Document:

RI Q3 2011 Exhibit 10.11

Exhibit 10.11

THIRD AMENDMENT TO LOAN AGREEMENT
This Third Amendment to Loan Agreement (this “Amendment”), dated as of September 1, 2011, by and among Goldman Sachs Commercial Mortgage Capital, L.P. (as predecessor-in-interest to Goldman Sachs Mortgage Company, “Goldman”), Citicorp North America, Inc. (“Citi”), KBS Acquisition Sub, LLC (“KBS Mortgage Lender,” and collectively with Goldman and Citi, “Lender”), as lender, and each of the entities listed as a “Borrower” on the signature pages hereto, collectively, jointly and severally, together with their respective permitted successors and assigns, “Borrower”), amends that certain Loan Agreement, dated as of April 1, 2008, as amended by that certain Amendment to Loan Agreement, dated as of  August 22, 2008, as further amended by that certain Second Amendment to Loan Agreement, dated as of March 9, 2010, as further amended by that certain extension agreement, dated March 13, 2011, as further amended by that certain extension agreement, dated April 15, 2011, and as further amended by that certain extension agreement, dated April 29, 2011 (collectively with this Amendment, the “Loan Agreement”).
WHEREAS, Lender and Borrower desire to further amend the Loan Agreement with respect to the matters set forth herein.
NOW THEREFORE, in consideration of the mutual premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby represent, warrant, covenant and agree as follows:
Section 1.    Amendments of Loan Agreement.  Lender and Borrower hereby agree to amend the terms of the Loan Agreement as hereinafter set forth:
		
	1.
	The defined term “Approved Management Agreement” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Approved Management Agreement” means, collectively or individually as the context may require, those certain Property Management Agreements listed on Schedule I, attached to this Amendment, between Borrower and the respective Approved Property Manager, as the same may be modified or replaced in accordance herewith with the reasonable consent of Lender, and any other management agreement that is approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, and with respect to which Lender receives Rating Confirmation.  For the avoidance of doubt, the Property Management Agreements listed on Schedule I attached to this Amendment are hereby approved by Lender.
		
	2.
	The defined term “Approved Property Manager” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Approved Property Manager” means (i) First States Management Corp. (ii) CB Richard Ellis, (iii) Jones Lang LaSalle, (iv) PM Realty Group, (v) Transwestern, or (vi) any other management company that is approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, and with respect to which Lender receives Rating Confirmation, in each case unless and until Lender requests 

the termination of that management company pursuant to Section 5.10(d).  For the avoidance of doubt, each of the property managers referenced above in subclauses (i) through (viii), inclusive, are hereby approved by Lender.
		
	3.
	The defined term “Cash Management Bank” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Cash Management Bank” means a depository institution selected by Lender in which Eligible Accounts may be maintained. The current Cash Management Bank is Bank of America (as successor in interest to LaSalle Bank, N.A).
		
	4.
	The defined term “Change of Control” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Change of Control” means the occurrence of either or both of the following: (i) the failure of any individual Borrower to be directly or indirectly 100% owned and controlled by KBS Debt Holdings, LLC or a Mezzanine Lender that acquires a direct or indirect equity interest in Borrower through foreclosure or a transfer in lieu of foreclosure, in each case in accordance with the intercreditor agreement between Lender and Mezzanine Lender, or (ii) the failure of any Single-Purpose Equityholder (if any) to be directly or indirectly 100% owned and controlled by KBS Debt Holdings, LLC or a Mezzanine Lender that acquires a direct or indirect equity interest in Borrower through foreclosure or a transfer in lieu of foreclosure, in each case in accordance with the intercreditor agreement between Lender and Mezzanine Lender.
Notwithstanding anything stated to the contrary in Sections 7.1(e) and (f) of the Loan Agreement, or elsewhere in the Loan Agreement, or in any other Loan Documents, any transfers (or the pledge or encumbrance) of equity interests or other interests in KBS Acquisition Sub-Owner 1, LLC, or in any of the direct or indirect owners of KBS Acquisition Sub-Owner 1, LLC, shall not be prohibited (and shall be expressly permitted) provided that KBS Real Estate Investment Trust, Inc. continues to own, either directly or indirectly, 100% of the ownership interests in KBS Acquisition Sub-Owner 1, LLC, provided further that any Net Cash Proceeds realized by the direct or indirect owners of KBS Acquisition Sub-Owner 1, LLC in connection with the indebtedness secured by the pledge or encumbrance of equity interests or other interests in KBS Acquisition Sub-Owner 1, LLC, or in any of the direct or indirect owners of KBS Acquisition Sub-Owner 1, LLC shall be applied (i) first, as set forth in the Mezzanine Loan Agreement and (ii) following the indefeasible repayment of the Mezzanine Loan, in such manner as the indirect owners of KBS Acquisition Sub-Owner 1, LLC may elect, provided further, that prior to any pledge or encumbrance of the equity interests or other interests in KBS Acquisition Sub-Owner 1, LLC, or in any of the direct or indirect owners of KBS Acquisition Sub-Owner 1, LLC, the third party lender which will be obtaining the pledge as collateral for its financing shall enter into an intercreditor agreement substantially similar to the Intercreditor Agreement (as that term is defined in the Mezzanine Loan Agreement), which Lender agrees to enter into with such changes as are reasonably acceptable to Lender.”

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	5.
	The defined term “Collateral” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Collateral” means all assets owned from time to time by Borrower, including the Properties, the Revenues and all other tangible and intangible property in respect of which Lender is granted a Lien under the Loan Documents, and all proceeds thereof, and (ii) the Pledgor Equity.    
		
	6.
	The defined term “Cooperation Agreement” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Cooperation Agreement” means that certain Mortgage Loan Cooperation Agreement, dated as of September 1, 2011, among Borrower, Lender and Sponsor, as the same may from time to time be modified or replaced in accordance herewith.        
		
	7.
	The defined term “Environmental Indemnity” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Environmental Indemnity” means, with respect to each Property (i) that certain     environmental indemnity agreement executed by Borrower and Gramercy Capital Corp. as of the Closing Date for the benefit of the Lender (it being acknowledged by the Lender that Gramercy Capital Corp. has been released from liabilities under such environmental indemnity agreement) and (ii) that certain environmental indemnity agreement executed by Borrower and Sponsor as of September 1, 2011 for the benefit of the Lender, as each of the same may from time to time be modified or replaced in accordance herewith.
		
	8.
	The defined term “Guaranty” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Guaranty” means that certain guaranty executed by Sponsor as of September 1, 2011 for the benefit of the Lender, as each of the same may from time to time be modified or replaced in accordance herewith.
		
	9.
	The defined term “Lender” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Lender” has the meaning set forth in the recitals to this Amendment and in Section 9.7.
		
	10.
	The defined term “Loan Documents” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Loan Documents” means the Loan Agreement, each of the Notes, each of the Mortgages (and related financing statements), the Environmental Indemnity (but only to the extent referenced in clause (ii) of the definition thereof, each of the Subordination of Property Management Agreements, the Cash Management Agreement, any Blocked Account Agreement, the Cooperation Agreement, the Guaranty, the Limited Guaranty, any Letter of Credit, the Pledge Agreement, and all 

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other agreements, instruments, certificates and documents necessary to effectuate the granting to Lender of first-priority Liens on the Collateral or otherwise in satisfaction of the requirements of the Loan Agreement or the other documents listed above, as all of the aforesaid may be modified or replaced from time to time in accordance herewith.
		
	11.
	The defined term “Mezzanine Borrower” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Mezzanine Borrower” means, collectively, (i) KBS GKK Participation Holdings I, LLC and (ii) KBS GKK Participation Holdings II, LLC.
		
	12.
	The defined term “Mezzanine Lender” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Mezzanine Lender” means, collectively, (i) Goldman Sachs Mortgage Company and (ii) Citigroup Financial Products Inc.
		
	13.
	The defined term “Mezzanine Loan” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Mezzanine Loan” means that certain repurchase facility entered into between Mezzanine Lender and Mezzanine Borrower as evidenced by the Mezzanine Loan Agreement, as the same may be amended or modified from time to time.
		
	14.
	The defined term “Mezzanine Loan Agreement” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Mezzanine Loan Agreement” means, collectively, (i) that certain Amended and Restated Master Repurchase Agreement, dated as of April 28, 2011, by and between Citigroup Financial Products Inc., as Buyer and KBS GKK Participation Holdings II, LLC, as seller and (ii) that certain Amended and Restated Master Repurchase Agreement, dated as of April 28, 2011, by and between Goldman Sachs Mortgage Company, as Buyer and KBS GKK Participation Holdings I, LLC, as seller , as each may be amended or modified from time to time.
		
	15.
	The defined term “Mezzanine Loan Documents” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Mezzanine Loan Documents” means the “Transfer Documents” as defined in the Mezzanine Loan Agreement.
		
	16.
	The defined term “Parcel Release Price” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Parcel Release Price” means the “Release Price” as defined below.

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	17.
	The defined term “Permitted Debt” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Permitted Debt” means:
(i)    the Indebtedness (including, without limitations, obligations under any guaranties and/or indemnities required under this Agreement); and
(ii)    (a) Trade Payables not represented by a note customarily paid by Borrower within 60 days of incurrence and in fact not more than 60 days outstanding, or (b) Operating Expenses for which the Borrower has not received a bill or invoice, or if Borrower has received a bill or invoice, the same has not remained unpaid for more than 60 days, which, with respect to both (a) and (b) are incurred in the ordinary course of Borrower's ownership and operation of the Properties, in amounts reasonable and customary for similar Properties and not exceeding 2.0% of the Loan Amount in the aggregate, or in such other amounts as may reasonably be agreed to by Lender.
		
	18.
	The defined term “Release Price” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Release Price” means, with respect to the release of a Property, the valuations of the Properties determined by Aquila Property Company (as set forth on Schedule E hereto), provided that (i) if such valuations collectively equal more than $239,503,594.90 such valuations shall be reduced proportionately in order for the Release Prices to equal $239,503,594.90 and (ii) if such valuations are collectively equal to or less than $239,503,594.90 such valuations shall be grossed up proportionately in order for the Release Prices to equal $239,503,594.90, provided that following the execution of the Third Amendment, the Release Prices may be modified in a manner reasonably agreed to by Borrower and Lender and provided further, however, in the event Loss Proceeds with respect to any Property shall be applied to the repayment of the Loan pursuant to Section 5.16, the Release Price for such Property shall be reduced dollar-for-dollar by an amount equal to the Loss Proceeds so applied.”
		
	19.
	The defined term “Single-Purpose Entity” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Single-Purpose Entity” means a Person which (a) was formed solely for the purpose of acquiring and holding (i) in the case of a Property Owner, an ownership interest in its Property, (ii) in the case of a Pledgor, an ownership interest in its Required Equity or (iii) in the case of a Single-Purpose Equityholder, an ownership interest in the Borrower, (b) does not engage in any business unrelated to (i) in the case of a Property Owner, such Property, (ii) in the case of a Pledgor, such Required Equity or (iii) in the case of a Single-Purpose Equityholder, its ownership interest in the Borrower, (c) does not have any assets other than those related to (i) in the case of a Property Owner, such Property, (ii) in the case of a Pledgor, such Required Equity or (iii) in the case of a Single-Purpose Equityholder, its ownership interest in the 

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Borrower, (d) does not have any Debt other than, in the case of Borrower, Permitted Debt, (e) maintains books, accounts, records, financial statements, stationery, invoices and checks which are separate and apart from those of any other Person (except that such Person's financial position, assets, results of operations and cash flows may be included in the consolidated financial statements of an Affiliate of such Person in accordance with GAAP, provided that any such consolidated financial statements shall contain a note indicating that such Person and its Affiliates are separate legal entities and maintain records, books of account separate and apart from any other Person), (f) is subject to and complies with all of the limitations on powers and separateness requirements set forth in the organizational documentation of such Person as of the Closing Date, (g) holds itself out as being a Person separate and apart from each other Person and not as a division or part of another Person, (h) conducts its business in its own name (except for services rendered under a management agreement with an Affiliate, so long as the manager, or equivalent thereof, under such management agreement holds itself out as an agent of such Person), (i) exercises reasonable efforts to correct any known misunderstanding actually known to it regarding its separate identity, and maintains an arm's-length relationship with its Affiliates, (j) pays its own liabilities out of its own funds (including the salaries of its own employees, if any) and reasonably allocates any overhead that is shared with an Affiliate, including paying for shared office space and services performed by any officer or employee of an Affiliate, (k) maintains a sufficient number of employees in light of its contemplated business operations, (l) conducts its business so that the assumptions made with respect to it which are contained in the Nonconsolidation Opinion shall at all times be true and correct in all material respects, (m) except as contemplated by the Loan Documents, maintains its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person, (n) observes all applicable corporate entity-level formalities in all material respects, (o) except as contemplated by the Loan Documents, does not commingle its assets with those of any other Person and holds such assets in its own name, (p) except as contemplated by the Loan Documents, except as set forth in the Encumbered Property Debt Documents and the Loan Documents, does not assume, guarantee or become obligated for the debts of any other Person, and does not hold out its credit as being available to satisfy the obligations or securities of others, (q) does not acquire obligations or securities of its shareholders, members or partners, (r) except as contemplated by the Loan Documents, except in connection with the Loan, does not pledge its assets for the benefit of any other Person and does not make any loans or advances to any Person, (s) intends to maintain adequate capital in light of its contemplated business operations, (t) has two Independent Directors, or, in the case of a limited partnership, has a Single-Purpose Equityholder with two Independent Directors, (u) has by-laws or an operating agreement, or, in the case of a limited partnership, has a Single-Purpose Equityholder with by-laws or an operating agreement, which provides that, for so long as the Loan is outstanding, such Person shall not take or consent to any of the following actions except to the extent expressly permitted in this Agreement and the other Loan Documents:

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(i)      to the fullest extent permitted by law, the dissolution, liquidation, consolidation, merger or sale of all or substantially all of its assets (and, in the case of a Single-Purpose Equityholder, the assets of the Borrower);
(ii)  the engagement by such Person (and, in the case of a Single-Purpose Equityholder, the engagement by the Borrower) in, (x) in the case of any Property Owner, any business other than the acquisition, development, management, leasing, ownership, maintenance and operation of its Property, and activities incidental thereto, (y) in the case of any Pledgor, any business other than the acquisition and ownership of its Required Equity, and (iii) in the case of a Single-Purpose Equityholder, activities incidental to the acquisition and ownership of its interest in the Borrower; 
(iii)  the filing, or consent to the filing, of a bankruptcy or insolvency petition, any general assignment for the benefit of creditors or the institution of any other insolvency proceeding, or the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official in respect of such Person without the affirmative vote of all of its Independent Directors (and, in the case of a Single-Purpose Equityholder, in respect of the Borrower without the affirmative vote of both of such Single-Purpose Equityholder's Independent Directors); and 
(iv)  any amendment or modification of any provision of its (and, in the case of a Single-Purpose Equityholder, the Borrower's) organizational documents relating to qualification as a “Single-Purpose Entity”, and 
(v) if such entity is a Single Member LLC that does not have an independent non-equity member, has organizational documents which provide that upon the occurrence of any event (other than a permitted equity transfer) that causes its sole member to cease to be a member while the Loan is outstanding, at least one of its Independent Directors shall automatically be admitted as the sole member of the Single Member LLC and shall preserve and continue the existence of the Single Member LLC without dissolution
		
	20.
	The defined term “Sponsor” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Sponsor” means KBS Acquisition Sub, LLC, or any successors and assigns thereof by merger or consolidation.
		
	21.
	The defined term “Spread” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Spread” means:
From September 1, 2011 through November 30, 2011: 3.00%
From December 1, 2011 through February 29, 2012:    4.50%

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From March 1, 2012 through May 31, 2012:    6.00%
From June 1, 2012 through August 31, 2012:    7.50%    
		
	22.
	The defined term “Transfer” is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Transfer” means (i) with respect to a Property, the pledge, sale or other whole or partial conveyance of all or any portion of any of the Properties or any direct or indirect interest therein, or any direct or indirect equity interest in the owner thereof, including granting of any purchase options, rights of first refusal, rights of first offer or similar rights in respect of any portion of such Property or the subjecting of any portion of such Property to restrictions on transfer; except that the conveyance of a space lease at such Property in accordance herewith shall not constitute a Transfer and (ii) with respect to the Pledgor Equity, unless expressly permitted hereunder, the pledge, sale or other whole or partial conveyance of all or any portion thereof or any direct or indirect equity interest therein.
		
	23.
	The following definitions are hereby deleted in their entirety: (i) AFRT Owner, (ii) Merger, (iii) Merger Agreement, (iv) Mezzanine Loan Cash Management Account, (v) Permitted TRS Contribution Agreement, (vi) Permitted TRS Entity, (vii) Junior Mezzanine Borrower, (viii) Junior Mezzanine Lender, (ix) Junior Mezzanine Loan, (x) Junior Mezzanine Loan Agreement, (xi) Junior Mezzanine Loan Documents, (xii) Whole Loan Guarantor, (xiii) Whole Loan Guaranty, (xiv) Permitted Distribution, (xv) Extension Interest Rate Cap Agreement, (xvi) Mezzanine Loan Event of Default, (xvii) Mezzanine Loan Principal Indebtedness, (xviii) Permitted Joint Venture (xix) Prepayment Fee , (xx) Qualified Operating Account, (xxi) Affiliated Release Price, (xxii) Unaffiliated Release Price (xxiii) Allocated Loan Amount and any terms and conditions based upon the usage of the foregoing terms in the Loan Agreement and any other Loan Documents shall be construed to be ineffective.

		
	24.
	The following definitions are hereby inserted in the “DEFINITIONS” section of the Loan Agreement in alphabetical order:

“Default Rate” means, with respect to any Note or Note Component, the greater of (x) 4% per annum in excess of the interest rate otherwise applicable to such Note or Note Component hereunder and (y) 1% per annum in excess of the Prime Rate from time to time.
“Equity Transfer” means the transfers of the equity interests in the Borrowers as set forth on Schedule B hereto.     
“Limited Guaranty” means that certain Limited Guaranty, dated as of the date hereof, from Pledgor for the benefit of the Lender. 
“Monthly Operating Expense Amount” means with respect to any calendar month, the amount payable for Operating Expenses pursuant to Section 3.7 herein, together with (a) that portion of the Management Fee (as defined in the Settlement Agreement) 

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payable under the Settlement Agreement or the Management Services Agreement (as defined in the Settlement Agreement) for such calendar month as allocated for the Property, subject to Lender's reasonable approval, (b) the amount required to pay all Taxes prior to such Taxes becoming delinquent, (c) to the extent Borrower does not maintain a blanket insurance policy, the amount sufficient to pay all insurance premiums by the 10th day prior to the date they become due and (d) other amounts incurred by Borrower in connection with the operation, management and maintenance of the Properties and approved by Lender, which approval shall not be unreasonably withheld. 
“Net Cash Proceeds” means with respect to any financing or refinancing, the difference, if any, of (i) the sum of all cash received by the direct or indirect owners of KBS Acquisition Sub-Owner 1, LLC minus (ii) the principal amount of any indebtedness that is secured by the asset subject to the indebtedness and that is required to be repaid in connection with such financing or refinancing, together with any applicable premium, penalty, interest and breakage costs minus (iii) all reasonable third party out of pocket costs and expenses incurred in connection with such financing or refinancing.
“Pledge Agreement” means that certain Pledge and Security Agreement, dated as of September 1, 2011, by the Pledgor for the benefit of Lender. 
“Pledgor” means KBS Acquisition Sub-Owner 1, LLC, a Delaware limited liability company. 
“Pledgor Equity” means 100% of the direct equity interests in each Borrower as set forth in the Pledge Agreement, as modified from time to time to reflect any Transfer permitted pursuant hereto.
“Replacement Mezz Borrower” means any entity that is a borrower under the Replacement Mezz Loan. 
“Replacement Mezz Loan” means a loan agreement that may be entered into by Pledgor and its affiliates solely for the purpose of satisfying the outstanding debt under the Mezzanine Loan.
“Settlement Agreement” means the Collateral Transfer and Settlement Agreement made as of September 1, 2011, by and among GKK Stars Acquisition LLC, a Delaware limited liability company, KBS Acquisition, KBS Debt Holdings Mezz Holder, LLC, a Delaware limited liability company, Seller and KBS Acquisition Holdings as the same may be amended, restated or otherwise modified from time to time.
“Shortfall Event” means the inability of the Mezzanine Borrower or Replacement Mezz Borrower to make its debt service payments as they become due and payable pursuant to the terms of the Mezzanine Loan or Replacement Mezz Loan, as applicable, provided that (i) a Shortfall Event will not exist until such time as Borrower provides Lender with monthly reports demonstrating its inability to make 

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the applicable debt service payments, and such reports shall include the information required pursuant to Section 5.14, as well as monthly cash flow statements tied to bank statements (including a reconciliation of beginning cash balances to ending cash balances) (such reports, the “Shortfall Reports”), and (ii) a Shortfall Event will cease to exist at any time that Borrower has not provided a Shortfall Report to Lender for forty-five (45) days.
		
	25.
	Section 1.2(a) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“The Maturity Date of the Loan shall be August 31, 2012.”
		
	26.
	Section 1.2(b) is hereby deleted in its entirety.

		
	27.
	Section 1.3(b) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“The loan shall be prepayable (in whole or in part) at any time without the payment of a prepayment fee. Notwithstanding the foregoing, the Borrower shall indemnify Lender against any loss or expense (but excluding any profit) that such Lender may sustain or incur as a consequence of any prepayment which results in Lender receiving or being deemed to receive any amount on account of the principal of the Loan prior to the end of the Interest Accrual Period in effect therefor. The entire outstanding Principal Indebtedness, together with all interest thereon through the end of the Interest Accrual Period in which the Maturity Date falls (calculated as if such Principal Indebtedness were outstanding for the entire Interest Accrual Period) and all other amounts then due under the Loan Documents shall be due and payable by Borrower to Lender on the Maturity Date.”    
		
	28.
	Section 1.4 is hereby deleted in its entirety.

		
	29.
	The first sentence of Section 2.1(a) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Borrower shall have the right, at its option, upon ten Business Days' prior written notice to Lender (which notice may be revocable at any time by Borrower, provided that Borrower shall reimburse Lender for all of its reasonable out-of-pocket costs and expenses incurred as a result of any such revocation), to prepay the Loan in whole or in part at any time.”
		
	30.
	Section 2.1(b) is hereby deleted in its entirety.

		
	31.
	Section 2.2(a) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“(a) So long as no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower may from time to time obtain the release of one or more of the Properties from the Liens of the Loan Documents in 

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connection with a sale to an unaffiliated third-party in an arms'-length transaction, provided that 
(1) if the Net Proceeds are equal to or exceed 110% of the Release Price, then at the time of such release, (A) Borrower shall prepay the Loan, in accordance with Section 2.1, in an amount equal to the applicable Release Price, which prepayment shall be accompanied by the other amounts specified in Section 2.1, (B) 10% of the Net Proceeds shall be deposited by the Borrower into the Cash Management Account to be used by the Borrower as Capital Expenditures, which such uses by Borrower shall be subject to Lender's reasonable approval, and (C) all remaining amounts shall be applied toward the repayment of the Mezzanine Loan, provided that following the repayment in full of the Mezzanine Loan, all remaining amounts (up to 125% of the Release Price) shall be applied toward the repayment of the Loan, with all remaining amounts above 125% of the Release Price being applied in such manner as the Borrower may elect;  
(2) if the Net Proceeds are less than 110% of the Release Price but are equal to or exceed 100% of the Release Price then at the time of such release, (A) Borrower shall prepay the Loan, in accordance with Section 2.1, in an amount equal to 90% of the applicable Net Proceeds, which prepayment shall be accompanied by the other amounts specified in Section 2.1 and (B) 10% of the Net Proceeds shall be deposited by the Borrower into the Cash Management Account to be used by the Borrower as Capital Expenditures, which such uses by Borrower shall be subject to Lender's reasonable approval;  
(3) if the Net Proceeds are less than 100% of the Release Price then at the time of such release the DSCR for the Test Period most recently ended, recalculated to include only income and expense attributable to Borrower's interest in the Properties remaining after the contemplated release and to exclude the interest expense and principal payments on the aggregate amount to be prepaid, would be equal to or greater than DSCR immediately prior to such release (as reasonably determined by Lender). In the event that the DSCR after the Release would be less than the DSCR immediately prior to such release, Borrower may request Lender's approval for such release, such approval not to be unreasonably withheld. If (A) the DSCR after the Release would be greater than the DSCR immediately prior to such release or (B) Lender reasonably agrees to such release then Borrower shall prepay the Loan, in accordance with Section 2.1, in an amount equal to 90% of the applicable Net Proceeds, which prepayment shall be accompanied by the other amounts specified in Section 2.1 , and (B) 10% of the Net Proceeds shall be deposited by the Borrower into the Cash Management Account to be used by the Borrower as Capital Expenditures, which such uses by Borrower shall be subject to Lender's reasonable approval.
Borrower shall reimburse Lender for any actual reasonable out-of-pocket costs and expenses incurred by Lender in connection with this Section 2.2 (including the reasonable fees and expenses of legal counsel and the Servicer).

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Notwithstanding the foregoing, in the event that the Net Proceeds deposited into the Cash Management Account to be applied toward Capital Expenditures at any time exceeds $10 million, prior to any further deposit of funds into the Cash Management Account for Capital Expenditures by Borrower following a sale of Property, Borrower shall deliver a reconciliation of the uses by Borrower of such Capital Expenditures funds. In the event that Lender, in its reasonable discretion, determines that no further Capital Expenditures are required with respect to the remaining Properties owned by the Borrower, all Net Proceeds which otherwise would have been deposited into the Cash Management Account to be applied toward Capital Expenditures shall instead by applied toward the repayment of the Loan.”
		
	32.
	Section 3.2(a) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“The Cash Management Agreement shall provide that prior to the occurrence of an Event of Default, the Cash Management Bank shall, disburse all amounts in accordance with the waterfall set forth in Section 3.2(b).  After the occurrence of an Event of Default, Lender may direct Cash Management Bank to disburse amounts in Lender's sole discretion. Lender may notify the Cash Management Bank at any time of any change in the Minimum Balance (as hereinafter defined).  Lender shall deliver a copy of any notice of a change in the Minimum Balance to Borrower, for information only (but any failure by Lender to do so shall not in any way limit Borrower's obligations or liabilities hereunder).”  
		
	33.
	Section 3.2(b) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“On each Payment Date, provided no Event of Default has occurred and is continuing, Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the following order of priority:
(i)    the amount of all scheduled or delinquent interest on the Loan and all other amounts then due and payable under the Loan Documents (“Scheduled Debt Service”); 
(ii)    (A) the amount required to pay all Taxes prior to such Taxes becoming delinquent, and (B) to the extent Borrower does not maintain a blanket insurance policy, the amount sufficient to pay all insurance premiums by the 10th day prior to the date they become due (the amounts set forth in clauses (A) and (B), together with the Scheduled Debt Service, the “Minimum Balance”);
(iii)    to Borrower, within five (5) days of Lender's approval of the Monthly Budget pursuant to Section 3.7 hereto, the Monthly Operating Expense Amount;
(iv)    during the continuance of a Shortfall Event, to such account as shall be designated by Replacement Mezz Borrower solely for the purpose of making payments of debt service (interest and required principal payments) under the Replacement Mezz 

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Loan from time to time, and only such amounts as are necessary to avoid the continuance of a Shortfall Event (such amounts constituting the “Shortfall Amount”); 
(v)    during the continuance of a Shortfall Event, all amounts in excess of the Shortfall Amount to prepay the outstanding principal balance of the Loan; and
(vi)    if a Shortfall Event is not continuing, all remaining amounts to prepay the outstanding principal balance of the Loan”
		
	34.
	Section 3.7 is hereby deleted in its entirety and the following is inserted in lieu thereof:

“3.7. Operating Expenses. By no later than ten (10) days prior to the first day of each calendar month, Borrower may request that Lender release the Monthly Operating Expense Amount from the Cash Management Account (but in any event not more then once a month), by submitting to Lender for their review and approval, not to be unreasonably withheld, a budget for the next calendar month (the “Monthly Budget”) which shall include a breakdown of estimated Operating Expenses and all other amounts to be incurred by Borrower in connection with the operation, management and maintenance of the Properties for the next calendar month and shall otherwise be in form and substance reasonably acceptable to Lender. Upon receipt of the Monthly Budget, Lender will review the Monthly Budget and cause the release of such funds for those Operating Expenses and other amounts that have been reasonably approved by Lender pursuant to the foregoing.  In the event that Lender reasonably objects to a proposed Monthly Budget submitted by Borrower, Lender shall advise Borrower of such objections within five (5) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Monthly Budget and resubmit the same to Lender. Lender shall advise Borrower of any reasonable objections to such revised Monthly Budget within five (5) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this subsection until Lender approves the Monthly Budget (which approval shall not be unreasonably withheld). Lender agrees to respond to any such request for approval of the Monthly Budget within five (5) days after actual receipt thereof by Lender and the failure of Lender to respond in any manner to Borrower with such five (5) day period shall be deemed to constitute approval to such request; provided that (i) the original request for consent shall have contained a statement therein, in uppercase letters, that the failure of Lender to respond to such request within five (5) days shall be deemed to be consent thereto, and (ii) if the Lender transmits in writing any request by Lender for such additional information as may be reasonable under the circumstances, then Lender shall be deemed to have responded within such five (5) day period; provided however that if, within five (5) days after actual receipt by Lender of such additional information requested by Lender, Lender does not transmit in writing a response to Borrower that is either approving or withholding its approval to such proposed Monthly Budget, such failure to transmit such a response within the five (5) day time period shall be deemed to constitute Lender's approval of such Monthly Budget. Within fifteen (15) days after the end of each Fiscal Quarter (including year-end), Borrower shall submit a quarterly reconciliation which has been certified by an authorized officer of Borrower, in form and substance reasonably acceptable to Lender, which shall include supporting documentation, which may include an 

13

accounting of outstanding Operating Expenses and other amounts related to the Property and supporting invoices related thereto which Lenders may reasonably request.
		
	35.
	Section 4.42 is hereby deleted in its entirety.

		
	36.
	Section 5.2(b) is hereby deleted in its entirety.

		
	37.
	Section 5.12 is hereby deleted in its entirety and the following is inserted in lieu thereof:

“Annual Financial Statements.  As soon as available, and in any event within 120 days after the close of each Fiscal Year, beginning with the 2011 Fiscal Year, Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower's sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, a balance sheet of Borrower and (except to the extent stock in Sponsor is publicly traded on a major stock exchange) Sponsor as of the end of such year, which statements with respect to Borrower shall be on both a consolidated basis with respect to the Properties as a whole and an individual Property basis with respect to the Properties, together with related statements of income for such Fiscal Year.  Together with Borrower's annual financial statements, Borrower shall furnish to Lender, in hard copy and electronic format: 
(i) then current rent roll and occupancy reports of the Properties; and 
(ii) such other information as Lender shall reasonably request, to the extent readily available to Borrower or Sponsor without material cost or expense.”
		
	38.
	Section 5.16(d) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“(d) If Borrower is not entitled to apply Loss Proceeds toward the restoration of a Property pursuant to Section 5.16(b) and Lender elects not to permit such Loss Proceeds to be so applied, such Loss Proceeds shall be applied on the first Payment Date following such election to the prepayment of the Loan (without the payment of any Prepayment Fee) and shall be accompanied by interest through the end of the applicable Interest Accrual Period (calculated as if the amount prepaid were outstanding for the entire Interest Accrual Period).  If the Note has been bifurcated into multiple Note Components pursuant to Section 1.3(c), all prepayments of the Loan made by Borrower in accordance with this Section 5.16(d) shall be applied to the Note Components in ascending order of interest rate (i.e., first to the Note Component with the lowest Component Spread until its outstanding principal balance has been reduced to zero, then to the Note Component with the second lowest Component Spread until its outstanding principal balance has been reduced to zero, and so on) or in such other order as Lender shall determine.   The Release Price for any Property for which Loss Proceeds are applied to repayment of the Loan pursuant to this Section 5.16(d) shall be reduced by the amount of such repayment.  If Loss Proceeds are not made available to restore any Property and are applied to the prepayment of the Loan, Borrower shall be entitled to obtain the release of the applicable Property pursuant to Section 2.2, provided 

14

that Borrower shall not be obligated to satisfy the requirements of clauses (2) of Section 2.2(a) in connection with such release.”
		
	39.
	The following Section 5.22 is hereby inserted immediately following Section 5.21:

“5.22. Appraisals.  At Lender's request, Borrower shall, within ninety (90) days of notice from Lender, deliver then-current appraisals of each of the Mortgaged Properties prepared in accordance with the requirements of FIRREA, each in a form reasonably acceptable to Lender. Notwithstanding the foregoing, in the event that Borrower is unable to deliver such appraisals within ninety (90) days, Borrower shall be entitled to an extension of thirty (30) additional days by which to deliver the appraisals described in this Section 5.22, provided that the Spread for such thirty (30) day extension period shall be increased by one percent (1%) over the Spread then in effect for such period.”
		
	40.
	Section 6.4 is hereby deleted in its entirety and the following is inserted in lieu thereof:

“6.4.  Debt.  Borrower shall not have any Debt, other than Permitted Debt.  Any direct or indirect equityholder of Borrower, other than Sponsor or any direct or indirect equityholder of Sponsor, shall not have any Debt, other than Permitted Debt.”  
		
	41.
	Section 9.4 is hereby amended by replacing the notice addresses contained therein with the following: 

	
	
	"If to Lender:

	Goldman Sachs Mortgage Company

	200 West Street

	New York, New York 10282

	Attention: Anthony Preisano

	 

	and

	 

	Citicorp North America, Inc.

	388 Greenwich Street

	New York, New York 10013

	Attention: Michael Schadt

	 

	with copy to

	 

	Weil, Gotshal & Manges LLP

	767 Fifth Avenue

	New York, New York 10153

	Attention: Samuel M. Zylberberg, Esq. (EG)

15

	
	
	If to Borrower:

	c/o KBS Capital Advisors LLC

	620 Newport Center Dr., Suite 1300

	Newport Beach, CA 92660

	Attention: David E. Snyder, Chief Financial Officer

	 

	with copies to:

	 

	Greenberg Traurig, LLP

	3161 Michelson Drive, Suite 1000

	Irvine, CA 92612

	Attention: Bruce Fischer, Esq."

		
	42.
	Clause (iii) of Section 9.19(b) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“(iii) the misappropriation by any Borrower, the Sponsor or any of their respective Affiliates of any funds in violation of the Loan Documents (including misappropriation of Revenues, security deposits and/or Loss Proceeds and the violation of the last sentence of Section 5.7(d)). For the avoidance of doubt, failure to prepay the loan as required pursuant to the terms of Sections 3.2(b)(iv) and 3.2(b)(v) this Agreement shall be a misappropriation of funds pursuant to this clause (iii);”
		
	43.
	Clause (v) of Section 9.19(b) is hereby deleted in its entirety and the following is inserted in lieu thereof:

“(v) the failure of any Borrower or Pledgor, at any time, to comply with the Single-Purpose Entity requirements hereunder, in any material respect;
		
	44.
	The following Section 9.24 is hereby inserted immediately following Section 9.23 of the Loan Agreement:

9.24  Good Faith Sale Efforts. On each monthly anniversary of the date hereof, Borrower shall provide Lender with evidence reasonably satisfactory to Lender that Borrower is exercising commercially reasonably efforts to either (i) refinance the existing indebtedness under the Loan, or (ii) sell the Properties. Such evidence may include presentations made to prospective lenders or purchasers and any other marketing or offering materials distributed by Borrower to third parties with respect to the Loan and the Properties. 
		
	45.
	Exhibit A of the Loan Agreement shall be, and hereby is, deleted in its entirety and shall be, and hereby is replaced with the organizational chart attached hereto as Exhibit A.

		
	46.
	Schedule A-1 of the Loan Agreement shall be, and hereby is, deleted in its entirety and shall be, and hereby is replaced with the attached Schedule A-1.

16

		
	47.
	Schedule A-2 of the Loan Agreement shall be, and hereby is, deleted in its entirety and shall be, and hereby is replaced with the attached Schedule A-2.

		
	48.
	Schedule E of the Loan Agreement shall be, and hereby is, deleted in its entirety and shall be, and hereby is replaced with the attached Schedule E.

		
	49.
	Exhibit I of the Loan Agreement shall be, and hereby is, deleted in its entirety

Section 2.     Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of each of the following conditions:
		
	1.
	A Mezzanine Loan Event of Default is not continuing;

		
	2.
	Lender shall have received UCC, bankruptcy, judgment, tax lien and litigation searches with respect to each Borrower in both its state of formation, and, if such Borrower owns Property, in each county in which such Borrower owns Property;

		
	3.
	Borrower shall have paid or reimbursed Lender for all of its out-of-pocket costs and expenses (including, without limitation, reasonable out-of-pocket legal fees) related to the negotiation, execution and delivery of this Amendment;

		
	4.
	Borrower shall have delivered a fully executed copy of this Amendment to Lender;

		
	5.
	Pledgor shall have delivered a fully executed copy of the (i) Limited Guaranty and (ii) Pledge Agreement to Lender; and

		
	6.
	Sponsor shall have delivered a guaranty and environmental indemnity in form and substance similar to the Guaranty and Environmental Indemnity.

Notwithstanding the foregoing, the conditions set forth above in this Section 2 shall be deemed satisfied and this Amendment shall be deemed effective, upon execution and delivery of this Amendment to Borrower.
Section 3.    Post Closing Obligations.         
		
	1.
	Borrower shall, within one hundred twenty (120) days of the date hereof deliver (i) certified copies of the organizational documents of each Pledgor (and each applicable Single-Purpose Equityholder), (ii) original limited liability company or partnership interest certificates, as the case may be, executed in blank for each Pledgor, (iii) enforceability opinion letters in a form similar to those delivered in connection with the Loan and reasonably acceptable to Lender, and (iv) to the extent written request is delivered to Borrower within forty-five (45) days from the date of this Agreement, all other instruments, agreements, certificates and documents as Lender may reasonably request to evidence, confirm, perfect and maintain the Liens securing or intended to secure the obligations of Borrower.

17

		
	2.
	Borrower shall, within ninety (90) days of the date hereof, deliver to the Lender (i) “date-down” endorsement for each Qualified Title Insurance Policy in respect of the Mortgage Loan Property, or a new Qualified Title Insurance Policy for any specific Mortgage Loan Property where a “date-down” endorsement is not available, each in a form reasonably satisfactory to Lender and (ii) amendments to each of the Mortgages reflecting the terms of this Amendment and reasonably acceptable to Lender, provided that Lender delivers to Borrower the form of such amendment to be used by Borrower within thirty (30) days after the date of this Amendment, provided further that in the event Lender fails to deliver the form of such amendment within thirty (30) days of this Amendment, Borrower shall be granted a one (1) day extension to its requirement to deliver the items listed in this clause (2) for each day that Lender fails to deliver the form of amendment to Borrower. Notwithstanding the foregoing, Borrower shall be entitled to an extension of thirty (30) additional days by which to deliver each of the items set forth in clauses (i) and (ii) above, provided that the Spread for such thirty (30) day extension period shall be increased by one percent (1%) over the Spread then in effect for such period.

Section 4.     Miscellaneous.  
(a)    All of the terms and conditions of the Loan Agreement are incorporated herein by reference with the same force and effect as if fully set forth herein.  Except as expressly amended hereby, the Loan Agreement and each of the other Loan Documents remains in full force and effect in accordance with its terms.  
(b)    This Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard to principles of conflicts of law.
(c)    Lender hereby represents and warrants that, to its actual knowledge, other than an Event of Default which has been cured pursuant to this Amendment, no default exists under the Loan Documents and that the Loan is in full force and effect as of the date of this Amendment. Lender hereby further represents and warrants that it is the holder of the Notes and the other Loan Documents (and no other party has any interest in the Notes or the other Loan Documents) and has the authority to enter into and execute this Amendment. Borrower acknowledges that (i) Citi shall have no liability as to any representations made by Lender hereunder unless such breach was caused by Citi, (ii) Goldman shall have no liability as to any representations made by Lender hereunder unless such breach was caused by Goldman and (iii) KBS Mortgage Lender shall have no liability as to any representations made by Lender hereunder unless such breach was caused by KBS Mortgage Lender.
(d)    Lender acknowledges and agrees that as of the Effective Date (i) the current outstanding principal balance of Amended and Restated Promissory Note A-1 held by Goldman is $115,431,157.89 (ii) the current outstanding principal balance of Amended and Restated Promissory Note A-2 held by Citi is $89,779,270.28, (iii) the current outstanding principal balance of Amended and Restated Promissory Note A-3 held by KBS Lender is $34,293,166.73, (iv) there are no escrow and/or reserve accounts held on behalf of Lender with respect to the Loan, other than (x) the Environmental Escrow Account which as of the date of 

18

this Amendment holds a balance of $75,000 (the “Environmental Funds”) and (y) the Cash Management Account which, as of the date of this Amendment, holds a balance of $1,750,833.94 (the “Cash Account Funds”) and (v) accrued and unpaid interest with respect to the Loan is $701,213.30. Lender and Borrower acknowledge that Cash Account Funds and the Environmental Funds will be applied from time to time in accordance with Section 3.2(b) of the Loan Agreement, provided that so long as an Event of Default is not continuing, such Cash Account Funds and Environmental Funds (A) shall not be applied as provided in clauses (v) and/or (vi) of Section 3.2(b) hereof, and (B) shall, to the extent that other funds on deposit in the Cash Management Account are insufficient to pay the amounts set forth in clauses (i)-(iv) of Section 3.2(b), be applied solely for future disbursements related to the items referred to in clauses (i)-(iv) of Section 3.2(b) hereof.     
(e)     Notwithstanding anything stated to the contrary in the Loan Agreement or in any of the other Loan Documents, any event or circumstance existing as of the date of this Amendment described in subsections (a) through (j), inclusive, of Section 7.1 of the Loan Agreement, or otherwise described as a default or “Event of Default” in the Loan Agreement or in any of the other Loan Documents which (x) can be cured solely by the payment of money shall not constitute a default or an Event of Default under the Loan unless and until such default remains uncured for 20 days after Borrower receives written notice thereof or (y) is not susceptible of being cured, shall be deemed waived or (z) cannot be solely cured by the payment of money but is otherwise susceptible of being cured, shall not constitute a default or an Event of Default under the Loan unless and until such default remains uncured for 120 days after Borrower receives written notice thereof, provided that if such default is susceptible of being cured but is not reasonably curable within such 120 day period, Borrower shall have such additional time as is reasonably necessary to effect such cure so long as (i) Borrower is diligently and expeditiously proceeding to cure the default and (ii) such default does not cause a Material Adverse Effect. 
(f)    Lender hereby consents to the Equity Transfer and agrees that such Equity Transfer will not, in and of itself, directly or indirectly, trigger a Default or Event of Default under the Loan Agreement, or any of the other Loan Documents.
(g)    Borrower hereby (1) unconditionally ratifies and confirms, renews and reaffirms all of its obligations under the Loan Agreement and each of the other Loan Documents, (2) acknowledges and agrees that such obligations remain in full force and effect, binding on and enforceable against it in accordance with the terms, covenants and conditions of the Loan Agreement as amended hereby and the other Loan Documents, in each case, without impairment, and (3) represents, warrants and covenants that, to its knowledge, it is not in default under the Loan Agreement or any of the other Loan Documents beyond any applicable notice and cure periods, and there are no defenses, offsets or counterclaims against the Indebtedness.
(h)    Sponsor hereby (1) unconditionally approves and consents to the execution by Borrower of this Amendment and the modifications to the Loan Documents effected thereby, (2) unconditionally ratifies, confirms, renews and reaffirms all of its obligations under the Guaranty, and the environmental indemnity referenced in clause (ii) of the definition of Environmental Indemnity and Cooperation Agreement (the “Sponsor Documents”), (3) acknowledges and agrees that its obligations under the Sponsor Documents remain in full 

19

force and effect, binding on and enforceable against it in accordance with the terms, covenants and conditions of such documents without impairment, and (4) represents, warrants and covenants that it is not in default under any Sponsor Document beyond any applicable notice and cure periods, and there are no defenses, offsets or counterclaims against its obligations under the Sponsor Documents.        
(i)    Borrower acknowledges and agrees that no oral communication or course of dealing from or on behalf of Lender shall constitute any waiver, agreement, commitment, or evidence of any assurance or intention of Lender with respect to the Loan, the Loan Agreement and/or the other Loan Documents, and that any waiver, agreement, commitment, assurance, or intention of Lender with respect to the Loan, the Loan Agreement and/or the other Loan Documents shall be effective only if in writing and duly executed by Lender.  Borrower acknowledges and agrees that, except as provided in Section 4(c) hereto, no Default or Event of Default shall be waived by Lender, unless such waiver is in writing and duly executed by Lender.     
(j)    This Amendment may be executed by facsimile signatures and in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.      
(k)     Lender agrees, to the extent there are no amounts that remain outstanding under the Mezzanine Loan and such amounts have been indefeasibly paid, to enter into an intercreditor agreement, from time to time, with any mezzanine lender or other secondary financing lender whose collateral includes a pledge of the direct or indirect equity interests in Borrower, which intercreditor agreement shall be based substantially upon the form of the Intercreditor Agreement (as that term is defined in the Mezzanine Loan Agreement), with such other changes as the parties may reasonably agree to make; provided, however, that such mezzanine or secondary financing lender shall be a “Qualified Transferee” (as that term is defined in the Intercreditor Agreement) or otherwise approved by Lender in its reasonable discretion.

[Signatures appear on following page]

20

IN WITNESS WHEREOF, for good and valuable consideration, the sufficiency 
of which is hereby acknowledged and agreed, the parties hereto have executed and delivered this Amendment as of the date first hereinabove set forth.
BORROWER:
The entities listed on Schedule A to this
signature page
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    

[Signatures continued on following page]

Third Amendment to Mortgage Loan Agreement

PLEDGOR:
KBS ACQUISITION SUB-OWNER 1, LLC,
a Delaware limited liability company
		
	By:
	KBS ACQUISITION SUB, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS ACQUISITION HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS GKK PARTICIPATION HOLDINGS I, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS DEBT HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS LIMITED PARTNERSHIP,

a Delaware limited partnership,
its manager
		
	By:
	KBS REAL ESTATE INVESTMENT TRUST, INC.,

a Maryland corporation,
its sole general partner
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    
[Signatures continued on following page]

Third Amendment to Mortgage Loan Agreement

SPONSOR:
KBS ACQUISITION SUB, LLC,
a Delaware limited liability company
		
	By:
	KBS ACQUISITION HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS GKK PARTICIPATION HOLDINGS I, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS DEBT HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS LIMITED PARTNERSHIP,

a Delaware limited partnership,
its manager
		
	By:
	KBS REAL ESTATE INVESTMENT TRUST, INC.,

a Maryland corporation,
its sole general partner
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    

[Signatures continued on following page]

Third Amendment to Mortgage Loan Agreement

LENDER:
KBS ACQUISITION SUB, LLC,
a Delaware limited liability company
		
	By:
	KBS ACQUISITION HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS GKK PARTICIPATION HOLDINGS I, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS DEBT HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS LIMITED PARTNERSHIP,

a Delaware limited partnership,
its manager
		
	By:
	KBS REAL ESTATE INVESTMENT TRUST, INC.,

a Maryland corporation,
its sole general partner
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    

Third Amendment to Mortgage Loan Agreement

LENDER:
GOLDMAN SACHS MORTGAGE COMPANY, a
New York limited partnership
		
	By:
	Goldman Sachs Real Estate Funding    

Corp., its general partner
		
	By:
	/s/ Dan Bennett    

Name: Dan Bennett
Title: Authorized Signatory    
LENDER:
CITICORP NORTH AMERICA, INC., a New York
corporation
		
	By:
	________________    

Name: 
Title:     

[Signatures continued on following page]

Third Amendment to Mortgage Loan Agreement

LENDER:
GOLDMAN SACHS MORTGAGE COMPANY, a
New York limited partnership
		
	By:
	Goldman Sachs Real Estate Funding    

Corp., its general partner
		
	By:
	________________    

Name: 
Title:     
LENDER:
CITICORP NORTH AMERICA, INC., a New York
corporation
		
	By:
	/s/ James Fraser    

Name: James Fraser
Title: Vice President    

[Signatures continued on following page]

Third Amendment to Mortgage Loan Agreement

Schedule A to Signature Page

First States Investors 105, LLC (PA)
First States Investors 107, LLC (AR)
First States Investors 117, LLC (FL)
First States Investors 118, LLC (FL)
First States Investors 147, LLC (IA)
First States Investors 154, LLC (NJ)
First States Investors 157, LLC (NJ)
First States Investors 2017, LLC
First States Investors 2100, L.P. (NC)
First States Investors 2102, L.P. (NC)
First States Investors 2103, L.P. (NC)
First States Investors 2104, L.P. (NC)
First States Investors 2105, L.P. (NC)
First States Investors 2106, L.P. (NC)
First States Investors 2107, L.P. (NC)
First States Investors 2108, L.P. (NC)
First States Investors 2110, LLC (VA)
First States Investors 2208, LLC (DE)
First States Investors 230, L.P. (NC)
First States Investors 2550A, LLC (DE)
First States Investors 3004, Limited Partnership (FL)
First States Investors 3014, LLC (GA)
First States Investors 3022, L.P. (NC)
First States Investors 3024, L.P. (NC)
First States Investors 3028, L.P. (NC)
First States Investors 3033, L.P. (NC)
First States Investors 3034, LLC (SC)
First States Investors 3035, LLC (SC)
First States Investors 3043, LLC (SC)
First States Investors 3048, LLC (VA)
First States Investors 3061, LLC (NJ)
First States Investors 3067, LLC (VA)
First States Investors 3076, LLC (GA)
First States Investors 3077, LLC (GA)
First States Investors 3081, Limited Partnership
First States Investors 3086, LLC (PA)
First States Investors 3087, LLC (VA)
First States Investors 3089, LLC (VA)
First States Investors 3090, LLC (FL)
First States Investors 3091, LLC (GA)
First States Investors 3093, LLC (VA)
First States Investors 3098, LLC (VA)
First States Investors 3099, LLC (VA)
First States Investors 3103, LLC (GA)
First States Investors 3108, LLC (NJ)
First States Investors 3114, LLC (TN)
First States Investors 3151, LLC (FL)
First States Investors 3179, Limited Partnership (DE)
First States Investors 3187, Limited Partnership (DE)
First States Investors 3195, L.P. (TX)
First States Investors 3300, LLC
First States Investors 3601, LLC (FL)

First States Investors 3632, LLC (FL)
First States Investors 3642, LLC (NJ)
First States Investors 3647, L.P. (PA)
First States Investors 40, LLC (MO)
First States Investors 4000C, LLC (DE)
First States Investors 4029, LLC (DE)
First States Investors 4043, LLC (GA)
First States Investors 4044, LLC (DE)
First States Investors 4048, LLC (DE)
First States Investors 4055, LLC (DE)
First States Investors 4062, LLC (DE)
First States Investors 4067, LLC (DE)
First States Investors 4081, LLC (DE)
First States Investors 4085, LLC (DE)
First States Investors 4100B, L.P. (DE)
First States Investors 4150, LLC (DE)
First States Investors 4413, LLC (DE)
First States Investors 4499, LLC (DE)
First States Investors 4500, LLC (DE)
First States Investors 5000B, LLC (DE)
First States Investors 77, L.P. (FL)
First States Investors 922, LLC (IL)
First States Investors 923, L.P. (DE)
First States Investors 926 L.P.
First States Investors 927, LLC (DE)
First States Investors Branch One, L.P. (DE)
First States Investors GS Pool A, L.P. (DE)
First States Investors GS Pool B, L.P. (DE)
First States Investors GS Pool C, L.P.
First States Investors Realty, LLC (DE)
First States Partners No. 201, L.P.
First States Partners No. 203, LLC (NJ)
First States Partners No. 213, LLC (NJ)
First States Partners No. 216, L.P. (PA)
First States Partners No. 236 L.P. (PA)
First States Properties No. 12, LLC (PA)
First States Properties No. 15, LLC (PA)
First States Properties No. 19, LLC (PA)
First States Properties No. 34, LLC (PA)
First States Properties No. 35, LLC (PA)
First States Properties No. 37, LLC (PA)
First States Properties No. 41, LLC (PA)
First States Properties No. 43, LLC (PA)
First States Properties No. 49, LLC (PA)
First States Properties No. 51, LLC (PA)
First States Properties No. 52, LLC (PA)
First States Properties No. 56, LLC (PA)
First States Properties No. 59, LLC (PA)
First States Properties No. 62, LLC (PA)
First States Properties No. 67, LLC (PA)
First States Properties No. 71, LLC (PA)
First States Properties No. 73, LLC (PA)
First States Properties No. 75, LLC (PA)
First States Properties No. 9, LLC (PA)
First States Realty Corp., LLC

MORTGAGE LOAN-SCHEDULE A-1

MORTGAGED PROPERTIES

	
				
	ID
	Asset
	Address
	ST

	40
	0040- Aurora Main
	201 Madison
	MO

	105
	0105 - Southampton
	736 Street Road
	PA

	107
	0107 - Broadmoor
	1705 East Harding
	AR

	117
	0117 - Ormond Beach
	175 W. Granada Blvd.
	FL

	118
	0118 - Ponce De Leon
	709 S. Ponce de Leon Blvd.
	FL

	147
	0147 - Crossroad Faclty
	301 South 25th Street
	IA

	154
	154 - Sea Bright
	1096 Ocean Avenue
	NJ

	157
	157 - Woodbury
	22 N. Broad Street
	NJ

	200
	0100 - Aventura
	20495 Biscayne Boulevard
	FL

	210
	0110 - Downtown Lakeland
	3221 S. Florida Avenue
	FL

	509
	0009- Abington
	1020 Old York Road
	PA

	512
	0012- Avondale
	102 Pennsylvania Ave.
	PA

	515
	0015- Cherry Hill
	1402 Brace Road
	NJ

	519
	0019 - Cam pbelltown
	119 W. Main St.
	PA

	534
	0034- Hightstown
	140 Mercer Street
	NJ

	535
	0035- Kendall Park
	3534 State Rt. 27
	NJ

	537
	0037 - Kennett &re
	313 Cypress Street
	PA

	541
	0041- Lawrencevill
	2673 Main St.
	NJ

	543
	0043 - Linden
	501 North Wood
	NJ

	549
	0049 - Moosic
	4010 Birney Ave.
	PA

	551
	0051- North End
	930 N. Charlotte Street
	PA

	552
	0052- N. Plainfld
	28 Craig Place
	NJ

	556
	0056- Phoenixville
	124 Main St.
	PA

	559
	0059- Point Plsant
	2201 Bridge Avenue
	NJ

	562
	0062 - Runnemede
	810 E. Clements Bridge Rd.
	NJ

	567
	0067 - Somerdale
	2 S. While Horse Pike
	NJ

	571
	0071- Spring Lake
	2401 State Route 71
	NJ

	573
	0073 - Sunnyside
	236 W. St. George Ave
	NJ

	915
	2110 - Leesburg
	504 Market Street East
	VA

	916
	230 - Midland
	4411 North Carolina Hwy27
	NC

	922
	922 - Hinsdale
	21 West 22nd Street
	IL

	923
	923 - Dripping Springs
	721 Highway 290 West
	TX

	1077
	0077 - Prima Vista
	900 East Prima Vista Blvd
	FL

	1201
	0201 - Boyertown
	560 Route 100
	PA

	1203
	0203 - Collingswood
	1040 Haddon Avenue
	NJ

	1213
	0213 - Pennington
	1 North Main Street
	NJ

	1216
	0216 - Rhawnhurst
	8200 Castor Avenue
	PA

	1236
	0236 - Bensalem
	1975 Street Road
	PA

	2017
	2017 - Fairfield
	8022 Lillian Highway
	FL

	2100
	2100 - Apex Charlotte
	801 East Williams Street
	NC

	2102
	2102 - Graham
	220 South Main Street
	NC

	2103
	2103 - Havelock
	1303 East Main Street
	NC

	2104
	2104 - Morehead City
	4408 Arendell Street
	NC

	2105
	2105 - New Bern
	375 South Front Street
	NC

	2106
	2106 - Plymouth
	102 West Main Street
	NC

	2107
	2107 - Wilson
	223 West Nash Blvd
	NC

MORTGAGE LOAN-SCHEDULE A-1

MORTGAGED PROPERTIES

	
				
	2108
	2108A - Wilson (Wooten)
	2501 Wooten Blvd
	NC

	2110
	2108B - Wilson (Horton)
	2412 Horton Blvd
	NC

	2208
	2208 - San Rafael
	1200 5th Ave.
	CA

	2503
	2503 - 328 Main Street
	328 Main St.
	OH

	2504
	2504 - 680 Broadway
	680 Broadway Avenue
	OH

	2505
	2505 - 4008 St. Clr Ave
	4008 St. Clair Avenue
	OH

	2506
	2506 - 4175 Pearl Road
	4175 Pearl Rd.
	OH

	2507
	2507 - 5703 Broadway
	5703 Broadway Avenue
	OH

	2508
	2508 - 5900 St. Clr Ave
	5900 St. Clair Avenue
	OH

	2509
	2509 - 14444 Pearl Rd
	14444 Pearl Road
	OH

	2510
	2510 - 22481 Lakeshore
	22481 Lakeshore Blvd.
	OH

	2511
	2511 - 26410 Lakeshore
	26410 Lakeshore Blvd.
	OH

	2512
	2512 - Ashtabula
	4366 Main Ave.
	OH

	2513
	2513 - Beachwood
	24600 Chagrin Blvd.
	OH

	2514
	2514 - Berea
	118 Front Street
	OH

	2515
	2515 - Chagrin Blvd
	30200 Chagrin Blvd.
	OH

	2517
	2517 - Euclid Avenue
	14501 Euclid Ave.
	OH

	2518
	2518 - Hamilton Avenue
	10963 Hamilton Avenue
	OH

	2519
	2519 - Madisonville
	5727 Madison Road
	OH

	2520
	2520 - Mentor Avenue
	9572 Mentor Ave.
	OH

	2521
	2521 - Milford
	301 Main Street
	OH

	2522
	2522 - Plaza Blvd
	7850 Plaza Blvd.
	OH

	2523
	2523 - Public Square
	119 Public Square
	OH

	2524
	2524 - Reading Road
	322 Reading Road
	OH

	2525
	2525 - Reding Road
	7825 Reading Road
	OH

	2526
	2526 - Rock Creek
	3273 Main St.
	OH

	2527
	2527 - South Broadway
	21 S. Broadway
	OH

	2528
	2528 - South Water Strt
	408 South Water Street
	OH

	2529
	2529 - Turney Road
	5007 Turney Rd.
	OH

	2530
	2530 - Warrensville Ctr
	3370 Warrensville Center Rd.
	OH

	2531
	2531 - West 117th
	3370 W. 117th
	OH

	2532
	2532 - West Jefferson
	36 W. Jefferson St.
	OH

	2533
	2533 - Woodland Avenue
	4100 Woodland Avenue
	OH

	2929
	2929 - Albermarle Road
	6011 Albermarle Road
	NC

	3004
	3004 - Plantation
	450 North Pine Island Road
	FL

	3014
	3014 - Walnut Avenue
	1300 Walnut Avenue
	GA

	3022
	3022 - Hickory View
	1625 North Center Street
	NC

	3024
	3024 - Cornelius
	20301 W. Catawba Avenue
	NC

	3028
	3028 - North Cross
	16649 Statesville Road
	NC

	3033
	3033 - Wilmington
	1313 Military Cutoff Road
	NC

	3034
	3034 - Cayce Office
	1100 Knox Abbot Drive
	SC

	3035
	3035 - Clover Main
	116 Bethel Street
	SC

	3043
	3043 - Rock Hill PP
	201 S. Herlong Avenue
	SC

	3061
	3061 - Stuyvesnt Vil
	1097 Stuyvesant Avenue
	NJ

	3067
	3067 - Abngdn Wall
	102 Wall Street SW
	VA

	3076
	3076 - Sylvania Main
	105 S. Main Street
	GA

	3077
	3077 - Dunwoody Villag
	1449 Dunwoody Village Pky.
	GA

	3081
	3081 - Cotswold Branch
	225 S. Sharon Amity Road
	NC

	3086
	3086 - West Manchester
	1477 Carlisle Road
	PA

	3087
	3087 - Route 360
	10101 Hull Street Road
	VA

	3089
	3089 - Richmond West
	7605 W. Broad Street
	VA

MORTGAGE LOAN-SCHEDULE A-1

MORTGAGED PROPERTIES

	
				
	3090
	3090 - Delray Square
	4899 W. Atlantic Avenue
	FL

	3093
	3093 - Highland Sprngs
	109 E. Nine Mile Road
	VA

	3098
	3098 - Country Club Rd
	1880 E. Market Street
	VA

	3099
	3099 - Sycamore Sprngs
	13700 Midlothian Turnpike
	VA

	3103
	3103 - Lawrenceville Suwann
	870 Lawrenceville Suwanee Rd.
	GA

	3108
	3108 - Landing
	118 Lakeside Boulevard
	NJ

	3114
	3114 - Nashville Galltn
	3940 Gallatin Pike
	TN

	3151
	3151 - Pinellas
	7600 US Highway 19 N
	FL

	3179
	3179 - BATTLEGROUND OFFICE
	3314 Battleground Ave.
	NC

	3187
	3187 - WENDOVER PLACE
	5402 Sapp Road
	NC

	3195
	3195 - Stonebriar
	9151 Warren Parkway
	TX

	3271
	3271 - Wickham Road Office
	7775 N Wickham Road
	FL

	3285
	3285 - Walnut Maynard
	712 SE Maynard Road
	NC

	3385
	3385 - Bristol Office
	240 Radcliffe Street
	PA

	3389
	3389 - lndependnc Hall
	601 Chestnut Street
	PA

	3392
	3392 - Lebanon
	801 Cumberland St.
	PA

	3601
	3601 - Oviedo Red Bug
	7455 Pinemire Drive
	FL

	3606
	3606 - Stockbridge
	113 Highway 138 W.
	GA

	3632
	3632 - Lake Mary Ofice
	3701 W. Lake Mary Boulevard
	FL

	3639
	3639 - Cartersville
	215 Cherokee Pl.
	GA

	3642
	3642 - Lake Hiawatha
	66 N. Beverwyck Road
	NJ

	3647
	3647 - Hometown
	226 Claremont Ave.
	PA

	3681
	3681 - Gulfport Hwy 49
	11464 Highway 49
	MS

	4001
	4001C - Baymeadows Ops
	8324 Baymeadows Way
	FL

	4002
	4002C - Callahan
	401 S. King Rd
	FL

	4004
	4004C - Conway
	4012 Curry Ford Road
	FL

	4005
	4005C - Dale Mabry
	1506 South Dale Marby Highway
	FL

	4006
	4006C - Davie
	4150 S.W.64th Ave
	FL

	4007
	4007C - Eustis
	200 Magnolia Ave.
	FL

	4008
	4008C - Ft. Lauderdale
	1100 W. State Route 84
	FL

	4009
	4009C - Green Coy Sprng
	425 North Orange Avenue
	FL

	4011
	4011C - Indian Rocks
	14147 Walsingham Rd.
	FL

	4013
	4013C - Largo
	5250 E. Bay Drive
	FL

	4015
	4015C - Normandy
	6545 Normandy Blvd
	FL

	4017
	4017C - North Port
	13675 N.W. Tamiami Trail
	FL

	4018
	4018C - NE St. Petrsbrg
	9655 4th St. North
	FL

	4023
	4023C - Springfield
	1601 Main Street
	FL

	4024
	4024C - West Dayton
	828 White Street
	FL

	4026
	4026D - Alabama Ave
	501 Alabama Ave.
	GA

	4027
	4027C - East Lake
	2201 Roswell Road, N.W.
	GA

	4031
	4031C - Jimmy Crtr Blvd
	5405 Jimmy Carter Blvd.
	GA

	4032
	4032C - Mableton
	5606 Gordon Rd.
	GA

	4034
	4034C - Merchant's Walk
	1329 Johnson Ferry Road NE
	GA

	4035
	4035C - Newnan Main
	30 Greenville St.
	GA

	4036
	4036C - Norcross
	6155 Buford Hwy.
	GA

	4037
	4037C - Peachtree Crnrs
	5525 Peachtree Pky.
	GA

	4039
	4039C - Rome Main
	501 Broad Street
	GA

	4042
	4042F - Traffic Circle
	3509 W. Bay Street
	GA

MORTGAGE LOAN-SCHEDULE A-1

MORTGAGED PROPERTIES

	
				
	4043
	4043F - Tri-County #2
	4701 Sandy Plains Rd.
	GA

	4044
	4044D - Vidalia Main
	900 E. First Street
	GA

	4047
	4047C - Washington West
	3726 Washington Road
	GA

	4048
	4048D - Waynesboro Main
	615 Liberty Street
	GA

	4049
	4049C - Advance Main
	5306 U.S. Highway 158
	NC

	4052
	4052C - Blowing Rock Mn
	983 North Main Street
	NC

	4053
	4053C - Brevard Main
	73 West Main Street
	NC

	4055
	4055D - Canton Main
	66 Academy Street & Main Street
	NC

	4056
	4056C - China Grove
	125 North Main Street
	NC

	4058
	4058C - Conover Main
	106 First Avenue South
	NC

	4059
	4059C - Derita
	2610 W. Sugar Creek Road
	NC

	4060
	4060C - Fayetteville Mn
	200 Green & Bow Streets
	NC

	4061
	4061 C - Forest City Mn
	330 West Main Street
	NC

	4062
	4062D - Goldsboro Main
	203 North William Street
	NC

	4064
	4064C - Harrisburg
	5075 Highway 49 South
	NC

	4065
	4065F - High Point Road
	3608 High Point Road
	NC

	4066
	4066C - Jackson Park
	704 North Cannon Blvd.
	NC

	4067
	4067D - Jefferson Main
	230 East Main Street
	NC

	4068
	4068C - Kildaire Farms
	1122 Kildaire Farm Road
	NC

	4070
	4070F - Knightdale
	7519 US Highway 64 E
	NC

	4071
	4071C - Lexington Main
	100 South State Street
	NC

	4074
	4074C - Newton Main
	102 South Main Avenue
	NC

	4075
	4075C - Oakwoods
	418-420 Brushy Mountain Road
	NC

	4076
	4076D - Rockingham Main
	202 East Washington Street
	NC

	4077
	4077C - Rocky Mount Mn
	112 North Church Street
	NC

	4085
	4085D - W. Jefferson Mn
	402 South Jefferson Avenue
	NC

	4102
	4102B - Asheville Mn Off
	68 Patton Avenue
	NC

	4119
	4119A - College Street
	162 College Street
	NC

	4128
	4128B - East End
	1908 E. Greenville Blvd.
	NC

	4137
	4137B - Greenville Mn Of
	201 W. First Street
	NC

	4150
	4150C - Lincolnton Mn Of
	100 E. Main Street
	NC

	4153
	4153B - Market Street
	619 Market Street
	NC

	4154
	4154A - Mint Hill
	8008 Blair Road
	NC

	4413
	4413 - LAKE STREET
	540 Lake Street
	IL

	4502
	4502 - Peoria Main
	301 W Adams Avenue
	IL

	4506
	4506 - Arcadia
	245 N. Rose Street
	MI

	4507
	4507 - Executive Drive
	5829 Executive Drive
	MI

	4565
	4565 - 12th Street
	545 12th Street
	CA

	4566
	4566 - Vine Street
	1222-1224 Vine Street
	CA

	4567
	4567 - Arroyo Grande
	1255 E. Grande Avenue
	CA

	4568
	4568 - Santa Maria
	2339 S. Broadway
	CA

	4572
	4572 - 25th Street
	3805 25th Street
	IN

	4573
	4573 - Brentwood
	2751 Brentwood Drive
	IN

	4574
	4574 - Tipton
	1117 E. Tipton Street
	IN

	4575
	4575 - 2nd Street
	222 W. 2nd Street
	IN

	5033
	5033 - Merced
	710 W. Main Street
	CA

	5060
	5060 - Deland
	230 N. Woodland Blvd.
	FL

	5301
	5301 - Decatur (BS)-Mn Bldng
	163 Clairmont Avenue
	GA

	5405
	5405 - Grants Pass-Mn Bldng
	735 S.E. 6th St.
	OR

	5435
	5435 - Shoal Creek-Mn Bldng
	7900 Shoal Creek
	TX

MORTGAGE LOAN-SCHEDULE A-2

UNENCUMBERED PROPERTY E

	
				
	ID
	Asset
	Address
	ST

	
				
	First States Investors 3300, LLC

	3320
	3320 - Downtown St. Petersburg 
Ptrsb
	410 Central Avenue
	FL

	
				
	First States Investors Realty, LLC.

	201
	0101 - Brainard
	5506 Brainerd Road
	TN

	203
	0103 - Laurens Road
	2420 Laurens Road
	SC

	215
	0915 - Barnstable
	145 Barnstable Road
	MA

	217
	0917 - Inverness
	2875 E. Gulf to Lake Highway
	FL

	218
	0918 - Paoli
	12 Chestnut Street
	PA

	224
	224 -   Forest Hill Banking Cent
	2915 Forrest Hill-Irene Road
	TN

	231
	231 -   Upper Montclair Drive Up
	529 Valley Road
	NJ

	2309
	2909 - Torrance
	22150 Hawthorne Boulevard
	CA

	2321
	2921 - Santa Monica
	429 Santa Monica Boulevard
	CA

	2325
	2925 - Las Vegas-Sahara
	9325 W. Sahara Avenue
	NV

	2906
	3906 - East Independence
	11201 E. Independence Blvd.
	NC

	2910
	3910 - East Pembroke Pines
	8411 Pines Boulevard
	FL

	2914
	3914 - Chapel Hill
	100 E. Franklin Street
	NC

	2918
	3918 - Plantation-Royal Palm
	950 So. Pine Island Road
	FL

	2919
	3919 - Decatur Square Office
	101 West Ponce De Leon Avenue
	GA

	2924
	3924 - Greenville Main
	201 West McBee Street
	SC

	2925
	2925 - Folcroft
	1876 Delmar
	PA

	2926
	2926 - Del Prado
	2503 Del Prado
	FL

	2931
	2931 - Parkside Marketplace
	10791 West Broad Street
	VA

	2932
	2932 -  Livingston
	39 East Mount Pleasant Avenue
	NJ

	209
	0109 - East Colonial Drive Thru
	4450 East Colonial Drive
	FL

	
				
	First States Realty Corp., LLC

	0031
	0031 - Wind Gap
	1430 Jacobsburg Road
	PA

	601
	0001 - Ardmore
	229 West Lancaster Avenue
	PA

	607
	0007 - Milltown
	270 Ryders Lane
	NJ

	609
	0009 - Fairgrounds
	17th and Chew Streets
	PA

	610
	0010 - Howell
	4074 US Highway 9
	NJ

	611
	0011 - Whiting
	200 Lacey Rd
	NJ

	612
	0012 - West Goshen
	1115 West Chester Pike
	PA

	616
	0016 - Mountainville
	Lexington and S. 4th Street
	PA

	618
	0018 - Fort Washington
	101 Fort Washington Ave.
	PA

	620
	0020 - Reading Airport
	Route 183 and Macarthur Road
	PA

	622
	0022 - East Brunswick
	Loehman's Plaza, Rte 18
	NJ

	623
	0023 - Concordia
	Concordia Shopping Ctr
	NJ

	625
	0025 - Thorndale
	3719 E. Lincoln Highway
	PA

	630
	0030 - Devon
	144 E. Lancaster Ave.
	PA

Schedule B
	
						
	Transferor
	Transferee
	Transferred Interest
	TI State
	TI Type
	Loan Pool

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 12, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 15, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 19, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 34, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 35, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 37, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 41, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 43, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 49, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 51, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 52, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 56, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 59, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 62, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 67, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 71, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 73, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 9, LLC
	Pennsylvania
	LLC
	GSM

	First States Properties, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Realty Corp., LLC
	Pennsylvania
	LLC
	GSM

	
						
	First States Partners, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 201, L.P.
	Pennsylvania
	LP
	GSM

	 
	 
	First States Partners No. 201, LLC
	Pennsylvania
	LLC
	GSM

	First States Partners, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 203, LLC
	New Jersey
	LLC
	GSM

	First States Partners, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 213, LLC
	New Jersey
	LLC
	GSM

	First States Partners, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 216, L.P.
	Pennsylvania
	LP
	GSM

	 
	 
	First States Partners No. 216, LLC
	Pennsylvania
	LLC
	GSM

	First States Partners, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 236, L.P.
	Pennsylvania
	LP
	GSM

	 
	 
	First States Partners No. 236, LLC
	Pennsylvania
	LLC
	GSM

	First States Investors GS Pool B Holdings, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool B GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors GS Pool B, L.P.
	Delaware
	LP
	GSM

	 
	 
	First States Investors GS Pool C GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors GS Pool C, L.P.
	Delaware
	LP
	GSM

	First States Investors GS Pool A Holdings, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool A GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors GS Pool A, L.P.
	Delaware
	LP
	GSM

	First States Investors 927 Holdings, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 927, LLC
	Delaware
	LLC
	GSM

	First States Investors 923 Holdings, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 923 GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors 923, L.P.
	Delaware
	LP
	GSM

	First States Investors 5000, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 5000B, LLC
	Delaware
	LLC
	GSM

	First States Investors 4100, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4100B GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors 4100B, L.P.
	Delaware
	LP
	GSM

	First States Investors 3300 Holdings, LLC
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3300, LLC
	Delaware
	LLC
	GSM

	American Financial TRS, Inc.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 107, LLC
	Arkansas
	LLC
	GSM

	American Financial TRS, Inc.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 147, LLC
	Iowa
	LLC
	GSM

	American Financial TRS,
	KBS Acquisition Sub-Owner 1,
	First States Investors 2017, LLC
	Florida
	LLC
	GSM

	
						
	Inc.
	LLC
	 
	 
	 
	 

	American Financial TRS, Inc.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3091, LLC
	Georgia
	LLC
	GSM

	American Financial TRS, Inc.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3601, LLC
	Florida
	LLC
	GSM

	American Financial TRS, Inc.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4043, LLC
	Georgia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 105, LLC
	Pennsylvania
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 117, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 118, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 154, LLC
	New Jersey
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 157, LLC
	New Jersey
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2100 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2100, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2102 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2102 L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2103 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2103, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2104 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2104, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2105 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2105, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2106 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2106, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2107 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2107, L.P.
	North Carolina
	LP
	GSM

	
						
	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2108 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 2108, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2110, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2208, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 230 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 230, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2550A, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3004, Limited Partnership
	Florida
	LP
	GSM

	 
	 
	First States Investors 3004, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3014, LLC
	Georgia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3022 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 3022, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3024 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 3024, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3028 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 3028, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3033 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 3033, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3034, LLC
	South Carolina
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3035, LLC
	South Carolina
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3043, LLC
	South Carolina
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3061, LLC
	New Jersey
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1,
	First States Investors 3067, LLC
	Virginia
	LLC
	GSM

	
						
	 
	LLC
	 
	 
	 
	 

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3076, LLC
	Georgia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3077, LLC
	Georgia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3081 GP, LLC
	North Carolina
	LLC
	GSM

	 
	 
	First States Investors 3081, L.P.
	North Carolina
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3086, LLC
	Pennsylvania
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3087, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3089, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3090, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3093, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3098, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3099, LLC
	Virginia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3103, LLC
	Georgia
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3108, LLC
	New Jersey
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3114, LLC
	Tennessee
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3151, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3179 GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors 3179, Limited Partnership
	Delaware
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3187 GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors 3187, Limited Partnership
	Delaware
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3195 GP, LLC
	Texas
	LLC
	GSM

	 
	 
	First States Investors 3195, L.P.
	Texas
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3632, LLC
	Florida
	LLC
	GSM

	
						
	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3642, LLC
	New Jersey
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3647 GP, LLC
	Pennsylvania
	LLC
	GSM

	 
	 
	First States Investors 3647, L.P.
	Pennsylvania
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 40, LLC
	Missouri
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4000C, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4044, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4048, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4055, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4062, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4067, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4085, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4150, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4413, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4499, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4500, LLC
	Delaware
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 77, Limited Partnership
	Florida
	LP
	GSM

	 
	 
	First States Investors 77, LLC
	Florida
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 922, LLC
	Illinois
	LLC
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 926 GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors 926, L.P.
	Delaware
	LP
	GSM

	First States Group, L.P.
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors Branch One GP, LLC
	Delaware
	LLC
	GSM

	 
	 
	First States Investors Branch One, L.P.
	Delaware
	LP
	GSM

MORTGAGE LOAN - SCHEDULE I 
PROPERTY MANAGEMENT AGREEMENTS
Property Management Agreement, dated April 1, 2008 between First States Management Corp., L.P. ("FSMC") and the property 
owners listed below:

	
		
	Property Name
	Owner Entity

	0105 - Southampton
	First States Investors 105, LLC

	0107 - Broadmoor
	First States Investors 107, LLC

	0117 - Ormond Beach
	First States Investors 117, LLC

	0118 - Ponce De Leon
	First States Investors 118, LLC

	0147 - Crossroad Faclty
	First States Investors 147, LLC

	154 - Sea Bright
	First States Investors 154, LLC

	157 - Woodbury
	First States Investors 157, LLC

	2017 - Fairfield
	First States Investors 2017, LLC

	2100 - Apex Charlotte
	First States Investors 2100, L.P.

	2102 - Graham
	First States Investors 2102, L.P.

	2103 - Havelock
	First States Investors 2103, L.P.

	2104 - Morehead City
	First States Investors 2104, L.P.

	2105 - New Bern
	First States Investors 2105, L.P.

	2106 - Plymouth
	First States Investors 2106, L.P.

	2107 - Wilson
	First States Investors 2107, L.P.

	2108A - Wilson (Wooten)
	First States Investors 2108, L.P.

	2108B - Wilson (Horton)
	First States Investors 2108, L.P.

	2110 - Leesburg
	First States Investors 2110 LLC

	2208 - San Rafael
	First States Investors 2208, LLC

	230 - Midland
	First States Investors 230, L.P.

	2503 - 328 Main Street
	First States Investors 2550A, LLC

	2504 - 680 Broadway
	First States Investors 2550A, LLC

	2505 - 4008 St. Clr Ave
	First States Investors 2550A, LLC

	
		
	2506 - 4175 Pearl Road
	First States Investors 2550A, LLC

	2507 - 5703 Broadway
	First States Investors 2550A, LLC

	2508 - 5900 St. Clr Ave
	First States Investors 2550A, LLC

	2509 - 14444 Pearl Rd
	First States Investors 2550A, LLC

	2510 - 22481 Lakeshore
	First States Investors 2550A, LLC

	2511 - 26410 Lakeshore
	First States Investors 2550A, LLC

	2512 - Ashtabula
	First States Investors 2550A, LLC

	2513 - Beachwood
	First States Investors 2550A, LLC

	2514 - Berea
	First States Investors 2550A, LLC

	2515 - Chagrin Blvd
	First States Investors 2550A, LLC

	2517 - Euclid Avenue
	First States Investors 2550A, LLC

	2518 - Hamilton Avenue
	First States Investors 2550A, LLC

	2519 - Madisonville
	First States Investors 2550A, LLC

	2520 - Mentor Avenue
	First States Investors 2550A, LLC

	2521 - Milford
	First States Investors 2550A, LLC

	2522 - Plaza Blvd
	First States Investors 2550A, LLC

	2523 - Public Square
	First States Investors 2550A, LLC

	2524 - Reading Road
	First States Investors 2550A, LLC

	2525 - Reding Road
	First States Investors 2550A, LLC

	2526 - Rock Creek
	First States Investors 2550A, LLC

	2527 - South Broadway
	First States Investors 2550A, LLC

	2528 - South Water Strt
	First States Investors 2550A, LLC

	2529 - Turney Road
	First States Investors 2550A, LLC

	2530 - Warrensville Ctr
	First States Investors 2550A, LLC

	2531 - West 117th
	First States Investors 2550A, LLC

	2532 - West Jefferson
	First States Investors 2550A, LLC

	2533 - Woodland Avenue
	First States Investors 2550A, LLC

	3004 -Plantation
	First States Investors 3004, Limited Partnership

	3014 -Walnut Avenue
	First States Investors 3014, LLC

	3022 -Hickory View
	First States Investors 3022, L.P.

	3024 -Cornelius
	First States Investors 3024, L.P.

	3028 -North Cross
	First States Investors 3028, L.P.

	
		
	3033 -Wilmington
	First States Investors 3033, L.P.

	3034 -Cayce Office
	First States Investors 3034, LLC

	3035 -Clover Main
	First States Investors 3035, LLC

	3043 -Rock Hill PP
	First States Investors 3043, LLC

	3061 -Stuyvesnt Vil
	First States Investors 3061, LLC

	3067 - Abngdn Wall
	First States Investors 3067, LLC

	3076 -Sylvania Main
	First States Investors 3076, LLC

	3077 - Dunwoody Villag
	First States Investors 3077, LLC

	3081 - Cotswold Branch
	First States Investors 3081, L.P.

	3086 - West Manchester
	First States Investors 3086, LLC

	3087 - Route 360
	First States Investors 3087, LLC

	3089 - Richmond West
	First States Investors 3089, LLC

	3090 - Delray Square
	First States Investors 3090, LLC

	3093 - Highland Sprngs
	First States Investors 3093, LLC

	3098 - Country Club Rd
	First States Investors 3098, LLC

	3099 - Sycamore Sprngs
	First States Investors 3099, LLC

	3103 - Lawrenceville Suwann
	First States Investors 3103, LLC

	3108 - Landing
	First States Investors 3108, LLC

	3114 -Nashville Galltn
	First States Investors 3114, LLC

	3151 - Pinellas
	First States Investors 3151, LLC

	3179 - Battleground Office
	First States Investors 3179, Limited Partnership

	3187 - Wendover Place
	First States Investors 3187, Limited Partnership

	3195 - Stonebriar
	First States Investors 3195, L.P.

	3385 - Bristol Office
	First States Investors 3300, LLC

	
		
	3389 - Independence Hall
	First States Investors 3300, LLC

	3392 - Lebanon
	First States Investors 3300, LLC

	3601 - Oviedo Red Bug
	First States Investors 3601, LLC

	3632 - Lake Mary Ofice
	First States Investors 3632, LLC

	3642 - Lake Hiawatha
	First States Investors 3642, LLC

	3647 - Hometown
	First States Investors 3647, L.P.

	0040 - Aurora Main
	First States Investors 40, LLC

	4001C - Baymeadows Ops
	First States Investors 4000C, LLC

	4002C - Callahan
	First States Investors 4000C, LLC

	4004C - Conway
	First States Investors 4000C, LLC

	4005C - Dale Mabry
	First States Investors 4000C, LLC

	4006C - Davie
	First States Investors 4000C, LLC

	4007C - Eustis
	First States Investors 4000C, LLC

	4008C - Ft. Lauderdale
	First States Investors 4000C, LLC

	4009C - Green Coy Sprng
	First States Investors 4000C, LLC

	4011C - Indian Rocks
	First States Investors 4000C, LLC

	4013C - Largo
	First States Investors 4000C, LLC

	4015C - Normandy
	First States Investors 4000C, LLC

	4017C - North Port
	First States Investors 4000C, LLC

	4018C - NE St. Petrsbrg
	First States Investors 4000C, LLC

	4023C - Springfield
	First States Investors 4000C, LLC

	4024C - West Dayton
	First States Investors 4000C, LLC

	4027C - East Lake
	First States Investors 4000C, LLC

	4031C - Jimmy Crtr Blvd
	First States Investors 4000C, LLC

	4032C - Mableton
	First States Investors 4000C, LLC

	4034C - Merchant's Walk
	First States Investors 4000C, LLC

	4035C - Newnan Main
	First States Investors 4000C, LLC

	
		
	4036C - Norcross
	First States Investors
4000C, LLC

	4037C - Peachtree Crnrs
	First States Investors
 4000C, LLC

	4039C - Rome Main
	First States Investors
4000C, LLC

	4047C - Washington West
	First States Investors
 4000C, LLC

	4049C - Advance Main
	First States Investors
4000C, LLC

	4052C - Blowing Rock Mn
	First States Investors
4000C, LLC

	4053C - Brevard Main
	First States Investors
 4000C, LLC

	4056C - China Grove
	First States Investors
4000C, LLC

	4058C - Conover Main
	First States Investors
 4000C, LLC

	4059C - Derita
	First States Investors
4000C, LLC

	4060C - Fayetteville Mn
	First States Investors
 4000C, LLC

	4061C - Forest City Mn
	First States Investors
4000C, LLC

	4064C - Harrisburg
	First States Investors
 4000C, LLC

	4066C - Jackson Park
	First States Investors
4000C, LLC

	4068C - Kildaire Farms
	First States Investors
 4000C, LLC

	4071C - Lexington Main
	First States Investors
4000C, LLC

	4074C - Newton Main
	First States Investors
 4000C, LLC

	4075C - Oakwoods
	First States Investors
4000C, LLC

	4077C - Rocky Mount Mn
	First States Investors
 4000C, LLC

	4043F - Tri-County #2
	First States Investors
4043, LLC

	4044D - Vidalia Main
	First States Investors
 4044, LLC

	4048D - Waynesboro Main
	First States Investors
4048, LLC

	4055D - Canton Main
	First States Investors
 4055, LLC

	4062D - Goldsboro Main
	First States Investors
4062, LLC

	4067D - Jefferson Main
	First States Investors
 4067, LLC

	4085D - W. Jefferson Mn
	First States Investors
4085, LLC

	4102b-Asheville Mn Off
	First States Investors
 4100B, L.P.

	4119a-College Street
	First States Investors
4100B, L.P.

	4128b-East End
	First States Investors
 4100B, L.P.

	4137b-Greenville Mn Of
	First States Investors
4100B, L.P.

	
		
	4153b-Market Street
	First States Investors
4100B, L.P.

	4154a-Mint Hill
	First States Investors
 4100B, L.P.

	4150c-Lincolnton Mn Of
	First States Investors 
4150, LLC

	4413-Lake Street
	First States Investors
4413, LLC

	4070F - Knightdale
	First States Investors
4499, LLC

	4506 - Arcadia
	First States Investors
4500, LLC

	4507 - Executive Drive
	First States Investors
4500, LLC

	5033 - Merced
	First States Investors
5000B, LLC

	5060 - Deland
	First States Investors
5000B, LLC

	0077 - Prima Vista
	First States Investors
77, L.P.

	922 - Hinsdale
	First States Investors
922, LLC

	923 - Dripping Springs
	First States Investors
923, L.P.

	4565 - 12th Street
	First States Investors
926, L.P.

	4566 - Vine Street
	First States Investors
926, L.P.

	4567 - Arroyo Grande
	First States Investors
926, L.P.

	4568 - Santa Maria
	First States Investors
926, L.P.

	4572 - 25th Street
	First States Investors
927, LLC

	4573 - Brentwood
	First States Investors
927, LLC

	4574 - Tipton
	First States Investors
927, LLC

	4575 - 2nd Street
	First States Investors
927, LLC

	3681 - Gulfport Hwy 49
	First States Investors
Branch One, L.P.

	4026D - Alabama Ave
	First States Investors GS
Pool A, L.P.

	4042F - Traffic Circle
	First States Investors 
GS Pool A, L.P.

	4065F - High Point Road
	First States Investors GS
Pool A, L.P.

	4076D - Rockingham Main
	First States Investors GS
Pool A, L.P.

	4502 - Peoria Main
	First States Investors GS
Pool A, L.P.

	5405 - Grants Pass-Mn Bldng
	First States Investors GS
Pool A, L.P.

	3271 - Wickham Road Office
	First States Investors GS
Pool B, L.P.

	3285 - Walnut Maynard
	First States Investors GS
Pool B, L.P.

	3606 - Stockbridge
	First States Investors GS
Pool B, L.P.

	3639 - Cartersville
	First States Investors GS
Pool B, L.P.

	
		
	5435 - Shoal Creek-Mn Bldng
	First States Investors GS Pool B, L.P.

	5301 - Decatur Mn
	First States Investors GS Pool C, L.P.

	0100 - Aventura
	First States Investors 
Realty, LLC

	0103 - Laurens Road
	First States Investors 
Realty, LLC

	0109 - E. Colonial Drive Thr
	First States Investors 
Realty, LLC

	0110 - Downtown Lakeland
	First States Investors 
Realty, LLC

	0915 - Barnstable
	First States Investors 
Realty, LLC

	0917 - Inverness
	First States Investors 
Realty, LLC

	0918 - Paoli
	First States Investors 
Realty, LLC

	2325 - Las Vegas-Sahar
	First States Investors 
Realty, LLC

	2909 - Torrance
	First States Investors 
Realty, LLC

	2921 - Santa Monica
	First States Investors 
Realty, LLC

	2925 - Folcroft
	First States Investors 
Realty, LLC

	2926 - Del Prado
	First States Investors 
Realty, LLC

	2929 - Albermarle Road
	First States Investors 
Realty, LLC

	2931 - Parkside Marketplace
	First States Investors 
Realty, LLC

	2932 - Livingston
	First States Investors 
Realty, LLC

	3906 - East Independence
	First States Investors 
Realty, LLC

	3910 - East Pembrok Pines
	First States Investors 
Realty, LLC

	3914 - Chapel Hill
	First States Investors 
Realty, LLC

	3918 - Plantation - Royal Palm
	First States Investors 
Realty, LLC

	3919 - Decatur Square Office
	First States Investors 
Realty, LLC

	3924 - Greenville Main
	First States Investors 
Realty, LLC

	0201 - Boyertown
	First States Partners 
201, L.P.

	0203 - Collingswood
	First States Partners 
203, LLC

	0213 - Pennington
	First States Partners 
213, LLC

	
		
	0216 - Rhawnhurst
	First States Partners 216, L.P.

	0236 - Bensalem
	First States Partners 236, L.P.

	512- 0012 - Avondale
	First States Properties No. 12, LLC

	0015 - Cherry Hill
	First States Properties No. 15, LLC

	0019 - Campbelltown
	First States Properties No. 19, LLC

	0034 - Hightstown
	First States Properties No. 34, LLC

	0035 - Kendall Park
	First States Properties No. 35, LLC

	0037 - Kennett Sqre
	First States Properties No. 37, LLC

	0041 - Lawrencevill
	First States Properties No. 41, LLC

	0043 - Linden
	First States Properties No. 43, LLC

	0049 - Moosic
	First States Properties No. 49, LLC

	0051 - North End
	First States Properties No. 51, LLC

	0052 - N. Plainfld
	First States Properties No. 52, LLC

	0056 - Phoenixville
	First States Properties No. 56, LLC

	0059 - Point Plsant
	First States Properties No. 59, LLC

	0062 - Runnemede
	First States Properties No. 62, LLC

	0067 - Somerdale
	First States Properties No. 67, LLC

	0071 - Spring Lake
	First States Properties No. 71, LLC

	0073 - Sunnyside
	First States Properties No. 73, LLC

	0009 - Abington
	First States Properties No. 9, LLC

	0007 - Milltown
	First States Realty Corp., LLC

	0009 - Fairgrounds
	First States Realty Corp., LLC

	0010 - Howell
	First States Realty Corp., LLC

	0011 - Whiting
	First States Realty Corp., LLC

	0016 - Mountainville
	First States Realty Corp., LLC

	0018 - Fort Washington
	First States Realty Corp., LLC

	0022 - East Brunswick
	First States Realty Corp., LLC

	0023 - Concordia
	First States Realty Corp., LLC

	0030 - Devon
	First States Realty Corp., LLC

	612-0012 - West Goshen
	First States Realty Corp., LLC

Schedule E

Allocated Loan Amounts

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	40
	0040 -Aurora Main
	201 Masidon
	Aurora
	MO
	65605
	283,397.06

	105
	0105 -Southampton
	736 Street Road
	Southampton
	PA
	18966
	758,206.54

	107
	0107 -Broadmoor
	1705 E Harding
	Pine Bluff
	AR
	71601
	84,950.88

	117
	0117 -Ormond Beach
	175 W. Granada Ave.
	Ormond Beach
	FL
	32174
	1,105,941.24

	118
	0118 -Ponce De Leon
	709 S. Ponce de Leon Blvd.
	St. Augustine
	FL
	32084
	705,913.01

	147
	0147 -Crossroad Faclty
	301 South 25th Street
	Fort Dodge
	IA
	50501
	193,530.93

	154
	154 -Sea Bright
	1096 Ocean Avenue
	Sea Bright
	NJ
	7760
	1,071,090.95

	157
	157 -Woodbury
	22 N. Broad St
	Woodbury
	NJ
	8096
	2,889,005.00

	210
	0110 -Downtown Lakeland
	3221 South Florida Avenue
	Lakeland
	FL
	33803
	-

	509
	0009 -Abington
	1020 Old York Road
	Abington
	PA
	19001
	463,080.71

	512
	0012 -Avondale
	102 Pennsylvania Ave.
	Avondale
	PA
	19311
	313,628.83

	515
	0015 -Cherry Hill
	1402 Brace Road
	Cherry Hill
	NJ
	8034
	823,185.21

	519
	0019 -Campbelltown
	119 W. Main St.
	Cambelltown
	PA
	17010
	307,562.83

	534
	0034 -Hightstown
	140 Mercer St.
	Hightstown
	NJ
	8520
	1,188,398.31

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	535
	0035 -Kendall Park
	3534 State Rt. 27
	Kendall Park
	NJ
	8824
	901,507.64

	537
	0037 -Kennett Sqre
	313 Cypress Street
	Kennett Square
	PA
	19348
	2,850,539.09

	541
	0041 -Lawrencevill
	2673 Main St.
	Lawrenceville
	NJ
	8648
	1,618,174.44

	543
	0043 -Linden
	501 North Wood
	Linden
	NJ
	7036
	2,512,525.30

	549
	0049 -Moosic
	4010 Birney Ave.
	Moosic
	PA
	18507
	373,234.23

	551
	0051 -North End
	930 N. Charlotte St.
	Pottstown
	PA
	19464
	308,645.34

	552
	0052 -N. Plainfld
	28 Craig Place
	North Plainfiel
	NJ
	7060
	71,143.93

	556
	0056 -Phoenixville
	124 Main St.
	Phoenixville
	PA
	19460
	416,875.93

	559
	0059 -Point Plsant
	2201 Bridge Ave.
	Point Pleasant
	NJ
	8742
	1,323,691.71

	562
	0062 -Runnemede
	810 E. Clements Bridge
	Runnemede
	NJ
	8078
	131,429.65

	567
	0067 -Somerdale
	2 S. White Horse Pike
	Somerdale
	NJ
	8083
	523,162.75

	571
	0071 -Spring Lake
	2401 State Rt 71
	Spring Lake
	NJ
	7762
	757,655.46

	573
	0073 -Sunnyside
	236 W. St. George Ave
	Linden
	NJ
	7036
	2,322,465.23

	915
	2110 -Leesburg
	504 Market Street East
	Leesburg
	VA
	20176
	4,335,722.67

	916
	230 -Midland
	4411 North Carolina Hwy27
	Midland
	NC
	28107
	508,396.33

	922
	922 -Hinsdale
	21 West 2nd Street
	Hinsdale
	IL
	60521
	5,106,526.47

	923
	923 -Dripping Springs
	721 Highway 290 West
	Dripping Springs
	TX
	78620
	1,490,962.14

2

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	1077
	0077 -Prima Vista
	900 East Prima Vista Blvd
	Port St. Lucie
	FL
	34952
	1,577,480.44

	1201
	0201 -Boyertown
	Rt 100 North
	Boyertown
	PA
	19512
	322,353.04

	1203
	0203 -Collingswood
	1040 Haddon Ave
	Collingswood
	NJ
	8108
	542,807.20

	1213
	0213 -Pennington
	1 North Main Street
	Pennington
	NJ
	8534
	951,038.54

	1216
	0216 -Rhawnhurst
	8200 Castor Avenue
	Philadelphia
	PA
	19152
	221,155.16

	1236
	0236 -Bensalem
	1975 Street Road
	Bensalem
	PA
	19020
	454,924.13

	2017
	2017 -Fairfield
	8022 Lillian Highway
	Pensacola
	FL
	32506
	173,886.48

	2100
	2100 -Apex Charlotte
	801 East Williams Street
	Apex
	NC
	27502
	123,439.53

	2102
	2102 -Graham
	220 South Main Street
	Graham
	NC
	27253
	456,012.85

	2103
	2103 -Havelock
	1303 East Main Street
	Havelock
	NC
	28532
	138,599.87

	2104
	2104 -Morehead City
	4408 Arendell Street
	Morehead City
	NC
	28557
	350,030.00

	2105
	2105 -New Bern
	375 South Front Street
	New Bern
	NC
	28560
	836,660.27

	2106
	2106 -Plymouth
	102 West Main Street
	Plymouth
	NC
	27962
	575,944.29

	2107
	2107 -Wilson
	223 West Nash Blvd
	Wilson
	NC
	27893
	6,477,812.55

	2108
	2108A -Wilson (Wooten)
	2501 Wooten Blvd
	Wilson
	NC
	27893
	11,360,120.35

	2110
	2108B -Wilson (Horton)
	2412 Horton Blvd
	Wilson
	NC
	27893
	2,065,239.75

	2208
	2208 -San Rafael
	1200 5th Avenue
	San Rafael
	CA
	94901
	1,092,645.05

3

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	2503
	2503 -328 Main Street
	328 Main Street
	Conneaut
	OH
	44030
	288,390.88

	2504
	2504 -680 Broadway
	680 Broadway
	Bedford
	OH
	44146
	679,377.49

	2505
	2505 -4008 St. Clr Ave
	4008 St. Clair Avenue
	Cleveland
	OH
	44103
	358,687.00

	2506
	2506 -4175 Pearl Road
	4175 Pearl Road
	Cleveland
	OH
	44109
	433,815.65

	2507
	2507 -5703 Broadway
	5703 Broadway
	Cleveland
	OH
	44127
	364,849.15

	2508
	2508 -5900 St. Clr Ave
	5900 St. Clair Avenue
	Cleveland
	OH
	44103
	602,960.58

	2509
	2509 -14444 Pearl Rd
	14444 Pearl Road
	Strongville
	OH
	44136
	696,716.31

	2510
	2510 -22481 Lakeshore
	22481 Lakeshore Boulevard
	Euclid
	OH
	44123
	716,867.38

	2511
	2511 -26410 Lakeshore
	26410 Lakeshore Boulevard
	Euclid
	OH
	44132
	208,437.97

	2512
	2512 -Ashtabula
	4366 Main Avenue
	Ashtabula
	OH
	44004
	166,440.20

	2513
	2513 -Beachwood
	24600 Chagrin Boulevard
	Beachwood
	OH
	44122
	871,018.42

	2514
	2514 -Berea
	118 Front Street
	Berea
	OH
	44017
	946,614.40

	2515
	2515 -Chagrin Blvd
	30200 Chagrin Boulevard
	Pepper Pike
	OH
	44124
	736,680.36

	2517
	2517 -Euclid Avenue
	14501 Euclid Avenue
	Cleveland
	OH
	44112
	341,131.06

	2518
	2518 -Hamilton Avenue
	10963 Hamilton Avenue
	Springfield Twp
	OH
	43211
	98,118.86

	2519
	2519 -Madisonville
	5727 Madisonville
	Cincinnati
	OH
	45227
	280,615.81

	2520
	2520 -Mentor Avenue
	9572 Mentor Avenue
	Mentor
	OH
	44060
	371,165.36

4

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	2521
	2521 -Milford
	301 Main Street
	Milford
	OH
	45150
	536,334.87

	2522
	2522 -Plaza Blvd
	7850 Plaza Boulevard
	Mentor
	OH
	44060
	929,583.70

	2523
	2523 -Public Square
	119 Public Square
	Medina
	OH
	44256
	458,398.10

	2524
	2524 -Reading Road
	Reading Road
	Mason
	OH
	45040
	113,400.18

	2525
	2525 -Reding Road
	7825 Reading Road
	Cincinnati
	OH
	45237
	167,546.49

	2526
	2526 -Rock Creek
	3273 Main Street
	Rock Creek
	OH
	44078
	48,035.85

	2527
	2527 -South Broadway
	21 South Broadway
	Geneva
	OH
	44041
	338,112.02

	2528
	2528 -South Water Strt
	408 South Water Street
	Kent
	OH
	44240
	55,583.46

	2529
	2529 -Turney Road
	5007 Turney Road
	Garfield Height
	OH
	44125
	388,980.81

	2530
	2530 -Warrensville Ctr
	3370 Warrensville Center Road
	Shaker Heights
	OH
	44122
	772,533.55

	2531
	2531 -West 117th
	3370 W. 117th
	Cleveland
	OH
	44111
	632,758.11

	2532
	2532 -West Jefferson
	36 West Jefferson Street
	Jefferson
	OH
	44047
	497,986.84

	2533
	2533 -Woodland Avenue
	4100 Woodland Avenue
	Cleveland
	OH
	44104
	497,288.94

	2929
	2929 -Albermarle Road
	6011 Albermarle Road
	Charlotte
	NC
	28212
	324,526.33

	3004
	3004 -Plantation
	450 North Pine Island Road
	Plantation
	FL
	33324
	2,058,841.87

	3014
	3014 -Walnut Avenue
	1300 Walnut Avenue
	Dalton
	GA
	30720
	1,371,665.53

	3022
	3022 -Hickory View
	1625 North Center Street
	Hickory
	NC
	28601
	1,246,728.89

5

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	3024
	3024 -Cornelius
	20301 W. Catawba Avenue
	Cornelius
	NC
	28031
	2,914,808.50

	3028
	3028 -North Cross
	16649 Statesville Road
	Huntersville
	NC
	28078
	1,769,046.92

	3033
	3033 -Wilmington
	1313 Military Cutoff Road
	Wilmington
	NC
	28405
	1,742,344.95

	3034
	3034 -Cayce Office
	1100 Knox Abbot Drive
	Cayce
	SC
	29033
	1,041,721.46

	3035
	3035 -Clover Main
	116 Bethal Street
	Clover
	SC
	29710
	56,172.79

	3043
	3043 -Rock Hill PP
	201 South Herlong Avenue
	Rock Hill
	SC
	29732
	786,548.31

	3061
	3061 -Stuyvesnt Vil
	1097 Stuyvesant Avenue
	Irvington
	NJ
	7111
	599,672.72

	3067
	3067 -Abngdn Wall
	102 Wall Street SW
	Abingdon
	VA
	24210
	1,074,083.11

	3076
	3076 -Sylvania Main
	105 S. Main Street
	Sylvania
	GA
	30467
	328,308.41

	3077
	3077 -Dunwoody Villag
	1449 Dunwoody Village Parkway
	Dunwoody
	GA
	30338
	779,667.59

	3081
	3081 -Cotswold Branch
	225 sharon Amity Road
	Charlotte
	NC
	28211
	2,201,729.40

	3086
	3086 -West Manchester
	1477 Carlisle Road
	York
	PA
	17404
	383,842.24

	3087
	3087 -Route 360
	10101 Hull Street Road
	Richmond
	VA
	23236
	853,603.10

	3089
	3089 -Richmond West
	7605 W. Broad Street
	Richmond
	VA
	23294
	673,163.64

	3090
	3090 -Delray Square
	4899 W. Atlantic Blvd
	Delray Beach
	FL
	33445
	1,283,247.92

	3093
	3093 -Highland Sprngs
	109 E. Nine Mile Road
	Highland Sprngs
	VA
	23075
	321,352.20

	3024
	3024 -Cornelius
	20301 W. Catawba Avenue
	Cornelius
	NC
	28031
	2,914,808.50

6

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	3098
	3098 -Country Club Rd
	1880 E. Market Street
	Harrisonburg
	VA
	22801
	763,325.47

	3099
	3099 -Sycamore Sprngs
	13700 Midlothian Turnpike
	Midlothian
	VA
	23113
	1,246,927.40

	3103
	3103 -Lawrenceville Suwann
	870 Lawrenceville Suwannee Rd
	Lawrenceville
	GA
	30043
	1,571,882.81

	3108
	3108 -Landing
	118 lakeside Blvd
	Landing
	NJ
	7850
	1,185,965.50

	3114
	3114 -Nashville Galltn
	3940 Gallatin Pike
	Nashville
	TN
	37216
	603,881.80

	3151
	3151 -Pinellas
	7600 US Highway 19 N
	Pinellas Park
	FL
	33781
	1,365,041.21

	3179
	3179 -BATTLEGROUND OFFICE
	3314 Battleground Ave.
	Greensboro
	NC
	27410
	679,150.03

	3187
	3187 -WENDOVER PLACE
	5402 Sapp Road
	Greensboro
	NC
	27409
	738,941.54

	3195
	3195 -Stonebriar
	9151 Warrent Parkway
	Frisco
	TX
	75035
	2,039,274.96

	3271
	3271 -Wickham Road Office
	7775 N Wickham Road
	Melbourne
	FL
	32940
	776,855.33

	3285
	3285 -Walnut Maynard
	712 SE Maynard Road
	Cary
	NC
	27511
	707,972.58

	3385
	3385 -Bristol Office
	244 Radcliffe St
	Bristol
	PA
	19007
	585,678.63

	3389
	3389 -Independnc Hall
	601 Chestnut St
	Philadelphia
	PA
	19106
	876,629.49

	3392
	3392 -Lebanon
	801 Cumberland St
	Lebanon
	PA
	17042
	296,348.95

	3601
	3601 -Oviedo Red Bug
	7455 Pinemire Drive
	Oviedo
	FL
	32765
	511,604.58

	3606
	3606 -Stockbridge
	113 Highway 138 West
	Stockbridge
	GA
	30281
	523,266.14

	3632
	3632 -Lake Mary Ofice
	3701 W. Lake Mary Boulevard
	Lake Mary
	FL
	32746
	1,935,130.42

7

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	3639
	3639 -Cartersville
	215 Cherokee Place
	Cartersville
	GA
	30121
	724,289.88

	3642
	3642 -Lake Hiawatha
	66 N. Beverwyck Road
	Lake Hiawatha
	NJ
	7034
	798,508.68

	3647
	3647 -Hometown
	226 Claremont
	Tamaqua
	PA
	18252
	308,079.79

	3681
	3681 -Gulfport Hwy 49
	11464 Highway 49
	Gulfport
	MS
	39503
	363,724.25

	4001
	4001C -Baymeadows Ops
	8324 Baymeadows Way
	Jacksonville
	FL
	32256
	12,618,142.73

	4002
	4002C -Callahan
	401 S. King Rd
	Callahan
	FL
	32011
	1,697,822.35

	4004
	4004C -Conway
	7336 Curry Ford Road
	Orlando
	FL
	32822
	1,258,718.20

	4005
	4005C -Dale Mabry
	1506 South Dale Marby Highway
	Tampa
	FL
	33629
	4,592,886.11

	4006
	4006C -Davie
	4150 S.W.64th Ave
	Davie
	FL
	33314
	1,227,326.37

	4007
	4007C -Eustis
	200 Magnolia Ave.
	Eustis
	FL
	32726
	1,587,581.82

	4008
	4008C -Ft. Lauderdale
	1100 W. State Route 84
	Ft. Lauderdale
	FL
	33315
	2,434,257.67

	4009
	4009C -Green Cov Sprng
	425 North Orange Avenue
	Green Cove Spri
	FL
	32043
	1,907,702.63

	4011
	4011C -Indian Rocks
	14147 Walsingham Rd.
	Largo
	FL
	33774
	506,837.18

	4013
	4013C -Largo
	5250 E. Bay Drive
	Clearwater
	FL
	33764
	2,258,583.54

	4015
	4015C -Normandy
	6545 Normandy Blvd
	Jacksonville
	FL
	32205
	1,259,564.98

	4017
	4017C -North Port
	13675 N.W. Tamiami Trail
	North Port
	FL
	34287
	1,433,001.71

	4018
	4018C -NE St. Petrsbrg
	9655 4th St. North
	St. Petersburg
	FL
	33702
	681,407.08

8

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	4023
	4023C -Springfield
	1601 Main Street
	Jacksonville
	FL
	32233
	2,387,853.34

	4024
	4024C -West Dayton
	828 White Street
	Daytona Beach
	FL
	32117
	1,176,599.23

	4026
	4026D -Alabama Ave
	501 Alabama Avenue
	Breman
	GA
	30110
	779,160.97

	4027
	4027C -East Lake
	2201 Roswell Rd.
	Marietta
	GA
	30062
	674,768.28

	4031
	4031C -Jimmy Crtr Blvd
	5405 Jimy Carter Blvd.
	Norcross
	GA
	30093
	1,064,097.53

	4032
	4032C -Mableton
	5606 Gordon Rd.
	Mabletown
	GA
	30126
	1,379,247.25

	4035
	4035C -Newnan Main
	30 Greenville Street
	Newnan
	NC
	30263
	1,814,061.67

	4036
	4036C -Norcross
	6155 S. Buford Highway
	Norcross
	GA
	30071
	1,188,549.26

	4037
	4037C -Peachtree Crnrs
	5525 Peachtree Parkway
	Norcross
	GA
	30092
	783,939.74

	4039
	4039C -Rome Main
	501 Broad Street
	Rome
	GA
	30161
	2,985,804.58

	4042
	4042F -Traffic Circle
	3509 West Bay Street
	Savannah
	GA
	31408
	535,440.53

	4043
	4043F -Tri-County #2
	4701 Sandy Plains Road
	Roswell
	GA
	30075
	1,041,449.54

	4044
	4044D -Vidalia Main
	900 East First Street
	Vidalia
	GA
	30474
	742,746.36

	4047
	4047C -Washington West
	3726 Washington Road
	Martinez
	GA
	30907
	878,037.69

	4048
	4048D -Waynesboro Main
	615 Liberty Street
	Waynesboro
	GA
	30830
	986,164.89

	4049
	4049C -Advance Main
	Hwy. 801 & Hwy 158
	Advance
	NC
	27006
	428,214.91

	4052
	4052C -Blowing Rock Mn
	983 North Main Street
	Blowing Rock
	NC
	28605
	273,930.50

9

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	4053
	4053C -Brevard Main
	73 West Main Street
	Brevard
	NC
	28712
	413,081.45

	4055
	4055D -Canton Main
	101 Main Street
	Canton
	NC
	28716
	554,852.35

	4056
	4056C -China Grove
	125 North Main Street
	China Grove
	NC
	28023
	660,294.46

	4058
	4058C -Conover Main
	106 First Ave. South
	Conover
	NC
	28613
	367,835.11

	4059
	4059C -Derita
	2610 W. sugar Creek Rd.
	Charlotte
	NC
	28262
	589,284.94

	4060
	4060C -Fayetteville Mn
	200 Green &Bow Streets
	Fayetteville
	NC
	28301
	3,482,037.89

	4061
	4061C -Forest City Mn
	408in Street
	Forest City
	NC
	28043
	959,963.32

	4062
	4062D -Goldsboro Main
	203 North William Street
	Goldsboro
	NC
	27530
	517,727.44

	4064
	4064C -Harrisburg
	108 Highway 49 North
	Harrisburg
	NC
	28075
	676,109.28

	4065
	4065F -High Point Road
	3608 High Point Road
	Greensboro
	NC
	27407
	780,608.45

	4066
	4066C -Jackson Park
	704 North Cannon Blvd.
	Kannapolis
	NC
	28083
	610,060.50

	4067
	4067D -Jefferson Main
	230 E. Main Street
	Jefferson
	NC
	28640
	164,703.21

	4068
	4068C -Kildaire Farms
	1122 Kildaire Farms Road
	Cary
	NC
	27511
	415,842.01

	4070
	4070F -Knightdale
	7519 US Highway 64 E
	Knightdale
	NC
	27545
	343,492.53

	4071
	4071C -Lexington Main
	100 S. State Street
	Lexington
	NC
	27292
	1,520,513.60

	4074
	4074C -Newton Main
	102 S. Main Ave.
	Newton
	NC
	28658
	574,728.40

	4075
	4075C -Oakwoods
	418-420 Bushy Mountain Rd.
	N. Wilkesboro
	NC
	28697
	9,593,936.35

10

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	4076
	4076D -Rockingham Main
	202 East Washington Street
	Rockingham
	NC
	28379
	805,641.69

	4077
	4077C -Rocky Mount Mn
	112 North Church Street
	Rocky Mount
	NC
	27804
	394,876.21

	4085
	4085D -W. Jefferson Mn
	402 S. Jefferson Avenue
	W. Jefferson
	NC
	28694
	718,531.99

	4088
	4034C -Merchant's Walk
	1313 Johnson Ferry Rd. NE
	Marietta
	GA
	30068
	-

	4102
	4102B-Asheville Mn Off
	68 Patton Avenue
	Asheville
	NC
	28801
	2,665,183.36

	4119
	4119A-College Street
	162 College Street
	Asheville
	NC
	28801
	432,768.29

	4128
	4128B-East End
	1908 E. Greenville Blvd.
	Greenville
	NC
	27858
	672,822.45

	4137
	4137B-Greenville Mn Of
	201 W. First Street
	Greenville
	NC
	27858
	3,214,383.28

	4150
	4150C-Lincolnton Mn Of
	100 E. Main Street
	Lincolnton
	NC
	28092
	1,737,045.08

	4153
	4153B-Market Street
	619 Market Street
	Wilmington
	NC
	28401
	277,607.11

	4154
	4154A-Mint Hill
	8008 Blair Road
	Charlotte
	NC
	28227
	578,507.37

	4413
	4413-LAKE STREET
	540 Lake Street
	Addison
	IL
	60101
	-

	4502
	4502 -Peoria Main
	301 W. Adams Avenue
	Peoria
	IL
	61602
	7,322,950.95

	4506
	4506 -Arcadia
	245 N. Rose Street
	Kalamazoo
	MI
	49007
	4,427,941.99

	4507
	4507 -Executive Drive
	5829 Executive Drive
	Lansing
	MI
	48911
	1,005,045.27

	4565
	4565 -12th Street
	545 12th Street
	Paso Robles
	CA
	93446
	2,732,368.42

	4566
	4566 -Vine Street
	1222-1224 Vine Street
	Paso Robles
	CA
	93446
	5,998,835.34

11

	
							
	Property No.
	Property Name
	Address
	City
	State
	Zip Code
	Gross ALA (in $)

	4567
	4567 -Arroyo Grande
	1255 E. Grande Avenue
	Arroyo Grande
	CA
	93420
	1,203,552.45

	4568
	4568 -Santa Maria
	2339 S. Broadway
	Santa Maria
	CA
	93454
	1,970,014.83

	4572
	4572 -25th Street
	3805 25th Street
	Columbus
	IN
	47203
	926,745.59

	4573
	4573 -Brentwood
	2751 Brentwood Drive
	Columbus
	IN
	47203
	440,404.81

	4574
	4574 -Tipton
	1117 E. Tipton Street
	Seymour
	IN
	47274
	851,800.98

	4575
	4575 -2nd Street
	222 W. 2nd Street
	Seymour
	IN
	47274
	1,220,378.44

	5033
	5033 -Merced
	710 W. Main Street
	Merced
	CA
	95340
	2,289,466.69

	5060
	5060 -Deland
	230 N. Woodland Blvd.
	Deland
	FL
	32720
	3,556,231.88

	5301
	5301 -Decatur (BS)-Mn Bldng
	163 Clairmont Avenue
	Decatur
	GA
	30030
	897,193.10

	5405
	5405 -Grants Pass-Mn Bldng
	735 S.E. 6th St.
	Grants Pass
	OR
	97526
	881,642.97

	5435
	5435 -Shoal Creek-Mn Bldng
	7900 Shoal Creek
	Austin
	TX
	78757
	-

12

Exhibit A

KBS ACQUISITION SUB-OWNER 1, LLC OWNERSHIP STRUCTURE

(CITI/GOLDMAN/KBS)

Schedule A to Exhibit A

First States Properties No. 12, LLC
First States Properties No. 15, LLC
First States Properties No. 19, LLC
First States Properties No. 34, LLC
First States Properties No. 35, LLC
First States Properties No. 37, LLC
First States Properties No. 41, LLC
First States Properties No. 43, LLC
First States Properties No. 49, LLC
First States Properties No. 51, LLC
First States Properties No. 52, LLC
First States Properties No. 56, LLC
First States Properties No. 59, LLC
First States Properties No. 62, LLC
First States Properties No. 67, LLC
First States Properties No. 71, LLC
First States Properties No. 73, LLC
First States Properties No. 9, LLC
First States Realty Corp., LLC
First States Partners No. 201, L.P.
First States Partners No. 201, LLC
First States Partners No. 203, LLC
First States Partners No. 213, LLC
First States Partners No. 216, L.P.
First States Partners No. 216, LLC
First States Partners No. 236, L.P.
First States Partners No. 236, LLC
First States Investors Realty, LLC
First States Investors GS Pool B GP, LLC
First States Investors GS Pool B, L.P.
First States Investors GS Pool C GP, LLC
First States Investors GS Pool C, L.P.
First States Investors GS Pool A GP, LLC
First States Investors GS Pool A, L.P.
First States Investors 927, LLC
First States Investors 923 GP, LLC
First States Investors 923, L.P.
First States Investors 5000B, LLC
First States Investors 4100B GP, LLC
First States Investors 4100B, L.P.
First States Investors 3300, LLC
First States Investors 107, LLC
First States Investors 147, LLC
First States Investors 2017, LLC
First States Investors 3091, LLC
First States Investors 3601, LLC
First States Investors 4043, LLC
First States Investors 105, LLC
First States Investors 117, LLC
First States Investors 118, LLC
First States Investors 154, LLC

(CITI/GOLDMAN/KBS)

First States Investors 157, LLC
First States Investors 2100 GP, LLC
First States Investors 2100, L.P.
First States Investors 2102 GP, LLC
First States Investors 2102 L.P.
First States Investors 2103 GP, LLC
First States Investors 2103, L.P.
First States Investors 2104 GP, LLC
First States Investors 2104, L.P.
First States Investors 2105 GP, LLC
First States Investors 2105, L.P.
First States Investors 2106 GP, LLC
First States Investors 2106, L.P.
First States Investors 2107 GP, LLC
First States Investors 2107, L.P.
First States Investors 2108 GP, LLC
First States Investors 2108, L.P.
First States Investors 2110, LLC
First States Investors 2208, LLC
First States Investors 230 GP, LLC
First States Investors 230, L.P.
First States Investors 2550A, LLC
First States Investors 3004, Limited Partnership
First States Investors 3004, LLC
First States Investors 3014, LLC
First States Investors 3022 GP, LLC
First States Investors 3022, L.P.
First States Investors 3024 GP, LLC
First States Investors 3024, L.P.
First States Investors 3028 GP, LLC
First States Investors 3028, L.P.
First States Investors 3033 GP, LLC
First States Investors 3033, L.P.
First States Investors 3034, LLC
First States Investors 3035, LLC
First States Investors 3043, LLC
First States Investors 3061, LLC
First States Investors 3067, LLC
First States Investors 3076, LLC
First States Investors 3077, LLC
First States Investors 3081 GP, LLC
First States Investors 3081, L.P.
First States Investors 3086, LLC
First States Investors 3087, LLC
First States Investors 3089, LLC
First States Investors 3090, LLC
First States Investors 3093, LLC
First States Investors 3098, LLC
First States Investors 3099, LLC
First States Investors 3103, LLC
First States Investors 3108, LLC
First States Investors 3114, LLC
First States Investors 3151, LLC
First States Investors 3179 GP, LLC
First States Investors 3179, Limited Partnership
First States Investors 3187 GP, LLC

(CITI/GOLDMAN/KBS)

First States Investors 3187, Limited Partnership
First States Investors 3195 GP, LLC
First States Investors 3195, L.P.
First States Investors 3632, LLC
First States Investors 3642, LLC
First States Investors 3647 GP, LLC
First States Investors 3647, L.P.
First States Investors 40, LLC
First States Investors 4000C, LLC
First States Investors 4044, LLC
First States Investors 4048, LLC
First States Investors 4055, LLC
First States Investors 4062, LLC
First States Investors 4067, LLC
First States Investors 4085, LLC
First States Investors 4150, LLC
First States Investors 4413, LLC
First States Investors 4499, LLC
First States Investors 4500, LLC
First States Investors 77, Limited Partnership
First States Investors 77, LLC
First States Investors 922, LLC
First States Investors 926 GP, LLC
First States Investors 926, L.P.
First States Investors Branch One GP, LLC
First States Investors Branch One, L.P.

(CITI/GOLDMAN/KBS)RI Q3 2011 Exhibit 10.12

Exhibit 10.12

PLEDGE AND SECURITY AGREEMENT
THIS PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is made as of September 1, 2011 by KBS ACQUISITION SUB-OWNER 1, LLC (“Pledgor”), in favor of GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P., a Delaware limited partnership (“GSCMC”), CITICORP NORTH AMERICA, INC., a New York corporation (“Citigroup”), and KBS ACQUISITION SUB, LLC, a Delware limited liability company (“KBS Lender”, and together with GSCMC, Citigroup and their respective successors and assigns, collectively, “Lender”).
RECITALS
WHEREAS, Lender and Borrower (as such term is defined in the Loan Agreement) are parties to that certain Loan Agreement, dated as of April 1, 2008, as amended by that certain Amendment to Loan Agreement, dated as of  August 22, 2008, as further amended by that certain Second Amendment to Loan Agreement, dated as of March 9, 2010, as further amended by that certain extension agreement, dated March 13, 2011, as further amended by that certain extension agreement, dated April 15, 2011, as further amended by that certain extension agreement, dated April 29, 2011, and as further amended by that certain Third Amendment to Loan Agreement (the “Third Amendment”), dated as of the date hereof (collectively, the “Loan Agreement”), pursuant to which Lender made a loan (the “Loan”) to Borrower in the original principal amount of $250,000,000 (the “Loan Amount”)
WHEREAS, each of the entities identified as a “LLC Pledged Entity” (collectively, “LLC Pledged Entities”), each of the entities identified as an “LP Pledged Entity” (collectively, “LP Pledged Entities”) and each of the entities identified as a “GP Pledged Entity” (collectively, “GP Pledged Entities”, and together with the LLC Pledged Entities and the LP Pledged Entities, the “Pledged Entities”) on Schedule 1 hereto are the direct or indirect owners of certain real property (collectively, the “Property”) more particularly described in the Loan Agreement (as defined below);
WHEREAS, Pledgor owns (i) the issued and outstanding direct limited liability company interests of each of the LLC Pledged Entities in the percentages set forth on Schedule 1, (ii) the issued and outstanding limited liability company interests in each of the GP Pledged Entities in the percentages set forth on Schedule 1, (iii) the limited partnership interests in each of the LP Pledged Entities in the percentages set forth on Schedule 1 (the foregoing limited liability company interests and limited partnership interests, collectively, the “Equity Interests”);
WHEREAS, the Equity Interests are issued pursuant to those certain organizational documents that will be delivered to Lender within one hundred and twenty (120) days from the date hereof (collectively, the “Formation Agreements”);
WHEREAS, Pledgor (together with certain other Persons, collectively, “Borrower”) has executed and delivered to Lender, among other things, a Limited Guaranty, dated as of the date hereof (as amended, restated, replaced, supplemented, or otherwise modified 

MORTGAGE PLEDGE AGREEMENT

from time to time, the “Guaranty”), guaranteeing the payment of certain obligations of Borrowers under the Loan Agreement and the Loan Documents (as such term is defined in the Loan Agreement);
WHEREAS, Lender requires as a condition to entering into the Third Amendment that Pledgor secure its obligations under the Guaranty by delivering this Agreement 
WHEREAS, to induce Lender to enter into the Third Amendment and extend the Loan, Pledgor desires to pledge the Equity Interests to secure Pledgor’s obligations under the Guaranty;
NOW, THEREFORE, for Ten Dollars ($10.00) and in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.     Capitalized Terms.  All capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Loan Agreement and, for the purposes of this Agreement, the following capitalized terms shall have the following meanings:

“Article 8 Matter” means any action, decision, determination or election by any Pledged Entity or its member(s), shareholders or partners, as applicable, that its membership interests, partnership interests, stock or other equity interests, as applicable, be, or cease to be, a “security” as defined in and governed by Article 8 of the Uniform Commercial Code.
“Bankruptcy Code” means Title 11 of the United States Code, as amended, modified, succeeded or replaced, from time to time.
“Distributions” means all distributions (whether in cash or in kind) and all interest in respect of, and all proceeds of, any instrument or interest constituting part of the Pledged Collateral, of whatever kind or description, real or personal, whether in the ordinary course or in partial or total liquidation or dissolution, or any recapitalization, reclassification of capital, or reorganization or reduction of capital, or otherwise.
“Equity Interests” has the meaning set forth in the recitals hereto.
“Event of Default” shall have the meaning ascribed thereto in the Loan Agreement.
“Formation Agreements”  has the meaning set forth in the recitals hereto.
“General Intangibles” shall have the meaning ascribed thereto in Article 9 of the UCC.
“No-Action Letters” means various No‐Action Letters issued by the SEC staff as described in Section 13(b) below.

2

“Obligations” means Pledgor’s obligations set forth in the Guaranty to pay the sums due thereunder, and to perform and observe all of the terms, covenants and provisions of the Guaranty.
“Pledged Collateral” means all of Pledgors’ right, title and interest, whether now owned or hereafter acquired, in, under and to (i) the Formation Agreements and the Equity Interests, including, without limitation, Pledgor’s share of the profits, losses and capital of any Pledged Entity, and all Voting Rights, claims, powers, privileges, benefits, options or rights of any nature whatsoever which currently exist or may be issued or granted by any Pledged Entity to Pledgor, and all instruments, whether heretofore or hereafter acquired, evidencing such rights and interests, (ii) all Distributions, (iii) all General Intangibles relating to the foregoing, (iv) the proceeds (including claims against third parties), products and accessions of the foregoing, (v) all replacements and substitutions of the foregoing, (vi) all books and records (including computerized records, software and disks) relating to any of the foregoing, (vii) all other rights appurtenant to the property described in foregoing clauses (i) through (vi), and (viii) any stock certificates, share certificates, limited liability company certificates, partnership certificates or other certificates or instruments evidencing the foregoing.
“SEC” means the United States Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as it may be amended from time to time.
“Security Interest” shall have the meaning ascribed thereto in Section 2 hereof.
“Securities Laws” means the Securities Act and applicable state securities 
laws.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.
“Voting Rights” means all of Pledgors’ rights under the Formation Agreements to vote and give approvals, consents, decisions and directions and exercise any other similar right with respect to the Pledged Collateral.
2.     Pledge.   As security for the Obligations, each Pledgor hereby grants, pledges, hypothecates, transfers and assigns to Lender a first priority, continuing security interest in and lien on the Pledged Collateral and in all proceeds thereof (the “Security Interest”) as collateral security for the prompt and complete repayment and performance when due (whether at the stated maturity or otherwise) of the Obligations.  The first priority security interest of Lender in any of the Pledged Collateral that is not represented by a certificate, if any, shall be perfected by the filing of a financing statement or statements as hereinafter provided.
3.     Distributions.  Except as explicitly set forth in Section 3.2(b)(iii) of the Loan Agreement or elsewhere in the Loan Agreement, Pledgor shall not have the right to receive Distributions in respect of the Pledged Collateral.  Each Pledgor hereby irrevocably authorizes 

3

and directs its respective Pledged Entities to distribute, transfer, pay and deliver directly to Lender, and not to Pledgor, in accordance with that certain Consent of Issuer attached hereto as Exhibit A and made a part hereof (the “Consent”), any and all Distributions at such time and in such manner as such Distributions would otherwise be distributed, transferred, paid and delivered to any Pledgor, for application in accordance with the Loan Agreement.  If any Pledgor receives any Distributions, such Pledgor shall accept the same as Lender’s agent and hold the same in trust on behalf of and for the benefit of Lender and shall promptly deliver the same forthwith to Lender for application in accordance with the Loan Agreement, together with appropriate forms of assignment, UCC financing statements, and other appropriate instruments, if necessary, indicating the Security Interests of Lender in and to such Distribution.  Each Pledgor authorizes and directs Lender to apply any Distributions received by Lender in the manner described in the Loan Agreement and the other Loan Documents and upon receipt of such Distributions, Lender shall apply same in accordance therewith.  
4.     Voting Rights.
(a)     Pledgor hereby collaterally assigns the Voting Rights to Lender, subject to the terms and provisions of this Agreement, the Formation Agreements and the other Loan Documents.  Lender shall hold the Voting Rights so assigned to it pursuant to the terms of this Agreement.   
(b)    Except during the continuance of an Event of Default, Pledgor may exercise the Voting Rights, provided that Pledgor shall not exercise the Voting Rights in a manner which would be inconsistent with or result in a violation of any provision of this Agreement, the Loan Agreement or any other Loan Document.  Upon the occurrence and during the continuance of an Event of Default, all rights of Pledgor to exercise the Voting Rights shall cease and Lender shall have the right to exercise, in person or by its nominees or proxies, all Voting Rights assigned to it hereunder and Lender shall exercise such Voting Rights assigned to it hereunder in such manner as Lender in its sole discretion shall deem to be in Lender’s best interests (subject to the terms of this Agreement and the other Loan Documents).  Upon the occurrence and during the continuance of an Event of Default, Pledgor shall effect the directions of Lender in connection with any such exercise in accordance with this Agreement.
(c)    In connection with Lender’s exercise of the Voting Rights, Pledgor shall cause each Pledged Entity to rely on a notice from Lender stating that an Event of Default has occurred and is continuing under the Loan Agreement or any other Loan Document, in which event no further direction from Pledgor shall be required to effect the assignment of Voting Rights hereunder from Pledgor to Lender, and the applicable Pledged Entities shall immediately permit Lender to exercise all of the Voting Rights in respect of the business and affairs of such Pledged Entities.  If the applicable Event of Default is no longer continuing or has been waived by Lender, Pledgor shall again automatically have all of the rights to exercise the Voting Rights and Lender shall so notify the applicable Pledged Entities.
(d)     Pledgor acknowledges that, except for this Agreement and the other Loan Documents, it has not entered into, and it is not bound by the terms of, any agreement or 

4

understanding, whether oral or written, with respect to the purchase, sale, transfer or voting of any Voting Rights.
5.     Termination of Agreement.  Immediately upon payment in full and discharge of all of Borrower’s obligations in accordance with the terms of the Loan Agreement and the other Loan Documents, this Agreement shall immediately cease, terminate and be of no further force or effect.  Thereafter, upon the request of Pledgor and at Pledgor’s sole cost and expense, Lender shall deliver to Pledgor, without any representations, warranties or recourse of any kind whatsoever, such of the Pledged Collateral (including any certificate or certificates evidencing the Equity Interests, if any, along with the partnership, membership or stock powers, as applicable, endorsed in blank, if any) as then may be held or controlled by Lender hereunder, and execute and deliver to Pledgor such documents as Pledgor may reasonably request to evidence such termination, including, without limitation, UCC termination statements.  Any Pledged Collateral released from the lien of this Agreement in accordance with the provisions of the Loan Agreement, the other Loan Documents or pursuant to this Section 5 shall, effective upon such release, no longer be deemed “Pledged Collateral” for any purpose under this Agreement or the other Loan Documents.  Lender agrees, at the request and sole cost and expense of Pledgor, to notify any Pledged Entity and any other third party reasonably requested by Pledgor of such termination; provided that, if Borrower’s obligations under the Loan Agreement are paid off and discharged in their entirety by a third party, at Pledgor’s request and at its sole cost and expense, Lender shall assign the Note, this Agreement and any other Loan Documents (to the extent requested by Pledgor) to such third party, without recourse, representation or warranty.
6.     Liability. The trustees, officers, directors, employees and agents of Lender shall have no personal liability under this Agreement and any obligation of Lender under this Agreement to any Pledgor or any Pledged Entity shall be satisfied solely from the assets of Lender.
7.     Rights of Lender.
(a)     Lender shall not be liable for failure to collect or realize upon the Obligations or any collateral security or guarantee therefor, or any part thereof, or for any delay in so doing nor be under any obligation to take any action whatsoever with regard thereto.  Any part or all of the Pledged Collateral held by Collateral Agent for the benefit of Lender may, without notice, but only during the continuance of an Event of Default, be transferred into the name of Lender or its nominee and Lender or its nominee may thereafter without notice, exercise all Voting Rights and other rights in respect of the Pledged Collateral, including the exercise of any and all rights of conversion, exchange, subscription or any other rights, privileges or options in respect of the Pledged Collateral, as if it were the absolute owner thereof, all without liability except to account for property actually received by Lender or its nominee; provided, however, that Lender or its nominee shall have no duty to exercise any of the foregoing actions, or any liability for failure to do so or delay in so doing.
(b)     Lender shall not be liable for the consequence of any Voting Rights cast or given by Lender in accordance with this Agreement, except for any such liability resulting solely from Lender’s gross negligence, bad faith or willful misconduct.

5

(c)    Except as otherwise expressly set forth in this Agreement, and except to the extent caused by Lender’s gross negligence, bad faith or willful misconduct, Lender shall have no liability to Pledgor with respect to the receipt and application by Lender of Distributions, the holding by Lender of any Pledged Collateral pursuant to and in accordance with this Agreement and the other Loan Documents, or Lender’s taking, or failure to take, any action (including the obtaining of insurance) with respect to any Pledged Collateral.
(d)    Pledgor hereby authorizes Lender in its absolute discretion, prior to the termination of this Agreement pursuant to Section 5 hereof, (i) to file any and all financing and continuation statements in any jurisdiction or jurisdictions that Lender deems appropriate (including, without limitation, all initial financing statements and continuation statements), naming Pledgor as debtor, with respect to any of the Pledged Collateral (including such as may be necessary to renew, extend and continue the perfection of the Security Interest of Lender) without consent of or authentication by Pledgor and consents to a photocopy or other reproduction of this Agreement or of a financing statement being sufficient as a financing statement; and (ii) to file UCC financing statements indicating that the collateral covered by such financing statements is “all assets in which Pledgor now or hereafter has rights.”  
8.     Remedies.  Upon the occurrence and during the continuance of an Event of Default, Lender, without demand of performance or other demand, advertisement or notice of any kind (except to the extent required by law, and except for notice of the time and place of public or private sale as specified below) to or upon Pledgor or any other Person (all and each of which demands, advertisements and/or notices is hereby expressly waived to the extent permitted by applicable law), may, without obligation to resort to other security, and in addition to and not in limitation of any and all other remedies reserved to Lender hereunder or at law or in equity, forthwith collect, receive, appropriate and realize upon the Pledged Collateral, or any part thereof, and/or may forthwith sell, assign, give an option or options to purchase, contract to sell or otherwise dispose of and deliver said Pledged Collateral, or any part thereof, in one or more parcels at public or private sale or sales, at any exchange, broker’s board or at Lender’s offices or elsewhere upon such terms and conditions as it may reasonably deem advisable and at such prices as it may deem best with respect to its own interests, for cash or on credit or for future delivery without assumption of any credit risk, with the right to Lender upon any such sale or sales, public or private, to purchase the whole or any part of the Pledged Collateral so sold, free of any right or equity of redemption in Pledgor, which right or equity is hereby expressly waived and released to the extent permitted by law.  Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right to proceed against the Pledged Collateral of Pledgor as it shall determine in its sole discretion.  Lender shall not be obligated to make any sale of the Pledged Collateral if it shall determine not to do so, regardless of the fact that notice of sale of the Pledged Collateral may have been given.  Lender may , without notice or publication (except to the extent required by law, and except for notice of the time and place of public or private sale as specified below), adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice (subject to the notice specified below of time and place of public or private sale, except to the extent required by law), be made at the time and place to which the same was so adjourned.  In case the sale of all or any part of the Pledged Collateral is made on 

6

credit or for future delivery, the Pledged Collateral so sold shall be retained by Lender until the sale price is paid by the purchaser or purchasers thereof, Lender shall not incur any liability in case any such purchaser or purchasers shall fail to take and pay for the Pledged Collateral so sold and, in case of any such failure, such Pledged Collateral may be sold again upon like notice.  To the extent permitted by law, Pledgor hereby waives all rights of marshaling the Pledged Collateral and any other security at any time held by Lender and any right of valuation or appraisal.  Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care, safekeeping or otherwise of any and all of the Pledged Collateral or in any way relating to the rights of Lender hereunder, including reasonable attorney’s fees and legal expenses, to the payment in whole or in part, of the Obligations together with interest thereon at the Default Rate under the Loan Agreement, and only after so applying such net proceeds and after the payment by Lender of any other amount required by any provision of law, including, without limitation, the UCC and any version of the Uniform Commercial Code in effect in any applicable jurisdiction, need Lender account for the surplus, if any, to Pledgor. Pledgor agrees that Lender need not give more than 20 days prior written notice of the time and place of any public sale or of the time and place if any private sale or other intended disposition is to take place and that such notice is commercially reasonable notification of such matters.  No notification need be given to Pledgor if it has, after default, signed a statement renouncing or modifying any right to notification of sale or other intended disposition.  Lender’s rights and remedies hereunder are cumulative, at law or in equity, with any and all of Lender’s other rights in connection with the Loan, and Lender may exercise any of such rights or remedies in any order. In addition to the rights and remedies granted to it in this Agreement and any other instrument securing, evidencing or relating to any of the Obligations, Lender shall have all the rights and remedies of a secured party under the UCC, as if such rights and remedies were fully set forth herein, and any rights and remedies of a secured party under any version of the Uniform Commercial Code in effect in any applicable jurisdiction in which such rights or remedies are sought to be enforced.
9.    Right to Become Member, Shareholder or Partner.  (a) In addition to the remedies set forth in Section 8 hereof, upon the occurrence and during the continuance of an Event of Default, to the extent permitted by applicable law, Lender may, by delivering written notice to the applicable Pledged Entities and Pledgor, after having acquired the right, title and interest of Pledgor’s Equity Interests, succeed, or designate one or more nominees(s) to succeed, to all right, title and interest of Pledgor (including, without limitation, the right, if any, to vote on or take any action with respect to such Pledged Entities) as a member, shareholder or partner of such Pledged Entities, as applicable, relating to the Equity Interests acquired.  Pledgor hereby irrevocably authorizes and directs each applicable Pledged Entity on receipt of any such notice (i) to deem and treat Lender or its nominee in all respects as a member, shareholder or partner, as applicable (and not merely an assignee of a member, shareholder or partner, as applicable), of such Pledged Entity entitled to exercise all the rights, powers and privileges (including the right to vote on or take any action with respect to any and all membership, shareholder or partnership matters, as applicable, pursuant to the Formation Agreement) to receive all Distributions, to be credited with the capital account and to have all other rights, powers and privileges appertaining to such membership, shareholder or partnership interests, as applicable, to which Pledgor would have been entitled had Pledgor’s membership, shareholder or partnership interests, as applicable, not been transferred to Lender or such nominee, (ii) to execute amendments to the Formation Agreement admitting Lender or such nominee as a member, shareholder or partner, as applicable,

7

 in place of Pledgor and (iii) to issue the membership, shareholder or partnership certificate(s), as applicable, in the name of Lender or its nominee, with respect to each of the Equity Interests represented by a certificate or certificates.
 (b)    Notwithstanding anything to the contrary contained herein, upon acquisition of any portion of the Pledged Collateral by Lender or any other Person through foreclosure or assignment in lieu of foreclosure, Pledgor shall not be required to make additional contributions or other payments to the applicable Pledged Entity.
10.     Representations, Warranties and Covenants of Pledgor.  Pledgor hereby represents and warrants to and covenants and agrees with Lender with respect to itself and the Pledged Collateral that, to its actual knowledge:
(a)     Pledgor is, and at all times will maintain its existence as, a limited liability company, corporation or limited partnership, as applicable, organized under the laws of the state of its formation or incorporation, has all requisite power and authority to execute, deliver and perform this Agreement and the Formation Agreement and to consummate the transactions contemplated hereby.
(b)     This Agreement has been duly authorized, executed and delivered by each Pledgor, is the legal, valid and binding obligation of each Pledgor, and is enforceable as to each Pledgor in accordance with its terms, subject, however, to bankruptcy, insolvency and other rights of creditors generally and to general principles of equity.
(c)     Intentionally omitted.
(d)     Intentionally omitted.
(e)     Pledgor owns 100% of the Pledged Collateral, and the Pledged Collateral is and shall remain, free and clear of any lien, mortgage, encumbrance, charge, pledge, security interest, or claim of any kind (including, without limitation, any unconditional sale or other title retention agreement) other than as created by this Agreement or as permitted by the Loan Agreement or the Mezzanine Loan.
(f)    Pledgor covenants and agrees to defend, at its sole cost and expense, Lender’s right, title and Security Interest in and to the Pledged Collateral and the proceeds thereof, created pursuant hereto, against the claims and demands of all Persons whomsoever.
(g)    Intentionally omitted. 
(h)    Intentionally omitted.
(i)    Upon Lender’s filing of UCC financing statements adequately describing the Pledged Collateral in the appropriate offices in the jurisdictions of each Pledgor’s formation,

8

 
all steps necessary to create and perfect the security interest created by this Agreement as a valid and continuing first priority lien on, and first priority perfected (subject to filing of the financing statements referenced above) security interest in, the Pledged Collateral, in favor of Lender, prior to all other liens, security interests and other claims of any sort whatsoever, have been taken.  No Pledgor has granted a security interest in any of the Pledged Collateral to any other party, and the security interest granted pursuant to this Agreement in the Pledged Collateral constitutes a valid, perfected first priority security interest in the Pledged Collateral, enforceable as such against all creditors of, and purchasers from, Pledgor, subject however, to applicable bankruptcy, insolvency and other rights of creditors generally and to the principles of equity.
(j)    No Pledgor will change its name, or use, adopt or discontinue the use of any trade name, fictitious name or other trade name or trade style without Lender’s consent, which consent shall not be unreasonably withheld, delayed or conditioned.
(k)    No Pledgor will change its name in any manner which could make any financing or continuation statement filed hereunder seriously misleading within the meaning of Section 9-507(c) of the UCC (or any other then-applicable provision of the UCC) unless Pledgor shall have given Lender at least 10 Business Days’ prior notice thereof and shall have taken all action (or made arrangements to take such action substantially simultaneously with such change, if it is impossible to take such action in advance) necessary or reasonably requested by Lender to amend such financing statement or continuation statement so that it is not seriously misleading.
(l)    Pledgor shall perform all of its obligations under the Formation Agreement and shall not amend the Formation Agreement in contravention of the Loan Agreement or in any manner that would reduce or impede Lender’s rights or remedies hereunder. 
(m)    None of the Pledged Collateral is represented by a certificate or other instrument.
11.     Certain Covenants.
(a)    No Disposition.  Each Pledgor agrees that, except to the extent permitted under the Loan Agreement, it will not directly or indirectly sell, assign, transfer, exchange, encumber or otherwise dispose of, or grant any option with respect to, all or any portion the Pledged Collateral, nor will it create, incur or permit to exist any security interest with respect to any of the Pledged Collateral or any proceeds thereof, except for the Security Interest provided for by this Agreement.
(b)    Delivery of Certificates and Instruments.  No Pledgor shall at any time while the Loan is outstanding “opt in” to Article 8 of the UCC or issue certificates or instruments at any time representing or evidencing all or any portion of the Pledged Collateral.  Lender shall have the right, at any time, after the occurrence and during the continuance of an Event of Default, to transfer to or to register in the name of Lender or its nominee any Pledged Collateral. If, at any time, Pledgor discovers that any of the Pledged Collateral is represented by a certificate or other instrument, Pledgor shall immediately notify Lender of the same and deliver such certificate or other instrument to Lender.  

9

(c)    Other Units.  Pledgor shall not permit the issuance of any units of membership interest, stock or partnership interest, as applicable, or other securities in addition to or in substitution for the Equity Interests.
12.     Other Partners, Shareholders and/or Members Shall Join.  Every member, shareholder or partner, as applicable, hereinafter admitted to any Pledged Entity as a successor or additional member, shareholder or partner (to the extent permitted under the Loan Documents) shall at Lender’s request and as a condition thereto, join in this Agreement and agree to be bound by the terms and provisions hereof, pursuant to a written joinder and assumption agreement in form and substance reasonably satisfactory to Lender, and execute and deliver appropriate forms of assignment and other appropriate instruments indicating the Security Interest of Lender in the member’s Pledged Collateral.  The failure of any new member, shareholder or partner, as applicable, to execute and deliver the same prior to or contemporaneously with its admission as a member, shareholder or partner in the applicable Pledged Entity, if such failure shall continue for 15 days after such request by Lender, shall constitute an Event of Default hereunder and under the terms and provisions of the Loan Documents.
13.    Foreclosure Sales of Securities.  
(a)    No Obligation to Register.  In exercising its remedies hereunder, Lender may be unable to sell Equity Interests publicly without registering them under the Securities Laws, which would likely be an expensive and time‐consuming undertaking and, in fact, one which might be impossible to accomplish even if Lender were willing to invest the necessary time and money.  Even though Lender may be able to register Equity Interests under the Securities Laws, it may nonetheless regard such registration as too expensive or too time‐consuming (such determination to be made in Lender’s sole discretion).  If Lender sells Equity Interests without registration, Lender may be required to sell them only in private sales to a restricted group of offerees and purchasers who fulfill certain suitability standards and who will be obliged to agree, among other things, to acquire the Equity Interests for their own account for investment and not with a view to distributing or reselling them.  Pledgor acknowledges that, provided it receives 15 days advance written notice thereof, such a private sale may result in less favorable prices and other terms than a public sale.  Pledgor agrees that a private sale, even under these restrictive conditions, will not be considered commercially unreasonable solely by virtue of the fact that Lender has not registered or sought to register the Equity Interests under the Securities Laws, even if Pledgor or Issuer agrees to pay all costs of the registration process.
(b)    Right of Lender to Purchase at No‐Action Public Sale.  Pledgor is aware that Section 9‐610 of the UCC states that Lender is able to purchase the Equity Interests only if they are sold at a public sale.  Pledgor is also aware that SEC staff personnel have, over a period of years, issued various No‐Action Letters that describe procedures which, in the view of the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Part 6 of Article 9 of the UCC, yet not public for purposes of Section 4(2) of the Securities Act.  Pledgor is also aware that Lender may wish to purchase the Equity Interests that are sold at a foreclosure sale, and Pledgor believes that such purchases would be appropriate in circumstances in which the Equity Interests are sold in conformity with the principles set forth in

10

the No-Action Letters. Pledgor specifically agrees that a foreclosure sale conducted in conformity with the principles set forth in the No‐Action Letters for which notice requirements in Section 8 hereof have been satisfied (i) shall be considered to be a “public” sale for purposes of Section 9‐610 of the UCC; (ii) will not be considered commercially unreasonable solely by virtue of the fact that Lender has not registered or sought to register the Equity Interests under the Securities Laws, even if Pledgor agrees or the applicable Pledged Entity agrees to pay all costs of the registration process; and (iii) shall be considered to be commercially reasonable notwithstanding that Lender purchases Equity Interests at such a sale.
(c)    Intercreditor Agreement.  Pledgor acknowledges that Lender may enter into one or more intercreditor or co-lender agreements in connection with the sale, Securitization, participation, syndication or other transfer of all or a portion of the Loan, which intercreditor or co-lender agreement may impose certain restrictions on Lender’s ability to foreclose under this Agreement, including that Lender shall have obtained a Rating Agency Confirmation prior to its commencement of any foreclosure under this Agreement unless (1) the proposed transferee meets certain financial requirements, (2) the Property will be managed by a property manager approved pursuant to the terms of the Loan Documents, and (3) a satisfactory non-consolidation opinion (or an update to the prior non-consolidation opinions delivered at the closing of the Loan).  
(d)    General Standards Applicable to Foreclosure Sales.  Pledgor agrees that Lender shall have no general duty or obligation to make any effort to obtain or pay any particular price for any Equity Interests sold by Lender pursuant to this Agreement (including sales made to Lender).  Lender may, in its discretion, among other things, accept the first offer received, or decide to approach or not to approach any potential purchasers.  Pledgor specifically agrees that a foreclosure sale conducted in conformity with this Section 13 will be considered commercially reasonable.
(e)    Further Assurances.  Pledgor shall use all reasonable efforts to do or cause to be done all such other acts and things (except that Pledgor shall not be obligated to register any Equity Interests under the Securities Laws) as may be reasonably necessary to make any sale or sales of any of the Equity Interests valid and binding and in compliance with applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at Pledgor’s expense.  
(f)    Equitable Remedy.  Pledgor agrees that a breach of any of the covenants contained in this Section 13 shall cause irreparable injury to Lender, and that Lender will have no adequate remedy at law in respect of such breach.  As a consequence, Pledgor agrees that each and every covenant contained in this Section 13 shall be specifically enforceable against Pledgor.
(g)      Intentionally omitted.

11

14.     Reimbursement of Lender. 
(a)     Pledgor shall indemnify, reimburse, defend and hold harmless Lender and its officers, directors, employees and agents (collectively, the “Indemnified Parties”) for, from and against any and all actual losses, liabilities, obligations, damages (excluding consequential damages), penalties, assessments, actions, or causes of action, judgments, suits, claims, demands, actual third party costs, expenses (including reasonable attorneys’ fees and legal expenses whether or not suit is brought and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Indemnified Parties, in any way relating to or arising out of the making, holding or enforcement of this Agreement by Lender to the extent resulting, directly or indirectly, from any claim made (whether or not in connection with any legal action, suit, or proceeding) by or on behalf of any Person other than Lender; provided, however, that no Indemnified Party shall have the right to be indemnified hereunder for its own fraud, bad faith gross negligence or willful misconduct.  The provisions of, and undertakings and indemnification set forth in, this Section 14 shall survive the satisfaction and payment in full of the Obligations and termination of this Agreement.  Any amounts which may become payable by Pledgor pursuant to the foregoing indemnity shall be added to Pledgor’s obligations hereunder and to the Obligations. 
(b)     Pledgor hereby covenants and agrees to reimburse Lender promptly upon receipt of written notice from Lender for all reasonable costs and expenses payable to third parties incurred by Lender in connection with (A) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Pledgor or this Agreement (except to the extent resulting from Lender’s fraud, bad faith gross negligence or willful misconduct), and (B) enforcing any obligations of or collecting any payments due from Pledgor under this Agreement.
(c)    In no event shall Lender be liable to Pledgor for any matter in connection with this Agreement other than to account for moneys actually received by Lender in accordance with the terms hereof and any state of facts determined by a final nonappealable judgment of a court of competent jurisdiction to be caused by Lender’s bad faith, fraud, gross negligence or willful misconduct in connection therewith.  
15.     No Waiver of Rights by Lender.  Nothing herein shall be deemed (a) to be a waiver of any right which Lender may have under the Bankruptcy Code or the bankruptcy laws of any state to file a claim for the then outstanding amount of the Loan or to require that all of the Pledged Collateral shall continue to secure all of the Obligations; (b) to impair the validity of the Loan, the Loan Agreement, the Note, the other Loan Documents or any other document or instrument delivered to Lender in connection therewith; or (c) to impair the right of Lender to commence an action to foreclose any lien or security interest in connection with the exercise of its remedies hereunder.  Nothing herein shall be deemed to be a waiver of any right which Lender may have under Section 506(a), 506(b), 111l(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the indebtedness of the Loan and other amounts due under this Agreement, the Loan Agreement, the Note, or the other Loan Documents or to require that all of the Pledged Collateral shall continue to secure the Obligations.

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16.    Irrevocable Proxy.  Solely with respect to Article 8 Matters, Pledgor hereby irrevocably grants and appoints Lender, from the date of this Agreement until the termination of this Agreement in accordance with its terms, as Pledgor’s true and lawful proxy, for and in Pledgor’s name, place and stead to vote, upon the occurrence and during the continuance of an Event of Default, the Equity Interests, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired, with respect to such Article 8 Matters.  The proxy granted and appointed in this Section 16 shall include the right to sign Pledgor’s name (as a member, shareholder or partner of the applicable Pledged Entities, as applicable) to any consent, certificate or other document relating to an Article 8 Matter and the Equity Interests that applicable law may permit or require, to cause the Equity Interest to be voted in accordance with the preceding sentence.  Pledgor hereby represents and warrants that, to its actual knowledge, there are no other proxies and powers of attorney with respect to an Article 8 Matter and the Equity Interests that Pledgor may have granted or appointed.  Pledgor will not give a subsequent proxy or power of attorney or enter into any other voting agreement with respect to the Equity Interests with respect to any Article 8 Matter and any attempt to do so with respect to an Article 8 Matter shall be void and of no effect.  The proxies and powers granted by the Pledgor pursuant to this Agreement are coupled with an interest and are given to secure the performance of the Pledgor’s obligations.
17.    Miscellaneous.
(a)    Successors.  Except as otherwise provided in this Agreement, whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted assigns of such party, provided that Pledgor may not assign its obligations hereunder except as may be provided in, and in accordance with, the Loan Agreement.  All covenants and promises and agreements in this Agreement contained, by or on behalf of Pledgor, shall inure to the benefit of Lender and its successors and assigns. 
(b)    Governing Law. 
(1) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK EXCEPT TO THE EXTENT THAT THE UCC REQUIRES THE APPLICATION OF LAW OF ANOTHER JURISDICTION WITH RESPECT TO THE PERFECTION, PRIORITY OR SECURITY INTERESTS CREATED HEREBY.
(2)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST PLEDGOR OR LENDER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK.  EACH OF PLEDGOR AND LENDER HEREBY (I) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND 

13

(II) IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
(c)    Modification, Waiver in Writing.  This Agreement may not be amended or waived, nor shall any consent or approval of Lender be granted hereunder, unless such amendment, waiver, consent or approval is in writing signed by Lender and (in the case of amendments) Pledgor. 
(d)    Notices.  The provisions of Section 9.4 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(e)    Trial by Jury.  The provisions of Section 9.5 of the Loan Agreement (as it relates to the waiver of jury trial by Pledgor and Lender) are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(f)    Principles of Construction.  the “Rules of Construction” as set forth in subsection (b) of the “Definition” section of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(g)    Severability.  The provisions of Section 9.8 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(h)    Offsets, Counterclaims and Defenses.  All payments made by Pledgor hereunder shall be made irrespective of, and without any deduction for, any setoffs or counterclaims.  Pledgor waives the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Lender arising out of or in any way connected with this Agreement or the Obligations.
(i)    No Joint Venture.  The provisions of Section 9.12 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(j)    Counterparts.  The provisions of Section 9.15 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(k)    No Third-Party Beneficiaries.  This Agreement is solely for the benefit of Lender and Pledgor, and nothing contained in this Agreement shall be deemed to confer upon anyone other than Lender and Pledgor any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. 
(l)    Limitation on Liability of Pledgor; Exculpation.  The provisions of Section 9.19(a) of the Loan Agreement are hereby incorporated into this Agreement by this 

14

reference to the fullest extent as if the text of such provisions were set forth in their entirety herein.
(m)    Right of Set-Off.  The provisions of Section 9.20 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(n)    Servicer.  The provisions of Section 9.22 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(o)    Prior Agreements.  The provisions of Section 9.23 of the Loan Agreement are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
(p)    Further Assurances.  Pledgor shall from time to time, at its expense, promptly execute and deliver (and/or cause to be executed and delivered) all further instruments and agreements, and take all further actions, that may be necessary or appropriate, or that Lender may reasonably request, in order to perfect or protect any assignment, pledge or security interest granted or purported to be granted hereby or to enable Lender to exercise or enforce its rights and remedies hereunder.
(q)    Limitation on Liability. Notwithstanding anything stated to the contrary in this Agreement, under no circumstances shall the members or partners (direct or indirect) in Pledgor have any liability for the payment or performance of Pledgor’s obligations hereunder.

[Signature appears on the following page]

15

IN WITNESS WHEREOF, Pledgor has executed and delivered this Pledge and Security Agreement as of the date first above written.

PLEDGOR:
KBS ACQUISITION SUB-OWNER 1, LLC,
a Delaware limited liability company
		
	By:
	KBS ACQUISITION SUB, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS ACQUISITION HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS GKK PARTICIPATION HOLDINGS I, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS DEBT HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS LIMITED PARTNERSHIP,

a Delaware limited partnership,
its manager
		
	By:
	KBS REAL ESTATE INVESTMENT TRUST, INC.,

a Maryland corporation,
its sole general partner
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    

MORTGAGE PLEDGE AGREEMENT

Schedule 1
I.    LLC Pledged Entities
	
				
	Pledgor
	Pledged Entity
	State of Formation
	Pledged Equity

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 12, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 15, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 19, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 34, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 35, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 37, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 41, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 43, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 49, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 51, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 52, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 56, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 59, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 62, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 67, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 71, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 73, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Properties No. 9, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 203, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 213, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 927, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 5000B, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3300, LLC
	Delaware
	100% LLC Interest

	
				
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 107, LLC
	Arkansas
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 147, LLC
	Iowa
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2017, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3091, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3601, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4043, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 105, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 117, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 118, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 154, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 157, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2110, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2208, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2550A, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3014, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3034, LLC
	South Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3035, LLC
	South Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3043, LLC
	South Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3061, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3067, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3076, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3077, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3086, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3087, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3089, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3090, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3093, LLC
	Virginia
	100% LLC Interest

	
				
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3098, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3099, LLC
	Virginia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3103, LLC
	Georgia
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3108, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3114, LLC
	Tennessee
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3151, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3632, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3642, LLC
	New Jersey
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 40, LLC
	Missouri
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4000C, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4044, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4048, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4055, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4062, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4067, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4085, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4150, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4413, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4499, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4500, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 922, LLC
	Illinois
	100% LLC Interest

II.    LP Pledged Entities
	
				
	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 201, L.P.
	Pennsylvania
	99% LP Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 216, L.P.
	Pennsylvania
	99% LP Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 236, L.P.
	Pennsylvania
	99% LP Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool B, L.P.
	Delaware
	99.99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool C, L.P.
	Delaware
	99.99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool A, L.P.
	Delaware
	99.99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 923, L.P.
	Delaware
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4100B, L.P.
	Delaware
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2100, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2102 L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2103, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2104, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2105, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2106, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2107, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2108, L.P.
	North Carolina
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 230, L.P.
	North Carolina
	99% LP Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3004, Limited Partnership
	Florida
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3022, L.P.
	North Carolina
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3024, L.P.
	North Carolina
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3028, L.P.
	North Carolina
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3033, L.P.
	North Carolina
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3081, L.P.
	North Carolina
	99% LP Interest

	
				
	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3179, Limited Partnership
	Delaware
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3187, Limited Partnership
	Delaware
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3195, L.P.
	Texas
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3647, L.P.
	Pennsylvania
	99.5% LP Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 77, Limited Partnership
	Florida
	99% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 926, L.P.
	Delaware
	99.5% LP Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors Branch One, L.P.
	Delaware
	99.5% LP Interest

III.    GP Pledged Entities
	
				
	KBS Acquisition Sub-Owner 1, LLC
	First States Realty Corp., LLC
	Pennsylvania
	100% LLC Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 201, LLC
	Pennsylvania
	100% LLC Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 216, LLC
	Pennsylvania
	100% LLC Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Partners No. 236, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool B GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool C GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors GS Pool A GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 923 GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 4100B GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2100 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2102 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2103 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2104 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2105 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2106 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2107 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 2108 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 230 GP, LLC
	North Carolina
	100% LLC Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3004, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3022 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3024 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3028 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3033 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3081 GP, LLC
	North Carolina
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3179 GP, LLC
	Delaware
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3187 GP, LLC
	Delaware
	100% LLC Interest

	
				
	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3195 GP, LLC
	Texas
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 3647 GP, LLC
	Pennsylvania
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors 926 GP, LLC
	Delaware
	100% LLC Interest

	 KBS Acquisition Sub-Owner 1, LLC
	First States Investors 77, LLC
	Florida
	100% LLC Interest

	KBS Acquisition Sub-Owner 1, LLC
	First States Investors Branch One GP, LLC
	Delaware
	100% LLC Interest

Exhibit A
CONSENT OF PLEDGED ENTITY
CONSENT (“Consent”), dated as of August [__], 2011, made by each of the Persons identified on Schedule A hereto as “Pledged Entity” (“Pledged Entity”).
Reference is made to that certain Pledge and Security Agreement (the “Pledge Agreement”) of even date herewith made by the Persons identified as “Pledgor” on Schedule A hereto (collectively, “Pledgor”), in favor of GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P., a Delaware limited partnership (“GSCMC”), CITICORP NORTH AMERICA, INC., a New York corporation (“Citigroup”), and KBS ACQUISITION SUB, LLC, a Delaware limited liability company (“KBS Lender”, and together with GSCMC, Citigroup and their respective successors and assigns, collectively, “Lender”), as pledgee.  Each Pledged Entity hereby acknowledges the receipt of a copy of the Pledge Agreement and acknowledges that Each Pledgor is bound thereby.  For the purposes of this Consent, all capitalized terms not herein defined shall have the respective meanings ascribed thereto in the Pledge Agreement.
Each Pledged Entity hereby consents to the Pledge Agreement and agrees to comply with the terms and provisions thereof applicable to it.  Without limiting the foregoing, during the Existence of an Event of Default, each Pledged Entity agrees to pay any and all Distributions directly to Lender in accordance with, and to the extent provided in, the terms and provisions of Section 3 of the Pledge Agreement.  Until the Obligations are paid in full, each Pledged Entity agrees to (i) comply with the instructions of Lender in connection with the exercise of Lender’s rights and remedies as set forth in the Pledge Agreement, without any further consent from any Pledgor or any other Person in respect of the Pledged Collateral, and (ii) to disregard any request made by any Pledgor or any other person which contravenes such instructions of Lender in respect of the Pledged Collateral.  
This Consent shall be governed by the laws of the State of New York.  All notices required to be given hereunder shall be delivered as set forth in the Pledge Agreement. 
[Signatures appear on the following page]

IN WITNESS WHEREOF, Pledged Entity has executed this Consent as of the date first set forth above.

	
	
	ISSUER:

	The entities listed on Schedule A to this signature page

By: ___________________________
      Name:
      Title:

Pledge Agreement (Consent)

SCHEDULE A

	
			
	Pledgors
	Pledged Entity
	Pledged Equity

	 
	 
	 

	[________]
	[________]
	[________]

	[________]
	[________]
	[________]

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

Pledge Agreement (Consent)

IN WITNESS WHEREOF, Pledgor has executed and delivered this Pledge and Security Agreement as of the date first above written.

PLEDGOR:
KBS ACQUISITION SUB-OWNER 1, LLC,
a Delaware limited liability company
		
	By:
	KBS ACQUISITION SUB, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS ACQUISITION HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS GKK PARTICIPATION HOLDINGS I, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS DEBT HOLDINGS, LLC,

a Delaware limited liability company,
its sole member
		
	By:
	KBS LIMITED PARTNERSHIP,

a Delaware limited partnership,
its manager
		
	By:
	KBS REAL ESTATE INVESTMENT TRUST, INC.,

a Maryland corporation,
its sole general partner
		
	By:
	/s/ David E. Snyder    

David E. Snyder
Chief Financial Officer    

MORTGAGE PLEDGE AGREEMENT

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