
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with
Section 4.01 (or, in the case of Section 4.01(b) or 4.01(c), waived by the Person entitled to receive the applicable payment). 
  
 “Code” means the Internal Revenue Code of 1986. 
  

“Collateral” has the meaning as defined in each Pledge Agreement. 
  
 “Collateral Document” means, collectively, (a) each Pledge Agreements and related stock powers and
assignments, and (b) any amendments, supplements, modifications, renewals, replacements, consolidations, substitutions and extensions of any of the foregoing. 
  

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrowers pursuant to Section 2.01,
(b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule
2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
  
 “Committed Borrowing” means a borrowing consisting of
simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 
  
 “Committed Loan” has the meaning specified in Section 2.01. 
  
 “Committed Loan Notice” means a notice of (a) a Committed
Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

 
 “Completed” means, with respect to any item of Real
Property, that the construction of all improvements (or discreet phase(s) thereof, if applicable) has been completed, certificates of occupancy shall have been issued with respect to such improvements (or other evidence thereof 

  

 7 

 
reasonably satisfactory to the Administrative Agent), and such improvements shall be available for immediate occupancy and/or lease in the normal course of
business. 
  
 “Compliance Certificate” means a
certificate substantially in the form of Exhibit D. 
  
 “Condemnation” means any condemnation proceeding involving any Unencumbered Pool Property or any portion thereof or any parking facility used in connection therewith that has been commenced or, to the knowledge of a
Responsible Officer of any Loan Party, that is contemplated by any Governmental Authority. 
  
 “Consolidated Group” means, (a) before the REIT Conversion Date, the OP Borrower and its consolidated Subsidiaries; and (b) after the REIT Conversion Date, the REIT Guarantor and its consolidated
Subsidiaries. 
  
 “Consolidated Leverage Ratio”
means, as of any date of determination, the percentage derived from the ratio of (a) Consolidated Total Liabilities (as defined in Schedule 7.11), to (b) Total Asset Value (as defined in Schedule 7.11) for the fiscal quarter most
recently ended. 
  
 “Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Control” has the meaning specified in the definition of
“Affiliate.” 
  
 “Controlled Investment
Affiliate” means any Investment Affiliate of which the operational management of such Investment Affiliate, or the oversight of a third-party management company managing the operations of such Investment Affiliate, is controlled, directly
or indirectly, through one or more intermediaries, by a Loan Party. 
  
 “Credit Extension” means each of the following: (a) a Borrowing, and (b) an L/C Credit Extension. 
  
 “Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the
“Debt Ratings”) of the non-credit-enhanced, senior unsecured long-term debt of The Gap, provided that if a Debt Rating is issued by each of the foregoing rating agencies, then the higher of such Debt Ratings shall apply.

  
 “Debtor Relief Laws” means the Bankruptcy
Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
  
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default. 
  
 “Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 3% per annum; provided, however, that with 

  

 8 

 
respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable
to such Loan plus 3% per annum, in each case to the fullest extent permitted by applicable Laws. 
  
 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Committed Loans, participations in L/C Obligations or
participations in Swing Line Loans required to be funded by it hereunder within one Business Day of the required funding date, (b) or has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be
paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.  
  
 “Development” means, with respect to any Real Property
project under construction, that the real estate is owned in fee simple title by the owner thereof, and that construction contracts have been entered into and all necessary building permits have been obtained, until the construction of all
improvements (or discreet phase(s) thereof, if applicable) of such project shall have been Completed. 
  
 “Development Cost” means all costs incurred in connection with construction work-in-progress, the cost of improvements to real property
under construction and the cost of the underlying real property and improvements, including, without limitation, all such costs associated with real property subject to Eligible Bond Transactions, Permitted Bond Transactions and Safe Harbor
Transactions. 
  
 “Development Property” means
any Lease-Up Property and any WIP, provided, however, that any such property shall no longer be considered “Development Property” 12 months after the issuance of a certificate of occupancy (or other evidence thereof
reasonably satisfactory to the Administrative Agent) for such property. 
  
 “Disposition” or “Dispose” means the sale, transfer, exclusive license or other, similar disposition (including any sale and leaseback transaction) of any property by any Person, including any sale,
assignment, transfer or other disposal with or without recourse of any notes or accounts receivable or any rights and claims associated therewith; provided, however, that “Dispose” shall not include (a) any lease or Ground Lease of any
Real Property or Unimproved Land in the Ordinary Course of Business, or (b) any transfer of Real Property in connection with an Eligible Bond Transaction. 
  
 “Distributions” means the declaring or making by any Borrower, the REIT Guarantor or any Subsidiary of (i) any distribution to the REIT
Guarantor or any other Person (other than to any Borrower, any Guarantor (other than the REIT Guarantor) or a Wholly-Owned Subsidiary of a Borrower) of any properties, including cash, rights, obligations, or limited liability company interests or
units, on account of any stock, membership interests or partnership interests in any Borrower, the REIT Guarantor or any Subsidiary; or (ii) any purchase, redemption or acquisition for value of any of the stock, limited liability company interests
or partnership interests of any Borrower, the REIT Guarantor or any Subsidiary, now or hereafter outstanding. 
  
 “Dollar” and “$” mean lawful money of the United States. 
  

 9 

 “E&P Distribution” means the special dividend to shareholders of the Pre-REIT
Conversion Borrower or, after the REIT Conversion Date, the REIT Guarantor (as applicable) of accumulated earnings and profits of the Pre-REIT Conversion Borrower and the REIT Guarantor (as applicable) estimated as of December 31, 2003, in an amount
not to exceed $300,000,000, all as more fully described in the S-4. 
  
 “Eligible Assignee” has the meaning specified in Section 10.07(g). 
  
 “Eligible Bond Transactions” means a transaction wherein a Loan Party is the sole holder of revenue bonds issued by a public or
governmental entity pursuant to which such public or governmental entity (a) acquires real property (the “Project”) from a Loan Party with bond proceeds, (b) leases such Project to a Loan Party at a rental sufficient to pay debt
service on such revenue bonds, (c) pledges, mortgages or otherwise encumbers such Project and the revenues therefrom to the Loan Party, as the sole holder of the revenue bonds, as security for repayment of such revenue bonds, and (d) grants to such
Loan Party a purchase option to repurchase such Real Property upon the maturity of the revenue bonds at a nominal price. 
  
 “Eligible Borrowing Base Assets” means all Eligible Stabilized Operating Property, Eligible Ground Lease Property, Eligible Lease-Up
Property, Eligible WIP, Eligible Unimproved Land, Eligible Cash, Eligible Notes Receivable and Eligible Mission Bay Block 28. 
  
 “Eligible Cash” means all Dollar-denominated cash and Cash Equivalents owned by any Loan Party, including without limitation, cash held
as part of a Section 1031 Exchange Account, which cash and Cash Equivalents are subject to no Liens or restrictions (other than such restrictions as are customarily part of a Section 1031 Exchange Agreement). Any such cash shall be maintained in
deposit accounts at Bank of America or at another financial institution with total assets in excess of $10,000,000,000. 
  
 “Eligible Ground Lease Property” means all Ground Lease Property that is (a) 100% owned in fee simple title by any Loan Party or is
subject to an Eligible Bond Transaction; (b) subject to no Lien, other than Permitted Liens; (b) located in the United States; (c) Environmentally Compliant; and (d) to the knowledge of a Responsible Officer of any Loan Party, free from any Material
Defect. In addition, to qualify as “Eligible Ground Lease Property,” the Administrative Agent must have confirmed its receipt of satisfactory evidence that the rentals under the Ground Lease for such Ground Lease Property are
non-cancellable for the entire term of the Ground Lease. 
  
 “Eligible Ground Lease Property Value” means the value of all Eligible Ground Lease Property, determined as follows: 
  
 (a) Eligible Ground Lease Property owned in fee simple title (or, with respect to Eligible Ground Lease Property subject to an Eligible
Bond Transaction, leased) by any Loan Party for less than one fiscal quarter shall be valued at its cost, in accordance with GAAP; 
  
 (b) Eligible Ground Lease Property owned in fee simple title (or, with respect to Eligible Ground Lease Property subject to an Eligible
Bond Transaction, leased) by any Loan Party for at least one and less than four fiscal quarters shall be valued by calculating the 

  

 10 

 
annualized Aggregate NOI for such Eligible Ground Lease Property for the most recent fiscal quarter, capitalized at the Applicable Capitalization Rate;
and 
  
 (c) Eligible Ground Lease Property
owned in fee simple title (or, with respect to Eligible Ground Lease Property subject to an Eligible Bond Transaction, leased) by any Loan Party for four or more fiscal quarters shall be valued at the Aggregate NOI for such Eligible Ground Lease
Property for the four most recent fiscal quarters, capitalized at the Applicable Capitalization Rate. 
  
 “Eligible Lease-Up Property” means all Lease-Up Property that is (a) 100% owned in fee simple title by any Loan Party; (b) subject to no
Lien, other than Permitted Liens; (b) located in the United States; (c) Environmentally Compliant; and (d) free from any Material Defect; provided, however, that any such Lease-Up Property that does not so qualify to be treated as Stabilized
Operating Property 30 months after the receipt of a certificate of occupancy (or other evidence thereof reasonably satisfactory to the Administrative Agent) shall cease to qualify as Eligible Lease-Up Property and shall no longer be included in the
Borrowing Base. 
  
 “Eligible Lease-Up Property
Value” means the value of all Eligible Lease-Up Property, determined as follows: 
  
 (a) for a period of up to 12 months after the receipt of a certificate of occupancy (or other evidence thereof reasonably satisfactory to
the Administrative Agent), such Eligible Lease-Up Property shall be valued at its book value, in accordance with GAAP; and 
  
 (b) for the period of 12 through 30 months after the receipt of a certificate of occupancy (or other evidence thereof reasonably
satisfactory to the Administrative Agent), such Eligible Lease-Up Property shall be valued at the annualized Aggregate NOI for such Eligible Lease-Up Property based upon the most recent fiscal quarter, capitalized at the Applicable Capitalization
Rate. 
  
 “Eligible Mission Bay Block 28” means
Mission Bay Block 28 during the period from the Closing Date to the second anniversary of the Closing Date, provided that (a) Mission Bay Block 28 (i) is 100% owned in fee simple title by a Loan Party; (ii) subject to no Lien, other than a
Permitted Lien; (iii) remains unoccupied and 100% leased to The Gap pursuant to The Gap Lease; (iv) is Environmentally Compliant; and (v) is free from any Material Defect; (b) all rentals payable under The Gap Lease are current and are not overdue
for a period in excess of ten Business Days; and (c) no default or event of default has occurred and is continuing under The Gap Lease. 
  
 “Eligible Mission Bay Block 28 Value” means the value of Eligible Mission Bay Block 28, determined as follows: 
  
 (a) if The Gap has a Debt Rating of at least Ba2 or BB or
better, the Eligible Mission Bay Block 28 shall be valued at the annualized Aggregate NOI for such Eligible Mission Bay Block 28 based upon the most recent fiscal quarter, capitalized at the Applicable Capitalization Rate; and 
  

 11 

 (b) if The Gap has a Debt Rating of less than Ba2 or BB, the Eligible Mission Bay Block
28 shall be valued at its book value in accordance with GAAP; 
  
 provided,
however, that after the second anniversary of the Closing Date, or if Mission Bay Block 28 is no longer leased to The Gap, then Mission Bay Block 28 shall not qualify as Eligible Mission Bay Block 28, and shall only be included in the Borrowing
Base if such property otherwise qualifies as Stabilized Operating Property or a Lease-Up Property, as applicable. 
  
 “Eligible Notes Receivable” means any such Notes Receivable which (a) are 100% owned by a Loan Party; (b) are subject to no Lien, other
than an assignment for the benefit of the Lenders; (c) have been validly assigned to the Administrative Agent, for the benefit of the Lenders, pursuant to the procedures set forth in Section 6.13(b); (d) represent performing loans owed to a
Loan Party that are not in default and under which payments are not more than 30 days past due, (e) are secured by Real Property, Unimproved Land or other collateral acceptable to the Administrative Agent in its sole discretion; (f) are not
Intercompany Notes Receivable; (g) are not Notes Receivable of an obligor that is an Affiliate of a Loan Party or a Subsidiary; and (h) which are otherwise reasonably acceptable to the Administrative Agent, taking into account factors such as the
payment term of the Notes Receivable, the financial stability of the obligor thereunder, the recourse nature of the obligation, and the value of the collateral securing such Notes Receivable. 
  
 “Eligible Notes Receivable Value” means the value of all
Eligible Notes Receivable, determined by the book value of such Eligible Notes Receivable in accordance with GAAP. 
  
 “Eligible Stabilized Operating Property” means all Stabilized Operating Property that is (a) 100% owned in fee simple title by any Loan
Party or subject to an Eligible Bond Transaction; (b) subject to no Lien, other than Permitted Liens; (c) located in the United States; (d) Environmentally Compliant; and (e) free from any Material Defect. 
  
 “Eligible Stabilized Operating Property Value” means the
value of all Eligible Stabilized Operating Property, determined as follows: 
  
 (a) Eligible Stabilized Operating Property owned by a Loan Party in fee simple title (or, if subject to an Eligible Bond Transaction, leased by such Loan Party) for less than one fiscal quarter shall be valued at its
book value, in accordance with GAAP; 
  
 (b)
Eligible Stabilized Operating Property owned by a Loan Party in fee simple title (or, if subject to an Eligible Bond Transaction, leased by such Loan Party) for at least one and less than four fiscal quarters shall be valued by calculating the
annualized Aggregate NOI for such Eligible Stabilized Operating Property based upon the most recent fiscal quarter, minus a capital reserve equal to $0.10 per square foot, capitalized at the Applicable Capitalization Rate; and

  
 (c) Eligible Stabilized Operating Property
owned by a Loan Party in fee simple title (or, if subject to an Eligible Bond Transaction, leased by such Loan Party) for four or more fiscal quarters shall be valued at the Aggregate NOI for such Eligible Stabilized Operating Property for the four
most recent fiscal quarters, minus a capital reserve equal to $0.10 per square foot, capitalized at the Applicable Capitalization Rate. 
  

 12 

 “Eligible Unimproved Land” means all Unimproved Land that meets each of the following
criteria: (a) such Unimproved Land is 100% owned in fee simple title by any Loan Party; (b) such Unimproved Land is subject to no Lien, other than Permitted Liens; (b) such Unimproved Land is located in the United States; (c) such Unimproved Land is
Environmentally Compliant; (d) the owner’s intended use of such Unimproved Land is permissible under the applicable general plan or its equivalent, and under any applicable specific plan, zoning classification or development agreement; (e) such
Unimproved Land has access to roads adequate for the owner’s intended use and Development of such Unimproved Land; and (f) such Unimproved Land is entitled to access to, or the availability of, utilities adequate for the owner’s intended
use and Development of such Unimproved Land. 
  
 “Eligible
Unimproved Land Value” means all Eligible Unimproved Land valued at its book value, in accordance with GAAP. 
  
 “Eligible WIP” means all WIP that is (a) 100% owned in fee simple title by any Loan Party or subject to an Eligible Bond Transaction; (b)
subject to no Lien, other than Permitted Liens; (b) located in the United States; (c) Environmentally Compliant; and (d) free from any Material Defect. 
  
 “Eligible WIP Value” means the value of all Eligible WIP, valued at its book value, in accordance with GAAP. 
  
 “Environmental Laws” means any and all Federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including those related to Hazardous Materials. 
  
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Loan Document Party or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Environmentally Compliant” means, with respect to any Real Property, Unimproved Land or Ground Lease Property, (i) there are no Hazardous Materials on the property at levels that require cleanup or
remediation under any applicable Environmental Law, (ii) in the event remediation was required with respect to such property, such remediation has been completed pursuant to the requirements of all applicable Environmental Laws and the owner of such
property has received no further action status or other equivalent approval (if required or appropriate) from the applicable Governmental Authority, and (iii) to the extent Hazardous Materials are stored, used and disposed of on the property, such
Hazardous Materials are stored, used and disposed of in compliance with all applicable Environmental Laws and are in such quantities and of such type as are (x) customarily stored and used on properties similar to such 

  

 13 

 
property, (y) used in respective tenants’ Ordinary Course of Business, if applicable, or (z) customarily used in the course of construction, if
applicable. 
  
 “ERISA” means the Employee
Retirement Income Security Act of 1974. 
  
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with any Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating
to Section 412 of the Code). 
  
 “ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041(c) or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition
of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate. 
  
 “Eurodollar Rate” means for any Interest Period with respect to any Eurodollar Rate Loan: 
  
 (a) the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first
day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
  
 (b) if the rate referenced in the preceding clause
(a) does not appear on such page or service or such page or service shall not be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an
average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such Interest Period, or 
  
 (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum determined by the Administrative Agent as the rate of interest at which deposits in Dollars for
delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by
Bank of 

  

 14 

 
America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two Business
Days prior to the first day of such Interest Period. 
  
 “Eurodollar Rate Loan” means a Committed Loan that bears interest at a rate based on the Eurodollar Rate. 
  
 “Event of Default” has the meaning specified in Section 8.01. 
  
 “Extension Effective Date” has the meaning specified in Section 2.14. 
  
 “Federal Funds Rate” means, for any day, the rate per annum
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no
such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such
transactions as determined by the Administrative Agent. 
  
 “Fee Letter” means the letter agreement, dated June 10, 2003, among the OP Borrower, the Administrative Agent and the Arranger. 
  
 “Floating Rate Debt” means any Indebtedness listed in paragraph (a) of the definition thereof that bears interest at a rate that is
subject to periodic adjustment (either automatically by reference to a fluctuating base or market rate of interest or at the option of the lender) at any time prior to the maturity date of such Indebtedness. 
  
 “Foreign Lender” has the meaning specified in Section
10.15(a)(i). 
  
 “FRB” means the Board of
Governors of the Federal Reserve System of the United States. 
  
 “Funds From Operations” means, with respect to the REIT Guarantor and its Subsidiaries, on a consolidated basis, net income calculated in accordance with GAAP, excluding gains (or losses) from sales of property, plus
real estate depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures (with adjustments for unconsolidated partnerships and joint ventures calculated to
reflect funds from operations on the same basis), as more fully described in the REIT Guarantor’s reports and statements filed with the SEC. 
  
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the 

  

 15 

 
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
  
 “Governmental Authority” means any nation or government, any
state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government. 
  
 “Ground Lease” means any lease of land under which the tenant (a) is the fee owner of the improvements thereon and the ground lessee of the land; and (b) assumes all responsibility for the payment of all obligations
relating to the leased property and the improvements thereon. 
  
 “Ground Lease Property” means any Real Property or Unimproved Land subject to a Ground Lease. 
  
 “Guarantee” means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee
in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income
or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person; provided, however, that the term “Guarantee” shall not include (y) endorsements for deposit or collection in the Ordinary Course of Business, or
(z) stand-by letter of credit obligations and completion guarantees described in the definition of “Contingent Obligations.” The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. The term “Guarantee” as a verb has a corresponding meaning. 
  
 “Guarantor” means each Person that is a party to a Guaranty, including (a) on the Closing Date, each Borrower; (b) on the Closing Date, SF Pacific Properties Inc., a Delaware corporation, CCG Ontario,
LLC, a Delaware limited liability company, Catellus Residential Group, Inc., a California corporation, Santa Fe Bayfront Venture, a California general partnership, Catellus Westminster Company, LLC, a Delaware limited liability company, and Plato
REIT, LLC, a Delaware limited liability company; (c) as of the REIT Conversion Date, the REIT Guarantor; (d) as of the REIT Conversion Date, each Material Subsidiary and owner of Unencumbered Pool Property that has not already executed a Guaranty
(subject to the limitations 

  

 16 

 
set forth in clause (i) of Section 6.12(c)); and (e) each other Person that becomes a party to a Guaranty pursuant to Section 6.12
(subject to the limitations set forth in clause (i) of Section 6.12(c)). 
  
 “Guaranty” means each Guaranty made by each Guarantor in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit F(1) (with respect to the Guaranty of the REIT
Guarantor to be executed as of the REIT Conversion Date), or substantially in the form of Exhibit F(3) (with respect to the Guaranty of each Borrower to be executed on the Closing Date), or substantially in the form of Exhibit F(2)
(with respect to the Guaranty of each other Guarantor to be executed on the Closing Date or on any date thereafter). 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
  
 “Indebtedness” means, as
to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
  

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments; 
  
 (b)
all obligations of such Person arising under commercial letters of credit; 
  
 (c) all obligations of such Person arising under bankers’ acceptances, bank guaranties and similar instruments excluding, however, those items described in the definition of “Contingent
Obligations,” as defined in Schedule 7.11); 
  
 (d) net obligations of such Person under any Swap Contract; 
  
 (e) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
Ordinary Course of Business); 
  
 (f)
indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse; 
  
 (g) capital leases and Synthetic Lease Obligations; 
  
 (h) the book value of any bonds issued under a Permitted Bond Transaction and held by a Person, other than a Loan Party; 
  
 (i) all obligations of such Person under financing or borrowing arrangements secured by, or linked to, the
obligation to such Person to issue Capital Stock in the future, but excluding employee stock options, convertible debentures and notes issued by such Person, or 

  

 17 

 
the conversion rights of the holders of limited partnership units of the OP Borrower into shares of the REIT Guarantor; and 
  
 (j) all Guarantees of such Person in respect of any of the
foregoing, excluding, however, any such completion guarantees which constitute “Contingent Obligations,” as defined in Schedule 7.11. 
  
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless and to the extent such Indebtedness is expressly made non-recourse to, or otherwise capped with respect to, such Person.
The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the
amount of Attributable Indebtedness in respect thereof as of such date. 
  
 “Indemnified Liabilities” has the meaning set forth in Section 10.05. 
  
 “Indemnitees” has the meaning set forth in Section 10.05. 
  
 “Initial Term” means the period from and including the Closing Date to September 15, 2006. 
  
 “Intercompany Notes Receivable” means any Notes Receivable
under which a Loan Party or a Subsidiary is the obligor, payor or borrower and a Loan Party or a Subsidiary is the holder, payee or lender. 
  
 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such
Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be
Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each calendar month and the Maturity Date. 
  
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or
converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected by any Borrower in its Committed Loan Notice; provided that: 
  
 (a) any Interest Period that would otherwise end on a day
that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
  
 (b) any Interest Period that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

  

 18 

 (c) no Interest Period shall extend beyond the Maturity Date. 
  
 “Investment” means any direct or indirect acquisition or
investment in any other Person or in the Indebtedness of such Person, whether by means of (a) the purchase or other acquisition of Capital Stock, partnership interests or other securities of or equity interests in such Person; (b) a loan, advance or
capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, such Person, including any partnership or joint venture interest in such Person; (c) the purchase
or acquisition of any Indebtedness of such Person, including any such Indebtedness secured by real or personal property, such as a mortgage-backed note; or (d) the purchase or other acquisition (in one transaction or a series of transactions) of
assets of such Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be book value of such Investment, in accordance with GAAP. 
  
 “Investment Affiliate” means a Person in which any Loan Party directly or indirectly, has a capital
Investment of no less than 10% of the aggregate capital investment of such Person. 
  
 “IRS” means the United States Internal Revenue Service. 
  
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 
  
 “L/C Advance” means, with respect to each Lender, such
Lender’s funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share. 
  
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the
date when made or refinanced as a Committed Borrowing. 
  
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof. 
  
 “L/C Issuer” means Bank of America in its capacity as issuer
of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. 
  
 “L/C Obligations” means, as at any date of determination, the aggregate undrawn amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C
Borrowings. 
  
 “Lease-Up Property” means any
Real Property not subject to a Ground Lease that has been Completed, but less than 70% of the improvements therein are occupied by tenants, under written leases, who have commenced paying rent. 
  

 19 

 “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the L/C Issuer and the Swing Line Lender. 
  
 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify
the Borrowers and the Administrative Agent. 
  
 “Letter of
Credit” means any letter of credit issued hereunder. A Letter of Credit may be a direct pay letter of credit or a standby letter of credit. 
  
 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from
time to time in use by the L/C Issuer. 
  
 “Letter of
Credit Expiration Date” means the day that is not later than 30 days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 
  
 “Letter of Credit Sublimit” means an amount equal to
$50,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 
  
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as
any of the foregoing). 
  
 “Loan” means an
extension of credit by a Lender to a Borrower under Article II in the form of a Committed Loan or a Swing Line Loan. 
  
 “Loan Document Assumption and Affirmation” means an assumption and affirmation of this Agreement and each other Loan Document to be
executed by each Borrower, the REIT Guarantor and each other Loan Document Party as of the REIT Conversion Date, substantially in the form of Exhibit K hereto. 
  
 “Loan Document Parties” means, collectively, the OP Borrower, the TRS Borrower, each Guarantor and each
other Subsidiary that is a party to a Loan Document. 
  
 “Loan Documents” means this Agreement, each Note, each Letter of Credit Application, each Letter of Credit, the Fee Letter, each Pledge Agreement, each Guaranty, each Request for Credit Extension, any Loan Document
Assumption and Affirmation, and any document, instrument or agreement from time to time executed by any Loan Party or any Subsidiary thereof and delivered in connection with this Agreement. 
  
 “Loan Parties” means, collectively, the OP Borrower, the TRS
Borrower, and each Guarantor. 
  
 “Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, condition (financial or otherwise) or prospects 

  

 20 

 
of (i) the Borrowers and the REIT Guarantor, taken as a whole, or (ii) the Loan Parties, taken as a whole, or (iii) the Loan Document Parties and the
Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Document Party to perform its Obligations; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Document
Party of any Loan Document to which it is a party. 
  
 “Material Defect” means, with respect to a material portion of the improvements upon any Real Property or any parking facility used in connection therewith, any Condemnation, any material damage, deficiency or structural
defect, including any such damage caused by fire, earthquake, flood or other casualty, any construction defect, any defect or deficiency caused by deferred maintenance, any significant violations of building or safety codes, or the lack of access to
or availability of adequate water, gas, telephone, electrical supply, storm and sanitary sewage facilities and means of access to and from public streets or highways. For the purposes of this definition, a “Material Defect” is one that
would diminish the fair market value of such Real Property by 15% from the fair market value of the same Real Property, without such Material Defect. 
  
 “Material Subsidiary” means (a) any direct or indirect Subsidiary of any Borrower, or (b) any direct or indirect Subsidiary of the REIT
Guarantor (other than any Borrower) as to which the Borrowers’ and the REIT Guarantor’s aggregate pro rata share of the consolidated assets of such Subsidiary (as reflected on the GAAP-prepared financial statements of such Subsidiary)
exceeds $25,000,000 as of the end of any fiscal quarter, with “pro rata” share being the Borrowers’ and the REIT Guarantor’s aggregate effective direct or indirect percentage ownership of the capital investment in such
Subsidiary. 
  
 “Maturity Date” means the later
of (a) September 15, 2006 and (b) if maturity is extended pursuant to Section 2.14, such extended maturity date as determined pursuant to such Section. 
  

“Mission Bay Block 28” means the Real Property located at 10 Terry A. Francois Boulevard, AKA 550 Terry A. Francois Boulevard, San
Francisco, California. 
  
 “Moody’s” means
Moody’s Investors Service, Inc. and any successor thereto. 
  
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding
five plan years, has made or been obligated to make contributions. 
  
 “Non-Recourse Indebtedness” means, with respect to any Person, Indebtedness of that Person with respect to which recourse to such Person for payment is contractually limited to specific assets encumbered by a Lien securing
such Indebtedness. Notwithstanding the foregoing, Indebtedness of any Person shall not fail to constitute Non-Recourse Indebtedness by reason of the inclusion in any document evidencing, governing, securing or otherwise relating to such Indebtedness
to the effect that such Person shall be liable, beyond the assets securing such Indebtedness, for (a) misapplied moneys, including insurance and condemnation proceeds and security deposits, (b) liabilities (including environmental liabilities) of
the holders of such Indebtedness and their affiliates to third parties, (c) breaches of customary representations and 

  

 21 

 
warranties given to the holders of such Indebtedness, (d) commission of waste with respect to any part of the collateral securing such Indebtedness, (e)
recovery of rents, profits or other income attributable to the collateral securing such Indebtedness collected more than one month in advance of the due date thereof, or following a default, (f) fraud, gross negligence or willful misconduct, (g)
breach of any covenants regarding compliance with ERISA; (h) the filing of a voluntary bankruptcy; (i) enforcement costs in excess of the costs of an uncontested foreclosure; and (j) the failure to pay taxes resulting in a Lien on the collateral
securing such Indebtedness. 
  
 “Note” means a
promissory note made by a Borrower in favor of a Lender evidencing Loans made by such Lender to such Borrower, substantially in the form of Exhibit C. 
  
 “Notes Receivable” means any negotiable instrument or other writing that evidences a right to the payment of a monetary obligation and
that is not itself a security agreement or a lease and that is of a type that, in the ordinary course of business, is transferred by delivery of an endorsement or assignment. 
  
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan
Document Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Document Party any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding. 
  
 “OP
Borrower” means (a) before the REIT Conversion Date, Catellus Development Corporation, a Delaware corporation; and (b) after the REIT Conversion Date, the Post-REIT Conversion Borrower. 
  
 “Ordinary Course of Business” means, in respect of any
transaction involving a Person, the ordinary course of such Person’s business, substantially as intended to be conducted currently by any such Person as of the Closing Date or the REIT Conversion Date and as contemplated under Section
7.07, and undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Contractual Obligation of such Person. For purposes of clarification, any business or activity constituting “Ordinary
Course of Business” as defined hereunder for any Loan Party or Subsidiary shall also constitute “Ordinary Course of Business” for each other Loan Party and Subsidiary. 
  
 “Organization Documents” means, (a) with respect to any
corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles
of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or 

  

 22 

 
organization and, if applicable, any certificate or articles of formation or organization of such entity. 
  
 “Outstanding Amount” means (i) with respect to Committed
Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and
(ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of
such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 
  
 “Participant” has the meaning specified in Section
10.07(d). 
  
 “PBGC” means the Pension
Benefit Guaranty Corporation. 
  
 “Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Borrower or any ERISA Affiliate or to
which any Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding
five plan years. 
  
 “Permitted Bond
Transactions” means the issuance of revenue bonds by a public or governmental entity pursuant to which such public or governmental entity (a) acquires real property (the “Project”) of a Loan Party or Subsidiary with bond
proceeds, (b) leases such Project to a Loan Party or Subsidiary at a rental sufficient to pay debt service on such revenue bonds, and (c) pledges, mortgages or otherwise encumbers such Project and the revenues therefrom to the holders of the revenue
bonds, as security for repayment of such revenue bonds. 
  
 “Permitted Contest” means the contest by any Person (the “Obligee”) of the payment of any taxes, assessments or other governmental charges, or charges of suppliers, carriers, warehousemen, mechanics,
materialmen, repairmen or similar charges arising in the Ordinary Course of Business (“Charges”), and any contest of a Lien under Section 6.04(b), provided that (a) the contest of any such Charges or Lien is conducted by the
Obligee in good faith, by appropriate proceedings; (b) adequate reserves with respect to such contest are maintained on the books of the Obligee, in accordance with GAAP; (c) such contest is maintained and prosecuted continuously and with diligence
and operates to suspend collection or enforcement of such Lien or such Charges and any Lien in respect thereof, (d) no Collateral, Unencumbered Pool Property or other material portion of any other property of the Obligee becomes subject to a Lien or
becomes subject to forfeiture or loss as a result of such contest, (e) the Obligee promptly pays or discharges all contested Liens and Charges and delivers to the Administrative Agent evidence reasonably acceptable to the Administrative Agent of
such compliance, payment or discharge, if and when such contest is terminated or discontinued adversely to such Obligee or the conditions set forth in clauses (a) through (d) above are no longer met; and (f) the Administrative Agent
has not advised the OP Borrower in writing that the Administrative Agent reasonably believes that 

  

 23 

 
the nonpayment or nondischarge of such Charges or Lien by the Obligee is reasonably expected to have or result in a Material Adverse Effect. 
  
 “Permitted Liens” means: 
  
 (a) Liens granted to the Administrative Agent pursuant to
any Loan Document; 
  
 (b) Liens for taxes,
assessments and other governmental charges not yet delinquent or which are being contested pursuant to a Permitted Contest; 
  
 (c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the Ordinary
Course of Business which are not overdue for a period of more than 30 days or which are being contested pursuant to a Permitted Contest; 
  
 (d) pledges or deposits in the Ordinary Course of Business in connection with workers’ compensation, unemployment insurance and other
similar legislation, other than any Lien imposed by ERISA; 
  
 (e) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and
other obligations of a like nature incurred in the Ordinary Course of Business; 
  
 (f) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 
  
 (g) liens, assessments and other encumbrances in favor of
governmental taxing authorities, such as Community Facility Districts or other Mello Roos type assessment and/or tax districts, burdening specific items of real property; 
  
 (h) leases and Ground Leases entered into in the Ordinary Course of Business, including any purchase options
granted to lessees under such leases and Ground Leases; and 
  
 (i) Liens in favor of a Loan Party, as the holder of the revenue bonds issued under an Eligible Bond Transaction, securing the repayment obligations of such revenue bonds. 
  
 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) maintained by any Borrower or, with
respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
  
 “Pledge Agreement” means each pledge agreement or accession agreement to each pledge agreement in favor of the Administrative Agent,
executed by each Loan Party and 

  

 24 

 
Subsidiary, if and as required under Section 6.12(b) or Section 6.13, substantially in the form of Exhibit I(1) attached hereto or, with
respect to the pledge of any Intercompany Notes Receivable, substantially in the form of Exhibit I(2) attached hereto. 
  
 “Post-REIT Conversion Borrower” means Catellus Operating Limited Partnership, a Delaware limited partnership, the entity into which the
Pre-REIT Conversion Borrower will merge, which entity will be the surviving entity of such merger and will succeed to and continue the business of the Pre-REIT Conversion Borrower. 
  
 “Post-REIT Conversion Net Offering Proceeds” means all cash proceeds received by the REIT Guarantor on or
after the REIT Conversion Date, as a result of the sale of common, preferred or other classes of stock in the REIT Guarantor, minus (i) attorneys’ fees and disbursements, (ii) accountants’ fees, (iii) underwriters’ or placement
agents’ fees, discounts or commissions, (iv) brokerage, consultants’ and other fees, (v) printing, registration and related expenses, (vi) proceeds received from stock issued as a result of employees exercising stock options under an
employee stock option plan, and (vii) other customary fees and expenses, in each case, actually incurred in connection with such sale. 
  
 “Pre-REIT Conversion Borrower” means Catellus Development Corporation, a Delaware corporation, corporation identification number 2049941.

  
 “Pre-REIT Conversion Net Offering Proceeds”
means all cash proceeds received by the Borrower before the REIT Conversion Date and after March 31, 2002, as a result of the sale of common, preferred or other classes of stock in the OP Borrower, minus (i) attorneys’ fees and disbursements,
(ii) accountants’ fees, (iii) underwriters’ or placement agents’ fees, discounts or commissions, (iv) brokerage, consultants’ and other fees, (v) printing, registration and related expenses, in each case, actually incurred in
connection with such sale, (vi) proceeds received from stock issued as a result of employees exercising stock options under an employee stock option plan, and (vii) other customary fees and expenses, in each case, actually incurred in connection
with such sale. 
  
 “Pro Rata Share” means, with
respect to each Lender at any time, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitment of such Lender at such time and the denominator of which is the amount of the
Aggregate Commitments at such time; provided that if the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, then the Pro Rata Share
of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. The initial Pro Rata Share of each Lender is
set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
  
 “Real Property” means any real estate that is improved or is under Development to be improved with one or
more office, industrial buildings, retail buildings, business parks, multifamily apartment buildings, or a mix of any such improvements, but excluding any Unimproved Land. 
  

 25 

 “Recourse Indebtedness” means any Indebtedness of a Person that is not Non-Recourse
Indebtedness. 
  
 “Register” has the meaning set
forth in Section 10.07(c). 
  
 “REIT”
means a real estate investment trust as defined in Section 856 of the Internal Revenue Code or any successor thereto. 
  
 “REIT Conversion” means the restructuring of Pre-REIT Conversion Borrower, pursuant to which the Pre-REIT Conversion Borrower will merge
with and into the Post-REIT Conversion Borrower, with the Post-REIT Conversion Borrower being the surviving entity of such merger. As of the date of the REIT Conversion, the Post-REIT Conversion Borrower will be 100% owned and controlled by the REIT
Guarantor and, at all times thereafter, the Post-REIT Conversion Borrower will be at least majority-owned and controlled by the REIT Guarantor. 
  
 “REIT Conversion Compliance Certificate” means a certificate of a Responsible Officer of the Post-REIT Conversion Borrower, as of the
REIT Conversion Date, substantially in the form of Exhibit J to this Agreement 
  
 “REIT Conversion Date” means the date that the REIT Conversion is finalized, which shall be the effective date of the merger of the Pre-REIT Conversion Borrower with and into the Post-REIT Conversion
Borrower. 
  
 “REIT Election” means an election
by the REIT Guarantor to be taxed as a REIT, to be filed with the REIT Guarantor’s United States federal income tax return for the taxable year in which the REIT Guarantor intends for such election to become effective. 
  
 “REIT Election Date” means the date that the REIT Guarantor
files its United States federal income tax return which includes the REIT Election. 
  
 “REIT Guarantor” means Catellus SubCo, Inc., a Delaware corporation, that, following consummation of the REIT Conversion will be a publicly traded, New York Stock Exchange listed corporation, that
will directly or indirectly own 100% of the outstanding partnership interests of the Post-REIT Conversion Borrower as of the REIT Conversion Date and will own a majority of the partnership interests of the Post-REIT Conversion Borrower at all times
thereafter, and that will execute a Guaranty of the Obligations effective the REIT Conversion Date. 
  
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period
has been waived. 
  
 “Request for Credit
Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line
Loan, a Swing Line Loan Notice. 
  
 “Required
Lenders” means, as of any date of determination, Lenders having at least 66-2/3% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and 

  

 26 

 
the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate at
least 66-2/3% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
  
 “Responsible Officer” means the chief executive officer,
president, chief financial officer, treasurer, assistant treasurer, controller, or a vice president of strategic planning of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
  
 “S-4” means the Form S-4 of Catellus SubCo, Inc., filed with
the Securities and Exchange Commission on May 2, 2003, as the same may be amended from time to time. 
  
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

  
 “Safe Harbor Transaction” means a transaction
entered into in the Ordinary Course of Business, in which: (a) a Loan Party or a Subsidiary designates certain real property as an exchange property for acquisition by an unaffiliated third-party exchange accommodator entity (a “Tax
Accommodator”) and the Loan Party or a Subsidiary has certain contractual rights with respect to such real property but the Tax Accommodator acquires the ownership interests in such real property, (b) a Loan Party or Subsidiary advances
loan funds on either a secured or an unsecured basis to such Tax Accommodator for the acquisition and improvement of such real property, and (c) within one-hundred eighty days of the acquisition and loan, a Loan Party or Subsidiary utilizes such
real property in the completion of a transaction governed by a Section 1031 Exchange Agreement covering real property owned by a Loan Party or Subsidiary. 
  
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

  
 “Section 1031 Exchange Account” means an
exchange account, established pursuant to a Section 1031 Exchange Agreement, into which the proceeds of sale of Real Property or Unimproved Land have been deposited by any Loan Party, pending completion of an exchange intended to be tax-deferred
under Section 1031 of the Code. 
  
 “Section 1031 Exchange
Agreement” means a written agreement, in form and substance reasonably acceptable to the Administrative Agent, entered into between a Loan Party and a qualified exchange intermediary reasonably acceptable to the Administrative Agent,
providing (a) for the sale of an Real Property or Unimproved Land intended to be tax-deferred under Section 1031 of the Code; and (b) for the return to the applicable Loan Party of the balance held in the Section 1031 Exchange Account upon the
closure of the Section 1031 Exchange Account pursuant to such Section 1031 Exchange Agreement. 
  

 27 

 “Solvent” means, with respect to any Person, that as of the date of determination: (a)
the fair valuation of the sum of such Person’s debt (including contingent liabilities) does not exceed all of its property, at a fair valuation on a going-concern basis; (b) the Person reasonably expects to be able to pay the liabilities on
such Person’s then existing debts as they become absolute and matured; (c) such Person’s capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (d) such Person does not intend to
incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the
amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria
for accrual under Statement of Financial Accounting Standards No. 5). 
  
 “Stabilized Operating Property” means items of Real Property not subject to a Ground Lease that have been Completed, provided that at least 80% of the improvements of all such Completed Real Property, on an aggregate
basis, are occupied by tenants, under written leases, who have commenced paying rent. Notwithstanding the foregoing, from and after receipt of a certificate of occupancy (or other evidence thereof reasonably satisfactory to the Administrative
Agent), any Lease-Up Property must initially be at least 70% occupied by tenants, under written leases, who have commenced paying rent, before such Lease-Up Property may qualify as a Stabilized Operating Property. 
  
 “Subsidiary” of a Person means a corporation, partnership,
joint venture, limited liability company or other business entity of which more than 50% of the shares of Capital Stock or other interests having ordinary voting power for the election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to (a) before the REIT Conversion Date, a direct or indirect Subsidiary or Subsidiaries of the OP Borrower (other than
the TRS Borrower) and, (b) after the REIT Conversion Date, a direct or indirect Subsidiary or Subsidiaries of (i) the OP Borrower (other than the TRS Borrower), (ii) the TRS Borrower, and/or (iii) the REIT Guarantor (other than either Borrower).

  
 “Super Majority-Owned Subsidiary” means a
Subsidiary of any Loan Party, 90% or more of the stock, partnership interests, membership interests or other equity or other beneficial interests (in the case of Persons other than corporations) of which is owned directly or indirectly by any Loan
Party. 
  
 “Swap Contract” means (a) any and all
rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), 

  

 28 

 
whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
  
 “Swap Termination Value” means, in respect of any one or
more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
  
 “Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to
Section 2.04. 
  
 “Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
  
 “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
  
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 
  
 “Swing Line Loan Notice” means a notice of a Swing Line
Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
  
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $25,000,000, and (b) the Aggregate Commitments. The Swing Line Sublimit
is part of, and not in addition to, the Aggregate Commitments. 
  
 “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating
obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
  
 “Taxable REIT Subsidiary” means each corporation other than
a REIT in which the REIT Guarantor directly or indirectly holds stock, and that has made a joint election with the REIT Guarantor to be treated as taxable REIT subsidiary of the REIT Guarantor within the meaning of Section 856(l) of the Code.

  
 “Tax Accommodator” has the meaning as defined
in the definition of “Safe Harbor Transaction.” 
  

 29 

 “The Gap” means The Gap, Inc., a Delaware corporation. 
  
 “The Gap Lease” means that certain lease agreement entered
into between the OP Borrower and The Gap dated as of November 22, 2000, and recorded on April 20, 2001 in the real estate records of the City and County of San Francisco as Instrument No. G933657. 
  
 “Threshold Amount” means $25,000,000. 
  
 “Total Outstandings” means the aggregate Outstanding Amount
of all Loans and all L/C Obligations. 
  
 “TRS
Borrower” means Catellus Land and Development Corporation, a Delaware corporation. 
  
 “Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 
  
 “Unencumbered Pool Property” means any Unencumbered Real Property or Unencumbered Unimproved Land included in the Borrowing Base.

  
 “Unencumbered Property” means any
Unencumbered Real Property or Unencumbered Unimproved Land. 
  
 “Unencumbered Real Property” means any Real Property (including any Ground Lease Property that is Real Property), as to which (a) neither such Real Property, nor any interest in the Person owning such Real Property, is
subject to any Lien (other than Permitted Liens), and (b) the Person owning such Real Property is not subject to any provision in its Organizational Documents or in any agreement or instrument (other than this Agreement or any other Loan Document)
that prohibits or limits the Disposition of, or the creation of any Lien on, such Real Property as security for Indebtedness of the owner of such Real Property. 
  

“Unencumbered Unimproved Land” means any Unimproved Land, as to which (a) neither such Unimproved Land, nor any interest in the Person
owning such Unimproved Land, is subject to any Lien (other than Permitted Liens), and (b) the Person owning such Unimproved Land is not subject to any provision in its Organizational Documents or in any agreement or instrument (other than this
Agreement or any other Loan Document) that prohibits or limits the Disposition of, or the creation of any Lien on, such Unimproved Land as security for Indebtedness of the owner of such Unimproved Land. 
  
 “Unfunded Pension Liability” means the excess of a Pension
Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, based on the actuarial value of the assets and the actuarial accrued liabilities that are used in conjunction with
determining the funding requirements for such Pension Plan reported in such Pension Plan’s annual report for the applicable plan year. 
  
 “Unimproved Land” means any unimproved land not subject to a Ground Lease under which the lessee has commenced paying rent, including
future phases of a partially completed project that is owned in fee simple title by a Person for the purposes of future Development of 

  

 30 

 
Real Property improvements. For the purposes of the foregoing definition, “unimproved” shall include land on which the construction of building
improvements has not commenced or has been discontinued for a period longer than 60 days prior to completion. 
  
 “United States” and “U.S.” mean the United States of America. 
  
 “Unreimbursed Amount” has the meaning set forth in
Section 2.03(c)(i). 
  
 “Unused Fee” has
the meaning set forth in Section 2.9(a). 
  
 “Usage
Percentage” means, for any calendar quarter, a percentage derived from the ratio of (a) the product of the weighted average of the daily Total Outstandings during such calendar quarter, to (b) the Aggregate Commitments. 
  
 “Wholly-Owned Subsidiary” means a Subsidiary of any Loan
Party, 100% of the stock, partnership interests, membership interests or other equity or other beneficial interests (in the case of Persons other than corporations) of which is owned directly or indirectly by any Loan Party. 
  
 “WIP” means any Real Property project not subject to a
Ground Lease under Development by a Loan Party or a Subsidiary, until such Real Property has been Completed. 
  
 1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document: 
  
 (a) The meanings of
defined terms are equally applicable to the singular and plural forms of the defined terms. 
  
 (b) (i) The words “herein,” “hereto,” “hereof” and “hereunder” and
words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
  
 (ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears. 
  
 (iii) The term “including” is by way of
example and not limitation. 
  
 (iv) The term
“documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
  
 (c) In the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.” 
  
 (d) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
  

 31 

 1.03 Accounting Terms. 
  
 (a) All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 
  
 (b) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document,
and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP. 
  
 1.04 Rounding. Any financial ratios required to be maintained by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than
the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
  
 1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization
Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law. 
  
 1.06 Times of Day. Unless
otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable). 
  
 1.07 Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to
mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or the Letter of Credit Application therefor, whether or not such maximum face amount is in effect at such time.

  

 32 

 ARTICLE II. 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
  
 2.01 Committed Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to the Borrowers from time to time,
on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i)
the Total Outstandings shall not exceed the Borrowing Base Availability; and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment and the limits of the Borrowing Base, and subject to
the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as
further provided herein. 
  
 2.02 Borrowings, Conversions and
Continuations of Committed Loans. 
  
 (a)
Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrowers’ irrevocable notice to the Administrative Agent, which may be given by
telephone. Each such notice must be accompanied by a Borrowing Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d) and received by the Administrative Agent not later than 10:00 a.m. (i)
three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Committed Loans, and (ii) one Business Day prior to the requested
date of any Borrowing of Base Rate Committed Loans. Each telephonic notice by any Borrower pursuant to this Section 2.02(b) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice and Borrowing
Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d), each appropriately completed and signed by a Responsible Officer of each Borrower. Each Borrowing of, conversion to or continuation
of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Committed Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrowers are requesting a Committed Borrowing, a conversion of
Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed
Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers
fail to specify a Type of Committed Loan in a Committed Loan Notice or if the Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans. Any
such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrowers request a Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any such Committed Loan Notice, but 

  

 33 

 
fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 
  
 (b) Following receipt of a Committed Loan Notice and
Borrowing Base Certificate, the Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata Share of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrowers, the
Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan
available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 11:00 a.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable
conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the OP Borrower or the TRS Borrower, as requested in
the Committed Loan Notice, in like funds as received by the Administrative Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in
accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the applicable Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by
the Borrowers, there are Swing Line Loans or L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, first, to the payment in full of any such L/C Borrowings, second, to the payment in full of any such Swing
Line Loans, and third, to the applicable Borrower specified in the Committed Loan Notice, as provided above. 
  
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 
  
 (d) The Administrative Agent shall promptly notify the
Borrowers and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent shall be conclusive in the
absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrowers and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following
the public announcement of such change. 
  
 (e)
After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than seven Interest Periods in effect with respect to
Committed Eurodollar Rate Loans. 
  

 34 

 2.03 Letters of Credit. 
  
 (a) The Letter of Credit Commitment. 
  
 (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the
agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the OP
Borrower or the TRS Borrower, as specified in the Letter of Credit Application, and to amend or renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Letters of Credit; and
(B) the Lenders severally agree to participate in Letters of Credit issued for the account of the OP Borrower or the TRS Borrower, as applicable; provided that the L/C Issuer shall not be obligated to make any L/C Credit Extension with
respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings would exceed the Borrowing Base Availability, (y) the aggregate
Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans
would exceed such Lender’s Commitment, or (z) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to
obtain Letters of Credit shall be fully revolving, and accordingly any Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 
  
 (ii) The L/C Issuer shall be under no obligation to issue
any Letter of Credit if: 
  
 (A) any order,
judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer
any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; 
  
 (B) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than 12 months after the
date of issuance or last renewal, unless the Required Lenders have approved such expiry date; 
  
 (C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders
have approved such expiry date; 
  

 35 

 (D) the issuance of such Letter of Credit would violate one or more policies of the L/C
Issuer; or 
  
 (E) such Letter of Credit is in
an initial amount less than $10,000, in the case of a standby Letter of Credit, or $5,000,000, in the case of a direct pay Letter of Credit, or is to be denominated in a currency other than Dollars. 
  
 (iii) The L/C Issuer shall be under no obligation to amend
any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to
such Letter of Credit. 
  
 (b)
Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of Credit. 
  
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower for whom the Letter
of Credit is issued, delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the such Borrower, accompanied by a Borrowing
Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d), executed by each Borrower. Such Letter of Credit Application and Borrowing Base Certificate must be received by the L/C Issuer and
the Administrative Agent not later than 10:00 a.m. at least three Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as
the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of
Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full
text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D)
such other matters as the L/C Issuer may require. 
  
 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application
from either Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in
accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the requesting Borrower or enter into the applicable amendment, as the case
may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and 

  

 36 

 
hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the
product of such Lender’s Pro Rata Share times the amount of such Letter of Credit. 
  
 (iii) If either Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute
discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any such Auto-Renewal Letter of Credit must permit the L/C Issuer to prevent
any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”)
in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the applicable Borrower shall not be required to make a specific request to the L/C Issuer for any such
renewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Letter of Credit at any time to an expiry date not later than the
Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such renewal if (A) the L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its renewed
form under the terms hereof (by reason of the provisions of Section 2.03(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Nonrenewal
Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (2) from the Administrative Agent, any Lender or the applicable Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied or waived in accordance with the terms hereof. 
  
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto
or to the beneficiary thereof, the L/C Issuer will also deliver to the applicable Borrower requesting such Letter of Credit or amendment and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 
  
 (c) Drawings and Reimbursements; Funding of
Participations. 
  
 (i) Upon receipt from the
beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the applicable Borrower and the Administrative Agent thereof. On the later of (A) 11:00 a.m. on the date of any payment by the
L/C Issuer under a Letter of Credit or (B) one hour after any payment by the L/C Issuer under a Letter of Credit on the date of any payment (each such date, an “Honor Date”), the applicable Borrower that requested such Letter of
Credit shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If such Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender
of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Pro Rata Share thereof. In such event, the applicable Borrower shall be deemed to have requested a Committed
Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to
the amount of the unutilized portion of the Aggregate 

  

 37 

 
Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or
the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice. 
  
 (ii) Each Lender (including
the Lender acting as L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Pro
Rata Share of the Unreimbursed Amount not later than 10:00 a.m. on the next Business Day succeeding the date of such notice, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be
deemed to have made a Base Rate Committed Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 
  

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the
conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the applicable Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so
refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant
to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

  
 (iv) Until each Lender funds its Committed
Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount shall be solely for the account of the
L/C Issuer. 
  
 (v) Each Lender’s obligation
to make Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, any Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to the conditions
set forth in Section 4.02 (other than delivery by the OP Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower requesting the applicable Letter of Credit to
reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under such Letter of Credit, together with interest as provided herein. 
  
 (vi) If any Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by
such Lender pursuant to the 

  

 38 

 
foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from
such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per
annum equal to the Federal Funds Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent
manifest error. 
  
 (d) Repayment of
Participations. 
  
 (i) At any time after the
L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of
the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from any Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received
by the Administrative Agent. 
  
 (ii) If any
payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such
demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. 
  
 (e) Obligations Absolute. The obligation of the Borrower that requested a Letter of Credit to reimburse the L/C Issuer for
each drawing under such Letter of Credit and to repay each L/C Borrowing under such Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances,
including the following: 
  
 (i) any lack of
validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto; 
  
 (ii) the existence of any claim, counterclaim, set-off, defense or other right that such Borrower, any other Loan Party or any Subsidiary
may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
  
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 
  

 39 

 (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a
draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for
the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

 
 (v) any other circumstance or happening whatsoever,
whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, such Borrower, any other Loan Party or any Subsidiary. 
  
 The Borrower requesting a Letter of Credit shall promptly examine a copy of
such Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s instructions or other irregularity, such Borrower will immediately notify the L/C Issuer. The Borrower
requesting a Letter of Credit shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 
  
 (f) Role of L/C Issuer. Each Lender and each Borrower agrees that, in paying any drawing under
a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy
of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, any Agent-Related Person nor any of the respective correspondents, participants or assignees of the L/C Issuer shall be liable to
any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. Each Borrower hereby assume all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude such Borrower’s pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of the L/C Issuer, shall be liable or responsible for
any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower requesting a Letter of Credit may have a
claim against the L/C Issuer, and the L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit requested by such Borrower after the presentation to it by the beneficiary of a sight draft and certificate(s)
strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the 

  

 40 

 
foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
  
 (g) Cash Collateral. Upon the request of the Administrative Agent, (i) if the L/C Issuer has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Borrowing which the applicable Borrower has not repaid to the L/C Issuer in accordance with the provisions under Section 2.03(c)(iii) following demand therefor, or
(ii) if, as of the Letter of Credit Expiration Date, any Letter of Credit may for any reason remain outstanding and partially or wholly undrawn, the applicable Borrower shall immediately Cash Collateralize the then Outstanding Amount of all L/C
Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be). For purposes hereof, “Cash Collateralize” means to pledge and
deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the L/C Issuer (which documents are hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. Each Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and
the Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash collateral shall be maintained in blocked, non-interest bearing deposit accounts at the Administrative Agent.

  
 (h) Applicability of ISP98.
Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law &
Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each Letter of Credit. 
  
 (i) Letter of Credit Fees. The Borrower requesting a Letter of Credit shall pay to the Administrative Agent for the account of each
Lender in accordance with its Pro Rata Share a Letter of Credit fee for each Letter of Credit so requested, equal to the Applicable Rate times the daily maximum amount available to be drawn under such Letter of Credit (whether or not such
maximum amount is then in effect under such Letter of Credit). Such letter of credit fees shall be computed on a quarterly basis in arrears. Such letter of credit fees shall be due and payable on the first Business Day after the end of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any
quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 
  
 (j) Fronting Fee and Documentary and Processing Charges
Payable to L/C Issuer. Each Borrower requesting a Letter of Credit shall pay directly to the L/C Issuer for its 

  

 41 

 
own account a fronting fee with respect to each Letter of Credit so requested in the amount of $1,000 per annum, payable annually in advance. In addition,
each Borrower shall pay for each draw permissible under a direct pay Letter of Credit, a drawing fee in the amount of $250. 
  
 (k) Conflict with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Letter
of Credit Application, the terms hereof shall control. 
  
 2.04
Swing Line Loans. 
  
 (a) The Swing
Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees to make loans (each such loan, a “Swing Line Loan”) to the OP Borrower from time to time on any Business Day during the Availability Period
in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount of Committed Loans and L/C
Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the
Borrowing Base Availability, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata
Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and provided, further, that the OP Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing
Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the OP Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line
Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan
in an amount equal to the product of such Lender’s Pro Rata Share times the amount of such Swing Line Loan. 
  
 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the OP Borrower’s irrevocable notice to the Swing Line
Lender and the Administrative Agent, which may be given by telephone by the OP Borrower. Each such notice must be accompanied by a Borrowing Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section
4.02(d) and received by the Swing Line Lender and the Administrative Agent not later than 10:00 a.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested
borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrowers. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice and Borrowing Base Certificate, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in
writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has
received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) 

  

 42 

 
prior to 11:00 a.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the
limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied or waived in accordance with the terms hereof, then,
subject to the terms and conditions hereof, the Swing Line Lender will, not later than 12:00 noon on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the OP Borrower at the office of
the OP Borrower by crediting the account of the OP Borrower on the books of the Swing Line Lender in immediately available funds. 
  
 (c) Refinancing of Swing Line Loans. 
  
 (i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the OP Borrower (which hereby
irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Loans then outstanding. Such request
shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the OP Borrower with a copy of the applicable Committed
Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Pro Rata Share of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately
available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 10:00 a.m. on the next Business Day after the delivery of the Committed Loan Notice hereunder, whereupon, subject to Section
2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the OP Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 
  
 (ii) If for any reason any Swing Line Loan cannot be
refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that
each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in
respect of such participation. 
  
 (iii) If any
Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Lender (through 

  

 43 

 
the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 
  
 (iv) Each Lender’s obligation to make Committed Loans
or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense
or other right which such Lender may have against the Swing Line Lender, the OP Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02. No such funding of
risk participations shall relieve or otherwise impair the obligation of the OP Borrower to repay Swing Line Loans, together with interest as provided herein. 
  

(d) Repayment of Participations. 
  
 (i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any
payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Pro Rata Share of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such
Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender. 
  
 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be
returned by the Swing Line Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Pro
Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand
upon the request of the Swing Line Lender. 
  
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the OP Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation
pursuant to this Section 2.04 to refinance such Lender’s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender. 
  
 (f) Payments Directly to Swing Line Lender. The OP
Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
  
 2.05 Prepayments. 
  
 (a) Each Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in
whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later 

  

 44 

 
than 10:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Committed
Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Committed Loans shall be in a principal amount of $500,000 or
a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid.
The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. If such notice is given by any Borrower, the applicable Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts
required pursuant to Section 3.05. Each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Pro Rata Shares. 
  
 (b) The OP Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at
any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 10:00 a.m.
on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000 or, if less, the entire principal amount of such outstanding Swing Line Loans. Each such notice shall specify the date and amount of such
prepayment. If such notice is given by the OP Borrower, the OP Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 
  
 (c) If for any reason the Total Outstandings at any time
exceed the Borrowing Base Availability then in effect, the Borrowers shall immediately prepay Loans and Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrowers shall not
be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless, after the prepayment in full of the Committed Loans and Swing Line Loans, the Total Outstandings exceed the Borrowing Base Availability then in
effect. 
  
 (d) If the Borrowers (i) fail to
satisfy each of the conditions precedent set forth in Section 4.03 on or before the REIT Conversion Date, or (ii) fail to satisfy each of the conditions precedent set forth in Section 4.04 on or before the REIT Election Date, which
conditions have not been waived by the Administration Agent and the Required Lenders, (A) the Administrative Agent may, or shall upon the request of the Requisite Lenders, declare the commitment of each Lender to make Loans and any obligation of the
L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligations shall be terminated; and (B) upon the occurrence of the events described in the foregoing clause (A), the Borrowers shall immediately prepay
all Loans and Cash Collateralize all L/C Obligations (in an amount equal to the then Outstanding Amount thereof). 
  
 2.06 Termination or Reduction of Commitments. The OP Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or
from time to time 

  

 45 

 
permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 10:00
a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the OP Borrower shall not terminate
or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Borrowing Base Availability, and (iv) if, after giving effect to any reduction of the Aggregate
Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the
Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All Unused Fees accrued until the
effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
  
 2.07 Repayment of Loans. 
  
 (a) The Borrowers shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such
date. 
  
 (b) The OP Borrower shall repay each
Swing Line Loan on the earlier to occur of (i) the date three Business Days after such Loan is made and (ii) the Maturity Date. 
  
 2.08 Interest. 
  
 (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Base Rate plus the Applicable Rate. 
  
 (b) If any amount payable by any of the Borrowers under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Furthermore, while any Event of Default exists, each Borrower shall pay interest on
the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
  
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
  

 46 

 2.09 Fees. In addition to certain fees described in clauses (i) and (j) of
Section 2.03: 
  
 (a) Unused
Fee. The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Pro Rata Share, an unused fee (the “Unused Fee”) equal to the Applicable Unused Fee Rate times the
actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations. The Unused Fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met or waived in accordance with the terms hereof, and shall be due and payable quarterly in arrears on the first Business Day of each April, July, October
and January (with respect to such Unused Fee accruing during for the immediately preceding quarter), commencing with the first such date to occur after the Closing Date, and on the Maturity Date. The Unused Fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Unused Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Unused Fee Rate separately for each period during such quarter that such Applicable
Unused Fee Rate was in effect. 
  
 (b) Other
Fees. (i) The Borrowers shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever. 
  
 (ii)
The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

  
 2.10 Computation of Interest and Fees. All computations
of interest for Base Rate Loans when the Base Rate is determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees
and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on
which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section
2.12(a), bear interest for one day. 
  
 2.11 Evidence of
Debt. 
  
 (a) The Credit Extensions made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of the 

  

 47 

 
Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender to the Borrowers made
through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to the Borrowers in addition to such accounts or records. Each Lender
may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
  
 (b) In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain
in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 
  
 2.12 Payments Generally. 
  
 (a) All payments to be made by the Borrowers shall be made
without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 11:00 a.m. on the date specified herein. If received before 11 a.m. on a Business Day, the Administrative
Agent will distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office on the same Business Day, otherwise the
Administrative Agent will distribute such funds on the next Business Day. All payments received by the Administrative Agent after 11:00 a.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue. 
  
 (b) If any payment to be
made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
  
 (c) Unless any Borrower or any Lender has notified the
Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that such Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that such
Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment
was not in fact made to the Administrative Agent in immediately available funds, then: 
  
 (i) if any Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of
such assumed 

  

 48 

 
payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the
date such amount was made available by the Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and 
  
 (ii) if any Lender failed to make such payment, such Lender
shall forthwith on demand pay to the Administrative Agent the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to any Borrower to
the date such amount is recovered by the Administrative Agent (the “Compensation Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Committed Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a
demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable
Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or any Borrower may have against any Lender as a result of any default by such
Lender hereunder. 
  
 A notice of the Administrative Agent to any
Lender or Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error. 
  
 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender to any Borrower as provided in
the foregoing provisions of this Article II, and such funds are not made available to such Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or
waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest, subject, however, to the Borrowers’ obligations under Section
3.05 hereof. 
  
 (e) The obligations of the
Lenders hereunder to make Committed Loans and to fund participations in Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to make any Committed Loan or to fund any such participation on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan or purchase its participation. 
  
 (f) Nothing herein shall be deemed to obligate any Lender to
obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
  
 2.13 Sharing of Payments. If, other than as expressly provided
elsewhere herein, any Lender shall obtain on account of the Committed Loans made by it, or the participations in L/C 

  

 49 

 
Obligations or in Swing Line Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in
excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Committed Loans made by
them and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Committed Loans or
such participations, as the case may be, pro rata with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in
Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid
therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of
any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. Each Borrower agrees that any Lender so purchasing a participation from another Lender may, to the
fullest extent permitted by law, exercise all its rights of payment (including the right of set-off, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in the
amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will in each case notify the Lenders following any
such purchases or repayments. Each Lender that purchases a participation pursuant to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with
respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. 
  
 2.14 Extension of Maturity Date. 
  
 The OP Borrower shall have the right to exercise one option to extend the Maturity Date then in effect (such existing Maturity Date being the
“Extension Effective Date”), for an additional term of twelve months, provided that each of the following conditions precedent are met: 
  
 (a) the OP Borrower delivers to the Administrative Agent (which shall promptly notify the Lenders) a request for such extension (an
“Extension Request”) not earlier than 90 days and not later than 60 days prior to the Extension Effective Date; 
  
 (b) at the time that the OP Borrower delivers the Extension Request to the Administrative Agent and as of the Extension Effective Date, no
Default has occurred and is continuing; 
  
 (c)
on the Extension Effective Date, the Borrowers pay to the Administrative Agent, for the account of each Lender in accordance with its Pro Rata Share, an extension fee (the “Extension Fee”) in an amount equal to 0.25% times the
Aggregate Commitment outstanding as of the date of the Extension Request; 
  

 50 

 (d) the Borrowers deliver to the Administrative Agent a certificate of the Borrowers,
dated as of the Extension Effective Date (in sufficient copies for each Lender), signed by a Responsible Officer of each Borrower, certifying that, before and after giving effect to such extension, (i) the representations and warranties contained in
Article V and the other Loan Documents are true and correct on and as of the Extension Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and
correct as of such earlier date, and except that for purposes of this Section 2.14, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (ii) no Default exists. 
  
 This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary. 
  
 2.15 Increase in Commitments. 
  
 (a) Provided no Default exists, upon notice to the
Administrative Agent (which shall promptly notify the Lenders), the OP Borrower may no more than three times during the Initial Term, request an increase in the Aggregate Commitments by an amount not less than $10,000,000 for any individual request,
and not exceeding $100,000,000 in the aggregate for all such requests, provided that, in any event, the Aggregate Commitments shall not exceed $300,000,000 at any time. At the time of sending such notice, the OP Borrower (in consultation with
the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding within
such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify the OP Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a
requested increase, the OP Borrower may also invite additional Eligible Assignees to become Lenders upon execution of a supplemental signature page to this Agreement substantially in the form of Exhibit L. Each Borrower shall execute and
deliver such amendments to the Loan Documents and other documents and certificates, including a new Note in favor of any additional Eligible Assignee, and the Borrowers shall pay such additional upfront fees, arrangement fees and other fees, as may
be mutually agreed between the Borrowers, the Administrative Agent and such additional Eligible Assignees (it being understood that any such fees shall not be required to be ratable). 
  
 (b) If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent and
the OP Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the OP Borrower and the Lenders of the final allocation of
such increase and the Increase Effective Date. As a condition precedent to such increase, the OP Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for
each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of the Borrowers, certifying that, before and
after 

  

 51 

 
giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and
as of the Extension Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section
2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01, and (B) no Default exists. The Borrowers shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep
the outstanding Committed Loans ratable with any revised Pro Rata Shares arising from any nonratable increase in the Commitments under this Section. 
  
 (c) This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary. 
  
 2.16 Replacement Documentation. Upon receipt of an affidavit of an
officer of the Administrative Agent or any of the Lenders as to the loss, theft, destruction or mutilation of any Note or any other security document which is not of public record, and, in the case of any such loss, theft, destruction or mutilation,
upon surrender and cancellation of such Note or other security document, the Borrowers will issue, in lieu thereof, a replacement Note or other security document in the same principal amount thereof and otherwise of like tenor. 
  
 ARTICLE III. 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 3.01 Taxes. 
  
 (a) Any and all payments by the Borrowers to or for the account of the Administrative Agent or any Lender under any Loan Document shall be
made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of
the Administrative Agent and each Lender, taxes imposed on or measured by its overall net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which the
Administrative Agent or such Lender, as the case may be, is organized or maintains a lending office (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being
hereinafter referred to as “Taxes”). If any Borrower shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to the Administrative Agent or any Lender, (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), each of the Administrative Agent and such Lender receives an amount equal to the sum it
would have received had no such deductions been made, (ii) such Borrower shall make such deductions, (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and
(iv) within 30 days after the date of such payment, such Borrower shall furnish to the Administrative Agent (which shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof or, if such receipts
are not 

  

 52 

 
obtainable, other evidence of such payments by such Borrower reasonably satisfactory to the applicable Lender or the Administrative Agent, as applicable.

  
 (b) In addition, each Borrower agrees to pay
any and all present or future stamp, court or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made by such Borrower under any Loan Document or from the execution, delivery,
performance, enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter referred to as “Other Taxes”). 
  
 (c) Each Borrower agrees to indemnify the Administrative Agent and each Lender for (i) the full amount of Taxes and Other Taxes (including
any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by the Administrative Agent and such Lender, and (ii) any liability (including additions to tax, penalties, interest and expenses) arising
therefrom or with respect thereto (other than such liability directly arising from the gross negligence or willful misconduct of the Administrative Agent or the Lenders), in each case whether or not such Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. Payment under this subsection (c) shall be made within 30 days after the date the Lender or the Administrative Agent makes a demand therefor. 
  
 (d) The Borrowers will not be required to pay any additional
amounts in respect of United States federal income tax pursuant to Section 3.01(a) to any Lender (i) if the obligation to pay such additional amounts arose solely as a result of such Lender’s failure to comply with its obligation under
Section 10.15; or (ii) if, but only to the extent that, at the time such Lender becomes a party to the Agreement such Lender was subject to United States federal withholding taxes on amounts payable pursuant to the terms of this Agreement
(except to the extent that such Lender’s assignor (if any) was entitled, at the time of the assignment, to receive additional amounts from any Borrower with respect to Taxes). 
  
 (e) If the Borrowers are required to pay additional amounts to the account of any Lender pursuant to this
Section 3.01 as a result of a change in law or treaty occurring after such Lender first became a party to this Agreement, then such Lender shall designate a different Lending Office (i) if such designation will avoid the need for the Borrower
to pay such additional amounts which will thereafter accrue, and (ii) will not, in the sole, good faith judgment of such Lender, otherwise be materially disadvantageous or cause unreasonable hardship to such Lender; provided, however, that
the fees, charges, costs and expenses relating to such change shall be paid by the Borrowers, and the mere existence of such expenses, fees or costs shall not be deemed to be materially disadvantageous or cause unreasonable hardship to such Lender.

  
 3.02 Illegality. If any Lender determines, as to
itself, that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest
rates based upon the Eurodollar Rate, then, on notice thereof by such Lender to the OP Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to
Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the OP Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt 

  

 53 

 
of such notice to the OP Borrower, the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable,
convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may
not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if
such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous or cause unreasonable hardship to such Lender in the sole, good faith judgment of such Lender;
provided, however, that the fees, charges, costs and expenses relating to such change shall be paid by the Borrowers and the mere existence of such expenses, fees or costs shall not be deemed to be materially disadvantageous or cause
unreasonable hardship to such Lender. Upon any Lender’s making a determination under this Section 3.02 that causes the Borrowers to convert the Eurodollar Rate Loans of such Lender to Base Rate Loans, the OP Borrower may replace such Lender in
accordance with Section 10.16. 
  
 3.03 Inability to
Determine Rates. If the Required Lenders determine that for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or that the
Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the OP Borrower
and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the OP Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in
the amount specified therein. 
  
 3.04 Increased Cost and
Reduced Return; Capital Adequacy Reserves on Eurodollar Rate Loans. 
  
 (a) If any Lender determines that as a result of the introduction of or any change in or in the interpretation of any Law after the date hereof, or such Lender’s compliance therewith, there shall be any increase
in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in
connection with any of the foregoing (excluding for purposes of this subsection (a) any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the
basis of taxation of overall net income or overall gross income by the United States or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is organized or has its Lending Office, and (iii)
reserve requirements contemplated by Section 3.04(c)), then from time to time upon demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrowers shall pay to such Lender such additional amounts as will
compensate such Lender for such increased cost or reduction. 
  

 54 

 (b) If any Lender determines that the introduction after the date hereof of any Law
regarding capital adequacy or any change therein or in the interpretation thereof, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation
controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender’s desired return on capital), then from time to time upon demand of
such Lender (with a copy of such demand to the Administrative Agent), the Borrowers will pay to such Lender such additional amounts as will compensate such Lender for such reduction. 
  
 (c) The Borrowers will pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal
to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan,
provided the Borrowers shall have received at least 15 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant Interest
Payment Date, such additional interest shall be due and payable 15 days from receipt of such notice. 
  
 (d) Each Lender will notify the Borrowers and the Administrative Agent of any event of which it has knowledge which will entitle such
Lender to compensation pursuant to this Section 3.04 and, if requested by the OP Borrower, will designate a different Lending Office (i) if such designation will avoid the need for, or reduce the amount of, such compensation, and (ii) will
not otherwise be materially disadvantageous or cause unreasonable hardship to such Lender in the sole, good faith judgment of such Lender; provided, however, that the fees, charges, costs and expenses relating to such change shall be paid by
the Borrowers and the mere existence of such expenses, fees or costs shall not be deemed to be materially disadvantageous or cause unreasonable hardship to such Lender. 
  
 3.05 Funding Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
  
 (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or 
  
 (b) any failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan on the date or in the amount notified by any Borrower;  
  
 including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. In addition to the foregoing, in
the event that any Lender makes Loan funds available to the Administrative Agent as provided under Article II, and such funds are not made 

  

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available to such Borrower by the Administrative Agent under the circumstances described in Section 2.12(d), and if the Administrative Agent is unable
to return such funds to the applicable Lender by 11:00 a.m. on the same day that such funds were made available by such Lender, then the Borrowers shall pay to such Lender interest on such funds, at the Applicable Rate, from the date that such
Lender made such funds available to the Administrative Agent, to the date that the Administrative Agent returns such funds to the Lender. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the
foregoing. 
  
 For purposes of calculating amounts payable by the Borrowers to the
Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
  
 3.06 Matters Applicable to all Requests for Compensation. 
  

(a) Any certificate of the Administrative Agent or any Lender claiming compensation under this Article III, setting forth the
additional amount or amounts to be paid to it hereunder and the bases for calculating the same, in reasonable detail, shall be conclusive in the absence of manifest error. In determining such amount, the Administrative Agent or such Lender may use
any reasonable averaging and attribution methods. 
  
 (b) Upon any Lender’s making a claim for compensation under Section 3.01 or 3.04, the OP Borrower may replace such Lender in accordance with Section 10.16, provided that no Default has occurred and is continuing.

  
 3.07 Survival. All of the Borrowers’ obligations
under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder. 
  
 ARTICLE IV. 
 CONDITIONS PRECEDENT TO
CREDIT 
 EXTENSIONS AND REIT CONVERSION 
  
 4.01 Conditions of Initial Credit Extension. The obligation of each Lender to make its initial Credit Extension hereunder is subject to
satisfaction of the following conditions precedent: 
  
 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan
Document Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and its legal counsel: 

 
 (i) counterparts of this Agreement, executed by each
party hereto, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower; 
  

 56 

 (ii) Notes executed by the Borrowers in favor of each Lender requesting Notes;

  
 (iii) counterparts of the Guaranty, executed
by each Borrower and each Subsidiary disclosed in Part (d) and (e) of Schedule 5.13 (other than the Subsidiaries described in Part (g) of Schedule 5.13), sufficient in number for distribution to the Administrative Agent,
each Lender and each Borrower; 
  
 (iv) the
following: (A) counterparts of the Pledge Agreement substantially in the form of Exhibit I(2) attached hereto, executed by the OP Borrower with respect to the Intercompany Notes Receivable owned by the OP Borrower, regardless of the amount
thereof (except for those Intercompany Notes Receivable listed on Schedule 5.22(b) hereof); and (B) counterparts of the Pledge Agreement substantially in the form of Exhibit I(1) attached hereto, executed by the OP Borrower with
respect to (x) the other Notes Receivable owned by the OP Borrower in an outstanding principal amount of more than $1,000,000 (except for those Notes Receivable listed on Schedule 5.22(c) hereof, and otherwise subject to the
limitations set forth in the last sentence of Section 6.13(b)); (y) the stock of each Material Subsidiary and each owner of Unencumbered Pool Property (subject to the limitations set forth in clause (ii) of Section
6.12(c)); and (z) the stock of the TRS Borrower, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower; 
  

(v) the following (A) counterparts of the Pledge Agreement or accession agreements substantially in the form of Exhibit I(2)
attached hereto, executed by the TRS Borrower and each Subsidiary, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower, if such Person owns any Intercompany Notes Receivable, regardless of the amount
thereof (except for those Intercompany Notes Receivable listed on Schedule 5.22(b) hereof); and (B) counterparts of the Pledge Agreement or accession agreements substantially in the form of Exhibit I(1) attached hereto, executed by the
TRS Borrower and each Subsidiary, sufficient in number for distribution to the Administrative Agent, each Lender and each Borrower, if such Person owns (y) any other Notes Receivable in an outstanding principal amount of more than $1,000,000
(except for those Notes Receivable listed on Schedule 5.22(c) hereof, and otherwise subject to the limitations set forth in the last sentence of Section 6.13(b)); or (z) the stock of a Material Subsidiary or an owner of
Unencumbered Pool Property (subject to the limitations set forth in clause (ii) of Section 6.12(c)); 
  
 (vi) original certificates for the Capital Stock pledged under each Pledge Agreement described in clauses (iv) and (v) above
(in each case to the extent that such interests are certificated), accompanied by undated stock powers executed in blank or the equivalent under applicable law, plus Administrative Agent prepared and filed Uniform Commercial Code financing
statements naming each entity executing a Pledge Agreement or a Pledge Agreement accession agreement as debtor thereunder and describing the Capital Stock pledged under each Pledge Agreement described in clauses (iv) and (v) above;

  

 57 

 (vii) any original Intercompany Notes Receivable (regardless of the amount) and any other
Notes Receivable in an outstanding principal amount of more than $1,000,000 and pledged under each Pledge Agreement described in clauses (iv) and (v) above, accompanied by allonges or endorsements in favor of the Administrative Agent,
for the benefit of the Lenders, or the equivalent under applicable law; 
  
 (viii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Document Party (other than such Loan Document Party pledging only
Intercompany Notes Receivable) as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other
Loan Documents to which such Loan Document Party is a party; 
  
 (ix) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Document Party (other than such Loan Document Party pledging only Intercompany Notes Receivable) is
duly organized or formed, and that each Loan Document Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, except to the extent that failure to do so is not reasonably expected to have a Material Adverse Effect; 
  
 (x) a favorable opinion of Latham & Watkins LLP, counsel to the Loan Document Parties (other than such Loan Document Party pledging
only Intercompany Notes Receivable), that is reasonably acceptable to the Administrative Agent, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Document Parties and the Loan Documents as the
Administrative Agent may reasonably request, plus a favorable written opinion of Goodwin Procter LLP that is reasonably acceptable to the Administrative Agent, addressed to the Administrative Agent and each Lender, with respect to certain REIT
matters; 
  
 (xi) a certificate of a Responsible
Officer of each Loan Document Party (other than such Loan Document Party pledging only Intercompany Notes Receivable) either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and
performance by such Loan Document Party and the validity against such Loan Document Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such
consents, licenses or approvals are so required; 
  
 (xii) a certificate signed by a Responsible Officer of each Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied; (B) that there has been no event or circumstance since the date
of the Audited Financial Statements that has had or is reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; (C) that there is no litigation other than as described in Section 5.06 and the Schedule
thereto; and (D) that each representation and 

  

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warranty set forth in Sections 5.01 through 5.25 is true and correct as of the Closing Date; and; 
  
 (xiii) a Compliance Certificate as of the OP Borrower’s
most recently concluded fiscal quarter prior to the Closing Date, signed by a Responsible Officer of the OP Borrower; 
  
 (xiv) proforma financial statements (including balance sheets, income statements and cash flow statements) and covenant compliance
projections covering a three-year period from the date of the Closing Date, shown on an annual basis; 
  
 (xv) a Borrowing Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d);

  
 (xvi) copies of all Organizational Documents
for each Loan Party; 
  
 (xvii) evidence that all
insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect; and 
  
 (xviii) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line
Lender or the Required Lenders reasonably may require. 
  
 (b) Any fees required to be paid on or before the Closing Date shall have been paid. 
  
 (c) Unless waived by the Administrative Agent, the OP Borrower shall have paid all reasonable Attorney Costs of the Administrative Agent
to the extent invoiced prior to or on the Closing Date, plus such additional amounts of reasonable Attorney Costs as shall constitute its reasonable estimate of such Attorney Costs incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts between the OP Borrower and the Administrative Agent). 
  
 (d) The Arranger shall have received Commitments from Lenders of at least $200,000,000, including the Commitment of Bank of America.

  
 (e) The Administrative Agent shall have
received satisfactory evidence of the repayment in full of the OP Borrower’s $173,355,000 secured term loan facility dated on or about October 6, 2000, including the release of all liens on the OP Borrower’s property securing such term
loan facility. 
  
 4.02 Conditions to all Credit
Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following
additional conditions precedent: 
  
 (a) The
representations and warranties of each Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any 

  

 59 

 
time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Credit Extension, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01. 
  
 (b) No Default shall exist, or would result from such
proposed Credit Extension. 
  
 (c) The
Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender, shall have received a Request for Credit Extension in accordance with the requirements hereof. 
  
 (d) The Borrowers shall have delivered to the Administrative Agent the completed Borrowing Base Certificate
required under Section 6.14 as of the most recently concluded fiscal quarter of the OP Borrower, adjusted to reflect (i) the removal or addition from the Borrowing Base of any Eligible Stabilized Operating Property, Eligible Ground Lease
Property, Eligible Lease-up Property, Eligible Mission Bay Block 28 or Eligible WIP; or (ii) the removal from the Borrowing Base of any Eligible Unimproved Land with an aggregate book value (in accordance with GAAP) in any fiscal quarter of over
$10,000,000, if the remaining Eligible Unimproved Land included in the Borrowing Base (valued at the book value of such Eligible Unimproved Land, in accordance with GAAP), has fallen or will fall below $200,000,000. The giving of any Request for
Credit Extension and the acceptance by any Borrower of the proceeds of a Credit Extension shall each be deemed a certification to the Administrative Agent and the Lenders that on and as of the date of such Credit Extension, the statements in the
Request for Credit Extension and the Borrowing Base Certificate are true, correct and complete. 
  
 (e) The Administrative Agent shall have received, in form and substance reasonably satisfactory to it, such other customary documents
related to the foregoing as the Administrative Agent reasonably may require. 
  
 Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the OP Borrower shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 
  
 4.03 Conditions of Maintenance of Commitments and Extensions of Credit After the REIT Conversion Date. The obligation
of each Lender to maintain its Commitment hereunder and to honor any Request for Credit Extension from or after the REIT Conversion Date is subject to satisfaction of the following additional conditions precedent on or before the REIT Conversion
Date: 
  
 (a) The Administrative Agent’s
receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each 

  

 60 

 
properly executed by a Responsible Officer of the signing Loan Document Party, each dated the REIT Conversion Date (or, in the case of certificates of
governmental officials, a recent date before the REIT Conversion Date) and each in form and substance satisfactory to the Administrative Agent and its legal counsel: 
  
 (i) counterparts of a Loan Document Assumption and Affirmation, executed by each Borrower, the REIT
Guarantor and each other Loan Document Party, sufficient in number for distribution to the Administrative Agent, each Lender and the Post-REIT Conversion Borrower; 
  
 (ii) counterparts of the REIT Conversion Compliance Certificate, executed by the Post-REIT Conversion
Borrower; 
  
 (iii) counterparts of the Guaranty
of the REIT Guarantor and of each Subsidiary disclosed in Schedules 2 and 3 attached to the REIT Conversion Compliance Certificate (if such Subsidiary has not executed a Guaranty prior to the REIT Conversion Date), sufficient in number
for distribution to the Administrative Agent, each Lender and each Borrower; 
  
 (iv) counterparts of the accession agreements to the Pledge Agreement substantially in the form of Exhibit I(1) or Exhibit I(2) attached hereto (as applicable), executed by each Borrower and each other
Loan Party or Subsidiary owning Intercompany Notes Receivable and other Notes Receivable required to be pledged hereunder and listed on Schedule 4 to the REIT Conversion Compliance Certificate and each Loan Party or Subsidiary owning any
Capital Stock of a Material Subsidiary or owner of Unencumbered Pool Property listed on Schedules 2 and 3 of the Compliance Certificate (subject to the limitations set forth in clause (ii) of Section 6.12(c) and the last
sentence of Section 6.13(b)), but not any such Loan Party or Subsidiary that has previously executed a Pledge Agreement and that has executed the Loan Document Assumption and Affirmation), sufficient in number for distribution to the
Administrative Agent, each Lender and each Borrower; 
  
 (v) original certificates for the Capital Stock pledged under each Pledge Agreement described in clause (iv) above (to the extent certificated), accompanied by undated stock powers executed in blank or the equivalent under applicable
law (with the exception of any such original Capital Stock certificates delivered to the Administrative Agent prior to the REIT Conversion Date); 
  
 (vi) any original Intercompany Notes Receivable (regardless of the amount, but excluding the Intercompany Notes Receivable listed on
Schedule 5.22(b)), and any other original Notes Receivable that is in an outstanding principal amount of more than $1,000,000 (other than the Notes Receivable listed on Schedule 5.22(c)) and pledged under each Pledge Agreement
described in clause (iv) above, accompanied by allonges or endorsements in favor of the Administrative Agent, or the equivalent under applicable law (with the exception of any such original Notes Receivable delivered to the Administrative
Agent prior to the REIT Conversion Date); 
  

 61 

 (vii) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Person that became a Loan Document Party after the Closing Date (other than such Loan Document Party pledging only Intercompany Notes Receivable) as the Administrative Agent may require evidencing
the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the documents described in clauses (i) through (vi) above; 
  
 (viii) such documents and certifications as the
Administrative Agent may reasonably require to evidence that the REIT Guarantor, the Post-REIT Conversion Borrower, and each other new Loan Document Party (other than such Loan Document Party pledging only Intercompany Notes Receivable) is duly
organized or formed, and that each such Loan Document Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, except to the extent that failure to do so is not reasonably expected to have a Material Adverse Effect; 
  
 (ix) a favorable opinion of counsel to the REIT Guarantor, the Post-REIT Conversion Borrower and any Person that became a Loan Document
Party after the Closing Date (other than such Loan Document Party pledging only Intercompany Notes Receivable) that is acceptable to the Administrative Agent and substantially in the form of the opinion delivered on the Closing Date (with respect to
such parties), addressed to the Administrative Agent and each Lender, as to such matters concerning the REIT Guarantor, the Post-REIT Conversion Borrower and the other Loan Document Parties (other than such Loan Document Party pledging only
Intercompany Notes Receivable) as the Administrative Agent may reasonably request;  
  
 (x) a certificate of a Responsible Officer of the REIT Guarantor, the Post-REIT Conversion Borrower and the other new Loan Document
Parties (other than such Loan Document Party pledging only Intercompany Notes Receivable) either (A) attaching copies of all consents, licenses and approvals required in connection with the REIT Conversion and the execution, delivery and performance
by such Person and the validity against such Person of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so
required; 
  
 (xi) a certificate signed by a
Responsible Officer of the Post-REIT Conversion Borrower certifying (A) that no Default has occurred and is continuing, or will result from, or exist on the date of, the REIT Conversion; (B) that the conditions specified in Sections 4.02(c)
have been satisfied; (C) that there has been no event or circumstance since the Closing Date that has had or is reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; (D) that there is no litigation
other than as described in Section 5.06, and there has been no material and adverse development with respect to any litigation described in Section 5.06 or any Schedule thereto, after giving effect to applicable reserves therefore
(other than such litigation or adverse development that has not, nor is reasonably expected to, result in a Material Adverse Effect); and 

  

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(E) that each representation and warranty set forth in Section 5.24 is true and correct as of the REIT Conversion Date; 
  
 (xii) copies of all Organizational Documents for the
Post-REIT Conversion Borrower, the REIT Guarantor and each new Loan Document Party (other than such Loan Document Party pledging only Intercompany Notes Receivable); 
  
 (xiii) evidence of the approval of the REIT Conversion by the holders of the Capital Stock of the OP
Borrower; 
  
 (xiv) evidence of the REIT
Conversion, including, without limitation, evidence of necessary shareholder and board approval; and 
  
 (xv) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, Banc of America Securities LLC, the
L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
  
 (b) No Default shall exist, or would result from the REIT Conversion. 
  
 (c) Unless waived by the Administrative Agent, the OP Borrower shall have paid all reasonable Attorney Costs
of the Administrative Agent to the extent invoiced prior to or on the REIT Conversion Date, plus such additional amounts of reasonable Attorney Costs as shall constitute its reasonable estimate of such Attorney Costs incurred or to be incurred by it
in connection with the REIT Conversion and the transactions contemplated hereby (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative Agent). 
  
 4.04 Conditions of Maintenance of Commitments and Extensions of Credit
After the REIT Election Date. The obligation of each Lender to maintain its Commitment hereunder and to honor any Request for Credit Extension from or after the REIT Election Date is subject to satisfaction of the following additional conditions
precedent on or before the REIT Election Date: 
  
 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan
Document Party, each dated the REIT Election Date (or, in the case of certificates of governmental officials, a recent date before the REIT Election Date) and each in form and substance satisfactory to the Administrative Agent and its legal counsel:

  
 (i) such documents and certifications as the
Administrative Agent may reasonably require to evidence that the REIT Guarantor has made the REIT Election; 
  
 (ii) a certificate of a Responsible Officer of the REIT Guarantor either (A) attaching copies of all consents, licenses and approvals
required in connection with the REIT Election and the execution, delivery and performance by the REIT Guarantor and the validity against the REIT Guarantor of the Loan Documents to which it is a party, 

  

 63 

 
and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;

  
 (iii) a certificate signed by a Responsible
Officer of the REIT Guarantor and each Borrower certifying (A) that no Default has occurred and is continuing, or will result from the REIT Election or exist on the REIT Election Date; (B) that the conditions specified in Section 4.04 have
been satisfied; (C) that there has been no event or circumstance since the REIT Conversion that has had or is reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; (D) that there is no litigation other than
as described in Section 5.06, and there has been no material and adverse development with respect to any litigation described in Section 5.06 or any Schedule thereto, after giving effect to applicable reserves therefore (other than
such litigation or adverse development that has not, nor is reasonably expected to, result in a Material Adverse Effect); and (E) that each representation and warranty set forth in Section 5.24 is true and correct as of the REIT Election
Date; and 
  
 (iv) such other assurances,
certificates, documents, consents or opinions as the Administrative Agent, Banc of America Securities LLC, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
  
 (b) No Default shall exist, or would result from the REIT
Election. 
  
 (c) Unless waived by the
Administrative Agent, the OP Borrower shall have paid all reasonable Attorney Costs of the Administrative Agent to the extent invoiced prior to or on the REIT Election Date, plus such additional amounts of reasonable Attorney Costs as shall
constitute its reasonable estimate of such Attorney Costs incurred or to be incurred by it in connection with the REIT Election and the transactions contemplated hereby (provided that such estimate shall not thereafter preclude a final settling of
accounts between the Borrowers and the Administrative Agent). 
  
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
  
 Each Borrower represents and warrants to the Administrative Agent and the Lenders as of the Closing Date that: 

 
 5.01 Existence, Qualification and Power; Compliance with Laws. Each
Loan Document Party and each Controlled Investment Affiliate (a) is a corporation, partnership or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or
organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business, and (ii) execute, deliver and perform its obligations under the
Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or
license, and (d) is in compliance in all material respects with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do so is not reasonably expected to have a Material Adverse 

  

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Effect. Schedule 5.01 is a complete and accurate list of the jurisdiction of organization or formation where the ownership, lease or operation of
properties or the conduct of business of each Loan Document Party requires such qualification, except to the extent that failure to do so is not reasonably expected to have a Material Adverse Effect. 
  
 5.02 Authorization; No Contravention. The execution, delivery and
performance by each Loan Document Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such
Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which such Person is a party, or (ii) any order, injunction, writ or decree of
any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law, except in clauses (b) and (c) above where such conflict or contravention is not reasonably expected to have a
Material Adverse Effect. 
  
 5.03 Governmental Authorization;
Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, any Loan Document Party of this Agreement or any other Loan Document, other than such filings or actions contemplated under the Loan Documents in connection with the pledging of security interests. 
  
 5.04 Binding Effect. This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Document Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding
obligation of such Loan Document Party, enforceable against each Loan Document Party that is party thereto in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally, or by equitable principles relating to enforceability. 
  
 5.05 Financial Statements; No Material Adverse Effect. 
  
 (a) The most recently delivered Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein and, to the extent applicable, for financial performance measured by Funds From Operations, as described in the REIT Guarantor’s reports and statements filed with the SEC; (ii)
fairly present in all material respects the financial condition of the Consolidated Group as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Consolidated Group as of the date thereof, including liabilities for taxes, material
commitments and Indebtedness. 
  
 (b) The
unaudited consolidated financial statements of the Consolidated Group dated March 31, 2003, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in 

  

 65 

 
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and, to the extent applicable,
except for financial performance measured by Funds From Operations, as described in the REIT Guarantor’s reports and statements filed with the SEC, and (ii) fairly present in all material respects the financial condition of the Consolidated
Group as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. Such financial statements
reflect all material indebtedness and other material liabilities, direct or contingent, of the Consolidated Group as of the date of such financial statements, including liabilities for taxes, material commitments and Indebtedness. 
  
 (c) Since the date of the most recently delivered Audited
Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or is reasonably expected to have a Material Adverse Effect. 
  
 5.06 Litigation. Except as specifically disclosed in Schedule 5.06, there are no actions, suits, proceedings,
claims or disputes pending or, to the knowledge of the Borrowers after due and diligent investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Document Party, any Subsidiary or any
Controlled Investment Affiliate or against any of their respective properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually
or in the aggregate, if determined adversely, and after giving effect to applicable reserves therefor, is reasonably expected to have a Material Adverse Effect. 
  

5.07 No Default. None of the Loan Document Parties, nor any Subsidiary or Controlled Investment Affiliate, is in default under or with respect
to any Contractual Obligation which, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document. 
  
 5.08
Ownership of Property; Liens. Each of the Loan Document Parties and each Subsidiary has good record and valid title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business,
except for such defects in title as are not, individually or in the aggregate, reasonably expected to have a Material Adverse Effect. The properties owned by each of the Loan Document Parties and each Subsidiary are subject to no Liens, other than
(a) Permitted Liens, (b) Liens in connection with any Indebtedness listed on Schedule 7.03; and (c) such other Liens after the Closing Date that are not prohibited under the Loan Documents. 
  
 5.09 Environmental Compliance. Each Loan Document Party and each
Subsidiary and each Controlled Investment Affiliate conducts in the Ordinary Course of Business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on
their respective businesses, operations and properties, and as a result thereof the OP Borrower has reasonably concluded that such Environmental Laws and claims are not, individually or in the aggregate, reasonably expected to have a Material
Adverse Effect, after giving effect to applicable reserves therefor. 
  

 66 

 5.10 Insurance. The properties of each Loan Party and each Subsidiary and each Controlled
Investment Affiliate are insured with financially sound and reputable insurance companies not Affiliates of any Loan Party (or otherwise as reasonably acceptable to the Administrative Agent), in such amounts (after giving effect to any
self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Loan Party,
Subsidiary or Controlled Investment Affiliate (as applicable) operates. 
  
 5.11 Taxes. Each Loan Party, each Subsidiary and each Controlled Investment Affiliate has filed all Federal, state and other material tax returns and reports required to be filed, and has paid prior to delinquency all Federal, state
and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets, except those which are being contested in good faith by appropriate proceedings diligently conducted and
for which adequate reserves have been provided in accordance with GAAP. To the Borrowers’ knowledge, there is no proposed tax assessment against any Loan Party, any Subsidiary or any Controlled Investment Affiliate that would, if made, have a
Material Adverse Effect. 
  
 5.12 ERISA Compliance.

  
 (a) Each Plan is in compliance in all
material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws, except where non-compliance is not reasonably expected to result in a Material Adverse Effect or in liability to the Borrowers in excess of
$5,000,000. Except as set forth on Schedule 5.12, Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter or opinion from the IRS or an application for such a letter is currently
being processed by the IRS with respect thereto and, to the best knowledge of the Borrowers, nothing has occurred which would prevent, or cause the loss of, such qualification. Except as are not, in the aggregate, reasonably expected to result in a
Material Adverse Effect or in liability to the Borrowers in excess of $5,000,000, the Borrowers and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or
an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any such Plan. 
  
 (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that is reasonably expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could
reasonably be expected to result in a Material Adverse Effect. 
  
 (c) (i) No ERISA Event has occurred or is reasonably expected to occur which has resulted or is reasonably expected to result in a Material Adverse Effect or in liability to the Borrowers in excess of $5,000,000; (ii)
no Pension Plan has any Unfunded Pension Liability which has resulted or is reasonably expected to result in a Material Adverse Effect or in liability to the Borrowers in excess of $5,000,000; (iii) neither the Borrowers nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability under Title IV of ERISA with 

  

 67 

 
respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA) which has resulted or is reasonably expected to result
in a Material Adverse Effect or in liability to the Borrowers in excess of $5,000,000; (iv) none of the Borrowers nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving
of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan which has resulted or is reasonably expected to result in a Material Adverse Effect or in liability to
the Borrowers in excess of $5,000,000; and (v) neither the Borrowers nor, to the Borrowers’ knowledge, any ERISA Affiliate, has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA. 
  
 5.13 Subsidiaries; Pledge of Capital Stock. 
  
 (a) As of the Closing Date, (i) each Subsidiary is listed in
Part (a) of Schedule 5.13; (ii) each Investment Affiliate that is not a Subsidiary is disclosed in Part (b) of Schedule 5.13, which Schedule includes a description of the ownership of the Capital Stock of such Investment Affiliate;
(iii) no Loan Party has any other direct or indirect Investments in any other Person, other than those specifically disclosed in Part (c) of Schedule 5.13; (iv) each Loan Party and Subsidiary that owns any Unencumbered Pool Property is
disclosed in Part (d) of Schedule 5.13; (v) each of the Material Subsidiaries is disclosed in Part (e) of Schedule 5.13; (vi) each member of the Consolidated Group that has executed a Pledge Agreement in favor of the Administrative
Agent is disclosed in Part (f) of Schedule 5.13; (vii) any Subsidiary that is a party to a financing arrangement as of the Closing Date that prohibits, or such Subsidiary’s Organization Documents prohibit, such Subsidiary from executing
a Guaranty hereunder is disclosed in Part (g) of Schedule 5.13; and (viii) any Subsidiary that is a party to a financing arrangement as of the Closing Date that prohibits, or such Subsidiary’s Organization Documents prohibit, the
pledge of the Capital Stock of such Subsidiary is disclosed in Part (h) of Schedule 5.13. 
  
 (b) Each Pledge Agreement creates in favor of the Administrative Agent for the benefit of the Lenders a valid and perfected security
interest in the Pledged Collateral described therein (after giving effect to the deliveries and filings required under such Pledge Agreement and applicable law), subject to no other Liens (other than as expressly permitted therein), securing in each
case the payment of the Obligations, and all deliveries of original stock certificates (if certificated), membership and partnership certificates (if certificated) and endorsements and assignments, and other filings and actions necessary or
appropriate to perfect or protect such security interests, have been duly taken or arrangements therefor reasonably satisfactory to the Administrative Agent have been made. 
  
 5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act. 
  
 (a) None of the Loan Parties has engaged or will engage,
principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

 

 68 

 (b) None of the Loan Parties, any Person controlling any Loan Party, or any Subsidiary
(i) is a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within
the meaning of the Public Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
  
 5.15 Disclosure. The Borrowers have disclosed to the Administrative Agent and the Lenders the existence of all
agreements, instruments and corporate or other restrictions to which any Loan Document Party, any Subsidiary or any Controlled Investment Affiliate is subject, and all other matters known to it, that, individually or in the aggregate, is reasonably
expected to result in a Material Adverse Effect. No written report, financial statement, certificate or other information furnished by or on behalf of any Loan Document Party to the Administrative Agent or any Lender in connection with the
transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time. 
  
 5.16 Compliance with Laws. Each Loan Party, each Subsidiary and each Controlled Investment Affiliate is in compliance in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted, or
(b) the failure to comply therewith, either individually or in the aggregate, is not reasonably expected to have a Material Adverse Effect. 
  
 5.17 Tax Shelter Regulations. The Borrowers do not intend to treat the Loans and/or Letters of Credit and related transactions as being a
“reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event any Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof. If
any Borrower so notifies the Administrative Agent, the Borrowers acknowledge that one or more of the Lenders may treat its Committed Loans and/or its interest in Swing Line Loans and/or Letters of Credit as part of a transaction that is subject to
Treasury Regulation Section 301.6112-1, and such Lender or Lenders, as applicable, will maintain the lists and other records required by such Treasury Regulation. 
  
 5.18 Intellectual Property; Licenses, Etc. Except as is not reasonably expected to have a Material Adverse Effect,
each Loan Party, each Subsidiary and each Controlled Investment Affiliate owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual
property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the knowledge of the Borrowers, no slogan or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party, Subsidiary or Controlled Investment Affiliate infringes upon any rights held by any other Person.

  

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No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Borrowers, threatened, which, either individually or in the
aggregate, is reasonably expected to have a Material Adverse Effect. 
  
 5.19 Violation of Laws; Permits. No Unencumbered Pool Property is being operated in violation of (a) any Law or (b) any building permits, restrictions of record, or any agreement affecting any such property, or (c) any judgment,
decree or order applicable to such property, except where such violation is not reasonably expected to result in a Material Adverse Effect. All governmental permits (including, without limitation, building permits and certificates of occupancy)
necessary under applicable Law to lawfully construct, own, lease, occupy, use and operate each Unencumbered Pool Property and the improvements thereon, including, but not limited to, all applicable environmental and zoning laws, ordinances and
regulations, have been obtained.  
  
 5.20 Borrowing
Base Assets. 
  
 All of the assets included in the Borrowing
Base qualify as Eligible Stabilized Operating Property, Eligible Ground Lease Property, Eligible Lease-Up Property, Eligible WIP, Eligible Unimproved Land, Eligible Cash, Eligible Notes Receivable and/or Eligible Mission Bay Block 28. 
  
 5.21 Leases and Ground Leases. 
  
 (a) As of the Closing Date, Schedule 5.21 contains a
list of all Ground Lease Property owned by any Loan Party or Subsidiary. Other than as set forth in Schedule 5.21, as of the Closing Date neither any Borrower nor any other Loan Party or Subsidiary has leased any Real Property or Unimproved
Land under a Ground Lease. 
  
 (b) The OP
Borrower has delivered to the Administrative Agent copies of all Eligible Ground Leases. No lease or Ground Lease of any Unencumbered Pool Property or any interest therein of the lessor thereunder is subject to any present assignment or pledge or
Lien (other than Permitted Liens). All rent due to date under each lease and Ground Lease of Unencumbered Pool Property has been collected in the Ordinary Course of Business and no concession has been granted to any lessee in the form of a waiver,
release, reduction, discount or other alteration of rent due or to become due, other than in the Ordinary Course of Business. Except as disclosed in such lease or Ground Lease of Unencumbered Pool Property, the interest of the lessee under each such
lease and Ground Lease is as lessee only, with no options to purchase or rights of first refusal. 
  
 5.22 Notes Receivable. 
  
 (a) As of the Closing Date, Schedule 5.22(a) contains a list of each Intercompany Notes Receivable (except for the Intercompany
Notes Receivable that are not required to be pledged and are listed on Schedule 5.22(b)) and each other Notes Receivable in an outstanding principal amount of more than $1,000,000 (except for such other Notes Receivable that are not required
to be pledged and are listed on Schedule 5.22(c)) that is owned by any Loan Party or any Subsidiary. As of the Closing Date, other than as set forth in Schedules 5.22(a), (b) 

  

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and (c), no Loan Party or Subsidiary owns any Intercompany Notes Receivable or any other Notes Receivable with an outstanding principal amount of more
than $1,000,000. 
  
 (b) Subject to the
limitations set forth in the last sentence of Section 6.13(b), the Borrowers have delivered, or have caused any Loan Party or Subsidiary owning any Intercompany Notes Receivable (except for those Intercompany Notes Receivable listed on
Schedule 5.22(b)) or owning any other Notes Receivable with an outstanding principal amount of more than $1,000,000 (except for such other Notes Receivable listed on Schedule 5.22(c)) to deliver, to the Administrative Agent an executed
Pledge Agreement pledging and assigning such Notes Receivable to the Administrative Agent for the benefit of the Lenders, to secure the Obligations, plus the original Notes Receivable and an endorsement and assignment of such Notes Receivable, in
form and substance satisfactory to the Administrative Agent. 
  
 (c) As of the date of the delivery of each Pledge Agreement, original Notes Receivable and endorsement and assignment, such Pledge Agreement creates in favor of the Administrative Agent for the benefit of the Lenders
a valid and perfected security interest in such Collateral (after giving effect to the deliveries and filings required under the applicable Pledge Agreement and applicable law), subject to no other Liens (other than as expressly permitted in such
Pledge Agreement), securing in each case the payment of the Obligations, and all deliveries of original Notes Receivable, endorsements and assignments, and other filings and actions necessary or appropriate to perfect or protect such security
interests have been duly taken or arrangements therefor reasonably satisfactory to the Administrative Agent have been made. 
  
 5.23 Solvency. Each Loan Document Party is, and upon the incurrence of any Obligation by such Loan Document Party on any date on which this
representation and warranty is made, will be, Solvent. 
  
 5.24
Additional Representations and Warranties as of the REIT Conversion Date. In order to induce the Lenders to maintain their Loan Commitments and to continue making Loans after the REIT Conversion Date, each Borrower makes the following
representations and warranties to the Administrative Agent and the Lenders as of the REIT Conversion Date: 
  
 (a) Each of the representations and warranties set forth in Sections 5.01 through Section 5.12, Section 5.14 through
Section 5.20, Section 5.21(b), Section 5.22(b) and Section 5.22(c) are true and correct as of the REIT Conversion Date as if made on the REIT Conversion Date. 
  
 (b) The shares of common stock of the REIT Guarantor are listed on the New York Stock Exchange. 

 
 (c) As of the REIT Conversion Date, (a) each of the
Subsidiaries of the OP Borrower and of the REIT Guarantor is listed in the corporate organizational chart attached as Schedule 1 to the REIT Conversion Compliance Certificate; (b) neither the OP Borrower nor the REIT Guarantor has any direct
or indirect Investments in any other Person, other than the Subsidiaries and those specifically disclosed in Schedule 7 attached to the REIT Compliance Conversion Certificate; (c) each of the Investment Affiliates that are not Subsidiaries
are disclosed in Schedule 7 attached to the REIT Conversion Compliance Certificate; (d) each of the 

  

 71 

 
Subsidiaries of the Borrowers or the REIT Guarantor that owns any Unencumbered Pool Property is disclosed in Schedule 3 attached to the REIT
Conversion Compliance Certificate; (e) each of the Material Subsidiaries is disclosed in Schedule 2 attached to the REIT Conversion Compliance Certificate; and (f) each member of the Consolidated Group that has executed a Pledge Agreement in
favor of the Administrative Agent as of the REIT Conversion Date is disclosed in Schedules 2, 3 and 4 attached to the REIT Conversion Compliance Certificate. As of the REIT Conversion Date, the Administrative Agent has, for the benefit
of the Lenders, a first priority, perfected Lien in and to the Collateral described in each Pledge Agreement (after giving effect to the deliveries and filings required under such Pledge Agreement and applicable law), subject to no other Lien.

  
 (d) As of the REIT Conversion Date,
Schedule 4 attached to the REIT Conversion Compliance Certificate includes a list of all Intercompany Notes Receivable (except for those Intercompany Notes Receivable listed on Schedule 5.22(b)) and all other Notes Receivable in an
outstanding principal amount of more than $1,000,000 (except for those Intercompany Notes Receivable listed on Schedule 5.22(c)) that are owned by any Loan Party or any Subsidiary. Other than as set forth in Schedule 4 attached to the
REIT Conversion Compliance Certificate or in Schedules 5.22(a), (b) and (c) hereof, no Loan Party or Subsidiary owns any Intercompany Notes Receivable or any other Notes Receivable in an outstanding principal amount of more than
$1,000,000. 
  
 (e) As of the REIT Conversion
Date, no Default has occurred and is continuing as of the REIT Conversion Date, and no Default will result from REIT Conversion. 
  
 5.25 Additional Representations and Warranties as of the REIT Election Date. In order to induce the Lenders to maintain their Loan Commitments and
to continue making Loans after the REIT Election Date, each Borrower makes the following representations and warranties to the Administrative Agent and the Lenders as of the REIT Election Date: 
  
 (a) Each of the representations and warranties set forth in
Section 5.24 are true and correct as of the REIT Election Date as if made on the REIT Election Date. 
  
 (b) The REIT Guarantor has been organized in conformity with the requirements for qualification as a REIT under the Code. The REIT
Guarantor has elected to be taxed as a REIT under the Code beginning with its taxable year ending December 31 of the taxable year for which it has filed the REIT Election and for each tax year thereafter, and such election has not been and will not
be revoked or terminated. The REIT Guarantor’s method of operation has enabled it, and its proposed method of operation will continue to enable it since the year to which the REIT Election applies, on a continuous basis, to meet the
requirements for qualification and taxation as a REIT under the Code. The REIT Guarantor is entitled to a dividends paid deduction for the tax year of the REIT Election and each tax year thereafter that meets the requirements of Section 857 of the
Internal Revenue Code. 
  
 (c) As of the REIT
Election Date, no Default has occurred and is continuing as of the REIT Election Date, and no Default will result from REIT Election. 
  

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 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 
  
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
  
 6.01 Financial Statements. The OP Borrower shall deliver to the
Administrative Agent, in form and detail satisfactory to the Administrative Agent, and the Administrative Agent shall thereafter make available to each Lender: 
  

(a) as soon as available, but in any event within 120 days after the end of each fiscal year of the OP Borrower, a consolidated balance
sheet of the Consolidated Group as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP (except, to the extent applicable, for financial performance measured by Funds From Operations, as described in the REIT Guarantor’s reports and
statements filed with the SEC), audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; and 
  
 (b) as soon as available, but in any event within 55 days
after the end of each of the first three fiscal quarters of each fiscal year of the OP Borrower, a consolidated balance sheet of the Consolidated Group as at the end of such fiscal quarter, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the OP Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, all on an unaudited basis and in reasonable detail and certified by a Responsible Officer of the OP Borrower as fairly presenting the financial condition, results of
operations, shareholders’ equity and cash flows of the Consolidated Group in accordance with GAAP (except, to the extent applicable, for financial performance measured by Funds From Operations, as described in the REIT Guarantor’s reports
and statements filed with the SEC), subject only to normal year-end audit adjustments and the absence of footnotes. 
  
 As to any information contained in materials furnished pursuant to Section 6.02(d), the OP Borrower shall not be separately required to furnish such information
under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the OP Borrower to furnish the information and materials described in subsections (a) and (b) above at the times specified
therein. 
  
 6.02 Certificates; Other Information. The OP
Borrower shall deliver to the Administrative Agent the items described in clauses (a) through (f) below, and the TRS Borrower shall deliver to the Administrative Agent the items described in clauses (b), (e) and (f)

  

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below, in form and detail satisfactory to the Administrative Agent, and the Administrative Agent shall thereafter make available to each Lender: 

 
 (a) concurrently with the delivery of the financial
statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the OP Borrower; 
  

(b) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports submitted to the board
of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books of any Loan Party or any Subsidiary, or any audit of any of them; 
  
 (c) promptly after the same are available, copies of each
annual report, proxy or financial statement or other report or communication sent to the stockholders of the OP Borrower or the REIT Guarantor, and copies of all annual, regular, periodic and special reports and registration statements which any
Loan Party may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
  
 (d) when the same is complete, but in any event no later
than the delivery of the financial statements under Section 6.01(a), the OP Borrower’s business plan for the next fiscal year, in a format and with such detail as the Administrative Agent may reasonably require and certified by a
Responsible Officer of the OP Borrower;  
  
 (e) promptly after any Borrower has notified the Administrative Agent of any intention by such Borrower to treat the Loans and/or Letters of Credit and related transactions as being a “reportable transaction” (within the meaning
of Treasury Regulation Section 1.6011-4), a duly completed copy of IRS Form 8886 or any successor form; and 
  
 (f) promptly, such additional information regarding the business, financial or corporate affairs of any Loan Party, any Subsidiary or any
Controlled Investment Affiliate, or compliance with the terms of the Loan Documents by any Loan Document Party, as the Administrative Agent or any Lender may from time to time reasonably request. 
  
 Documents required to be delivered pursuant to Section 6.01(a) or
(b) or Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
OP Borrower or the REIT Guarantor (as applicable) posts such documents, or provides a link thereto on the OP Borrower’s or REIT Guarantor’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which
such documents are posted on the OP Borrower’s or REIT Guarantor’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent); provided that: (i) the OP Borrower shall deliver paper copies of such documents to the Administrative Agent that requests the OP Borrower to deliver such paper copies until a written
request to cease delivering paper copies is given by the Administrative Agent, and (ii) the OP Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of 

  

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any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Notwithstanding anything contained herein, in every instance the OP Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(a) to the Administrative Agent. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by any Borrower with any such
request for delivery. 
  
 6.03 Notices. Each Borrower shall
promptly notify the Administrative Agent and each Lender, in each case as soon as any Responsible Officer of such Borrower become aware thereof: 
  
 (a) of the occurrence of any Default; 
  
 (b) of any matter that has resulted or is reasonably expected to result in a Material Adverse Effect, including, to the extent applicable,
(i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party, Subsidiary or Controlled Investment Affiliate; (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan Party,
Subsidiary or Controlled Investment Affiliate and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party, Subsidiary or Controlled Investment Affiliate,
including pursuant to any applicable Environmental Laws; 
  
 (c) of the occurrence of any ERISA Event; 
  
 (d) of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary; 
  
 (e) of any announcement by Moody’s or S&P of any change or possible change in a Debt Rating of The Gap as long as Mission Bay
Block 28 is a property that is included in the Borrowing Base; 
  
 (f) of any event or occurrence whereby (i) the Total Outstandings exceed the Borrowing Base Availability and the same is not prepaid in accordance with Section 2.05(c) hereof, or (ii) any asset that was
Eligible Stabilized Operating Property, Eligible Ground Lease Property, Eligible Lease-up Property, Eligible Mission Bay Block 28 or Eligible WIP is removed from, or ceases to be eligible for, the Borrowing Base; or (iii) any asset that was Eligible
Unimproved Land with an aggregate book value (in accordance with GAAP) in any fiscal quarter of over $10,000,000 is removed from, or ceases to be eligible for, the Borrowing Base and the remaining Eligible Unimproved Land included in the Borrowing
Base (valued at the book value of such Eligible Unimproved Land, in accordance with GAAP), has fallen or will fall below $200,000,000; and 
  
 (g) from and after the REIT Election Date, of the failure of the REIT Guarantor to maintain its status as a REIT. 
  
 Each notice pursuant to this Section shall be accompanied by a statement of a
Responsible Officer of the notifying Borrower setting forth details of the occurrence referred to 

  

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therein and stating what action, if any, such Borrower has taken or proposes to take with respect thereto. Each notice pursuant to Section 6.03(a)
shall describe with particularity any and all provisions of this Agreement and any other Loan Documents that have been breached. Each notice pursuant to Section 6.03(f)must be accompanied by a Borrowing Base Certificate as of the most
recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d), and a certificate of a Responsible Officer of each Borrower stating that, as of the date of such certificate, (i) no Default exists (or if a Default exists, stating
what action, if any, such Borrower has taken or proposes to take with respect thereto); and (ii) the Borrowers are in compliance on a pro forma basis with the investment and financial covenants set forth in Sections 7.02(b) and 7.11
hereof (or the Borrowers are not so in compliance, stating what action, if any, such Borrower has taken or proposes to take with respect thereto). 
  
 6.04 Payment of Obligations. Each Borrower shall, and shall cause each other Loan Party, each Subsidiary and each Controlled Investment Affiliate
to, pay and discharge, prior to delinquency, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good
faith by a Permitted Contest; (b) all lawful claims which, if unpaid and not bonded, would by law become a Lien upon its property (other than Permitted Liens); provided, however, that notwithstanding the foregoing, any Borrower, Loan Party or
Subsidiary may contest under a Permitted Contest such Lien resulting from such lawful claim on any property that is not Collateral or an Eligible Borrowing Base Asset, as long as such Lien (or the underlying claim) is not expected to, and does not,
cause a Material Adverse Effect or an Event of Default under Sections 8.01(e), 8.01(f), 8.01(g), or 8.01(h); and (c) any Indebtedness, prior to delinquency, if the failure to make such payment would result in an Event of Default under
Section 8.01(e) hereof, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness. 
  
 6.05 Preservation of Existence, Etc. Each Borrower shall, and shall cause each other Loan Document Party, each Subsidiary and each Controlled
Investment Affiliate to (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or as otherwise
permitted under this Agreement; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or advisable in the normal conduct of its business, except to the extent that failure to do so is not
reasonably expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which is reasonably expected to have a Material Adverse Effect.

  
 6.06 Maintenance of Properties. Each Borrower shall,
and shall cause each other Loan Party, each Subsidiary and each Controlled Investment Affiliate to (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted, except where the failure to do so is not reasonably expected to have a Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do
so is not reasonably expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in similar localities in the operation and maintenance of its facilities. 
  

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 6.07 Maintenance of Insurance. Each Borrower shall, and shall cause each other Loan Party, each
Subsidiary and each Controlled Investment Affiliate to, maintain with financially sound and reputable insurance companies not Affiliates of the Borrowers (or as is otherwise acceptable to the Administrative Agent), insurance with respect to its
properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other
Persons. At the request of the Administrative Agent (but no more often than once in any 12 month period, unless an Event of Default exists or any insurance required hereunder is due to expire or has expired), each Borrower shall, and shall cause
each other Loan Party, each Subsidiary and each Controlled Investment Affiliate to, deliver to the Administrative Agent a certificate of all insurance required hereunder then in force. 
  
 6.08 Compliance with Laws. Each Borrower shall, and shall cause each other Loan Party, each Subsidiary and each
Controlled Investment Affiliate to, comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith is not reasonably expected to have a Material Adverse Effect.

  
 6.09 Books and Records. Each Borrower shall, and shall
cause each other Loan Party, each Subsidiary and each Controlled Investment Affiliate to, (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied (except, to the extent
applicable, for financial performance measured by Funds From Operations, as described in the REIT Guarantor’s reports and statements filed with the SEC) shall be made of all financial transactions and matters involving the assets and business
of such Person; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Person. 
  
 6.10 Inspection Rights. Each Borrower shall, and shall cause each
other Loan Party, each Subsidiary and each Controlled Investment Affiliate to, permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, at such reasonable times during normal business
hours and as often as may be reasonably desired, upon reasonable advance notice; provided, however, that if no Event of Default exists, the Administrative Agent may conduct no more than one inspection of such properties in any fiscal
year and be reimbursed for the Administrative Agent’s reasonable and out-of-pocket expenses incurred for such inspection, each Lender may conduct no more than one inspection of such properties in any fiscal year; and provided further,
however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing any number of times at the expense of the Borrowers at
any time during normal business hours and without advance notice. The Administrative Agent and each Lender shall make reasonable efforts to minimize disruption to the business and tenants at the properties so visited and inspected. 
  

 77 

 6.11 Use of Proceeds. The Borrowers shall use the proceeds of the Credit Extensions for general
corporate purposes (including, without limitation, acquisitions, development, repayment of Indebtedness and general working capital purposes, but not for repurchases of Capital Stock by any Loan Party) not in contravention of any Law or of any Loan
Document. 
  
 6.12 Additional Guarantors and Pledge of Capital
Stock; Release of Guarantors and Pledges of Guarantor Capital Stock. 
  
 (a) (i) On the REIT Conversion Date, the REIT Guarantor must (A) become a Guarantor by executing and delivering to the Administrative Agent a Guaranty substantially in the form of Exhibit F(1) attached hereto
and such other document as the Administrative Agent shall deem appropriate for such purpose, and (B) deliver to the Administrative Agent all of the documents described in Section 4.03 relating to the REIT Guarantor, all in form, content and
scope reasonably satisfactory to the Administrative Agent; and (ii) on the REIT Election Date, the REIT Guarantor must deliver to the Administrative Agent all of the documents described in Section 4.04 relating to the REIT Guarantor, all in
form, content and scope reasonably satisfactory to the Administrative Agent. If the Guaranty of the REIT Guarantor and all items described in this Section 6.12(a) are not delivered to the Administrative Agent on or before the REIT Conversion
Date or the REIT Election Date, as applicable, an Event of Default shall occur and the Administrative Agent and the Lenders shall have the right to take any and all of the remedies described in Section 8.02. 
  
 (b) The Borrowers shall notify the Administrative Agent at
the time that any Subsidiary becomes a Material Subsidiary or an owner of Unencumbered Pool Property and promptly thereafter (and in any event within 15 days): 
  

(i) subject to clause (c) below, the Borrowers shall cause such Subsidiary (if not already a Guarantor) to become a Guarantor by
executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose, and deliver to the Administrative Agent documents of the types referred to
in clauses (viii), (ix) and (xvi) of Section 4.01(a) and, if requested by the Administrative Agent, favorable opinions of counsel to such Subsidiary (which may be an opinion of its in-house counsel) and shall cover the matters
covered in the opinion delivered on the Closing Date (as applicable to such Subsidiary) and such other matters as may be reasonably required by the Administrative Agent), all in form, content and scope satisfactory to the Administrative Agent; and

  
 (ii) subject to clause (c) below, the
Borrowers shall execute, or cause any Loan Party or Subsidiary that is an owner of the Capital Stock of the Subsidiary identified in clause (i) above (if not already delivered), to duly execute and deliver to the Administrative Agent (A) an
accession agreement to the Pledge Agreement substantially in the form of Exhibit I(1), and (B) to the extent certificated, certificates evidencing all of the issued and outstanding Capital Stock of such Subsidiary owned by such Loan Party or
Subsidiary, which certificates shall be accompanied by undated stock powers executed in blank or the equivalent under applicable law; and 
  

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 (iii) the Borrowers shall deliver or cause to be delivered evidence satisfactory to the
Administrative Agent that the Lien granted to the Administrative Agent for the benefit of the Lenders in the Collateral described in clause (ii) above is a perfected security interest (after giving effect to the deliveries and filings
required under the applicable Pledge Agreement and applicable law), and no other Lien exists on any such Collateral; and 
  
 (iv) at any time and from time to time, the Borrowers shall promptly execute and deliver, or cause any Loan Party or Subsidiary to execute
and deliver, any and all further instruments and documents and take all such other action as the Administrative Agent may deem necessary or appropriate in obtaining the full benefits of, or in perfecting and preserving the Liens of, the pledges and
guaranties contemplated by, this Section 6.12(b). 
  
 (c) Until the Guaranty, each Pledge Agreement or Pledge Agreement accession agreements, and all items described in the foregoing Section 6.12(b) are delivered to the Administrative Agent, the Unencumbered
Property owned in fee simple title by such Person shall not be included in the Borrowing Base. Notwithstanding the foregoing, (i) if the execution of the Guaranty by such Material Subsidiary or owner of Unencumbered Pool Property is prohibited under
the then-current financing arrangements of such Person, then such Guaranty will not be required hereunder, provided, however, that in such event, the Unencumbered Property owned by such Material Subsidiary or owner of Unencumbered Pool
Property shall not be included in the Borrowing Base; and (ii) if the execution of a Pledge Agreement or accession agreement to such Pledge Agreement by the owner of the Capital Stock of such Material Subsidiary or owner of Unencumbered Pool
Property is prohibited under the then-current financing arrangements of such Person, then such Pledge Agreement will not be required hereunder. 
  
 (d) Provided that the Borrowers provide to the Administrative Agent no less than five Business Days advance written notice that the
following events will occur, and provided that the Borrowers and applicable Guarantor complies with this Section 6.12(d), the Administrative Agent, for itself and on behalf of the Lenders, shall release any Guarantor (other than the REIT
Guarantor or a Borrower) from its obligations under such Guarantor’s Guaranty if (i) such Guarantor is not, or no longer qualifies as, a Material Subsidiary, and (ii) any Real Property or Unimproved Land owned by such Guarantor no longer
qualifies as, or is removed as, Unencumbered Pool Property in a transaction permitted under this Agreement and as a consequence thereof such Guarantor no longer owns any Unencumbered Pool Property; provided that in the case of the foregoing,
the Administrative Agent shall release such Guarantor from its obligations under such Guarantor’s Guaranty only if the Administrative Agent is satisfied that: (i) no Default exists; (ii) the Borrowers are in compliance on a pro forma basis with
the investment and financial covenants set forth in Sections 7.02(b) and 7.11 hereof; (iii) the Total Outstandings are not and will not be in excess of the Borrowing Base Availability; and (iv) the Borrowers have delivered to the
Administrative Agent a Borrowing Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d) (with such adjustment reflecting the removal from the Borrowing Base of any Unencumbered Pool
Property owned by the Guarantor that will be released from its Guaranty hereunder), and a certificate of a Responsible Officer of each Borrower, certifying as to the matters set forth in the foregoing clauses (i), (ii) and
(iii). Upon the release of the Guaranty as provided in this Section 6.12(d), any Unencumbered Property owned by such Guarantor or former Guarantor shall not be included in the Borrowing Base. 
  

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 (e) Upon the release of the Guaranty of any Guarantor as provided in Section
6.12(d), and provided that the Borrowers and applicable Guarantor complies with Section 6.12(d), the Administrative Agent shall release from the Lien of the applicable Pledge Agreement the Capital Stock of the Guarantor so released under
Section 6.12(d). 
  
 6.13 Pledge by REIT Guarantor;
Pledge and Delivery of Notes Receivable. 
  
 (a) On the REIT Conversion Date, the REIT Guarantor must (i) execute an accession agreement to the Pledge Agreement substantially in the form of Exhibit I(2) attached hereto and deliver to the Administrative Agent any original
Intercompany Notes Receivable of any amount (except for such Intercompany Notes Receivable listed on Schedule 5.22(b)), plus an endorsement and assignment of each such Notes Receivable in form and substance satisfactory to the Administrative
Agent; (ii) execute an accession agreement to the Pledge Agreement substantially in the form of Exhibit I(1) attached hereto and deliver to the Administrative Agent (y) any other original Notes Receivable in an outstanding principal
amount of more than $1,000,000 (except for such Notes Receivable listed on Schedule 5.22(c)) owned or possessed by the REIT Guarantor, plus an endorsement and assignment of each such Notes Receivable in form and substance satisfactory to the
Administrative Agent; and (z) to the extent certificated and not previously delivered to the Administrative Agent, the shares of Capital Stock of each Material Subsidiary and each owner of Unencumbered Pool Property owned by the REIT
Guarantor (other than the Post-REIT Conversion Borrower), accompanied by undated stock powers executed in blank or the equivalent under applicable law. Notwithstanding the foregoing, 
  
 (A) the REIT Guarantor will not be required to pledge any Notes Receivable hereunder if such Notes
Receivable are not included in the Borrowing Base and if the Administrative Agent determines in its sole and reasonable discretion that (w) such Notes Receivable mature within six months or less, (x) such Notes Receivables are not
capable of being pledged by the REIT Guarantor, (y) the pledge of such Notes Receivable would cause an unreasonable hardship to the REIT Guarantor, or (z) the pledge of such Notes Receivable would not add any significant value to the
Collateral granted to the Administrative Agent, for the benefit of the Lenders; and 
  
 (B) if the pledge by the REIT Guarantor of the Capital Stock of any Material Subsidiary or owner of Unencumbered Pool Property is
prohibited under the then-current financing arrangements of such Person, then the REIT Guarantor will not be required to pledge the Capital Stock of such Person hereunder. 
  

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 (b) The Borrowers shall notify the Administrative Agent at any time that the Borrowers or
any Loan Party or any Subsidiary owns or gains possession of (y) any Intercompany Notes Receivable (of any amount), or (z) any other Notes Receivable in an outstanding principal amount of more than $1,000,000, and promptly thereafter
(and in any event within 15 days): 
  
 (i) if the
Loan Party or Subsidiary owning such Notes Receivable is not already a party to a Pledge Agreement, the Borrowers shall cause such Loan Party or Subsidiary owning such Notes Receivable to duly execute and deliver to the Administrative Agent (A) an
accession agreement to the Pledge Agreement substantially in the form of Exhibit I(2) (with respect to Intercompany Notes Receivable) or Exhibit I(1) (with respect to other Notes Receivable in an outstanding principal amount of more
than $1,000,000), and (B) any original Intercompany Notes Receivable (of any amount), and any other original Notes Receivables in an outstanding principal amount of more than $1,000,000, owned by such Loan Party or Subsidiary, accompanied by
allonges or endorsements in favor of the Administrative Agent, or the equivalent under applicable law; 
  
 (ii) if such Notes Receivable are owned by any Borrower, such Borrower shall deliver to the Administrative Agent any original Intercompany
Notes Receivable (of any amount), and any other original Notes Receivable that is in an outstanding principal amount of more than $1,000,000, owned by such Borrower, accompanied by allonges or endorsements in favor of the Administrative Agent, or
the equivalent under applicable law; and 
  
 (iii) the Borrowers shall deliver or caused to be delivered evidence satisfactory to the Administrative Agent that the Lien granted to the Administrative Agent for the benefit of the Lenders in the Notes Receivable is a perfected security
interest (after giving effect to the deliveries and filings required under the Pledge Agreement and applicable law), and no other Lien exists on any such Notes Receivable. 
  
 Notwithstanding the foregoing, the applicable Borrower, other Loan Party or Subsidiary will not be required to pledge such Notes Receivable
hereunder if such Notes Receivable are not included in the Borrowing Base and if the Administrative Agent determines in its sole and reasonable discretion that (w) such Notes Receivable mature within six months or less, (x) such Notes
Receivable are not capable of being pledged by such Borrower, other Loan Party or Subsidiary, (y) the pledge of such Notes Receivable would cause an unreasonable hardship to such Borrower, other Loan Party or Subsidiary, or (z) the
pledge of such Notes Receivable would not add any significant value to the Collateral granted to the Administrative Agent, for the benefit of the Lenders. 
  
 (c) At any time and from time to time, the Borrowers shall promptly execute and deliver, or cause any Loan Party or Subsidiary to execute
and deliver, any and all further instruments and documents and take all such other action as the Administrative Agent may deem necessary or advisable in obtaining the full benefits of, or in perfecting and preserving the pledge and Liens
contemplated by, this Section 6.13. 
  
 (d) Provided that the Borrowers provide to the Administrative Agent no less than five Business Days advance written notice that the following events will occur, and provided that the Borrowers and applicable Pledgor comply with this
Section 6.13(d), the Administrative Agent, for itself and on behalf of the Lenders, shall release from the Lien of any Pledge Agreement any Notes Receivable if the owner of such Notes Receivable has notified the Administrative Agent that such
Notes Receivable has or is about to be repaid in full. 
  

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 6.14 Borrowing Base Certificate. The Borrowers shall deliver to the Administrative Agent, as soon
as available but in any event by no later than 55 days after the end of each fiscal quarter, a completed Borrowing Base Certificate and the Administrative Agent shall thereafter make available to each Lender such completed Borrowing Base
Certificate. 
  
 ARTICLE VII. 
 NEGATIVE COVENANTS 
  
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding: 
  
 7.01 Liens.

  
 (a) Each Borrower shall not, and shall
not permit any Loan Document Party or Subsidiary to, create, incur, assume or suffer to exist any Lien upon its interest in any Guarantor or in any Subsidiary that owns Unencumbered Property, other than Liens in favor of the Administrative Agent.

  
 (b) Each Borrower shall not, and shall not
permit any Loan Document Party or Subsidiary to, create, incur, assume or suffer to exist any Lien upon any Collateral pledged under any Pledge Agreement, other than Liens in favor of the Administrative Agent. 
  
 (c) Each Borrower shall not, and shall not permit any Loan
Document Party or Subsidiary to, create, incur, assume or suffer to exist any Lien upon any Unencumbered Property or upon any lease or Ground Lease of any Unencumbered Property, other than Permitted Liens, except if, both before and after giving
effect thereto: (i) no Default exists; (ii) the Borrowers are in compliance on a pro forma basis with the investment and financial covenants set forth in Sections 7.02(b) and 7.11 hereof; and (iii) the Total Outstandings are not and
will not be in excess of the Borrowing Base Availability. 
  
 (d) The Borrowers shall deliver to the Administrative Agent: 
  
 (i) a certificate of a Responsible Officer, certifying as to the matters set forth in the foregoing Section 7.01(c) prior to the
creation, assumption or existence of any Lien upon (A) any Unencumbered Property consisting of Stabilized Operating Property, Ground Lease Property, Lease-up Property, Mission Bay Block 28 or WIP; or (B) any Unencumbered Pool Property consisting of
Eligible Unimproved Land with an aggregate book value (in accordance with GAAP) in any fiscal quarter of over $10,000,000, if the remaining Eligible Unimproved Land included in the Borrowing Base (valued at the book value of such Eligible Unimproved
Land, in accordance with GAAP), has fallen or will fall below $200,000,000; and 
  
 (ii) a Borrowing Base Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d)
(with such adjustment reflecting the removal from the Borrowing Base of any Unencumbered Pool Property that will be the subject of a Lien as contemplated hereunder), (A) prior to the creation, assumption or existence of a Lien upon any Unencumbered
Pool Property consisting of Eligible Stabilized Operating Property, Eligible Ground Lease Property, Eligible Lease-up Property, Eligible Mission Bay Block 28 or 

  

 82 

 
Eligible WIP; or (B) prior to the creation, assumption or existence of a Lien upon any Unencumbered Pool Property consisting of Eligible Unimproved Land with
an aggregate book value (in accordance with GAAP) in any fiscal quarter of over $10,000,000, if the remaining Eligible Unimproved Land included in the Borrowing Base (valued at the book value of such Eligible Unimproved Land, in accordance with
GAAP), has fallen or will fall below $200,000,000. 
  
 7.02
Investments and Development Costs. 
  
 (a)
Each Borrower shall not, and shall not permit any Loan Party or Subsidiary to, make any Investments, except: 
  
 (i) Investments held by a Borrower or such Loan Party or Subsidiary in the form of Cash Equivalents; 
  
 (ii) advances to officers, directors and employees of any
Loan Party or Subsidiary in the Ordinary Course of Business, for travel, entertainment, relocation and analogous ordinary business purposes; 
  
 (iii) subject to the limitations set forth in Section 7.02(b), Investments in any Subsidiary, Investment Affiliate or other Person
that is engaged in any of the lines of business described in Section 7.07 hereof; provided, however, the foregoing provision shall not permit any Borrower, Loan Party or Subsidiary to make any Investments in the form of a Guarantee of
Unsecured Indebtedness, other than a Guaranty of such Unsecured Indebtedness (as defined in Schedule 7.11) of any Loan Party or Subsidiary that is specifically permitted under Section 7.03(a); 
  
 (iv) Investments consisting of extensions of credit in the
nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the
extent reasonably necessary in order to prevent or limit loss; 
  
 (v) without limiting clause (iii) above, Guarantees permitted under Section 7.03; 
  
 (vi) Investments in the form of seller financing of dispositions of Real Property or Unimproved Land in transactions permitted under
Section 7.05, provided that such financing is documented by Notes Receivable and such Notes Receivable, if representing an outstanding payment obligation of more than $1,000,000, is pledged to the Administrative Agent pursuant to Section
6.13(b) (subject to the limitations set forth in the last sentence of Section 6.13(b)); 
  
 (vii) Investments of a Borrower, Loan Party or Subsidiary in revenue bonds issued pursuant to an Eligible Bond Transaction or a Permitted
Bond Transaction; 
  
 (viii) Investments of a
Borrower, Loan Party or Subsidiary in loans advanced pursuant to Safe Harbor Transactions; and 
  

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 (ix) intercompany Indebtedness to any Loan Party or Subsidiary of a Loan Party permitted
under Section 7.03(a)(vi), provided that the Intercompany Notes Receivable of the obligor thereunder (regardless of the amount thereof) is pledged as contemplated by such section. 
  
 (b) The Borrowers shall not permit: 
  
 (i) the total cost (in accordance with GAAP) to the date of measurement of all Unimproved Land owned by the
Loan Parties and the Subsidiaries to exceed 25% of Total Asset Value (as defined in Schedule 7.11), as calculated as of the end of the most recent fiscal quarter and shown on the consolidated balance sheet of the Consolidated Group;

  
 (ii) the Investment of the Loan Parties and
the Subsidiaries in any Person that is not a Super Majority-Owned Subsidiary to exceed, in the aggregate, 15% of Total Asset Value (as defined in Schedule 7.11), as calculated as of the end of the most recent fiscal quarter, excluding, for
the purposes of the above calculation, the REIT Guarantor’s interest in the OP Borrower; 
  
 (iii) the total Development Cost of the Loan Parties and the Subsidiaries, as set forth in the consolidated balance sheet of the
Consolidated Group as of the end of the most recent fiscal quarter, to exceed 15% of Total Asset Value (as defined in Schedule 7.11), as calculated as of the end of the most recent fiscal quarter; and 
  
 (iv) the sum of the above clauses (i), (ii) and
(iii) to exceed 40% of Total Asset Value (as defined in Schedule 7.11), as calculated as of the end of the most recent fiscal quarter. 
  
 7.03 Indebtedness. 
  
 (a) The Borrowers shall not, and shall not permit any Loan Party or Subsidiary to, create, incur, assume or suffer to exist any
Indebtedness, except: 
  
 (i) Indebtedness under
the Loan Documents; 
  
 (ii) Indebtedness
outstanding or anticipated on the Closing Date and listed on Schedule 7.03 and refinancings of such Indebtedness, provided that the principal amount of such Indebtedness so refinanced does not increase, and provided further that
the terms of such refinancing are not substantially more onerous to the Borrower, Loan Party or Subsidiary (as applicable) than the terms of the original financing; 
  
 (iii) Guarantees of any Loan Party or any Subsidiary in respect of (A) Indebtedness otherwise permitted
hereunder of any Loan Party or Subsidiary; (B) Investments permitted under Section 7.02(a)(iii); and (C) Unsecured Indebtedness to providers of credit support or credit enhancement supporting obligations to Community Facility Districts or
other Mello Roos type assessment and/or tax districts, in an amount not to exceed $250,000,000 at any time outstanding;  
  

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 (iv) obligations (contingent or otherwise) of any Loan Party or any Subsidiary existing
or arising under any Swap Contract, provided that (A) such obligations are (or were) entered into by such Person in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments,
investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and (B) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 
  
 (v) accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of
money) incurred in the Ordinary Course of Business in accordance with customary terms and paid within the specified time, unless contested under a Permitted Contest; 
  
 (vi) intercompany Indebtedness to any Loan Party or any Subsidiary of a Loan Party, provided that the
obligor thereunder has issued Intercompany Notes Receivable in favor of the lender thereunder, which Intercompany Notes Receivable are in form and substance satisfactory to the Administrative Agent, and such Intercompany Notes Receivable has been
pledged to the Administrative Agent pursuant to Section 6.13, without regards to the dollar amount of such Notes Receivable; 
  
 (vii) to the extent constituting Indebtedness, (A) capital leases of assets; provided that the assets leased are owned by the
lessor or are collateral for the lease obligations; and (B) tax obligations of any Loan Party or Subsidiary owing to Community Facility Districts or other Mello Roos type assessment and/or tax districts, which tax obligations support bonds issued by
such districts; 
  
 (viii) Secured Indebtedness
(as defined in Schedule 7.11), provided that the Lien securing such Indebtedness is not prohibited under Section 7.01 and subject to the limitations set forth in clauses (c) and (f) of Schedule 7.11; and

  
 (ix) other Indebtedness in an amount not to
exceed $2,000,000 at any time outstanding. 
  
 (b) The Borrowers shall not permit the Floating Rate Debt of the Loan Parties and the Subsidiaries (including the Indebtedness under this Agreement, but not including any such Floating Rate Debt that is subject to a Swap Contract ) to
exceed 40% of the Indebtedness listed in paragraph (a) of the definition thereof, of the Loan Parties and the Subsidiaries. 
  
 7.04 Fundamental Changes. The Borrowers shall not, and shall not permit any other Loan Document Party or any Subsidiary to, merge, dissolve,
liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that:

  
 (a) (i) in connection with the REIT
Conversion, the Pre-REIT Conversion Borrower may merge with the Post-REIT Conversion Borrower, provided that each of the conditions set forth in Section 4.03 are met to the satisfaction of the Administrative Agent and 

  

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the Lenders; (ii) any Guarantor, Subsidiary or other Person may merge with the OP Borrower or the TRS Borrower, provided that the OP Borrower or the
TRS Borrower, as applicable, shall be the continuing or surviving Person and provided further, however, that the OP Borrower may not merge with the TRS Borrower; (iii) any Guarantor, Subsidiary or other Person may merge with a Guarantor,
provided that a Guarantor is the continuing or surviving Person or the surviving Person becomes a Guarantor hereunder; provided, however, that Catellus Westminster Company, LLC, may merge into Catellus Commercial Group, LLC
(“CCG”) and CCG will not be required to become a Guarantor hereunder unless after giving effect to such merger, CCG constitutes a Material Subsidiary or an owner of Unencumbered Pool Property, provided further, however, that
the OP Borrower may not merge with the TRS Borrower after the REIT Election; or (iv) any Subsidiary that is not a Guarantor may merge with any other Person, provided, in the case of any of the foregoing clauses (i), (ii), (iii) or
(iv): (A) no Default exists or will exist after the merger; (B) the Total Outstandings are not and will not be in excess of the Borrowing Base Availability; (C) the Borrowers are and will be after the merger in compliance on a pro forma basis
with the investment and financial covenants set forth in Sections 7.02(b) and 7.11 hereof and have provided evidence of such compliance prior to the merger; and (D) such merger will not cause a Material Adverse Effect; 
  
 (b) any Subsidiary or the TRS Borrower may Dispose of all or
substantially all of its assets to any Loan Party; and 
  
 (c) subject to compliance with Section 7.05 (including the delivery of any notice and Borrowing Base Certificate required thereunder), any Subsidiary that is not a Loan Party may Dispose of all or substantially all of its assets
(upon voluntary liquidation or otherwise) to any Person if, both before and after giving effect thereto, (A) no Default exists or will exist after the Disposition; (B) the Total Outstandings are not and will not be in excess of the Borrowing Base
Availability; (C) the Borrowers are in compliance on a pro forma basis with the investment and financial covenants set forth in Sections 7.02(b) and 7.11 hereof and have provided evidence of such compliance prior to the Disposition;
and (D) such Disposition will not cause a Material Adverse Effect. 
  
 7.05 Dispositions. 
  
 (a) Except
as permitted under Sections 7.04(a) and 7.04(b), the Borrowers shall not, and shall not permit any Loan Document Party or Subsidiary to, Dispose of any Unencumbered Property (other than such a Disposition by (y) any Loan
Document Party or Subsidiary to a Borrower, or (z) by any Loan Document Party that is not a Borrower, or any Subsidiary, to a Loan Party), except if, both before and after giving effect thereto: (i) no Default exists; (ii) the Borrowers are
in compliance on a pro forma basis with the investment and financial covenants set forth in Sections 7.02(b) and 7.11 hereof; and (iii) the Total Outstandings are not and will not be in excess of the Borrowing Base Availability.

  
 (b) The Borrowers shall deliver to the
Administrative Agent: 
  
 (i) a certificate of a
Responsible Officer, certifying as to the matters set forth in the foregoing Section 7.05(a) prior to the Disposition of (A) any Unencumbered Property consisting of Stabilized Operating Property, Ground Lease Property, Lease-up Property,

  

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Mission Bay Block 28 or WIP; or (B) any Unencumbered Pool Property consisting of Eligible Unimproved Land with an aggregate book value (in accordance with
GAAP) in any fiscal quarter of over $10,000,000, if the remaining Eligible Unimproved Land included in the Borrowing Base (valued at the book value of such Eligible Unimproved Land, in accordance with GAAP), has fallen or will fall below
$200,000,000; and 
  
 (ii) a Borrowing Base
Certificate as of the most recently concluded fiscal quarter, adjusted as set forth in Section 4.02(d) (with such adjustment reflecting the removal from the Borrowing Base of any Unencumbered Pool Property that will be Disposed of as
contemplated hereunder), (A) prior to the Disposition of any Unencumbered Pool Property consisting of Eligible Stabilized Operating Property, Eligible Ground Lease Property, Eligible Lease-up Property, Eligible Mission Bay Block 28 or Eligible WIP;
or (B) prior to the Disposition of any Unencumbered Pool Property consisting of Eligible Unimproved Land with an aggregate book value (in accordance with GAAP) in any fiscal quarter of over $10,000,000, if the remaining Eligible Unimproved Land
included in the Borrowing Base (valued at the book value of such Eligible Unimproved Land, in accordance with GAAP), has fallen or will fall below $200,000,000. 
  

7.06 Restricted Payments. After the REIT Conversion Date, the Borrowers shall not declare or make, or permit the REIT Guarantor or any
Subsidiary to declare or make, any Distributions, except for: 
  
 (a) the exchange of membership or partnership interests of the OP Borrower for common stock of the REIT Guarantor; and 
  
 (b) if no monetary Default or other Event of Default exists, the REIT Guarantor, the Borrowers and the Subsidiaries may make Distributions
with respect to each fiscal year beginning after December 31, 2003, in an amount in the aggregate which does not exceed the greater of (i) 95% of Funds From Operations for such period, or (ii) such amount as may be necessary for the REIT Guarantor
to qualify as a REIT under the Code; and 
  
 (c)
the one-time E&P Distribution; 
  
 (d)
Distributions to the shareholders of the Pre-REIT Conversion Borrower or, after the REIT Conversion Date, the REIT Guarantor (as applicable), with respect to the third and fourth quarters of the fiscal year ending on December 31, 2003; 

 
 (e) payments to employees, or issuance and awards to
employees, of restricted stock under an employee stock option or grant program; and 
  
 (f) Distributions of Real Property or Unimproved Land made to the REIT Guarantor as contemplated by the REIT Conversion; provided
that all such Distributions are made on or before June 30, 2004 and, at the time of such Distribution, (i) no Default exists; (ii) the Borrowers are in compliance on a pro forma basis with the investment and financial covenants set forth in 

  

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Sections 7.02(b) and 7.11 hereof; and (iii) the Total Outstandings are not and will not be in excess of the Borrowing Base Availability;
provided, however, that during the continuance of any monetary Default or any other Event of Default: 
  
 (A) aggregate Distributions under Section 7.06(b) shall not exceed the lesser of (x) the aggregate amount permitted to be
made during the continuance thereof under clause (b) above, and (y) the minimum amount that the REIT Guarantor must distribute to its shareholders in order to qualify as a REIT under the Code; and 
  
 (B) the Borrowers shall not permit the REIT Guarantor to
effect any repurchases of its common or preferred stock. 
  
 7.07 Change in Nature of Business. The Borrowers shall not, and shall not permit any Loan Party or Subsidiary to, engage in any material new line of business substantially different from those lines of business conducted by any
Borrower or any of its Subsidiaries on the Closing Date or the REIT Conversion Date, including the ownership, acquisition, development, construction, management and rental of Real Property and Unimproved Land and, in each case, any business
substantially related, necessary or incidental thereto. 
  
 7.08 Transactions with Affiliates. Except as otherwise expressly permitted hereunder, the Borrowers shall not, and shall not permit any Loan Party or Subsidiary to, enter into any transaction of any kind with any Affiliate of any
Loan Party, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Loan Party or such Subsidiary as would be obtainable by such Loan Party or such Subsidiary at the time in a
comparable arm’s length transaction with a Person other than an Affiliate. 
  
 7.09 Burdensome Agreements. The Borrowers shall not, and shall not permit any other Loan Document Party or Subsidiary to, enter into any Contractual Obligation (other than this Agreement or any other Loan
Document) that limits the ability of any Loan Document Party or Subsidiary (a) to pay dividends and distributions to any Borrower or any other Loan Party, other than during a default or an event of default under and as defined in any document
evidencing Indebtedness of such Loan Document Party; (b) to transfer property to any Borrower or any other Loan Party (other than property that is subject to a Lien securing Indebtedness of such Loan Party or Subsidiary that is permitted under
Section 7.03(a)(ii) or Section 7.03(a)(viii)); (c) that is a Material Subsidiary or an owner of Unencumbered Pool Property, to Guarantee the Indebtedness of the Borrowers; or (d) to grant and perfect, in favor of the Administrative
Agent, a Lien in and to the Notes Receivable owned by such Loan Document Party or Subsidiary and required to be pledged hereunder. 
  
 7.10 Use of Proceeds. The Borrowers shall not use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to (a) purchase, redeem or otherwise acquire for value any Capital Stock of any Borrower or the REIT Guarantor; or (b) purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to
others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 
  

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 7.11 Financial Covenants. The Borrowers shall comply with each of the financial covenants set
forth in Schedule 7.11, which financial covenants shall be calculated as of the last day of each fiscal quarter, but shall be satisfied at all times. 
  
 7.12 Fundamental Changes and REIT Covenants. 
  
 (a) Except for any such amendment (i) that is required under any requirement of Law imposed by any Governmental Authority or in order for
the REIT Guarantor to qualify as a REIT under the Code, (ii) that is necessary to enable any Loan Document Party or Subsidiary to execute a Guaranty or Pledge Agreement as contemplated under Section 6.12 or Section 6.13; (iii) that is
necessary to effectuate the REIT Conversion or any transaction permitted under Section 7.04 or Section 7.05 (as long as such amendments do not have an adverse effect on the Lenders or their rights hereunder); or (iv) that are described
in Schedule 7.12 (as long as such amendments do not have an adverse effect on the Lenders or their rights hereunder), the Borrowers shall not, and shall not permit any other Loan Document Party or any Subsidiary, to amend its Organizational
Documents (except for non-substantive amendments or technical amendments that do not have an adverse effect on the Lenders or their rights hereunder), except in each case (A) upon at least ten Business Days’ prior written notice to the
Administrative Agent, and (B) if the Administrative Agent notifies the OP Borrower within such ten-Business Day period that such amendment is, in Administrative Agent’s reasonable judgment, a material amendment, with the prior written consent
of the Required Lenders which consent will not be unreasonably withheld or delayed. 
  
 (b) Before the REIT Conversion Date, the OP Borrower shall not fail to comply in all material respects with all rules and regulations of
the Securities Exchange Commission and shall not fail to file all reports required by the Securities Exchange Commission relating to the Borrower’s publicly-held securities. After the REIT Conversion Date, the Borrowers shall cause the REIT
Guarantor to comply in all material respects with all rules and regulations of the Securities Exchange Commission and shall cause the REIT Guarantor to file all reports required by the Securities Exchange Commission relating to the REIT
Guarantor’s publicly-held securities. 
  
 (c) Before the REIT Conversion Date, the OP Borrower shall not cease to have its common stock listed on the New York Stock Exchange, the American Stock Exchange, or the Nasdaq Stock Exchange. After the REIT Conversion Date, the Borrowers
shall cause the REIT Guarantor to, at all times, have its common stock listed on the New York Stock Exchange, the American Stock Exchange, or the Nasdaq Stock Exchange. 
  
 (d) After the REIT Election Date, the REIT Guarantor shall not cease to qualify as a REIT under the Code.

  
 (e) After the REIT Election Date, at no time
shall the OP Borrower be taxed as a corporation under the Code. 
  
 (f) After the REIT Conversion Date, the REIT Guarantor shall not cease to own the majority of the outstanding Capital Stock in, and serve as the sole general partner of, the OP Borrower. 
  

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 (g) After the REIT Conversion Date, the OP Borrower shall not cease to own, directly or
indirectly, 100% of the outstanding Capital Stock of the TRS Borrower. 
  
 (h) Except as permitted under Section 7.04, the Loan Parties shall not cease to own the majority of the outstanding stock, membership interests or other entity interests in, each Guarantor and each Subsidiary
(other than Guarantors and Subsidiaries (but excluding the TRS Borrower) that are Taxable REIT Subsidiaries) and, with respect to any Guarantor or Subsidiary that is not a corporation, a Loan Party shall not cease to serve as the managing member or
general partner of, each such Guarantor and Subsidiary. 
  
 ARTICLE VIII. 
 EVENTS OF DEFAULT AND REMEDIES 
  
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
  
 (a) Non-Payment. Any Borrower or any other Loan Party
fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any Unused Fee or other
fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
  
 (b) Specific Covenants. Any Borrower fails to perform or observe any term, covenant or agreement contained in any of Section
6.01, 6.02, 6.03, 6.05, 6.10, 6.11, 6.12(a), 6.13(a) or 6.14 or Article VII or, after the REIT Conversion Date, the REIT Guarantor fails to perform or observe any term, covenant or agreement contained in any of Section
11(a), 11(b), 11(d) or 11(i) or Section 12 of the Guaranty executed by the REIT Guarantor; or 
  
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection
(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after a Responsible Officer of any Loan Party has knowledge thereof; or 
  
 (d) Representations and Warranties. Any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Document Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect when made or deemed made or shall be misleading in any material respect when made or deemed made; or 
  
 (e) Cross-Default and Cross-Acceleration. (i) Any Loan Party or any Subsidiary (A) fails to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating
to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event 

  

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under clause (A) or (B) above is (y) in the case of Recourse Indebtedness, to cause, or to permit the holder or holders of any such
Recourse Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Recourse Indebtedness to be
demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Recourse Indebtedness to be made, prior to its stated maturity, or such Guarantee
to become payable or cash collateral in respect thereof to be demanded; or (z) in the case of Non-Recourse Indebtedness, that the holder or holders of any such Non-Recourse Indebtedness demands such Non-Recourse Indebtedness to become due or
be repurchased, prepaid, defeased or redeemed, or such holder or holders cause an offer to repurchase, prepay, defease or redeem such Non-Recourse Indebtedness to be made, prior to its stated maturity; (ii) there occurs under any Swap Contract an
Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as so defined) under such Swap Contract as to which any Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Borrower or such Subsidiary as a result thereof is greater
than the Threshold Amount; or 
  
 (f)
Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
  
 (g) Inability to Pay Debts; Attachment. (i) Any Loan
Party or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of any such Person and is not released, vacated or fully bonded within 60 days after its issue or levy; or 
  
 (h) Judgments. There is entered against any Loan Party or any Subsidiary (i) a final judgment or order for the payment of money in
an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage and after giving effect to reserves therefor), or (ii) any one or more non-monetary
final judgments that have, or are reasonably expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, unless such
enforcement proceedings are stayed, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
  

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 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $5,000,000, or (ii) any
Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of $5,000,000; or 
  
 (j)
Invalidity of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect
in accordance with its respective terms; or any Loan Document Party contests in any manner the validity or enforceability of any Loan Document; or any Loan Document Party denies in writing that it has any or further liability or obligation under any
Loan Document, or purports to revoke, terminate or rescind any Loan Document; 
  
 (k) Failure by any Guarantor to Perform Covenants; Invalidity of Guaranty. Any Guarantor shall fail to perform or observe any term, covenant or agreement contained in a Guaranty on its part to be performed or
observed, or any default shall occur under a Guaranty, and any such failure or default shall continue after the applicable grace period, if any, specified in a Guaranty as of the date of such failure, or any defined “Event of Default” as
defined in such Guaranty shall have occurred and is continuing; or such Guaranty shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect in accordance with its terms (except as expressly permitted
hereunder), or any Guarantor shall contest in any manner the validity or enforceability thereof or deny in writing that it has any further liability or obligation thereunder; 
  
 (l) Collateral Documents. 
  
 (i) Any Pledge Agreement shall for any reason (other than pursuant to the terms thereof) cease to create a
valid security interest in the Collateral purported to be covered thereby, or such security interest shall for any reason cease to be a perfected and first-priority security interest, other than as a result of any action or inaction by the
Administrative Agent or any Lender not caused by the Default of any Borrower; or 
  
 (ii) Any party to a Pledge Agreement shall fail to perform or observe any term or covenant contained therein, and such failure shall
continue unremedied for a period of 30 days after a Responsible Officer of any Loan Party or such party to a Pledge Agreement has notice thereof; or 
  
 (m) Change of Control. There occurs any Change of Control. 
  

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 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
  
 (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be
terminated, whereupon such commitments and obligation shall be terminated; 
  
 (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers; 
  
 (c) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

  
 (d) exercise on behalf of itself and the
Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law; 
  
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, the obligation of each Lender
to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and
payable, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 
  
 8.03 Application of Funds. After the exercise of remedies provided for
in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts
received on account of the Obligations shall be applied by the Administrative Agent in the following order: 
  
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including Attorney Costs and
amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 
  
 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders (including Attorney Costs and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; 
  
 Third, to payment of that portion of the Obligations constituting
accrued and unpaid interest on the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
  
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings,
ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; 
  

 93 

 Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that
portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the OP Borrower or as otherwise required by Law. 
  
 Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such
remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
  
 ARTICLE IX. 
 ADMINISTRATIVE AGENT 
  
 9.01 Appointment and Authorization of Administrative Agent.

  
 (a) Each Lender hereby irrevocably
appoints, designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it
by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the Administrative
Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of
the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
  
 (b) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and
the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in this
Article IX and in the definition of “Agent-Related Person” included the L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to the L/C Issuer. 
  
 9.02 Delegation of Duties. The Administrative Agent may execute any of
its duties under this Agreement or any other Loan Document by or through agents, employees or 

  

 94 

 
attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The
Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
  
 9.03 Liability of Administrative Agent. No Agent-Related Person shall (a) be liable for any action taken or omitted
to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth
herein), or (b) be responsible in any manner to any Lender or Participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any
Lender or Participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party
or any Affiliate thereof. 
  
 9.04 Reliance by Administrative
Agent. 
  
 (a) The Administrative Agent shall
be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan
Party), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required
Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 
  
 (b) For purposes of determining compliance with the
conditions specified in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
  

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 9.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice
of the occurrence of any Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received
written notice from a Lender or any Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice.
The Administrative Agent shall take such action with respect to such Default as may be directed by the Required Lenders in accordance with Article VIII; provided, however, that unless and until the Administrative Agent has
received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders.

  
 9.06 Credit Decision; Disclosure of Information by
Administrative Agent. Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent to and acceptance of any assignment or
review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed
material information in their possession. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws
relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower and the other Loan Parties. Except for
notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person;
provided, however, that at the request of any Lender, the Administrative Agent shall provide to such Lender any information, document or other item in the Administrative Agent’s possession concerning any Loan Document Party, if
such information, document or item relates to any of the Loan Documents, the obligations of any Loan Document Party under any Loan Document or the rights of the Administrative Agent or any Lender under any Loan Document. 
  
 9.07 Indemnification of Administrative Agent. Whether or not the
transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro
rata, and hold harmless each Agent- 

  

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Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the
payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent resulting from such Agent-Related Person’s own gross negligence or willful misconduct; provided, however, that no action taken in
accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon
demand for its ratable share of any reasonable costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the
extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrowers. The undertaking in this Section shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the
resignation of the Administrative Agent. 
  
 9.08
Administrative Agent in its Individual Capacity. Bank of America and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with each of the Loan Parties and their respective Affiliates as though Bank of America were not the Administrative Agent or the L/C Issuer hereunder and without notice to or consent of the
Lenders. The Lenders acknowledge that, pursuant to such activities, Bank of America or its Affiliates may receive information regarding any Loan Party or its Affiliates (including information that may be subject to confidentiality obligations in
favor of such Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to its Loans, Bank of America shall have the same rights and powers under this
Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent or the L/C Issuer, and the terms “Lender” and “Lenders” include Bank of America in its individual capacity.

  
 9.09 Successor Administrative Agent. The Administrative
Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders, and shall resign upon the request of the Required Lenders if the Required Lenders reasonably determine that any action taken by the Administrative Agent hereunder
constitutes gross negligence or willful misconduct; provided that any such resignation by Bank of America shall also constitute its resignation as L/C Issuer and Swing Line Lender. If the Administrative Agent resigns under this Agreement, the
Required Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders, which successor administrative agent shall be consented to by the Borrowers at all times other than during the existence of an Event of Default
(which consent of the Borrowers shall not be unreasonably withheld or delayed). If no successor administrative agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after
consulting with the Lenders and the Borrowers, a successor administrative agent from among the Lenders. Upon the acceptance of its appointment as successor administrative agent hereunder, the Person acting as such successor administrative agent
shall succeed to all the rights, powers and duties of the retiring Administrative Agent, L/C Issuer and Swing Line Lender and the respective terms “Administrative Agent,” “L/C Issuer” and “Swing Line Lender” shall mean
such successor administrative agent, Letter of Credit issuer and swing line lender, and 

  

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the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated and the retiring L/C Issuer’s and
Swing Line Lender’s rights, powers and duties as such shall be terminated, without any other or further act or deed on the part of such retiring L/C Issuer or Swing Line Lender or any other Lender, other than the obligation of the successor L/C
Issuer to issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the
retiring L/C Issuer with respect to such Letters of Credit. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor administrative agent has accepted appointment as Administrative Agent by the date which is 30 days following
a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder
until such time, if any, as the Required Lenders appoint a successor agent as provided for above. 
  
 9.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise. 
  
 (a) to file and prove a claim for the whole amount of the
principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 
  
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to
pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections
2.09 and 10.04. 
  
 Nothing contained herein shall be
deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, 

  

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arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of
the claim of any Lender in any such proceeding. 
  
 9.11 Agent
Under Other Loan Documents, Collateral, Release of Collateral and Release of Guaranty Matters. 
  
 (a) Each Lender irrevocably authorizes the Administrative Agent, at its option and in its discretion, on behalf of and for the benefit of
the Lenders, to be the agent for and representative of the Lenders with respect to, and to enter into all other Loan Documents, as applicable, including the Guaranty and each Pledge Agreement. 
  
 (b) The Lenders hereby irrevocably authorize the
Administrative Agent, at its option and its discretion, without the necessity of any notice to or further consent from the Lenders, from time to time to (i) take any action, with respect to any Collateral or the Collateral Documents which may be
necessary to perfect and maintain perfected the security interest in and Liens upon any Collateral granted pursuant to any Loan Document; (ii) release any Guarantor (other than the REIT Guarantor or any Borrower) from its obligations under its
Guaranty upon the occurrence of the events described in Section 6.12(d); (iii) release the Administrative Agent’s Lien on any Capital Stock of a Guarantor pledged under a Pledge Agreement upon the occurrence of the events described in
Section 6.12(e); (iv) release the Administrative Agent’s Lien on any Notes Receivable pledged under a Pledge Agreement upon the occurrence of the events described in Section 6.13(d); and (v) release any Guarantor and the
Administrative Agent’s Lien on any Collateral pledged under a Pledge Agreement upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or
termination of all Letters of Credit. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release the Lien on any Collateral pledged under a Pledge
Agreement and to release any Guarantor from its obligations under its Guaranty pursuant to this Section 9.11(b). 
  
 (c) Anything contained in any of the Loan Documents to the contrary notwithstanding, the Borrowers, the Administrative Agent and each
Lender hereby agree that, other than the right of set-off under Section 10.09, no Lender shall have any right individually to exercise remedies against the Borrowers under Section 8.02 hereof, realize upon any of the Collateral under a
Pledge Agreement or any annex or accession agreement thereto or to enforce any Guaranty or Pledge Agreement, as applicable, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative
Agent, on behalf of Lenders in accordance with the terms hereof and all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent. 
  
 9.12 Other Agents; Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or
signature pages of this Agreement as a “syndication agent,” “documentation agent,” “managing agent,” “book manager,” “lead manager,” “arranger,” “lead arranger” or
“co-arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the
Lenders or other Persons so identified shall 

  

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have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the
Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 
  
 ARTICLE X. 
 MISCELLANEOUS

  
 10.01 Amendments, Etc. No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to any departure by any Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable
Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no
such amendment, waiver or consent shall: 
  
 (a)
waive any condition set forth in Section 4.01(a) without the written consent of each Lender; 
  
 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the
written consent of such Lender, other than the extension contemplated under Section 2.14; 
  
 (c) other than the extension contemplated under Section 2.14, postpone any date fixed by this Agreement or any other Loan Document
for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 
  
 (d) reduce the principal of, or the rate of interest
specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the final proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of
any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder without the written consent of each
Lender directly affected thereby; 
  
 (e) change
Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 
  
 (f) change any provision of this Section 10.01 or the definition of “Required Lenders” or
any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
or 
  
 (g) other than as provided in
Section 9.11(b), release any Guarantor from the Guaranty without the written consent of each Lender; or 
  
 (h) other than as provided in Section 9.11(b), release all or substantially all of the Collateral without the written consent of
each Lender; 

  

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and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in
writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment
of such Lender may not be increased or extended without the consent of such Lender; and (B) the Borrowers may replace any such Defaulting Lender in accordance with Section 10.16. 
  
 10.02 Notices and Other Communications; Facsimile Copies. 
  
 (a) General. Unless otherwise expressly provided
herein, all notices and other communications provided for hereunder shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or (subject to
subsection (c) below) electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
  
 (i) if to the Borrowers, the Administrative Agent, the L/C
Issuer or the Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number
as shall be designated by such party in a notice to the other parties; provided, however, that any such notice delivered to the OP Borrower shall be deemed to be delivered to each Borrower hereunder; and 
  
 (ii) if to any other Lender, to the address, facsimile
number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the OP
Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. 
  
 All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of
the relevant party hereto; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which
form of delivery is subject to the provisions of subsection (c) below), when delivered; provided, however, that notices and other communications to the Administrative Agent, the L/C Issuer and the Swing Line Lender pursuant to
Article II shall not be effective until actually received by such Person. In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder. 
  

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 (b) Effectiveness of Facsimile Documents and Signatures. The Loan Documents may be
transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding on all Loan Parties, the Administrative
Agent and the Lenders. The Administrative Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not
limit the effectiveness of any facsimile document or signature. 
  
 (c) Limited Use of Electronic Mail. Electronic mail and Internet and intranet websites may be used only to distribute routine communications, such as financial statements and other information as
provided in Section 6.02, and to distribute Loan Documents for execution by the parties thereto, and may not be used for any other purpose. 
  
 (d) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act
upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The OP Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording. 
  
 10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 10.04 Attorney Costs, Expenses and Taxes. The Borrowers agree (a) to pay or reimburse the Administrative Agent for all reasonable, out-of-pocket
costs and expenses incurred in connection with the development, preparation, negotiation and execution of this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof
(whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all reasonable Attorney Costs, and (b) to pay or reimburse the
Administrative Agent and each Lender for all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Agreement or the other Loan Documents (including all such costs
and expenses incurred during any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs. The foregoing costs and
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thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other outside experts
retained by the Administrative Agent or, during the existence of an Event of Default, any Lender. All amounts due under this Section 10.04 shall be payable within ten Business Days after demand therefor. The agreements in this Section shall
survive the termination of the Aggregate Commitments and repayment of all other Obligations. 
  
 10.05 Indemnification by Loan Parties. Whether or not the transactions contemplated hereby are consummated, the Loan Parties shall indemnify and hold harmless each Agent-Related Person, each Lender and their
respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or
arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the
consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or
operated by any Borrower, any Subsidiary or any other Loan Document Party, or any Environmental Liability related in any way to any Borrower, any Subsidiary or any other Loan Document Party (provided, however, that no Borrower shall have any
indemnification obligation to an Indemnitee under this clause (c) with respect to any property currently or formerly owned or operated by any Loan Party or any Environmental Liability related to any Loan Party if such Indemnitee has any
Indebtedness outstanding to such Loan Party outside of this Agreement and the other Loan Documents and if such Indemnitee’s claim for indemnification arises in connection with such other Indebtedness and not the Indebtedness arising under this
Agreement and the other Loan Documents ), or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”);
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of
any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any Indemnitee have any liability for any indirect or consequential damages relating to
this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). All amounts due under this Section 10.05 shall be payable within ten Business Days
after demand therefor. The agreements in this Section shall survive the resignation of the Administrative Agent, the 

  

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replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

  
 10.06 Payments Set Aside. To the extent that any
payment by or on behalf of any Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. 
  
 10.07 Successors and Assigns. 
  
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that none of the Borrowers may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender, other than as permitted under Section 7.04(a)
hereof, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section 10.07 (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

 
 (b) Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing
Line Loans) at the time owing to it); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a
Lender or an Affiliate of a Lender or an Approved Fund (as defined in subsection (g) of this Section) with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to
each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date,
shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such 

  

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consent of the Administrative Agent and the Borrowers not to be unreasonably withheld, conditioned or delayed); (ii) each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of
Swing Line Loans; (iii) any assignment of a Commitment must be approved by the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approval shall not be unreasonably withheld, conditioned or delayed) unless the Person that is the
proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500. Notwithstanding the foregoing, as long as no Event of Default has occurred and is continuing, unless such requirement is waived by the Required Lenders, no assignment of the Commitment of
Bank of America shall be permitted as long as Bank of America remains the Administrative Agent, if the effect of such assignment is to cause the remaining Commitment of Bank of America to be less than $5,000,000. Subject to acceptance and recording
thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, each Borrower
(at its respective expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
  
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
  
 (d) Any Lender may at any time, without the consent of, or notice to, any of the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person or any Borrower or any Borrower’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C 

  

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Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver
or other modification described in the first proviso to Section 10.01 that directly affects such Participant. Subject to subsection (e) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant that has been
disclosed to the Borrowers also shall be entitled to the benefits of Section 10.09 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. 
  
 (e) A Participant shall not be entitled to receive any
greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
the OP Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the OP Borrower is notified of the participation sold to such
Participant and such Participant complies, for the benefit of the Borrowers, with Section 10.15 as though it were a Lender. 
  
 (f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  
 (g) As used herein, the following terms have the following meanings: 
  
 “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund;
and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approval shall not be unreasonably withheld, conditioned or delayed, and (ii) unless an Event of Default
has occurred and is continuing, the Borrowers (such approval not to be unreasonably withheld, conditioned or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include any Borrower or any
Borrower’s Affiliates or Subsidiaries. 
  
 “Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

  

 106 

 “Approved Fund” means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 (h) Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans
pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Borrowers, resign as Swing Line Lender. In the event of
any such resignation as L/C Issuer or Swing Line Lender, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to
appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights and obligations of the L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it
and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). 
  
 10.08 Confidentiality. Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)
subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)
any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its obligations, (g) with the consent of any Borrower or (h) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than any Borrower; provided that such source is not bound by
a confidentiality agreement with any Loan Party. For purposes of this Section, “Information” means all information received from any Loan Document Party relating to any Loan Document Party or any of their respective businesses,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Loan Document Party, provided that, in the case of information received from a Loan Document
Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to 

  

 107 

 
maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding anything set forth herein or in any other written or oral understanding or
agreement to which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of
discussions between the parties to the “tax treatment” and “tax structure” of the transactions contemplated by this Agreement and (ii) each party (and each of its employees, representatives, or other agents) may disclose without
limitation of any kind, any information with respect to the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to any such party relating
to such tax treatment and tax structure, all within the meaning of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax
structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the Loans, Letters of Credit and transactions
contemplated hereby, and provided further, that each party recognizes that the privilege each has to maintain, in its sole discretion, the confidentiality of a communication relating to the transactions contemplated hereby, including a
confidential communication with its attorney or a confidential communication with a federally authorized practitioner under Section 7525 of the Code, is not intended to be affected by the foregoing. In addition, the Administrative Agent may disclose
to any agency or organization that assigns standard identification numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this
Agreement), it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and, subject to this Section 10.08, instructed to make available to the public only such
Information as such person normally makes available in the course of its business of assigning identification numbers. 
  
 10.09 Set-off. In addition to any rights and remedies of the Lenders provided by law, during the existence of any Event of Default, each Lender is
authorized at any time and from time to time, without prior notice to the Borrowers or any other Loan Document Party, any such notice being waived by the Borrowers (each on its own behalf and on behalf of each Loan Document Party) to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender to or for the credit or the account of the
respective Loan Parties against any and all Obligations owing to such Lender hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under
this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or indebtedness. Each Lender agrees promptly to notify the Borrowers
and the Administrative Agent after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. 
  

 108 

 10.10 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall
receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the appropriate Borrower. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

  
 10.11 Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 10.12 Integration. This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the
subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this
Agreement shall control; provided that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was
drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 
  
 10.13 Survival of Representations and Warranties. All representations
and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and
warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any
Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as of each date made as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding. 
  
 10.14
Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan
Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 109 

 10.15 Tax Forms. 
  
 (a) (i) Each Lender that is not a “United States person” within the meaning of Section 7701(a)(30)
of the Code (a “Foreign Lender”) shall deliver to the Administrative Agent (who will deliver a copy of the same to the OP Borrower), prior to receipt of any payment subject to withholding under the Code (or upon accepting an
assignment of an interest herein), two duly signed completed copies of either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on all payments to be
made to such Foreign Lender by the Borrowers pursuant to this Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrowers pursuant to this Agreement) or such other evidence
satisfactory to the OP Borrower and the Administrative Agent that such Foreign Lender is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption pursuant to Section 881(c) of the Code. In addition, a Foreign
Lender claiming the exemption under the so-called “portfolio interest exemption” shall also provide a statement that such Foreign Lender is eligible for a complete exemption under Section 871(h) or 881(c) of the Code (including a
certificate that it is not a “bank”). Thereafter and from time to time, each such Foreign Lender shall (A) promptly submit to the Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor
forms as shall be adopted from time to time by the relevant United States taxing authorities) as may then be available under then current United States laws and regulations to avoid, or such evidence as is satisfactory to the OP Borrower and the
Administrative Agent of any available exemption from or reduction of, United States withholding taxes in respect of all payments to be made to such Foreign Lender by the Borrowers pursuant to this Agreement, (B) promptly notify the Administrative
Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be
reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws that any Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender. 
  
 (ii) Each Foreign Lender, to the extent it does not act or
ceases to act for its own account with respect to any portion of any sums paid or payable to such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to the Administrative Agent
on the date when such Foreign Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of the Administrative Agent (in the reasonable
exercise of its discretion), (A) two duly signed completed copies of the forms or statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which such Lender acts
for its own account that is not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such form, and any other
certificate or statement of exemption required under the Code, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 
  

 110 

 (iii) None of the Borrowers shall be required to pay any additional amount to any Foreign
Lender under Section 3.01 (A) with respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an IRS Form W-8IMY pursuant to this Section
10.15(a) or (B) if such Lender shall have failed to satisfy the foregoing provisions of this Section 10.15(a); provided that if such Lender shall have satisfied the requirement of this Section 10.15(a) on the date such
Lender became a Lender or ceased to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Section 10.15(a) shall relieve any Borrower of its respective obligation to pay any amounts pursuant to
Section 3.01 in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly
entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the Loan Documents is not subject to
withholding or is subject to withholding at a reduced rate. 
  
 (iv) The Administrative Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the Loan Documents with respect to which any Borrower is not required to pay
additional amounts under this Section 10.15(a). 
  
 (b) Upon the request of the Administrative Agent, each Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Administrative Agent two duly signed completed copies of IRS
Form W-9. If such Lender fails to deliver such forms, then the Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by the Code, without reduction.

  
 (c) If any Governmental Authority asserts
that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor, including
all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including Attorney Costs) of the Administrative Agent. The obligation of the Lenders
under this Section shall survive the termination of the Aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative Agent. 
  
 10.16 Replacement of Lenders. Under any circumstances set forth in Section 3.02, Section 3.06(b) or
clause “(B)” of the last sentence of Section 10.01 providing that the Borrowers shall have the right to replace a Lender as a party to this Agreement, the Borrowers may, upon notice to such Lender and the Administrative Agent,
replace such Lender by causing such Lender to assign its Commitment (with the assignment fee to be paid by the Borrowers in such instance) pursuant to Section 10.07(b) to one or more other Lenders or Eligible Assignees procured by the
Borrowers; provided, however, that if the Borrowers elect to exercise such right with respect to any Lender pursuant to Section 3.02 or Section 3.06(b), it shall be obligated to replace all Lenders that have made similar
determinations of unlawfulness to maintain or fund Eurodollar Rate Loans under Section 3.02 or have made similar requests for compensation 

  

 111 

 
pursuant to Section 3.01 or 3.04, as applicable. The Borrowers shall (a) pay in full all principal, interest, fees and other amounts owing to
such Lender through the date of replacement (including any amounts payable pursuant to Section 3.05), (b) provide appropriate assurances and indemnities (which may include letters of credit) to the L/C Issuer and the Swing Line Lender as each
may reasonably require with respect to any continuing obligation to fund participation interests in any L/C Obligations or any Swing Line Loans then outstanding, and (c) release such Lender from its obligations under the Loan Documents. Any Lender
being replaced shall execute and deliver an Assignment and Assumption with respect to such Lender’s Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans. 
  
 10.17 Governing Law. 
  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

  
 (b) ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN SAN FRANCISCO COUNTY OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR
OTHER DOCUMENT RELATED THERETO. EACH BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. 
  
 10.18 Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS 

  

 112 

 
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 10.19 Time of the Essence. Time is of the essence of the Loan
Documents. 
  
 [Remainder Of This Page Intentionally Left Blank]

  

 113 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

	CATELLUS DEVELOPMENT CORPORATION
		
	By:	 	 /s/ William M. Lau

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance & Treasurer

  

 1 

	CATELLUS LAND AND DEVELOPMENT CORPORATION
		
	By:	 	 /s/ William M. Lau

	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer

  

 2 

	 BANK OF AMERICA, N.A., as
 Administrative Agent

		
	By:	 	 /s/ Frank H. Stumpf

	 Name:
	 	 Frank H. Stumpf

	 Title:
	 	 Principal

  

 3 

	 BANK OF AMERICA, N.A., as a Lender,
 L/C Issuer and Swing Line Lender

		
	By:	 	 /s/ Frank H. Stumpf

	 Name:
	 	 Frank H. Stumpf

	 Title:
	 	 Principal

  

 4 

	 FLEET NATIONAL BANK, as
 Syndication Agent and as a Lender

		
	By:	 	 /s/ Kathleen M. Ahern

	 Name:
	 	 Kathleen M. Ahern

	 Title:
	 	 Director

  

 5 

	 BANK ONE, NA, as
 Documentation Agent and as a Lender

		
	By:	 	 /s/ Timothy J. Carey

	 Name:
	 	 Timothy J. Carey

	 Title:
	 	 Director, Capital Markets

  

 6 

	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Managing Agent and
 as a Lender

		
	By:	 	 /s/ Todd T. Popovich

	 Name:
	 	 Todd T. Popovich

	 Title:
	 	 Vice President

  

 7 

	 UNION BANK OF CALIFORNIA, N.A., as
 Managing Agent and as a Lender

		
	By:	 	 /s/ David D. Murphy

	 Name:
	 	 David D. Murphy

	 Title:
	 	 Senior Vice President

  

 8 

	 COMMERZBANK AG, NEW YORK AND
 GRAND CAYMAN BRANCHES, as a Lender

		
	By:	 	 /s/ R. William Knickerbocker

	 Name:
	 	 R. William Knickerbocker

	 Title:
	 	 Vice President

		
	By:	 	 /s/ David M. Schwarz

	 Name:
	 	 David M. Schwarz

	 Title:
	 	 Senior Vice President

  

 9 

	 KEYBANK NATIONAL ASSOCIATION, as
 a Lender

		
	By:	 	 /s/ Cheryl VanKampenberg

	 Name:
	 	 Cheryl VanKampenberg

	 Title:
	 	 Assistant Vice President

  

 10 

	 PNC BANK, NATIONAL ASSOCIATION, as
 a Lender

		
	By:	 	 /s/ Paul Jamiolkowski

	 Name:
	 	 Paul Jamiolkowski

	 Title:
	 	 Vice President

  

 11 

	 BANK OF THE WEST, A CALIFORNIA
 BANKING CORPORATION, as a Lender

		
	By:	 	 /s/ Lynn D. Poster

	 Name:
	 	 Lynn D. Poster

	 Title:
	 	 Senior Vice President, Manager

  

 12 

	 WASHINGTON MUTUAL BANK, FA, as
 a Lender

		
	By:	 	 /s/ Sudeep S. Dhillon

	 Name:
	 	 Sudeep S. Dhillon

	 Title:
	 	 Credit Manager

  

 13 

	 COMERICA BANK, as a Lender

		
	By:	 	 /s/ Paul Hayashi

	 Name:
	 	 Paul Hayashi

	 Title:
	 	 First Vice President-Western Division

  

 14 

 SCHEDULE 7.11 
 FINANCIAL COVENANT REQUIREMENTS 
  
 Each of the following financial requirements shall be calculated as of the last day of each fiscal quarter on a consolidated basis for the Consolidated Group, but shall be satisfied at all times: 
  
 (a) Minimum Consolidated Tangible Net Worth.

  
 (i) For each fiscal quarter up to and
including the fiscal quarter that ends on or after the date of the E&P Distribution, the Borrowers shall not permit Consolidated Tangible Net Worth at any time to be less than $452,750,000; plus (A) the sum of (y) 75% of positive
Consolidated Net Income for each fiscal quarter beginning with the second fiscal quarter of 2003 (with no deductions for any net losses in any fiscal quarter); and (z) 85% of Pre-REIT Conversion Net Offering Proceeds; minus (B) the sum of (1)
repurchases and redemptions of the OP Borrower’s Capital Stock (either by the retiring of such Capital Stock or by the booking of such interests as treasury stock, as long as such interests are not included in Shareholders’ Equity for the
purposes of determining Consolidated Tangible Net Worth); and (2) cash distributions made from and after April 1, 2002, on account of any Capital Stock of the OP Borrower, in an amount not to exceed 50% of aggregate positive Consolidated Net Income
from and after April 1, 2002. 
  
 (ii) From and
after the first full fiscal quarter that begins after the date of the E&P Distribution, the Borrowers shall not permit Consolidated Tangible Net Worth at any time to be less than the sum of (A) the lesser of (y) the amount that is equal
to 85% of Consolidated Tangible Net Worth as of the end of the fiscal quarter in which the E&P Distribution is made or (z) $452,750,000; plus (B) 85% of Post-REIT Conversion Net Offering Proceeds. 
  
 (b) Maximum Leverage. The Borrowers shall not permit
the ratio of Consolidated Total Liabilities to Total Asset Value as of the end of any fiscal quarter of the OP Borrower to exceed 0.65:1. 
  
 (c) Maximum Secured Indebtedness. The Borrowers shall not permit the ratio of (i) Total Secured Indebtedness to (ii) Total Asset
Value as of the end of any fiscal quarter of the OP Borrower to exceed 0.50:1. 
  
 (d) Minimum Unencumbered Interest Coverage. The Borrowers shall not permit the ratio of (i) Unencumbered Property Adjusted
Aggregate NOI, to (ii) Consolidated Interest Expense on Unsecured Indebtedness for the four fiscal quarters ending on the date of measurement, to be less than the following: 
  

	 Closing Date through September 30, 2004:
	  	1.40:1
	 October 1, 2004 through September 30, 2005
	  	1.45:1
	 October 1, 2005 through the Maturity Date:
	  	1.50:1

  

 i 

 (e) Minimum Fixed Charge Coverage. The Borrowers shall not permit the ratio of
Consolidated Adjusted EBITDA to Consolidated Fixed Charges for the four fiscal quarters ending on the date of measurement, to be less than 1.30:1. 
  
 (f) Maximum Secured Recourse Indebtedness. The Borrowers shall not permit the Secured Recourse Indebtedness of the Consolidated
Group to exceed 15% of Total Asset Value. 
  
 For
the purposes of the financial covenants set forth above, the following defined terms shall have the following meanings: 
  
 “Consolidated Adjusted EBITDA” means, for any fiscal quarter and without double counting any item, Consolidated Net
Income for such fiscal quarter; plus the following for (y) the Consolidated Group (excluding minority interests of Subsidiaries that are not Wholly-Owned Subsidiaries), and (z) the Loan Parties’ Allocable Share of
Investment Affiliates: (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) interest expense (as it appears on the income statement of the Consolidated Group in accordance with GAAP) for such fiscal quarter, (ii)
the provision for federal, state, local and foreign income taxes payable by the Consolidated Group for such fiscal quarter, (iii) the amount of depreciation and amortization expense deducted in determining such Consolidated Net Income, and (iv) the
non-cash component of any extraordinary or non-recurring items which was deducted in determining such Consolidated Net Income, including non-cash expenses attributable to the awarding or conversion of employee stock option or grants; and (v) REIT
Transition Expenses; and minus the following for (y) the Consolidated Group (excluding minority interests of Subsidiaries that are not Wholly-Owned Subsidiaries), and (z) the Loan Parties’ Allocable Share of Investment
Affiliates: (b) the sum of (i) all non-cash items increasing Consolidated Net Income for such fiscal quarter, (ii) the Adjusted CAPEX for such fiscal quarter, and (iii) gains from extraordinary items or assets sales which are included in determining
Consolidated Net Income, including gains from sales of Real Property and Unimproved Land. 
  
 “Consolidated Fixed Charges” means, as of the end of any fiscal quarter (a) the sum of (i) Consolidated Interest Expense
for the fiscal quarter, plus (ii) scheduled or otherwise required principal amortization for the fiscal quarter on all Indebtedness of the Consolidated Group, but excluding any balloon payment due at maturity, plus (iii) all dividends
accrued during the fiscal quarter in respect of any and all outstanding preferred shares of Capital Stock of the Consolidated Group, whether or not declared or paid; minus (b) the portion of all items referred to in the foregoing clause
(a) for each Subsidiary that is not a Wholly-Owned Subsidiary, attributable to the minority interests in such Subsidiary; plus (c) the portion of all items referred to in the foregoing clause (a) owned by each Investment Affiliate
that is not a member of the Consolidated Group, equal to the Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate. 
  

 ii 

 “Consolidated Interest Expense” means, for any fiscal quarter, (a) the
sum of (i) all interest, premium payments, debt discount, fees, charges and related expenses of the Consolidated Group in connection with borrowed money or reimbursement obligations with respect to letters of credit (including accrued or capitalized
interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, but excluding interest paid from construction loan interest reserves; plus (ii) the portion of rent
expense of the Consolidated Group with respect to such fiscal quarter under capital leases that is treated as interest in accordance with GAAP; minus (b) the portion of all items referred to in the foregoing clause (a) for each
Subsidiary that is not a Wholly-Owned Subsidiary, attributable to the minority interests in such Subsidiary; plus (c) the portion of all items referred to in the foregoing clause (a) owned by each Investment Affiliate that is not a
member of the Consolidated Group, equal to the Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate. 
  
 “Consolidated Net Income” means, for any fiscal quarter, for the Consolidated Group, (a) the net income of the
Consolidated Group for that fiscal quarter, minus (b) the portion of all such net income for each Subsidiary that is not a Wholly-Owned Subsidiary, attributable to the minority interests in such Subsidiary; plus (c) the portion of net
income of each Investment Affiliate that is not a member of the Consolidated Group, equal to the Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate, all as determined in accordance with GAAP, provided, however,
that rentals included in net income shall (i) be based upon the actual cash rentals payable to the Consolidated Group or such Investment Affiliate (as applicable) during such fiscal quarter, without giving effect to straight-line rental accounting
under GAAP, and (ii) exclude all deferred rentals for such fiscal quarter. 
  
 “Consolidated Tangible Net Worth” means, as of any date of determination, for the Consolidated Group, (a) the Shareholders’ Equity of the Consolidated Group on that date, exclusive of minority
interests, minus (b) the Intangible Assets of the Consolidated Group on that date, all as determined in accordance with GAAP. 
  
 “Consolidated Total Liabilities” means as of any date, and without double counting any item, the sum of (a) the Total
Liabilities of the Consolidated Group as of such date, plus (b) the Recourse Indebtedness of any Investment Affiliate that is not a member of the Consolidated Group and that is Guaranteed by any Loan Party or that is otherwise recourse to any
Loan Party (in each case, to the extent of such Guarantee or recourse), plus (c) to the extent not included in (b), the portion of the Total Liabilities of each Investment Affiliate that is not a member of the Consolidated Group, equal to the
Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate; minus (d) 50% of the deferred income tax liabilities of the Consolidated Group as of such date; minus (e) the amount by which the unrestricted cash and
Cash Equivalents of the Consolidated Group exceeds $100,000,000 as of such date; minus (f) the portion of the Total Liabilities of each Subsidiary that is not a Wholly-Owned Subsidiary attributable to the minority interests in such
Subsidiary, as long as such Total Liabilities are not Guaranteed by any Loan Party and are not otherwise recourse to any Loan Party (in each case to the extent of such Guarantee or recourse). 
  

 iii 

 “Contingent Obligation” means, as to any Person, without duplication,
(a) 10% of the sum of: (i) standby letters of credit, performance bonds and surety bonds under which such Person is an account party or obligor, which standby letters of credit, performance bonds or surety bonds secure obligations to develop Real
Property or Unimproved Land; plus (ii) any completion guaranty of such Person, guaranteeing obligations to develop Real Property or Unimproved Land, valued at the cost of the remaining work to be completed and guaranteed thereby; plus
(iii) obligations of such Person supporting the payment to bondholders under any tax increment bonds or community facility district bonds; plus (b) all stand-by letters of credit not described in clause (a) under which such Person is
the account party; plus (c) all obligations of such Person to purchase or acquire any asset or to make any investment, including all such obligations that shall become binding or enforceable only upon the fulfillment of certain conditions
precedent, the passage of time, or both; plus (d) all other contingent liabilities of every nature and kind of such Person that should be disclosed as contingent liabilities on the balance sheet of such Person in accordance with GAAP.

  
 “Intangible Assets” means
assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and
capitalized research and development costs. 
  
 “REIT Transition Expenses” means the one-time expenses related to the REIT Conversion, including employee severance costs and fees for legal, accounting, advisory and other professional services, not to exceed $15,000,000
in the aggregate. 
  
 “Secured
Indebtedness” means all Indebtedness of a Person that is secured by a Lien on any asset of such Person, provided that, at the time that such Indebtedness is incurred, the value of the collateral provided by such Person to secure such
Indebtedness is approximately equal to, or more than, the maximum principal amount available to such Person under the documents evidencing such Indebtedness. 
  

“Secured Recourse Indebtedness” means all Secured Indebtedness of a Person that is also the Recourse Indebtedness of
such Person. The amount of any Secured Recourse Indebtedness shall be deemed to be an amount equal to the stated or determinable amount of Secured Indebtedness that is recourse to such Person and for which such Person is liable or obligated.

  
 “Shareholders’ Equity”
means, as of any date of determination, consolidated shareholders’ equity, determined in accordance with GAAP. 
  
 “Total Asset Value” means, without double counting any item, the sum of: 
  
 (a) cash and the book value of all Cash Equivalents owned
by the Borrowers, the Guarantors and each Wholly-Owned Subsidiary as of the most recently ended fiscal quarter (excluding cash or Cash Equivalents that are reserved or subject to restrictions, including, without limitation, tenant deposits) in
excess of an aggregate working capital reserve of $20,000,000, and up to an aggregate maximum of $80,000,000; plus 
  

 iv 

 (b) the value of any Unimproved Land owned in fee simple title by the Borrowers, the
Guarantors and each Wholly-Owned Subsidiary, determined to be the cost of such Unimproved Land in accordance with GAAP; plus 
  
 (c) the value of any Real Property (other than Development Property) owned in fee simple title by the Borrowers, the Guarantors and each
Wholly-Owned Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Borrower, Guarantor or Wholly-Owned Subsidiary, or (ii) if subject to a Safe Harbor Transaction, owned by the applicable Tax Accommodator ) for less than one
fiscal quarter, determined to be the book value of such Real Property in accordance with GAAP; plus 
  
 (d) the value of any Real Property (other than Development Property) owned in fee simple title by the Borrowers, the Guarantors and each
Wholly-Owned Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Borrower, Guarantor or Wholly-Owned Subsidiary, or (ii) if subject to a Safe Harbor Transaction, owned by the applicable Tax Accommodator ) for at least one
and less than four fiscal quarters, determined by calculating the annualized Adjusted Aggregate NOI for such Real Property based upon the most recent fiscal quarter, capitalized at the Applicable Capitalization Rate; plus 
  
 (e) the value of any Real Property (other than Development
Property) owned in fee simple title by the Borrowers, the Guarantors and each Wholly-Owned Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Borrower, Guarantor or Wholly-Owned Subsidiary, or (ii) if subject to a Safe
Harbor Transaction, owned by the applicable Tax Accommodator ) for four or more fiscal quarters, determined by calculating the Adjusted Aggregate NOI for such Real Property for the four most recent fiscal quarters, capitalized at the Applicable
Capitalization Rate; plus 
  
 (f) the
value of any Development Property owned in fee simple title by the Borrowers, the Guarantors and each Wholly-Owned Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Borrower, Guarantor or Wholly-Owned Subsidiary, or (ii)
if subject to a Safe Harbor Transaction, owned by the applicable Tax Accommodator ) that is not otherwise included in Adjusted Aggregate NOI, determined by the cost of such Development Property in accordance with GAAP; plus 
  
 (g) the book value (net of any applicable reserves) of all
other tangible assets of the Borrowers, the Guarantors and each Wholly-Owned Subsidiary as shown on its most recent quarterly financial statements prepared on a consolidated basis in accordance with GAAP; plus 
  
 (h) the portion of all items referred to in the foregoing
clauses (a)-(g) owned by each Subsidiary that is not a Wholly-Owned Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Subsidiary, or (ii) if subject to a Safe Harbor Transaction, owned by the applicable Tax
Accommodator), equal to the Borrowers’ and Guarantors’ Allocable Share of such Subsidiary; plus 
  

 v 

 (i) the portion of all items referred to in the foregoing clauses (a)-(g) owned
by each Investment Affiliate that is not a Subsidiary (or (i) if subject to a Permitted Bond Transaction, leased by such Investment Affiliate, or (ii) if subject to a Safe Harbor Transaction, owned by the applicable Tax Accommodator), equal to the
Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate. 
  
 “Total Liabilities” of a Person means the sum of, without duplication: (a) all Indebtedness of such Person, plus
(b) all other liabilities of every nature and kind of such Person that should be included as liabilities on the balance sheet of such Person in accordance with GAAP, plus (c) all other Contingent Obligations of such Person. 
  
 “Total Secured Indebtedness” means (a) all
Secured Indebtedness of the Consolidated Group, plus (b) the portion of the Secured Indebtedness of each Investment Affiliate that is not a member of the Consolidated Group, equal to the Borrowers’ and Guarantors’ Allocable Share of
such Investment Affiliate; minus (c) the portion of all Secured Indebtedness of each Subsidiary that is not a Wholly-Owned Subsidiary, attributable to the minority interests in such Subsidiary. 
  
 “Unencumbered Property Adjusted Aggregate
NOI” means the Adjusted Aggregate NOI for all Unencumbered Property owned in fee simple title by the Consolidated Group, excluding the portion of the Adjusted Aggregate NOI for all Unencumbered Property owned in fee simple title by each
Subsidiary that is not a Wholly-Owned Subsidiary, attributable to the minority interests in such Subsidiary, plus the portion of the Adjusted Aggregate NOI for all Unencumbered Property owned in fee simple title by each Investment Affiliate
that is not a member of the Consolidated Group, equal to the Borrowers’ and Guarantors’ Allocable Share of such Investment Affiliate. 
  
 “Unsecured Indebtedness” means any Indebtedness that is not Secured Indebtedness. 
  

 vi 

 EXHIBIT F(1) 
  
 FORM OF GUARANTY 
 (REIT GUARANTOR) 
  
 THIS GUARANTY (this
“Guaranty”), dated as of                     , 20        , is made by Catellus
SubCo, Inc., a Delaware corporation (the “Guarantor”), in favor of the Lenders party to the Credit Agreement referred to below, Fleet National Bank, as Syndication Agent, Bank One, NA, as Documentation Agent, Wells Fargo Bank,
National Association, as Managing Agent, Union Bank of California, N.A., as Managing Agent (Syndication Agent, Documentation Agent, and Managing Agents, collectively, the “Other Agents”), and Bank of America, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”), the letter of credit issuer (in such capacity, the “the L/C Issuer”), and the swing line lender (in such capacity, the “Swing Line Lender”).

  
 A. Catellus Development Corporation, a Delaware corporation,
as a borrower (the “Pre-REIT Conversion Borrower” or “OP Borrower”), Catellus Land and Development Corporation, a Delaware corporation, as a borrower (the “TRS Borrower,” and together with the OP
Borrower, each a “Borrower” and together, the “Borrowers”), the Lenders from time to time party to the Credit Agreement, as defined below (each a “Lender” and, collectively, the
“Lenders”), the Other Agents, and Bank of America, N.A., as Administrative Agent, the L/C Issuer, and the Swing Line Lender, are parties to a Credit Agreement dated as of September 15, 2003 (as amended, modified, renewed or extended
from time to time, the “Credit Agreement”). 
  
 B. As anticipated under the Credit Agreement, the Pre-REIT Conversion Borrower merged with and into Catellus Operating Limited Partnership, a Delaware limited partnership (the “Post-REIT Conversion Borrower” or the
“OP Borrower”), with the Post-REIT Conversion Borrower being the surviving entity of such merger. The Post-REIT Conversion Borrower has assumed all of the obligations and liabilities of the Pre-REIT Conversion Borrower under the
Credit Agreement and the other Loan Documents, and is and shall be the “OP Borrower” for all purposes under the Credit Agreement and the other Loan Documents. As of the date of the execution of this Guaranty, the Guarantor hereunder owns
100% of the outstanding membership interests in the Post-REIT Conversion Borrower. 
  
 C. It is a condition precedent to the obligation of the Swing Line Lender, the L/C Issuer and each Lender to maintain its Commitment under the Credit Agreement and to continue to honor requests for Borrowings and
issuances of Letters of Credit under the Credit Agreement that the Guarantor guarantee the indebtedness and other obligations of the Borrowers to the Guaranteed Parties under or in connection with the Credit Agreement, as set forth herein. The
Guarantor will derive substantial direct and indirect benefits from the making of the Loans to, and issuances of Letters of Credit for the account of, the Borrowers pursuant to the Credit Agreement (which benefits are hereby acknowledged by the
Guarantor). 
  
 NOW THEREFORE, to induce the Administrative Agent,
the L/C Issuer, the Swing Line Lender, the Other Agents, and the Lenders to maintain its Commitment under the Credit Agreement and to continue to honor requests for Borrowings and issuances of Letters of Credit 

  

 F(1)- 1 
  
 Form of Guaranty (REIT Guarantor) 

 
under the Credit Agreement, and in consideration thereof, the Guarantor hereby agrees as follows: 
  
 SECTION 1 Definitions; Interpretation. 
  
 (a) Terms Defined in Credit Agreement. All
capitalized terms used in this Guaranty (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
  
 (b) Certain Defined Terms. As used in this Guaranty (including in the recitals hereof), the following
terms shall have the following meanings: 
  
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.). 
  
 “Guaranteed Obligations” has the meaning set forth in Section 2. 
  
 “Guaranteed Parties” means the
Administrative Agent, the L/C Issuer, the Swing Line Lender, the Syndication Agent, the Documentation Agent, the Managing Agents, and the Lenders, and their successors and assigns.  
  
 “Guarantor Documents” means this Guaranty
and all other certificates, documents, agreements and instruments delivered by or on behalf of the Guarantor to any Guaranteed Party under or in connection with this Guaranty and the Loan Documents. 
  
 “Insolvency Proceeding” means, with respect
to any Person, (a) any case, action or proceeding with respect to such Person before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of
debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in either case
undertaken under Debtor Relief Laws. 
  
 “Solvent” means, with respect to any Person, that as of the date of determination: (a) the fair valuation of the sum of such Person’s debt (including contingent liabilities) does not exceed all of its property, at a
fair valuation on a going-concern basis; (b) the Person reasonably expects to be able to pay the liabilities on such Person’s then existing debts as they become absolute and matured; (c) such Person’s capital is not unreasonably small in
relation to its business or any contemplated or undertaken transaction; and (d) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due.
For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5). 
  
 “Subordinated Debt” has the meaning set forth in Section 7(a). 
  
 “Subordinated Debt Payment” has the meaning
set forth in Section 7(b). 
  

 F(1)- 2 
  
 Form of Guaranty (REIT Guarantor) 

 (c) Interpretation. The rules of interpretation set forth in Sections 1.02 to 1.05
of the Credit Agreement shall be applicable to this Guaranty and are incorporated herein by this reference. 
  
 SECTION 2 Guaranty. The Guarantor hereby unconditionally and irrevocably guarantees to the Guaranteed Parties, and their respective successors,
endorsees, transferees and assigns, the full and prompt payment when due (whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) and performance of the indebtedness, liabilities and other obligations of
the Borrowers to the Guaranteed Parties under or in connection with the Credit Agreement, the Notes and the other Loan Documents, including all unpaid principal of the Loans, all amounts owing in respect of the L/C Obligations, all interest accrued
thereon, all fees due under the Credit Agreement, all indemnification obligations of the Borrowers under or in connection with the Credit Agreement, the Notes and the other Loan Documents, and all other amounts payable by the Borrowers to the
Guaranteed Parties thereunder or in connection therewith. The terms “indebtedness,” “liabilities” and “obligations” are used herein in their most comprehensive sense and include any and all advances, debts, obligations
and liabilities, now existing or hereafter arising, whether voluntary or involuntary and whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether recovery upon such indebtedness, liabilities
and obligations may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any Debtor Relief Law, and including interest that accrues after the commencement by or against any Borrower or any Loan Document Party thereof
of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding. The foregoing indebtedness, liabilities and other obligations of the Borrowers, and all other indebtedness, liabilities and obligations to be paid or
performed by the Guarantor in connection with this Guaranty (including any and all amounts due under Section 15), shall hereinafter be collectively referred to as the “Guaranteed Obligations.” 
  
 SECTION 3 Liability of Guarantor. The liability of the Guarantor under
this Guaranty shall be irrevocable, absolute, independent and unconditional, and shall not be affected by any circumstance which might constitute a discharge of a surety or guarantor other than the indefeasible payment and performance in full of all
Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof, the Guarantor agrees as follows: 
  
 (i) the Guarantor’s liability hereunder shall be the immediate, direct, and primary obligation of the Guarantor and shall not be
contingent upon any Guaranteed Party’s exercise or enforcement of any remedy it may have against any Borrower or any other Person, or against any Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (ii) this Guaranty is a guaranty of payment when due and not
merely of collectibility; 
  
 (iii) the
Guaranteed Parties may enforce this Guaranty upon the occurrence and during the continuance of an Event of Default notwithstanding the existence of any dispute between any of the Guaranteed Parties and any Borrower with respect to the existence of
such Event of Default; provided that no Guarantor shall be deemed to have waived any defenses based on the defense that the Guaranteed Obligations have been paid in full; 
  

 F(1)- 3 
  
 Form of Guaranty (REIT Guarantor) 

 (iv) the Guarantor’s payment of a portion, but not all, of the Guaranteed
Obligations shall in no way limit, affect, modify or abridge the Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied; and 
  
 (v) the Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and
effect without regard to, and shall not be impaired or affected by, nor shall the Guarantor be exonerated or discharged by, any of the following events: 
  
 (A) any Insolvency Proceeding with respect to any Borrower, the Guarantor, any other Loan Document Party or any other Person; 

 
 (B) any limitation, discharge, or cessation of the
liability of any Borrower, the Guarantor, any other Loan Document Party or any other Person for any Guaranteed Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the
Guaranteed Obligations or the Loan Documents; 
  
 (C) any merger, acquisition, consolidation or change in structure of any Borrower, the Guarantor or any other Loan Document Party or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of any
Borrower, the Guarantor, any other Loan Document Party or other Person, including, without limitation, the transactions occurring upon the REIT Conversion, including the assumption by the Post-REIT Conversion Borrower of the obligations of the
Pre-REIT Conversion Borrower under the Loan Documents; 
  
 (D) any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and rights under this Guaranty or the other Loan Documents, including any Guaranteed Party’s right to receive payment of the
Guaranteed Obligations, or any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and to any of the Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (E) any claim, defense, counterclaim or setoff, other than
that of prior performance, that any Borrower, the Guarantor, any other Loan Document Party or other Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the Loan Documents;

  
 (F) any Guaranteed Party’s amendment,
modification, renewal, extension, cancellation or surrender of any Loan Document, any Guaranteed Obligations, or any Collateral or any other collateral securing the Guaranteed Obligations, or any Guaranteed Party’s exchange, release, or waiver
of any Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (G) any Guaranteed Party’s exercise or nonexercise of any power, right or remedy with respect to any of the Collateral or any other
collateral securing the Guaranteed Obligations, including any Guaranteed Party’s compromise, release, settlement or waiver with or of any Borrower, any other Loan Document Party or any other Person; 
  
 (H) any Guaranteed Party’s vote, claim, distribution,
election, acceptance, action or inaction in any Insolvency Proceeding related to the Guaranteed Obligations; 
  

 F(1)- 4 
  
 Form of Guaranty (REIT Guarantor) 

 (I) any impairment or invalidity of any of the Collateral or any other collateral
securing any of the Guaranteed Obligations or any failure to perfect any of the Liens of the Guaranteed Parties thereon or therein; and 
  
 (J) any other guaranty, whether by the Guarantor or any other Person, of all or any part of the Guaranteed Obligations or any other
indebtedness, obligations or liabilities of any Borrower to any Guaranteed Party. 
  
 SECTION 4 Consents of the Guarantor. The Guarantor hereby unconditionally consents and agrees that, without notice to or further assent from the Guarantor: 
  
 (i) the principal amount of the Guaranteed Obligations may
be increased or decreased and additional Obligations of the Loan Parties under the Loan Documents may be incurred, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise; 
  
 (ii) the time, manner, place or terms of any payment under
any Loan Document may be extended or changed, including by an increase or decrease in the interest rate on any Guaranteed Obligation or any fee or other amount payable under such Loan Document, by an amendment, modification or renewal of any Loan
Document or otherwise; 
  
 (iii) the time for any
Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or failure in
or departure from such performance or compliance consented to, all in such manner and upon such terms as the Guaranteed Parties may deem proper; 
  
 (iv) any Guaranteed Party may discharge or release, in whole or in part, any other Loan Document Party or any other Person liable for the
payment and performance of all or any part of the Guaranteed Obligations, and may permit or consent to any such action or any result of such action, and shall not be obligated to demand or enforce payment upon any of the Collateral or any other
collateral, nor shall any Guaranteed Party be liable to the Guarantor for any failure to collect or enforce payment or performance of the Guaranteed Obligations from any Person or to realize on the Collateral or other collateral therefor;

  
 (v) in addition to the Collateral, the
Guaranteed Parties may take and hold other security (legal or equitable) of any kind, at any time, as collateral for the Guaranteed Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate,
modify, waive, rescind, compromise or extend such security and may permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof; 
  
 (vi) the Guaranteed Parties may request and accept other
guaranties of the Guaranteed Obligations and any other indebtedness, obligations or liabilities of the Borrowers to any Guaranteed Party and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind,
compromise or extend any such guaranty and may permit or consent to any such action or the result of any such action; and 
  

 F(1)- 5 
  
 Form of Guaranty (REIT Guarantor) 

 (vii) the Guaranteed Parties may exercise, or waive or otherwise refrain from exercising,
any other right, remedy, power or privilege (including the right to accelerate the maturity of any Loan and any power of sale) granted by any Loan Document or other security document or agreement, or otherwise available to any Guaranteed Party, with
respect to the Guaranteed Obligations or any of the Collateral or any other collateral securing the Guaranteed Obligations, even if the exercise of such right, remedy, power or privilege affects or eliminates any right of subrogation or any other
right of the Guarantor against any Borrower; 
  
 all as the
Guaranteed Parties may deem advisable, and all without impairing, abridging, releasing or affecting this Guaranty. 
  
 SECTION 5 Guarantor Waivers. 
  
 (a) Certain Waivers. The Guarantor waives and agrees not to assert: 
  
 (i) any right to require any Guaranteed Party to marshal assets in favor of the Borrowers, the Guarantor,
any other Loan Document Party or any other Person, to proceed against any Borrower, any other Loan Document Party or any other Person, to proceed against or exhaust any of the Collateral or any other collateral securing the Guaranteed Obligations,
to give notice of the terms, time and place of any public or private sale of personal property security constituting the Collateral or other collateral for the Guaranteed Obligations or comply with any other provisions of §9611 of the
California UCC (or any equivalent provision of any other applicable law) or to pursue any other right, remedy, power or privilege of any Guaranteed Party whatsoever; 
  
 (ii) the defense of the statute of limitations in any action hereunder or for the collection or performance
of the Guaranteed Obligations; 
  
 (iii) any
defense arising by reason of any lack of corporate or other authority or any other defense of any Borrower, the Guarantor, any other Loan Document Party or any other Person; 
  
 (iv) any defense based upon any Guaranteed Party’s errors or omissions in the administration of the
Guaranteed Obligations; 
  
 (v) any rights to
set-offs and counterclaims; 
  
 (vi) any defense
based upon an election of remedies (including, if available, an election to proceed by nonjudicial foreclosure) which destroys or impairs the subrogation rights of the Guarantor or the right of the Guarantor to proceed against any Borrower, any
other Loan Document Party or any other obligor of the Guaranteed Obligations for reimbursement; and 
  
 (vii) without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be
derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties, or which may conflict with the terms of this Guaranty, including any rights and defenses available to the Guarantor by reason of Sections
2787 to 2855, inclusive, of the California Civil Code and any and all benefits that otherwise might be available to the Guarantor under California Civil Code 

  

 F(1)- 6 
  
 Form of Guaranty (REIT Guarantor) 

 
§§1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 and California Code of Civil Procedure §§580a, 580b, 580d and
726. Accordingly, the Guarantor waives all rights and defenses that the Guarantor may have because any Borrower’s debt is or may be secured by real property. This means, among other things: (A) the Guaranteed Parties may collect from the
Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrowers; and (B) if the Administrative Agent forecloses on any real property collateral pledged by the Borrowers: (1) the amount of the debt may be
reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (2) the Guaranteed Parties may collect from the Guarantor even if the Administrative Agent, by
foreclosing on the real property collateral, has destroyed any right the Guarantor may have to collect from any Borrower. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantor may have because any Borrower’s
debt is or may be secured by real property. These rights and defenses include, but are not limited to, any rights of defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 
  
 (b) Additional Waivers. The Guarantor waives any and
all notice of the acceptance of this Guaranty, and any and all notice of the creation, renewal, modification, extension or accrual of the Guaranteed Obligations, or the reliance by the Guaranteed Parties upon this Guaranty, or the exercise of any
right, power or privilege hereunder. The Guaranteed Obligations shall conclusively be deemed to have been created, contracted, incurred and permitted to exist in reliance upon this Guaranty. The Guarantor waives promptness, diligence, presentment,
protest, demand for payment, notice of default, dishonor or nonpayment and all other notices to or upon the Borrowers, the Guarantor, any other Loan Document Party or any other Person with respect to the Guaranteed Obligations. 
  
 (c) Independent Obligations. The obligations of the
Guarantor hereunder are independent of and separate from the obligations of the Borrowers and any other Loan Document Party and upon the occurrence and during the continuance of any Event of Default, a separate action or actions may be brought
against the Guarantor, whether or not any Borrower or any such other Loan Document Party is joined therein or a separate action or actions are brought against any Borrower or any such other Loan Document Party. 
  
 (d) Financial Condition of the Borrowers. The
Guarantor shall not have any right to require any Guaranteed Party to obtain or disclose any information with respect to: (i) the financial condition or character of any Borrower or any other Loan Document Party or the ability of any Borrower or any
other Loan Document Party to pay and perform the Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) the Collateral or any other collateral securing the Guaranteed Obligations; (iv) the existence or nonexistence of any other guarantees of
all or any part of the Guaranteed Obligations; (v) any action or inaction on the part of any Guaranteed Party or any other Person; or (vi) any other matter, fact or occurrence whatsoever. 
  
 SECTION 6 Subrogation. Until the Guaranteed Obligations shall be satisfied in full and the Commitments shall be
terminated, the Guarantor shall not directly or indirectly exercise, (i) any rights that it may acquire by way of subrogation under this Guaranty, by any payment hereunder or otherwise, (ii) any rights of contribution, indemnification, reimbursement
or similar suretyship claims arising out of this Guaranty or (iii) any other right which it might otherwise have or acquire (in any way whatsoever) which could entitle it at any time to share or participate 

  

 F(1)- 7 
  
 Form of Guaranty (REIT Guarantor) 

 
in any right, remedy or security of any Guaranteed Party as against any Borrower or other Loan Parties, whether in connection with this Guaranty, any of the
other Loan Documents or otherwise. If any amount shall be paid to the Guarantor on account of the foregoing rights at any time when all the Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for the benefit
of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 
  
 SECTION 7 Subordination. 
  
 (a) Subordination to Payment of Guaranteed
Obligations. All payments on account of all indebtedness, liabilities and other payment obligations of the Borrowers to the Guarantor, whether created under, arising out of or in connection with any documents or instruments evidencing any credit
extensions to the Borrowers or otherwise, including all principal on any such credit extensions, all interest accrued thereon, all fees and all other amounts payable by the Borrowers to the Guarantor in connection therewith, whether now existing or
hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined (the “Subordinated Debt”) shall be subject, subordinate and junior in right of payment and exercise
of remedies, to the extent and in the manner set forth herein, to the prior payment in full in cash or cash equivalents of the Guaranteed Obligations. 
  
 (b) No Payments. Except as otherwise permitted under the Credit Agreement, as long as any of the Guaranteed Obligations shall
remain outstanding and unpaid, the Guarantor shall not accept or receive any payment or distribution by or on behalf of any Borrower, directly or indirectly, of assets of any Borrower of any kind or character, whether in cash, property or
securities, including on account of the purchase, redemption or other acquisition of Subordinated Debt, as a result of any collection, sale or other disposition of collateral, or by setoff, exchange or in any other manner, for or on account of the
Subordinated Debt (“Subordinated Debt Payments”), except that if no Event of Default exists, the Guarantor shall be entitled to accept and receive regularly scheduled payments and other payments in the ordinary course on the
Subordinated Debt, in accordance with the terms of the documents and instruments governing the Subordinated Debt and other Subordinated Debt Payments in respect of Subordinated Debt not evidenced by documents or instruments, in each case to the
extent permitted under Article VII of the Credit Agreement. During the existence of an Event of Default (or if any Event of Default would exist immediately after the making of a Subordinated Debt Payment), and until such Event of Default is cured or
waived, the Guarantor shall not make, accept or receive any Subordinated Debt Payment. In the event that, notwithstanding the provisions of this Section 7, any Subordinated Debt Payments shall be received in contravention of this Section
7 by the Guarantor before all Guaranteed Obligations are paid in full in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of the Guaranteed Parties and shall be paid over or delivered to the
Administrative Agent for application to the payment in full in cash or cash equivalents of all Guaranteed Obligations remaining unpaid to the extent necessary to give effect to this Section 7, after giving effect to any concurrent payments or
distributions to any Guaranteed Party in respect of the Guaranteed Obligations. 
  

 F(1)- 8 
  
 Form of Guaranty (REIT Guarantor) 

 (c) Subordination of Remedies. As long as any Guaranteed Obligations shall remain
outstanding and unpaid, the Guarantor shall not, without the prior written consent of the Administrative Agent: 
  
 (i) accelerate, make demand or otherwise make due and payable prior to the original stated maturity thereof any Subordinated Debt or bring
suit or institute any other actions or proceedings to enforce its rights or interests under or in respect of the Subordinated Debt; 
  
 (ii) exercise any rights under or with respect to (A) any guaranties of the Subordinated Debt, or (B) any collateral held by it, including
causing or compelling the pledge or delivery of any collateral, any attachment of, levy upon, execution against, foreclosure upon or the taking of other action against or institution of other proceedings with respect to any collateral held by it,
notifying any account debtors of the Borrowers or asserting any claim or interest in any insurance with respect to any collateral, or attempt to do any of the foregoing; 
  
 (iii) exercise any rights to set-offs and counterclaims in respect of any indebtedness, liabilities or
obligations of the Guarantor to any Borrower against any of the Subordinated Debt; or 
  
 (iv) commence, or cause to be commenced, or join with any creditor other than any Guaranteed Party in commencing, any Insolvency
Proceeding. 
  
 (d) Subordination Upon Any
Distribution of Assets of any Borrower. In the event of any payment or distribution of assets of any Borrower of any kind or character, whether in cash, property or securities, upon any Insolvency Proceeding with respect to or involving any
Borrower, (i) all amounts owing on account of the Guaranteed Obligations, including all interest accrued thereon at the rate set forth in the Credit Agreement both before and after the initiation of any such proceeding, whether or not an allowed
claim in any such proceeding, shall first be paid in full in cash, or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt
Payment to which the Guarantor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other liquidating agent making such payment or
distribution directly to the Administrative Agent (on behalf of the other Guaranteed Parties) for application to the payment of the Guaranteed Obligations in accordance with clause (i), after giving effect to any concurrent payment or distribution
or provision therefor to any Guaranteed Party in respect of such Guaranteed Obligations. 
  
 (e) Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding is commenced
by or against any Borrower or its respective property constituting an Event of Default: 
  
 (i) the Administrative Agent, when so instructed by the Required Lenders, is hereby irrevocably authorized and empowered (in the name of
the Guaranteed Parties or in the name of the Guarantor or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file
claims and proofs of claim and take such other action (including 

  

 F(1)- 9 
  
 Form of Guaranty (REIT Guarantor) 

 
voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed
Parties; and 
  
 (ii) the Guarantor shall
promptly take such action as the Administrative Agent (on instruction from the Required Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim
in respect of the Subordinated Debt, (B) to execute and deliver to the Administrative Agent, such powers of attorney, assignments and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated
Debt, and (C) to collect and receive any and all Subordinated Debt Payments. 
  
 SECTION 8 Continuing Guaranty. This Guaranty is a continuing guaranty and agreement of subordination relating to any Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or
which may arise from time to time under successive transactions, and the Guarantor expressly acknowledges that this Guaranty shall remain in full force and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist.
This Guaranty shall continue in effect and be binding upon the Guarantor until termination of the Commitments and payment and performance in full of the Guaranteed Obligations. 
  
 SECTION 9 Payments. 
  
 (a) Payment Obligation. The Guarantor hereby agrees, in furtherance of the foregoing provisions of this Guaranty and not in
limitation of any other right which any Guaranteed Party or any other Person may have against the Guarantor by virtue hereof, upon the failure of the Borrowers to pay any of the Guaranteed Obligations when and as the same shall become due, whether
at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under §362(a) of the Bankruptcy Code), the Guarantor shall forthwith
pay, or cause to be paid, in cash, to the Administrative Agent an amount equal to the amount of the Guaranteed Obligations then due as aforesaid (including interest which, but for the filing of a petition in any Insolvency Proceeding with respect to
any Borrower, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against such Borrower for such interest in any such Insolvency Proceeding). The Guarantor shall make each payment hereunder, unconditionally in full
without set-off, counterclaim or other defense, on the day when due in Dollars, in immediately available funds, to the Administrative Agent at such office of the Administrative Agent and to such account as the Administrative Agent shall specify in
writing to the Guarantor. 
  
 (b) Free and
Clear Payments. Any and all payments by the Guarantor to or for the account of any Guaranteed Party under the Guarantor Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies,
imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding, in the case of any
Guaranteed Party, taxes imposed on or measured by its overall net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such Guaranteed Party is
organized or maintains a lending office (all such non-excluded taxes, duties, levies, imposts, 

  

 F(1)- 10 
  
 Form of Guaranty (REIT Guarantor) 

 
deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If the Guarantor
shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under the Guarantor Document to any Guaranteed Party then (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section), each of the Administrative Agent and such other Guaranteed Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) the
Guarantor shall make such deductions, (iii) the Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, the
Guarantor shall furnish to the Administrative Agent (which shall forward the same to such Guaranteed Party) the original or a certified copy of a receipt evidencing payment thereof or, if such receipts are not obtainable, other evidence of such
payments by the Guarantor reasonably satisfactory to the applicable Guaranteed Party or the Administrative Agent, as applicable. 
  
 (c) Other Taxes. In addition, the Guarantor agrees to pay any and all present or future stamp, court or documentary taxes and any
other excise or property taxes or charges or similar levies which arise from any payment made under the Guarantor Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, the Guarantor
Document (hereinafter referred to as “Other Taxes”). 
  
 (d) Indemnification. The Guarantor agrees to indemnify the Administrative Agent and each other Guaranteed Party for (i) the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or
asserted by any jurisdiction on amounts payable under this Section) paid by the Administrative Agent and such Guaranteed Party, and (ii) any liability (including additions to tax, penalties, interest and expenses) arising therefrom or with respect
thereto (other than such liability directly arising from the gross negligence or willful misconduct of the Administrative Agent or such Guaranteed Party), in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. Payment under this subsection (d) shall be made within 30 days after the date the Guaranteed Party or the Administrative Agent makes a demand therefor. Notwithstanding the foregoing, the
Guarantor will not be required to pay any additional amounts in respect of United States federal income tax pursuant to Section 9(b) above to any Guaranteed Party (i) if the obligation to pay such additional amounts arose solely as a result
of such Guaranteed Party’s failure to comply with its obligation under Section 10.15 of the Credit Agreement; or (ii) if, but only to the extent that, at the time such Guaranteed Party becomes a party to the Credit Agreement such Guaranteed
Party was subject to United States federal withholding taxes on amounts payable pursuant to the terms of the Credit Agreement (except to the extent that such Guaranteed Party’s assignor (if any) was entitled, at the time of the assignment, to
receive additional amounts from the Guarantor with respect to Taxes). 
  
 (e) Order of Payment. Any payments by the Guarantor hereunder the application of which is not otherwise provided for herein, shall be applied in the order specified in Section 8.03 of the Credit
Agreement. 
  
 (f) Survival. The
agreements in this Section 9 shall survive the payment of all Guaranteed Obligations. 
  

 F(1)- 11 
  
 Form of Guaranty (REIT Guarantor) 

 SECTION 10 Representations and Warranties. The Guarantor represents and warrants to each
Guaranteed Party that: 
  
 (a) Organization
and Powers. The Guarantor and each of its Subsidiaries and each Controlled Investment Affiliate (i) is a corporation, partnership or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the
jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own its assets and carry on its business and (B) to execute,
deliver, and perform its obligations under this Guaranty and the other Guarantor Documents to which it is a party, (iii) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification or license, and (iv) is in compliance in all material respects with all Laws, except in each case referred to in clause (ii)(A), clause (iii) or clause (iv), to the
extent that failure to do so individually or in the aggregate is not reasonably expected to have a Material Adverse Effect. 
  
 (b) Authorization; No Contravention. The execution, delivery and performance by the Guarantor of this Guaranty and any other
Guarantor Documents, and the execution, delivery and performance by any of its Subsidiaries of any Loan Document to which such Subsidiary is a party, have been duly authorized by all necessary corporate or other organizational action, and do not and
will not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, any Contractual Obligation to which such Person is a party or
any order, injunction, writ or decree of any Governmental Authority or arbitral award to which such Person or its property is subject; or (iii) violate any Law applicable to such Person, except in subclauses (ii) and (iii) above where such conflict
or contravention is not reasonably expected to have a Material Adverse Effect. 
  
 (c) Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Guarantor of this Guaranty or any other Guarantor Document, or any of
its Subsidiaries of any Loan Document to which such Subsidiary is a party, other than such filings or actions contemplated under the Loan Documents in connection with the pledging of security interests. 
  
 (d) Binding Obligation. This Guaranty has been, and
the other Guarantor Documents, when executed and delivered by the Guarantor, will have been, duly executed and delivered by the Guarantor. This Guaranty constitutes, and each other Guarantor Document when so executed and delivered will constitute, a
legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally, or by equitable principles relating to enforceability. When executed and delivered by any of the Guarantor’s Subsidiaries, the Loan Documents to which such Subsidiary is a party will be duly executed and
delivered by such Subsidiary. When so executed and delivered, such Loan Documents will constitute, a legal, valid and binding obligation of such Subsidiary, enforceable against such Subsidiary in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency or similar laws 

  

 F(1)- 12 
  
 Form of Guaranty (REIT Guarantor) 

 
affecting the enforcement of creditors’ rights generally, or by equitable principles relating to enforceability. 
  
 (e) Governmental Consents. No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Guarantor
of this Guaranty or any other Guarantor Documents, other than such filings or actions contemplated under the Guarantor Documents in connection with the pledging of security interests. 
  
 (f) Litigation. Except as specifically disclosed to the Administrative Agent on or before the date
hereof, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Guarantor after due and diligent investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or
against the Guarantor, and after giving effect to applicable reserves therefor, any of its Subsidiaries or any Controlled Investment Affiliate or against any of their respective properties or revenues that (i) purport to affect or pertain to this
Guaranty or any Guarantor Document or any other Loan Document to which the Guarantor or such Subsidiary is a party, or any of the transactions contemplated hereby, or (ii) either individually or in the aggregate, if determined adversely, and after
giving effect to applicable reserves therefor, is reasonably expected to have a Material Adverse Effect. 
  
 (g) No Default. None of the Guarantor, nor any of its Subsidiaries or Controlled Investment Affiliates, is in default under or with
respect to any Contractual Obligation which, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Guaranty or any Guarantor Document or any other Loan Document to which the Guarantor or any of its Subsidiaries is a party. 
  
 (h) Ownership of Property; Liens. The Guarantor and each of its Subsidiaries has good record and valid title in fee simple to, or
valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as are not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
properties owned by the Guarantor and each of its Subsidiaries are subject to no Liens, other than (a) Permitted Liens, (b) Liens in connection with any Indebtedness listed on Schedule 7.03 of the Credit Agreement, and (c) such other Liens after the
Closing Date that are not prohibited under the Loan Documents. 
  
 (i) Environmental Compliance. The Guarantor and each of its Subsidiaries and each Controlled Investment Affiliate conducts in the Ordinary Course of Business a review of the effect of existing Environmental
Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Guarantor has reasonably concluded that such Environmental
Laws and claims are not, individually or in the aggregate, reasonably expected to have a Material Adverse Effect, after giving effect to applicable reserves therefor. 
  
 (j) Insurance. The properties of the Guarantor and each of its Subsidiaries and each Controlled
Investment Affiliate are insured with financially sound and reputable insurance companies not Affiliates of any Loan Party (or otherwise as reasonably acceptable to 

  

 F(1)- 13 
  
 Form of Guaranty (REIT Guarantor) 

 
the Administrative Agent), in such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and
covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Guarantor, Subsidiary or Controlled Investment Affiliate (as applicable) operates. 

 
 (k) Taxes. The Guarantor and each of its
Subsidiaries and each Controlled Investment Affiliate has filed all Federal, state and other material tax returns and reports required to be filed, and have paid prior to delinquency all Federal, state and other material taxes, assessments, fees and
other governmental charges levied or imposed upon them or their properties, income or assets, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP. To the Guarantor’s knowledge, there is no proposed tax assessment against any of the Guarantor or any Subsidiary or any Controlled Investment Affiliate that would, if made, have a Material Adverse Effect. 
  
 (l) ERISA Compliance. The representations and
warranties set forth in Section 5.12 of the Credit Agreement are true and correct with respect to each such matter concerning the Guarantor and each of its Subsidiaries. 
  
 (m) Margin Regulations; Investment Company Act; Public Utility Holding Company Act. 
  
 (i) The Guarantor has not, nor has any Subsidiary of the
Guarantor that is also a guarantor of the Guaranteed Obligations, engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the
FRB), or extending credit for the purpose of purchasing or carrying margin stock. 
  
 (ii) None of the Guarantor, any Person controlling Guarantor, or any Subsidiary of the Guarantor (A) is a “holding company,” or
a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility Holding
Company Act of 1935, or (B) is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
  
 (n) Disclosure. The Guarantor has disclosed or caused to be disclosed to the Administrative Agent and the Lenders, all agreements,
instruments and corporate or other restrictions to which any the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates is subject, and all other matters known to it, that, individually or in the aggregate, is reasonably expected
to result in a Material Adverse Effect. No written report, financial statement, certificate or other information furnished by or on behalf of the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates to the Administrative Agent or
any Lender in connection with the transactions contemplated hereby and the negotiation of this Guaranty, any other Guarantor Document or any other Loan Document and delivered pursuant to the Loan Documents (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided 

  

 F(1)- 14 
  
 Form of Guaranty (REIT Guarantor) 

 
that, with respect to projected financial information, the Guarantor represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. 
  
 (o) Compliance with Laws. Each of the Guarantor and its Subsidiaries and Controlled Investment Affiliate is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted, or (ii) the failure to comply
therewith, either individually or in the aggregate, is not reasonably expected to have a Material Adverse Effect. 
  
 (p) Intellectual Property; Licenses, Etc. Except as is not reasonably expected to have a Material Adverse Effect, each of the
Guarantor and its Subsidiaries and each Controlled Investment Affiliate owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property
rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the knowledge of the Guarantor, no slogan or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates infringes upon any rights held by any
other Person. No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Guarantor, threatened, which, either individually or in the aggregate, is reasonably expected to have a Material Adverse Effect. 

 
 (q) Violation of Laws; Permits. No Unencumbered
Pool Property owned by the Guarantor or any of its Subsidiaries is being operated in violation of (i) any Law or (ii) any building permits, restrictions of record, or any agreement affecting any such property, or (iii) any judgment, decree or order
applicable to such property, except where such violation is not to reasonably expected to result in a Material Adverse Effect. All governmental permits (including, without limitation, building permits and certificates of occupancy) necessary under
applicable Law to lawfully construct, own, lease, occupy, use and operate each Unencumbered Pool Property owned by the Guarantor or any of its Subsidiaries and the improvements thereon, including, but not limited to, all applicable environmental and
zoning laws, ordinances and regulations, have been obtained. 
  
 (r) No Prior Assignment. The Guarantor has not previously assigned any interest in the Subordinated Debt or any collateral relating thereto, no Person other than the Guarantor owns an interest in any of the
Subordinated Debt or any such collateral (whether as joint holders of the Subordinated Debt, participants or otherwise), and the entire Subordinated Debt is owing only to the Guarantor. 
  
 (s) Solvency. Immediately prior to and after and giving effect to the incurrence of the
Guarantor’s obligations under this Guaranty, the Guarantor is and will be Solvent. 
  
 (t) Consideration. The Guarantor has received at least “reasonably equivalent value” (as such phrase is used in §548
of the Bankruptcy Code, in §3439.04 of the California 

  

 F(1)- 15 
  
 Form of Guaranty (REIT Guarantor) 

 
Uniform Fraudulent Transfer Act and in comparable provisions of other applicable law) and more than sufficient consideration to support its obligations
hereunder in respect of the Guaranteed Obligations and under any of the Collateral Documents to which it is a party. 
  
 (u) Independent Investigation. The Guarantor hereby acknowledges that it has undertaken its own independent investigation of the
financial condition of each Borrower and each other Loan Document Party and all other matters pertaining to this Guaranty and further acknowledges that it is not relying in any manner upon any representation or statement of any Guaranteed Party with
respect thereto. The Guarantor represents and warrants that it has received and reviewed copies of the Loan Documents and that it is in a position to obtain, and it hereby assumes full responsibility for obtaining, any additional information
concerning the financial condition of each Borrower and any other Loan Document Party and any other matters pertinent hereto that the Guarantor may desire. The Guarantor is not relying upon or expecting any Guaranteed Party to furnish to the
Guarantor any information now or hereafter in any Guaranteed Party’s possession concerning the financial condition of each Borrower or any other Loan Document Party or any other matter. 
  
 (v) Additional Representations and Warranties. In
order to induce the Lenders to maintain their Loan Commitments and to continuing making Loans to the Borrowers after the REIT Conversion Date, the Guarantor makes the following additional representations and warranties to the Administrative Agent
and the other Guaranteed Parties as of the REIT Conversion Date: 
  
 (i) The shares of common stock of the Guarantor are listed on the New York Stock Exchange. 
  
 (ii) (A) Each of the Subsidiaries of the OP Borrower and of the Guarantor is listed in the corporate organizational chart attached as
Schedule 1 to the REIT Conversion Compliance Certificate; (B) neither the OP Borrower nor the Guarantor has any direct or indirect Investments in any other Person, other than the Subsidiaries and those specifically disclosed in Schedule 9 attached
to the REIT Compliance Conversion Certificate; (C) each of the Investment Affiliates that are not Subsidiaries are disclosed in Schedule 9 attached to the REIT Conversion Compliance Certificate; (D) each of the Subsidiaries of the Borrowers or the
Guarantor that owns any Unencumbered Pool Property is disclosed in Schedule 3 attached to the REIT Conversion Compliance Certificate; (E) each of the Material Subsidiaries is disclosed in Schedule 2 attached to the REIT Conversion Compliance
Certificate; and (F) each member of the Consolidated Group that has executed a Pledge Agreement in favor of the Administrative Agent as of the REIT Conversion Date is disclosed in Schedule 4 attached to the REIT Conversion Compliance Certificate.
The Administrative Agent has, for the benefit of the Guaranteed Parties, a first priority, perfected Lien in and to the Collateral described in each Pledge Agreement (after giving effect to the deliveries and filings required under the Pledge
Agreement and applicable law), subject to no other Lien. 
  
 (iii) Schedule 5 attached to the REIT Conversion Compliance Certificate contains a list of each Note Receivable in an outstanding principal amount of more than $1,000,000 that is owned by any Loan Party or any
Subsidiary. Other than as set forth in Schedule 5 attached to the REIT Conversion Compliance Certificate, no Loan Party or 

  

 F(1)- 16 
  
 Form of Guaranty (REIT Guarantor) 

 
Subsidiary owns any Note Receivable in an outstanding principal amount of more than $1,000,000. 
  
 (iv) No Default or Event of Default has occurred and is
continuing as of the REIT Conversion Date, and no Default or Event of Default will result from REIT Conversion. 
  
 (w) Additional Representations and Warranties as of the REIT Election Date. In order to induce the Lenders to maintain their Loan
Commitments and to continuing making Loans to the Borrowers after the REIT Election Date, the Guarantor makes the following representations and warranties to the Administrative Agent and the other Guaranteed Parties as of the REIT Election Date:

  
 (i) Each of the representations and
warranties set forth in Section 10(v) are true and correct as of the REIT Election Date as if made on the REIT Election Date. 
  
 (ii) The Guarantor has been organized in conformity with the requirements for qualification as a REIT under the Code. The Guarantor has
elected to be taxed as a REIT under the Code beginning with its taxable year ending December 31 of the taxable year for which it has filed the REIT Election and for each tax year thereafter, and such election has not been and will not be revoked or
terminated. The Guarantor’s method of operation has enabled it, and its proposed method of operation will continue to enable it since the year to which the REIT Election applies, on a continuous basis, to meet the requirements for qualification
and taxation as a REIT under the Code. The Guarantor is entitled to a dividends paid deduction for the tax year of the REIT Election and each tax year thereafter that meets the requirements of Section 857 of the Internal Revenue Code. 
  
 (iii) As of the REIT Election Date, no Default or Event of
Default has occurred and is continuing as of the REIT Election Date, and no Default or Event of Default will result from REIT Election. 
  
 SECTION 11 Affirmative Covenants. So long as any Lender shall have any Commitment under the Credit Agreement, any Loan or other Obligation under
the Credit Agreement shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
  
 (a) Financial Statements. The Guarantor shall deliver or cause the OP Borrower to deliver to the Administrative Agent, in form and
detail satisfactory to the Administrative Agent, the financial statements described in Section 6.01 of the Credit Agreement, together with the certificates and other information described in Section 6.02 of the Credit Agreement. 
  
 (b) Notices. The Guarantor shall furnish to the
Administrative Agent prompt written notice, in each case as soon as any Responsible Officer of the Guarantor becomes aware thereof (i) of any condition or event which has resulted, or that is reasonably expected to result, in a Material Adverse
Effect including, to the extent applicable, (A) breach or non-performance of, or any default under, a Contractual Obligation of the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates; (B) any dispute, litigation, investigation,
proceeding or suspension between the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates 

  

 F(1)- 17 
  
 Form of Guaranty (REIT Guarantor) 

 
and any Governmental Authority; or (C) the commencement of, or any material development in, any litigation or proceeding affecting the Guarantor or any of
its Subsidiaries or Controlled Investment Affiliates, including pursuant to any applicable Environmental Laws; (ii) of the occurrence of any Default relating to the Guarantor’s obligations hereunder or under any Guarantor Document or the
covenants relating to the Guarantor or any of its Subsidiaries or Controlled Investment Affiliates hereunder or under the Credit Agreement; (iii) of the occurrence of any ERISA Event; (iv) of any material change in accounting policies or financial
reporting practices by the Guarantor or any of its Subsidiaries; (v) of from and after the REIT Election Date, of the failure of the Guarantor to maintain its status as a REIT; and (vi) of such other information respecting the business, financial or
corporate affairs of the Guarantor or any of its Subsidiaries or any of its Controlled Investment Affiliates as the Administrative Agent, at the request of any Guaranteed Party, may from time to time reasonably request. 
  
 (c) Payment of Obligations. The Guarantor shall, and
shall cause each of its Subsidiaries and Controlled Investment Affiliates to, pay and discharge, prior to delinquency, all its obligations and liabilities, including (i) all tax liabilities, assessments and governmental charges or levies upon it or
its properties or assets, unless the same are being contested in good faith Permitted Contests; (ii) all lawful claims which, if unpaid and not bonded, would by law become a Lien upon its property (other than Permitted Liens); provided,
however, that notwithstanding the foregoing, the Guarantor or any Subsidiary may contest under a Permitted Contest such Lien resulting from such lawful claim on any property that is not Collateral or an Eligible Borrowing Base Asset, as long
as such Lien (or the underlying claim) is not expected to, and does not, cause a Material Adverse Effect or an Event of Default under Sections 8.01(e), 8.01(f), 8.01(g), or 8.01(h) of the Credit Agreement; and (iii) any Indebtedness, prior to
delinquency, if the failure to make such payment would result in an Event of Default under Section 8.01(e) of the Credit Agreement, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

  
 (d) Preservation of Existence, Etc.
The Guarantor shall, and shall cause each of its Subsidiaries and Controlled Investment Affiliates to (i) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its
organization except in a transaction otherwise permitted under the Credit Agreement; (ii) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or advisable in the normal conduct of its business,
except to the extent that failure to do so is not reasonably expected to have a Material Adverse Effect; and (iii) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which is
reasonably expected to have a Material Adverse Effect. 
  
 (e) Maintenance of Properties. The Guarantor shall, and shall cause each other Loan Party, each Subsidiary and each Controlled Investment Affiliate to (i) maintain, preserve and protect all of its material properties and equipment
necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, except where the failure to do so is not reasonably expected to have a Material Adverse Effect; (ii) make all necessary repairs thereto
and renewals and replacements thereof, except where the failure to do so is not reasonably expected to have a Material Adverse Effect; and (iii) use the standard of care typical in the industry in similar localities in the operation and maintenance
of its facilities. 
  

 F(1)- 18 
  
 Form of Guaranty (REIT Guarantor) 

 (f) Maintenance of Insurance. The Guarantor shall, and shall cause each of its
Subsidiaries and Controlled Investment Affiliates to, maintain with financially sound and reputable insurance companies not Affiliates of the Guarantor (or as is otherwise acceptable to the Administrative Agent), insurance with respect to its
properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other
Persons. At the request of the Administrative Agent (but no more often than once in any 12 month period, unless an Event of Default exists or any insurance required hereunder is due to expire or has expired), the Guarantor shall, and shall cause and
shall cause each of its Subsidiaries and Controlled Investment Affiliates to, deliver to the Administrative Agent a certificate of all insurance required hereunder then in force. 
  
 (g) Compliance with Laws. The Guarantor shall, and shall cause each of its Subsidiaries and each
Controlled Investment Affiliates to, comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (i) such
requirement of Law or order, write, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith is not reasonably expected to have a Material Adverse Effect.

  
 (h) Books and Records. The Guarantor
shall, and shall cause each of its Subsidiaries and Controlled Investment Affiliates to, (i) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied (except , to the extent
applicable, for financial performances measured by Funds From Operations, as described in the Guarantor’s reports and statements filed with the SEC) shall be made of all financial transactions and matters involving the assets and business of
such Person; and (ii) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Person. 
  
 (i) Inspection Rights. The Guarantor shall, and shall
cause each of its Subsidiaries and Controlled Investment Affiliates to, permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial
and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, at such reasonable times during normal business hours and as
often as may be reasonably desired, upon reasonable advance notice; provided, however, that if no Event of Default exists, the Administrative Agent may conduct no more than one inspection of such properties in any fiscal year and be
reimbursed for the Administrative Agent’s reasonable and out-of-pocket expenses incurred for such inspection, each Guaranteed Party may conduct no more than one inspection of such properties in any fiscal year; and provided further,
however, that when an Event of Default exists the Administrative Agent or any Guaranteed Party (or any of their respective representatives or independent contractors) may do any of the foregoing any number of times at the expense of the
Guarantor at any time during normal business hours and without advance notice. The Administrative Agent and each Guaranteed Party shall make reasonable efforts to minimize disruption to the business and tenants at the properties so visited and
inspected. 
  

 F(1)- 19 
  
 Form of Guaranty (REIT Guarantor) 

 (j) Additional Guarantors and Pledge of Capital Stock. The Guarantor shall notify
or cause the OP Borrower to notify the Administrative Agent at the time that any of its Subsidiaries becomes a Material Subsidiary or an owner of Unencumbered Pool Property and promptly thereafter (and in any event within 15 days): 
  
 (i) subject to subclause (v) below, the Guarantor shall
cause such Subsidiary (if not already a Guarantor) to become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty in the form attached to the Credit Agreement as Exhibit F(2) or such other document
as the Administrative Agent shall deem appropriate for such purpose, and deliver to the Administrative Agent documents of the types referred to in clauses (viii), (ix), and (xvi) of Section 4.01(a) of the Credit Agreement and, if requested by the
Administrative Agent, favorable opinions of counsel to such Subsidiary (which may be an opinion of its in-house counsel) and shall cover the matters covered in the opinion delivered on the Credit Agreement Closing Date as applicable to such
Subsidiary and such other matters as may be reasonably required by the Administrative Agent, all in form, content and scope satisfactory to the Administrative Agent; and 
  
 (ii) subject to subclause (v) below, the Guarantor shall execute, or cause any of its Subsidiaries that is
an owner of the Capital Stock of the Subsidiary identified in clause (i) above (if not already delivered), to duly execute and deliver to the Administrative Agent (A) an accession agreement to the Pledge Agreement substantially in the form of
Exhibit I to the Credit Agreement, and (B) to the extent certificated, certificates evidencing all of the issued and outstanding Capital Stock of such Subsidiary owned by the Guarantor or such Subsidiary, which certificates shall be
accompanied by undated stock powers executed in blank or the equivalent under applicable law; and 
  
 (iii) subject to subclause (v) below, the Guarantor shall deliver or caused to be delivered evidence satisfactory to the Administrative
Agent that the Lien granted to the Administrative Agent for the benefit of the Lenders in the Collateral described in subclause (ii) above is a perfected security interest (after giving effect to the deliveries and filings required under the
Pledge Agreement and applicable law), and no other Lien exists on any such Collateral; and 
  
 (iv) at any time and from time to time, the Guarantor shall promptly execute and deliver, or cause any of its Subsidiaries to execute and
deliver, any and all further instruments and documents and take all such other action as the Administrative Agent may deem necessary or appropriate in obtaining the full benefits of, or in perfecting and preserving the Liens of, the pledges and
guaranties contemplated by, this Section 11(j). 
  
 (v) Until the Guaranty, the Pledge Agreement or Pledge Agreement accession agreements, and all items described in the foregoing Section 11(j) are delivered to the Administrative Agent, the Unencumbered Property owned in fee simple
title by such Person shall not be included in the Borrowing Base. Notwithstanding the foregoing, (A) if the execution of the Guaranty by any of the Guarantor’s Subsidiaries is prohibited under the then-current financing arrangements of such
Person, then such Guaranty will not be required hereunder, provided, however, that in such event, the Unencumbered Property owned by such Subsidiary shall not be included in the Borrowing Base; and (B) if the execution of the Pledge Agreement
or accession agreement to the Pledge Agreement by the owner of the Capital Stock of such 

  

 F(1)- 20 
  
 Form of Guaranty (REIT Guarantor) 

 
Subsidiary is prohibited under the then-current financing arrangements of such Person, then such Pledge Agreement will not be required hereunder. 

 
 (k) Delivery of Notes Receivable. The Guarantor
shall notify or cause the Borrowers to notify the Administrative Agent at the time that any of its Subsidiaries owns or gains possession of (y) any Intercompany Notes Receivable (of any amount) or (z) any other Note Receivable in an
outstanding principal amount of more than $1,000,000, and promptly thereafter (and in any event within 15 days): 
  
 (i) if such Subsidiary owning such Note Receivable is not already a party to a Pledge Agreement, the Guarantor shall cause such Subsidiary
owning such Note Receivable to duly execute and deliver to the Administrative Agent (A) an accession agreement to the Pledge Agreement substantially in the form of Exhibit I(2) to the Credit Agreement (with respect to Intercompany Notes
Receivable) or Exhibit I(1) (with respect to other Notes Receivable in an outstanding principal amount of more than $1,000,000, and (B) each original Intercompany Notes Receivable (of any amount) and any other original Notes Receivable in an
outstanding amount of more than $1,000,000 owned by such Subsidiary, accompanied by allonges or endorsements in favor of the Administrative Agent, or the equivalent under applicable law; 
  
 (ii) if such Note Receivable is owned by the Guarantor, the Guarantor shall deliver to the Administrative
Agent any original Intercompany Notes Receivable (of any amount), and any other original Notes Receivable that is in an outstanding amount of more than $1,000,000 owned by the Guarantor, accompanied by allonges or endorsements in favor of the
Administrative Agent, or the equivalent under applicable law; and 
  
 (iii) the Guarantor shall deliver or caused to be delivered evidence satisfactory to the Administrative Agent that the Lien granted to the Administrative Agent for the benefit of the Lenders in the Notes Receivable is
a perfected security interest (after giving effect to the deliveries and filings required under the Pledge Agreement and applicable law), and no other Lien exists on any such Notes Receivable. 
  
 Notwithstanding anything herein to the contrary, neither the Guarantor nor any of its
applicable Subsidiaries will be required to pledge such Note Receivable hereunder if such Note Receivable is not included in the Borrowing Base and if the Administrative Agent determines in its sole and reasonable discretion that (A) such
Note Receivable matures within six months or less, (B) such Note Receivable is not capable of being pledged by the Guarantor or such Subsidiary, (C) the pledge of such Note Receivable would cause an unreasonable hardship to the
Guarantor or such Subsidiary, or (D) the pledge of such Note Receivable would not add any significant value to the Collateral granted to the Administrative Agent, for the benefit of the Lenders. 
  
 (iv) At any time and from time to time, the Guarantor shall
promptly execute and deliver, or cause any of its Subsidiaries to execute and deliver, any and all further instruments and documents and take all such other action as the Administrative Agent may deem necessary or advisable in obtaining the full
benefits of, or in perfecting and preserving the pledge and Liens contemplated by, this Section 11(k). 
  

 F(1)- 21 
  
 Form of Guaranty (REIT Guarantor) 

 SECTION 12 Negative Covenants. So long as any Lender shall have any Commitment under the Credit
Agreement, any Loan or other Obligation under the Credit Agreement shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
  
 (a) Liens. 
  
 (i) The Guarantor shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist, any Lien upon its
interest in any of its Subsidiaries that owns Unencumbered Pool Property, other than Liens in favor of the Administrative Agent. 
  
 (ii) The Guarantor shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any
Collateral pledged under any Pledge Agreement, other than Liens in favor of the Administrative Agent. 
  
 (iii) The Guarantor shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any
Unencumbered Property owned by it or upon any lease or Ground Lease of any Unencumbered Property, other than Permitted Liens, except as specifically permitted under Section 7.01(c) of the Credit Agreement. 
  
 (b) Investments and Development Costs. 
  
 (i) The Guarantor shall not, and shall not permit any of its
Subsidiaries to, make any Investments, except: 
  
 (A) Investments held by the Guarantor or such Subsidiary in the form of Cash Equivalents; 
  
 (B) advances to officers, directors and employees of the Guarantor and its Subsidiaries in the Ordinary Course of Business, for travel,
entertainment, relocation and analogous ordinary business purposes; 
  
 (C) subject to the limitations set forth in Section 12(b)(ii), Investments of the Guarantor in any Subsidiary or Investment Affiliate or other Person that is engaged in any of the lines of business described in
Section 7.07 of the Credit Agreement; provided, however, the foregoing provision shall not permit the Guarantor or any of its Subsidiaries to make any Investments in the form of a Guarantee of Unsecured Indebtedness, other than a
Guaranty of such Unsecured Indebtedness (as defined in Schedule 7.11 of the Credit Agreement) of the Guarantor and any of its Subsidiaries that is specifically permitted under Section 7.03(a) of the Credit Agreement; 
  
 (D) Investments consisting of extensions of credit in the
nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the
extent reasonably necessary in order to prevent or limit loss; 
  

 F(1)- 22 
  
 Form of Guaranty (REIT Guarantor) 

 (E) without limiting clause (C) above, Guarantees permitted under Section
12(c); 
  
 (F) Investments in the form of
seller financing of dispositions of Real Property or Unimproved Land in transactions permitted under Section 7.05 of the Credit Agreement, provided that such financing is documented by a Note Receivable and such Note Receivable, if
representing an outstanding payment obligation of more than $1,000,000, is pledged to the Administrative Agent pursuant to Section 6.13(b) of the Credit Agreement (subject to the limitations set forth in the last sentence of Section 6.13(b) of the
Credit Agreement); 
  
 (G) Investments of the
Guarantor or any of its Subsidiaries in revenue bonds issued pursuant to an Eligible Bond Transaction or a Permitted Bond Transaction; 
  
 (H) Investments of the Guarantor or any of its Subsidiaries in loans advanced pursuant to Safe Harbor Transactions; and 
  
 (I) intercompany Indebtedness to the Guarantor or any of
its Subsidiaries permitted under Section 12(c)(i)(F), provided that the Note Receivable of the obligor thereunder is pledged as contemplated by such section. 
  
 (ii) The Guarantor shall, and shall cause each of its Subsidiaries to, observe, perform and comply with the
covenant set forth in Section 7.02(b) of the Credit Agreement. 
  
 (c) Indebtedness. 
  
 (i) The Guarantor shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except: 
  
 (A) Indebtedness under the Loan Documents; 
  
 (B) Indebtedness outstanding on the Closing Date and listed on Schedule 7.03 to the Credit Agreement and
refinancings of such Indebtedness, provided that the principal amount of such Indebtedness so refinanced does not increase, and provided further that the terms of such refinancing are not substantially more onerous to the Guarantor or
any of its Subsidiaries (as applicable) than the terms of the original financing; 
  
 (C) Guarantees of the Guarantor or any of its Subsidiaries in respect of (1) Indebtedness otherwise permitted hereunder of the Guarantor
or any of its Subsidiaries; (2) Investments permitted under Section 12(b)(i)(C); and (3) Unsecured Indebtedness to providers of credit support or credit enhancement supporting obligations to Community Facility Districts or other Mello Roos
type assessment and/or tax districts, in an amount not to exceed $250,000,000 at any time outstanding; 
  
 (D) obligations (contingent or otherwise) of the Guarantor or any of its Subsidiaries existing or arising under any Swap Contract,
provided that (y) such obligations are (or were) entered into by such Person in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, 

  

 F(1)- 23 
  
 Form of Guaranty (REIT Guarantor) 

 
or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation
or taking a “market view;” and (z) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 
  
 (E) accounts payable to trade creditors for goods and
services and current operating liabilities (not the result of the borrowing of money) incurred in the Ordinary Course of Business in accordance with customary terms and paid within the specified time, unless contested under a Permitted Contest; and

  
 (F) intercompany Indebtedness to the
Guarantor or any Subsidiary of the Guarantor, provided that the obligor thereunder has issued a Note Receivable in favor of the lender thereunder, which Note Receivable is in form and substance satisfactory to the Administrative Agent, and such Note
Receivable has been pledged to the Administrative Agent pursuant to Section 11(k), without regards to the dollar amount of such Note Receivable; 
  
 (G) to the extent constituting Indebtedness, (1) capital leases of assets; provided that the assets leased are owned by the lessor
or are collateral for the lease obligations; and (2) tax obligations of the Guarantor or any Subsidiary of the Guarantor owing to Community Facility Districts or other Mello Roos type assessment and/or tax districts, which tax obligations support
bonds issued by such districts; 
  
 (H) Secured
Indebtedness (as defined in Schedule 7.11 to the Credit Agreement), provided that the Lien securing such Indebtedness is not prohibited under Section 12(a) hereof, Section 7.01 of the Credit Agreement, and subject to the limitations
set forth in clauses (c) and (f) of Schedule 7.11 to the Credit Agreement; and 
  
 (I) other Indebtedness in an amount not to exceed $2,000,000 at any time outstanding. 
  
 (ii) The Guarantor shall, and shall cause each of its
Subsidiaries to, observe, perform and comply with the covenant set forth in Section 7.03(b) of the Credit Agreement. 
  
 (d) Fundamental Changes. The Guarantor shall not, and shall not permit any of its Subsidiaries to, merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except as specifically
permitted under Section 7.04 of the Credit Agreement. 
  
 (e) Dispositions. The Guarantor shall not, and shall not permit any of its Subsidiaries to, sell, transfer or otherwise Dispose of any Unencumbered Pool Property, except as specifically permitted under Section 7.05 of the Credit
Agreement. 
  
 (f) Restricted Payments.
The Guarantor shall not declare or make, or permit any of its Subsidiaries to declare or make, any Distributions, except as specifically permitted under Section 7.06 of the Credit Agreement. 
  

 F(1)- 24 
  
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 (g) Change in Nature of Business. The Guarantor shall not, and shall not permit
any of its Subsidiaries to, engage in any material new line of business substantially different from those lines of business conducted by the Guarantor and any of its Subsidiaries on the date hereof, including the ownership, acquisition,
development, construction, management and rental of Real Property and Unimproved Land and, in each case, any business substantially related, necessary or incidental thereto. 
  
 (h) Transactions with Affiliates. Except as otherwise expressly permitted under the Credit Agreement,
the Guarantor shall not, and shall not permit any of its Subsidiaries to, enter into any transaction of any kind with any Affiliate of any Loan Party, whether or not in the ordinary course of business, other than on fair and reasonable terms
substantially as favorable to the Loan Party or such Subsidiary as would be obtainable by such Loan Party or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 
  
 (i) Burdensome Agreements. The Guarantor shall not,
and shall not permit any of its Subsidiaries to, enter into any Contractual Obligation (other than any Loan Document) that limits the ability of the Guarantor or such Subsidiary (i) to pay dividends and distributions to the Guarantor, any Borrower
or any other Loan Party, other than during a default or an event of default under and as defined in any document evidencing Indebtedness of such Loan Document Party; (ii) to transfer property to the Guarantor any Borrower or any other Loan Party
(other than property that is subject to a Lien securing Indebtedness of such Subsidiary that is permitted under Section 12(a) hereof, Section 7.03(a)(ii) or Section 7.03(a)(viii) of the Credit Agreement); (iii) that is a Material Subsidiary or an
owner of Unencumbered Pool Property, to Guarantee the Indebtedness of any Borrower; or (iv) to grant and perfect, in favor of the Administrative Agent, a Lien in and to the Notes Receivable owned by such Loan Document Party or Subsidiary and
required to be pledged hereunder or under the Credit Agreement. 
  
 (j) Financial Covenants. The Guarantor shall observe, perform and comply with the covenants set forth in Section 7.11 of the Credit Agreement. 
  
 (k) Fundamental Changes and REIT Covenants. 
  
 (i) Except for any such amendment (A) that is required under
any requirement of Law imposed by any Governmental Authority or in order for the Guarantor to qualify as a REIT under the Code, (B) that is necessary to enable any Loan Document Party or Subsidiary to execute a Guaranty or Pledge Agreement as
contemplated under Section 11(j) or Section 11(k) hereof, Section 6.12 or Section 6.13 of the Credit Agreement; (C) that is necessary to effectuate the REIT Conversion or any transaction permitted under Section 7.04 or Section 7.05 of
the Credit Agreement (as long as such amendments do not have an adverse effect on the Guaranteed Parties or their rights hereunder); or (D) that are described in Schedule 7.12 to the Credit Agreement (as long as such amendments do not have an
adverse effect on the Guaranteed Parties or their rights hereunder), the Guarantor shall not, and shall not permit any Subsidiary of the Guarantor, to amend its Organizational Documents (except for non-substantive amendments or technical amendments
that do not have an adverse effect on the Guaranteed Parties or their rights hereunder), except in each case (Y) upon at least ten Business Days’ prior written notice to the Administrative Agent, and (Z) if the Administrative Agent notifies the
Guarantor within such ten-Business Day period that such amendment is, in Administrative 

  

 F(1)- 25 
  
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Agent’s reasonable judgment, a material amendment, with the prior written consent of the Required Lenders which consent will not be unreasonably
withheld or delayed. 
  
 (ii) The Guarantor shall
not fail to comply in all material respects with all rules and regulations of the Securities Exchange Commission and shall file all reports required by the Securities Exchange Commission relating to the Guarantor’s publicly-held securities.

  
 (iii) The Guarantor shall, at all times, not
cease to have its common stock listed on the New York Stock Exchange, the American Stock Exchange, or the Nasdaq Stock Exchange. 
  
 (iv) After the REIT Election Date, the Guarantor shall not cease to qualify as a REIT under the Code. 
  
 (v) The Guarantor shall not cease to own the majority of the
outstanding Capital Stock in, and serve as the general partner of, the OP Borrower. 
  
 (vi) Except as permitted under Section 7.04 of the Credit Agreement, the Guarantor shall not cease to own the majority of the outstanding
stock, membership interests or other entity interests in, any of its Subsidiaries that is a Guarantor (other than such Guarantors or such Subsidiaries (but not including the TRS Borrower) that are Taxable REIT Subsidiaries) and, with respect to any
such Guarantor that is not a corporation, a Loan Party shall not cease to serve as the managing member or general partner of, each such Guarantor. 
  
 SECTION 13 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing
(including by facsimile transmission) and mailed, faxed, emailed (subject to the provisions of the final sentence of this Section 13) or delivered, in the case of the Guarantor, to the address or facsimile number or email address specified on
the signature page hereof, and in the case of any Guaranteed Party, to the address or facsimile number or email address specified in the Credit Agreement, or to such other address, facsimile number or email address as shall be designated by such
party in a notice to the other parties. All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the intended recipient and (ii) (A) if delivered by hand or by courier, when
signed for by the intended recipient; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone, when delivered; and (D) if
delivered by electronic mail (which form of delivery is subject to the provisions of the final sentence of this Section 13), when delivered. In no event shall a voicemail message be effective as a notice, communication or confirmation
hereunder. Electronic mail and Internet and intranet websites may be used only to distribute routine communications, and to distribute documents for execution by the parties thereto, and may not be used for any other purpose. 
  
 SECTION 14 No Waiver; Cumulative Remedies. No failure by any
Guaranteed Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Guarantor Document shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

  

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The rights, remedies, powers and privileges herein or therein provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law. 
  
 SECTION 15 Costs and Expenses;
Indemnification. 
  
 (a) Costs and
Expenses. The Guarantor shall: (i) pay or reimburse the Administrative Agent for all reasonable, out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation and execution of this Guaranty and the other
Guarantor Documents and any other certificates executed by the Guarantor in connection herewith, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or
thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all reasonable Attorney Costs; and (ii) pay or reimburse the Administrative Agent and each other Guaranteed Party for
all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Guaranty or the other Guarantor Documents (including all such costs and expenses incurred during any
“workout” or restructuring in respect of the Guaranteed Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs. The foregoing costs and expenses shall include all
search, filing and recording fees and taxes related thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other outside experts retained by the Administrative Agent or,
during the existence of an Event if Default, any Guaranteed Party. 
  
 (b) Indemnification. Whether or not the transactions contemplated hereby are consummated, the Guarantor agrees to indemnify, save and hold harmless each Agent-Related Person, each other Guaranteed Party and
their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or
arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Guarantor Document or other Loan Document or any other agreement, letter or instrument delivered in connection with the transactions
contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), or (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property currently or formerly owned or operated by any Borrower, any Subsidiary, any other owner of Unencumbered Pool Property, or any other Loan Document Party, or any Environmental Liability related in any way to any Borrower, any Subsidiary, any
other owner of Unencumbered Pool Property, or any other Loan Document Party (provided, however, that the Guarantor shall not have any indemnification obligation to an Indemnitee under this subclause (iii) with respect to any
property currently or formerly owned or operated by any Loan Party or any Environmental Liability related to any Loan Party if such Indemnitee has any Indebtedness outstanding to such Loan Party outside of any Guarantor Document or other Loan
Document and if such Indemnitee’s claim for indemnification arises in connection with such other Indebtedness and not the Indebtedness arising under any Guarantor 

  

 F(1)- 27 
  
 Form of Guaranty (REIT Guarantor) 

 
Document or other Loan Document), or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all
the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee
shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Guaranty or the Credit Agreement, nor shall
any Indemnitee have any liability for any indirect or consequential damages relating to this Guaranty, the Credit Agreement or any other Guaranty Document or Loan Document or arising out of its activities in connection herewith or therewith (whether
before or after the Closing Date). 
  
 (c)
Interest. Any amounts payable to by the Guarantor under this Section 15 or otherwise under this Guaranty if not paid upon demand shall bear interest from the date of such demand until paid in full, at a fluctuating interest rate per
annum at all times equal to the Default Rate applicable to Base Rate Loans to the fullest extent permitted by applicable Law. Any such interest shall be due and payable upon demand and shall be calculated on the basis of a year of 365 or 366 days,
as the case may be, and the actual number of days elapsed. 
  
 (d) Payment. All amounts due under this Section 15 shall be payable within ten Business Days after demand therefor. 
  
 (e) Survival. The agreements in this Section 15 shall survive the termination of the Commitments and
repayment of all Guaranteed Obligations. 
  
 SECTION 16 Right
of Set-Off. In addition to any rights and remedies of the Administrative Agent, the Swing Line Lender, the L/C Issuer, the Other Agents and the Lenders provided by law, during the existence of any Event of Default, each of the Lenders is
authorized at any time and from time to time, without prior notice to the Guarantor, any such notice being waived by the Guarantor to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender to or for the credit or the account of the Guarantor against any and all Obligations owing to such Lender, now or hereafter existing, irrespective of
whether or not the Administrative Agent or such Lender shall have made demand under this Guaranty or any other Guarantor Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the
applicable deposit or indebtedness. Each of the Lenders agrees (by its acceptance hereof) promptly to notify the Guarantor and the Administrative Agent after any such set-off and application made by such Lender; provided, however, that
the failure to give such notice shall not affect the validity of such set-off and application. 
  
 SECTION 17 Marshalling; Payments Set Aside. Neither the Administrative Agent nor any Guaranteed Party shall be under any obligation to marshal any assets in favor of the Guarantor or any other Person or against
or in payment of any or all of the Guaranteed 

  

 F(1)- 28 
  
 Form of Guaranty (REIT Guarantor) 

 
Obligations. To the extent that the Guarantor makes a payment to any Guaranteed Party, or any Guaranteed Party exercises its right of set-off, and such
payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Guaranteed Party in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each of the Lenders severally agrees (by its acceptance hereof) to pay to the Administrative Agent upon demand its pro rata share of
any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. 
  
 SECTION 18 Benefits of Guaranty. This Guaranty is entered into for the
sole protection and benefit of the Administrative Agent and each other Guaranteed Party and their respective successors and assigns, and no other Person (other than any Indemnitee specified herein) shall be a direct or indirect beneficiary of, or
shall have any direct or indirect cause of action or claim in connection with, this Guaranty. The Guaranteed Parties, by their acceptance of this Guaranty, shall not have any obligations under this Guaranty to any Person other than the Guarantor,
and such obligations shall be limited to those expressly stated herein. 
  
 SECTION 19 Binding Effect; Assignment. 
  
 (a) Binding Effect. This Guaranty shall be binding upon the Guarantor and its successors and assigns, and inure to the benefit of and be enforceable by the Administrative Agent and each other Guaranteed Party and their respective
successors, endorsees, transferees and assigns. 
  
 (b) Assignment. Except to the extent otherwise provided in the Credit Agreement, the Guarantor shall not have the right to assign or transfer its rights and obligations hereunder or under any other Guarantor Documents without the
prior written consent of the Required Lenders. Each Lender may, without notice to or consent by the Guarantor, sell, assign, transfer or grant participations in all or any portion of such Lender’s rights and obligations hereunder and under the
other Guarantor Documents in connection with any sale, assignment, transfer or grant of a participation by such Lender in accordance with Section 10.07 of the Credit Agreement of or in its rights and obligations thereunder and under the other Loan
Documents. In the event of any grant of a participation, the participant, to the extent such participant has been disclosed to the Borrowers in accordance with Section 10.07(d) of the Credit Agreement, shall be deemed to have a right of setoff under
Section 16 in respect of its participation to the same extent as if it were such “Guaranteed Party.” 
  
 SECTION 20 Governing Law and Jurisdiction. 
  
 (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH OTHER GUARANTEED PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
  

 F(1)- 29 
  
 Form of Guaranty (REIT Guarantor) 

 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER GUARANTOR
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN SAN FRANCISCO COUNTY OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR CONSENTS, FOR ITSELF AND
IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE GUARANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT. THE GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY
OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. 
  
 (c) The Guarantor hereby irrevocably appoints the OP Borrower, with an office as listed in Schedule 10.02 of the Credit Agreement, as its authorized agent (in such capacity, the “Process Agent”) with all powers
necessary to receive on its behalf service of copies of the summons and complaint and any other process which may be served in any action or proceeding arising out of or relating to this Guaranty and the other Guarantor Documents in any of the
courts in and of the State of California. Such service may be made by mailing or delivering a copy of such process to the Guarantor in care of the Process Agent at the Process Agent’s address and the Guarantor hereby irrevocably authorizes and
directs the Process Agent to accept such service on its behalf and agrees that the failure of the Process Agent to give any notice of any such service to the Guarantor shall not impair or affect the validity of such service or of any judgment
rendered in any action or proceeding based thereon. As an alternative method of service, the Guarantor also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to the
Guarantor at its address specified on the signature page hereof. If for any reason the OP Borrower shall cease to act as Process Agent, the Guarantor shall appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to
act as an agent for service of process with respect to all courts in and of the State of California and acceptable to the Administrative Agent. 
  
 (d) Nothing in this Section 20 shall affect the right of the Guaranteed Parties to serve legal process in any other manner
permitted by law or limit the right of the Guaranteed Parties to bring any action or proceeding against the Guarantor or its property in the courts of other jurisdictions. 
  
 SECTION 21 Waiver of Jury Trial. THE GUARANTOR AND EACH GUARANTEED PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THE GUARANTOR DOCUMENTS OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM WITH RESPECT TO THE GUARANTOR
DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND THE GUARANTOR AND EACH GUARANTEED PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES AND
CONSENTS THAT ANY SUCH 

  

 F(1)- 30 
  
 Form of Guaranty (REIT Guarantor) 

 
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 SECTION 22 Entire Agreement; Amendments and Waivers. This Guaranty together with the other Guarantor Documents embodies the entire agreement of the
Guarantor with respect to the matters set forth herein and supersedes all prior or contemporaneous agreements and understandings of the Guarantor, verbal or written, relating to the subject matter hereof and thereof and, unless otherwise provided in
the Credit Agreement, shall not be amended except by written agreement of the Guarantor, the Administrative Agent and the Required Lenders. No waiver of any rights of the Guaranteed Parties under any provision of this Guaranty or consent to any
departure by the Guarantor therefrom shall be effective unless in writing and signed by the Administrative Agent and the Required Lenders, or the Administrative Agent (with the written consent of the Required Lenders). Any such amendment, waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. 
  
 SECTION 23 Severability. If any provision of this Guaranty or the other Guarantor Documents is held to be illegal, invalid or unenforceable, (a)
the legality, validity and enforceability of the remaining provisions of this Guaranty and the other Guarantor Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 24 Confidentiality. By its acceptance hereof, each Guaranteed Party agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and
its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to the Credit Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Guaranty or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under the Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any
Borrower, the Guarantor and their respective obligations, (g) with the consent of the Guarantor or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to a
Guaranteed Party on a nonconfidential basis from a source other than any Borrower or the Guarantor; provided that such source is not bound by a confidentiality agreement with any Loan Party. For purposes of this Section,
“Information” means all information received from the Guarantor relating to the Guarantor, any of its 

  

 F(1)- 31 
  
 Form of Guaranty (REIT Guarantor) 

 
Subsidiaries or Affiliates or any of their respective businesses, other than any such information that is available to a Guaranteed Party on a
nonconfidential basis prior to disclosure by the Guarantor or any other Loan Document Party, provided that, in the case of information received from the Guarantor or any other Loan Document Party after the date hereof, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding anything set forth herein or in any other written or oral understanding or agreement to
which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of discussions
between the parties to the “tax treatment” and “tax structure” of the transactions contemplated by this Guaranty and (ii) each Guaranteed Party (and each of its employees, representatives, or other agents) may disclose without
limitation of any kind, any information with respect to the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to any such Guaranteed
Party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the tax
treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the Guaranteed Obligations and
transactions contemplated hereby, and provided further, that each party recognizes that the privilege each has to maintain, in its sole discretion, the confidentiality of a communication relating to the transactions contemplated hereby,
including a confidential communication with its attorney or a confidential communication with a federally authorized practitioner under Section 7525 of the Code, is not intended to be affected by the foregoing. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 F(1)- 32 
  
 Form of Guaranty (REIT Guarantor) 

 IN WITNESS WHEREOF, the Guarantor has executed this Guaranty, as of the date first above written.

  

	CATELLUS SUBCO, INC.
		
	By	 	 
	 	

	 	 	 Name:
 Title:

	 Address:
	 	 
	 
	

	 
	

	 
	

	 Attn.:
	 	 
	 	

	 Fax No.
	 	 
	 	

	 Email:
	 	 
	 	

  

 S-1 
  
 Form of Guaranty (REIT Guarantor) 

 GUARANTY 
 (SUBSIDIARY GUARANTOR) 
  
 THIS GUARANTY (this “Guaranty”), dated as of September 15, 2003, is made by each Guarantor named in the signature pages hereof (each a “Guarantor” and, collectively, the “Guarantors”), in
favor of the Lenders party to the Credit Agreement referred to below, Fleet National Bank, as Syndication Agent, Bank One, NA, as Documentation Agent, Wells Fargo Bank, National Association, as Managing Agent, Union Bank of California, N.A., as
Managing Agent (Syndication Agent, Documentation Agent, and Managing Agents, collectively, the “Other Agents”), and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), the
letter of credit issuer (in such capacity, the “the L/C Issuer”), and the swing line lender (in such capacity, the “Swing Line Lender”). 
  
 A. Catellus Development Corporation, a Delaware corporation, and its permitted successors and assigns, as a borrower (the
“OP Borrower” or “Pre-REIT Conversion Borrower”), Catellus Land and Development Corporation, a Delaware corporation, as a borrower (the “TRS Borrower,” and together with the OP Borrower, each a
“Borrower” and together, the “Borrowers”), the Lenders from time to time party to the Credit Agreement, as defined below (each a “Lender” and, collectively, the “Lenders”), the
Other Agents, and Bank of America, N.A., as Administrative Agent, the L/C Issuer, and the Swing Line Lender, are parties to a Credit Agreement dated as of September 15, 2003 (as amended, modified, renewed or extended from time to time, the
“Credit Agreement”). 
  
 B. It is a condition
precedent to the Borrowings and issuances of Letters of Credit under the Credit Agreement that each Guarantor guarantee the indebtedness and other obligations of the Borrowers to the Guaranteed Parties under or in connection with the Credit
Agreement as set forth herein. Each Guarantor, as a Material Subsidiary of any Borrower or of the REIT Guarantor or an owner of Unencumbered Pool Property, will derive substantial direct and indirect benefits from the making of the Loans to, and
issuances of Letters of Credit for the account of, the Borrowers pursuant to the Credit Agreement (which benefits are hereby acknowledged by each Guarantor). 
  
 NOW THEREFORE, to induce the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Other Agents, and the Lenders to enter into the Credit
Agreement, and in consideration thereof, each Guarantor hereby agrees as follows: 
  
 SECTION 1 Definitions; Interpretation. 
  
 (a) Terms Defined in Credit Agreement . All capitalized terms used in this Guaranty (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement. 
  

 1 

 (b) Certain Defined Terms. As used in this Guaranty (including in the recitals
hereof), the following terms shall have the following meanings: 
  
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.). 
  
 “Guaranteed Obligations” has the meaning set forth in Section 2. 
  
 “Guaranteed Parties” means the
Administrative Agent, the L/C Issuer, the Swing Line Lender, the Syndication Agent, the Documentation Agent, the Managing Agents, and the Lenders, and their successors and assigns.  
  
 “Guarantor Documents” means this Guaranty
and all other certificates, documents, agreements and instruments delivered by or on behalf of any Guarantor to any Guaranteed Party under or in connection with this Guaranty and the Loan Documents. 
  
 “Insolvency Proceeding” means, with respect
to any Person, (a) any case, action or proceeding with respect to such Person before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of
debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in either case
undertaken under Debtor Relief Laws. 
  
 “Solvent” means, with respect to any Person, that as of the date of determination: (a) the fair valuation of the sum of such Person’s debt (including contingent liabilities) does not exceed all of its property, at a
fair valuation on a going-concern basis; (b) the Person reasonably expects to be able to pay the liabilities on such Person’s then existing debts as they become absolute and matured; (c) such Person’s capital is not unreasonably small in
relation to its business or any contemplated or undertaken transaction; and (d) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due.
For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5). 
  
 “Subordinated Debt” has the meaning set forth in Section 7(a). 
  
 “Subordinated Debt Payment” has the meaning
set forth in Section 7(b). 
  
 (c)
Interpretation. The rules of interpretation set forth in Sections 1.02 to 1.05 of the Credit Agreement shall be applicable to this Guaranty and are incorporated herein by this reference. 
  
 SECTION 2 Guaranty. 
  
 (a) Guaranty. Each Guarantor hereby unconditionally
and irrevocably guarantees to the Guaranteed Parties, and their respective successors, endorsees, transferees and assigns, the full and prompt payment when due (whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise) and performance of the 

  

 2 

 
indebtedness, liabilities and other obligations of the Borrowers to the Guaranteed Parties under or in connection with the Credit Agreement, the Notes and
the other Loan Documents, including all unpaid principal of the Loans, all amounts owing in respect of the L/C Obligations, all interest accrued thereon, all fees due under the Credit Agreement, all indemnification obligations of the Borrowers under
or in connection with the Credit Agreement, the Notes and the other Loan Documents, and all other amounts payable by the Borrowers to the Guaranteed Parties thereunder or in connection therewith. The terms “indebtedness,”
“liabilities” and “obligations” are used herein in their most comprehensive sense and include any and all advances, debts, obligations and liabilities, now existing or hereafter arising, whether voluntary or involuntary and
whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether recovery upon such indebtedness, liabilities and obligations may be or hereafter become unenforceable or shall be an allowed or
disallowed claim under any Debtor Relief Law, and including interest that accrues after the commencement by or against any Borrower or any Loan Document Party thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding. The foregoing indebtedness, liabilities and other obligations of the Borrowers, and all other indebtedness, liabilities and obligations to be paid or performed by the Guarantors in connection with this Guaranty (including any and
all amounts due under Section 15), shall hereinafter be collectively referred to as the “Guaranteed Obligations.”  
  
 (b) Limitation of Guaranty. Notwithstanding anything to the contrary contained herein, to the extent that any Guarantor shall,
under this Guaranty, repay any of the Guaranteed Obligations, the liability of such Guarantor hereunder shall be limited to an amount equal to the maximum amount of liability for payments on the Guaranteed Obligations which could be asserted against
such Guarantor hereunder without (i) rendering such Guarantor “insolvent” within the meaning of Section 101(31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform
Fraudulent Conveyance Act (“UFCA”), (ii) rendering such Guarantor no longer Solvent, or (iii) rendering such Guarantor’s obligations hereunder unlawful or subject to avoidance as a fraudulent transfer or conveyance under
Section 548 of the Bankruptcy Code or any comparable provisions of applicable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of Guarantor, contingent or otherwise,
that are relevant under the Fraudulent Transfer Laws (the greatest amount payable by such Guarantor without rendering such Guarantor’s obligations hereunder unlawful or being subject to avoidance under the Fraudulent Transfer Laws being at any
time, the “Maximum Liability”). To the extent that any Guarantor shall, under this Guaranty, repay any of the Guaranteed Obligations, then such Guarantor shall, subject to the provisions of Section 6 below, be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Guarantors with respect thereto in an amount, for each other Guarantor, equal to a fraction of such payment, the numerator of which fraction is such other
Guarantor’s Maximum Liability as of the date of determination and the denominator of which is the sum of the Maximum Liability of such Guarantor and all of the other Guarantors as of the date of determination. 
  
 SECTION 3 Liability of Guarantors. The liability of the Guarantors
under this Guaranty and each other Guarantor Document shall be irrevocable, absolute, independent and unconditional, and shall not be affected by any circumstance which might constitute a 

  

 3 

 
discharge of a surety or guarantor other than the indefeasible payment and performance in full of all Guaranteed Obligations. In furtherance of the foregoing
and without limiting the generality thereof, each Guarantor agrees as follows: 
  
 (i) such Guarantor’s liability hereunder shall be the immediate, direct, and primary obligation of such Guarantor and shall not be
contingent upon any Guaranteed Party’s exercise or enforcement of any remedy it may have against any Borrower or any other Person, or against any Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (ii) this Guaranty is a guaranty of payment when due and not
merely of collectibility; 
  
 (iii) the
Guaranteed Parties may enforce this Guaranty upon the occurrence and during the continuance of an Event of Default notwithstanding the existence of any dispute between any of the Guaranteed Parties and any Borrower with respect to the existence of
such Event of Default; provided that no Guarantor shall be deemed to have waived any defense based on the defense that the Guaranteed Obligations have been paid in full; 
  
 (iv) such Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in no way
limit, affect, modify or abridge such Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied; and 
  
 (v) such Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect without regard to,
and shall not be impaired or affected by, nor shall such Guarantor be exonerated or discharged by, any of the following events: 
  
 (A) any Insolvency Proceeding with respect to any Borrower, such Guarantor, any other Loan Document Party or any other Person; 

 
 (B) any limitation, discharge, or cessation of the
liability of any Borrower, such Guarantor, any other Loan Document Party or any other Person for any Guaranteed Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the
Guaranteed Obligations or the Loan Documents; 
  
 (C) any merger, acquisition, consolidation or change in structure of any Borrower, such Guarantor or any other Loan Document Party or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of any
Borrower, such Guarantor, any other Loan Document Party or other Person, including, without limitation, the transactions contemplated to occur upon the REIT Conversion, including the assumption by the Post-REIT Conversion Borrower of the obligations
of the Pre-REIT Conversion Borrower under the Loan Documents; 
  
 (D) any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and rights under this Guaranty or the other Loan Documents, including any Guaranteed Party’s right to receive
payment of the Guaranteed Obligations, or any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and to any of the Collateral or any other collateral securing the Guaranteed Obligations; 
  

 4 

 (E) any claim, defense, counterclaim or setoff, other than that of prior performance,
that any Borrower, such Guarantor, any other Loan Document Party or other Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the Loan Documents; 
  
 (F) any Guaranteed Party’s amendment, modification,
renewal, extension, cancellation or surrender of any Loan Document, any Guaranteed Obligations, or any Collateral or any other collateral securing the Guaranteed Obligations, or any Guaranteed Party’s exchange, release, or waiver of any
Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (G) any Guaranteed Party’s exercise or nonexercise of any power, right or remedy with respect to any of the Collateral or any other collateral securing the Guaranteed Obligations, including any Guaranteed
Party’s compromise, release, settlement or waiver with or of any Borrower, any other Loan Document Party or any other Person; 
  
 (H) any Guaranteed Party’s vote, claim, distribution, election, acceptance, action or inaction in any Insolvency Proceeding related
to the Guaranteed Obligations; 
  
 (I) any
impairment or invalidity of any of the Collateral or any other collateral securing any of the Guaranteed Obligations or any failure to perfect any of the Liens of the Guaranteed Parties thereon or therein; and 
  
 (J) any other guaranty, whether by such Guarantor or any
other Person, of all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of any Borrower to any Guaranteed Party. 
  
 SECTION 4 Consents of Guarantors. Each Guarantor hereby unconditionally consents and agrees that, without notice to or further assent from such
Guarantor: 
  
 (i) the principal amount of the
Guaranteed Obligations may be increased or decreased and additional Obligations of the Loan Parties under the Loan Documents may be incurred, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

  
 (ii) the time, manner, place or terms of any
payment under any Loan Document may be extended or changed, including by an increase or decrease in the interest rate on any Guaranteed Obligation or any fee or other amount payable under such Loan Document, by an amendment, modification or renewal
of any Loan Document or otherwise; 
  
 (iii) the
time for any Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or
failure in or departure from such performance or compliance consented to, all in such manner and upon such terms as the Guaranteed Parties may deem proper; 
  

 5 

 (iv) any Guaranteed Party may discharge or release, in whole or in part, any other Loan
Document Party or any other Person liable for the payment and performance of all or any part of the Guaranteed Obligations, and may permit or consent to any such action or any result of such action, and shall not be obligated to demand or enforce
payment upon any of the Collateral or any other collateral, nor shall any Guaranteed Party be liable to the Guarantors for any failure to collect or enforce payment or performance of the Guaranteed Obligations from any Person or to realize on the
Collateral or other collateral therefor; 
  
 (v)
in addition to the Collateral, the Guaranteed Parties may take and hold other security (legal or equitable) of any kind, at any time, as collateral for the Guaranteed Obligations, and may, from time to time, in whole or in part, exchange, sell,
surrender, release, subordinate, modify, waive, rescind, compromise or extend such security and may permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof;

  
 (vi) the Guaranteed Parties may request and
accept other guaranties of the Guaranteed Obligations and any other indebtedness, obligations or liabilities of the Borrowers to any Guaranteed Party and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive,
rescind, compromise or extend any such guaranty and may permit or consent to any such action or the result of any such action; and 
  
 (vii) the Guaranteed Parties may exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or privilege
(including the right to accelerate the maturity of any Loan and any power of sale) granted by any Loan Document or other security document or agreement, or otherwise available to any Guaranteed Party, with respect to the Guaranteed Obligations or
any of the Collateral or any other collateral securing the Guaranteed Obligations, even if the exercise of such right, remedy, power or privilege affects or eliminates any right of subrogation or any other right of the Guarantors against any
Borrower; 
  
 all as the Guaranteed Parties may deem advisable, and all without
impairing, abridging, releasing or affecting this Guaranty. 
  
 SECTION 5 Guarantor Waivers. 
  
 (a) Certain Waivers. Each Guarantor waives and agrees not to assert: 
  
 (i) any right to require any Guaranteed Party to marshal assets in favor of the Borrowers, such Guarantor, any other Loan Document Party
or any other Person, to proceed against any Borrower, any other Loan Document Party or any other Person, to proceed against or exhaust any of the Collateral or any other collateral securing the Guaranteed Obligations, to give notice of the terms,
time and place of any public or private sale of personal property security constituting the Collateral or other collateral for the Guaranteed Obligations or comply with any other provisions of §9611 of the California UCC (or any equivalent
provision of any other applicable law) or to pursue any other right, remedy, power or privilege of any Guaranteed Party whatsoever; 
  
 (ii) the defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed Obligations;

  

 6 

 (iii) any defense arising by reason of any lack of corporate or other authority or any
other defense of any Borrower, such Guarantor, any other Loan Document Party or any other Person; 
  
 (iv) any defense based upon any Guaranteed Party’s errors or omissions in the administration of the Guaranteed Obligations;

  
 (v) any rights to set-offs and counterclaims;

  
 (vi) any defense based upon an election of
remedies (including, if available, an election to proceed by nonjudicial foreclosure) which destroys or impairs the subrogation rights of such Guarantor or the right of such Guarantor to proceed against any Borrower, any other Loan Document Party or
any other obligor of the Guaranteed Obligations for reimbursement; and 
  
 (vii) without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating
guarantors or sureties, or which may conflict with the terms of this Guaranty, including any rights and defenses available to the Guarantor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code and any and all benefits that
otherwise might be available to such Guarantor under California Civil Code §§1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 and California Code of Civil Procedure §§580a, 580b, 580d and 726.
Accordingly, each Guarantor waives all rights and defenses that such Guarantor may have because any Borrower’s debt may be secured by real property. This means, among other things: (A) the Guaranteed Parties may collect from such Guarantor
without first foreclosing on any real or personal property collateral pledged by the Borrowers; and (B) if the Administrative Agent forecloses on any real property collateral pledged by the Borrowers: (1) the amount of the debt may be reduced only
by the price for which that collateral is sold at the foreclosure sale, even if such collateral is worth more than the sale price, and (2) the Guaranteed Parties may collect from such Guarantor even if the Administrative Agent, by foreclosing on the
real property collateral, has destroyed any right such Guarantor may have to collect from any Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because any Borrower’s debt is or may be
secured by real property. These rights and defenses include, but are not limited to, any rights of defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 
  
 (b) Additional Waivers. Each Guarantor waives any and
all notice of the acceptance of this Guaranty, and any and all notice of the creation, renewal, modification, extension or accrual of the Guaranteed Obligations, or the reliance by the Guaranteed Parties upon this Guaranty, or the exercise of any
right, power or privilege hereunder. The Guaranteed Obligations shall conclusively be deemed to have been created, contracted, incurred and permitted to exist in reliance upon this Guaranty. Each Guarantor waives promptness, diligence, presentment,
protest, demand for payment, notice of default, dishonor or nonpayment and all other notices to or upon the Borrowers, such Guarantor, any other Loan Document Party or any other Person with respect to the Guaranteed Obligations. 
  

 7 

 (c) Independent Obligations. The obligations of each Guarantor hereunder are
independent of and separate from the obligations of the Borrowers and any other Loan Document Party and upon the occurrence and during the continuance of any Event of Default, a separate action or actions may be brought against such Guarantor,
whether or not any Borrower or any such other Loan Document Party is joined therein or a separate action or actions are brought against any Borrower or any such other Loan Document Party. 
  
 (d) Financial Condition. No Guarantor shall have any
right to require any Guaranteed Party to obtain or disclose any information with respect to: (i) the financial condition or character of any Borrower or any other Loan Document Party or the ability of any Borrower or any other Loan Document Party to
pay and perform the Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) the Collateral or any other collateral securing the Guaranteed Obligations; (iv) the existence or nonexistence of any other guarantees of all or any part of the
Guaranteed Obligations; (v) any action or inaction on the part of any Guaranteed Party or any other Person; or (vi) any other matter, fact or occurrence whatsoever. 
  
 SECTION 6 Subrogation. Until the Guaranteed Obligations shall be satisfied in full and the Commitments shall be
terminated, no Guarantor shall directly or indirectly exercise, (i) any rights that it may acquire by way of subrogation under this Guaranty, by any payment hereunder or otherwise, (ii) any rights of contribution, indemnification, reimbursement or
similar suretyship claims arising out of this Guaranty or (iii) any other right which it might otherwise have or acquire (in any way whatsoever) which could entitle it at any time to share or participate in any right, remedy or security of any
Guaranteed Party as against any Borrower or other Loan Parties, whether in connection with this Guaranty, any of the other Loan Documents or otherwise. If any amount shall be paid to any Guarantor on account of the foregoing rights at any time when
all the Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 
  
 SECTION 7 Subordination. 
  
 (a) Subordination to Payment of Guaranteed Obligations. All payments on account of all indebtedness, liabilities and other payment obligations of the Borrowers to each Guarantor, whether created under, arising
out of or in connection with any documents or instruments evidencing any credit extensions to the Borrowers or otherwise, including all principal on any such credit extensions, all interest accrued thereon, all fees and all other amounts payable by
the Borrowers to such Guarantor in connection therewith, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined (the “Subordinated
Debt”) shall be subject, subordinate and junior in right of payment and exercise of remedies, to the extent and in the manner set forth herein, to the prior payment in full in cash or cash equivalents of the Guaranteed Obligations.

  
 (b) No Payments. Except as otherwise
permitted under the Credit Agreement, as long as any of the Guaranteed Obligations shall remain outstanding and unpaid, no Guarantor shall accept or receive any payment or distribution by or on behalf of any Borrower, directly or 

  

 8 

 
indirectly, of assets of any Borrower of any kind or character, whether in cash, property or securities, including on account of the purchase, redemption or
other acquisition of Subordinated Debt, as a result of any collection, sale or other disposition of collateral, or by setoff, exchange or in any other manner, for or on account of the Subordinated Debt (“Subordinated Debt
Payments”), except that if no Event of Default exists, a Guarantor shall be entitled to accept and receive regularly scheduled payments and other payments in the ordinary course on the Subordinated Debt, in accordance with the terms of the
documents and instruments governing the Subordinated Debt and other Subordinated Debt Payments in respect of Subordinated Debt not evidenced by documents or instruments, in each case to the extent permitted under Article VII of the Credit Agreement.
During the existence of an Event of Default (or if any Event of Default would exist immediately after the making of a Subordinated Debt Payment), and until such Event of Default is cured or waived, such Guarantor shall not make, accept or receive
any Subordinated Debt Payment. In the event that, notwithstanding the provisions of this Section 7, any Subordinated Debt Payments shall be received in contravention of this Section 7 by any Guarantor before all Guaranteed Obligations
are paid in full in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of the Guaranteed Parties and shall be paid over or delivered to the Administrative Agent for application to the payment in full in
cash or cash equivalents of all Guaranteed Obligations remaining unpaid to the extent necessary to give effect to this Section 7, after giving effect to any concurrent payments or distributions to any Guaranteed Party in respect of the
Guaranteed Obligations. 
  
 (c) Subordination
of Remedies. As long as any Guaranteed Obligations shall remain outstanding and unpaid, no Guarantor shall, without the prior written consent of the Administrative Agent: 
  
 (i) accelerate, make demand or otherwise make due and payable prior to the original stated maturity thereof
any Subordinated Debt or bring suit or institute any other actions or proceedings to enforce its rights or interests under or in respect of the Subordinated Debt; 
  
 (ii) exercise any rights under or with respect to (A) any guaranties of the Subordinated Debt, or (B) any
collateral held by it, including causing or compelling the pledge or delivery of any collateral, any attachment of, levy upon, execution against, foreclosure upon or the taking of other action against or institution of other proceedings with respect
to any collateral held by it, notifying any account debtors of the Borrowers or asserting any claim or interest in any insurance with respect to any collateral, or attempt to do any of the foregoing; 
  
 (iii) exercise any rights to set-offs and counterclaims in
respect of any indebtedness, liabilities or obligations of such Guarantor to any Borrower against any of the Subordinated Debt; or 
  
 (iv) commence, or cause to be commenced, or join with any creditor other than any Guaranteed Party in commencing, any Insolvency
Proceeding. 
  
 (d) Subordination Upon Any
Distribution of Assets of any Borrower. In the event of any payment or distribution of assets of any Borrower of any kind or character, whether in cash, property or securities, upon any Insolvency Proceeding with respect to or involving any

  

 9 

 
Borrower, (i) all amounts owing on account of the Guaranteed Obligations, including all interest accrued thereon at the rate set forth in the Credit
Agreement both before and after the initiation of any such proceeding, whether or not an allowed claim in any such proceeding, shall first be paid in full in cash, or payment provided for in cash or in cash equivalents, before any Subordinated Debt
Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which such Guarantor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver,
assignee for the benefit of creditors or other liquidating agent making such payment or distribution directly to the Administrative Agent (on behalf of the other Guaranteed Parties) for application to the payment of the Guaranteed Obligations in
accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to any Guaranteed Party in respect of such Guaranteed Obligations. 
  
 (e) Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any
Insolvency Proceeding is commenced by or against any Borrower or its respective property constituting an Event of Default: 
  
 (i) the Administrative Agent, when so instructed by the Required Lenders, is hereby irrevocably authorized and empowered (in the name of
the Guaranteed Parties or in the name of any Guarantor or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file
claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed Parties; and 
  
 (ii) each Guarantor shall promptly take such action as the
Administrative Agent (on instruction from the Required Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim in respect of the Subordinated
Debt, (B) to execute and deliver to the Administrative Agent, such powers of attorney, assignments and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and
receive any and all Subordinated Debt Payments. 
  
 SECTION 8
Continuing Guaranty. This Guaranty is a continuing guaranty and agreement of subordination relating to any Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time under
successive transactions, and the Guarantors expressly acknowledge that this Guaranty shall remain in full force and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in effect and
be binding upon the Guarantors until termination of the Commitments and payment and performance in full of the Guaranteed Obligations. 
  
 SECTION 9 Payments. 
  
 (a) Payment Obligation. Each Guarantor hereby agrees, in furtherance of the foregoing provisions of this Guaranty and not in
limitation of any other right which any Guaranteed Party or any other Person may have against such Guarantor by virtue hereof, upon 

  

 10 

 
the failure of the Borrowers to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under §362(a) of the Bankruptcy Code), such Guarantor shall forthwith pay, or cause to be paid, in
cash, to the Administrative Agent an amount equal to the amount of the Guaranteed Obligations then due as aforesaid (including interest which, but for the filing of a petition in any Insolvency Proceeding with respect to any Borrower, would have
accrued on such Guaranteed Obligations, whether or not a claim is allowed against such Borrower for such interest in any such Insolvency Proceeding). Each Guarantor shall make each payment hereunder, unconditionally in full without set-off,
counterclaim or other defense, on the day when due in Dollars in immediately available funds, to the Administrative Agent at such office of the Administrative Agent and to such account as the Administrative Agent shall specify in writing to such
Guarantor. 
  
 (b) Free and Clear
Payments. Any and all payments by any Guarantor to or for the account of any Guaranteed Party under any Guarantor Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts,
deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding, in the case of any Guaranteed
Party, taxes imposed on or measured by its overall net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such Guaranteed Party is organized or
maintains a lending office (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If any Guarantor shall be
required by any Laws to deduct any Taxes from or in respect of any sum payable under any Guarantor Document to any Guaranteed Party then (i) the sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section), each of the Administrative Agent and such other Guaranteed Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Guarantor
shall make such deductions, (iii) such Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, such Guarantor
shall furnish to the Administrative Agent (which shall forward the same to such Guaranteed Party) the original or a certified copy of a receipt evidencing payment thereof or, if such receipts are not obtainable, other evidence of such payments by
such Guarantor reasonably satisfactory to the applicable Guaranteed Party or the Administrative Agent, as applicable. 
  
 (c) Other Taxes. In addition, each Guarantor agrees to pay any and all present or future stamp, court or documentary taxes and any
other excise or property taxes or charges or similar levies which arise from any payment made by such Guarantor under any Guarantor Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to,
any Guarantor Document (hereinafter referred to as “Other Taxes”). 
  
 (d) Indemnification. Each Guarantor agrees to indemnify the Administrative Agent and each other Guaranteed Party for (i) the full
amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable 

  

 11 

 
under this Section) paid by the Administrative Agent and such Guaranteed Party, and (ii) any liability (including additions to tax, penalties, interest and
expenses) arising therefrom or with respect thereto (other than such liability directly arising from the gross negligence or willful misconduct of the Administrative Agent or such Guaranteed Party), in each case whether or not such Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this subsection (d) shall be made within 30 days after the date the Guaranteed Party or the Administrative Agent makes a demand
therefor. Notwithstanding the foregoing, the Guarantors will not be required to pay any additional amounts in respect of United States federal income tax pursuant to Section 9(b) above to any Guaranteed Party (i) if the obligation to pay such
additional amounts arose solely as a result of such Guaranteed Party’s failure to comply with its obligation under Section 10.15 of the Credit Agreement; or (ii) if, but only to the extent that, at the time such Guaranteed Party becomes a party
to the Credit Agreement such Guaranteed Party was subject to United States federal withholding taxes on amounts payable pursuant to the terms of the Credit Agreement (except to the extent that such Guaranteed Party’s assignor (if any) was
entitled, at the time of the assignment, to receive additional amounts from the Guarantor with respect to Taxes). 
  
 (e) Order of Payment. Any payments by any Guarantor hereunder the application of which is not otherwise provided for herein, shall
be applied in the order specified in Section 8.03 of the Credit Agreement. 
  
 (f) Survival. The agreements in this Section 9 shall survive the payment of all Guaranteed Obligations. 
  
 SECTION 10 Representations and Warranties. Each Guarantor represents and warrants to each Guaranteed Party that: 
  
 (a) Organization and Powers. Each Guarantor (i) is a
corporation, partnership or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (A) own its assets and carry on its business and (B) to execute, deliver, and perform its obligations under this Guaranty and the other Guarantor Documents to which it is a
party, (iii) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (iv) is in
compliance in all material respects with all Laws, except in each case referred to in clause (ii)(A), clause (iii) or clause (iv), to the extent that failure to do so individually or in the aggregate is not reasonably expected to have a Material
Adverse Effect. 
  
 (b) Authorization; No
Conflict. The execution, delivery and performance by each Guarantor of this Guaranty and any other Guarantor Documents have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene
the terms of any of such Guarantor’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, any Contractual Obligation to which such Guarantor is a party or any order,
injunction, writ or decree of any Governmental Authority or arbitral award to which such Guarantor or its property is subject; or (iii) violate any 

  

 12 

 
Law applicable to such Guarantor, except in subclauses (ii) and (iii) above where such conflict or contravention is not reasonably expected to have a
Material Adverse Effect. 
  
 (c) Binding
Obligation. This Guaranty has been, and the other Guarantor Documents, when executed and delivered by each Guarantor that is party thereto, will have been, duly executed and delivered by each such Guarantor that is party thereto. This Guaranty
constitutes, and each other Guarantor Document when so executed and delivered will constitute, a legal, valid and binding obligation of such Guarantor, enforceable against each Guarantor that is party thereto in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally, or by equitable principles relating to enforceability. 
  
 (d) Governmental Consents. No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Guarantor
of this Guaranty or any other Guarantor Documents, other than such filings or actions contemplated under the Guarantor Documents in connection with the pledging of security interests. 
  
 (e) No Prior Assignment. No Guarantor has previously assigned any interest in the Subordinated Debt
or any collateral relating thereto, no Person other than a Guarantor owns an interest in any of the Subordinated Debt or any such collateral (whether as joint holders of the Subordinated Debt, participants or otherwise), and the entire Subordinated
Debt is owing only to the Guarantors. 
  
 (f)
Solvency. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s obligations under this Guaranty such Guarantor is and will be Solvent. 
  
 (g) Consideration. Each Guarantor has received at least “reasonably equivalent value” (as
such phrase is used in §548 of the Bankruptcy Code, in §3439.04 of the California Uniform Fraudulent Transfer Act and in comparable provisions of other applicable law) and more than sufficient consideration to support its obligations
hereunder in respect of the Guaranteed Obligations and under any of the Collateral Documents to which it is a party. 
  
 (h) Independent Investigation. Each Guarantor hereby acknowledges that it has undertaken its own independent investigation of the
financial condition of each Borrower, each other Guarantor and each other Loan Document Party and all other matters pertaining to this Guaranty and further acknowledges that it is not relying in any manner upon any representation or statement of any
Guaranteed Party with respect thereto. Each Guarantor represents and warrants that it has received and reviewed copies of the Loan Documents and that it is in a position to obtain, and it hereby assumes full responsibility for obtaining, any
additional information concerning the financial condition of each Borrower, each other Guarantor and each other Loan Document Party and any other matters pertinent hereto that any Guarantor may desire. No Guarantor is relying upon or expecting any
Guaranteed Party to furnish to such Guarantor any information now or hereafter in any Guaranteed Party’s possession concerning the financial condition of each Borrower, any other Guarantor or any other Loan Document Party, or any other matter.

  

 13 

 SECTION 11 Reporting Covenant. So long as any Guaranteed Obligations shall remain unsatisfied or
any Guaranteed Party shall have any Commitment, each Guarantor agrees that it shall furnish to the Administrative Agent prompt written notice, in each case as soon as a Responsible Officer of such Guarantor becomes aware, of (a) any condition or
event which has resulted, or that is reasonably expected to result, in a Material Adverse Effect; (b) the occurrence of any Default relating to such Guarantor’s obligations hereunder or the covenants relating to such Guarantor under the Credit
Agreement; (c) the occurrence of any ERISA Event; (d) any material change in accounting policies or financial reporting practices by such Guarantor or any of its Subsidiaries; and (e) such other information respecting the business, financial or
corporate affairs of such Guarantor or its Subsidiaries or its Controlled Investment Affiliates, or compliance with the terms of the Guaranty Documents or any other Loan Document by any Guarantor or its respective Subsidiaries or Controlled
Investment Affiliates, as the Administrative Agent or any Guaranteed Party may from time to time reasonably request. 
  
 SECTION 12 Additional Affirmative Covenants. So long as any Guaranteed Obligations shall remain unsatisfied or any Guaranteed Party shall have any
Commitment, each Guarantor agrees that: 
  
 (a)
Preservation of Existence, Etc. Each Guarantor shall (i) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization, except in a transaction otherwise
permitted under the Credit Agreement; (ii) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or advisable in the normal conduct of its business, except to the extent that failure to do so is
not reasonably expected to have a Material Adverse Effect; and (iii) preserve or renew all of its registered patents, trademarks, tradenames and service marks, the non-preservation of which is reasonably expected to have a Material Adverse
Effect. 
  
 (b) Further Assurances and
Additional Acts. Each Guarantor shall execute, acknowledge, deliver, file, notarize and register at its own expense all such further agreements, instruments, certificates, documents and assurances and perform such acts as the Administrative
Agent or the Required Lenders shall deem necessary or appropriate to effectuate the purposes of this Guaranty and the other Guarantor Documents, and promptly provide the Administrative Agent with evidence of the foregoing satisfactory in form and
substance to the Administrative Agent and the Required Lenders. 
  
 (c) Credit Agreement Covenants. Each Guarantor shall observe, perform and comply with all covenants applicable to such Guarantor set forth in Articles VI and VII of the Credit Agreement, which by their terms
each Borrower is required to cause such Guarantor to observe, perform and comply with, as if such covenants were set forth in full herein. 
  
 (d) Governmental Consents. Each Guarantor shall maintain all authorizations, consents, approvals, licenses, exemptions of, or
filings or registrations with, any Governmental Authority, or approvals or consents of any other Person, required in connection with this Guaranty or any other Guarantor Documents. 
  

 14 

 SECTION 13 Notices. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including by facsimile transmission) and mailed, faxed, emailed (subject to the provisions of the final sentence of this Section 13) or delivered, in the case of any Guarantor, to the
address or facsimile number or email address specified on the signature page hereof, and in the case of any Guaranteed Party, to the address or facsimile number or email address specified in the Credit Agreement, or to such other address, facsimile
number or email address as shall be designated by such party in a notice to the other parties. All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the intended recipient
and (ii) (A) if delivered by hand or by courier, when signed for by the intended recipient; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been
confirmed by telephone, when delivered; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of the final sentence of this Section 13), when delivered. In no event shall a voicemail message be effective
as a notice, communication or confirmation hereunder. Electronic mail and Internet and intranet websites may be used only to distribute routine communications, and to distribute documents for execution by the parties thereto, and may not be used for
any other purpose. 
  
 SECTION 14 No Waiver; Cumulative
Remedies. No failure by any Guaranteed Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Guarantor Document shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein or
therein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 SECTION 15 Costs and Expenses; Indemnification. 
  
 (a) Costs and Expenses. Each Guarantor shall: (i) pay or reimburse the Administrative Agent for all reasonable, out-of-pocket costs
and expenses incurred in connection with the development, preparation, negotiation and execution of this Guaranty and the other Guarantor Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof
(whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all reasonable Attorney Costs; and (ii) pay or reimburse the
Administrative Agent and each other Guaranteed Party for all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Guaranty or the other Guarantor Documents
(including all such costs and expenses incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney
Costs. The foregoing costs and expenses shall include all search, filing and recording fees and taxes related thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other
outside experts retained by the Administration Agent or, during the existence of an Event of Default, any Guaranteed Party. 
  

 15 

 (b) Indemnification. Whether or not the transactions contemplated hereby are
consummated, each Guarantor shall indemnify, save and hold harmless each Agent-Related Person, each other Guaranteed Party and their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or
nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any
Guarantor Document or other Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment, Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), or (iii) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by any Borrower, any Subsidiary, any owner of Unencumbered Pool
Property, or any other Loan Document Party, or any Environmental Liability related in any way to any Borrower, any Subsidiary, any other owner of Unencumbered Pool Property or any other Loan Document Party (provided, however, that no
Guarantor shall have any indemnification obligation to an Indemnitee under this subclause (iii) with respect to any property currently or formerly owned or operated by any Loan Party or any Environmental Liability related to any Loan Party if such
Indemnitee has any Indebtedness outstanding to such Loan Party outside of any Guarantor Document or other Loan Document and if such Indemnitee’s claim for indemnification arises in connection with such other Indebtedness and not the
Indebtedness arising under any Guarantor Document or other Loan Document), or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory
(including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any
damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Guaranty or the Credit Agreement, nor shall any Indemnitee have any
liability for any indirect or consequential damages relating to this Guaranty, the Credit Agreement or any other Guaranty Document or Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the
Closing Date). 
  
 (c) Interest. Any
amounts payable to by any Guarantor under this Section 15 or otherwise under this Guaranty if not paid upon demand shall bear interest from the date of such demand until paid in full, at a fluctuating interest rate per annum at all times
equal to the Default Rate applicable to Base Rate Loans to the fullest extent permitted by applicable Law. Any such interest shall be due and payable upon demand and shall be calculated on the basis of a year of 365 or 366 days, as the case may be,
and the actual number of days elapsed. 
  

 16 

 (d) Payment. All amounts due under this Section 15 shall be payable within
ten Business Days after demand therefor. 
  
 (e)
Survival. The agreements in this Section 15 shall survive the termination of the Commitments and repayment of all Guaranteed Obligations. 
  
 SECTION 16 Right of Set-Off. In addition to any rights and remedies of the Administrative Agent, the Swing Line Lender, the L/C Issuer, the Other
Agents and the Lenders provided by law, during the existence of any Event of Default, each of the Lenders is authorized at any time and from time to time, without prior notice to any Guarantor, any such notice being waived by such Guarantor to the
fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender to or for the credit or the account
of such Guarantor against any and all Obligations owing to such Lender, now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Guaranty or any other Guarantor Document and
although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or indebtedness. Each of the Lenders agrees (by its acceptance hereof) promptly to notify such Guarantor and the
Administrative Agent after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. 
  
 SECTION 17 Marshalling; Payments Set Aside. Neither the Administrative
Agent nor any Guaranteed Party shall be under any obligation to marshal any assets in favor of any Guarantor or any other Person or against or in payment of any or all of the Guaranteed Obligations. To the extent that any Guarantor makes a payment
to any Guaranteed Party, or any Guaranteed Party exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by any Guaranteed Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent of such recovery
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each of the Lenders severally agrees (by its
acceptance hereof) to pay to the Administrative Agent upon demand its pro rata share of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate
per annum equal to the Federal Funds Rate from time to time in effect. 
  
 SECTION 18 Benefits of Guaranty. This Guaranty is entered into for the sole protection and benefit of the Administrative Agent and each other Guaranteed Party and their respective successors and assigns, and no other Person (other
than any Indemnitee specified herein) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this Guaranty. The Guaranteed Parties, by their acceptance of this Guaranty, shall
not have any obligations under this Guaranty to any Person other than the Guarantors, and such obligations shall be limited to those expressly stated herein. 
  

 17 

 SECTION 19 Binding Effect; Assignment. 
  
 (a) Binding Effect. This Guaranty shall be binding
upon each Guarantor and its successors and assigns, and inure to the benefit of and be enforceable by the Administrative Agent and each other Guaranteed Party and their respective successors, endorsees, transferees and assigns. 
  
 (b) Assignment. Except to the extent otherwise
provided in the Credit Agreement, no Guarantor shall have the right to assign or transfer its rights and obligations hereunder or under any other Guarantor Documents without the prior written consent of the Required Lenders. Each Lender may, without
notice to or consent by any Guarantor, sell, assign, transfer or grant participations in all or any portion of such Lender’s rights and obligations hereunder and under the other Guarantor Documents in connection with any sale, assignment,
transfer or grant of a participation by such Lender in accordance with Section 10.07 of the Credit Agreement of or in its rights and obligations thereunder and under the other Loan Documents. In the event of any grant of a participation, the
participant, to the extent such participant has been disclosed to the Borrowers in accordance with Section 10.07(d) of the Credit Agreement, shall be deemed to have a right of setoff under Section 16 in respect of its participation to the
same extent as if it were such “Guaranteed Party.” 
  
 SECTION 20 Governing Law and Jurisdiction. 
  
 (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE
ADMINISTRATIVE AGENT AND EACH OTHER GUARANTEED PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
  
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF CALIFORNIA SITTING IN SAN FRANCISCO COUNTY OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH GUARANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT. EACH GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

  
 (c) Each Guarantor hereby irrevocably
appoints the OP Borrower, with an office as listed in Schedule 10.02 of the Credit Agreement, as its authorized agent (in such capacity, the “Process Agent”) with all powers necessary to receive on its behalf service of
copies of the summons and complaint and any other process which may be served in any action 

  

 18 

 
or proceeding arising out of or relating to this Guaranty and the other Guarantor Documents in any of the courts in and of the State of California. Such
service may be made by mailing or delivering a copy of such process to each Guarantor in care of the Process Agent at the Process Agent’s address and such Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such
service on its behalf and agrees that the failure of the Process Agent to give any notice of any such service to such Guarantor shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based
thereon. As an alternative method of service, such Guarantor also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to such Guarantor at its address specified on the
signature page hereof. If for any reason the OP Borrower shall cease to act as Process Agent, such Guarantor shall appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to act as an agent for service of process
with respect to all courts in and of the State of California and acceptable to the Administrative Agent. 
  
 (d) Nothing in this Section 20 shall affect the right of the Guaranteed Parties to serve legal process in any other manner
permitted by law or limit the right of the Guaranteed Parties to bring any action or proceeding against any Guarantor or its property in the courts of other jurisdictions. 
  
 SECTION 21 Waiver of Jury Trial. EACH GUARANTOR AND EACH GUARANTEED PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THE GUARANTOR DOCUMENTS OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM WITH RESPECT TO THE GUARANTOR
DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH GUARANTOR AND EACH GUARANTEED PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 SECTION
22 Entire Agreement; Amendments and Waivers. This Guaranty together with the other Guarantor Documents embodies the entire agreement of the Guarantors with respect to the matters set forth herein and supersedes all prior or contemporaneous
agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof and, unless otherwise provided in the Credit Agreement, shall not be amended except by written agreement of the Guarantors, the
Administrative Agent and the Required Lenders. No waiver of any rights of the Guaranteed Parties under any provision of this Guaranty or consent to any departure by any Guarantor therefrom shall be effective unless in writing and signed by the
Administrative Agent and the Required Lenders, or the Administrative Agent (with the written consent of the Required Lenders). Any such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given. 
  

 19 

 SECTION 23 Severability. If any provision of this Guaranty or the other Guarantor Documents is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Guaranty and the other Guarantor Documents shall not be affected or impaired thereby and (b) the parties shall endeavor
in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 24 Confidentiality. By its acceptance hereof, each Guaranteed Party agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National
Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to the Credit Agreement; (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Guaranty or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under the Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to any Borrower, any Guarantor and their respective obligations; (g) with the consent of the applicable Guarantor; or (h) to the extent such Information (x) becomes publicly available other than as a
result of a breach of this Section or (y) becomes available to a Guaranteed Party on a nonconfidential basis from a source other than any Borrower or any Guarantor; provided that such source is not bound by a confidentiality agreement with
any Loan Party. For purposes of this Section, “Information” means all information received from any Guarantor relating to such Guarantor, any of its Subsidiaries or Affiliates or any of their respective businesses, other than any
such information that is available to a Guaranteed Party on a nonconfidential basis prior to disclosure by such Guarantor or any other Loan Document Party, provided that, in the case of information received from such Guarantor or any other
Loan Document Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding anything set forth herein
or in any other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply
and have not applied from the commencement of discussions between the parties to the “tax treatment” and “tax structure” of the transactions contemplated by this Guaranty and (ii) each Guaranteed Party (and each of its employees,
representatives, or other agents) may disclose without limitation of any kind, any information with respect to the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax
analyses) that are provided to any such 

  

 20 

 
Guaranteed Party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulation Section 1.6011-4; provided that with
respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or
similar item that relate to the tax treatment or tax structure of the Guaranteed Obligations and transactions contemplated hereby, and provided further, that each party recognizes that the privilege each has to maintain, in its sole
discretion, the confidentiality of a communication relating to the transactions contemplated hereby, including a confidential communication with its attorney or a confidential communication with a federally authorized practitioner under Section 7525
of the Code, is not intended to be affected by the foregoing. 
  
 SECTION 25 Future Guarantors. At such time following the date hereof as any Material Subsidiary or any owner of Unencumbered Pool Property (an “Acceding Subsidiary”) is required to accede hereto pursuant to the terms
of Section 6.12 of the Credit Agreement, such Acceding Subsidiary shall execute and deliver to the Administrative Agent an accession agreement substantially in the form of Annex 1 (the “Accession Agreement”), signifying its
agreement to be bound by the provisions of this Guaranty as a Guarantor to the same extent as if such Acceding Subsidiary had originally executed this Guaranty as of the date hereof. 
  
 SECTION 26 Counterparts. This Guaranty may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 21 

 IN WITNESS WHEREOF, each Guarantor has executed this Guaranty, as of the date first above written.

  

	 SF PACIFIC PROPERTIES INC.

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

	 CCG ONTARIO, LLC

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

 S-1 

	 CATELLUS RESIDENTIAL GROUP, INC.

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

	 SANTA FE BAYFRONT VENTURE
  
 By its general partner,
 Catellus Development Corporation

			
	 	 	By:	 	  

	 	 	 	 	Name:	 	William M. Lau
	 	 	 	 	Title:	 	Vice President, Finance and Treasurer

  

	 By its general partner,
 Cato
REIT, Co.

			
	 	 	By:	 	  

	 	 	 	 	Name:	 	William M. Lau
	 	 	 	 	Title:	 	 Chief Financial Officer and
 Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

 S-2 

	 CATELLUS WESTMINSTER COMPANY,
 LLC

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

	PLATO REIT, LLC
		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Chief Financial Officer and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

 S-3 

 Annex 1 
 to the Guaranty 
  
 FORM OF ACCESSION AGREEMENT 
  

	To:	Bank of America, N.A. as Administrative Agent 

  

	Re:	                            

  
 Ladies and Gentlemen: 
  
 This Accession Agreement is made and delivered pursuant to Section 25
of that certain Guaranty dated as of September 15, 2003 (as amended, modified, renewed or extended from time to time, the “Guaranty”), made by each Guarantor named in the signature pages thereof (each a
“Guarantor”), in favor of the Lenders party to the Credit Agreement referred to below, and Fleet National Bank, as Syndication Agent, Bank One, NA, as Documentation Agent, Wells Fargo Bank, National Association, as Managing Agent,
and Union Bank of California, N.A., as Managing Agent, the L/C Issuer, the Swing Line Lender and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). All capitalized terms used in this
Accession Agreement and not otherwise defined herein shall have the meanings assigned to them in either the Guaranty or the Credit Agreement. 
  
 Catellus Development Corporation, a Delaware corporation, and its permitted successors and assigns, as borrower (the “OP Borrower”) and
Catellus Land and Development Corporation, a Delaware corporation, as a borrower (the “TRS Borrower,” and together with the OP Borrower, each a “Borrower” and together, the “Borrowers”), is party to
that certain Credit Agreement dated as of September 15, 2003 (the “Credit Agreement”) by and among the Borrower, the Lenders from time to time party thereto (the “Lenders”), the Syndication Agent, the Documentation
Agent, the Managing Agents, the L/C Issuer, the Swing Line Lender and the Administrative Agent. 
  
 The undersigned,
                                        
         [insert name of acceding Guarantor], a
                                        
[corporation, partnership, limited liability company, etc.], is a Material Subsidiary of any Borrower or of the REIT Guarantor or an owner of Unencumbered Pool Property and hereby acknowledges for the benefit of the Guaranteed Parties that it
shall be a “Guarantor” for all purposes of the Guaranty effective from the date hereof. The undersigned confirms that the representations and warranties set forth in Section 10 of the Guaranty are true and correct as to the
undersigned as of the date hereof. 
  
 Without limiting the
foregoing, the undersigned hereby agrees to perform all of the obligations of a Guarantor under, and to be bound in all respects by the terms of, the Guaranty, including Section 11 and Section 12 thereof, to the same extent and with
the same force and effect as if the undersigned were an original signatory thereto. 
  

 A-1 

 This Accession Agreement shall constitute a Loan Document under the Credit Agreement. 
  
 THIS ACCESSION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH OTHER GUARANTEED PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

  
 IN WITNESS WHEREOF, the undersigned has executed this
Accession Agreement, as of the date first above written. 
  

	 [GUARANTOR]

		
	 By
	 	  

	 Title
	 	  

  

	 Address for Notices:

	 c/o
	 	  

	  

	  

	 Attn.:
	 	  

	 Fax No.:
	 	  

	 Email:
	 	  

  

 A-2 

 GUARANTY 
 (BORROWER GUARANTOR) 
  
 THIS GUARANTY (this “Guaranty”), dated as of September 15, 2003, is made by Catellus Development Corporation, a Delaware corporation (the “OP Guarantor”), Catellus Land and Development Corporation, a
Delaware corporation (the “TRS Guarantor,” and together with the OP Guarantor, each, a “Guarantor” and together, the “Guarantors”), in favor of the Lenders party to the Credit Agreement referred to
below, Fleet National Bank, as Syndication Agent, Bank One, NA, as Documentation Agent, Wells Fargo Bank, National Association, as Managing Agent, Union Bank of California, N.A., as Managing Agent (Syndication Agent, Documentation Agent, and
Managing Agents, collectively, the “Other Agents”), and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), the letter of credit issuer (in such capacity, the “the
L/C Issuer”), and the swing line lender (in such capacity, the “Swing Line Lender”). 
  
 A. Catellus Development Corporation, a Delaware corporation, and its permitted successors and assigns, as a borrower (the “OP Borrower”
or “Pre-REIT Conversion Borrower”), Catellus Land and Development Corporation, a Delaware corporation, as a borrower (the “TRS Borrower,” and together with the OP Borrower, each a “Borrower” and
together, the “Borrowers”), the Lenders from time to time party to the Credit Agreement, as defined below (each a “Lender” and, collectively, the “Lenders”), the Other Agents, and Bank of America,
N.A., as Administrative Agent, the L/C Issuer, and the Swing Line Lender, are parties to a Credit Agreement dated as of September 15, 2003 (as amended, modified, renewed or extended from time to time, the “Credit Agreement”).

  
 B. It is a condition precedent to the Borrowings and issuances
of Letters of Credit under the Credit Agreement that each Guarantor guarantee the indebtedness and other obligations of each Borrower to the Guaranteed Parties under or in connection with the Credit Agreement as set forth herein. Each Guarantor,
will derive substantial direct and indirect benefits from the making of the Loans to, and issuances of Letters of Credit for the account of, the Borrowers pursuant to the Credit Agreement (which benefits are hereby acknowledged by each Guarantor).

  
 NOW THEREFORE, to induce the Administrative Agent, the L/C
Issuer, the Swing Line Lender, the Other Agents, and the Lenders to enter into the Credit Agreement, and in consideration thereof, each Guarantor hereby agrees as follows: 
  
 SECTION 1 Definitions; Interpretation. 
  
 (a) Terms Defined in Credit Agreement. All capitalized terms used in this Guaranty (including in the
recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
  
 (b) Certain Defined Terms. As used in this Guaranty (including in the recitals hereof), the following terms shall have the
following meanings: 
  
 “Bankruptcy
Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.). 
  

 1 

 “Guaranteed Obligations” has the meaning set forth in Section 2.

  
 “Guaranteed Parties” means
the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Syndication Agent, the Documentation Agent, the Managing Agents, and the Lenders, and their successors and assigns.  
  
 “Guarantor Documents” means this Guaranty
and all other certificates, documents, agreements and instruments delivered by or on behalf of any Guarantor to any Guaranteed Party under or in connection with this Guaranty and the Loan Documents. 
  
 “Insolvency Proceeding” means, with respect
to any Person, (a) any case, action or proceeding with respect to such Person before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of
debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in either case
undertaken under Debtor Relief Laws. 
  
 “Solvent” means, with respect to any Person, that as of the date of determination: (a) the fair valuation of the sum of such Person’s debt (including contingent liabilities) does not exceed all of its property, at a
fair valuation on a going-concern basis; (b) the Person reasonably expects to be able to pay the liabilities on such Person’s then existing debts as they become absolute and matured; (c) such Person’s capital is not unreasonably small in
relation to its business or any contemplated or undertaken transaction; and (d) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due.
For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5). 
  
 “Subordinated Debt” has the meaning set forth in Section 7(a). 
  
 “Subordinated Debt Payment” has the meaning
set forth in Section 7(b). 
  
 (c)
Interpretation. The rules of interpretation set forth in Sections 1.02 to 1.05 of the Credit Agreement shall be applicable to this Guaranty and are incorporated herein by this reference. 
  
 SECTION 2 Guaranty. 
  
 (a) Guaranty. Each Guarantor hereby unconditionally
and irrevocably guarantees to the Guaranteed Parties, and their respective successors, endorsees, transferees and assigns, the full and prompt payment when due (whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise) and performance of the 

  

 2 

 
indebtedness, liabilities and other obligations of each Borrower to the Guaranteed Parties under or in connection with the Credit Agreement, the Notes and
the other Loan Documents, including all unpaid principal of the Loans, all amounts owing in respect of the L/C Obligations, all interest accrued thereon, all fees due under the Credit Agreement, all indemnification obligations of the Borrowers under
or in connection with the Credit Agreement, the Notes and the other Loan Documents, and all other amounts payable by the Borrowers to the Guaranteed Parties thereunder or in connection therewith. The terms “indebtedness,”
“liabilities” and “obligations” are used herein in their most comprehensive sense and include any and all advances, debts, obligations and liabilities, now existing or hereafter arising, whether voluntary or involuntary and
whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether recovery upon such indebtedness, liabilities and obligations may be or hereafter become unenforceable or shall be an allowed or
disallowed claim under any Debtor Relief Law, and including interest that accrues after the commencement by or against any Borrower or any Loan Document Party thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding. The foregoing indebtedness, liabilities and other obligations of each Borrower, and all other indebtedness, liabilities and obligations to be paid or performed by the Guarantors in connection with this Guaranty (including any and
all amounts due under Section 14), shall hereinafter be collectively referred to as the “Guaranteed Obligations.”  
  
 (b) Limitation of TRS Guarantor’s Guaranty. Notwithstanding anything to the contrary contained herein, to the extent that the
TRS Guarantor shall, under this Guaranty, repay any of the Guaranteed Obligations, the liability of the TRS Guarantor hereunder shall be limited to an amount equal to the maximum amount of liability for payments on the Guaranteed Obligations which
could be asserted against the TRS Guarantor hereunder without (i) rendering the TRS Guarantor “insolvent” within the meaning of Section 101(31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act
(“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), or (ii) rendering such Guarantor no longer Solvent, or (iii) rendering the TRS Guarantor’s obligations hereunder unlawful or subject to
avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or any comparable provisions of applicable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all
other liabilities of the TRS Guarantor, contingent or otherwise, that are relevant under the Fraudulent Transfer Laws (the greatest amount payable by the TRS Guarantor without rendering the TRS Guarantor’s obligations hereunder unlawful or
being subject to avoidance under the Fraudulent Transfer Laws being at any time, the “Maximum Liability”). To the extent that any Guarantor shall, under this Guaranty, repay any of the Guaranteed Obligations on behalf of, or
otherwise due and owing as a direct obligation of, the other Guarantor, then such paying Guarantor shall, subject to the provisions of Section 6 below, be entitled to contribution and indemnification from, and be reimbursed by, such other
Guarantor with respect thereto in an amount equal to such payment. 
  
 SECTION 3 Liability of Guarantors. The liability of the Guarantors under this Guaranty and each other Guarantor Document shall be irrevocable, absolute, independent and unconditional, and shall not be affected by any circumstance
which might constitute a discharge of a surety or guarantor other than the indefeasible payment and performance in full of all Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees
as follows: 
  
 (i) such Guarantor’s
liability hereunder shall be the immediate, direct, and primary obligation of such Guarantor and shall not be contingent upon any Guaranteed Party’s exercise or enforcement of any remedy it may have against any Borrower or any other Person, or
against any Collateral or any other collateral securing the Guaranteed Obligations; 
  

 3 

 (ii) this Guaranty is a guaranty of payment when due and not merely of collectibility;

  
 (iii) the Guaranteed Parties may enforce this
Guaranty upon the occurrence and during the continuance of an Event of Default notwithstanding the existence of any dispute between any of the Guaranteed Parties and any Borrower with respect to the existence of such Event of Default;
provided that no Guarantor shall be deemed to have waived any defense based on the defense that the Guaranteed Obligations have been paid in full; 
  
 (iv) such Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or
abridge such Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied; and 
  
 (v) such Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect without regard to,
and shall not be impaired or affected by, nor shall such Guarantor be exonerated or discharged by, any of the following events: 
  
 (A) any Insolvency Proceeding with respect to any Borrower, such Guarantor, any other Loan Document Party or any other Person; 

 
 (B) any limitation, discharge, or cessation of the
liability of any Borrower, such Guarantor, any other Loan Document Party or any other Person for any Guaranteed Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the
Guaranteed Obligations or the Loan Documents; 
  
 (C) any merger, acquisition, consolidation or change in structure of any Borrower, such Guarantor or any other Loan Document Party or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of any
Borrower, such Guarantor, any other Loan Document Party or other Person, including, without limitation, the transactions contemplated to occur upon the REIT Conversion, including the assumption by the Post-REIT Conversion Borrower of the obligations
of the Pre-REIT Conversion Borrower under the Loan Documents; 
  
 (D) any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and rights under this Guaranty or the other Loan Documents, including any Guaranteed Party’s right to receive
payment of the Guaranteed Obligations, or any assignment or other transfer, in whole or in part, of any Guaranteed Party’s interests in and to any of the Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (E) any claim, defense, counterclaim or setoff, other than
that of prior performance, that any Borrower, such Guarantor, any other Loan Document Party or other 

  

 4 

 
Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the Loan Documents; 
  
 (F) any Guaranteed Party’s amendment, modification,
renewal, extension, cancellation or surrender of any Loan Document, any Guaranteed Obligations, or any Collateral or any other collateral securing the Guaranteed Obligations, or any Guaranteed Party’s exchange, release, or waiver of any
Collateral or any other collateral securing the Guaranteed Obligations; 
  
 (G) any Guaranteed Party’s exercise or nonexercise of any power, right or remedy with respect to any of the Collateral or any other collateral securing the Guaranteed Obligations, including any Guaranteed
Party’s compromise, release, settlement or waiver with or of any Borrower, any other Loan Document Party or any other Person; 
  
 (H) any Guaranteed Party’s vote, claim, distribution, election, acceptance, action or inaction in any Insolvency Proceeding related
to the Guaranteed Obligations; 
  
 (I) any
impairment or invalidity of any of the Collateral or any other collateral securing any of the Guaranteed Obligations or any failure to perfect any of the Liens of the Guaranteed Parties thereon or therein; and 
  
 (J) any other guaranty, whether by such Guarantor or any
other Person, of all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of any Borrower to any Guaranteed Party. 
  
 SECTION 4 Consents of Guarantors. Each Guarantor hereby unconditionally consents and agrees that, without notice to or further assent from such
Guarantor: 
  
 (i) the principal amount of the
Guaranteed Obligations may be increased or decreased and additional Obligations of the Loan Parties under the Loan Documents may be incurred, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

  
 (ii) the time, manner, place or terms of any
payment under any Loan Document may be extended or changed, including by an increase or decrease in the interest rate on any Guaranteed Obligation or any fee or other amount payable under such Loan Document, by an amendment, modification or renewal
of any Loan Document or otherwise; 
  
 (iii) the
time for any Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or
failure in or departure from such performance or compliance consented to, all in such manner and upon such terms as the Guaranteed Parties may deem proper; 
  
 (iv) any Guaranteed Party may discharge or release, in whole or in part, any other Loan Document Party or any other Person liable for the
payment and performance of all or any part of the Guaranteed Obligations, and may permit or consent to any such action or any 

  

 5 

 
result of such action, and shall not be obligated to demand or enforce payment upon any of the Collateral or any other collateral, nor shall any Guaranteed
Party be liable to the Guarantors for any failure to collect or enforce payment or performance of the Guaranteed Obligations from any Person or to realize on the Collateral or other collateral therefor; 
  
 (v) in addition to the Collateral, the Guaranteed Parties
may take and hold other security (legal or equitable) of any kind, at any time, as collateral for the Guaranteed Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind,
compromise or extend such security and may permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof; 
  
 (vi) the Guaranteed Parties may request and accept other
guaranties of the Guaranteed Obligations and any other indebtedness, obligations or liabilities of the Borrowers to any Guaranteed Party and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind,
compromise or extend any such guaranty and may permit or consent to any such action or the result of any such action; and 
  
 (vii) the Guaranteed Parties may exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or privilege
(including the right to accelerate the maturity of any Loan and any power of sale) granted by any Loan Document or other security document or agreement, or otherwise available to any Guaranteed Party, with respect to the Guaranteed Obligations or
any of the Collateral or any other collateral securing the Guaranteed Obligations, even if the exercise of such right, remedy, power or privilege affects or eliminates any right of subrogation or any other right of any Guarantor against any
Borrower; 
  
 all as the Guaranteed Parties may deem advisable, and all without
impairing, abridging, releasing or affecting this Guaranty. 
  
 SECTION 5 Guarantor Waivers. 
  
 (a) Certain Waivers. Each Guarantor waives and agrees not to assert: 
  
 (i) any right to require any Guaranteed Party to marshal assets in favor of any Borrower, such Guarantor, any other Loan Document Party or
any other Person, to proceed against any Borrower, any other Loan Document Party or any other Person, to proceed against or exhaust any of the Collateral or any other collateral securing the Guaranteed Obligations, to give notice of the terms, time
and place of any public or private sale of personal property security constituting the Collateral or other collateral for the Guaranteed Obligations or comply with any other provisions of §9611 of the California UCC (or any equivalent provision
of any other applicable law) or to pursue any other right, remedy, power or privilege of any Guaranteed Party whatsoever; 
  
 (ii) the defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed Obligations;

  

 6 

 (iii) any defense arising by reason of any lack of corporate or other authority or any
other defense of any Borrower, such Guarantor, any other Loan Document Party or any other Person; 
  
 (iv) any defense based upon any Guaranteed Party’s errors or omissions in the administration of the Guaranteed Obligations;

  
 (v) any rights to set-offs and counterclaims;

  
 (vi) any defense based upon an election of
remedies (including, if available, an election to proceed by nonjudicial foreclosure) which destroys or impairs the subrogation rights of such Guarantor or the right of such Guarantor to proceed against any Borrower, any other Loan Document Party or
any other obligor of the Guaranteed Obligations for reimbursement; and 
  
 (vii) without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating
guarantors or sureties, or which may conflict with the terms of this Guaranty, including any rights and defenses available to the Guarantor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code and any and all benefits that
otherwise might be available to such Guarantor under California Civil Code §§1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 and California Code of Civil Procedure §§580a, 580b, 580d and 726.
Accordingly, each Guarantor waives all rights and defenses that such Guarantor may have because any Borrower’s debt may be secured by real property. This means, among other things: (A) the Guaranteed Parties may collect from such Guarantor
without first foreclosing on any real or personal property collateral pledged by the Borrowers; and (B) if the Administrative Agent forecloses on any real property collateral pledged by the Borrowers: (1) the amount of the debt may be reduced only
by the price for which that collateral is sold at the foreclosure sale, even if such collateral is worth more than the sale price, and (2) the Guaranteed Parties may collect from such Guarantor even if the Administrative Agent, by foreclosing on the
real property collateral, has destroyed any right such Guarantor may have to collect from any Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because any Borrower’s debt is or may be
secured by real property. These rights and defenses include, but are not limited to, any rights of defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 
  
 (b) Additional Waivers. Except for such notice as
expressly required under the Credit Agreement to be delivered to any Guarantor in its capacity as a Borrower, each Guarantor waives any and all notice of the acceptance of this Guaranty, and any and all notice of the creation, renewal, modification,
extension or accrual of the Guaranteed Obligations, or the reliance by the Guaranteed Parties upon this Guaranty, or the exercise of any right, power or privilege hereunder. The Guaranteed Obligations shall conclusively be deemed to have been
created, contracted, incurred and permitted to exist in reliance upon this Guaranty. Except for such notice as expressly required under the Credit Agreement to be delivered to any Guarantor in its capacity as a Borrower, each Guarantor waives
promptness, diligence, presentment, protest, demand for payment, notice of default, dishonor or nonpayment and all other notices to or upon the Borrowers, such Guarantor, any other Loan Document Party or any other Person with respect to the
Guaranteed Obligations. 
  

 7 

 (c) Independent Obligations. The obligations of each Guarantor hereunder are
independent of and separate from the obligations of the Borrowers and any other Loan Document Party and upon the occurrence and during the continuance of any Event of Default, a separate action or actions may be brought against such Guarantor,
whether or not any Borrower or any such other Loan Document Party is joined therein or a separate action or actions are brought against any Borrower or any such other Loan Document Party. 
  
 (d) Financial Condition. No Guarantor shall have any
right to require any Guaranteed Party to obtain or disclose any information with respect to: (i) the financial condition or character of any Borrower or any other Loan Document Party or the ability of any Borrower or any other Loan Document Party to
pay and perform the Guaranteed Obligations; (ii) the Guaranteed Obligations; (iii) the Collateral or any other collateral securing the Guaranteed Obligations; (iv) the existence or nonexistence of any other guarantees of all or any part of the
Guaranteed Obligations; (v) any action or inaction on the part of any Guaranteed Party or any other Person; or (vi) any other matter, fact or occurrence whatsoever. 
  
 SECTION 6 Subrogation. Until the Guaranteed Obligations shall be satisfied in full and the Commitments shall be
terminated, no Guarantor shall directly or indirectly exercise, (i) any rights that it may acquire by way of subrogation under this Guaranty, by any payment hereunder or otherwise, (ii) any rights of contribution, indemnification, reimbursement or
similar suretyship claims arising out of this Guaranty or (iii) any other right which it might otherwise have or acquire (in any way whatsoever) which could entitle it at any time to share or participate in any right, remedy or security of any
Guaranteed Party as against any Borrower or other Loan Parties, whether in connection with this Guaranty, any of the other Loan Documents or otherwise. If any amount shall be paid to any Guarantor on account of the foregoing rights at any time when
all the Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 
  
 SECTION 7 Subordination. 
  
 (a) Subordination to Payment of Guaranteed Obligations. All payments on account of all indebtedness, liabilities and other payment obligations of any Borrower to each Guarantor, whether created under, arising
out of or in connection with any documents or instruments evidencing any credit extensions to the Borrowers or otherwise, including all principal on any such credit extensions, all interest accrued thereon, all fees and all other amounts payable by
any Borrower to such Guarantor in connection therewith, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined (the “Subordinated
Debt”) shall be subject, subordinate and junior in right of payment and exercise of remedies, to the extent and in the manner set forth herein, to the prior payment in full in cash or cash equivalents of the Guaranteed Obligations.

  

 8 

 (b) No Payments. Except as otherwise permitted under the Credit Agreement, as long
as any of the Guaranteed Obligations shall remain outstanding and unpaid, no Guarantor shall accept or receive any payment or distribution by or on behalf of any Borrower, directly or indirectly, of assets of any Borrower of any kind or character,
whether in cash, property or securities, including on account of the purchase, redemption or other acquisition of Subordinated Debt, as a result of any collection, sale or other disposition of collateral, or by setoff, exchange or in any other
manner, for or on account of the Subordinated Debt (“Subordinated Debt Payments”), except that if no Event of Default exists, a Guarantor shall be entitled to accept and receive regularly scheduled payments and other payments in the
ordinary course on the Subordinated Debt, in accordance with the terms of the documents and instruments governing the Subordinated Debt and other Subordinated Debt Payments in respect of Subordinated Debt not evidenced by documents or instruments,
in each case to the extent permitted under Article VII of the Credit Agreement. During the existence of an Event of Default (or if any Event of Default would exist immediately after the making of a Subordinated Debt Payment), and until such Event of
Default is cured or waived, such Guarantor shall not make, accept or receive any Subordinated Debt Payment. In the event that, notwithstanding the provisions of this Section 7, any Subordinated Debt Payments shall be received in contravention
of this Section 7 by any Guarantor before all Guaranteed Obligations are paid in full in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of the Guaranteed Parties and shall be paid over or
delivered to the Administrative Agent for application to the payment in full in cash or cash equivalents of all Guaranteed Obligations remaining unpaid to the extent necessary to give effect to this Section 7, after giving effect to any
concurrent payments or distributions to any Guaranteed Party in respect of the Guaranteed Obligations. 
  
 (c) Subordination of Remedies. As long as any Guaranteed Obligations shall remain outstanding and unpaid, no Guarantor shall,
without the prior written consent of the Administrative Agent: 
  
 (i) accelerate, make demand or otherwise make due and payable prior to the original stated maturity thereof any Subordinated Debt or bring suit or institute any other actions or proceedings to enforce its rights or
interests under or in respect of the Subordinated Debt; 
  
 (ii) exercise any rights under or with respect to (A) any guaranties of the Subordinated Debt, or (B) any collateral held by it, including causing or compelling the pledge or delivery of any collateral, any attachment
of, levy upon, execution against, foreclosure upon or the taking of other action against or institution of other proceedings with respect to any collateral held by it, notifying any account debtors of the Borrowers or asserting any claim or interest
in any insurance with respect to any collateral, or attempt to do any of the foregoing; 
  
 (iii) exercise any rights to set-offs and counterclaims in respect of any indebtedness, liabilities or obligations of such Guarantor to
any Borrower against any of the Subordinated Debt; or 
  
 (iv) commence, or cause to be commenced, or join with any creditor other than any Guaranteed Party in commencing, any Insolvency Proceeding. 
  

 9 

 (d) Subordination Upon Any Distribution of Assets of any Borrower. In the event of
any payment or distribution of assets of any Borrower of any kind or character, whether in cash, property or securities, upon any Insolvency Proceeding with respect to or involving any Borrower, (i) all amounts owing on account of the Guaranteed
Obligations, including all interest accrued thereon at the rate set forth in the Credit Agreement both before and after the initiation of any such proceeding, whether or not an allowed claim in any such proceeding, shall first be paid in full in
cash, or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which such Guarantor would be entitled except for the
provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other liquidating agent making such payment or distribution directly to the Administrative Agent (on behalf of the other
Guaranteed Parties) for application to the payment of the Guaranteed Obligations in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to any Guaranteed Party in respect of such Guaranteed
Obligations. 
  
 (e) Authorization to
Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against any Borrower or its respective property constituting an Event of Default: 
  
 (i) the Administrative Agent, when so instructed by the
Required Lenders, is hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties or in the name of any Guarantor or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or
distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or
enforcement of any of the rights or interests of the Guaranteed Parties; and 
  
 (ii) each Guarantor shall promptly take such action as the Administrative Agent (on instruction from the Required Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed
Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to the Administrative Agent, such powers of attorney, assignments and other instruments as it may request to enable it to
enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments. 
  
 SECTION 8 Continuing Guaranty. This Guaranty is a continuing guaranty and agreement of subordination relating to any Guaranteed Obligations,
including Guaranteed Obligations which may exist continuously or which may arise from time to time under successive transactions, and the Guarantors expressly acknowledge that this Guaranty shall remain in full force and effect notwithstanding that
there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in effect and be binding upon the Guarantors until termination of the Commitments and payment and performance in full of the Guaranteed Obligations.

  

 10 

 SECTION 9 Payments. 
  
 (a) Payment Obligation. Each Guarantor hereby agrees, in furtherance of the foregoing provisions of
this Guaranty and not in limitation of any other right which any Guaranteed Party or any other Person may have against such Guarantor by virtue hereof, upon the failure of the Borrowers to pay any of the Guaranteed Obligations when and as the same
shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under §362(a) of the Bankruptcy Code),
such Guarantor shall forthwith pay, or cause to be paid, in cash, to the Administrative Agent an amount equal to the amount of the Guaranteed Obligations then due as aforesaid (including interest which, but for the filing of a petition in any
Insolvency Proceeding with respect to any Borrower, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against such Borrower for such interest in any such Insolvency Proceeding). Each Guarantor shall make each
payment hereunder, unconditionally in full without set-off, counterclaim or other defense, on the day when due in Dollars in immediately available funds, to the Administrative Agent at such office of the Administrative Agent and to such account as
the Administrative Agent shall specify in writing to such Guarantor. 
  
 (b) Free and Clear Payments. Any and all payments by any Guarantor to or for the account of any Guaranteed Party under any Guarantor Document shall be made free and clear of and without deduction for any and
all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental
Authority, excluding, in the case of any Guaranteed Party, taxes imposed on or measured by its overall net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the
Laws of which such Guaranteed Party is organized or maintains a lending office (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as
“Taxes”). If any Guarantor shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Guarantor Document to any Guaranteed Party then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section), each of the Administrative Agent and such other Guaranteed Party receives an amount equal to the sum it would have received had no
such deductions been made, (ii) such Guarantor shall make such deductions, (iii) such Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days
after the date of such payment, such Guarantor shall furnish to the Administrative Agent (which shall forward the same to such Guaranteed Party) the original or a certified copy of a receipt evidencing payment thereof or, if such receipts are not
obtainable, other evidence of such payments by such Guarantor reasonably satisfactory to the applicable Guaranteed Party or the Administrative Agent, as applicable. 
  
 (c) Other Taxes. In addition, each Guarantor agrees to pay any and all present or future stamp, court
or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made by such Guarantor under any Guarantor 

  

 11 

 
Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Guarantor Document (hereinafter
referred to as “Other Taxes”). 
  
 (d) Indemnification. Each Guarantor agrees to indemnify the Administrative Agent and each other Guaranteed Party for (i) the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any
jurisdiction on amounts payable under this Section) paid by the Administrative Agent and such Guaranteed Party, and (ii) any liability (including additions to tax, penalties, interest and expenses) arising therefrom or with respect thereto (other
than such liability directly arising from the gross negligence or willful misconduct of the Administrative Agent or such Guaranteed Party), in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. Payment under this subsection (d) shall be made within 30 days after the date the Guaranteed Party or the Administrative Agent makes a demand therefor. Notwithstanding the foregoing, the Guarantors will not be
required to pay any additional amounts in respect of United States federal income tax pursuant to Section 9(b) above to any Guaranteed Party (i) if the obligation to pay such additional amounts arose solely as a result of such Guaranteed
Party’s failure to comply with its obligation under Section 10.15 of the Credit Agreement; or (ii) if, but only to the extent that, at the time such Guaranteed Party becomes a party to the Credit Agreement such Guaranteed Party was subject to
United States federal withholding taxes on amounts payable pursuant to the terms of the Credit Agreement (except to the extent that such Guaranteed Party’s assignor (if any) was entitled, at the time of the assignment, to receive additional
amounts from the Guarantor with respect to Taxes). 
  
 (e) Order of Payment. Any payments by any Guarantor hereunder the application of which is not otherwise provided for herein, shall be applied in the order specified in Section 8.03 of the Credit Agreement. 
  
 (f) Survival. The agreements in this Section 9
shall survive the payment of all Guaranteed Obligations. 
  
 SECTION 10 Representations and Warranties. Each Guarantor represents and warrants to each Guaranteed Party that: 
  
 (a) Organization and Powers. Each Guarantor (i) is validly existing and in good standing under the Laws of the jurisdiction of its
incorporation and (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver, and perform its obligations under this Guaranty and the other Guarantor Documents to
which it is a party. 
  
 (b) Authorization; No
Conflict. The execution, delivery and performance by each Guarantor of this Guaranty and any other Guarantor Documents have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene
the terms of any of such Guarantor’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, any Contractual Obligation to which such Guarantor is a party or any order,
injunction, writ or decree of any Governmental Authority or arbitral award to which such Guarantor or its property is subject; or (iii) violate any 

  

 12 

 
Law applicable to such Guarantor, except in subclauses (ii) and (iii) above where such conflict or contravention is not reasonably expected to have a
Material Adverse Effect. 
  
 (c) Binding
Obligation. This Guaranty has been, and the other Guarantor Documents, when executed and delivered by each Guarantor that is party thereto, will have been, duly executed and delivered by each such Guarantor that is party thereto. This Guaranty
constitutes, and each other Guarantor Document when so executed and delivered will constitute, a legal, valid and binding obligation of such Guarantor, enforceable against each Guarantor that is party thereto in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally, or by equitable principles relating to enforceability. 
  
 (d) Governmental Consents. No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Guarantor
of this Guaranty or any other Guarantor Documents, other than such filings or actions contemplated under the Guarantor Documents in connection with the pledging of security interests. 
  
 (e) No Prior Assignment. No Guarantor has previously assigned any interest in the Subordinated Debt
or any collateral relating thereto, no Person other than a Guarantor owns an interest in any of the Subordinated Debt or any such collateral (whether as joint holders of the Subordinated Debt, participants or otherwise), and the entire Subordinated
Debt is owing only to the Guarantors. 
  
 (f)
Solvency. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s obligations under this Guaranty such Guarantor is and will be Solvent. 
  
 (g) Consideration. Each Guarantor has received at least “reasonably equivalent value” (as
such phrase is used in §548 of the Bankruptcy Code, in §3439.04 of the California Uniform Fraudulent Transfer Act and in comparable provisions of other applicable law) and more than sufficient consideration to support its obligations
hereunder in respect of the Guaranteed Obligations and under any of the Collateral Documents to which it is a party. 
  
 (h) Independent Investigation. Each Guarantor hereby acknowledges that it has undertaken its own independent investigation of the
financial condition of each Borrower, each other Guarantor and each other Loan Document Party and all other matters pertaining to this Guaranty and further acknowledges that it is not relying in any manner upon any representation or statement of any
Guaranteed Party with respect thereto. Each Guarantor represents and warrants that it has received and reviewed copies of the Loan Documents and that it is in a position to obtain, and it hereby assumes full responsibility for obtaining, any
additional information concerning the financial condition of each Borrower, each other Guarantor and each other Loan Document Party and any other matters pertinent hereto that any Guarantor may desire. No Guarantor is relying upon or expecting any
Guaranteed Party to furnish to such Guarantor any information now or hereafter in any Guaranteed Party’s possession concerning the financial condition of each Borrower, any other Guarantor or any other Loan Document Party, or any other matter.

  

 13 

 SECTION 11 Additional Affirmative Covenants. So long as any Guaranteed Obligations shall remain
unsatisfied or any Guaranteed Party shall have any Commitment, each Guarantor agrees that it shall comply with all of its obligations under the Credit Agreement and that: 
  
 (a) Preservation of Existence, Etc. Each Guarantor shall (i) preserve, renew and maintain in full
force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization, except in a transaction otherwise permitted under the Credit Agreement; (ii) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or advisable in the normal conduct of its business, except to the extent that failure to do so is not reasonably expected to have a Material Adverse Effect; and (iii) preserve or renew all of
its registered patents, trademarks, tradenames and service marks, the non-preservation of which is reasonably expected to have a Material Adverse Effect. 
  
 (b) Further Assurances and Additional Acts. Each Guarantor shall execute, acknowledge, deliver, file,
notarize and register at its own expense all such further agreements, instruments, certificates, documents and assurances and perform such acts as the Administrative Agent or the Required Lenders shall deem necessary or appropriate to effectuate the
purposes of this Guaranty and the other Guarantor Documents, and promptly provide the Administrative Agent with evidence of the foregoing satisfactory in form and substance to the Administrative Agent and the Required Lenders. 
  
 (c) Credit Agreement Covenants. Each Guarantor shall
observe, perform and comply with all covenants applicable to such Guarantor set forth in Articles VI and VII of the Credit Agreement, which by their terms each Borrower is required to cause such Guarantor to observe, perform and comply with, as if
such covenants were set forth in full herein. 
  
 (d) Governmental Consents. Each Guarantor shall maintain all authorizations, consents, approvals, licenses, exemptions of, or filings or registrations with, any Governmental Authority, or approvals or consents of any other Person,
required in connection with this Guaranty or any other Guarantor Documents. 
  
 SECTION 12 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including by facsimile transmission) and mailed, faxed, emailed
(subject to the provisions of the final sentence of this Section 12) or delivered, in the case of any Guarantor, to the address or facsimile number or email address specified on the signature page hereof, and in the case of any Guaranteed
Party, to the address or facsimile number or email address specified in the Credit Agreement, or to such other address, facsimile number or email address as shall be designated by such party in a notice to the other parties. All such notices and
other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the intended recipient and (ii) (A) if delivered by hand or by courier, when signed for by the intended recipient; (B) if delivered by mail,
four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone, when delivered; and (D) if delivered by electronic mail 

  

 14 

 
(which form of delivery is subject to the provisions of the final sentence of this Section 12), when delivered. In no event shall a voicemail message
be effective as a notice, communication or confirmation hereunder. Electronic mail and Internet and intranet websites may be used only to distribute routine communications, and to distribute documents for execution by the parties thereto, and may
not be used for any other purpose. 
  
 SECTION 13 No Waiver;
Cumulative Remedies. No failure by any Guaranteed Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Guarantor Document shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
or therein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 SECTION 14 Costs and Expenses; Indemnification. 
  
 (a) Costs and Expenses. Each Guarantor shall: (i) pay or reimburse the Administrative Agent for all reasonable, out-of-pocket costs
and expenses incurred in connection with the development, preparation, negotiation and execution of this Guaranty and the other Guarantor Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof
(whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all reasonable Attorney Costs; and (ii) pay or reimburse the
Administrative Agent and each other Guaranteed Party for all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Guaranty or the other Guarantor Documents
(including all such costs and expenses incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney
Costs. The foregoing costs and expenses shall include all search, filing and recording fees and taxes related thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the cost of independent public accountants and other
outside experts retained by the Administration Agent or, during the existence of an Event of Default, any Guaranteed Party. 
  
 (b) Indemnification. Whether or not the transactions contemplated hereby are consummated, each Guarantor shall indemnify, save and
hold harmless each Agent-Related Person, each other Guaranteed Party and their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against any and
all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on,
incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Guarantor Document or other Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the L/C Issuer to honor a demand for payment 

  

 15 

 
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), or (iii)
any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by any Borrower, any Subsidiary, any owner of Unencumbered Pool Property, or any other Loan Document Party, or any
Environmental Liability related in any way to any Borrower, any Subsidiary, any other owner of Unencumbered Pool Property or any other Loan Document Party (provided, however, that no Guarantor shall have any indemnification obligation
to an Indemnitee under this subclause (iii) with respect to any property currently or formerly owned or operated by any Loan Party or any Environmental Liability related to any Loan Party if such Indemnitee has any Indebtedness outstanding to such
Loan Party outside of any Guarantor Document or other Loan Document and if such Indemnitee’s claim for indemnification arises in connection with such other Indebtedness and not the Indebtedness arising under any Guarantor Document or other Loan
Document), or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any
pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials
obtained through IntraLinks or other similar information transmission systems in connection with this Guaranty or the Credit Agreement, nor shall any Indemnitee have any liability for any indirect or consequential damages relating to this Guaranty,
the Credit Agreement or any other Guaranty Document or Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). 
  
 (c) Interest. Any amounts payable to by any Guarantor under this Section 14 or otherwise under
this Guaranty if not paid upon demand shall bear interest from the date of such demand until paid in full, at a fluctuating interest rate per annum at all times equal to the Default Rate applicable to Base Rate Loans to the fullest extent permitted
by applicable Law. Any such interest shall be due and payable upon demand and shall be calculated on the basis of a year of 365 or 366 days, as the case may be, and the actual number of days elapsed. 
  
 (d) Payment. All amounts due under this Section
14 shall be payable within ten Business Days after demand therefor. 
  
 (e) Survival. The agreements in this Section 14 shall survive the termination of the Commitments and repayment of all Guaranteed Obligations. 
  
 SECTION 15 Right of Set-Off. In addition to any rights and remedies of the Administrative Agent, the Swing Line
Lender, the L/C Issuer, the Other Agents and the Lenders provided by law, during the existence of any Event of Default, each of the Lenders is authorized at any time and from time to time, without prior notice to any Guarantor, any such notice being
waived by such Guarantor to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other 

  

 16 

 
indebtedness at any time owing by, such Lender to or for the credit or the account of such Guarantor against any and all Obligations owing to such Lender,
now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Guaranty or any other Guarantor Document and although such Obligations may be contingent or unmatured or denominated
in a currency different from that of the applicable deposit or indebtedness. Each of the Lenders agrees (by its acceptance hereof) promptly to notify such Guarantor and the Administrative Agent after any such set-off and application made by such
Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. 
  
 SECTION 16 Marshalling; Payments Set Aside. Neither the Administrative Agent nor any Guaranteed Party shall be under any obligation to marshal any
assets in favor of any Guarantor or any other Person or against or in payment of any or all of the Guaranteed Obligations. To the extent that any Guarantor makes a payment to any Guaranteed Party, or any Guaranteed Party exercises its right of
set-off, and such payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Guaranteed Party
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each of the Lenders severally agrees (by its acceptance hereof) to pay to the Administrative Agent upon demand its pro rata
share of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.

  
 SECTION 17 Benefits of Guaranty. This Guaranty is
entered into for the sole protection and benefit of the Administrative Agent and each other Guaranteed Party and their respective successors and assigns, and no other Person (other than any Indemnitee specified herein) shall be a direct or indirect
beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this Guaranty. The Guaranteed Parties, by their acceptance of this Guaranty, shall not have any obligations under this Guaranty to any Person other
than the Guarantors, and such obligations shall be limited to those expressly stated herein. 
  
 SECTION 18 Binding Effect; Assignment. 
  
 (a) Binding Effect. This Guaranty shall be binding upon each Guarantor and its successors and assigns, and inure to the benefit of and be enforceable by the Administrative Agent and each other Guaranteed Party
and their respective successors, endorsees, transferees and assigns. 
  
 (b) Assignment. Except to the extent otherwise provided in the Credit Agreement, no Guarantor shall have the right to assign or transfer its rights and obligations hereunder or under any other Guarantor
Documents without the prior written consent of the Required Lenders. Each Lender may, without notice to or consent by any Guarantor, sell, assign, transfer or grant participations in all or any portion of such Lender’s rights and obligations
hereunder and under the other Guarantor Documents in connection with any sale, assignment, 

  

 17 

 
transfer or grant of a participation by such Lender in accordance with Section 10.07 of the Credit Agreement of or in its rights and obligations thereunder
and under the other Loan Documents. In the event of any grant of a participation, the participant, to the extent such participant has been disclosed to the Borrowers in accordance with Section 10.07(d) of the Credit Agreement, shall be deemed to
have a right of setoff under Section 15 in respect of its participation to the same extent as if it were such “Guaranteed Party.” 
  
 SECTION 19 Governing Law and Jurisdiction. 
  
 (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH OTHER GUARANTEED PARTY SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
  
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN SAN FRANCISCO COUNTY OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GUARANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS GUARANTY OR ANY OTHER GUARANTOR DOCUMENT. EACH GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER
MEANS PERMITTED BY THE LAW OF SUCH STATE. 
  
 (c)
Each Guarantor hereby irrevocably appoints the OP Borrower, with an office as listed in Schedule 10.02 of the Credit Agreement, as its authorized agent (in such capacity, the “Process Agent”) with all powers necessary to
receive on its behalf service of copies of the summons and complaint and any other process which may be served in any action or proceeding arising out of or relating to this Guaranty and the other Guarantor Documents in any of the courts in and of
the State of California. Such service may be made by mailing or delivering a copy of such process to each Guarantor in care of the Process Agent at the Process Agent’s address and such Guarantor hereby irrevocably authorizes and directs the
Process Agent to accept such service on its behalf and agrees that the failure of the Process Agent to give any notice of any such service to such Guarantor shall not impair or affect the validity of such service or of any judgment rendered in any
action or proceeding based thereon. As an alternative method of service, such Guarantor also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to such Guarantor at
its address specified on the signature page hereof. If for any reason the OP Borrower shall cease to act as Process Agent, such Guarantor shall appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to act as an
agent for service of process with respect to all courts in and of the State of California and acceptable to the Administrative Agent. 
  

 18 

 (d) Nothing in this Section 19 shall affect the right of the Guaranteed Parties to
serve legal process in any other manner permitted by law or limit the right of the Guaranteed Parties to bring any action or proceeding against any Guarantor or its property in the courts of other jurisdictions. 
  
 SECTION 20 Waiver of Jury Trial. EACH GUARANTOR AND EACH GUARANTEED
PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THE GUARANTOR DOCUMENTS OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES OR ANY OF THEM WITH RESPECT TO THE GUARANTOR DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH GUARANTOR AND EACH GUARANTEED
PARTY (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 SECTION 21 Entire Agreement; Amendments and Waivers. This Guaranty together with the other Guarantor Documents embodies the entire agreement of the
Guarantors with respect to the matters set forth herein and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof and, unless otherwise provided in
the Credit Agreement, shall not be amended except by written agreement of the Guarantors, the Administrative Agent and the Required Lenders. No waiver of any rights of the Guaranteed Parties under any provision of this Guaranty or consent to any
departure by any Guarantor therefrom shall be effective unless in writing and signed by the Administrative Agent and the Required Lenders, or the Administrative Agent (with the written consent of the Required Lenders). Any such amendment, waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. 
  
 SECTION 22 Severability. If any provision of this Guaranty or the other Guarantor Documents is held to be illegal, invalid or unenforceable, (a)
the legality, validity and enforceability of the remaining provisions of this Guaranty and the other Guarantor Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 23 Confidentiality. By its acceptance hereof, each Guaranteed Party agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and
its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed 

  

 19 

 
to keep such Information confidential); (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the
National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to the Credit Agreement; (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any action or proceeding relating to this Guaranty or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under the Loan Documents or (ii) any actual or prospective counterparty (or
its advisors) to any swap or derivative transaction relating to any Borrower, any Guarantor and their respective obligations; (g) with the consent of the applicable Guarantor; or (h) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section or (y) becomes available to a Guaranteed Party on a nonconfidential basis from a source other than any Borrower or any Guarantor; provided that such source is not bound by a confidentiality
agreement with any Loan Party. For purposes of this Section, “Information” means all information received from any Guarantor relating to such Guarantor, any of its Subsidiaries or Affiliates or any of their respective businesses,
other than any such information that is available to a Guaranteed Party on a nonconfidential basis prior to disclosure by such Guarantor or any other Loan Document Party, provided that, in the case of information received from such Guarantor
or any other Loan Document Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Notwithstanding
anything set forth herein or in any other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein
and therein do not apply and have not applied from the commencement of discussions between the parties to the “tax treatment” and “tax structure” of the transactions contemplated by this Guaranty and (ii) each Guaranteed Party
(and each of its employees, representatives, or other agents) may disclose without limitation of any kind, any information with respect to the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to any such Guaranteed Party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulation Section 1.6011-4; provided that with respect to any
document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that
relate to the tax treatment or tax structure of the Guaranteed Obligations and transactions contemplated hereby, and provided further, that each party recognizes that the privilege each has to maintain, in its sole discretion, the
confidentiality of a communication relating to the transactions contemplated hereby, including a confidential communication with its attorney or a confidential communication with a federally authorized practitioner under Section 7525 of the Code, is
not intended to be affected by the foregoing. 
  
 SECTION 24
Counterparts. This Guaranty may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 20 

 IN WITNESS WHEREOF, each Guarantor has executed this Guaranty, as of the date first above written.

  

	 CATELLUS DEVELOPMENT
 CORPORATION

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 201 Mission Street, 2nd
Floor
 San Francisco, CA 94105
 Attn.: William M. Lau, Vice
President Finance
 and Treasurer
 Phone No.
415.974-3809
 Fax No. 415.974-4502
 Email:
William_lau@catellus.com

  

	 CATELLUS LAND AND DEVELOPMENT
 CORPORATION

		
	 By:
	 	  

	 	 	 Name:
	 	 William M. Lau

	 	 	 Title:
	 	 Vice President, Finance and Treasurer

	
	 Address:
 c/o Catellus
Development Corporation
 201 Mission Street, 2nd Floor
 San
Francisco, CA 94105
 Attn.: William M. Lau, Vice President Finance
 and Treasurer
 Phone No. 415.974-3809
 Fax No.
415.974-4502
 Email: William_lau@catellus.com

  

 S-1 

 PLEDGE AGREEMENT 
  
 THIS PLEDGE AGREEMENT (this “Pledge Agreement”), dated as of September 15, 2003, is made between each
Pledgor named in the signature pages hereof (each a “Pledgor” and, collectively, the “Pledgors”), and Bank of America, N.A., a national banking association, as administrative agent for the Lenders, L/C Issuer and
Swing Line Lender referred to below (in such capacity, the “Administrative Agent”) for the benefit of itself and for the ratable benefit of the L/C Issuer, the Swing Line Lender, Fleet National Bank, as Syndication Agent, Bank One,
NA, as Documentation Agent, Wells Fargo Bank, National Association, as Managing Agent, Union Bank of California, N.A., as Managing Agent (Syndication Agent, Documentation Agent and Managing Agents, collectively, the “Other Agents”),
and the Lenders. 
  
 Catellus Development Corporation, a Delaware
corporation, and its permitted successors and assigns, as a borrower (the “OP Borrower or “Pre-REIT Conversion Borrower”), Catellus Land and Development Corporation, a Delaware corporation, as a borrower (the
“TRS Borrower,” and together with the OP Borrower, each a “Borrower” and together, the “Borrowers”) certain financial institutions as lenders (the “Lenders”), the Other Agents, Bank
of America, N.A., as issuer of letters of credit for the account of the Borrowers (in such capacity, the “L/C Issuer”), Bank of America, N.A., as swing line lender (in such capacity, the “Swing Line Lender”) and the
Administrative Agent, are parties to a Credit Agreement dated as of September 15, 2003 (as amended, modified, renewed or extended from time to time, the “Credit Agreement”). It is a condition precedent to the honor of any Request
for Credit Extension under the Credit Agreement that each Pledgor enter into this Pledge Agreement and grant to the Administrative Agent, for itself and for the ratable benefit of the L/C Issuer, the Swing Line Lender, the Other Agents and the
Lenders, the security interests hereinafter provided to secure the Secured Obligations (as defined below). 
  
 NOW THEREFORE, to induce the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Other Agents and the Lenders to enter into the Credit
Agreement, and in consideration thereof, each Pledgor hereby agrees as follows: 
  
 SECTION 1 Definitions; Interpretation. 
  
 (a) Terms Defined in Credit Agreement. All capitalized terms used in this Pledge Agreement (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the
Credit Agreement. 
  
 (b) Certain Defined
Terms. As used in this Pledge Agreement (including in the recitals hereof), the following terms shall have the following meanings: 
  
 “Additional Pledged Collateral” means the Additional Pledged Debt Collateral, the Additional Pledged LLC Collateral, the
Additional Pledged Partnership Collateral and the Additional Pledged Stock Collateral. 
  

 1 
 Pledge Agreement 

 “Additional Pledged Debt Collateral” means any and all (i) additional
Notes Receivable required to be pledged to the Administrative Agent pursuant to the Credit Agreement, (ii) securities, property, interest and other payments and distributions issued as an addition to, in redemption of, in renewal or exchange for, in
substitution or upon conversion of, or otherwise on account of, the Pledged Debt, and (iii) cash and non-cash proceeds and supporting obligations of or with respect to the Pledged Debt, in each case from time to time received or receivable by, or
otherwise paid or distributed to or acquired by, any Pledgor. 
  
 “Additional Pledged LLC Collateral” means any and all interest in (a) any and all additional interests in any limited liability company owned by any Pledgor that is a Pledged Subsidiary hereafter
acquired by such Pledgor, including any additional membership interests in any such Pledged Subsidiary, any and all of such Pledgor’s other additional rights and interests in and to such Pledged Subsidiary and any and all of such Pledgor’s
rights to and interests in any proceeds and distributions under or pursuant to any Operating Agreements of or with respect to such Pledged Subsidiary or otherwise, including (i) all rights of such Pledgor to receive moneys in repayment of loans made
to such Pledged Subsidiary pursuant to any Operating Agreements or otherwise, (ii) all rights of such Pledgor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Pledged LLC Interests in such Pledged Subsidiary,
(iii) all claims of such Pledgor for damages arising out of or for breach of or default or misrepresentation under any Operating Agreements or any documents, instruments or opinions delivered pursuant thereto, (iv) any right of such Pledgor to
terminate any Operating Agreements, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, and (v) all rights of such Pledgor to vote and give appraisals, consents, decisions and directions and exercise any
other similar rights with respect to any lawful action of such Pledged Subsidiary; and (b) to the extent not included in the foregoing, all cash and non-cash proceeds and supporting obligations of or with respect to the Pledged LLC Interests in such
Pledged Subsidiary and any such Additional Pledged LLC Collateral, in each case from time to time received or receivable by, or otherwise paid or distributed to or acquired by, such Pledgor. 
  
 “Additional Pledged Partnership Collateral”
means any and all interests in (a) any and all additional interests in any general partnership, limited partnership, limited liability partnership or other partnership owned by any Pledgor that is a Pledged Subsidiary hereafter acquired by such
Pledgor, any and all of such Pledgor’s other additional rights and interests in and to such Pledged Subsidiary and any and all of such Pledgor’s rights to and interests in any proceeds and distributions under or pursuant to the Partnership
Agreement relating to the Pledged Partnership Interests in such Pledged Subsidiary or otherwise, including (i) all rights of such Pledgor to receive moneys in repayment of loans made to such Pledged Subsidiary pursuant to such Partnership Agreement
or otherwise, (ii) all rights of such Pledgor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Pledged Partnership Interests in such Pledged Subsidiary, (iii) all claims of such Pledgor for damages arising
out of or for breach of or default or misrepresentation under such Partnership Agreement or any documents, instruments or opinions delivered pursuant thereto, (iv) any right of such Pledgor to terminate such Partnership Agreement, to perform
thereunder and to compel performance and otherwise exercise all remedies thereunder, and (v) all rights of such Pledgor to vote and give appraisals, consents, decisions and directions and exercise any other similar rights with respect to any lawful

  

 2 
 Pledge Agreement 

 
action of such Pledged Subsidiary; and (b) to the extent not included in the foregoing, all cash and non-cash proceeds and supporting obligations of or with
respect to the Pledged Partnership Interests in such Pledged Subsidiary and any such Additional Pledged Partnership Collateral, in each case from time to time received or receivable by, or otherwise paid or distributed to or acquired by, such
Pledgor. 
  
 “Additional Pledged Stock
Collateral” means any and all (i) additional capital stock or other equity securities issued by, or interests in, any Pledged Subsidiary hereafter acquired by any Pledgor, (ii) warrants, options or other rights entitling such Pledgor to
acquire any interest in capital stock or other equity securities of or other equity interests in such Pledged Subsidiary, (iii) securities, property, interest, dividends and other payments and distributions issued as an addition to, in redemption
of, in renewal or exchange for, in substitution or upon conversion of, or otherwise on account of, the Pledged Shares of such Pledged Subsidiary or such additional capital stock or other equity securities or other interests in such Pledged
Subsidiary, and (iv) cash and non-cash proceeds and supporting obligations of or with respect to the Pledged Shares of such Pledged Subsidiary and any such Additional Pledged Stock Collateral, in each case from time to time received or receivable
by, or otherwise paid or distributed to or acquired by, such Pledgor. 
  
 “Exchange Act” means the Securities Exchange Act of 1934 (as amended). 
  
 “Notes Receivable” means any negotiable instrument or other writing that evidences a right to the payment of a monetary
obligation and that is not itself a security agreement or a lease and that is of a type that, in the ordinary course of business, is transferred by delivery by an endorsement or assignment. 
  
 “Operating Agreement” means each operating
or similar agreement to which any Pledgor is a party with respect to any Pledged LLC Interests. 
  
 “Partnership Agreement” means each limited partnership agreement, general partnership agreement or other partnership
agreement to which any Pledgor is a party with respect to any Pledged Partnership Interests. 
  
 “Pledged Collateral” has the meaning set forth in Section 2(a). 
  
 “Pledged Debt” means all Notes Receivable
pledged by any Pledgor hereunder required to be pledged to the Administrative Agent under the Credit Agreement, including the Notes Receivable identified on Schedule 1 (as amended or supplemented from time to time). 
  
 “Pledged Equity Interests” means the
Pledged LLC Interests, the Pledged Partnership Interests and the Pledged Shares. 
  
 “Pledged LLC Interests” means all interests in any limited liability company owned by any Pledgor that is a Pledged
Subsidiary, including the interests in each limited liability company identified on Schedule 1 (as amended or supplemented from time to time). 
  

 3 
 Pledge Agreement 

 “Pledged Partnership Interests” means all interests in any general
partnership, limited partnership, limited liability partnership or other partnership owned by any Pledgor that is a Pledged Subsidiary, including the interests in each general partnership, limited partnership, limited liability partnership and other
partnership identified on Schedule 1 (as amended or supplemented from time to time). 
  
 “Pledged Shares” means all of the issued and outstanding shares of the capital stock, whether certificated or
uncertificated, of any Pledged Subsidiary owned by any Pledgor, including all shares of capital stock identified on Schedule 1 (as amended or supplemented from time to time). 
  
 “Pledged Subsidiary” means each Material Subsidiary and each Subsidiary that is the owner
of Unencumbered Pool Property, subject to the limitations contained in Section 6.12(c) of the Credit Agreement), including each such Subsidiary identified on Schedule 1 (as amended or supplemented from time to time). 
  
 “Secured Obligations” means the
indebtedness, liabilities and other obligations of the Borrowers, the Guarantors, the other Pledgors and each other Loan Document Party to the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Other Agents and the Lenders under or in
connection with the Credit Agreement, the Notes, the Letters of Credit, each Guaranty, each Pledge Agreement and the other Loan Documents, including all unpaid principal of the Loans, all amounts owing in respect of the L/C Obligations, all interest
accrued thereon, all fees due under the Credit Agreement, all amounts due under each Guaranty, Pledge Agreement and other Loan Document, and all other amounts payable by each Borrower, each Guarantor and each other Pledgor to the Administrative
Agent, the L/C Issuer, the Swing Line Lender, the Other Agents and the Lenders thereunder or in connection therewith, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated,
determined or undetermined, and including interest that accrues after the commencement by or against any Borrower, any Guarantor or any other Pledgor of any proceeding under any Debtor Relief Laws naming any such Person as the debtor in such
proceeding. 
  
 “Securities Act”
means the Securities Act of 1933 (as amended). 
  
 “UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of California. 
  
 (c) Terms Defined in UCC. Where applicable and except as otherwise defined herein, terms used in this Pledge Agreement shall have
the meanings assigned to them in the UCC. 
  
 (d)
Interpretation. The rules of interpretation set forth in Sections 1.02 to 1.07 of the Credit Agreement shall be applicable to this Pledge Agreement and are incorporated herein by this reference. 
  

 4 
 Pledge Agreement 

 SECTION 2 Security Interest. 
  
 (a) Grant of Security Interest. As security for the payment and performance of the Secured
Obligations, each Pledgor hereby pledges to the Administrative Agent, for itself and on behalf of and for the ratable benefit of the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders, and hereby grants to the Administrative Agent,
for itself and on behalf of and for the ratable benefit of the Other Agents, L/C Issuer, the Swing Line Lender and the Lenders, a security interest in, all of such Pledgor’s right, title and interest in, to and under (i) the Pledged Debt, the
Pledged Equity Interests and the Additional Pledged Collateral and any certificates and instruments now or hereafter representing the Pledged Debt, the Pledged Equity Interests and the Additional Pledged Collateral, (ii) all rights, interests and
claims with respect to the Pledged Debt, the Pledged Equity Interests and Additional Pledged Collateral, including under any and all Partnership Agreements, Operating Agreements and other related agreements, instruments and other documents, and
(iii) all books, records and other documentation of such Pledgor related to the Pledged Debt, the Pledged Equity Interests and Additional Pledged Collateral, in each case whether presently existing or owned or hereafter arising or acquired and
wherever located (collectively, the “Pledged Collateral”). 
  
 (b) Delivery of Pledged Debt and Pledged Equity Interests; Certificates. Each Pledgor hereby agrees to deliver to or for the account of the Administrative Agent, at the address and to the Person to be
designated by the Administrative Agent, all instruments evidencing the Pledged Debt and any certificates representing the Pledged Equity Interests (to the extent certificated), which shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative Agent. Each Pledgor shall (i)(A) deliver to or for the account of the Administrative Agent, at the address and
to the Person to be designated by the Administrative Agent, a consent from each member, manager or partner or other Person where such consent is required as a condition for the admission of any transferee (including the Administrative Agent) as
member or partner to an applicable Pledged Subsidiary as a result of the exercise by the Administrative Agent of any remedy hereunder or under applicable law, and (B) covenant that any new member, manager or partner or other Person of an applicable
Pledged Subsidiary shall deliver to or for the account of the Administrative Agent, at the address and to the Person to be designated by the Administrative Agent, its respective consent allowing the admission of any transferee (including the
Administrative Agent) as member or partner to such Pledged Subsidiary as a result of the exercise by the Administrative Agent of any remedy hereunder or under applicable law, or (ii) take all actions necessary to cause each Operating Agreement
relating to Pledged LLC Interests, and each Partnership Agreement relating to any Pledged Partnership Interests, to provide specifically at all times that no consent of any member, manager, partner or other Person shall be a condition to the
admission as a member or partner of the applicable Pledged Subsidiary of any transferee (including the Administrative Agent) that acquires ownership of the Pledged LLC Interests or Pledged Partnership Interest as a result of the exercise by the
Administrative Agent of any remedy hereunder or under applicable law. 
  
 (c) Additional Pledged Subsidiaries and Pledged Debt. In the event that any Pledgor acquires rights in any Pledged Subsidiary or any interest in any Pledged Debt after the date hereof, it shall deliver to the
Administrative Agent a completed pledge supplement, substantially in the form of Annex 1 (the “Pledge Supplement”), together with all schedules 

  

 5 
 Pledge Agreement 

 
thereto, reflecting such new Pledged Subsidiary or Pledged Debt, as the case may be. Notwithstanding the foregoing, it is understood and agreed that the
security interest of the Administrative Agent shall attach to any such Pledged Subsidiary or Pledged Debt, as the case may be, immediately upon any Pledgor’s acquisition of rights or interest therein and shall not be affected by the failure of
any Pledgor to deliver a Pledge Supplement. 
  
 (d) Delivery of Additional Pledged Collateral. If any Pledgor shall become entitled to receive or shall receive any Additional Pledged Collateral, such Pledgor shall accept any such Additional Pledged Collateral as the agent for the
Administrative Agent, shall hold it in trust for the Administrative Agent, shall segregate it from other property or funds of such Pledgor, and shall deliver all Additional Pledged Collateral and all certificates (to the extent certificated),
instruments and other writings representing such Additional Pledged Collateral forthwith to or for the account of the Administrative Agent, at the address and to the Person to be designated by the Administrative Agent, which shall be in suitable
form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative Agent, as the Administrative Agent shall request, to be held by the
Administrative Agent subject to the terms hereof, as part of the Pledged Collateral. 
  
 (e) Transfer of Security Interest Other Than by Delivery. If for any reason Pledged Collateral of any Pledgor cannot be delivered
to or for the account of the Administrative Agent as provided in subsections (b) and (d), such Pledgor shall promptly take such other steps as shall be requested from time to time by the Administrative Agent to effect a transfer of a
perfected first priority security interest in and pledge of the Pledged Collateral to the Administrative Agent for itself and on behalf of and for the ratable benefit of the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders
pursuant to the UCC (provided, however, subject to Section 5(d) hereof, no Pledgor shall be required to issue certificated Pledged Equity Interests in exchange for uncertificated Pledged Equity Interests as long as the
Administrative Agent can perfect its security interest by the filing of a financing statement under the UCC). To the extent practicable, such Pledgor shall thereafter deliver the Pledged Collateral to or for the account of the Administrative Agent
as provided in subsections (b) and (d) other than uncertificated Pledged Equity Interests. 
  
 (f) Financing Statements and Other Action. Each Pledgor shall execute and deliver to the Administrative Agent concurrently with the
execution of this Pledge Agreement, and each Pledgor hereby authorizes the Administrative Agent to file (with or without such Pledgor’s signature), at any time and from time to time thereafter, all financing statements, assignments,
continuation financing statements, termination statements, and other documents and instruments, in form reasonably satisfactory to the Administrative Agent, and take all other action, as the Administrative Agent may reasonably request, to effect a
transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to the Administrative Agent pursuant to the UCC and to continue perfected, maintain the priority of or provide notice of the security interest of the
Administrative Agent in the Pledged Collateral and to accomplish the purposes of this Pledge Agreement; provided that no financing statements shall be required to be filed with respect to any Pledged Collateral constituting Notes Receivable
as long as the original 

  

 6 
 Pledge Agreement 

 
instruments evidencing such Pledged Collateral, accompanied by duly executed instruments of transfer, are delivered to the Administrative Agent. Without
limiting the generality of the foregoing, each Pledgor ratifies and authorizes the filing by the Administrative Agent of any financing statements covering the Pledged Collateral filed prior to the date hereof. Each Pledgor shall cooperate with the
Administrative Agent in obtaining control (as defined in the UCC) of Pledged Collateral consisting of investment property. Each Pledgor shall join with the Administrative Agent in notifying any third party who has possession of any Pledged
Collateral of the Administrative Agent’s security interest therein and obtaining an acknowledgment from the third party that it is holding the Pledged Collateral for the benefit of the Administrative Agent. 
  
 (g) Continuing Security Interest. Each Pledgor agrees
that this Pledge Agreement shall create a continuing security interest in and pledge of the Pledged Collateral which shall remain in effect until terminated in accordance with Section 24. 
  
 (h) Limited Recourse to Pledgors. Except as may be
otherwise provided in any separate Loan Document or other agreement executed by any Pledgor, the liability of any Pledgor hereunder with respect to the Secured Obligations (but not under any other Loan Document to which such Pledgor may be a party)
shall be limited to the Pledged Collateral. The recourse of the Administrative Agent, the Other Agents and the Lenders against any Pledgor hereunder with respect to the Secured Obligations (but not under any other Loan Document to which such Pledgor
may be a party) shall be limited to the Pledged Collateral, and such Pledgor shall have no personal liability hereunder with respect to the Secured Obligations; provided, however, that such Pledgor shall have personal liability to the
Administrative Agent, the Other Agents and the Lenders for (i) any damages, costs or other expense suffered by the Administrative Agent, the Other Agents, the L/C Issuer or the Lenders as a result of the lack of authenticity or genuineness of the
Pledged Collateral delivered to the Administrative Agent hereunder or the failure of such Pledgor to deliver Pledged Collateral hereunder; (ii) the payment of expenses under Section 13(a) or under any other Loan Documents to which it is a
party; (iii) the breach of any representation, warranty or other covenant contained herein or made in connection herewith or failure otherwise to perform its obligations hereunder or under any other Loan Documents to which it is a party (including
any indemnity obligations); or (iv) any obligations under any other Loan Document to which such Pledgor is a party. 
  
 SECTION 3 Representations and Warranties. Each Pledgor represents and warrants to the Other Agents, L/C Issuer, the Swing Line Lender, each Lender
and the Administrative Agent as follows: 
  
 (a)
Existence, Power and Authority. Each Pledgor is duly organized, validly existing and in good standing under the law of the jurisdiction of its organization and has all requisite power and authority to execute, deliver and perform its
obligations under this Pledge Agreement. 
  
 (b)
Authorization. The execution, delivery and performance by each Pledgor of this Pledge Agreement have been duly authorized by all necessary action of such Pledgor, and this Pledge Agreement constitutes the legal, valid and binding obligation
of such Pledgor, 

  

 7 
 Pledge Agreement 

 
enforceable against such Pledgor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting the enforcement of creditors’ rights generally, or by equitable principles relating to enforceability. 
  
 (c) Filings and Consents. No authorization, consent, approval, license, exemption of, or filing or registration with, any
Governmental Authority, or approval or consent of any other Person (including any party to any shareholders agreement, Partnership Agreement or Operating Agreement), is required for the due execution, delivery or performance by any Pledgor of this
Pledge Agreement, other than such filings or actions contemplated under the Loan Documents in connection with the pledging of the security interests. 
  
 (d) Valid Issuance of Pledged Collateral. All the Pledged Equity Interests have been, and upon issuance any Additional Pledged
Collateral will be, duly and validly issued, and are and will be fully paid and non-assessable. 
  
 (e) Ownership of Pledged Collateral. With respect to the Pledged Debt and the Pledged Equity Interests of any Pledgor such Pledgor
is, and with respect to any Additional Pledged Collateral such Pledgor will be, the legal record and beneficial owner thereof, and has and will have good and marketable title thereto, subject to no Lien except for the pledge and security interest
created by this Pledge Agreement. 
  
 (f)
Capitalization of the Pledged Subsidiaries. The Pledged Equity Interests constitute the percentage of the issued and outstanding shares of capital stock and other ownership interests of each Pledged Subsidiary as is disclosed on Schedule
1 (as amended or supplemented from time to time). 
  
 (g) Options, Warrants, Etc. No securities convertible into or exchangeable for any shares of capital stock or other ownership interests of the Pledged Subsidiaries, or any options, warrants or other commitments entitling any Person
to purchase or otherwise acquire any shares of capital stock or other ownership interests of the Pledged Subsidiaries, are issued and outstanding, other than as disclosed on Schedule 1 (as amended or supplemented from time to time). 
  
 (h) Transfer Restrictions. There are no restrictions
on the transferability of the Pledged Collateral to the Administrative Agent or with respect to the foreclosure, transfer or disposition thereof by the Administrative Agent, other than as disclosed on Schedule 1 (as amended or supplemented from time
to time). 
  
 (i) Shareholders Agreements.
There are no shareholders, partners or members agreements, voting trusts, proxy agreements or other agreements or understandings which affect or relate to the voting or giving of written consents with respect to any of the Pledged Collateral, other
than as disclosed on Schedule 1 (as amended or supplemented from time to time). 
  

 8 
 Pledge Agreement 

 (j) No Violation of Securities Laws. None of the Pledged Equity Interests has been
transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such transfer may be subject. 
  
 (k) Location of Chief Executive Office. Each Pledgor’s chief executive office and principal place of business, and all books
and records of such Pledgor concerning the Pledged Collateral, are located at its address set forth in this Pledge Agreement; such Pledgor’s jurisdiction of organization is as set forth in Schedule 1 (as amended or supplemented from time
to time); and such Pledgor’s exact legal name as of the date hereof is as set forth on the signature pages of this Pledge Agreement. 
  
 (l) Other Financing Statements. Other than (i) financing statements disclosed to the Administrative Agent and (ii) financing
statements in favor of the Administrative Agent on behalf of the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders, no effective financing statement naming any Pledgor as debtor, assignor, grantor, mortgagor, pledgor or the like
and covering all or any part of the Pledged Collateral is on file in any filing or recording office in any jurisdiction. 
  
 (m) Enforceability; Priority of Security Interest. This Pledge Agreement (i) creates an enforceable perfected and first priority
security interest in and pledge of the Pledged Collateral upon delivery thereof pursuant to Section 2(b), and (ii) will create an enforceable perfected and first priority security interest in and pledge of the Additional Pledged Collateral
upon delivery thereof pursuant to Section 2(d) (or upon the taking of such other action with respect thereto as may be requested by the Administrative Agent pursuant to Section 2(e) or the making of the filings contemplated under
Section 2(f)), in each case securing the payment and performance of the Secured Obligations. 
  
 (n) Control Agreements. No control agreements exist with respect to any Pledged Collateral other than control agreements in favor
of the Administrative Agent. 
  
 (o)
Partnership Agreements and Operating Agreements. Each Partnership Agreement and each Operating Agreement contains the entire agreement between the parties thereto with respect to the subject matter thereof, has not been amended or modified
(except as so disclosed to the Administrative Agent), and is in full force and effect in accordance with its terms. To the best knowledge of each Pledgor, there exists no material violation or material default under any Partnership Agreement or
Operating Agreement by such Pledgor or the other parties thereto. 
  
 (p) Pledged Debt. To each Pledgor’s knowledge, (i) all of the respective Pledged Debt is the legal, valid and binding obligation of the obligors thereof and (ii), except as otherwise disclosed to the
Administrative Agent in writing, is not in default or subject to any adverse claims, counterclaims, setoffs, disputes, defenses, discounts, retainages or holdbacks, and no Pledgor has assigned any of its rights in respect of the Pledged Debt except
as provided in this Pledge Agreement. 
  

 9 
 Pledge Agreement 

 Each Pledgor agrees that the foregoing representations and warranties shall be deemed to
have been made by it on the date of each delivery of Pledged Collateral by it hereunder. 
  
 SECTION 4 Covenants. So long as any of the Secured Obligations remain unsatisfied or any Lender shall have any Commitment, each Pledgor agrees that: 
  
 (a) Defense of Pledged Collateral. Each Pledgor
shall, at its own expense, appear in and defend any action, suit or proceeding which purports to affect its title to, or right or interest in, the Pledged Collateral or the security interest of the Administrative Agent therein and the pledge to the
Administrative Agent thereof. 
  
 (b)
Preservation of Collateral. Each Pledgor shall do and perform all reasonable acts that may be necessary and appropriate to maintain, preserve and protect the Pledged Collateral. 
  
 (c) Compliance with Laws, Etc. Each Pledgor shall comply with all laws, regulations and ordinances
relating in a material way to the possession, maintenance and control of the Pledged Collateral other than as is not reasonably expected to have a Material Adverse Effect. 
  
 (d) Location of Books and Chief Executive Office. Each Pledgor shall: (i) keep all books and records
pertaining to the Pledged Collateral at the respective location for such Pledgor set forth in Section 3(k); and (ii) give at least 30 days’ prior written notice to the Administrative Agent of (A) any changes in any such location where
such Pledgor’s books and records pertaining to the Pledged Collateral are kept, or (B) any change in the location of such Pledgor’s chief executive office or principal place of business. 
  
 (e) Change in Name, Identity or Structure. Each
Pledgor shall give at least 30 days’ prior written notice to the Administrative Agent of: (i) any change in its name; (ii) any changes in its identity or structure in any manner which might make any financing statement filed hereunder incorrect
or misleading; (iii) any change in its registration as an organization (or any new such registration); and (iv) any change in its jurisdiction of organization. No Pledgor shall change its jurisdiction of organization to a jurisdiction outside of the
United States. 
  
 (f) Disposition of Pledged
Collateral. No Pledgor shall surrender or lose possession of (other than to the Administrative Agent or, with the prior consent of the Administrative Agent, to a depositary or financial intermediary), exchange, sell, convey, assign or otherwise
dispose of or transfer the Pledged Collateral or any right, title or interest therein, other than as permitted under the Credit Agreement. 
  
 (g) Liens. No Pledgor shall create, incur or permit to exist any Liens upon or with respect to the Pledged Collateral, other than
the security interest of and pledge to the Administrative Agent created by this Pledge Agreement. 
  

 10 
 Pledge Agreement 

 (h) Shareholders Agreements. No Pledgor shall enter into any shareholders,
partners or members agreement, voting trust, proxy agreement or other agreement or understanding after the date hereof which affects or relates to the voting or giving of written consents with respect to any of the Pledged Collateral. 
  
 (i) Issuance of Additional Shares. No Pledgor shall
consent to or approve, or allow any Pledged Subsidiary to consent to or approve, the issuance to any Person of any additional shares of any class of capital stock or other ownership interests of such Pledged Subsidiary, or of any securities
convertible into or exchangeable for any such shares or other ownership interests, or any warrants, options or other rights to purchase or otherwise acquire any such shares or other ownership interests, except as permitted under the Credit
Agreement. 
  
 (j) Notices. Each Pledgor
shall deliver promptly to the Administrative Agent all reports and notices received by such Pledgor from the Pledged Subsidiaries in respect of any Material Adverse Effect relating to the Pledged Collateral. 
  
 (k) Securities Accounts. Each Pledgor shall give the
Administrative Agent immediate notice of the establishment of (or any change in or to) any securities account pertaining to any Pledged Collateral. 
  
 (l) Compliance With Partnership Agreements, Operating Agreements and Shareholders Agreements; Enforcement. Each Pledgor shall
comply with all of its obligations under any Partnership Agreement, Operating Agreement or shareholders agreement relating to any Pledged Equity Interests and shall enforce all of its rights with respect to any Pledged Equity Interests. Each Pledgor
shall enforce all of its rights with respect to any Pledged Debt in accordance with such Pledgor’s Ordinary Course of Business. 
  
 (m) Amendments to Partnership Agreements, Operating Agreements or Organization Documents. No Pledgor shall vote to enable or take
any other action to amend or terminate, or waive compliance with any of the terms of, any Partnership Agreement, Operating Agreement or Organization Documents in any way that materially changes the rights of such Pledgor with respect to any Pledged
Equity Interests in a manner adverse to the Administrative Agent or the Lenders or that adversely affects the validity, perfection or priority of the Administrative Agent’s security interest therein. 
  
 (n) Pledged Debt. Each Pledgor (i) shall with such
frequency as the Administrative Agent may reasonably require, furnish to the Administrative Agent full and complete reports, in form and substance reasonably satisfactory to the Administrative Agent, with respect to the outstanding balances of the
Pledged Debt; (ii) shall promptly notify the Administrative Agent of any defaults in respect of the Pledged Debt following a Responsible Officer’s knowledge thereof; (iii) upon the request of the Administrative Agent (A) at any time, shall
notify all or any designated portion of the obligors on the Pledged Debt of the security interest hereunder, and (B) upon the occurrence and during the continuance of an Event of Default, shall notify the obligors on the Pledged Debt or any
designated portion thereof that payment shall be made directly to the Administrative Agent or to such other Person or location as the Administrative Agent shall specify; (iv) subject to the following clauses, shall diligently 

  

 11 
 Pledge Agreement 

 
collect all amounts due or to become due on or with respect to the Pledged Debt; (v) with respect to any of the Intercompany Notes Receivable, shall not
forgive, waive any default under, grant any extension of the time for payment or enter into any agreement to reduce the amount owing on or with respect to, or compromise or settle for less than the full amount of, any of such Intercompany Notes
Receivable; and (vi) with respect to any of the Pledged Debt (other than the Intercompany Notes Receivable), during the continuance of an Event of Default, shall not forgive, waive any default under, grant any extension of the time for payment or
enter into any agreement to reduce the amount owing on or with respect to, or compromise or settle for less than the full amount of, any of such Pledged Debt. 
  

(o) Further Assurances. Each Pledgor shall promptly, upon the written request from time to time of the Administrative Agent,
execute, acknowledge and deliver, and file and record, all such financing statements and other documents and instruments, and take all such action, as shall be reasonably necessary to carry out the purposes of this Pledge Agreement. 
  
 SECTION 5 Administration of the Pledged Collateral. 
  
 (a) Distributions and Voting Prior to an Event of Default.
Unless an Event of Default shall exist: (i) each Pledgor shall be entitled to receive and retain for its own account any interest, cash dividend on or other cash or asset distribution, if any, in respect of the Pledged Collateral, to the extent
consistent with the Loan Documents; and (ii) each Pledgor shall have the right to vote the Pledged Collateral and to retain the power to control the direction, management and policies of the Pledged Subsidiaries to the same extent as such Pledgor
would if the Pledged Collateral were not pledged to the Administrative Agent pursuant to this Pledge Agreement; provided, however, that no Pledgor shall be entitled to receive (A) cash paid, payable or otherwise distributed in
redemption of, or in exchange for or in substitution of, any Pledged Collateral, or (B) dividends and other distributions paid or payable in cash in respect of any Pledged Collateral in connection with a partial or total liquidation or dissolution
of the Pledged Subsidiaries or in connection with a reduction of capital, capital surplus or paid-in-surplus or any other type of recapitalization involving the Pledged Subsidiaries except, in each case, to the extent otherwise permitted under the
Credit Agreement; and provided further, however, that no vote shall be cast or consent, waiver or ratification given or action taken which would have the effect of impairing the position or interest of the Administrative Agent
in respect of the Pledged Collateral or which would adversely alter such Pledgor’s voting rights with respect to the stock of or other ownership interests in the Pledged Subsidiaries or any Pledgor’s rights to control or otherwise direct
the affairs of the Pledged Subsidiaries or be inconsistent with or violate any provision of this Pledge Agreement, the Credit Agreement, any Guaranty or any other Loan Document. If applicable, a Pledgor shall be deemed the beneficial owner of all
Pledged Collateral of such Pledgor for purposes of Sections 13 and 16 of the Exchange Act and agrees to file all reports required to be filed by beneficial owners of securities thereunder. The Administrative Agent shall execute and deliver (or cause
to be executed and delivered) to the applicable Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and other rights which it is entitled to exercise
pursuant to this subsection (a) and to receive the distributions which it is authorized to receive and retain pursuant to this subsection (a). 
  

 12 
 Pledge Agreement 

 (b) General Authority upon an Event of Default. Upon and after the occurrence and
during the continuance of any Event of Default: 
  
 (i) the Administrative Agent shall be entitled to receive all interest, distributions and payments of any nature with respect to the Pledged Collateral, to be held by the Administrative Agent as part of the Pledged Collateral; 

 
 (ii) the Administrative Agent shall have the right
following prior written notice to any Pledgor to vote or consent to take any action with respect to the Pledged Collateral of such Pledgor and exercise all rights of conversion, exchange, subscription or any other rights, privileges or options
pertaining to such Pledged Collateral as if the Administrative Agent were the absolute owner thereof; and 
  
 (iii) the Administrative Agent shall have the right, for and in the name, place and stead of any Pledgor, to execute endorsements,
assignments or other instruments of conveyance or transfer with respect to all or any of the Pledged Collateral of such Pledgor, to endorse any checks, drafts, money orders and other instruments relating thereto, to sue for, collect, receive and
give acquittance for all moneys due or to become due in connection with the Pledged Collateral and otherwise to file any claims, take any action or institute, defend, settle or adjust any actions, suits or proceedings with respect to any Pledged
Collateral, execute any and all such other documents and instruments, and do any and all such acts and things, as the Administrative Agent may deem necessary or desirable to protect, collect, realize upon and preserve any Pledged Collateral, to
enforce the Administrative Agent’s rights with respect to any Pledged Collateral and to accomplish the purposes of this Pledge Agreement. 
  
 (c) Distributions to Be Held for Administrative Agent. Interest, distributions and other payments which are received by any Pledgor
but which it is not entitled to retain as a result of the operation of subsection (a) or (b) shall be held in trust for the benefit of the Administrative Agent, be segregated from the other property or funds of such Pledgor, and be
forthwith paid over or delivered to the Administrative Agent in the same form as so received. 
  
 (d) Certain Other Administrative Matters. During the continuance of an Event of Default, the Administrative Agent may cause any of
the Pledged Collateral to be transferred into its name or into the name of its nominee or nominees (subject to the revocable rights specified in subsection (a)). During the continuance of an Event of Default, the Administrative Agent shall
have the right to exchange uncertificated Pledged Collateral for certificated Pledged Collateral, and to exchange certificated Pledged Collateral for certificates of larger or smaller denominations, for any purpose consistent with this Pledge
Agreement. 
  
 (e) Appointment of
Administrative Agent as Attorney-in-Fact. For the purpose of enabling the Administrative Agent to exercise its rights under this Section 5 or otherwise in connection with this Pledge Agreement, each Pledgor hereby (i) constitutes and
appoints the Administrative Agent (and any of the Administrative Agent’s officers, employees or agents designated by the Administrative Agent) its true and lawful attorney-in-fact, with full power and authority during the continuance of an
Event of Default to execute any notice, assignment, endorsement or other instrument or document, and to do any and all acts and things 

  

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 Pledge Agreement 

 
for and on behalf of such Pledgor, which the Administrative Agent may deem necessary or desirable to protect, collect, realize upon and preserve the Pledged
Collateral, to enforce the Administrative Agent’s rights with respect to the Pledged Collateral and to accomplish the purposes hereof, (ii) revokes all previous proxies with regard to the Pledged Collateral, and (iii) appoints the
Administrative Agent as its proxyholder, to be exercised during the existence of an Event of Default with respect to the Pledged Collateral to attend and vote at any and all meetings of the shareholders, partners or members of the Pledged
Subsidiaries held on or after the date of this proxy and prior to the termination hereof, with full power of substitution to do so and agrees, if so requested, to execute or cause to be executed appropriate proxies therefor. Each such appointment is
coupled with an interest and irrevocable so long as the Lenders have any Commitments or the Secured Obligations have not been paid and performed in full. Such Pledgor hereby ratifies, to the extent permitted by law, all that the Administrative Agent
shall lawfully and in good faith do or cause to be done by virtue of and in compliance with this Section 5. 
  
 (f) Partnership Agreements and Operating Agreements. Anything herein to the contrary notwithstanding, (i) each Pledgor shall remain
liable under all Partnership Agreements and Operating Agreements to which it is a party to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Pledge Agreement had not been executed,
(ii) the exercise by the Administrative Agent of any of the rights hereunder shall not release such Pledgor from any of its duties and obligations under all Partnership Agreements and Operating Agreements, and (iii) the Administrative Agent shall
not have any obligation or liability under any Partnership Agreement or Operating Agreement by reason of this Pledge Agreement, nor shall the Administrative Agent be obligated to perform any of the obligations or duties of such Pledgor thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder. 
  
 SECTION 6 Administrative Agent Performance of Pledgor Obligations. After demand, the Administrative Agent may perform or pay any obligation which any Pledgor has agreed to perform or pay under or in connection
with this Pledge Agreement (but has so failed to perform following the foregoing demand), and such Pledgor shall reimburse the Administrative Agent within ten Business Days following demand for any amounts paid by the Administrative Agent pursuant
to this Section 6. 
  
 SECTION 7 Administrative
Agent’s Duties. Notwithstanding any provision contained in this Pledge Agreement, the Administrative Agent shall have no duty to exercise any of the rights, privileges or powers afforded to it and shall not be responsible to any Pledgor or
any other Person for any failure to do so or delay in doing so. Beyond the exercise of reasonable care to assure the safe custody of the Pledged Collateral while held hereunder and the accounting for moneys actually received by the Administrative
Agent hereunder, the Administrative Agent shall have no duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Pledged Collateral. Notwithstanding anything herein to the contrary, the Administrative Agent agrees
that it shall upon request promptly deliver any Pledged Debt to the Pledgor thereof where any instrument representing such Pledged Debt is required to be presented in connection with the administration thereof (or any amendment or modification
thereof not prohibited hereunder), including without limitation in connection with the making and receipt of payments under such Pledged Debt. 
  

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 Pledge Agreement 

 SECTION 8 Remedies. 
  
 (a) Remedies. Upon the occurrence and during the continuance of any Event of Default, the
Administrative Agent shall have, in addition to all other rights and remedies granted to it in this Pledge Agreement, the Credit Agreement, each Guaranty or any other Loan Document, all rights and remedies of a secured party under the UCC and other
applicable laws. Without limiting the generality of the foregoing, each Pledgor agrees that any item of the Pledged Collateral may be sold for cash or on credit or for future delivery without assumption of any credit risk, in any number of lots at
the same or different times, at any exchange, brokers’ board or elsewhere, by public or private sale, and at such times and on such terms, as the Administrative Agent shall determine; provided, however, that such Pledgor shall be
credited with the net proceeds of sale only when such proceeds are finally collected by the Administrative Agent. The Administrative Agent shall give each Pledgor such notice of any private or public sales as may be required by the UCC or other
applicable law. Each Pledgor recognizes that the Administrative Agent may be unable to make a public sale of any or all of the Pledged Collateral, by reason of prohibitions contained in applicable securities laws or otherwise, and expressly agrees
that a private sale to a restricted group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially reasonable sale. The Administrative Agent and each of the Lenders shall have the right upon any
such public sale, and, to the extent permitted by law, upon any such private sale, to purchase the whole or any part of the Pledged Collateral so sold, free of any right or equity of redemption, which right or equity of redemption each Pledgor
hereby releases to the extent permitted by law. 
  
 (b) Proceeds Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including with respect to undrawn amounts under the Letters of Credit) at such time as there may exist an Event of
Default, the Administrative Agent may, at its election, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Pledged Collateral (or any portion thereof) in a special purpose non-interest-bearing restricted
deposit account (the “Proceeds Account”) created and maintained by the Administrative Agent for such purpose (as to which each Pledgor hereby grants a security interest and which shall constitute part of the Pledged Collateral
hereunder) until such time as the Administrative Agent may elect to apply such proceeds to the Secured Obligations, and each Pledgor agrees that such retention of such proceeds by the Administrative Agent shall not be deemed strict foreclosure with
respect thereto; (ii) in any manner elected by the Administrative Agent, estimate the liquidated amount of any such contingent, unmatured or unliquidated claims and apply the proceeds of the Pledged Collateral against such amount; or (iii) otherwise
proceed in any manner permitted by applicable law. Each Pledgor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, such Pledgor shall not have any right of withdrawal
with respect to such funds. Accordingly, such Pledgor irrevocably waives until the termination of this Pledge Agreement in accordance with Section 24 the right to make any withdrawal from the Proceeds Account and the right to instruct the
Administrative Agent to honor drafts against the Proceeds Account. 
  

 15 
 Pledge Agreement 

 (c) Application of Proceeds. Subject to subsection (b), the cash proceeds
actually received from the sale or other disposition or collection of Pledged Collateral, and any other amounts of the Pledged Collateral (including any cash contained in the Pledged Collateral) the application of which is not otherwise provided for
herein, shall be applied in the order specified in Section 8.03 of the Credit Agreement. Any surplus thereof which exists after payment and performance in full of the Secured Obligations shall be promptly paid over to each Pledgor entitled
thereto or otherwise disposed of in accordance with the UCC or other applicable law. The Pledgors (to the extent of their liability as obligors with respect to the Secured Obligations) shall remain liable to the Administrative Agent , the Other
Agents, the L/C Issuer, the Swing Line Lender and the Lenders for any deficiency which exists after any sale or other disposition or collection of Pledged Collateral. 
  
 SECTION 9 Registration Rights. 
  
 (a) Registration of Pledged Collateral. If the Administrative Agent shall determine to exercise its
right to sell any or all of the Pledged Collateral pursuant to Section 8, and if the Administrative Agent shall determine that it is necessary or advisable to have the Pledged Collateral consisting of Pledged Equity Interests, or that portion
thereof to be sold, registered under the provisions of the Securities Act, each Pledgor shall execute and deliver, and shall cause each Pledged Subsidiary and such Pledgor’s and such Pledged Subsidiary’s respective directors and officers
to execute and deliver, all such instruments and documents, and to do or cause to be done all such other acts and things as may, in the view of the Administrative Agent, be advisable to register such Pledged Collateral under the provisions of the
Securities Act and to cause the registration statement relating thereto to become effective and to remain effective for such period as prospectuses are required by law to be furnished, and to make all amendments and supplements thereto and to the
related prospectus which, in the view of the Administrative Agent, are necessary or be necessary or advisable, all in conformity with the requirements of the SEC applicable thereto. Each Pledgor agrees to comply, and to cause each Pledged Subsidiary
to comply, with the provisions of the securities or “Blue Sky” laws of any jurisdiction which the Administrative Agent shall designate, and to cause each Pledged Subsidiary to make available to its security holders, as soon as practicable,
an earnings statement (which need not be audited) which shall satisfy the provisions of Section 11(a) of the Securities Act. Each Pledgor shall cause to be furnished to the Administrative Agent a copy of each preliminary prospectus and prospectus,
shall promptly notify the Administrative Agent of the happening of any event (upon becoming aware thereof) as a result of which any then effective prospectus includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of then existing circumstances and shall cause the Administrative Agent to be furnished with a copy of such supplement to or amendment of such prospectus as
is necessary to eliminate such untrue statement or correct such omission. 
  
 (b) No Obligation to Delay Private Sale. The Administrative Agent and the Lenders shall be under no obligation to delay a private sale of any of the Pledged Collateral (as contemplated by subsection (a))
for the period of time necessary to permit the issuer thereof to 

  

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 Pledge Agreement 

 
register such Pledged Collateral for public sale under the Securities Act, or under applicable state securities laws, even if such issuer would agree to do
so. 
  
 (c) Further Acts. Each Pledgor
further agrees to do or to use its reasonable efforts to cause to be done all such other acts and things as may be necessary to make any sales of all or any portion of the Pledged Collateral pursuant to subsections (a) and (b) valid
and binding and in compliance with any and all applicable laws (including the Exchange Act), regulations, orders, writs, injunctions, decrees or awards of any and all Governmental Authorities having jurisdiction over any such sale or sales.

  
 (d) Equitable Relief. Each Pledgor
acknowledges that a breach of any of the covenants contained in this Section 9 will cause irreparable injury to the Administrative Agent and the Lenders, that the Administrative Agent and the Lenders have no adequate remedy at law in respect
of such breach and, as a consequence, agrees that each and every covenant contained in this Section 9 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants except for a defense that no Event of Default has occurred under the provisions of the Credit Agreement. 
  
 (e) Costs and Expenses. Each Pledgor shall bear all costs and expenses of carrying out its obligations under this Section 9.

  
 SECTION 10 Certain Waivers. 
  
 (a) Each Pledgor waives, to the fullest extent permitted by
law, (i) any right of redemption with respect to the Pledged Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling of the Pledged Collateral or other collateral or security for the Secured Obligations; (ii) any
right to require the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders (A) to proceed against any Person, (B) to exhaust any other collateral or security for any of the Secured Obligations, (C) to pursue
any remedy in the Administrative Agent’s , the L/C Issuer’s, the Swing Line Lender’s, any Other Agent’s or any of the Lenders’ power, or (D) except, with respect to any Pledgor that is also a Borrower, such notice as is
expressly required to be given to such Borrower under the Loan Documents, to make or give any presentments, demands for performance, notices of nonperformance, protests, notices of protests or notices of dishonor in connection with any of the
Pledged Collateral; and (iii) all claims, damages, and demands against the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders arising out of the repossession, retention, sale or application of the proceeds
of any sale of the Pledged Collateral (other than for gross negligence or willful misconduct). 
  
 (b) The Administrative Agent may comply with any applicable state or federal law requirements in connection with a disposition of the
Pledged Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Pledged Collateral. The Administrative Agent may sell the Pledged Collateral without giving any warranties as to the
Pledged Collateral. The Administrative Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the 

  

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 Pledge Agreement 

 
commercial reasonableness of any sale of the Pledged Collateral. If the Administrative Agent sells any of the Pledged Collateral upon credit, the Pledgors
shall be credited only with payments actually made by the purchaser, received by Administrative Agent and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Pledged Collateral, the Administrative Agent may
resell the Pledged Collateral and the Pledgors shall be credited with the proceeds of the sale. 
  
 (c) Each Pledgor agrees that at any time and from time to time, without notice to or the consent of such Pledgor, without incurring
responsibility to such Pledgor, and without impairing or releasing the security interests provided for herein or otherwise impairing the rights of the Administrative Agent hereunder, all as the Administrative Agent, the Other Agents, the L/C Issuer,
the Swing Line Lender or the Lenders may deem advisable: (i) the principal amount of the Secured Obligations may be increased or decreased and additional indebtedness or obligations of the Borrowers under the Loan Documents may be incurred, by one
or more amendments, modifications, renewals or extensions or otherwise; (ii) the time, manner, place or terms of any payment under the Loan Documents may be extended or changed, including by an increase or decrease in the interest rate on the Loan
Documents or any fee or other amount payable under the Loan Documents, by an amendment, modification or renewal of the Loan Documents or otherwise; (iii) the time for each Borrower’s performance of or compliance with any term, covenant or
agreement on its part to be performed or observed under the Loan Documents may be extended, or such performance or compliance waived, or failure in or departure from such performance or compliance consented to, all in such manner and upon such terms
as the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders may deem proper; (iv) the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders may discharge or release, in
whole or in part, any guarantor or any other Person liable for the payment and performance of all or any part of the Secured Obligations, and may permit or consent to any such action or any result of such action, and shall not be obligated to demand
or enforce payment upon any of the Secured Obligations, nor shall the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or any Lender be liable to any Pledgor for any failure to collect or enforce payment of the Secured
Obligations or to realize on any other collateral therefor; (v) in addition to the Pledged Collateral, the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders may take and hold other security (legal or
equitable) of any kind, at any time, as collateral for the Secured Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind, compromise or extend such security and may
permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof; (vi) the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders
may request and accept any guaranties of the Secured Obligations and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such guaranty and may permit or consent to any such
action or the result of any such action; and (vii) the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders may exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or
privilege (including the right to accelerate the maturity of the Loan Documents and any power of sale) granted by the Loan Documents or other security document or agreement, or otherwise 

  

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 Pledge Agreement 

 
available to the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders, with respect to the Secured Obligations, any
of the Pledged Collateral or other security for any or all of the Secured Obligations, even if the exercise of such right, remedy, power or privilege affects or eliminates any right of subrogation or any other right of any Pledgor against any
Borrower. 
  
 (d) Each Pledgor waives and agrees
not to assert: (i) any right to require the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders to proceed against any Borrower, any guarantor or any other Person, to proceed against or exhaust any other
security held for the Secured Obligations or to pursue any other right, remedy, power or privilege of the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or the Lenders whatsoever; (ii) the defense of the statute of
limitations in any action hereunder or for the collection or performance of the Secured Obligations; (iii) any defense arising by reason of any lack of corporate or other authority or any other defense of any Borrower, such Pledgor or any other
Person; (iv) any defense based upon an election of remedies (including, if available, an election to proceed by nonjudicial foreclosure) which destroys or impairs the subrogation rights of such Pledgor or the right of such Pledgor to proceed against
any Borrower or any other obligor of the Secured Obligations for reimbursement; and (v) without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be derived from or afforded by
applicable law limiting the liability of or exonerating guarantors or sureties or which may conflict with the terms of this Agreement. 
  
 (e) Without limiting the generality of the foregoing, to the fullest extent permitted by law, each Pledgor waives any defenses or benefits
that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties, or which may conflict with the terms of this Pledge Agreement, including any rights and defenses available to any Pledgor by
reason of Sections 2787 to 2855, inclusive, of the California Civil Code and any and all benefits that otherwise might be available to such Pledgor under California Civil Code §§1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850,
2899 and 3433 and California Code of Civil Procedure §§580a, 580b, 580d and 726. Accordingly, each Pledgor waives all rights and defenses that such Pledgor may have because the Borrowers’ debt is or may be secured by real property.
This means, among other things: (A) the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders may collect from the Pledged Collateral pledged by such Pledgor without first foreclosing on any real or personal
property collateral pledged by any Borrower; and (B) if the Administrative Agent forecloses on any real property collateral pledged by any Borrower: (1) the amount of the debt may be reduced only by the price for which that collateral is sold at the
foreclosure sale, even if that collateral is worth more than the sale price, and (2) the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders may collect from the Pledged Collateral pledged by such Pledgor
even if the Administrative Agent, by foreclosing on any Borrower’s real property collateral, has destroyed any right such Pledgor may have to collect from the Borrowers. This is an unconditional and irrevocable waiver of any rights and defenses
any Pledgor may have because the Borrowers’ debt is secured by real property. These rights and defenses include, but are not limited to, any rights of defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil
Procedure. 
  

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 Pledge Agreement 

 (f) All rights of the Administrative Agent hereunder, and the obligations of each Pledgor
hereunder and the Lien created hereby, shall remain in full force and effect without regard to, and shall not be impaired or affected by, (i) any insolvency or bankruptcy, liquidation, winding up or dissolution of any Borrower, such Pledgor or any
other Person; (ii) any limitation, discharge, or cessation of the liability of any Borrower, such Pledgor or any other Person for any Secured Obligations due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole
or in part of any of the Secured Obligations or the Loan Documents; (iii) any assignment or other transfer, in whole or in part, of the Administrative Agent’s, any Other Agent’s, the L/C Issuer’s, the Swing Line Lender’s or any
Lender’s interests in and rights hereunder or in respect of the Loan Documents; (iv) any claim, defense, counterclaim or setoff, other than that of prior performance, that any Borrower, any Pledgor, or any other Person may have or assert; or
(v) the Administrative Agent’s, any Other Agent’s, the L/C Issuer’s, the Swing Line Lender’s or any Lender’s vote, claim, distribution, election, acceptance, action or inaction in any bankruptcy or insolvency case related to
the Secured Obligations. 
  
 (g) Each Pledgor
waives any and all notice of the creation, renewal, modification, extension or accrual of the Secured Obligations. The Secured Obligations shall conclusively be deemed to have been created, contracted, incurred and permitted to exist in reliance
upon this Pledge Agreement. Each Pledgor waives promptness, diligence, presentment, protest, demand for payment, notice of default, dishonor or nonpayment and all other notices to or upon any Borrower, such Pledgor or any other Person with respect
to the Secured Obligations; provided that such waiver is limited to such Pledgor in its capacity as a Pledgor hereunder and not in its capacity as a Borrower (if such Pledgor is a Borrower). 
  
 (h) No Pledgor shall have any right to require the
Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or any of the Lenders to obtain or disclose any information with respect to: (i) the financial condition or character of the Borrowers or the ability of the Borrowers to
pay and perform the Secured Obligations; (ii) the Secured Obligations; (iii) other security for any or all of the Secured Obligations; (iv) the existence or nonexistence of any other guarantees of all or any part of the Secured Obligations; (v) any
action or inaction on the part of the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender, any Lender or any other Person; or (vi) any other matter, fact or occurrence whatsoever. 
  
 (i) Until the Secured Obligations shall be satisfied in
full, no Pledgor shall have, and no Pledgor shall directly or indirectly exercise, (A) any rights that it may acquire by way of subrogation under or in respect of this Agreement or otherwise, or (B) any rights of contribution, indemnification,
reimbursement or similar suretyship claims arising out of this Agreement. 
  
 SECTION 11 Notices. All notices or other communications hereunder shall be given in the manner and to the addresses specified in the Credit Agreement, each Guaranty, and/or the signature page hereof, as
applicable. All such notices and communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the intended recipient and (ii) (A) if delivered by hand or by courier, when signed for by the intended recipient;
(B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered 

  

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 Pledge Agreement 

 
by facsimile, when sent and receipt has been confirmed by telephone, when delivered; and (D) if delivered by electronic mail (which form of delivery is
subject to the provisions of the final sentence of this Section 11), when delivered. In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder. Electronic mail and Internet and intranet websites
may be used only to distribute routine communications, and to distribute documents for execution by the parties thereto, and may not be used for any other purpose. 
  
 SECTION 12 No Waiver; Cumulative Remedies. No failure on the part of the Administrative Agent, the Other Agents, the
L/C Issuer, the Swing Line Lender or any Lender to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under this Pledge Agreement are cumulative and not exclusive of any rights, remedies, powers and
privileges that may otherwise be available to the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender or any Lender. 
  
 SECTION 13 Costs and Expenses; Indemnification; Other Charges. 
  
 (a) Costs and Expenses. Each Pledgor jointly and severally agrees to pay on demand: 
  
 (i) the out-of-pocket costs and expenses of the
Administrative Agent, and the Administrative Agent’s reasonable Attorney Costs, in connection with the negotiation, preparation, execution, delivery and administration of this Pledge Agreement, and any amendments, modifications or waivers of
the terms thereof, and the custody of the Pledged Collateral; 
  
 (ii) all appraisal (including the allocated cost of internal appraisal services), survey, audit, consulting, search, recording, filing and similar costs, fees and expenses incurred or sustained by the Administrative
Agent or, during an Event of Default, any Lender, in connection with this Pledge Agreement or the Pledged Collateral; and 
  
 (iii) all costs and expenses of the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders,
including Attorney Costs, in connection with the enforcement or attempted enforcement of, and preservation of any rights or interest under, this Pledge Agreement, any out-of-court workout or other refinancing or restructuring or in any bankruptcy
case, and the protection, sale or collection of, or other realization upon, any of the Pledged Collateral, including any and all losses, costs and expenses sustained by the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line
Lender and any Lender as a result of any failure by any Pledgor to perform or observe its obligations contained herein. 
  
 (b) Indemnification. Each Pledgor shall jointly and severally indemnify, defend and hold the Agent-Related Persons, and each Lender
and their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the 

  

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 Pledge Agreement 

 
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection
with (i) the execution, delivery, enforcement, performance or administration of this Pledge Agreement or other Loan Document to which such Pledgor is a party or any other agreement, letter or instrument delivered by such Pledgor in connection with
the transactions contemplated thereby or the consummation of the transactions contemplated thereby, or (ii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto, including caused by, arising out
of or by reason of any alleged untrue statement of a material fact regarding such Pledgor contained in any registration statement (or any amendment thereto) or in any preliminary prospectus or prospectus (or any amendment or supplement thereto)
contemplated by Section 9(a), or any alleged omission by such Pledgor to state a material fact required to be stated therein or necessary to make the statements therein not misleading, except to the extent that any such liabilities,
obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses or disbursements are caused by, arise solely out of or by reason of any such alleged untrue statement made or such alleged omission to state a material fact
included or excluded on the written direction of the Administrative Agent or any Lender (including information supplied by the Administrative Agent or any Lender) (all the foregoing, collectively, the “Indemnified Liabilities”);
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. If and to the extent that the foregoing indemnification is for any reason held
unenforceable as to any Pledgor, such Pledgor agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. No Indemnitee shall be liable for any damages
arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Pledge Agreement, nor shall any Indemnitee have any liability for any indirect
or consequential damages relating to this Pledge Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). 
  
 (c) Other Charges. Each Pledgor jointly and severally
agrees to indemnify the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and each of the Lenders against and hold each of them harmless from any and all present and future stamp, transfer, documentary and other such
taxes, levies, fees, assessments and other charges made by any jurisdiction by reason of the execution, delivery, performance and enforcement of this Pledge Agreement. 
  
 (d) Interest. Any amounts payable to the Administrative Agent, the Other Agents, the L/C Issuer, the
Swing Line Lender or any Lender under this Section 13 or otherwise 

  

 22 
 Pledge Agreement 

 
under this Pledge Agreement if not paid upon demand shall bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate
applicable to Base Rate Loans to the fullest extent permitted by applicable Law. Any such interest shall be due and payable upon demand and shall be calculated on the basis of a year of 365 or 366 days, as the case may be, and the actual number of
days elapsed. 
  
 (e) Payment. Any and all
amounts due under this Section 13 shall be payable within ten Business Days after demand therefor. 
  
 (f) Survival. The agreements in this Section 13 shall survive the termination of the Commitments and repayment of all
Secured Obligations. 
  
 SECTION 14 Binding Effect. This
Pledge Agreement shall be binding upon, inure to the benefit of and be enforceable by the Pledgors, the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and each Lender and their respective successors and assigns and
shall bind any Person who becomes bound as a debtor to this Pledge Agreement. 
  
 SECTION 15 Governing Law. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA, EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND TO THE EXTENT
THE VALIDITY OR PERFECTION OF THE SECURITY INTERESTS HEREUNDER, OR THE REMEDIES HEREUNDER, IN RESPECT OF ANY PLEDGED COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN CALIFORNIA, PROVIDED THAT THE ADMINISTRATIVE AGENT SHALL
RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
  
 SECTION 16
Forum Selection and Consent to Jurisdiction. 
  
 (a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS PLEDGE AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS PLEDGE
AGREEMENT, EACH OF THE PLEDGORS AND THE ADMINISTRATIVE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PLEDGORS AND THE ADMINISTRATIVE AGENT IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS PLEDGE AGREEMENT OR ANY
DOCUMENT RELATED HERETO. EACH PLEDGOR AND THE ADMINISTRATIVE AGENT EACH WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY CALIFORNIA LAW. 
  
 (b) Each Pledgor hereby irrevocably appoints the OP
Borrower, with an office as listed in Schedule 10.02 of the Credit Agreement, as its authorized agent (in such capacity, the 

  

 23 
 Pledge Agreement 

 
“Process Agent”) with all powers necessary to receive on its behalf service of copies of the summons and complaint and any other process
which may be served in any action or proceeding arising out of or relating to this Pledge Agreement in any of the courts in and of the State of California. Such service may be made by mailing or delivering a copy of such process to each Pledgor in
care of the Process Agent at the Process Agent’s address and such Pledgor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf and agrees that the failure of the Process Agent to give any notice of
any such service to such Pledgor shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon. As an alternative method of service, such Pledgor also irrevocably consents to the
service of any and all process in any such action or proceeding by the mailing of copies of such process to such Pledgor at its address specified on the signature page hereof. If for any reason the OP Borrower shall cease to act as Process Agent,
such Pledgor shall appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to act as an agent for service of process with respect to all courts in and of the State of California and acceptable to the Administrative
Agent. 
  
 (c) Nothing in this Section 16
shall affect the right of the Administrative Agent, the Other Agents, the Swing Line Lender, the L/C Issuer and the Lenders to serve legal process in any other manner permitted by law or limit the right of the Administrative Agent, the Other Agents,
the Swing Line Lender, the L/C Issuer and the Lenders to bring any action or proceeding against any Pledgor or its property in the courts of other jurisdictions. 
  
 SECTION 17 Waiver of Jury Trial. THE PLEDGORS, THE LENDERS (BY THEIR ACCEPTANCE HEREOF) AND THE ADMINISTRATIVE AGENT
EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS PLEDGE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PLEDGORS, THE LENDERS (BY THEIR ACCEPTANCE HEREOF) AND
THE ADMINISTRATIVE AGENT EACH AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY
OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS PLEDGE AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS PLEDGE AGREEMENT. 
  
 SECTION 18 Entire Agreement; Amendment. This Pledge Agreement contains the entire agreement of the parties with respect to the subject matter hereof and shall not be amended except by the written agreement of
the parties as provided in the Credit Agreement. 
  

 24 
 Pledge Agreement 

 SECTION 19 Severability. If any provision of this Pledge Agreement is held to be illegal, invalid
or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Pledge Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 20 Counterparts. This Pledge Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  
 SECTION 21 Incorporation of Provisions of the Credit
Agreement. To the extent the Credit Agreement contains provisions of general applicability to the Loan Documents, including any such provisions contained in Article X thereof, such provisions are incorporated herein by this reference.

  
 SECTION 22 No Inconsistent Requirements. Each Pledgor
acknowledges that this Pledge Agreement and the other Loan Documents may contain covenants and other terms and provisions variously stated regarding the same or similar matters, and agrees that all such covenants, terms and provisions are cumulative
and all shall be performed and satisfied in accordance with their respective terms. 
  
 SECTION 23 Future Pledgors. At such time following the date hereof as any Person (an “Acceding Pledgor”) is required to accede hereto pursuant to the terms of Section 6.12 or Section
6.13 of the Credit Agreement, such Acceding Subsidiary shall execute and deliver to the Administrative Agent an accession agreement substantially in the form of Annex 2 (the “Accession Agreement”), together with all
schedules thereto, signifying its agreement to be bound by the provisions of this Pledge Agreement as a Pledgor to the same extent as if such Acceding Pledgor had originally executed this Pledge Agreement as of the date hereof. 
  
 SECTION 24 Termination. Upon termination of the Commitments of the
Lenders, surrender of all Letters of Credit and payment and performance in full of all Secured Obligations, the security interests created under this Pledge Agreement shall terminate and the Administrative Agent shall promptly redeliver to each
Pledgor any of the Pledged Collateral in the Administrative Agent’s possession and shall execute and deliver to such Pledgor such documents and instruments reasonably requested by such Pledgor as shall be necessary to evidence termination of
all security interests given by such Pledgor to the Administrative Agent hereunder. 
  
 [Remainder Of Page Intentionally Left Blank] 
  

 25 
 Pledge Agreement 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Pledge Agreement, as of the date first
above written. 
  

	THE PLEDGORS	 	 	 	 
	 	 	 	 	 
	 CATELLUS DEVELOPMENT CORPORATION
	 	 	 	 PLATO REIT, LLC

					
	By:	 	 	 	 	 	By:	 	 
	 	
	 	 	 	 	

	 Name:
	 	 William M. Lau
	 	 	 	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer
	 	 	 	 Title:
	 	 Chief Financial Officer and Treasurer

  

	 CATO REIT, CO.
	 	 	 	 VISTA RANGE, LLC

					
	 	 	 	 	 	 	By:	 	 CATELLUS RESIDENTIAL GROUP, INC.,
 Sole and Managing Member

					
	By:	 	 	 	 	 	 	 	 
	 	
	 	 	 	 	 	 
	 Name:
	 	 William M. Lau
	 	 	 	 	 	 
	 Title:
	 	 Chief Financial Officer and Treasurer
	 	 	 	 	 	 

							
	 	 	 	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 Name:
	 	 William M. Lau

	 	 	 	 	 	 	 	 	 	 	 Title:
	 	 Vice President, Finance and Treasurer

  

	 SF PACIFIC PROPERTIES INC.
	 	 	 	 CATELLUS RESIDENTIAL GROUP, INC.

					
	By:	 	 	 	 	 	By:	 	 
	 	
	 	 	 	 	

	 Name:
	 	 William M. Lau
	 	 	 	 Name:
	 	 William M. Lau

	 Title:
	 	 Vice President, Finance and Treasurer
	 	 	 	 Title:
	 	 Vice President, Finance and Treasurer

  

 S - 1 
 Pledge Agreement Signature Page 

 The address for notice for Catellus Development Corporation is: 
  
 201 Mission Street, 2nd Floor 
 San Francisco, CA 94105 
 Attn.: William M. Lau, Vice President Finance and Treasurer 
 Phone No. 415.974-3809 
 Fax No. 415.974-4502 
 Email: William_lau@catellus.com 
  
 The address for notice for all of the above Pledgors (except Catellus Development Corporation) is: 
  
 c/o Catellus Development Corporation 
 201 Mission Street, 2nd Floor

 San Francisco, CA 94105 
 Attn.: William M. Lau, Vice President
Finance and Treasurer 
 Phone No. 415.974-3809 
 Fax No.
415.974-4502 
 Email: William_lau@catellus.com 
  

 S - 2 
 Pledge Agreement Signature Page 

	 THE ADMINISTRATIVE AGENT
	 	 	 	 
	 	 	 	 	 
	 BANK OF AMERICA, N.A.
	 	 	 	 
				
	 	 	 	 	 	 	 Bank of America, N.A.
 901 Main Street, 14th Floor
 Mail Code: TX1-492-14-05
 Dallas, TX 75202-3714
 Attn: Donna Kimbrough
 Tel: 214.209-1569
 Fax: 214.290-9436
 Email: donna.f.kimbrough@bankofamerica.com

	 	 	 	 	 	 
	By:	 	 	 	 	 	 	 
	 	
	 	 	 	 	 
	 	 	 Name: Frank H. Stumpf
	 	 	 	 	 
	 	 	 Title: Principal
	 	 	 	 	 
	 	 	 	 	 	 	 	 

  

 S - 3 
 Pledge Agreement Signature Page 

 SCHEDULE 1 
 to the Pledge Agreement 
  
 PLEDGED EQUITY INTERESTS AND PLEDGED DEBT 
  
 1.
Pledged LLC Interests. Interests in each limited liability company that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Number of Units

	  	Date of Issuance of
Units

  
 None.

  
 2. Pledged Partnership Interests. Interests in each
general partnership, limited partnership, limited liability partnership or other partnership that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Type of
Partnership
Interest
(e.g.
general, limited)

	 	 Date of Issuance
or Formation

	 	 Number of
Units or Other
Ownership
Interests

	 Cato REIT, Co., a
 Delaware corporation
	 	 Santa Fe Bayfront
 Venture, a California
 general partnership
	 	General	 	November 27, 1989	 	50.51%
					
	 Catellus Development
 Corporation, a Delaware
 corporation
	 	 Santa Fe Bayfront
 Venture, a California
 general partnership
	 	General	 	November 27, 1989	 	49.49%

  

 Schedule 1-1. 

 3. Pledged Shares. Capital stock of each Material Subsidiary or an owner of Unencumbered Pool
Property being represented by stock certificates and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Certificate No.

	 	 Certificate Date

	 	 Percentage
of Shares

	 SF Pacific Properties
 Inc. , a Delaware
 corporation
	 	 Catellus Land and
 Development
 Corporation, a
 Delaware corporation
	 	1	 	September 2, 2003	 	100%

  

 Schedule 1-2. 

 4. Pledged Debt. The following Pledged Debt: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Obligor

	 	 Instrument 
No. (if any)

	 	 Instrument
Date

	 	 Original
Principal
Amount

	 Catellus Residential
 Group, Inc., a
 California corporation
	 	 Warmington
 Alameda Assoc., L.P.
	 	N/A	 	05/08/03	 	$8,000,000
					
	 Plato REIT, LLC, a
 Delaware limited
 liability company
	 	 Bosa Development
 California II, Inc.
	 	N/A	 	08/15/03	 	$12,375,000
					
	 Vista Range, LLC, a
 Delaware limited
 liability company
	 	 104th Avenue
 Investment Partners
 LLC
	 	N/A	 	06/30/03	 	$21,247,162

  

 Schedule 1-3. 

 ANNEX 1 
 to the Pledge Agreement 
  
 FORM
OF PLEDGE SUPPLEMENT 
  

	To:	BANK OF AMERICA, N.A., as Administrative Agent 

  

	Re:	                                 

  
 Ladies and Gentlemen: 
  
 This Pledge Supplement is made and delivered pursuant to Section 2 of that certain Pledge Agreement dated as of
September 15, 2003 (as amended, modified, renewed or extended from time to time, the “Pledge Agreement”), made between each Pledgor named in the signature pages thereof (each a “Pledgor” and collectively, the
“Pledgors”), and BANK OF AMERICA, N.A., a national banking association (the “Administrative Agent”). All capitalized terms used in this Pledge Supplement and not otherwise defined herein shall have the meanings
assigned to them in either the Pledge Agreement or the Credit Agreement. 
  
 The undersigned,
                                     [insert name of
Pledgor], a                                  [corporation, partnership,
limited liability company, etc.], confirms and agrees that all Pledged Collateral of the undersigned, including the property described on the supplemental schedule attached hereto, shall be and become part of the Pledged Collateral and shall
secure all Secured Obligations. 
  
 Schedule 1 to the
Pledge Agreement is hereby amended by adding Schedule 1 attached hereto to the Pledge Agreement.  
  
 This Pledge Supplement shall constitute a Loan Document under the Credit Agreement. 
  
 THIS PLEDGE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA.

  

 Annex A-1. 

 IN WITNESS WHEREOF, the undersigned has executed this Pledge Supplement, as of the date first above
written. 
  

	 [PLEDGOR]
	 	 	 	 
				
	 	 	 	 	 	 	 c/o

	 	 	 	 	 	 	  

	By:	 	  

	 	 	 	  

	 	 	 Title:
	 	 	 	 Attn.:
	 	  

	 	 	 	 	 	 	 Fax No.
	 	  

	 	 	 	 	 	 	 Email:
	 	  

  

 Annex A-2. 

 SUPPLEMENT TO SCHEDULE 1 
 to the Pledge Agreement 
  
 PLEDGED EQUITY INTERESTS AND PLEDGED DEBT 
  
 1.
Pledged LLC Interests. Interests in each limited liability company that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Number of Units

	  	Date of Issuance of
Units

  
 2. Pledged
Partnership Interests. Interests in each general partnership, limited partnership, limited liability partnership or other partnership that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the
Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Type of
Partnership
Interest (e.g.,
general,
limited)

	  	Date of
Issuance
or Formation

	  	Number of
Units or Other
Ownership
Interests

  
 3. Pledged
Shares. Capital stock of each Material Subsidiary or an owner of Unencumbered Pool Property being represented by stock certificates and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Certificate No.

	  	Certificate Date

	  	No. and Class
of Shares

  

 Schedule 1 Supplement -1. 

 4. Pledged Debt. The following Pledged Debt: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Obligor

	 	 Instrument
No. (if any)

	  	Instrument
Date

	  	Principal
Amount

  

 Schedule 1 Supplement -2. 

 ANNEX 2 
 to the Pledge Agreement 
  
 FORM
OF ACCESSION AGREEMENT 
  

	To:	BANK OF AMERICA, N.A., as Administrative Agent 

  

	Re:	                            

  
 Ladies and Gentlemen: 
  
 This Accession Agreement is made and delivered pursuant to Section 23
of that certain Pledge Agreement dated as of September 15, 2003 (as amended, modified, renewed or extended from time to time, the “Pledge Agreement”), made between each Pledgor named in the signature pages thereof (each a
“Pledgor” and collectively, the “Pledgors”), Fleet National Bank, as Syndication Agent, Bank One, N.A., as Documentation Agent, Wells Fargo Bank, N.A., as Managing Agent, Union Bank of California, N.A., as Managing
Agent (Syndication Agent, Documentation Agent and Managing Agents, collectively, the “Other Agents”) and Bank Of America, N.A., a national banking association (the “Administrative Agent”). All capitalized terms used
in this Accession Agreement and not otherwise defined herein shall have the meanings assigned to them in either the Pledge Agreement or the Credit Agreement. 
  
 The undersigned,
                                 [insert name of acceding Pledgor], a
                             [corporation, partnership, limited liability company, etc.],
hereby acknowledges for the benefit of the Administrative Agent, the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders that it shall be a “Pledgor” for all purposes of the Pledge Agreement effective from the date hereof.
The undersigned confirms that the representations and warranties set forth in Section 3 of the Pledge Agreement are true and correct as to the undersigned as of the date hereof. 
  
 Without limiting the foregoing, the undersigned hereby agrees to perform all of the obligations of a Pledgor under, and to
be bound in all respects by the terms of, the Pledge Agreement, to the same extent and with the same force and effect as if the undersigned were an original signatory thereto. The undersigned (i) hereby grants to the Administrative Agent, for itself
and on behalf of and for the ratable benefit of the Other Agents, the L/C Issuer, the Swing Line Lender and the Lenders, a security interest in all of the undersigned’s right, title and interest in and to all “Pledged Collateral” of
the undersigned, in each case whether presently existing or owned or hereafter arising or acquired and wherever located; and (ii) agrees that all Pledged Collateral of the undersigned, including the property described on the supplemental schedule
attached hereto, shall become part of the Pledged Collateral and shall secure all Secured Obligations 
  
 Schedule 1 to the Pledge Agreement is hereby amended by adding Schedule 1 attached hereto to the Pledge Agreement. 
  

 Annex 2-1. 

 This Accession Agreement shall constitute a Loan Document under the Credit Agreement. 
  
 THIS ACCESSION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF CALIFORNIA. 
  
 IN WITNESS WHEREOF,
the undersigned has executed this Accession Agreement, as of the date first above written. 
  

	 [PLEDGOR]
	 	 	 	 
				
	 	 	 	 	 	 	 c/o

	 	 	 	 	 	 	  

	By:	 	  

	 	 	 	  

	 	 	 Title:
	 	 	 	 Attn.:
	 	  

	 	 	 	 	 	 	 Fax No.
	 	  

	 	 	 	 	 	 	 Email:
	 	  

  

 Annex 2-2. 

 SUPPLEMENT TO SCHEDULE 1 
 to the Pledge Agreement 
  
 PLEDGED EQUITY INTERESTS AND PLEDGED DEBT 
  
 1.
Pledged LLC Interests. Interests in each limited liability company that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Number of Units

	  	Date of Issuance of
Units

  
 2. Pledged
Partnership Interests. Interests in each general partnership, limited partnership, limited liability partnership or other partnership that is a Material Subsidiary or an owner of Unencumbered Pool Property and required to be pledged under the
Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Type of
Partnership
Interest (e.g.,
general, limited)

	  	Date of
Issuance
or Formation

	  	Number of
Units or Other
Ownership
Interests

  
 3. Pledged
Shares. Capital stock of each Material Subsidiary or owner of Unencumbered Pool Property being represented by stock certificates and required to be pledged under the Credit Agreement as follows: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Subsidiary

	 	 Certificate No.

	  	Certificate Date

	  	No. and Class
of Shares

  

 Supplement to Schedule 1-1. 

 4. Pledged Debt. The following Pledged Debt: 
  

	 Pledgor
(Jurisdiction of
Organization)

	 	 Obligor

	 	 Instrument
No. (if any)

	  	Instrument
Date

	  	Principal
Amount

  

 Supplement to Schedule 1-2. 

 EXHIBIT K 
  
 FORM OF LOAN DOCUMENT ASSUMPTION 
 AND 
 AFFIRMATION AGREEMENT 
  
 THIS LOAN DOCUMENT ASSUMPTION AND AFFIRMATION AGREEMENT (this “Assumption and Affirmation Agreement”), is
entered into as of [                    , 200        ], by Catellus Operating Limited
Partnership, a Delaware limited partnership (the “Post-REIT Conversion Borrower”) and Catellus Land and Development Corporation, a Delaware corporation (the “TRS Borrower”), in favor of the Lenders party to the
Credit Agreement referred to below, Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), the letter of credit issuer (in such capacity, the “the L/C Issuer”), and the swing
line lender (in such capacity, the “Swing Line Lender”), and the other agents under the Credit Agreement referred to below, and is acknowledged by (i) each Guarantor that is a party to a Guaranty under the Credit Agreement (each a
“Guarantor” and collectively, the “Guarantors”); and (ii) each Pledgor that is a party to the Pledge Agreement or a Pledge Agreement accession agreement (each a “Pledgor” and collectively, the
“Pledgors”). 
  
 R E C I T A L S 
  
 A. Catellus Development Corporation, a Delaware corporation, with corporation
identification number 2049941, as a borrower (the “Pre-REIT Conversion Borrower” or “OP Borrower”), the TRS Borrower, with corporation identification number 3669767, as a borrower (the TRS Borrower together with the
OP Borrower, each a “Borrower” and together, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders,” and individually, a “Lender”), Fleet
National Bank, as Syndication Agent, Bank One, NA, as Documentation Agent, Wells Fargo Bank, National Association, as Managing Agent, Union Bank of California, N.A., as Managing Agent, and Bank of America, N.A., as Administrative Agent, Swing Line
Lender and L/C Issuer, are parties to a Credit Agreement dated as of August             , 2003 (as amended, modified, renewed or extended from time to time, the “Credit
Agreement”). 
  
 B. It is a condition precedent to the
restructuring of the Pre-REIT Conversion Borrower, whereby the Pre-REIT Conversion Borrower will merge with and into the Post-REIT Conversion Borrower, with the Post-REIT Conversion Borrower being the surviving entity of such restructuring (the
“REIT Conversion”), that the Post-REIT Conversion Borrower and the TRS Borrower execute this Assumption and Affirmation Agreement and an Allonge to each Note, substantially in the Form attached hereto as Exhibit A, and that
each other Loan Document Party execute an Acknowledgement and Affirmation substantially in the form attached hereto as Exhibit B or Exhibit C, as applicable. 
  
 C. The Post-REIT Conversion Borrower wishes to assume all of the Pre-REIT Conversion Borrower’s Obligations under the
Credit Agreement and each other Loan Document to which the Pre-REIT Conversion Borrower is a party, and wishes to become the “OP Borrower” under the Credit Agreement and each such other Loan Document. 
  

 K-1 
 Form of Loan Document Assumption and Affirmation Agreement 

 NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
  
 SECTION 1 Defined Terms; Interpretation. 
  
 (a) All capitalized terms used in this Assumption and Affirmation Agreement (including in the recitals hereof) and not otherwise defined
herein shall have the meanings assigned to them in the Credit Agreement. 
  
 (b) The rules of interpretation set forth in Sections 1.02 to 1.05 of the Credit Agreement shall be applicable to this Assumption and Affirmation Agreement and are incorporated herein by this reference.

  
 SECTION 2 Assumption; Reaffirmation. 
  
 (a) The Post-REIT Conversion Borrower hereby unconditionally
and expressly assumes and agrees to pay and perform each and every Obligation of the Pre-REIT Conversion Borrower under the Credit Agreement, the Notes and each other Loan Document, all as though the Credit Agreement, the Notes and each other Loan
Document had originally been made, executed and delivered by the Post-REIT Conversion Borrower and it had been named as an original borrower therein. Without limiting the foregoing, the Post-REIT Conversion Borrower acknowledges and agrees that it
assumes and agrees to pay to the Lenders (including the L/C Issuer and Swing Line Lender), in accordance with the terms of the Credit Agreement, the Notes and the other Loan Documents, along with the TRS Borrower, the full principal amount and all
other amounts owed to each Lender, the Administrative Agent, the Swing Line Lender, the L/C Issuer and the other agents under the Credit Agreement, the Notes and the other Loan Documents, plus interest thereunder at the rate specified in the Credit
Agreement and the Notes. 
  
 (b) From and after
the Effective Date set forth in Section 4 below, the “OP Borrower” under the Credit Agreement, each of the Notes and each of the other Loan Documents shall mean and refer to Catellus Operating Limited Partnership, a Delaware limited
partnership. 
  
 (c) The TRS Borrower hereby
unconditionally and expressly reaffirms and agrees to pay and perform each and every Obligation of the TRS Borrower under the Credit Agreement, the Notes and each other Loan Document, all as though the Credit Agreement, the Notes and each other Loan
Document had originally been made, executed and delivered by both the Post-REIT Conversion Borrower and the TRS Borrower, and that the Post-REIT Conversion Borrower had been named as an original borrower therein. Without limiting the foregoing, the
TRS Borrower (i) acknowledges the execution, delivery and performance by the Post-REIT Conversion Borrower of this Assumption and Affirmation Agreement, and (ii) reaffirms its obligation to pay to the Lenders (including the L/C Issuer and Swing Line
Lender), in accordance with the terms of the Credit Agreement, the Notes and the other Loan Documents, along with the Post-REIT Conversion Borrower, the full principal amount and all other amounts and Obligations owed to each Lender, the
Administrative Agent, the Swing Line Lender, the L/C Issuer and the other agents under the Credit Agreement, the Notes and the other Loan Documents, plus interest thereunder at the rate specified in the Credit Agreement and the Notes. 
  

 K-2 
 Form of Loan Document Assumption and Affirmation Agreement 

 SECTION 3 Representations and Warranties. Each of the undersigned Post-REIT Conversion Borrower
and the TRS Borrower hereby certify to the Administrative Agent and each of the Lenders that the representations and warranties of each Borrower contained in Section 5.24 of the Credit Agreement are true and correct with respect to the
Post-REIT Conversion Borrower and TRS Borrower as of the Effective Date (except to the extent such representations and warranties specifically refer to an earlier date in which case they shall be true and correct as of such earlier date).

  
 SECTION 4 Conditions to Effectiveness. The effective
date for this Assumption and Affirmation Agreement shall be [                    , 200        ]
(the “Effective Date”); provided, however, that the following conditions precedent have been satisfied as of the Effective Date: 
  
 (a) this Assumption and Affirmation Agreement shall be executed and delivered to the Administrative Agent by
the Post-REIT Conversion Borrower and TRS Borrower; 
  
 (b) an Allonge to each Note, substantially in the form attached hereto as Exhibit A, shall be executed by the Post-REIT Conversion Borrower and the TRS Borrower and delivered to each Lender holding a Note; 
  
 (c) the Guarantor Acknowledgment and Reaffirmation,
substantially in the form attached hereto as Exhibit B, shall be executed and delivered to the Administrative Agent by each Guarantor that is a party to a Guaranty as of the Effective Date; 
  
 (d) the Pledgor Acknowledgment and Reaffirmation,
substantially in the form attached hereto as Exhibit C, shall be executed and delivered to the Administrative Agent by each Pledgor that is a party to a Pledge Agreement or a Pledge Agreement accession agreement as of the Effective Date;

  
 (e) the representations and warranties of the
Post-REIT Conversion Borrower contained in Section 5.24 of the Credit Agreement shall be true and correct as of the Effective Date; and 
  
 (f) the conditions precedent contained in Section 4.03 of the Credit Agreement shall have been satisfied. 
  
 SECTION 5 Further Assurances. At any time and from time to time, upon
the Administrative Agent’s reasonable request and at the expense of the Post-REIT Conversion Borrower and the TRS Borrower, each of the Post-REIT Conversion Borrower and TRS Borrower will promptly and duly execute and deliver any and all
further instruments and documents, and will take such further action, as the Administrative Agent or any Lender may deem reasonable to effect the purposes of this Assumption and Affirmation Agreement including, without limitation, the execution and
delivery of a replacement Note for any Lender requesting such a replacement Note, upon the cancellation of the original Note of such Lender that had been executed by the Pre-REIT Conversion Borrower and the TRS Borrower in connection with the
closing of the Credit Agreement. 
  

 K-3 
 Form of Loan Document Assumption and Affirmation Agreement 

 SECTION 6 Successors and Assigns. This Assumption and Affirmation Agreement shall be binding upon
each of the Post-REIT Conversion Borrower the TRS Borrower and shall inure to the benefit of the Administrative Agent, the Swing Line Lender, the L/C Issuer, each other agents and each of the Lenders and their respective successors and assigns.

  
 SECTION 7 Governing Law. This Assumption and
Affirmation Agreement shall be governed by, and shall be construed and interpreted in accordance with, the laws of the State of California. 
  
 SECTION 8 Counterparts. This Assumption and Affirmation Agreement may be executed in any number of separate counterparts, each of which, when so
executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument. 
  
 [Remainder of page left blank intentionally] 
  

 K-4 
 Form of Loan Document Assumption and Affirmation Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Assumption and Affirmation Agreement to be duly
executed and delivered by their respective duly authorized officers as of the day and year first above written. 
  

	CATELLUS OPERATING LIMITED
PARTNERSHIP
			
	By:	 	  

	 	 , its general

	 partner
	 	 

  

		
	By:	 	 
	 	

	Name:	 	 
	 	

	Title:	 	 
	 	

  

	CATELLUS LAND AND DEVELOPMENT
CORPORATION	 	 
		
	By:	 	 
	 	

	Name:	 	 
	 	

	Title:	 	 
	 	

  

	ACKNOWLEDGED:
	
	BANK OF AMERICA, N.A.,
as Administrative Agent
		
	By:	 	 
	 	

	 	 	 Name
 Title:

  

 K-Execution 1 
 Form of Loan Document Assumption and Affirmation Agreement 

 Exhibit A 
 To Loan Document Assumption and Affirmation 
  
 ALLONGE 
  
 This is an
Allonge to that certain promissory note (the “Note”) dated as of August         , 2003, in the original principal amount of
$                            , executed by Catellus Development Corporation, a Delaware corporation,
with a corporate identification number of 2049941 (the “Pre-REIT Conversion Borrower”), and Catellus Land and Development Corporation, a Delaware corporation with a corporate identification number of 3669767 (the “TRS
Borrower”) to the order of                              (the “Lender”).

  
 Pursuant to that certain Loan Document Assumption and
Affirmation Agreement, dated as of [                , 200        ] (the “Loan Document Assumption and
Affirmation”), by each of the undersigned Catellus Operating Limited Partnership, a Delaware limited partnership (the “Post-REIT Conversion Borrower” or the “OP Borrower”), and the TRS Borrower, the
Post-REIT Conversion Borrower has assumed all of the obligations and liabilities of the Pre-REIT Conversion Borrower under the Note, and the TRS Borrower has reaffirmed all of the TRS Borrower’s obligations and liabilities under the Note. Each
of the undersigned confirms, acknowledges and agrees for the benefit of the Lender that each of the undersigned is and shall be the obligor and a Borrower under the Note, with the obligation to make all payments thereunder to the Lender. 

 
 IN WITNESS WHEREOF, the undersigned has executed this Allonge as of this
         day of                     ,
200        . 
  

	CATELLUS OPERATING LIMITED
PARTNERSHIP
			
	By:	 	  

	 	 , its general

	 partner
	 	 

  

		
	By:	 	 
	 	

	Name:	 	 
	 	

	Title:	 	 
	 	

  

	CATELLUS LAND AND DEVELOPMENT
CORPORATION	 	 
		
	By:	 	 
	 	

	Name:	 	 
	 	

	Title:	 	 
	 	

  

 Exhibit A-1 

 Exhibit B 
 To Loan Document Assumption and Affirmation 
  
 GUARANTOR ACKNOWLEDGMENT AND REAFFIRMATION 
  
 Each of the undersigned, a Guarantor pursuant to a Guaranty, dated as of                     ,
200         (as amended, modified, renewed or extended from time to time, the “Guaranty”), executed by each of the undersigned in favor of the Lenders party to the Credit Agreement (as
described in the Assumption and Affirmation Agreement referred to below), Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), the letter of credit issuer (in such capacity, the “the
L/C Issuer”), and the swing line lender (in such capacity, the “Swing Line Lender”), and the other agents under such Credit Agreement, hereby executes this Acknowledgment and Reaffirmation in favor of the Lenders, the
Administrative Agent, the L/C Issuer, the Swing Line Lender, and the other agents as of the date set forth below. 
  
 Capitalized terms used and not defined herein shall have the meanings as utilized in the Assumption and Affirmation Agreement referred to below, or if not
defined therein, as defined in the Credit Agreement described in such Assumption and Affirmation Agreement. 
  
 Each of the undersigned Guarantor hereby certifies and agrees as follows: 
  

	1.	Such Guarantor acknowledges the execution, delivery and performance by Catellus Operating Limited Partnership, a Delaware limited partnership (the “Post -REIT Conversion
Borrower”), in favor of the Agent, the other agents, the L/C Issuer, the Swing Line Lender and the Lenders, of that certain Loan Document Assumption and Affirmation Agreement, dated as of
[                    , 200        ] (the “Assumption and Affirmation
Agreement”) and consents to all of the terms therein, including, without limitation, the assumption by the Post-REIT Conversion Borrower of each and every Obligation of the Pre-REIT Conversion Borrower under the Credit Agreement, the Notes
and each other Loan Document. 

  

	2.	Such Guarantor reaffirms and agrees that the Guaranty to which it is a party and all other documents and agreements executed and delivered by such undersigned to the Administrative
Agent in connection with the Guaranty are and continue in full force and effect, without defense, offset or counterclaim, and that such Guaranty continues to guarantee the full amount of the Loans and other Obligations assumed by the Post-REIT
Conversion Borrower pursuant to the Assumption and Affirmation Agreement. 

  

	 Dated: [                ,
200        ]
	 	 	 	 [GUARANTOR]

					
	 	 	 	 	 	 	By:	 	

	 	 	 	 	 	 	 	 	 Name:
 Title:

  

 Exhibit B-1 

 Exhibit C 
 To Loan Document Assumption and Affirmation 
  
 PLEDGOR ACKNOWLEDGMENT AND REAFFIRMATION 
  
 Each of the undersigned, a Pledgor pursuant to that certain Pledge Agreement, dated as of                 ,
200        , or a Pledge Agreement accession agreement (collectively, as amended, modified, renewed or extended from time to time, the “Pledge Agreement”), executed by each of the
undersigned in favor of the Lenders party to the Credit Agreement (as described in the Assumption and Affirmation Agreement referred to below), Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”), the letter of credit issuer (in such capacity, the “the L/C Issuer”), and the swing line lender (in such capacity, the “Swing Line Lender”), and the other agents under such Credit Agreement, hereby
executes this Acknowledgment and Reaffirmation in favor of the Lenders, the Administrative Agent, the L/C Issuer, the Swing Line Lender, and the other agents as of the date set forth below. 
  
 Capitalized terms used and not defined herein shall have the meanings as
utilized in the Assumption and Affirmation Agreement referred to below, or if not defined therein, as defined in the Credit Agreement described in such Assumption and Affirmation Agreement. 
  
 Each of the undersigned Pledgor hereby certifies and agrees as follows:

  

	1.	Such Pledgor acknowledges the execution, delivery and performance by Catellus Operating Limited Partnership, a Delaware limited partnership (the “Post -REIT Conversion
Borrower”), in favor of the Agent, the L/C Issuer, the Swing Line Lender and the Lenders, of that certain Loan Document Assumption and Affirmation Agreement, dated as of
[            , 200        ] (the “Assumption and Affirmation Agreement”) and consents to all of the terms therein,
including, without limitation, the assumption by the Post-REIT Conversion Borrower of each and every Obligation of the Pre-REIT Conversion Borrower under the Credit Agreement, the Notes and each other Loan Document. 

  

	2.	Such Pledgor reaffirms and agrees that the Pledge Agreement to which it is a party and all other documents and agreements executed and delivered by such undersigned to the
Administrative Agent in connection with the Pledge Agreement are and continue in full force and effect, without defense, offset or counterclaim, and that the collateral pledged under such Pledge Agreement continues to secure the full amount of the
Loans and other Obligations assumed by the Post-REIT Conversion Borrower pursuant to the Assumption and Affirmation Agreement. 

  

	 Dated: [                ,
200        ]
	 	 	 	 [PLEDGOR]

					
	 	 	 	 	 	 	By:	 	

	 	 	 	 	 	 	 	 	 Name:
 Title:

  

 Exhibit C-1

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