Document:

Exhibit

Exhibit 10.21

TRUST AGREEMENT
OF
BC EXCHANGE [l] DST, 
a Delaware statutory trust

DATED AS OF 
[l], [l]

BY AND AMONG

BC EXCHANGE [l] TRS LLC, 
a Delaware limited liability company,
AS DEPOSITOR,
BC EXCHANGE [l] MANAGER LLC, 
a Delaware limited liability company,
AS MANAGER & SIGNATORY TRUSTEE,

AND

THE CORPORATION TRUST COMPANY, 
AS DELAWARE TRUSTEE

TABLE OF CONTENTS
	
				
	 
	 
	Page

	ARTICLE 1 DEFINITIONS AND INTERPRETATION
	2
	

	Section 1.1
	Definitions
	2
	

	ARTICLE 2 GENERAL MATTERS
	5
	

	Section 2.1
	Organizational Matters
	5
	

	Section 2.2
	Declaration of Trust and Statement of Intent
	6
	

	Section 2.3
	Purposes
	6
	

	ARTICLE 3 PROVISIONS RELATING TO TAX TREATMENT
	6
	

	Section 3.1
	Article 3 Supersedes All Other Provisions of this Trust Agreement
	6
	

	Section 3.2
	Provisions Relating to Tax Treatment
	6
	

	ARTICLE 4 CONCERNING THE DELAWARE TRUSTEE AND THE SIGNATORY TRUSTEE
	8
	

	Section 4.1
	Power and Authority of the Delaware Trustee
	8
	

	Section 4.2
	Delaware Trustee May Request Direction
	8
	

	Section 4.3
	Delaware Trustee’s Capacity
	9
	

	Section 4.4
	Duties
	9
	

	Section 4.5
	Indemnification
	9
	

	Section 4.6
	Removal; Resignation; Succession
	10
	

	Section 4.7
	Fees and Expenses
	11
	

	Section 4.8
	Signatory Trustee
	11
	

	ARTICLE 5 CONCERNING THE MANAGER
	11
	

	Section 5.1
	Power and Authority
	11
	

	Section 5.2
	Manager’s Capacity
	12
	

	Section 5.3
	Duties
	12
	

	Section 5.4
	Indemnification
	13
	

	Section 5.5
	Fees and Expenses
	14
	

	Section 5.6
	Sale of Trust Estate by Manager Is Binding
	14
	

	Section 5.7
	Removal/ Resignation; Succession
	14
	

	ARTICLE 6 BENEFICIAL INTERESTS
	15
	

	Section 6.1
	Issuance of Class 1 and Class 2 Beneficial Interests
	15
	

	Section 6.2
	Ownership Records
	16
	

	Section 6.3
	[Intentionally Omitted]
	16
	

	Section 6.4
	Restrictions on Transfer
	16
	

	Section 6.5
	Conditions to Admission of New Beneficial Owners
	17
	

	Section 6.6
	Limit on Number of Beneficial Owners
	17
	

	Section 6.7
	Representations and Acknowledgments of Beneficial Owners
	17
	

	Section 6.8
	Status of Relationship
	18
	

	Section 6.9
	No Legal Title to Trust Estate
	18
	

	Section 6.10
	In-Kind Distributions
	18
	

	Section 6.11
	Rights and Powers of Class 2 Beneficial Owner Prior to Conversion Notice
	18
	

	Section 6.12
	Issuance of Conversion Notice
	18
	

	Section 6.13
	Rights and Powers of Class 1 Beneficial Owners
	19
	

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	Section 6.14
	Contributions by the Class 1 Beneficial Owners; Reduction in Class 2 Beneficial Interest
	19
	

	ARTICLE 7 DISTRIBUTIONS AND REPORTS
	19
	

	Section 7.1
	Payments From Trust Estate Only
	19
	

	Section 7.2
	Operating Account
	19
	

	Section 7.3
	Distributions in General
	20
	

	Section 7.4
	Distribution Upon Dissolution
	20
	

	Section 7.5
	Cash and other Accounts; Reports by the Manager
	20
	

	ARTICLE 8 RELIANCE; REPRESENTATIONS; COVENANTS
	20
	

	Section 8.1
	Good Faith Reliance
	20
	

	Section 8.2
	No Representations or Warranties as to Certain Matters
	21
	

	ARTICLE 9 TERMINATION
	22
	

	Section 9.1
	Termination in General
	22
	

	Section 9.2
	Termination to Protect and Conserve Trust Estate
	22
	

	Section 9.3
	Sale of the Trust Estate
	22
	

	Section 9.4
	Distribution upon Sale or Transfer Distribution
	23
	

	Section 9.5
	Certificate of Cancellation
	23
	

	ARTICLE 10 MISCELLANEOUS
	23
	

	Section 10.1
	Limitations on Rights of Others
	23
	

	Section 10.2
	Successors and Assigns
	24
	

	Section 10.3
	Usage of Terms
	24
	

	Section 10.4
	Headings
	24
	

	Section 10.5
	Amendments
	24
	

	Section 10.6
	Notices
	24
	

	Section 10.7
	Governing Law
	26
	

	Section 10.8
	Counterparts
	26
	

	Section 10.9
	Severability
	26
	

	Section 10.10
	Signature of Beneficial Owners
	26
	

	Section 10.11
	Arbitration
	26
	

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TRUST AGREEMENT 
OF 
BC EXCHANGE [l] DST,  
A DELAWARE STATUTORY TRUST
This TRUST AGREEMENT, dated as of [l], [l] (as the same may be amended or supplemented from time to time, this “Trust Agreement”) of BC Exchange [l] DST (the “Trust”), is made by and among BC Exchange [l] TRS LLC, a Delaware limited liability company (as the “Depositor”), BC Exchange [l] Manager LLC, a Delaware limited liability company, as Manager and Signatory Trustee, and the Corporation Trust Company of Delaware (“CTC”) as Delaware Trustee.
RECITALS
A.    On [l], [l], the Trust purchased from [l], a [l] (the “Seller”) that certain real property located in [l] as more particularly described on Exhibit A (the “Land Parcel”; together with all of Predecessor Owner’s right, title and interest in and to (A) the adjacent streets, roads, alleys, strips, gores, easements, rights of ingress or egress, rights-of-way, reversionary rights, and any other interests in, on, or to any land, highway, street, road or avenue, open or proposed, in, on, across, in front of, abutting or adjoining the Land Parcel, and any awards made or to be made in connection therewith, and (B) the air rights or development rights, if any, owned by Predecessor Owner appertaining to or otherwise benefitting the Land Parcel, and together with all of the Predecessor Owner’s right, title and interest, if any, in all buildings, structures, fixtures and improvements located on the Land Parcel, collectively, the “Real Estate”).
B.    Concurrent with the acquisition of the Real Estate, the Real Estate became subject to the Master Lease (as hereinafter defined).
C.    It is anticipated that certain Persons (as hereinafter defined) will acquire Class 1 Beneficial Interests (as hereinafter defined) in the Trust in exchange for payment of money to the Trust and become Class 1 Beneficial Owners (as hereinafter defined) in accordance with the provisions of this Trust Agreement, which money will be distributed to the Depositor (as hereinafter defined) in whole or partial redemption of the Beneficial Interest held by the Depositor.
E.    The Trust will retain BC Exchange [l] Manager LLC, a Delaware limited liability company, as the Manager of the Trust to undertake certain actions and perform certain duties that would otherwise be performed by the Trust.
NOW, THEREFORE, in consideration of the mutual agreements contained in this Trust Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
ARTICLE 1
DEFINITIONS AND INTERPRETATION

Section 1.1    Definitions. Capitalized terms used in this Trust Agreement shall have the following meanings:
“Acquisition Agreement” has the meaning given to such term in Recital A.
“Acquisition Date” means the date on which the Trust acquires the Real Estate.
“Acquisitions” has the meaning given to such term in Recital A.
“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing.
“Beneficial Interest” means a beneficial interest in the Trust, as such term is used in the Statutory Trust Act, all of which interests shall be either Class 1 Beneficial Interests (which may, for the avoidance of doubt, be issued in multiple types as described herein) or Class 2 Beneficial Interests.
“Beneficial Owner” means each Person who, at the time of determination, holds a Beneficial Interest as reflected on the most recent Ownership Records.
“Business Day” is any day other than on Saturday, Sunday or legal holiday in the State of Delaware.
“CTC” means the Corporation Trust Company.
“Cause” shall mean willful misconduct, bad faith, fraud or gross negligence, as determined by arbitration under the procedures described in Section 10.11.
“Certificate of Trust” means the certificate of trust of the Trust in substantially the form of Exhibit C.
“Class 1 Beneficial Interests” means the Beneficial Interests held by the Investors.
“Class 2 Beneficial Interest” means the Beneficial Interest held by the Depositor.
“Class 1 Beneficial Owners” means the Investors.
“Class 2 Beneficial Owner” means the Depositor.
“Closing Date” means that date of the first sale of Beneficial Interests in the Trust to the Investors.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

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“Conversion Notice” means the notice, in substantially the form of Exhibit G, issued by the Depositor to the Delaware Trustee and the Manager stating that the provisions of Section 3.2(c) shall become effective upon receipt of the notice by the Delaware Trustee.
“Delaware Trustee” means the Person serving, at the time of determination, as the Delaware Trustee under this Trust Agreement. As of the Effective Date, the Delaware Trustee is CTC.
“Effective Date” means the date of this Trust Agreement as specified in the introductory paragraph of this Trust Agreement.
“Exhibit” means an exhibit attached to this Trust Agreement, unless otherwise specified.
“Investors” means the purchasers of Class 1 Beneficial Interests in the Trust.
“LP” has the meaning given to such term in Section 9.2.
“Manager” means the Person serving, at the time of determination, as the manager under this Trust Agreement.  As of the Effective Date, the Manager is BC Exchange [l] Manager LLC, a Delaware limited liability company.
“Manager Covered Expenses” has the meaning given to such term in Section 5.4.
“Manager Indemnified Persons” has the meaning given to such term in Section 5.4.
“Master Lease” means that master lease agreement between the Master Tenant and the Trust, relating to the Real Estate, together with all amendments, supplements and modifications thereto.
“Master Tenant” means BC Exchange [l] Master Tenant LLC, a Delaware limited liability company.
“Offered Interest” means a Class 1 Beneficial Interest, or portion thereof, that is being offered for sale pursuant to a Third-Party Offer.
“Offerees” means, with respect to a Third-Party Offer, the Manager and each Class 1 Beneficial Owner other than the Selling Beneficial Owner.
“Ownership Records” means the records maintained by the Manager, substantially in the form of Exhibit D, indicating from time to time the name, mailing address, and Percentage Share of each Beneficial Owner, which records shall initially indicate the Depositor as the sole Beneficial Owner and shall be revised by the Manager contemporaneously to reflect the issuance of Beneficial Interests in accordance with this Trust Agreement, changes in mailing addresses, or other changes.
“Percentage Share” means, for each Beneficial Owner, the percentage of the aggregate Beneficial Interests in the Trust held by such Beneficial Owner as reflected on the most recent Ownership Records.  For the avoidance of doubt, the sum of (i) the Percentage Share of the Class 1 Beneficial Interests and (ii) the Percentage Share of the Class 2 Beneficial Interests at all times shall be one hundred percent (100%).
“Permitted Investment” has the meaning set forth in Section 7.3.

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“Permitted Transfer” means (a) the transfer of a Class 1 Beneficial Interest (i) by devise, descent or by operation of law upon the death of a Class 1 Beneficial Owner or the member, partner, or stockholder of a Class 1 Beneficial Owner or (ii) by an individual to a trust or other entity created for estate planning purposes primarily for the benefit of such individual or (b) the transfer of a Class 2 Beneficial Interest by the Depositor to an Affiliate.
“Person” means a natural person, corporation, limited partnership, general partnership, joint stock company, joint venture, association, company, trust, bank trust company, land trust, business trust, statutory trust or other organization, whether or not a legal entity, and a government or agency or political subdivision thereof.
“Purchase Agreement” means the agreement to be entered into by the Trust (through the Manager) and each Investor with respect to the acquisition of Class 1 Beneficial Interests by the Investors.
“Real Estate” has the meaning given to such term in Recital A.
“Regulations” means U.S. Treasury Regulations promulgated under the Code.
“Reserves” has the meaning given to such term in Section 7.3.
“ROFR Notice” has the meaning given to such term in Section 6.4(a).
“Secretary of State” has the meaning given to such term in Section 2.1(b).
“Section” means a section of this Trust Agreement, unless otherwise specified.
“Securities Act” means the Securities Act of 1933, as amended.
“Selling Beneficial Owner” means a Class 1 Beneficial Owner who receives a Third-Party Offer.
“Signatory Trustee” has the meaning given to such term in Section 4.8.
“Statutory Trust Act” has the meaning given to such term in Recital B.
“Third-Party Offer” means an offer, whether solicited or unsolicited, to purchase all or a portion of a Class 1 Beneficial Interest or a controlling ownership interest in the Selling Beneficial Owner that (a) is for a specified price and stated terms, (b) is made by a Person, identified therein by name and address and (c) contains all terms and conditions of the proposed purchase and sale thereof.
“Transaction Documents” means the Trust Agreement (including all agreements the forms of which are attached as exhibits thereto), the Purchase Agreement, the Master Lease, together with any other documents to be executed in furtherance of the investment activities of the Trust.
“Transfer Distribution” has the meaning given to such term in Section 9.2.

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“Trust” means BC Exchange [l] DST, a Delaware statutory trust formed by and in accordance with, and governed by, this Trust Agreement.
“Trust Agreement” has the meaning given to such term in the introductory paragraph of this Trust Agreement.
“Trust Year” means (i) initially, the period of time commencing on the Acquisition Date and ending on the date that is twelve (12) months later and (ii) subsequently, each successive twelve (12) month period thereafter.
“Trustee Covered Expenses” has the meaning given to such term in Section 4.5.
“Trustee Indemnified Persons” has the meaning given to such term in Section 4.5.
“Trust Estate” means all of the Trust’s right, title, and interest in and to the Master Lease, the Real Estate, and any and all other property and assets (whether tangible or intangible) in which the Trust at any time has any right, title or interest.
ARTICLE 2
GENERAL MATTERS

Section 2.1    Organizational Matters.
(a)    CTC is hereby appointed as the Delaware Trustee, and CTC hereby accepts such appointment.
(b)    The Depositor hereby authorizes and directs the Delaware Trustee to execute and file the Certificate of Trust in the office of the Secretary of State of the State of Delaware (the “Secretary of State”), and authorizes the Delaware Trustee to execute and file in the office of the Secretary of State such certificates as may from time to time be required under the Statutory Trust Act or any other Delaware law.
(c)    The name of the Trust is “BC Exchange [l] DST.”  The Manager shall have full power and authority, and is hereby authorized, to conduct the activities of the Trust, execute and deliver all documents (including, without limitation, the Transaction Documents) for or on behalf of the Trust, and cause the Trust to sue or be sued under its name. Any reference to the Trust shall be a reference to the statutory trust formed pursuant to the Certificate of Trust and this Trust Agreement and not to the Delaware Trustee, the Signatory Trustee or the Manager individually or to the officers, agents or employees of the Trust, the Delaware Trustee, the Signatory Trustee or the Manager.
(d)    The principal office of the Trust, and such additional offices as the Manager may determine to establish, shall be located at such places inside or outside of the State of Delaware as the Manager shall designate from time to time. As of the Effective Date, the principal office of the Trust is located c/o the Manager at 518 17th Street, 17th Floor, Denver, CO 80202.

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(e)    Legal title to the Trust Estate shall be vested in the Trust as a separate legal entity.
Section 2.2    Declaration of Trust and Statement of Intent.
(a)    The Trust hereby declares that it shall hold the Trust Estate in trust for the benefit of the Beneficial Owners upon the terms set forth in this Trust Agreement.
(b)    It is the intention of the parties that the Trust constitute a “statutory trust,” the Delaware Trustee is a “trustee,” the Manager is an “agent” of the Trust, the Signatory Trustee is a co-trustee (subject to the limitations provided for in Section 4.8), the Beneficial Owners are “beneficial owners,” and this Trust Agreement is the “governing instrument” of the Trust, each within the respective meaning of such term as provided in or as used in the Statutory Trust Act.
Section 2.3    Purposes.  The purposes of the Trust are to engage in the following activities:  (a) to acquire the Real Estate; (b) to enter into, perform its obligations and enjoy its entitlements under the Master Lease; (c) to hold for investment and eventually dispose of the Real Estate; and (d) to take only such other actions as the Manager deems necessary to carry out the foregoing.
ARTICLE 3
PROVISIONS RELATING TO TAX TREATMENT

Section 3.1    Article 3 Supersedes All Other Provisions of this Trust Agreement.  This Article 3 contains certain provisions intended to achieve the desired treatment of the Trust and Beneficial Interests for United States federal income tax purposes.  To the extent of any inconsistency between this Article 3 and any other provision of this Trust Agreement, this Article 3 shall supersede and be controlling; provided, for the avoidance of doubt, that nothing in this Article 3 shall limit or impair the Trust’s power and authority to execute and deliver, and to perform its obligations under, the Transaction Documents, and further provided that the requirements of this Article 3 shall be enforceable to the maximum extent permissible under the Statutory Trust Act.
Section 3.2    Provisions Relating to Tax Treatment.
(a)    Prior to the issuance of the Conversion Notice, the sole Beneficial Owner of the Trust shall be the Depositor.  The rights of the Depositor (as the Class 2 Beneficial Owner) with respect to the assets and property held by the Trust, as provided in Section 6.11, are such that the Trust will be characterized at such time as a “business entity” within the meaning of Regulation Section 301.7701-3.  Because the Depositor will be the sole Beneficial Owner, the Trust will be characterized as a disregarded entity, and all assets and property of the Trust shall be treated for Federal income tax purposes as assets and property of the Depositor.
(b)    Upon the issuance of the Conversion Notice, the special rights of Depositor (as the Class 2 Beneficial Owner) set forth in Section 6.11 will terminate, as set forth in Section 6.12, and the Depositor will have the same rights as any Class 1 Beneficial Owner.  At that time, the Depositor will be deemed for Federal income tax purposes to have transferred the Real Estate 

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to a separate entity, the Trust, which will be classified for Federal income tax purposes as specified in Section 3.2(c).
(c)    It is the intention of the parties to this Trust Agreement that upon and at all times after the issuance of the Conversion Notice the Trust shall constitute an investment trust pursuant to Regulation Section 301.7701-4(c) and each Beneficial Owner shall be treated as a “grantor” within the meaning of Code Section 671.  As such, the parties further intend that each Beneficial Owner shall be treated for Federal income tax purposes as if it holds a direct ownership interest in the Real Estate.  Each Beneficial Owner agrees to report its interest in the Trust in a manner consistent with the foregoing and otherwise not to take any action that would be inconsistent with the foregoing.  Upon and after issuance of the Conversion Notice, none of the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial Owners and/or the Trust shall have power and authority, or shall be authorized, and each of them is hereby expressly prohibited from taking, and none of them shall be allowed to take, any of the following actions, if the effect would be that such action or actions would constitute a power under the Trust Agreement to “vary the investment of the certificate holders” under Regulations Section 301.7701-4(c)(1) and Rev. Rul. 2004-86:
(i)    sell, transfer or exchange the Real Estate except as required under Article 9;
(ii)    reinvest any monies of the Trust, except to make modifications or repairs to the Real Estate permitted under this Trust Agreement or in accordance with Section 7.3;
(iii)    renegotiate the terms of any loan or enter into new financing;
(iv)    renegotiate any lease or enter into new leases, except in the case of the tenant’s bankruptcy or insolvency;
(v)    make modifications to the Real Estate (other than minor non-structural modifications) unless required by law;
(vi)    accept any capital from a Beneficial Owner (other than capital from an Investor that will be distributed to the Depositor and reduce the Depositor’s Percentage Share); or
(vii)    take any other action which would in the opinion of tax counsel to the Trust cause the Trust to be treated as a business entity for federal income tax purposes; or.
The Trust shall hold the Trust Estate for investment purposes and only lease the Real Estate to the Master Tenant.  The activities of the Trust with respect to the Trust Estate shall be limited to the activities which are customary services in connection with the maintenance and repair of the Real Estate and none of the Delaware Trustee, the Signatory Trustee, Beneficial Owners, the Manager nor their agents shall provide non-customary services, as such term is defined in Code Sections 512 and 856 and Rev. Rul. 75-374, 1975-2 C.B. 261.  The Trust shall conduct no business other than as specifically set forth in this Section 3.2.  Without limiting the generality of the foregoing, upon and after issuance of the Conversion Notice, (A) none of the Delaware Trustee, the Signatory Trustee, 

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the Manager, the Beneficial Owners and the Trust shall have any power or authority to undertake any actions that are not permitted to be undertaken by an entity that is treated as a “trust” within the meaning of Regulations Section 1.7701-4 and not treated as a “business entity” within the meaning of Regulations Section 1.7701-3, and (B) this Trust Agreement shall be interpreted and enforced so as to be in compliance with the requirements of Rev. Rul. 2004-86, 2004-33 I.R.B. 191.
For Federal income tax purposes, after issuance of the Conversion Notice, the Trust is intended to be and shall constitute an investment trust pursuant to Regulations Section 301.7701-4(c) and a “grantor trust” under Subpart E of Part 1, Subchapter J of the Code (Code Sections 671 - 679) and shall not constitute a “business entity.”
ARTICLE 4
CONCERNING THE DELAWARE TRUSTEE AND THE SIGNATORY TRUSTEE

Section 4.1    Power and Authority of the Delaware Trustee.  The Delaware Trustee shall have the power and authority, and is hereby authorized and empowered, to (a) accept legal process served on the Trust in the State of Delaware; and (b) execute any certificates that are required to be executed under the Statutory Trust Act and file such certificates in the office of the Secretary of State, and take such action or refrain from taking such action under this Trust Agreement as may be directed in a writing delivered to the Delaware Trustee by the Manager; provided, however, that the Delaware Trustee shall not be required to take or to refrain from taking any such action if the Delaware Trustee shall believe, or shall have been advised by counsel, that such performance is likely to involve the Delaware Trustee in personal liability or to result in personal liability to the Delaware Trustee, or is contrary to the terms of this Trust Agreement or of any document contemplated hereby to which the Trust or the Delaware Trustee is or becomes a party or is otherwise contrary to law. The Manager agrees not to instruct the Delaware Trustee to take any action or to refrain from taking any action that is contrary to the terms of this Trust Agreement or of any document contemplated hereby to which the Trust or the Delaware Trustee is or becomes party or that is otherwise contrary to law.  Other than as expressly provided for in this Trust Agreement, the Delaware Trustee shall have no duty to take any action for or on behalf of the Trust.
Section 4.2    Delaware Trustee May Request Direction.  If at any time the Delaware Trustee determines that it requires or desires guidance regarding the application of any provision of this Trust Agreement or any other document, or regarding action that must or may be taken in connection herewith or therewith, or regarding compliance with any direction it received under this Trust Agreement, then the Delaware Trustee may deliver a notice to a court of applicable jurisdiction or, in the Delaware Trustee’s sole and absolute discretion, to an arbitrator in accordance with Section 10.11, requesting written instructions as to the desired course of action, and such instructions from the court or arbitrator shall constitute full and complete authorization and protection for actions taken and other performance by the Delaware Trustee in reliance thereon.  Until the Delaware Trustee has received such instructions after delivering such notice, it shall be fully protected in refraining from taking any action with respect to the matters described in such notice.

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Section 4.3    Delaware Trustee’s Capacity.  In accepting the trust hereby created, CTC acts solely as Delaware Trustee under this Trust Agreement and not in its individual capacity, serves the Trust solely to fulfill the Trust’s obligation pursuant to Section 3807(a) of the Statutory Trust Act to have at least one trustee who has its principal place of business in the State of Delaware, and all Persons having any claim against the Delaware Trustee by reason of the transactions contemplated by this Trust Agreement, the Transaction Documents, or any other document shall look only to the Trust Estate for payment or satisfaction thereof.  Notwithstanding any provision of this Trust Agreement or any other document to the contrary, under no circumstances shall CTC, in its individual capacity or in its capacity as Delaware Trustee, (a) have any duty to choose or supervise, nor shall it have any liability for the actions or inactions of, the Manager or any officer, manager, employee, or other Person (other than CTC and its own employees), or (b) be liable or responsible for, or obligated to perform, any contract, representation, warranty, obligation or liability of the Trust, the Manager, or any officer, manager, employee, or other Person (other than CTC and its own employees); provided, however, that this limitation shall not protect CTC against any liability to the Beneficial Owners to which it would otherwise be subject by reason of its willful misconduct, bad faith, fraud or gross negligence in the performance of its duties under this Trust Agreement.
Section 4.4    Duties.  None of the Delaware Trustee, CTC or any successor Delaware Trustee shall have any duty or obligation under or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated by this Trust Agreement, except as expressly provided by the terms of this Trust Agreement, and no implied duties or obligations shall be read into this Trust Agreement against the Delaware Trustee, CTC or any successor Delaware Trustee.  The right of the Delaware Trustee to perform any discretionary act enumerated in this Trust Agreement shall not be construed as a duty.  To the fullest extent permitted by applicable law, including without limitation Section 3806 of the Statutory Trust Act, the Delaware Trustee’s, CTC’s or any successor Delaware Trustee’s duties (including fiduciary duties) and liabilities relating thereto to the Trust and the Beneficial Owners shall be restricted to those duties (including fiduciary duties) expressly set forth in this Trust Agreement and liabilities relating thereto.
Section 4.5    Indemnification.  The Class 1 Beneficial Owners, jointly and severally, hereby agree to (a) reimburse the Delaware Trustee, CTC and/or any successor Delaware Trustee for all reasonable expenses (including reasonable fees and expenses of counsel and other professionals), incurred in connection with the negotiation, execution, delivery, or performance of, or exercise of rights or powers under, this Trust Agreement, (b) to the fullest extent permitted by law, indemnify, defend and hold harmless the Delaware Trustee, CTC and/or any successor Delaware Trustee, and the officers, directors, employees and agents of the Delaware Trustee and/or any successor Delaware Trustee (collectively, including the Delaware Trustee, CTC and/or any successor Delaware Trustee in its individual capacity, the “Trustee Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and other professionals), taxes and penalties of any kind and nature whatsoever (collectively, “Trustee Covered Expenses”), to the extent that such Trustee Covered Expenses arise out of or are imposed upon or asserted at any time against 

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any such Trustee Indemnified Persons, including without limitation on the basis of ordinary negligence on the part of any such Trustee Indemnified Persons, with respect to or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby; provided, however, that the Beneficial Owners or the Trust shall not be required to indemnify a Trustee Indemnified Person for Trustee Covered Expenses to the extent such Trustee Covered Expenses result from the willful misconduct, bad faith, fraud or gross negligence of such Trustee Indemnified Person, and (c) to the fullest extent permitted by law, advance to each such Trustee Indemnified Person Trustee Covered Expenses incurred by such Trustee Indemnified Person in defending any claim, demand, action, suit or proceeding, in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby, prior to the final disposition of such claim, demand, action, suit or proceeding only upon receipt by any Class 1 Beneficial Owner of an undertaking, by or on behalf of such Trustee Indemnified Person, to repay such amount if a court of competent jurisdiction renders a final, nonappealable judgment that includes a specific finding of fact that such Trustee Indemnified Person is not entitled to be indemnified therefor under this Section 4.5.  The obligations of the Class 1 Beneficial Owners under this Section 4.5 shall survive the resignation or removal of the Delaware Trustee, shall survive the dissolution and termination of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.  The obligations of the Class 1 Beneficial Owners under this Section 4.5 shall be personal obligations irrespective of the sufficiency or insufficiency of the Trust Estate to satisfy any such obligations; provided, however, that the Manager shall utilize income from the Trust Estate to satisfy any such obligations prior to seeking contribution from the Beneficial Owners, which will reduce amounts that would otherwise be distributable to the Beneficial Owners.  For the avoidance of doubt, pursuant to Section 3803(b) of the Statutory Trust Act, the Delaware Trustee shall not be liable to any person other than the Trust or a beneficiary of the Trust for any act, omission or obligation of the Trust or any trustee thereof and all persons having any claim against Statutory Trust Act by reason of the transactions contemplated by this Trust Agreement or any other agreement or instrument related to the Trust shall look only to the Trust Estate for payment or satisfaction thereto.
Section 4.6    Removal; Resignation; Succession.  The Delaware Trustee may resign at any time by giving at least sixty (60) days’ prior written notice to the Manager.  The Manager may at any time remove the Delaware Trustee for Cause by written notice to the Delaware Trustee.  Cause shall only result from the willful misconduct, bad faith, fraud or gross negligence of the Delaware Trustee, as determined by arbitration under the procedures described in Section 10.11.  Such resignation or removal shall be effective upon the acceptance of appointment by a successor Delaware Trustee, as hereinafter provided.  In case of the removal or resignation of a Delaware Trustee, the Manager may appoint a successor by written instrument.  If a successor Delaware Trustee shall not have been appointed within sixty (60) days after the giving of such notice, the Delaware Trustee or any of the Beneficial Owners may apply to any court of competent jurisdiction in the United States to appoint a successor Delaware Trustee to act until such time, if any, as a successor shall have been appointed as provided above.  Any successor so appointed by such court shall immediately and without further act be superseded by any successor appointed as provided 

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above within one (1) year from the date of the appointment by such court.  Any successor, however appointed, shall execute and deliver to its predecessor Delaware Trustee an instrument accepting such appointment, and thereupon such successor, without further act, shall become vested with all the estates, properties, rights, powers, duties and trusts of the predecessor Delaware Trustee in the trusts under this Trust Agreement with like effect as if originally named the Delaware Trustee in this Trust Agreement; provided, however, that the predecessor Delaware Trustee shall take all action required to transfer title to the Trust Estate to such successor Delaware Trustee and upon the written request of such successor, such predecessor shall execute and deliver an instrument transferring to such successor, upon the trusts in this Trust Agreement expressed, all the estates, properties, rights, powers, duties and trusts of such predecessor, and such predecessor shall duly assign, transfer, deliver and pay over to such successor all monies or other property then held by such predecessor upon the trusts in this Trust Agreement expressed.  Any right of the Beneficial Owners against a predecessor Delaware Trustee in its individual capacity shall survive the resignation or removal of such predecessor, shall survive the dissolution and termination of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.
Any successor Delaware Trustee, however appointed, shall be a bank or trust company satisfying the requirements of Section 3807(a) of the Statutory Trust Act.  Any corporation into which the Delaware Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Delaware Trustee shall be a party, or any corporation to which substantially all the corporate trust business of the Delaware Trustee may be transferred, shall, subject to the preceding sentence, be the Delaware Trustee under this Trust Agreement without further act.
Section 4.7    Fees and Expenses.  The Delaware Trustee shall receive as compensation for its services under this Trust Agreement such fees as have been reasonably approved by the Manager.  The Delaware Trustee shall not have any obligation by virtue of this Trust Agreement to spend any of its own funds, or to take any action that could result in its incurring any cost or expense.
Section 4.8    Signatory Trustee.  The Manager will appoint in its sole discretion, and at all times, a co-trustee to serve with the Delaware Trustee for the purpose of performing all obligations and duties other than fulfilling the Trust’s obligations pursuant to Section 3807(a) of the Statutory Trust Act, including, but not limited to executing any documentation that may require the signature of more than one trustee of the Trust (the “Signatory Trustee”).  The Trust hereby grants the Signatory Trustee the power to act and sign documents on behalf of the Trust pursuant to the terms of this Section 4.8.  The Manager may appoint additional Signatory Trustees and replace any Signatory Trustee.  The Signatory Trustee shall not receive any compensation for its services.  The initial Signatory Trustee shall be the Manager.
ARTICLE 5
CONCERNING THE MANAGER
Section 5.1    Power and Authority.  The investment activities and affairs of the Trust shall be managed exclusively by or under the direction of the Manager.  The Manager shall have 

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the power and authority, and is hereby authorized and empowered, to manage the Trust Estate and the investment activities and affairs of the Trust, subject to and in accordance with the terms and provisions of this Trust Agreement, provided that the Manager shall have no power to engage on behalf of the Trust in any activities that the Trust could not engage in directly.  The Manager shall have the power and authority, and is hereby authorized, empowered, and directed by the Trust, to enter into, execute and deliver, and to cause the Trust to perform its obligations under, each of the Transaction Documents to which the Trust is or becomes a party or signatory, and in furtherance thereof, the Class 2 Beneficial Owner, at any time prior to the issuance of the Conversion Notice, may confirm such authorization, empowerment, and direction and otherwise direct the Manager in connection with the investment activities and affairs of the Trust.  The Manager may freely assign its power and authority pursuant to this Article 5.
Section 5.2    Manager’s Capacity.  The Manager acts solely as an agent of the Trust and not in its individual capacity, and all Persons having any claim against the Manager by reason of the transactions contemplated by this Trust Agreement, the Transaction Documents, or any other document shall look only to the Trust Estate for payment or satisfaction thereof.  Notwithstanding any provision of this Trust Agreement to the contrary, the Manager shall not have any liability to any Person except for its own willful misconduct, bad faith, fraud or gross negligence.
Section 5.3    Duties.
(a)    The Manager has primary responsibility for performing the administrative actions set forth in this Section 5.3.  In addition, the Manager shall have the obligations with respect to a potential sale of the Trust Estate set forth in Article 9.  In performing its duties under this Agreement, the Manager will act in good faith and in the interest of the Beneficial Owners. The Manager shall not have any duty or obligation under or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby, except as expressly provided by the terms of this Trust Agreement, and no implied duties or obligations shall be read into this Trust Agreement against the Manager.  The right of the Manager to perform any discretionary act enumerated in this Trust Agreement shall not be construed as a duty.  To the fullest extent permitted by applicable law, including without limitation Section 3806 of the Statutory Trust Act, the Manager’s duties (including fiduciary duties) and liabilities relating thereto to the Trust and the Beneficial Owners shall be restricted to those duties (including fiduciary duties) expressly set forth in this Trust Agreement and liabilities relating thereto.
(b)    Without limiting the generality of clause (a) above, upon and after the issuance of the Conversion Notice, the Manager, for and on behalf of the Trust, is hereby authorized and directed to take each of the following actions necessary to conserve and protect the Trust Estate:
(i)    receiving the contribution of the Real Estate (subject to the existing leases) and entering into the Master Lease;
(ii)    collecting rents and making distributions in accordance with Article 7;

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(iii)    entering into any agreement for purposes of completing tax-free exchanges of real property with a Qualified Intermediary as defined in Section 1031 of the Code;
(iv)    notifying the relevant parties of any default by them under the Transaction Documents; and
(v)    solely to the extent necessitated by the bankruptcy or insolvency of the Master Tenant or any other tenant of the Real Estate, if the Trust has not terminated under Section 9.2, entering into a new lease with respect to the Real Estate.
The foregoing notwithstanding, from and after the issuance of the Conversion Notice, under no circumstances shall the power or authority of the Manager include the ability to take any actions which would cause the Trust to cease to constitute an “investment trust” within the meaning of Regulation Section 1.7701-4(c).  After issuance of the Conversion Notice, the power and authority of the Manager shall be strictly and narrowly construed so as to preserve and protect the status of the Trust as an “investment trust” for Federal income tax purposes.
(c)    The Manager shall keep customary and appropriate books and records relating to the Trust and the Trust Estate.  The Manager shall maintain appropriate books and records in order to provide reports of income and expenses to each Beneficial Owner as necessary for such Beneficial Owner to prepare his/her income tax returns regarding the Trust Estate.
(d)    The Manager shall promptly furnish to the Beneficial Owners copies of all reports, notices, requests, demands, certificates, financial statements and any other writings required to be distributed to them pursuant to the Transaction Documents, unless the Manager reasonably believes the same to have been sent directly to the Beneficial Owners.
(e)    The Manager shall not be required to act or refrain from acting under this Trust Agreement if the Manager reasonably determines, or has been advised by counsel, that such actions may result in personal liability, unless the Manager is indemnified by the Trust and the Beneficial Owners against any liability and costs (including reasonable legal fees and expenses) which may result in a manner and form reasonably satisfactory to the Manager.
(f)    The Manager shall not, on its own behalf (in contrast to actions that the Manager is required to perform on behalf of the Trust), have any duty to (i) file, record or deposit any document or to maintain any such filing, recording or deposit or to refile, rerecord or redeposit any such document, (ii) obtain or maintain any insurance on the Real Estate, (iii) maintain the Real Estate, or (iv) pay or discharge any tax levied against any part of the Trust Estate.
(g)    The Manager shall manage, control, dispose of or otherwise deal with the Trust Estate consistent with its duties to conserve and protect the Trust Estate, subject to any restrictions provided in this Trust Agreement.
(h)    The Manager shall provide to each Person who becomes a Beneficial Owner a copy of this Trust Agreement at or before the time such Person becomes a Beneficial Owner.

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(i)    The Manager shall provide to the Delaware Trustee and the Signatory Trustee a copy of the Ownership Records contemporaneously with each revision thereto.
Section 5.4    Indemnification.  The Class 1 Beneficial Owners, jointly and severally, hereby agree to (a) reimburse the Manager for all reasonable expenses (including reasonable fees and expenses of counsel and other professionals), incurred in connection with the negotiation, execution, delivery, or performance of, or exercise of rights or powers under, this Trust Agreement, (b) to the fullest extent permitted by law, indemnify, defend and hold harmless the Signatory Trustee, the Manager, and the officers, directors, employees and agents of the Signatory Trustee or the Manager (collectively, including the Manager in its individual capacity, the “Manager Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and other professionals), taxes and penalties of any kind and nature whatsoever (collectively, “Manager Covered Expenses”), to the extent that such Manager Covered Expenses arise out of or are imposed upon or asserted at any time against any such Manager Indemnified Persons, including without limitation on the basis of ordinary negligence on the part of any such Manager Indemnified Persons, with respect to or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby; provided, however, that the Class 1 Beneficial Owners shall not be required to indemnify a Manager Indemnified Person for Manager Covered Expenses to the extent such Manager Covered Expenses result from the willful misconduct, bad faith, fraud or gross negligence of such Manager Indemnified Person, and (c) to the fullest extent permitted by law, advance to each such Manager Indemnified Person Manager Covered Expenses incurred by such Manager Indemnified Person in defending any claim, demand, action, suit or proceeding, in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby, prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by any Class 1 Beneficial Owner of an undertaking, by or on behalf of such Manager Indemnified Person, to repay such amount unless a court of competent jurisdiction renders a final, nonappealable judgment that includes a specific finding of fact that such Manager Indemnified Person is not entitled to be indemnified therefor under this Section 5.4. The obligations of the Class 1 Beneficial Owners under this Section 5.4 shall survive the resignation or removal of the Manager, shall survive the dissolution and termination of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.  The obligations of the Class 1 Beneficial Owners under this Section 5.4 shall be personal obligations irrespective of the sufficiency or insufficiency of the Trust Estate to satisfy any such obligations; provided, however, that the Manager shall utilize income from the Trust Estate to satisfy any such obligations prior to seeking contribution from the Beneficial Owners, which will reduce amounts that would otherwise be distributable to the Beneficial Owners.
Section 5.5    Fees and Expenses.  The Manager shall receive as compensation for its services as Manager under this Trust Agreement an annual fee in the amount of one percent (1.0%) of the gross rents payable by the Master Tenant to the Trust as landlord under the Master Lease (the “Management Fee”), which shall be payable monthly in arrears and pro-rated for any applicable 

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portion of a calendar year.  The Manager shall not have any obligation by virtue of this Trust Agreement to spend any of its own funds, or to take any action that could result in its incurring any cost or expense.
Section 5.6    Sale of Trust Estate by Manager Is Binding.  Any sale or other conveyance of the Trust Estate or any part thereof by the Manager made for and on behalf of the Trust pursuant to the terms of this Trust Agreement shall bind the Trust and the Beneficial Owners and be effective to transfer or convey all rights, title and interest of the Trust and the Beneficial Owners in and to the Trust Estate.
Section 5.7    Removal/ Resignation; Succession.  The Manager may resign at any time by giving at least sixty (60) days’ prior written notice to the Delaware Trustee.  The Delaware Trustee may, with the prior written consent of Beneficial Owners holding more than fifty percent (50%) of the Class 1 Beneficial Interests, remove the Manager for Cause by providing written notice to the Manager, and such removal shall become effective upon the acceptance of appointment by a successor Manager, as hereinafter provided. Such notice will provide that the Manager must either resign or, in the Manager’s sole discretion, select a qualified arbitrator within thirty (30) days to dispute such claim of Cause, and such claim of Cause will then be subject to arbitration in accordance with the procedures described in Section 10.11. Cause shall only result from the willful misconduct, bad faith, fraud or gross negligence of the Manager, as determined by arbitration under the procedures described in Section 10.11. The Manager will be removed upon a determination of Cause. Any resignation or removal shall be effective upon the acceptance of appointment by a successor Manager as hereinafter provided. Any such successor Manager shall be a nationally recognized property manager in the business of managing Class A commercial real estate assets.  In case of the removal or resignation of the Manager, the Delaware Trustee may appoint a successor by written instrument.  If a successor Manager shall not have been appointed within sixty (60) days after the giving of such notice, the Manager or any of the Beneficial Owners may apply to any court of competent jurisdiction in the United States to appoint a successor Manager to act until such time, if any, as a successor shall have been appointed as provided above.  Any successor so appointed by such court shall immediately and without further act be superseded by a successor appointed as provided above within one (1) year from the date of the appointment by such court.  Any successor, however appointed, shall execute and deliver to its predecessor Manager an instrument accepting such appointment, and thereupon such successor, without further act, shall become vested with all the rights, powers and duties of the predecessor Manager in the trusts under this Trust Agreement with like effect as if originally named the Manager in this Trust Agreement; but upon the written request of such successor, such predecessor shall execute and deliver an instrument transferring to such successor, upon the trusts in this Trust Agreement expressed, all the rights, powers and duties of such predecessor.  Any right of the Beneficial Owners against a predecessor Manager in its individual capacity shall survive the resignation or removal of such predecessor Manager, shall survive the dissolution and termination of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.

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ARTICLE 6
BENEFICIAL INTERESTS

Section 6.1    Issuance of Class 1 and Class 2 Beneficial Interests.
(a)    The Depositor shall convey the Real Estate to the Trust, and the Trust shall issue one hundred percent (100%) of the Class 2 Beneficial Interests to the Depositor.
(b)    No earlier than three (3) days after the issuance of the Conversion Notice, one or more Investors who have executed Purchase Agreement(s) shall contribute cash to the Trust, and the Trust shall issue Class 1 Beneficial Interests to each contributing Investor in accordance with their Percentage Share.  The Trust may issue multiple types of Class 1 Beneficial Interests.  All Class 1 Beneficial Interests, regardless of type, are considered Class 1 Beneficial Interests for the purposes of all provisions of this Trust Agreement, and all Investors, regardless of the type of Class 1 Beneficial Interests that they receive, are considered Investors for the purposes of all provisions of this Trust Agreement.
(c)    Any Beneficial Owner shall agree, accept and become bound by, and subject to, the provisions of this Trust Agreement pursuant to (i) such Beneficial Owner’s execution of the Purchase Agreement or (ii) such Beneficial Owner’s execution of an agreement substantially in the form of Exhibit E. In addition, any Beneficial Owner of a Class 1 Beneficial Interest shall agree, accept and be bound by and subject to, and shall execute and deliver (i) a Substitute Option Agreement substantially in the form of Exhibit B and (ii) a Call Agreement substantially in the form of Exhibit H. Each Beneficial Owner hereby acknowledges and agrees that, in its capacity as a Beneficial Owner, it has no ability either to (x) petition for a partition of the assets of the Trust, (y) file a petition in bankruptcy on behalf of the Trust, or (z) take any action that consents to, aids, supports, solicits or otherwise cooperates in the filing of an involuntary bankruptcy proceeding involving the Trust.
Section 6.2    Ownership Records.  The Manager shall at all times be the Person at whose office notices and demands to or upon the Trust in respect of a Beneficial Owner may be served. The Manager shall keep Ownership Records, which shall include records of the transfer and exchange of Beneficial Interests.  Notwithstanding any provision of this Trust Agreement to the contrary, transfer of a Beneficial Interest in the Trust, or of any right, title or interest therein, shall occur only upon and by virtue of the entry of such transfer in the Ownership Records.  In the event of any transfer permitted under the terms of this Trust Agreement, the Manager shall update the Ownership Records as soon as reasonably possible thereafter.  Except as specifically permitted by Section 6.4, Section 6.5 and Section 6.6, the Beneficial Interests shall be non-transferable and may not be negotiated, endorsed or otherwise transferred to a holder. Upon request by the Delaware Trustee or the Signatory Trustee, the Manager shall furnish to the Delaware Trustee and the Signatory Trustee the most current Ownership Records containing the names, addresses and phone numbers of the Class 1 Beneficial Owners.
Section 6.3    [Intentionally Omitted].

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Section 6.4    Restrictions on Transfer.
(a)    Subject to compliance with applicable securities laws, this Section 6.4 and Section 6.5 and Section 6.6, all or any portion of the Beneficial Interest of any Beneficial Owner may be assigned or transferred without the prior consent of any of the Trust, the Delaware Trustee, the Signatory Trustee, the Manager, or the other Beneficial Owners.  All expenses of any such transfer shall be paid by the assigning or transferring Beneficial Owner
(b)    Right of First Refusal.  Upon the receipt of a Third-Party Offer by a Selling Beneficial Owner, such Selling Beneficial Owner shall provide the Depositor notice of such Third-Party Offer, together with a true, correct and complete copy of such Third-Party Offer (collectively, the “ROFR Notice”). The Depositor will then have the right, but not the obligation, assignable in its sole and absolute discretion to any other Person, within ten (10) Business Days after Depositor’s receipt of the ROFR Notice, to elect to purchase the Offered Interest for the price and upon the terms and conditions as are contained in the Third-Party Offer by providing notice of such election to the Selling Beneficial Owner; provided, however, that the price that the Depositor or its assignee shall pay for the Offered Interest shall be reduced by any broker’s fees or commissions that would have been payable to any person under the Third-Party Offer if the Offered Interest had been sold pursuant to the Third-Party Offer. The giving of a ROFR Notice by a Selling Beneficial Owner to the Depositor shall constitute a representation and warranty by the Selling Beneficial Owner to the Offerees that the Third-Party Offer is bona fide in all respects. If the Depositor elects to purchase or assign the right to purchase the Offered Interest as described above, the closing on the sale of the Offered Interest shall take place within sixty (60) days of Depositor’s election to purchase or assign the right to purchase the Offered Interest, at a place and time to be mutually agreed between the Selling Beneficial Owner and the Depositor or other purchasing party.  If the Depositor does not elect, within ten (10) days of Depositor’s receipt of the ROFR Notice, to purchase or assign the right to purchase the Offered Interest as described above, then the Selling Beneficial Owner shall be free to sell the Offered Interest to the Person who made the Third-Party Offer in accordance with the terms and conditions of the Third-Party Offer; provided, that (i) if the Offered Interest will not be sold for the price or upon the other terms and conditions stated in the Third-Party Offer for any reason, the Offered Interest may not be sold unless and until the Depositor has been given an opportunity to accept the revised Third-Party Offer in accordance with the terms and conditions of the right of first refusal contained in this Trust Agreement and (ii) the Depositor’s election not to exercise its right of first refusal under this Trust Agreement shall not be deemed a waiver of its rights under this Trust Agreement with respect to any other Third-Party Offers. Any transfer in violation of this Section 6.4(b) shall, to the fullest extent permitted by law, be null, void and of no effect whatsoever and the Trust (through the Depositor) may enforce this Section 6.4(b), without limitation, by injunction, specific performance or other equitable relief.  Notwithstanding anything in this Trust Agreement to the contrary, the right of first refusal described in this Trust Agreement shall not be applicable with respect to a Permitted Transfer.
Section 6.5    Conditions to Admission of New Beneficial Owners.  Any assignee or transferee of a Class 1 Beneficial Owner shall only become a Beneficial Owner upon such assignee’s 

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or transferee’s written acceptance and adoption of this Trust Agreement, as manifested by its execution and delivery to the Manager of an executed agreement substantially in the form of Exhibit E, copies of which will be provided by the Manager to the Delaware Trustee and the Signatory Trustee.
Section 6.6    Limit on Number of Beneficial Owners.  Notwithstanding anything to the contrary in this Trust Agreement, at no time shall the number of Beneficial Owners exceed 1,999 Persons.  Any transfer that results in a violation of the preceding sentence shall, to the fullest extent permitted by law, be null, void and of no effect whatsoever.
Section 6.7    Representations and Acknowledgements of Beneficial Owners.  Each Beneficial Owner hereby represents and warrants that it (a) is not acquiring its Beneficial Interest with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any state of the United States; and (b) is aware of the restrictions on transfer that are applicable to the Beneficial Interests and will not offer, sell, pledge or otherwise transfer its Beneficial Interest except in compliance with all applicable securities laws and regulations.  Each Beneficial Owner hereby acknowledges that (y) no Beneficial Interest may be sold, transferred or otherwise disposed of unless expressly permitted under this Trust Agreement and it is registered or qualified under the Securities Act and all other applicable laws of any applicable jurisdiction or an exemption therefrom is available in accordance with all other laws of any applicable jurisdiction; and (z) no Beneficial Interest has been or is expected to be registered under the Securities Act, and accordingly, all Beneficial Interests are subject to restrictions on transfer.
Section 6.8    Status of Relationship.  This Trust Agreement shall not be interpreted to impose a partnership or joint venture relationship on the Beneficial Owners either at law or in equity.  Accordingly, no Beneficial Owner shall have any liability for the debts or obligations incurred by any other Beneficial Owner, with respect to the Trust Estate, or otherwise, and no Beneficial Owner shall have any authority, other than as specifically provided in this Trust Agreement, to act on behalf of any other Beneficial Owner or to impose any obligation on any other Beneficial Owner with respect to the Trust Estate.  Neither the power to give direction to the Delaware Trustee, the Signatory Trustee, the Manager, or any other Person nor the exercise thereof by any Beneficial Owner shall cause such Beneficial Owner to have duties (including fiduciary duties) or liabilities relating thereto to the Trust or to any Beneficial Owner.
Section 6.9    No Legal Title to Trust Estate.  The Beneficial Owners shall not have legal title to the Trust Estate.  The death, incapacity, dissolution, termination, or bankruptcy of any Beneficial Owner shall not result in the termination or dissolution of the Trust.
Section 6.10    In-Kind Distributions.  Except as expressly provided in this Trust Agreement, no Beneficial Owner (a) has an interest in specific Trust property or (b) shall have any right to demand and receive from the Trust an in-kind distribution of the Trust Estate or any portion thereof.  In addition, each Beneficial Owner expressly waives any right, if any, under the Statutory Trust Act to seek a judicial dissolution of the Trust, to terminate the Trust, or, to the fullest extent permit by law, to partition the Trust Estate.

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Section 6.11    Rights and Powers of Class 2 Beneficial Owner Prior to Conversion Notice.  Prior to the issuance of the Conversion Notice, the Class 2 Beneficial Owner shall have the right and power, at its sole discretion (but subject to the restrictions in Article 3), to:
(a)    Contribute additional assets to the Trust;
(b)    Cause the Trust to negotiate or re-negotiate loans or leases;
(c)    Cause the Trust to sell all or any portion of its assets and re-invest the proceeds of such sale or sales; and
(d)    Take any other action it deems appropriate in connection with the ownership and operation of the Real Estate.
It is expressly understood by the Class 2 Beneficial Owner that these powers are inconsistent with the ability to classify the Trust as an “investment trust” under Regulations Section 301.7701-4(c), and the Trust shall not be so classified prior to the issuance of the Conversion Notice.  The Percentage Share of the Class 2 Beneficial Owner prior to the issuance of any Class 1 Beneficial Interests (pursuant to Section 6.14) shall be one hundred percent (100%).
Section 6.12    Issuance of Conversion Notice.  The Class 2 Beneficial Owner may, at any time in its sole discretion, issue the Conversion Notice to the Delaware Trustee, the Signatory Trustee and the Manager.  Upon issuance of the Conversion Notice, the Class 2 Beneficial Owner shall no longer have any of the rights or powers set forth in Section 6.11.  Instead, the Class 2 Beneficial Owner shall have the same rights and powers as apply to a Class 1 Beneficial Owner (as set forth in Section 6.13).  In no event may any Class 1 Beneficial Interests be issued to Investors until at least three (3) days after the issuance of the Conversion Notice.
Section 6.13    Rights and Powers of Class 1 Beneficial Owners.  The Class 1 Beneficial Owners shall only have the right to receive distributions from the Trust as a result of the operations or sale of the Real Estate.  The Class 1 Beneficial Owners shall not have the right or power to direct in any manner the Trust or the Manager in connection with the operation of the Trust or the actions of the Delaware Trustee, the Signatory Trustee or the Manager.  In addition, the Class 1 Beneficial Owners shall not have the right or power to:
(a)    Contribute additional assets to the Trust (other than the initial contribution of cash in exchange for Class 1 Beneficial Interests);
(b)    Be involved in any manner in the operation or management of the Trust or its assets;
(c)    Cause the Trust to negotiate or re-negotiate loans or leases; or
(d)    Cause the Trust to sell its assets and re-invest the proceeds of such sale.
Section 6.14    Contributions by the Class 1 Beneficial Owners; Reduction in Class 2 Beneficial Interest.  Upon the contribution of cash to the Trust by the Investors in exchange for 

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Class 1 Beneficial Interests, such Investors shall become Class 1 Beneficial Owners.  The amount of cash contributed by, and the Percentage Share of, each Investor shall be determined by the Manager and shall be set forth in the Purchase Agreement for each Investor.  All cash contributed by Investors in exchange for Class 1 Beneficial Interests shall be used by the Trust to repurchase a corresponding portion of the Class 2 Beneficial Interest then held by the Depositor.  With respect to each contribution by a Class 1 Beneficial Owner and related repurchase of a portion of the Class 2 Beneficial Interest then held by the Depositor, the reduction of the Percentage Share of the Depositor shall be equal to the Percentage Share granted by the Trust to the contributing Class 1 Beneficial Owner and shall be reflected on the books and records of the Trust.  All funds received by the Trust from the Investors after issuance of the Conversion Notice (less any amounts required to pay expenses of the Trust) shall be used to repurchase a corresponding portion of the Class 2 Beneficial Interest then held by the Depositor, so that in no event may such repurchase result in a net increase or decrease in the corpus of the Trust.  In no event shall any Class 2 Beneficial Interests be reissued.
ARTICLE 7
DISTRIBUTIONS AND REPORTS

Section 7.1    Payments From Trust Estate Only.  All payments to be made by the Manager under this Trust Agreement shall be from the Trust Estate.
Section 7.2    Operating Account.  The Manager shall deposit all rents and other funds collected from the operation of the Real Estate in a reputable bank or financial institution in a trust or depository account (the “Operating Account”). The Manager shall maintain books and records of the funds from the Real Estate deposited in such account, interest earned thereon, and withdrawals therefrom. The Manager shall pay from the Operating Account the operating expenses of the Real Estate (other than those paid by a tenant of the Real Estate as set forth in its lease) and any other payments relative to the Real Estate as required by this Agreement.
Section 7.3    Distributions in General.  The Manager shall distribute all available cash to the Beneficial Owners in accordance with their Percentage Share on a quarterly basis, after paying or reimbursing the Manager or the Delaware Trustee for any fees or expenses paid by the Manager or the Delaware Trustee on behalf of the Trust and paying the Manager’s annual fee, and retaining such additional amounts as the Manager determines are necessary to pay anticipated ordinary current and future Trust expenses (“Reserves”).  Reserves and any other cash retained pursuant to this paragraph shall be invested by the Manager only in short-term obligations of (or guaranteed by) the United States, or any agency or instrumentality thereof and in certificates of deposit or interest-bearing bank accounts of any bank or trust companies having a minimum stated capital and surplus of $100,000,000 (a “Permitted Investment”).  All such obligations must mature prior to the next distribution date, and be held to maturity.  All amounts distributable to the Beneficial Owners pursuant to this Trust Agreement shall be paid by check or in immediately available funds by transfer to a banking institution, escrow bank or transfer agent, with wire transfer facilities for the account of such Beneficial Owner, as instructed from time to time by such Beneficial Owner on the last 

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Business Day of each calendar quarter, which amounts shall take into account for any Beneficial Owner any amounts required to be paid by the Trust or the Manager to any third party in connection with such Beneficial Owner’s ownership of any particular type of Class 1 Beneficial Interests.
Section 7.4    Distribution Upon Dissolution.  In the event of the Trust’s dissolution in accordance with Article 9, all of the Trust Estate as may then exist after the winding up of its affairs in accordance with the Statutory Trust Act (including without limitation subsections (d) and (e) of Section 3808 of the Statutory Trust Act and providing for all costs and expenses, including any income or transfer taxes which may be assessed against the Trust, whether or not by reason of the dissolution of the Trust), shall, subject to Section 9.2, be distributed to those Persons who are then Beneficial Owners in their respective Percentage Shares.
Section 7.5    Cash and other Accounts; Reports by the Manager.  The Manager shall be responsible for receiving all cash from the Master Tenant and placing such cash into one or more accounts as required under the distribution and investment obligations of the Trust under Section 7.3.  The Manager shall furnish annual reports to each of the Beneficial Owners as to the amounts of rent received from the Master Tenant, the expenses incurred by the Trust with respect to the Real Estate (if any), the amount of any Reserves and the amount of the distributions made by the Trust to the Beneficial Owners.
ARTICLE 8
RELIANCE; REPRESENTATIONS; COVENANTS

Section 8.1    Good Faith Reliance.  None of the Delaware Trustee, the Signatory Trustee or the Manager shall incur any liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably and in good faith believed by such Person to be genuine and signed by the proper party or parties thereto. As to any fact or matter, the manner of ascertainment of which is not specifically described in this Trust Agreement, the Delaware Trustee, the Signatory Trustee and the Manager may for all purposes of this Trust Agreement rely on a certificate, signed by or on behalf of the Person executing such certificate, as to such fact or matter, and such certificate shall constitute full protection of the Delaware Trustee, the Signatory Trustee and the Manager for any action taken or omitted to be taken by them in good faith in reliance thereon, and the Delaware Trustee, the Signatory Trustee and the Manager may conclusively rely upon any certificate furnished to such Person that on its face conforms to the requirements of this Trust Agreement.  Each of the Delaware Trustee, the Signatory Trustee and the Manager may (a) exercise its powers and perform its duties by or through such attorneys and agents as it shall appoint with due care, and it shall not be liable for the acts or omissions of such attorneys and agents; and (b) consult with counsel, accountants and other experts, and shall be entitled to rely upon the advice of counsel, accountants and other experts selected by it in good faith and shall be protected by the advice of such counsel and other experts in anything done or omitted to be done by it in accordance with such advice. In particular, no provision of this Trust Agreement shall be deemed to impose any duty on the Delaware Trustee, the Signatory Trustee or the Manager to take any action if such Person shall have been advised by 

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counsel that such action may involve it in personal liability or is contrary to the terms of this Trust Agreement or to applicable law.  For all purposes of this Trust Agreement, the Delaware Trustee and the Signatory Trustee shall be fully protected in relying upon the most recent Ownership Records delivered to it by the Manager.
Section 8.2    No Representations or Warranties as to Certain Matters.  NONE OF THE DELAWARE TRUSTEE, THE SIGNATORY TRUSTEE OR THE MANAGER, EITHER WHEN ACTING UNDER THIS TRUST AGREEMENT IN ITS CAPACITY AS DELAWARE TRUSTEE, SIGNATORY TRUSTEE OR MANAGER OR IN ITS INDIVIDUAL CAPACITY, MAKES OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, LOCATION, VALUE, CONDITION, WORKMANSHIP, DESIGN, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE TRUST ESTATE OR ANY PART THEREOF, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT, OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE TRUST ESTATE OR ANY PART THEREOF.
None of the Delaware Trustee, the Signatory Trustee or the Manager makes any representation or warranty as to (a) the title, value, condition or operation of the Real Estate and (b) the validity or enforceability of Transaction Documents or as to the correctness of any statement contained in any thereof, except as expressly made by the Delaware Trustee, the Signatory Trustee or the Manager in its individual capacity.  Each of the Delaware Trustee, the Signatory Trustee and the Manager represents and warrants to the Beneficial Owners that it has authorized, executed and delivered the Trust Agreement.
ARTICLE 9
TERMINATION

Section 9.1     Termination in General.  The Trust shall not have perpetual existence and instead shall be dissolved and wound up in accordance with Section 3808 of the Statutory Trust Act upon the first to occur of a Transfer Distribution or the sale of Trust Estate pursuant to Section 9.3, at which time each Beneficial Owner’s Percentage Share of the Trust Estate shall be distributed to such Beneficial Owner in accordance with Section 7.4. Notwithstanding anything in this Section 9.1 or the Trust Agreement to the contrary, the Trust shall dissolve and wind up not later than twenty-one (21) years after the death of the last living descendant of Donald Trump, the 45th President of the United States, who was alive on the Acquisition Date.
Section 9.2    Termination to Protect and Conserve Trust Estate.  Upon the first to occur of (a) a sale of the Trust Estate pursuant to Section 9.3 or (b) if the Conversion Notice has been issued and the Manager determines that (i) the Master Tenant has failed to timely pay rent due under 

22

the Master Lease after the expiration of any applicable notice and cure provisions in the Master Lease, if any, (ii) the Master Tenant files for bankruptcy, seeks appointment of a receiver, makes an assignment for the benefit of its creditors or there occurs any similar event, or (iii) the Trust is otherwise in violation of Section 3.2(c), and if the Manager determines in writing that dissolution of the Trust is necessary and appropriate to preserve and protect the Trust Estate for the benefit of the Beneficial Owners, then, in either case, the Trust shall dissolve and wind up in accordance with Section 3808 of the Statutory Trust Act and each Beneficial Owner’s Percentage Share of the Trust Estate shall be distributed to such Beneficial Owner in accordance with this Section 9.2 in full and complete satisfaction and redemption of their Beneficial Interests.  Subject to the requirements of Section 3808 of the Statutory Trust Act, immediately before any such liquidating distributions, and only in the event that a distribution is to be made to the Beneficial Owners under this Section 9.2, the Manager shall transfer title to the assets comprising the Trust Estate to a newly formed Delaware limited partnership (the “LP”) that has a limited partnership agreement substantially similar to that set forth in Exhibit F (the “Transfer Distribution”).  As part of the Transfer Distribution, the Manager shall cause the limited partnership interests in the LP to be distributed to the Beneficial Owners in complete satisfaction of their Beneficial Interests in order to consummate the dissolution of the Trust.  To the fullest extent permitted by applicable law, the Manager shall be fully protected in any such determination made in good faith, and shall have no liability to any Person, including without limitation the Beneficial Owners, with respect thereto, and each Beneficial Owner hereby releases Manager from any liability (and waives any rights to claims) with respect to any such determination made in good faith.  If a determination has been made to dissolve the Trust under this Section 9.2, the Manager may, in its discretion and upon advice of counsel, utilize such other form of transaction (including, without limitation, a conversion of the Trust into a limited partnership if then permitted by applicable law) to accomplish the transaction contemplated by the Transfer Distribution, provided that such alternative form of transaction is entered into to preserve and protect the Trust Estate for the benefit of the Beneficial Owners and is in compliance with the Statutory Trust Act.
Section 9.3    Sale of the Trust Estate.  The Manager may sell the Trust Estate at any time, as determined by the Manager (in its sole discretion), upon providing notice to the Delaware Trustee that, in the Manager’s sole discretion, a sale of the Trust Estate is appropriate, provided, however, that the Manager shall exercise commercially reasonable efforts not to sell the Trust Estate prior to the latter of (A) the date as of which the Trust Estate has been held by the Trust for at least two (2) years, or (B) the second anniversary of the Closing Date, unless in either case there has been a material change with respect to the Trust Estate during such period that was not reasonably anticipated by the Manager prior to the start of such period.  Any such sale of the Trust Estate shall occur as soon as practicable after the Manager has determined that such sale is appropriate. The Manager shall be responsible for (a) determining the fair market value of the Trust Estate, (b) providing notice to the Delaware Trustee that a sale of the Trust Estate is appropriate, (c) conducting the sale of the Trust Estate, and (d) after paying all amounts due to the Delaware Trustee under this Trust Agreement, and the Lender, if any, distributing the balance of the proceeds (net of applicable closing costs such as transfer taxes, title insurance and legal expenses) to the Beneficial Owners. The Delaware Trustee shall not be responsible for conducting the sale of the Trust Estate; provided, 

23

however, that the Delaware Trustee shall, at the Manager’s direction, execute any documents necessary to accomplish the sale of the Trust Estate as provided in this Trust Agreement. The Manager and the Delaware Trustee are expressly instructed to permit each Beneficial Owner to undertake its portion of the sale as a like-kind exchange within the meaning of Section 1031 of the Code or another type of tax-deferred exchange, including as described in Section 721 of the Code.  Any sale of the Trust Estate shall be on an “as is, where is” basis and without any representations or warranties by the Delaware Trustee or the Manager (other than as to ownership of the Trust Estate and authority to enter into the sale).  The Manager shall not have any obligation by virtue of this Trust Agreement to spend any of its own funds, or to take any action that could result in its incurring any cost or expense; provided, however, the Trust shall reimburse the Manager for any such out of pocket cost or expense reasonably incurred in connection with a sale of the Trust Estate to a third party as contemplated under this Trust Agreement, including, without limitation,  any brokerage or consulting fees payable on such disposition and real estate transaction costs, including legal fees, title fees, transfer taxes, recording fees and other similar costs associated with selling real estate. To the extent that any such costs are incurred on behalf of the Manager, the Manager may remit any reimbursement provided for under this Section 9.3 to the party that incurred the costs on the Manger’s behalf.
Section 9.4    Distribution upon Sale or Transfer Distribution.  It is the express understanding of the Depositor that upon a Transfer Distribution under Section 9.2 or a sale under Section 9.3, the Trust shall distribute the interests in the LP or the proceeds of the sale, respectively, to the holders of Beneficial Interests in the Trust.
Section 9.5    Certificate of Cancellation.  Upon the completion of the dissolution and winding up of the Trust, upon receipt of a written direction from the Manager, the Certificate of Trust shall be cancelled by the Delaware Trustee who shall execute and cause a certificate of cancellation to be filed in the office of the Secretary of State.
ARTICLE 10
MISCELLANEOUS

Section 10.1    Limitations on Rights of Others.  Nothing in this Trust Agreement, whether express or implied, shall give to any Person other than the Depositor, the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial Owners, and the Trust any legal or equitable right, remedy or claim under this Trust Agreement.
Section 10.2    Successors and Assigns.  All covenants and agreements contained in this Trust Agreement shall be binding upon and inure to the benefit of the Depositor, the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial Owners, the Trust, and their successors and assigns, all as provided in this Trust Agreement.  Any request, notice, direction, consent, waiver or other writing or action by any such Person shall bind its successors and assigns.
Section 10.3    Usage of Terms.  With respect to all terms in this Trust Agreement, the singular includes the plural and the plural includes the singular; words importing any gender include 

24

the other gender; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Trust Agreement; references to Persons include their successors and permitted assigns; and the term “including” means including without limitation.
Section 10.4    Headings.  The headings of the various Articles and Sections in this Trust Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions of this Trust Agreement.
Section 10.5    Amendments.  To the fullest extent permitted by applicable law, this Trust Agreement may not be supplemented or amended, and no term or provision of this Trust Agreement may be waived, discharged, or terminated orally, but only by a signed writing.
Section 10.6    Notices.  All notices, consents, directions, approvals, instructions, requests and other communications required or permitted by the terms of this Trust Agreement shall be in writing, and given by (a) overnight courier, or (b) hand delivery and shall be deemed to have been duly given when received.  Notices shall be provided to the parties at the addresses specified below.
If to the Depositor:
BC Exchange [l] TRS LLC 
518 17th Street, Suite 1700 
Denver, Colorado  80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

with a copy to:
Black Creek Diversified Property Fund Inc. 
518 17th Street, Suite 1700 
Denver, Colorado  80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

25

with a copy to:
Seyfarth Shaw LLP 
233 S. Wacker Drive 
Suite 8000 
Chicago, Illinois 60606-6448 
Attention:     Steven Meier 
Facsimile:    (312) 460-754 
Telephone:    (312) 460-5548

If to the Delaware Trustee:
The Corporation Trust Company 
1209  Orange St 
Wilmington, DE 19801

If to the Manager, to:
BC Exchange [l] Manager LLC518 
17th Street, Suite 1700
Denver, Colorado  80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797
Telephone:    (303) 869-4600
Attention:     Joshua J. Widoff
Facsimile:    (303) 577-9797
Telephone:    (303) 869-4600

with a copy to:
Black Creek Diversified Property Fund Inc. 
518 17th Street, Suite 1700 
Denver, Colorado  80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

26

with a copy to:
Seyfarth Shaw LLP 
233 S. Wacker Drive 
Suite 8000 
Chicago, Illinois 60606-6448 
Attention:     Steven Meier 
Facsimile:    (312) 460-7548 
Telephone:    (312) 460-5548

If to a Beneficial Owner, at such Person’s address as specified in the most recent Ownership Records.
From time to time the Depositor, Delaware Trustee, the Signatory Trustee or Manager may designate a new address for purposes of notice under this Trust Agreement by notice to the others, and any Beneficial Owner may designate a new address for purposes of notice under this Trust Agreement by notice to the Manager.
Section 10.7    Governing Law.  This Trust Agreement shall be governed by and construed and enforced in accordance with the laws of the state of Delaware (without regard to conflict of law principles).  The laws of the state of Delaware pertaining to trusts (other than the Statutory Trust Act) shall not apply to this Trust Agreement.
Section 10.8    Counterparts.  This Trust Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and to this Trust Agreement were upon the same instrument.
Section 10.9    Severability.  Any provision of this Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction only, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Trust Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, each of the parties hereby waives any provision of applicable law that renders any such provision prohibited or unenforceable in any respect.
Section 10.10    Signature of Beneficial Owners.  Each Investor will execute the Signature Page for Assignee or Transferee Beneficial Owners of BC Exchange [l] DST, a Delaware statutory trust in substantially the form set forth in Exhibit E (the “Signature Page”) in connection with their acquisition of a Class 1 Beneficial Interests.  By executing the Signature Page, each Investor hereby acknowledges and agrees to be bound by the terms of the limited partnership agreement contemplated under Section 9.2 and in the form substantially similar to that set forth in Exhibit F (the “LP Agreement”) when and if such limited partnership is formed and pursuant to Section 19.19 of the LP Agreement.  In addition, in light of their agreement to this Section 10.10, each Investor 

27

hereby acknowledges and agrees that their signature to the LP Agreement will not be required as of the Kick-out Date (as defined in the LP Agreement).
Section 10.11    Arbitration.  Any dispute, claim or controversy arising out of or relating to this Trust Agreement, or breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Trust Agreement, shall be determined by binding arbitration in Denver, Colorado, before a sole arbitrator selected by the Signatory Trustee (or by the Manager, if explicitly provided in this Trust Agreement) in its sole and absolute discretion.  Arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures.  Judgment on the award may be entered in any court having jurisdiction.  The arbitrator shall, in the award, allocate all of the costs of the arbitration (and the mediation, if applicable), including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did not prevail.  Anything to the contrary in this Trust Agreement notwithstanding, the provisions of this Section 10.11 shall not apply with respect to any application made by any party to this Trust Agreement for injunctive relief under this Trust Agreement.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, each of the parties has caused this Trust Agreement to be duly executed as of the day and year first above written.
THE DEPOSITOR:
BC Exchange [l] TRS LLC, a Delaware limited liability company
By:  Black Creek Exchange LLC, a Delaware limited liability company, its sole member
By:  BCD TRS Corp., a Delaware corporation, its sole member
By:  Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership, its sole shareholder
By:  Black Creek Diversified Property Fund Inc., a Maryland corporation, its general partner
By:      
Name:  Lainie P. Minnick
Title:  Chief Financial Officer

THE MANAGER AND SIGNATORY TRUSTEE:
BC Exchange [l] Manager LLC,
a Delaware limited liability company
By:  BC Exchange Manager LLC, a Delaware limited liability company, its sole member
By:  Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership, its sole member
By:  Black Creek Diversified Property Fund Inc., a Maryland corporation, its general partner
By:     
Name:  Lainie P. Minnick
Title:  Chief Financial Officer

THE DELAWARE TRUSTEE:
The Corporation Trust Company
By:_________________________
Name:  ______________________ 
Title:  _______________________Exhibit

Exhibit 10.22

MASTER LEASE
BC EXCHANGE [l] DST, 
a Delaware statutory trust,  
as Landlord, 
-to- 
BC EXCHANGE [l] MASTER TENANT LLC, 
a Delaware limited liability company, 
as Tenant
Premises:    [l] 
Dated as of:  [l], [l]

 
 
                    
 

1

TABLE OF CONTENT
	
				
	 
	 
	Page
	

	Paragraph 1:
	Term.
	1
	

	Paragraph 2:
	Rental.
	3
	

	Paragraph 3:
	Use of Demised Premises.
	4
	

	Paragraph 4:
	Payment of Taxes.
	4
	

	Paragraph 5:
	Proration.
	6
	

	Paragraph 6:
	Tenant’s Improvements and Alterations.
	6
	

	Paragraph 7:
	Repairs.
	7
	

	Paragraph 8:
	Compliance With Laws.
	7
	

	Paragraph 9:
	Indemnification.
	7
	

	Paragraph 10:
	Insurance.
	8
	

	Paragraph 11:
	Damage or Destruction.
	9
	

	Paragraph 12:
	Condemnation.
	11
	

	Paragraph 13:
	Landlord’s Right to Perform Tenant’s Covenants.
	12
	

	Paragraph 14:
	Discharge of Liens.
	13
	

	Paragraph 15:
	Landlord’s Access to Premises.
	14
	

	Paragraph 16:
	Assignment, Mortgage, Etc.
	15
	

	Paragraph 17:
	Default.
	15
	

	Paragraph 18:
	Representations by Landlord.
	18
	

	Paragraph 19:
	Quiet Enjoyment.
	19
	

	Paragraph 20:
	Subordination; Subleases.
	19
	

	Paragraph 21:
	Brokerage.
	21
	

	Paragraph 22:
	Lease Status.
	21
	

	Paragraph 23:
	Holdover.
	22
	

	Paragraph 24:
	Definition and Liability of Landlord.
	22
	

	Paragraph 25:
	Environmental Covenants.
	22
	

	Paragraph 26:
	Memorandum of Lease.
	23
	

	Paragraph 27:
	Arbitration.
	23
	

	Paragraph 28:
	Governing Law.
	23
	

	Paragraph 29:
	Notices.
	24
	

	Paragraph 30:
	Entire Agreement.
	25
	

	Paragraph 31:
	Assigns.
	25
	

i

MASTER LEASE
This Master Lease, dated as of [l], [l] (this “Lease”) is by and among BC Exchange [l] DST, a Delaware statutory trust (together with its successors and assigns, “Landlord”), and BC Exchange [l] Master Tenant LLC, a Delaware limited liability company, having an address at 518 17th Street, 17th Floor, Denver, Colorado 80202 (together with its successors and assigns, “Tenant”).
W I T N E S S E T H:
Landlord hereby leases to Tenant and Tenant hereby hires from Landlord all of Landlord’s right, title and interest in and to the land parcel (the “Land”) described in Exhibit A annexed to this Lease and made a part of this Lease, together with a [l] totaling approximately [l] gross leasable square feet therein (the “Improvements”).
TOGETHER WITH the rights of Landlord in and to and appurtenances pertaining to the Land, including (i) the adjacent streets, roads, alleys, strips, gores, easements, rights of ingress or egress, rights-of-way, reversionary rights, and any other interests, if any, in, on, or to any land, highway, street, road or avenue, open or proposed, in, on, across, in front of, abutting or adjoining the Land, and (ii) the air rights or development rights, if any, appertaining to or otherwise benefitting the Land (the Land and all of the foregoing, including the Improvements sometimes referred to hereafter as the “Demised Premises”).
SUBJECT TO the Permitted Exceptions (as hereinafter defined).  The demise of the Demised Premises includes, without limitation, Tenant’s right to use the furniture, fixtures, equipment and other personal property, if any, owned by Landlord and located in, on or about the Demised Premises (the “Personalty”), and Tenant hereby waives any right, title or interest to the ownership thereof, whether pursuant to statute or common law.
NOW, THEREFORE, IT IS MUTUALLY COVENANTED AND AGREED between Landlord and Tenant as follows:
Paragraph 1:    Term.
The term (the “Term”) of this Lease shall commence on [l], [l] (the “Commencement Date”) and expire on the twentieth (20th) anniversary of the Commencement Date (the “Expiration Date”) unless sooner terminated as hereinafter provided.  Notwithstanding the foregoing, as required by the Tenant pursuant to undertakings of the Tenant with respect to one or more Subleases, this Lease shall automatically terminate prior to its scheduled termination in connection with a sale of the Demised Premises by the Landlord to a person that is unrelated to the Tenant (such person a “Third Party Buyer”).  In connection with such automatic termination, the Tenant shall cause to be paid to Landlord an amount equal to the positive difference, if any, between the fair market value of the Demised Premises with the Master Lease in place as if such automatic termination had not occurred, determined as described below (such value the “True Fair Market Value”), and the gross purchase price to be paid by the Third Party Buyer to the Landlord to acquire the Demised Premises (the “Gross Purchase Price”).  For the avoidance of doubt, if the Gross Purchase Price for the 

1

Demised Premises exceeds the True Fair Market Value of the Demised Premises, no payment to or from any party shall be required pursuant to this Paragraph 1.
For purposes of this Paragraph 1, the True Fair Market Value shall be determined as follows:  
A.Within five (5) business days after entering into a binding purchase and sale agreement to sell the Demised Premises to a Third Party Buyer (the “Sale Agreement”), the Landlord shall deliver to the Tenant a notice of the sale that sets forth, among other things, the Gross Purchase Price and the most recent quarterly appraisal prepared by a third-party valuation consultant contracted by an affiliate of the manager of the Landlord  and used to determine fair market value of the Demised Premises taking the Master Lease into account (such determination of the fair market value of the Demised Premises the “Independent Valuation”) and shall notify the Tenant of the closing date (and any modifications thereto) under the Sale Agreement (the “Closing Date”). Notwithstanding the foregoing, the Landlord may update or perform a new Independent Valuation by providing such update or new Independent Valuation to Tenant at any time prior to the date that is five (5) business days prior to the Closing Date. If the most recent Independent Valuation, as updated, reveals a positive difference between the True Fair Market Value and the Gross Purchase Price (such positive difference the “Purchase Price Differential”), then upon the closing of the sale of the Demised Premises to the Third Party Buyer the Master Tenant shall cause the Purchase Price Differential to be paid to the Master Landlord at the time of and in connection with such closing.
B.    Notwithstanding the foregoing, Tenant may retain, at its own cost (except as provided in subsection C below), an independent appraiser, subject to approval by the Landlord, which may not be unreasonably conditioned, withheld or delayed, to perform a valuation of the Demised Premises on the same basis with respect to the Independent Valuation (such valuation a “Challenge Valuation”). In the event Landlord does not respond to the Tenant’s request for approval within two (2) business days, such independent appraiser shall be deemed approved. In order for the Challenge Valuation to be effective for purposes of this Paragraph 1, such Challenge Valuation must be completed and delivered to the Landlord at least five (5) business days prior to the Closing Date. 
C.    If the Challenge Valuation reflects a fair market value for the Demised Premises that is less than the fair market value for the Demised Premises reflected in the most recent Independent Valuation, as updated, by five percent (5%) or more of the fair market value for the Demised Premises reflected in such Independent Valuation, then the final valuation for purposes of determining the True Fair Market Value and the Purchase Price Differential shall be a mean average of the fair market values for the Demised Premises reflected in the Challenge Valuation and the most recent Independent Valuation, as updated, and the Landlord and the Tenant shall equally share all third-party costs incurred in connection with obtaining the Challenge Valuation, with all such items being taken into account upon the closing of the sale of the Demised Premises to the Third Party Buyer.

2

D.    Except as provided in clause C above, the most recent Independent Valuation, as updated, shall form the basis for determining the True Fair Market Value and the Purchase Price Differential.
All of the terms, provisions and conditions of this Lease shall be effective as of the Commencement Date.
Paragraph 2:    Rental.
A.    Tenant agrees to pay Landlord (or as otherwise directed by Landlord), without any setoff or deduction whatsoever, except as otherwise specifically provided under this Lease, a fixed rental (“Fixed Rent”) in accordance with the terms of Schedule 1 annexed to this Lease and made a part of this Lease.  During the Term, the Fixed Rent shall be payable in quarterly installments as set forth on Schedule 1, on the dates set forth on said Schedule 1, provided, that if this Lease (i) commences on a date other than the first day of the quarter, then Tenant agrees to pay the pro rata portion of the first partial month of the first quarterly installment of Fixed Rent, or (ii) is terminated prior to the Expiration Date, then Tenant agrees to pay Landlord the pro rata portion of the then current quarterly installment of the Fixed Rent through and including the date of such early termination. The Fixed Rent payable by Tenant pursuant to this Lease shall be over and above all other payments required to be made by Tenant as provided in this Lease.
B.    All Fixed Rent, additional rent, and other sums payable by Tenant hereunder shall be paid in lawful money of the United States of America and without relief from valuation and appraisement laws.  Any installment or installments of Fixed Rent, additional rent, and/or other sums coming due to Landlord under the provisions of this Lease which are not paid when due and remain unpaid for thirty (30) days following notice and demand from Landlord, shall bear interest at the Default Rate (as hereinafter defined) from the date such amounts had originally become due hereunder, until such amounts shall have been paid by Tenant. As used throughout this Lease, the term “Default Rate” shall mean a rate per annum equal to the lesser of (i) the Prime Rate (as hereinafter defined) plus two percent (2.00%) and (ii) the maximum legal rate, if any.  As used herein, the term “Prime Rate” means, for any period of time, the then published prime interest rate upon unsecured loans charged by JPMorgan Chase Bank, N.A. or its successor (or Citibank or its successor if JPMorgan Chase Bank, N.A. or its successor shall cease to exist or shall not have an announced prime rate or lastly, if Citibank, or its successor, shall cease to exist or shall not have an announced prime rate, the prime rate of the largest commercial bank headquartered in the City of New York) on loans of ninety (90) days.
C.    Commencing on the Commencement Date and at all times during the Term, Tenant shall pay or shall cause all Sublessees (as hereinafter defined) to pay for all public utilities, including all charges for electricity, water, fuel oil, gas and telephone, incurred in connection with the occupancy, maintenance and/or operation of the Demised Premises, and any and all other costs and expenses incurred in connection with the occupancy, maintenance and/or operation of the Demised Premises.

3

D.    Except as expressly provided otherwise in this Lease, this Lease shall be deemed and construed to be a “net lease” and Tenant shall pay absolutely net to Landlord throughout the term of this Lease, the Fixed Rent, and all other charges payable by Tenant hereunder, free of any charges, assessments, impositions, expenses or deductions of any kind and, except as specifically provided in this Lease, without abatement, deduction or setoff, and under no circumstances or conditions, whether now existing or hereafter arising, or whether within or beyond the present contemplation of the parties, shall Landlord be expected or required to make any payment of any kind whatsoever or be under any other obligation or liability hereunder except as set forth herein, and Tenant agrees to pay all costs and expenses of every kind and nature whatsoever arising out of or in connection with the Demised Premises which may arise or become due during, or in connection with, the term of this Lease, and which, except for the execution and delivery of this Lease, would have been payable by Landlord.  Landlord and Tenant agree that this Lease is a “true lease” and does not represent a financing arrangement, joint venture, management arrangement, or any arrangement other than a true lease. Each party shall reflect the transactions represented by this Lease in all applicable books, records and reports (including, without limitation, income tax filings) in a manner consistent with “true lease” treatment.
E.    Except as otherwise expressly provided in this Lease, this Lease shall not terminate, nor shall Tenant have any right to terminate this Lease, nor shall Tenant be entitled to any abatement or reduction of Fixed Rent or additional rent hereunder, nor shall the obligations of Tenant under this Lease be in any way affected, by reason of (i) any damage to or destruction of all or any part of the Demised Premises from whatever cause, (ii) the taking of the Demised Premises or any portion thereof by condemnation, requisition or otherwise, (iii) the prohibition, limitation or restriction of Tenant’s use of all or any part of the Demised Premises or any interference with such use by law or ordinance or other governmental regulation or by injunction, (iv) any default on the part of Landlord under this Lease or under any other agreement to which Landlord and Tenant may be parties, or (v) the bankruptcy, insolvency, reorganization, composition, readjustment, liquidation, dissolution, winding up or other proceeding affecting Landlord or any assignee of Landlord. It is the intention of the parties to this Lease that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that the Fixed Rent, additional rent and all other sums payable by Tenant hereunder shall continue to be payable in all events and that the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been suspended or terminated pursuant to an express provision of this Lease.
F.    Tenant and Landlord shall keep separate books and records as to rental payments received and/or paid by each, as the case may be, and each party shall separately report rental expense and income.  Tenant shall not keep books or records on behalf of Landlord.
Paragraph 3:    Use of Demised Premises.
Subject to and in accordance with all rules, regulations, laws, ordinances, statutes and requirements of all governmental authorities having jurisdiction thereof, Tenant covenants and agrees that it shall use the Demised Premises for any lawful purpose (and for no other purpose).  

4

Anything herein contained to the contrary notwithstanding, Tenant shall not use or permit the use of the Demised Premises or any part thereof for any unlawful or illegal purposes or in violation of any certificate of occupancy, or for any extra-hazardous purpose or in such manner as to create or constitute a nuisance of any kind.
Paragraph 4:    Payment of Taxes.
A.    As used herein, the term “Taxes” shall mean all taxes, assessments, water charges and sewer rents, rates and charges, transit taxes, charges for public utilities, excises, levies, license and permit fees and other governmental charges, general and special, ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever which at any time prior to or during the term of this Lease may be assessed, levied, confirmed, imposed upon or become a lien on the Demised Premises or the Land, or any part thereof, or for any use or occupation of the Demised Premises, and such franchises as may be appurtenant to the use of the Demised Premises, this transaction or any document to which Tenant is a party. The term “Taxes” as used herein shall not include any franchise, excise, corporate, inheritance, succession, capital levy or transfer tax of Landlord, or any income, profits or revenue tax upon the income of Landlord.
B.    As additional rent, Tenant shall pay or shall cause to be paid, as the same shall become due and payable, all Taxes which are assessed and are, or become, a lien during the term of this Lease; provided, however, that with respect to any bill or statement for Taxes issued by any taxing authority directly to Landlord, Tenant shall have no obligation to pay such Taxes, or interest or penalties accrued with respect thereto, until seven (7) business days shall have expired following Tenant’s receipt of such bill or statement. Tenant shall, promptly after payment, deliver to Landlord receipts evidencing payment of all such Taxes. Tenant may pay or shall cause to be paid any Taxes in installments, if payment may be so made, without fine or penalty. Notwithstanding the foregoing, in the event the holder (the “Fee Mortgagee”) of any mortgage which affects Landlord’s interest in the Demised Premises or any portion thereof (each such mortgage, a “Fee Mortgage”) requires that Taxes be paid in advance of their due date, or in installments in advance of the due date to be held in escrow by the Fee Mortgagee, Tenant hereby agrees to pay or shall cause to be paid Taxes as required by the Fee Mortgagee.
C.    Landlord hereby designates Tenant to act on its behalf and, during the Term of this Lease, assigns to Tenant Landlord’s rights and interest:  (a) to complete, terminate or settle any appeal proceedings pending on the Commencement Date with respect to real estate tax assessments of the Demised Premises for periods prior to the Commencement Date, (b) to determine the need to initiate an appeal of any real estate tax assessment of the Demised Premises with respect to periods prior to or after the Commencement Date, and to complete, terminate or settle any such appeals, and (c) to engage legal counsel in connection with the foregoing, provided, however, that any refunds or settlement monies resulting from such appeals shall be applied as follows subject to the terms of any Fee Mortgage:  (i) first, to the payment of all attorneys’ fees and costs attendant to such appeals, (ii) second, to Sublessees to the extent such Sublessees are entitled to a portion of such refunds or monies under their respective subleases and (iii) third, so long as an Event of Default 

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is not occurring hereunder, to Tenant.  Tenant shall pay all costs, including attorneys’ fees and costs, attendant to such appeals (to the extent not covered by the application of any refunds or settlement monies) and Landlord shall have no obligation to pay the same.  To the extent any refund or settlement monies are received that relate to the period after the Expiration Date, after the application set forth in clauses (i) and (ii) above, the remainder of such refunds shall be for Tenant, to the extent such refunds or settlement relates to a period of time on or prior to the Expiration Date, and to Landlord, to the extent such refunds or settlement relates to a period of time after the Expiration Date.  At Tenant’s sole cost and expense, Landlord shall cooperate with Tenant to the extent Landlord’s participation is necessary to initiate, settle, terminate, extend or amend such appeals or to otherwise secure any refunds.
D.    All Taxes assessed for the tax year in which this Lease shall commence or terminate (including any installment or installments of such Taxes which Tenant has elected to pay in installments) shall be apportioned between Landlord and Tenant. The allocation provided herein shall be on the basis of the number of days elapsed during the fiscal year for which Taxes are being paid. If this Lease shall have terminated by reason of Tenant’s default, all Taxes outstanding to the date of such termination shall be paid in full by Tenant.
Paragraph 5:    Proration.
All utility costs, insurance premiums on policies transferred to Tenant, if any (or Landlord, upon the expiration of the term of this Lease), and similar items of expense pertaining to the Demised Premises for the years of commencement and termination of this Lease shall be prorated between Landlord and Tenant.
Paragraph 6:    Tenant’s Improvements and Alterations.
A.    Tenant shall have the right to make any improvements or alterations (“Tenant Improvements”) to the Demised Premises, provided that such Tenant Improvements (i) would not diminish, by more than a de minimus amount, the current or residual value, remaining useful life or utility of the Demised Premises immediately prior to such Tenant Improvements, (ii) would not cause the Demised Premises to become a “limited use” property within the meaning of IRS Revenue Procedure 2001-28, 2001-1 C.B. 1156 or (iii) would not otherwise cause this Lease to be treated as other than a “true lease” for federal income tax purposes.  All Tenant Improvements shall be done at Tenant’s full cost, expense and risk, shall comply with all applicable governmental rules and regulations, and shall be done in a first class workmanlike manner. Tenant shall provide ten (10) days prior written notice to Landlord for any Tenant Improvements other than non-structural repairs and maintenance consistent with keeping the Demised Premises in good repair.
B.    Promptly following completion of any Tenant Improvements, Tenant shall furnish to Landlord a copy of any and all “as-built” plans and specifications if and to the extent prepared by Tenant in connection with such Tenant Improvements.
C.    Tenant Improvements and all movable property, furniture, furnishings and trade fixtures including those affixed to the Improvements or the Land (but in no event any 

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Personalty) shall remain the property of Tenant and may be removed by Tenant at its option at any time on or before the expiration of the term of this Lease, provided, that such removal (i) would not diminish, by more than a de minimus amount, the current or residual value, remaining useful life or utility of the Demised Premises immediately prior to such Tenant Improvement(s), (ii) would not cause the Demised Premises to become a “limited use” property within the meaning of IRS Revenue Procedure 2001-28, 2001-1 C.B. 1156 or (iii) would not otherwise cause this Lease to be treated as other than a “true lease” for federal income tax purposes.  In the case of any damage to the Demised Premises by such removal, Tenant shall restore the Demised Premises to substantially the same condition existing prior to such damage.  Any Tenant Improvements, fixtures, or equipment not removed by Tenant at the end of the term of this Lease may, at the option of Landlord, be deemed to have been abandoned, and in such case shall be retained by Landlord as its property. Tenant’s obligations pursuant to this Subparagraph 6.C shall survive the termination of this Lease.  Notwithstanding the foregoing, Tenant shall remove any Specialty Items (as hereinafter defined) and repair any damage to the Demised Premises occasioned by such removal.  The term “Specialty Items” shall mean Tenant Improvements affixed to the Improvements or the Land, the removal of which Landlord has notified Tenant will be required, such notification to occur at the time Tenant has submitted plans and specifications for such Tenant Improvements in accordance with Subparagraph 6.B.
Paragraph 7:    Repairs.
A.    Tenant will (i) make all necessary repairs and replacements to the Demised Premises, whether ordinary or extraordinary, foreseen or unforeseen, structural or non-structural, during the term of this Lease, (ii) keep the same in substantially the same condition and repair as when received and (iii) at the expiration or sooner termination of this Lease, return the Demised Premises to Landlord in substantially the same condition and repair as when received, ordinary wear and tear and casualty and condemnation losses excepted.  In furtherance and not in limitation of the foregoing, but subject to the provisions of Paragraph 11, Tenant agrees to perform any necessary capital repairs, replacements and restorations to the Demised Premises as and when the same are necessary (in Tenant’s sole judgment).
B.    Except as provided in Paragraph 13, Landlord will not make any repairs or alterations to the Demised Premises during the term of this Lease.
Paragraph 8:    Compliance With Laws.
Tenant shall comply with all orders, regulations, rules and requirements of every kind and nature relating to the Demised Premises, now or hereafter in effect, of all governmental authorities, whether they be usual or unusual, ordinary or extraordinary, or whether they or any of them relate to any structural changes or requirements of whatever nature, or to changes or requirements incident to or as the result of any use or occupation thereof or otherwise.  Except as expressly provided otherwise in Paragraph 9, Tenant shall pay all costs and expenses incidental to such compliance and will indemnify and save Landlord harmless from and against all expenses, costs and damages of every nature by reason of any notice, orders, violations or penalties filed against or imposed upon the Demised Premises or against Landlord as owner thereof, because of the failure of Tenant to 

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comply with this covenant.  Tenant shall have the right to contest or review any such order by legal proceedings or in such manner as Tenant may deem advisable and may have any such order cancelled, removed or revoked, without actual compliance therewith.  If any such actions or proceedings are instituted by Tenant, they shall be instituted and conducted diligently and in good faith at the expense of Tenant and free of expenses to Landlord.  In the event of any default under this Paragraph 8, Landlord may comply with any such order, regulation, rule or requirement and the cost and expense of so doing may be paid by Landlord and shall be repaid to Landlord by Tenant within thirty (30) days of demand therefor, as additional rent due hereunder.
Paragraph 9:    Indemnification.
Tenant shall indemnify and save harmless Landlord, each Fee Mortgagee and their respective successors and assigns, and any partner, or principal (disclosed or undisclosed) of Landlord from and against any and all liability and damages, and from and against any and all suits, claims, and demands of every kind and nature, including reasonable counsel fees and expenses, by or on behalf of any person, firm, association or corporation to the extent arising out of or based upon the negligence or willful misconduct of Tenant or any agent, employee or contractor of Tenant, or any accident, injury or damage, however occurring, which shall or may happen during the term of this Lease, on or about the Demised Premises.  Nothing herein contained shall require Tenant to indemnify Landlord, any Fee Mortgagee, or any parties or principal (disclosed or undisclosed) of Landlord based upon the following (each, an “Excepted Item”): (a) any accident, injury or damage on or about the Demised Premises, arising out of the gross negligence or willful misconduct of Landlord or any agent of Landlord; (b) any misrepresentation made by Landlord herein; (c) any condition of the Land or Improvements existing prior to Tenant’s first occupancy of the Demised Premises; or (d) the presence on, within or under the Land or Improvements, which existed prior to Tenant’s first occupancy of the Demised Premises, of any materials that are regulated by or form the basis of liability under any Environmental Law (as hereinafter defined), including, without limitation, (i) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic substance, (ii) any petroleum or petroleum derived substance or waste, (iii) any asbestos or asbestos-containing material, (iv) any PCB or PCB-containing or urea-formaldehyde-containing material or fluid and (v) any radioactive material or substance (collectively, “Hazardous Substances”).  Tenant, at its expense, shall have the right to defend with counsel of its own choice any legal proceeding commenced or threatened against Landlord or Tenant, in connection with which a claim for indemnification may be asserted by Landlord.  Landlord shall indemnify and save harmless Tenant, its officers, directors, shareholders, successors, permitted assigns, and any guarantor of Tenant’s obligations hereunder from and against any liability and damages, and from and against any and all suits, claims and demands of every kind and nature, including reasonable counsel fees and expenses, to the extent arising out of or based upon any Excepted Item.  Landlord, at its expense, shall have the right to defend with counsel of its own choice any legal proceeding commenced or threatened against Landlord or Tenant, in connection with which a claim for indemnification may be asserted by Tenant on account of any Excepted Item.
Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations of any nature in or to the Demised Premises, Tenant hereby assuming the full and exclusive 

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control thereof and responsibility for the condition, operation, repair, replacement, maintenance and management of the Demised Premises.
Paragraph 10:    Insurance.
Tenant shall obtain (or cause to be obtained) and keep in full force and effect either builder’s risk insurance (the “Builder’s Risk Insurance Policy”) coverage or permanent All Risk/All Perils insurance coverage as appropriate and to the extent applicable.  All insurance policies shall be commercially reasonable and issued by carriers licensed in the state in which the Demised Premises is located with a Best’s Insurance Reports policy holder’s rating of “A” and a financial size category of Class “X”.  The policies shall provide for the following, and any other coverage that a Fee Mortgagee may from time to time deem necessary:
A.    Coverage against all perils and/or builders risk in the amount of one hundred percent (100%) of the replacement cost of all Improvements located or to be located on the Land.  If the policy is written on a “co-insurance” basis, the policy shall contain an “agreed amount endorsement” as evidence that the coverage is in an amount sufficient to insure the full amount of any fee first mortgage indebtedness secured by the Demised Premises;
B.    Commercial general liability coverage in a minimum amount of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate, with umbrella coverage for $5,000,000;
C.    Rent loss or business interruption coverage in a minimum amount approved by Fee Mortgagee of not less than the appraised rentals for a minimum of one year;
D.    Flood hazard coverage in a minimum amount available, if the premises are located in a special flood hazard area (“Flood Hazard Area”) as designated by the Federal Emergency Management Agency on its Flood Hazard Boundary Map and Flood Insurance Rate Maps, and the Department of Housing and Urban Development, Federal Insurance Administration, Special Flood Hazard Area Maps; and
E.    Workers Compensation and Disability insurance as required by law.
Each policy shall provide that the insurer will endeavor to deliver written notice to Landlord at least thirty (30) days’ prior to cancellation, reduction or termination.
Paragraph 11:    Damage or Destruction.
A.    If during the Term of this Lease any portion of the Demised Premises or the Improvements are damaged or destroyed by fire or other casualty, Tenant shall forthwith give notice thereof to Landlord.  Unless Landlord or Tenant exercises its express right to terminate this Lease as a result of such fire or other casualty in accordance with this Paragraph 11, Tenant shall (or shall cause the applicable Sublessees to) promptly repair, replace and rebuild (collectively, “Repair”) the same, at least to the extent of the value, and as nearly as reasonably possible to the character of the property involved, as it was immediately before the loss. Prior to the commencement by Tenant of the Repair of any such damage as required pursuant to this Paragraph 11, Tenant shall submit plans 

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and specifications for such Repair to Landlord for approval, which approval will not be unreasonably withheld or delayed. Any such Repair shall be done in a first class workmanlike manner, and in compliance with all applicable laws. Tenant shall also furnish to Landlord an estimate of the cost of any Repairs, which estimate shall be prepared by a licensed architect (the “Architect”) reasonably acceptable to Landlord.
B.    Unless any Fee Mortgage requires payment of any insurance proceeds to the Fee Mortgagee thereunder or except as set forth in Subparagraph 11.F, all insurance proceeds under the insurance policies to be maintained by Tenant hereunder shall be paid to Tenant.  If the insurance proceeds from such policies made available to Tenant shall be insufficient for the proper and complete Repair of the damaged property, or if there be no insurance proceeds, Tenant shall nevertheless be required to make the Repairs at its own cost and expense or to pay for any such deficiency.  If the amount of such net insurance proceeds shall be in excess of the cost of the Repairs, such excess shall be paid to Tenant, unless any Fee Mortgage requires payment thereof to the Fee Mortgagee thereunder, in which event such excess shall be delivered to such Fee Mortgagee and Landlord shall promptly pay to Tenant an amount equivalent to the amount delivered to such Fee Mortgagee.
C.    Notwithstanding anything herein contained to the contrary, if all or a portion of the Demised Premises shall be damaged or destroyed, and the cost of restoring the Demised Premises following such damage or destruction, as determined by the Architect, is thirty percent (30%) or more of the fair market value of the Improvements immediately prior to such damage or destruction, Tenant shall have the right, exercisable by written notice delivered to Landlord within thirty (30) days of such damage or destruction, to terminate this Lease (as opposed to Tenant proceeding with the Repair of the Demised Premises), and upon delivery of the foregoing notice to Landlord, this Lease and the terms of this Lease shall cease and come to an end and all rentals shall be apportioned as of the date of such damage or destruction.
D.    Tenant shall control the negotiations with the relevant federal, state, county, municipal or other governmental or regulatory authority, agency, board, body, commission, court or quasi-governmental authority (the “Governmental Authority”) in connection with any destruction or damage.  Tenant shall give to Landlord such information, and copies of such documents, which relate to such proceedings and are in the possession of Tenant or are readily obtainable by Tenant, when and as reasonably requested.
E.    If any damage or destruction to the Demised Premises occurs at a time when the then current Term of this Lease has two (2) years or less to run, and the cost of restoring the Demised Premises following such damage or destruction, as determined by the Architect, is thirty percent (30%) or more of the fair market value of the Improvements immediately prior to such damage or destruction, this Lease, except as hereinafter provided, may be terminated and ended at the election of either Landlord or Tenant (as opposed to Tenant proceeding with the Repair of the Demised Premises), provided that notice in writing of such election shall be sent by the party so electing to the other, within thirty (30) days after the occurrence of such damage or destruction.  

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Upon such termination, this Lease and the Term thereof shall cease and come to an end and all rentals shall be apportioned as of the date of such destruction or damage. If pursuant to this Subparagraph 11.E Landlord shall elect to terminate this Lease, Tenant shall then have the right to exercise any unexpired options to extend the Term of this Lease, in accordance with the terms of this Lease, and in the event Tenant exercises any such renewal option within twenty (20) days after receiving such notice of termination from Landlord, such termination notice shall be void and of no effect and Tenant shall Repair the Demised Premises as provided in this Paragraph 11.
F.    If this Lease is terminated as a result of any damage or destruction in accordance with this Paragraph 11, the entire insurance proceeds payable on account of such damage and destruction shall be paid to Landlord unless any Fee Mortgage requires payment of any insurance proceeds to the Fee Mortgagee thereunder.  Subject to any Fee Mortgage, if Tenant shall not commence the repair or rebuilding of the Demised Premises within a period of ninety (90) days after damage or destruction, subject to extension for force majeure, and prosecute the same thereafter with such dispatch as may be necessary to complete the same within a reasonable period after said damage or destruction occurs, not to exceed three hundred and sixty (360) days from the date of commencement of such repair or rebuilding, then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity, any insurance proceeds received by Tenant shall be paid to and retained by Landlord as security for the continued performance and observance by Tenant of Tenant’s covenants and agreements hereunder, subject to the terms of any applicable Fee Mortgage, such proceeds to be released to Tenant only upon the completion of reconstruction or repairs in accordance with such disbursement requirements as Landlord may reasonably impose, including, without limitation, reasonable approval by Landlord of any plans, specifications and budget for such reconstruction or repair, and receipt by Landlord of all lien waivers.
G.    So long as this Lease is not terminated in accordance with this Paragraph 11, neither the rent payable by Tenant nor any of Tenant’s other obligations under the other provisions of this Lease shall be affected by any damage to or destruction of the Demised Premises, and Tenant expressly waives such additional rights as it might otherwise have under any law or statute by reason of damage or destruction of the Demised Premises by fire or any other cause.
Paragraph 12:    Condemnation.
A.    If at any time during the term of this Lease, all or substantially all of the Demised Premises shall be taken for any public or quasi-public purpose by any lawful power or authority by the exercise of the right of condemnation or eminent domain or by agreement between Landlord and those authorized to exercise such right, this Lease and the term of this Lease shall terminate and expire on the date of such taking and the Fixed Rent and other sums of money and charges herein reserved and provided to be paid by Tenant shall be apportioned and paid by Tenant to the date of such taking.
B.    If less than substantially all of the Demised Premises shall be taken as aforesaid, this Lease and the term of this Lease shall continue, without reduction, abatement or effect of any nature whatsoever upon said term or the liability of Tenant to pay in full the additional 

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rent and other sums of money and charges herein reserved and provided to be paid by Tenant; provided, however, that the Fixed Rent payable by Tenant shall be reduced to equal an amount which bears the same ratio to the Fixed Rent payable immediately prior to such taking as the rentable area of the untaken portion of the Improvements bears to the rentable area of the Improvements immediately before the taking.  Notwithstanding the foregoing, if at any time during the term of this Lease twenty-five percent (25%) or more of (i) the Improvements, or (ii) the parking areas within the Demised Premises, shall be taken as aforesaid, or if access to all of the parking areas upon the Demised Premises shall be obstructed for at least six (6) consecutive months as a result of such taking, Tenant shall have the right, exercisable by written notice to Landlord delivered at any time within thirty (30) days of such taking, to terminate this Lease, whereupon this Lease and the term of this Lease shall terminate and expire on the date of such taking, and the Fixed Rent and other sums of money and charges herein reserved and provided to be paid by Tenant shall be apportioned and paid by Tenant to the date of such taking.
C.    All compensation awarded or paid upon such a total or partial taking of the Demised Premises shall belong to and be the property of Landlord without any participation by Tenant.  Nothing contained herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority in such condemnation proceedings for loss of business, depreciation or damage to and/or cost of removal or the value of stock and/or trade fixtures, furniture and other personal property belonging to Tenant; provided, however, that no such claim or award shall diminish or otherwise adversely affect Landlord’s claim or award, nor any claim or award of any Fee Mortgagee.  In no event shall Tenant make any claim for the value of the unexpired term of this Lease. If any award pursuant to a taking of the nature described in Subparagraph 12.B above shall have a “loss of use” component specifically allocated, such component of the award shall be paid to Tenant.
D.    In the event of a condemnation for a temporary use or occupancy of a portion of the Demised Premises for any public or quasi-public use or purpose during the term of the Lease, this Lease shall be and remain unaffected by such condemnation and Tenant shall continue to be responsible for all of its obligations hereunder and it shall continue to pay all Fixed Rent, additional rent, and other sums of money and charges herein reserved. In the event of any such condemnation, Tenant shall be entitled to appear, claim, prove and receive the entire award unless the period of temporary use or occupancy extends beyond the Expiration Date (as extended in the event Tenant exercises its option to extend the term of this Lease), in which event Landlord shall be entitled to appear, claim, prove and receive the entire award as represents the cost of restoration of the Demised Premises and the portion of any such award allocable to the period following the Expiration Date.  At the termination of such public or quasi-public occupancy prior to the Expiration Date, Tenant shall, at its own expense, restore the Demised Premises as nearly as reasonably possible to the condition in which they were prior to the condemnation.  Notwithstanding the preceding provisions of this Paragraph 12, any lump sum award received by Tenant as compensation for temporary use and occupancy of the Demised Premises shall be delivered forthwith to Landlord to be held by Landlord in trust for the payment of future installments of Fixed Rent and other money and charges 

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herein reserved by Tenant as provided in this Lease, and the restoration of the Demised Premises.  Notwithstanding the foregoing, a temporary taking of more than twenty-five percent (25%) of the Improvements or all of the parking areas upon the Demised Premises which in either case lasts more than six (6) consecutive months shall be deemed a permanent taking of all the Property hereunder.
E.    Tenant shall control the negotiations with the Governmental Authority in connection with any taking.  Tenant shall give to Landlord such information, and copies of such documents, which relate to such proceedings and are in the possession of Tenant or are readily obtainable by Tenant, as reasonably requested.
Paragraph 13:    Landlord’s Right to Perform Tenant’s Covenants.
If Tenant shall at any time fail to make any payment or perform any act on its part to be made or performed hereunder, then Landlord, without waiving or releasing Tenant from any obligation of Tenant contained in this Lease, may at its option pay any sum or perform any act on Tenant’s part to be paid or performed as provided herein, and may enter upon the Demised Premises for any purpose and take any action thereon as may be necessary to cure such failure.  The amount of any payment made or expense incurred by Landlord in connection with the foregoing, with interest thereon at the Default Rate from the date of payment, shall constitute additional rent and shall be paid by Tenant to Landlord on demand.  Notwithstanding the foregoing, Landlord may not, except in the case of an emergency, exercise any rights pursuant to this Paragraph 13, except upon thirty (30) days’ prior written notice to Tenant.
In the event Tenant fails to pay Taxes or any other sum which Tenant is required by the terms of this Lease to pay, and Landlord, in its absolute discretion elects to pay such sum on behalf of Tenant, Tenant shall pay to Landlord, as additional rent hereunder, within fifteen (15) days of demand therefor, the amount of such payment, together with interest at the Default Rate, from the date of such payment by Landlord until the date Tenant pays such sums to Landlord.
Paragraph 14:    Discharge of Liens.
A.    Tenant shall not create, permit to be created or to remain, and covenants to discharge any lien, encumbrance or charge upon the Demised Premises or any part thereof or the income therefrom having any priority or preference over this Lease or ranking on a parity with the estate, right and interest of Landlord in the Demised Premises or the Land, or any part thereof, or the income therefrom, and Tenant will not suffer any matter or thing whereby the estate, right and interest of Landlord might be impaired except as expressly provided in this Lease.  Except for any Fee Mortgage, Landlord shall not create, permit to be created or to remain, and covenants to discharge any lien, encumbrance or charge upon the Land or the Improvements or any part thereof or the income therefrom, and Landlord will not suffer any matter or thing whereby the estate, right and interest of Tenant might be impaired except as expressly provided in this Lease.
B.    If, as a result of action or inaction by Tenant, any mechanic’s, laborer’s or materialmen’s lien shall at any time be filed against any part of the Demised Premises, Tenant shall 

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within sixty (60) days after the notice of the filing thereof cause the same to be discharged of record by payment, deposit, bond, order of a court of competent jurisdiction or otherwise. If Tenant fails to cause such lien to be so discharged, then in addition to any other right or remedy of Landlord, Landlord may, but shall not be obligated to, discharge the same. Any amount paid by Landlord and all costs and expenses incurred by Landlord in connection therewith, together with interest thereon at the Default Rate, shall constitute additional rent paid by Tenant hereunder and shall be paid by Tenant to Landlord on demand.  Tenant shall defend on behalf of Landlord and at Tenant’s own cost and expense any action which may be brought for the enforcement of any such liens, and Tenant shall pay any damages and discharge any judgment entered thereon and indemnify and save Landlord and any Fee Mortgagee harmless from and against any claim or damage resulting therefrom. In the event any mechanic, laborer or materialman shall send a notice of lien to Landlord, and not to Tenant, Landlord shall forward a copy of such notice of lien to Tenant, and the foregoing sixty (60) day period shall commence as of the date Tenant receives such notice.
C.    Anything to the contrary in the foregoing notwithstanding, Tenant shall not be required to pay, discharge or remove any mechanic’s, laborer’s or materialman’s lien filed against the Demised Premises, or any part thereof, so long as Tenant shall in good faith proceed to contest the same, or the validity thereof, by appropriate legal proceedings, which shall operate to prevent enforcement of such lien, so long as Tenant’s failure to pay, discharge or remove such lien does not result in a default under the terms of any Fee Mortgage or other agreement affecting the Demised Premises.
D.    All materialmen, contractors, artisans, mechanics, laborers and any other persons who now or hereafter have contracted with Tenant (or any Sublessee) for the furnishings of any labor, services, materials, supplies or equipment with respect to any portion of the Demised Premises at any time from the date of this Lease until the end of the term of this Lease, are hereby charged with notice that they must look exclusively to Tenant (or such Sublessee) to obtain payment for the same.
Paragraph 15:    Landlord’s Access to Premises.
A.    Subject to the terms of any Subleases, Tenant will permit Landlord and its authorized representatives upon reasonable notice to enter the Demised Premises during business hours (but not more than one time during any calendar year) for the purpose of inspecting the same and performing any work therein that may be necessary by reason of Tenant’s failure to make any repairs or perform any work required of Tenant pursuant to the terms of this Lease.  Nothing herein shall imply any duty upon the part of Landlord to do any such work, and performance thereof by Landlord shall not constitute a waiver of Tenant’s default in failing to perform the same.
B.    Landlord, upon reasonable notice, shall have the right to enter the Demised Premises during business hours, for the purpose of showing same to prospective purchasers of the Demised Premises and, at any time within twelve (12) months prior to the expiration of the term of this Lease (unless Tenant shall have exercised its option to extend the term of this Lease as hereinafter provided), for the purpose of showing same to prospective tenants.

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C.    Landlord’s rights under this Paragraph 15 shall be subject to the limitations that (i) Landlord shall use all reasonable efforts to avoid interference with or disruption to Tenant’s operations in the Demised Premises, and (ii) Tenant shall have the right to designate secure areas within the Demised Premises in which access shall be permitted only in the company of a designated representative of Tenant.
D.    Tenant shall not enter into any future Sublease unless such Sublease contains the following provision:
“Master Lease.  Tenant acknowledges that the Premises is subject to that certain Master Lease (the “Master Lease”) dated as of [l], [l], by and between various parties as landlord (the “Master Landlord”), and Landlord as tenant, and that this Lease shall in all respects be subject and subordinate to the terms of the Master Lease and any other ground lease, master lease or underlying lease now or hereafter placed on the property containing the Premises.  No further documentation shall be required to evidence the foregoing; provided, however, that in confirmation of such subordination, Tenant shall execute promptly any certificate, in recordable form, that Landlord may reasonably request.
In the event Master Landlord shall succeed to the rights of Landlord, or if any lessor of any underlying or ground lease shall succeed to the position of Landlord under this Lease, then Tenant will recognize such successor landlord as Landlord of this Lease and pay the rent and attorn to and perform the provisions of this Lease for the benefit of any such successor Landlord, and Master Landlord will recognize Tenant under this Lease.  No documentation other than this Lease shall be necessary to evidence such attornment but Tenant agrees to execute any documents, in recordable form, reasonably requested by the successor Landlord to confirm such attornment or to otherwise carry out the intent and purposes of this Paragraph ____.”
The requirements of this Subparagraph 15.D shall not apply to the Subleases in existence as of the date of this Lease or to any amendments, modifications or supplements thereto.
Paragraph 16:    Assignment, Mortgage, Etc.
A.    Tenant shall have the right to assign this Lease or the leasehold estate created hereby without the consent of Landlord.  Tenant shall have the right to sublet all or any portion of the Demised Premises without the consent of Landlord, including, without limitation, the right to enter into Subleases that extend beyond the Term of this Lease.
B.    Subject to the terms of any Fee Mortgage, Tenant shall have the right to mortgage, hypothecate, or otherwise encumber (collectively, a “Leasehold Mortgage”) this Lease, or Tenant’s interest in the Demised Premises or any part thereof, without Landlord’s prior written consent.
Paragraph 17:    Default.

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A.    If any one or more of the following events (herein sometimes called “Events of Default”) shall happen:
(1)    if Tenant shall fail to make due and punctual payment of any Fixed Rent or additional rent payable under this Lease or any other sum when and as the same shall become due and payable, and such failure shall continue for a period of five (5) days after written notice from Landlord; or
(2)    if Tenant shall fail in the performance or compliance with any of the agreements, terms, covenants or conditions in this Lease (other than those referred to in the foregoing Subparagraph 17.A.(l)) for a period of thirty (30) days after written notice from Landlord to Tenant specifying the items which Tenant has failed to perform or comply with, or in the case of any failure or a contingency which cannot with due diligence be cured within said thirty (30) day period, if Tenant fails to proceed within said thirty (30) day period to commence to cure the same and thereafter to prosecute the curing of such failure with due diligence (it being intended in connection with a failure not susceptible of being cured with due diligence within said thirty (30) day period that the time of Tenant within which to cure the same shall be extended for such period as may be necessary to complete the same with all due diligence); or
(3)    if Tenant shall (i) apply for, or consent in writing to, the appointment of a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of its assets, (ii) file a voluntary petition in bankruptcy or admit in writing its inability to pay its debts as they become due, (iii) make a general assignment for the benefit of creditors, or (iv) file a petition or an answer seeking a reorganization (other than a reorganization not involving the liabilities of Tenant) or an arrangement with creditors, or take advantage of any insolvency law, (v) file an answer admitting the material allegations of a petition filed against Tenant in any bankruptcy, reorganization or insolvency proceedings, (vi) admit in writing its inability to pay its debts as they mature, or (vii) be dissolved as the result of any adversary suit or proceedings; or
(4)    if an order, judgment or decree shall be entered by any court of competent jurisdiction approving a petition seeking a reorganization of Tenant or the appointment of a custodian, receiver, trustee or liquidator of Tenant, or of all or substantially all of Tenant’s assets, and such order, judgment or decree shall continue unstayed and in effect, whether pursuant to appeal or otherwise, for any period of ninety (90) days; or
(5)    if an involuntary case is commenced against Tenant by the filing of a petition under Chapter 7 or Chapter 11 of Title 11 of the United States Bankruptcy Code and an order for relief is entered therein or the petition is not dismissed within ninety (90) days after the filing of such petition; or
(6)    if Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”) shall default under that certain Guaranty dated as of the date of this Lease from the Operating Partnership to Landlord (the “Guaranty”) beyond any applicable notice and cure period contained therein; then and in any such event Landlord, 

16

at any time thereafter, may give written notice to Tenant specifying such Event of Default or Events of Default and stating that this Lease and the term hereby demised shall expire and terminate on the date specified in such notice, which shall be no less than ten (10) days after the giving of such written notice, and upon said date this Lease and the term hereby demised and all rights of Tenant under this Lease, including any renewal privileges whether or not exercised, shall expire and terminate, and Tenant shall remain liable as hereinafter provided.
B.    Upon any such expiration or termination of this Lease, Tenant shall quit and peacefully surrender the Demised Premises to Landlord and Landlord, upon or at any time after any such expiration or termination, may without further notice enter upon and re-enter the Demised Premises and possess and repossess itself thereof, by force, summary proceedings, ejectment or otherwise, and may dispossess Tenant and remove Tenant and (subject to the provisions of Subparagraph 17.D) all other persons and property from the Demised Premises and may have, hold and enjoy the Demised Premises and the right to receive all rental income of and from the same.
C.    At any time or from time to time after any such expiration or termination, Landlord may relet the Demised Premises or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord in its uncontrolled discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof, or for any failure to collect any rent due upon any such re-letting.
D.    No such expiration or termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such expiration or termination.  In the event of any such expiration or termination, whether or not the Demised Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the Fixed Rent and all other charges required to be paid by Tenant up to the time of such expiration or termination of this Lease.  Thereafter, until the end of what would have been the term of this Lease in the absence of such expiration or termination, Tenant shall be liable to Landlord for and shall pay to Landlord as and for liquidated and agreed current damages for Tenant’s default, the equivalent of the amount of the Fixed Rent and the other rent and charges which would be payable under this Lease by Tenant if this Lease were still in effect, less the net proceeds of any re-letting effected pursuant to the provisions of Subparagraph 17.C and any rent collected by Lender under any subleases not terminated, after deducting all of Landlord’s reasonable expenses in connection with such re-letting, including, without limitation, all repossession costs and reasonable attorneys’ fees.
E.    Tenant shall pay such current damages (herein called “deficiency”) to Landlord monthly on the days on which the Fixed Rent and other charges would have been payable under this Lease if this Lease were still in effect and Landlord shall be entitled to recover from Tenant each monthly deficiency as the same shall arise.  In addition, at any time after any such 

17

expiration or termination, whether or not Landlord shall have collected any deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord on demand, as and for liquidated and agreed final damages for Tenant’s default, an amount equal to the difference between the total of the Fixed Rent and other charges reserved under this Lease from the date of such expiration or termination for what would be the then unexpired term of this Lease if the same had remained in effect, and the then fair rental value of the Demised Premises for the same period, discounted at the rate of eight percent (8%) per annum.
F.    Tenant hereby expressly waives, so far as permitted by law, the service of any notice of intention to reenter provided for in any statute, or of the institution of legal proceedings to that end.  Tenant, for and on behalf of Tenant and all persons claiming through or under Tenant, also waives any and all right of redemption or reentry or repossession or to restore the operation of this Lease in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. Landlord and Tenant, so far as permitted by law, waive and will waive any and all right to a trial by jury in any action, proceeding or counterclaim brought by either of the parties to this Lease against the other in connection with any matters whatever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the Demised Premises and any claim of injury or damage. The terms “enter,” “re-enter,” “entry” or “re-entry,” as used in this Lease are not restricted in their technical legal meaning.
G.    No failure by either party to insist upon the strict performance of any covenant, agreement, term or condition of this Lease or to exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial rent during the continuance of any such breach, shall constitute a waiver of any such breach or of such covenant, agreement, term or condition. No covenant, agreement, term or condition of this Lease to be performed or complied with by either party and no breach thereof, shall be waived, altered or modified except by a written instrument executed by the other party. No waiver of any breach shall affect or alter this Lease but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach thereof.
H.    Each right and remedy of the parties provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. The exercise or beginning of the exercise by either party of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by such party of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise.
I.    Upon an Event of Default by Landlord hereunder, Tenant shall be entitled to recover against Landlord all of its reasonable costs and expenses, together with interest at the Default Rate on any sums determined to be due and payable to Tenant, in connection with any such default.
Paragraph 18:    Representations by Landlord.

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A.    Tenant has inspected the Demised Premises and agrees to accept the Demised Premises in its “as is” condition as of the date of this Lease, and agrees that Landlord shall not be required to do any work to prepare the Demised Premises for use or occupancy by Tenant. Landlord’s agents have made no representations or promises with respect to the Improvements or the Demised Premises except as herein expressly set forth.
B.    Landlord hereby represents and warrants to Tenant as follows:
(i)    Landlord has fee title to the Demised Premises, subject to no liens or encumbrances other than Permitted Exceptions. The representation contained in this Subparagraph 18.B.(i) shall be true and correct as of this date and the Commencement Date.
(ii)    The Improvements were constructed in accordance with all applicable laws, legal requirements and building codes, the compliance with which was necessary in order to obtain a certificate of occupancy for the Improvements.
(iii)    Landlord, if a partnership, limited liability company, trust or corporation, is duly organized and validly existing under the laws of the state of its organization and is duly registered and qualified to do business in each jurisdiction where such registration or qualification is material to the transactions contemplated hereby and has been duly authorized by all necessary and appropriate action to enter into this Lease and to consummate the transaction contemplated herein, and the individuals executing this Lease on behalf of Landlord, have been duly authorized by all necessary and appropriate action on behalf of Landlord.  Landlord, if an individual, has full power, authority and capacity to enter into this Lease and to consummate the transaction contemplated herein.  When executed and delivered by Landlord, this Lease will constitute valid and legally binding obligations of Landlord, enforceable against Landlord in accordance with its terms.
(iv)    Neither the execution nor the delivery of this Lease nor the consummation of the transaction contemplated hereby nor fulfillment of or compliance with the terms and conditions of this Lease conflict with or will result in a breach of any of the terms, conditions or provisions of any agreement, order, judgment, decree, arbitration award, statute, regulation or instrument to which Landlord is a party or by which it is bound, or constitutes or will constitute a breach, violation or default under any of the foregoing.
C.    During the term of this Lease, Landlord shall not voluntarily pursue an application for a zoning variance, land use approval, assessment, special improvement or similar action which would materially adversely affect Tenant’s use of the Demised Premises or materially increases Tenant’s cost to operate and maintain the Demised Premises.
D.    Landlord hereby transfers and assigns to Tenant any and all warranties and guaranties in Landlord’s possession which were obtained by Landlord (whether by specific agreement or as a matter of law) in connection with the construction or acquisition of the Improvements, and preparation of the Demised Premises, and agrees to cooperate with Tenant in 

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connection with the enforcement of any of the foregoing. Landlord further agrees to execute any documents which Tenant may reasonably request in furtherance of the foregoing assignment.
Paragraph 19:    Quiet Enjoyment.
Landlord represents and covenants that Landlord has full right, power and authority to enter this Lease for the term herein granted and Landlord covenants and agrees with Tenant that upon Tenant paying the Fixed Rent and other charges due hereunder, and observing and performing all the terms, covenants and conditions on Tenant’s part to be observed and performed, Tenant may peaceably and quietly enjoy the Demised Premises, free from any interference, molestation or acts of Landlord or of anyone claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease.
Paragraph 20:    Subordination; Subleases.
A.    Subject to Tenant receiving a subordination and non-disturbance agreement as provided in Subparagraph 20.D from any existing or future Fee Mortgagee(s) or underlying lessors, this Lease, and all the rights of Tenant hereunder, are and shall be subject and subordinate to any and all Fee Mortgages now or hereafter existing and any other liens either in whole or in part on the Demised Premises, and any extension, renewal or modification of any such Fee Mortgages, and to any and all ground or underlying leases which may now or hereafter affect the Demised Premises or any portion thereof, and any extensions, renewals or modifications thereof.  In confirmation of such subordination, Tenant shall execute promptly any certificate, in recordable form, that Landlord may reasonably request.
B.    Subject to Tenant receiving a subordination and non-disturbance agreement as provided in Subparagraph 20.D from any existing or future Fee Mortgagee(s) or underlying lessors, Tenant hereby agrees that, in the event that any Fee Mortgagee shall succeed to the rights of Landlord, or if any lessor of any underlying lease shall succeed to the position of Landlord under this Lease, then Tenant will recognize such successor Landlord as Landlord of this Lease and pay the rent and attorn to and perform the provisions of this Lease for the benefit of any such successor Landlord.  No documentation other than this Lease shall be necessary to evidence such attornment but Tenant agrees to execute any documents, in recordable form, reasonably requested by the successor Landlord to confirm such attornment or to otherwise carry out the intent and purposes of this Paragraph 20.
C.    Intentionally omitted.
D.    Landlord, at no cost to Tenant, shall obtain from any future Fee Mortgagee or from any future lessor of any underlying lease, an agreement to the effect that, so long as no Event of Default shall at the time have occurred and be continuing hereunder, Tenant and its permitted subtenants and assigns shall not be made party to any proceeding to foreclose the Fee Mortgage or to terminate the underlying lease; that Tenant’s possession (and its permitted subtenants’ possession) of the Demised Premises under the term of this Lease shall not be terminated or disturbed as a result of the foreclosure of any Fee Mortgage or termination of any underlying lease; that such Fee 

20

Mortgagee or underlying lessor, as the case may be, will recognize Tenant as the direct tenant of such Fee Mortgagee or lessor on all of the terms and conditions of this Lease subject to the provisions hereinafter set forth; together with such other terms as are customarily contained in a subordination, non-disturbance and attornment agreement (any such agreement from a Fee Mortgagee or lessor is called a “Nondisturbance Agreement”).  Tenant agrees it will execute any agreement consistent with the foregoing provisions which may be required to confirm the subordination of this Lease subject to the non-disturbance provisions above outlined.  In any such agreement Tenant shall agree that, in the event that the Fee Mortgagee shall succeed to the rights of Landlord herein named, or if any lessor of any underlying lease shall succeed to the position of Landlord under this Lease, then Tenant will recognize such successor Landlord as the landlord of this Lease and pay the rent and attorn to and perform the provisions of this Lease for the benefit of any such successor Landlord.
E.    Any Nondisturbance Agreement may be made on the condition that, and Tenant hereby agrees that neither the Fee Mortgagee nor the lessor, as the case may be, nor anyone claiming by, through or under such Fee Mortgagee or lessor, as the case may be, including a purchaser at a foreclosure sale, shall be:
(i)    liable for any previous act or omission of Landlord under this Lease, except to the extent that a default continues after the date of foreclosure or purchase of the Demised Premises (in which case such default shall be deemed to have occurred on the date of transfer of title to the Demised Premises); or
(ii)    subject to any credit, claim, counterclaim, demand, defense or offset that previously accrued to Tenant against Landlord under this Lease; or
(iii)    obligated to perform any alteration or improvements of the premises not expressly required under this Lease; or
(iv)    be responsible for (a) the performance or completion of any construction work to be performed by Landlord under this Lease, or (b) any reimbursement or payment required by Landlord to Tenant or its designees pursuant to this Lease on account of work performed by, or for the account of, Tenant; or
(v)    be liable for the repayment of any monies owed by Landlord to Tenant; or
(vi)    have any obligation with respect to any security deposited under this Lease unless and to the extent such security shall have been transferred to the Fee Mortgagee or lessor, as the case may be, or anyone claiming by, through or under such party; or
(vii)    be bound by any previous prepayment of Fixed Rent or additional rent for more than one (1) quarter.
F.    On the date of this Lease, Tenant and Landlord shall execute and deliver an Assignment and Assumption of Subleases substantially in the form of Exhibit D, pursuant to which Landlord shall assign to Tenant and Tenant shall assume from Landlord all of Landlord’s right, title 

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and interest in and obligations under each sublease for space at the Demised Premises (each, a “Sublease”; the sublessee under each Sublease being a “Sublesssee”), subject to the terms of this Subparagraph 20.F.
G.    Landlord agrees that upon the request of Tenant, Landlord shall execute and deliver to any Sublessee a commercially reasonable subordination, non-disturbance and attornment agreement pursuant to which Landlord will agree (i) that such Sublessee’s possession of the premises leased under such Sublessee’s lease shall not be disturbed as a result of the termination of this Lease and (ii) to recognize such Sublessee as a direct tenant of Landlord in the event of any such termination.  Such subordination, non-disturbance and attornment agreement shall contain such other customary terms as are reasonably requested by such Sublessee, Landlord or Tenant.  Tenant shall deliver to Landlord a true copy of each executed lease within seven (7) days of the date of execution and delivery thereof.
H.    In the event of a termination of this Lease by operation of law or otherwise, each Sublease shall continue in full force and effect as a direct lease between Landlord and Sublessee, and each Sublessee’s possession of the premises leased under the applicable Sublease shall not be disturbed as a result of the termination of this Lease.
Paragraph 21:    Brokerage.
A.    Tenant warrants and represents that it has not dealt with any realtor, broker or agent, in connection with the negotiation of this Lease and agrees to pay and to hold Landlord (and any partner, affiliate or principal (disclosed or undisclosed) of Landlord) harmless from any cost, expense or liability (including costs of suit and reasonable attorney’s fees) for any compensation, commission or charges claimed by any broker with respect to this Lease (other than any compensation, fees and expenses as set forth in in that certain Program Description Memorandum dated as of [l], [l] (as may be amended and supplemented from time to time, the “Memorandum”) and the Property Supplement to the Memorandum dated as of [l], [l], as may be amended and supplemented from time to time (collectively, the “Supplement”), arising as a result of the acts of Tenant.
B.    Landlord warrants and represents that it has not dealt with any realtor, broker or agent in connection with the negotiation of this Lease (other than the Operating Partnership and its affiliates and subsidiaries) and agrees to pay and to hold Tenant harmless from any cost, expense or liability (including costs of suit and reasonable attorney’s fees) for any compensation, commission or charges claimed by any broker with respect to this Lease, arising as a result of the acts of Landlord.
Paragraph 22:    Lease Status.
Upon request of either party to this Lease, the other party will execute and deliver (within ten (10) business days after request therefor) an instrument stating, if the same be true, that this Lease is a true and exact copy of the Lease between the parties to this Lease, that there are no amendments of this Lease (or stating what amendments there may be), that the same is then in full force and effect and that, to the best of such party’s knowledge, there are then no offsets, defenses 

22

or counterclaims with respect to the payment of rent reserved hereunder or in the performance of the other terms, covenants and conditions of this Lease to be performed by either party to this Lease, and that as of such date no default has been declared hereunder by either party to this Lease and that such party at the time has no knowledge of any factor or circumstance which it might reasonably believe would give rise to a default by either party.
Paragraph 23:    Holdover.
After the expiration of the term of this Lease if not extended, or extended term, if extended, if Tenant shall continue in possession thereafter, such possession shall be on a month-to-month basis upon the same terms of this Lease (except that the Fixed Rent payable by Tenant shall be at a rate equal to one hundred fifty percent (150%) of the average quarterly rent paid during the expired term) until terminated at the end of a month by either party upon thirty (30) days’ advance written notice to the other party.
Paragraph 24:    Definition and Liability of Landlord.
The term “Landlord” as used in this Lease means only the owner(s) or the mortgagee(s) in possession for the time being of the Demised Premises, so that in the event of any sale of the Demised Premises or an assignment of this Lease by Landlord or such mortgagee, or a demise of the Demised Premises, Landlord (and each of the partners and principals (disclosed and undisclosed) of Landlord) shall be and hereby is entirely freed and relieved of all obligations of Landlord hereunder, provided such successor Landlord agrees in writing to assume all such obligations, whether arising prior or subsequent to the date of such assignment. In the event of any of the foregoing transfers by Landlord (or any assignee of Landlord), Landlord (or such assignee) shall deliver to Tenant a written agreement from the purchaser(s), assignee(s) or lessee(s) of Landlord’s (or such assignee’s) interest in this Lease or the Demised Premises, that the purchaser, assignee or lessee has assumed and agreed to observe and perform all obligations of Landlord hereunder including, without limitation, all obligations which were the responsibility of the prior Landlord hereunder, but only with respect to the period ending with a subsequent transfer of such purchaser’s, assignee’s, or lessee’s interest in the Demised Premises.
It is specifically understood and agreed that there shall be no personal liability on Landlord (or any of the partners or principals (disclosed or undisclosed) of Landlord) in respect of any of the covenants, conditions or provisions of this Lease; and in the event of a breach or default by Landlord of any of its obligations under this Lease, Tenant shall look solely to the equity of Landlord in the Demised Premises, the Improvements, and the Land for the satisfaction of Tenant’s remedies.
Paragraph 25:    Environmental Covenants.
Tenant hereby unconditionally covenants and agrees with Landlord, as follows:
A.    Tenant shall not use, generate, manufacture, produce, store, release, discharge, treat, or dispose of on, under, from or about the Demised Premises or transport to or from the Demised Premises any Hazardous Substance, and shall use reasonable efforts to not allow any 

23

other person or entity to do so, except in compliance with Environmental Laws.  Tenant shall not install or permit to be installed any asbestos or storage tanks at the Demised Premises and shall remedy all violations of Environmental Laws with respect thereto which arise as a direct result of Tenant’s actions, including, but not limited to, removal of asbestos and/or storage tanks in the manner and as required by applicable Environmental Laws.
B.    During the term of this Lease, Tenant shall use reasonable efforts to keep and maintain the Demised Premises in compliance with, and to not cause or permit the Demised Premises to be in violation of any Environmental Law and shall promptly take corrective action to remedy such noncompliance which arises as a direct result of Tenant’s actions.
Paragraph 26:    Memorandum of Lease.
At Tenant’s request, Landlord and Tenant shall enter into a Memorandum of Lease for recording substantially in the form of Exhibit B (the “Memorandum of Lease”).  Tenant shall have the right, at Tenant’s expense, to record said Memorandum of Lease; provided, however, that upon the termination of the Lease, Tenant shall terminate the Memorandum of Lease of record pursuant to the Termination of Memorandum of Lease set forth in Exhibit C (the “Termination of Memorandum of Lease”), and Tenant hereby appoints Landlord its attorney-in-fact to execute and record such Termination of Memorandum of Lease if Tenant shall fail to do so as required herein.  Tenant shall indemnify, defend and hold Landlord harmless from and against any and all loss, cost, damage, expense, liability and claims (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Landlord as the result of Tenant’s breach of this Paragraph 26.
Paragraph 27:    Arbitration.
A.    Any dispute, claim or controversy arising out of or relating to this Lease, or breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Lease, shall be determined by binding arbitration in Denver, Colorado, before a sole arbitrator.  Arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures.  Judgment on the award may be entered in any court having jurisdiction.  The arbitrator shall, in the award, allocate all of the costs of the arbitration (and the mediation, if applicable), including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did not prevail.
B.    Anything to the contrary therein notwithstanding, the provisions of Subparagraph 27.A shall not apply with respect to any application made by any party to this Lease for injunctive relief under this Lease.
Paragraph 28:    Governing Law.
This Lease shall be governed by and construed in accordance with the laws of the State of [l].  The parties hereby: (a) submit to personal jurisdiction in Denver, Colorado for the enforcement of this Lease; and (b) waive any and all personal rights under the law of any state or the District of Columbia to object to jurisdiction within Denver, Colorado for the purposes of litigation to enforce 

24

this Lease.  Tenant agrees that in any action or proceeding brought under this Lease, Tenant shall waive trial by jury.
Paragraph 29:    Notices.
Any notice to be given or other document or payment to be delivered by any party to any other party hereunder may be delivered by (a) depositing the same with the United States Postal Service, addressed to the party to be notified, postage prepaid, registered or certified mail with return receipt requested, (b) delivering the same in person to such party via a hand delivery service, Federal Express or any other courier service that provides a return receipt showing the date of actual delivery of same to the addressee thereof, or (c) facsimile transmission with confirmation of receipt to the party sending same, if a copy is deposited with the United States Postal Service as provided in subpart (a) above, and addressed to the party for whom intended, as follows:
		
	If to Tenant:
	BC EXCHANGE [l] MASTER TENANT LLC 
c/o Black Creek Diversified Property Operating Partnership LP 
518 17th Street, 17th Floor 
Denver, Colorado 80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

		
	With a copy to:
	BLACK CREEK DIVERSIFIED PROPERTY
FUND INC. 
518 17th Street, 17th Floor 
Denver, Colorado 80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

25

		
	With a copy to:
	SEYFARTH SHAW LLP 
233 S. Wacker Drive 
Suite 8000 
Chicago, Illinois 60606-6448 
Attention:     Steven Meier 
Facsimile:    (312) 460-7548 
Telephone:    (312) 460-5548

		
	If to Landlord:
	BC EXCHANGE [l] DST 
c/o BC Exchange [l] Manager LLC
518 17th Street, 17th Floor 
Denver, Colorado 80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

		
	With a copy to:
	BLACK CREEK DIVERSIFIED PROPERTY 
FUND INC. 
518 17th Street, 17th Floor 
Denver, Colorado 80202 
Attention:     Lainie Minnick 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600 
Attention:     Joshua J. Widoff 
Facsimile:    (303) 577-9797 
Telephone:    (303) 869-4600

		
	With a copy to:
	SEYFARTH SHAW LLP 
233 S. Wacker Drive 
Suite 8000 
Chicago, Illinois 60606-6448 
Attention:     Steven Meier 
Facsimile:    (312) 460-7548 
Telephone:    (312) 460-5548

Either party may, by notice given to the other party, designate a new address to which notices, demands and requests shall be sent and, thereafter, any of the foregoing shall be sent to the address most recently designated by such party.  Notice shall be conclusively be presumed to have been received by a party on the date the notice is shown as received on a registered or certified mail return receipt, Federal Express or courier return receipt or fax confirmation of receipt.

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Paragraph 30:    Entire Agreement.
This Lease and the Exhibits and Schedules attached to this Lease set forth the entire agreement between the parties. Any prior conversations or writings are merged herein and extinguished. No subsequent amendment to this Lease shall be binding upon Landlord or Tenant unless reduced to writing and signed by Landlord and Tenant.
Paragraph 31:    Assigns.
Subject to the terms and conditions of this Lease, the covenants, conditions and agreements contained in this Lease shall bind and inure to the benefit of Landlord and Tenant and their respective successors, assigns and legal representatives (including any Fee Mortgagee(s)).  Tenant hereby acknowledges that Landlord shall have the absolute right to transfer one or more undivided interests in the Demised Premises without the consent of or notice to Tenant, in which event such transferee shall be deemed to be a “Landlord” hereunder.  As soon as reasonably practicable after any such transfer, the transferor of such interests in the Demised Premises shall deliver a notice to Landlord and Tenant of such transfer, which notice shall include a revised Schedule 2 reflecting each Landlord’s undivided percentage interest in the Demised Premises, but the failure to deliver any such notice shall not affect Landlord’s rights or Tenant’s obligations hereunder.
Paragraph 32:    Invalidity of Particular Provisions.
If any term or provision of this Lease or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Lease or the application of such term or provision to other persons or circumstances shall not be affected thereby, and each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law.
Paragraph 33:    Severability.
If any portion of this Lease shall become illegal, null or void or against public policy, for any reason, or shall be held by any court of competent jurisdiction to be illegal, null or void or against public policy (a) the remaining portions of this Lease shall not be affected thereby and shall remain in full force and effect to the fullest extent permissible by law and (b) in lieu of such invalid and unenforceable provision, there will be added automatically as a part of this Lease a provision as similar in terms to the invalid or unenforceable provision as may be possible and be valid and enforceable.
Paragraph 34:    Captions.
Captions or titles of the sections, paragraphs and subparagraphs of this Lease are inserted solely for convenience of reference and shall not constitute a part of this Lease, nor shall they affect its meaning, construction or effect.
Paragraph 35:    Surrender of the Demised Premises.

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Except as otherwise herein provided, at the expiration of the term of this Lease, Tenant will peaceably yield up to Landlord the Demised Premises, broom clean, in as good order and repair as when delivered to Tenant, ordinary wear and tear and damage by the elements excepted.
Paragraph 36:    Certificate of Occupancy.
Landlord agrees to cooperate with Tenant, and to use reasonable efforts to cause Landlord’s architect to cooperate with Tenant, in connection with Tenant’s obtaining any certificate of occupancy which may be required as a result of any work done in the Demised Premises by Tenant.
Paragraph 37:    Name Buildings/Demised Premises; Signs.
Pursuant to and in compliance with any applicable rules, regulations and legal requirements, Tenant shall have the right to name the any building located at the Demised Premises, or the Demised Premises themselves and, at its expense, to install and maintain a sign on the exterior of such building, or on the Land.  Tenant shall, prior to erecting any such sign, submit to Landlord final drawings of the sign proposed to be installed by Tenant, showing the location, proposed appearance, dimensions, and manner of affixation to the Demised Premises. Tenant, at its expense, shall obtain prior to the erection of any sign, such permits as Tenant may be required to obtain from any and all public authorities having jurisdiction with respect to the erection, installation, maintenance or use of said sign. Landlord agrees to cooperate with Tenant in the obtaining of any such permits. Tenant shall, at its expense, maintain and repair said sign in compliance with all applicable laws and requirements of public authorities. At the expiration or earlier termination of this Lease, or in the event that any governmental authority having jurisdiction shall revoke any permits required to maintain the sign, Landlord may require Tenant to remove, at Tenant’s expense, any sign installed pursuant to this Lease, and to restore any affected areas of the Demised Premises to their preexisting condition as nearly as may be practicable.
Paragraph 38:    Attorneys’ Fees.
If either party institutes an action or proceeding against the other party relating to the provisions of this Lease, then the non-prevailing party in such action or proceeding shall reimburse the prevailing party for its actual attorneys’ fees, and all fees, costs and expenses incurred on any appeal or in collection of any judgment.
Paragraph 39:    Definitions.  
The following terms have been defined in the locations set forth below:
(a)    “Architect” has the meaning set forth in Subparagraph 11.A.
(b)    “Builder’s Risk Insurance Policy” has the meaning set forth in Paragraph 10.
(c)    “Challenge Valuation” has the meaning set forth in Paragraph 1.
(d)    “Closing Date” has the meaning set forth in Paragraph 1.
(e)    “Commencement Date” has the meaning set forth in Paragraph 1.

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(f)    “Default Rate” has the meaning set forth in Subparagraph 2.B.
(g)    “Demised Premises” has the meaning set forth in the Recitals.
(h)    “Environmental Law” means all applicable present and future laws, statutes, regulations, ordinances, rules, codes, judgments, orders or other similar enactments of any governmental authority or agency regulating or relating to health, safety, or environmental conditions on, under, or about the Demised Premises or the environment, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder.
(i)    “Events of Default” has the meaning set forth in Subparagraph 17.A.
(j)    “Excepted Item” has the meaning set forth in Paragraph 9.
(k)    “Expiration Date” has the meaning set forth in Paragraph 1.
(l)    “Fee Mortgage” has the meaning set forth in Subparagraph 4.B.
(m)    “Fee Mortgagee” has the meaning set forth in Subparagraph 4.B.
(n)    “Flood Hazard Area” has the meaning set forth in Subparagraph 10.D.
(o)    “Fixed Rent” has the meaning set forth in Subparagraph 2.A.
(p)    “Governmental Authority” has the meaning set forth in Subparagraph 11.D.
(q)    “Gross Purchase Price” has the meaning set forth in Paragraph 1.
(r)    “Guaranty” has the meaning set forth in Subparagraph 17.A.(6).
(s)    “Hazardous Substances” has the meaning set forth in Paragraph 9.
(t)    “Improvements” has the meaning set forth in the Recitals.
(u)    “Independent Valuation” has the meaning set forth in Paragraph 1.
(v)    “Land” has the meaning set forth in the Recitals.
(w)    “Landlord” has the meaning set forth in the initial paragraph of this Lease as further defined in Paragraph 24 and Paragraph 31.
(x)    “Lease” has the meaning set forth in the initial paragraph of this Lease.
(y)    “Leasehold Mortgage” has the meaning set forth in Subparagraph 16.C.
(z)    “Memorandum of Lease” has the meaning set forth in Paragraph 26.
(aa)    “Nondisturbance Agreement” has the meaning set forth in Subparagraph 20.E.
(bb)    “Personalty” has the meaning set forth in the Recitals.

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(cc)    “Prime Rate” has the meaning set forth in Subparagraph 2.B.
(dd)    “Purchase Price Differential” has the meaning set forth in Paragraph 1.
(ee)     “Repair” has the meaning set forth in Subparagraph 11.A.
(ff)    “Sale Agreement” has the meaning set forth in Paragraph 1.
(gg)    “Specialty Items” has the meaning set forth in Subparagraph 6.C.
(hh)    “Sublease” has the meaning set forth in Subparagraph 20.F.
(ii)    “Sublessee” has the meaning set forth in Subparagraph 20.F.
(jj)    “Taxes” has the meaning set forth in Subparagraph 4.A.
(kk)    “Tenant” has the meaning set forth in the initial paragraph of this Lease.
(ll)    “Tenant Improvements” has the meaning set forth in Subparagraph 6.A.
(mm)    “Term” has the meaning set forth in Paragraph 1.
(nn)    “Termination of Memorandum of Lease” has the meaning set forth in Paragraph 26.
(oo)    “Third Party Buyer” has the meaning set forth in Paragraph 1.
(pp)    “True Fair Market Value” has the meaning set forth in Paragraph 1.
[Signatures on following page]

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IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the day and year first above written.
LANDLORD:
BC EXCHANGE [l]  DST, 
a Delaware statutory trust
By:  BC Exchange [l] Manager LLC,  
a Delaware limited liability company,  
its manager and signatory trustee
By: BC Exchange Manager LLC,  
a Delaware limited liability company,  
its sole member
By: Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership, its sole member
By: Black Creek Diversified Property Fund Inc., 
a Maryland corporation, its general partner

By:      
Name:  Lainie P. Minnick
Title:  Chief Financial Officer

TENANT:
BC EXCHANGE [l]  MASTER TENANT LLC, a Delaware limited liability company
By:  BC Exchange Master Tenant LLC,  
a Delaware limited liability company, its sole member
By:  DCTRT Real Estate Holdco LLC,  
a Delaware limited liability company, its sole member
By:  Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership, its sole member
By:  Black Creek Diversified Property Fund Inc., a Maryland corporation, its general partner

By:      
Name:  Lainie P. Minnick
Title:  Chief Financial Officer

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