Document:

Master Lease Agreement

 EXHIBIT 10.5 
 MASTER LEASE AGREEMENT 
 between 
 FPA GOVERNOR PARK ASSOCIATES, LLC, 
 as Landlord, 
 and 
 TRINITY PROPERTY CONSULTANTS, LLC,

 as Tenant 

 TABLE OF CONTENTS 
  

							
	 ARTICLE
	 	 	 	 	  	 PAGE

	1	 	BASIC LEASE INFORMATION AND DEFINED TERMS	  	4
		 	Section 1.1	 	Basic Lease Information	  	4
		 	Section 1.2	 	Defined Terms	  	7
			
	2	 	OCCUPANCY AND USE	  	7
		 	Section 2.1	 	Premises and Term	  	7
		 	Section 2.2	 	Leasehold Improvements	  	7
		 	Section 2.3	 	Use	  	8
		 	Section 2.4	 	Atrium Space	  	8
		 	Section 2.5	 	Peaceful Enjoyment	  	8
			
	3	 	RENT	  	9
		 	Section 3.1	 	Rental Payments	  	9
		 	Section 3.2	 	Interest/Late Charge	  	9
		 	Section 3.3	 	Consecutive Late Payments	  	10
		 	Section 3.4	 	Security Deposit	  	10
			
	4	 	Reserved.	  	
			
	5	 	ALTERATIONS, REPAIRS AND TRADE FIXTURES	  	11
		 	Section 5.1	 	Alterations, Improvements and Additions	  	11
		 	Section 5.2	 	Maintenance and Repairs	  	13
		 	Section 5.3	 	Trade Fixtures	  	13
		 	Section 5.4	 	Surrender of Premises	  	13
			
	6	 	RIGHTS RESERVED BY LANDLORD	  	14
		 	Section 6.1	 	Landlord’s Access	  	14
		 	Section 6.2	 	Assignment, Subletting, or Other Transfers by Tenant	  	14

							
		 	Section 6.3	 	Assignment by Landlord	  	15
		 	Section 6.4	 	Alterations and Additions by Landlord	  	15
		 	Section 6.5	 	Subordination to Mortgages and Leases	  	16
		 	Section 6.6	 	Certificates	  	16
		 	Section 6.7	 	Building Rules	  	17
			
	7	 	CONDEMNATION AND CASUALTY	  	17
		 	Section 7.1	 	Condemnation	  	17
		 	Section 7.2	 	Casualty Damage	  	18
		 	Section 7.3	 	Insurance	  	18
		 	Section 7.4	 	Indemnity	  	20
		 	Section 7.5	 	Damages from Certain Causes	  	20
			
	8	 	DEFAULT AND REMEDIES	  	20
		 	Section 8.1	 	Default by Tenant	  	20
		 	Section 8.2	 	Landlord’s Remedies	  	22
		 	Section 8.3	 	Attorney’s Fees and Other Expenses of Enforcement	  	23
		 	Section 8.4	 	Default by Landlord	  	26
			
	9	 	MISCELLANEOUS PROVISIONS	  	23
		 	Section 9.1	 	Amendments	  	23
		 	Section 9.2	 	Non-Waiver	  	24
		 	Section 9.3	 	Holding Over	  	24
		 	Section 9.4	 	Notices	  	24
		 	Section 9.5	 	Independent Obligations	  	25
		 	Section 9.6	 	Survival	  	25
		 	Section 9.7	 	Other Tenants of Building	  	25
		 	Section 9.8	 	Name of Building and Project	  	25
		 	Section 9.9	 	Consent by Landlord	  	26
		 	Section 9.10	 	Legal Interpretation	  	26
		 	Section 9.11	 	Entire Agreement	  	27
		 	Section 9.12	 	Tenant’s Authority	  	27
		 	Section 9.13	 	Taxes on Tenant’s Property	  	29
		 	Section 9.14	 	Landlord’s Liability	  	27
		 	Section 9.15	 	Time of the Essence	  	27
		 	Section 9.16	 	Instruments and Evidence Required to be Submitted to Landlord	  	28

  

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		 	Section 9.17	 	Counterparts	  	28
		 	Section 9.18	 	Recordation	  	28
		 	Section 9.19	 	Effective Date	  	28
		 	Section 9.20	 	Successors and Assigns	  	28
		 	Section 9.21	 	Joint and Several Liability	  	28
		 	Section 9.22	 	Exhibits	  	29

  

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 MASTER LEASE AGREEMENT 
 THIS MASTER LEASE AGREEMENT (“Lease”) is made and entered into as of the 20th day of December, 2008, by and between FPA GOVERNOR PARK
ASSOCIATES, LLC, a Delaware limited liability company (“Landlord”), whose address is 4665 MacArthur Court, Suite 200, Newport Beach, CA 92660 and TRINITY PROPERTY CONSULTANTS, LLC, a California limited liability company
(“Tenant”), whose address is 4665 MacArthur Court, Suite 200, Newport Beach, CA 92660. 
 ARTICLE 1 
 BASIC LEASE INFORMATION AND DEFINED TERMS 
 Section 1.1 Basic Lease Information. 
 (a) Base Rent. Base Rent shall mean the
following: 
 (i) Until the second anniversary of the Commencement Date, Base Rent shall mean Eighteen Thousand Seven Hundred Fifty Dollars
($18,750.00) per calendar month (the “Initial Base Rent”); and then 
 (ii)
From the second anniversary of the Commencement Date through the end of the Lease Term (the “3rd/4th Year Base Rent”), Base Rent shall be based on a formula as follows: Base Rent will be an amount each month which, together with the monthly base rent and other charges actually
collected pursuant to leases with Space Tenants of the space then occupied by Space Tenants in the Premises, shall equal (i) the amount necessary to achieve a Debt Service Coverage Ratio of 1.30; plus (ii) an amount necessary to pay on a
monthly basis the Unpaid Shortfall Contribution Return, as defined in Section 11.89 of the Limited Liability Company Agreement of Landlord’s sole member, FPA/PRIP Governor Park, LLC dated December 19, 2008, provided, however, in no
event will the 3rd/4th Year Base Rent be less
than Eighteen Thousand Seven Hundred Fifty Dollars ($18,750) per calendar month. The calculation of 3rd/4th Year Base Rent will be circulated to Tenant on the date which is seventy five (75) days prior to the second anniversary of the Commencement Date. As used in this
Section 1.1(a)(i), the term “Debt Service Coverage Ratio” shall have the 

  

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meaning ascribed to it in that certain Promissory Note Secured by Deed of Trust, dated December 19, 2008, from Landlord to MIREF Governor Finance, LLC
in the original principal amount of $11,440,000.00, and which is secured by a deed of trust encumbering the Premises. 
 (b) Reserved.

 (c) Buildings shall mean the office buildings located at 6310 Greenwich Drive, and 5060 Shoreham Place, San Diego,
California located on the Land. 
 (d) Building Rules shall mean all rules and regulations adopted or modified by Landlord from
time to time for the safety, care, cleanliness, and reputation of the Building and for the preservation of good order in the Building. The current Building Rules are attached at Exhibit “B.” 
 (e) Commencement Date shall mean December 20, 2008. 
 (f) Common Areas shall mean those areas within the Project devoted to corridors, elevator foyers, restrooms, lobby areas, meeting rooms, and other similar facilities provided for the common use or
benefit of tenants generally. 
 (g) Insurance Costs shall mean all costs incurred by Landlord in obtaining insurance on the
Project, including property, liability, and casualty insurance on the Building, but excluding all insurance costs which Tenant is required to provide under Section 7.3 below. 
 (h) Land shall mean the tracts of real property which is described in Exhibit “A” to this Lease. 
 (i) Lease Term shall mean a term commencing on the Commencement Date and continuing for forty-eight (48) months thereafter.

 (j) Other Improvements shall mean parking areas, parking garages, plaza areas and other similar areas related to the
buildings located on the Land. 
 (k) Permitted Use shall mean the use of the Premises for (i) general office purposes,
and (ii) uses which are incidental and related thereto. 
  

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 (l) Premises shall mean all vacant office space within the Buildings, whether now vacant or
becoming vacant in the future. 
 (m) Project shall mean, collectively, the Buildings, the Land and the Other Improvements.

 (n) Qualifying Tenants shall mean the Space Tenants and all other tenants (other than Tenant) leasing space in the Buildings
pursuant to leases entered into with Landlord after the Commencement Date. 
 (o) Rent shall mean, collectively, the Base Rent;
including Insurance Costs and Taxes, assessments, and charges of any kind payable by the Tenant with respect to the Premises. Taxes shall be paid pursuant to Section 1.1(r) below. Rent and Insurance Costs shall be paid in advance in equal
monthly installments on the first day of each month during the Term without any deduction, notice or demand. 
 (p) Reserved.

 (q) Security Deposit shall mean -0- Dollars ($-0-). 
 (q) Service Areas shall mean those areas within the outside walls of the Buildings which are used for mechanical rooms, stairs, elevator
shafts, flues, vents, stacks, pipe shafts, risers, raceways, and vertical penetrations (but shall not include any such areas for the exclusive use of a particular tenant). 
 (r) Space Leases shall mean all leases, whether now existing or hereafter entered into, between all tenants (other than Tenant) and
Landlord for the lease of space in the Buildings. 
 (s) Space Tenants shall mean all tenants (other than Tenant), now or
hereafter leasing space in the Buildings pursuant to leases entered into with Landlord. 
 (t) Taxes shall mean all taxes and
assessments and governmental charges, whether federal, state, county or municipal, and whether levied or assessed by taxing districts or authorities presently taxing the Premises or the Project or any part of either, or by others, subsequently
created or otherwise, and any other taxes and assessments attributable to the Project or its operation together with any costs incurred by Landlord (including attorneys’ fees and costs of investigation) relative to any negotiation, contest, or

  

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appeal pursued by Landlord to reduce or prevent an increase in any portion of the Taxes, regardless of whether any reduction or limitation is obtained.
Tenant shall pay all Taxes to the Landlord, or directly to the taxing authority, if so instructed by Landlord, at least ten days before they become delinquent, whether assessed to or payable by the Landlord or the Tenant. 
 1.2 Defined Terms. Each of the terms defined in Section 1.1 will be used as defined terms in this Lease (including the Exhibits to
this Lease). In addition, other terms are defined in various sections of this Lease. All words which are used as defined terms in this Lease are delineated with initial capital letters and, when delineated with initial capital letters, shall have
the meaning specified in the applicable provision of this Lease in which such term is defined. 
 ARTICLE 2 
 OCCUPANCY AND USE 
 Section 2.1 Premises and Term. In consideration for the obligation of Tenant to pay Rent and subject to and upon the terms and conditions stated in this Lease, Landlord leases to Tenant, and Tenant leases from Landlord,
the Premises, the Common Areas and the Other Improvements for the Lease Term. Tenant shall use commercially reasonable efforts to cause all currently unoccupied, vacant portions of the Premises to be leased in the name of Landlord and Landlord shall
refer all inquiries with respect to leasing of space within the Premises to Tenant; provided, however, that Tenant shall not have the right to execute any lease on behalf of Landlord or otherwise to bind Landlord. Notwithstanding any provision of
this Lease to the contrary, Tenant agrees that it shall not have the right to physically occupy any portion of the Premises, except that Tenant may use any portion of the Premises not under a Space Lease to a Space Tenant as a management office for
the Premises. All Space Leases with Space Tenants shall be leases between Landlord and Space Tenant, and all rents, income and other charges thereunder shall be paid to Landlord and Tenant shall have no right or interest therein. Immediately upon
execution of a Space Lease between Landlord and a Space Tenant, the premises covered by such Space Lease will be removed from the Premises and shall no longer be subject to this Lease, until such time as such Space Lease expires and has not been
renewed or is terminated and the space covered by such Space Lease once again becomes vacant. 
 Section 2.2 Leasehold
Improvements. The Premises shall be delivered to Tenant in an “as is” condition. Tenant has made a complete examination and inspection of the Premises and accepts the same in its current condition, “as is” and without
recourse to Landlord. Landlord shall have no obligation to provide any leasehold improvements to the Premises or to repair, decorate, or paint 

  

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the Premises. Landlord has made no representations or warranties to Tenant with respect to the condition of the Premises, the Buildings, or the Project.
Tenant’s occupancy of the Premises shall be deemed an acknowledgment by Tenant that the Premises are suitable for Tenant’s intended use, and Landlord expressly disclaims any warranty that the Premises are suitable for Tenant’s
intended use. Landlord does not make any warranties, express or implied, with respect to the Premises, the Building, or the Project. All implied warranties (including those of habitability, merchantability, or fitness for a particular purpose) are
expressly negated and waived. 
 Section 2.3 Use. The Premises may be used only for the Permitted Use specified in
Section 1.1(k) and for no other purposes without the prior written consent of Landlord. Tenant’s use of the Premises shall be in compliance with the Building Rules and with all applicable Legal Requirements and Insurance Requirements.
Tenant shall not, even if technically within the Permitted Use, use the Premises for any purpose which is dangerous to person or property, which creates a nuisance, which would violate the Building Rules, or which would violate any applicable Legal
Requirement or Insurance Requirement. Tenant shall comply with, and shall cause any Tenant Related Parties to comply with, all Building Rules and all Legal Requirements and Insurance Requirements relating to the use, condition, or occupancy of the
Premises. “Insurance Requirements” shall mean all terms of any insurance policy obtained by Landlord or Tenant covering or applicable to the Premises or the Project; all requirements for the issuing of each such insurance policy;
and all orders, rules, regulations, and other requirements of the National Board of Fire Underwriters (or any other bodies exercising any similar functions) which are applicable to or affect the Premises, the Building, or the Project or any use or
condition of the Premises, the Building, or the Project. “Legal Requirements” shall mean all laws, statutes, codes, acts, ordinances, orders, judgments, decrees, injunctions, rules, regulations, permits, licenses, authorizations,
and requirements of all governmental authorities, foreseen or unforeseen, which now or at any time hereafter may be applicable to the Premises, the Buildings, or the Project, including (a) the Americans with Disabilities Act, (b) all
federal, state, and local laws, regulations, and ordinances pertaining to air and water quality, hazardous materials, waste disposal, and other environmental matters; and (c) all laws, codes, and regulations pertaining to zoning, land use,
health, or safety. “Tenant Related Parties” shall mean Tenant’s officers, partners, employees, agents, contractors, licensees, concessionaires, customers, and invitees. 
 Section 2.4 Reserved. 
 Section 2.5 Peaceful Enjoyment. Tenant may peacefully occupy the Premises for the Permitted Use during the Lease Term subject to the terms and provisions of this Lease and provided that Tenant pays the Rent and performs
all of Tenant’s covenants and agreements contained in this Lease. 
  

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 ARTICLE 3 
 RENT 
 Section 3.1 Rental Payments. Tenant shall pay Rent to Landlord for
each month during the Lease Term as provided in this Lease. Rent shall be due and payable in advance on the first (1st) day of each month during the Lease Term. If the Commencement Date is a date other than the first (1st) day of a
calendar month, the Rent for the portion of the calendar month in which the Commencement Date occurs shall be due and payable on the Commencement Date; and the Rent for such partial month shall be prorated based upon the number of days from the
Commencement Date to the end of that calendar month. Rent for any partial month at the end of the Lease Term shall be prorated based upon the number of days from the beginning of that month to the end of the Lease Term. Rent shall be payable at the
address for Landlord designated in the first (1st) paragraph of this Lease (or at such other address as may be designated by Landlord from time to time). Tenant shall pay all Rent under this Lease at the times and in the manner provided in this
Lease, without abatement, notice, demand, counterclaim, or set-off. Any charges or other sums payable by Tenant to Landlord under the terms of this Lease shall be considered as additional Rent. No payment by Tenant or receipt by Landlord of a lesser
amount than the total amount of Rent then due shall be deemed to be other than on account of the earliest past due installment of Rent required to be paid under this Lease. No endorsement or statement on any check or in any letter accompanying any
check or payment of Rent shall ever be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of the Rent then due or to pursue any other remedy available
under this Lease, at law, or in equity. 
 Section 3.2 Interest/Late Charge. In the event that Tenant fails to pay any
monthly Rent installment within five (5) days after the date on which any such Rent installment becomes due and payable, then (a) Tenant shall also be obligated to pay interest on such past due amounts at a rate equal to the lesser of ten
percent (10%) per annum or the highest rate of interest permitted by applicable law and (b) Tenant shall pay a late charge in the amount of four percent (4%) of the amount of such past due Rent installment, as additional Rent under
this Lease. Should Tenant make a partial payment of past due amounts, the amount of such partial payment shall be applied first to reduce all accrued and unpaid interest and late charges, in inverse order of their maturity, and then to reduce all
other past due amounts, in the inverse order of their maturity. Tenant’s failure to pay any installment of Rent when due may cause Landlord to incur anticipated costs (including processing and accounting costs), and the exact amount of these
costs is extremely 

  

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difficult to ascertain. Therefore, the late charges permitted under this Section 3.2 shall be liquidated damages for those costs and shall be in
addition to and shall be cumulative of any other rights and remedies which Landlord may have under this Lease with regard to the failure of Tenant to make any payment of Rent or any other sum due under this Lease. 
 Section 3.3 Consecutive Late Payments. If Tenant fails in two (2) consecutive months to make Rent payments within five
(5) days after the date when due, Landlord may require that future Rent payments be paid quarterly in advance instead of monthly and/or that all future Rent payments be made on or before the due date by cash, cashier’s check, or money
order or ACH (in which event, the delivery of Tenant’s personal or corporate check will no longer constitute a payment of Rent under this Lease). The election by Landlord to exercise either or both of the foregoing remedies shall be made by
written notice to Tenant and shall be in addition to any interest and late charges accruing under Section 3.2, as well as any other rights and remedies accruing as a result of such default. Any acceptance of a monthly Rent payment in the form
of a personal or corporate check by Landlord thereafter shall not be construed as a subsequent waiver of these rights. 
 Section 3.4
Security Deposit. Tenant shall pay the Security Deposit to Landlord on the date this Lease is executed by Tenant in cash or in such other manner acceptable to Landlord. Tenant hereby grants to Landlord a security interest in the Security
Deposit. Landlord shall have, and Landlord expressly retains and reserves, all rights of setoff, recoupment, and similar remedies available to Landlord under applicable laws or in equity. Landlord may commingle the Security Deposit with its other
funds and shall receive and hold the Security Deposit without liability for interest. Upon default by Tenant, Landlord may from time to time, and without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good
any arrears of Rent or other sums then due from Tenant to Landlord or to pay the cost of any damage, injury, expense, or liability caused by any default by Tenant under this Lease. After any such application of any portion of the Security Deposit,
Tenant shall pay to Landlord, immediately upon demand, the amount so applied so as to restore the Security Deposit to its original amount; and such amount shall then be deemed to be part of the Security Deposit. Tenant’s failure to restore the
Security Deposit may, at Landlord’s sole option, constitute a default under this Lease. If Tenant is not in default under this Lease and after application of the Security Deposit to the repair of any damage or injury to the Project caused by
Tenant or by any Tenant Related Party, any remaining balance of the Security Deposit held by Landlord shall be returned by Landlord to Tenant within a reasonable period of time after the expiration or termination of this Lease. The Security Deposit
shall not be considered an advance payment of rental or a measure of Landlord’s damages resulting from a default by Tenant. 
  

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 ARTICLE 4 
 RESERVED 
 ARTICLE 5 
 ALTERATIONS, REPAIRS AND TRADE FIXTURES 
 Section 5.1
Alterations, Improvements and Additions. 
 (a) Tenant’s obligations to provide leasehold improvements within the
Premises shall include partitions, lighting fixtures, floor and wall coverings, and other interior decoration and shall be of a design and quality consistent with the standards generally observed by Landlord and other tenants of the Building.

 (b) All work to be done to improve, equip, or alter the Premises and any work in any other areas of the Project for which Tenant is
responsible shall be subject to the following conditions: 
 (i) all such work shall be done at Tenant’s sole cost, risk, and expense
and in accordance with all Legal Requirements, Insurance Requirements, Building Rules, and construction guidelines and standards of Landlord; 
 (ii) all such work shall be performed in a good and workmanlike manner with labor and materials of such quality as Landlord may reasonably require; 
 (iii) no such work shall be commenced until approved in writing by Landlord; 
 (iv) all such work shall be
performed in strict accordance with the plans and/or specifications previously approved by Landlord; 
 (v) all such work shall be prosecuted
diligently and continuously to completion; 
 (vi) all such work shall be performed in a manner so as to minimize interference with the
normal business operations of other tenants in the Building; the performance of Landlord’s obligations under this Lease, any other lease for space in the Building, or any Financing Lien or Ground Lease covering or affecting all or any part of
the Project; and any work being done in any other portion of the Project; 
 (vii) Landlord may impose such conditions with respect to such
work as Landlord deems appropriate, including, without limitation, (A) requiring Tenant to furnish Landlord with security for the payment of all costs to be incurred in connection with such work and (B) requiring Tenant or Tenant’s
contractor to maintain insurance against liabilities which may arise out of such work; 
  

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 (viii) such work shall be performed by contractors approved in writing by Landlord and, if requested by
Landlord, any such contractor and all work to be performed by such contractor shall be fully bonded (with Landlord named as co-obligee) with companies and in amounts acceptable to Landlord in its sole discretion; and 
 (ix) upon completion of any such work and upon Landlord’s request, Tenant shall deliver to Landlord evidence of payment, contractors’
affidavits, and full and final waivers of all liens for labor, services, or material. 
 (c) No alterations, improvements, or
additions (including lighting fixtures, track lighting tracks, track lighting cans, and light bulbs) made to the Premises by or on behalf of either Landlord or Tenant may be removed by Tenant without Landlord’s prior written consent. All such
alterations, improvements, or additions shall become the property of Landlord upon the termination or expiration of this Lease. Tenant shall have no (and hereby waives all) rights to payment or compensation for any such alteration, improvement, or
addition to the Premises. 
 (d) Tenant shall not allow any liens to be filed against the Premises or the Project in connection with
the installation of any alterations, improvements, or additions to the Premises. If any such liens shall be filed, Tenant shall cause the same to be released immediately by payment, bonding, or other method acceptable to Landlord. If Tenant shall
fail to cancel or remove any lien, then Landlord, at its sole option, may obtain the release of that lien; and Tenant shall pay to Landlord, on demand, the amount incurred by Landlord for the release of each lien, plus an additional charge (as
determined by Landlord) to cover Landlord’s administrative overhead and expenses. 
 (e) Tenant hereby indemnifies and holds
Landlord harmless from all losses, costs, damages, claims, expenses (including attorneys’ fees and costs of suit), liabilities, or causes of action arising out of or relating to any alterations, additions, or improvements that Tenant makes or
causes to be made to the Premises or to any repairs made to any portion of the Project, including any occasioned by the filing of any mechanic’s, materialman’s, construction, or other liens or claims (and all costs or expenses associated
with any such lien or claim) asserted, filed, or arising out of such work. Nothing contained in this Lease shall be deemed or construed in any way as constituting the consent of or request by Landlord, express or implied, to any contractor,
subcontractor, laborer, or 

  

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materialman for the performance of any labor or the furnishing of any materials for the improvement, alteration, or repair of the Premises or the Project or
as giving Tenant any right or authority to contract for or permit the rendering of any labor or the furnishing of any materials that would give rise to a lien against the Premises or the Project. 
 (f) Tenant shall have the sole responsibility for compliance with all applicable Legal Requirements and Insurance Requirements relative to any
such alterations, improvements, or additions. Landlord’s approval of any plans or specifications shall never constitute an indication, representation, or certification that such alterations, improvements, or additions will be in compliance with
any applicable Legal Requirement or Insurance Requirement or as to the adequacy or sufficiency of the alterations, improvements, or additions to which such consent relates. In instances in which several sets of requirements must be met, the
strictest applicable requirements shall control. 
 Section 5.2 Maintenance and Repairs. Tenant shall take good care of
and maintain the Premises (including all plate glass, Trade Fixtures, and improvements, additions, or alterations situated in the Premises) in a first class, clean, and safe condition. Tenant shall not commit or allow any waste or damage to be
committed on any portion of the Premises or the Project. Tenant shall repair or replace any damage to any part of the Project, caused by Tenant or by a Tenant Related Party. However, Landlord may, at its option, make such repairs, improvements, or
replacements; and Tenant shall repay Landlord on demand the actual costs incurred by Landlord to make such repairs, improvements, or replacements plus an additional charge (as determined by Landlord) to cover administrative overhead. Tenant shall
arrange for the repair and maintenance of the foundation, exterior walls, and roof of the Buildings; the public areas within the Buildings; the heating, air conditioning, and ventilation system within the Buildings; and the facilities providing
utility services which are located within the Project (collectively, “Tenant’s Repair Obligations”). 
 Section 5.3 Reserved. 
 Section 5.4 Surrender of Premises. Upon the expiration or termination
of this Lease, Tenant shall surrender the Premises to Landlord, broom-clean and in a good state of repair and condition, excepting only ordinary wear and tear. Upon the expiration or termination of this Lease, Tenant will deliver all keys to the
Premises to Landlord and inform Landlord of all combinations on locks, safes, and vaults, if any, which remain in the Premises. 
  

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 ARTICLE 6 
 RIGHTS RESERVED BY LANDLORD 
 Section 6.1 Landlord’s Access. Landlord
(and its agents, representatives, and contractors) shall have the right to enter upon the Premises at any reasonable time (and, in the case of an emergency, at any time) to (a) inspect the Premises; (b) make repairs, alterations, or
additions; and (c) show the Premises to prospective tenants, subtenants, mortgagees, and purchasers as Landlord may deem necessary or desirable. No such entry shall ever be construed to be an eviction of Tenant, a default by Landlord, or a
breach of the covenant of quiet enjoyment. In exercising its rights under this Section 6.1, Landlord shall use reasonable efforts to avoid (to the extent reasonable and practicable under the circumstances) material interference with
Tenant’s Permitted Use of the Premises. 
 Section 6.2 Assignment, Subletting, or Other Transfers by Tenant. Tenant
shall not, without having obtained Landlord’s prior written consent, (a) assign, convey, or otherwise transfer (whether voluntarily, by operation of law, or otherwise) this Lease, the Premises, or any interest of Tenant under this Lease,
(b) mortgage, pledge, or otherwise encumber any interest of Tenant under this Lease, (c) grant any concession or license within the Premises, (d) grant or transfer any management privileges or rights with respect to the Premises,
(e) allow any lien, security interest, or other encumbrance to be placed upon any interest of Tenant under this Lease, (f) sublet all or any part of the Premises; or (g) permit any other party to occupy or use all or any part of the
Premises. Any attempted transfer by Tenant without Landlord’s prior written consent shall be of no force or effect and may, at Landlord’s option, be a default by Tenant under this Lease. If Tenant is other than a natural person and if
Tenant’s voting securities are not traded on a national securities exchange, any conveyance, assignment, or transfer of more than a twenty-five percent (25%) interest in Tenant in a single transaction or in a series of transactions shall
be deemed an assignment prohibited by this Lease. In the event of a transfer of any interest of Tenant under this Lease (whether with or without Landlord’s consent), (h) each transferee shall fully observe all covenants and obligations of
Tenant under this Lease; (i) no transferee shall use the Premises for any use except the Permitted Use; (j) such transfer shall be subject to all of the terms, covenants, and conditions of this Lease; (k) any transferee must assume in
writing all of the applicable obligations of the Tenant under this Lease; and (l) any expansion, renewal, or like options granted to Tenant under this Lease shall automatically terminate as of the date of such transfer. All cash or other
proceeds of any transfer of Tenant’s interest in this Lease or the Premises, whether or not with the consent of Landlord, shall be paid to Landlord, notwithstanding the fact that such proceeds exceed the Rent payable by Tenant under this Lease,
unless Landlord specifically agrees to the contrary in writing; and Tenant hereby assigns all rights that Tenant might have or ever acquire to any such proceeds to Landlord. No such transfer shall ever 

  

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be construed to constitute a waiver of any of Tenant’s covenants contained in this Lease, a release of Tenant from any obligation or liability of Tenant
under this Lease, or a waiver of any of Landlord’s rights under this Lease. The consent by Landlord to a particular transfer shall not constitute Landlord’s consent to any other or subsequent transfer. No transferee of Tenant shall have
any right to further sublease or assign, or otherwise transfer, encumber, pledge, or mortgage its interest under this Lease. Neither the voluntary or other surrender of this Lease by Tenant nor a mutual cancellation of this Lease shall ever
constitute a merger of estates. Instead, any such early termination of this Lease shall, at the option of Landlord, either terminate all or any existing subleases or subtenancies or operate as an assignment to Landlord of Tenant’s interest in
any or all such subleases or subtenancies. 
 Section 6.3 Assignment by Landlord. Landlord shall have the right at any
time to transfer and assign, in whole or in part and by operation of law or otherwise, Landlord’s rights, benefits, privileges, duties, and obligations under this Lease, in the Buildings, or in any portion of the Project. Landlord shall be
released from any further obligation under this Lease, and Tenant agrees to look solely to Landlord’s successor in interest for the performance of, all obligations of Landlord accruing subsequent to the date of such transfer. All covenants of
Landlord under this Lease shall be binding upon Landlord and its successors only with respect to breaches occurring during its or their respective periods of ownership of Landlord’s interest under this Lease. 
 Section 6.4 Alterations and Additions by Landlord. Landlord reserves the right to make alterations or additions to the Project at any
time and from time to time. Landlord further reserves the right to construct (or permit others to construct) other buildings or improvements within the Project at any time and from time to time. Such rights set forth in the two preceding sentences
include the right to construct additional stories to any building within the Project, the right to build adjoining buildings, the right to construct multi-level, elevated, underground, and other parking facilities within the Project, and the right
to erect or build temporary scaffolds or other aids to such construction. Neither the diminution nor the shutting off of any light, air, or view nor any other effect on the Premises as a result of Landlord’s exercise of the rights reserved in
this Section 6.4 shall affect this Lease, abate or reduce Rent, or otherwise impose any liability on Landlord. 
  

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 Section 6.5 Subordination to Mortgages. This Lease shall be subject and subordinate at
all times to the lien or liens of all mortgages and deeds of trust now existing or subsequently placed on the Project or Landlord’s interest or estate in the Project (“Financing Lien”), and to each and every advance made or
hereafter to be made in connection with any such Financing Lien, and all renewals, modifications, consolidations, replacements, and extensions of any Financing Lien. The provisions of this Section shall be self-operative without the necessity of the
execution of any other document by any party. However, Tenant shall execute and deliver any instruments, releases, or other documents requested by Landlord for the purpose of confirming the provisions of this Section or further subjecting and
subordinating this Lease to any Financing Lien. In the event of the enforcement by the holder of any Financing Lien of the remedies provided for by law or by such Financing Lien, including the exercise of the Power of Sale, or in the event of the
transfer of the Buildings or Landlord’s interest or estate in any part of the Buildings by foreclosure or deed in lieu of foreclosure, this Lease shall automatically terminate. Notwithstanding anything to the contrary set forth in this Lease,
the holder of any Financing Lien may elect at any time to cause their interest in the Project to be subordinate to Tenant’s interest under this Lease by filing an instrument in the real property records of San Diego County, California,
affecting such election; and Tenant shall execute and deliver to Landlord immediately any such instruments or documents requested by the holder of such Financing Lien for the purpose of confirming that such Financing Lien is subordinated to
Tenant’s interest under this Lease. 
 Section 6.6 Certificates. Within five (5) days after Landlord’s
written request, Tenant will execute, acknowledge, and deliver to Landlord (and any other persons specified by Landlord) a certificate certifying as to such facts (to the extent true) as Landlord may reasonably request, including (a) that this
Lease is in full force and effect, (b) the date and nature of each modification to this Lease, (c) the date to which Rent and other sums payable under this Lease have been paid, and (d) that Tenant is not aware of any default under
this Lease which has not been cured, except such defaults as may be specified in said certificate. Such request may be made by Landlord at any time, and from time to time, during the Lease Term. Any such certificate may be relied upon by Landlord
and by such other persons specified by Landlord or to whom such certificate may be delivered. Tenant’s failure to deliver any such certificate within the specified time period shall constitute a representation by Tenant that all factual
statements made by Landlord relative to those matters are true and correct and may be relied upon by any person. 
  

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 Section 6.7 Building Rules. Landlord reserves the right to rescind any of the Building
Rules and to make any modifications or additions to the Building Rules as shall be necessary or advisable for the safety, protection, care, and cleanliness of the Building and the Project, the operation of the Project, the preservation of good order
in the Project, the protection and comfort of the tenants in the Building (and their agents, employees, and invitees), and the reputation of the Project. All amendments, modifications, and additions to the Building Rules shall be binding upon Tenant
from the date on which notice of any such Building Rules is delivered to Tenant. While the Building Rules are intended to be of general applicability to all tenants of the Building, Landlord reserves the right to waive the applicability of any one
or more of the Building Rules to a particular situation, but such waiver by Landlord shall not be construed as a waiver of such Building Rules with respect to any other comparable situation and shall not prevent Landlord from thereafter enforcing
any of such Building Rules against or any or all of the tenants in the Building. 
 ARTICLE 7 
 CONDEMNATION AND CASUALTY 
 Section 7.1 Condemnation. In the event of a Total Taking of the Premises or the Building, then this Lease shall terminate as of the date when physical possession of the Premises or Building, as applicable, is taken by the
condemning authority. If a Partial Taking occurs which relates to a material portion of the Building or if Landlord is required to pay any of the proceeds from such Partial Taking to the holder of a Financing Lien, then this Lease, at the option of
Landlord, exercised by written notice to Tenant within thirty (30) days after the date of such Partial Taking, shall terminate regardless of whether the Premises are affected by such Partial Taking. In this event, Rent shall be apportioned as
of the date when physical possession of the applicable  
 portion of the Building is taken by the condemning authority. If a Partial Taking of the
Premises occurs, then Landlord shall allow Tenant a fair diminution of Rent as to that portion of the Premises subject to such Taking; and this Lease shall otherwise continue in full force and effect. All proceeds (whether in a lump sum or in
separate awards) of any Taking shall be paid to Landlord, and Tenant shall not be entitled to (and expressly waives any claim to) any portion of any such award. The term “Taking” means a transfer during the Lease Term of all or any
part of the Premises, the Building, or the Project, as applicable, as a result of, or in lieu of or in anticipation of, the exercise of the right of condemnation or eminent domain for any public or quasi-public use under any governmental law,
ordinance, or regulation. The term “Partial Taking” means a Taking of less than the whole or substantially the whole of the Building and/or the Premises. The term “Total Taking” means a Taking of the whole or
substantially the whole of the Building or the Premises. 
  

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 Section 7.2 Casualty Damage. If the Premises shall be destroyed or damaged by fire or
any other casualty, Tenant shall immediately give written notice of that occurrence to Landlord. In the event that any portion of the Project is damaged by fire or other casualty and if (a) such damage is such that the Buildings cannot
reasonably be expected to be substantially completed within two hundred forty (240) days after the date of the casualty, (b) Landlord, in Landlord’s sole judgment, elects not to repair or rebuild such damaged areas, or (c) less
than one (1) year remains in the Lease Term at the time of any damage to the Project, then Landlord, at Landlord’s sole option, shall have the right to terminate this Lease, regardless of whether the Premises are affected by such casualty.
In such event, all Rent owed up to the time of termination shall be paid by Tenant to Landlord; and this Lease shall cease and come to an end as of the date of Landlord’s written notice to Tenant regarding such termination. In no event shall
Landlord have the obligation to expend for the restoration or repair of the Project an amount in excess of the insurance proceeds actually received by Landlord as a result of such casualty; all costs and expenses of restoring the Premises shall be
borne by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from any casualty or the repair or restoration work made necessary by the occurrence of any casualty.

 Section 7.3 Insurance. 
 (a) Landlord shall maintain fire and extended coverage insurance on the Building (excluding leasehold improvements and all Tenant Related Parties’ personal property) in amounts desired by Landlord and at
the expense of Landlord. All payments for losses thereunder shall be made solely to Landlord. 
 (b) Tenant shall procure and
maintain, at its sole cost and expense during and throughout the Lease Term, a policy or policies of (i) commercial general liability insurance in an amount of not less than $5,000,000.00 which can be complied with by commercial general
liability limits or by combination with additional excess or umbrella (commercial catastrophe) liability limits (ii) fire and extended coverage insurance with respect to Tenant’s Trade Fixtures, inventory, and leasehold improvements
located in the Premises written on an “All Risk” basis for the full replacement cost, (iii) worker’s compensation and employer’s liability insurance, and (v) such other insurance as Landlord may, from time to time,
reasonably require. In addition, Tenant shall obtain a fire legal liability endorsement or other coverage satisfactory to Landlord in the amount of $100,000.00, which removes the “owned, rented, or occupied” property exclusion from
Tenant’s liability policy. All such insurance shall be maintained with companies authorized to transact business in the State of California and of good financial standing on State approved forms. 
  

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 In addition, each such policy, other than the workers compensation/employers liability policies, shall name Landlord and
the Landlord Related Parties as “additional insureds” thereunder and shall contain a standard “other insurance” clause, unmodified in any way that would make the coverage provided by the policy excess over or contributory with
any additional insured’s own insurance coverage. 
 (c) All policies of insurance required to be maintained by Tenant shall
provide that Landlord shall be given at least thirty (30) days’ prior written notice of any cancellation or non-renewal of any such policy. A duly executed certificate of insurance with respect to each such policy shall be deposited with
Landlord by Tenant on or before the Commencement Date, and a duly executed certificate of insurance with respect to each subsequent policy shall be deposited with Landlord at least fifteen (15) days prior to the expiration of the policy then in
effect. 
 (d) Tenant shall not do or permit anything to be done in or about the Premises, nor bring nor keep nor permit anything to
be brought to or kept in the Premises, which will in any way increase the existing rate of or affect any fire insurance or other insurance which Landlord carries on the Project or any of its contents, cause a cancellation or invalidation of any such
insurance or otherwise violate any Insurance Requirement. If the annual premiums to be paid by Landlord with respect to any insurance obtained by Landlord covering the Project or any of its contents shall be increased because either the nature of
Tenant’s operations or the nature of Tenant’s Trade Fixtures, inventory, or leasehold improvements in the Premises may result in a hazardous exposure, Tenant shall pay such increase upon demand by Landlord. 
 (e) All fire and extended coverage insurance policies carried by either Landlord or Tenant shall provide for a waiver of rights of subrogation
against Landlord and Tenant on the part of the applicable insurance carrier unless either (i) such waiver is then prohibited by applicable California law or (ii) such waiver would invalidate, nullify, or provide a defense to coverage under
any such insurance policy. As long as the waivers contemplated by this Subsection are in effect, Landlord and Tenant each hereby waives any and all rights of recovery, claims, actions, or causes of action against the other (and their respective
employees, agents, officers, or partners) for any loss or damage which may occur to the Premises or the Project which is covered by valid and collectible insurance policies and to the extent that such loss is actually recovered under any such
insurance policy. The failure of Tenant to take out or maintain any insurance policy required under this Section 7.3 shall be a defense to any claim asserted by Tenant against Landlord by reason of any loss sustained by Tenant which would have
been covered by any such required policy. The waivers set forth in this Subsection shall be in addition to, but shall not be in substitution for, any other waivers, indemnities, or limitation of liabilities set forth in this Lease. 
  

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 Section 7.4 Indemnity. Landlord and the other Protected Parties shall not be liable to
Tenant or to the Tenant Related Parties for any injury to person or damage to property caused by the negligence or misconduct of Tenant or the Tenant Related Parties, or arising out of any use of, or the conduct of any business in the Premises or
other portions of the Project, by Tenant or the Tenant Related Parties. Tenant shall indemnify and hold Landlord and the other Protected Parties harmless from any liability, loss, cost, claim, or expense (including attorneys’ fees and expenses,
court costs, and costs of investigation) arising out of, or alleged to have arisen out of, the negligence or misconduct of Tenant or the Tenant Related Parties or out of any use of, or conduct of any business in, the Premises or any other portion of
the Project by Tenant or the Tenant Related Parties, EVEN IF ANY SUCH LIABILITY, LOSS, COST, CLAIM, OR EXPENSE ARISES FROM OR IS ATTRIBUTED TO THE CONCURRENT NEGLIGENCE OF LANDLORD OR ANY OF THE OTHER PROTECTED PARTIES WHERE SUCH CONCURRENT
NEGLIGENCE IS NOT THE PRIMARY CAUSE. The indemnifications granted by both Landlord and Tenant in this Section 7.4 are subject to any express limitations to the contrary in this Lease. “Landlord Related Parties” means
Landlord’s officers, partners, employees, agents, and contractors. “Protected Parties” means the Landlord Related Parties and, to the extent applicable, the holder of any Financing Lien, and the management company for the
Buildings (and their respective directors, partners, officers, employees, and agents). 
 Section 7.5 Damages from Certain
Causes. None of the Protected Parties shall ever be liable or responsible to Tenant, or any person claiming through Tenant, for any loss, injury to person, or damage to property in, upon, or about the Premises or any other portion of the
Project resulting from (a) theft, fire, casualty, vandalism, acts of God, public enemy, injunction, riot, strike, inability to procure materials, insurrection, war, court order, requisition, or order of any governmental body or authority;
(b) the acts or omissions of other tenants of the Project; (c) any other causes beyond Landlord’s control; or (d) any damage or inconvenience which may arise through repair or alteration of the Project. All goods, property, or
personal effects stored or placed by Tenant or Tenant Related Parties in or about the Project shall be at the sole risk of Tenant or Tenant Related Parties. 
 ARTICLE 8 
 DEFAULT AND REMEDIES 
 Section 8.1 Default by Tenant. The occurrence of any of the following events and the expiration of any grace periods hereafter
described shall constitute a default by Tenant under this Lease: 
 (a) The failure of Tenant to pay any Rent for a period of ten
(10) days after the date such payment is due; 
  

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 (b) Tenant assigns its interest in this Lease or sublets any portion of the Premises except as
permitted in this Lease or Tenant otherwise breaches the provisions of Section 6.2 of this Lease; 
 (c) Tenant uses the Premises
for any purpose other than the Permitted Use or otherwise breaches Tenant’s operational covenants under Sections 2.3 of this Lease; 
 (d) Tenant breaches or fails to comply with any term, provision, covenant, or condition of this Lease (other than as described in Subsections [a], [b], or [c] above), or with any of the Building Rules now or subsequently established,
and such breach or failure continues for fifteen (15) calendar days after notice by Landlord to Tenant; 
 (e) If the interest of
Tenant under this Lease is levied on under execution or other legal process, or if any petition in bankruptcy or other insolvency proceedings is filed by or against Tenant, or any petition is filed or other action taken to declare Tenant as bankrupt
or to delay, reduces or modify Tenant’s debts or obligations or to reorganize or modify Tenant’s capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceedings
or other action is commenced or taken by a governmental authority for the dissolution or liquidation of Tenant (provided that no such levy, execution, legal process; or petition filed against Tenant shall constitute a breach of this Lease if Tenant
shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within thirty (30) calendar days from the date of its creation, service, or filing); 
 (f) Tenant becomes insolvent, makes an assignment for the benefit of creditors, or makes a transfer in fraud of creditors; or a receiver or
trustee is appointed for Tenant or any of its properties; 
 (g) Reserved. 
 (h) If Tenant is an individual person, the death or legal incapacity of Tenant; if Tenant is a corporation, Tenant ceases to exist as a
corporation in good standing in the state of its incorporation and/or ceases to be duly authorized to transact business within the State of Texas; or if Tenant is a partnership or other entity, Tenant is dissolved or otherwise liquidated.

  

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 Section 8.2 Landlord’s Remedies. Upon the occurrence of any default by Tenant
under this Lease, Landlord, at Landlord’s sole option, may exercise any one or more of the following described remedies, in addition to all other rights and remedies provided at law or in equity: 
 (a) Landlord may at any time thereafter (without being under any obligation to do so) re-enter the Premises and correct or repair any condition
which shall constitute a failure on the part of Tenant to observe, perform, or satisfy any term, condition, covenant, agreement, or obligation of Tenant under this Lease; and Tenant shall fully reimburse and compensate Landlord on demand for the
costs incurred by Landlord in doing so, plus profit and overhead in any amount equal to fifteen percent (15%) of such cost. No action taken by Landlord under this subsection shall relieve Tenant from any of Tenant’s obligations under this
Lease or from any consequences or liabilities arising from the failure of Tenant to perform such obligations. 
 (b) Landlord may
terminate this Lease and repossess the Premises. In the event that Landlord elects to terminate this Lease, Landlord shall be entitled to recover damages equal to the total of (i) the cost of recovering the Premises (including attorneys’
fees and costs); (ii) the cost of removing and storing Tenant’s or any other occupant’s property; (iii) the unpaid Rent owed at the time of termination, plus interest thereon from the date when due at the maximum rate of interest
then allowed by law; (iv) the cost of reletting the Premises (as reasonably estimated by Landlord and including alterations or repairs to the Premises and brokerage commissions); (v) the costs of collecting any sum due to Landlord
(including without limitation, attorneys’ fees and costs); and (vi) any other sum of money or damages owed by Tenant to Landlord as a result of the default by Tenant, whether under this Lease, at law, or in equity. 
 (c) Landlord may terminate Tenant’s right of possession of the Premises without terminating this Lease and repossess the Premises. In the
event that Landlord elects to take possession of the Premises without terminating this Lease, Tenant shall remain liable for, and shall pay to Landlord, from time to time on demand, (i) all costs and damages described in Subsection (ii) of
this Section 8.2 and (b) any deficiency between the total Rent due under this Lease for the remainder of the Lease Term and rents, if any, which Landlord is able to collect from Space Tenants for the Premises during the remainder of the
Lease Term (“Rental Deficiency”). Landlord may file suit to recover any sums falling due under the terms of this Lease from time to time, and no delivery to or recovery by Landlord of any portion of the sums owed to Landlord by
Tenant under this Lease shall be a defense in any action to recover any amount not previously reduced to judgment in favor of Landlord. 
  

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 (d) In the event that Landlord elects to re-enter or take possession of the Premises after
Tenant’s default, Tenant hereby waives notice of such re-entry or re-possession and of Landlord’s intent to re-enter or retake possession. Landlord may, without prejudice to any other remedy which Landlord may have for possession or
arrearages in or future Rent, expel or remove Tenant or any other person who may be occupying the Premises. Landlord may also change or alter the locks or other security devices on the doors to the Premises and/or, if applicable, remove
Tenant’s access media from the security system; and Tenant waives, to the fullest extent allowed by law, any requirement that notice be posted on the Premises as to the location of a key to such new locks and any rights to obtain such a key.

 (e) If Tenant commits any event of default under this Lease with respect to which written notice was provided and at any time
within the immediately preceding twelve (12) month period and thereafter commits the same or a similar default, no notice after the first such notice shall be required to be given by Landlord for or with respect to any subsequent default before
the pursuit of any one or more of the remedies provided in this Lease. Tenant hereby expressly waives both (i) notice of any default for which notice is not specifically required under Section 8.1 and (ii) all subsequent notices of a
similar default. 
 (f) All rights and remedies of Landlord under this Lease shall be non-exclusive and shall be in addition to an
cumulative of all other rights or remedies available to Landlord under this Lease or by law or in equity. 
 Section 8.3
Attorney’s Fees and Other Expenses of Enforcement. In the event Tenant defaults in the performance or observance of any of the terms, covenants, agreements, or conditions contained in this Lease, Tenant, to the extent permitted by
applicable law, shall pay to Landlord (a) all reasonable expenses incurred by Landlord in collecting any sums due under, or enforcing any of the terms of, this Lease; and (b) if Landlord places the enforcement of all or any part of this
Lease in the hands of an attorney, all attorneys’ fees and other costs of collection and enforcement incurred by Landlord. 
 ARTICLE 9 
 MISCELLANEOUS PROVISIONS 
 Section 9.1 Amendments. This Lease may not be altered, changed, or amended except by an instrument in writing signed by both Landlord
and Tenant. 
  

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 Section 9.2 Non-Waiver. No course of dealing between Landlord and Tenant or any other
person, nor any delay on the part of Landlord in exercising any rights under this Lease, nor any failure to enforce any provision of this Lease, nor the acceptance of any Rent by Landlord shall operate as a waiver or a modification of the terms of
this Lease or of any right which Landlord has to demand strict compliance by Tenant with the terms of this Lease. If Landlord waives any agreement, condition, or provision of this Lease, such waiver must be expressly set forth in a writing signed by
Landlord and shall not be deemed a waiver of any subsequent breach of the same or any other agreement, condition, or provision contained in this Lease. 
 Section 9.3 Holding Over. In the event Tenant remains in possession of the Premises after the expiration or termination of this Lease without the consent of Landlord, Tenant shall be deemed to be
occupying the Premises as a tenant at will and shall pay Rent for each month (or partial month) during any such holdover period at a rate equal to twice the Rent which Tenant was obligated to pay for the month immediately preceding the end of the
Lease Term. No holding over by Tenant after the expiration or termination of this Lease shall be construed to extend the Lease Term or in any other manner be construed as permission by Landlord to holdover. Additionally, in the event of any
unauthorized holding over by Tenant, Tenant shall indemnify Landlord against all claims for any damages by any other person or entity to whom Landlord may have leased all or any part of the Premises and for any other loss, cost, damage, or expense
(including attorneys’ fees and costs of suit) incurred by Landlord as a result of such holding over. 
 Section 9.4
Notices. Any notice, demand, consent, approval, request, or other communication required or permitted to be given pursuant to this Lease (including any Exhibit to this Lease) or by applicable law shall be in writing and shall be delivered
by registered or certified mail, postage prepaid, return receipt requested, telegram, facsimile, or expedited delivery service with proof of delivery, addressed to Landlord or Tenant, as applicable, at the address for each specified in the first
paragraph of this Lease. Any such communication transmitted by telegram, facsimile, or personal delivery shall be deemed to have been delivered as of the date actually received by the addressee. Any such communication transmitted by registered or
certified mail shall be deemed to have been given or served on the third (3rd) day following the date on which such notice was deposited in a receptacle maintained by the United States Postal Service for such purpose. Any notice of default from
Tenant to Landlord shall also be delivered to any holder of a Financing Lien who has notified Tenant of its interest and the address to which notices are to be sent; and such notice shall not be effective until delivered to such parties. Either
Landlord or Tenant may, by ten (10) days’ prior notice to the other in accordance with this Section 9.4, designate a different address or different addresses to which communications intended for the party are to be sent. 

 

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 Section 9.5 Independent Obligations. The obligations of Tenant under this Lease are
independent of Landlord’s obligations, and Tenant shall not, for any reason, withhold or reduce Tenant’s required payments of Rent or fail to fully perform Tenant’s obligations under this Lease. In the event that Landlord commences
any proceedings against Tenant as a result of Tenant’s default under this Lease, Tenant will not interpose any counterclaim or other claim against Landlord of whatever nature or description in any such proceedings. In the event that Tenant
attempts to interpose any such counterclaim or other claim against Landlord in such proceedings, Landlord and Tenant stipulate and agree that such counterclaim or other claim asserted by Tenant shall, upon motion by Landlord, be severed out of the
proceedings instituted by Landlord and that those proceedings may proceed to final judgment separately and apart from, and without consolidation with or reference to the status of, such counterclaim or other claim asserted by Tenant. 
 Section 9.6 Survival. Neither the expiration or termination of the Lease Term pursuant to the provisions of this Lease, by operation
of law, or otherwise, nor any repossession of the Premises pursuant to any remedy granted to Landlord under this Lease or otherwise shall ever relieve Tenant of Tenant’s liabilities and obligations under this Lease, all of which shall survive
such expiration, termination, or repossession. 
 Section 9.7 Other Tenants of Building. Neither this Lease nor
Tenant’s continued occupancy of the Premises is conditioned upon either (a) the opening of any business in the Building or in any portion of the Project by any other person or entity or (b) the continued operations of any Tenant
Related Party or business. 
 Section 9.8 Name of Building and Project. Tenant shall not utilize the name of the Building
or the Project for any purpose whatsoever, except to identify the location of the Premises in Tenant’s address. Landlord shall have the right to change the name of the Building and/or the Project whenever Landlord, in its sole discretion, deems
it appropriate without any liability to Tenant and without any consent of Tenant being necessary. 
  

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 Section 9.9 Consent by Landlord. In each circumstance under this Lease in which the
prior consent or permission of Landlord is required before Tenant is authorized to take any particular type of action, the decision of whether to grant or deny such consent or permission shall be within the sole and exclusive judgment and discretion
of Landlord unless otherwise specifically provided in this Lease with respect to that specific matter. Tenant shall not have any claim for breach by Landlord or any defense to performance of any covenant, duty, or obligation of Tenant under this
Lease on the basis that Landlord delayed or withheld the granting of such consent or permission. Landlord’s consent or approval to any particular act by Tenant which requires such consent or approval shall not be deemed to waive or render
unnecessary consent to or approval of any subsequent similar act. 
 Section 9.10 Legal Interpretation. This Lease, and
the rights and obligations of Landlord and Tenant under this Lease, shall be interpreted, construed, and enforced in accordance with the laws of the State of Texas. All obligations of the parties shall be performable in, and all legal actions to
enforce or construe this Lease shall be instituted in, the courts of, San Diego County, California. All defined terms and other words used in this Lease shall include the singular and plural, as applicable. References to the Premises, the Building,
the Land, or the Project shall also include any portion of each. References to the Project shall include the Building and the Premises, and references to the Building shall include the Premises. Words which are not used as defined terms in this
Lease shall be construed in accordance with the meanings commonly ascribed to those words, relative to the context in which each is used. The word “including” shall be construed as if followed, in each instance, by the phrase “but not
limited to.” All article, section, and subsection headings used in this Lease are for reference and identification purposes only and are not intended to, and shall not under any circumstances, alter, amend, amplify, vary, or limit the express
provisions in this Lease. All rights, powers, and remedies provided in this Lease may be exercised only to the extent that their exercise does not violate any applicable law and are intended to be limited to the extent necessary so that such
provision will not render this Lease invalid or unenforceable under applicable law. In the event that any provision in this Lease, or the application of such provision to any person or circumstance, shall be invalid or unenforceable to any extent,
the remainder of this Lease, or the application of such term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby. Landlord and Tenant hereby respectively acknowledge
that each such party has substantial experience in negotiation commercial real estate leases, that this Lease is the product of extension negotiations between the parties, and that, therefore, neither Landlord nor Tenant shall be charged with having
promulgated this Lease and that no rule of strict construction with respect to the provisions of this Lease shall be applicable. 
  

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 Section 9.11 Entire Agreement. Tenant agrees that (a) this Lease supersedes and
cancels any and all previous statements, negotiations, arrangements, brochures, agreements, and understandings, if any, between Landlord and Tenant or displayed by Landlord to Tenant with respect of the subject matter of this Lease, the Premises,
the Building, or the Project and (b) there are no representations, agreements or warranties (express or implied, oral or written) between Landlord and Tenant with respect to the subject matter of this Lease, the Premises, the Building, or the
Project other than as set forth in this Lease. 
 Section 9.12 Tenant’s Authority. Tenant represents and warrants
that (a) Tenant has the full right, power, and authority to enter into, and to perform its obligations under, this Lease, and (b) upon execution of this Lease by Tenant, this Lease shall constitute a valid and legally binding obligation of
Tenant. If Tenant signs as a corporation, each of the persons executing this Lease on behalf of Tenant covenant and warrant that Tenant is a duly and validly existing corporation, that the execution of this Lease by such persons on behalf of Tenant
has been duly authorized by all necessary corporate action, and that Tenant is qualified to do business in the State of California. 
 Section 9.14 Landlord’s Liability. Notwithstanding anything to the contrary set forth in this Lease, Tenant agrees that no personal, partnership, or corporate liability of any kind or character whatsoever shall
attach to Landlord or its partners or venturers for payment of any amounts payable under this Lease or for the performance of any obligation under this Lease. The exclusive remedies of Tenant for the failure of Landlord to perform any of
Landlord’s obligations under this Lease shall be to proceed against the interest of Landlord in and to the Project. Landlord shall not be responsible in any way to Tenant or any Tenant Related Party for any loss of property from the Premises or
public areas of the Building or for any damages to any property from any cause whatever. Nor shall Landlord be responsible for lost or stolen personal property, money, or jewelry from the Premises, regardless of whether such loss occurs when the
Premises are locked. Landlord shall never be liable for consequential or special damages. 
 Section 9.15 Time of the
Essence. In all instances in which Tenant is required to pay any sum or do any act at a particular time or within a particular period, it is understood that time is of the essence. 
  

 27 

 Section 9.16 Instruments and Evidence Required to be Submitted to Landlord. Each
written instrument and all evidence of the existence or non-existence of any circumstances or conditions which is required by this Lease to be furnished to Landlord shall in all respects be in form and substance satisfactory to Landlord, and the
duty to furnish such written instrument or evidence shall not be considered satisfied until Landlord shall have acknowledged that Landlord is satisfied with the form and content of each. 
 Section 9.17 Counterparts. This Lease may be executed in any number of counterparts, each of which, when executed and delivered, shall
be an original; but such counterparts shall together constitute one and the same instrument. 
 Section 9.18 Financial
Reporting. Tenant shall deliver to Landlord within ninety (90) days after the end of each tax year final statements of the Tenant certified by its chief financial officer to be true and correct, and upon request by Landlord,
Tenant shall also deliver to Landlord quarterly financial statements of Tenant, certified by its chief financial officer to be true and correct. 
 Section 9.19 Effective Date. The submission of this Lease to Tenant for examination does not constitute a reservation of or offer or option for the Premises, and this Lease shall become effective only upon execution by
both Landlord and Tenant. The term “Effective Date” shall mean the date on which this Lease is first fully executed by both Landlord and Tenant. 
 Section 9.20 Successors and Assigns. From and after the Effective Date, this Lease shall be binding upon, inure to the benefit of, and be enforceable by the parties to this Lease and their
respective successors and assigns (subject to the provisions of this Lease). As used in this Lease, the phrase “successors and assigns” is used in its broadest possible context and includes, without limitation and as applicable, the
respective heirs, personal representatives, successors, and assigns of each of the parties to this Lease and any person, partnership, corporation, or other entity succeeding to any interest in this Lease, the Premises, the Building, or the Project.
Nothing contained in this Section 9.20 nor in the definition of Tenant Related Parties shall serve to alter or vary the provisions of Section 6.2 prohibiting the types of transfers by Tenant described in that Section. 
 Section 9.21 Joint and Several Liability. If there is more than one party executing this Lease as Tenant, or if Tenant is a
partnership, Tenant’s obligations under this Lease shall be the joint and several obligations of all such parties executing as Tenant or all such partners constituting Tenant (as applicable). 
  

 28 

 Section 9.22 Exhibits. The following Exhibits (and, if applicable, addenda, riders, or
other attachments to this Lease) are attached, to and incorporated in, this Lease for all purposes. 
  

			
	Exhibit “A”	  	Property Description
		
	Exhibit “B”	  	Rules and Regulations

 IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the Effective Date.

  

							
		 		 	LANDLORD:
			
		 		 	FPA GOVERNOR PARK ASSOCIATES, LLC
		 		 	a Delaware limited liability company
			
		 		 	By its Operating Member:
		 		 	FPA GOVERNOR PARK INVESTORS, LLC
		 		 	a Delaware limited liability company
			
		 		 	By its Manager:
		 		 	GF GOVERNOR PARK, LLC
		 		 	a Delaware limited liability company
				
	Date Executed on Dec. 20, 2008	 		 	By:	 	 /s/ Michael B. Earl

	Behalf of Landlord:	 		 	Name:	 	Michael B. Earl, Manager
			
		 		 	TENANT:
			
		 		 	TRINITY PROPERTY CONSULTANTS, LLC
		 		 	a California limited liability company
				
	Date Executed on Dec. 20, 2008	 		 	By:	 	 /s/ Joseph A. Clark

		 		 	Name:	 	Joseph A. Clark, Chief Financial Officer

  

 29Promissory Note Secured by Deed of Trust

 EXHIBIT 10.6 
 PROMISSORY NOTE SECURED BY DEED OF TRUST 
  

			
	$11,440,000	  	December 19, 2008

  

	1.	PROMISE TO PAY. For value received, the undersigned FPA GOVERNOR PARK ASSOCIATES, LLC a Delaware limited liability company (“Borrower”), promise(s) to pay to
the order of MIREF GOVERNOR FINANCE, LLC, a Delaware limited liability company (“Lender”), c/o McMorgan Institutional Real Estate Fund I, LLC, 425 Market Street, Suite 1600, San Francisco, California 94105 or at such other place as may be
designated in writing by Lender, the principal sum up to ELEVEN MILLION FOUR HUNDRED FORTY THOUSAND AND NO/100THS DOLLARS ($11,440,000) or so much thereof as may be advanced pursuant to the terms hereof (“Loan”), with interest
thereon as specified herein. All sums owing hereunder are payable in lawful money of the United States of America, in immediately available funds, without offset, deduction or counterclaim of any kind. 

  

	2.	SECURED BY DEED OF TRUST. This Note is secured by, among other things, that Deed of Trust and Absolute Assignment of Rents and Leases and Security Agreement (and
Fixture Filing) (“Deed of Trust”) of even date herewith, identifying this Note as an obligation secured thereby and encumbering certain real property described therein (“Property”). 

  

	3.	DEFINITIONS. For the purposes of this Note, the following terms shall have the following meanings: 

 “Additional Advance” shall have the meaning set forth in Section 5 of Exhibit A to this Note. 
 “Advance” shall mean the Initial Advance and any Additional Advance. 
 “Borrower’s Equity Contribution” shall mean an amount equal to the difference between (x) the amount payable by Borrower under the
Purchase Agreement on the date of closing of the purchase and sale of the Property (as set forth in Section 2(iii) of the Purchase Agreement), together with all additional amounts to be paid by Borrower in order to close the transactions
contemplated by the Purchase Agreement minus (y) the Initial Advance. 
 “Business Day” shall mean any day other
than a Saturday, Sunday, legal holiday or other day on which commercial banks in California are authorized or required by law to close. All references in this Note to a “day” or a “date” shall be to a calendar day unless
specifically referenced as a Business Day. 
 “Business Plan” shall have the meaning set forth in Section 6 of Exhibit A to
this Note. 
 “Cap-Ex, Leasing Costs and Interest Reserve Budget” shall mean the budget attached hereto as Exhibit C (as such budget
may be modified from time to time with Lender’s approval, which may be given or withheld in its sole discretion). 
 “Debt
Service” shall mean, with respect to any particular period of time, scheduled interest payments due under the Note. 
 “Debt Service
Coverage Ratio” shall mean the ratio, as determined by Lender, of (a) Net Operating Income from the Property, to (b) an amount equal to the Debt Service that would be due for the twelve (12) calendar month period immediately
following such calculation. 

 “Default” shall have the meaning set forth in the Deed of Trust. 
 “Effective Date” shall mean the earlier of (a) the date the Deed of Trust is recorded in the Office of the County Recorder of the county
where the Property is located and (b) the date Lender authorizes the proceeds of the Initial Advance to be released to Borrower. 
 “First Extended Maturity Date” shall mean December 19, 2011. 
 “First Extension Term” shall mean the period
beginning on December 19, 2010 and ending on the First Extended Maturity Date. 
 “First Option to Extend” shall mean
Borrower’s option, subject to the terms and conditions of Section 3 of Exhibit A to this Note, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date. 
 “Hazardous Materials Indemnity Agreement” shall mean that certain Hazardous Materials Indemnity Agreement by Borrower and Limited Guarantor to
and for the benefit of Lender. 
 “Initial Advance” shall mean the initial advance under the Loan in an amount equal to Eight
Million Two Hundred Ninety Thousand and No/100 Dollars ($8,290,000.00). 
 “Initial Advance Disbursement Date” shall mean the date
upon which the proceeds of the Initial Advance are funded into escrow in connection with the closing of the Loan. 
 “Limited
Guarantor” shall mean Gregory A. Fowler, Trustee of the Gregory A. Fowler Living Trust. 
 “Limited Guaranty” shall mean that
certain limited guaranty by Limited Guarantor to and for the benefit of Lender. 
 “Loan Documents” shall mean the documents listed
in Exhibit B attached hereto and incorporated herein by this reference. 
 “Maturity Date” shall mean, as applicable, either
(i) the Original Maturity Date, (ii) the First Extended Maturity Date, if the Original Maturity Date is extended as provided for herein or (iii) the Second Extended Maturity Date, if the First Extended Maturity Date is extended as
provided for herein. 
 “Maximum Loan Amount” shall mean an amount equal to Eleven Million Four Hundred Forty Thousand and No/100
Dollars ($11,440,000.00) 
 “Net Operating Income” shall mean the annualized amount of (i) all rents from approved, executed
leases, and all other revenues and income, derived from the Property and expected to be received for the first 90 days of the extension period in question, less (ii) all estimated ordinary and necessary operating expenses applicable to the
Property for the first 90 days of the extension period in question (including, but not limited to, estimated expenses for utilities, administration, cleaning, landscaping, security, repairs and maintenance, ground rent payments, if any, management
fees, fully assessed (or estimated fully assessed) real estate and other taxes and assessments and insurance premiums, but excluding from any such expenses any deductions for federal, state and other income taxes, debt service, depreciation or
amortization of capital expenditures [including leasing commissions, tenant improvements, and other leasing costs] and other similar non-cash items). 
  

 - 2 - 

 “Note Rate” shall mean a fixed rate of seven percent (7.0%) per annum. 
 “Operating Expenses” shall mean all reasonable operating expenses of the Property, including, without limitation, those for maintenance,
repairs, annual taxes or payments in lieu of taxes, insurance (but not the cost of terrorism insurance), utilities and other annual expenses (but not capital expenses) that are standard and customary for properties similar to the Property, and which
are set forth in the Approved Annual Budget. Operating Expenses for this purpose shall not include any interest or principal payments on the Loan or any allowance for depreciation. 
 “Option to Extend” shall mean, collectively, the First Option to Extend and the Second Option to Extend. 
 “Original Maturity Date” shall mean December 19, 2010. 
 “Purchase Agreement” shall mean that certain Real Estate Purchase and Sale Agreement dated as of September 9, 2008 between McMorgan Institutional Real Estate Fund I, LLC as predecessor-in interest to
MIREF Governor Park, LLC (“Seller”), as seller, and Fowler Property Acquisitions, LLC, as predecessor-in interest to FPA Governor Park Associates, LLC (“Buyer”), as buyer, as modified by that certain extension notice by Buyer to
Seller dated as of September 19, 2008 and as further modified by that certain First Amendment to Real Estate Purchase and Sale Agreement dated as of October 23, 2008 between Seller and Buyer. 
 “Release Parcel” shall have the meaning set forth in the Deed of Trust. 
 “Second Extended Maturity Date” shall mean December 19, 2012. 
 “Second Extension Term” shall mean the period beginning on December 19, 2011 and ending on the Second Extended Maturity Date. 
 “Second Option to Extend” shall mean Borrower’s option, subject to the terms and conditions of Section 3 of Exhibit A to this Note, to
extend the term of the Loan from the First Extended Maturity Date to the Second Extended Maturity Date. 
  

	4.	INTEREST; PAYMENTS. 

  

	 	4.1.	Interest. Interest on the outstanding principal balance of this Note shall accrue at the Note Rate (except as otherwise provided in Section 6.2 below).

  

	 	4.2.	Payments. 

  

	 	a.	 Interest accrued on this Note shall be due and payable in arrears on the first day of each month commencing with the first day of the second full month following
the Initial Advance Disbursement Date. Interest shall be calculated on the basis of a 360-day year and charged on the basis of actual days elapsed for any whole or partial month in which interest is being calculated. Interest for the balance of the
Month in which the closing of the Loan occurs (including the day on which the Loan closes) shall be paid at the closing of the Loan. Principal, all accrued interest and all other amounts due under this Note, including the Exit Fee, shall be due and
payable on 

  

 - 3 - 

	 	 
the Maturity Date (except as otherwise expressly provided in the Loan Documents). Except as otherwise specifically provided in this Note or the other Loan
Documents, all payments and deposits due under the Loan Documents shall be made to Lender not later than 12:00 noon, California time, on the day on which such payment or deposit is due. Any funds received by Lender after such time shall, for all
purposes, be deemed to have been received on the next succeeding Business Day. 

  

	 	b.	Lender will pay Debt Service due and payable under the Loan by funding advances of interest directly to Lender, with the amount of each such advance to be added to the outstanding
principal balance of the Loan and with interest to accrue thereon from the time of such advance; provided that, Lender shall not be obligated to make any such advance of interest (and Borrower shall pay such amounts from
Borrower’s own funds): (i) if there is a Default under the Note, the Deed of Trust, or any of the other Loan Documents, or (ii) to the extent the disbursement of such amount would cause (A) the amount specified as the
“Carry/Interest Reserve” amount on the Cap-Ex, Leasing Costs and Interest Reserve Budget to be exceeded, or (B) the aggregate principal balance of the Loan to exceed the Maximum Loan Amount. The advance provisions of Section 5.1
of Exhibit A shall not be applicable to this Section 4.2(b). 

  

	 	4.3	Application of Payments. In the absence of a Default, all payments paid by Borrower to Lender in connection with the obligations of Borrower under this Note and under
the other Loan Documents shall be applied in the following order of priority: (a) to amounts, other than principal and interest, due to Lender pursuant to this Note or the other Loan Documents; (b) to accrued but unpaid interest on this
Note; and (c) to the unpaid principal balance of this Note. Borrower irrevocably waives the right to direct the application of any and all payments at any time hereafter received by Lender from or on behalf of Borrower, and Borrower irrevocably
agrees that, after the occurrence of a Default, Lender shall have the continuing exclusive right to apply any and all such payments against the then due and owing obligations of Borrower in such order of priority as Lender may deem advisable.
 

  

	5.	LOAN FEE; EXIT FEE. 

  

	 	5.1.	Loan Fee. Borrower shall pay to Lender, at Loan closing, a loan fee (the “Loan Fee”) in the amount of One Hundred Fourteen Thousand and No/100 Dollars
($114,000.00). The Loan Fee shall be deemed earned upon payment and shall not be subject to reduction or be refundable under any circumstances. 

  

	 	5.2.	Exit Fee. On the Maturity Date or such earlier date on which all amounts owing by Borrower to Lender under this Note or the other Loan Documents become due and
payable, by acceleration or otherwise (and upon any earlier prepayment of all or any portion of the Loan, including, without limitation, any payment resulting from voluntary prepayment, any condemnation or casualty or in connection with the release
of any Release Parcel), Borrower shall pay to Lender an exit fee (the “Exit Fee”) in the amount of one percent (1.0%) of the outstanding principal balance of the Loan that is repaid. The Exit Fee shall be paid to Lender
concurrently with any payment of the outstanding principal balance of the Loan (or any portion thereof), whenever such payment shall occur. The Exit Fee shall be deemed earned as of the date hereof and shall not be subject to reduction nor be
refundable under any circumstances. 

  

 - 4 - 

	6.	LATE CHARGE; DEFAULT RATE. 

  

	 	6.1.	Late Charge. If all or any portion of any payment or deposit required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before
the tenth (10th) day following the day on which such payment or deposit is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to five percent (5.0%) of the amount of such unpaid payment or deposit. Borrower
acknowledges that Lender will incur additional expenses as a result of any late payments or deposits hereunder, which expenses would be impracticable to quantify, and that Borrower’s payments under this Section 5.1 are a reasonable
estimate of such expenses. 

  

	 	6.2.	Default Rate. Commencing upon a Default and continuing until such Default shall have been cured by Borrower and following the Maturity Date (whether occurring by
acceleration or otherwise) all sums owing on this Note shall bear interest until paid in full at a rate equal to the lesser of (i) thirteen percent (13.0%) per annum and (ii) the maximum rate of interest permitted by applicable law
(“Default Rate”). 

  

	7.	MAXIMUM RATE PERMITTED BY LAW. Neither this Note nor any of the other Loan Documents shall require the payment or permit the collection of any interest or any late
payment charge in excess of the maximum rate permitted by law. If any such excess interest or late payment charge is provided for under this Note or any of the other Loan Documents or if this Note or any of the other Loan Documents shall be
adjudicated to provide for such excess, neither Borrower nor Borrower’s successors or assigns shall be obligated to pay such excess, and the right to demand the payment of any such excess shall be and hereby is waived, and this provision shall
control any other provision of this Note or any of the other Loan Documents. If Lender shall collect amounts which are deemed to constitute interest and which would increase the effective interest rate to a rate in excess of the maximum rate
permitted by law, all such amounts deemed to constitute interest in excess of the maximum legal rate shall, upon such determination, at the option of Lender, be returned to Borrower or credited against the outstanding principal balance of this Note.

  

	8.	ACCELERATION. If (a) any Default shall occur and be continuing; or (b) any other event or condition shall occur which, under the terms of the Deed of Trust
or any other Loan Document, gives rise to a right of acceleration of sums owing under this Note after the expiration of any applicable notice and cure periods, then Lender, at its sole option, shall have the right to declare all sums owing under
this Note immediately due and payable; provided, however, that if the Deed of Trust or any other Loan Document provides for the automatic acceleration of payment of sums owing under this Note, all sums owing under this Note shall be automatically
due and payable in accordance with the terms of the Deed of Trust or such other Loan Document. 

  

	9.	BORROWER’S LIABILITY. 

  

	 	9.1.	Limitation. Except as otherwise provided in this Section 9, Lender’s recovery against Borrower under this Note and the other Loan Documents shall be limited
solely to the Property and the “Collateral” (as defined in the Deed of Trust). 

  

	 	9.2.	 Exceptions. Notwithstanding the foregoing limitation of liability, Borrower shall be personally liable for, and shall defend, indemnify and hold
harmless Lender, its directors, officers, partners, members, employees, successors and assigns from and against, all actual losses, damages, liabilities, claims, actions, judgments, court costs and legal and other expenses sustained by Lender, or
its directors, officers, partners, members, employees, successors and assigns 

  

 - 5 - 

	 	 
(including, without limitation, reasonable attorneys’ fees and expenses) caused by or relating to any of the following: (i) waste to or of the
Property or the Collateral, (ii) gross negligence, fraud, material misrepresentation or intentional misconduct by Borrower; (iii) failure to apply insurance proceeds to the restoration of the Property or the Collateral, or failure to apply
insurance proceeds or maintain insurance in accordance with the terms of the Loan Documents; (iv) failure to apply tenant security deposits or condemnation proceeds in accordance with the terms of the Loan Documents; (v) failure after
Lender has declared a monetary event of default to pay to Lender all rents, income and profits of and from the Property and the Collateral, net of reasonable and customary operating expenses; (vi) breach of or failure to perform under the
environmental representations, warranties, covenants or indemnifications agreed to in the Hazardous Materials Indemnity; (vii) destruction or removal of fixtures or personal property securing the Loan from the Property, unless replaced by items
of equal value; (viii) breaches of representations or covenants contained in the Loan Documents relating to compliance with terrorism or money laundering laws, including Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (the “Executive Order”) and Public Law 107-56, known as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot Act”);
(ix) willful or grossly negligent violation of applicable law, (x) failure to pay property taxes, assessments or charges which may create liens senior to the lien of the Deed of Trust on all or any portion of the Property or Collateral;
and (xi) failure of Borrower to pay all amounts payable under the Loan Documents in full, together with reasonable attorney’s fees, if (A) Borrower transfers or encumbers the Property or Collateral or any portion thereof in
contravention of the Loan Documents, (B) Borrower files a voluntary petition under Chapter 11 of the Bankruptcy Code, or an involuntary bankruptcy or insolvency proceeding is commenced against Borrower and not dismissed within ninety
(90) days of filing, (C) Borrower, Guarantor or an affiliate thereof challenges the enforceability of the Loan Documents or (D) Borrower violates in any material respect the requirements set forth in Section 5.3 of the Deed of
Trust. 

  

	 	9.3.	No Release or Impairment. Nothing contained in Section 9.1 shall be deemed to release, affect or impair the indebtedness evidenced by this Note or the obligations
of Borrower under, or the liens and security interests created by the Loan Documents, or Lender’s rights to enforce its remedies under this Note and the other Loan Documents, including, without limitation, the right to pursue any remedy for
injunctive or other equitable relief, or any suit or action in connection with the preservation, enforcement or foreclosure of the liens, mortgages, assignments and security interests which are now or at any time hereafter security for the payment
and performance of all obligations under this Note or the other Loan Documents. 

  

	 	9.4.	Prevail and Control. The provisions of this Section 9 shall prevail and control over any contrary provisions elsewhere in this Note or the other Loan Documents.

  

	10.	MISCELLANEOUS. 

  

	 	10.1.	Joint and Several Liability. If this Note is executed by more than one person or entity as Borrower, the obligations of each such person or entity shall be joint and
several. No person or entity shall be a mere accommodation maker, but each shall be primarily and directly liable hereunder. 

  

 - 6 - 

	 	10.2.	Waiver of Presentment. Except as otherwise provided in any other Loan Document, Borrower hereby waives presentment, demand, notice of dishonor, notice of default or
delinquency, notice of intent to accelerate, notice of acceleration, notice of nonpayment, notice of costs, expenses or losses and interest thereon, and notice of interest on interest and late charges. 

  

	 	10.3.	Delay In Enforcement. No previous waiver or failure or delay by Lender in acting with respect to the terms of this Note or the Deed of Trust shall constitute a waiver
of any breach, default or failure of condition under this Note, the Deed of Trust or the obligations secured thereby. A waiver of any term of this Note, the Deed of Trust or of any of the obligations secured thereby must be made in writing signed by
Lender, shall be limited to the express terms of such waiver, and shall not constitute a waiver of any subsequent obligation of Borrower. The acceptance at any time by Lender of any past-due amount shall not be deemed to be a waiver of the right to
require prompt payment when due of any other amounts then or thereafter due and payable. 

  

	 	10.4.	Time of the Essence. Time is of the essence with respect to every provision hereof. 

  

	 	10.5.	Governing Law. In all respects, including, without limiting the generality of the foregoing, matters of construction, validity, enforceability and performance, this
Note, the Deed of Trust and the other Loan Documents and the obligations arising hereunder and thereunder shall be governed by, and construed in accordance with, the laws of the state of California applicable to contracts made and performed in such
state and any applicable law of the United States of America. Borrower hereby unconditionally and irrevocably waives, to the fullest extent permitted by law, any claim to assert that the law of any jurisdiction other than California governs the Deed
of Trust, this Note and the other Loan Documents. 

  

	 	10.6.	Consent to Jurisdiction. Borrower irrevocably submits to the jurisdiction of any state or federal court sitting in the state of California over any suit, action, or
proceeding, brought by Borrower against Lender, arising out of or relating to this Note or the Loan evidenced hereby; and (b) any state or federal court sitting in the state in which Borrower’s principal place of business is located over
any suit, action or proceeding, brought by Lender against Borrower, arising out of or relating to this Note or the Loan evidenced hereby. Borrower irrevocably waives, to the fullest extent permitted by law, any objection that Borrower may now or
hereafter have to the laying of venue of any such suit, action, or proceeding brought in any such court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum.

  

	 	10.7.	Counterparts. This Note may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original and all of which taken
together shall be deemed to be one and the same Note. 

  

	 	10.8.	Heirs, Successors and Assigns. All of the terms, covenants, conditions and indemnities contained in this Note and the other Loan Documents shall be binding upon the
heirs, successors and assigns of Borrower and shall inure to the benefit of the successors and assigns of Lender. The foregoing sentence shall not be construed to permit Borrower to assign the Loan except as otherwise permitted in this Note or the
other Loan Documents. 

  

	 	10.9.	 Severability. If any term of this Note, or the application thereof to any person or circumstances, shall, to any extent, be invalid or unenforceable,
the remainder of this Note, or the application of such term to persons or circumstances other 

  

 - 7 - 

	 	 
than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Note shall be valid and enforceable to the
fullest extent permitted by law. 

  

	11.	NOTICES. All notices, demands, or other communications under this Note and the other Loan Documents shall be in writing and shall be delivered to the appropriate party
at the address set forth below (subject to change as set forth below). Except when otherwise required by law, any notice which a party is required or may desire to give the other shall be in writing and may be sent by personal delivery or by mail
(either [i] by United States registered or certified mail, return receipt requested, postage prepaid, or [ii] by Federal Express or similar generally recognized overnight carrier regularly providing proof of delivery), or by facsimile transmittal
(in which case, such notice if immediately followed by Federal Express or similar generally recognized overnight carrier regularly providing proof of delivery shall be deemed given upon receipt of a transmittal confirmation statement). Any notice so
given by mail shall be deemed to have been given as of the date of delivery established by U.S. Post Office return receipt or the overnight carrier’s proof of delivery, as the case may be. Any such notice not so given shall be deemed given upon
receipt of the same by the party to whom the same is to be given; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept
delivery shall be deemed receipt of such communication. Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by giving thirty (30) days written notice to the other
parties in the manner set forth above. 

 Addresses for Notices: 
  

					
	If to Lender:	  	 MIREF Governor Finance,
 LLC 425 Market
Street, Suite 1600
 San Francisco, CA 94105

		  	Attention:	  	Thomas P. O’Hanlon
		  	Telephone:	  	415-616-9354
		  	Facsimile:	  	415-616-9399
		  	Email:	  	tohanlon@mcmorgan.com
		
	With a copy to:	  	 McMorgan Institutional Real Estate Fund I, LLC
 425 Market Street, Suite 1600
 San Francisco, CA 94105

		  	Attention:	  	Steve Ghiselli
		  	Telephone:	  	415-616-9143
		  	Facsimile:	  	415-616-9399
		  	Email:	  	sghiselli@mcmorgan.com
		
	And to:	  	 Goodwin|Procter LLP
 601 South Figueroa
Street, 41st
 Floor Los Angeles, CA
90017

		  	Attention:	  	Dean Pappas
		  	Telephone:	  	213-426-2525
		  	Facsimile:	  	213-623-1673
		  	Email:	  	dpappas@goodwinprocter.com

  

 - 8 - 

					
	If to Borrower:	  	 FPA Governor Park Associates, LLC
 c/o
Fowler Property Acquisitions
 100 Bush Street, Suite 510
 San
Francisco, CA 94104

		  	Attention:	  	Hannah Moriarty
		  	Telephone:	  	415-249-6199
		  	Facsimile:	  	415-925-3440
		  	Email:	  	hmoriarty@fpacquisitions.com
		
	With a copy to:	  	 c/o Fowler Property Acquisitions
 100 Bush
Street, Suite 510
 San Francisco, CA 94104

		  	Attention:	  	Steve Grant
		  	Telephone:	  	415-249-6192
		  	Facsimile:	  	415-925-3440
		  	Email:	  	sgrant@fpacquisitions.com
		
	And to:	  	 Nancy Mauriello, Esq.
 4665 MacArthur
Court, Suite 210
 Newport Beach, CA 92660

		  	Telephone:	  	949-399-2525
		  	Facsimile:	  	949-399-2528
		  	Email:	  	nancy@nmapc.com

  

	12.	ADDITIONAL TERMS AND CONDITIONS. The additional terms and conditions set forth in Exhibit A attached hereto are incorporated herein by this reference.

  

	13.	PREPAYMENT; EXIT FEE. This Note may be prepaid in full (but not in part) without penalty or premium, provided that Borrower shall have delivered to Lender at least
thirty (30) days’ prior written notice of its intention to so prepay this Note and all amounts due under the Loan at the time of such prepayment, including all accrued interest and the Exit Fee are paid to Lender at the time of such
prepayment, provided, however, Borrower may prepay this Note in part solely in connection with a release of a Release Parcel in accordance with Section 6.21(b) of the Deed of Trust. Any outstanding principal balance of the Loan that is prepaid
may not be re-borrowed. 

  

 - 9 - 

 “BORROWER” 
  

			
	FPA GOVERNOR PARK ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	GF Governor Park, LLC,
		 	a Delaware limited liability company
	Its:	 	Manager
		
	By:	 	 /s/ Michael B. Earl

	Name:	 	Michael B. Earl
	Title:	 	Manager

  

 - 10 - 

 EXHIBIT A TO PROMISSORY NOTE 
 Additional Terms And Conditions 
 This Exhibit A is attached to and forms a part of that
Promissory Note (“Note”) executed by FPA GOVERNOR PARK ASSOCIATES, LLC, a Delaware limited liability company (“Borrower”) in favor of MIREF GOVERNOR FINANCE, LLC, a Delaware limited liability company (“Lender”).

  

	1.	DISBURSEMENT OF LOAN PROCEEDS. Borrower hereby authorizes Lender to disburse the proceeds of the Initial Advance, after deducting any and all fees owed by Borrower to
Lender in connection with the Loan, to MIREF GOVERNOR PARK, LLC, the Seller of the Property pursuant to the Purchase Agreement. 

  

	2.	FINANCIAL STATEMENTS AND COVENANTS. 

  

	 	2.1	Statements Required. During the term of the Loan and while any liabilities of Borrower to Lender under any of the Loan Documents remain outstanding and unless Lender
otherwise consents in writing, Borrower shall provide to Lender the following: 

  

	 	a.	Operating Statement. Not later than 30 days after and as of the end of each calendar quarter, a statement of Net Operating Income certified by Borrower and Limited Guarantor
as true and correct, showing all revenues and expenses during such quarter and year-to-date, relating to the Property, including, without limitation, all information requested under any of the Loan Documents; 

  

	 	b.	Rent Roll. Not later than 30 days after and as of the end of each calendar quarter and not later than 90 days after and as of the end of Borrower’s fiscal year, a
current rent roll certified by Borrower as true and correct, showing the following lease information with regard to each tenant of the Property: the name of the tenant, monthly or other periodic rental amount, dates of commencement and expiration of
the lease, and payment status; 

  

	 	c.	Financial Statements of Borrower. Not later than 90 days after and as of the end of Borrower’s fiscal year, annual financial statements of Borrower certified by Borrower
and Limited Guarantor as true and correct; 

  

	 	d.	Financial Statements of Guarantor. Not later than 90 days after and as of the end of Limited Guarantor’s fiscal year, annual financial statements of Limited Guarantor
certified by Borrower and Limited Guarantor as true and correct; 

  

	 	e.	Minimum Net Worth Requirement. Not later than 90 days after and as of the end of each fiscal year, a compliance certificate certified by Limited Guarantor with respect to its
compliance with the Minimum Net Worth Requirement (as defined in the Limited Guaranty). 

  

	 	f.	Default. Upon the occurrence of a Default hereunder or under any of the other Loan Documents, Borrower and Limited Guarantor shall promptly provide Lender with such
additional financial reports and such additional financial information as Lender may require. 

  

  
 EXHIBIT A-1 

	 	g.	Other Information. From time to time, upon Lender’s delivery to Borrower of at least 15 days’ prior written notice, such other financial statements and information
with regard to Borrower, principals of Borrower, guarantors or the Property as Lender may reasonably request in writing, including aged delinquency reports, notices of lease terminations and tenant bankruptcy event. 

  

	 	2.2	Form; Warranty. Borrower agrees that all financial statements to be delivered to Lender pursuant to Section 2.1 shall: (a) be certified by Borrower and
Limited Guarantor as true and correct; (b) be prepared on a modified cash basis, consistently applied; (c) shall include a footnote detailing the modifications from a straight cash basis; and (d) shall be accompanied by annual tax
returns as they relate to the Property. 

  

	3.	OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date, and from the First
Extended Maturity Date to the Second Extended Maturity Date, upon satisfaction of each of the following conditions precedent, which must be satisfied both as of the date of Borrower’s delivery of notice of request to exercise the Option to
Extend and on the first day of the First Extension Term and the Second Extension Term, as the case may be: 

  

	 	3.1	Borrower shall provide Lender with written notice of Borrower’s request to exercise the Option to Extend not less than sixty (60) days prior to the Original Maturity Date
or First Extended Maturity Date, as applicable; 

  

	 	3.2	Borrower shall, on or prior to the first day of the First Extension Term or the Second Extension Term, as the case may be, deliver to Lender (in immediately available funds) an
extension fee in an amount equal to 1.50% of the then outstanding principal balance of this Note (which fee shall be fully earned by Lender as of the first day of the applicable Extension Term and shall be non-refundable); 

 

	 	3.3	No Default shall have occurred and be continuing, and no event or condition which, with the giving of notice or the passage of time or both, would constitute a Default shall have
occurred and be continuing, and Borrower shall so certify in writing; 

  

	 	3.4	Borrower shall execute an extension and modification agreement (and any other documents required by Lender) reasonably acceptable to Lender in connection with the extension and
modification of the Loan (which documents may be recorded at Borrower’s expense), 

  

	 	3.5	Borrower shall deliver to Lender, at Borrower’s sole cost and expense, (i) a title date-down of the existing title policy acceptable to Lender showing no exceptions and
reflecting no subordinate liens or other encumbrances except those set forth in Lender’s existing title policy, approved by Lender or expressly permitted by the Loan Documents without Lender consent and a (ii) mortgage modification title
endorsement to Lender’s title policy insuring the validity and priority of the Deed of Trust as modified by the extension and modification agreement; 

  

  
 EXHIBIT A-2 

	 	3.6	No material adverse change in the financial condition of Borrower and Limited Guarantor shall have occurred; 

  

	 	3.7	The Debt Service Coverage Ratio as determined by Lender shall be equal to or greater than 1.20; 

  

	 	3.8	The Loan-to-Value Ratio as determined by Lender is no greater than seventy percent (70%), with the Loan-to-Value Ratio meaning, as of the first day of the applicable Extension
Period, the ratio in which (a) the numerator is the sum of the aggregate amount of the principal balance under this Note and all undisbursed portions of the Loan proceeds, if any, and (b) the denominator is the “as-is” fair
market value of the Property as determined by Lender (which determination may, if required by Lender, be based on an appraisal satisfactory to Lender, the cost of which shall be paid by Borrower);  

  

	 	3.9	The Limited Guarantor reaffirms all of its obligations under the Hazardous Materials Indemnity Agreement and the Limited Guaranty pursuant to a writing acceptable to Lender;

  

	 	3.10	In the case of the option to extend the term to the Second Extended Maturity Date, Borrower shall have exercised the Option to Extend the term of the Loan to the First Extended
Maturity Date in accordance with the terms hereof; 

  

	 	3.11	All out of pocket costs and expenses incurred by Lender (including legal fees) in connection with the Option to Extend are paid by Borrower (which shall be paid by Borrower
regardless of whether the extension transaction closes); 

  

	 	3.12	All representations and warranties set forth in the Deed of Trust shall be true and correct in all material respects on and as of the first day of the applicable Extension Term;

  

	 	3.13	Such other conditions as Lender may require (in its reasonable discretion) are satisfied. 

 Borrower may reduce the outstanding principal balance of the Loan to the extent necessary to satisfy the conditions set forth in Sections 3.7 and 3.8
above prior to the first day of the First Extension Term and the Second Extension Term, as the case may be. 
  

	4.	Intentionally Deleted. 

  

	5.	ADDITIONAL ADVANCES. Provided no Default exists, in addition to the Initial Advance to be funded by Lender on the Initial Advance Disbursement Date, and amounts to be
funded in respect of interest payments as set forth in Section 4.2(b) of the Note, Lender (or its servicer) shall advance to Borrower, at Borrower’s request, not more frequently than quarterly, additional Loan proceeds to be applied to
capital improvements, tenant improvements and leasing commission costs incurred in accordance with the Cap-Ex, Leasing Costs and Interest Reserve Budget and the Business Plan (each an “Additional Advance”). 

  

	 	5.1	 Disbursements of Additional Advances. Borrower shall submit an original or facsimile written request for disbursement of such Additional Advance, no more
frequently than quarterly, no later than 11:00 a.m. Pacific Standard Time or Pacific Daylight Time, as applicable, not less than ten (10) Business Days prior to the proposed funding date of such disbursement. Each such request for disbursement
shall specify (i) Borrower’s desired funding date (which shall be a 

  

  
 EXHIBIT A-3 

	 	 
Business Day) in respect of the disbursement of Loan proceeds, (ii) the amount of the proposed disbursement, (iii) a reasonably detailed
description of the proposed use of such disbursement of Loan proceeds, and (iv) a certification that each of the conditions to Lender’s obligation to fund the proceeds of the Additional Advance as set forth herein have been satisfied. Each
such request for disbursement shall be accompanied by such additional documents and information relating to the proposed disbursement as Lender shall require in good faith. Subject to Lender’s approval of the request for disbursement and in
accordance with the terms and conditions contained in this Note, Lender shall use good faith efforts to make available to Borrower the proceeds of each disbursement requested by Borrower on the funding date specified in the Borrower’s request
for disbursement (or such other date as Lender shall deem appropriate) and shall disburse such funds into such account of Borrower as Borrower shall specify and Lender shall reasonably approve. All amounts disbursed pursuant to any disbursement
request shall be applied by Borrower to the payment of capital expenditure costs and/or tenant improvement costs and leasing commissions in the amounts and to the payees reflected in the applicable disbursement request. 

 

	 	5.2	Conditions to Funding of Additional Advances. Without limiting the foregoing, Lender shall in no event be required to disburse to Borrower any funds from the Cap-Ex, Leasing
Costs and Interest Reserve pursuant to any disbursement request: 

  

	 	a.	that will cause the aggregate principal balance of the Loan to exceed the Maximum Loan Amount; 

  

	 	b.	to the extent the amounts contained in such disbursement request represent greater than ninety percent (90%) of any periodic payments due any contractor or supplier, provided
that Borrower may thereafter submit a disbursement request with respect to the remaining ten percent (10%) “retainage” upon the completion of the contract in question, subject to all of the conditions contained in this
Section 5.2; 

  

	 	c.	to the extent such disbursement request requests the disbursement of amounts that would cause any line item of the Cap-Ex, Leasing Costs and Interest Reserve Budget to be exceeded
(notwithstanding that the then-current Business Plan may set forth amounts in excess of such line-item amounts set forth on the Cap-Ex, Leasing Costs and Interest Reserve Budget), unless Lender provides Borrower with written approval of such
deviation, which may be withheld in Lender’s sole and absolute discretion; 

  

	 	d.	to the extent such disbursement request requests the disbursement of amounts in respect of any leasing costs or tenant improvements incurred in connection with leases not approved
by Lender or otherwise entered into in accordance with the terms of the Loan Documents; 

  

	 	e.	with respect of amounts incurred that are not in accordance with the then-current annual Business Plan approved in writing by Lender pursuant to the terms of Section 6 of this
Exhibit A to this Note; 

  

  
 EXHIBIT A-4 

	 	f.	if a Default shall have occurred and is continuing and if an event or condition which, with the giving of notice or the passage of time or both, would constitute a Default shall
have occurred and be continuing; 

  

	 	g.	unless, prior to each Additional Advance, the title company that has issued the title insurance policy to Lender in connection with the closing of the Loan shall have issued an
endorsement (or commitment to issue an endorsement) insuring the priority of the lien of the Deed of Trust, subject only to exceptions previously approved by Lender, for the full amount of each such Additional Advance and all previous Advances made
by Lender pursuant to this Note; 

  

	 	h.	unless Lender shall have received Borrower’s certification that all capital improvements and/or tenant improvements have been completed lien-free and in a workmanlike manner
and applicable law, and any duly executed unconditional lien waivers (or duly executed conditional lien waivers subject only to payment of the amount to be paid form the proceeds of such Additional Advance) that Lender shall require;

  

	 	i.	unless Lender shall have received a cost breakdown of the work and items to be paid with such Additional Advance in reasonable detail, including, without limitation, copies of
invoices, bills and receipts with respect thereto or other documents evidencing the total amount expended, incurred or due for any requested items; 

  

	 	j.	unless, if applicable and if required by Lender, Borrower shall have furnished to Lender evidence that all required inspections by governmental authorities have been satisfactorily
completed; and 

  

	 	k.	unless, if applicable and if required by Lender, Borrower shall have furnished an inspection report, signed by an inspector selected by Lender, whose fees and expenses shall be paid
by Borrower and deducted from the amount of the requested Additional Advance. 

  

	6.	BUSINESS PLAN. Not later than sixty (60) days prior to the end of each calendar year, Borrower shall submit to Lender for approval Borrower’s business plan
for the following year, which shall include (i) leasing guidelines such as minimum rental rates, rent concessions, tenant credit quality requirements, and minimum and maximum permitted lease terms and (ii) reasonably anticipated capital
improvement expenditures and tenant improvement expenditures and leasing commissions, and the items to which such expenditures are to be applied, and such other criteria as Lender shall require. The Business Plan shall be promptly modified and
updated by Borrower as reasonably necessary to reflect changed circumstances and additional information, and at Lender’s reasonable request. If Lender determines, in its reasonable discretion, that Borrower has not complied with such obligation
to revise and update the Business Plan, or if Lender has not approved the business plan submitted by Borrower for the then-current calendar year, then Lender shall have the right, in its reasonable, good faith discretion, to adjust any amounts or
criteria reflected in the Loan Documents that are based on the Business Plan to the extent reasonably necessary to cause such amounts or criteria to reflect a business plan that has been so revised and updated (as reasonably determined by Lender).
Any then-current business plan that has been approved in writing by Lender shall be referred to in the Loan Documents as the “Business Plan.” 

  

  
 EXHIBIT A-5 

 EXHIBIT B TO PROMISSORY NOTE 
 Loan Documents and Other Related Documents 
 This Exhibit B is attached to and forms a part of
that Promissory Note (“Note”) executed by FPA GOVERNOR PARK ASSOCIATES, LLC, a Delaware limited liability company (“Borrower”) in favor of MIREF GOVERNOR FINANCE, LLC, a Delaware limited liability company (“Lender”).

  

	1.	LOAN DOCUMENTS. The documents numbered 1.1 through 1.24 below of even date herewith (unless otherwise specified) and any amendments, modifications and supplements
thereto which have received the prior written approval of Lender and any documents executed in the future that are approved by Lender and that recite that they are “Loan Documents” for purposes of this Note are collectively referred to as
the “Loan Documents”. 

  

	 	1.1	This Note; 

  

	 	1.2	Deed of Trust; 

  

	 	1.3	Assignment of Management Contracts; 

  

	 	1.4	State of California Uniform Commercial Code - Financing Statements - Form UCC-1 

  

	2.	Other Document Related to the Loan: 

  

	 	2.1	Limited Guaranty. 

  

	 	2.2	Hazardous Materials Indemnity Agreement 

  

  
 EXHIBIT B-1 

 EXHIBIT C TO PROMISSORY NOTE 
 Cap-Ex, Leasing Costs and Interest Reserve Budget 
  

				
	 Carry/Interest Reserve:
	  	$	811,000
		
	 Capital Expenditure Budget:
	  	$	880,000
		
	 Tenant Improvement/Leasing Costs Budget:
	  	$	1,419,000
		
	 Total Budget:
	  	$	3,110,000

  

  
 EXHIBIT C-1

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