Document:

Assignment and Assumption Agreement

 Exhibit 10.32 
 EXECUTION VERSION 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) dated as of February 11, 2009 is entered into by and between Goldman
Sachs Mortgage Company, a New York limited partnership (“Assignor”) and KBS Debt Holdings II X, LLC, a Delaware limited liability company (“Assignee”). 
 W I T N E S S E T H: 
 WHEREAS, reference is made to the Loan Agreement, dated as of August 8, 2007 between Assignor, as successor to Goldman Sachs Commercial Mortgage Capital, L.P. (“GSCMC”), as lender, and Brookfield Properties OLP Co. LLC
(f/k/a BFP One Liberty Plaza Co. LLC), as borrower (“Borrower”) (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), and to the loan made pursuant thereto (the
“Loan”); 
 WHEREAS, the Loan is represented by that certain Amended, Restated and Consolidated Note A-1 in the original
principal amount of $350,000,000 (“Note A-1”), that certain Amended, Restated and Consolidated Note A-2-A in the original principal amount of $250,000,000 ( “Note A-2-A”), that certain Amended, Restated and
Consolidated Note A-2-B-1 in the original principal amount of $35,000,000 (“Note A-2-B-1”), that certain Amended, Restated and Consolidated Note A-2-B-2-A in the original principal amount of $100,000,000 (the “Note
A-2-B-2-A”), that certain Amended, Restated and Consolidated Note A-2-B-2-B in the original principal amount of $75,000,000 (“Purchased Note 1”) and that certain Amended, Restated and Consolidated Note A-2-B-2-C in the
original principal amount of $40,000,000 (“Purchased Note 2”; together with Purchased Note 1, collectively, the “Purchased Notes”; Note A-1, Note A-2-A, Note A-2-B-1 and Note A-2-B-2-A , collectively, the
“Other Notes”). 
 WHEREAS, pursuant to the terms of this Agreement, Assignor desires to sell, and Assignee desires to
purchase, the Purchased Notes; 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree as follows: 
 1. Assignment. Assignor hereby sells, assigns and transfers to
Assignee all of Assignor’s right, title and interest in and to the Purchased Notes, in exchange for payment to Assignor in immediately available funds of an aggregate purchase price specified in a settlement statement executed by both parties,
plus all accrued and unpaid interest on the original principal balance of the Purchased Notes through the day immediately preceding the Settlement Date. 
 “Settlement Date” means the Business Day on which Assignor receives from Assignee the aggregate purchase price in immediately available funds; provided, however, that if Assignor
receives such aggregate purchase price after 3:00 p.m., New York time, on any Business Day, the Settlement Date shall be the next succeeding Business Day. 
 2. Assumption. Assignee hereby assumes the obligations, and agrees to observe and perform all the covenants, applicable to the holder of the Purchased Notes under the Loan Documents accruing from and after the
Settlement Date, including the obligations of the A-2 Lender that are applicable to the holder of the Purchased Notes under that certain Intercreditor 

  

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and Servicing Agreement, dated as of October 1, 2007, between Assignor in its capacity as the initial holder of the A-1 Note (as defined therein) and
Assignor in its capacity as holder of the A-2 Note (as defined therein) (as amended, the “Intercreditor Agreement”) and Assignor hereby agrees that it shall remain fully liable for any obligations and liabilities which accrued prior
to the Settlement Date under the Intercreditor Agreement and the Loan Documents. 
 3. Non-Reliance on Assignor. Except as explicitly
set forth herein, Assignor makes no representation or warranty in connection with, and shall have no responsibility with respect to, the solvency, financial condition, or financial or other statements of the Borrower, or the validity or
enforceability of the obligations of the Borrower in respect of the Loan Agreement or any other Loan Document. Assignee acknowledges that it has, independently and without reliance on Assignor (except as set forth in the representations in
Section 4 below), and based on the documents listed on Schedule 1 hereto and on such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption
Agreement and will continue to be responsible for making its own independent appraisal of the business, affairs and financial condition of the Borrower, the Collateral and the Property. 
 4. Representations. 
 (a) The
assignment provided for herein shall be without representation or warranty by Assignor, except for the representations and warranties contained in Exhibit A attached hereto and made a part hereof and in clause (c) below. 
 (b) Assignee hereby represents and warrants as follows: 
 (i) Assignee is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 (ii) Assignee has the full power, authority and legal right to purchase the Purchased Notes, and to execute, deliver and perform this
Agreement; 
 (iii) Assignee has duly authorized, executed and delivered this Agreement and, assuming the due authorization,
execution and delivery by the Assignee, this Agreement constitutes the legal, valid and binding agreement of the Assignee, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization,
liquidation, receivership, moratorium and other laws relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or
at law); and 
 (iv) Assignee is not (x) an “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of ERISA, (y) a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986 (the
“Code”) subject to Section 4975 of the Code, or (z) an entity whose underlying assets include plan assets by reason of an investment by any such “employee benefit plan” or “plan” in the entity. 
  

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 (c) Each party hereto represents and warrants to the other that it has dealt with no broker or similar
person in connection with entering into this Agreement (other than the other party to this Agreement). 
 5. Other Notes. Schedule
2 contains the list, as of the date hereof, of each of the holders of the Other Notes to the Assignor’s knowledge, together with contact information for each of the holders of the Other Notes. 
 6. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard
to conflict of law principles. 
 7. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 8. Successors and Assigns.
The provisions of this Agreement shall be binding upon the parties and their respective successors and/or assigns. 
 9. Entire
Agreement. This Agreement constitutes the entire agreement, and supercedes all prior agreements, if any, of the parties hereto with respect to the subject matter hereof. 
 10. Defined Terms. Capitalized terms used and not defined herein will have the respective meanings set forth in the Loan Agreement. 
 [Remainder of page intentionally left blank; signature pages follow] 
  

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 EXECUTION VERSION 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	ASSIGNOR:
	
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a New York
limited partnership

		
	By:	 	 Goldman Sachs Real Estate Funding Corp.,
 its
general partner

			
		 	By:	 	 /s/ Authorized Signatory

		 		 	Name:
		 		 	Title:
	
	ASSIGNEE:
	
	 KBS DEBT HOLDINGS II X, LLC,
 a Delaware
limited liability company

		
	By:	 	 KBS LIMITED PARTNERSHIP II,
 a Delaware
limited partnership, its sole manager

		
		 	 By:   KBS REAL ESTATE INVESTMENT TRUST II, INC.,
 a Maryland corporation,
 its sole general partner

		 
			
		 	By:	 	 /s/ Charles J. Schreiber, Jr.

		 		 	Charles J. Schreiber, Jr.
		 		 	Chief Executive OfficerAmended, Restated and Consolidated Note A-2-B-2-B

 Exhibit 10.33 
 AMENDED, RESTATED AND CONSOLIDATED NOTE A-2-B-2-B 
 BFP ONE LIBERTY PLAZA CO. LLC 

MERS MIN: 8000101-0000006759-4 
  

			
	 $75,000,000.00
	  	New York, New York
		  	As of August 8, 2007

 FOR VALUE RECEIVED, the undersigned BROOKFIELD PROPERTIES OLP CO. LLC (f/k/a BFP ONE LIBERTY PLAZA
CO. LLC), a Delaware limited liability company (the “Maker”), promises to pay to the order of GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, and its successors and assigns (the holder of this Note from time to time,
or any portion hereof, is hereinafter referred to as the “Holder”) or to such other account pursuant to such other wiring instruction as the Holder may from time to time designate in writing, the principal amount of SEVENTY FIVE
MILLION DOLLARS ($75,000,000.00), or so much thereof as may be outstanding from time to time (the “Principal Amount”), together with interest thereon and all other amounts payable to the Holder under the Loan Documents with respect
to the Loan, such principal, interest and other amounts to be payable as provided in the Loan Agreement (as defined below). Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Loan
Agreement. 
 This Amended, Restated and Consolidated Note A-2-B-2-B (this “Note”), together with that certain
Amended, Restated and Consolidated Note A-2-B-2-C, of even date herewith, by Maker for the benefit of Goldman Sachs Mortgage Company (the “A-2-B-2-C Note”), replaces, but does not extinguish the indebtedness evidenced by, that
certain Amended, Restated and Consolidated Note A-2-B-2-B, dated as of August 8, 2007, in the original principal amount of ONE HUNDRED FIFTEEN MILLION DOLLARS ($115,000,000.00) executed by Maker and payable to the order of Goldman Sachs
Mortgage Company, as holder (“Original Note”). This Note, together with the A-2-B-2-C Note, amends and restates, in its entirety, the Original Note. 
 This Note, together with the A-2-B-2-C Note, that certain Amended, Restated and Consolidated Note A-1, that certain Amended, Restated and Consolidated Note A-2-A, that certain Amended, Restated and Consolidated Note
A-2-B-1 and that certain Amended, Restated and Consolidated Note A-2-B-2-A (collectively, the “Other Notes”), is the “Note” referred to in that certain Loan Agreement, dated as of the date hereof, among the Maker, as
borrower, and Goldman Sachs Commercial Mortgage Capital, L.P., as a lender (as amended, modified or supplemented and in effect from time to time, the “Loan Agreement”) and, together with the Other Notes, evidences the Loan made
thereunder. Reference to the Loan Agreement is hereby made for a statement of the rights of the Holder and the duties and obligations of the Maker, but neither this reference to the Loan Agreement nor any provision thereof shall affect or impair the
absolute and unconditional obligation of the Maker to pay the principal, interest and other amounts payable with respect to this Note when due. The Principal Amount shall bear interest at the rates provided for in the Loan Agreement. 
  

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 All advances made to the Maker pursuant to the Loan Agreement and all prepayments of principal thereof,
and the resulting changes to the Principal Amount, may be endorsed by the Holder upon the schedule hereto attached which is a part of this Note; provided, however, that the failure of the Holder to make any such endorsement shall not in any manner
affect the obligation of Maker to repay the Principal Amount in accordance with the terms hereof. Such endorsements (absent manifest error) shall be prima facie evidence of the Principal Amount. 
 This Note is secured by the Mortgage, the Assignment of Rents and Leases and other security interests and liens granted in the Loan Agreement and in
other Loan Documents. 
 The principal sum evidenced by this Note, together with accrued interest and other sums or amounts due hereunder,
shall become immediately due and payable at the option of the Holder upon the occurrence and during the continuation of any Event of Default in accordance with the provisions of the Loan Agreement. 
 This Note, together with the Other Notes, amends, restates and consolidates in their entirety the terms and provisions of those certain promissory notes
issued by the Maker and described in Schedule A (collectively, the “Existing Note”) so that henceforth this Note, together with the Existing Note, shall constitute evidence of but one debt in the principal amount stated
above. The terms, covenants, agreements, rights, obligations and conditions contained in this Note shall supersede and control the terms, covenants, agreements, rights, obligations and conditions of the Existing Note; provided,
however, that nothing herein shall impair the indebtedness evidenced by the Existing Note. 
 With respect to the amounts due and
payable pursuant to this Note, the Maker waives the following: (1) demand, presentment, protest, notice of dishonor, notice of nonpayment, suit against any party, diligence in collection of this Note, except for notices required by any
Governmental Authority and notices required by the Loan Agreement; and (2) any further receipt by or acknowledgment of any Collateral now or hereafter deposited, pledged or conveyed as security for the Loan. 
 In no event shall the amount of interest (and any other sums or amounts that are deemed to constitute interest under applicable Legal Requirements) due
or payable hereunder (including interest calculated at the Default Rate) exceed the maximum rate of interest designated by applicable Legal Requirements (the “Maximum Amount”), and in the event such excess payment is inadvertently
paid by the Maker or inadvertently received by the Holder, then such excess sum shall be credited as a payment of principal on this Note, and if in excess of the outstanding Principal Amount of this Note, shall be immediately returned to the Maker
upon such determination. It is the express intent hereof that the Maker not pay and the Holder not receive, directly or indirectly, interest in excess of the Maximum Amount. 
 Other than as expressly set forth in the Loan Agreement, this Note may not be assigned in whole or in part by the Maker. The Holder shall have the right
from time to time at its discretion to make an assignment or sell a participation subject to and in accordance with the terms set forth in the Loan Agreement. Maker’s obligations in connection with any such assignment or participation shall be
as set forth in the Loan Documents. 
  

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 The Holder shall not by any act, delay, omission or otherwise be deemed to have amended, modified,
supplemented, waived, extended, discharged or terminated any of its rights or remedies, except by an amendment, modification, supplement, waiver, extension, discharge or termination in writing and signed by the appropriate parties, as may be
applicable pursuant to the Loan Agreement. All rights and remedies of the Holder under the terms of this Note and applicable statutes or rules of law shall be cumulative, and may be exercised successively or concurrently. The Maker agrees that there
are no defenses, equities or setoffs with respect to the obligations set forth herein. 
 Wherever possible, each provision of this Note
shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Note shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 
 The Holder may, at its option, release any Collateral given to secure the indebtedness evidenced hereby, and no such release shall impair the obligations of the Maker to the Holder under this Note and the other Loan Documents. 

This Note was negotiated in New York, and made by the Maker and accepted by the Holder in the State of New York, and the proceeds of this Note were
disbursed from New York, which State the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby, and in all respects (including, without limitation, matters of construction, validity and
performance), this Note and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and performed in such State and any applicable law of the United
States of America. 
 ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE HOLDER OR THE MAKER ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK. THE MAKER, AND BY ACCEPTANCE OF THIS NOTE, THE HOLDER, HEREBY (i) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND (ii) IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. 
 The provisions of this Note shall be subject to the provisions of the
Loan Agreement including the non-recourse provisions of Section 9.19 of the Loan Agreement, the provisions of which are incorporated herein by this reference as if fully set forth herein. 
 THE MAKER AND, BY ACCEPTANCE HEREOF, THE HOLDER, TO THE FULLEST EXTENT THAT EACH MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING
(INCLUDING, WITHOUT LIMITATION, ANY TORT 

  

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ACTION), BROUGHT BY EITHER PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS. 
  

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 IN WITNESS WHEREOF, the Maker has caused this Note to be executed as of the day and year first above
written. 
  

			
	MAKER:
	
	BROOKFIELD PROPERTIES OLP CO. LLC
		
	By:	 	 /s/ Ralph S. Toussie

		 	 Name: Ralph S. Toussie
 Title: Vice President,
Associate Counsel

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