Document:

Deed of Trust, Assignment of Leases and Rents

 Exhibit 10.5 
  

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING FROM ANY
INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER. 

THIS DEED OF TRUST SECURES FUTURE ADVANCES MADE FROM TIME TO 

TIME UNDER THE LOAN INSTRUMENTS SECURED HEREBY 
 DEED OF TRUST, 
 ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND

 FIXTURE FILING 
 (Travis County, Texas) 
 MADE BY 

WELLS VAF – PARKWAY AT OAK HILL, LLC, 
 a Delaware limited liability company 
 as “Trustor” 

to 
 TIMOTHY ROSS

 as “Trustee” 
 in favor of 
 NXT CAPITAL, LLC, 

a Delaware limited liability company 
 as “Lender” 

 DEED OF TRUST, 
 ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND 
 FIXTURE FILING

 Project Commonly Known As 
 “Parkway at Oak Hill, Austin, Texas” 
 THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (as amended, modified, restated, extended, waived, supplemented or replaced from time to time, this “Deed
of Trust”) is made as of December 17, 2010, by WELLS VAF – PARKWAY AT OAK HILL, LLC, a Delaware limited liability company (together with its successors and permitted assigns, “Trustor”), whose address is
c/o Wells Mid-Horizon Value Added Fund I, LLC, 6200 The Corners Parkway, Norcross, GA 30092, unto TIMOTHY ROSS, as trustee, having an address at 5910 North Central Expressway, Suite 1900, LB115, Dallas, Texas 75206 (“Trustee”), for
the benefit of NXT CAPITAL, LLC, a Delaware limited liability company, its successors and assigns (collectively, “Lender”), whose address is 191 North Wacker Drive, Suite 1200, Chicago, Illinois 60606. 

RECITALS 
 Lender has agreed, subject to the terms and conditions of that certain Loan Agreement of even date herewith, executed by and among Trustor, Wells VAF – 330 Commerce Street, LLC
(“Commerce”), and Wells VAF – 6000 Nathan Lane, LLC (“Nathan”, and together with Commerce and Trustor, collectively, jointly and severally, “Borrowers”) and Lender (as amended, modified,
restated, extended, waived, supplemented or replaced from time to time, the “Loan Agreement”), to make a loan (the “Loan”) to Borrowers. The Loan is evidenced by that certain Promissory Note of even date herewith in
the original principal amount of Thirty Million and No/100 Dollars ($30,000,000.00) (which note, together with all notes issued in substitution or exchange therefor and all amendments, modifications, restatements and renewals thereof or thereto, is
hereinafter referred to as the “Note”), providing for monthly payments as set forth in the Note, with the balance thereof, due and payable on December 16, 2013 (said date, any later date to which the maturity date may be
extended in accordance with the Loan Agreement, or any earlier date on which the entire unpaid principal amount shall be paid or required to be paid in full, whether by prepayment, acceleration or otherwise is hereinafter called the
“Maturity Date”). The terms and provisions of the Loan Agreement and Note are hereby incorporated by reference in this Deed of Trust. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such
terms in the Loan Agreement. 
 This Deed of Trust is to secure the following obligations of Borrowers
(collectively, the “Secured Obligations”): (i) the payment of the Note, together with all interest, premiums, the “Exit Fee” and the “Minimum Interest Recovery” (as each term is defined
in the Loan Agreement), and other amounts, if any, due in accordance with the terms of the Note and the other Loan Documents, as well as the payment of any additional indebtedness accruing to Lender on account of any future payments, advances or

 
expenditures made by Lender pursuant to the Note, the Loan Agreement or this Deed of Trust or any of the other Loan Documents or otherwise in connection with the Loan together with interest
thereon (all payment obligations are hereinafter referred to as the “Indebtedness”) and (ii) the performance of all other Obligations as set forth in Section 1.2 below and covenants of Borrowers under the Loan
Documents. 
    This Deed of Trust secures not only present indebtedness but also future
advances of principal indebtedness under the Loan Agreement as if such future advances were made on the date hereof. The total Indebtedness secured by this Deed of Trust may increase from time to time. 

 

	1.	 Grant and Secured Obligations. 

1.1.     Grant.    For the purpose of securing payment of the
Indebtedness and performance of the Secured Obligations, FOR GOOD AND VALUABLE CONSIDERATION, including the Indebtedness herein recited and the trust herein created, the receipt of which is hereby acknowledged, Trustor, hereby irrevocably assigns,
grants, bargains, sells, warrants and conveys to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit of Lender, and grants to Lender a continuing security interest in the following described property (all or any part of such property, or any
interest in all or any part of it, as the context may require, the “Property”): 
   (a)      The real property described in Exhibit A attached hereto and made a part hereof for all purposes the same as if set forth herein verbatim,
together with all existing and future easements and rights affording access to it (the “Premises”); together with 
   (b)      All buildings, structures, improvements and fixtures now or in the future located or to be constructed on the Premises (the
“Improvements”); together with 

  (c)      All of Trustor’s interest in all existing and
future appurtenances, privileges, rights-of-way, franchises and tenements of the Premises, including all strips, gores and minerals rights, oil, gas, and associated substances, and other commercially valuable substances which may be in, under or
produced from any part of the Premises, all development rights and credits, air rights, water, water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant) and water stock, timber, crops, all development rights,
utility commitments, wastewater taps, living unit equivalents, capital improvement project contracts, letters of credit and utility construction agreements with any governmental authority, including municipal utility districts, or with any utility
companies (and all refunds and reimbursements thereunder), and any Premises lying in the streets, roads or avenues, open or proposed, in front of or adjoining the Premises and Improvements; together with 

  
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   (d)      All
existing and future Leases, subleases, subtenancies, licenses, occupancy agreements and concessions (“Leases”) relating to the use and enjoyment of all or any part of the Premises and Improvements, and any and all guaranties and
other agreements relating to or made in connection with any of such Leases and all rents, income, revenues, prepayments, security deposits, tax, insurance and replacement reserve deposits, receipts, termination, cancellation, and option payments,
royalties, profits, issues, service reimbursements, fees, accounts receivables, and revenues from the Premises and/or Improvements from time to time accruing under the Leases (the “Rents”); together with 

  (e)      All materials, supplies, work in process, chattels,
furniture, fixtures, appliances, machinery and other personal property of any kind, now or later to be attached to, incorporated into, placed in, on or about, or used in connection with the use, enjoyment, occupancy or operation of all or any part
of the Premises and Improvements, whether stored on the Premises or elsewhere, including all pumping plants, engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling, air conditioning, lighting, refrigeration and
plumbing fixtures and equipment, all of which shall be considered to the fullest extent of the law to be real property for purposes of this Deed of Trust; together with 

  (f)      All of Trustor’s interest in and to all operating
accounts, the Loan funds, whether disbursed or not, all reserves set forth in the Budget, the Holdback, the Interest Reserve, the Replacement Reserve and any other monies on deposit with or for the benefit of Lender, including deposits for the
payment of real estate taxes and insurance, any cash collateral account, and any bank accounts of Trustor, including without limitation, the Blocked Accounts, including all funds, items, instruments, investments, securities and other things of value
at any time paid, deposited, credited or held in or in transit to any account; together with 

  (g)      All claims, demands, judgments, insurance policies,
insurance proceeds, refunds, reserves, accounts receivable, cost savings, deposits, rights of action, awards of damages, compensation, settlements and other rights to the payment of money hereafter made resulting from or relating to (i) the
taking of the Premises or the Improvements or any part thereof under the power of eminent domain, (ii) any damage (whether caused by such taking, by casualty or otherwise) to the Premises, Improvements or appurtenances thereto or any part
thereof, or (iii) the ownership or operation of the Property; together with 

  (h)      To the extent assignable, all management contracts,
permits, licenses, applications, approvals, plans, specifications and drawings, contracts, purchase and sale agreements, purchase options, entitlements, soil test reports, other reports of examination or analysis of the Premises or the Improvements,
development rights and authorizations, however characterized, issued or in any way furnished for the acquisition, construction, development, operation and use of the Premises, Improvements and/or Leases, including building permits, environmental
certificates, certificates of operation, warranties and guaranties; together with 

  
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    (i)      All
of the following types of collateral, as defined in the Uniform Commercial Code as in effect from time to time in the State of Texas (the “Code”): accounts, contract rights, general intangibles, chattel paper, documents,
instruments, inventory, goods, equipment, investment property, deposit accounts, letter of credit rights, commercial tort claims, health care receivables and all books and records relating to the foregoing, provided that Trustor will cooperate with
Lender in obtaining “control” as defined in the Code with respect to collateral consisting of deposit accounts, investment property, letter of credit rights and electronic chattel paper, but expressly excluding any right in or to, or the
right to use the mark or name “Wells”, “Wells REIT”, “Wells Core Office”, “Wells REF” or any variant or logos thereof; together with 

   (j)      All books and records pertaining to any and all
of the property described above, including computer-readable memory and any computer hardware or software necessary to access and process such memory (“Books and Records”); together with 

   (k)      All proceeds and products and renewals of,
additions and accretions to, substitutions and replacements for, and changes in any of the property described above; and together with 
    (l)      Any and all after-acquired right, title or interest of Trustor in and to any property of the types described in the preceding granting clauses.

 TO HAVE AND TO HOLD, together with all and singular the rights, privileges, hereditaments and appurtenances thereunto in any
way incident, appertaining or belonging, the same unto Trustee and her substitutes, successor or successors forever, and Trustor hereby binds itself, its successors and assigns, to warrant and forever defend title to the Property unto Trustee and
his substitutes, successor or successors, against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to Permitted Exceptions (as defined in the Loan Agreement), but only to the extent such Permitted
Exceptions are valid, subsisting and affect the Property. 
 The Recitals and Exhibits to this Deed of Trust are hereby
incorporated in this Deed of Trust. Capitalized terms used above and elsewhere in this Deed of Trust without definition have the meanings given them in the Loan Agreement. 

1.2.      Obligations. 

   (a)      Trustor makes the grant and conveyance set forth
in Section 1.1 above and Section 2.1 below, and grants the security interest set forth in Section 3 below for the purpose of securing the following obligations (the “Obligations”) in any order of
priority that Lender may choose: 
  (i)      Payment and
performance of all obligations and covenants of Borrowers under the Loan Documents; 

  
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 (ii)      Payment and
performance of all future advances and other obligations that Trustor or any successor in ownership of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Lender, when a writing
evidences the parties’ agreement that the advance or obligation be secured by this Deed of Trust; 
 (iii)      Payment and performance of all modifications, amendments, extensions, and renewals, however evidenced, of any of the Secured Obligations; and 

(iv)      Payment of any and all loan commissions, service charges,
liquidated damages, Expenses and advances due to or incurred by Lender regardless of whether any Loan proceeds have been disbursed. 
 1.3.      All Persons who may have or acquire an interest in all or any part of the Property will be considered to have notice of, and will be bound by, the terms of the
Secured Obligations and each other agreement or instrument made or entered into in connection with each of the Secured Obligations. Such terms include any provisions in the Note or the Loan Agreement which permit borrowing, repayment and
reborrowing, or which provide that the interest rate on one or more of the Secured Obligations may vary from time to time. 
  

	2.	 Assignment of Leases and Rents. 

2.1.      Assignment.    Trustor hereby irrevocably, absolutely,
presently and unconditionally assigns to Lender all Leases and Rents and other benefits of the Property, whether now due, past due or to become due, including all prepaid rents and security deposits. This is an absolute assignment, not an assignment
for security only and shall continue in effect until the Indebtedness is paid in full and all Secured Obligations are fully satisfied. Trustor hereby gives Lender the right to collect the Rents and apply them in payment of the principal, interest
and all other sums payable under the Loan Documents. 
 2.2.      Grant of
License.  Lender hereby confers upon Trustor a revocable license (“License”) to enforce the Leases and collect and retain the Rents as they become due and payable (excluding, however, any Lease termination,
cancellation, option or similar payments, which Trustor agrees shall be deposited into the Guarantor Level Blocked Account in accordance with the Loan Agreement) which license shall terminate upon an Event of Default, as defined in
Section 6.2 below, and notice from Lender to Trustor. If an Event of Default has occurred and is continuing, Lender shall have the right, which it may choose to exercise in its sole and absolute discretion and which it may exercise
without taking possession of the Property, to terminate this License without regard to the adequacy of Lender’s security under this Deed of Trust. Notwithstanding anything contained herein to the contrary, in no event shall this assignment of
rents be deemed to reduce the Indebtedness evidenced by the Loan Agreement or the Note by an amount in excess of the actual amount of cash received by Lender under any Leases of the Property, whether before, during or after the occurrence of an
Event of Default, and Trustor acknowledges that in no event shall the Indebtedness secured hereby be reduced by the value from time to time of the rents from the 

  
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Property. Lender reserves the right, at any time, whether before or after the occurrence of an Event of Default, to recharacterize this assignment of rents as merely constituting security for the
Indebtedness of Borrowers to Lender, which recharacterization shall be made by written notice delivered to Trustor. 
 2.3.     Collection and Application of Rents.  Subject to the License granted to Trustor under Section 2.2 above and following an Event of Default,
Lender has the right, power and authority to collect any and all Rents. Trustor hereby appoints Lender its attorney-in-fact to perform any and all of the following acts, if and at the times when Lender in its sole discretion may so choose:

   (a)      Demand, receive and enforce payment of any
and all Rents; or 
   (b)      Give receipts, releases
and satisfactions for any and all Rents; or 

  (c)      Sue either in the name of Trustor or in the name of
Lender for any and all Rents. 
 Lender and Trustor agree that the mere recordation of the assignment granted herein entitles
Lender immediately to collect and receive rents upon the occurrence of an Event of Default, without first taking any acts of enforcement under applicable law, such as, but not limited to, providing notice to Trustor, filing foreclosure proceedings,
or seeking and/or obtaining the appointment of a receiver. Further, Lender’s right to the Rents does not depend on whether or not Lender takes possession of the Property as permitted hereunder. In Lender’s sole and absolute discretion,
Lender may choose to collect Rents either with or without taking possession of the Property. Lender shall apply all Rents collected by it in the manner provided under Section 6.6. If an Event of Default occurs while Lender is in
possession of all or part of the Property and is collecting and applying Rents as permitted under this Deed of Trust, Lender and any receiver shall nevertheless be entitled to exercise and invoke every right and remedy afforded any of them under
this Deed of Trust and at law or in equity. 
 2.4.     Lender Not
Responsible.  Under no circumstances shall Lender have any duty to produce Rents from the Property. Regardless of whether or not Lender, in person or by agent, takes actual possession of the Property, unless Lender agrees in writing to
the contrary, Lender is not and shall not be deemed to be: 

  (a)      A “mortgagee in possession” for any
purpose; or 
   (b)      Responsible for performing any
of the obligations of the lessor under any lease; or 

  (c)      Responsible for the control, care, management, or
repair of the Property or any personal property or for any waste committed by lessees or any other parties, any dangerous or defective condition of the Property, or any negligence in the management, upkeep, repair or control of the Property; or

  
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   (d)      Liable in
any manner for the Property or the use, occupancy, enjoyment or operation of all or any part of it; or 
   (e)      Liable in any way for any injury or damage to any Person or property sustained by any Person or Persons in or about the Property. 

2.5.     Leasing.    Trustor shall comply with and observe
Trustor’s obligations as landlord under all Leases and shall remain liable under the Leases. Trustor shall not lease the Property or any part of it except strictly in accordance with the terms of the Loan Agreement. 

 

	3.	 Grant of Security Interest. 

3.1.     Security Agreement.  The parties intend for this Deed of Trust to
create a lien on the Property, and an absolute assignment of the Rents, all in favor of Lender. The parties acknowledge that some of the Property and some or all of the Rents may be determined under applicable law to be personal property or
fixtures. To the extent that any Property or Rents may be or be determined to be personal property, Trustor as debtor hereby grants Lender as secured party a continuing security interest in all such Property (including, any replacement or
substituted property) and Rents, to secure payment and performance of the Secured Obligations. This Deed of Trust constitutes a security agreement under the Code covering all such Property and Rents. Lender shall have all of the rights and remedies
of a secured party under the Code, as well as all other rights and remedies available at law or in equity. 

3.2.     Financing Statements.  Trustor shall execute such documents as Lender
may from time to time require to perfect or continue the perfection of Lender’s security interest in any Property or Rents. As provided in Section 5.7 below, Trustor shall pay all fees and costs that Lender may incur in filing this Deed of
Trust (including any extensions, renewals and amendments thereof and reproductions of this Deed of Trust) and such other documents in public offices and in obtaining such record searches as Lender may reasonably require. Trustor hereby authorizes
Lender to file all financing statements, refilings, amendments, renewals and continuations thereof as Lender deems necessary or advisable to create, preserve and protect such lien. If any financing statement or other document is filed in the records
normally pertaining to personal property, that filing shall never be construed as in any way derogating from or impairing this Deed of Trust or the rights or obligations of the parties under it. Trustor hereby authorizes Lender to file financing
statements covering “all assets” or “all personal property” of Trustor, as debtor, as contemplated by Section 9.504 of the Code. 
  

	4.	 Fixture Filing. 

   This Deed of Trust constitutes a financing statement filed as a fixture filing under Article 9 of the Code, as amended or recodified from time to time, covering any Property which now is or
later may become fixtures attached to the Premises or Improvements. For this purpose, the respective addresses of Trustor, as debtor, and Lender, 

  
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as secured party, are as set forth in the preambles of this Deed of Trust and Trustor’s organizational identification number is set forth on the signature page of this Deed of Trust.

  

	5.	 Rights and Duties of the Parties. 

5.1.     Representations and Warranties.  Trustor represents and warrants that:

   (a)      Trustor has the full and unlimited power,
right and authority to encumber the Property and assign the Leases and Rents; and 

  (b)      This Deed of Trust creates a first and prior lien or
security interest, as applicable, on the Property. 
 5.2.     Performance of
Secured Obligations.  Trustor shall promptly pay and perform each Secured Obligation in accordance with its terms. 
 5.3.     Liens, Charges and Encumbrances.   Trustor shall immediately discharge any lien on the Property which Lender has not consented to in writing in
accordance with the terms of Section 4.2(c) of the Loan Agreement. 

5.4.     Damages and Insurance and Condemnation Proceeds.   In the event
of any casualty or condemnation of the Property, the provisions of Article 7 of the Loan Agreement shall govern. 
 5.5.     Releases, Extensions, Modifications and Additional Security.   From time to time, Lender may perform any of the following acts without affecting the
liability of Trustor or any other Person liable for the payment of the Secured Obligations, and without affecting the lien or charge of the Deed of Trust as security for the payment of the Secured Obligations, incurring any liability or giving
notice to any Person: 
   (a)      Release any Person
liable for payment of any Secured Obligation; 

  (b)      Waive or modify any provision of this Deed of Trust or
the other Loan Documents or grant other indulgences, including, extending the time for payment, or otherwise altering the terms of payment, of any Secured Obligation; 

  (c)      Accept additional real or personal property of any
kind as security for any Secured Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any other instruments of security; 

  (d)      Alter, substitute or release any property securing the
Secured Obligations; 
   (e)      Consent to the making
of any plat or map of the Property or any part of it; 

  
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   (f)      Join in granting any easement or creating any
restriction affecting the Property; 

   (g)      Join in any subordination or other agreement
affecting this Deed of Trust or the lien of it; or 

   (h)      Release the Property or any part of it.

 5.6.      Release.   When all of the Secured Obligations
have been paid in full and all fees and other sums owed by Trustor under Section 5.7 of this Deed of Trust and the other Loan Documents have been received, Lender shall release this Deed of Trust, the lien created thereby, and all notes and
instruments evidencing the Secured Obligations. Trustor shall pay any costs of preparation and recordation of such release. 
 5.7.      Compensation, Exculpation, Indemnification. 
    (a)      Trustor agrees to pay fees in the maximum amounts legally permitted, or reasonable fees as may be charged by Lender when the law provides no
maximum limit, for any services that Lender may render in connection with this Deed of Trust, including Lender’s providing a statement of the Secured Obligations or providing the release pursuant to Section 5.6 above. Trustor shall
also pay or reimburse all of Lender’s out-of-pocket costs and expenses which may be incurred in rendering any such services. Trustor further agrees to pay or reimburse Lender for all out-of-pocket costs, expenses and other advances which may be
incurred or made by Lender in any efforts to enforce any terms of this Deed of Trust or to protect the rights under this Deed of Trust or the other Loan Documents, including any rights or remedies afforded to Lender under Section 6.3,
whether any lawsuit is filed or not, or in defending any action or proceeding arising under or relating to this Deed of Trust, including reasonable attorneys’ fees and other legal costs, costs of any foreclosure sale (as defined in
Subsection 6.3(i) below) and any cost of evidence of title. If Lender chooses to dispose of Property through more than one foreclosure sale, Trustor shall pay all out-of-pocket costs, expenses or other advances that may be incurred or made by
Lender in each of such foreclosure sales. 

   (b)      Lender shall not be directly or indirectly
liable to Trustor or any other Person as a consequence of any of the following: 

 (I)      LENDER’S EXERCISE OF OR FAILURE TO EXERCISE ANY
RIGHTS, REMEDIES OR POWERS GRANTED TO LENDER IN THIS DEED OF TRUST; 

 (II)     LENDER’S FAILURE OR REFUSAL TO PERFORM OR DISCHARGE ANY
OBLIGATION OR LIABILITY OF TRUSTOR UNDER ANY AGREEMENT RELATED TO THE PROPERTY OR UNDER THIS DEED OF TRUST; OR 

  
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  (III)    ANY LOSS SUSTAINED BY
TRUSTOR OR ANY THIRD PARTY RESULTING FROM LENDER’S FAILURE TO LEASE THE PROPERTY, OR FROM ANY OTHER ACT OR OMISSION OF LENDER IN MANAGING THE PROPERTY, AFTER AN EVENT OF DEFAULT, INCLUDING, WITHOUT LIMITATION, LENDER’S OWN
NEGLIGENCE, UNLESS THE LOSS IS CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AND BAD FAITH OF LENDER. 
 Trustor
hereby expressly waives and releases all liability of the types described above, and agrees that no such liability shall be asserted against or imposed upon Lender. 

   (C)     TRUSTOR AGREES TO INDEMNIFY, DEFEND AND HOLD LENDER
HARMLESS FROM ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, CAUSES OF ACTION, JUDGMENTS, COURT COSTS, ATTORNEYS’ FEES AND OTHER LEGAL EXPENSES, COST OF EVIDENCE OF TITLE, COST OF EVIDENCE OF VALUE, AND OTHER COSTS AND EXPENSES WHICH IT MAY SUFFER
OR INCUR IN ANY WAY RELATED TO OR ARISING OUT OF: 

 (I)      THE OPERATION OR MAINTENANCE OF THE PROJECTS; 

 (II)     ANY CLAIMS MADE BY ANY THIRD PARTY AGAINST LENDER IN ANY MANNER
RELATING TO OR ARISING OUT OF ANY BREACH OF REPRESENTATION OR WARRANTY, DEFAULT OR EVENT OF DEFAULT UNDER ANY OF THE LOAN DOCUMENTS; 
  (III)    ANY INDEMNIFIED PARTY’S RESPONSE TO A SUBPOENA OR INVOLVEMENT IN DISCOVERY, LITIGATION, OR SIMILAR MATTERS THAT WOULD NOT HAVE OCCURRED BUT FOR THE LOAN;

  (IV)    ANY AND ALL CLAIMS FOR BROKERAGE, LEASING, FINDERS OR
SIMILAR FEES WHICH MAY BE MADE RELATING TO THE PROJECTS, THE LOAN, THE INDEBTEDNESS OR THE LOAN DOCUMENTS, OR 
  (V)     ANY CLAIMS MADE BY ANY THIRD PARTY AGAINST LENDER IN ANY MANNER RELATING TO OR ARISING OUT OF ANY OTHER MATTER ARISING IN CONNECTION WITH THE LOAN, ANY BORROWER,
GUARANTOR, ANY ENVIRONMENTAL INDEMNITOR, ANY LEASE, ANY TENANT, ANY PROJECT OR ANY PERSON CLAIMING BY OR THROUGH ANY OF THE FOREGOING WHICH MAY BE ASSERTED AGAINST, IMPOSED ON OR INCURRED BY AN INDEMNIFIED PARTY IN CONNECTION WITH THE INDEBTEDNESS,
THE LOAN, THE LOAN DOCUMENTS, THE PROJECTS OR ANY 

  
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PORTION OF ANY OF THE FOREGOING OR THE EXERCISE BY AN INDEMNIFIED PARTY OF RIGHTS OR REMEDIES GRANTED TO IT UNDER THE LOAN DOCUMENTS OR APPLICABLE LAW. 

NOTWITHSTANDING THE IMMEDIATELY PRECEDING SENTENCE, NO INDEMNIFIED PARTY SHALL BE ENTITLED TO BE INDEMNIFIED AGAINST THE GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OF ANY INDEMNIFIED PARTY. UPON WRITTEN REQUEST BY AN INDEMNIFIED PARTY, BORROWERS WILL UNDERTAKE, AT THEIR OWN COSTS AND EXPENSE, ON BEHALF OF SUCH INDEMNIFIED PARTY, USING COUNSEL REASONABLY SATISFACTORY TO THE INDEMNIFIED
PARTY, THE DEFENSE OF ANY LEGAL ACTION OR PROCEEDING WHETHER OR NOT SUCH INDEMNIFIED PARTY SHALL BE A PARTY AND FOR WHICH SUCH INDEMNIFIED PARTY IS ENTITLED TO BE INDEMNIFIED PURSUANT TO THIS SECTION 5.7(C). AT LENDER’S OPTION,
LENDER MAY, AT BORROWERS’ EXPENSE, PROSECUTE OR DEFEND ANY ACTION INVOLVING THE PRIORITY, VALIDITY OR ENFORCEABILITY OF ANY OF THE LOAN DOCUMENTS. THIS AGREEMENT BY TRUSTOR TO INDEMNIFY LENDER SHALL SURVIVE THE RELEASE AND CANCELLATION OF ANY
OR ALL OF THE SECURED OBLIGATIONS AND THE FULL OR PARTIAL RELEASE OF THIS DEED OF TRUST. 

   (d)      Trustor shall perform all obligations to pay
money arising under this Section 5.7 immediately upon demand by Lender. Each such obligation shall be added to, and considered to be part of, the principal of the Note, and shall bear interest from the date the obligation arises at the
Default Rate. 
 5.8.      Defense and Notice of Claims and
Actions.  At Trustor’s sole expense, Trustor shall protect, preserve and defend the Property and title to and right of possession of the Property, and the security of this Deed of Trust and the rights and powers of Lender created
under it, against all adverse claims. Trustor shall give Lender prompt notice in writing if any claim is asserted which does or could affect any such matters, or if any action or proceeding is commenced which alleges or relates to any such claim.
Lender may, at the expense of Trustor, appear in and defend any such claim, action or proceeding and any claim, action or other proceeding asserted or brought against Lender in connection with or relating to any part of the Property or this Deed of
Trust. 
 5.9.      Subrogation.  Lender shall be subrogated to
the liens of all encumbrances, whether released of record or not, which are discharged in whole or in part by Lender in accordance with this Deed of Trust or with the proceeds of any loan secured by this Deed of Trust. 

5.10.    TEXAS FINANCE CODE SECTION 307.052 COLLATERAL PROTECTION INSURANCE NOTICE:
(A) TRUSTOR IS REQUIRED TO:  (I) KEEP THE PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT THE LENDER SPECIFIES; (II) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE

  
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SURPLUS LINES INSURER; AND (III) NAME THE LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (B) TRUSTOR SHALL, IF REQUESTED BY THE LENDER, DELIVER TO THE LENDER A
COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND (C) IF TRUSTOR FAILS TO MEET ANY REQUIREMENT LISTED IN PARAGRAPH (A) OR (B), THE LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF TRUSTOR AT TRUSTOR’S EXPENSE.

 5.11.    NO EXTRACTION OF MINERALS.  WITHOUT THE PRIOR WRITTEN CONSENT
OF LENDER, TRUSTOR WILL NOT PERMIT ANY DRILLING OR EXPLORATION FOR OR EXTRACTION, REMOVAL OR PRODUCTION OF ANY MINERAL, NATURAL ELEMENT, COMPOUND OR SUBSTANCE FROM THE SURFACE OR SUBSURFACE OF THE PROPERTY REGARDLESS OF THE DEPTH THEREOF OR THE
METHOD OF MINING OR EXTRACTION THEREOF AND AGREES TO DEFEND, INDEMNIFY, SAVE AND HOLD LENDER, ITS OFFICERS, AGENTS, SERVANTS, EMPLOYEES, SUCCESSORS AND ASSIGNS HARMLESS FROM ANY AND ALL CLAIMS, LIABILITIES, LOSSES OR EXPENSES WHICH MAY BE INCURRED
BY LENDER, AND ANY AND ALL OTHER EXPENSES OR LOSSES, EITHER DIRECT OR CONSEQUENTIAL, WHICH ARE ATTRIBUTABLE, OR ALLEGED IN ANY WAY TO BE ATTRIBUTABLE, TO THE DEVELOPMENT AND EXPLOITATION OF MINERAL RIGHTS IN, ON OR AROUND THE PREMISES BY TRUSTOR OR
ANY OTHER PARTY. 
  

	6.	 Accelerating Transfers, Default and Remedies. 

6.1.      Accelerating Transfers. 

   (a)    “Accelerating Transfer” means any Transfer
not expressly permitted under Section 4.2(b) of the Loan Agreement. 

   (b)    Trustor acknowledges that Lender is making one or more
advances under the Loan Agreement in reliance on the expertise, skill and experience of Trustor; thus, the Secured Obligations include material elements similar in nature to a personal service contract. In consideration of Lender’s reliance,
Trustor agrees that Trustor shall not make any Accelerating Transfer, unless the transfer is preceded by Lender’s express written consent to the particular transaction and transferee. Lender may withhold such consent in its sole discretion. If
any Accelerating Transfer occurs, Lender in its sole discretion may declare all of the Secured Obligations to be immediately due and payable, and Lender may invoke any rights and remedies provided by Section 6.3 of this Deed of Trust.

 6.2.      Events of Default.  Trustor will be in default under
this Deed of Trust upon the occurrence of any one or more of the following events (some or all collectively, “Events of Default;” any one singly, an “Event of Default”). 

  
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   (a)      Failure
of Trustor for a period of thirty (30) days after the earlier of (i) Trustor’s knowledge thereof and (ii) written notice from Lender, to observe or perform any non-monetary covenant or condition contained in this Deed of Trust or
any of the other Loan Documents; provided that if any such failure concerning a non-monetary covenant or condition is susceptible to cure but cannot reasonably be cured within said thirty (30) day period, then Trustor shall have an additional
forty-five (45) day period to cure such failure and no Event of Default shall be deemed to exist hereunder so long as (A) Trustor commences such cure within the initial thirty (30) day period and diligently and in good faith pursues
such cure to completion within such resulting seventy-five (75) day period from the date of Lender’s notice, and (B) the existence of such uncured default will not result in any Material Tenant under a Lease having the right to
terminate such Lease due to such uncured default; and provided further that if a different notice or grace period is specified under Article 8 of the Loan Agreement (or elsewhere in this Deed of Trust or the Loan Agreement) in which such
particular breach will become an Event of Default, the specific provision shall control; 

  (b)      [Intentionally Deleted]; or 

  (c)      An “Event of Default” occurs under
the Loan Agreement or any other Loan Document. 

6.3.     Remedies.  At any time after an Event of Default, Lender shall be
entitled to invoke any and all of the rights and remedies described below, in addition to all other rights and remedies available to Lender at law or in equity. All of such rights and remedies shall be cumulative, and the exercise of any one or more
of them shall not constitute an election of remedies. 

  (a)      Acceleration.  Lender may declare any
or all of the Indebtedness and Secured Obligations to be due and payable immediately. 

  (b)      Receiver.  Lender shall, as a matter
of right, without notice and without giving bond to Trustor or anyone claiming by, under or through Trustor, and without regard for the solvency or insolvency of Trustor or the then value of the Property, to the extent permitted by applicable law,
be entitled to have a receiver appointed for all or any part of the Property and the Rents, and the proceeds, issues and profits thereof, with the rights and powers referenced below and such other rights and powers as the court making such
appointment shall confer, and Trustor hereby consents to the appointment of such receiver and shall not oppose any such appointment. Such receiver shall have all powers and duties prescribed by applicable law, all other powers which are necessary or
usual in such cases for the protection, possession, control, management and operation of the Property, and such rights and powers as Lender would have, upon entering and taking possession of the Property under subsection (c) below. 

  
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      (c)        Entry. 
 Lender, in person, by agent or by court-appointed receiver, may enter, take possession of, manage and operate all or any part of the Property, may exclude Trustor and its agents and employees wholly therefrom, and may also do any and all other
things in connection with those actions that Lender may in its sole discretion consider necessary and appropriate to protect the security of this Deed of Trust. Such other things may include: taking and possessing all of Trustor’s or the then
owner’s Books and Records and accounts; entering into, enforcing, modifying or canceling leases on such terms and conditions as Lender may consider proper; obtaining and evicting tenants; fixing or modifying Rents; collecting and receiving any
payment of money owing to Lender; completing any unfinished construction; and/or contracting for and making repairs and alterations. If Lender so requests, Trustor shall assemble all of the Property that has been removed from the Premises and make
all of it available to Lender at the site of the Premises. Trustor hereby irrevocably constitutes and appoints Lender as Trustor’s attorney-in-fact to perform such acts and execute such documents as Lender in its sole discretion may consider to
be appropriate in connection with taking these measures, including endorsement of Trustor’s name on any instruments. If Trustor shall for any reason fail to surrender or deliver the Property or any part thereof after such demand by Lender,
Lender or such receiver may obtain a judgment or decree conferring on Lender or such receiver, the right to immediate possession of the Property or requiring the delivery of the Property to Lender or such receiver, and Trustor specifically consents
to the entry of such judgment or decree. 

      (d)        Cure;
Protection of Security.  Lender may cure any breach or default of Trustor, and if it chooses to do so in connection with any such cure or with respect to preventing a loss to Lender’s interest in the Property, Lender may also
enter the Property and/or do any and all other things which it may in its sole discretion consider necessary and appropriate to protect the security of this Deed of Trust, including, without limitation, completing construction of the improvements,
if any, at the Property contemplated by the Loan Agreement. Such other things may include: appearing in and/or defending any action or proceeding which purports to affect the security of, or the rights or powers of Lender under, this Deed of Trust;
paying, purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien against the Property; obtaining insurance and/or paying any premiums or charges for insurance required to be carried under the Loan Agreement; repairing,
restoring or otherwise caring for and protecting any and all of the Property; and/or employing counsel, accountants, contractors and other appropriate Persons to assist Lender. Lender may take any of the actions permitted under this Subsection
6.3(d) either with or without giving notice to any Person. Any amounts disbursed by Lender under this Subsection 6.3(d) together with interest thereon at the Default Rate from the date of disbursement, shall be secured by this Deed of
Trust and shall be due and payable on demand. Nothing contained in the Loan Documents shall require Lender to incur any expense or take any action hereunder. 

  
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 (e)      Uniform Commercial
Code Remedies.  Lender may exercise any or all of the remedies granted to a secured party under the Code. 
 (f)      Foreclosure; Lawsuits.  Lender shall have the right, in one or several concurrent or consecutive proceedings, to foreclose the lien hereof upon the
Property or any part thereof, for the Secured Obligations, or any part thereof, by any proceedings appropriate under applicable law. Lender or its nominee may bid and become the purchaser of all or any part of the Property at any foreclosure or
other sale hereunder, and the amount of Lender’s successful bid shall be credited on the Secured Obligations. Without limiting the foregoing, Lender may proceed by a suit or suits in law or equity, whether for specific performance of any
covenant or agreement herein contained or in aid of the execution of any power herein granted, or for any foreclosure under the judgment or decree of any court of competent jurisdiction. Notwithstanding any statute or rule of law to the contrary,
the failure to join any tenant or tenants of the Property as party defendant or defendants in any foreclosure action or the failure of any such order or judgment to foreclose their rights shall not be asserted by Trustor as a defense in any civil
action instituted to collect (i) the Secured Obligations, or any part thereof or (ii) any deficiency remaining unpaid after foreclosure and sale of the Property. To the extent a notice of sale shall be required by law for the sale or
disposition of the Personal Property, a reasonable authenticated notification of disposition shall be notification given at least ten (10) days’ prior to any such sale, provided however, that no notification need be given to Trustor if it
has authenticated after default a statement renouncing or modifying any right to notification of sale or other intended disposition. 
 (g)      Other Remedies.    Lender may exercise all rights and remedies contained in any other instrument, document, agreement or other writing
heretofore, concurrently or in the future executed by Trustor or any other Person in favor of Lender in connection with the Secured Obligations or any part thereof, without prejudice to the right of Lender thereafter to enforce any appropriate
remedy against Trustor. Lender shall have the right to pursue all remedies afforded to a mortgagee under applicable law, and shall have the benefit of all of the provisions of such applicable law, including all amendments thereto which may become
effective from time to time after the date hereof. 

(h)      Sale of Personal Property.  Lender shall have the
discretionary right to cause some or all of the Property, which constitutes personal property, to be sold or otherwise disposed of in any combination and in any manner permitted by applicable law. 

 (i)        For purposes of this power of sale, Lender may
elect to treat as personal property any Property which is intangible or which can be severed from the Premises or Improvements without causing structural damage. If it chooses to do so, Lender may dispose of any personal property, in any manner
permitted by Article 9 of the Code, including any public or private sale, or in any manner permitted by any other applicable law. 

  
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 (ii)      In connection with
any sale or other disposition of such Property, Trustor agrees that the following procedures constitute a commercially reasonable sale: Lender shall mail written notice of the sale to Trustor not later than thirty (30) days prior to such sale.
Lender will publish notice of the sale in a local daily newspaper of general circulation. Upon receipt of any written request, Lender will make the Property available to any bona fide prospective purchaser for inspection during reasonable business
hours. Notwithstanding the foregoing, Lender shall be under no obligation to consummate a sale if, in its judgment, none of the offers received by it equals the fair value of the Property offered for sale. The foregoing procedures do not constitute
the only procedures that may be commercially reasonable. 

  (i)      Single or Multiple foreclosure
sales.  If the Property consists of more than one lot, parcel or item of property, Lender may: 
 (i)      Designate the order in which the lots, parcels and/or items shall be sold or disposed of or offered for sale or disposition; and 

(ii)      Elect to dispose of the lots, parcels and/or items through a
single consolidated sale or disposition to be held or made under or in connection with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale; or through two or more such sales or dispositions; or in any other manner
Lender may deem to be in its best interests (any such sale or disposition, a “foreclosure sale;” and any two or more, “foreclosure sales”). 
 If Lender chooses to have more than one foreclosure sale, Lender at its option may cause the foreclosure sales to be held simultaneously or successively, on the same day, or on such different days and at
such different times and in such order as Lender may deem to be in its best interests. No foreclosure sale shall terminate or affect the liens of this Deed of Trust on any part of the Property which has not been sold, until all of the Secured
Obligations have been paid in full. 
 Lender and any receiver, or any of their agents or representatives, shall have no
liability for any loss, damage, injury, cost or expenses resulting from any action or omission that was taken or omitted in good faith. 
 6.4.     Credit Bids.  At any foreclosure sale, any Person, including Trustor or Lender, may bid for and acquire the Property or any part of it to the extent
permitted by then applicable law. Instead of paying cash for such Property, Lender may settle for the purchase price by crediting the sales price of the Property against the following obligations: 

  (a)    First, the portion of the Secured Obligations attributable to the
expenses of sale, costs of any action and any other sums for which Trustor is obligated to pay or reimburse Lender under Section 5.7 of this Deed of Trust; and 

  
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  (b)        Second, all other Secured Obligations in
any order and proportions as Lender in its sole discretion may choose. 

6.5.     Application of Foreclosure Sale Proceeds.  Lender shall apply the
proceeds of any foreclosure sale in the following manner: 

  (a)        First, to pay the portion of the Secured
Obligations attributable to the expenses of sale, costs of any action and any other sums for which Trustor is obligated to reimburse Lender under Section 5.7 of this Deed of Trust; 

  (b)        Second, to pay the portion of the Secured
Obligations attributable to any sums expended or advanced by Lender under the terms of this Deed of Trust which then remain unpaid; 
   (c)        Third, to pay all other Secured Obligations in any order and proportions as Lender in its sole discretion may choose; and 

  (d)        Fourth, to remit the remainder, if any, to
the Person or Persons entitled to it. 
 6.6.     Application of Rents and Other
Sums.  Lender shall apply any and all Rents collected by it, and any and all sums other than proceeds of a foreclosure sale which Lender may receive or collect under Section 6.3 above or Section 6.7 below, in
the following manner: 
   (a)        First,
to pay the portion of the Secured Obligations attributable to the costs and expenses of operation and collection that may be incurred by Lender or any receiver; 

  (b)        Second, to pay all other Secured
Obligations in any order and proportions as Lender in its sole discretion may choose; and 

  (c)        Third, to remit the remainder, if any, to
the Person or Persons entitled to it. 
 Lender shall have no liability for any funds which it does not actually receive. To the
extent permitted by applicable law, Trustor waives all claims, damages and demands against Lender arising out of the disposition, repossession or retention of the Property. 

6.7.     Special Texas Provisions.  The following special Texas provisions
shall apply to this Deed of Trust. In the event of any inconsistency between any provisions of this Deed of Trust and this Section 6.7, the provisions of this Section 6.7 shall control. 

  (a)        Foreclosure.  If an Event
of Default shall have occurred, then and in any of such events Lender may elect, Trustor hereby expressly waiving notice, notice of intention to accelerate the Indebtedness secured hereby, notice of acceleration of the Indebtedness, presentment and
demand for payment, to declare the Indebtedness 

  
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to be immediately due and payable, and Trustee, or her successor or substitute as hereinafter provided, upon request and direction from Lender shall enforce this trust by invoking the power of
sale and selling the Property (or any portion thereof) at public auction in accordance with Section 51.002 of the Texas Property Code and applicable law; and after advertising the time, place (including the county) and terms of the
sale of the Property for at least twenty-one (21) days preceding the date of sale by filing with the appropriate county clerk and by posting written or printed notice thereof at the courthouse of the county where the real property, or any
portion thereof, to be sold is situated, which notice may be filed and posted by Trustee acting, or by any person acting for her, and Lender has, at least twenty-one (21) days preceding the date of sale, served written or printed notice of the
proposed sale by certified mail on each person obligated to pay the Indebtedness secured hereby by the deposit of such notice, enclosed in a postpaid wrapper, properly addressed to such obligor at such obligor’s most recent address as shown by
the records of Lender, in a post office or official depository under the care and custody of the United States Postal Service, Trustee shall sell the Property at public auction in accordance with such notice in the area designated by the applicable
County for the conduct of sales of real property under contract lien, and if no area is so designated by the County, the notice of sale shall designate an area at the courthouse where the sale is to take place. Such sale shall occur on the first
Tuesday in any month between the hours of 10:00 a.m. and 4:00 p.m., provided that the sale must begin at the time stated on the notice of sale or not later than three hours after that time, to the highest bidder for cash, selling all of the Property
as an entirety or in such parcels as Trustee acting may elect, and make due conveyance to the purchaser or purchasers, with general warranty binding Trustor, its successors and assigns; and out of the money arising from such sale, Trustee acting
shall pay first, all the expenses of advertising the sale and making the conveyance, including a reasonable fee for herself, which fee shall be due and owing in addition to the attorneys’ fees provided for in the Loan Documents, and then to
Lender the full amount of the Indebtedness, attorneys’ fees and other charges due and unpaid under the Loan Agreement and the Note and all other Indebtedness secured hereby, rendering the balance of the sales price, if any, to the persons
legally entitled thereto; and the recitals in the conveyance to the purchaser or purchasers shall be prima facie evidence of the truth of the matters therein stated, and the prerequisites to said sale shall be presumed to have been performed, and
such sale and conveyance shall be conclusive against Trustor, its successors and assigns, provided such sale and conveyance shall have been completed in accordance with the terms of this Section 6.7. It is agreed that in the event a
foreclosure hereunder should be commenced by Trustee, or his substitute or successor, Lender may at any time before the sale of the Property direct Trustee to abandon the sale, and may then institute suit for the collection of the Indebtedness, and
for the foreclosure of this lien; it is further agreed that if Lender should institute a suit for the collection thereof, and for a judicial foreclosure of this lien, that it may at any time before the entry of a final judgment in said suit dismiss
the same, and require Trustee, her substitute or successor to sell the Property in accordance with the provisions of this Deed of Trust and applicable law. Lender shall have the right to purchase at any sale of the Property, being the highest

  
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bidder and to have the amount for which such Property is sold credited on the Indebtedness then owing. In the event any sale is made of the Property, or any portion thereof, under the terms of
this Deed of Trust, Trustor, its successors and assigns, shall forthwith upon the making of such sale surrender and deliver possession of the Property so sold to the purchaser at such sale, and in the event of their failure to do so they shall
thereupon from and after the making of such sale be and continue as tenants at will of such purchaser, and in the event of their failure to surrender possession of said Property upon demand, purchaser, his heirs or assigns, shall be entitled to
institute and maintain an action for forcible detainer of said property in the Justice Court having venue or in any other court having venue. In case of any sale hereunder all prerequisites to the sale shall be presumed to have been performed, and
in any conveyance given hereunder, all statements of fact, or other recitals therein made as to the nonpayment of money secured, or as to the request to Trustee to enforce this Deed of Trust, or as to the proper and due appointment of any substitute
trustee, or as to the advertisement of sale, or time, place, and manner of sale, or as to any other preliminary fact or thing, shall be taken in all courts of law or equity as prima facie evidence that the facts so stated or recited are true. Lender
may, at its option, accomplish all or any of the aforesaid in such manner as permitted or required by Section 51.002 of the Texas Property Code relating to the sale of real property or by Chapter 9 of the Code relating to the sale of collateral
after default by a debtor (as said section and chapter now exist or may be hereinafter amended or succeeded), or by any other present or subsequent articles or enactments relating to same. At any such sale of the Property: 

(i)        whether made under the power herein contained, the
aforesaid Section 51.002, the Code, any other applicable law or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for Trustee to exhibit, display or have physically present, or to have
constructive possession of, the Property (Trustor shall deliver to Trustee any portion of the Property not actually or constructively possessed by Trustee immediately upon demand by Trustee), and the title to and right of possession of any such
property shall pass to the purchaser thereof as completely as if the same had been actually present and delivered to purchaser at such sale; 
 (ii)        the receipt by Trustee or of such other party or officer making the same of the full amount of the purchase money shall be sufficient to discharge the
purchaser or purchasers from any further obligation for the payment thereof, and no such purchaser or purchasers, or his or their assigns or personal representatives, shall thereafter be obligated to see to the application of such purchase money or
be in any way answerable for any loss, misapplication or nonapplication thereof; 

(iii)        to the fullest extent permitted by law, Trustor
shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold, and such sale shall be a perpetual bar, both at law and in equity, against
Trustor 

  
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and against all other persons claiming or to claim the property sold or to any part thereof by, through or under Trustor; 

    (iv)       the sale by Trustee of less than
the whole of the Property shall not exhaust the power of sale herein granted, and Trustee is specifically empowered to make successive sales under such power until the whole of the Property shall be sold; and if the proceeds of such sale of less
than the whole of the Property shall be less than the aggregate of the Indebtedness and the expenses thereof, this Deed of Trust and the lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of
the Property just as though no sale had been made; and 

    (v)        unless Lender notifies
Trustor to the contrary, Trustor agrees that Lender and Trustee shall proceed under the Code (relating to a security agreement covering both real and personal property), and title to all of the Property and any personal property located thereon and
covered by the Loan Documents shall be conveyed to the purchaser at such public sale. Trustor agrees that notice of sale of the Property provided in this Article and pursuant to Texas Property Code § 51.002 (as amended from time to time or
succeeded by any successor statute or statutes) is and shall constitute commercially reasonable notice of the sale of the Property and any personal property located thereon and covered by the Loan Documents. 

(b)        No Conditions Present to Exercise of
Remedies.  Neither Trustor nor any other party hereafter obligated for payment of all or any part of the Indebtedness or fulfillment of all or any of the Secured Obligations shall be relieved of such obligation by reason (i) the
failure of the Trustee to comply with any request of Trustor or any other person so obligated to foreclose the lien of this Deed of Trust or to enforce any provisions of the other Loan Documents; (ii) the release, regardless of consideration,
of the Property or any portion thereof or the addition of any other property to the Property; (iii) any agreement or stipulation between any subsequent owner of the Property and Lender extending, renewing, rearranging, or in any other way
modifying the terms of the Loan Documents without first having obtained the consent of, given notice to or paid any consideration to Trustor of such other person, and in such event, Trustor and all such other persons shall continue to be liable to
make payment according to the terms of any such extension or modification agreement unless expressly released and discharged in writing by Lender (notwithstanding anything contained herein to the contrary, Lender is under no obligation to give
notice to or pay any consideration to Trustor or any other such person for any modifications, extensions, renewals or rearrangements of the Loan Documents); or (iv) by any other act save and except the complete payment of the Indebtedness and
the complete fulfillment of all of the Secured Obligations. 

(c)        Release of and Resort to
Collateral.  Any part of the Property may be released by Lender without affecting, subordinating or releasing the lien, security interest and assignment hereof against the remainder. The lien, security interest and

  
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other rights granted hereby shall not affect or be affected by any other security taken for the same Indebtedness or any part thereof. The taking of additional security, or the rearrangement,
extension or renewal of the Indebtedness, or any part thereof, shall not release or impair the lien, security interest and other rights granted hereby or affect the liability of Trustor or of any endorser, guarantor or surety, or improve the right
of any permitted junior lienholder; and this Deed of Trust, as well as any instrument given to secure any rearrangement, renewal or extension of the Indebtedness, or any part thereof, shall be and remain a first and prior lien on all of the Property
not expressly released until the Indebtedness is completely paid. For payment of the Indebtedness, Lender may resort to any other security therefore held by Lender or Trustee in such order and manner as Lender may elect. 

(D)        WAIVER.    TO THE FULLEST
EXTENT PERMITTED BY LAW, TRUSTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES AND RELEASES (A) ALL BENEFITS THAT MIGHT ACCRUE TO TRUSTOR BY ANY PRESENT OR FUTURE LAWS EXEMPTING THE PROPERTY FROM ATTACHMENT, LEVY OR SALE ON EXECUTION OR
PROVIDING FOR ANY STAY OF EXECUTION, EXEMPTION FROM CIVIL PROCESS, REDEMPTION OR EXTENSION OF TIME FOR PAYMENT; (B) ANY RIGHT TO MARSHALLING OF ASSETS OR A SALE IN INVERSE ORDER OF ALIENATION; (C) THE EXEMPTION OF HOMESTEAD; AND
(D) THE ADMINISTRATION OF ESTATES OF DECEDENTS, OR OTHER MATTER TO DEFEAT, REDUCE OR AFFECT THE RIGHT OF LENDER UNDER THE TERMS OF THIS DEED OF TRUST TO SELL THE PROPERTY FOR THE COLLECTION OF THE INDEBTEDNESS SECURED THEREBY (WITHOUT ANY PRIOR
OR DIFFERENT RESORT FOR COLLECTION) OR THE RIGHT OF LENDER, UNDER THE TERMS OF THIS DEED OF TRUST, TO THE PAYMENT OF THE INDEBTEDNESS SECURED HEREBY OUT OF THE PROCEEDS OF SALE OF THE PROPERTY IN PREFERENCE TO EVERY OTHER PERSON AND CLAIMANT
WHATEVER (ONLY REASONABLE EXPENSES OF SUCH SALE BEING FIRST DEDUCTED). TRUSTOR EXPRESSLY WAIVES AND RELINQUISHES ANY RIGHT OR REMEDY WHICH IT MAY HAVE OR BE ABLE TO ASSERT BY REASON OF THE PROVISIONS OF CHAPTER 43 OF THE TEXAS CIVIL PRACTICES AND
REMEDIES CODE PERTAINING TO THE RIGHTS AND REMEDIES OF SURETIES, SECTION 17.001 OF THE TEXAS CIVIL PRACTICES AND REMEDIES CODE AND/OR RULE 31 OF THE TEXAS RULES OF CIVIL PROCEDURE. 

(e)        Discontinuance of
Proceedings.    In case Lender shall have proceeded to invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, Lender shall have
the unqualified right so to do and, in such event, Trustor and Lender shall be restored to their former positions with respect to the Indebtedness, the Secured Obligations, 

  
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the Loan Documents, the Property and otherwise, and the rights, remedies, recourses and power of Lender shall continue as if the same had never been involved. 

(f)        Deficiency
Obligation.      Trustor shall be liable for any deficiency remaining in the Indebtedness secured hereby subsequent to the sale referenced in this Article. 

(g)        Disaffirmation of
Contracts.      The purchaser at any Trustee’s or foreclosure sale hereunder may disaffirm any easement granted, or rental, lease or other contract made in violation of any provisions of this Deed of Trust and
may take immediate possession of the Property free from, and despite the terms of, any such grant of easement, rental, lease or other contract. 
 (h)        Receiver.  If an Event of a Default shall have occurred, either before or after the foreclosure sale, Trustor agrees that as a matter of
right a receiver may be appointed by the court without notice, without regard to (i) the solvency or insolvency of Trustor, (ii) the then value of the Property or (iii) whether it is then occupied as a homestead. The receiver shall
have the power to collect any rents and income from the Property during the pendency of the foreclosure sale and, in the case of a sale and a deficiency, during the full statutory period of redemption (if any), whether there be a redemption or not.
The receiver shall have the other powers for the protection, possession, management and operation of the Property which an absolute owner would have, but the net rents, if any, in the hands of the receiver shall be applied to the debt hereby secured
or to such expenses of the receivership or foreclosure suit as the court may direct. 

(i)        Lender in Possession. 

   (i)        If an Event of Default shall have
occurred under this Deed of Trust whether or not the entire debt has then been accelerated and whether or not foreclosure proceedings have been commenced, Lender may, without notice to or demand (each of which, together with notice of intention to
accelerate and notice of acceleration are hereby waived) upon Trustor, to the maximum extent permitted by law, take possession of the Property and while in possession of the Property, Lender shall have the power to pay repair charges, taxes,
insurance fees and all other expenses and add such amounts to the Indebtedness secured hereby. 

   (ii)        In the event of a foreclosure,
Lender may remain in possession of the Property until the foreclosure sale and thereafter during the entire period of redemption (if any), if a deficiency exists. LENDER SHALL INCUR NO LIABILITY FOR, NOR SHALL TRUSTOR ASSERT ANY CLAIM OR SETOFF
AS A RESULT OF, ANY ACTION TAKEN WHILE LENDER IS IN POSSESSION OF THE PROPERTY, INCLUDING ANY CLAIM RESULTING FROM LENDER’S OWN NEGLIGENCE EXCEPT ONLY FOR LENDER’S OWN GROSS NEGLIGENCE OR WILLFUL

  
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MISCONDUCT. In the event no foreclosure proceedings are commenced, Lender may remain in possession as long as there exists an Event of Default. 

(j)        Enforcement of Assignment of Rents and
Leases.    If an Event of Default shall have occurred under this Deed of Trust, Lender may: 
    (i)        terminate the license granted to Trustor to collect the Rents, collect and sue for the Rents in Lender’s own name, give receipts
and releases therefor, and after deducting all expenses of collection, including reasonable attorneys’ fees, apply the net proceeds thereof to the Indebtedness as Lender may elect; 

   (ii)        make, modify, enforce, cancel,
terminate or accept surrender of any subleases, evict tenants, adjust the Rents, maintain, decorate, refurbish, repair, clean, and make space ready for renting, and otherwise do anything Lender deems advisable in connection with the Property;

    (iii)        apply the Rents so
collected to the operation and management of the Property, including the payment of reasonable management, brokerage and attorneys’ fees, and/or to the Indebtedness; and 

   (iv)        require Trustor to transfer all
security deposits and records thereof to Lender, together with all original counterparts of the Leases. 
 (K)        WAIVER OF REDEMPTION.    TO THE EXTENT PERMITTED BY LAW AND AS AN ADDITIONAL INDUCEMENT TO LENDER TO ADVANCE FUNDS SECURED
HEREBY, TRUSTOR HEREBY EXPRESSLY WAIVES AND RENOUNCES THE BENEFIT OF (I) ALL PRESENT AND FUTURE LAWS PROVIDING FOR ANY APPRAISEMENT BEFORE SALE OF THE PROPERTY, COMMONLY KNOWN AS “APPRAISEMENT LAWS,” AND ALL PRESENT AND FUTURE LAWS
EXTENDING IN ANY MANNER THE TIME FOR ENFORCEMENT OF COLLECTION OF THE INDEBTEDNESS SECURED HEREBY, COMMONLY KNOWN AS “STAY LAWS” AND “REDEMPTION LAWS”; (II) NOTICE OF ANY INTENT BY LENDER TO ACCELERATE THE MATURITY OF THE
INDEBTEDNESS SECURED HEREBY; (III) NOTICE OF THE ACCELERATION OF THE MATURITY OF THE INDEBTEDNESS SECURED HEREBY; AND (IV) NOTICE OF THE COMMENCEMENT BY LENDER OF AN ACTION TO FORECLOSE THIS DEED OF TRUST. TRUSTOR HEREBY WAIVES ANY RIGHTS
GRANTED BY SECTION 51.003, 51.004 AND 51.005 OF THE TEXAS PROPERTY CODE (AS SAME MAY BE AMENDED FROM TIME TO TIME). In the event an interest in any of the Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale,
Borrower agrees as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as such sections now exist or may be amended or succeeded from time to time), and to the extent permitted by law,
Borrower agrees that Lender shall be entitled to seek a deficiency judgment from Borrower and any other party 

  
 -23-

 
obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Property was sold pursuant to judicial or nonjudicial foreclosure
sale. BORROWER EXPRESSLY RECOGNIZES THAT THIS SECTION CONSTITUTES A WAIVER OF THE ABOVE-CITED PROVISIONS OF THE PROPERTY CODE WHICH WOULD OTHERWISE PERMIT BORROWER AND OTHER PERSONS AGAINST WHOM RECOVERY OF DEFICIENCIES IS SOUGHT OR GUARANTOR
INDEPENDENTLY (EVEN ABSENT THE INITIATION OF DEFICIENCY PROCEEDINGS AGAINST THEM) TO PRESENT COMPETENT EVIDENCE OF THE FAIR MARKET VALUE OF THE PROPERTY AS OF THE DATE OF THE FORECLOSURE SALE AND OFFSET AGAINST ANY DEFICIENCY THE AMOUNT BY WHICH THE
FORECLOSURE SALE PRICE IS DETERMINED TO BE LESS THAN SUCH FAIR MARKET VALUE. BORROWER FURTHER RECOGNIZES AND AGREES THAT THIS WAIVER CREATES AN IRREBUTTABLE PRESUMPTION THAT THE FORECLOSURE SALE PRICE IS EQUAL TO THE FAIR MARKET VALUE OF THE
PROPERTY FOR PURPOSES OF CALCULATING DEFICIENCIES OWED BY BORROWER, GUARANTOR, AND OTHERS AGAINST WHOM RECOVERY OF A DEFICIENCY IS SOUGHT. Alternatively, in the event the waiver provided for above is determined by a court of competent jurisdiction
to be unenforceable, the following shall be the basis for the finder of fact’s determination of the fair market value of the Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of
the Texas Property Code (as such sections now exist or may be amended or succeeded from time to time): (i) the Property shall be valued in an “as is” condition as of the date of the foreclosure sale, without any assumption or
expectation that the Property will be repaired or improved in any manner before a resale of the Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Property for
cash promptly (but no later than twelve (12) months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in commercial real estate transactions should be deducted from the gross fair market
value of the Property, including, without limitation, brokerage commissions, title insurance, a survey of the Property, tax prorations, attorneys’ fees, and marketing costs; (iv) the gross fair market value of the Property shall be further
discounted to account for any estimated holding costs associated with maintaining the Property pending sale, including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in
(iii) above), and other maintenance, operational and ownership expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Property must be given by persons having
at least five (5) years experience in appraising property similar to the Property and who have conducted and prepared a complete written appraisal of the Property taking into consideration the factors set forth above. 

(l)        Remedies Cumulative.    No
right, power or remedy conferred upon or reserved to Lender by the Note, the Loan Agreement, this Deed of Trust or any other 

  
 -24-

 
Loan Document or any instrument evidencing or securing the Indebtedness is exclusive of any other right, power or remedy, but each and every such right, power and remedy shall be cumulative and
concurrent and shall be in addition to any other right, power and remedy given hereunder or under the Note, the Loan Agreement or any other Loan Document or any instrument evidencing or securing the Indebtedness, or now or hereafter existing at law,
in equity or by statute. 

   (m)        Lender and any receiver, or any of
their agents or representatives, shall have no liability for any loss, damage, injury, cost or expenses resulting from any action or omission that was taken or omitted in good faith. 

 

	7.	 Miscellaneous Provisions. 

7.1.      Additional Provisions.    The Loan Documents fully
state all of the terms and conditions of the parties’ agreement regarding the matters mentioned in or incidental to this Deed of Trust. The Loan Documents also grant further rights to Lender and contain further agreements and affirmative and
negative covenants by Trustor which apply to this Deed of Trust and to the Property. 

7.2.      No Waiver or Cure.    If any of the events described
below occurs, that event alone shall not: cure or waive any breach, Event of Default or notice of default under this Deed of Trust or invalidate any act performed pursuant to any such default or notice; or nullify the effect of any notice of default
or sale (unless all Secured Obligations then due have been paid and performed and all other defaults under the Loan Documents have been cured); or impair the security of this Deed of Trust; or prejudice Lender or any receiver in the exercise of any
other right or remedy afforded any of them under this Deed of Trust; or be construed as an affirmation by Lender of any tenancy, lease or option, or a subordination of the lien of this Deed of Trust. 

   (a)        Lender, its agent or a receiver
takes possession of all or any part of the Property in the manner provided in Subsection 6.3(c) of Section 6.7 hereof. 
    (b)        Lender collects and applies Rents as permitted under Section 2.3, Section 6.6 and Section 6.7
above, either with or without taking possession of all or any part of the Property. 

   (c)        Lender receives and applies to any
Secured Obligation any proceeds of any Property, including any proceeds of insurance policies, condemnation awards, or other claims, property or rights assigned to Lender under Section 5.4 above. 

   (d)        Lender makes a site visit, observes
the Property and/or conducts tests as permitted under the Loan Agreement. 

   (e)        Lender receives any sums under this
Deed of Trust or any proceeds of any collateral held for any of the Secured Obligations, and applies them to one or more Secured Obligations. 

  
 -25-

   (f)        Lender or any receiver invokes any
right or remedy provided under this Deed of Trust. 
 7.3.      Powers of
Lender. 
    (a)        If Lender
performs any act which it is empowered or authorized to perform under this Deed of Trust, including any act permitted by Section 5.5, Subsection 6.3(d) or Section 6.7 of this Deed of Trust, that act alone shall not
release or change the personal liability of any Person for the payment and performance of the Secured Obligations then outstanding, or the lien of this Deed of Trust on all or the remainder of the Property for full payment and performance of all
outstanding Secured Obligations. The liability of the original Trustor shall not be released or changed if Lender grants any successor in interest to Trustor any extension of time for payment, or modification of the terms of payment, of any Secured
Obligation. Lender shall not be required to comply with any demand by the original Trustor that Lender refuse to grant such an extension or modification to, or commence proceedings against, any such successor in interest. 

   (b)        Lender may take any of the actions
permitted under Subsection 6.3(b), Subsection 6.3(c) and/or Section 6.7 regardless of the adequacy of the security for the Secured Obligations, or whether any or all of the Secured Obligations have been declared to be
immediately due and payable, or whether notice of default and election to sell has been given under this Deed of Trust. 
    (c)        From time to time, Lender may apply to any court of competent jurisdiction for aid and direction in executing and enforcing the rights
and remedies created under this Deed of Trust. Lender may from time to time obtain orders or decrees directing, confirming or approving acts in executing and enforcing these rights and remedies. 

7.4.      Merger.    No merger shall occur as a result of
Lender’s acquiring any other estate in or any other lien on the Property unless Lender consents to a merger in writing. 
 7.5.      Joint and Several Liability.    If Trustor consists of more than one Person, each shall be jointly and severally liable for the faithful
performance of all of Trustor’s obligations under this Deed of Trust and the other Loan Documents. 

7.6.      APPLICABLE LAW.        THIS
DEED OF TRUST SHALL BE CONSTRUED, INTERPRETED, ENFORCED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS; EXCEPT THAT THE LAWS OF THE STATE IN WHICH THE PROPERTY IS SITUATED SHALL APPLY TO ALL MATTERS AFFECTING OR RELATING TO
THE CREATION, PERFECTION AND PRIORITY OF THE LIENS AND SECURITY INTERESTS GRANTED UNDER THIS DEED OF TRUST AND TO THE FORECLOSURE AND OTHER PROVISIONS OF THIS DEED OF TRUST RELATING TO THE ENFORCEMENT OF THE RIGHTS AND REMEDIES OF

  
 -26-

 
LENDER WITH RESPECT TO SUCH PROPERTY AND TO THE APPOINTMENT, INDEMNIFICATION AND DUTIES OF THE TRUSTEE. 

7.7.      Waiver of Homestead and Redemption.    Trustor hereby
waives all right of homestead exemption in the Property. 
 7.8.      Waiver of
Statutory Rights.    To the extent permitted by law, Trustor hereby agrees that it shall not and will not apply for or avail itself of any appraisement, valuation, stay, extension or exemption laws, or any so-called
“Moratorium Laws,” now existing or hereafter enacted, in order to prevent or hinder the enforcement or foreclosure of this Deed of Trust, but hereby waives the benefit of such laws. Trustor for itself and all who may claim through
or under it waives any and all right to have the property and estates comprising the Property marshalled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction to foreclose such lien may order the Property sold as an
entirety. Trustor hereby waives any and all rights of redemption from sale under any judgment of foreclosure of this Deed of Trust on behalf of Trustor and on behalf of each and every Person acquiring any interest in or title to the Property of any
nature whatsoever, subsequent to the date of this Deed of Trust. The foregoing waiver of right of redemption is made pursuant to the provisions of applicable law. 

7.9.      Severability.      If any provision of this
Deed of Trust should be held unenforceable or void, that provision shall be deemed severable from the remaining provisions and shall in no way affect the validity of this Deed of Trust except that if such provision relates to the payment of any
monetary sum, then Lender may, at its option, declare all Secured Obligations immediately due and payable. 

7.10.    Notice.  Notices shall be given under this Deed of Trust in conformity with
the terms and conditions of the Loan Agreement and in conformity with applicable law. 

7.11.    Future Advances.    This Deed of Trust is given to secure not
only existing indebtedness, but also future advances (whether such advances are obligatory or are made at the option of Lender, or otherwise) made by Lender under the Note or the Loan Agreement, to the same extent as if such future advances were
made on the date of the execution of this Deed of Trust. The total amount of Indebtedness that may be so secured may increase from time to time. 
 7.12.    WAIVER OF TRIAL BY JURY.      TRUSTOR AND LENDER (BY ITS ACCEPTANCE HEREOF) EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT
TO A TRIAL BY JURY IN ANY CLAIM, CONTROVERSY, DISPUTE, ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS DEED OF TRUST AND THE OTHER LOAN DOCUMENTS (INCLUDING WITHOUT LIMITATION ANY ACTIONS OR PROCEEDINGS FOR ENFORCEMENT OF THE LOAN DOCUMENTS)
AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. TRUSTOR AND LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,

  
 -27-

 
THAT EACH OF THEM HAVE RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE
DEALINGS. TRUSTOR AND LENDER WARRANT AND REPRESENT THAT EACH HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 

7.13.     Inconsistencies.  In the event of any inconsistency between this Deed
of Trust and the Loan Agreement, the terms hereof shall be controlling as necessary to create, enforce, preserve and/or maintain a valid security interest upon the Property, otherwise the provisions of the Loan Agreement shall be controlling. The
terms of the Loan Agreement are hereby incorporated herein and expressly made a part hereof by this reference. 

7.14.     Further Assurances.  Trustor agrees to execute any further documents,
and to take any further actions reasonably requested by Lender to evidence or perfect the security interests granted herein, to maintain the first priority of the security interests, and to effectuate the rights granted to Lender hereunder.

 7.15.     Limitation of Interest. 

    (a)      The provisions of the Loan Agreement
regarding the payment of lawful interest are hereby incorporated herein by reference. 

    (b)      In the event that the laws of the State of
Texas are deemed to govern the terms and provisions of the Loan Agreement and the Note, the following shall control: 
     It is expressly stipulated and agreed to be the intent of Trustor and Lender at all times to comply strictly with the applicable Texas law governing the maximum rate or amount of
interest payable under the Loan Agreement and/or the Note (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law). If the
applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for, charged, taken, reserved or received pursuant to the Note, the Loan Agreement, any of the other Loan Documents or any other communication or
writing by or between Trustor and Lender related to the transaction or transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged or received by reason of Lender’s exercise of the option to accelerate the
maturity of the Loan, or (iii) Trustor will have paid or Lender will have received by reason of any voluntary prepayment by Trustor of the Loan, then it is the express intent of Trustor and Lender that all amounts charged in excess of the
Maximum Lawful Rate (as defined below) shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Lender shall be credited on the principal balance of the Loan (or, if the
Loan has been or would thereby be paid in full, refunded to Trustor), and the provisions of the Note, the Loan Agreement and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible

  
 -28-

 
hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount
otherwise called for hereunder and thereunder; provided, however, if the Loan has been paid in full before the end of the stated term of the Loan, then Trustor and Lender agree that Lender shall, with reasonable promptness after Lender discovers or
is advised by Trustor that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Trustor and/or credit such excess interest against the Loan then owing by Trustor to Lender. Trustor hereby
agrees that as a condition precedent to any claim seeking usury penalties against Lender, Trustor will provide written notice to Lender, advising Lender in reasonable detail of the nature and amount of the violation, and Lender shall have sixty
(60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Trustor or crediting such excess interest against the Note then owing by Trustor. All sums contracted for,
charged or received by Lender for the use, forbearance or detention of any debt evidenced by the Note or the Loan Agreement shall, to the extent permitted by applicable law, be amortized or spread, using the actuarial method, throughout the stated
term of the Loan (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the
Loan for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts) apply to the Note. Notwithstanding
anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at
the time of such acceleration. The term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved by Lender in accordance with the applicable laws of the State of
Texas (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into account all Charges (as herein defined) made
in connection with the transaction evidenced by the Note and the other Loan Documents. To the extent that Lender is relying on the Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Loan, Lender will utilize
the weekly ceiling from time to time in effect as provided in such Chapter 303, as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law,
Lender will rely on United States federal law instead of such Chapter 303 for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect, Lender may, at its option and from
time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303 or under other applicable law by giving notice, if required, to Trustor as provided by applicable law now or hereafter in effect. The term
“Charges” shall mean all fees, charges and/or other things of value, if any, contracted for, charged, received, taken or reserved by Lender in connection with the transactions relating to the Note, the Loan Agreement and the Loan
Documents, which are treated as interest under applicable law. If applicable, this paragraph shall control all agreements between Trustor and Lender. 

  
 -29-

	8.	 Concerning the Trustee. 

 8.1.     No Liability.  TRUSTEE SHALL NOT BE LIABLE FOR ANY ERROR OF JUDGMENT OR ACT DONE BY TRUSTEE, OR BE OTHERWISE RESPONSIBLE OR ACCOUNTABLE UNDER ANY
CIRCUMSTANCES WHATSOEVER. TRUSTEE SHALL NOT BE PERSONALLY LIABLE IN CASE OF ENTRY BY HER OR ANYONE ACTING BY VIRTUE OF THE POWERS HEREIN GRANTED HER UPON THE PROPERTY FOR DEBTS CONTRACTED OR LIABILITY OR DAMAGES INCURRED IN THE MANAGEMENT OR
OPERATION OF THE PROPERTY. Trustee shall have the right to rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by her hereunder or believed by her in good faith to be genuine. Trustee
shall be entitled to reimbursement for expenses incurred by her in the performance of her duties hereunder and to reasonable compensation for such of her services hereunder as shall be rendered. TRUSTOR WILL, FROM TIME TO TIME, PAY COMPENSATION DUE
THE TRUSTEE HEREUNDER AND REIMBURSE TRUSTEE FOR AND SAVE AND HOLD HER HARMLESS FROM AND AGAINST ANY AND ALL LOSS, COST, LIABILITY, DAMAGE AND EXPENSE WHATSOEVER INCURRED BY HER IN THE PERFORMANCE OF HER DUTIES, EXCEPT A CLAIM MADE BY LENDER AGAINST
TRUSTEE, INCLUDING ANY AND ALL LIABILITY RESULTING FROM TRUSTEE’S OWN NEGLIGENCE. TRUSTOR WILL REIMBURSE TRUSTEE FOR, AND SAVE HER HARMLESS AGAINST, ANY AND ALL LIABILITY AND EXPENSES WHICH MAY BE INCURRED BY HER IN THE PERFORMANCE OF
HER DUTIES. THE FOREGOING INDEMNITY SHALL NOT TERMINATE UPON DISCHARGE OF THE INDEBTEDNESS OR FORECLOSURE, OR RELEASE OR OTHER TERMINATION OF THE DEED OF TRUST. 

8.2.     Retention of Monies.     All monies received by Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no
liability for interest on any monies received by her hereunder. 

8.3.     Successor Trustee.  Trustee may resign by giving of notice of such
resignation in writing to Lender. If Trustee shall die, resign or become disqualified from acting in the execution of the Trust or shall fail or refuse to exercise the same when requested by Lender so to do if for any reason and without cause Lender
shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Lender shall have full power to appoint a substitute trustee and, if preferred, several substitute
trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Such appointment may be executed by an authorized officer or agent of Lender and such appointment shall be conclusively presumed to be
executed with authority and shall be valid and sufficient without proof of any action by the Board of Directors or any superior officer of Lender. 
 8.4.     Succession Instruments.  Any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become
vested with all 

  
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the estates, properties, rights, powers and trusts of its or her predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but, nevertheless, upon the written
request of Lender or its successor trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trust herein expressed, all the estates, properties, rights, powers and trusts of the
Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and monies held by the Trustee to the successor trustee so appointed in its or her place. 

8.5.     Performance of Duties by Lender.  Trustee may authorize one or more
parties to act on his behalf to perform the ministerial functions required of him hereunder, including, without limitation, the transmittal and posting of any notices. 

8.6.     No Required Action.  Trustee shall not be required to take any action
toward the execution and enforcement of the trustee hereby created or to institute, appear in or defend any action, suit or other proceedings in connection therewith where in her opinion such action will be likely to involve her in expense or
liability, unless requested to do so by a written instrument signed by Lender and, if Trustee so requests, unless Trustee is tendered security and indemnity satisfactory to her against any and all costs, expenses and liabilities arising therefrom.
Trustee shall not be responsible for the execution, acknowledgment or validity of the Loan Instruments, or for the proper authorization thereof, or for the sufficiency of the lien and security interest purposed to be created hereby, and makes no
representation in respect thereof or in respect of the rights, remedies and recourses of Lender. 

8.7.     Successors and Assigns.  This Deed of Trust and all provisions hereof
shall extend to and be binding upon Trustor and its successors, grantees and assigns, any subsequent owner or owners of the Property and all Persons claiming under or through Trustor (but this clause shall not be construed as constituting the
consent by Lender to the transfer of any interest in the Property), and the word “Borrowers” when used herein shall include all such Persons and all Persons liable for the payment of or performance of the Secured Obligations or any
part thereof, whether or not such Persons shall have executed the Note or this Deed of Trust. The word “Lender”, when used herein, shall include the successors and assigns of Lender named herein, and the holder or holders, from time
to time, of the Note, including any Holder subject to a Co-Lender Agreement. Lender may from time to time, without the consent of Trustor, sell, transfer, pledge, assign, convey or syndicate this Deed of Trust, the Loan and the Loan Documents (or
any interest therein), and any and all servicing rights with respect thereto, and may grant participations in the Loan, delegate its duties and obligations under the Loan and the Loan Documents, split the Loan into multiple parts, or the Note into
multiple component notes or tranches or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in rated or unrated public offerings or private placement. Trustor shall not assign or attempt to assign its rights
under this Deed of Trust or any of the other Loan Documents or the Loan or delegate or attempt to delegate any of its duties or obligations under this Deed of Trust or any of the other Loan Documents or the Loan and any purported assignment or
delegation shall be void. 
 8.8.     Modification; Consent.  No
modification, waiver, amendment or discharge of this Deed of Trust or any other Loan Document shall be valid unless the same is in writing 

  
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and signed by the party against which the enforcement of such modification, waiver, amendment or discharge is sought. Consent by Lender to any act or omission by Trustor shall not be construed as
a consent to any other or subsequent act or omission or to waive the requirement for Lender’s consent to be obtained in any future or other instance. 
 8.9.     Construction Mortgage.  This Deed of Trust is a construction mortgage as such term is used in the Code. 

  THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER
HEREOF. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. SIGNATURE PAGE TO FOLLOW] 

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

							
		 	TRUSTOR:
		
		 	 WELLS VAF – PARKWAY AT OAK HILL, LLC, a
 Delaware limited liability company

			
		 	By:	  	 Wells Mid-Horizon Value-Added Fund I, LLC, a
 Georgia limited liability company, its sole member

				
		 		  	By:	  	 Wells Investment Management Company,
 LLC, its Manager

				
		 		  		  	By: /s/ Kevin A. Hoover
		 		  		  	Name: Kevin A. Hoover
		 		  		  	Title: President

 This instrument was
prepared with the assistance of an attorney licensed in Texas, and after recording 
 should be returned to: 

Sarah J. Risken, Esq. 
 Goldberg Kohn Ltd. 
 55 East Monroe Street, Suite 3300 

Chicago, Illinois 60603 
 (312) 201-4000 
  
  

Signature Page to Deed of Trust 

 ACKNOWLEDGMENT 

 

					
	 STATE OF Georgia     
	    	 )
	  	
		    	 )
	  	 SS

	 COUNTY OF Gwinnett
	    	 )
	  	

       I, Tamiko Motley, a Notary Public in
and for said County, in the State aforesaid, DO HEREBY CERTIFY, that Kevin Hoover, the President of Wells Investment Management Company, LLC, the Manager of Wells Mid-Horizon Value-Added Fund I, LLC, the sole member of WELLS VAF –
PARKWAY AT OAK HILL, LLC, a Delaware limited liability company, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument as such President, appeared before me this day in person and acknowledged
that (he/she) signed and delivered the said instrument as (his/her) own free and voluntary act and as the free and voluntary act of said entities, for the uses and purposes therein set forth. 

      GIVEN under my hand and Notarial Seal this 10 day of December, 2010.

  

									
		 		 	        /s/ Tamiko Motley	 		 	
		 		 	        Notary Public	 		 	

 My Commission Expires: 
 April 1, 2014 
  
  

 
  
  

Acknowledgment Page to Deed of Trust 

 EXHIBIT A 
 Description of Premises 
 Tract 1 (Fee Simple): 

Lot 1, Block A, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION IV, a subdivision in Travis County, Texas, according to the map or plat recorded in Document
No. 200300035 of the Official Public Records of Travis County, Texas. 
 Also known as: 
 Of a 17.676 acre tract of land out of the Thomas Anderson Survey No. 17, situated in Travis County, Texas, being all of Lot 1, Block “A”, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION IV, a
subdivision of record in Document No, 200300035 of the Official Public Records of Travis County, Texas; said 17.676 acre tract being more particularly described by metes and bounds as follows: 

COMMENCING at a
 1/2 inch iron rod found in the Northerly
right-of-way line of U.S. Highway 290 for the Southwesterly corner of Lot 1, Block “A” Oak Hill Technology Park Subdivision of record in Document No. 200000208 of said Official Public Records, being the Southeasterly corner of
resubdivision of Lot 1-A, Block “A” Oak Hill Industrial Park Section Two, a subdivision of record in Book 77, Page 11 of the Plat Records of Travis County, Texas; 

THENCE N 29°38’00” E, leaving the Northerly line of U.S. Highway 290, along the Westerly line of said Lot 1 and Lot
2, Block “A” of said Oak Hill Technology Park Subdivision, being the Easterly line of said resubdivision of Lot 1-A and a portion of the Easterly line of Oak Hill Industrial Park Section Two, a subdivision of record in Book
76, Page 142 of said Plat Records, a distance of 712.97 feet to a  1/2 inch iron rod found for the POINT OF BEGINNING hereof, being an angle point in the Westerly line of said Lot 1; 
 THENCE N 29°38’00” E, along a portion of the Westerly line of said Lot 1, being a portion of the Easterly line of said Oak Hill Industrial Park Section Two, a distance of 378.82 feet to an
iron pipe found, for an angle point in the Westerly line of said Lot 1, being the most Easterly corner of said Oak Hill Industrial Park Section Two; 
 THENCE continuing along the Westerly line of said Lot 1, the following two (2) courses and distances: 
  

	1)	N 59°40’29” W. along the Northerly line of said Oak Hill Industrial Park Section Two, a distance of 301.12 feet to an iron pipe found in the Easterly line
of Lot 2, Block “A” Murphey Subdivision, a subdivision of record in Document No. 200600209 of said Official Public Records for an angle point hereof; 

 

	2)	 N29°34’26” E, along the Easterly line of said Lot 2 and Lot 4, Block “A” of said Murphey Subdivision, a distance of 622.21 feet
to a  1/2 inch iron rod found in the Southerly
right-of-way line of Southwest Parkway (R.O.W. varies), being the Northeasterly corner of said Lot 4 and the Northwesterly corner of said Lot 1, for the Northwesterly corner hereof; 

THENCE, along the Southerly line of Southwest Parkway and the Northerly line of said Lot 1, the following two (2) courses and distances: 

 

	1)	 S 59°43’00” E, a distance of 654.69 feet to a
 1/2 inch iron rod found for an angle
point; 

  

	2)	 S 59°48’00” E, a distance of 147.39 feet to a
 1/2 inch iron rod found for the
Northeasterly corner of said Lot 1 and hereof, being the Northwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III; 

(legal description continued on next page) 

 THENCE, S 29°38’00” W, leaving the Southerly line of Southwest Parkway,
along the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV, passing an iron pipe found for the common Westerly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III
and that certain 5.34 acre tract of land conveyed to South Austin Marine, Inc. by Deed of record in Volume 7993, Page 207 of said Real Property Records, at a distance of 635.36 feet, and continuing for a total distance of 1185.40 feet to a  1/2 inch iron rod found for an angle point
hereof, being the Northeasterly corner of that certain 1.102 acre tract conveyed to Joseph J. Hajjar by Deed of record in Volume 12120, Page 1918 of said Real Property Records; 
 THENCE N 59°46’29’’ W, leaving the Westerly line of said 5.34 acres, along a portion of the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section
IV and hereof, being the Northerly line of said 1.102 acres, a distance of 147.39 feet to an iron pipe found for the Northwesterly corner of said 1.102 acre tract and an angle point hereof; 
 THENCE along the Westerly line of said 1.102 acre tract, being a portion of the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, the following
three (3) courses and distances: 
  

	1)	 S 29°39’50” W, a distance of 136.85 feet to a
 1/2 inch iron rod found for an angle point;

  

	2)	 S 89°58’21” W, a distance of 24.28 feet to a
 1/2 inch iron rod found for an angle point;

  

	3)	 S 29°59’38” W, a distance of 199.64 feet to a
 1/2 inch iron rod found in the Northerly
line of U.S. Highway 290 (R.O.W. varies) for the Southeasterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being the Southwesterly corner of said 1.102 acre tract;

 THENCE N 88°09’05” W, along the Northerly line of U.S. Highway 290, being the
Southerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, a distance of 92.12 feet to a  1/2 inch iron rod found for the Southwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof;

 THENCE N 24°38’24” E, leaving the Northerly line of U.S. Highway 290, along a portion of the
Westerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being a portion of the Easterly line of Lot 1 of said Oak Hill Technology Park Subdivision, a distance of 41.61 feet to a  1/2 inch iron rod found for an angle point in the Westerly line of said
Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof; 
 THENCE N
29°38’00” E, continuing along the Westerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being a portion of the Easterly line of Lot 1 and a portion of the Easterly line of
Lot 2 of said Oak Hill Technology Park Subdivision, a distance of 538.08 feet to a  1/2 inch iron rod found for an angle point of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being the Northeasterly corner of said Lot 2, Oak Hill
Technology Park Subdivision; 
 (legal description continued on next page) 

  
 -2-

 THENCE N 60°22’00” W, along a portion of the Westerly line of said Lot 1, Block “A”
Oak Hill Technology Park Subdivision Section IV and hereof, a distance of 245.35 feet to the POINT OF BEGINNING containing an area of 17.676 acres (769,977 Sq. Ft.) of land, more or Less, within these metes and bounds. 

Tract 2 (Fee Simple): 
 Lot 1,
Block A, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION III, a subdivision in Travis County, Texas, according to the map or plat of recorded in Document No 200300034 of the Official Public Records of Travis County, Texas. 

Also known as: 
 Of a 4.678 acre tract of land
out of the Thomas Anderson Survey No. 17, situated in Travis County, Texas, being all of Lot 1, Block A, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION III, a subdivision of record in Document No 200300034 of the Official Public Records of Travis
County, Texas; said 4.678 acres tract being more particularly described by metes and bounds as follows: 
 BEGINNING at a  1/2 inch iron rod found in the Southerly right-of-way
line of Southwest Parkway (R.O.W. varies) for the Northwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III, being the Northeasterly corner of Lot 1, Block “A” Oak Hill Technology Park
Subdivision Section IV, a subdivision of record in Document No. 200300035 of said Official Public Records; 
 THENCE
S 59°14’26” E, along the Southerly line of Southwest Parkway, being the Northerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III, a distance of 322.35 feet to a  1/2 inch iron rod with BPI cap found, being the
Northeasterly corner of said Lot 1, Block A Oak Hill Technology Park Subdivision Section III; 
 THENCE leaving the Southerly line of
Southwest Parkway, along the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III, being a portion of the Westerly line of Boston 290 Office Park Section Two-A, a subdivision of record in Volume 100,
Pages 58-59 of said Plat Records the following two (2) courses and distances: 
 (legal description continued on next page)

  
 -3-

	1)	S 29°38’19” W, a distance of 341.51 feet to an iron pipe found for an angle point; 

 

	2)	 S 29°33’06” W, a distance of 287.35 feet to a
 1/2 inch iron rod found for the common Easterly
corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and that certain 5.34 acre tract of land conveyed to South Austin Marine, Inc. by Deed of record in Volume 7993, Page 207 of said Real Property Records, being
the Southeasterly corner hereof; 

 THENCE N 60°23’40” W, leaving the Westerly line of said Boston
290 Office Park Section Two-A, along the common line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and said 5.34 acre tract, being the Southerly line hereof, a distance of 322.66 feet to an iron pipe found in
the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV being the Southwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and the Northwesterly corner of
said 5.34 acre tract; 
 THENCE N 29°38’00” E, along the Westerly line of said Lot 1, Block “A” Oak Hill Technology Park
Subdivision Section III, being a portion of the Easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV, a distance of 635.36 feet to the POINT OF BEGINNING containing an area of 4.678 acres (203,764 Sq. Ft.)
of land, more or less, within these metes and bounds. 
 Tract 3 (Easement Estate): 

EASEMENT ESTATE ONLY appurtenant to Tracts 1 and 2 as created and described in that certain Joint Access and Easement Agreement, dated October 27, 2005,
by and between Champion Partners Group, Ltd and AAW Oak Hill, Ltd, recorded in Document No, 2005209114, Official Public Records of Travis County, Texas, and being over and across that 0.336 of one acre portion of Lots 1 and 2, Block A,
OAK HILL TECHNOLOGY PARK SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat recorded in Document No. 200000208, of the Official Public Records of Travis County, Texas, said 0.336 acre access easement tract being more
particularly described by metes and bounds therein. 
 (legal description continued on next page) 

  
 -4-

 Also known as: 
 Of a 0.336 acre tract of land situated in Travis County, Texas, being a portion of Lot 1 and Lot 2, Block “A”, Oak Hill Technology Park Subdivision of record in Document No. 200000208 of the
Official Public Records of Travis County, Texas; said 0.336 acre being more particularly described by metes and bounds as follows: 
 BEGINNING at a  1/2 inch iron rod found in the Northerly line of U.S. Highway 290 West (R.O.W. varies), being the Southeasterly corner of said Lot 1, Block “A”, and the Southwesterley corner of Lot 1, Block
“A”, Oak Hill Technology Park Subdivision Section IV of record in Document No. 200300035 of said Official Public Records, for the Southeasterly corner hereof, from which a  1/2 inch rod found for the Southeasterly corner of said Lot 1, Block
“A”, Oak Hill Technology Park Subdivision Section IV and the Southwesterly corner of that certain 1.102 acre tract described in the Deed to Joseph J. Hajjar, by the Deed of record in Volume 12020, Page 1918 of the Real Property Records of
Travis County, Texas bears S 88°09’05” E, a distance of 92.12 feet; 
 THENCE N
88°09’05” W, along the Northerly line of U.S. Highway 290 West, being a portion of the Southerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision, for the Southerly line hereof, a distance of 27.12 feet to a
calculated point for the Southwesterly corner hereof, from which a  1/2 inch iron rod with cap set for a point of curvature on said Northerly line of U.S. Highway 290 West bears N 88°09’05” W, a distance of 106.20 feet; 

THENCE leaving said Northerly line of U.S. Highway 290 West, over and across Lot 1 and Lot 2, Block “A” of said Oak Hill Technology Park
Subdivision, along the Westerly line hereof, the following two (2) courses and distances; 
  

	1)	N 24°38’24” E, a distance of 53.20 feet to a calculated point; 

 N 29°38’00” E, a distance of 539.17 feet to a calculated point for the Northwesterly corner hereof, being in the line common to the Northerly line of said Lot 2, Block “A”, Oak
Hill Technology Park Subdivision and a Southerly line of said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, from which a
 1/2 inch iron rod set for the common Westerly
corner of said Lot 2, Block “A”, Oak Hill Technology Park Subdivision and said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV bears N 60°22’00” W, a distance of 220.35 feet; 

THENCE S 60°22’00” E, along the line common to the Northerly line of said Lot 2, Block “A”, Oak Hill
Technology Park Subdivision and a Southerly line of said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, a distance of 25.00 feet to a
 1/2 inch iron rod set for the Northeasterly corner
of said Lot 2, Block “A” and an interior ell corner for said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, for the Northeasterly corner hereof; 
 THENCE along the Easterly line of Lot 1 and Lot 2, Block “A” of said Oak Hill Technology Park Subdivision, same being a Westerly line of said Lot 1, Block “A”, Oak Hill Technology Park
Subdivision Section IV, for the Easterly line hereof, the following two (2) courses and distances: 
  

	1)	 S 29°38’00” W, passing at a distance of 373.10 feet a
 1/2 inch iron rod found for the Easterly common
corner of Lot 1 and Lot 2, Block “A” of said Oak Hill Technology Park Subdivision, continuing for a total distance of 538.08 feet to a  1/2 inch iron rod set for an angle point; 

 

	2)	S 24°38’24” W, a distance of 41.61 feet to the POINT OF BEGINNING containing an area of 0.336 acre (14,651 Sq. Ft.) of land, more or less, within these
metes and bounds. 

  
 -5-Mortgage, Assignment of Leases and Rents

 Exhibit 10.6 
 MORTGAGE, 
 ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND

 FIXTURE FILING 
 (Hennepin County, Minnesota) 
 MADE BY 

WELLS VAF – 6000 NATHAN LANE, LLC, 
 a Delaware limited liability company 
 as “Mortgagor” 

to 
 NXT CAPITAL,
LLC, 
 a Delaware limited liability company 
 as “Lender” 
 This instrument was prepared with the assistance of an
attorney licensed in Minnesota, and 
 after recording should be returned to: 

Sarah J. Risken, Esq. 
 Goldberg Kohn Ltd. 
 55 East Monroe Street, Suite 3300 

Chicago, Illinois 60603 
 (312) 201-4000 
  
  

THIS MORTGAGE SECURES THE FOLLOWING: (I) A TERM LOAN EVIDENCED BY A NOTE PAYABLE TO THE ORDER OF THE LENDER IN THE AGGREGATE
PRINCIPAL AMOUNT OF $30,000,000; and (II) ALL OF THE OTHER “SECURED OBLIGATIONS” AS DEFINED HEREIN; PROVIDED THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, ENFORCEMENT OF THIS MORTGAGE IS LIMITED TO A PRINCIPAL DEBT
AMOUNT OF $20,000,000, TOGETHER WITH SUCH ADDITIONAL AMOUNTS AS MAY BE ADVANCED OR OWING TO LENDER AND FOR WHICH NO MORTGAGE REGISTRATION TAX IS PAYABLE UNDER MINNESOTA STATUTES CHAPTER 287 OR FOR WHICH SUCH TAX HAS BEEN PAID AS REQUIRED BY LAW.

  
  

 MORTGAGE, 
 ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND 
 FIXTURE FILING

 Project Commonly Known As 
 “6000 Nathan Lane, Minneapolis, Minnesota” 
 THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (as amended, modified, restated, extended, waived, supplemented or replaced from time to time, this
“Mortgage”) is made as of December 17, 2010, by WELLS VAF – 6000 NATHAN LANE, LLC, a Delaware limited liability company (together with its successors and permitted assigns, “Mortgagor”), whose
address is c/o Wells Mid-Horizon Value Added Fund I, LLC, 6200 The Corners Parkway, Norcross, GA 30092, in favor of NXT CAPITAL, LLC, a Delaware limited liability company, its successors and assigns (collectively, “Lender”), whose
address is 191 North Wacker Drive, Suite 1200, Chicago, Illinois 60606. 
 RECITALS 

Lender has agreed, subject to the terms and conditions of that certain Loan Agreement of even date herewith, executed by
and among Mortgagor, Wells VAF – Parkway at Oak Hill, LLC (“Parkway”), and Wells VAF – 330 Commerce Street, LLC (“Commerce”, and together with Parkway and Mortgagor, collectively, jointly and severally,
“Borrowers” and each individually, a “Borrower”) and Lender (as amended, modified, restated, extended, waived, supplemented or replaced from time to time, the “Loan Agreement”), to make a loan (the
“Loan”) to Borrowers. The Loan is evidenced by that certain Promissory Note of even date herewith in the original principal amount of Thirty Million and No/100 Dollars ($30,000,000.00) (which note, together with all notes issued in
substitution or exchange therefor and all amendments, modifications, restatements and renewals thereof or thereto, is hereinafter referred to as the “Note”), providing for monthly payments as set forth in the Note, with the balance
thereof, due and payable on December 16, 2013 (said date, any later date to which the maturity date may be extended in accordance with the Loan Agreement, or any earlier date on which the entire unpaid principal amount shall be paid or
required to be paid in full, whether by prepayment, acceleration or otherwise is hereinafter called the “Maturity Date”). The terms and provisions of the Loan Agreement and Note are hereby incorporated by reference in this Mortgage.
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 
 This Mortgage is to secure the following obligations of Borrowers whether now owing or hereafter incurred (collectively, the “Secured Obligations”): (i) the payment of the Note,
together with all interest, premiums, the “Exit Fee” and the “Minimum Interest Recovery” (as each term is defined in the Loan Agreement), and other amounts, if any, due in accordance with the terms of the
Note and the other Loan Documents, as well as the payment of any additional indebtedness accruing to Lender on account of any future payments, advances or expenditures made by Lender pursuant to the Note, the Loan 

 
Agreement or this Mortgage or any of the other Loan Documents or otherwise in connection with the Loan together with interest thereon (all payment obligations are hereinafter referred to as the
“Indebtedness”) and (ii) the performance of all other Obligations and covenants of Borrowers under the Loan Documents. 
  

	 1.
	 Grant and Secured Obligations. 

1.1.      Grant.  For the purpose of securing payment and performance of
the Secured Obligations, Mortgagor hereby irrevocably and unconditionally grants, bargains, sells, conveys, mortgages, assigns, pledges, warrants and transfers to Lender, with power of sale and with right of entry and possession, a lien and security
interest in all right, title and interest, which Mortgagor now has or may later acquire, in and to the following property (all or any part of such property, or any interest in all or any part of it, as the context may require, the
“Property”): 
    (a)      The
real property described in Exhibit A, together with all existing and future easements and rights affording access to it (the “Premises”); together with 

   (b)      All buildings, structures, improvements and
fixtures now or in the future located or to be constructed on the Premises (the “Improvements”); together with 
    (c)      All existing and future appurtenances, privileges, rights-of-way, franchises and tenements of the Premises, including all mineral rights, oil, gas,
and associated substances, and other commercially valuable substances which may be in, under or produced from any part of the Premises, all development rights and credits, air rights, water, water rights (whether riparian, appropriative or
otherwise, and whether or not appurtenant) and water stock, and any Premises lying in the streets, roads or avenues, open or proposed, in front of or adjoining the Premises and Improvements; together with 

   (d)      All existing and future Leases, subleases,
subtenancies, licenses, occupancy agreements and concessions (“Leases”) relating to the use and enjoyment of all or any part of the Premises and Improvements, and any and all guaranties and other agreements relating to or made in
connection with any of such Leases and all rents, income, revenues, prepayments, security deposits, tax, insurance and replacement reserve deposits, receipts, termination, cancellation, and option payments, royalties, profits, issues, service
reimbursements, fees, accounts receivables, and revenues from the Premises and/or Improvements from time to time accruing under the Leases (the “Rents”); together with 

   (e)      All goods, materials, supplies, work in process,
chattels, furniture, fixtures, equipment, appliances, machinery and other personal property of any kind, now or later to be attached to, incorporated into, placed in, on or about, or used in connection with the use, enjoyment, occupancy or operation
of all or any part of the Premises and Improvements, whether stored on the Premises or elsewhere, including 

  
 -2-

 
all pumping plants, engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling, air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all
of which shall be considered to the fullest extent of the law to be real property for purposes of this Mortgage; together with 
    (f)      All of Mortgagor’s interest in and to all operating accounts, the Loan funds, whether disbursed or not, all reserves set forth in the Budget,
the Holdback, the Interest Reserve, the Replacement Reserve and any other monies on deposit with or for the benefit of Lender, including deposits for the payment of real estate taxes and insurance, any cash collateral account, and any bank accounts
of Mortgagor, including without limitation, the Blocked Accounts, including all funds, items, instruments, investments, securities and other things of value at any time paid, deposited, credited or held in or in transit to any account; together with

    (g)      All claims, demands, judgments,
insurance policies, insurance proceeds, refunds, reserves, accounts receivable, cost savings, deposits, rights of action, awards of damages, compensation, settlements and other rights to the payment of money hereafter made resulting from or relating
to (i) the taking of the Premises or the Improvements or any part thereof under the power of eminent domain, (ii) any damage (whether caused by such taking, by casualty or otherwise) to the Premises, Improvements or appurtenances thereto
or any part thereof, or (iii) the ownership or operation of the Property; together with 

   (h)      To the extent assignable, all management
contracts, permits, licenses, applications, approvals, plans, specifications and drawings, contracts, purchase and sale agreements, contracts for deed, purchase options, entitlements, soil test reports, other reports of examination or analysis of
the Premises or the Improvements, development rights and authorizations, however characterized, issued or in any way furnished for the acquisition, construction, development, operation and use of the Premises, Improvements and/or Leases, including
building permits, environmental certificates, certificates of operation, warranties and guaranties; together with 
    (i)      All of the following types of collateral, as defined in the Uniform Commercial Code as in effect from time to time in the State of Tennessee (the
“Code”): accounts, contract rights, general intangibles, chattel paper, documents, instruments, inventory, goods, equipment, investment property, deposit accounts, letter of credit rights, commercial tort claims, health care
receivables and all books and records relating to the foregoing, provided that Mortgagor will cooperate with Lender in obtaining “control” as defined in the Code with respect to collateral consisting of deposit accounts, investment
property, letter of credit rights and electronic chattel paper; but expressly excluding any right in or to, or the right to use the mark or name “Wells”, “Wells REIT”, “Wells Core Office”, “Wells REF” or any
variant or logos thereof; together with 

   (j)      All books and records pertaining to any and all
of the property described above, including computer-readable memory and any computer hardware or 

  
 -3-

 
software necessary to access and process such memory (“Books and Records”); together with 

   (k)      All proceeds and products and renewals of,
additions and accretions to, substitutions and replacements for, and changes in any of the property described above; and together with 
    (l)      Any and all after-acquired right, title or interest of Mortgagor in and to any property of the types described in the preceding granting clauses.

 AND MORTGAGOR, for, itself, its successors and assigns, does covenant with the Lender, its successors and
assigns, that it is lawfully seized of the Property and has good right to sell and convey the same; that the Property is free from all encumbrances except as may be further stated in this Mortgage or permitted pursuant to the Loan Agreement or the
other Loan Documents; that Lender, its successors and assigns, shall quietly enjoy and possess the Property; and that Mortgagor will WARRANT AND DEFEND the title to the same against all lawful claims not specifically excepted in this Mortgage or the
Loan Agreement. 
 TO HAVE AND TO HOLD the Mortgaged Property unto Lender and its successors and assigns
forever. 
 PROVIDED, NEVERTHELESS, that if Mortgagor shall pay the principal balance of the Note in full, plus
interest at the rate set forth in the Note, as the same changes from time to time and is adjusted in the manner set forth in the Note, on the unpaid principal balance, as computed in accordance with the terms and conditions of the Note, and any
other sums due and owing under the Note, the Loan Agreement and all other Secured Obligations and shall also pay or cause to be paid all other sums, with interest thereon, as may be advanced by the Lender in accordance with this Mortgage either, to
protect the lien of this Mortgage, or by way of additional loan, together with any extensions, renewals, modifications, and future advances of any of the foregoing or thereunder, and shall also keep and perform all and singular the covenants herein,
required on the part of Mortgagor to be kept and performed, then this Mortgage shall be null and void, in which event the Lender will execute and deliver to Mortgagor in form suitable for recording a full satisfaction of this Mortgage; otherwise
this Mortgage shall remain in full force and effect. 
 The Recitals and Exhibits to this Mortgage are hereby incorporated in
this Mortgage. Capitalized terms used above and elsewhere in this Mortgage without definition have the meanings given them in the Loan Agreement. 
 1.2.      Obligations. 
   (a)      Mortgagor makes the grant, conveyance, and mortgage set forth in Section 1.1 above, and grants the security interest set forth in
Section 3 below for the purpose of securing the following obligations (the “Obligations”) in any order of priority that Lender may choose: 

  
 -4-

 (i)        Payment
and performance of all obligations and covenants of Borrowers under the Loan Documents; 

(ii)       Payment and performance of all future advances and other
obligations that Mortgagor or any successor in ownership of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Lender, when a writing evidences the parties’ agreement that
the advance or obligation be secured by this Mortgage; 

(iii)      Payment and performance of all modifications, amendments,
extensions, and renewals, however evidenced, of any of the Secured Obligations; and 

(iv)      Payment of any and all loan commissions, service charges,
liquidated damages, Expenses and advances due to or incurred by Lender regardless of whether any Loan proceeds have been disbursed. 
 1.3.      All Persons who may have or acquire an interest in all or any part of the Property will be considered to have notice of, and will be bound by, the terms of the
Secured Obligations and each other agreement or instrument made or entered into in connection with each of the Secured Obligations. Such terms include any provisions in the Note or the Loan Agreement which permit borrowing, repayment and
reborrowing, or which provide that the interest rate on one or more of the Secured Obligations may vary from time to time. 
  

	 2.
	 Assignment of Leases and Rents. 

2.1.      Assignment.  As additional security for repayment of the
Indebtedness and performance of the Obligations, to the extent permitted by applicable law, Mortgagor hereby irrevocably, absolutely, presently and unconditionally assigns to Lender all Leases and Rents and other benefits of the Property, whether
now due, past due or to become due, including all prepaid rents and security deposits. This is an absolute assignment, not an assignment for security only and shall continue in effect until the Indebtedness is paid in full and all Secured
Obligations are fully satisfied, including without limitation, throughout the entire redemption period provided by applicable law following any foreclosure sale of all or any portion of the Property. Pursuant to this Mortgage, Lender shall be
entitled to the appointment of a receiver as and when permitted under Section 6.3(b) below. Mortgagor hereby gives Lender the right to collect the Rents and apply them in payment of the principal, interest and all other sums payable under the
Loan Documents. 
 2.2.      Grant of License.  Lender hereby
confers upon Mortgagor a revocable license (“License”) to enforce the Leases and collect and retain the Rents as they become due and payable (excluding, however, any Lease termination, cancellation, option or similar payments, which
Mortgagor agrees shall be deposited into the Guarantor Level Blocked Account in accordance with the Loan Agreement), which license shall terminate upon an Event of Default, as defined in Section 6.2 below, and notice from Lender to
Mortgagor. If an Event of Default has occurred and is continuing, Lender shall have the right, which it may 

  
 -5-

 
choose to exercise in its sole and absolute discretion and which it may exercise without taking possession of the Property, to terminate this License without regard to the adequacy of
Lender’s security under this Mortgage. 
 2.3.      Leasing/Collection and
Application of Rents.  Subject to the License granted to Mortgagor under Section 2.2 above and following an Event of Default, Lender has the right, power and authority to rent, lease, sublease, let or sublet all or any
portion of the Property to any party or parties at such rental and upon such terms, as it in its discretion may determine, and to collect any and all Rents. Mortgagor hereby appoints Lender, which appointment is coupled with an interest, as its
attorney-in-fact to perform any and all of the following acts, if and at the times when Lender in its sole discretion may so choose: 
    (a)      Rent, lease, sublease, let or sublet all or any portion of the Mortgaged Property to any party or parties at such rental and upon such terms, as it
in its discretion may determine, and seek enforcement of any Leases; or 

   (b)      Demand, receive and enforce payment of any and
all Rents; or 
    (c)      Give receipts,
releases and satisfactions for any and all Rents; or 

   (d)      Sue either in the name of Mortgagor or in the
name of Lender for any and all Rents. 
 Lender and Mortgagor agree that the mere recordation of the assignment granted herein
entitles Lender immediately to exercise any of the rights described above upon the occurrence of an Event of Default, as defined in Section 6.2, without first taking any acts of enforcement under applicable law, such as, but not limited
to, providing notice to Mortgagor, filing foreclosure proceedings, or seeking and/or obtaining the appointment of a receiver. Further, Lender’s rights under this Mortgage to the Rents does not depend on whether or not Lender takes possession of
the Property as permitted under Subsection 6.3(c). In Lender’s sole discretion, Lender may choose to collect Rents either with or without taking possession of the Property. Lender shall apply all Rents collected by it in the manner
provided under Section 6.6. If an Event of Default occurs while Lender is in possession of all or part of the Property and is collecting and applying Rents as permitted under this Mortgage, Lender and any receiver shall nevertheless be
entitled to exercise and invoke every right and remedy afforded any of them under this Mortgage and at law or in equity. 
 2.4.      Lender Not Responsible.  Under no circumstances shall Lender have any duty to produce Rents from the Property. Regardless of whether or not Lender,
in person or by agent, takes actual possession of the Premises and Improvements, unless Lender agrees in writing to the contrary, Lender is not and shall not be deemed to be: 

   (a)      A “mortgagee in possession” for any
purpose; or 
    (b)      Responsible for
performing any of the obligations of the lessor under any lease; or 

  
 -6-

   (c)      Responsible for the control, care, management, or
repair of the Property or any personal property or for any waste committed by lessees or any other parties, any dangerous or defective condition of the Property, or any negligence in the management, upkeep, repair or control of the Property;

    (d)      Liable in any manner for the
Property or the use, occupancy, enjoyment or operation of all or any part of it; or 

   (e)      Liable in any way for any injury or damage to
any Person or property sustained by any Person or Persons, firm, or corporation in or about the Property. 

2.5.      Additional Leasing Covenants.  Mortgagor shall comply with and
observe Mortgagor’s obligations as landlord under all Leases and shall remain liable under the Leases. Mortgagor shall not lease the Property or any part of it except strictly in accordance with the terms of the Loan Agreement. 

 

	 3.
	 Grant of Security Interest. 

3.1.      Security Agreement.  The parties intend for this Mortgage to
create a lien on the Property, and an absolute assignment of the Rents, all in favor of Lender. The parties acknowledge that some of the Property and some or all of the Rents may be determined under applicable law to be personal property or
fixtures. To the extent that any Property or Rents may be or be determined to be personal property, Mortgagor as debtor hereby grants Lender as secured party a security interest in all such Property (including, any replacement or substituted
property) and Rents, to secure payment and performance of the Secured Obligations. This Mortgage constitutes a security agreement under the Code covering all such Property and Rents. Lender shall have all of the rights and remedies of a secured
party under the Code, as well as all other rights and remedies available at law or in equity. 

3.2.      Financing Statements.  Mortgagor shall execute documents as
Lender may from time to time require to perfect or continue the perfection of Lender’s security interest in any Property or Rents. As provided in Section 5.7 below, Mortgagor shall pay all fees and costs that Lender may incur in filing
this Mortgage (including any extensions, renewals and amendments thereof and reproductions of this Mortgage) and such other documents in public offices and in obtaining such record searches as Lender may reasonably require. Mortgagor hereby
authorizes Lender to file all financing statements, refilings, amendments, renewals and continuations thereof as Lender deems necessary or advisable to create, preserve and protect such lien. If any financing statement or other document is filed in
the records normally pertaining to personal property, that filing shall never be construed as in any way derogating from or impairing this Mortgage or the rights or obligations of the parties under it. Mortgagor hereby authorizes Lender to file
financing statements covering “all assets” or “all personal property” of Mortgagor, as debtor, as contemplated by Section 336.9-504 of the Code. 

  
 -7-

	 4.
	 Fixture Filing. 

     This Mortgage constitutes a financing statement filed as a fixture filing under Article 9 of the Code, as amended or recodified from time to time, covering any Property which now
is or later may become fixtures attached to the Premises or Improvements. For this purpose, the respective addresses of Mortgagor, as debtor and record owner of the Premises, and Lender, as secured party, are as set forth in the preambles of this
Mortgage and Mortgagor’s organizational identification number is set forth on the signature page of this Mortgage. 
  

	 5.
	 Rights and Duties of the Parties. 

5.1.      Representations and Warranties.  Mortgagor represents and
warrants that: 
    (a)      Mortgagor has the
full and unlimited power, right and authority to encumber the Property and assign the Leases and Rents; and 
    (b)      This Mortgage creates a first and prior lien on the Property. 

5.2.      Performance of Secured Obligations.   Mortgagor shall
promptly pay and perform each Secured Obligation in accordance with its terms. 

5.3.      Liens, Charges and Encumbrances.   Mortgagor shall
immediately discharge any lien on the Property which Lender has not consented to in writing in accordance with the terms of Section 4.2(c) of the Loan Agreement. 

5.4.      Damages and Insurance and Condemnation Proceeds.   In the
event of any casualty or condemnation of the Property, the provisions of Article 7 of the Loan Agreement shall govern. 
 5.5.      Releases, Extensions, Modifications and Additional Security.   From time to time, Lender may perform any of the following acts without
affecting the liability of Mortgagor or any other Person liable for the payment of the Secured Obligations, and without affecting the lien or charge of the Mortgage as security for the payment of the Secured Obligations, incurring any liability or
giving notice to any Person: 
    (a)      Release
any Person liable for payment of any Secured Obligation; 

   (b)      Waive or modify any provision of this Mortgage
or the other Loan Documents or grant other indulgences, including, extending the time for payment, or otherwise altering the terms of payment, of any Secured Obligation; 

   (c)      Accept additional real or personal property of
any kind as security for any Secured Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any other instruments of security; 

  
 -8-

   (d)      Alter, substitute or release any property
securing the Secured Obligations; 

   (e)      Consent to the making of any plat or map of the
Property or any part of it; 
    (f)      Join in
granting any easement or creating any restriction affecting the Property; 

   (g)      Join in any subordination or other agreement
affecting this Mortgage or the lien of it; or 

   (h)      Release the Property or any part of it.

 5.6.      Release.  When all of the Secured Obligations have
been paid in full and all fees and other sums owed by Mortgagor under Section 5.7 of this Mortgage and the other Loan Documents have been received, Lender shall release this Mortgage, the lien created thereby, and all notes and instruments
evidencing the Secured Obligations. Mortgagor shall pay any costs of preparation and recordation of such release. 
 5.7.      Compensation, Exculpation, Indemnification. 
    (a)      Mortgagor agrees to pay fees in the maximum amounts legally permitted, or reasonable fees as may be charged by Lender when the law provides no
maximum limit, for any services that Lender may render in connection with this Mortgage, including Lender’s providing a statement of the Secured Obligations or providing the release pursuant to Section 5.6 above. Mortgagor shall
also pay or reimburse all of Lender’s out-of-pocket costs and expenses which may be incurred in rendering any such services. Mortgagor further agrees to pay or reimburse Lender for all out-of-pocket costs, expenses and other advances which may
be incurred or made by Lender in any efforts to enforce any terms of this Mortgage or to protect the rights under this Mortgage or the other Loan Documents, including any rights or remedies afforded to Lender under Section 6.3, whether
any lawsuit is filed or not, or in defending any action or proceeding arising under or relating to this Mortgage, including reasonable attorneys’ fees and other legal costs, costs of any Foreclosure Sale (as defined in Subsection 6.3(i)
below) and any cost of evidence of title. If Lender chooses to dispose of Property through more than one Foreclosure Sale, Mortgagor shall pay all out-of-pocket costs, expenses or other advances that may be incurred or made by Lender in each of such
Foreclosure Sales. 
    (b)      Lender shall not
be directly or indirectly liable to Mortgagor or any other Person as a consequence of any of the following: 
   (i)      Lender’s exercise of or failure to exercise any rights, remedies or powers granted to Lender in this Mortgage; 

  
 -9-

   (ii)      Lender’s failure or refusal to perform or
discharge any obligation or liability of Mortgagor under any agreement related to the Property or under this Mortgage; or 
    (iii)      Any loss sustained by Mortgagor or any third party resulting from Lender’s failure to lease the Property, or from any other act or omission
of Lender in managing the Property, after an Event of Default, unless the loss is caused by the willful misconduct and bad faith of Lender. 
 Mortgagor hereby expressly waives and releases all liability of the types described above, and agrees that no such liability shall be asserted against or imposed upon Lender. 

(c)        Mortgagor agrees to indemnify, defend and hold Lender
harmless from all losses, damages, liabilities, claims, causes of action, judgments, court costs, attorneys’ fees and other legal expenses, cost of evidence of title, cost of evidence of value, and other costs and expenses which it may suffer
or incur in any way related to or arising out of: 

   (i)       the operation or maintenance of the
Projects; 
    (ii)      any claims made by any
third party against Lender in any manner relating to or arising out of any breach of representation or warranty, Default or Event of Default under any of the Loan Documents; 

   (iii)      any Indemnified Party’s response to a
subpoena or involvement in discovery, litigation, or similar matters that would not have occurred but for the Loan; 
    (iv)      any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Projects, the Loan, the Indebtedness or the
Loan Documents, or 
    (v)       any claims
made by any third party against Lender in any manner relating to or arising out of any other matter arising in connection with the Loan, any Borrower, Guarantor, any Environmental Indemnitor, any Lease, any Tenant, any Project or any Person claiming
by or through any of the foregoing which may be asserted against, imposed on or incurred by an Indemnified Party in connection with the Indebtedness, the Loan, the Loan Documents, the Projects or any portion of any of the foregoing or the exercise
by an Indemnified Party of rights or remedies granted to it under the Loan Documents or applicable Law. 
 Notwithstanding the
immediately preceding sentence, no Indemnified Party shall be entitled to be indemnified against the gross negligence or willful misconduct of any Indemnified Party. Upon written request by an Indemnified Party, Borrowers will undertake, at their
own costs and expense, on behalf of such Indemnified Party, using counsel reasonably satisfactory to the Indemnified Party, the defense of any legal action or proceeding whether 

  
 -10-

 
or not such Indemnified Party shall be a party and for which such Indemnified Party is entitled to be indemnified pursuant to this Section 5.7(c). At Lender’s option, Lender may,
at Mortgagor’s expense, prosecute or defend any action involving the priority, validity or enforceability of any of the Loan Documents. This agreement by Mortgagor to indemnify Lender shall survive the release and cancellation of any or all of
the Secured Obligations and the full or partial release of this Mortgage. 

   (d)      Mortgagor shall perform all obligations to pay
money arising under this Section 5.7 immediately upon demand by Lender. Each such obligation shall be added to, and considered to be part of, the principal of the Note, and shall bear interest from the date the obligation arises at the
Default Rate. 
 5.8.      Defense and Notice of Claims and
Actions.  At Mortgagor’s sole expense, Mortgagor shall protect, preserve and defend the Property and title to and right of possession of the Property, and the security of this Mortgage and the rights and powers of Lender created
under it, against all adverse claims. Mortgagor shall give Lender prompt notice in writing if any claim is asserted which does or could affect any such matters, or if any action or proceeding is commenced which alleges or relates to any such claim.
Lender may, at the expense of Mortgagor, appear in and defend any such claim, action or proceeding and any claim, action or other proceeding asserted or brought against Lender in connection with or relating to any part of the Property or this
Mortgage. 
 5.9.      Subrogation.  Lender shall be subrogated
to the liens of all encumbrances, whether released of record or not, which are discharged in whole or in part by Lender in accordance with this Mortgage or with the proceeds of any loan secured by this Mortgage. 

 

	 6.
	 Accelerating Transfers, Default and Remedies. 

6.1.      Accelerating Transfers. 

   (a)      “Accelerating Transfer” means
any Transfer not expressly permitted under Section 4.2(b) of the Loan Agreement. 

   (b)      Mortgagor acknowledges that Lender is making one
or more advances under the Loan Agreement in reliance on the expertise, skill and experience of Mortgagor; thus, the Secured Obligations include material elements similar in nature to a personal service contract. In consideration of Lender’s
reliance, Mortgagor agrees that Mortgagor shall not make any Accelerating Transfer, unless the transfer is preceded by Lender’s express written consent to the particular transaction and transferee. Lender may withhold such consent in its sole
discretion. If any Accelerating Transfer occurs, Lender in its sole discretion may declare all of the Secured Obligations to be immediately due and payable, and Lender may invoke any rights and remedies provided by Section 6.3 of this
Mortgage. 

  
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 6.2.      Events of
Default.  Mortgagor will be in default under this Mortgage upon the occurrence of any one or more of the following events (some or all collectively, “Events of Default;” any one singly, an “Event of
Default”). 
    (a)      Failure of
Mortgagor for a period of thirty (30) days after the earlier of (i) Mortgagor’s knowledge thereof and (ii) written notice from Lender, to observe or perform any non-monetary covenant or condition contained in this Mortgage or any
of the other Loan Documents; provided that if any such failure concerning a non-monetary covenant or condition is susceptible to cure but cannot reasonably be cured within said thirty (30) day period, then Mortgagor shall have an additional
forty-five (45) day period to cure such failure and no Event of Default shall be deemed to exist hereunder so long as (A) Mortgagor commences such cure within the initial thirty (30) day period and diligently and in good faith pursues
such cure to completion within such resulting seventy-five (75) day period from the date of Lender’s notice, and (B) the existence of such uncured default will not result in any Material Tenant under a Lease having the right to
terminate such Lease due to such uncured default; and provided further that if a different notice or grace period is specified under Article 8 of the Loan Agreement (or elsewhere in this Mortgage or the Loan Agreement) in which such
particular breach will become an Event of Default, the specific provision shall control; 

   (b)      [Intentionally Deleted]; or 

   (c)      An “Event of Default” occurs
under the Loan Agreement or any other Loan Document. 

6.3.      Remedies.  At any time after an Event of Default, Lender shall
be entitled to invoke any and all of the rights and remedies described below, in addition to all other rights and remedies available to Lender at law or in equity. All of such rights and remedies shall be cumulative, and the exercise of any one or
more of them shall not constitute an election of remedies. 

   (a)      Acceleration.  Lender may
declare any or all of the Indebtedness and Secured Obligations to be due and payable immediately. 
    (b)      Receiver.  Lender shall, as a matter of right pursuant to Minnesota statutes, Section 559.17 or other applicable law, without
notice and without giving bond to Mortgagor or anyone claiming by, under or through Mortgagor, and without regard for the solvency or insolvency of Mortgagor or the then value of the Property, to the extent permitted by applicable law, be entitled
to have a receiver appointed for all or any part of the Property and the Rents, and the proceeds, issues and profits thereof, with the rights and powers referenced below and such other rights and powers as the court making such appointment shall
confer, and Mortgagor hereby consents to the appointment of such receiver and shall not oppose any such appointment. To the extent permitted by applicable law, such receiver shall have all powers and duties prescribed by applicable law, all other
powers which are necessary or usual in such 

  
 -12-

 
cases for the protection, possession, control, management and operation of the Property, and such rights and powers as Lender would have, upon entering and taking possession of the Property under
subsection (c) below. Any Rents collected by the receiver shall be used and applied against the amounts and in the same priorities as are applicable to the Lender in Section 6.6 below. To the extent permitted by applicable law. Lender
shall have the right, at any time and without limitation as provided in Minnesota Statutes, Section 582.03, to advance money to the receiver to pay any part or all of the items which the receiver should otherwise pay if cash were available from
the Property and sums so advanced, with interest at the rate set forth in the Note, shall be secured hereby, or if advanced during the period of redemption shall be a part of the sum required to be paid to redeem from the sale. 

   (c)      Entry.  Lender, in person, by
agent or by court-appointed receiver, may enter, take possession of, manage and operate all or any part of the Property, may exclude Mortgagor and its agents and employees wholly therefrom, and may also do any and all other things in connection with
those actions that Lender may in its sole discretion consider necessary and appropriate to protect the security of this Mortgage. Such other things may include: taking and possessing all of Mortgagor’s or the then owner’s Books and Records
and accounts; entering into, enforcing, modifying or canceling leases on such terms and conditions as Lender may consider proper; obtaining and evicting tenants; fixing or modifying Rents; collecting and receiving any payment of money owing to
Lender; completing any unfinished construction; and/or contracting for and making repairs and alterations. If Lender so requests, Mortgagor shall assemble all of the Property that has been removed from the Premises and make all of it available to
Lender at the site of the Premises. Mortgagor hereby irrevocably constitutes and appoints Lender as Mortgagor’s attorney-in-fact to perform such acts and execute such documents as Lender in its sole discretion may consider to be appropriate in
connection with taking these measures, including endorsement of Mortgagor’s name on any instruments. If Mortgagor shall for any reason fail to surrender or deliver the Property or any part thereof after such demand by Lender, Lender or such
receiver may obtain a judgment or decree conferring on Lender or such receiver, the right to immediate possession of the Property or requiring the delivery of the Property to Lender or such receiver, and Mortgagor specifically consents to the entry
of such judgment or decree. 
    (d)      Cure;
Protection of Security.  Lender may cure any breach or default of Mortgagor, and if it chooses to do so in connection with any such cure or with respect to preventing a loss to Lender’s interest in the Property, Lender may also
enter the Property and/or do any and all other things which it may in its sole discretion consider necessary and appropriate to protect the security of this Mortgage, including, without limitation, completing construction of the improvements, if
any, at the Property contemplated by the Loan Agreement. Such other things may include: appearing in and/or defending any action or proceeding which purports to affect the security of, or the rights or powers of Lender under, this Mortgage; paying,
purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien against the Property; 

  
 -13-

 
obtaining insurance and/or paying any premiums or charges for insurance required to be carried under the Loan Agreement; repairing, restoring or otherwise caring for and protecting any and all of
the Property; and/or employing counsel, accountants, contractors and other appropriate Persons to assist Lender. Lender may take any of the actions permitted under this Subsection 6.3(d) either with or without giving notice to any Person. Any
amounts disbursed by Lender under this Subsection 6.3(d) together with interest thereon at the Default Rate from the date of disbursement, shall be secured by this Mortgage and shall be due and payable on demand. Nothing contained in the Loan
Documents shall require Lender to incur any expense or take any action hereunder. 

   (e)      Uniform Commercial Code
Remedies.  Lender may exercise any or all of the remedies granted to a secured party under the Code. 
    (f)      Foreclosure; Lawsuits.  Lender shall have the right, in one or several concurrent or consecutive proceedings, to foreclose the
lien hereof upon the Property or any part thereof, for the Secured Obligations, or any part thereof. Lender or its nominee may bid and become the purchaser of all or any part of the Property at any foreclosure or other sale hereunder, and the amount
of Lender’s successful bid shall be credited on the Secured Obligations. Without limiting the foregoing, Lender may proceed by a suit or suits in law or equity, whether for specific performance of any covenant or agreement herein contained or
in aid of the execution of any power herein granted, or for any foreclosure under the judgment or decree of any court of competent jurisdiction. Notwithstanding any statute or rule of law to the contrary, the failure to join any tenant or tenants of
the Property as party defendant or defendants in any foreclosure action or the failure of any such order or judgment to foreclose their rights shall not be asserted by Mortgagor as a defense in any civil action instituted to collect (i) the
Secured Obligations, or any part thereof or (ii) any deficiency remaining unpaid after foreclosure and sale of the Property. To the extent a notice of sale shall be required by law for the sale or disposition of the Personal Property, a
reasonable authenticated notification of disposition shall be notification given at least ten (10) days’ prior to any such sale, provided however, that no notification need be given to Mortgagor if it has authenticated after default a
statement renouncing or modifying any right to notification of sale or other intended disposition. 
    (g)      Other Remedies.  Lender may exercise all rights and remedies contained in any other instrument, document, agreement or other
writing heretofore, concurrently or in the future executed by Mortgagor or any other Person in favor of Lender in connection with the Secured Obligations or any part thereof, without prejudice to the right of Lender thereafter to enforce any
appropriate remedy against Mortgagor. Lender shall have the right to pursue all remedies afforded to a mortgagee under applicable law, and shall have the benefit of all of the provisions of such applicable law, including all amendments thereto which
may become effective from time to time after the date hereof. 

  
 -14-

 (h)        Sale
of Personal Property.  Lender shall have the discretionary right to cause some or all of the Property, which constitutes personal property, to be sold or otherwise disposed of in any combination and in any manner permitted by
applicable law. 
     (i)      For purposes
of this power of sale, Lender may elect to treat as personal property any Property which is intangible or which can be severed from the Premises or Improvements without causing structural damage. If it chooses to do so, Lender may dispose of any
personal property, in any manner permitted by Article 9 of the Code, including any public or private sale, or in any manner permitted by any other applicable law. 

    (ii)     In connection with any sale or other
disposition of such Property, Mortgagor agrees that the following procedures constitute a commercially reasonable sale: Lender shall mail written notice of the sale to Mortgagor not later than thirty (30) days prior to such sale. Lender will
publish notice of the sale in a local daily newspaper of general circulation. Upon receipt of any written request, Lender will make the Property available to any bona fide prospective purchaser for inspection during reasonable business hours.
Notwithstanding the foregoing, Lender shall be under no obligation to consummate a sale if, in its judgment, none of the offers received by it equals the fair value of the Property offered for sale. The foregoing procedures do not constitute the
only procedures that may be commercially reasonable. 

(i)          Single or Multiple Foreclosure
Sales.  If the Property consists of more than one lot, parcel or item of property, Lender may: 
     (i)      Designate the order in which the lots, parcels and/or items shall be sold or disposed of or offered for sale or disposition; and 

    (ii)     Elect to dispose of the lots, parcels and/or
items through a single consolidated sale or disposition to be held or made under or in connection with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale; or through two or more such sales or dispositions; or in any
other manner Lender may deem to be in its best interests (any such sale or disposition, a “Foreclosure Sale;” and any two or more, “Foreclosure Sales”). 

If Lender chooses to have more than one Foreclosure Sale, Lender at its option may cause the Foreclosure Sales to be held simultaneously
or successively, on the same day, or on such different days and at such different times and in such order as Lender may deem to be in its best interests. No Foreclosure Sale shall terminate or affect the liens of this Mortgage on any part of the
Property which has not been sold, until all of the Secured Obligations have been paid in full. 

  
 -15-

 Lender and any receiver, or any of their agents or representatives, shall have no liability
for any loss, damage, injury, cost or expenses resulting from any action or omission that was taken or omitted in good faith. 
 6.4.      Credit Bids.  At any Foreclosure Sale, any Person, including Mortgagor or Lender, may bid for and acquire the Property or any part of it to the
extent permitted by then applicable law. Instead of paying cash for such Property, Lender may settle for the purchase price by crediting the sales price of the Property against the following obligations: 

   (a)      First, the portion of the Secured Obligations
attributable to the expenses of sale, costs of any action and any other sums for which Mortgagor is obligated to pay or reimburse Lender under Section 5.7 of this Mortgage; and 

   (b)      Second, all other Secured Obligations in any
order and proportions as Lender in its sole discretion may choose. 

6.5.      Application of Foreclosure Sale Proceeds.  Lender shall apply
the proceeds of any Foreclosure Sale in the following manner: 

   (a)      First, to pay the portion of the Secured
Obligations attributable to the expenses of sale, costs of any action and any other sums for which Mortgagor is obligated to reimburse Lender under Section 5.7 of this Mortgage; 

   (b)      Second, to pay the portion of the Secured
Obligations attributable to any sums expended or advanced by Lender under the terms of this Mortgage which then remain unpaid; 
    (c)      Third, to pay all other Secured Obligations in any order and proportions as Lender in its sole discretion may choose; and 

   (d)      Fourth, to remit the remainder, if any, to the
Person or Persons entitled to it. 
 6.6.      Application of Rents and Other
Sums.  Notwithstanding anything to the contrary contained in this Mortgage, the Loan Agreement or any other Loan Documents, Lender shall apply any and all Rents collected by it, and any and all sums other than proceeds of a Foreclosure
Sale which Lender may receive or collect under Section 6.3 above, in the following manner (except as otherwise required by Minnesota Statutes, Section 559.17 or other applicable law): 

   (a)      reasonable receiver’s fees; 

   (b)      application of tenant security deposits as
required by Minnesota Statutes, Section 504B.178; 

  
 -16-

  (c)       payment,
when due, of prior or current real estate taxes or special assessments with respect to the Property, or the periodic escrow for the payment of the taxes or special assessments; 

 (d)       payment, when due, of premiums for insurance of the
type required by this Mortgage, or the periodic escrow for the payment of the premiums; 

 (e)       payment for the keeping of the covenants required of a
lessor or licensor pursuant to Minnesota Statutes, Section 504B.161, subdivision 1; and 

 (f)       all expenses for normal maintenance of the Property;

 provided, however, that nothing herein shall prohibit the right to reinstate pursuant to Minnesota Statutes,
Section 580.30, or the right to redeem granted pursuant to Minnesota Statutes, Sections 580.23 and 581.10. 
 Any excess cash remaining after paying the expenses listed in clauses (a) through (f) above shall be applied to the payment of the Secured Obligations except as may be otherwise required by
applicable law; provided that if the Property shall be foreclosed by the Lender and sold at a subsequent foreclosure sale, then: 
     (i)      if the Property shall be purchased by the Lender at the foreclosure sale, the Rents shall first be applied to any deficiency amount arising
from such sale and any remaining balance shall be retained by the Lender, provided further, that if the Property is redeemed by Mortgagor or any party that shall have the right to redeem, any amount remaining after the payment of the deficiency
balance shall be applied as a credit against the amount required to be paid to effect a redemption and any remaining excess Rents shall be retained by Mortgagor or redeeming party, as applicable, and if the Property is not redeemed, any remaining
excess Rents at the end of such redemption shall belong to the Lender, whether or not a deficiency exists; and 
     (ii)     if the Property is not purchased by the Lender at the foreclosure sale, the Rents shall first be applied to any deficiency amount arising from
such foreclosure sale, and the balance shall be retained by the purchaser, and if the Property shall be redeemed by Mortgagor or any other party entitled to redeem, any amount remaining after payment of the deficiency balance shall be applied as a
credit against the amount required to be paid to effect a redemption with any remaining balance to be retained by Mortgagor, provided, if the Property is not redeemed, then at the end of such redemption any remaining excess Rents shall be paid first
to the purchaser at the foreclosure sale in an amount equal to the interest accrued upon the sale price pursuant to Minnesota Statutes, Stat. Section 580.23 or Section 581.10, then to the Lender to the extent of any deficiency remaining
unpaid and the balance, if any, to the purchaser. 

  
 -17-

 Lender shall have no liability for any funds which it does not actually receive. To the
extent permitted by applicable law, Mortgagor waives all claims, damages and demands against Lender arising out of the disposition, repossession or retention of the Property. 

6.7.      Power of Sale.  In addition to any other remedies provided
herein, upon the occurrence of any Event of Default, Lender may (and is hereby authorized and empowered by Mortgagor to) foreclose this mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota in such case made and
provided, power being expressly granted to sell the Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all Indebtedness with interest, and all legal costs and charges
of such foreclosure and the maximum attorneys’ fees permitted by law, which costs, charges and fees Mortgagor agrees to pay. 
  

	 7.
	 Miscellaneous Provisions. 

 7.1.      Additional Provisions.  The Loan Documents fully state all of the terms and conditions of the parties’ agreement regarding the matters
mentioned in or incidental to this Mortgage. The Loan Documents also grant further rights to Lender and contain further agreements and affirmative and negative covenants by Mortgagor which apply to this Mortgage and to the Property. 

7.2.      No Waiver or Cure.  If any of the events described below occurs,
that event alone shall not: cure or waive any breach, Event of Default or notice of default under this Mortgage or invalidate any act performed pursuant to any such default or notice; or nullify the effect of any notice of default or sale (unless
all Secured Obligations then due have been paid and performed and all other defaults under the Loan Documents have been cured); or impair the security of this Mortgage; or prejudice Lender or any receiver in the exercise of any other right or remedy
afforded any of them under this Mortgage; or be construed as an affirmation by Lender of any tenancy, lease or option, or a subordination of the lien of this Mortgage. 

   (a)      Lender, its agent or a receiver takes possession
of all or any part of the Property in the manner provided in Section 6.3. 

   (b)      Lender collects and applies Rents as permitted
under Sections 2.3 and 6.6 above, either with or without taking possession of all or any part of the Property. 
    (c)      Lender receives and applies to any Secured Obligation any proceeds of any Property, including any proceeds of insurance policies, condemnation
awards, or other claims, property or rights assigned to Lender under Section 5.4 above. 
    (d)      Lender makes a site visit, observes the Property and/or conducts tests as permitted under the Loan Agreement. 

   (e)      Lender receives any sums under this Mortgage or
any proceeds of any collateral held for any of the Secured Obligations, and applies them to one or more Secured Obligations. 

  
 -18-

   (f)      Lender or any receiver invokes any right or
remedy provided under this Mortgage. 
 7.3.      Powers of Lender.

    (a)      If Lender performs any act which it
is empowered or authorized to perform under this Mortgage, including any act permitted by Section 5.5 or Subsection 6.3(d) of this Mortgage, that act alone shall not release or change the personal liability of any Person
for the payment and performance of the Secured Obligations then outstanding, or the lien of this Mortgage on all or the remainder of the Property for full payment and performance of all outstanding Secured Obligations. The liability of the original
Mortgagor shall not be released or changed if Lender grants any successor in interest to Mortgagor any extension of time for payment, or modification of the terms of payment, of any Secured Obligation. Lender shall not be required to comply with any
demand by the original Mortgagor that Lender refuse to grant such an extension or modification to, or commence proceedings against, any such successor in interest. 

   (b)      Lender may take any of the actions permitted
under Subsections 6.3(b) and/or 6.3(c) regardless of the adequacy of the security for the Secured Obligations, or whether any or all of the Secured Obligations have been declared to be immediately due and payable, or whether
notice of default and election to sell has been given under this Mortgage. 

   (c)      From time to time, Lender may apply to any court
of competent jurisdiction for aid and direction in executing and enforcing the rights and remedies created under this Mortgage. Lender may from time to time obtain orders or decrees directing, confirming or approving acts in executing and enforcing
these rights and remedies. 
 7.4.      Merger.  No merger shall
occur as a result of Lender’s acquiring any other estate in or any other lien on the Property unless Lender consents to a merger in writing. 
 7.5.      Joint and Several Liability.  If Mortgagor consists of more than one Person, each shall be jointly and severally liable for the faithful
performance of all of Mortgagor’s obligations under this Mortgage and the other Loan Documents. 

7.6.      Applicable Law.  The creation, perfection and enforcement of the
lien of this Mortgage shall be governed by the law of the State in which the Premises are located. Subject to the foregoing, in all other respects, this Mortgage shall be governed by the substantive laws of the State of Illinois. 

7.7.      Waiver of Homestead and Redemption.  Mortgagor hereby waives all
right of homestead exemption in the Property. Mortgagor hereby waives all right of redemption on behalf of Mortgagor and on behalf of all other Persons acquiring any interest or title in the 

  
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Property subsequent to the date of this Mortgage, except decree or judgment creditors of Mortgagor. 
 7.8.      Waiver of Statutory Rights.  To the extent permitted by law, Mortgagor hereby agrees that it shall not and will not apply for or avail itself of
any appraisement, valuation, stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing or hereafter enacted, in order to prevent or hinder the enforcement or foreclosure of this Mortgage, but hereby waives
the benefit of such laws. Mortgagor for itself and all who may claim through or under it waives any and all right to have the property and estates comprising the Property marshalled upon any foreclosure of the lien hereof and agrees that any court
having jurisdiction to foreclose such lien may order the Property sold as an entirety. Mortgagor hereby waives any and all rights of redemption from sale under any judgment of foreclosure of this Mortgage on behalf of Mortgagor and on behalf of each
and every Person acquiring any interest in or title to the Property of any nature whatsoever, subsequent to the date of this Mortgage. The foregoing waiver of right of redemption is made pursuant to the provisions of applicable law. 

7.9.      Severability.  If any provision of this Mortgage should be held
unenforceable or void, that provision shall be deemed severable from the remaining provisions and shall in no way affect the validity of this Mortgage except that if such provision relates to the payment of any monetary sum, then Lender may, at its
option, declare all Secured Obligations immediately due and payable. 

7.10.      Notice.  Notices shall be given under this Mortgage in
conformity with the terms and conditions of the Loan Agreement and in conformity with applicable law. 

7.11.      Future Advances.  This Mortgage is given to secure not only the
existing Secured Obligations, but also future advances (whether such advances are obligatory or are made at the option of Lender, or otherwise) made by Lender under the Note or this Mortgage, to the same extent as if such future advances were made
on the date of the execution of this Mortgage. The total amount of Secured Obligations secured hereby may increase or decrease from time to time. This Mortgage shall be valid and have priority to the extent of the maximum amount secured hereby over
all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments levied on the Property given priority by law. 
 7.12.      WAIVER OF TRIAL BY JURY.  MORTGAGOR AND LENDER (BY ITS ACCEPTANCE HEREOF) EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL
BY JURY IN ANY CLAIM, CONTROVERSY, DISPUTE, ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS (INCLUDING WITHOUT LIMITATION ANY ACTIONS OR PROCEEDINGS FOR ENFORCEMENT OF THE LOAN DOCUMENTS) AND AGREE THAT
ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. MORTGAGOR AND LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS 

  
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RELATIONSHIP, THAT EACH OF THEM HAVE RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED
FUTURE DEALINGS. MORTGAGOR AND LENDER WARRANT AND REPRESENT THAT EACH HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 

7.13.      Inconsistencies.  In the event of any inconsistency between
this Mortgage and the Loan Agreement, the terms hereof shall be controlling as necessary to create, preserve and/or maintain a valid lien and security interest upon the Property, otherwise the provisions of the Loan Agreement shall be controlling.
The terms of the Loan Agreement are hereby incorporated herein and expressly made a part hereof by this reference. 
 7.14.      Further Assurances.  Mortgagor agrees to execute any further documents, and to take any further actions reasonably requested by Lender to evidence
or perfect the security interests granted herein, to maintain the first priority of the security interests, and to effectuate the rights granted to Lender hereunder. 

7.15.      Successors and Assigns.  This Mortgage and all provisions
hereof shall extend to and be binding upon Mortgagor and its successors, grantees and assigns, any subsequent owner or owners of the Property and all Persons claiming under or through Mortgagor (but this clause shall not be construed as constituting
the consent by Lender to the transfer of any interest in the Property), and the word “Borrowers” when used herein shall include all such Persons and all Persons liable for the payment of or performance of the Secured Obligations or
any part thereof, whether or not such Persons shall have executed the Note or this Mortgage. The word “Lender”, when used herein, shall include the successors and assigns of Lender named herein, and the holder or holders, from time
to time, of the Note, including any Holder subject to a Co-Lender Agreement. Lender may from time to time, without the consent of Mortgagor, sell, transfer, pledge, assign, convey or syndicate this Mortgage, the Loan and the Loan Documents (or any
interest therein), and any and all servicing rights with respect thereto, and may grant participations in the Loan, delegate its duties and obligations under the Loan and the Loan Documents, split the Loan into multiple parts, or the Note into
multiple component notes or tranches or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in rated or unrated public offerings or private placement. Mortgagor shall not assign or attempt to assign its
rights under this Mortgage or any of the other Loan Documents or the Loan or delegate or attempt to delegate any of its duties or obligations under this Mortgage or any of the other Loan Documents or the Loan and any purported assignment or
delegation shall be void. 
 7.16.      Modification;
Consent.  No modification, waiver, amendment or discharge of this Mortgage or any other Loan Document shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver,
amendment or discharge is sought. Consent by Lender to any act or omission by Mortgagor shall not be construed as a consent to any other or subsequent act or omission or to waive the requirement for Lender’s consent to be obtained in any future
or other instance. 

  
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 7.17.      Maximum Principal
Indebtedness Secured.    This Mortgage secures the following: (i) the Loan and Note in the principal amount of $30,000,000; and (iii) all of the other Secured Obligations; provided that notwithstanding
anything to the contrary contained herein, enforcement of this Mortgage is limited to a principal debt amount of $20,000,000 under Chapter 287 of Minnesota Statutes together with such additional amounts as may be advanced or owing to Mortgagee and
for which no mortgage registration tax is payable under Minnesota Statutes Chapter 287 or for which such tax has been paid (collectively, the “Maximum Principal Amount”). The Mortgagor further acknowledges and agrees that this Mortgage
secures any and all advances made under the Note, Loan Agreement and any other Secured Obligations subject to the foregoing limitation and shall not be deemed to secure only the principal amount of particular advances or other amounts equal to the
Maximum Principal Amount. 
 7.18.      After-Acquired
Property.  To the extent permitted by, and subject to, applicable law, the lien of this Mortgage shall automatically attach, without further act, to all property hereafter acquired by Mortgagor located in or on, or attached to, or used
or intended to be used in connection with, or with the operation of, the Property or any part thereof. 

7.19.      Payment of Mortgage Registry Tax.  To the extent that any
Mortgage Registry Tax (“MRT”) is due under Minn. Stat. Chapter 287 (as the same may be amended or recodified) with respect to this Mortgage, or any other tax is due upon the Indebtedness or this Mortgage, Mortgagor agrees to pay the
MRT or other tax in full, whenever due, regardless on whom the MRT or other tax is imposed under said statute. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK. SIGNATURE PAGE 
 TO FOLLOW] 

  
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 IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the date
first above written. 
  

											
		 		 	 MORTGAGOR:

			
		 		 	 WELLS VAF – 6000 NATHAN LANE, LLC, a

Delaware limited liability company

				
		 		 	 By:    
	 	 Wells Mid-Horizon Value-Added Fund I, LLC, a

		 		 		 	 Georgia limited liability company, its sole member

					
		 		 		 	 By:    
	 	 Wells Investment Management Company,

LLC, its Manager

					
		 		 		 		 	 By: /s/ Kevin A. Hoover

		 		 		 		 	 Name:  Kevin A. Hoover

		 		 		 		 	 Title:  President

 Signature Page to Mortgage 

 ACKNOWLEDGMENT 

 

					
	 STATE OF Georgia               
	 	 )
	  	
		 	 )
	  	 SS

	 COUNTY OF Gwinnett         
	 	 )
	  	

 The foregoing instrument was executed on the 10 day of December,
2010 by Kevin A. Hoover, the President of Wells Investment Management Company, LLC, the Manager of Wells Mid-Horizon Value-Added Fund I, LLC, the sole member of WELLS VAF – 6000 NATHAN LANE, a Delaware limited liability company,
on behalf of said entities. 
  

	
	 /s/ Tamiko Motley

	 Notary Public

My Commission Expires: 
 April 1, 2014 
 Acknowledgment Page to Mortgage 

 EXHIBIT A 
 Description of Premises 
 Parcel 1: 

Lot 4, Block 1, Bass Creek Business Park 4th Addition, Hennepin County, Minnesota. Torrens Certificate Number: 1190199 

Parcel 2: 
 Non-exclusive watermain easement contained in the Grant of Easement recorded November 10, 1999 as Document No. 3224063, Hennepin County, Minnesota. 

Parcel 3: 
 Non-exclusive watermain easement contained in the Grant of Easement recorded November 10, 1999 as Document No. 3224062, Hennepin County, Minnesota. 

Parcel 4: 
 Non-exclusive appurtenant easements contained in the Declaration of Private Water Easement recorded October 21, 1998 as Document No. 3078700, Hennepin County, Minnesota, as amended by Amendment to
Declaration of Private Water Easement recorded November 10, 1999 as Document No. 3224061, Hennepin County, Minnesota.

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