Document:

Promissory Note

 Exhibit 10.1 
 PROMISSORY NOTE 
  

			
	 $29,125,000.00
	  	 New York, New York
 January 28, 2011

 FOR VALUE RECEIVED,
each of the parties set forth on Schedule A attached hereto, each a Delaware limited liability company, as maker, each having its principal place of business at 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694 (individually and collectively,
as the context may require, “Borrower”) , hereby unconditionally promises to pay to the order of CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013 (together with its successors and/or
assigns, “Lender”), or at such other place as the holder hereof may from time to time designate in writing, the principal sum of TWENTY-NINE MILLION ONE HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($29,125,000.00), or so much
thereof as is advanced, in lawful money of the United States of America, with interest thereon to be computed from the date of this Note at the Interest Rate, and to be paid in accordance with the terms of this Note and that certain Loan Agreement
dated the date hereof between Borrower and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”). All capitalized terms not defined herein shall have the
respective meanings set forth in the Loan Agreement. 
 ARTICLE 1 : PAYMENT TERMS 

Borrower agrees to pay the principal sum of this Note and interest on the unpaid principal sum of this Note from time to time outstanding
at the rates and at the times specified in Article 2 of the Loan Agreement and the outstanding balance of the principal sum of this Note and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date. 

ARTICLE 2 : DEFAULT AND ACCELERATION 
 The Debt shall without notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due, subject to any applicable notice
and/or cure period, or if not paid on the Maturity Date or on the happening of any other Event of Default. 
 ARTICLE 3 : LOAN
DOCUMENTS 
 This Note is secured by the Security Instruments and the other Loan Documents. All of the terms, covenants and
conditions contained in the Loan Agreement, the Security Instruments and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event of a conflict or
inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern. 
 ARTICLE 4 : SAVINGS CLAUSE 
 Notwithstanding anything to the contrary,
(a) all agreements and communications between Borrower and Lender are hereby and shall automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by Lender shall
never exceed the Maximum Legal Rate, (b) in calculating whether any interest exceeds the Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of
Borrower to Lender, and (c) if through any contingency or event, Lender receives or is deemed to receive interest in excess of the lawful maximum, any such excess shall be deemed to have been applied toward payment of the principal of any and
all 

 
then outstanding indebtedness of Borrower to Lender, or if there is no such indebtedness, shall immediately be returned to Borrower. 

ARTICLE 5 : NO ORAL CHANGE 
 This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 
 ARTICLE 6 : WAIVERS 
 Borrower and all others who may become liable for the
payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices
of any kind, except as otherwise provided in the Loan Documents. No release of any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note,
the Loan Agreement or the other Loan Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower or any other Person who may become
liable for the payment of all or any part of the Debt under this Note, the Loan Agreement or the other Loan Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take
further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents. If Borrower is a partnership or limited liability company, the agreements herein contained shall remain in force and be
applicable, notwithstanding any changes in the individuals comprising the partnership or limited liability company, and the term “Borrower,” as used herein, shall include any alternate or successor partnership or limited liability company,
but any predecessor partnership or limited liability company shall not thereby be released from any liability. If Borrower is a corporation, the agreements contained herein shall remain in full force and be applicable notwithstanding any changes in
the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Borrower,” as used herein, shall include any alternative or successor corporation, but any predecessor corporation shall not be relieved
of liability hereunder. (Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership, limited liability company or corporation, which may be set
forth in the Loan Agreement, the Security Instruments or any other Loan Document.) 
 ARTICLE 7 : TRANSFER 

Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer, Lender may deliver all the collateral mortgaged,
granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under applicable law given to Lender with respect thereto, and Lender shall
thereafter forever be relieved and fully discharged from any liability or responsibility in the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities and the collateral not so transferred. 

ARTICLE 8 : EXCULPATION 
 The provisions of Article 13 of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the same force as if fully set forth herein. 

ARTICLE 9 : GOVERNING LAW 
 This Note shall be governed, construed, applied and enforced in accordance with the Applicable Laws of the state of New York and Applicable Laws of the United States of America. 

  
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 ARTICLE 10 : NOTICES 

All notices or other written communications hereunder shall be delivered in accordance with Article 14 of the Loan Agreement. 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first
above written. 
  

			
	 [Entities Listed on Exhibit A]

		
	By:	 	/s/ H. Michael Schwartz
	Name:	 	H. Michael Schwartz
	Title:	 	President

 SCHEDULE A 
 LIST OF BORROWERS 
  

	1)	SSTI 1000 E 95th ST, LLC 

	2)	SSTI 2244 S Western AVE, LLC 

	3)	SSTI 5701 W Ogden AVE, LLC 

	4)	SSTI 5525 W Roosevelt RD, LLC 

	5)	SSTI 1120 S Las Vegas BLVD, LLC 

	6)	SSTI 11640 Jones Bridge RD, LLC 

	7)	SSTI 2016 Lebanon RD, LLC 

	8)	SSTI 8080 Steilen DR, LLC 

	9)	SSTI 69 Mallory AVE, LLC 

	10)	SSTI 15 McClure Dr, LLC 

	11)	SSTI 1742 Pass Rd, LLCLoan Agreement

 Exhibit 10.2 

 
  

LOAN AGREEMENT 
  

 
 Dated as of
January 28, 2011 
 Between 
 EACH OF THE PARTIES SET FORTH ON EXHIBIT A ATTACHED HERETO, 
 as Borrower

 and 

CITIGROUP GLOBAL MARKETS REALTY CORP., 
 as Lender 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	  
			
	Section 1.1	  	Definitions	  	 	1	  
			
	Section 1.2	  	Principles of Construction	  	 	18	  
		
	ARTICLE 2 GENERAL TERMS	  	 	18	  
			
	Section 2.1	  	Loan Commitment; Disbursement to Borrower	  	 	18	  
			
	Section 2.2	  	The Loan	  	 	18	  
			
	Section 2.3	  	Disbursement to Borrower	  	 	18	  
			
	Section 2.4	  	The Note and the other Loan Documents	  	 	18	  
			
	Section 2.5	  	Interest Rate	  	 	18	  
			
	Section 2.6	  	Loan Payments	  	 	19	  
			
	Section 2.7	  	Prepayments	  	 	20	  
			
	Section 2.8	  	Defeasance	  	 	21	  
			
	Section 2.9	  	Release of Property	  	 	23	  
		
	ARTICLE 3 REPRESENTATIONS AND WARRANTIES	  	 	26	  
			
	Section 3.1	  	Legal Status and Authority	  	 	26	  
			
	Section 3.2	  	Validity of Documents	  	 	26	  
			
	Section 3.3	  	Litigation	  	 	26	  
			
	Section 3.4	  	Agreements	  	 	26	  
			
	Section 3.5	  	Financial Condition	  	 	27	  
			
	Section 3.6	  	Disclosure	  	 	27	  
			
	Section 3.7	  	No Plan Assets	  	 	27	  
			
	Section 3.8	  	Not a Foreign Person	  	 	27	  
			
	Section 3.9	  	Intentionally Omitted	  	 	27	  
			
	Section 3.10	  	Business Purposes	  	 	27	  
			
	Section 3.11	  	Borrower Offices	  	 	27	  
			
	Section 3.12	  	Status of Property	  	 	27	  
			
	Section 3.13	  	Financial Information	  	 	28	  
			
	Section 3.14	  	Condemnation	  	 	29	  
			
	Section 3.15	  	Separate Lots	  	 	29	  
			
	Section 3.16	  	Insurance	  	 	29	  
			
	Section 3.17	  	Use of Property	  	 	29	  
			
	Section 3.18	  	Leases and Rent Roll	  	 	29	  
			
	Section 3.19	  	Filing and Recording Taxes	  	 	30	  
			
	Section 3.20	  	Management Agreement	  	 	30	  

  
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	Section 3.21	  	Illegal Activity/Forfeiture	  	 	30	  
			
	Section 3.22	  	Taxes	  	 	30	  
			
	Section 3.23	  	Permitted Encumbrances	  	 	30	  
			
	Section 3.24	  	Third Party Representations	  	 	30	  
			
	Section 3.25	  	Non-Consolidation Opinion Assumptions	  	 	30	  
			
	Section 3.26	  	Federal Reserve Regulations	  	 	30	  
			
	Section 3.27	  	Investment Company Act	  	 	30	  
			
	Section 3.28	  	Fraudulent Conveyance	  	 	31	  
			
	Section 3.29	  	Embargoed Person	  	 	31	  
			
	Section 3.30	  	Patriot Act	  	 	31	  
			
	Section 3.31	  	Organizational Chart	  	 	32	  
			
	Section 3.32	  	Bank Holding Company	  	 	32	  
			
	Section 3.33	  	Intentionally Omitted	  	 	32	  
			
	Section 3.34	  	Property Document Representations	  	 	32	  
			
	Section 3.35	  	No Change in Facts or Circumstances; Disclosure	  	 	32	  
		
	ARTICLE 4 BORROWER COVENANTS	  	 	33	  
			
	Section 4.1	  	Existence	  	 	33	  
			
	Section 4.2	  	Legal Requirements	  	 	33	  
			
	Section 4.3	  	Maintenance and Use of Property	  	 	33	  
			
	Section 4.4	  	Waste	  	 	34	  
			
	Section 4.5	  	Taxes and Other Charges	  	 	34	  
			
	Section 4.6	  	Litigation	  	 	34	  
			
	Section 4.7	  	Access to Property	  	 	34	  
			
	Section 4.8	  	Notice of Default	  	 	34	  
			
	Section 4.9	  	Cooperate in Legal Proceedings	  	 	35	  
			
	Section 4.10	  	Performance by Borrower	  	 	35	  
			
	Section 4.11	  	Illegal Activity/Forfeiture	  	 	35	  
			
	Section 4.12	  	Books and Records	  	 	35	  
			
	Section 4.13	  	Estoppel Certificates	  	 	36	  
			
	Section 4.14	  	Leases and Rents	  	 	37	  
			
	Section 4.15	  	Management Agreement	  	 	38	  
			
	Section 4.16	  	Payment for Labor and Materials	  	 	39	  
			
	Section 4.17	  	Performance of Other Agreements	  	 	40	  
			
	Section 4.18	  	Debt Cancellation	  	 	40	  
			
	Section 4.19	  	ERISA	  	 	40	  
			
	Section 4.20	  	No Joint Assessment	  	 	40	  
			
	Section 4.21	  	Alterations	  	 	40	  

  
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	Section 4.22	  	Property Document Covenants	  	 	41	  
			
	Section 4.23	  	Embargoed Person/Patriot Act Protocols of Guarantor	  	 	41	  
		
	ARTICLE 5 ENTITY COVENANTS	  	 	41	  
			
	Section 5.1	  	Single Purpose Entity/Separateness	  	 	41	  
			
	Section 5.2	  	Independent Director	  	 	45	  
			
	Section 5.3	  	Change of Name, Identity or Structure	  	 	45	  
			
	Section 5.4	  	Business and Operations	  	 	46	  
		
	ARTICLE 6 NO SALE OR ENCUMBRANCE	  	 	46	  
			
	Section 6.1	  	Transfer Definitions	  	 	46	  
			
	Section 6.2	  	No Sale/Encumbrance	  	 	46	  
			
	Section 6.3	  	Permitted Equity Transfers	  	 	47	  
			
	Section 6.4	  	Permitted Property Transfer (Assumption)	  	 	48	  
			
	Section 6.5	  	Lender’s Rights	  	 	49	  
			
	Section 6.6	  	OFAC, Patriot Act and Transfers	  	 	49	  
		
	ARTICLE 7 INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	 	50	  
			
	Section 7.1	  	Insurance	  	 	50	  
			
	Section 7.2	  	Casualty	  	 	53	  
			
	Section 7.3	  	Condemnation	  	 	53	  
			
	Section 7.4	  	Restoration	  	 	54	  
		
	ARTICLE 8 RESERVE FUNDS	  	 	57	  
			
	Section 8.1	  	Immediate Repair Funds	  	 	57	  
			
	Section 8.2	  	Replacement Reserve Funds	  	 	57	  
			
	Section 8.3	  	Intentionally Omitted	  	 	58	  
			
	Section 8.4	  	Operating Expense Funds	  	 	58	  
			
	Section 8.5	  	Excess Cash Flow Funds	  	 	59	  
			
	Section 8.6	  	Tax and Insurance Funds	  	 	59	  
			
	Section 8.7	  	The Accounts Generally	  	 	59	  
		
	ARTICLE 9 CASH MANAGEMENT	  	 	61	  
			
	Section 9.1	  	Establishment of Certain Accounts	  	 	61	  
			
	Section 9.2	  	Deposits into the Restricted Account; Maintenance of Restricted Account	  	 	61	  
			
	Section 9.3	  	Disbursements from the Cash Management Account	  	 	62	  
			
	Section 9.4	  	Withdrawals from the Debt Service Account	  	 	63	  
			
	Section 9.5	  	Payments Received Under this Agreement	  	 	63	  
		
	ARTICLE 10 EVENTS OF DEFAULT; REMEDIES	  	 	63	  
			
	Section 10.1	  	Event of Default	  	 	63	  
			
	Section 10.2	  	Remedies	  	 	65	  

  
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	ARTICLE 11 SECONDARY MARKET	  	 	67	  
			
	Section 11.1	  	Securitization	  	 	67	  
			
	Section 11.2	  	Disclosure	  	 	68	  
			
	Section 11.3	  	Reserves/Escrows	  	 	69	  
			
	Section 11.4	  	Servicer	  	 	69	  
			
	Section 11.5	  	Rating Agency Costs	  	 	69	  
			
	Section 11.6	  	Mezzanine Option	  	 	69	  
			
	Section 11.7	  	Conversion to Registered Form	  	 	70	  
		
	ARTICLE 12 INDEMNIFICATIONS	  	 	70	  
			
	Section 12.1	  	General Indemnification	  	 	70	  
			
	Section 12.2	  	Mortgage and Intangible Tax Indemnification	  	 	71	  
			
	Section 12.3	  	ERISA Indemnification	  	 	71	  
			
	Section 12.4	  	Duty to Defend, Legal Fees and Other Fees and Expenses	  	 	71	  
			
	Section 12.5	  	Survival	  	 	71	  
			
	Section 12.6	  	Environmental Indemnity	  	 	71	  
		
	ARTICLE 13 EXCULPATION	  	 	71	  
			
	Section 13.1	  	Exculpation	  	 	71	  
		
	ARTICLE 14 NOTICES	  	 	73	  
			
	Section 14.1	  	Notices	  	 	73	  
		
	ARTICLE 15 FURTHER ASSURANCES	  	 	74	  
			
	Section 15.1	  	Replacement Documents	  	 	74	  
			
	Section 15.2	  	Recording of Security Instrument, etc.	  	 	74	  
			
	Section 15.3	  	Further Acts, etc.	  	 	74	  
			
	Section 15.4	  	Changes in Tax, Debt, Credit and Documentary Stamp Laws	  	 	75	  
		
	ARTICLE 16 WAIVERS	  	 	75	  
			
	Section 16.1	  	Remedies Cumulative; Waivers	  	 	75	  
			
	Section 16.2	  	Modification, Waiver in Writing	  	 	75	  
			
	Section 16.3	  	Delay Not a Waiver	  	 	76	  
			
	Section 16.4	  	Waiver of Trial by Jury	  	 	76	  
			
	Section 16.5	  	Waiver of Notice	  	 	76	  
			
	Section 16.6	  	Remedies of Borrower	  	 	76	  
			
	Section 16.7	  	Cross-Default; Cross-Collateralization; Marshalling and Other Matters	  	 	76	  
			
	Section 16.8	  	Waiver of Statute of Limitations	  	 	77	  
			
	Section 16.9	  	Waiver of Counterclaim	  	 	77	  
			
	Section 16.10	  	Sole Discretion of Lender	  	 	77	  
		
	ARTICLE 17 MISCELLANEOUS	  	 	77	  
			
	Section 17.1	  	Survival	  	 	77	  

  
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	Section 17.2	  	Governing Law	  	 	77	  
			
	Section 17.3	  	Headings	  	 	78	  
			
	Section 17.4	  	Severability	  	 	78	  
			
	Section 17.5	  	Preferences	  	 	79	  
			
	Section 17.6	  	Expenses	  	 	79	  
			
	Section 17.7	  	Cost of Enforcement	  	 	79	  
			
	Section 17.8	  	Schedules Incorporated	  	 	79	  
			
	Section 17.9	  	Offsets, Counterclaims and Defenses	  	 	80	  
			
	Section 17.10	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	 	80	  
			
	Section 17.11	  	Publicity	  	 	81	  
			
	Section 17.12	  	Conflict; Construction of Documents; Reliance	  	 	81	  
			
	Section 17.13	  	Entire Agreement	  	 	81	  
			
	Section 17.14	  	Liability	  	 	81	  
			
	Section 17.15	  	Duplicate Originals; Counterparts	  	 	81	  
			
	Section 17.16	  	Contributions and Waivers	  	 	81	  
			
	Section 17.17	  	Knowledge	  	 	84	  

  
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 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of January 28, 2011 (as amended, restated, replaced, supplemented or otherwise modified from
time to time, this “Agreement”), between CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013 (together with its successors and/or assigns,
“Lender”) and EACH OF THE PARTIES SET FORTH ON EXHIBIT A ATTACHED HERETO, each a Delaware limited liability company having its principal place of business at 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694 (together
with its successors and/or assigns, “Borrower”). 
 RECITALS: 

Borrower desires to obtain the Loan (defined below) from Lender. 

Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (defined below). 
 In consideration of the making of the Loan by Lender and the covenants, agreements,
representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
 ARTICLE 1 
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1
    Definitions. 
 For all purposes of
this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 

“Acceptable LLC” shall mean a limited liability company formed under Delaware or Maryland law which (i) has at
least one springing member or “Special Member” (as defined below), which, upon the dissolution of all of the members or the withdrawal or the disassociation of all of the members from such limited liability company, shall immediately
become the sole member of such limited liability company, and (ii) otherwise meets the Rating Agency criteria then applicable to such entities. 
 “Account Collateral” shall mean (i) the Accounts, and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in the Accounts from time to
time; (ii) any and all amounts invested in Permitted Investments; (iii) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all
of the foregoing; and (iv) to the extent not covered by clauses (i) - (iii) above, all “proceeds” (as defined under the UCC as in effect in the State in which the Accounts are located) of any or all of the foregoing. 

“Accounts” shall mean the Cash Management Account, the Debt Service Account, the Restricted Account, the Tax Account,
the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Excess Cash Flow Account, the Operating Expense Account and any other account established by this Agreement or the other Loan Documents. 

“Act” is defined in Section 5.1 hereof. 
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or
officer of such Person or of an Affiliate of such Person. 
 “Affiliated Manager” shall mean any property
manager of any Individual Property in which Borrower, Guarantor, any SPE Component Entity (if any) or any Affiliate of such entities has, directly or indirectly, any legal, beneficial or economic interest. 

 “ALTA” shall mean American Land Title Association, or any successor
thereto. 
 “Alteration Threshold” shall mean an amount equal to 5% of the then-outstanding principal balance
of the Loan. 
 “Allocated Loan Amount” shall mean, for an Individual Property, the amount set forth on
Schedule V attached hereto. 
 “Annex” shall have the meaning set forth in Section 3.30 hereof.

 “Applicable Contribution” shall have the meaning set forth in Section 17.16 hereof. 

“Approved Accounting Method” shall mean GAAP, federal tax basis accounting (consistently applied) or such other method
of accounting, consistently applied, as may be reasonably acceptable to Lender. 
 “Approved Annual Budget”
shall have the meaning set forth in Section 4.12 hereof. 
 “Approved Appraiser” shall mean any of the
following appraisers provided there has been no material adverse change to such appraiser’s financial condition, operations or ability to conduct its business in the ordinary course since the Closing Date: (i) Cushman & Wakefield
and (ii) CB Richard Ellis. 
 “Approved Extraordinary Expense” shall mean an operating expense of any
Individual Property not set forth on the Approved Annual Budget but approved by Lender in writing (which such approval shall not be unreasonably withheld or delayed). 
 “Approved ID Provider” shall mean each of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company and
Lord Securities Corporation; provided, that, (A) the foregoing shall only be deemed Approved ID Providers to the extent acceptable to the Rating Agencies and (B) additional national providers of Independent Directors may be deemed added to
the foregoing hereunder to the extent approved in writing by Lender and the Rating Agencies. 
 “Approved
Operating Expense” shall mean an operating expense of any Individual Property set forth on the Approved Annual Budget. 

“Assignment of Management Agreement” shall mean, with respect to each Individual Property, that certain Conditional
Assignment of Management Agreement dated as of the date hereof among Lender, Borrower and Manager, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time. 

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of
all or any part of any Individual Property. 
 “Bank” shall be deemed to refer to the bank or other institution
maintaining the Restricted Account pursuant to the Restricted Account Agreement. 
 “Bankruptcy Code” shall
mean Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws
relating to bankruptcy, insolvency or creditors’ rights. 
 “Bankruptcy Event” shall mean the occurrence
of any one or more the of the following: (i) Borrower files a voluntary petition under the Bankruptcy Code or any other Creditors Rights Laws; (ii) any Borrower Party files, or joins in the filing of, an involuntary petition
against Borrower under the Bankruptcy Code or any other Creditors Rights Laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (iii) Borrower files an answer consenting
to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Creditors Rights 

  
 - 2 -

 
Laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; (iv) any Borrower Party consents to or acquiesces in or joins in an
application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of the Property; (v) Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its
insolvency or inability to pay its debts as they become due; (vi) the substantive consolidation of any Restricted Party with any other entity in connection with any proceeding under the Bankruptcy Code or any other Creditors Rights Laws
involving Guarantor or its subsidiaries; (vii) any Restricted Party contesting or opposing any motion made by Lender to obtain relief from the automatic stay or seeking to reinstate the automatic stay in the event of any proceeding under the
Bankruptcy Code or any other Creditors Rights Laws involving Guarantor or its subsidiaries; and (viii) in the event Lender receives less than the full value of its claim in any proceeding under the Bankruptcy Code or any other Creditors Rights
Laws, Guarantor or any of its Affiliates receiving an equity interest or other financial benefit of any kind as a result of a “new value” plan or equity contribution. 

“Benefit Amount” shall have the meaning set forth in Section 17.16 hereof. 

“Borrower Party” and “Borrower Parties” shall mean each of Borrower and Guarantor. 

“Business Day” shall mean a day on which commercial banks are not authorized or required by applicable law to close in
New York, New York. 
 “Cash Flow Adjustments” shall mean, with respect to the determination of Operating
Expenses in connection with the calculation of Underwritable Cash Flow, adjustments as may be reasonably made by Lender to reflect (i) actual or imminent increases for Taxes and Insurance Premiums, (ii) management fees equal to the greater
of (x) six percent of Gross Rents and (y) actual management fees payable under the Management Agreement and (iii) items of a non-recurring nature. 
 “Cash Management Account” shall have the meaning set forth in Section 9.1 hereof. 
 “Casualty” shall have the meaning set forth in Section 7.2. 

“Casualty Consultant” shall have the meaning set forth in Section 7.4 hereof. 

“Closing Date” shall mean the date of the funding of the Loan. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result, in lieu or in
anticipation, of the exercise of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting
any Individual Property or any part thereof. 
 “Condemnation Net Proceeds” shall mean the Net Proceeds
described in subsection (ii) of the definition of “Net Proceeds” as set forth herein. 
 “Condemnation
Payment” shall have the meaning set forth in Section 7.3 hereof. 
 “Contribution” shall have the
meaning set forth in Section 17.16 hereof. 
 “Control” shall mean the power to direct the management and
policies of an entity, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise. 
 “Covered Rating Agency Information” shall mean any Provided Information furnished to the Rating Agencies in connection with issuing, monitoring and/or maintaining the Securities.

 “Creditors Rights Laws” shall mean any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or debtors. 

  
 - 3 -

 “Debt” shall mean the outstanding principal amount set forth in, and
evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement or the other Loan Documents (including, without limitation, all
costs and expenses payable to Lender thereunder). 
 “Debt Service” shall mean, with respect to any particular
period of time, interest and principal payments due under the Note or, in the event only a portion of the Loan is the subject of the Defeasance Event, the Undefeased Note, for such period. 

“Debt Service Account” shall have the meaning set forth in Section 9.1 hereof. 

“Debt Service Coverage Ratio” shall mean, with respect to all Properties and in the aggregate, the ratio calculated by
Lender on a monthly basis of (i) the Underwritable Cash Flow to (ii) the aggregate amount of debt service under the Note, or in the event only a portion of the Loan has been subject of a prior Defeasance Event, the Undefeased Note, which
would be due for the twelve (12) month period immediately preceding the date of calculation; provided, that, the foregoing shall be calculated by Lender (A) based upon actual amount of debt service which would be due for such period under
the Note, or in the event only a portion of the Loan has been the subject of a prior Defeasance Event, the Undefeased Note and (B) assuming that the Loan had been in place for the entirety of said period. 

“Deemed Approval Requirements” shall mean, with respect to any matter, that (i) no Event of Default shall have
occurred and be continuing (either at the date of any notices specified below or as of the effective date of any deemed approval), (ii) Borrower shall have sent Lender a written request for approval with respect to such matter in accordance
with the applicable terms and conditions hereof (the “Initial Notice”), which such Initial Notice shall have been (A) accompanied by any and all required information and documentation relating thereto as may be reasonably
required in order to approve or disapprove such matter (the “Approval Information”) and (B) marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF
RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the Initial Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”; (iii) Lender shall
have failed to respond to the Initial Notice within the aforesaid time-frame; (iv) Borrower shall have submitted a second request for approval with respect to such matter in accordance with the applicable terms and conditions hereof (the
“Second Notice”), which such Second Notice shall have been (A) accompanied by the Approval Information and (B) marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN FIVE
(5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the Second Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”;
and (v) Lender shall have failed to respond to the Second Notice within the aforesaid time-frame. For purposes of clarification, Lender requesting in writing additional and/or clarified information, in addition to approving or denying any
request (in whole or in part), shall be deemed a response by Lender for purposes of the foregoing. 
 “Default”
shall mean the occurrence of any event hereunder or under the Note or the other Loan Documents which, but for the giving of notice or passage of time, or both, would be an Event of Default. 

“Default Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (i) the Maximum Legal
Rate, or (ii) five percent (5%) above the Interest Rate. 
 “Default Yield Maintenance Premium” shall
mean an amount equal to the Yield Maintenance Premium except that when calculating the Yield Maintenance Premium, the reference to “Interest Rate” in the definition of “Calculated Payments” shall be deemed to mean and refer to
the “Default Rate”. 
 “Defeasance Approval Item” shall have the meaning set forth in
Section 2.8 hereof. 
 “Defeasance Collateral” shall mean “government securities” within the
meaning of Treasury Regulation Section 1.860G-2(a)(8)(i), which provide payments (i) on or prior to, but as close as possible to, the Business Day 

  
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immediately preceding all Monthly Payment Dates and other scheduled payment dates, if any, hereunder after the Defeasance Date and up to and including the Maturity Date, and (ii) in amounts
equal to or greater than the Scheduled Defeasance Payments relating to such Monthly Payment Dates and other scheduled payment dates. 
 “Defeasance Date” shall have the meaning set forth in Section 2.8 hereof. 
 “Defeasance Event” shall have the meaning set forth in Section 2.8 hereof. 
 “Defeasance Collateral Account” shall have the meaning set forth in Section 2.8 hereof. 
 “Defeased Note” shall have the meaning set forth in Section 2.8 hereof. 
 “Disclosure Documents” shall mean, collectively and as applicable, any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering document, in
each case, in connection with a Securitization. 
 “Eligibility Requirements” means, with respect to any
Person, that such Person (i) has total assets (in name or under management) in excess of six hundred million dollars ($600,000,000) and (except with respect to an advisory firm or similar fiduciary) capital/statutory surplus or
shareholder’s equity of two hundred and fifty million dollars ($250,000,000) and (ii) is regularly engaged in the business of making or owning commercial real estate loans or commercial properties. 

“Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding institution
that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts
maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to
12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit,
passbook or other instrument. 
 “Eligible Institution” shall mean (a) a depository institution or trust
company insured by the Federal Deposit Insurance Corporation (i) the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” (or its equivalent) from each of the Rating Agencies (in the case
of accounts in which funds are held for thirty (30) days or less) and (ii) the senior unsecured debt obligations of which are rated at least “AA” (or its equivalent) from each of the Rating Agencies (in the case of accounts in
which funds are held for more than thirty (30) days) or (b) such other depository institution otherwise approved by the Rating Agencies from time-to-time. 
 “Embargoed Person” shall have the meaning set forth in Section 3.29 hereof. 
 “Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the
benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Laws” shall have the meaning set forth in the Environmental Indemnity. 

“Equity Collateral” shall have the meaning set forth in Section 11.6 hereof. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may heretofore have been or shall be
amended, restated, replaced or otherwise modified. 
 “Event of Default” shall have the meaning set forth in
Section 10.1 hereof. 
 “Excess Cash Flow” shall have the meaning set forth in Section 9.3 hereof.

  
 - 5 -

 “Excess Cash Flow Account” shall have the meaning set forth in
Section 8.5 hereof. 
 “Excess Cash Flow Funds” shall have the meaning set forth in Section 8.5
hereof. 
 “Exchange Act” shall mean the Securities and Exchange Act of 1934, as amended. 

“Exculpated Parties” shall have the meaning set forth in Section 13.1 hereof. 

“Existing Cell Tower Leases” shall mean that certain (i) PCS Site Agreement dated October 7, 1997 by and
between Security Self Storage, Inc., predecessor-in-interest to SSTI 8080 Steilen DR, LLC, as Landlord, and SprintCom Inc., predecessor-in-interest to STC Two LLC, as Tenant, as amended by that certain Addendum #2 dated June 11, 1998, as
further amended by that certain First Amendment to PCS Site Agreement dated August 28, 2006 and as further amended by that certain Second Amendment to PCS Site Agreement dated December 17, 2008, and (ii) Land Lease Agreement dated
October 11, 1996, by and between Downtown Mini Storage Partners, DBA, predecessor-in-interest to SSTI 1120 S Las Vegas BLVD, LLC, as Landlord, and AAT Communications Corporation, as predecessor-in-interest to SBA Structures, Inc., as Tenant, as
amended by that certain Amendment I dated November 24, 1997. 
 “Existing Loan” shall mean the loan
evidenced by that certain $4,975,000 Consolidated, Amended and Restated Promissory Note dated as of March 16, 2009, by SSTI 15 McClure Dr, LLC , a Delaware limited liability company, and SSTI 1742 Pass Rd, LLC, a Delaware limited liability
company, as maker, and payable to the order of BB&T Real Estate Funding, LLC. 
 “Fitch” shall mean Fitch,
Inc. 
 “Flood Insurance Acts” shall have the meaning set forth in Section 7.1 hereof. 

“Funding Borrower” shall have the meaning set forth in Section 17.16 hereof. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the
applicable financial report. 
 “Governmental Authority” shall mean any court, board, agency, commission,
office or other authority of any nature whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Gross Rents” shall mean an amount equal to annual rental income reflected in a current rent roll for all Tenants paying
rent pursuant to Leases which are in full force and effect. Gross Rents may be adjusted by Lender in its reasonable discretion to account for items of a non-recurring nature. For the avoidance of doubt, Gross Rents shall exclude any rental income
from any Tenant that has not paid rent for more than sixty (60) days. 
 “Guarantor” shall mean Strategic
Storage Trust, Inc., a Maryland corporation. 
 “Guaranty” shall mean that certain Limited Recourse Guaranty
executed by Guarantor and dated as of the date hereof. 
 “Immediate Repair Account” shall have the meaning set
forth in Section 8.1 hereof. 
 “Immediate Repair Funds” shall have the meaning set forth in
Section 8.1 hereof. 
 “Immediate Repairs” shall have the meaning set forth in Section 8.1 hereof.

 “Improvements” shall have the meaning set forth in the granting clause of each Security Instrument.

  
 - 6 -

 “Indebtedness” shall mean, for any Person, without duplication:
(i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan
agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or
special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person, directly or indirectly, (v) all obligations under leases that constitute capital leases for which such Person is
liable, and (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or
in respect of which obligations such Person otherwise assures a creditor against loss. 
 “Indemnified Parties”
shall mean (a) Lender, (b) any successor owner or holder of the Loan or participations in the Loan, (c) any Servicer or prior Servicer of the Loan, (d) any Investor or any prior Investor in any Securities, (e) any trustees,
custodians or other fiduciaries who hold or who have held a full or partial interest in the Loan for the benefit of any Investor or other third party, (f) any receiver or other fiduciary appointed in a foreclosure or other Creditors Rights Laws
proceeding, (g) any officers, directors, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors, Affiliates or subsidiaries of any and all of the foregoing, and (h) the heirs, legal
representatives, successors and assigns of any and all of the foregoing (including, without limitation, any successors by merger, consolidation or acquisition of all or a substantial portion of the Indemnified Parties’ assets and business), in
all cases whether during the term of the Loan or as part of or following a foreclosure of the Loan. 
 “Independent
Director” shall have the meaning set forth in Section 5.2 hereof. 
 “Insurance Account” shall
have the meaning set forth in Section 8.6 hereof. 
 “Insurance Premiums” shall have the meaning set forth
in Section 7.1 hereof. 
 “Individual Property” shall mean each parcel of real property, the Improvements
thereon and all Personal Property owned by any Borrower and encumbered by a Security Instrument, together with all rights pertaining to such Property and Improvements, as more particularly described in Article 1 of each Security Instrument and
referred to therein as the “Property”. 
 “Institutional Lender” shall mean one or more of the
following: 
 (A) a real estate investment trust, bank, saving and loan association, investment bank, insurance
company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such Person referred to in this clause (A) satisfies the Eligibility
Requirements; 
 (B) an investment company, money management firm or “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act, provided that any such Person referred to in this clause (B) satisfies the
Eligibility Requirements; 
 (C) an institution substantially similar to any of the foregoing entities described
in clauses (A) or (B) that satisfies the Eligibility Requirements; 
 (D) any entity Controlled by any
of the entities described in clauses (A), (B) or (C). For purposes of this clause (D) only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise; and

  
 - 7 -

 (E) an investment fund, limited liability company, limited partnership or
general partnership where a Permitted Fund Manager or an entity that is otherwise an Institutional Lender under clauses (A), (B), (C), or (D) of this definition acts as the general partner, managing member or fund manager and at least 50% of
the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Institutional Lenders under clauses (A), (B), (C), or (D) of this definition. 

“Interest Accrual Period” shall mean the period beginning on (and including) the sixth (6th) day of each calendar
month during the term of the Loan and ending on (and including) the fifth (5th) day of the next succeeding calendar month. 

“Interest Bearing Accounts” shall mean the following Reserve Accounts: the Immediate Repair Account, Replacement Reserve
Account, Operating Expense Account and the Excess Cash Flow Account. 
 “Interest Rate” shall mean a rate per
annum equal to five and seventy-seven hundredths percent (5.77%). 
 “Interest Shortfall” shall have the
meaning set forth in Section 2.7 hereof. 
 “Investor” shall mean any investor or potential investor in
the Loan (or any portion thereof or interest therein) in connection with any Secondary Market Transaction. 
 “IRS
Code” shall mean the Internal Revenue Code of 1986, as amended from time to time or any successor statute. 

“Land” shall have the meaning set forth in each Security Instrument. 

“Lease” shall have the meaning set forth in the Security Instrument. 

“Legal Requirements” shall mean, with respect to Borrower or any Individual Property, all federal, state, county,
municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting Borrower or such Individual Property or any part thereof, or the construction, use,
alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Americans with Disabilities Act of 1990, and all permits, licenses and authorizations and regulations relating
thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting Borrower or such Individual Property or any part thereof, including, without
limitation, any which may (i) require repairs, modifications or alterations in or to such Individual Property or any part thereof, or (ii) in any way limit the use and enjoyment thereof. 

“Liabilities” shall have the meaning set forth in Section 11.2 hereof. 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Bifurcation” shall have the meaning set forth in Section 11.1 hereof. 

“Loan Documents” shall mean, collectively, this Agreement, the Note, the Security Instruments, the Environmental
Indemnity, the Assignments of Management Agreement, the Guaranty and all other documents executed and/or delivered by Borrower, Manager and/or Guarantor, as applicable, in connection with the Loan, as each of the same may be amended, restated,
replaced, extended, renewed, supplemented or otherwise modified from time to time. 
 “Loan to Value Ratio”
shall mean, as of the date of its calculation, the ratio of (i) the sum of the outstanding principal amount of the undefeased portion of the Loan as of the date of such calculation to (ii) the value of the Properties. The value of the
Properties for purposes of this definition shall be based on recent full narrative appraisals commissioned by Lender at Borrower’s expense and issued by an Approved Appraiser (or if no Approved Appraiser exists, an appraiser reasonably
acceptable to Lender). 

  
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 “Losses” shall mean any and all claims, suits, liabilities (including,
without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited
to legal fees and other costs of defense). 
 “Major Lease” shall mean as to any Individual Property
(i) any Lease which, individually or when aggregated with all other leases at such Individual Property with the same Tenant or its Affiliate, either (A) accounts for five percent (5.0%) or more of the total rental income for all the
Properties then-encumbered by a Security Instrument, or (B) demises 50,000 square feet or more of any Individual Property’s gross leasable area, (ii) except for the Existing Cell Tower Leases, any Lease which contains any option,
offer, right of first refusal or other similar entitlement to acquire all or any portion of any Individual Property, or (iii) any instrument guaranteeing or providing credit support for any Lease meeting the requirements of (i) and/or
(ii) above. As of the date hereof, Borrower and Lender acknowledge that no Major Lease exists. 
 “Management
Agreement” shall mean, with respect to any Individual Property, the management agreement entered into by and between Borrower and Manager, pursuant to which Manager is to provide management and other services with respect to such Individual
Property, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time. 
 “Manager” shall mean Strategic Storage Property Management, LLC, a Delaware limited liability company, or such other entity selected as the manager of the Property or any Individual
Property in accordance with the terms of this Agreement or the other Loan Documents. 
 “Material Adverse
Effect” shall mean a material adverse effect on (i) any Individual Property, (ii) the business, profits, prospects, management, operations or condition (financial or otherwise) of Borrower, Guarantor, or any Individual Property,
(iii) the enforceability, validity, perfection or priority of the lien of any Security Instrument or the other Loan Documents, or (iv) the ability of Borrower and/or Guarantor to perform its obligations under any Security Instrument or the
other Loan Documents. 
 “Maturity Date” shall mean February 6, 2021, or such other date on which the
final payment of the principal amount of the Loan becomes due and payable as herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent
jurisdiction to govern the interest rate provisions of the Loan. 
 “Member” is defined in Section 5.1
hereof. 
 “Mezzanine Borrower” shall have the meaning set forth in Section 11.6 hereof. 

“Mezzanine Option” shall have the meaning set forth in Section 11.6 hereof. 

“Minimum Disbursement Amount” shall mean Twenty-Five Thousand and No/100 Dollars ($25,000). 

“Monthly Debt Service Payment Amount” shall mean for the Monthly Payment Date occurring in March, 2011, and for each
Monthly Payment Date occurring thereafter, a constant monthly payment of $170,335.82. 
 “Monthly Insurance
Deposit” shall have the meaning set forth in Section 8.6 hereof. 
 “Monthly Payment Date” shall
mean the sixth (6th) day of every calendar month occurring during the term of the Loan. 
 “Monthly Tax
Deposit” shall have the meaning set forth in Section 8.6 hereof. 

  
 - 9 -

 “Moody’s” shall mean Moody’s Investor Service, Inc. 

“Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to any
Individual Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of
reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such Award (“Condemnation Net Proceeds”). 
 “Net Proceeds Deficiency” shall have the meaning set forth in Section 7.4 hereof. 
 “New Manager” shall have the meaning set forth in Section 4.15 hereof. 
 “New Non-Consolidation Opinion” shall mean a substantive non-consolidation opinion provided by outside counsel acceptable to Lender and the Rating Agencies and otherwise in form and
substance acceptable to Lender and the Rating Agencies. 
 “Non-Conforming Policy” shall have the meaning set
forth in Section 7.1 hereof. 
 “Non-Consolidation Opinion” shall mean that certain substantive
non-consolidation opinion delivered to Lender by Connolly Bove Lodge & Hutz LLP in connection with the closing of the Loan. 
 “Note” shall mean that certain Promissory Note of even date herewith in the principal amount of $29,125,000.00, made by Borrower in favor of Lender, as the same may be amended, restated,
replaced, extended, renewed, supplemented, severed, split, or otherwise modified from time to time, including any Defeased Note and Undefeased Note that may exist from time to time. 

“Obligations” shall have the meaning set forth in Section 17.16 hereof. 

“OFAC” shall have the meaning set forth in Section 3.30 hereof. 

“Officer’s Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by a Responsible
Officer of Borrower, the manager of Borrower (on behalf of Borrower), or any other authorized signatory of Borrower reasonably acceptable to Borrower. 
 “Operating Expense Account” shall have the meaning set forth in Section 8.4 hereof. 
 “Operating Expense Funds” shall have the meaning set forth in Section 8.4 hereof. 
 “Operating Expenses” shall mean the total of all expenditures, computed in accordance with the Approved Accounting Method, of whatever kind relating to the operation, maintenance
and management of the Properties that are incurred on a regular monthly or other periodic basis, including without limitation, (and without duplication) (a) utilities, ordinary repairs and maintenance, insurance, license fees, property taxes
and assessments, advertising expenses, payroll and related taxes, computer processing charges, management fees (equal to the greater of (x) six percent (6%) of Gross Rents during the applicable time period or (y) actual management
fees payable under the Management Agreement during the applicable time period), operational equipment or other lease payments as approved by Lender, but specifically excluding (i) depreciation, (ii) Debt Service, (iii) non-recurring
or extraordinary expenses, and (iv) deposits into the Reserve Funds; and (b) normalized capital expenditures equal to $127,522 per annum. 
 “Operating Income” shall mean all income, computed in accordance with the Approved Accounting Method, derived from the ownership and operation of the Properties from whatever source,
including, but not limited to common area maintenance, real estate tax recoveries, utility recoveries, other miscellaneous expense recoveries, base rent and percentage rent, rent concessions or credits, if any, and other miscellaneous income, but
excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, interest

  
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income from any source other than the escrow accounts and/or reserve accounts required pursuant to this Agreement or the other Loan Documents, insurance proceeds (other than business interruption
or other loss of income insurance), Awards, unforfeited security deposits, utility and other similar deposits, any income or rents from Tenants not paying rent for sixty (60) days or more, income from Tenants in bankruptcy, non-recurring or
extraordinary income, including, without limitation lease termination payments, and any disbursements to Borrower from the Reserve Funds. Operating Income shall not be diminished as a result of any Security Instrument or the creation of any
intervening estate or interest in any Individual Property or any part thereof. 
 “Operating Partnership” shall
mean Strategic Storage Operating Partnership, L.P., a Delaware limited partnership. 
 “Other Charges” shall
mean all maintenance charges, impositions other than Taxes, and any other charges, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual Property, now or hereafter levied or assessed or imposed
against such Individual Property or any part thereof. 
 “Patriot Act” shall have the meaning set forth in
Section 3.30 hereof. 
 “Permitted Encumbrances” shall mean, with respect to any Individual Property,
collectively, (a) the lien and security interests created by this Agreement and the other Loan Documents, (b) all liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) liens, if any, for Taxes imposed by
any Governmental Authority not yet due or delinquent and (d) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion. 

“Permitted Equipment Leases” shall mean equipment leases or other similar instruments entered into with respect to the
Personal Property; provided, that, in each case, such equipment leases or similar instruments (i) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to
Personal Property which is (A) used in connection with the operation and maintenance of any Individual Property in the ordinary course of Borrower’s business and (B) readily replaceable without material interference or interruption to
the operation of such Individual Property. 
 “Permitted Investments” shall mean any one or more of the
following obligations or securities acquired at a purchase price of not greater than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not
later than the Business Day immediately prior to the first Monthly Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any
agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the
Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed
participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the
investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating,
(C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be
subject to liquidation prior to their maturity; 
 (ii) Federal Housing Administration debentures; 

(iii) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt
obligations), the Farm Credit System (consolidated systemwide bonds and 

  
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notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations) the Financing Corp. (debt obligations), and the Resolution
Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have
an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (iv) federal
funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term
rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such
investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must
(A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate
of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity;

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

(vi) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of
the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(vii) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable
on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least
one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings
assigned to the Securities) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change,
(B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate

  
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index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(viii) units of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant
net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least
one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings
assigned to the Securities) for money market funds; and 
 (ix) any other security, obligation or investment
which has been approved as a Permitted Investment in writing by (a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will
not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or (B) the right to
receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. 

“Permitted Prepaid Rents” shall mean, for each Loan Year and for the Borrowers collectively, certain Rents paid more
than one (1) month in advance of their respective due dates in an aggregate amount not to exceed 5% of the total Gross Rents payable under Leases for all the Individual Properties then encumbered by a Security Instrument. For the avoidance of
doubt, the Rents permitted to be received in any Loan Year by all Borrowers (in the aggregate) more than one (1) month in advance of their respective due dates shall not exceed the Permitted Prepaid Rents. 

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

“Personal Property” shall have the meaning set forth in the granting clause of each Security Instrument. 

“Policies” shall have the meaning specified in Section 7.1 hereof. 

“Permitted Fund Manager” shall mean any Person that on the date of determination is (i) any nationally-recognized
manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least two hundred fifty million dollars ($250,000,000) and (iii) not subject
to a Proceeding. 
 “Proceeding” shall mean any case, proceeding or other action under any existing or future
law of any Creditors Rights Laws. 
 “Prohibited Transfer” shall have the meaning set forth in Section 6.2
hereof. 
 “Properties” shall mean, collectively, each and every Individual Property which is subject to the
terms of this Agreement, to the extent that the same is encumbered by the Security Instrument and has not been released therefrom pursuant to the terms hereof. 
 “Property” shall mean, as the context may require, the Properties or an Individual Property. 
 “Property Document” shall mean, individually or collectively (as the context may require), the REA. 

  
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 “Property Document Event” shall mean any event which would, directly or
indirectly, cause a default termination right, right of first refusal, first offer or any other similar right, cause any termination fees to be due or would cause a Material Adverse Effect to occur under any Property Document (in each case, beyond
any applicable notice and cure periods under the applicable Property Document); provided, however, any of the foregoing shall not be deemed a Property Document Event to the extent Lender’s prior written consent is obtained with respect to the
same, not to be unreasonably withheld or delayed. 
 “Provided Information” shall mean any information provided
by or on behalf of any Borrower Party in connection with the Loan, the Property, such Borrower Party and/or any related matter or Person. 
 “Prudent Lender Standard” shall, with respect to any matter, be deemed to have been met if the matter in question (i) prior to a Securitization, is reasonably acceptable to Lender
and (ii) after a Securitization, would be acceptable to a prudent lender of securitized commercial mortgage loans. 

“Qualified Insurer” shall have the meaning set forth in Section 7.1 hereof. 

“Qualified Manager” shall have the meaning set forth in the Assignment of Management Agreement. 

“Rating Agencies” shall mean each of S&P, Moody’s, Fitch, and any other nationally-recognized statistical
rating agency designated by Lender (and any successor to any of the foregoing); provided, that, the foregoing shall only be deemed to be included within the definition of “Rating Agencies” hereunder to the extent that the same have rated
(or are reasonably anticipated by Lender to rate) the Securities. 
 “Rating Agency Confirmation” shall mean
(i) prior to a Securitization, that Lender has (in consultation with the Rating Agencies (if required by Lender)) approved the matter in question in writing and (ii) from and after a Securitization, a written affirmation from each of the
Rating Agencies (obtained at Borrower’s sole cost and expense to the extent required pursuant to Section 11.5 hereof) that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with
respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute
discretion. 
 “REA” shall mean, individually or collectively (as the context requires), each reciprocal
easement or similar agreement affecting any Individual Property as more particularly described on Schedule IV hereto (if any), any amendment, restatement, replacement or other modification thereof, any future reciprocal easement or similar
agreement affecting any Individual Property entered into in accordance with the applicable terms and conditions hereof and any amendment, restatement, replacement or other modification thereof. 

“Registrar” shall have the meaning set forth in Section 11.7 hereof. 

“Regulation AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be
amended from time to time. 
 “Reimbursement Contribution” shall have the meaning set forth in
Section 17.16 hereof. 
 “Related Loan” shall mean a loan to an Affiliate of Borrower or secured by a
Related Property, that is included in a Securitization with the Loan (or any portion thereof or interest therein). 

“Related Property” shall mean a parcel of real property, together with improvements thereon and personal property
related thereto, that is “related” within the meaning of the definition of Significant Obligor, to any Individual Property. 
 “Release Date” shall mean the earlier to occur of (i) the fourth anniversary of the Closing Date and (ii) the date that is two (2) years from the “startup day”
(within the meaning of Section 860G(a)(9) of the IRS Code) of the REMIC Trust established in connection with the last Securitization involving any portion of or interest in the Loan. 

  
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 “Release Price” shall mean, for each Individual Property, one
hundred twenty-five percent (125%) of the Allocated Loan Amount for such Individual Property. 
 “REMIC
Requirements” shall mean any applicable legal requirements relating to any REMIC Trust (including, without limitation, any constraints, rules and/or other regulations and/or requirements relating to the servicing, modification and/or other
similar matters with respect to the Loan (or any portion thereof and/or interest therein)). 
 “REMIC Trust”
shall mean any “real estate mortgage investment conduit” within the meaning of Section 860D of the IRS Code that holds any interest in all or any portion of the Loan. 

“Rent Roll” shall have the meaning set forth in Section 3.18 hereof. 

“Rent Loss Proceeds” shall have the meaning set forth in Section 7.1 hereof. 

“Rents” shall have the meaning set forth in each Security Instrument with respect to each Individual Property.

 “Replacement Reserve Account” shall have the meaning set forth in Section 8.2 hereof. 

“Replacement Reserve Funds” shall have the meaning set forth in Section 8.2 hereof. 

“Replacement Reserve Monthly Deposit” shall have the meaning set forth in Section 8.2 hereof. 

“Replacements” for any period shall mean amounts expended for replacements and/or alterations to any Individual
Property; provided; that, the same are (i) required to be capitalized according to the Approved Accounting Method and (ii) reasonably approved by Lender. 
 “Reporting Failure” shall have the meaning set forth in Section 4.12 hereof. 
 “Required Financial Item” shall have the meaning set forth in Section 4.12 hereof. 
 “Reserve Accounts” shall mean the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Excess Cash Flow Account, the Operating Expense
Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account.). 

“Reserve Funds” shall mean the Tax and Insurance Funds, the Replacement Reserve Funds, the Immediate Repair Funds, the
Excess Cash Flow Funds, the Operating Expense Funds and any other escrow funds established by this Agreement or the other Loan Documents. 
 “Responsible Officer” means with respect to a Person, the chairman of the board, president, chief operating officer, chief financial officer, treasurer, vice president, manager, managing
member or general partner of such Person or such other similar officer of such Person reasonably acceptable to Lender. 

“Restoration” shall mean the repair and restoration of an Individual Property after a Casualty or Condemnation as nearly
as possible to the condition the Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be approved by Lender. 
 “Restoration Retainage” shall have the meaning set forth in Section 7.4 hereof. 
 “Restoration Threshold” shall mean an amount equal to 5% of the Allocated Loan Amount for the affected Individual Property. 

“Restricted Account” shall have the meaning set forth in Section 9.1 hereof. 

  
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 “Restricted Account Agreement” shall mean that certain Deposit Account
Control Agreement by and among Borrower, Lender and Wells Fargo Bank, National Association, dated as of the date hereof. 

“Restricted Party” shall have the meaning set forth in Section 6.1 hereof. 

“Sale or Pledge” shall have the meaning set forth in Section 6.1 hereof. 

“Scheduled Defeasance Payments” shall mean scheduled payments of interest and principal hereunder for the entire
outstanding principal balance and accrued interest of the Note in the case of a Defeasance Event for the entire outstanding principal balance of the Loan, or the Defeased Note in the case of a Defeasance Event for only a portion of the outstanding
principal balance of the Loan, as applicable, in either case for all Monthly Payment Dates occurring after the Defeasance Date and up to and including the Maturity Date (including the entire outstanding principal balance and accrued interest on the
Note in the case of a Defeasance Event for the entire outstanding principal balance of the Loan, or the Defeased Note in the case of a Defeasance Event for only a portion of the outstanding principal balance of the Loan, as applicable, in either
case, as of the Maturity Date) and all payments required after the Defeasance Date, if any, under the Loan Documents for servicing fees, rating surveillance charges (to the extent applicable) and other similar charges. 

“Secondary Market Transaction” shall have the meaning set forth in Section 11.1 hereof. 

“Securities” shall have the meaning set forth in Section 11.1 hereof. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Securitization” shall have the meaning set forth in Section 11.1 hereof. 

“Security Agreement” shall mean a pledge and security agreement in form and substance satisfying the Prudent Lender
Standard pursuant to which Borrower grants Lender a perfected, first priority security interest in the Defeasance Collateral Account and the Defeasance Collateral. 
 “Security Instrument” shall mean, with respect to each Individual Property, that certain first priority Mortgage, Assignment of Leases and Rents and Security Agreement, Mortgage and
Security Agreement, Open-End Mortgage and Security Agreement, Deed of Trust, Assignment of Leases and Rents and Security Agreement, Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, or Deed to Secure Debt,
Assignment of Leases and Rents and Security Agreement, each dated as of the date hereof, executed and delivered by Borrower as security for the Loan and encumbering such Individual Property, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Servicer” shall have the meaning set forth in
Section 11.4 hereof. 
 “Severed Loan Documents” shall have the meaning set forth in Article 10.2(d).

 “Significant Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the
Securities Act. 
 “Single Purpose Entity” shall mean an entity whose structure and organizational and
governing documents are otherwise in form and substance acceptable to the Rating Agencies and satisfying the Prudent Lender Standard. 
 “Special Member” is defined in Section 5.1 hereof. 

“SPE Component Entity” shall have the meaning set forth in Section 5.1 hereof. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

  
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 “State” shall mean, with respect to an Individual Property, the state in
which such Individual Property or any part thereof is located. 
 “Successor Borrower” shall have the meaning
set forth in Section 2.8 hereof. 
 “Survey” shall mean that certain survey of any Individual Property
certified and delivered to Lender in connection with the closing of the Loan. 
 “Tax Account” shall have the
meaning set forth in Section 8.6 hereof. 
 “Tax and Insurance Funds” shall have the meaning set forth in
Section 8.6 hereof. 
 “Taxes” shall mean all taxes, assessments, water rates, sewer rents, and other
governmental impositions, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Land, now or hereafter levied or assessed or imposed against any Individual Property or any part
thereof. 
 “Tenant” shall mean any Person leasing, subleasing or otherwise occupying any portion of any
Individual Property under a Lease or other occupancy agreement with Borrower. 
 “Title Insurance Policy” shall
mean, with respect to each Individual Property, that certain ALTA mortgagee title insurance policy issued with respect to such Individual Property and insuring the lien of the Security Instrument. 

“Trigger Period” shall mean a period commencing upon the earlier of (i) the occurrence and continuance of an Event
of Default or (ii) the Debt Service Coverage Ratio being less than 1.20 to 1.00, and ending upon the occurrence of the applicable Triggering Termination Event. 
 “Trigger Termination Event” shall mean (x) with regard to any Trigger Period commenced in connection with clause (i) of the definition of Trigger Period above, upon the cure (if
applicable) of such Event of Default, and (y) with regard to any Trigger Period commenced in connection with clause (ii) of the definition of Trigger Period above, upon the date that the Debt Service Coverage Ratio is equal to or greater
than 1.25 to 1.00 for one (1) full calendar quarter (provided that no Event of Default shall have occurred and be continuing during and at the time of expiration of such period). In the event a Trigger Period is caused by the occurrence of more
than one event, such Trigger Period shall not terminate unless all applicable Trigger Termination Events cease to exist as provided above. 
 “True Up Payment” shall mean a payment into the applicable Reserve Account of a sum which, together with any applicable monthly deposits into the applicable Reserve Account, will be
sufficient to discharge the obligations and liabilities for which such Reserve Account was established as and when reasonably appropriate. The amount of the True Up Payment shall be determined by Lender in its reasonable discretion. 

“UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State in
which an Individual Property is located. 
 “Undefeased Note” shall have the meaning set forth in
Section 2.8 hereof. 
 “Underwritable Cash Flow” shall mean an amount calculated by Lender on a monthly
basis equal to the (i) lesser of (x) Gross Rents and (y) the trailing twelve (12) months Operating Income, less (ii) the trailing twelve (12) months Operating Expenses subject to Lender’s application of the Cash
Flow Adjustments. Lender’s calculation of Underwritable Cash Flow (including determination of items that do not qualify as Operating Income or Operating Expenses) shall be calculated by Lender in good faith. 

“Updated Information” shall have the meaning set forth in Section 11.1 hereof. 

“U.S. Obligations” shall mean direct full faith and credit obligations of the United States of America that are not
subject to prepayment, call or early redemption. 

  
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 “Yield Maintenance Premium” shall mean an amount equal to the greater of
(a) an amount equal to 1% of the amount prepaid; or (b) an amount equal to the present value as of the date on which the prepayment is made of the Calculated Payments (as defined below) from the date on which the prepayment is made through
the Maturity Date determined by discounting such payments at the Discount Rate (as defined below). As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based
on the principal amount of the Loan being prepaid on the date on which prepayment is made and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (y) the Interest Rate and (z) the
Yield Maintenance Treasury Rate (as defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate (as defined below),
when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve
Statistical Release H.15-Selected Interest Rates under the heading “U.S. Government Securities/Treasury Constant Maturities” for the week ending prior to the date on which prepayment is made, of U.S. Treasury Constant Maturities with
maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event,
however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise. Lender shall notify Borrower of the amount and the basis of determination of the required prepayment consideration. 

Section 1.2
    Principles of Construction. 
 (a) All references to sections and schedules are to sections
and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all
meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
 (b) All covenants, representations, terms and conditions contained in this Agreement applicable to (i) Borrower shall be deemed to apply to each Borrower individually and (ii) Property,
Properties or Individual Property shall be deemed to apply to each Individual Property individually. It shall constitute an Event of Default if any covenant, representation, term or condition contained in this Agreement is breached (beyond any
applicable notice and cure periods) with respect to any single Borrower or Individual Property. 
 ARTICLE 2 

GENERAL TERMS 
 Section 2.1     Loan Commitment; Disbursement to Borrower.

 Section 2.2     The Loan. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make
and Borrower hereby agrees to accept the Loan on the Closing Date. 

Section 2.3
    Disbursement to Borrower. Borrower may request and receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder
in respect of the Loan may not be re-borrowed. 
 Section
2.4     The Note and the other Loan Documents. The Loan shall be evidenced by the Note and this
Agreement and secured by this Agreement and the other Loan Documents. 
 Section 2.5     Interest Rate. 
 (a) Interest on the outstanding principal balance of the Loan shall accrue from the Closing Date at the Interest Rate until repaid in accordance with the applicable terms and conditions hereof.

  
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 (b) Intentionally Omitted. 

(c) In the event that, and for so long as, any Event of Default shall have occurred and be continuing, (i) the outstanding principal
balance of the Loan and, to the extent permitted by applicable law, overdue interest in respect of the Loan, shall each accrue interest at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods
contained herein, (ii) without limitation of any rights or remedies contained herein and/or in any other Loan Document, any interest accrued at the Default Rate in excess of the interest component of the Monthly Debt Service Payment Amount
shall, to the extent not already paid and/or due and payable hereunder, be due and payable on each Monthly Payment Date and (iii) all references herein and/or in any other Loan Document to the “Interest Rate” shall, as to the
obligation to pay interest on any sums due hereunder during the continuance of an Event of Default, be deemed to refer to the Default Rate. 
 (d) Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by
(b) a daily rate based on a three hundred sixty (360) day year (that is, the Interest Rate or the Default Rate, as then applicable, expressed as an annual rate divided by 360) by (c) the outstanding principal balance. The accrual
period for calculating interest due on each Monthly Payment Date shall be the Interest Accrual Period immediately prior to such Monthly Payment Date. Borrower understands and acknowledges that such interest accrual requirement results in more
interest accruing on the Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on
the Loan. 
 (e) This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower
be required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the other Loan
Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to
be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in
full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

Section 2.6
    Loan Payments. 
 (a) Borrower shall make a payment to Lender of interest only on the Closing
Date for the period from (and including) the Closing Date through (but excluding) the sixth (6th) day of either (i) the month in which the Closing Date occurs (if such Closing Date is after the first day of such month, but prior to the
sixth (6th) day of such month) or (ii) if the Closing Date is after the sixth (6th) day of the then current calendar month, the month following the month in which the Closing Date occurs; provided, however, if the Closing Date is the
sixth (6th) day of a calendar month, no such separate payment of interest shall be due. Borrower shall make a payment to Lender of interest and, to the extent applicable, principal in the amount of the Monthly Debt Service Payment Amount on the
Monthly Payment Date occurring in March, 2011, and on each Monthly Payment Date thereafter to and including the Maturity Date. Each payment shall be applied first to accrued and unpaid interest and the balance to principal. The non-interest only
portion of Monthly Debt Service Payment Amount required hereunder is based upon a thirty (30) year amortization schedule. 

(b) Intentionally Omitted. 
 (c) Borrower shall pay to Lender on the Maturity Date the then outstanding principal balance of the Loan, all accrued and unpaid interest thereon and all other amounts due hereunder and under the Note,
the Security Instruments and the other Loan Documents. 

  
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 (d) If any regularly scheduled monthly payment of Debt Service or any regularly scheduled
monthly deposit to any Reserve Account is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by
applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security
Instruments and the other Loan Documents. 
 (e) 

(i) Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall
be made to Lender not later than 1:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office, and any funds received by Lender after
such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

(ii) Whenever any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which
is not a Business Day, the due date thereof shall be deemed to be the immediately preceding Business Day. 

(iii) All payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made
irrespective of, and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any defense thereto. 
 Section 2.7     Prepayments. 

(a) Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part. After the Monthly
Payment Date occurring three (3) months prior to the Maturity Date (the “Permitted Prepayment Date”), Borrower may, provided no Event of Default has occurred and is continuing, at its option and upon thirty (30) days prior notice
to Lender (or such shorter period of time as may be permitted by Lender in its sole discretion), prepay the Debt in whole on any date without payment of the Yield Maintenance Premium. Any prepayment received by Lender on a date other than a Monthly
Payment Date shall include interest which would have accrued thereon to the next Monthly Payment Date (such amounts, the “Interest Shortfall”) and such amounts (i.e. principal and interest prepaid by Borrower) shall be held by Lender as
collateral security for the Loan in an interest bearing Eligible Account at an Eligible Institution, with interest accruing on such amounts to the benefit of Borrower; such amounts prepaid shall be applied to the Loan on the next Monthly Payment
Date, with any interest on such funds paid to Borrower on such date provided no Event of Default then exists. 
 (b) On each
date on which Lender actually receives a distribution of Net Proceeds, Lender shall make such Net Proceeds available to Borrower for Restoration to the extent Lender is obligated to do so under this Agreement and if Lender does not otherwise make
Net Proceeds available to Borrower for Restoration, Lender shall apply the Net Proceeds to prepay the Debt in an amount equal to one hundred percent (100%) of such Net Proceeds. Borrower shall make the Condemnation Payment as and to the extent
required hereunder. No Yield Maintenance Premium shall be due in connection with any prepayment made with respect to a Casualty or Condemnation hereunder. Any prepayment received by Lender pursuant to this Section 2.7(b) on a date other than a
Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account, at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next
Monthly Payment Date. In the event of any prepayment made pursuant to this Section 2.7(b) or in connection with a Condemnation Payment, Borrower shall have the right to prepay an additional portion of the Loan in accordance with the terms of
Section 2.9.3 hereof and this Section 2.7. 
 (c) If concurrently with or after an Event of Default, payment of all or
any part of the principal of the Loan is tendered by Borrower, a purchaser at foreclosure or any other Person, or if all or any portion of the Debt is recovered by Lender after such Event of Default, such tender shall be deemed an attempt to
circumvent the prohibition against prepayment set forth herein and Borrower, such purchaser at foreclosure or other Person shall pay the Default Yield Maintenance Premium, in addition to the outstanding principal balance, all accrued and

  
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unpaid interest and other amounts payable under the Loan Documents. Notwithstanding anything to the contrary contained herein or in any other Loan Document, any prepayment of the Debt shall be
applied to the Debt in such order and priority as may be determined by Lender in its sole discretion. 
 Section 2.8     Defeasance. 
 (a) Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time after the Release Date and prior to the Maturity Date to voluntarily defease all, or any
portion of, the entire Loan and obtain a release of the lien of the applicable Security Instrument or Security Instruments (hereinafter, a “Defeasance Event”), subject to the satisfaction of the following conditions precedent: 

(i) Borrower shall provide Lender not less than thirty (30) days notice (or such shorter period of time if permitted
by Lender in its sole discretion) but not more than ninety (90) days notice specifying a date (the “Defeasance Date”) on which the Defeasance Event is to occur; 

(ii) Unless otherwise agreed to in writing by Lender, Borrower shall pay to Lender (A) all payments of principal and
interest due and payable on the Loan to and including the Defeasance Date (provided, that, if such Defeasance Date is not a Monthly Payment Date, Borrower shall also pay to Lender all payments of principal and interest due on the Loan to and
including the next occurring Monthly Payment Date); (B) all other sums, if any, due and payable under the Note, this Agreement, the Security Instruments and the other Loan Documents through and including the Defeasance Date (or, if the
Defeasance Date is not a Monthly Payment Date, the next occurring Monthly Payment Date); (C) all escrow, closing, recording, legal, Rating Agency and other fees, costs and expenses paid or incurred by Lender or its agents in connection with the
Defeasance Event, the release of the lien of the applicable Security Instrument on the applicable Individual Property, the review of the proposed Defeasance Collateral and the preparation of the Security Agreement, the Defeasance Collateral Account
and related documentation; and (D) any revenue, documentary stamp, intangible or other taxes, charges or fees due in connection with the transfer or assumption of the Note or the Defeasance Event; 

(iii) Borrower shall deposit the Defeasance Collateral into the Defeasance Collateral Account and otherwise comply with
the provisions of Section 2.8(d) hereof; 
 (iv) Borrower shall execute and deliver to Lender a Security
Agreement in respect of the Defeasance Collateral Account and the Defeasance Collateral; 
 (v) In the event only
a portion of the Loan is the subject of the Defeasance Event, Borrower shall prepare all necessary documents to modify this Agreement and to amend and restate the Note and issue two substitute notes for the Note, one note having a principal balance
equal to the defeased portion of the original Note and a maturity date equal to the Maturity Date (the “Defeased Note”) and the other note having a principal balance equal to the undefeased portion of the original Note and a maturity date
equal to the Maturity Date (the “Undefeased Note”). The Defeased Note and the Undefeased Note shall have identical terms as the original Note except for the principal balance. A Defeased Note cannot be the subject of any further Defeasance
Event. The Undefeased Note may be the subject of a further Defeasance Event in accordance with the terms and provisions of this Section 2.8 (the term “Note”, as used in this clause (v) for such purpose, being deemed to refer to
the Undefeased Note that is the subject of further defeasance), provided, however, that no such partial defeasance shall take place unless the conditions outlined in Section 2.9.2 are satisfied; 

(vi) Borrower shall deliver to Lender (i) an opinion of counsel for Borrower that is standard in commercial lending
transactions and subject only to customary qualifications, assumptions and exceptions opining, among other things, that (A) Lender has a legal and valid perfected first priority security interest in the Defeasance Collateral Account and the
Defeasance Collateral; (B) if a Securitization has occurred (1) the REMIC Trust formed pursuant to such Securitization and/or any subsequent or prior Securitization of the Loan (or any portion thereof or interest therein) will each not
fail to maintain their respective status as a “real estate mortgage investment conduit” within the meaning of Section 860D of the 

  
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IRS Code as a result of a Defeasance Event pursuant to this Section 2.8 and (2) the Defeasance Event would not (I) constitute a “significant modification” of the Loan
within the meaning of Treasury Regulation Section 1.1001-3(b) or (II) cause the Loan to fail to be a “qualified mortgage” within the meaning of Section 860(a)(3)(A) of the IRS Code; (C) the Defeasance Event will not result
in a deemed exchange for purposes of the IRS Code and will not adversely affect the status of the Note as indebtedness for federal income tax purposes; and (D) delivery of the Defeasance Collateral and the grant of a security interest therein
to Lender shall not constitute an avoidable preference under Section 547 of the Bankruptcy Code or applicable state law; and (ii) a New Non-Consolidation Opinion with respect to Successor Borrower; 

(vii) Borrower shall deliver to Lender a Rating Agency Confirmation as to the Defeasance Event; 

(viii) Borrower shall deliver an Officer’s Certificate certifying that the requirements set forth in this
Section 2.8 have been satisfied; 
 (ix) Borrower shall deliver a certificate of a nationally recognized
public accounting firm acceptable to Lender certifying that the Defeasance Collateral will generate monthly amounts equal to or greater than the Scheduled Defeasance Payments; and 

(x) Borrower shall deliver such other certificates, opinions, documents and instruments as Lender may reasonably request.

 (b) Intentionally Omitted. 
 (c) Intentionally Omitted. 
 (d) On or before the date on which Borrower delivers
the Defeasance Collateral, Borrower shall open at any Eligible Institution an Eligible Account (the “Defeasance Collateral Account”). The Defeasance Collateral Account shall contain only (i) Defeasance Collateral, and (ii) cash
from interest and principal paid on the Defeasance Collateral. All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender on each Monthly Payment Date and applied first to accrued and unpaid interest
and then to principal. Any cash from interest and principal paid on the Defeasance Collateral not needed to pay the Scheduled Defeasance Payments shall be (i) paid to Borrower or Successor Borrower (as applicable) and/or (ii) to the extent
permitted by applicable REMIC Requirements, retained in the Defeasance Collateral Account. Borrower shall cause the Eligible Institution at which the Defeasance Collateral is deposited to enter an agreement with Borrower and Lender, satisfactory to
Lender in its sole discretion, pursuant to which such Eligible Institution shall agree to hold and distribute the Defeasance Collateral in accordance with this Agreement (such Agreement, the “Defeasance Collateral Account Agreement”).
Borrower or Successor Borrower (as applicable) shall be the owner of the Defeasance Collateral Account and shall report all income accrued on Defeasance Collateral for federal, state and local income tax purposes in its income tax return. Borrower
shall prepay all cost and expenses associated with opening and maintaining the Defeasance Collateral Account. Lender shall not in any way be liable by reason of any insufficiency in the Defeasance Collateral Account. 

(e) In connection with a Defeasance Event under this Section 2.8, successor entity (the “Successor Borrower”) shall be
established, which Successor Borrower shall be (i) Single Purpose Entity and (ii) at Lender’s option and in its sole discretion, established and/or designated by Lender or, if Lender does not so elect, established and/or designated by
Borrower. The right of Lender hereunder to designate and/or establish Successor Borrower may, at the option and in the sole discretion of the initial named Lender hereunder, be retained by the initial named Lender hereunder notwithstanding any
Secondary Market Transaction. Borrower shall transfer and assign all obligations, rights and duties under and to the Note or the Defeased Note, as applicable, Security Agreement and Defeasance Collateral Account Agreement, together with the
Defeasance Collateral to such Successor Borrower. Such Successor Borrower shall assume the obligations under the Note or the Defeased Note, as applicable, the Defeasance Collateral Account Agreement and the Security Agreement in a manner acceptable
to Lender and the Rating Agencies and Borrower shall be relieved of its obligations under the Loan Documents relating to the Note or the Defeased Note, as applicable (other than those obligations which by their terms survive a repayment, defeasance
or other satisfaction of the Loan and/or a transfer of the Properties in connection with Lender’s exercise of its 

  
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remedies under the Loan Documents). Borrower shall pay all costs and expenses incurred by Lender and Successor Borrower, including attorneys’ fees and expenses, incurred in connection with
the foregoing (including, without limitation, Lender’s costs of establishing and/or designating Successor Borrower, if any). 
 (f) Notwithstanding anything to the contrary contained in this Section 2.8, the parties hereto hereby acknowledge and agree that after the Securitization of the Loan (or any portion thereof or
interest therein), with respect to any Lender approval or similar discretionary rights over any matters contained in this Section 2.8 (any such matter, a “Defeasance Approval Item”), such rights shall be construed such that Lender
shall only be permitted to withhold its consent or approval with respect to any Defeasance Approval Item if the same fails to meet the Prudent Lender Standard. 
 Section 2.9     Release of Property. 

Except as set forth in Section 2.8 hereof and this Section 2.9, no repayment, prepayment or defeasance of all or any portion of
the Loan shall cause, give rise to a right to require, or otherwise result in, the release of any Lien of any Security Instrument on any Individual Property. 
 2.9.1 Release of the Properties. 
 (a) After the Release Date, if Borrower
has elected to defease the entire Loan and all the applicable requirements of Section 2.8 hereof and this Section 2.9 have been satisfied, all of the Properties shall be released from the Lien of their respective Security Instruments, and
the Defeasance Collateral, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note. 
 (b) In connection with the release of the lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Defeasance Date (or such shorter time as is acceptable to Lender in its
sole discretion), a release of lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which each Individual Property is located and that contains standard provisions protecting
the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such
documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the lien of
the Security Instrument, including Lender’s reasonable attorneys’ fees. 
 2.9.2 Release of an Individual Property.

 After the Release Date, if Borrower has elected to (x) defease a portion of the Loan and the applicable requirements
of Section 2.8 hereof and this Section 2.9 have been satisfied or (y) after the Permitted Prepayment Date, prepay a portion of the Loan and the applicable requirements of Section 2.7 have been satisfied, and provided that no
Event of Default shall then exist, Borrower may obtain the release of an Individual Property from the Lien of the Security Instrument thereon (and related Loan Documents) and the release of Borrower’s obligations under the Loan Documents with
respect to such Individual Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions: 
 (a) The amount of the outstanding principal balance of the Loan to be defeased in accordance with Section 2.8 hereof (or prepaid in accordance with Section 2.7 hereof) shall equal or exceed the
Release Price for the applicable Individual Property, and such defeasance shall be deemed a voluntary defeasance (or, in the case of a prepayment, such prepayment shall be deemed to be a voluntary prepayment) for all purposes hereunder; 

(b) Borrower shall provide Lender with at least thirty (30) days but no more than ninety (90) days prior written notice of its
request to obtain a release of the Individual Property; 
 (c) Borrower shall defease (or prepay) the portion of the Note equal
to the Release Price of the Individual Property being released (together with all accrued and unpaid interest on the principal amount being defeased or prepaid, as applicable) in accordance with the terms and conditions of Sections 2.8 hereof;

  
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 (d) Borrower shall submit to Lender, not less than thirty (30) days prior to the
Defeasance Date (or, in the case of a prepayment, the prepayment date), a release of Lien (and related Loan Documents) for such Individual Property for execution by Lender. Such release shall be in a form appropriate in each State in which the
Individual Property is located and that would be satisfactory to a prudent institutional lender and shall contain standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation
Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all applicable Legal Requirements, (ii) will,
following execution by Lender and recordation thereof, effect such releases in accordance with the terms of this Agreement, and (iii) will not impair or otherwise adversely affect the liens, security interests and other rights of Lender under
the Loan Documents not being released (or as to the parties to the Loan Documents and Properties subject to the Loan Documents not being released); 
 (e) After giving effect to such release, Lender shall have determined that the Debt Service Coverage Ratio for the Properties then remaining subject to the liens of the Security Instruments shall be at
least equal to the greater of (i) the Debt Service Coverage Ratio for the twelve (12) full calendar months on the Closing Date (i.e., 1.60:1.00) (assuming the Loan was outstanding), and (ii) the Debt Service Coverage Ratio for all of
the then remaining Properties (including the Individual Property to be released) for the twelve (12) full calendar months immediately preceding the release of the Individual Property; 

(f) After giving effect to such release, Lender shall have determined that the Loan to Value Ratio for the Properties then remaining
subject to the liens of the Security Instruments shall be at least equal to the lesser of (i) the Loan to Value Ratio on the Closing Date (i.e., 50%) (assuming the Loan was outstanding), and (ii) the Loan to Value Ratio for all of the then
remaining Properties (including the Individual Property to be released) immediately preceding the release of the Individual Property; 
 (g) After giving effect to such release, Borrower shall not have collected Rents more than one (1) month in advance for the Properties then remaining subject to the lien of a Security Instrument in
excess of Permitted Prepaid Rents for said Properties; 
 (h) If a Securitization has occurred, Lender shall have received an
opinion of counsel that the release will not constitute a “significant modification” of the Loan under Section 1001 of the IRS Code or otherwise cause a tax to be imposed on a “prohibited transaction” by any REMIC Trust,
which opinion shall be in form and substance (i) reasonably satisfactory to the Rating Agencies and their counsel and (ii) that would be reasonably satisfactory to Lender using the Prudent Lender Standard; 

(i) Lender shall have received evidence that the Individual Property to be released shall be conveyed to a Person other than Borrower or
SPE Component Entity, and that the requirements of Article 5 shall continue to be satisfied after giving effect to such release; and 
 (j) Lender shall have received payment of all Lender’s costs and expenses, including due diligence review costs and reasonable counsel fees and disbursements incurred in connection with the release
of the Individual Property from the lien of the related Security Instrument and the review and approval of the documents and information required to be delivered in connection therewith. 

2.9.3 Net Proceeds Release. 
 Provided no Event of Default has occurred and is continuing, at any time during the term of the Loan, if after a Casualty or Condemnation affecting any Individual Property, Lender does not make any Net
Proceeds available to Borrower for the restoration of the applicable Individual Property pursuant to the terms hereof (the amount of such Net Proceeds not made available being referred to herein as the “Retained Net Proceeds Amount”),
Borrower may prepay a portion of the Loan in accordance with the terms of this Section 2.9.3 and Section 2.7 and obtain the release of (i) the Lien of such Security Instrument and (ii) Borrower’s obligations under the Loan
Documents with respect to the Individual Property encumbered by such Security Instrument (other than those expressly stated to survive), but only upon the satisfaction of each of the following conditions: 

  
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 (a) Borrower shall prepay a portion of the outstanding principal balance of the Loan in
accordance with Section 2.7 hereof (after giving effect to the Retained Net Proceeds Amount) in an amount, if any, sufficient to cause the requirements of Sections 2.9.3(e) and (f) to be satisfied after giving effect to such release. Such
prepayment shall be deemed to be a voluntary prepayment) for all purposes hereunder. In connection with such prepayment, Borrower shall also pay the Interest Shortfall relating to any prepayment made pursuant to this Section 2.9.3, together
with any other sums then due under the Loan Documents; 
 (b) Borrower shall provide Lender with at least thirty (30) days
but no more than ninety (90) days prior written notice of its request to obtain a release of the Individual Property; 

(c) Intentionally omitted; 
 (d) Borrower shall submit to Lender, not less than thirty (30) days prior to the prepayment date, a release of Lien (and related Loan Documents) for such Individual Property for execution by Lender.
Such release shall be in a form appropriate in each State in which the Individual Property is located and that would be satisfactory to a prudent institutional lender and shall contain standard provisions, if any, protecting the rights of the
releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation
(i) is in compliance with all applicable Legal Requirements, (ii) will, following execution by Lender and recordation thereof, effect such releases in accordance with the terms of this Agreement, and (iii) will not impair or otherwise
adversely affect the liens, security interests and other rights of Lender under the Loan Documents not being released (or as to the parties to the Loan Documents and Properties subject to the Loan Documents not being released); 

(e) After giving effect to such release, Lender shall have determined that the Debt Service Coverage Ratio for the Properties then
remaining subject to the liens of the Security Instruments shall be at least equal to the greater of (i) the Debt Service Coverage Ratio for the twelve (12) full calendar months on the Closing Date (i.e., 1.60:1.00) (assuming the Loan was
outstanding), and (ii) the Debt Service Coverage Ratio for all of the then remaining Properties (including the Individual Property to be released) for the twelve (12) full calendar months immediately preceding the release of the Individual
Property; 
 (f) After giving effect to such release, Lender shall have determined that the Loan to Value Ratio for the
Properties then remaining subject to the liens of the Security Instruments shall be at least equal to the lesser of (i) the Loan to Value Ratio on the Closing Date (i.e., 50%) (assuming the Loan was outstanding), and (ii) the Loan to Value
Ratio for all of the then remaining Properties (including the Individual Property to be released) immediately preceding the release of the Individual Property; 
 (g) After giving effect to such release, Borrower shall not have collected Rents more than one (1) month in advance for the Properties then remaining subject to the lien of a Security Instrument in
excess of Permitted Prepaid Rents for said Properties; 
 (h) If a Securitization has occurred, Lender shall have received an
opinion of counsel that the release will not constitute a “significant modification” of the Loan under Section 1001 of the IRS Code or otherwise cause a tax to be imposed on a “prohibited transaction” by any REMIC Trust,
which opinion shall be in form and substance (i) reasonably satisfactory to the Rating Agencies and their counsel and (ii) that would be reasonably satisfactory to Lender using the Prudent Lender Standard; 

(i) Lender shall have received evidence that the Individual Property to be released shall be conveyed to a Person other than Borrower or
SPE Component Entity, and that the requirements of Article 5 shall continue to be satisfied after giving effect to such release; and 
 (j) Lender shall have received payment of all Lender’s costs and expenses, including due diligence review costs and reasonable counsel fees and disbursements incurred in connection with the release
of the Individual Property from the lien of the related Security Instrument and the review and approval of the documents and information required to be delivered in connection therewith. 

  
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 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants as of the
Closing Date that: 
 Section 3.1     Legal Status and Authority. Borrower (a) is duly organized, validly existing and in good standing under
the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in the State; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own, operate and lease
the Properties. Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Properties pursuant to the terms hereof and to keep and observe all of the terms of this
Agreement, the Note, the Security Instruments and the other Loan Documents on Borrower’s part to be performed. 

Section 3.2
    Validity of Documents. (a) The execution, delivery and performance of this Agreement, the Note, the Security Instruments and the other Loan Documents by
Borrower and Guarantor and the borrowing evidenced by the Note and this Agreement (i) are within the power and authority of such parties; (ii) have been authorized by all requisite organizational action of such parties; (iii) have
received all necessary approvals and consents, corporate, governmental or otherwise; (iv) will not violate, conflict with, result in a breach of or constitute (with notice or lapse of time, or both) a material default under any provision of
law, any order or judgment of any court or Governmental Authority, any license, certificate or other approval required to operate the Properties, any applicable organizational documents, or any applicable indenture, agreement or other instrument
including, without limitation, the Management Agreement; (v) will not result in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of its assets, except the lien and security interest created hereby and by the
other Loan Documents; and (vi) will not require any authorization or license from, or any filing with, any Governmental Authority (except for the recordation of the Security Instruments in appropriate land records in the State and except for
Uniform Commercial Code filings relating to the security interest created hereby), (b) this Agreement, the Note, the Security Instruments and the other Loan Documents have been duly executed and delivered by Borrower and Guarantor, as
applicable, and (c) this Agreement, the Note, the Security Instruments and the other Loan Documents constitute the legal, valid and binding obligations of Borrower and Guarantor, as applicable. The Loan Documents are not subject to any right of
rescission, set-off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Creditor’s Rights Laws, and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law)). Neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim or defense with respect to the Loan Documents. 

Section 3.3
    Litigation. There is no action, suit or proceeding, judicial, administrative or otherwise (including any condemnation or similar proceeding), pending or, to the
Borrower’s knowledge, threatened or contemplated against Borrower, or Guarantor or against or affecting any Individual Property that has not either (i) been disclosed to Lender by Borrower in writing in connection with the closing of the
Loan or (ii) been fully covered by insurance. 
 Section
3.4     Agreements. Borrower is not a party to any agreement or instrument or subject to any restriction
which would have a Material Adverse Effect. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a
party or by which Borrower or any Individual Property is bound. Borrower has no material financial obligation under any agreement or instrument to which Borrower is a party or by which Borrower or any Individual Property is otherwise bound, other
than (a) obligations incurred in the ordinary course of the operation of the Properties and (b) obligations under this Agreement, the Security Instruments, the Note and the other Loan Documents. There is no agreement or instrument to which
Borrower is a party or by which Borrower is bound that would require the subordination in right of payment of any of Borrower’s obligations hereunder or under the Note to an obligation owed to another party. 

  
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 Section 3.5     Financial Condition. 
 (a) Borrower is solvent and Borrower has received reasonably equivalent value for the granting of the Security Instrument. No proceeding under Creditors Rights Laws with respect to any Borrower Party has
been initiated. 
 (b) In the last ten (10) years, no (i) petition in bankruptcy has been filed by or against any
Borrower Party and (ii) Borrower Party has ever made any assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws. 
 (c) No Borrower Party is contemplating either the filing of a petition by it under any Creditor’s Rights Laws or the liquidation of its assets or property and Borrower has no knowledge of any Person
contemplating the filing of any such petition against any Borrower Party. 

Section 3.6
    Disclosure. Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact of which Borrower has knowledge that could
cause any representation or warranty made herein to be materially misleading. 
 Section 3.7     No Plan Assets. Borrower is not an
“employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29
C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject to state statutes regulating
investment of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of ERISA or Section 4975 of the IRS Code currently in effect, which prohibit or otherwise restrict the transactions
contemplated by this Agreement. 
 Section 3.8     Not a Foreign Person. Borrower is not a “foreign person” within the meaning of § 1445(f)(3) of
the IRS Code. 
 Section 3.9     Intentionally Omitted. 
 Section 3.10     Business Purposes. The Loan is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes. 

Section 3.11
    Borrower Offices. Borrower’s principal place of business and its chief executive office as of the date hereof is 111 Corporate Drive, Suite 120, Ladera
Ranch, CA 92694. Borrower’s mailing address, as set forth in the opening paragraph hereof or as changed in accordance with the provisions hereof, is true and correct. Borrower’s organizational identification numbers, if any, assigned by
the state of its incorporation or organization are set forth in Schedule 3.11 attached hereto. Borrowers’ federal tax identification number are set forth on Schedule 3.11 attached hereto. Borrower is not subject to back-up withholding taxes.

 Section 3.12     Status of Property. 
 (a) Borrower has obtained all necessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Properties and the conduct of its business and all
required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification, subject, however,
to the legal nonconforming use of the Properties identified on Schedule II attached hereto. 
 (b) Each Individual Property and
the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements, subject, however, to the legal nonconforming
use of the Properties identified on Schedule II attached hereto. 

  
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 (c) Each Individual Property is served by all utilities required for the current or
contemplated use thereof. All utility service is provided by public utilities and each Individual Property has accepted or is equipped to accept such utility service. 
 (d) All public roads and streets necessary for service of and access to each Individual Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are
physically and legally open for use by the public. Each Individual Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of
Borrower and any subsequent owners of such Individual Property. 
 (e) Each Individual Property is served by public water and
sewer systems. 
 (f) Each Individual Property is free from damage caused by fire or other casualty. Each Individual Property,
including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors,
landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to Borrower’s knowledge there exists no structural or other material defects or damages in any Individual Property,
whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in any Individual Property, or any part thereof, which would adversely affect the insurability of the same
or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 (g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or
claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting any Individual Property which are or may be prior to or equal to the lien
of the applicable Security Instrument. 
 (h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and
equipment (other than Tenants’ property) used in connection with the operation of the Properties, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the
Note, the Security Instruments and the other Loan Documents. 
 (i) All liquid and solid waste disposal, septic and sewer
systems located on the Properties are in a good and safe condition and repair and in compliance with all Legal Requirements. 

(j) Except as expressly disclosed on any Survey delivered in connection with this Loan, no portion of the Improvements is located in an
area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of any Individual Property consists of or is classified as wetlands, tidelands
or swamp and overflow lands. 
 (k) All the Improvements lie within the boundaries of the Land and any building restriction
lines applicable to the Land. 
 (l) To Borrower’s knowledge there are no pending or proposed special or other assessments
for public improvements or otherwise affecting any Individual Property, nor are there any contemplated improvements to any Individual Property that may result in such special or other assessments. 

Section 3.13
    Financial Information. All financial data, including, without limitation, the balance sheets, statements of cash flow, statements of income and operating
expense and rent rolls, that have been delivered to Lender in respect of Borrower, Guarantor and/or each Individual Property (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of
Borrower, Guarantor or the Properties, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with the Approved Accounting
Method throughout the periods covered, except as disclosed therein. Borrower does not have any contingent liabilities, liabilities for taxes, unusual 

  
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forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a Material Adverse Effect, except as
referred to or reflected in said financial statements. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of Borrower, or Guarantor from that set forth in said
financial statements. Notwithstanding the foregoing provisions of this Section 3.13, with respect to the financial information regarding Properties acquired in calendar year 2010 that has been provided to Lender prior to the closing of the
Loan, said financial information may be subject to adjustment by Borrower but only to reallocate Borrower’s basis in the Improvements and intangible assets. For the avoidance of doubt, cash Operating Expenses, cash revenues and Borrower’s
purchase price for the applicable Property, each as reflected in the financial statements described in the preceding sentence, shall not be subject to adjustment. 
 Section 3.14     Condemnation. No Condemnation or other proceeding has been commenced or, to Borrower’s knowledge, is threatened or contemplated with respect to all or any portion of any Individual Property or for the relocation
of the access to any Individual Property. 
 Section 3.15     Separate Lots. Each Individual Property is assessed for real estate tax purposes as one or more wholly independent
tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with such Individual Property or any portion thereof. 

Section 3.16
    Insurance. Borrower has obtained and has delivered to Lender certificates (or such other evidence acceptable to Lender) reflecting the insurance coverages, amounts
and other requirements set forth in this Agreement. There are no present claims of any material nature under any of the Policies, and to Borrower’s knowledge, no Person, including Borrower, has done, by act or omission, anything which would
impair the coverage of any of the Policies. 
 Section 3.17     Use of Property. Each Individual Property is used exclusively as a self storage facility and other appurtenant and
related uses. 
 Section 3.18     Leases and Rent Roll. Except as disclosed in the rent roll for the Properties delivered to, certified to and approved
by Lender in connection with the closing of the Loan (the “Rent Roll”), (a) Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases are valid and enforceable and in full force and effect;
(c) all of the Leases are arms-length agreements with bona fide, independent third parties; (d) no party under any Lease is in default; (e) all Rents due have been paid in full and no Tenant is in arrears in its payment of Rent;
(f) the terms of all alterations, modifications and amendments to the Leases are reflected in the certified occupancy statement delivered to and approved by Lender; (g) none of the Rents reserved in the Leases have been assigned or
otherwise pledged or hypothecated, other than in connection with the Loan; (h) not more than five percent (5%) of annual Gross Rents for all of the Properties have been collected for more than one (1) month in advance (except a
security deposit shall not be deemed rent collected in advance); (i) the premises demised under the Leases have been completed, all improvements, repairs, alterations or other work required to be furnished on the part of Borrower under the
Leases have been completed, the Tenants under the Leases have accepted the premises demised thereunder and have taken possession of the same on a rent-paying basis and any payments, credits or abatements required to be given by Borrower to the
Tenants under the Leases have been made in full; (j) there exist no offsets or defenses to the payment of any portion of the Rents and Borrower has no monetary obligation to any Tenant under any Lease; (k) Borrower has received no notice
from any Tenant challenging the validity or enforceability of any Lease; (l) there are no agreements with the Tenants under the Leases other than expressly set forth in each Lease; (m) the Leases are valid and enforceable against Borrower
and the Tenants set forth therein; (n) no Lease contains an option to purchase, right of first refusal to purchase, right of first refusal to lease additional space at any Individual Property, or any other similar provision; (o) no Person
has any possessory interest in, or right to occupy, any Individual Property except under and pursuant to a Lease; (p) all security deposits relating to the Leases are reflected on the Rent Roll and have been collected by Borrower; (q) no
brokerage commissions or finders fees are due and payable regarding any Lease; (r) no event has occurred giving any Tenant the right to terminate its Lease or pay reduced or alternative Rent to Borrower under any of the terms of such Lease,
such as a co-tenancy provision. 

  
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 Section 3.19     Filing and Recording Taxes. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be
paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of this Agreement, the Security Instruments, the Note and the
other Loan Documents, including, without limitation, the Security Instruments, have been paid or will be paid on or before the Closing Date, and, under current Legal Requirements, the Security Instruments and the other Loan Documents are enforceable
in accordance with their terms by Lender (or any subsequent holder thereof), except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Creditor’s Rights Laws, and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 3.20     Management Agreement. The Management
Agreement is in full force and effect and there is no default thereunder by any party thereto and, to Borrower’s knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.
As of the date hereof, no management fees under the Management Agreement are due and payable. 
 Section 3.21     Illegal Activity/Forfeiture.

 (a) No portion of any Individual Property has been purchased, improved, equipped or furnished by Borrower or any
Affiliate of Borrower with proceeds of any illegal activity and to Borrower’s knowledge, there are no illegal activities or activities relating to controlled substances at any Individual Property. 

(b) There has not been committed by Borrower or any Affiliate of Borrower or to Borrower’s knowledge, any other Person in occupancy
of or involved with the operation or use of any Individual Property any act or omission affording the federal government or any state or local government the right of forfeiture as against such Individual Property or any part thereof or any monies
paid in performance of Borrower’s obligations under this Agreement, the Note, the Security Instruments or the other Loan Documents. 
 Section 3.22     Taxes. Borrower has filed all federal, state, county, municipal, and city income, personal property and other tax returns required to have been filed by it and has paid all taxes and related liabilities which
have become due pursuant to such returns or pursuant to any assessments received by it. Borrower knows of no basis for any additional assessment in respect of any such taxes and related liabilities for prior years. 

Section 3.23
    Permitted Encumbrances. None of the Permitted Encumbrances, individually or in the aggregate, materially interferes with the benefits of the security intended to
be provided by this Agreement, the Security Instruments, the Note and the other Loan Documents materially and adversely affects the value or marketability of any Individual Property, impairs the use or the operation of any Individual Property or
impairs Borrower’s ability to pay its obligations in a timely manner. 
 Section 3.24     Third Party Representations. Each of the
representations and the warranties made by Guarantor in the other Loan Documents (if any) are true, complete and correct in all material respects as of the date made. 
 Section 3.25     Non-Consolidation Opinion Assumptions. All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto, are true, complete and correct. 

Section 3.26
    Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the
meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal
Requirements or by the terms and conditions of this Agreement, the Security Instruments, the Note or the other Loan Documents. 
 Section 3.27     Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as

  
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amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a
“subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money.

 Section 3.28
    Fraudulent Conveyance. Borrower (a) has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or defraud any creditor
and (b) received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the execution and
delivery of the Loan Documents, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed or contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately
following the execution and delivery of the Loan Documents, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrower’s
assets do not and, immediately following the execution and delivery of the Loan Documents will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does
not believe that it will, incur debts and liabilities (including, without limitation, contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or
in respect of obligations of Borrower). 
 Section 3.29     Embargoed Person. To Borrower’s knowledge, as of the date hereof, (a) none of the funds or other
assets of any Borrower Party constitute property of, or are beneficially owned, directly or indirectly, by any Person or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic
Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in any such Borrower Party (whether
directly or indirectly) is prohibited by applicable law or the Loan made by Lender is in violation of applicable law (“Embargoed Person”); (b) no Embargoed Person has any interest of any nature whatsoever in any Borrower Party, with
the result that the investment in any such Borrower Party (whether directly or indirectly), is prohibited by applicable law or the Loan is in violation of applicable law; and (c) none of the funds of any Borrower Party have been derived from
any unlawful activity with the result that the investment in any such Borrower Party (whether directly or indirectly), is prohibited by applicable law or the Loan is in violation of applicable law. Any violation of the foregoing shall, at
Lender’s option, constitute an Event of Default hereunder. Notwithstanding anything to the contrary contained herein, the provisions of this Section 3.29 shall not apply to any direct or indirect owner of an interest in Guarantor.

 Section 3.30     Patriot Act. Borrower hereby represents and warrants that each Borrower Party and each and every Person that
is an Affiliate of any Borrower Party or that to Borrower’s knowledge (a) has an economic interest in any Borrower Party, (b) has an interest in the transaction contemplated by this Agreement or in the Property or (c) will
participate, in any manner whatsoever, in the Loan, is: (i) not a “blocked” Person listed in the Annex to Executive Order Nos. 12947, 13099 and 13224 and all modifications thereto or thereof (as used in this Section only, the
“Annex”); (ii) in full compliance with the requirements of the Patriot Act and all other requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (as used in this Section
only, “OFAC”); (iii) operated under policies, procedures and practices, if any, that are in compliance with the Patriot Act and available to Lender for Lender’s review and inspection during normal business hours and upon
reasonable prior notice; (iv) not in receipt of any notice from the Secretary of State or the Attorney General of the United States or any other department, agency or office of the United States claiming a violation or possible violation of the
Patriot Act; (v) not listed as a Specially Designated Terrorist or as a “blocked” Person on any lists maintained by the OFAC pursuant to the Patriot Act or any other list of terrorists or terrorist organizations maintained pursuant to
any of the rules and regulations of the OFAC issued pursuant to the Patriot Act or on any other list of terrorists or terrorist organizations maintained pursuant to the Patriot Act; (vi) not a Person who has been determined by competent
authority to be subject to any of the prohibitions contained in the Patriot Act; and (vii) not owned or controlled by or now acting for or on behalf of any Person named in the Annex or any other list promulgated under the Patriot Act or any
other Person who has been determined to be subject to the prohibitions contained in the Patriot Act (each, a “Prohibited Person”). All capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public Law
56 (October 26, 2001) and in other statutes and all orders, rules and regulations of the United States government and its various executive departments, agencies and 

  
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offices related to the subject matter of the Patriot Act, including Executive Order 13224 effective September 24, 2001 (collectively referred to in this Section and in Section 4.23 only
as the “Patriot Act”) are incorporated into this Section. Notwithstanding anything to the contrary contained herein, the provisions of this Section 3.30 shall not apply to any direct or indirect owner of an interest in Guarantor.

 Section 3.31
    Organizational Chart. The organizational chart attached as Schedule III hereto, (the “Organizational Chart”) relating to Borrower and
certain Affiliates and other parties, is true, complete and correct on and as of the date hereof. 
 Section 3.32     Bank Holding Company. Borrower is not a
“bank holding company” or a direct or indirect subsidiary of a “bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve
System. 
 Section 3.33     Intentionally Omitted. 
 Section 3.34 Property Document Representations. With respect to each Property Document, Borrower hereby represents that, to its knowledge, (a) each Property Document is in full force
and effect and has not been amended, restated, replaced or otherwise modified (except, in each case, as expressly set forth herein, (b) there are no defaults under any Property Document by any party thereto and, to Borrower’s knowledge, no
event has occurred which, but for the passage of time, the giving of notice, or both, would constitute a default under any Property Document, (c) all rents, additional rents and other sums due and payable under the Property Documents have been
paid in full, (d) no party to any Property Document has commenced any action or given or received any notice for the purpose of terminating any Property Document, and (e) the representations made in any estoppel or similar document
delivered with respect to any Property Document in connection with the Loan are true, complete and correct in all material respects and are hereby incorporated by reference as if fully set forth herein. 

Section 3.35
    No Change in Facts or Circumstances; Disclosure. 
 (a) To Borrower’s knowledge (after reasonable inquiry), all information submitted by (or on behalf of) Borrower or Guarantor to Lender and in all reports, certificates and other documents (other than
financial information which is covered in Section 3.13 hereof and other than the information which is covered in Section 3.35(b) below) submitted in connection with the Loan or in satisfaction of the terms thereof, in each case prepared by
Borrower or any Affiliate of Borrower, and all statements of fact made by Borrower and/or Guarantor in this Agreement or in the other Loan Documents, are accurate, complete and correct in all material respects. To Borrower’s knowledge, there
has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise would have a Material Adverse Effect.
Borrower has disclosed to Lender all material facts of which Borrower has knowledge and has not failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. 

(b) To Borrower’s knowledge, all information submitted by (or on behalf of) Borrower or Guarantor to Lender and in all reports,
certificates and other documents (other than financial information which is covered in Section 3.13 hereof) submitted in connection with the Loan or in satisfaction of the terms thereof, in each case not prepared by Borrower or any Affiliate of
Borrower, are accurate, complete and correct in all material respects. To Borrower’s knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete
or otherwise misleading in any material respect or that otherwise would have a Material Adverse Effect. Borrower has disclosed to Lender all material facts of which Borrower has knowledge and has not failed to disclose any material fact that could
cause any representation or warranty made herein to be materially misleading. 
 Borrower agrees that, unless expressly provided
otherwise, all of the representations and warranties of Borrower set forth in this Article 3 and elsewhere in this Agreement and the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All
representations, warranties, covenants and agreements made in this Agreement and in the other Loan Documents shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its
behalf. 

  
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 ARTICLE 4 
 BORROWER COVENANTS 
 From the date hereof and until payment and performance
in full of all obligations of Borrower under this Agreement, the Security Instruments, the Note and the other Loan Documents or the earlier release of the lien of the Security Instruments (and all related obligations) in accordance with the terms of
this Agreement, the Security Instruments, the Note and the other Loan Documents, Borrower hereby covenants and agrees with Lender that: 
 Section 4.1     Existence. Borrower will continuously maintain (a) its existence and shall not dissolve or permit its dissolution, (b) its rights to do business in the State and (c) its franchises and trade
names, if any. 
 Section 4.2     Legal Requirements. 
 (a) Borrower shall promptly comply and shall cause the Properties to comply with all Legal Requirements affecting the Properties or the use thereof, including, without limitation, all Environmental Laws.

 (b) Borrower shall from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to
Lender that each Individual Property complies with all Legal Requirements or is exempt from compliance with Legal Requirements. 

(c) Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a violation of any Legal Requirements
and of the commencement of any proceedings or investigations which relate to compliance with Legal Requirements. 
 (d) After
prior written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal
Requirement to Borrower or any Individual Property or any alleged violation of any Legal Requirement, provided that (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be permitted by and conducted in accordance with all applicable Legal Requirements;
(iii) neither the applicable Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof comply with
any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or the applicable Individual
Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in
connection therewith. Lender may apply any such security or part thereof, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal
Requirement is finally established or the applicable Individual Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

Section 4.3
    Maintenance and Use of Property. Borrower shall cause the Properties to be maintained in a good and safe condition and repair. The Improvements and the
Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property) without the consent of Lender or as otherwise permitted pursuant to Section 4.21 hereof. Borrower shall (or shall
cause) the prompt repair, replacement and/or rebuilding of any part of any Individual Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in
Section 3.14 hereof, provided all Net Proceeds are made available to Borrower, and shall complete and pay for (or cause the completion and payment for) any structure at any time in the process of construction or repair on the Land. Borrower
shall not initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of any Individual Property or any part
thereof. If under applicable zoning provisions the use of all or any portion of any Individual Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming 

  
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use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. 
 Section 4.4     Waste. Borrower shall not commit or suffer any waste of any Individual Property or make any change in the use of any Individual Property which will in any way materially increase the risk of fire or
other hazard arising out of the operation of any Individual Property, or take any action that might invalidate or give cause for cancellation of any Policy, or do or permit to be done thereon anything that may in any way impair the value of any
Individual Property or the security for the Loan. Borrower will not, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of any
Individual Property, regardless of the depth thereof or the method of mining or extraction thereof. With respect to any Borrower request for Lender consent required under this Section 4.4, such request for approval shall be deemed approved if
the Deemed Approval Requirements are fully satisfied. 
 Section
4.5     Taxes and Other Charges. 
 (a)
Borrower shall pay (or cause to be paid) all Taxes and Other Charges now or hereafter levied or assessed or imposed against any Individual Property or any part thereof as the same become due and payable; provided, however, prior to the occurrence
and continuance of an Event of Default, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 8.6 hereof. Borrower shall furnish to Lender receipts for the
payment of the Taxes and the Other Charges prior to the date the same shall become delinquent (provided, however, that Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by Lender
pursuant to Section 8.6 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any lien or charge whatsoever which may be or become a lien or charge against any Individual Property, and shall promptly pay for all
utility services provided to any Individual Property. 
 (b) After prior written notice to Lender, Borrower, at its own expense,
may contest (or permit to be contested) by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that
(i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a
default thereunder and such proceeding shall be permitted by and conducted in accordance with all applicable Legal Requirements; (iii) neither the applicable Individual Property nor any part thereof or interest therein will be in danger of
being sold, forfeited, terminated, canceled or lost; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in
connection therewith; (v) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the applicable Individual Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or
deliver to Lender such reserve deposits as may be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof
held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established or the applicable Individual Property (or part thereof or interest therein) shall be in danger of
being sold, forfeited, terminated, canceled or lost or there shall be any danger of the lien of any Security Instrument being primed by any related lien. 
 Section 4.6     Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing against Borrower which might have a Material Adverse Effect.

 Section 4.7     Access to Property. Borrower shall permit agents, representatives and employees of Lender to inspect any
Individual Property or any part thereof at reasonable hours upon reasonable advance notice. 
 Section 4.8     Notice of Default. Borrower shall
promptly advise Lender of any material adverse change in Borrower’s and/or Guarantor’s condition (financial or otherwise) or of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

  
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 Section 4.9     Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings
before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the Note, any Security Instrument or the other Loan Documents and, in connection
therewith, permit Lender, at its election, to participate in any such proceedings. 
 Section 4.10     Performance by Borrower. Borrower shall
in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed by Borrower under this Agreement, the Security Instruments, the Note and the other Loan Documents. 

Section 4.11
    Illegal Activity/Forfeiture. 
 (a) No portion of any Individual Property will be purchased,
improved, equipped or furnished by Borrower or any Affiliate of Borrower with proceeds of any illegal activity. Borrower and its Affiliates shall not perform, and Borrower shall use commercially reasonable efforts to cause no other Person to
perform, any illegal activities or activities relating to controlled substances at any Individual Property. 
 (b) There shall
never be committed by Borrower or any Affiliate of Borrower, and Borrower shall use commercially reasonable efforts to cause any other Person in occupancy of or involved with the operation or use of any Individual Property not to commit, any act or
omission affording the federal government or any state or local government the right of forfeiture as against such Individual Property or any part thereof or any monies paid in performance of Borrower’s obligations under this Agreement, the
Note, the Security Instruments or the other Loan Documents. Borrower hereby covenants and agrees that Borrower and its Affiliates shall not, and Borrower shall use commercially reasonable efforts to cause any other Person not, to commit, permit or
suffer to exist any act or omission affording such right of forfeiture. 

Section 4.12
    Books and Records. 
 (a) Borrower shall furnish to Lender. 

(i) quarterly (and prior to a Securitization (if requested by Lender), monthly) certified rent rolls within twenty
(20) days after the end of each calendar month or forty-five (45) days after the end of each calendar quarter, as applicable; 
 (ii) quarterly (and prior to a Securitization, (if requested by Lender), monthly) income statements and operating statements of the Properties (which shall show major capital improvements for the period
of calculation and containing appropriate year-to-date information), within twenty (20) days after the end of each calendar month or forty-five (45) days after the end of each calendar, quarter, as applicable; 

(iii) an annual balance sheet, income statement and statement of cash flow of the Properties (which shall show major
capital improvements for the period of calculation and containing appropriate year-to-date information), in each case, within ninety (90) days after the close of each fiscal year of Borrower; 

(iv) by no later than January 15 of each calendar year, an annual operating budget for the such calendar year
presented on a monthly basis consistent with the annual operating statement described above for each Individual Property, including all proposed capital replacements and improvements, which such budget shall (A) until the occurrence and
continuance of a Trigger Period, be provided to Lender for informational purposes and (B) after the occurrence and during the continuance of a Trigger Period not take effect until approved by Lender (after such approval has been given in
writing, such approved budget shall be referred to herein as the “Approved Annual Budget”). Any Borrower request for approval of the budget (to the extent such approval is required hereunder) shall be deemed approved if the Deemed Approval
Requirements are fully satisfied. Until such time that Lender approves (or is deemed to approve) the first Approved Annual Budget after the commencement of the applicable Trigger Period, Approved Operating Expenses for purposes of Section 8.4
shall be based on actual Operating Expenses incurred during the 

  
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preceding twelve (12) month period; thereafter, until such time that Lender approves an Annual Budget, the most recent Approved Annual Budget shall apply; provided, that such Approved Annual
Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums, utilities expenses, and Other Charges which are fixed in nature and otherwise non-discretionary; and 

(v) by no later than twenty (20) days after and as of the end of each calendar month during the period prior to
Securitization, and thereafter by no later than forty-five (45) days after and as of the end of each calendar quarter, a calculation of the then current Debt Service Coverage Ratio, together with such back-up information as Lender shall
require. 
 (b) Upon request from Lender, Borrower shall furnish in a timely manner to Lender, a property management report for
the Properties, showing the number of inquiries made and/or rental applications received from tenants or prospective tenants and any other information reasonably requested by Lender, but no more frequently than quarterly; 

(c) Borrower shall, within twenty (20) days of request, furnish Lender (and shall cause Guarantor to furnish to Lender) with such
other additional financial or management information (including State and Federal tax returns) as may, from time to time, be reasonably required by Lender in form and substance reasonably satisfactory to Lender. Borrower shall furnish to Lender and
its agents convenient facilities for the examination and audit of any such books and records. 
 (d) Borrower agrees that
(i) Borrower shall keep adequate books and records of account and (ii) all Required Financial Items (defined below) to be delivered to Lender pursuant to Section 4.12 shall: (A) be complete and correct in all material respects;
(B) present fairly the financial condition of the applicable Person; (C) disclose all liabilities that are required to be reflected or reserved against; (D) be prepared (1) in the substantially same form used in connection with
the closing of the Loan and attached to that certain Borrower’s Certificate delivered by Borrower to Lender as of the date hereof and certified by a Responsible Officer of Borrower (2) in hardcopy and electronic formats and (3) in
accordance with the Approved Accounting Method; and (E) upon request of Lender during the continuance of an Event of Default, be audited by an independent certified public accountant reasonably acceptable to Lender. Borrower shall be deemed to
warrant and represent that, as of the date of delivery of any such financial statement, there has been no material adverse change in financial condition, nor have any assets or properties been sold, transferred, assigned, mortgaged, pledged or
encumbered since the date of such financial statement except as disclosed by Borrower in a writing delivered to Lender. Borrower agrees that all Required Financial Items shall not contain any misrepresentation or omission of a material fact.

 (e) Borrower acknowledges the importance to Lender of the timely delivery of each of the items required by this
Section 4.12 and the other financial reporting items required by this Agreement (each, a “Required Financial Item” and, collectively, the “Required Financial Items”). In the event Borrower fails to deliver to Lender any of
the Required Financial Items within the time frame specified herein (each such event, a “Reporting Failure”), which failure continues for ten (10) days following notice from Lender to Borrower, the same shall, at Lender’s option,
constitute an immediate Event of Default hereunder and, without limiting Lender’s other rights and remedies with respect to the occurrence of such an Event of Default, Borrower shall pay to Lender the sum of $2,500.00 per occurrence for each
Reporting Failure. It shall constitute a further Event of Default hereunder if any such payment is not received by Lender within thirty (30) days of the date on which such payment is due, and Lender shall be entitled to the exercise of all of
its rights and remedies provided hereunder. 
 Section 4.13     Estoppel Certificates. 
 (a) After request by
Lender, Borrower, within ten (10) days of such request, shall furnish Lender or any proposed assignee with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the unpaid
principal amount of the Loan, (iii) the rate of interest of the Loan, (iv) the terms of payment and maturity date of the Loan, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided
in such statement, no Event of Default exists, (vii) that this Agreement, the Note, the Security Instruments and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of
such modification, (viii) whether any offsets or defenses exist against 

  
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the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect and have not been modified (or if modified,
setting forth all modifications), (x) the date to which the Rents thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of Borrower, any of the lessees under the Leases are in default under the
Leases, and, if any of the lessees are in default, setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower under each Lease and that such amounts are consistent with the amounts required
under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations created and evidenced hereby and by the Security Instruments or any Individual Property. 

(b) Borrower shall use its commercially reasonable efforts to deliver to Lender, promptly upon request, duly executed estoppel
certificates from any one or more Tenants under any Major Lease as required by Lender attesting to such facts regarding the Lease as Lender may require, including, but not limited to, attestations that each Lease covered thereby is in full force and
effect with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one month in advance (except with respect to Permitted Prepaid Rents and security deposits), no free rent or other concessions are due
lessee and that the lessee claims no defense or offset against the full and timely performance of its obligations under the Lease. 
 (c) Borrower shall use commercially reasonable efforts to deliver to Lender, promptly upon request, estoppel certificates from each party under any Property Document in form and substance reasonably
acceptable to Lender. 
 Section 4.14     Leases and Rents. 
 (a) All Leases and all
renewals of Leases executed after the date hereof shall (i) provide for rental rates comparable to existing local market rates for similar properties, (ii) be on commercially reasonable terms with unaffiliated, third parties (unless
otherwise consented to by Lender), (iii) provide that such Lease is subordinate to the applicable Security Instrument and that the lessee will attorn to Lender and any purchaser at a foreclosure sale, (iv) not contain any terms which would
have a Material Adverse Effect and (v) with respect to the Odgen Property, be on a form of lease that is commercially reasonable and customary in the region where the Odgen Property is located. All Major Leases and all renewals, amendments and
modifications thereof executed after the date hereof shall be subject to Lender’s prior approval, which approval shall not be unreasonably withheld or delayed. 
 (b) Borrower (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions
contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner, provided, however, Borrower shall not terminate or accept a surrender of a Major Lease without Lender’s prior
approval; (iii) shall not collect any of the Rents more than one (1) month in advance (other than Permitted Prepaid Rents); (iv) shall not execute any assignment of lessor’s interest in the Leases or the Rents (except as
contemplated by the Loan Documents); (v) shall not, without Lender’s prior written consent, alter, modify or change any Major Lease so as to change the amount of or payment date for rent, change the expiration date, grant any option for
additional space or term, materially reduce the obligations of the lessee or increase the obligations of lessor; and (vi) shall hold all security deposits under all Leases in accordance with Legal Requirements. Upon request, Borrower shall
furnish Lender with executed copies of all Leases. Notwithstanding anything to the contrary contained in the Restricted Account Agreement, Permitted Prepaid Rents may be disbursed from the Restricted Account to Borrower for so long as no Trigger
Period exists. 
 (c) Notwithstanding anything contained herein to the contrary, Borrower shall not willfully withhold from
Lender any information regarding renewal, extension, amendment, modification, waiver of provisions of, termination, rental reduction of, surrender of space of, or shortening of the term of, any Lease during the term of the Loan. 

(d) Borrower shall notify Lender in writing, within two (2) Business Days following receipt thereof, of Borrower’s receipt of
any early termination fee or payment or other termination fee or payment paid by any Tenant that equals or is greater than $20,000.00 under any Lease, and Borrower further covenants and agrees that Borrower shall hold any such termination fee or
payment in trust for the benefit of Lender and that any use of such 

  
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termination fee or payment shall be subject in all respects to Lender’s prior written consent in Lender’s sole discretion (which consent may include, without limitation, a requirement
by Lender that such termination fee or payment be placed in reserve with Lender to be disbursed by Lender for tenant improvement and leasing commission costs with respect to the applicable Individual Property and/or for payment of the Debt or
otherwise in connection with the Loan evidenced by the Note and/or the Properties, as so determined by Lender). 
 (e) To the
extent that the Deemed Approval Requirements are fully satisfied in connection with any Borrower request for Lender consent under this Section, Lender’s approval shall be deemed given with respect to the matter for which approval was requested.

 Section 4.15
    Management Agreement. 
 (a) Borrower shall (i) diligently perform, observe and enforce
all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed, observed and enforced to the end that all things shall be done which are necessary to keep unimpaired the rights of Borrower under the
Management Agreement and (ii) promptly notify Lender of the giving of any notice to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Management Agreement on the part of
Borrower to be performed and observed and deliver to Lender a true copy of each such notice. 
 (b) Without Lender’s prior
written consent, Borrower shall not surrender the Management Agreement, consent to the assignment by Manager of its interest under the Management Agreement, or terminate or cancel the Management Agreement or modify, change, supplement, alter or
amend the Management Agreement, in any respect, either orally or in writing, and Borrower hereby assigns to Lender as further security for the payment of the Debt and for the performance and observance of the terms, covenants and conditions of this
Agreement, all the rights, privileges and prerogatives of Borrower to surrender the Management Agreement or to terminate, cancel, modify, change, supplement, alter or amend the Management Agreement in any respect, and any such surrender of the
Management Agreement or termination, cancellation, modification, change, supplement, alteration or amendment of the Management Agreement without the prior consent of Lender shall be void and of no force and effect. 

(c) If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on
the part of Borrower to be performed or observed, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, Lender shall have the right, but
shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed to be
promptly performed or observed on behalf of Borrower, to the end that the rights of Borrower in, to and under the Management Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are
hereby granted, the right to enter upon any Individual Property at any time and from time to time for the purpose of taking any such action. If Manager shall deliver to Lender a copy of any notice sent to Borrower of default under the Management
Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Borrower shall notify Lender if Manager sub-contracts to a third party or an Affiliate any or
all of its management responsibilities under the Management Agreement. Borrower shall, from time to time, use its best efforts to obtain from Manager under the Management Agreement such certificates of estoppel with respect to compliance by Borrower
with the terms of the Management Agreement as may be reasonably requested by Lender. Borrower shall exercise each individual option, if any, to extend or renew the term of the Management Agreement upon demand by Lender made at any time within one
(1) year of the last day upon which any such option may be exercised, and Borrower hereby expressly authorizes and appoints Lender its attorney-in-fact to exercise any such option in the name of and upon behalf of Borrower, which power of
attorney shall be irrevocable and shall be deemed to be coupled with an interest. In the event that the Management Agreement is scheduled to expire at any time during the term of the Loan, Borrower shall submit to Lender by no later than 60 days
prior to such expiration a draft replacement management agreement for approval in accordance with the terms and conditions hereof. Borrower’s failure to submit the same within such time-frame shall, at Lender’s option and following five
(5) days notice and opportunity to cure to Borrower, constitute an immediate Event of Default. Any sums expended by Lender pursuant to this paragraph shall bear interest at the Default Rate

  
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from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Security Instruments and the other
Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 
 (d) Borrower shall, from time to
time, use its commercially reasonable efforts to obtain from Manager under the Management Agreement such certificates of estoppel with respect to compliance by Borrower with the terms of the Management Agreement as may be requested by Lender.

 (e) Intentionally Omitted. 
 (f) Without limitation of the foregoing, if the Management Agreement is terminated or expires pursuant to the Assignment of Management Agreement or for any other reason, then Lender, at its option, may
require Borrower to engage, in accordance with the terms and conditions set forth in the Assignment of Management Agreement, a new manager (the “New Manager”) to manage any Individual Property, which such New Manager shall be a Qualified
Manager. New Manager shall be engaged by Borrower pursuant to a written management agreement that complies with the terms hereof and of the Assignment of Management Agreement and is otherwise reasonably satisfactory to Lender in all respects. New
Manager and Borrower shall execute an Assignment of Management Agreement in the same form used in connection with the closing of the Loan. Without limitation of the foregoing, if required by Lender, Borrower shall, as a condition precedent to
Borrower’s engagement of such New Manager, obtain a Rating Agency Confirmation with respect to such New Manager and management agreement. To the extent that such New Manager is an Affiliated Manager, Borrower’s engagement of such New
Manager shall be subject to Borrower’s delivery to Lender of a New Non-Consolidation Opinion with respect to such New Manager and new management agreement. 
 (g) Any sums expended by Lender pursuant to this Section shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a
portion of the Debt, shall be secured by the lien of the Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 

Section 4.16
    Payment for Labor and Materials. 
 (a) Subject to Section 4.16(b) and Section 10.1
below, Borrower will promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with the Properties (any such bills and costs, a “Work Charge”) and
never permit to exist in respect of any Individual Property or any part thereof any lien or security interest, even though inferior to the liens and the security interests hereof, and in any event never permit to be created or exist in respect of
any Individual Property or any part thereof any other or additional lien or security interest other than the liens or security interests created hereby and by the Security Instruments, except for the Permitted Encumbrances. 

(b) After prior written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the validity of any Work Charge, the applicability of any Work Charge to Borrower or to any Individual Property or any alleged non-payment of any Work Charge and defer paying the same, provided
that (i) no Event of Default has occurred and is continuing; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default
thereunder and such proceeding shall be conducted in accordance with all applicable Legal Requirements; (iii) neither the applicable Individual Property nor any part thereof or interest therein will be in imminent danger of being sold,
forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof pay (or cause to be paid) any such contested Work Charge determined to be valid, applicable or unpaid; (v) such proceeding shall
suspend the collection of such contested Work Charge from the applicable Individual Property or Borrower shall have paid the same (or shall have caused the same to be paid) under protest; and (vi) Borrower shall furnish (or cause to be
furnished) such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure payment of such Work Charge, together with all interest and penalties payable in connection therewith. Lender may apply any such
security or part thereof, as necessary to pay for such Work Charge at any time when, in the reasonable judgment of Lender, the validity, applicability or non-payment of such Work Charge is finally established or the applicable

  
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Individual Property (or any part thereof or interest therein) shall be in present danger of being sold, forfeited, terminated, cancelled or lost. 

Section 4.17
    Performance of Other Agreements. Borrower shall observe and perform each and every term required to be observed or performed by Borrower pursuant to the
terms of any agreement or recorded instrument affecting or pertaining to each Individual Property, or given by Borrower to Lender for the purpose of further securing the Debt and any amendments, modifications or changes thereto. 

Section 4.18
    Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith)
owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 
 Section 4.19     ERISA. 

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

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the
term of the Security Instruments, as requested by Lender in its reasonable discretion, that (i) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, or other retirement arrangement, which is subject to
Title I of ERISA or Section 4975 of the IRS Code, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (ii) Borrower is not subject to state statutes regulating investments and fiduciary obligations with
respect to governmental plans; and (iii) one or more of the following circumstances is true: 
  

	 	(A)	Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. § 2510.3 101(b)(2); 

 

	 	(B)	Less than 25 percent of each outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R.§
2510.3 101(f)(2); or 

  

	 	(C)	Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R § 2510.3 101(c) or (e) or
an investment company registered under The Investment Company Act of 1940. 

 Section 4.20     No Joint Assessment. Borrower shall not
suffer, permit or initiate the joint assessment of any Individual Property with (a) any other real property constituting a tax lot separate from such Individual Property, or (b) any portion of such Individual Property which may be deemed
to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such Individual Property. 

Section 4.21
    Alterations. Lender’s prior approval shall be required in connection with any alterations to any Improvements (a) that may have a Material Adverse
Effect, (b) the cost of which (including any related alteration, improvement or replacement) is reasonably anticipated to exceed the Alteration Threshold or (c) that are structural in nature, which approval may be granted or withheld in
Lender’s sole discretion. If the total unpaid amounts incurred and to be incurred with respect to any alterations to the Improvements at all the Individual Properties in the aggregate shall at any time exceed the Alteration Threshold, Borrower
shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (i) cash, (ii) U.S. Obligations, (iii) other
securities acceptable to Lender, (provided that Lender shall have received a Rating Agency Confirmation as to the form and issuer of same), or (iv) a completion bond (provided that Lender shall have received a Rating Agency Confirmation as to
the form and issuer of same). Such security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements over the Alteration Threshold. To the extent that

  
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Lender’s prior written approval is required pursuant to this Section 4.21, such request for approval shall be deemed approved if the Deemed Approval Requirements are fully satisfied.

 Section 4.22
    Property Document Covenants. Borrower shall (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required
to be performed and observed by it under the Property Documents and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Property Documents of
which it has knowledge; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Property Documents, (iv) enforce the performance
and observance of all of the covenants and agreements required to be performed and/or observed under the Property Documents for the benefit of Borrower, in a commercially reasonable manner; (v) cause any Individual Property to be operated, in
all material respects, in accordance with the Property Documents; and (vi) not, without the prior written consent of Lender, (A) enter into any new Property Document or execute modifications to any existing Property Documents,
(B) surrender, terminate or cancel the Property Documents, (C) reduce or consent to the reduction of the term of the Property Documents, (D) increase or consent to the increase of the amount of any charges under the Property
Documents, (E) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Property Documents in any material respect or (F) following the occurrence and during the continuance of an
Event of Default, exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Property Documents. 
 Section 4.23     Embargoed Person/Patriot Act. (a) At all times throughout the term of the Loan, including after giving effect to any transfers of interests permitted pursuant to the Loan Documents, the representations contained in
Sections 3.29 and 3.30 shall remain true and correct. Borrower covenants and agrees that in the event Borrower receives any notice that any Borrower Party (or any of their respective beneficial owners, Affiliates or participants) become listed on
the Annex or any other list promulgated under the Patriot Act or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall immediately notify Lender. It shall be an
Event of Default hereunder if any Borrower Party becomes listed on any list promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering. All
capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public Law 56 (October 26, 2001) and in other statutes and all orders, rules and regulations of the United States government and its various executive
departments, agencies and offices related to the subject matter of the Patriot Act, including Executive Order 13224 effective September 24, 2001 (collectively referred to in this Section and in Section 3.30 only as the “Patriot
Act”) are incorporated into this Section. 
 (b) Guarantor shall at all times retain a nationally-recognized third
party transfer agent, which transfer agent shall keep track of the ownership of stock in the Guarantor, in an effort to ensure that all owners of such stock comply with all applicable laws described in Sections 3.29, 3.30 and 4.23(a) and in an
effort to prevent Embargoed Persons and/or Prohibited Persons from acquiring any direct or indirect ownership interests in Guarantor (the “Transfer Agent Compliance Functions”); provided, however, that Guarantor may perform the Transfer
Agent Compliance Functions itself or by retaining an Affiliate of Guarantor to do so provided Guarantor or its Affiliate (as applicable) uses substantially the same procedures in performing the Transfer Agent Compliance Functions that a
nationally-recognized third party transfer agent would use in performing the Transfer Agent Compliance Functions. DST Systems, Inc. is deemed an acceptable nationally-recognized third party transfer agent for purposes of this Section 4.23.

 ARTICLE 5 
 ENTITY COVENANTS 

Section 5.1
    Single Purpose Entity/Separateness. 
 (a) Borrower has not and will not: 

  
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 (i) engage in any business or activity other than the ownership, operation
and maintenance of the Properties, and activities incidental thereto; 
 (ii) acquire or own any assets other
than (A) the Properties, and (B) such incidental Personal Property as may be necessary for the ownership, leasing, maintenance and operation of the Properties; 

(iii) merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or
otherwise dispose of all or substantially all of its assets or change its legal structure; 
 (iv) fail to
observe all organizational formalities, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or
formation, or amend, modify, terminate or fail to comply with the provisions of its organizational documents; 

(v) own any subsidiary, or make any investment in, any Person (other than, with respect to any SPE Component Entity, in
Borrower); 
 (vi) commingle its funds or assets with the funds or assets of any other Person (other than any
other Borrower); provided, however, the representation as to Borrower conduct prior to the Closing Date contained in this clause (vi) is qualified as described on Schedule 5.1 attached hereto. Nothing in the foregoing proviso, however, shall be
deemed to limit, affect or otherwise qualify Borrower’s obligation to not commingle its funds or assets with the funds or assets of any other Person (other than any other Borrower) from and after the Closing Date; 

(vii) except with respect to the Existing Loan which is being fully repaid on the date hereof, incur any Indebtedness,
secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (A) the Debt, (B) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such
indebtedness is (1) unsecured, (2) not evidenced by a note, (3) on commercially reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or
(C) Permitted Equipment Leases; provided however, the aggregate amount of the indebtedness described in (B) and (C) shall not exceed at any time four percent (4%) of the then-outstanding principal balance of the Loan. For the
avoidance of doubt, such four percent (4%) limitation on indebtedness shall apply to all Borrowers in the aggregate (and not to each Borrower individually). No Indebtedness other than the Debt may be secured (subordinate or pari passu) by any
Individual Property; 
 (viii) fail to maintain all of its books, records, financial statements and bank accounts
separate from those of any other Person (including, without limitation, any Affiliates), except with respect to bank accounts shared with any other Borrower. Borrower’s assets have not and will not be listed as assets on the financial statement
of any other Person; provided, however, that Borrower’s assets may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements to
indicate the separateness of Borrower and such Affiliates and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) such assets shall be
listed on Borrower’s own separate balance sheet; provided, further however, that the representation as to Borrower conduct prior to the Closing Date contained in this clause (viii) is qualified as described on Schedule 5.1 attached hereto.
Nothing in the foregoing proviso, however, shall be deemed to limit, affect or otherwise qualify Borrower’s obligation to not have Borrower’s assets listed as assets on the financial statement of any other Person from and after the Closing
Date except as permitted in this clause (viii). Borrower has maintained and will maintain its books, records, resolutions and agreements as official records; 
 (ix) enter into any contract or agreement with any general partner, member, shareholder, principal or Affiliate, except upon terms and conditions that are intrinsically fair and substantially similar to
those that would be available on an arm’s-length basis with unaffiliated third parties; 

  
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 (x) maintain its assets in such a manner that it will be costly or difficult
to segregate, ascertain or identify its individual assets from those of any other Person; 
 (xi) assume or
guaranty the debts of any other Person, hold itself out to be responsible for the debts of any other Person, or otherwise pledge its assets for the benefit of any other Person or hold out its credit as being available to satisfy the obligations of
any other Person, other than with respect to the Debt; 
 (xii) make any loans or advances to any Person;
provided, however, the representation as to Borrower conduct prior to the Closing Date contained in this clause (xii) is qualified as described on Schedule 5.1 attached hereto. Nothing in the foregoing proviso, however, shall be deemed to
limit, affect or otherwise qualify Borrower’s obligation to not make any loans or advances to any Person from and after the Closing Date; 
 (xiii) fail to file its own tax returns (unless prohibited by applicable Legal Requirements from doing so); 
 (xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business solely in its own name or fail to correct any known
misunderstanding regarding its separate identity; 
 (xv) fail to maintain adequate capital for the normal
obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (to the extent there exists sufficient net cash flow from the Properties to do so); 

(xvi) without the unanimous written consent of all of its partners or members, as applicable, and the consent of the
Independent Director (regardless of whether such Independent Director is engaged at the Borrower or SPE Component Entity level), (a) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any
Creditors Rights Laws, (b) seek or consent to the appointment of a receiver, liquidator or any similar official, (c) take any action that might cause such entity to become insolvent, or (d) make an assignment for the benefit of
creditors; 
 (xvii) fail to allocate shared expenses (including, without limitation, shared office space) or
fail to use separate stationary, invoices and checks (other than checks relating to a checking account shared with any other Borrower); provided, however, the representation as to Borrower conduct as to using separate stationary, invoices and checks
prior to the Closing Date contained in this clause (xvii) is qualified as described on Schedule 5.1 attached hereto. Nothing in the foregoing proviso, however, shall be deemed to limit, affect or otherwise qualify Borrower’s obligation to
use separate stationary, invoices and checks from and after the Closing Date (other than checks relating to a checking account shared with any other Borrower); 
 (xviii) with respect to Borrower, fail to maintain a sufficient number of employees in light of its contemplated business operations taking into account the services to be provided by Manager pursuant to
the Management Agreement; 
 (xix) acquire obligations or securities of its partners, members, shareholders or
other Affiliates, as applicable; or 
 (xx) violate or cause to be violated the assumptions made with respect to
Borrower and its principals in the Non-Consolidation Opinion or in any New Non-Consolidation Opinion. 
 (b) If Borrower is a
partnership or limited liability company (other than an Acceptable LLC), each general partner (in the case of a partnership) and at least one member (in the case of a limited liability company) of Borrower, as applicable, shall be a corporation or
an Acceptable LLC (each an “SPE Component Entity”) whose sole asset is its interest in Borrower. Each SPE Component Entity (i) will at all times comply with each of the covenants, terms and provisions contained in
Section 5.1(a)(iii) - (vi) (inclusive) and (viii) - (xx) (inclusive) and, if 

  
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such SPE Component Entity is an Acceptable LLC, Section 5.1(c) and (d) hereof, as if such representation, warranty or covenant was made directly by such SPE Component Entity;
(ii) will not engage in any business or activity other than owning an interest in Borrower; (iii) will not acquire or own any assets other than its partnership, membership, or other equity interest in Borrower; (iv) will at all times
continue to own no less than a 0.5% direct equity ownership interest in Borrower; (v) will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation); and (vi) will cause Borrower to comply with
the provisions of this Section 5.1. 
 (c) In the event Borrower or the SPE Component Entity is an Acceptable LLC, the
limited liability company agreement of Borrower or the SPE Component Entity (as applicable) (the “LLC Agreement”) shall provide that (i) upon the occurrence of any event that causes the last remaining member of Borrower or the SPE
Component Entity (as applicable) (“Member”) to cease to be the member of Borrower or the SPE Component Entity (as applicable) (other than (A) upon an assignment by Member of all of its limited liability company interest in Borrower or
the SPE Component Entity (as applicable) and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of Borrower or the SPE
Component Entity (as applicable) in accordance with the terms of the Loan Documents and the LLC Agreement), the special member of Borrower or the SPE Component Entity (“Special Member”) shall, without any action of any other Person and
simultaneously with the Member ceasing to be the member of Borrower or the SPE Component Entity (as applicable) automatically be admitted to Borrower or the SPE Component Entity (as applicable) as a member with a 0% economic interest therein and
shall continue Borrower or the SPE Component Entity (as applicable) without dissolution and (ii) Special Member may not resign from Borrower or the SPE Component Entity (as applicable) or transfer its rights as Special Member unless (A) a
successor Special Member has been admitted to Borrower or the SPE Component Entity (as applicable) as a Special Member in accordance with requirements of Delaware or Maryland law (as applicable) and (B) after giving effect to such resignation
or transfer, there remains at least one (1) Independent Director of the SPE Component Entity or Borrower (as applicable) in accordance with Section 5.2 below. The LLC Agreement shall further provide that (i) Special Member shall
automatically cease to be a member of Borrower or the SPE Component Entity (as applicable) upon the admission to Borrower or the SPE Component Entity (as applicable) of the first substitute member, (ii) Special Member shall be a member of
Borrower or the SPE Component Entity (as applicable) that has no interest in the profits, losses and capital of Borrower or the SPE Component Entity (as applicable) and has no right to receive any distributions of the assets of Borrower or the SPE
Component Entity (as applicable), (iii) pursuant to the applicable provisions of the limited liability company act of the State of Delaware or Maryland (as applicable, the “Act”), Special Member shall not be required to make any
capital contributions to Borrower or the SPE Component Entity (as applicable) and shall not receive a limited liability company interest in Borrower or the SPE Component Entity (as applicable), (iv) Special Member, in its capacity as Special
Member, may not bind Borrower or the SPE Component Entity (as applicable) and (v) except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise
consent to any action by, or matter relating to, Borrower or the SPE Component Entity (as applicable) including, without limitation, the merger, consolidation or conversion of Borrower or the SPE Component Entity (as applicable). In order to
implement the admission to Borrower or the SPE Component Entity (as applicable) of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower or the SPE Component Entity (as applicable) as
Special Member, Special Member shall not be a member of Borrower or the SPE Component Entity (as applicable), but Special Member may serve as an Independent Director of Borrower or the SPE Component Entity (as applicable). 

(d) The LLC Agreement shall further provide that (i) upon the occurrence of any event that causes the Member to cease to be a member
of Borrower or the SPE Component Entity (as applicable) to the fullest extent permitted by law, the personal representative of Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of
Member in Borrower or the SPE Component Entity (as applicable) agree in writing (A) to continue Borrower or the SPE Component Entity (as applicable) and (B) to the admission of the personal representative or its nominee or designee, as the
case may be, as a substitute member of Borrower or the SPE Component Entity (as applicable) effective as of the occurrence of the event that terminated the continued membership of Member in Borrower or the SPE Component Entity (as applicable),
(ii) any action initiated by or brought against Member or Special Member under any Creditors Rights Laws shall not cause Member or Special Member to cease to be a member of Borrower or the SPE Component Entity (as applicable) and upon the
occurrence of such an event, the business of Borrower or the SPE Component Entity (as applicable) shall continue without dissolution and (iii) each of Member and Special Member waives any right it might have to agree

  
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in writing to dissolve Borrower or the SPE Component Entity (as applicable) upon the occurrence of any action initiated by or brought against Member or Special Member under any Creditors Rights
Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of Borrower or the SPE Component Entity (as applicable). 
 Section 5.2     Independent Director. 

(a) The organizational documents of Borrower (to the extent Borrower is a corporation or an Acceptable LLC) or the SPE Component Entity,
as applicable, shall provide that at all times there shall be at least one duly appointed independent director or manager of such entity (each, an “Independent Director”) who shall (I) not have been at the time of each such
individual’s initial appointment, and shall not have been at any time during the preceding five years, and shall not be at any time while serving as Independent Director, either (i) a shareholder (or other equity owner) of, or an officer,
director (other than in its capacity as Independent Director), partner, member or employee of, Borrower or any of its respective shareholders, partners, members, subsidiaries or Affiliates, (ii) a customer of, or supplier to, or other Person
who derives any of its purchases or revenues from its activities with, Borrower or any of its respective shareholders, partners, members, subsidiaries or Affiliates, (iii) a Person who Controls or is under common Control with any such
shareholder, officer, director, partner, member, employee supplier, customer or other Person, or (iv) a member of the immediate family of any such shareholder, officer, director, partner, member, employee, supplier, customer or other Person
(II) shall have, at the time of their appointment, had at least three (3) years experience in serving as an independent director and (III) be employed by, in good standing with and engaged by Borrower in connection with, in each case, an
Approved ID Provider. 
 (b) The organizational documents of Borrower and the SPE Component Entity shall further provide that
(I) the board of directors or managers of Borrower and the SPE Component Entity and the constituent members of such entities (the “Constituent Members”) shall not take any action which, under the terms of any organizational documents
of Borrower or the SPE Component Entity, requires a unanimous vote of the board of directors or managers of Borrower or the SPE Component Entity or the Constituent Members unless at the time of such action there shall be at least one Independent
Director engaged as provided by the terms hereof; (II) any resignation, removal or replacement of any Independent Director shall not be effective without one (1) prior written notice to Lender and the Rating Agencies (which such prior written
notice must be given on the earlier of five (5) days or three (3) Business Days prior to the applicable resignation, removal or replacement) and (2) evidence that the replacement Independent Director satisfies the applicable terms and
conditions hereof and of the applicable organizational documents (which such evidence must accompany the aforementioned notice); (III) to the fullest extent permitted by applicable law, including Section 18-1101(c) of the Act and
notwithstanding any duty otherwise existing at law or in equity, the Independent Director shall consider only the interests of the Constituent Members and Borrower and any SPE Component Entity (including Borrower’s and any SPE Component
Entity’s respective creditors) in acting or otherwise voting on the matters provided for herein and in Borrower’s and SPE Component Entity’s organizational documents (which such fiduciary duties to the Constituent Members and Borrower
and any SPE Component Entity (including Borrower’s and any SPE Component Entity’s respective creditors), in each case, shall be deemed to apply solely to the extent of their respective economic interests in Borrower or SPE Component Entity
(as applicable) exclusive of (x) all other interests (including, without limitation, all other interests of the Constituent Members), (y) the interests of other Affiliates of the Constituent Members, Borrower and SPE Component Entity and
(z) the interests of any group of Affiliates of which the Constituent Members, Borrower or SPE Component Entity is a part)); (IV) other than as provided in subsection (III) above, the Independent Director shall not have any fiduciary duties to
any Constituent Members, any directors of Borrower or SPE Component Entity or any other Person; (V) the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (VI) to the fullest
extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Director shall not be liable to Borrower, SPE Component Entity, any Constituent Member or any other Person for breach of contract or breach of duties
(including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct. 
 Section 5.3     Change of Name, Identity or Structure.
Borrower shall not change (or permit to be changed) Borrower’s or the SPE Component Entity’s (a) name, (b) identity (including its trade name or names), (c) principal place of business set forth on the first page of this
Agreement or, (d) if not an individual, Borrower’s or the SPE Component Entity’s corporate, partnership or other structure, without notifying Lender of such change in 

  
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writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Borrower’s or the SPE Component Entity’s structure, without first
obtaining the prior written consent of Lender. Borrower shall execute and deliver to Lender, prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement change required by Lender to
establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower or the
SPE Component Entity intends to operate each Individual Property, and representing and warranting that Borrower or the SPE Component Entity does business under no other trade name with respect to such Individual Property. 

Section 5.4
    Business and Operations. Borrower will continue to engage in the businesses now conducted by it as and to the extent the same are necessary for the
ownership, maintenance, management and operation of the Properties. Borrower will qualify to do business and will remain in good standing under the laws of the jurisdiction as and to the extent the same are required for the ownership, maintenance,
management and operation of the Properties. 
 ARTICLE 6 

NO SALE OR ENCUMBRANCE 
 Section 6.1     Transfer Definitions. For purposes of this Article 6, “Restricted Party” shall mean Borrower, Guarantor, any SPE Component Entity, any Affiliated Manager, or any shareholder, partner, member or non-member
manager, or any direct or indirect legal or beneficial owner of Borrower, Guarantor, any SPE Component Entity; provided, however, that (a) any direct or indirect owner in Guarantor shall not be deemed to be a Restricted Party and (b) the
following entities shall not be deemed a Restricted Party: (i) Strategic Capital Holdings, LLC (assuming such entity does not own more than a 0.08% direct or indirect ownership interest in Borrower); (ii) Strategic Storage Holdings, LLC
(assuming such entity does not own more than a 0.08% direct or indirect ownership interest in Borrower); and (iii) Strategic Storage Advisor, LLC (assuming such entity does not own more than a 0.08% direct or indirect ownership interest in
Borrower); and a “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other transfer or disposition of
(directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest. 

Section 6.2
    No Sale/Encumbrance. 
 (a) It shall be an Event of Default hereof if, without the prior
written consent of Lender, a Sale or Pledge of any Individual Property or any part thereof or any legal or beneficial interest therein occurs and/or a Sale or Pledge of an interest in any Restricted Party occurs (collectively, a “Prohibited
Transfer”), other than pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 4.14 or a release of an Individual Property in accordance with the provisions of Section 2.9 hereof.

 (b) A Prohibited Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower
agrees to sell any Individual Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of any Individual Property for other than actual occupancy by a Tenant thereunder
or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any (A) Leases or any Rents or (B) Property Documents; (iii) if a Restricted Party is a
corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (iv) if a Restricted Party is a limited or general partnership or joint
venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership
interests or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member
manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or any profits or proceeds relating to such membership interest; (vi) if a Restricted Party is a trust or nominee trust, any merger,
consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; (vii) the 

  
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removal or the resignation of Manager (including, without limitation, an Affiliated Manager) other than in accordance with Section 4.15; or (viii) any action for partition of any
Individual Property (or any portion thereof or interest therein) or any similar action instituted or prosecuted by Borrower or by any other Person, pursuant to any contractual agreement or other instrument or under applicable law (including, without
limitation, common law) and/or any other action instituted by (or at the behest of) Borrower or its Affiliates or consented to or acquiesced in by Borrower or its affiliates which results in a Property Document Event. 

Section 6.3
    Permitted Equity Transfers. Notwithstanding the restrictions contained in this Article 6, the following equity transfers shall be permitted without
Lender’s consent and, unless specifically otherwise provided below, without payment of any fee or prior notice to Lender: (a) a transfer (but not a pledge) by devise or descent or by operation of law upon the death of a Restricted Party or
any member, partner or shareholder of a Restricted Party, (b) the transfer (but not the pledge), in one or a series of transactions, of the stock, partnership interests or membership interests (as the case may be) in Borrower, (c) any
issuance, sale, transfer or other disposition of shares of common stock in Guarantor so long as such issuance, sale, transfer or other disposition does not result in (i) Guarantor no longer being the sole general partner of the Operating
Partnership, (ii) the Operating Partnership no longer being the sole owner of each Borrower, and (iii) one Person or group of Affiliated Persons acquiring more than 49% of the voting shares of Guarantor in one or a series of related
transactions (provided, that, the foregoing provisions of this clause (c) shall not be deemed to waive, qualify or otherwise limit Borrower’s obligation to comply (or to cause the compliance with) the other covenants set forth herein and
in the other Loan Documents (including, without limitation, the covenants contained herein relating to ERISA matters)), (d) any issuance, sale, transfer or other disposition of any limited partnership interests in the Operating Partnership so
long as such issuance, sale, transfer or other disposition does not result in (i) Guarantor no longer being the sole general partner of the Operating Partnership and (ii) the Operating Partnership no longer being the sole owner of each
Borrower (provided, that, the foregoing provisions of this clause (c) shall not be deemed to waive, qualify or otherwise limit Borrower’s obligation to comply (or to cause the compliance with) the other covenants set forth herein and in
the other Loan Documents (including, without limitation, the covenants contained herein relating to ERISA matters)) and provided further that any pledge of the direct or indirect interests in the Operating Partnership shall only be permitted if
(x) such pledge is given to an Institutional Lender to secure a loan to Guarantor by such Institutional Lender that is either fully recourse to the Guarantor or is secured by a substantial portion of the assets of Guarantor or (y) such
pledge is given by an owner in the Operating Partnership that is not an Affiliate of Borrower or Guarantor provided not more than twenty-five percent (25%) of the limited partnership interests in the Operating Partnership are pledged in the
aggregate pursuant to this clause (y) and (e) any issuance, sale, transfer or other disposition of direct or indirect membership interests in Affiliated Manager (provided, that, the foregoing provisions of this clause (e) shall not be
deemed to waive, qualify or otherwise limit Borrower’s obligation to comply (or to cause the compliance with) the other covenants set forth herein and in the other Loan Documents (including, without limitation, the covenants contained herein
relating to ERISA matters)); provided, further, that, with respect to the issuances, sales, transfers or other dispositions listed in clauses (a), (b), (c), (d) and/or (e) above the following conditions shall also apply (except as noted
below): (A) with respect to the transfers described in clause (b) only, Lender shall receive not less than thirty (30) days prior written notice of such transfers; (B) no such issuance, sale, transfer or other disposition shall
result in a change in Control of Guarantor or Affiliated Manager; (C) after giving effect to such issuance, sale, transfer or other disposition, Guarantor shall remain publicly registered under The United States Securities Exchange Act of 1934,
as amended and shall (I) own at least a 51% direct or indirect equity ownership interest in each of Borrower and any SPE Component Entity; (II) Control Borrower and any SPE Component Entity and (III) control the day-to-day operation of each
Individual Property; (D) after giving effect to such issuance, sale, transfer or other disposition, each Individual Property shall continue to be managed by Affiliated Manager or a New Manager approved in accordance with the applicable terms
and conditions hereof; (E) in the case of the transfer of any direct equity ownership interests in Borrower or in any SPE Component Entity, such transfers shall be conditioned upon continued compliance with the relevant provisions of Article 5
hereof; (F) in the case of (1) the transfer of the management of any Individual Property to a new Affiliated Manager in accordance with the applicable terms and conditions hereof, or (2) the transfer of any equity ownership interests
(I) directly in Borrower or in any SPE Component Entity, (II) in any Restricted Party whose sole asset is a direct or indirect equity ownership interest in Borrower or in any SPE Component Entity or (III) in the event any issuance, sale,
transfer or other disposition (whether or not such issuance, sale, transfer or other disposition is permitted hereunder) results in any Person owning, directly or indirectly, in excess of forty-nine percent (49%) of the ownership interest in
Borrower, such issuance, sale, transfer or other disposition shall be conditioned upon delivery to Lender of a New Non-Consolidation Opinion addressing such issuance, sale, transfer or other disposition; and
(G)

  
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such issuance, sale, transfer or other disposition shall be conditioned upon Borrower’s ability to, after giving effect to the equity transfer in question (I) remake the representations
contained herein relating to ERISA matters (and, upon Lender’s request, Borrower shall deliver to Lender an Officer’s Certificate containing such updated representations effective as of the date of the consummation of the applicable equity
transfer as Lender may request regarding such transfers) and (II) continue to comply with the covenants contained herein relating to ERISA matters. Upon request from Lender, Borrower shall promptly provide Lender a revised version of the
organizational chart delivered to Lender in connection with the Loan reflecting any equity issuance, sale, transfer or other disposition consummated in accordance with this Section 6.3. 

Section 6.4
    Permitted Property Transfer (Assumption). Notwithstanding the foregoing provisions of this Article 6, at any time other than the sixty (60) days prior
to and following any Secondary Market Transaction, Lender shall not unreasonably withhold consent to a one-time transfer of all the Properties in its entirety to, and the related assumptions of the Loan by, any Person (a “Transferee”)
provided that each of the following terms and conditions are satisfied: 
 (a) no Default or Event of Default has
occurred; 
 (b) Borrower shall have (i) delivered written notice to Lender of the terms of such prospective transfer not
less than sixty (60) days before the date on which such transfer is scheduled to close and, concurrently therewith, all such information concerning the proposed Transferee as Lender shall reasonably require and (ii) paid to Lender a
non-refundable processing fee in the amount of $25,000. Lender shall have the right to approve or disapprove the proposed transfer based on its then current underwriting and credit requirements for similar loans secured by similar properties which
loans are sold in the secondary market, such approval not to be unreasonably withheld. In determining whether to give or withhold its approval of the proposed transfer, Lender shall consider the experience and track record of Transferee and its
principals in owning and operating facilities similar to the Properties, the financial strength of Transferee and its principals, the general business standing of Transferee and its principals and Transferee’s and its principals’
relationships and experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Lender’s agreement to consider the foregoing factors in determining whether to give or withhold such
approval, such approval shall be given or withheld based on what Lender determines to be commercially reasonable and, if given, may be given subject to such conditions as Lender may deem reasonably appropriate; 

(c) Borrower shall have paid to Lender, concurrently with the closing of such prospective transfer, (i) a non-refundable assumption
fee in an amount equal to one percent (1%) of the then outstanding principal balance of the Loan, (ii) all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection therewith and
(iii) all fees, costs and expenses of all third parties and the Rating Agencies incurred in connection therewith; 
 (d)
Transferee assumes and agrees to pay the Debt as and when due subject to the provisions of Article 13 hereof and, prior to or concurrently with the closing of such transfer, Transferee and its constituent partners, members, shareholders, Affiliates
or sponsors as Lender may require, shall execute, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate said assumption and an Affiliate of Transferee reasonably acceptable
to Lender shall (but in all events able to satisfy the net worth and other similar covenants in the Guaranty (unless otherwise agreed to by Lender)) execute a recourse guaranty and an environmental indemnity in form and substance identical to the
Guaranty and Environmental Indemnity, respectively, with such changes to each of the foregoing as may be reasonably required by Lender; 
 (e) Borrower and Transferee, without any cost to Lender, shall furnish any information requested by Lender for the preparation of, and shall authorize Lender to file, new financing statements and
financing statement amendments and other documents to the fullest extent permitted by applicable Legal Requirements, and shall execute any additional documents reasonably requested by Lender; 

(f) Borrower shall have delivered to Lender, without any cost or expense to Lender, such endorsements to Lender’s Title Insurance
Policy insuring that fee simple or leasehold title to the Properties, as 

  
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applicable, is vested in Transferee (subject to Permitted Encumbrances), hazard insurance endorsements or certificates and other similar materials as Lender may deem necessary at the time of the
transfer, all in form and substance satisfactory to Lender; 
 (g) Transferee shall have furnished to Lender all appropriate
papers evidencing Transferee’s organization and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include certified copies of all documents relating to the organization and formation
of Transferee and of the entities, if any, which are partners or members of Transferee. Transferee and such constituent partners, members or shareholders of Transferee (as the case may be), as Lender shall require, shall comply with the covenants
set forth in Article 5 hereof; 
 (h) Transferee shall assume the obligations of Borrower under any Management Agreement or
provide a new management agreement with a new manager which meets with the requirements of the Assignment of Management Agreement and Section 4.15 hereof and assign to Lender as additional security such new management agreement; 

(i) Transferee shall furnish to Lender a New Non-Consolidation Opinion and an additional opinion of counsel satisfactory to Lender and
its counsel (A) that Transferee’s formation documents provide for the matters described in subparagraph (g) above, (B) that the assumption of the Debt has been duly authorized, executed and delivered, and that the assumption
agreement and the other Loan Documents are valid, binding and enforceable against Transferee in accordance with their terms, (C) that Transferee and any entity which is a controlling stockholder, member or general partner of Transferee, have
been duly organized, and are in existence and good standing, (E) that the transfer will not constitute a “significant modification” of the Loan under Section 1001 of the IRS Code or otherwise cause a tax to be imposed on a
“prohibited transaction” by any REMIC Trust and (F) with respect to such other matters as Lender may reasonably request; 
 (j) if required by Lender, Lender shall have received (A) a Rating Agency Confirmation with respect to such transfer and (B) evidence reasonably satisfactory to Lender that the proposed transfer
will not result in a Property Document Event; and 
 (k) Borrower’s obligations under the contract of sale pursuant to
which the transfer is proposed to occur shall expressly be subject to the satisfaction of the terms and conditions of this Section 6.4. 
 Section 6.5     Lender’s Rights. Lender reserves the right to condition the consent to a Prohibited Transfer requested hereunder upon (a) a modification of the terms hereof and on assumption of this Agreement and the other
Loan Documents as so modified by the proposed Prohibited Transfer, (b) payment of a transfer fee of 1% of outstanding principal balance of the Loan and all of Lender’s expenses incurred in connection with such Prohibited Transfer,
(c) receipt of a Rating Agency Confirmation with respect to the Prohibited Transfer, (d) the proposed transferee’s continued compliance with the covenants set forth in this Agreement, including, without limitation, the covenants in
Article 5, (e) receipt of a New Non-Consolidation Opinion with respect to the Prohibited Transfer and/or (f) such other conditions and/or legal opinions as Lender shall determine in its sole discretion to be in the interest of Lender. All
expenses incurred by Lender shall be payable by Borrower whether or not Lender consents to the Prohibited Transfer. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon a Prohibited Transfer without Lender’s consent. This provision shall apply to every Prohibited Transfer, whether or not Lender has consented to any previous Prohibited Transfer.

 Section 6.6     OFAC, Patriot Act and Transfers. Borrower shall (and shall cause its direct and indirect constituent owners
and Affiliates to) (a) at all times comply with the representations and covenants contained in Sections 3.29 and 3.30 such that the same remain true, correct and not violated or breached and (b) not permit a Prohibited Transfer to occur
and shall cause the ownership, control and public registration requirements specified in this Article 6 (including, without limitation, those stipulated in Section 6.3 hereof) to be complied with at all times. 

  
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 ARTICLE 7 
 INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 
 Section 7.1     Insurance. 
 (a) Borrower shall obtain and maintain, or cause to be obtained and maintained, insurance for Borrower and the Properties providing at least the following coverages: 

(i) insurance with respect to the Improvements and the Personal Property insuring against any peril now or hereafter
included within the classification “All Risk” or “Special Perils” (including, without limitation, fire, lightning, windstorm, hail, terrorism and similar acts of sabotage, explosion, riot, riot attending a strike, civil
commotion, vandalism, aircraft, vehicles and smoke), in each case (A) in an amount equal to 100% of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value exclusive of costs of
excavations, foundations, underground utilities and footings, with a waiver of depreciation; (B) in an amount sufficient so that no co-insurance penalties shall apply; (C) providing for no deductible in excess of $10,000; (D) at all
times insuring against at least those hazards that are commonly insured against under a “special causes of loss” form of policy, as the same shall exist on the date hereof, and together with any increase in the scope of coverage provided
under such form after the date hereof; and (E) providing coverage for contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements together with an “Ordinance or Law Coverage”
endorsement. The Full Replacement Cost shall be re-determined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Lender by an appraiser or contractor designated and paid by Borrower and
approved by Lender, or by an engineer or appraiser in the regular employ of the insurer. After the first appraisal, additional appraisals may be based on construction cost indices customarily employed in the trade. No omission on the part of Lender
to request any such ascertainment shall relieve Borrower of any of its obligations under this Subsection; 
 (ii)
commercial general liability insurance against all claims for personal injury, bodily injury, death or property damage occurring upon, in or about each Individual Property, including “Dram Shop” or other liquor liability coverage if
alcoholic beverages are sold, manufactured or distributed from any Individual Property, such insurance (A) to be on the so-called “occurrence” form with a general aggregate limit of not less than $2,000,000 and a per occurrence limit
of not less than $1,000,000, with no deductible or self insured retention; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection
inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability
to the extent covered by the “insured contract” provision under a standard general liability policy; (5) contractual liability covering the indemnities contained in Article 12 hereof for bodily injury and property damage resulting
from Borrower’s negligence to the extent the same is available; and (6) acts of terrorism and similar acts of sabotage; 
 (iii) loss of rents and/or business interruption insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in Subsection 7.1(a)(i),
(iv) and (vi) through (viii); (C) in an amount determined by the insurer based on actual loss sustained by Borrower resulting directly from such interruption of business, but not exceeding the reduction in gross earnings during a
period of recovery of not less than twelve (12) months following the casualty, less charges and expenses which do not necessarily continue during the interruption of business and (D) containing an extended period of indemnity endorsement
which provides that after the physical loss to the Improvements and the Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the
expiration of six (6) months from the date that the applicable Individual Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. To
the extent that insurance proceeds are payable to Lender pursuant to this Subsection (the “Rent Loss Proceeds”) and Borrower is entitled to disbursement of such Rent Loss Proceeds in accordance with the terms hereof (1) a

  
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Trigger Period shall be deemed to exist and (2) such Rent Loss Proceeds shall be deposited by Lender in the Cash Management Account and disbursed as provided in Article 9 hereof; provided,
however, that (I) nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured hereunder on the respective dates of payment provided for in the Note except to the extent such amounts are
actually paid out of the Rent Loss Proceeds and (II) in the event the Rent Loss Proceeds are paid in a lump sum in advance and Borrower is entitled to disbursement of such Rent Loss Proceeds in accordance with the terms hereof, Lender or Servicer
shall hold such Rent Loss Proceeds in a segregated interest-bearing Eligible Account (which shall deemed to be included within the definition of the “Accounts” hereunder) and Lender or Servicer shall estimate the number of months required
for Borrower to restore the damage caused by the applicable Casualty, shall divide the applicable aggregate Rent Loss Proceeds by such number of months and shall disburse such monthly installment of Rent Loss Proceeds from such Eligible Account into
the Cash Management Account each month during the performance of such Restoration; 
 (iv) at all times during
which structural construction, repairs or alterations are being made with respect to the Improvements (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above
mentioned commercial general liability insurance policy; and (B) the insurance provided for in Subsection 7.1(a)(i) written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks
insured against pursuant to Subsection 7.1(a)(i), (3) including permission to occupy each Individual Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 

(v) workers’ compensation, subject to the statutory limits of the state in which each Individual Property is located,
and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 for disease aggregate in respect of any work or operations on or about each Individual Property, or in connection
with the such Individual Property or its operation (if applicable); 
 (vi) comprehensive boiler and machinery
insurance covering all mechanical and electrical equipment and pressure vessels and boilers in an amount not less than their replacement cost or in such other amount as shall be reasonably required by Lender; 

(vii) if any portion of the Improvements is at any time located in an area identified by the Secretary of Housing and
Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be
amended, or any successor law (the “Flood Insurance Acts”), flood hazard insurance in an amount equal to the maximum limit of coverage available for the Property under the Flood Insurance Acts (or such higher amount as Lender may require
in its sole discretion); 
 (viii) earthquake, sinkhole and mine subsidence insurance, if required, in amounts
equal to two times (2x) the probable maximum loss of each Individual Property as determined by Lender in its reasonable discretion and in form and substance satisfactory to Lender, provided that the insurance pursuant to this Subsection
(viii) shall be on terms consistent with the all risk insurance policy required under Section 7.1(a)(i); 
 (ix) umbrella liability insurance in an amount not less than $3,000,000 per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) above;

 (x) Intentionally Omitted; 

(xi) motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles
containing minimum limits per occurrence, including umbrella coverage, of One Million and No/100 Dollars ($1,000,000); and 

  
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 (xii) such other insurance and in such amounts as (A) may be required
pursuant to the terms of the Property Documents and (B) Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to each Individual Property located
in or around the region in which each Individual Property is located. 
 (b) All insurance provided for in Subsection 7.1(a)
hereof shall be obtained under valid and enforceable policies (the “Policies” or in the singular, the “Policy”), in such forms and, from time to time after the date hereof, in such amounts as may be satisfactory to Lender, issued
by financially sound and responsible insurance companies authorized and admitted to do business in the state in which each Individual Property is located and approved by Lender. The insurance companies must have a general policy rating of A or
better and a financial class of X or better by A.M. Best Company, Inc., and a claims paying ability/financial strength rating of “A-” (or its equivalent) or better by at least two (2) of the Rating Agencies (one of which will be
S&P if they are rating the Securities and one of which shall be Moody’s if they are rating the Securities), or if only one Rating Agency is rating the Securities, then only by such Rating Agency (each such insurer shall be referred to below
as a “Qualified Insurer”). Not less than fifteen (15) days prior to the expiration dates of the Policies for which certificates were furnished to Lender pursuant to Subsection 7.1(a), Borrower shall deliver certificates of insurance
relating to the Policies marked “premium paid” or accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), provided, however, Borrower shall, when available, deliver to
Lender certified copies of the Policies promptly upon Lender’s request therefor. 
 (c) Borrower shall not obtain (or
permit to be obtained) (i) any umbrella or blanket liability or casualty Policy unless, in each case, such Policy is approved in advance in writing by Lender, Lender’s interest is included therein as provided in this Agreement, such Policy
is issued by a Qualified Insurer and such Policy includes such changes to the coverages and requirements set forth herein as may be required by Lender (including, without limitation, increases to the amount of coverages required herein) or
(ii) separate insurance concurrent in form or contributing in the event of loss with that required in Subsection 7.1(a) to be furnished by, or which may be reasonably required to be furnished by, Borrower. In the event Borrower obtains (or
causes to be obtained) separate insurance or an umbrella or a blanket Policy, Borrower shall notify Lender of the same and shall cause certified copies of each Policy to be delivered as required in Subsection 7.1(a). 

(d) All Policies of insurance provided for or contemplated by Subsection 7.1(a), except for the Policy referenced in Subsection
7.1(a)(v), shall name Lender and Borrower as the insured or additional insured, as their respective interests may appear, and in the case of property damage, rent loss, business interruption, boiler and machinery, earthquake and flood insurance,
shall contain a standard noncontributing mortgagee clause (or its equivalent) in favor of Lender providing that the loss thereunder shall be payable to Lender. 
 (e) All Policies of insurance provided for in Subsection 7.1(a) shall contain clauses or endorsements to the effect that: 

(i) the following shall in no way affect the validity or enforceability of the Policy insofar as Lender is concerned:
(A) any act or negligence of Borrower, of anyone acting for Borrower, of any Tenant under any Lease or other occupant, of Lender or of any other Person named as an insured, additional insured and/or loss payee and (B) the failure to comply
with the provisions of the Policy which might otherwise result in a forfeiture of the insurance or any part thereof; 
 (ii) the Policy shall not be terminated or cancelled without at least 30 days’ written notice to Lender and any other party named therein as an insured; 

(iii) the issuer(s) of the Policy shall give written notice to Lender if the Policy has not been renewed thirty
(30) days prior to its expiration; 
 (iv) As long as the Borrower is paying, Lender shall not be liable for
any Insurance Premiums thereon or subject to any assessments or commissions thereunder and that the related issuer(s) waive any related claims to the contrary; 

  
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 (v) Lender shall, at its option and with no obligation to do so, have the
right to directly pay Insurance Premiums in order to avoid cancellation, expiration and/or termination of the Policy due to non-payment of Insurance Premiums; and 

(vi) the Policy shall not exclude coverage for acts of terror or similar acts of sabotage. 

(f) Borrower shall furnish to Lender, on or before thirty (30) days after the close of each of Borrower’s fiscal years, a
statement certified by Borrower or a Responsible Officer of Borrower of the amounts of insurance maintained in compliance herewith, of the risks covered by such insurance and of the insurance company or companies which carry such insurance and, if
requested by Lender, verification of the adequacy of such insurance by an independent insurance broker or appraiser acceptable to Lender. 
 (g) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, without notice to Borrower to take such
action as Lender deems necessary to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate, and all expenses reasonably incurred by Lender in
connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured by the Security Instruments and shall bear interest at the Default Rate. 

(h) In the event of a foreclosure of any Security Instrument or other transfer of title to any Individual Property in extinguishment in
whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force concerning such Individual Property and all proceeds payable thereunder shall thereupon vest exclusively in Lender or the purchaser at such
foreclosure or other transferee in the event of such other transfer of title. 
 (i) As an alternative to the Policies required
to be maintained pursuant to the preceding provisions of this Section 7.1, Borrower will not be in default under this Section 7.1 if Borrower maintains (or causes to be maintained) Policies which (i) have coverages, deductibles and/or
other related provisions other than those specified above and/or (ii) are provided by insurance companies not meeting the credit ratings requirements set forth above (any such Policy, a “Non-Conforming Policy”), provided, that, prior
to obtaining such Non-Conforming Policies (or permitting such Non-Conforming Policies to be obtained), Borrower shall have (1) received Lender’s prior written consent thereto and (2) if required by Lender, confirmed that Lender has
received a Rating Agency Confirmation with respect to any such Non-Conforming Policy. Notwithstanding the foregoing, Lender hereby reserves the right to deny its consent to any Non-Conforming Policy regardless of whether or not Lender has consented
to the same on any prior occasion. 
 (j) Borrower shall cooperate with Lender in obtaining for Borrower and Lender the benefits
of any Awards or insurance proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses reasonably incurred by Lender in connection therewith (including reasonable, actual attorneys’
fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a Casualty or Condemnation affecting the Property or any part thereto) out of such Awards or insurance proceeds. 

Section 7.2
    Casualty. If an Individual Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall
give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the Restoration of such Individual Property and otherwise in accordance with Section 7.4. Borrower shall pay all costs of such Restoration whether
or not such costs are covered by insurance. Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower. 
 Section 7.3     Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property of which Borrower has knowledge and shall
deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such
participation. Borrower shall, at its expense, diligently prosecute any 

  
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such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public
or quasi-public authority through Condemnation or otherwise (including but not limited to any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided
for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt.
Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual Property or any portion
thereof is taken by a condemning authority, provided Lender makes Net Proceeds available for Restoration, Borrower shall promptly commence and diligently prosecute the Restoration of such Individual Property and otherwise comply with the provisions
of Section 7.4. If any Individual Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered
or denied, to receive the Award, or a portion thereof sufficient to pay the Debt, with any excess to be paid to Borrower. Notwithstanding the foregoing or anything to the contrary contained herein, in the event that, in accordance with the
applicable terms and conditions hereof, the Condemnation Net Proceeds are required to be applied to the Debt and the amount of the Condemnation Net Proceeds applied to the Debt in connection therewith are insufficient under REMIC Requirements,
Borrower shall, within five (5) days of demand by Lender, prepay the principal amount of the Debt in an amount equal to such insufficiency plus the amount of any then applicable Interest Shortfall (such payment, the “Condemnation
Payment”). 
 Section 7.4     Restoration. The following provisions shall apply in connection with the Restoration of any Individual
Property: 
 (a) If the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the
Restoration shall be less than the Restoration Threshold, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4(b)(i) are met and Borrower delivers to Lender a
written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 
 (b) If the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration are equal to or greater than the Restoration Threshold, Lender shall make the Net
Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. 
 (i) The Net Proceeds shall
be made available for Restoration provided that each of the following conditions are met: 
  

	 	(A)	no Event of Default shall have occurred and be continuing; 

  

	 	(B)	(1) in the event the Net Proceeds are insurance proceeds, less than thirty-five percent (35%) of each of (i) fair market value of the applicable Individual
Property as reasonably determined by Lender, and (ii) rentable area of the applicable Individual Property has been damaged, destroyed or rendered unusable as a result of a Casualty or (2) in the event the Net Proceeds are condemnation
proceeds, less than ten percent (10%) of each of (i) the fair market value of the applicable Individual Property as reasonably determined by Lender and (ii) rentable area of the applicable Individual Property is taken, such land is
located along the perimeter or periphery of the Property, (iii) no portion of the Improvements is located on such land and (iv) such taking does not materially impair the existing access to the applicable Individual Property or the
continued operation of the Individual Property as a self storage facility; 

  

	 	(C)	Intentionally Omitted; 

  

	 	(D)	 Borrower shall commence (or shall cause the commencement of) the Restoration as soon as reasonably practicable (but in no event later than thirty
(30) days after the issuance of a 

  
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building permit with respect thereto) and shall diligently pursue the same to satisfactory completion in compliance with all applicable Legal Requirements, including, without limitation, all
applicable Environmental Laws, and the applicable requirements of the Property Documents; 

  

	 	(E)	Lender shall be satisfied that any operating deficits which will be incurred with respect to the applicable Individual Property as a result of the occurrence of any
such fire or other casualty or taking will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 7.1(a)(iii) above, or (3) other funds of Borrower; 

 

	 	(F)	The debt service coverage ratio (as reasonably determined by Lender for the twelve (12) month period following the completion of the Restoration and stabilization
of the Individual Property) shall be equal to or greater than 1.20 to 1.00; 

  

	 	(G)	Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date,
(2) six (6) months after the occurrence of such fire or other casualty or taking, (3) the earliest date required for such completion under the terms of any Leases and the Property Documents, (4) such time as may be required under
applicable Legal Requirements or (5) the expiration of the insurance coverage referred to in Section 7.1(a)(iii) above; 

  

	 	(H)	Intentionally Omitted; 

  

	 	(I)	the applicable Individual Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal Requirements and the
Property Documents; 

  

	 	(J)	the Restoration shall be done and completed in an expeditious and diligent fashion and in compliance with all applicable Legal Requirements and the Property Documents;

  

	 	(K)	the Property Documents will remain in full force and effect during and after the Restoration and a Property Document Event shall not occur as a result of the applicable
Casualty, Condemnation and/or Restoration; and 

  

	 	(L)	Lender shall be satisfied that making the Net Proceeds available for Restoration shall be permitted pursuant to REMIC Requirements. 

(ii) The Net Proceeds shall be held by Lender and, until disbursed in accordance with the provisions of this
Section 7.4(b), shall constitute additional security for the Debt and other obligations under this Agreement, the Security Instruments, the Note and the other Loan Documents. The Net Proceeds (other than the Rent Loss Proceeds) shall be
disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that
they are to be paid for out of the requested disbursement) in connection with the related Restoration item have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or
notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the applicable Individual Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative
fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. 
 (iii) All
plans and specifications required in connection with the Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender
shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration shall be
subject to 

  
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prior review and acceptance by Lender and the Casualty Consultant, not to be unreasonably withheld. All costs and expenses incurred by Lender in connection with making the Net Proceeds available
for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. Borrower shall have the right to settle all claims under the Policies jointly with
Lender, provided that (a) no Event of Default exists, (b) Borrower promptly and with commercially reasonable diligence negotiates a settlement of any such claims and (c) the insurer with respect to the Policy under which such claim is
brought has not raised any act of the insured as a defense to the payment of such claim. If an Event of Default exists, Lender shall, at its election, have the exclusive right to settle or adjust any claims made under the Policies in the event of a
Casualty. To the extent that Lender’s prior written approval is required for the identity of the contractors, subcontractors and materialmen pursuant to this subsection (iii), such request for approval shall be deemed approved if the Deemed
Approval Requirements are fully satisfied. 
 (iv) In no event shall Lender be obligated to make disbursements of
the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Restoration Retainage. The term “Restoration
Retainage” as used in this Subsection 7.4(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such time as the Casualty Consultant
certifies to Lender that Net Proceeds representing 50% of the required Restoration have been disbursed. There shall be no Restoration Retainage with respect to costs actually incurred by Borrower for work in place in completing the last 50% of the
required Restoration. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 7.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and
materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 7.4(b) and that
all approvals necessary for the re-occupancy and use of the applicable Individual Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence satisfactory to Lender that the costs of
the Restoration have been paid in full or will be paid in full out of the Restoration Retainage, provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or
materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with
the provisions of the contractor’s, subcontractor’s or materialman’s contract, and the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor
or materialman as may be reasonably requested by Lender or by the title company insuring the lien of the applicable Security Instrument. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by the
surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 

(vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in
consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the
deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually
incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 7.4(b) shall constitute additional security for the Debt and other
obligations under this Agreement, the Security Instruments, the Note and the other Loan Documents. 
 (vii) The
excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions
of this Section 7.4(b), and the receipt by 

  
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Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default
shall have occurred and shall be continuing under this Agreement, the Security Instruments, the Note or any of the other Loan Documents. 
 (c) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Subsection 7.4(b)(vii) shall be retained and
applied by Lender toward the payment of the Debt whether or not then due and payable in such order, priority and proportions as Lender in its discretion shall deem proper. If Lender shall receive and retain Net Proceeds, the lien of the Security
Instruments shall be reduced only by the amount thereof received and retained by Lender and actually applied by Lender in reduction of the Debt. 
 ARTICLE 8 
 RESERVE FUNDS 

Section 8.1
    Immediate Repair Funds. 
 (a) Borrower shall perform the repairs at each Individual Property
as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I
hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited
pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. 
 (b) Lender shall disburse
to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such
payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have
received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such
certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with
the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or
other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, a title search for the applicable Individual Property indicating that such Individual Property is free from all liens, claims and other encumbrances
other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $50,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved
by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested
disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the
Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). 

Section 8.2
    Replacement Reserve Funds. 
 (a) Borrower shall deposit into an Eligible Account held by
Lender or Servicer (the “Replacement Reserve Account”) on each Monthly Payment sDate an amount equal to $10,627.00 (the “Replacement Reserve Monthly Deposit”) for the Replacements. Amounts deposited pursuant to this
Section 8.2 are referred to herein as the “Replacement Reserve Funds”. Lender may reassess its estimate of the amount necessary for Replacements from time to time based upon a building condition or engineer’s report prepared by
an engineer or other professional 

  
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reasonably acceptable to Lender. Lender may require Borrower to increase the monthly deposits required pursuant to this Section 8.2 upon thirty (30) days notice to Borrower if, based on
the recommendation contained in the report described in the preceding sentence, Lender determines, in its reasonable discretion and in acting in good faith, that an increase is necessary to maintain proper operation of any Individual Property.

 (b) Lender shall disburse Replacement Reserve Funds only for Replacements. Lender shall disburse to Borrower the Replacement
Reserve Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and
specifies the Replacements to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from
Borrower (A) stating that the items to be funded by the requested disbursement are Replacements, (B) stating that all Replacements at the applicable Individual Property to be funded by the requested disbursement have been completed in a
good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Replacements,
(C) identifying each Person that supplied materials or labor in connection with the Replacements to be funded by the requested disbursement and (D) stating that each such Person has been paid in full or will be paid in full upon such
disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, a title search for the applicable Individual Property indicating that such
Individual Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of any individual Replacement exceeds $50,000, Lender shall have received a report
satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as
Lender shall reasonably request that the Replacements at the applicable Individual Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be
required to disburse Replacement Reserve Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total amount of Replacement Reserve Funds is less than the Minimum
Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Lender shall not be obligated to make disbursements from the Replacement Reserve Account with respect to an Individual Property in excess
of the amount of Replacement Reserve Monthly Deposits allocable to such Individual Property as set forth on Schedule 8.2 hereof. 
 (c) Nothing in this Section 8.2 shall (i) make Lender responsible for making or completing the Replacements; (ii) require Lender to expend funds in addition to the Replacement Reserve Funds
to complete any Replacements; (iii) obligate Lender to proceed with the Replacements; or (iv) obligate Lender to demand from Borrower additional sums to complete any Replacements. 

(d) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer,
architect, or inspector) or third parties to enter onto each Individual Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Replacements and all materials being used in
connection therewith and to examine all plans and shop drawings relating to such Replacements. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in
connection with inspections described in this Section. 
 Section
8.3     Intentionally Omitted. 
 Section 8.4     Operating Expense Funds. On the first
Monthly Payment Date occurring after each occurrence of a Trigger Period, Borrower shall make a True Up Payment into the Operating Expense Account. On each Monthly Payment Date occurring on and after the occurrence and continuance of a Trigger
Period, Borrower shall deposit (or shall cause there to be deposited) into an Eligible Account held by Lender or Servicer (the “Operating Expense Account”) an amount equal to the aggregate amount of Approved Operating Expenses and Approved
Extraordinary Expenses to be incurred by Borrower for the then current Interest Accrual Period (such amount, the “Op Ex Monthly Deposit”). Amounts deposited pursuant to this Section 8.4 are referred to herein as the “Operating
Expense Funds”. Provided no Event of Default has occurred and is continuing, Lender shall disburse the 

  
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Operating Expense Funds to Borrower to pay Approved Operating Expenses and/or Approved Extraordinary Expenses upon Borrower’s request (which such request shall be accompanied by an
Officer’s Certificate detailing the applicable expenses to which the requested disbursement relates and attesting that such expense shall be paid with the requested disbursement). 

Section 8.5
    Excess Cash Flow Funds. On each Monthly Payment Date occurring after the occurrence and continuance of a Trigger Period, Borrower shall deposit (or cause to
be deposited) into an Eligible Account with Lender or Servicer (the “Excess Cash Flow Account”) an amount equal to the Excess Cash Flow generated by the Properties for the immediately preceding Interest Accrual Period (each such monthly
deposit being herein referred to as the “Monthly Excess Cash Flow Deposits” and the amounts on deposit in the Excess Cash Flow Reserve Account being herein referred to as the “Excess Cash Flow Funds”). Provided no Event of
Default exists and all required deposits to be made to any Reserve Accounts have been made, sums on deposit in the Excess Cash Flow Account shall be returned to Borrower upon the termination of the applicable Trigger Period. 

Section 8.6
    Tax and Insurance Funds. In addition to the initial deposits with respect to Taxes and, if applicable, Insurance Premiums made by Borrower to Lender on the
Closing Date to be held in Eligible Accounts by Lender or Servicer and hereinafter respectively referred to as the “Tax Account” and the “Insurance Account”, Borrower shall pay (or cause to be paid) to Lender on each Monthly
Payment Date (a) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Lender to be payable, during the next ensuing twelve (12) months (the “Monthly Tax Deposit”), each of which
such deposits shall be held in the Tax Account, and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Properties shall not constitute an approved blanket or umbrella Policy pursuant to
Subsection 7.1(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (the “Monthly Insurance Deposit”), each of
which such deposits shall be held in the Insurance Account (amounts held in the Tax Account and the Insurance Account are collectively herein referred to as the “Tax and Insurance Funds”). In the event Lender shall elect, after the Closing
Date, to collect payments in escrow for Insurance Premiums should Lender have the right to do so hereunder or if Lender reasonably estimates that sums in the Tax Account will be insufficient to pay the Taxes on or before the date said Taxes become
due, Borrower shall pay a True Up Payment with respect to the same into the applicable Reserve Account. Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any Taxes and Insurance
Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain the bills for Taxes directly from the appropriate taxing authority. Provided there are sufficient amounts in the Tax Account and Insurance Account,
respectively, and no Event of Default exists, Lender shall be obligated to pay the Taxes and Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Tax and Insurance Funds to the payment of such
Taxes and Insurance Premiums. If the amount of the Tax and Insurance Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 4.5 and 7.1 hereof, Lender shall, in its discretion, return any excess to Borrower or
credit such excess against future payments to be made to the Tax and Insurance Funds. If the Tax and Insurance Funds are not sufficient to pay the amounts set forth above, Borrower shall promptly pay to Lender, upon demand, an amount which Lender
shall reasonably estimate as sufficient to make up the deficiency. 

Section 8.7
    The Accounts Generally. 
 (a) Borrower grants to Lender a first-priority perfected security
interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall
constitute additional security for the Debt. The provisions of this Section 8.7 (together with the other related provisions of the other Loan Documents) are intended to give Lender and/or Servicer “control” of the Accounts and the
Account Collateral and serve as a “security agreement” and a “control agreement” with respect to the same, in each case, within the meaning of the UCC. Borrower acknowledges and agrees that the Accounts are subject to the sole
dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise
provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by Lender. 

  
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 (b) Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in the Accounts or the sums deposited therein or permit any lien to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to
be filed with respect thereto. Borrower hereby authorizes Lender to file a financing statement or statements under the UCC in connection with any of the Accounts and the Account Collateral in the form required to properly perfect Lender’s
security interest therein. Borrower agrees that at any time and from time to time, at the expense of Borrower, Borrower will promptly execute and deliver all further instruments and documents, and take all further action, that may be reasonably
necessary or desirable, or that Lender may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby (including, without limitation, any security interest in and to any Permitted Investments)
or to enable Lender to exercise and enforce its rights and remedies hereunder with respect to any Account or Account Collateral. 
 (c) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon the occurrence and during the continuance of an Event of Default, without notice from Lender or Servicer
(i) Borrower shall have no rights in respect of the Accounts, (ii) Lender may liquidate and transfer any amounts then invested in Permitted Investments pursuant to the applicable terms hereof to the Accounts or reinvest such amounts in
other Permitted Investments as Lender may reasonably determine is necessary to perfect or protect any security interest granted or purported to be granted hereby or pursuant to the other Loan Documents or to enable Lender to exercise and enforce
Lender’s rights and remedies hereunder or under any other Loan Document with respect to any Account or any Account Collateral, and (iii) Lender shall have all rights and remedies with respect to the Accounts and the amounts on deposit
therein and the Account Collateral as described in this Agreement and in the Security Instruments, in addition to all of the rights and remedies available to a secured party under the UCC, and, notwithstanding anything to the contrary contained in
this Agreement or in the Security Instruments, may apply the amounts of such Accounts to amounts then due hereunder as Lender determines in its sole discretion including, but not limited to, payment of the Debt. 

(d) The insufficiency of funds on deposit in the Accounts shall not absolve Borrower of the obligation to make any payments, as and when
due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(e) Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities,
losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys fees and expenses) arising from or in any way connected with the Accounts, the sums deposited therein or the performance of the obligations for
which the Accounts were established, except to the extent arising from the gross negligence or willful misconduct of Lender, its agents or employees. Borrower shall assign to Lender all rights and claims Borrower may have against all Persons
supplying labor, materials or other services which are to be paid from or secured by the Accounts; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured. 

(f) Borrower and Lender (or Servicer on behalf of Lender) shall maintain each applicable Account as an Eligible Account, except as
otherwise expressly agreed to in writing by Lender. In the event that Lender or Servicer no longer satisfies the criteria for an Eligible Institution, Borrower shall cooperate with Lender in transferring the applicable Accounts to an institution
that satisfies such criteria. Borrower hereby grants Lender power of attorney (irrevocable for so long as the Loan is outstanding) with respect to any such transfers and the establishment of accounts with a successor institution. 

(g) Interest accrued on any Account other than an Interest Bearing Account shall not be required to be remitted either to Borrower or to
any Account and may instead be retained by Lender. Funds deposited in the Interest Bearing Accounts shall be invested in Permitted Investments as provided for in Section 8.7(h) hereof. Interest accrued, if any, on sums on deposit in the
Interest Bearing Accounts shall be remitted to and become part of the applicable Account. All such interest that so becomes part of the applicable Account shall be disbursed in accordance with the disbursement procedures contained herein applicable
to such Account; provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. 

  
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 (h) Sums on deposit in the Interest Bearing Accounts shall, upon Borrower’s written
request, be invested in Permitted Investments selected by Lender or Servicer provided (i) such investments are then regularly offered by Lender (or Servicer on behalf of Lender) for accounts of this size, category and type (Borrower
acknowledges that the Servicer or Lender may only offer as an investment opportunity the right to place funds on deposit in the applicable Accounts in an interest bearing account (bearing interest at the money market rate)), (ii) such
investments are permitted by applicable federal, State and local rules, regulations and laws, (iii) the maturity date of the Permitted Investment is not later than the date on which sums in the Interest Bearing Accounts are required to be
disbursed pursuant to the terms hereof, and (iv) no Event of Default shall have occurred and be continuing. All income earned from the aforementioned Permitted Investments shall be the property of Borrower and Borrower hereby irrevocably
authorizes and directs Lender (or Servicer on behalf of Lender) to hold any income earned from the aforementioned Permitted Investments as part of the applicable Interest Bearing Account. Borrower shall be responsible for payment of any federal,
State or local income or other tax applicable to income earned from Permitted Investments. No other investments of the sums on deposit in the Interest Bearing Accounts shall be permitted. Lender shall not be liable for any loss sustained on the
investment of any funds in the Interest Bearing Accounts. 
 (i) Borrower acknowledges and agrees that it solely shall be, and
shall at all times remain, liable to Lender or Servicer for all fees, charges, costs and expenses in connection with the Accounts, this Agreement and the enforcement hereof, including, without limitation, any monthly or annual fees or charges as may
be assessed by Lender or Servicer in connection with the administration of the Accounts and the reasonable fees and expenses of legal counsel to Lender and Servicer as needed to enforce, protect or preserve the rights and remedies of Lender and/or
Servicer under this Agreement. 
 ARTICLE 9 
 CASH MANAGEMENT 

Section 9.1
    Establishment of Certain Accounts. 
 (a) Borrower shall, simultaneously herewith, establish
an Eligible Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Borrower for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue
generated by the Properties. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such
funds shall be transferred on each Business Day to the Cash Management Account. Lender acknowledges that, notwithstanding anything herein to the contrary, for purposes of convenience the Restricted Account will be established in the name and under
the taxpayer identification number of one Borrower, SSTI 1742 Pass Rd, LLC. 
 (b) Upon the first occurrence of a Trigger
Period, Lender, on Borrower’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Lender or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Lender. Upon the first
occurrence of a Trigger Period, Lender, on Borrower’s behalf, shall also establish with Lender or Servicer an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service
under the Loan (the “Debt Service Account”). 
 Section
9.2     Deposits into the Restricted Account; Maintenance of Restricted Account. 
 (a) Borrower represents, warrants and covenants that, so long as the Debt remains outstanding, (i) Borrower shall, or shall cause Manager to, deposit all revenue derived from the Properties and
received by Borrower or Manager, as the case may be, into the Restricted Account once each week; (ii) Borrower shall instruct Manager to deposit (A) all revenue derived from the Properties collected by Manager, if any, pursuant to the
Management Agreement (or otherwise) into the Restricted Account once each week and (B) all funds otherwise payable to Borrower by Manager pursuant to the Management Agreement (or otherwise in connection with the Properties) into the Restricted
Account; (iii) except as previously disclosed to Lender in writing prior to the closing of the Loan, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the

  
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ownership and operation of the Properties are directly deposited; and (iv) except as previously disclosed to Lender in writing prior to the closing of the Loan, neither Borrower nor any
other Person shall open any other such account with respect to the direct deposit of income in connection with the Properties. Notwithstanding anything herein to the contrary but subject to the terms of Section 5.1 and Section 9.2(a)(i)
and (ii), Borrower or Manager, at Borrower’s discretion, may deposit all revenues derived from each Property into an operating account for said Property controlled by Borrower and thereafter to one or more holding accounts controlled by
Borrower before said revenues are wired to the Restricted Account. Until deposited into the Restricted Account, any Rents and other revenues from the Properties held by Borrower shall be deemed to be collateral and shall be held in trust by it for
the benefit, and as the property, of Lender pursuant to the Security Instruments and shall not be commingled with any other funds or property of Borrower, except as previously disclosed to Lender in writing prior to the closing of the Loan. Borrower
warrants and covenants that it shall not rescind, withdraw or change any notices or instructions required to be sent by it pursuant to this Section 9.2 without Lender’s prior written consent. 

(b) Borrower shall maintain the Restricted Account for the term of the Loan, which Restricted Account shall be under the sole dominion
and control of Lender (subject to the terms hereof and of the Restricted Account Agreement). The Restricted Account shall have a title evidencing the foregoing in a manner reasonably acceptable to Lender. Borrower hereby grants to Lender a
first-priority security interest in the Restricted Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the
Restricted Account, Borrower hereby authorizes Lender to file UCC Financing Statements and continuations thereof to perfect Lender’s security interest in the Restricted Account and all deposits at any time contained therein and the proceeds
thereof. All costs and expenses for establishing and maintaining the Restricted Account (or any successor thereto) shall be paid by Borrower. All monies now or hereafter deposited into the Restricted Account shall be deemed additional security for
the Debt. Borrower shall not alter or modify either the Restricted Account or the Restricted Account Agreement, in each case without the prior written consent of Lender. The Restricted Account Agreement shall provide (and Borrower shall provide)
Lender online access to bank and other financial statements relating to the Restricted Account (including, without limitation, a listing of the receipts being collected therein). In connection with Secondary Market Transaction, Lender shall have the
right to cause the Restricted Account to be entitled with such other designation as Lender may select to reflect an assignment or transfer of Lender’s rights and/or interests with respect to the Restricted Account. Lender shall provide Borrower
with prompt written notice of any such renaming of the Restricted Account. Borrower shall not further pledge, assign or grant any security interest in the Restricted Account or the monies deposited therein or permit any lien or encumbrance to attach
thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. The Restricted Account (i) shall be an Eligible Account and (ii) shall not be
commingled with other monies held by Borrower or Bank. Upon (A) Bank ceasing to be an Eligible Institution, (B) the Restricted Account ceasing to be an Eligible Account, (C) any resignation by Bank or termination of the Restricted
Account Agreement by Bank or Lender and/or (D) the occurrence and continuance of an Event of Default, Borrower shall, within fifteen (15) days of Lender’s request, (1) terminate the existing Restricted Account Agreement,
(2) appoint a new Bank (which such Bank shall (I) be an Eligible Institution, (II) other than during the continuance of an Event of Default, be selected by Borrower and approved by Lender and (III) during the continuance of an Event of
Default, be selected by Lender), (3) cause such Bank to open a new Restricted Account (which such account shall be an Eligible Account) and enter into a new Restricted Account Agreement with Lender on substantially the same terms and conditions
as the previous Restricted Account Agreement and (4) send any notices required pursuant to the terms hereof relating to such new Restricted Account Agreement and Restricted Account. Borrower constitutes and appoints Lender its true and lawful
attorney-in-fact with full power of substitution to complete or undertake any action required of Borrower under this Section 9.2 in the name of Borrower in the event Borrower fails to do the same. Such power of attorney shall be deemed to be a
power coupled with an interest and cannot be revoked. 
 Section
9.3     Disbursements from the Cash Management Account. On each Monthly Payment Date, Lender or Servicer, as
applicable, shall allocate all funds, if any, on deposit in the Cash Management Account and disburse such funds in the following amounts and order of priority: 
 (a) First, funds sufficient to pay the Monthly Tax Deposit due for the then applicable Monthly Payment Date, if any, shall be deposited in the Tax Account; 

  
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 (b) Second, funds sufficient to pay the Monthly Insurance Deposit due for the then
applicable Monthly Payment Date, if any, shall be deposited in the Insurance Account; 
 (c) Third, funds sufficient to pay any
interest accruing at the Default Rate and late payment charges, if any, shall be deposited into the Debt Service Account; 
 (d)
Fourth, funds sufficient to pay the Debt Service due on the then applicable Monthly Payment Date shall be deposited in the Debt Service Account; 
 (e) Fifth, funds sufficient to pay the Replacement Reserve Monthly Deposit for the then applicable Monthly Payment Date, if any, shall be deposited in the Replacement Reserve Account; 

(f) Sixth, funds sufficient to pay any other amounts due and owing to Lender and/or Servicer pursuant to the terms hereof and/or of the
other Loan Documents, if any, shall be deposited with or as directed by Lender; 
 (g) Seventh, to the extent that a Trigger
Period has occurred and is continuing, funds sufficient to pay the Op Ex Monthly Deposit for the then applicable Monthly Payment Date, if any, shall be deposited in the Operating Expense Account; 

(h) Eighth, to the extent that a Trigger Period has occurred and is continuing, all amounts remaining in the Cash Management Account
after deposits for items (a) through (g) above (“Excess Cash Flow”) shall be deposited into the Excess Cash Flow Account; 
 (i) Ninth, provided no Event of Default has occurred and is continuing, all amounts remaining in the Cash Management Account after deposits for items (a) through (h) above, if any, shall be
disbursed to Borrower. 
 Section 9.4     Withdrawals from the Debt Service Account. Prior to the occurrence and continuance of an Event of Default,
funds on deposit in the Debt Service Account, if any, shall be used to pay Debt Service when due, together with any late payment charges or interest accruing at the Default Rate. 

Section 9.5
    Payments Received Under this Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, provided no Event
of Default has occurred and is continuing, Borrower’s obligations with respect to the monthly payment of Debt Service and amounts due for the Reserve Accounts shall (provided Lender is not prohibited from withdrawing or applying any funds in
the applicable Accounts by operation of law or otherwise) be deemed satisfied to the extent sufficient amounts are deposited in applicable Accounts to satisfy such obligations on the dates each such payment is required, regardless of whether any of
such amounts are so applied by Lender. 
 ARTICLE 10 

EVENTS OF DEFAULT; REMEDIES 
 Section 10.1     Event of Default. 
 The occurrence of any one or more of the following events shall
constitute an “Event of Default”: 
 (a) if (A) any monthly Debt Service payment or the payment due on the
Maturity Date is not paid when due, (B) any monthly reserve deposits are not paid when due in accordance with Article 8 hereof or (C) any other portion of the Debt is not paid when due and such non-payment continues for five (5) days
following notice to Borrower that the same is due and payable; 
 (b) if any of the Taxes or Other Charges is not paid when the
same is due and payable except to the extent sums sufficient to pay such Taxes and Other Charges have been deposited with Lender in accordance with the terms of this Agreement and Lender’s access to such sums is not restricted or constrained in
any manner; 

  
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 (c) if the Policies are not kept in full force and effect or if evidence of the same is not
delivered to Lender as provided in Section 7.1 hereof; 
 (d) if any of the representations or covenants contained in
Article 5, Article 6 or Section 4.22 hereof are breached or violated; provided, however, with respect to a breach or violation of the terms of Section 4.22, such breach or violation shall not be an Event of Default if Borrower cures such
breach or violation within ten (10) Business Days of notice from Lender; 
 (e) if any representation or warranty made
herein, in the Guaranty or in the Environmental Indemnity or in any other guaranty, or in any certificate, report, financial statement or other instrument or document furnished to Lender in connection with the Loan shall have been false or
misleading in any material adverse respect when made; 
 (f) if (i) Borrower, any SPE Component Entity, or Guarantor shall
commence any case, proceeding or other action (A) under any Creditor’s Rights Laws seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Borrower or any managing member or general partner of Borrower, any SPE Component
Entity, or Guarantor shall make a general assignment for the benefit of its creditors; (ii) there shall be commenced against Borrower or any managing member or general partner of Borrower, any SPE Component Entity, or Guarantor any case,
proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of
ninety (90) days; (iii) there shall be commenced against Borrower, any SPE Component Entity, or Guarantor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all
or any substantial part of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within ninety (90) days from the entry thereof;
(iv) Borrower, any SPE Component Entity, or Guarantor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or
(v) Borrower, any SPE Component Entity, or Guarantor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(g) if Borrower shall be in default beyond applicable notice and grace periods under any other mortgage, deed of trust, deed to secure
debt or other security agreement covering any part of any Individual Property whether it be superior or junior in lien to any Security Instrument; 
 (h) if any Individual Property becomes subject to any mechanic’s, materialman’s or other lien other than a lien for any Taxes not then due and payable and the lien shall remain undischarged of
record (by payment, bonding or otherwise) for a period of thirty (30) days; 
 (i) if any federal tax lien is filed against
Borrower, any SPE Component Entity, Guarantor or any Individual Property and same is not discharged of record (by payment, bonding or otherwise) within thirty (30) days after same is filed; 

(j) if Borrower shall fail to deliver to Lender, within ten (10) days after request by Lender, the estoppel certificates required by
Section 4.13(a) hereof; 
 (k) if any default occurs under any guaranty or indemnity executed by Borrower or Guarantor in
connection herewith (including, without limitation, the Environmental Indemnity and/or the Guaranty) and such default continues after the expiration of applicable grace periods, if any, provided therein; 

(l) if any of the assumptions contained in the Non-Consolidation Opinion, or in any New Non-Consolidation Opinion are untrue or shall
become untrue in any material respect; 
 (m) if Borrower defaults under the Management Agreement beyond the expiration of
applicable notice and grace periods, if any, thereunder or if the Management Agreement is canceled, terminated or surrendered or 

  
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expires pursuant to its terms, unless in such case Borrower shall enter into a new management agreement with a Qualified Manager in accordance with the applicable terms and provisions hereof;

 (n) if any representation and/or covenant herein relating to ERISA matters is breached; 

(o) if (A) Borrower shall fail (beyond any applicable notice or grace period) to pay any rent, additional rent or other charges
payable under any Property Document as and when payable thereunder, (B) Borrower defaults under the Property Documents beyond the expiration of applicable notice and grace periods, if any, thereunder, (C) any of the Property Documents are
amended, supplemented, replaced, restated or otherwise modified without Lender’s prior written consent or if Borrower consents to a transfer of any party’s interest thereunder without Lender’s prior written consent, (D) any
Property Document and/or the estate created thereunder is canceled, rejected, terminated, surrendered or expires pursuant to its terms, unless in such case Borrower enters into a replacement thereof in accordance with the applicable terms and
provisions hereof or (E) a Property Document Event occurs; 
 (p) With respect to any default or breach of any term,
covenant or condition of this Agreement not specified in subsections (a) through (o) above or not otherwise specifically specified as an Event of Default in this Agreement, if the same is not cured (i) within ten (10) days after
notice from Lender (in the case of any default which can be cured by the payment of a sum of money) or (ii) for thirty (30) days after notice from Lender (in the case of any other default or breach); provided, that, with respect to any
default or breach specified in subsection (ii), if the same cannot reasonably be cured within such thirty (30) day period and Borrower shall have commenced to cure the same within such thirty (30) day period and thereafter diligently and
expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall require Borrower in the exercise of due diligence to cure the same, it being agreed that no such extension shall be for a period in
excess of sixty (60) days; or 
 (q) if there shall be default under any of the other Loan Documents beyond any applicable
cure periods contained in such Loan Documents, whether as to Borrower or any Individual Property, or, subject to all applicable notice and/or cure periods set forth herein or in any of the other Loan Documents, if any other such event shall occur or
condition shall exist, if the effect of such event or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt. 

Section
10.2     Remedies. 
 (a) Upon the
occurrence and during the continuance of an Event of Default (other than an Event of Default described in Section 10.1(f) above with respect to Borrower or any SPE Component Entity) and at any time thereafter Lender may, in addition to any
other rights or remedies available to it pursuant to this Agreement, the Security Instruments, the Note and the other Loan Documents or at law or in equity, take such action, without notice or demand, that Lender deems advisable to protect and
enforce its rights against Borrower and in any Individual Property, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in this
Agreement, the Security Instruments, the Note and the other Loan Documents against Borrower and any Individual Property, including, without limitation, all rights or remedies available at law or in equity. Upon any Event of Default described in
Section 10.1(f) above with respect to Borrower or any SPE Component Entity, the Debt and all other obligations of Borrower under this Agreement, the Security Instruments, the Note and the other Loan Documents shall immediately and automatically
become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any Security Instrument, the Note and the other Loan Documents to the contrary notwithstanding.

 (b) Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers,
privileges and other remedies available to Lender against Borrower under this Agreement, the Security Instruments, the Note or the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by
Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and
remedies under this Agreement, any Security 

  
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Instrument, the Note or the other Loan Documents with respect to any Individual Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently,
singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by applicable law, without impairing or otherwise affecting the other rights and remedies
of Lender permitted by applicable law, equity or contract or as set forth herein or in any Security Instrument, the Note or the other Loan Documents. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall
impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with
respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 
 (c) Lender shall have the right from time to time to partially foreclose any Security Instrument in any manner and for any amounts secured by any Security Instrument then due and payable as determined by
Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender
may foreclose any Security Instrument to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose any Security Instrument to recover
so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by any Security Instrument as Lender may elect. Notwithstanding one or more partial foreclosures, the Properties shall remain subject to the Security
Instruments to secure payment of sums secured by the Security Instruments and not previously recovered. 
 (d) Lender shall have
the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, security instruments and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in
its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other
documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful
attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender
shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power together with a copy of the documents that
Lender intends to execute as attorney-in-fact. Borrower shall not be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan Documents
shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower effective only as of the Closing Date.
Notwithstanding the foregoing, Borrower shall not be required to execute any Severed Loan Document if any Severed Loan Document would change the interest rate, the stated maturity or the amortization of principal set forth in the Note or herein,
except in connection with Severed Loan Documents which may result in varying fixed interest rates and amortization schedules, but which the weighted average interest rate of the bifurcated notes shall equal the Interest Rate (without giving effect
to any deviation attributable to the imposition of any rate of interest at the Default Rate or prepayments occurring pursuant to Section 2.7(b) or 2.7(c) hereof) and the cumulative amortization required under such bifurcated notes loan shall
not exceed the cumulative amortization required under the Loan; provided, except as expressly described in this subsection (d), such Severed Loan Documents shall not (1) increase the obligations, or decrease the rights, of Borrower or Guarantor
under the Loan Documents other than to a de minimis extent, or (2) impose any personal liability on Borrower, Guarantor or any of their Affiliates in addition to the personal liability of Borrower and Guarantor that exists prior to such
severance. 
 (e) Notwithstanding anything to the contrary contained herein or in any other Loan Document, any amounts recovered
from the Property or any other collateral for the Loan and/or paid to or received by Lender after an Event of Default may be applied by Lender toward the Debt in such order, priority and proportions as Lender in its sole discretion shall determine.

  
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 (f) Lender may, but without any obligation to do so and without notice to or demand on
Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner and to such extent as Lender may deem
necessary. Lender is authorized to enter upon each Individual Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in each Individual Property for such purposes, and the cost and expense thereof
(including reasonable attorneys’ fees to the extent permitted by applicable law), with interest as provided in this Section, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses
incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period after such cost or expense was incurred
to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security
interests provided to Lender under the Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 

ARTICLE 11 

SECONDARY MARKET 
 Section 11.1     Securitization. 

(a) Lender shall have the right (i) to sell or otherwise transfer the Loan (or any portion thereof and/or interest therein),
(ii) to sell participation interests in the Loan (or any portion thereof and/or interest therein) or (iii) to securitize the Loan (or any portion thereof and/or interest therein) in a single asset securitization or a pooled asset
securitization. The transaction referred to in clauses (i), (ii) and (iii) above shall hereinafter be referred to collectively as “Secondary Market Transactions” and the transactions referred to in clause (iii) shall
hereinafter be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with a Securitization are hereinafter referred to as “Securities”. 

(b) If requested by Lender, Borrower shall assist Lender in satisfying the market standards to which Lender customarily adheres or which
may be reasonably required in the marketplace or by the Rating Agencies in connection with any Secondary Market Transactions, including, without limitation, to: 
 (i) provide (A) updated financial and other information with respect to the Properties, the business operated at the Properties, Borrower, Guarantor, SPE Component Entity and Manager,
(B) updated budgets relating to the Properties and (C) updated appraisals, market studies, environmental reviews (Phase I’s and, if appropriate, Phase II’s), property condition reports and other due diligence investigations of
the Properties (the “Updated Information”), together, if customary, with appropriate verification of the Updated Information through letters of auditors or opinions of counsel acceptable to Lender and the Rating Agencies and (D) use
commercially reasonably efforts to obtain revisions to and other agreements with respect to the Property Documents in form and substance reasonably acceptable to Lender and the Rating Agencies; 

(ii) provide new and/or updated opinions of counsel, which may be relied upon by Lender, the Rating Agencies and their
respective counsel, agents and representatives, as to matters of enforceability of the Loan Documents under New York law, substantive non-consolidation, fraudulent conveyance, matters of Delaware or Maryland (as applicable) and federal bankruptcy
law relating to limited liability companies, true sale and any other opinion customary in Secondary Market Transactions or required by the Rating Agencies with respect to the Property, Borrower and Borrower’s Affiliates, which counsel and
opinions shall be satisfactory in form and substance to Lender and the Rating Agencies; 
 (iii) provide updated,
as of the closing date of the Secondary Market Transaction, representations and warranties made in the Loan Documents, modified as necessary to be current as of such date, and such additional representations and warranties as the Rating Agencies may
reasonably require; and 

  
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 (iv) execute such amendments to the Loan Documents, the Property Documents
(subject to the provisions of Section 11.1(b)(i)(D) above) and Borrower’s or any SPE Component Entity’s organizational documents as may be reasonably requested by Lender or requested by the Rating Agencies or otherwise to effect any
Secondary Market Transaction, including, without limitation, (A) to amend and/or supplement the Independent Director provisions provided herein and therein (including, without limitation, to add a second Independent Director), in each case, in
accordance with the applicable requirements of the Rating Agencies, (B) bifurcating the Loan into two or more components and/or additional separate notes and/or creating additional senior/subordinate note structure(s) (any of the foregoing, a
“Loan Bifurcation”) and (C) to modify any payment dates and interest period start dates and end dates under the Loan Documents, by up to ten (10) days; provided, however, that Borrower shall not be required to so modify or amend
any Loan Document if such modification or amendment would change the interest rate, the stated maturity (except as provided in subclause (C) above) or the amortization of principal set forth herein, except in connection with a Loan Bifurcation
which may result in varying fixed interest rates and amortization schedules, but which components/notes shall have the same weighted average coupon of the original Note (without giving effect to any deviation attributable to the imposition of any
rate of interest at the Default Rate or prepayments occurring pursuant to Section 2.7(b) or 2.7(c) hereof). Such amendments shall not (a) alter the economic terms of the Loan except as expressly provided in this Section 11.1(b)(iv) or
(b) negatively affect in any manner the rights and obligations of Borrower or Guarantor under the Loan Documents other than to a de minimis extent or except as expressly provided in this Section 11.1(b)(iv). 

Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, other than costs and expenses relating
to the delivery of financial statements already required pursuant to Section 4.12 hereof, in connection with Borrower’s complying with requests made under this Section 11.1(b), Borrower shall not be responsible for any material costs
and expenses incurred by Borrower in connection with such compliance. Other than counsel fees which are incurred by Borrower with respect to the New York enforceability opinion referenced in Section 11.1(b)(ii) hereof, which Borrower agrees to
deliver at its cost and expense, Lender agrees to pay for Borrower’s reasonable counsel fees in connection with Borrower’s complying with requests made under this Section 11.1(b) provided that Lender reasonably approves the counsel
selected by Borrower to assist in connection with such compliance. 
 (c) Upon request, Borrower shall furnish to Lender from
time to time such financial data and financial statements as Lender reasonably determines to be necessary, advisable or appropriate for complying with any applicable legal requirements (including those applicable to Lender or any Servicer
(including, without limitation and to the extent applicable, Regulation AB)) within the timeframes necessary, advisable or appropriate in order to comply with such legal requirements. 

Section 11.2
    Disclosure. 
 (a) Borrower (on its own behalf and on behalf of each other Borrower Party)
understands that information provided to Lender by Borrower, any other Borrower Party and/or their respective agents, counsel and representatives may be (i) included in (A) the Disclosure Documents and (B) filings under the Securities
Act and/or the Exchange Act and (ii) made available to Investors, the Rating Agencies and service providers, in each case, in connection with any Secondary Market Transaction. 

(b) Borrower shall indemnify Lender and its officers, directors, partners, employees, representatives, agents and affiliates against any
losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender and/or its officers, directors, partners, employees, representatives, agents and/or affiliates may become subject in connection with any Disclosure
Document and/or any Covered Rating Agency Information, in each case, insofar as such Liabilities arise out of or are based upon any untrue statement of any material fact in the Provided Information and/or arise out of or are based upon the omission
to state a material fact in the Provided Information required to be stated therein or necessary in order to make the statements in the applicable Disclosure Document and/or Covered Rating Agency Information, in light of the circumstances under which
they were made, not misleading. 

  
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 (c) Promptly after receipt by an indemnified party under this Section 11.2 of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 11.2, notify the indemnifying party in writing of the commencement thereof, but the
omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the
indemnifying party. In the event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to
participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably
satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this Section 11.2, such indemnified party shall pay for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to
select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party shall not be liable for the expenses
of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another indemnified party. 

(d) The liabilities and obligations of both Borrower and Lender under this Section 11.2 shall survive the termination of this
Agreement and the satisfaction and discharge of the Debt. Failure by Borrower and/or any Borrower Party to comply with the provisions of Section 11.1 and/or Section 11.2 within the timeframes specified therein and/or as otherwise required
by Lender shall, at Lender’s option, constitute a breach of the terms thereof and/or an Event of Default. Borrower (on its own behalf and on behalf of each Borrower Party) hereby expressly authorizes and appoints Lender its attorney-in-fact to
take any actions required of any Borrower Party under Sections 11.1 and/or 11.2 in the event any Borrower Party fails to do the same, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. 

Section 11.3
    Reserves/Escrows. In the event that Securities are issued in connection with the Loan, all funds held by Lender in escrow or pursuant to reserves in
accordance with this Agreement and the other Loan Documents shall be deposited in “eligible accounts” at “eligible institutions” and, to the extent applicable, invested in “permitted investments” as then defined and
required by the Rating Agencies. 
 Section 11.4     Servicer. At the option of Lender, the Loan may be serviced by a servicer/special servicer/trustee selected by
Lender (collectively, the “Servicer”) and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to such Servicer pursuant to a servicing agreement between Lender and such Servicer.

 Section 11.5     Rating Agency Costs. In connection with any Rating Agency Confirmation or other Rating Agency consent,
approval or review required hereunder as a result of a request of, or action initiated by, Borrower (other than the initial review of the Loan by the Rating Agencies in connection with a Securitization), Borrower shall pay all of the costs and
expenses of Lender, Servicer and each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in connection therewith. For the avoidance of doubt, Borrower shall not be responsible to pay for costs,
expenses and fees of the Rating Agencies in connection with the initial review of the Loan by the Rating Agencies in connection with a Securitization. 
 Section 11.6     Mezzanine Option. Lender shall have the option (the “Mezzanine Option”) at any time to divide the Loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan
amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Lender’s exercise of the Mezzanine Option, and (ii) the weighted average interest rate of such mortgage loan
and mezzanine loan shall equal the Interest Rate (without giving effect to any deviation attributable to the imposition of any rate of interest at the Default Rate or prepayments occurring pursuant to Section 2.7(b) or 2.7(c) hereof). Borrower
shall cooperate with Lender in Lender’s exercise of the Mezzanine Option in good faith and in a timely 

  
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manner, which such cooperation shall include, but not be limited to, (i) executing such amendments to the Loan Documents and Borrower or any SPE Component Entity’s organizational
documents as may be reasonably requested by Lender or requested by the Rating Agencies, (ii) creating one or more Single Purpose Entities (the “Mezzanine Borrower”), which such Mezzanine Borrower shall (A) own, directly or
indirectly, 100% of the equity ownership interests in Borrower (the “Equity Collateral”), and (B) together with such constituent equity owners of such Mezzanine Borrower as may be designated by Lender, execute such agreements,
instruments and other documents as may be reasonably required by Lender in connection with the mezzanine loan (including, without limitation, a promissory note evidencing the mezzanine loan and a pledge and security agreement pledging the Equity
Collateral to Lender as security for the mezzanine loan); and (iii) delivering such opinions, title endorsements, UCC title insurance policies, documents and/or instruments relating to the Property Documents and other materials as may be
reasonably required by Lender or required by the Rating Agencies. Notwithstanding anything contained herein to the contrary, (A) Lender shall have the right to apply all payments to the Debt during the continuance of an Event of Default in such
order as Lender determines in its sole discretion and to require that (x) no sums shall be paid to Mezzanine Lender under the Mezzanine Loan during the existence of an Event of Default, and (y) all Net Proceeds be applied to the Loan to
the exclusion of the Mezzanine Loan. The rights and remedies of the holder of the Mezzanine Loan shall be separate, distinct and in addition to the rights and remedies of Lender under the Loan. In no event shall Lender’s exercise of the
Mezzanine Option, or the consummation of the applicable transaction pursuant thereto (a) alter the economic terms of the Loan except as expressly provided in this Section 11.6 or (b) negatively affect in any manner the rights and
obligations of Borrower or Guarantor under the Loan Documents other than to a de minimis extent or except as expressly provided in this Section 11.6. Notwithstanding anything to the contrary contained herein, Borrower shall not be responsible
to pay for any costs and expenses incurred by Borrower in connection with complying with the terms of this Section 11.6 other than its counsel’s fees in excess of $10,000. 

Section
11.7     Conversion to Registered Form. At the request of Lender, Borrower shall appoint, as its
agent, a registrar and transfer agent (the “Registrar”) reasonably acceptable to Lender which shall maintain, subject to such reasonable regulations as it shall provide, such books and records as are necessary for the registration and
transfer of the Note in a manner that shall cause the Note to be considered to be in registered form for purposes of Section 163(f) of the IRS Code. The option to convert the Note into registered form once exercised may not be revoked. Any
agreement setting out the rights and obligation of the Registrar shall be subject to the reasonable approval of Lender. Borrower may revoke the appointment of any particular person as Registrar, effective upon the effectiveness of the appointment of
a replacement Registrar. The Registrar shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Note and other Loan Documents. 

ARTICLE 12 

INDEMNIFICATIONS 
 Section 12.1     General Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted
against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about any
Individual Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (b) any use, nonuse or condition in, on or about any Individual Property or any part thereof or on the
adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (c) performance of any labor or services or the furnishing of any materials or other property in respect of any Individual Property or any part thereof;
(d) any failure of any Individual Property to be in compliance with any applicable Legal Requirements; (e) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings
on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease or any Property Document; (f) the payment of any commission, charge or brokerage fee to anyone (other than a broker or other agent retained by
Lender) which may be payable in connection with the funding of the Loan evidenced by the Note and secured by the Security Instruments; and/or (g) the holding or investing of the funds on deposit in the Accounts or the performance of any work or
the disbursement of funds in each case in connection with the Accounts, excluding, however, any such Losses that arise out of the gross negligence or willful misconduct of Lender, its agents, employees, representative and/or contractors. Any

  
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amounts payable to Lender by reason of the application of this Section 12.1 shall become immediately due and payable and shall bear interest at the Default Rate from the date loss or damage
is sustained by Lender until paid. 
 Section 12.2     Mortgage and Intangible Tax Indemnification. Borrower shall, at its sole cost and expense, protect, defend,
indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on
the making and/or recording of any Security Instrument, the Note or any of the other Loan Documents, but excluding any income, franchise or similar taxes. 
 Section 12.3     ERISA Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable
attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption
under ERISA that may be required, in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 3.7 or 4.19 of this Agreement. 

Section 12.4
    Duty to Defend, Legal Fees and Other Fees and Expenses. Upon written request by any Indemnified Party, Borrower shall defend such Indemnified Party (if requested
by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals reasonably approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole discretion, engage their
own attorneys and other professionals to defend or assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding. Upon demand, Borrower shall pay or, in the sole discretion of the
Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

Section 12.5
    Survival. The obligations and liabilities of Borrower under this Article 12 shall fully survive indefinitely notwithstanding any termination, satisfaction,
assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of any Security Instrument. 
 Section 12.6     Environmental Indemnity. Simultaneously herewith, Borrower and Guarantor have executed and delivered the Environmental Indemnity to Lender, which Environmental Indemnity is not secured by the Security Instrument.

 ARTICLE 13 
 EXCULPATION 
 Section
13.1     Exculpation. 
 (a)
Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, but subject to the qualifications expressly set forth below, Lender shall not enforce the liability and obligation of Borrower to perform and
observe the obligations contained in the Note, this Agreement, the Security Instruments or the other Loan Documents by any action or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing personal liability
shall be sought against Borrower or any principal, director, officer, employee, beneficiary, shareholder, partner, member, manager, trustee, agent, or Affiliate of Borrower or any legal representatives, successors or assigns of any of the foregoing
(collectively, the “Exculpated Parties”), except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under
the Note, this Agreement, the Security Instruments and the other Loan Documents, or in the Properties, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided
herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Properties, in the Rents and in any other collateral given to Lender, and Lender, by accepting the
Note, this Agreement, the Security Instruments and the other Loan Documents, shall not sue for, seek or demand any deficiency judgment against Borrower or any of the Exculpated Parties in any such action or

  
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proceeding under or by reason of or under or in connection with the Note, this Agreement, the Security Instruments or the other Loan Documents. The provisions of this Section 13.1(a) shall
not, however, (1) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents, subject in all respects to the foregoing limitation of remedies and personal liability; (2) impair the right
of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under any Security Instrument, to the extent necessary under applicable law, and for the limited purposes of, effecting such foreclosure;; (3) affect
the validity or enforceability of any indemnity or guaranty (including, without limitation, indemnities set forth in Article 12 hereof, Section 11.2 hereof, in the Guaranty and the Environmental Indemnity) executed by Borrower or Guarantor in
connection with the Loan or any of the rights and remedies of Lender thereunder (including, without limitation, Lender’s right to enforce said rights and remedies against Borrower and/or Guarantor (as applicable) personally and without the
effect of the exculpatory provisions of this Article 13); (4) impair the rights of Lender to (A) obtain the appointment of a receiver; and/or (B) enforce its rights and remedies provided in Articles 8 and 9 hereof; (5) impair the
enforcement of the Assignment of Leases; (6) impair the right of Lender to enforce Section 4.12(e) of this Agreement; (7) constitute a prohibition against Lender to seek a deficiency judgment against Borrower for the sole and limited
purpose, and only to the extent required under applicable law, of realizing upon the security granted by any Security Instrument or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against any
Individual Property; or (8) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any Loss incurred by Lender (including attorneys’ fees and costs
reasonably incurred) arising out of or in connection with the following: 
 (i) fraud or intentional
misrepresentation by any Borrower Party in connection with the Loan; 
 (ii) the gross negligence or willful
misconduct of any Borrower Party; 
 (iii) any litigation or other legal proceeding related to the Debt filed by
any Borrower Party that delays, opposes, impedes, obstructs, hinders, enjoins or otherwise interferes with or frustrates the efforts of Lender, following an Event of Default, to accelerate the Loan, foreclose upon the Property, seek a receiver or
enforce the Guaranty and Environmental Indemnity; 
 (iv) waste to any Individual Property caused by the
intentional acts or intentional omissions of any Borrower Party and/or the removal or disposal of any portion of any Individual Property after an Event of Default; 

(v) the misapplication, misappropriation or conversion by any Borrower Party of (A) any insurance proceeds paid by
reason of any loss, damage or destruction to the any Individual Property, (B) any Awards or other amounts received in connection with the Condemnation of all or a portion of any Individual Property, (C) any Rents following an Event of
Default or (D) any Tenant security deposits or Rents collected in advance; 
 (vi) failure to pay Taxes,
charges for labor or materials or other charges that can create liens on any portion of any Individual Property in accordance with the terms and provisions hereof; 

(vii) failure to pay Insurance Premiums, to maintain the Policies in full force and effect and/or to provide Lender
evidence of the same, in each case, as expressly provided herein; 
 (viii) any security deposits, advance
deposits or any other deposits collected with respect to any Individual Property which are not delivered to Lender upon a foreclosure of such Individual Property or action in lieu thereof, except to the extent any such security deposits were applied
in accordance with the terms and conditions of any of the Leases prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; 

(ix) any tax on the making and/or recording of any Security Instrument, the Note or any of the other Loan Documents or any
transfer or similar taxes (whether due upon the making of the same or upon 

  
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Lender’s exercise of its remedies under the Loan Documents), but excluding any income, franchise or other similar taxes; 

(x) the seizure or forfeiture of any Individual Property, or any portion thereof, or Borrower’s interest therein,
resulting from criminal wrongdoing by any Borrower Party; 
 (xi) the failure to make any True Up Payment (but
only to the extent that the Property generated net operating income for the immediately preceding twelve (12) month period sufficient to pay the same); 
 (xii) Intentionally omitted; 
 (xiii) Borrower fails to comply with
its obligations to deposit revenues derived from the Properties into the Restricted Account in accordance with Section 9.2(a) hereof; and for purposes of this subsection (xiii), Losses shall be deemed to mean any funds not so deposited by
Borrower into the Restricted Account); 
 (xiv) any default or breach by Borrower or any SPE Component Entity (if
any) of any of the provisions set forth in Article 5 hereof (other than a default or breach of the terms of Section 5.1(a)(i), (ii), (iii), (iv), (vi), (vii) and (xi) hereof)); or 

(xv) Section 11.1 or Section 11.6 hereof is violated or breached. 

(b) Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (A) Lender shall not be
deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to
secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower in the event that: (i) the first full monthly payment of principal and interest under the Note is not paid
when due; (ii) any default or breach by Borrower or any SPE Component Entity (if any) of the provisions of Section 5.1(a)(i), (ii), (iii), (iv), (vi), (vii) or (xi), (iii) any representation, warranty or covenant contained in
Article 6 hereof is violated or breached; (iii) a Bankruptcy Event occurs. 
 ARTICLE 14 

NOTICES 

Section 14.1
    Notices. All notices or other written communications hereunder shall be deemed to have been properly given (a) upon delivery, if delivered in person or by
facsimile transmission with receipt acknowledged by the recipient thereof and confirmed by telephone by sender, (b) one (1) Business Day after having been deposited for overnight delivery with any reputable overnight courier service, or
(c) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as
follows: 
  

			
	If to Borrower:	  	 Each of the Parties Set Forth on Exhibit A attached hereto
 c/o Strategic Capital Holdings, LLC
 111 Corporate Drive, Suite 120

Ladera Ranch, California 92694
 Attention: H.
Michael Schwartz
 Facsimile No.: (949) 429-6606

		
	With a copy to:	  	 Mastrogiovanni Schorsch & Mersky, P.C.
 2001 Bryan Street, Suite 1250
 Dallas, Texas 75201

Attention: Charles Mersky
 Facsimile No.: (214)
922-8801

  
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	If to Lender:	  	 Citigroup Global Markets Realty Corp.
 388 Greenwich Street
 19th Floor
 New York, New York 10013
 Attention : Ana Rosu

Facsimile No.: (646) 328-2938

		
	With a copy to:	  	 SNR Denton US LLP
 Two World
Financial Center
 New York, New York 10281
 Attention: Peter J. Mignone, Esq.
 Facsimile No.: (212) 768-6800

or addressed as such party may from time to time designate by written notice to the other parties. 

Either party by notice to the other may designate additional or different addresses for subsequent notices or communications. 

ARTICLE 15 

FURTHER ASSURANCES 
 Section 15.1     Replacement Documents. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of the Note, this Agreement or any of the other Loan Documents which is not of public record, and, in
the case of any such mutilation, upon surrender and cancellation of the Note, this Agreement or such other Loan Document, Borrower will issue, in lieu thereof, a replacement thereof, dated the date of the Note, this Agreement or such other Loan
Document, as applicable, in the same principal amount thereof and otherwise of like tenor, and reflecting that it has been issued in replacement thereof. 
 Section 15.2     Recording of Security Instrument, etc. Borrower forthwith upon the execution and delivery of the Security Instruments and thereafter, from time to time, will cause each Security Instrument and any of the other Loan Documents creating a lien
or security interest or evidencing the lien hereof upon each Individual Property and each instrument of further assurance to be filed, registered or recorded in such manner and in such places as may be required by any present or future law in order
to publish notice of and fully to protect and perfect the lien or security interest hereof upon, and the interest of Lender in, each Individual Property. Borrower will pay all taxes, filing, registration or recording fees, and all expenses incident
to the preparation, execution, acknowledgment and/or recording of the Note, the Security Instruments, this Agreement, the other Loan Documents, any note, deed of trust or mortgage supplemental hereto, any security instrument with respect to the
Properties and any instrument of further assurance, and any modification or amendment of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the
execution and delivery of the Security Instruments, any deed of trust or mortgage supplemental hereto, any security instrument with respect to the Properties or any instrument of further assurance, and any modification or amendment of the foregoing
documents, except where prohibited by applicable law so to do, excluding income, franchise or similar taxes. 
 Section 15.3     Further Acts, etc. Borrower will, at the cost
of Borrower, and without expense to Lender, do, execute, acknowledge and deliver all and every further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Lender shall, from time to
time, reasonably require, for the better assuring, conveying, assigning, transferring, and confirming unto Lender the property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and
transferred or intended now or hereafter so to be, or which Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the performance of the terms of this Agreement or for filing,
registering or recording the Security Instruments, or for complying with all Legal 

  
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Requirements. Borrower, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Lender to execute in the name of Borrower or without the
signature of Borrower to the extent Lender may lawfully do so, one or more financing statements to evidence more effectively the security interest of Lender in the Properties. Borrower grants to Lender an irrevocable power of attorney coupled with
an interest for the purpose of exercising and perfecting any and all rights and remedies available to Lender pursuant to this Section 15.3. 
 Section 15.4     Changes in Tax, Debt, Credit and Documentary Stamp
Laws. 
 (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from
the value of any Individual Property for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in any Individual Property, Borrower will pay the tax, with interest and penalties
thereon, if any. If Lender is advised by counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice
of not less than ninety (90) days to declare the Debt immediately due and payable. 
 (b) Borrower will not claim or demand
or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against any Individual Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of
any Individual Property, or any part thereof, for real estate tax purposes by reason of any Security Instrument or the Debt. If such claim, credit or deduction shall be required by applicable law, Lender shall have the option, by written notice of
not less than ninety (90) days, to declare the Debt immediately due and payable. 
 (c) If at any time the United States of
America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, any Security Instrument, or any of the other Loan Documents or impose any other tax or charge on the same, Borrower will
pay for the same, with interest and penalties thereon, if any. 
 ARTICLE 16 

WAIVERS 

Section 16.1
    Remedies Cumulative; Waivers. 
 The rights, powers and remedies of Lender under this
Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement, any Security Instrument, the Note or the other Loan Documents, or existing at law or in equity or
otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or
power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver
of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

Section 16.2
    Modification, Waiver in Writing. 
 No modification, amendment, extension, discharge,
termination or waiver of any provision of this Agreement, any Security Instrument, the Note and the other Loan Documents, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing
signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on
Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

  
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 Section 16.3     Delay Not a Waiver. 
 Neither any failure nor
any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege under this Agreement, any Security Instrument, the Note or the other Loan
Documents, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or
privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, any Security Instrument, the Note or the other Loan Documents, Lender shall not be deemed to have waived any
right either to require prompt payment when due of all other amounts due under this Agreement, the Security Instruments, the Note and the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount.

 Section 16.4
    Waiver of Trial by Jury. 
 BORROWER AND LENDER, BY ACCEPTANCE OF THIS AGREEMENT, HEREBY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT. TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN, THIS
AGREEMENT, THE NOTE, THE SECURITY INSTRUMENTS OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER OR BORROWER. 
 Section 16.5     Waiver of Notice. 
 Borrower shall not be entitled to any notices of any nature whatsoever from Lender except (a) with respect to matters for which this Agreement specifically and expressly provides for the giving of
notice by Lender to Borrower and (b) with respect to matters for which Lender is required by applicable law to give notice, and Borrower hereby expressly waives the right to receive any other such notice from Lender. 

Section 16.6
    Remedies of Borrower. 
 In the event that a claim or adjudication is made that Lender or its
agents have acted unreasonably or unreasonably delayed acting in any case where by applicable law or under this Agreement, the Security Instruments, the Note and the other Loan Documents, Lender or such agent, as the case may be, has an obligation
to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment.
The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. Lender agrees that, in such event, it shall cooperate in expediting any action
seeking injunctive relief or declaratory judgment. 
 Section 16.7     Cross-Default; Cross-Collateralization; Marshalling and Other Matters. 
 (a) Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being
of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Security Instruments are and will be cross collateralized and cross defaulted with each other so that (i) an Event of
Default under any of the Security Instruments shall constitute an Event of Default under each of the other Security Instruments which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of
Default under each Security Instrument; (iii) each Security Instrument shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization
shall in no event be deemed to constitute a fraudulent conveyance. 
 (b) Borrower hereby waives, to the extent permitted by
applicable Leal Requirements, the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale under any Security Instrument of any
Individual Property or any part thereof or any interest therein. Further, Borrower hereby expressly waives any and all rights of redemption from 

  
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sale under any order or decree of foreclosure of any Security Instrument on behalf of Borrower, and on behalf of each and every person acquiring any interest in or title to any Individual
Property subsequent to the date of any Security Instrument and on behalf of all persons to the extent permitted by applicable Legal Requirements. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of
any or all of the Security Instruments, any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the
Properties before proceeding against any other Individual Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consent to and authorizes, at the option of Lender, the foreclosure and sale
either separately or together of any combination of the Properties. 

Section 16.8
    Waiver of Statute of Limitations. 
 To the extent permitted by applicable law, Borrower
hereby expressly waives and releases to the fullest extent permitted by applicable law, the pleading of any statute of limitations as a defense to payment of the Debt or performance of its obligations hereunder, under the Note, Security Instruments
or other Loan Documents. 
 Section 16.9     Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory
counterclaim, in any action or proceeding brought against it by Lender or its agents. 
 Section 16.10     Sole Discretion of Lender. Wherever pursuant
to this Agreement (a) Lender exercises any right given to it to approve or disapprove, (b) any arrangement or term is to be satisfactory to Lender, or (c) any other decision or determination is to be made by Lender, the decision to
approve or disapprove all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall be in the sole discretion of Lender, except as may be otherwise expressly and
specifically provided herein. 
 ARTICLE 17 

MISCELLANEOUS 
 Section 17.1     Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution
and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth in this Agreement, the Security Instruments, the Note or the
other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this
Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 
 Section 17.2     Governing Law. This Agreement shall be deemed to be a contract entered into pursuant to the laws of the state of New York and shall in all respects be governed, construed, applied and enforced in accordance with the
laws of the state of New York (without regard to principles of conflicts of laws), provided however, that with respect to the creation, perfection, priority and enforcement of the liens and security interests created by this Agreement, the Security
Instrument and the other Loan Documents, and the determination of deficiency judgments, if applicable, the laws of the state where each Individual Property is located shall apply. 
 THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE
DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE

  
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LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA,
EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL, WITH RESPECT TO EACH INDIVIDUAL PROPERTY, BE GOVERNED
BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE WHERE SUCH INDIVIDUAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION,
VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN
ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
 CT Corporation System 

111 Eighth Avenue 
 New York NY 10011 
 Tel: 212-894-8940 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE
SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
 Section 17.3     Headings. The Article and/or Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 17.4
    Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Legal
Requirements, but if any provision of this Agreement shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be 

  
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ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 17.5
    Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the
obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be
repaid to a trustee, receiver or any other party under any Creditors Rights Laws, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be
satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 
 Section 17.6     Expenses. Borrower covenants and agrees to pay its own costs and expenses and pay, or, if Borrower fails to pay, to reimburse, Lender, upon receipt of written notice from Lender, for Lender’s reasonable costs
and expenses (including reasonable, actual attorneys’ fees and disbursements) in each case, incurred by Lender in accordance with this Agreement in connection with (i) the preparation, negotiation, execution and delivery of this Agreement,
the Security Instruments, the Note and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions
requested by Lender as to any legal matters arising under this Agreement, the Security Instruments, the Note and the other Loan Documents with respect to the Properties); (ii) Borrower’s ongoing performance of and compliance with
Borrower’s respective agreements and covenants contained in this Agreement, the Security Instruments, the Note and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation,
confirming compliance with environmental and insurance requirements; (iii) [reserved]; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement,
the Security Instruments, the Note and the other Loan Documents and any other documents or matters requested by Borrower; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the
filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the lien in favor of Lender
pursuant to this Agreement, the Security Instruments, the Note and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other
litigation, in each case against, under or affecting Borrower, this Agreement, the Security Instruments, the Note, the other Loan Documents, any Individual Property, or any other security given for the Loan; and (viii) enforcing any obligations
of or collecting any payments due from Borrower under this Agreement, the Security Instruments, the Note and the other Loan Documents or with respect to any Individual Property or in connection with any refinancing or restructuring of the credit
arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings (which such costs and expenses shall be deemed to include, without limitation and in each case, any special servicing
fees, liquidation fees, modification fees, work-out fees and other similar costs or expenses payable to any Servicer, trustee and/or special servicer of the Loan (or any portion thereof and/or interest therein)); provided, however, that Borrower
shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender, its agents, employees, representative and/or contractors.

 Section 17.7     Cost of Enforcement. In the event (a) that any Security Instrument is foreclosed in whole or in part,
(b) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, or
(c) Lender exercises any of its other remedies under this Agreement, any Security Instrument, the Note and the other Loan Documents, Borrower shall be chargeable with and agrees to pay all costs of collection and defense, including reasonable
attorneys’ fees and costs, incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or use taxes. 

Section 17.8
    Schedules Incorporated. The Schedules and exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth
in the body hereof. 

  
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 Section 17.9     Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Security
Instruments, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no
such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or
defense in any such action or proceeding is hereby expressly waived by Borrower. 
 Section 17.10     No Joint Venture or Partnership; No Third Party Beneficiaries. 

(a) Borrower and Lender intend that the relationships created under this Agreement, the Security Instruments, the Note and the other Loan
Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in any
Individual Property other than that of mortgagee, beneficiary or lender. 
 (b) This Agreement, the Security Instruments, the
Note and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement, the Security Instruments, the Note or the other Loan Documents shall be deemed to confer upon anyone other than Lender and
Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the
benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all
thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or
desirable to do so. 
 (c) The general partners, members, principals and (if Borrower is a trust) beneficial owners of Borrower
are experienced in the ownership and operation of properties similar to the Properties, and Borrower and Lender are relying solely upon such expertise and business plan in connection with the ownership and operation of the Properties. Borrower is
not relying on Lender’s expertise, business acumen or advice in connection with the Properties. 
 (d) Notwithstanding
anything to the contrary contained herein, Lender is not undertaking the performance of (i) any obligations related to any Individual Property (including, without limitation, under the Leases); or (ii) any obligations with respect to any
agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents to which any Borrower Party and/or any Individual Property is subject. 

(e) By accepting or approving anything required to be observed, performed or fulfilled or to be given to Lender pursuant to this
Agreement, the Security Instruments, the Note or the other Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance
policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by
Lender. 
 (f) Borrower recognizes and acknowledges that in accepting this Agreement, the Note, the Security Instruments and the
other Loan Documents, Lender is expressly and primarily relying on the truth and accuracy of the representations and warranties set forth in Article 3 of this Agreement without any obligation to investigate the Properties and notwithstanding any
investigation of the Properties by Lender; that such reliance existed on the part of Lender prior to the date hereof, that the warranties and representations are a material inducement to Lender in making the Loan; and that Lender would not be
willing to make the Loan and accept this Agreement, the Note, the Security Instruments and the other Loan Documents in the absence of the warranties and representations as set forth in Article 3 of this Agreement. 

  
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 Section 17.11     Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to
reach the general public which refers to this Agreement, the Note, the Security Instruments or the other Loan Documents or the financing evidenced by this Agreement, the Note, the Security Instruments or the other Loan Documents, to Lender or any of
its Affiliates shall be subject to the prior written approval of Lender, not to be unreasonably withheld. 
 Section 17.12     Conflict; Construction of Documents; Reliance.
In the event of any conflict between the provisions of this Agreement and the Security Instruments, the Note or any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were
represented by competent counsel in connection with the negotiation, drafting and execution of this Agreement, the Note, the Security Instruments and the other Loan Documents and this Agreement, the Note, the Security Instruments and the other Loan
Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the
Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies
available to it under this Agreement, the Note, the Security Instruments and the other Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of
any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies.
Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse-to or competitive with the business of Borrower or its Affiliates.

 Section 17.13     Entire Agreement. This Agreement, the Note, the Security Instruments and the other Loan Documents contain the entire
agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written between Borrower and Lender are superseded by the terms of
this Agreement, the Note, the Security Instruments and the other Loan Documents. 
 Section 17.14     Liability. If Borrower consists of more than
one Person, the obligations and liabilities of each such Person hereunder shall be joint and several. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever.

 Section 17.15     Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each
duplicate original shall be deemed to be an original. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

Section 17.16
    Contributions and Waivers. 
 (a) As a result of the transactions contemplated by this
Agreement and the other Loan Documents, each Borrower will benefit, directly and indirectly, from each Borrower’s obligation to pay the Debt and perform its obligations hereunder and under the other Loan Documents (collectively, the
“Obligations”) and in consideration therefore each Borrower desires to enter into an allocation and contribution agreement among themselves as set forth in this Section to allocate such benefits among themselves and to provide a fair and
equitable agreement to make contributions among each of Borrowers in the event any payment is made by any individual Borrower hereunder to Lender (such payment being referred to herein as a “Contribution,” and for purposes of this Section,
includes any exercise of recourse by Lender against any Property of a Borrower and application of proceeds of such Property in satisfaction of such Borrower’s obligations, to Lender under the Loan Documents). 

(b) Each Borrower shall be liable hereunder with respect to the Obligations only for such total maximum amount (if any) that would not
render its Obligations hereunder or under any of the Loan Documents subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of applicable Legal Requirements. 

  
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 (c) In order to provide for a fair and equitable contribution among Borrowers in the event
that any Contribution is made by an individual Borrower (a “Funding Borrower”), such Funding Borrower shall be entitled to certain reimbursement from all other Borrowers for all payments, damages and expenses incurred by that
Funding Borrower in discharging any of the Obligations (a “Reimbursement Contribution”), in the manner and to the extent set forth in this Section. 
 (d) For purposes hereof, the “Benefit Amount” attributed to any individual Borrower as of any date of determination shall be the value of the benefits to such Borrower and its Affiliates
from the extension(s) of credit made by Lender to (i) such Borrower, plus (ii) to the other Borrowers hereunder and the Loan Documents, to the extent such other Borrowers have guaranteed or mortgaged their property to secure the
Obligations of such Borrower to Lender. 
 (e) Each Borrower shall be liable to a Funding Borrower in an amount equal to the
greater of (i) the ratio of the Benefit Amount of such Borrower to the total amount of the Obligations, multiplied by the sum of Obligations paid by such Funding Borrower, or (ii) ninety-five percent (95%) of the remainder sum of
(x) the fair market value of the property of such Borrower, minus (y) the total liabilities of such Borrower (including the maximum amount reasonably expected to become due in respect of contingent liabilities) determined as of the
date on which the payment made by a Funding Borrower is deemed made for purposes hereof (giving effect to all payments made by other Funding Borrowers as of such date in a manner to maximize the amount of such Contributions). 

(f) In the event that at any time there exists more than one Funding Borrower with respect to any Contribution (in any such case, the
“Applicable Contribution”), then Reimbursement Contributions from other Borrowers pursuant hereto shall be allocated among such Funding Borrowers in proportion to the total amount of the Contribution made for or on account of the other
Borrowers by each such Funding Borrower pursuant to the Applicable Contribution. In the event that at any time any Borrower pays an amount hereunder in excess of the amount calculated pursuant to this Section 17.16, that Borrower shall be
deemed to be a Funding Borrower to the extent of such excess and shall be entitled to a Reimbursement Contribution from the other Borrowers in accordance with the provisions of this Section. 

(g) Each Borrower acknowledges that the right to Reimbursement Contribution hereunder shall constitute an asset in favor of Borrower to
which such Reimbursement Contribution is owing. 
 (h) No Reimbursement Contribution payments payable by a Borrower pursuant to
the terms of this Section shall be paid until all amounts then due and payable by all of Borrowers to Lender, pursuant to the terms of the Loan Documents, are paid in full in cash. Nothing contained in this Section shall limit or affect in any way
the Obligations of any Borrower to Lender under the Loan Documents. 
 (i) To the extent permitted by applicable Legal
Requirements, each Borrower waives: 
 (i) any right to require Lender to proceed against any other Borrower or
any other Person or to proceed against or exhaust any security held by Lender at any time or to pursue any other remedy in Lender’s power before proceeding against Borrower; 

(ii) any defense based upon any legal disability or other defense of any other Borrower, any guarantor of any other Person
or by reason of the cessation or limitation of the liability of any other Borrower or any guarantor from any cause other than full payment of all sums payable under the Loan Documents; 

(iii) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to
act on behalf of any other Borrower or any principal of any other Borrower or any defect in the formation of any other Borrower or any principal of any other Borrower; 

(iv) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither
larger in amount nor in any other respects more burdensome than that of a principal; 

  
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 (v) any defense based upon any failure by Lender to obtain collateral for
the indebtedness or failure by Lender to perfect a lien on any collateral; 
 (vi) presentment, demand, protest
and notice of any kind; 
 (vii) any defense based upon any failure of Lender to give notice of sale or other
disposition of any collateral to any other Borrower or to any other Person or any defect in any notice that may be given in connection with any sale or disposition of any collateral; 

(viii) any defense based upon any failure of Lender to comply with applicable laws in connection with the sale or other
disposition of any collateral, including any failure of Lender to conduct a commercially reasonable sale or other disposition of any collateral; 
 (ix) any defense based upon any use of cash collateral under Section 363 of the Bankruptcy Code; 
 (x) any defense based upon any agreement or stipulation entered into by Lender with respect to the provision of adequate protection in any bankruptcy proceeding; 

(xi) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy
Code; 
 (xii) any defense based upon the avoidance of any security interest in favor of Lender for any reason;

 (xiii) any defense based upon any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
liquidation or dissolution proceeding, including any discharge of, or bar or stay against collecting, all or any of the obligations evidenced by the Note or owing under any of the Loan Documents; 

(xiv) any defense or benefit based upon Borrower’s, or any other party’s, resignation of the portion of any
obligation secured by any Security Instrument to be satisfied by any payment from any other Borrower or any such party; 
 (xv) all rights and defenses arising out of an election of remedies by Lender even though the election of remedies, such as non-judicial foreclosure with respect to security for the Loan or any other
amounts owing under the Loan Documents, has destroyed Borrower’s rights of subrogation and reimbursement against any other Borrower; and 
 (xvi) all rights and defenses that Borrower may have because any of Debt is secured by real property. This means, among other things (subject to the other terms and conditions of the Loan Documents):
(1) Lender may collect from Borrower without first foreclosing on any real or personal property collateral pledged by any other Borrower, and (2) if Lender forecloses on any real property collateral pledged by any other Borrower,
(I) the amount of the Debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price and (II) Lender may collect from Borrower even if any other
Borrower, by foreclosing on the real property collateral, has destroyed any right Borrower may have to collect from any other Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Borrower may have because any of the
Debt is secured by real property; and except as may be expressly and specifically permitted herein, any claim or other right which Borrower might now have or hereafter acquire against any other Borrower or any other Person that arises from the
existence or performance of any obligations under the Loan Documents, including any of the following: (i) any right of subrogation, reimbursement, exoneration, contribution, or indemnification; or (ii) any right to participate in any claim
or remedy of Lender against any other Borrower or any collateral security therefor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law. 

  
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 (j) Each Borrower hereby restates and makes the waivers made by Guarantor in the Guaranty
for the benefit of Lender. Such waivers are hereby incorporated by reference as if fully set forth herein (and as if applicable to each Borrower) and shall be effective for all purposes under the Loan (including, without limitation, in the event
that any Borrower is deemed to be a surety or guarantor of the Debt (by virtue of each Borrower being co-obligors and jointly and severally liable hereunder, by virtue of each Borrower encumbering its interest in the Properties for the benefit or
debts of the other Borrowers in connection herewith or otherwise)).] 

Section 17.17
    Knowledge. All references in this Agreement or any other Loan Documents to the knowledge of Borrower and/or Guarantor shall be deemed to mean the current
actual knowledge of such party. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their duly authorized representatives, all as of the day and year first above written. 
  

			
	[Entities Listed on Exhibit A]
		
	By:	 	/s/ H. Michael Schwartz
		 	Name: H. Michael Schwartz
		 	Title: President

  

			
	LENDER:
	
	CITIGROUP GLOBAL MARKETS REALTY CORP.
		
	By:	 	/s/ Ana E. Rosu
		 	Name: Ana E. Rosu
		 	Title: Authorized Signatory

 [NO
FURTHER TEXT ON THIS PAGE] 

 EXHIBIT A 
 List of Borrowers 
  

	1)	SSTI 1000 E 95th ST, LLC 

	2)	SSTI 2244 S Western AVE, LLC 

	3)	SSTI 5701 W Ogden AVE, LLC 

	4)	SSTI 5525 W Roosevelt RD, LLC 

	5)	SSTI 1120 S Las Vegas BLVD, LLC 

	6)	SSTI 11640 Jones Bridge RD, LLC 

	7)	SSTI 2016 Lebanon RD, LLC 

	8)	SSTI 8080 Steilen DR, LLC 

	9)	SSTI 69 Mallory AVE, LLC 

	10)	SSTI 15 McClure Dr, LLC 

	11)	SSTI 1742 Pass Rd, LLC

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