Document:

Loan Agreement, dated as of December 29, 2010

 EXHIBIT 10.29 
 LOAN AGREEMENT 
 by and between 

IIT INLAND EMPIRE – 3700 INDIAN AVENUE LP, 
 as Borrower 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Lender 
 Dated as of: December 29, 2010 

Property Location: Hanes Distribution Facility, Perris, California 
 Document Prepared By: 
 Cadwalader, Wickersham & Taft LLP 

227 West Trade Street 
 Charlotte,
North Carolina 28202 
 Attention: James P. Carroll, Esq. 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	ARTICLE 1. DEFINITIONS	  	 	1	  
			
	 1.1
	    	DEFINED TERMS	  	 	1	  
		
	ARTICLE 2. LOAN; LOAN DOCUMENTS; SECURITY	  	 	1	  
			
	 2.1
	    	LOAN	  	 	1	  
	 2.2
	    	INTEREST; PAYMENTS	  	 	1	  
	 2.3
	    	LATE CHARGE; DEFAULT RATE	  	 	2	  
	 2.4
	    	MAXIMUM RATE PERMITTED BY LAW	  	 	2	  
	 2.5
	    	LOAN DOCUMENTS	  	 	2	  
	 2.6
	    	SECURITY	  	 	2	  
		
	ARTICLE 3. BORROWER’S LIABILITY	  	 	3	  
			
	 3.1
	    	BORROWER’S LIABILITY	  	 	3	  
		
	ARTICLE 4. IMPOUNDS	  	 	4	  
			
	 4.1
	    	TAX IMPOUND	  	 	4	  
	 4.2
	    	INSURANCE IMPOUND	  	 	4	  
	 4.3
	    	ADDITIONAL IMPOUNDS	  	 	5	  
	 4.4
	    	CASH MANAGEMENT AGREEMENT	  	 	5	  
	 4.5
	    	GENERAL	  	 	5	  
	 4.6
	    	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS	  	 	6	  
		
	ARTICLE 5. REPRESENTATIONS AND WARRANTIES	  	 	6	  
			
	 5.1
	    	REPRESENTATIONS AND WARRANTIES	  	 	6	  
	 5.2
	    	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS	  	 	9	  
		
	ARTICLE 6. HAZARDOUS MATERIALS	  	 	15	  
			
	 6.1
	    	HAZARDOUS MATERIALS INDEMNITY AGREEMENT	  	 	15	  
		
	ARTICLE 7. COVENANTS OF BORROWER	  	 	15	  
			
	 7.1
	    	COSTS AND EXPENSES	  	 	15	  
	 7.2
	    	ERISA COMPLIANCE	  	 	16	  
	 7.3
	    	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS	  	 	16	  
	 7.4
	    	COVENANTS - LEASES; MAJOR LEASES	  	 	17	  
	 7.5
	    	INTENTIONALLY DELETED	  	 	19	  
	 7.6
	    	RIGHT OF SUBORDINATION	  	 	19	  
	 7.7
	    	FURTHER ASSURANCES	  	 	19	  
	 7.8
	    	ASSIGNMENT	  	 	19	  
	 7.9
	    	EXISTENCE	  	 	19	  
	 7.10
	    	COMPLIANCE WITH LAWS, ETC	  	 	20	  
	 7.11
	    	LITIGATION	  	 	20	  
	 7.12
	    	MERGER, CONSOLIDATION, TRANSFER OF ASSETS	  	 	20	  
	 7.13
	    	ACCOUNTING RECORDS	  	 	20	  
	 7.14
	    	PAYMENT OF TAXES AND CLAIMS	  	 	20	  
	 7.15
	    	MAINTENANCE OF PROPERTY	  	 	20	  

  
 i 

							
	 7.16
	    	QUALIFICATION, NAME; EXISTENCE	  	 	21	  
	 7.17
	    	ALTERATIONS	  	 	21	  
	 7.18
	    	COMPLIANCE WITH PATRIOT ACT	  	 	21	  
	 7.19
	    	ACCESS TO PROPERTY	  	 	21	  
	 7.20
	    	NOTICE OF DEFAULT	  	 	21	  
	 7.21
	    	COOPERATE IN LEGAL PROCEEDINGS	  	 	22	  
	 7.22
	    	PERFORMANCE BY BORROWER	  	 	22	  
	 7.23
	    	ESTOPPEL CERTIFICATES	  	 	22	  
	 7.24
	    	ADVISOR	  	 	23	  
	 7.25
	    	NO JOINT ASSESSMENT	  	 	23	  
	 7.26
	    	REA COVENANTS	  	 	23	  
	 7.27
	    	DEFERRED MAINTENANCE	  	 	23	  
		
	ARTICLE 8. FINANCIAL COVENANTS	  	 	23	  
			
	 8.1
	    	STATEMENTS REQUIRED	  	 	23	  
	 8.2
	    	FORM; WARRANTY	  	 	24	  
	 8.3
	    	CHARGE FOR LATE DELIVERY	  	 	24	  
		
	ARTICLE 9. DEFAULTS AND REMEDIES	  	 	25	  
			
	 9.1
	    	DEFAULT	  	 	25	  
	 9.2
	    	ACCELERATION	  	 	26	  
	 9.3
	    	RIGHTS AND REMEDIES	  	 	26	  
		
	ARTICLE 10. NO PREPAYMENT - DEFEASANCE ONLY	  	 	26	  
		
	ARTICLE 11. DEFEASANCE - FULL OR PARTIAL	  	 	27	  
		
	ARTICLE 12. INSURANCE	  	 	30	  
			
	 12.1
	    	REQUIRED INSURANCE	  	 	30	  
	 12.2
	    	ADDITIONAL INSURANCE	  	 	33	  
	 12.3
	    	POLICY REQUIREMENTS	  	 	33	  
	 12.4
	    	MAINTENANCE OF INSURANCE	  	 	34	  
	 12.5
	    	TERRORISM COVERAGE	  	 	34	  
	 12.6
	    	CERTAIN RIGHTS OF LENDER	  	 	35	  
	 12.7
	    	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS	  	 	35	  
	 12.8
	    	RESTORATION	  	 	37	  
	 12.9
	    	DISBURSEMENT	  	 	38	  
		
	ARTICLE 13. INDEMNITY	  	 	38	  
			
	 13.1
	    	INDEMNITY	  	 	38	  
	 13.2
	    	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES	  	 	39	  
	 13.3
	    	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION	  	 	39	  
	 13.4
	    	ERISA INDEMNIFICATION	  	 	39	  
	 13.5
	    	SPECIAL SERVICING	  	 	39	  
		
	ARTICLE 14. TRANSFER	  	 	39	  
			
	 14.1
	    	TRANSFER OF PROPERTY; ASSUMPTION OF LOAN	  	 	39	  
		
	ARTICLE 15. DUE ON SALE/ENCUMBRANCE	  	 	41	  
			
	 15.1
	    	DUE ON SALE/ENCUMBRANCE	  	 	41	  

  
 ii 

							
	ARTICLE 16. MISCELLANEOUS PROVISIONS	  	 	43	  
			
	 16.1
	    	FORM OF DOCUMENTS	  	 	43	  
	 16.2
	    	NO THIRD PARTIES BENEFITED	  	 	43	  
	 16.3
	    	NOTICES	  	 	43	  
	 16.4
	    	ONGOING CREDIT AUTHORIZATION	  	 	43	  
	 16.5
	    	ATTORNEY-IN-FACT	  	 	43	  
	 16.6
	    	ACTIONS	  	 	43	  
	 16.7
	    	RIGHT OF CONTEST	  	 	44	  
	 16.8
	    	RELATIONSHIP OF PARTIES	  	 	44	  
	 16.9
	    	DELAY OUTSIDE LENDER’S CONTROL	  	 	44	  
	 16.10
	    	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT	  	 	44	  
	 16.11
	    	IMMEDIATELY AVAILABLE FUNDS	  	 	44	  
	 16.12
	    	LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION	  	 	45	  
	 16.13
	    	LENDER’S AGENTS	  	 	46	  
	 16.14
	    	AUTHORIZATION TO FILE FINANCING STATEMENTS	  	 	46	  
	 16.15
	    	TAX SERVICE	  	 	46	  
	 16.16
	    	ADVERTISING	  	 	46	  
	 16.17
	    	COMMERCIAL LOAN	  	 	47	  
	 16.18
	    	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY	  	 	47	  
	 16.19
	    	SEVERABILITY	  	 	47	  
	 16.20
	    	INTENTIONALLY OMITTED	  	 	47	  
	 16.21
	    	HEADINGS	  	 	47	  
	 16.22
	    	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY	  	 	47	  
	 16.23
	    	GOVERNING LAW; JURISDICTION	  	 	48	  
	 16.24
	    	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	49	  
	 16.25
	    	INTEGRATION; INTERPRETATION	  	 	49	  
	 16.26
	    	COUNTERPARTS	  	 	49	  
	 16.27
	    	AMENDMENTS	  	 	49	  
	 16.28
	    	CONSENTS AND APPROVALS; CONSTRUCTION	  	 	49	  
	 16.29
	    	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE	  	 	50	  
	 16.30
	    	INTENTIONALLY OMITTED	  	 	50	  
	 16.31
	    	INTENTIONALLY OMITTED	  	 	50	  
	 16.32
	    	INTENTIONALLY OMITTED	  	 	50	  
	 16.33
	    	EXHIBITS; SCHEDULES	  	 	50	  
	 16.34
	    	CONFLICT	  	 	50	  
	 16.35
	    	SECURITIZATION INDEMNIFICATION	  	 	50	  
	 16.36
	    	BORROWER WAIVERS	  	 	53	  
	 16.37
	    	REMEDIES OF BORROWER	  	 	54	  

  

					
	EXHIBITS AND SCHEDULES
			
	Exhibit A	  	–	    	Definitions
	Exhibit B	  	–	    	Property/Legal Description/Address/Information
	Exhibit C	  	–	    	List of Loan Documents and Closing Documents
	Exhibit D	  	–	    	Litigation Disclosures
	Exhibit E	  	–	    	Additional Impounds
	Exhibit E.1	  	–	    	List of Work
	Exhibit G	  	–	    	Additional Insurance Provisions
	Schedule 5.1(v)	  		    	Description of REA’s

  

  
 iii

 LOAN AGREEMENT 

THIS LOAN AGREEMENT (this “Agreement”) is made and entered into December 29, 2010, by and between IIT
INDIAN EMPIRE – 3700 INDIAN AVENUE LP, a Delaware limited partnership ( “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, together with its successors and assigns ( “Lender”). 

R E C I T A L S 
 Borrower desires to borrow from Lender, and Lender agrees to loan to Borrower, the amounts described below pursuant to the terms and conditions set forth herein. 

NOW, THEREFORE, Borrower and Lender agree as follows: 
 ARTICLE 1. DEFINITIONS 
  

	1.1	DEFINED TERMS. 

Unless otherwise defined in the text of this Agreement, the capitalized terms generally used in this Agreement shall have the meanings
defined or referenced in Exhibit A attached hereto and incorporated herein for all purposes. 
 ARTICLE 2. LOAN;
LOAN DOCUMENTS; SECURITY 
  

	2.1	LOAN. 

 Subject to
the terms of this Agreement, Lender agrees to lend to Borrower, and Borrower agrees to borrow from Lender, the maximum principal sum of FORTY-FIVE MILLION AND 00/100THS DOLLARS ($45, 000,000.00) shall be evidenced by the Note. The Loan shall be
secured by the security interests and liens granted pursuant to certain of the Security Documents as more particularly set forth therein. Interest shall accrue, and be payable, in respect of the Loan as provided herein below. 

 

	2.2	INTEREST; PAYMENTS. 

  

	 	(a)	Interest Accrual. Interest on the outstanding principal balance of the Note shall accrue from the Disbursement Date at the Note Rate calculated on an
Actual/360 Basis. 

  

	 	(b)	 Payments. Monthly payments, each in the P&I Payment Amount, shall commence on the First P&I Due Date and continue on each Due
Date thereafter. In addition, if the Disbursement Date is not the first (1st) day of a calendar month, an interest-only payment pursuant to subsection (a) above shall be due on the Disbursement Date for interest due from and including the Disbursement Date to the
last day of the month ending prior to the First Due Date. On the Maturity Date, all unpaid principal and accrued but unpaid interest shall be due and payable in full. All interest shall be paid in arrears. Except as otherwise specifically provided
in this Agreement or the other Loan Documents, all payments and deposits due under the Note or the other Loan Documents shall be made to Lender not later than 2:00 p.m., California time, on the day on which such payment or deposit is due. Any funds
received by Lender after such time shall, for all purposes, be deemed to have been received on the next succeeding Business Day. 

  

	 	(c)	Acknowledgments. Borrower acknowledges that the P&I Payment Amount was determined using a 30/360 Basis despite the fact that interest on the Note
accrues on an Actual /360 Basis. Interest calculated on an Actual/360 Basis exceeds interest calculated on a 30/360 Basis and, therefore: (a) a greater portion of each monthly installment of principal and interest will be applied to interest
using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis; and (b) the unpaid principal balance of the Note on the Maturity Date will be greater using the Actual/360 Basis than would be the case if interest accrued
on a 30/360 Basis. 

  
 1 

	 	(d)	Application of Payments. All payments paid by Borrower to Lender in connection with the obligations of Borrower under this Agreement and under the other
Loan Documents shall be applied in the order of priority as set forth in the Cash Management Agreement. The P&I Payment Amount shall be applied (a) first, to accrued but unpaid interest on the Note; and (b) second, to the unpaid
principal balance of the Note. Borrower irrevocably waives the right to direct the application of any payments at any time received by Lender from or on behalf of Borrower, and during the continuance of a Default, Borrower agrees that Lender shall
have the continuing exclusive right to apply any payments to the then due and owing obligations of Borrower in such order of priority as Lender may deem advisable. 

 

	2.3	LATE CHARGE; DEFAULT RATE. 

  

	 	(a)	Late Charge. If all or any portion of any payment (including, without limitation, any payment of any interest, the P&I Payment Amount, Impounds or
other deposit(s)) required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before the day on which the payment is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to four
percent (4%) of the amount of such unpaid payment (herein called “Late Charge”). If all or any portion of the payment due on the Maturity Date is paid after the Maturity Date and on a date which is not the first (1st) day
of a calendar month, Borrower shall pay a late or collection charge, as liquidated damages, equal to the interest which would have accrued on such amount during the period commencing on the date payment of such amount is actually made and ending on
the last day of the calendar month in which payment of such amount is actually made. Borrower acknowledges that Lender will incur additional expenses as a result of any late payments or deposits hereunder, which expenses would be impracticable to
quantify, and that Borrower’s payments under this Section 2.3 are a reasonable estimate of such expenses. 

  

	 	(b)	Default Rate. Commencing upon a Default and continuing until such Default shall have been cured by Borrower, all sums owing on the Loan shall bear
interest at the Default Rate. 

  

	2.4	MAXIMUM RATE PERMITTED BY LAW. 

 Neither this Agreement, the Note nor any of the other Loan Documents shall be construed to require the payment or permit the collection of any interest or any late payment charge in excess of the maximum
rate permitted by law. If any such excess interest or late payment charge is provided for under this Agreement, the Note or any of the other Loan Documents or if this Agreement, the Note or any of the other Loan Documents shall be adjudicated to
provide for such excess, Borrower shall not be obligated to pay such excess notwithstanding any other provision of the Loan Documents. If Lender shall collect amounts which are deemed to constitute interest and which would increase the effective
interest rate to a rate in excess of the maximum rate permitted by applicable law, all such amounts deemed to constitute interest in excess of the maximum legal rate shall, upon such determination, at the option of Lender, be returned to Borrower or
credited against the outstanding principal balance of the Loan. 
  

	2.5	LOAN DOCUMENTS. 

Borrower shall deliver to Lender concurrently with this Agreement each of the Loan Documents, properly executed and in recordable form, as
applicable. 
  

	2.6	SECURITY. 

 The
Loan and all obligations of Borrower arising hereunder and under the other Loan Documents shall be secured by (i) the Mortgage creating a senior priority lien on the Property and the Collateral, (ii) the other Loan Documents and any
security interests and liens created thereby, and (iii) the Impounds established pursuant to this Agreement. Notwithstanding the foregoing or anything contained in this Agreement or the other Loan Documents to the contrary, it is expressly
understood and acknowledged by the parties hereto that neither the Guaranty nor the Hazardous Materials Indemnity Agreement shall constitute security for the Loan. 

  
 2 

 ARTICLE 3. BORROWER’S LIABILITY 

 

	3.1	BORROWER’S LIABILITY. 

  

	 	(a)	Limitation. Except as otherwise provided in this Article 3, Lender’s recovery against Borrower under this Agreement and the other Loan
Documents shall be limited solely to the Property and the Collateral. 

  

	 	(b)	Exceptions; Limited Liability. Nothing contained in this Article 3 or elsewhere in this Agreement or the other Loan Documents, however, shall limit
in any way the personal liability of Borrower owed to Lender for any Losses (defined below) incurred by Lender with respect to any of the following matters: (i) fraud or intentional or willful material misrepresentation by Borrower or
Guarantor, or any Affiliate of Borrower or Guarantor under the control of Borrower or Guarantor, respectively; (ii) commission of a criminal act by Borrower, Guarantor, or any Affiliate of Borrower or Guarantor under the control of Borrower or
Guarantor, respectively, which results in a forfeiture of the Property; (iii) material intentional physical waste of the Property or the Collateral; (iv) failure to pay property or other taxes, assessments assessed against the Property or
charges which could become Liens on the Property (other than (x) amounts paid to Lender for taxes, assessments or charges pursuant to Impounds and where Lender elects (during the continuance of a Default or otherwise) not to apply such funds
toward payment of the taxes, assessments or charges owed or (y) taxes, assessments or charges owed that are contested strictly in accordance with the terms of the Loan Documents) to the extent that the revenue from the Property is sufficient to
pay such amount; (v) failure to maintain insurance as required by this Agreement to the extent that the revenue from the Property is sufficient to pay the Insurance Premiums relating thereto; (vi) failure to deliver any insurance or
condemnation proceeds or awards or any security deposits received by Borrower to Lender or to otherwise apply such sums as required under the terms of the Loan Documents or any other instrument now or hereafter securing the Loan; (vii) failure
to apply any rents, royalties, accounts, revenues, income, issues and profits which are collected or received by Borrower during the period of any Default or after acceleration of the indebtedness and other sums owing under the Loan Documents to the
payment of either (A) such indebtedness or other sums due Lender or (B) the normal and necessary operating expenses of the Property; (viii) any breach by Borrower of any covenant in this Agreement or in the Mortgage regarding
Hazardous Materials or in any indemnity or other agreement regarding Hazardous Materials executed by Borrower in favor of Lender in connection with the Loan (including, without limitation, the Hazardous Materials Indemnity Agreement), or any
representation or warranty of Borrower regarding Hazardous Materials contained therein proving to have been untrue in any material respect when made; (ix) any transfer taxes (or similar fees or taxes) incurred in connection with a transfer of
the Property resulting from a foreclosure of the Mortgage or a deed-in-lieu of foreclosure of the Property; (x) Borrower’s failure to comply with the provisions of Sections 5.2 (to the extent such failure to comply in itself, or in
the aggregate with other violations of Section 5.2 results in the substantive consolidation of Borrower) or Section 16.35 of this Agreement; (xi) Borrower’s or Guarantor’s failure to satisfy the Indemnification
Obligations (as defined in the Lockbox Agreement) pursuant to the terms of the Lockbox Agreement; (xii) Borrower’s failure to deliver the Letter of Credit Assignment, if any, in accordance with the terms of Section 7.4(g) of
this Agreement; or (xiii) the Property to fail to receive a final certificate of occupancy as more particularly described in Section 7.28 hereof. The term “Losses” as used herein shall mean any and all claims,
suits, liabilities (including, without limitation, strict liabilities and any impairment of Lender’s security for the Loan), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments,
awards, amounts paid in settlement of whatever kind or nature (including, but not limited to, reasonable legal fees and other costs of defense). 

  

	 	(c)	 Exceptions; Full Recourse. Notwithstanding the foregoing, or anything to the contrary contained in this Agreement or the other Loan
Documents, the limitation on recourse set forth in Article 3.1(a) and (b) above shall be null and void and completely inapplicable, and Borrower shall be fully and personally liable for the payment and performance of all obligations set
forth in this 

  
 3 

	 	 
Agreement and the other Loan Documents, including the payment of all principal, interest and other amounts under the Note, (i) in the event the Property or the Collateral shall become an
asset in (x) a voluntary bankruptcy or insolvency proceeding or other voluntary Material Action, or (y) an involuntary bankruptcy or insolvency proceeding or other involuntary Material Action, which, in either case, is consented to or
colluded by Borrower, Guarantor, or an Affiliate of Borrower, or Guarantor controlled by Borrower or Guarantor, respectively, or filed by Borrower or Guarantor or an Affiliate of Borrower or Guarantor controlled by Borrower or Guarantor,
respectively, and which is not dismissed within ninety (90) days of filing; or (ii) in the event of a Default resulting from a Prohibited Property Transfer or a Prohibited Equity Transfer (excluding, however, any default under, or
violation of, the terms of Section 7.4 of this Agreement). 

  

	 	(d)	No Waiver, Release or Impairment. Nothing contained in this Article 3 shall be deemed to waive, release, affect or impair the indebtedness
evidenced by the Loan Documents or the obligations of Borrower under the Loan Documents, or the liens and security interests created by the Loan Documents, or Lender’s rights to enforce its rights and remedies under the Loan Documents and under
any guaranty or indemnity provided herein, in the Loan Documents or in connection with the Loan, or otherwise provided in equity or under applicable law, including, without limitation, the right to pursue any remedy for injunctive or other equitable
relief, or any suit or action in connection with the preservation, enforcement or foreclosure of the liens, mortgages, assignments and security interests which are now or at any time hereafter security for the payment and performance of all
obligations under this Agreement or in the other Loan Documents. 

  

	 	(e)	Prevail and Control. The provisions of this Article 3 shall prevail and control over any contrary provisions elsewhere in this Agreement or the
other Loan Documents. 

 ARTICLE 4. IMPOUNDS 

 

	4.1	TAX IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $0 on the Disbursement Date, and
on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect to
the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for
Taxes on each Due Date is $0. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination
in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty
(30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day
immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes
which Hanes is required to reimburse Borrower’s payment thereof pursuant to the terms of the Hanes Lease (Borrower hereby representing that Hanes is required to reimburse all Taxes paid by Borrower), provided (i) Borrower delivers, or
causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) Hanes has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) Hanes is not in
material default of its obligations under its Lease beyond all applicable notice and cure periods. 
  

	4.2	INSURANCE IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Insurance Impound”): $0 on the Disbursement
Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount 

  
 4 

 
estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower hereunder (“Insurance
Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). The initial estimated monthly amount to be deposited by Borrower for Insurance
Premiums on each Due Date is $0. If Lender reasonably determines at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance Expiration Date, Lender shall notify
Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such
deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no
event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Lender shall apply the Insurance Impound to the payment of the Insurance Premiums. Deposits into the Insurance Impound shall be waived
(i) if the Property is covered by a blanket insurance policy which complies with the requirements of Article 12, and (ii) provided no Default is continuing, with respect to any Insurance Premiums which Hanes is required to reimburse
Borrower’s payment thereof or to pay directly to the insurance provider pursuant to the terms of the Hanes Lease (Borrower hereby representing that Hanes is required to pay all Insurance Premiums or reimburse Borrower for the payment thereof),
provided (x) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Insurance Premiums, (y) Hanes has exercised all applicable renewal terms under the Hanes Lease within the time such renewals are
required to be exercised and (z) Hanes is not in material default of its obligations under the Hanes Lease beyond all applicable notice and cure periods. 
  

	4.3	ADDITIONAL IMPOUNDS. 

 Borrower shall deposit with Lender any additional Impounds in the manner prescribed in Exhibit E attached hereto. 
  

	4.4	CASH MANAGEMENT AGREEMENT. 

  

	 	(a)	Borrower shall enter into the Lockbox Agreement which shall govern the collection of Gross Income and transfer of Gross Income into an account established under the
Cash Management Agreement. 

  

	 	(b)	Borrower shall enter into the Cash Management Agreement which shall govern the holding and disbursement of Gross Income during the term of the Loan.

  

	 	(c)	In the event of a Cash Trap Event Period (as defined in the Cash Management Agreement), all Excess Cash Flow (as defined in the Cash Management Agreement) shall be
deposited into the Excess Cash Flow Reserve Account (as defined in the Cash Management Agreement), as more particularly set forth in Section 2.5(b) of the Cash Management Agreement. 

 

	4.5	GENERAL. 

 All
deposits required to be made by Borrower under this Article 4, including, without limitation, the additional impounds set forth on Exhibit E attached hereto, if any, are herein collectively called “Impounds.” For so
long as any of the Impounds required under this Section 4 are in effect and if Lender reasonably determines that an Impound was not estimated properly and a deficiency exists, Lender shall notify Borrower of such deficiency in writing
and Borrower shall deposit or cause the applicable tenant to deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice. Lender shall have the right, upon prior advance written
notice and subject to the tenant’s rights under its Lease, to enter upon the Property at all reasonable times, including without limitation, prior to any disbursement of Impounds, to inspect any work in process and/or completed for which
Impounds are now or hereafter required, but Lender shall not be obligated to supervise or inspect any such work or to inform Borrower or any third party regarding any aspect of any such work. Borrower shall pay to Lender all reasonable out-of-pocket
third party costs and expenses paid or incurred by Lender from time to time in connection with any request of Borrower for a disbursement of funds from the Impounds (other than the Tax Impound and the Insurance Impound). Borrower authorizes Lender
to disburse directly to Lender, from the Impounds or from funds to be disbursed to Borrower from the Impounds, such sums as may be necessary, at any time and from time to time, to pay all such reasonable third-party costs and expenses. 

  
 5 

	4.6	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS. 

 As security for payment of the Loan and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender
a security interest in, all Borrower’s right, title and interest in and to all Impounds. Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Impound (or account
in which such Impounds are held), or permit any lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements to be filed thereon, except those naming Lender as the secured party, to be filed with respect thereto. This
Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC. Upon the occurrence and during the continuance of a Default, Lender may apply all or any part of the Impounds against the amounts
outstanding under the Loan in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment of a receiver and without adversely affecting the rights of Lender to foreclose the liens and security
interests securing the Loan or exercise its other rights under the Loan Documents. The Impounds shall not constitute trust funds and may be commingled with other monies held by Lender. All interest which accrues on the foregoing Impounds except for
the Tax Impound and the Insurance Impound (for which no interest shall be paid) shall be at a rate established by Lender or its servicing agent, which may or may not be the highest rate then available, shall accrue for the benefit of Borrower and
shall be taxable to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued. Upon repayment in full of Borrower’s obligations under the Loan Documents,
all remaining Impounds, if any, shall be promptly disbursed to Borrower. 
 ARTICLE 5. REPRESENTATIONS AND
WARRANTIES 
  

	5.1	REPRESENTATIONS AND WARRANTIES. 

As a material inducement to Lender’s entry into this Agreement, Borrower represents and warrants to Lender as of the Effective Date: 

 

	 	(a)	Legal Status. Each of Borrower and its general partner or similar Person (each, a “Managing Entity”) is an entity formed or organized
under the laws of any Governmental Authority, each such Managing Entity, is duly formed or organized and existing and in good standing under the laws of the state in which such entity is formed or organized. Borrower and, if applicable, its Managing
Entity, is currently qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature of its business requires it to be so qualified or licensed under applicable law (including, as
to Borrower and, if required by the law of such jurisdiction, its Managing Entity, the jurisdiction in which the Property is located). 

  

	 	(b)	Authorization and Validity. The execution and delivery of the Loan Documents to which Borrower is a party have been duly authorized by Borrower and the
Loan Documents constitute valid and binding obligations of Borrower or the party which executed the same, enforceable in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium or other
laws affecting the enforcement of creditors’ rights, or by the application of rules of equity. 

  

	 	(c)	Violations. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation
applicable to the Borrower and/or the Property, or result in any breach or default under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower is bound. 

 

	 	(d)	Litigation. There are no pending or to Borrower’s knowledge threatened (in writing) actions, claims, investigations, suits or proceedings before any
Governmental Authority, court or administrative agency which would have a Material Adverse Effect other than as described on Exhibit D attached hereto. 

  
 6 

	 	(e)	Financial Statements. The financial statements of Borrower and of Guarantor previously delivered by Borrower to Lender: (i) are materially complete
and correct; (ii) present fairly the financial condition of such party; and (iii) have been prepared in accordance with the same accounting standard used by Borrower to prepare the financial statements delivered to and approved by Lender
in connection with the making of the Loan, or other accounting standards approved by Lender. Since the date of such financial statements, there has been no material adverse change in such financial condition, nor have any assets or properties
reflected on such financial statements been sold, transferred, assigned, mortgaged, pledged or encumbered which would have a Material Adverse Effect, except as previously disclosed in writing by Borrower or Guarantor to Lender.

  

	 	(f)	Reports. To the best of Borrower’s knowledge, all reports, documents, instruments and written information delivered by Borrower or Guarantor to
Lender in connection with the Loan, as of the date delivered: (i) are correct in all material respects and sufficiently complete to give Lender accurate knowledge of their subject matter thereof; and (ii) do not contain any material
misrepresentation of a material fact or omission of a material fact which omission makes the provided information misleading in any material respect. 

  

	 	(g)	Income Taxes. There are no pending assessments or adjustments of Borrower’s income tax payable with respect to any year. 

 

	 	(h)	Subordination. There is no agreement or instrument to which Borrower is a party or by which Borrower is bound that would require the subordination in
right of payment of any of Borrower’s obligations under the Note to an obligation owed to another party. 

  

	 	(i)	ERISA Matters. Borrower is not an employee benefit plan as defined in Section 3.(3) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e)(1) of the Code (each of the foregoing hereinafter referred to individually and collectively as a “Plan”).
Borrower’s assets do not constitute “plan assets” of any plan within the meaning of Department of Labor Regulation Section 2510.3-101. Borrower will not transfer or convey the Property to a Plan or to a person or entity whose
assets constitute such “plan assets,” and Borrower will not be reconstituted as a Plan or as an entity whose assets constitute “plan assets.” No Lease is a Plan or an entity whose assets constitute such “plan assets,”
and Borrower will not enter into any Lease with a Plan or an entity whose assets constitute such “plan assets.” With respect to the Loan, Borrower is acting on Borrower’s own behalf and not on account of or for the benefit of any
Plan. 

  

	 	(j)	 Leases; Rent Roll. Except as disclosed in the rent roll relating to the Property (the “Rent Roll”) and the aging report
and tenant estoppels relating to the Property, each delivered to and approved by Lender in connection with the closing of the Loan, (a) Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases are valid
and enforceable and in full force and effect; (c) all of the Leases are arms-length agreements with bona fide, independent third parties; (d) to Borrower’s knowledge, no party under any Lease is in default; (e) to Borrower’s
knowledge, all Payments due have been paid in full and no tenant is in arrears in its payment of any Payments; (f) none of the Payments reserved in the Leases have been assigned or otherwise pledged or hypothecated by Borrower; (g) to
Borrower’s knowledge, none of the Payments have been collected for more than one (1) month in advance (except a security deposit shall not be deemed rent collected in advance); (h) the premises demised under the Leases have been
completed and the tenants under the Leases have accepted the same and have taken possession of the same on a rent-paying basis; (i) to Borrower’s knowledge, there exist no offsets or defenses to the payment of any portion of the Payments
and Borrower has no monetary obligation to any tenant under any Lease; (j) Borrower has received no notice from any tenant challenging the validity or enforceability of any Lease; (k) there are no agreements with the tenants under the
Leases other than expressly set forth in each Lease; (l) the Leases are valid and enforceable against Borrower 

  
 7 

	 	 
and the tenants set forth therein; (m) no Lease contains an option to purchase, right of first refusal to purchase, right of first refusal to lease additional space at the Property, or any
other similar provision; (n) no person or entity has any possessory interest in, or right to occupy, the Property except under and pursuant to a Lease; (o) to Borrower’s knowledge, no tenants have exercised any right to “go
dark” that they may have under their Leases; (p) all security deposits relating to the Leases reflected on the certified rent roll delivered to Lender have been collected by Borrower; (q) no brokerage commissions or finders fees are
currently due and payable regarding any Lease; (r) each tenant is in actual, physical occupancy of the premises demised under its Lease and is paying full rent under its Lease; and (s) no tenant under any Major Lease is, to Borrower’s
knowledge, a debtor in any state or federal bankruptcy or insolvency proceeding. 

  

	 	(k)	Compliance with Laws; Permits. To the Borrower’s knowledge, the Property complies in all material respects with all applicable federal, state and
local laws, rules and regulations. Either Borrower or the tenant under the applicable Lease, as applicable, holds all permits, franchises, licenses and other authorizations necessary to enable the Property to be operated in compliance with
applicable law. 

  

	 	(l)	Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Borrower, SPE Party, Guarantor, Manager (if Manager is an Affiliate of
Borrower), and to Borrower’s knowledge, after having made reasonable inquiry each Person owning a direct or indirect interest in (other than in any entity or company whose shares or securities are listed on a national securities exchange)
Borrower, SPE Party, Guarantor and Manager (if Manager is an Affiliate of Borrower): (i) is not currently identified on the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign Assets Control (currently is accessible through the internet website at www.treas.gov/ofac/t11sdn.pdf) or any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control
pursuant to any legal requirements (or if such list does not exist, the similar list then being maintained by the United States), including trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the President of the
United States; (ii) is not a Person subject to any trade restriction, trade embargo, economic sanction, or other prohibition under federal law, including the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The
Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder; and (iii) is not in violation of Executive Order No. 13224 on Terrorist Financing, effective September 24,
2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism and the Uniting and Strengthening America by Providing Appropriate Tools Required in Intercept and Obstruct
Terrorism Act of 2001 (Public Law 107-56) ((i), (ii) and (iii), collectively, the “Patriot Act”), with the result that (A) the investment in Borrower, SPE Party, Guarantor or Manager (if Manager is an Affiliate of
Borrower), as applicable (whether directly or indirectly), is prohibited by law, or (B) the Loan is in violation of law. 

  

	 	(m)	Conduct of Business. Borrower possesses all permits, franchises and licenses and all rights to all trademarks, trade names, patents and fictitious names,
if any, necessary to enable Borrower to conduct the business(es) in which Borrower is now engaged in compliance with applicable law. 

  

	 	(n)	Solvency. None of the transactions contemplated by the Loan will be or have been made with an actual intent to hinder, delay or defraud any present or
future creditors of Borrower, and Borrower, on the Effective Date, will have received fair and reasonably equivalent value in good faith for the grant of the liens or security interests effected by the Loan Documents. On the Effective Date, Borrower
will be solvent and will not be rendered insolvent by the transactions contemplated by the Loan Documents. Borrower is able to pay its debts as they become due. 

 

	 	(o)	Not a Foreign Person. Borrower is not a “foreign person” within the meaning of § 1445(f)(3) of the Internal Revenue Code of 1986, as
amended from time to time or any successor statute. 

  
 8 

	 	(p)	Permitted Encumbrances. None of the Permitted Encumbrances, individually or in the aggregate, materially interferes with the reasonably intended benefits
of the security intended to be provided by this Agreement, the Mortgage, the Note and the other Loan Documents, materially and adversely affects the value or marketability of the Property, impairs the use or the operation of the Property or impairs
Borrower’s ability to pay its obligations in a timely manner. 

  

	 	(q)	Intentionally omitted. 

  

	 	(r)	Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock”
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes
prohibited by legal requirements affecting Borrower or the Property or any part thereof or by the terms and conditions of this Agreement, the Mortgage, the Note or the other Loan Documents. 

 

	 	(s)	Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its
ability to borrow money. 

  

	 	(t)	Bank Holding Company. Borrower is not a “bank holding company” or a direct or indirect subsidiary of a “bank holding company” as
defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 

  

	 	(u)	Intentionally omitted. 

  

	 	(v)	REA Representations. Except as disclosed on third party estoppels obtained on or prior to the date hereof, (a) each REA is in full force and effect,
(b) neither Borrower nor any other party to any REA is in default of a material obligation thereunder, (c) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default of a material
obligation thereunder and (d) except as set forth on Schedule 5.1(v) attached hereto, no REA has been modified, amended or supplemented. 

  

	 	(w)	Guarantor Representations. Borrower hereby represents and warrants that, as of the Effective Date and (except for the representations set forth in
Sections 5.1(d) and (g) hereof) continuing thereafter for the term of the Loan, the representations and warranties set forth in subsections 5.1(a) through (g), (l), (n) and (o) above are true and correct with respect to
Guarantor, as the same are applicable to such party. Wherever the term “Borrower” is used in each of the foregoing subsections it shall be deemed to be “Guarantor”. 

Borrower agrees that, unless expressly provided otherwise, all of the representations and warranties of Borrower set forth in this
Section 5.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All representations, warranties, covenants and agreements made in this Agreement
and in the other Loan Documents shall be deemed to have been relied upon by Lender on the date hereof notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

 

	5.2	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS. 

 Borrower hereby represents, warrants and covenants to Lender, with regard to Borrower, as follows: 
  

	 	(a)	Limited Purpose. The sole purpose to be conducted or promoted by Borrower since its organization is to engage in the following activities:

  

	 	(i)	to acquire, own, hold, lease, operate, manage, maintain, develop and improve, the Property; 

  
 9 

	 	(ii)	to enter into and perform its obligations under the Loan Documents; 

  

	 	(iii)	to sell, transfer, service, convey, exchange, dispose of, pledge, assign, borrow money against, finance, refinance or otherwise deal with the Property to the extent
permitted under the Loan Documents; and 

  

	 	(iv)	to engage in any lawful act or activity and to exercise any powers permitted to limited partnerships or limited liability companies, as applicable, formed under the
laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

 

	 	(b)	Limitations on Debt, Actions. Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management
or operation of Borrower, Borrower shall not, while the Loan is outstanding: 

  

	 	(i)	guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person or hold out its credit as being available to pay
the obligations of any other Person; 

  

	 	(ii)	engage, directly or indirectly, in any business other than as required or permitted to be performed under this Section 5.2; 

 

	 	(iii)	incur, create or assume any indebtedness or liabilities other than, with respect to Borrower only, (A) the Loan, (B) obligations for which Lender is
collecting an Impound, and (C) unsecured trade payables incurred in the ordinary course of its business that are related to the ownership and operation of the Property not to exceed two percent (2%) of the outstanding balance of the Loan
(excluding from such maximum any leasing commissions and tenant improvement costs), and which is not evidenced by a note and which must be paid within sixty (60) days and which are otherwise expressly permitted under the Loan Documents;

  

	 	(iv)	make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that Borrower may invest in those
investments permitted under the Loan Documents; 

  

	 	(v)	to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary
course of Borrower’s business; 

  

	 	(vi)	buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities); 

 

	 	(vii)	form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity other than,
with respect to SPE Party, its ownership interest in Borrower; 

  

	 	(viii)	own any asset or property other than the Property and incidental personal or intangible property necessary for the ownership or operation of the Property or, with
respect to SPE Party, its ownership interest in Borrower; or 

  

	 	(ix)	take any Material Action without the unanimous written consent of all partners or members of Borrower or SPE Party, as applicable, including any Independent Managers of
Borrower or SPE Party. 

  
 10 

	 	(c)	Separateness Covenants. In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with any Affiliate,
Borrower represents and warrants that in the conduct of its operations since its organization it has and will continue to observe the following covenants (collectively, the “Separateness Provisions”): 

 

	 	(i)	maintain books and records and bank accounts separate from those of any other Person; 

 

	 	(ii)	maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; 

 

	 	(iii)	comply with all organizational formalities necessary to maintain its separate existence; 

 

	 	(iv)	hold itself out to creditors and the public as a legal entity separate and distinct from any other entity; 

 

	 	(v)	maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any
financial statement of any other Person; except that Borrower’s assets may be included in a consolidated financial statement of its Affiliate so long as the consolidated financial statements contain a generic note saying that the
mortgage indebtedness of the consolidated entities is generally nonrecourse debt of separate real property owning subsidiaries; 

  

	 	(vi)	prepare and file its own tax returns separate from those of any Person to the extent required by applicable law, and pay any taxes required to be paid by applicable
law; 

  

	 	(vii)	allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates; 

 

	 	(viii)	not enter into any transaction with any Affiliate, except on an arm’s-length basis on terms which are fair and reasonable and substantially similar to those that
would be available for unaffiliated third parties, and pursuant to written, enforceable agreements; 

  

	 	(ix)	conduct business in its own name, and, to the extent Borrower uses stationery, invoices or checks, use separate stationery, invoices and checks bearing its own name;

  

	 	(x)	not commingle its assets or funds with those of any other Person; 

  

	 	(xi)	not assume, guarantee or pay the debts or obligations of any other Person; 

 

	 	(xii)	correct any known misunderstanding as to its separate identity; 

  

	 	(xiii)	not permit any Affiliate to guarantee or pay its obligations (other than as set forth in the Loan Documents with respect to the Guaranty and the Hazardous Materials
Indemnity Agreement); 

  

	 	(xiv)	not make loans or advances to any other Person; 

  

	 	(xv)	pay its liabilities and expenses out of and to the extent of its own funds; 

 

	 	(xvi)	intentionally omitted; 

  

	 	(xvii)	maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, that the foregoing shall only apply to the
extent that there is positive net cash flow at the Property after the payment of all operating expenses and debt service, and shall not require any equity owner to make additional capital contributions to Borrower; and 

  
 11 

	 	(xviii)	cause the managers, officers, employees, agents and other representatives of Borrower to act at all times with respect to Borrower consistently and in furtherance of
the foregoing and in the best interests of Borrower. 

 Failure of Borrower to comply with any of the covenants
contained in Sections 5.2(a), (b) or (c) above or any other covenants contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 

 

	 	(d)	SPE Covenants in Borrower Organizational Documents. Borrower covenants and agrees to incorporate the provisions contained in this Section 5.2
into Borrower’s and SPE Party’s organizational documents and Borrower and SPE Party agree not to amend, modify or otherwise change its organizational documents with respect to the provisions of this Section 5.2 without the
prior written consent of the Lender and the confirmation from the Rating Agencies that such amendment, modification or change will not result in a downgrading or qualification of the respective rating. 

 

	 	(e)	SPE Party. If Borrower is a limited partnership, each general partner of Borrower shall be a limited liability company, whose sole asset is its interest
in Borrower, with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above (“SPE Party”), modified to allow such SPE Party to act solely as
a general partner of Borrower and to engage in no other business or activity. Such SPE Party shall at all times (A) continue to own no less than a 0.5% direct equity ownership interest in Borrower, (B) comply with each of the applicable
covenants, terms and provisions set forth in clauses (a)-(c) above and this clause (e), and (C) will cause Borrower to comply with the provisions of this Section 5.2. 

 

	 	(f)	Intentionally Omitted. 

  

	 	(g)	Intentionally Omitted. 

  

	 	(h)	 Additional Requirements Applicable to SPE Party. The limited liability company agreement (the “SPE Party LLC Agreement”)
of SPE Party shall provide that (i) upon the occurrence of any event that causes the last remaining member of SPE Party (“GP SPE Member”) to cease to be the member of SPE Party (other than (A) upon an assignment by GP SPE
Member of all of its limited liability company interest in SPE Party and the admission of the transferee in accordance with the Loan Documents and the SPE Party LLC Agreement or (B) the resignation of GP SPE Member and the admission of an
additional member of SPE Party in accordance with the terms of the Loan Documents and the SPE Party LLC Agreement), a springing member, which shall be a Delaware corporation, shall, without any action of any other Person and simultaneously with the
GP SPE Member ceasing to be the member of SPE Party automatically be admitted to SPE Party as a member with a zero percent (0%) economic interest (“Corporate Special Member”) and shall continue SPE Party without dissolution
and (ii) Corporate Special Member may not resign from SPE Party or transfer its rights as Corporate Special Member unless (A) a successor special member has been admitted to SPE Party as a Corporate Special Member in accordance with
requirements of Delaware law. The SPE Party LLC Agreement shall further provide that (i) Corporate Special Member shall automatically cease to be a member of SPE Party upon the admission to SPE Party of the first substitute member,
(ii) Corporate Special Member shall be a member of SPE Party that has no interest in the profits, losses and capital of SPE Party and has no right to receive any distributions of the assets of SPE Party, (iii) pursuant to
Section 18-301 of the Act, Corporate Special Member shall not be required to make any capital contributions to SPE Party and shall not receive a limited liability company interest in SPE Party, (iv) Corporate Special Member, in its
capacity as Corporate Special Member, may not bind SPE Party and (v) except as required by any mandatory provision of the Act, Corporate Special Member shall have no right to vote on, approve or otherwise consent to any action by, or matter
relating to, SPE Party 

  
 12 

	 	 
including, without limitation, the merger, consolidation or conversion of SPE Party. In order to implement the admission to SPE Party of Corporate Special Member, Corporate Special Member shall
execute a counterpart to the SPE Party LLC Agreement. Prior to its admission to SPE Party as Corporate Special Member, Corporate Special Member shall not be a member of SPE Party. 

 

	 	(i)	Non-Consolidation Opinion. Borrower shall provide a bankruptcy non-consolidation opinion (“Non-Consolidation Opinion”) with respect to
Borrower, its equity owners, Guarantor and such other parties as Lender may reasonably require, prepared by counsel and in form and substance as approved by Lender. All of the facts stated and all of the assumptions made in the Non-Consolidation
Opinion, including, but not limited to, in any exhibits attached thereto, are true and correct in all respects. Borrower has complied with and will comply and will cause the compliance with all of the assumptions made with respect to Borrower in the
Non-Consolidation Opinion. 

  

	 	(j)	Independent Manager. As long as any obligation under the Loan is outstanding, SPE Party at all times shall have at least two (2) Independent Managers
(defined below). The organizational documents of Borrower and SPE Party shall provide that (I) the board of managers or other governing body of Borrower and SPE Party, as applicable, and the constituent members of Borrower and/or SPE Party (the
“Constituent Members”) shall not take any Material Action, unless at the time of such action there shall be at least two (2) Independent Managers engaged by SPE Party as provided by the terms hereof and the organizational
documents of Borrower and SPE Party; (II) any resignation, removal or replacement of any Independent Managers shall not be effective without two (2) Business Days’ prior written notice to Lender and the Rating Agencies accompanied by
evidence that the replacement Independent Managers satisfies the applicable terms and conditions hereof and of the applicable organizational documents; (III) to the fullest extent permitted by applicable law, including Section 18-1101(c) of the
Act, and notwithstanding any duty otherwise existing at law or in equity, the Independent Managers shall consider only the interests of the Constituent Members and Borrower and SPE Party, depending on which company is subject to the Material Action
(including such entities’ respective creditors) in acting or otherwise voting on the Material Action (which such fiduciary duties to the Constituent Members, in each case, shall be deemed to apply solely to the extent of their respective
economic interests in Borrower and SPE Party (as applicable) exclusive of (x) all other interests (including, without limitation, all other interests of the Constituent Members), (y) the interests of other Affiliates of the Constituent
Members, Borrower and SPE Party and (z) the interests of any group of Affiliates of which the Constituent Members, Borrower and SPE Party)); (IV) other than as provided in subsection (III) above, the Independent Managers shall not have any
fiduciary duties to any Constituent Members, any managers of Borrower, SPE Party or any other Person; (V) the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (VI) to the
fullest extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to Borrower, SPE Party, or any Constituent Member or any other Person for breach of contract or breach of duties
(including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. 

For purposes of this paragraph, a “special purpose entity” is an entity whose organizational documents contain restrictions on
its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to the provisions of this Section 5.2. 
  

	 	(k)	Intentionally Omitted. 

  

	 	(l)	 Additional Requirements Applicable to Limited Liability Companies. The limited liability company agreement of SPE Party shall further
provide that upon the occurrence of any event that causes the last remaining member of SPE Party (“Member”) to cease to be a member of such limited liability company to the fullest extent permitted by law, the personal
representative of member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in such limited liability company agree in writing (i) to

  
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continue such limited liability company and (ii) to an admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of such limited
liability company effective as of the occurrence of the event that terminated the continued membership of Member in such limited liability company. Any action initiated by or brought against Member or Corporate Special Member under any Creditors
Rights Laws shall not cause Member or Corporate Special Member to cease to be a member of such limited liability company and upon the occurrence of such an event, the business of such limited liability company shall continue without dissolution. The
limited liability company agreement of such limited liability company shall provide that each of Member and Corporate Special Member waives any right it might have to agree in writing to dissolve such limited liability company upon the occurrence of
any action initiated by or brought against Member or Corporate Special Member under any Creditors Rights Laws, or the occurrence of an event that causes Member or Corporate Special Member to cease to be a member of such limited liability company.
For purposes of this subsection 5.2(h), “Creditors Rights Laws” shall mean any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or debtors. 

  

	 	(m)	Compliance Certificates. Not later than ninety (90) days after and as of the end of each fiscal year and at any other time upon request from Lender,
Borrower shall provide an Officer’s Certificate certifying as to Borrower’s continued compliance with the terms of this Section 5.2 and the terms of the Cash Management Agreement. Additionally, Borrower shall provide Lender
with such other evidence of Borrower’s compliance with this Section 5.2 and the terms of the Cash Management Agreement as Lender may reasonably request from time to time. 

ARTICLE 6. HAZARDOUS MATERIALS 
  

	6.1	HAZARDOUS MATERIALS INDEMNITY AGREEMENT. 

 Simultaneously herewith, Borrower and Guarantor have executed and delivered to Lender the Hazardous Materials Indemnity Agreement, which Hazardous Materials Indemnity Agreement is not secured by the
Mortgage. 
 ARTICLE 7. COVENANTS OF BORROWER 

 

	7.1	COSTS AND EXPENSES. 

Borrower shall, within ten (10) Business Days of demand, pay Lender all reasonable, out-of-pocket third party costs and expenses
incurred by Lender in connection with: (a) the preparation of this Agreement and all other Loan Documents contemplated hereby; (b) any modifications and amendments, if any, of this Agreement or any of the other Loan Documents; (c) the
processing of Borrower requests made hereunder and under any of the other Loan Documents; (d) the enforcement or satisfaction by Lender of any of Borrower’s obligations under this Agreement and the other Loan Documents; or
(e) otherwise protecting Lender’s interests under this Agreement and any other Loan Document, including, without limitation, in connection with any “work-out” of the Loan or any bankruptcy, insolvency, receivership,
reorganization, rehabilitation, liquidation or other similar proceeding in respect of any Obligor or an assignment by any Obligor for the benefit of its creditors. For all purposes of this Agreement, Lender’s reasonable costs and expenses as
described above (collectively, “Costs and Expenses”) shall also include, without limitation, as allocable to the Loan, all appraisal fees, cost engineering and inspection fees, reasonable third party legal fees and expenses, third
party accounting fees, fees for the disbursement of any Impounds as set forth in Section 4.5 hereof, environmental and other consultant fees, auditor fees, and the cost to Lender of any title insurance premiums and title company charges
(including for down dates, abstracts, tax certificates, title insurance endorsements required by Lender, and UCC financing statements, tax lien and litigation searches), surveys, recording, reconveyance and notary fees, any transfer and mortgage
taxes, any rating agency fees and expenses for the initial securitization of the Loan, and any loan servicing and special servicing fees and expenses (including, without limitation, any “work-out” and/or liquidation fees), any

  
 14 

 
interest payable to any servicer, any special servicer or any trustee pursuant to a trust and servicing agreement in respect of advances made by any of the foregoing; all compensation payable to
any special servicer in connection with servicing the Loan when it is a specially serviced loan or its administration of any of the Property foreclosed upon; and, except for the regular monthly fee payable to the servicer, any other cost,
fee or expense of the trust fund administering the Loan (including, but not limited to, reimbursements to the trustee thereof, the servicer, any special servicer, any certificate administrator thereunder and related Persons of each of the
foregoing and indemnification to Persons entitled thereto pursuant to any trust and servicing agreement governing the Loan, taxes related to the Loan or the Property payable from the assets of the applicable trust fund, tax related expenses (other
than the recurring expenses of filing or furnishing annual or other tax or information returns, reports or schedules, which will be paid by any certificate administrator) and the cost of various opinions of counsel required to be obtained
in connection with servicing the Loan and administration of the trust fund). Borrower recognizes and agrees that formal written appraisals of the Property by a licensed independent appraiser may be required by Lender’s internal
procedures and/or federal regulatory reporting requirements on an annual and/or specialized basis and that Lender may, at its option, require inspection of the Property by an independent supervising architect and/or cost engineering specialist at
least semiannually. If any of the services described above are provided by an employee of Lender, Lender’s costs and expenses for such services shall be calculated in accordance with Lender’s standard charge for such services.
Notwithstanding the foregoing, Borrower shall not be required to pay for more than one appraisal (or for the aforementioned architect and cost engineering specialist more than once) during the term of the Loan unless a Default occurs and is
continuing or as otherwise required by law. In addition, if Borrower is undertaking a Restoration or is performing Work that requires the obtaining of a building permit, then Borrower shall pay the reasonable out-of-pocket costs of architect’s,
engineers and other consultants retained by Lender to review the performance of such Restoration or Work. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, whenever any term or provision in any Loan Document
provides that Borrower (or Guarantor) shall pay Lender’s costs or expenses, such term or provision shall be deemed to mean that Borrower (or Guarantor) shall be responsible to pay only those third party out of pocket costs and expenses actually
incurred by Lender. 
  

	7.2	ERISA COMPLIANCE. 

Borrower shall at all times comply with the provisions of ERISA with respect to any retirement or other employee benefit plan to which it
is a party as employer, and as soon as possible after Borrower knows, or has reason to know, that any Reportable Event (as defined in ERISA) with respect to any such plan of Borrower has occurred, it shall furnish to Lender a written statement
setting forth details as to such Reportable Event and the action, if any, which Borrower proposes to take with respect thereto, together with a copy of the notice of such Reportable Event furnished to the Pension Benefit Guaranty Corporation.

  

	7.3	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS. 

 

	 	(a)	The Property shall at all times be managed by Manager or a Qualified Manager pursuant to the Management Agreement. Without the prior written consent of Lender, Borrower
shall not enter into any other third party property management contracts. Each such contract shall be expressly subordinated to the Loan on terms and conditions reasonably acceptable to Lender. Borrower shall engage leasing brokers listing contracts
only on market terms, and all such contracts shall be expressly subordinated to the Loan and shall be entered into using a form that has been reasonably approved by Lender in writing. Lender may, at the option of Lender exercised by written notice
to Borrower and the then current Manager, terminate the existing Management Agreement without payment of any termination fee, charge or penalty, (i) upon the occurrence and during the continuance of a Default, (ii) in the event of any
change in control of the Manager and following such change in control the Manager either (y) fails to remain a Qualified Manager or (z) be controlled by a Qualified Manager, (iv) for cause, including but not limited to, any occurrence
of any default under any Management Agreement by Manager (beyond all notice and cure periods) or (v) upon the occurrence of any fraud, gross negligence, willful misconduct or misappropriation of funds by Manager. In the event of such
termination, Manager shall continue to manage the Property in accordance with the terms of the Management Agreement while manager transfers its responsibility for the management of the Property to any other person or entity selected by Lender in
Lender’s sole and absolute discretion. 

  

  
 15 

	 	(b)	Borrower shall not enter into or amend, modify or terminate any Material Contract without the prior written consent of Lender, which consent shall not be unreasonably
withheld, conditioned or delayed. 

  

	 	(c)	In the event of the transfer of the management of the Property to a Manager which is an Affiliate of Borrower, such transfer shall be conditioned upon delivery to
Lender of a new Non-Consolidation Opinion addressing such transfer. 

  

	7.4	COVENANTS - LEASES; MAJOR LEASES. 

  

	 	(a)	Leases. Borrower shall, at Borrower’s sole cost and expense: 

 

	 	(i)	perform in all material respects all obligations of the landlord under the Leases and use reasonable efforts to enforce performance by the tenants of all obligations of
the tenants under the Leases; 

  

	 	(ii)	use reasonable efforts to keep the Property leased at all times to tenants Borrower reasonably and in good faith believes are creditworthy, at rents not less than the
fair market rental value (including, but not limited to, free or discounted rents to the extent the market so requires); and 

  

	 	(iii)	promptly deliver to Lender upon execution, a copy of each Lease and all amendments thereto and waivers thereof; and 

 

	 	(iv)	subject to the rights and obligations set forth under the respective Leases, shall assign to Lender as additional collateral for the Loan any and all security deposits
and letters of credit delivered by any tenant to Borrower. 

 Unless consented to in writing by Lender or otherwise
permitted under any other provision of the Loan Documents (or unless provided under any existing Leases), Borrower shall not: 
  

	 	(i)	grant any tenant under any Lease any option, right of first refusal or other right to purchase all or any portion of the Property under any circumstances (provided,
however, if the right to purchase is for an amount equal to or in excess of the outstanding principal amount of the Loan, Lender’s consent right to any of the foregoing shall not be unreasonably withheld); 

 

	 	(ii)	grant any tenant under any Lease any right to prepay rent more than one (1) month in advance; 

 

	 	(iii)	except upon Lender’s request, execute any assignment of landlord’s interest in any Lease; 

 

	 	(iv)	collect rent or other sums due under any Lease in advance, other than to collect rent one (1) month in advance of the time when it becomes due; or

  

	 	(v)	enter into any Lease which (aa) is not on fair market terms (which terms may include free or discounted rent and tenant allowances to the extent the market so
requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance reasonably satisfactory to the landlord promptly upon the landlord’s request; or (cc) does
not contain subordination, non-disturbance and attornment provisions (including the requirement to provide notice and cure to landlord’s lender in the event of a landlord default) reasonably satisfactory to Lender. 

  
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	 	(b)	Major Leases. In addition to the requirements of subsection (a) above, with respect to any Major Lease (as defined below), unless consented to
in writing by Lender (which consent shall not be unreasonably withheld) or otherwise permitted under any other provision of the Loan Documents, Borrower shall not: 

 

	 	(i)	enter into any Major Lease; 

  

	 	(ii)	terminate (unless the tenant is in monetary default thereunder), modify or amend a Major Lease (including the term thereof); or 

 

	 	(iii)	release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. 

The term “Major Lease,” as used herein, shall mean the Hanes Lease or any Lease, which is, at any time, a Lease of more
than twenty-five percent (25%) of the total rentable area of the Property, as reasonably determined by Lender. Borrower’s obligations with respect to Major Leases shall be governed by the provisions of this Section 7.4.

  

	 	(c)	Lease Payment Event. Borrower shall deposit with Lender any sums received by Borrower in consideration of any termination or settlement (other than a
settlement for the payment of past due rent) of any Lease or any release or discharge of any tenant under any Lease from any obligation thereunder (a “Lease Payment Event”) and any such sums received by Borrower shall be held in
trust by Borrower for the benefit of Lender. Any such sums shall be promptly paid to Lender for deposit by Lender into the General TI Impound and any such amounts deposited shall be credited against other amounts due thereunder. Provided no Default
is continuing, any such amounts so deposited shall be returned to Borrower upon the re-leasing of such terminated space and from time to time upon incurrence of associated Leasing Costs. 

 

	 	(d)	Material Default. Borrower shall, at Borrower’s sole cost and expense, give Lender prompt written notice of any default by landlord or tenant under
any Major Lease of which Borrower has knowledge and which has a Material Adverse Effect. 

  

	 	(e)	Lender Consent Required. Any Lease that does not satisfy the requirements of this Section 7.4 shall, subject to subsection
(f) below, require the prior written consent of Lender, such consent not to be unreasonably withheld. Notwithstanding the foregoing, any Major Lease shall, subject to subsection (f) below, require the prior written consent of
Lender. Any Lease that is not a Major Lease which satisfies the requirements of Section 7.4(a) shall not require Lender’s written consent. 

 

	 	(f)	 Request for Approval; Failure to Deny Request. Lender’s failure to deny any written request by Borrower for Lender’s consent
required under this Section 7.4 or to request additional information in response to such request within ten (10) Business Days after Lender’s receipt of such request (and all lease documents and information reasonably related
thereto, “Lease Documents”) shall be deemed to constitute Lender’s consent to such request and Lease Documents; provided that said written request to Lender conspicuously state in 12 point or larger bold type “PURSUANT TO
SECTION 7.4(f) OF THE LOAN AGREEMENT, BORROWER’S REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN TEN
(10) BUSINESS DAYS OF THIS LETTER, THE ENCLOSED LEASE AND RELATED INFORMATION AS DESCRIBED HEREIN.” In the event that Lender requests additional information to complete its review within the initial ten (10) Business Day period after
Borrower’s written request for approval, Lender’s failure to deny such request by Borrower within five (5) Business Days after receipt of all of the information Lender has requested to complete its review shall be deemed to constitute
Lender’s consent to such request; provided that all of the information requested by Lender is delivered and such information conspicuously states in 12 point or larger bold type “PURSUANT TO SECTION 7.4(f) OF THE LOAN AGREEMENT,
BORROWER’S 

  
 17 

	 	 
REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN FIVE
(5) BUSINESS DAYS OF RECEIPT OF THIS ADDITIONAL INFORMATION AS DESCRIBED HEREIN.” 

  

	 	(g)	Security Deposits. As additional security for the Loan, Borrower has assigned to Lender all of Borrower’s right, title and interest in and to any
security deposits or letters of credit delivered to Borrower by tenants at the Property as security for such tenants’ obligations under their respective Leases. Lender shall draw on any such letters of credit upon delivery to Lender of an
Officer’s Certificate from Borrower specifying what conditions exist under the applicable Lease entitling the Borrower to draw on such letter of credit. Any letters of credit assigned to Lender and held by Lender pursuant to the terms hereof
shall be held in accordance with the terms of the applicable Lease and all applicable laws. Lender shall return to Borrower any letters of credit held by Lender hereunder upon the expiration of the Lease applicable to such letter of credit (or
sooner, if required by the terms of such Lease) or upon payment in full of the Loan (and Lender shall execute and deliver any and all assignment documents required or requested by the issuing bank in order to assign any such letters of credit to
Borrower or any other entity requested by Borrower). Within ten (10) Business Days of the date hereof, Borrower shall deliver to Lender executed documentation, in form and substance reasonably acceptable to Lender, from the respective issuers
of the letters of credit evidencing the assignment of such letters of credit from Borrower to Lender (such obligation, collectively the “Letter of Credit Assignment”). Notwithstanding the foregoing, Borrower hereby represents and
warrants that there are no security deposits or letters of credit delivered to Borrower by Hanes. 

  

	7.5	INTENTIONALLY DELETED. 

  

	7.6	RIGHT OF SUBORDINATION. 

 Lender may at any time and from time to time by specific written instrument intended for such purpose, unilaterally subordinate the lien of the Mortgage to any Lease, without joinder or consent of, or
notice to, Borrower, any tenant or any other Person. No subordination referred to in this Section 7.6 shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any junior lienholder.
Nothing herein shall be construed as subordinating the Mortgage to any Lease. 
  

	7.7	FURTHER ASSURANCES. 

Upon Lender’s reasonable request and at Borrower’s sole cost and expense, Borrower shall execute, acknowledge and deliver any
other instruments and perform and/or consent to any other acts necessary, desirable or proper, as reasonably determined by Lender, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any security
interests or liens created by the Loan Documents; provided, however, that no such instruments shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs
or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. The foregoing covenant includes, without limitation, Borrower’s
consent to the revision of any Loan Document in order to correct any scrivener, clerical or similar errors or to modify any term, condition or provision thereof in order to satisfy the provisions of this Section 7.7. 

 

	7.8	ASSIGNMENT. 

Without the prior written consent of Lender, Borrower shall not (except as otherwise permitted under Articles 14 and 15 hereof) assign
Borrower’s interest under any of the Loan Documents, or in any monies due or to become due thereunder, and any assignment without such consent shall be void. 

  
 18 

	7.9	EXISTENCE. 

Borrower shall at all times maintain its current legal existence and preserve and keep in full force and effect its legal rights and
authority. 
  

	7.10	COMPLIANCE WITH LAWS, ETC. 

 Borrower shall (a) comply in all material respects with all applicable laws, and all restrictive covenants of record affecting Borrower or the Property, performance, prospects, assets or operations
of Borrower, and (b) seek to obtain as needed all permits necessary for its operations and maintain such in good standing. 
  

	7.11	LITIGATION. 

Borrower shall promptly notify Lender in writing of any litigation pending or threatened in writing against Borrower (which is not covered
by insurance) claiming damages in excess of Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) and of all pending or threatened (in writing) litigation against Borrower if the aggregate damage claims against Borrower exceed One Million
and No/100 Dollars ($1,000,000.00). 
  

	7.12	MERGER, CONSOLIDATION, TRANSFER OF ASSETS. 

 Without limiting Borrower’s obligations under Section 5.2, Article 14 and Article 15 of this Agreement, Borrower shall not: (a) merge or consolidate with any other
entity; (b) make any substantial change in the nature of Borrower’s business or structure; (c) acquire all or substantially all of the assets of any other entity; or (d) sell, lease, assign, Transfer or otherwise dispose of a
material part of Borrower’s assets, except in the ordinary course of Borrower’s business or as otherwise permitted hereunder (including under Section 7.4 and Article 15 hereof). 

 

	7.13	ACCOUNTING RECORDS. 

Borrower shall maintain adequate books and records in accordance with the same accounting standard used by Borrower to prepare the
financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably approved by Lender. Borrower shall permit any representative of Lender, at any reasonable time and from time
to time during business hours, upon reasonable advance written notice (but not more frequently than one time per calendar year unless a Default shall be continuing), to inspect, audit and examine such books and records and make copies of same.

  

	7.14	PAYMENT OF TAXES AND CLAIMS. 

 Borrower shall pay (or cause to be paid) (a) all taxes, assessments and other governmental charges imposed upon it or on any of its properties or assets or in respect of any of its franchises,
business, income or property before any penalty or interest accrues thereon (unless Lender is paying the same pursuant to the terms hereof or unless Borrower is contesting any such taxes, assessments or other governmental charges in good faith
pursuant to Section 16.7 herein) and (b) except to the extent being contested in good faith by appropriate proceedings and for which appropriate reserves (which may be funds then held as Impounds, as determined in Lender’s
reasonable discretion) have been established, all claims (including, without limitation, claims for labor, services, materials and supplies) for sums, which have become due and payable and which by law have or may become a lien or encumbrance, other
than a judgment lien, upon any of Borrower’s properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto. 

  
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	7.15	MAINTENANCE OF PROPERTY. 

 Borrower shall maintain (or cause to be maintained) in good repair, working order and condition in all material respects, excepting ordinary wear and tear, the Property and will make or cause to be made
all appropriate repairs, renewals and replacements thereof. 
  

	7.16	QUALIFICATION, NAME; EXISTENCE. 

 Borrower shall qualify and remain qualified to do business in the jurisdiction in which the Property is located or in which the nature of its business requires it to be so qualified. Borrower will
transact business solely in its own name. Borrower will not change its name, address or state of organization without giving prior written notice thereof to Lender. Borrower shall at all times maintain its current legal existence and preserve and
keep in full force and effect its legal rights and authority. 
  

	7.17	ALTERATIONS. 

Lender’s prior approval (which approval shall not be unreasonably withheld or delayed) shall be required in connection with any
alterations to any Improvements (a) that would be reasonably expected to have a Material Adverse Effect, (b) the cost of which in the aggregate with all ongoing alterations is reasonably anticipated to exceed the Alteration Threshold or
(c) that are structural in nature, except in each case for alterations or tenant improvements being made expressly pursuant to existing Leases entered into pursuant to Section 7.4 or existing as of the date hereof (and as such are
deemed approved by Lender). If the total unpaid amounts incurred and to be incurred with respect to any alterations to the Improvements under subsection (b) above shall at any time exceed the Alteration Threshold (other than Improvements for
which Borrower has deposited Impounds as required hereunder), Borrower shall, if required in writing by Lender, promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under
the Loan Documents any of the following: (i) cash, (ii) U.S. Obligations, (iii) other securities acceptable to Lender, or (iv) a completion bond acceptable to Lender. Such security shall be in an amount equal to the excess of the
total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements over the Alteration Threshold. In addition to Borrower’s obligation to post security if the alteration exceeds the Alteration Threshold,
Borrower shall deliver to Lender title coverage reasonably acceptable to Lender to insure Lender for any mechanic’s liens filed in connection with such alteration to the extent such title coverage is available at a reasonable cost in the
jurisdiction in which the Property is located. Any such security or excess funds shall be disbursed to Borrower to pay or reimburse Borrower for completed work related to such alterations, provided Borrower complies with the requirements for
disbursements for work as set forth in Section 4.4.4(d) of Exhibit E (such work being performed in connection with such alterations being deemed “Work” in Section 4.4.4(d) of Exhibit E only for the purposes of
disbursements pursuant to this Section 7.17). All such security or excess funds remaining after completion of the alteration shall be promptly returned to Borrower. 

 

	7.18	COMPLIANCE WITH PATRIOT ACT. 

 Borrower covenants and agrees that in the event Borrower receives any notice that Borrower, SPE Party, Guarantor, any property manager (if such property manager is an Affiliate of Borrower) (or any of
their respective beneficial owners, affiliates or participants) or any Person that has an interest in the Property (including, without limitation, any tenant at the Property) become listed on any list promulgated under the Patriot Act or is
indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall immediately notify Lender. At Lender’s option, it shall be a Default hereunder if Borrower, SPE Party or
Guarantor becomes listed on any list promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering. 

  
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	7.19	ACCESS TO PROPERTY. 

Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon
reasonable advance written notice subject to the tenant’s rights under the applicable Lease. 
  

	7.20	NOTICE OF DEFAULT. 

Borrower shall promptly advise Lender of any Material Adverse Effect or of the occurrence of any Default of which Borrower has knowledge.

  

	7.21	COOPERATE IN LEGAL PROCEEDINGS. 

 Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights
obtained by Lender under any of the Note, the Mortgage or the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings. 

 

	7.22	PERFORMANCE BY BORROWER. 

 Borrower shall (a) in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed by Borrower under this Agreement, the Mortgage, the Note
and the other Loan Documents and (b) in a timely manner observe, perform and fulfill, in all material respects, its material obligations under any other agreement or instrument affecting or pertaining to the Property and any amendments,
modifications of changes thereto. 
  

	7.23	ESTOPPEL CERTIFICATES. 

  

	 	(a)	Borrower Estoppel. After request by Lender, Borrower shall, within twenty (20) days of such request (but in any event, unless a Default is
continuing, not more frequently than twice per calendar year), furnish Lender or any proposed assignee with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid
principal amount of the Note, (iii) the rate of interest of the Note, (iv) the terms of payment and maturity date of the Note, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided
in such statement, no Default exists, (vii) that this Agreement, the Note, the Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(viii) to Borrower’s knowledge, whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect and have
not been modified (or if modified, setting forth all modifications), (x) the date to which the Payments thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of Borrower, any of the lessees under the
Leases are in default in any material respect under the Leases, and, if any of the lessees are in default in any material respect setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower
under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations created and evidenced
hereby and by the Mortgage or the Property. 

  

	 	(b)	Borrower shall use commercially reasonable efforts to deliver to Lender, promptly upon request, (but in any event not more frequently than one time per calendar year),
duly executed estoppel certificates from any one or more tenants as required by Lender attesting to such facts regarding the Lease as Lender may require, including, but not limited to, attestations that each Lease covered thereby is in full force
and effect with no defaults thereunder on the part of any party, that no rent under such Leases have been paid more than one (1) month in advance, except as security, and that the tenant claims no defense or offset against the full and timely
performance of its obligations under the Lease. 

  
 21 

	 	(c)	In connection with a Secondary Market Transaction in connection with the Loan (or any portion thereof or interest therein), at Lender’s request, Borrower shall
provide an estoppel certificate to any investor or any prospective investor in such form, substance and details as Lender, such investor or prospective investor may reasonably require. 

 

	 	(d)	Borrower shall use commercially reasonable efforts to deliver to Lender, upon request, estoppel certificates from each party under any REA in form and substance
reasonably acceptable to Lender. 

  

	 	(e)	On an annual basis, Lender shall promptly provide information reasonably requested by Borrower to assist with Borrower’s annual auditing, provided such information
is not confidential and is readily available. Any such information shall be provided without representation or warranty and Borrower shall pay any reasonable third party costs of Lender associated therewith. 

 

	7.24	ADVISOR. 

 IIOP
shall at all times be operated by an experienced professional advisory firm (or have internal management similar to what an advisory firm provides) regularly engaged in the operation and advisement of real estate investment trusts similar in
experience and expertise to IIT. 
  

	7.25	NO JOINT ASSESSMENT. 

 Borrower shall not consent to initiate the joint assessment of the Property with (a) any other real property constituting a tax lot separate from the Property, or (b) any portion of the Property
which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to the Property. 

 

	7.26	REA COVENANTS. 

Borrower agrees that, without the prior consent of Lender, Borrower will not enter into any new REA or execute modifications to any
existing REA if such new REA or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each REA to comply with all of the terms
and conditions contained in such REA. Notwithstanding the foregoing, Borrower may enter into and record in the Official Records of the County of Riverside that certain Amended and Restated Declaration and Grant of Easement and Reservation of Water
Rights if such easement is recorded in substantially the same form as attached as Exhibit K-3 to the PSA and upon such recordation Lender acknowledges and agrees that the Mortgage (and the lien created thereby) shall be subordinate to such easement.

  

	7.27	DEFERRED MAINTENANCE. 

 Within sixty (60) days of the date hereof, Borrower shall complete the repairs and replacements as described on Exhibit E-1 attached hereto (the “Deferred Maintenance”).
Notwithstanding the foregoing, for those items set forth on Exhibit E-1 and identified as “Tenant Responsibility”, Borrower shall not be required to complete the Deferred Maintenance itself, but shall be required to enforce the
terms of the applicable Lease to cause the tenant under such Lease to perform such repairs as and when required pursuant to the terms of the applicable Lease. 
  

	7.28	CERTIFICATE OF OCCUPANCY. 

 As of the date hereof, the Property has a temporary certificate of occupancy. Pursuant to Section 35 of that certain Agreement of Purchase and Sale and Joint Escrow Instructions (the
“PSA”) dated as of December 17, 2010 by and between Ridge Perris I Property, LLC (“Seller”) and IIT Acquisitions LLC (predecessor-in-interest to Borrower), Seller is obligated to perform the TCO Obligations (as
defined in the PSA) as a 

  
 22 

 
condition to the issuance of a final certificate of occupancy for the Property. Borrower shall use best efforts to cause Seller to comply with all requirements set forth in Section 35 until
the TCO Obligations are completed and the final certificate of occupancy is issued. Furthermore, in the event that that the temporary certificate of occupancy is to expire prior to the issuance of the final certificate of occupancy, it shall be a
Default hereunder if the temporary certificate of occupancy is not extended until the final certificate of occupancy is issued. Pursuant to the Mortgage, Borrower has assigned to Lender any proceeds it receives from the agreements and guarantees
included in Section 35 of the PSA. 
 ARTICLE 8. FINANCIAL COVENANTS 

 

	8.1	STATEMENTS REQUIRED. 

 During the term of the Loan and while any portion of the Debt remains outstanding, unless Lender otherwise consents in writing or, if prior to a Securitization or during the continuance of a Default,
requests on a more frequent basis, Borrower shall provide to Lender the following: 
  

	 	(a)	Financial and Operating Statements Statement. Within sixty (60) days of the end of each calendar quarter, an unaudited operating statement, signed
and certified as true and correct by an authorized officer of Borrower showing all revenues and expenses and a balance sheet showing all assets and liabilities of Borrower relating to the Property for such period, provided, Borrower shall have a
period of thirty (30) days from the delivery of such statements to provide any material adjustments to such statements. In addition, not later than ninety (90) days after and as of the end of each fiscal year, an unaudited operating
statement and balance sheet signed and certified as true and correct by an authorized officer of Borrower showing all revenues and expenses relating to the Property and all assets and liabilities of Borrower for such fiscal year;

  

	 	(b)	Monthly Statements. Not later than ten (10) days after request by Lender during the period prior to any sale of the Loan, an unaudited operating
statement, signed and certified as true and correct by an authorized officer of Borrower, showing all revenues and expenses during the most recent month (for which such monthly statements are available) or quarter and year-to-date;

  

	 	(c)	Intentionally Omitted. 

  

	 	(d)	Annual Budget. Within ninety (90) days after the end of each fiscal year, an Annual Budget including a Capital Expenditures budget signed and dated
by Borrower, and certified by Borrower to be a true, complete and correct copy of the Annual Budget adopted by Borrower for the applicable year; which, upon the occurrence and during the continuance of a Cash Trap Event Period shall be approved by
Lender, which approval shall not be unreasonably withheld (such approved Annual Budget, an “Approved Annual Budget”). Until such new proposed budget is approved (if applicable), the prior existing Approved Annual Budget shall be
used for the next calendar year, adjusted for customary increases of three percent (3%) per item. 

  

	 	(e)	Rent Roll. Not later than sixty (60) days after and as of the end of each calendar quarter (and together with the delivery of the quarterly
statements set forth in 8.1(b)), a Rent Roll signed and dated by Borrower, provided, Borrower shall have a period of thirty (30) days from the delivery of such Rent Roll to provide any material adjustments to such Rent Roll. Notwithstanding the
foregoing, no Rent Roll shall be required to be delivered hereunder if the Property is leased to a single tenant and all of the information which would otherwise be reflected in a Rent Roll is otherwise included in the statements required to be
delivered pursuant to this Section 8.1; 

  

	 	(f)	Compliance Certificates. The Compliance Certificate described in Section 5.2(m) hereof; and 

 

	 	(g)	Intentionally Omitted. 

  

	 	(h)	Other Information. From time to time prior to a Securitization or during the continuance of a Default, upon Lender’s delivery to Borrower of at least
ten (10) days’ prior written notice, such other information with regard to Borrower, principals of Borrower, any Guarantor or the Property, as Lender may reasonably request in writing. 

  
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	8.2	FORM; WARRANTY. 

Borrower agrees that all financial statements to be delivered to Lender pursuant to this Article 8 shall: (a) be complete and
correct in all material respects; (b) present fairly the financial condition of the party; (c) disclose all liabilities that are required to be reflected or reserved against; and (d) be prepared in accordance with the same accounting
standard used by Borrower to prepare the financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably acceptable to Lender. By its execution of this Agreement, Borrower
shall be deemed to warrant and represent that, as of the date of delivery of any such financial statement, there has been no change in financial condition which would have a Material Adverse Effect, nor have any assets or properties been sold,
transferred, assigned, mortgaged, pledged or encumbered since the date of such financial statement which would have a Material Adverse Effect, except as disclosed by Borrower in a writing delivered to Lender. Borrower agrees that all rent rolls and
other information to be delivered to Lender pursuant to this Article 8 shall not contain any misrepresentation or omission of a material fact. 
  

	8.3	CHARGE FOR LATE DELIVERY. 

 If any financial statement, leasing schedule or other items required to be delivered to Lender pursuant to this Article 8 is not timely delivered, following written notice from Lender to Borrower,
and such failure continues after ten (10) days of such written notice from Lender, Borrower shall promptly pay to Lender, as a late charge, the sum of One Thousand and No/100 Dollars ($1,000) per item. In addition, Borrower shall promptly pay
to Lender an additional late charge of Five Hundred and No/100 Dollars ($500.00) per item for each full month during which such item remains undelivered following written notice from Lender. Borrower acknowledges that Lender will incur additional
expenses as a result of any such late deliveries, which expenses would be impracticable to quantify, and that Borrower’s payments under this Article 8 are a reasonable estimate of such expenses. Borrower acknowledges further that payment
by Borrower of this late charge does not in any manner affect or otherwise impair or waive any rights and remedies Lender may have hereunder, under the Loan Documents or under applicable law for any Default. 

ARTICLE 9. DEFAULTS AND REMEDIES 
  

	9.1	DEFAULT. 

 For all
purposes hereof, “Default” shall mean either an “Optional Default” (as defined below) or an “Automatic Default” (as defined below). 

 

	 	(a)	Optional Default. An “Optional Default” shall occur, at Lender’s option (exercised in its sole and absolute discretion), upon the
occurrence of any of the following events: 

  

	 	(i)	Monetary. Borrower shall fail to (a) pay when due the P& I Payment Amount or sums which are payable on the Maturity Date, or (b) pay when
due any other sums payable under the Note, this Agreement or any of the other Loan Documents and such failure (relating to clause (b) hereof only) continues after ten (10) days’ written notice of such failure from Lender to Borrower.

  

	 	(ii)	 Failure to Perform. Borrower shall fail to observe, perform or discharge any of Borrower’s obligations, covenants, conditions or
agreements, other than Borrower’s payment obligations, under the Note, this Agreement or any of the other Loan Documents, and such failure shall remain uncured for forty-five (45) days after written notice thereof shall have been given to
Borrower by Lender; provided, however, if any failure under this Section 9.1(a)(ii) shall be of such a nature that it cannot be cured or remedied within such forty-five (45) days, Borrower shall be entitled to a reasonable period of
time to cure or remedy such failure (not to exceed one hundred twenty (120)

  
 24 

	 	 
days following the giving of such notice (subject to further extension by Lender, in Lender’s reasonable discretion)), provided Borrower commences the cure or remedy thereof within the
forty-five (45) day period following the giving of notice and, thereafter, proceeds with diligence to complete such cure or remedy. 

  

	 	(iii)	Representations and Warranties. Any representation, warranty, certificate or other written statement (financial or otherwise) made or furnished by or, in
the case of any financial statements of Borrower, on behalf of Borrower or Guarantor, to Lender under or in connection with any of the Loan Documents shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

  

	 	(iv)	Intentionally Omitted. 

  

	 	(v)	Bankruptcy of Partners, Managing Member, Guarantors and Sponsor. The occurrence of an event specified in subsections (b)(i) or (ii) herein as to any
general partner or managing member of Borrower (other than any SPE Party) or Guarantor. 

  

	 	(b)	Automatic Default. An “Automatic Default” shall occur automatically upon the occurrence of any of the following events:

  

	 	(i)	Voluntary Bankruptcy, Insolvency, Dissolution. (aa) Borrower’s or SPE Party’s filing a petition for relief under the Bankruptcy Code, or under
any other present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively, “Debtor Relief Law”); or (bb) Borrower’s or SPE Party’s filing any pleading in any involuntary
proceeding under the Bankruptcy Code or other Debtor Relief Law which admits the petition’s material allegations regarding Borrower’s or SPE Party’s insolvency; or (cc) Borrower’s or SPE Party’s making a general assignment
for the benefit of creditors; or (dd) Borrower’s or SPE Party’s applying for, or the appointment of, a receiver, trustee, custodian or liquidator of Borrower, SPE Party or any of their property; or (ee) the filing by Borrower or SPE Party
of a petition seeking the liquidation or dissolution of Borrower or SPE Party or the commencement of any other procedure to liquidate or dissolve Borrower or SPE Party. 

 

	 	(ii)	Involuntary Bankruptcy. Borrower’s or SPE Party’s failure to effect a full dismissal of any involuntary petition under the Bankruptcy Code or
other Debtor Relief Law that is filed against Borrower or SPE Party, prior to the earlier of the entry of any order granting relief sought in the involuntary petition or ninety (90) days after the date of filing of the petition.

  

	9.2	ACCELERATION. 

Upon the occurrence of an Optional Default, Lender may, at its option (exercised in its sole and absolute discretion), declare all
principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) immediately due and payable. Upon the occurrence of an Automatic Default,
all principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) shall automatically become immediately due and payable. 

 

	9.3	RIGHTS AND REMEDIES. 

 In addition to the other rights and remedies above and otherwise in this Agreement, at any time after a Default, Lender shall have all of the rights and remedies as set forth in the Mortgage, the other
Loan Documents, under applicable law and in equity. All rights and remedies of Lender under this Agreement and the other Loan Documents are cumulative and are in addition to all rights and remedies provided by applicable law and in equity. Lender
may enforce any such remedies or rights either successively or concurrently. 

  
 25 

 ARTICLE 10. NO PREPAYMENT - DEFEASANCE ONLY 

Borrower acknowledges that any prepayment of the Loan will cause Lender to lose its interest rate yield on the Loan and will possibly require that Lender
reinvest any such prepayment amount in loans of a lesser interest rate yield (including, without limitation, in debt obligations other than first mortgage loans on commercial properties). As a consequence, Borrower agrees as follows, as an integral
part of the consideration for Lender’s making the Loan: 
  

	 	10.1	No Voluntary Prepayment. Voluntary prepayment of the Loan is prohibited during the Prepayment Lockout Period. After the Prepayment Lockout Period,
prepayment of the Loan is permitted in full only, and not in part. Subject to the foregoing, on and after the Open Period Start Date, Borrower may prepay the Loan without incurring any prepayment charge or premium. 

 

	 	10.2	Prepayment Charge. 

  

	 	(a)	Basic Charge. Except as provided in clause (c) below and subject to Section 10.1, if at any time prior to the Open Period Start
Date prepayment of all or a portion of the principal amount of the Loan is tendered by Borrower, a purchaser at foreclosure or any other Person and accepted by Lender, whether such prepayment is voluntary, involuntary or made concurrently with or
after a Default, such tender shall be deemed an attempt to circumvent the prohibition against prepayment set forth in the 10.1 above, and Borrower, such purchaser at foreclosure or other Person shall pay to Lender on the prepayment date (in addition
to all other sums then due and owing to Lender under the Loan Documents) a prepayment charge equal to the greater of the following two amounts: (i) an amount equal to two percent (2%) of the amount prepaid; or (ii) an amount equal to
(A) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required under the Loan, calculated by discounting such payments from their respective Due Dates (or, with
respect to the payment required on the Maturity Date, from the Maturity Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan as of the
prepayment date, multiplied by (B) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury
Yield” means the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of
federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Maturity Date (or if two or more such securities have maturity dates equally close to the Maturity Date, the average
annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth (5th) Business Day preceding the prepayment date.

  

	 	(b)	Additional Charge. If the Loan is prepaid on any day other than a Due Date, whether such prepayment is voluntary, involuntary or upon full acceleration of
the principal amount of the Loan by Lender following a Default, Borrower shall pay to Lender on the prepayment date (in addition to the basic prepayment charge described in Section 10.2(a) above and all other sums then due and owing to
Lender under the Loan and the other Loan Documents) an additional prepayment charge equal to the interest which would otherwise have accrued on the amount prepaid (had such prepayment not occurred) during the period from and including the prepayment
date to and including the last day of the calendar month in which the prepayment occurred. 

  

	 	(c)	Exclusion. Notwithstanding the foregoing, no prepayment charge of any kind shall apply in respect to any prepayment resulting from Lender’s
application of any insurance proceeds or condemnation awards (including as set forth in Section 12.7(d) hereof) or scheduled P&I Payment Amount to the outstanding principal balance of the Loan. 

  
 26 

	10.3	Effect of Prepayment. No partial prepayment of the Loan shall change any Due Date or the P&I Payment Amount unless Lender otherwise agrees in writing.
Notwithstanding the foregoing, however, in the event of a Partial Defeasance, the P&I Payment Amount shall be reduced by the monthly principal and interest payment due under the New Note. 

 

	10.4	Waiver. Borrower waives any right to prepay the Loan, except under the terms and conditions set forth in this Article 10 and agrees that if the
Loan is prepaid, Borrower shall pay the prepayment charge set forth above, subject to Section 10.1 and except as provided for in Section 10.2(c). Borrower hereby acknowledges that: (a) the inclusion of this waiver of
prepayment rights and agreement to pay the prepayment charge for the right to prepay the Loan was separately negotiated with Lender; (b) the economic value of the various elements of this waiver and agreement was discussed; and (c) the
consideration given by Borrower for the Loan was adjusted to reflect the specific waiver and agreement negotiated between Borrower and Lender and contained herein. 

ARTICLE 11. DEFEASANCE - FULL OR PARTIAL. 

 

	11.1	Borrower Right to Defease. At any time (and from time to time) during the Defeasance Option Period, Borrower may elect to effect a Full Defeasance or a
Partial Defeasance, all in accordance with the provisions of this Article 11, at Borrower’s sole cost and expense. A Partial Defeasance shall be permitted only to avoid a Cash Trap Event Period caused by clause (b) in the definition
thereof in the Cash Management Agreement. 

  

	11.2	Conditions. Borrower shall only have the right to cause a Defeasance if all of the following conditions have been satisfied: 

 

	 	(a)	Notice. Borrower shall give at least thirty (30) days written notice to Lender specifying Borrower’s intended Defeasance Date. Simultaneously
with the delivery of such notice, Borrower shall deposit with Lender an amount reasonably estimated by Lender to be sufficient to reimburse Lender’s anticipated reasonable and actual out of pocket expenses in connection with the Defeasance, for
which Borrower shall be solely responsible whether or not the Defeasance shall be completed. If any such notice shall have been given by Borrower, Borrower shall be permitted to revoke such notice in writing prior to the Defeasance Date, provided
Borrower pays all of Lender’s reasonable third party expenses incurred in connection with the proposed Defeasance or Partial Defeasance. Upon completion of the Defeasance or revocation by Borrower as specified above, Lender shall return any
surplus deposit to Borrower. 

  

	 	(b)	No Default. No Default shall exist either on the date of receipt of Borrower’s notice under Section 11.2(a) above or on the Defeasance
Date. 

  

	 	(c)	Payments. Borrower shall pay in full, on or before the Defeasance Date (i) all unpaid interest accruing under the Loan to and including the
Defeasance Date (or otherwise cause Successor Borrower to assume liability for such interest), (ii) all other sums due under the Loan and the other Loan Documents on or before the Defeasance Date, (iii) all reasonable and actual out of
pocket escrow, closing, recording, legal, Rating Agency and other third party fees, costs and expenses paid or actually incurred by Lender and its agents in connection with the Defeasance, the release of the lien of the Mortgage on the Property, as
the case may be, the review of the proposed Defeasance Collateral and the preparation of the Defeasance Security Agreements and related documentation, (iv) an administrative fee to Lender of $35,000, and (v) any revenue, documentary stamp,
intangible or other taxes, charges or fees due in connection with the transfer or assumption of the Loan or the New Note, or in connection with the Defeasance. Lender shall cooperate with Borrower to effect a Partial Defeasance or Full Defeasance
upon notice by Borrower of its decision to effectuate the same. 

  
 27 

	 	(d)	Deliveries. Borrower shall, at Borrower’s sole cost and expense, deliver the following items to Lender on or before the Defeasance Date:

  

	 	(i)	For any Partial Defeasance, the New Note, and the Amended Note evidencing only the remaining principal balance of the Loan (i.e., the outstanding principal balance of
the Loan immediately prior to the Partial Defeasance, less the principal balance of the New Note). The New Note and other Defeasance Security Agreements shall not be cross-defaulted with the Amended Note and other Loan Documents. Under no
circumstances shall the New Note be subject to prepayment prior to the Open Period Start Date. For the avoidance of doubt, the Amended Note shall have a principal and interest payment based on the remaining principal balance of the undefeased
portion of the Loan and the New Note shall have a principal and interest payment based on the defeased portion of the Loan. The principal and interest payable on the New Note and the Amended Note, in the aggregate, will, immediately following the
Partial Defeasance, equal the principal and interest payable on the Loan immediately prior to the Partial Defeasance; 

  

	 	(ii)	The Defeasance Collateral, as substitute collateral for the Loan or, for a Partial Defeasance, for the New Note, provided, however, that the payments generated from the
Defeasance Collateral (without regard to earnings from reinvestment of proceeds) must be, in timing and amounts, sufficient to provide for payment prior, but as close as possible, to (A) all Due Dates occurring after the Defeasance Date (with
each such payment being equal to or greater than the amount of corresponding amount of scheduled principal and/or interest required (as applicable) to be paid under the Loan or, for a Partial Defeasance, under the New Note) for the balance of the
term of such note up to but excluding the Open Period and (B) the Open Period Start Date (with such payment being equal to or greater than the outstanding principal balloon payment together with all interest due with respect to the Loan or, for
a Partial Defeasance, with respect to the New Note, on the Open Period Start Date and assuming for purposes of calculating the outstanding principal balloon payment pursuant to this clause d(ii) only, that the Open Period Start Date is the Maturity
Date); and provided further, however, that Borrower shall take such actions, enter such agreements and issue such orders or directions (including those specified below), as are necessary or appropriate and in accordance with customary commercial
standards to effectuate book-entry transfers and pledges through the book-entry facilities of the institution holding the Defeasance Collateral or otherwise to create and perfect a valid, enforceable, first priority security interest in the
Defeasance Collateral in favor of Lender; 

  

	 	(iii)	The Defeasance Security Agreements creating, attaching and perfecting a first priority security interest in favor of Lender in the Defeasance Collateral, which
agreements shall provide, among other things, that all payments generated by the Defeasance Collateral shall be paid directly to Lender and applied by Lender to amounts then due and payable under the Loan or, for a Partial Defeasance, under the New
Note; 

  

	 	(iv)	A certificate of Borrower certifying that all of the requirements of this Article 11 have been satisfied; 

 

	 	(v)	Opinions of counsel for Borrower, addressed to Lender and all Rating Agencies and delivered by counsel satisfactory to Lender, subject only to customary assumptions,
qualifications and exceptions, stating, among other things, that (a) Lender has a perfected first priority security interest in the Defeasance Collateral, (b) the Defeasance Security Agreements are enforceable against Borrower or successor
Borrower, as applicable, in accordance with their terms and (c) any REMIC that holds the Loan immediately prior to the Defeasance will not, as a result of the Defeasance, fail to maintain its status as a REMIC; 

  
 28 

	 	(vi)	A certificate, addressed to Lender and all Rating Agencies, from a firm of independent certified public accountants reasonably acceptable to Lender, subject only to
customary assumptions, qualifications and exceptions, certifying that the Defeasance Collateral satisfies the requirements of Section 11.2(d)(ii) above and certifying that in no fiscal year of Successor Borrower will the interest earned
on the Defeasance Collateral exceed the interest payable for the same period on the Loan or, for a Partial Defeasance, under the New Note; 

  

	 	(vii)	If the Loan is held by a REMIC, written evidence from the Rating Agencies that the Defeasance will not result in a downgrading, withdrawal or qualification of the
respective ratings in effect immediately prior to the Defeasance for any securities representing interests in such REMIC which are then outstanding; and 

  

	 	(viii)	Such other certificates, opinions, documents or instruments as are customary in commercial mortgage defeasance transactions to effect the Defeasance.

  

	 	(e)	Intentionally Omitted. 

  

	 	(f)	Release of Lien. Upon satisfaction of all conditions specified in this Article 11 for a Full Defeasance, the Property and the Collateral shall be
released from the lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral and the proceeds thereof shall constitute the only collateral securing the obligations of Borrower under the Loan and the other Loan Documents. Lender
shall, at Borrower’s expense, prepare, execute and deliver any instruments reasonably necessary to release the lien of the Mortgage and other Loan Documents from the Collateral. 

 

	 	(g)	Assignment and Assumption. In connection with the Defeasance, Borrower shall, at the request of Lender, assign all of its right, title and interest in and
to the pledged Defeasance Collateral and all its obligations and rights under the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security Agreements to Successor Borrower. Successor Borrower shall execute an assumption
agreement in form and substance customary in commercial mortgage defeasance transactions, pursuant to which it shall assume Borrower’s obligations under the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security
Agreements and Borrower shall be released from such obligations. As conditions to such assignment and assumption, Borrower shall (i) deliver to Lender opinions of counsel addressed to Lender and all Rating Agencies, in form and substance
customary in commercial Defeasance transactions and delivered by counsel reasonably satisfactory to Lender, and subject only to customary assumptions, qualifications and exceptions, stating, among other things, that such assumption agreement is
enforceable against Borrower and Successor Borrower in accordance with its terms and that the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security Agreements, as so assumed, are enforceable against Successor Borrower in
accordance with their respective terms, and a bankruptcy non-consolidation opinion with respect to Successor Borrower, its equity owners and such other parties as Lender may reasonably require; and (ii) pay all reasonable and actual out of
pocket costs and expenses incurred by Lender and its agents in connection with such assignment and assumption (including, without limitation, the formation or review of Successor Borrower and the preparation of the assumption agreement and related
documentation). Upon such assumption by Successor Borrower, Borrower shall be relieved of its obligations under the Loan (or, for a Partial Defeasance, the New Note), the Defeasance Security Agreements and the other Loan Documents other than
(i) representations and warranties made in connection with the Defeasance, (ii) the obligation to effect the Defeasance in accordance with this Article 11, and to provide further assurances as necessary to do so,
(iii) liability for losses to Lender resulting from an avoidance, rescission or set-aside of the Defeasance as a result of actions taken by Borrower, and (iv) those obligations which are specifically stated in the Loan Documents to survive
the repayment of the Loan or other termination, satisfaction, assignment, amendment or restatement of the Loan, the Defeasance Security Agreements or the other Loan Documents or Lender’s exercise of its rights and remedies under any of such
documents and instruments. 

  
 29 

 ARTICLE 12. INSURANCE 

 

	12.1	REQUIRED INSURANCE. 

Throughout the term of the Loan, Borrower shall maintain the following types of insurance in the form and content as set forth in this
Article 12. 
  

	 	(a)	Casualty Insurance. Borrower, at its sole cost and expense, will keep the Property and the Collateral insured during the entire term of the Loan, for the
mutual benefit of Borrower and Lender, against fire and such other hazards that would be covered by an insurance policy issued on a Special Form Cause of Loss - “All Risk” basis (the “Casualty Policy”). The Casualty
Policy shall: 

  

	 	(i)	include coverage for, and specifically state that coverage is provided for: Windstorm Coverage (as defined in Section 12.1(b)(iii), hail, Terrorism Coverage
(as defined in Section 12.5 below); 

  

	 	(ii)	provide coverage in an amount not less than full replacement value, without deduction for depreciation or co-insurance; 

 

	 	(iii)	have a deductible no greater than Twenty-Five Thousand and No/100 Dollars ($25,000.00) per occurrence, with the exception of a deductible no greater than (i) One
Hundred Thousand and No/100 Dollars ($100,000.00) for any flood location within the 100-500 year flood plain and (ii) Fifty Thousand and No/100 Dollars ($50,000.00) per occurrence specific to Special Flood Hazard NFIP coverage for buildings
located in Special Flood Hazard zones (other than a deductible of no greater than five percent (5%) of the replacement cost of the Property and the Collateral for Windstorm Coverage, Special Excess of NFIP Flood Hazard Coverage for buildings
located in Special Flood Hazard Zones and earthquake insurance) and no more than five percent (5%) of underwritten net cash flow as determined by Lender in accordance with its internal underwriting procedures, and contain a replacement cost
endorsement; 

  

	 	(iv)	contain a lender’s loss payable endorsement containing provisions equivalent to those provisions contained in Form 438BFU and naming Lender as the mortgagee
(unless otherwise agreed by Lender in its sole discretion). If the lender’s loss payable endorsement is not provided on Form 438BFU or ISO Form CP1218, the applicable form number shall be referenced on the proposed endorsement and such
endorsement must be acceptable to Lender; 

  

	 	(v)	be evidenced by an Accord 27 (Form Date: March, 1993), an Accord 28 (2003/10) or equivalent form, or such other form acceptable to Lender in its sole discretion in
favor of Lender, as mortgagee and loss payee, and such evidence shall be provided to Lender. Borrower shall also provide Lender with a complete copy of the Casualty Policy promptly upon issuance but no later than sixty (60) days from the
closing of the Loan; 

  

	 	(vi)	contain a so called “Agreed Amount” endorsement or a “No Co-Insurance” clause unless otherwise agreed by Lender in its sole and
absolute discretion; 

  

	 	(vii)	Building Ordinance or Law Coverage sufficient to compensate for the cost of demolition, increased costs of construction and loss to any undamaged portion of the
improvements at the Property if the current use of the Property or the improvements thereon are “nonconforming” or “legal nonconforming” or become “nonconforming” or “legal nonconforming” pursuant to the
applicable zoning regulations and if full rebuildability and continued full use following a casualty is otherwise not permitted under such zoning regulations; and 

  
 30 

	 	(viii)	except as provided in subsection(a)(vi) above, not contain any co-insurance clauses or provisions that would reduce the coverage available under the Casualty
Policy. 

  

	 	(b)	Other Property Insurance Coverage. Borrower must also provide the following additional forms of insurance coverage, whether as additional coverage under
the Casualty Policy or by purchasing one or more additional policies, which additional coverage or policies shall comply with all of the requirements contained herein applicable to the Casualty Policy unless otherwise provided below:

  

	 	(i)	Rental loss and/or business interruption insurance for a period of twelve (12) months, in an amount sufficient such that the insurer would not deem Borrower a
co-insurer under the policy, (A) with loss payable to Lender; (B) which provides that after the physical loss to the Property and Collateral occurs, the loss of rents or income, as applicable, will be insured until such rents or income, as
applicable, either return to the same level that existed prior to the loss, or the expiration of twelve (12) months, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (C) if
required by Lender from time to time, which contains an extended period of indemnity endorsement which provides that after the physical loss to such Property and Collateral has been repaired, the continued loss of income will be insured until such
income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property and Collateral are repaired or replaced and operations are resumed, whichever first occurs, and
notwithstanding that the policy may expire prior to the end of such period. The amount of such rental loss and/or business interruption insurance, as applicable, shall be determined prior to the date hereof and at least once each year thereafter
based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding period of coverage required above. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the
obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the
Loan Documents on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such rental loss and/or business interruption
insurance, as applicable. Any rental loss and/or business interruption insurance proceeds shall be held by Lender and disbursed in accordance with Section 12 of this Agreement; 

 

	 	(ii)	Comprehensive boiler and machinery coverage, without exclusion for explosion, covering all boilers or other pressure vessels, machinery and equipment located at the
Property, in an amount not less than the full replacement value thereof and of the building or buildings housing the same and for “loss of income;” 

 

	 	(iii)	Pursuant to Section 12.1(a)(i), coverage for windstorm (“Windstorm Coverage”), which Windstorm Coverage shall comply with each of the
applicable requirements for insurance policies set forth in this Section 12 (including, without limitation, those relating to deductibles); provided, that, Lender, at Lender’s option, may require Borrower to obtain or cause to be
obtained the Windstorm Coverage with higher deductibles than set forth above; 

  

	 	(iv)	 At all times during which structural construction, repairs or alterations are being made with respect to the improvements on the Property, and only if
the Property and liability coverage forms do not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the below mentioned Liability Policy; and
(B) the insurance provided for in subsection (a) above 

  
 31 

	 	 
written in a so called Builder’s Risk Completed Value form, including coverage for 100% of the total construction costs (1) on a non reporting basis, (2) against “all
risks” insured against pursuant to subsection (a) above, and (3) including permission to occupy the Property; and 

  

	 	(v)	Earthquake insurance in any area of increased risk (20% PML or higher). Lender may change its requirements for Earthquake Insurance from time to time based on
(i) review of a current probable maximum loss seismic study, to be prepared at Borrower’s expense (up to once every two years), forecasting the expected damage from any event anticipated to reoccur once in 475 years, on a 50%-certain
statistical basis; (ii) actual and potential losses at any other locations the same earthquake insurance covers and sharing the policy’s occurrence and annual aggregate limits of available coverage; and (iii) the amount of lost
business or rental income to be expected during Restoration of the Property. 

  

	 	(c)	Liability Insurance. Borrower, at its sole cost and expense and during the entire term of the Loan, shall maintain: 

 

	 	(i)	a Commercial General Liability Coverage Policy on the so-called “occurrence” form (“Liability Policy”) that includes coverage for contractual
damages, property damage, personal and bodily injuries (including death resulting therefrom) and provide for a per occurrence minimum limit of liability of not less than $1,000,000 and a general aggregate minimum limit of liability of not less than
$2,000,000 without any deductible or self-insured retention unless otherwise agreed by Lender in its sole and absolute discretion (to continue at not less than the aforesaid limits until reasonably required to be changed by Lender pursuant to
Section 12.2 hereof), and such other liability insurance as is reasonably requested by Lender. The Liability Policy shall cover at least the following hazards: (1) premises and operations; (2) products and completed operations;
(3) independent contractors; and (4) contractual liability coverage with regard to occurrences for property damage, bodily injury, personal injury and death for so-called “insured” contracts as defined in the Liability Policy.
Further, the policy or multiple policies, if applicable, shall include coverage for, and shall specifically state that coverage for, Terrorism Coverage is not excluded. Borrower shall provide a Certificate of Liability Insurance that states the
coverage limits per occurrence and indicates the full name of Borrower as a named insured, rather than as an additional insured; and 

  

	 	(ii)	umbrella liability insurance in an amount not less than $10,000,000 million per occurrence on terms consistent with the commercial general liability insurance policy
required under subsection (i) above. 

  

	 	(d)	Blanket Insurance. Unless otherwise agreed to by Lender in its sole and absolute discretion, blanket policies shall be permitted only if (i) coverage
will not be affected by any loss on other properties covered by the policies, (ii) the policy specifically allocates to each Property the amount of coverage from time to time required hereunder or shall otherwise provide the same protection as
would a separate policy, and (iii) such policy is approved in advance in writing by Lender, and Lender’s interest is included therein as provided in this Agreement, (iv) such policy is otherwise issued in accordance with the terms of
Section 12 of this Agreement, and (v) any changes or amendments made hereafter to such policy (including any endorsements and riders) are subject to the approval of Lender or its servicing agent. At all times, approval of any
blanket policy remains subject to review and approval by Lender based on the schedule of locations and values. 

  

	12.2	ADDITIONAL INSURANCE. 

 In addition to the foregoing, Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) such additional insurance policies and coverage (i) as may be required pursuant
to any and all agreements, declarations, covenants, and/or other arrangements to which Borrower is party or to which 

  
 32 

 
Borrower or the Property is subject, including, without limitation, any declarations of covenants, conditions and restrictions or similar covenants and/or restrictions affecting the Property,
franchise agreements, licenses, leases, codes or ordinances, (ii) as set forth on Exhibit G attached hereto, and (iii) such other insurance as may from time to time be reasonably required by Lender in order to protect its interests
and/or to satisfy then current market conditions and requirements. 
  

	12.3	POLICY REQUIREMENTS. 

 The Casualty Policy, the Liability Policy and each other insurance policy required hereunder (each, a “Policy” and, collectively, the “Policies”) shall: 

 

	 	(a)	provide that (i) Lender shall receive ten (10) days’ notice of any material modification, cancellation or expiration of the Policy (the addition of a
property to the Policy being deemed non-material provided sufficient coverage remains to insure the Property), (ii) Lender shall receive ten (10) days’ notice of any nonpayment, and (iii) any such modification, cancellation or
expiration without such notice shall not be effective against Lender; 

  

	 	(b)	unless otherwise agreed by Lender in its sole discretion and except for flood and earthquake insurance coverage, be issued by an insurer having a minimum rating of
either “A” or better from S&P or “A:X” or better from AM Best, and, in the event of a ratings downgrade from S&P, Borrower shall be required to replace said insurer(s) with a carrier satisfying the claims paying ability
ratings required by this subsection (b); 

  

	 	(c)	each insurer shall be admitted or authorized to do business in the state where the Property is located or shall otherwise be acceptable to Lender in its sole and
absolute discretion; 

  

	 	(d)	be evidenced by a certificate or other documents in form and substance acceptable to Lender, and shall be delivered to Lender on or before the date hereof;

  

	 	(e)	specifically state on the evidence thereof provided to Lender in accordance with this Article 12, any exclusion or condition which is a deviation from standard
insurance language or forms; 

  

	 	(f)	shall contain clauses or endorsements to the effect that the Policies shall not be materially changed (other than to increase the coverage provided thereby) or canceled
without at least thirty (30) days’ prior written notice to Lender and any other party named therein as an additional insured; 

  

	 	(g)	shall contain an endorsement providing that no policy shall be impaired or invalidated by virtue of any act, failure to act, negligence of or violation of declarations,
warranties or conditions contained in such policy by Borrower, Lender or any other named insured, additional insured or loss payee, except for the willful misconduct of Lender knowingly in violation of the conditions of such policy; and

  

	 	(h)	shall contain clauses or endorsements to the effect that no act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure
to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned.

  

	12.4	MAINTENANCE OF INSURANCE. 

 Borrower shall: 
  

	 	(a)	maintain, or cause to be maintained, all required insurance throughout the term of the Loan and while any obligations of Borrower to Lender under any of the Loan
Documents remain outstanding, at Borrower’s expense, with companies, and in form and substance satisfactory to Lender. Insurance coverage as required hereunder which is provided by a tenant at the Property pursuant to a Lease shall be
acceptable coverage hereunder provided Lender has reasonably approved such coverage and all of the requirements for such insurance coverage in this Article 12 are satisfied, including, but not limited to, Section 12.6(b);

  
 33 

	 	(b)	as a condition to Lender entering into the Loan Documents and making the Loan, and as and when in the future requested by Lender, forward a paid receipt to Lender with
respect to all insurance coverage required under this Agreement, and such receipt shall indicate the policy period, the property location and the annual premium delineated with respect to each type of coverage provided by such policy. Lender, by
reason of accepting, rejecting, approving or obtaining insurance, shall not incur any liability for: (A) the existence, nonexistence, form or legal sufficiency of any insurance, (B) the solvency of any insurer or (C) the payment of claims;

  

	 	(c)	give Lender written notice of the cancellation of any Policies within five (5) days of receipt of any such notice of cancellation from the insurer; and

  

	 	(d)	deliver to Lender, not less than thirty (30) days prior to the expiration dates of the Policies (or certificates of insurance) theretofore furnished to Lender, renewal
Policies (or certificates of insurance) and, in a timely fashion, but no later than the date of the expiration of the Policies, deliver to Lender evidence satisfactory to Lender of payment of the premiums due thereunder. 

 

	12.5	TERRORISM COVERAGE. 

Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) coverage for Acts of Terror (the
“Terrorism Coverage”), which such Terrorism Coverage shall comply with each of the applicable requirements for the Policies set forth above (including, without limitation, those relating to deductibles, except as otherwise agreed to
by Lender in its sole and absolute discretion). As used herein, the term “Terrorism Coverage” shall mean coverage for Acts of Terror. As used above, “Acts of Terror” shall mean acts of terror or similar acts of
sabotage; provided, that, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (as the same may be further modified, amended, or extended, collectively,
“TRIPRA”), remains in full force and effect, the provisions of TRIPRA shall determine what is deemed to be included within this definition of “Acts of Terror”. Notwithstanding the foregoing, in no event shall
Borrower be required to pay annual premiums in excess of the TC Cap (defined below) in order to obtain the Terrorism Coverage (but Borrower shall be obligated to purchase such portion of the Terrorism Coverage as is obtainable by payment of annual
premiums equal to the TC Cap). As used above, “TC Cap” shall mean a premium in an amount to provide coverage equal to the outstanding principal balance of the Loan. 

 

	12.6	CERTAIN RIGHTS OF LENDER. 

  

	 	(a)	If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, with written
notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including obtaining such insurance coverage as Lender in its reasonable discretion deems appropriate. All premiums incurred by Lender in
connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgage and shall bear interest at the Default Rate;

  

	 	(b)	Borrower shall assign the Policies or proofs of insurance to Lender, in such manner and form that Lender and its successors and assigns shall at all times have and hold
the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any
insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time
to time upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower with respect to the Property. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall
be entitled to apply such proceeds as provided in Article 12 of this Agreement; and 

  
 34 

	 	(c)	Borrower shall give immediate written notice of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney
in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of
whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds,
and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunder.

  

	12.7	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS. 

  

	 	(a)	Any and all awards, compensation, reimbursement, damages, proceeds, settlements, and other payments or relief paid or to be paid, together with all rights and causes of
action relating to or arising from, (i) any insurance policy maintained by, on behalf of, or by any tenant of the Property for the benefit of, Borrower following any damage, destruction, casualty or loss to all or any portion of the Property (a
“Casualty”, and such proceeds, “Insurance Proceeds”) or (ii) any temporary or permanent taking or voluntary conveyance of all or part of the Property, or any interest therein or right accruing thereto or use
thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority whether or not the same shall have actually been commenced (a “Taking”, and such proceeds,
“Condemnation Proceeds”, and together with Insurance Proceeds, collectively, “Restoration Proceeds”) are hereby assigned to Lender as additional collateral security hereunder subject to the Lien of the Mortgage, to
be applied in accordance with this Article 12. Borrower shall promptly notify Lender of any Casualty or Taking, but in no event later than ten (10) days thereafter. Subject to the terms and provisions of the Leases, Lender shall be
entitled to receive and collect all Restoration Proceeds, and Borrower shall instruct and cause the issuer of each policy of insurance described herein and any applicable Governmental Authority to deliver to Lender all Restoration Proceeds. Borrower
shall execute such further assignments of the Restoration Proceeds as Lender may from time to time reasonably require. Notwithstanding the foregoing, if the Restoration Proceeds, less the amount of Lender’s reasonable costs and expenses
(including attorneys’ fees and costs) incurred in collecting the same (the “Net Restoration Proceeds”), are $2,000,000 or less (the “Restoration Proceeds Threshold”), provided no Default then exists, Lender
shall disburse such Net Restoration Proceeds directly to Borrower and Borrower must use such Net Restoration Proceeds to restore and/or repair the Property. All Insurance Proceeds received by Borrower or Lender in respect of business interruption
coverage, and all Condemnation Proceeds received with respect to a temporary Taking available to Borrower, shall be deposited in a segregated escrow account with Lender or its servicer, as applicable, and Lender shall estimate the number of months
required for Borrower to restore the damage caused such Casualty or replace cash flow interrupted by such temporary Taking, as applicable, and shall to the extent of available proceeds (and subject to any other applicable requirements herein) divide
the aggregate proceeds by such number of months, and, provided no Default then exists, shall disburse a monthly installment thereof to the Restricted Account each such month to be held and disbursed in accordance with the terms of the Cash
Management Agreement. Subject to Lender’s rights under Section 12.8, provided no Default has occurred and is continuing and the Restoration has been completed in accordance with this Agreement, any Net Restoration Proceeds available
to Borrower for Restoration, to the extent not used by Borrower in connection with, or to the extent they exceed the cost of such Restoration and any reasonable costs incurred by Lender, shall be paid to Borrower. 

 

	 	(b)	 Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with (i) any insurance policy
claims relating to any Casualty, and (ii) any Taking in an amount in controversy, in either case, in excess of the Restoration Proceeds Threshold, and Borrower shall within ten (10) Business Days after request therefor reimburse Lender for
all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with such participation. Borrower shall not make any

  
 35 

	 	 
compromise, adjustment or settlement in connection with any such claim in excess of the Restoration Proceeds Threshold or if a Default then exists without the prior written approval of Lender,
which approval shall not be unreasonably withheld. Borrower shall not make any compromise, adjustment or settlement in connection with any claim unless same is commercially reasonable. 

 

	 	(c)	If and to the extent Restoration Proceeds are not required to be made available to Borrower to be used for the Restoration of the Property affected by the Casualty or
Taking, as applicable, pursuant to this Agreement, Lender shall be entitled, without Borrower’s consent but subject to the rights of the tenant under any Lease, to apply such Restoration Proceeds or the balance thereof, at Lender’s option
either (i) to the full or partial payment or prepayment of the Loan, or (ii) to the Restoration of all or any part of the Property affected by the Casualty or Taking, as applicable. In the event that a Taking exceeds the thresholds set
forth in Section 12.8(d) hereof and Lender has elected to apply the Restoration Proceeds thereof to the outstanding principal balance of the Loan, Borrower shall be permitted to release the affected Property from the Lien of the Mortgage.

  

	 	(d)	Notwithstanding the foregoing provisions of this Section 12.7, if the Loan is included in a REMIC and, immediately following a release of any portion
of the Property following a Taking, the ratio of the unpaid principal balance of the Loan to the value of the remaining Property is greater than 125% (such value to be determined, in Lender’s sole discretion, by any commercially
reasonable method permitted to a REMIC), the principal balance of the Loan must be paid down by the least of the following amounts: (i) the net Condemnation Proceeds, (ii) the fair market value of the released
Property at the time of the release, or (iii) an amount such that the loan-to-value ratio of the Loan (as so determined by Lender) does not increase after the release, unless the Lender receives an opinion of counsel
that the Securitization will not fail to maintain its status as a REMIC as a result of the related release of lien. 

  

	12.8	RESTORATION. 

Borrower shall restore and repair (or shall cause the restoration and repair of) the Property or any part thereof now or hereafter damaged
or destroyed by any Casualty or affected by any Taking; provided, however, that if the Casualty is not insured against or insurable, Borrower shall so restore and repair even though no Insurance Proceeds are received. Notwithstanding anything to the
contrary set forth in Section 12.7, Lender agrees that Lender shall make the Net Restoration Proceeds (other than business interruption insurance proceeds, which shall be held and disbursed as provided in Section 12.7)
available to Borrower for Borrower’s restoration and repair of the Property affected by the Casualty or Taking (a “Restoration”), as applicable, on the following terms and subject to Borrower’s satisfaction of the
following conditions; provided, that Lender shall have the right to waive any of the following conditions in its sole and absolute discretion: 
  

	 	(a)	At the time of such Casualty or Taking, as applicable, and at all times thereafter there shall exist no Default; 

 

	 	(b)	The Property affected by the Casualty or Taking, as applicable, shall be capable of being restored (including replacements) to substantially the same condition,
utility, quality and character, as existed immediately prior to such Casualty or Taking, as applicable, in all material respects with a fair market value and projected cash flow of the Property equal to or greater than prior to such Casualty or
Taking, as applicable; 

  

	 	(c)	Borrower shall demonstrate to Lender’s reasonable satisfaction Borrower’s ability to make the scheduled payments due under the Loan coming due during such
repair or restoration period (after taking into account proceeds from business interruption insurance carried by Borrower); 

  

	 	(d)	 (i) in the event of a Casualty, less than thirty percent (30%) of each of (1) the fair market value of the Property and (2) the rentable
area of the Property has been damaged, destroyed or rendered unusable as a result of a Casualty or (ii) in the event of a Taking, less than fifteen percent (15%) of each of (1) the fair market value of the Property and (2) the
rentable area of the Property is taken, 

  
 36 

	 	 
no material portion of the Improvements is located on such land and such Taking does not materially impair the existing access to the Property. In this clause (d), the fair market value shall be
reasonably determined by Lender, provided, however, if Borrower reasonably objects to Lender’s determination of fair market value, the fair market value shall be determined by an appraisal reasonably acceptable to Borrower and Lender;

  

	 	(e)	Borrower shall have provided to Lender all of the following, and collaterally assigned the same to Lender pursuant to assignment documents reasonably acceptable to
Lender: (i) an architect’s contract with an architect reasonably acceptable to Lender and complete plans and specifications for the Restoration of the Property lost or damaged to the condition, utility and value required by
Section 12.8(b); (ii) fixed-price or guaranteed maximum cost construction contracts with contractors reasonably acceptable to Lender for completion of the Restoration work in accordance with the aforementioned plans and
specifications; (iii) such additional funds (if any) as are necessary from time to time, in Lender’s reasonable opinion, to complete the Restoration (which funds shall be held by Lender as additional collateral securing the Loan and shall
be disbursed, if at all, pursuant to this Article 12); and (iv) copies of all permits and licenses necessary to complete the Restoration in accordance with the plans and specifications and all applicable laws; 

 

	 	(f)	Borrower shall use commercially reasonable efforts to commence such work within one hundred eighty (180) days after such Casualty or Taking, as applicable, and
shall diligently pursue such work to completion; 

  

	 	(g)	Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (A) the date six (6) months prior to the Maturity Date,
(B) such time as may be required under applicable laws in order to repair and restore the Property to the condition as required hereunder, (C) the expiration of the business interruption insurance coverage referred to in
Section 12.1(b)(ii), and (D) earliest date required pursuant to the terms of any applicable Major Lease; and 

  

	 	(h)	the Property and the use thereof after the Restoration will be in compliance with all applicable laws in all material respects. 

 

	12.9	DISBURSEMENT. 

  

	 	(a)	Each disbursement by Lender of such Restoration Proceeds shall be funded subject to conditions and in accordance with disbursement procedures which a commercial
construction lender would typically establish in the exercise of sound banking practices, including, without limitation, requiring lien waivers, performance and insurance bonds, and any other documents, instruments or items which may be customarily
required by lenders. 

  

	 	(b)	In no event shall Lender be obligated to make disbursements of Restoration Proceeds in excess of an amount equal to the costs actually incurred from time to time for
work in place as part of the Restoration, as determined by Lender, less, as to each contractor, subcontractor or materialman engaged in a Restoration, an amount equal to the greater of (i) ten percent (10%) of the costs actually incurred
for work in place as part of such Restoration, as reasonably determined by Lender, and (ii) the amount actually withheld by Borrower (the “Casualty Retainage”). The Casualty Retainage shall not be released until Lender
reasonably determines that the Restoration has been completed in accordance with the provisions of this Agreement and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental
Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage. 

  
 37 

 ARTICLE 13. INDEMNITY 

 

	13.1	INDEMNITY. 

BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, AND
SUCCESSORS AND ASSIGNS (EACH, AN “INDEMNITEE”) FROM AND AGAINST ANY AND ALL ACTUAL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND REASONABLE LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION,
REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER OR SUCH OTHER INDEMNITEE MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF: (A) THE PURPOSE TO WHICH BORROWER APPLIES THE LOAN PROCEEDS; (B) THE FAILURE OF BORROWER TO PERFORM ANY
OBLIGATIONS AS AND WHEN REQUIRED BY THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (C) ANY FAILURE AT ANY TIME OF ANY OF BORROWER’S REPRESENTATIONS, COVENANTS OR WARRANTIES TO BE TRUE AND CORRECT; OR (D) ANY ACT OR OMISSION BY
BORROWER, CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIALS SUPPLIER, ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY
INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS, OR LEGAL OR OTHER EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE
RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. BORROWER SHALL PROMPTLY PAY TO LENDER UPON DEMAND (WHICH DEMAND SHALL BE GIVEN PROMPTLY PROVIDED FAILURE TO PROMPTLY DELIVER SUCH DEMAND SHALL NOT ADVERSELY AFFECT
LENDER’S RIGHTS HEREUNDER) ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND
OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS INDEMNITEES SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF ANY SECURITY FOR THE LOAN. 

 

	13.2	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES. 

 Upon written request by any Indemnitee, Borrower shall defend such Indemnitee (if requested by any Indemnitee, in the name of the Indemnitee) by attorneys and other professionals approved by the
Indemnitee. Notwithstanding the foregoing, any Indemnitee may, in their sole discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option of Indemnitee, their attorneys shall control the resolution of
any claim or proceeding (other than a settlement thereof, which will require the prior written consent of Borrower). Upon demand, Borrower shall pay or, in the sole discretion of the Indemnitee, reimburse, the Indemnitee for the payment of
reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 
  

	13.3	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION. 

 Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Indemnitee from and against any and all Losses imposed upon or incurred by or asserted against any
Indemnitee and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording of the Mortgage, the Note or any of the other Loan Documents. 

 

	13.4	ERISA INDEMNIFICATION. 

 Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnitee from and against any and all Losses (including, without limitation, reasonable
attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption
under ERISA that may be required, in Lender’s sole discretion) that Indemnitee may incur, directly or indirectly, as a result of a default under Sections 5.1(i) and 7.2 of this Agreement. 

  
 38 

	13.5	SPECIAL SERVICING. 

Borrower shall pay all reasonable special servicing fees relating the transfer of the Loan to special servicing at any time during the
term of the Loan and for so long as the Loan is in special servicing. The obligations of Borrower set forth in this Section 13.5 are limited to the Borrower and Guarantor shall have no liability to Lender hereunder. 

ARTICLE 14. TRANSFER 
  

	14.1	TRANSFER OF PROPERTY; ASSUMPTION OF LOAN. 

 Notwithstanding anything to the contrary contained in the Mortgage, Lender shall consent to the voluntary sale or exchange of all (but not a portion) of the Property by Mortgagor and an assumption of the
Loan by the transferee no more than three (3) times so long as no Default has occurred and is continuing and all of the following conditions precedent have been satisfied: 

 

	 	(a)	Notice. Lender’s receipt of not less than forty-five (45) days’ prior written notice of the proposed sale or exchange;

  

	 	(b)	Credit Review and Underwriting. Lender’s reasonable determination that the proposed purchaser, the proposed guarantor(s), if any, and the Property
all satisfy Lender’s then applicable credit review and market underwriting standards consistently applied to all borrowers, taking into consideration, among other things, (a) the experience and financial strength and condition and credit
quality of the proposed purchaser and the proposed guarantor(s), (b) any decrease in the Property’s cash flow which would result from any increase in real property taxes due to any anticipated reassessment of the Property for tax purposes,
and (c) any requirement of Lender that the proposed purchaser satisfy Lender’s then applicable criteria for a single purpose bankruptcy remote entity; 

 

	 	(c)	Experience. Lender’s reasonable determination that the proposed purchaser possesses satisfactory recent experience in the ownership and operation of
properties similar to the Property; 

  

	 	(d)	Impounds. Lender’s receipt of such new or increased Impounds as Lender may reasonably require, including, without limitation, new or increased
Impounds for taxes, insurance, tenant improvements and leasing commissions, capital improvements and capital expenditures, and the amendment of the Loan Documents to require the purchaser to make monthly deposits of such new or increased Impounds
for such purposes thereafter; 

  

	 	(e)	Documents and Instruments. Lender’s receipt of such fully executed documents and instruments as Lender shall reasonably require, in form and content
reasonably satisfactory to Lender, including, without limitation, (i) an assumption agreement under which the purchaser assumes all obligations and liabilities of Borrower under this Agreement and the other Loan Documents and agrees to such
amendments to the Loan Documents as Lender may reasonably require in order to reflect the change in the borrowing entity and principals and any new or increased Impounds, and (ii) a consent to the sale or exchange by each existing Guarantor and
a reaffirmation of each Guarantor’s obligations and liabilities under each guaranty or the execution of new guaranties by new guarantors satisfactory to Lender in its reasonable discretion, 

 

	 	(f)	Opinions. The purchaser shall furnish an opinion of counsel reasonably satisfactory to Lender and its counsel (i) that the assumption of the Loan has
been duly authorized, executed and delivered, and that the Note, the assumption agreement and the other Loan Documents are valid, binding and enforceable against the purchaser in accordance with their terms, (ii) that purchaser, any member or
general partner of the purchaser (including any SPE Party), and any additional signatory of the purchaser have been duly formed or organized and are in existence and good standing, and (iii) with respect to such other matters as Lender may
reasonably request, and if required in connection with the original Loan, a bankruptcy non-consolidation opinion with respect to the purchaser, its equity owners, Guarantor and such other parties as Lender may require, substantially in the form as
executed at closing of the original Loan; 

  
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	 	(g)	Title Insurance. If required by Lender, delivery to Lender of evidence of title insurance reasonably satisfactory to Lender insuring Lender that the lien
of the Mortgage and the priority thereof will not be impaired or affected by reason of such sale or exchange of the Property; 

  

	 	(h)	Assumption Fee. Payment to Lender of an assumption fee equal to one half of one percent (0.5%) of the then outstanding principal balance of the Note, but
not less than Fifteen Thousand and No/100 Dollars ($15,000); 

  

	 	(i)	Costs and Expenses. Payment to Lender of any and all reasonable costs and expenses paid or incurred by Lender in connection with any request for a sale or
exchange, including, without limitation, all in-house or outside counsel attorneys’ fees, title insurance fees, lien and tax search fees, appraisal fees, inspection fees, and environmental consultant’s fees and any fees or charges of the
applicable Rating Agencies; 

  

	 	(j)	No Downgrade. If required by Lender and with Lender’s assistance, delivery to Lender of written evidence from the Rating Agencies that such sale or
exchange will not result in a downgrading, withdrawal or qualification of the respective ratings in effect immediately prior to the sale or exchange for any securities issued in connection with the securitization of the Loan which are then
outstanding; and 

  

	 	(k)	No Adverse REMIC Event. If required by Lender, delivery to Lender of an opinion of tax counsel, in form and content and issued by tax counsel satisfactory
to Lender’s counsel, that such sale or exchange shall not (a) constitute a “significant modification” of the Loan within the meaning of Treasury Regulation Section 1.860G-2(b) or (b) cause the Loan to fail to be a
“qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code. 

 Lender shall fully
release Borrower and each existing Guarantor from any further obligation or liability to Lender under this Agreement and the other Loan Documents upon the assumption by the purchaser and each new guarantor of all of Borrower’s and each
Guarantor’s obligations and liabilities hereunder and under the Loan Documents and the satisfaction of all other conditions precedent to a sale or exchange in accordance with the provisions of this Article 14. 

Notwithstanding the foregoing or anything herein to the contrary, Borrower may not exercise its rights pursuant to this Article 14 during
the period that commences on the date that is sixty (60) days prior to the date of any intended securitization of the Loan and ending on the date that is sixty (60) days after the date of such securitization of the Loan. 

ARTICLE 15. DUE ON SALE/ENCUMBRANCE 
  

	15.1	DUE ON SALE/ENCUMBRANCE. 

  

	 	(a)	Definitions. The following terms shall have the meanings indicated: 

 “Restricted Party” shall mean each of (i) Borrower, (ii) SPE Party, (iii) Guarantor, and (iv) any shareholder, partner, member or non-member manager, or any direct
legal or beneficial owner of Borrower, SPE Party or Guarantor. 
 “Transfer” shall mean any sale, installment
sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or other transfer, conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise (but excluding Leases). 

  
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	 	(b)	Property Transfers. 

  

	 	(i)	Prohibited Property Transfers. Except as otherwise permitted in this Agreement, Borrower shall not cause or permit any Transfer of all or any part of or
any direct or indirect legal or beneficial interest in the Property or the Collateral (collectively, a “Prohibited Property Transfer”), including, without limitation, (A) a Lease of all or a material part of the Property for
any purpose other than actual occupancy by a space tenant; and (B) the Transfer of all or any part of Borrower’s right, title and interest in and to any Leases or Payments. 

 

	 	(ii)	Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer:
(A) a Transfer which is expressly permitted under this Agreement; (B) a Lease which is permitted under the terms of the Loan Documents; and (C) the sale of inventory in the ordinary course of business. 

 

	 	(c)	Equity Transfers. 

  

	 	(i)	Prohibited Equity Transfers. Except as may be permitted under this Agreement, Borrower shall not cause or permit any Transfer of any direct or indirect
legal or beneficial interest in a Restricted Party (collectively, a “Prohibited Equity Transfer”), including without limitation, (A) if a Restricted Party is a corporation, any merger, consolidation or other Transfer of such
corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (B) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any merger or
consolidation or the change, removal, resignation or addition of a general partner or the Transfer of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or
issuance of new limited partnership interests; (C) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing
member, any member) or any profits or proceeds relating to such membership interest, or the Transfer of a non-managing membership interest or the creation or issuance of new non-managing membership interests; or (D) if a Restricted Party is a
trust, any merger, consolidation or other Transfer of any legal or beneficial interest in such Restricted Party or the creation or issuance of new legal or beneficial interests. 

 

	 	(ii)	Permitted Equity Transfers. Notwithstanding the foregoing or any other provision hereunder to the contrary, the following equity or property transfers
shall be permitted and shall not be deemed Prohibited Equity Transfers (and each shall be permitted hereunder without the consent of Lender or the payment of any assumption fee), provided, (x) any of the applicable conditions set forth in this
Section 15.1(c)(ii) are complied with by Borrower, (y) Borrower pays all of Lender’s reasonable out of pocket costs and expenses in connection therewith and (z) in the event the transfer of any direct or indirect equity
ownership in any Restricted Party that results in any Person and its Affiliates owning in excess of forty-nine percent (49%) of the direct or indirect equity ownership interests in Borrower or in SPE Party, such transfers, if otherwise
permitted hereunder, shall also be conditioned upon delivery to Lender of a new Non-Consolidation Opinion addressing such transfer: 

 (A) a sale, transfer or assignment (each, a “Transfer”) by holders of direct or indirect interests in Borrower (each an “Interest Holder”) as of the Disbursement Date
(including, without limitation, those interests held, directly or indirectly, by Industrial Income Trust Inc. (“IIT”) or Industrial Income Operating Partnership LP (“IIOP”) to another person or entity who is not an
Interest Holder, provided, however, that (i) after taking into account any prior Transfers pursuant to this sentence, whether to the proposed transferee or otherwise, no such Transfer (or series of Transfers) shall result in a change of Control
(as defined in clause (i) and (ii) in the definition of Control, but for purposes of this clause (A) only, the percentage interest in clause (i) of the 

  
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definition of Control shall be twenty percent (20%) of Borrower or the day to day operations of the Property, (ii) Borrower shall give Lender notice of such Transfer together with
copies of all instruments effecting such Transfer reasonably requested by Lender, not less than thirty (30) days after the date of such Transfer; and (iii) no Default shall have occurred and is continuing; 

(B) any Transfer, sale, assignment or issuance, from time to time, of (i) any securities in IIT, or (ii) any
operating partnership units in IIOP, provided, however, that IIT and IIOP shall continue to (x) Control (as defined in clause (ii) in the definition of Control) directly or indirectly, the Borrower and the day to day operations of the
Property on the date of such Transfer and (y) own, directly or indirectly, at least 25% of all equity interests in Borrower; 
 (C)(i) any Transfer, sale, assignment, or issuance from time to time, of the shares of stock or assets in IIT or IIOP, (ii) any Transfer by operation of law resulting from the merger, consolidation,
or non-bankruptcy reorganization, of IIT or IIOP, (iii) the listing of the securities in IIT or IIOP on a national securities exchange, (iv) the conversion of IIT or IIOP, or any subsidiary thereof, into an “open end fund”, or
(v) the transfer of the Property from Borrower to an affiliate of Borrower that is owned and controlled in substantially the same manner as Borrower is owned and controlled on the Disbursement Date and with the equivalent or better financial
condition than that of Borrower (“Affiliate Transferee”) provided that (x) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Borrower and (y) the
Affiliate Transferee executes assumption documentation reasonably required by Lender (it being understood and agreed that no assumption fee shall be payable in connection with any such assumption); provided, however, that, to the extent that any
Transfer under subsections (i) or (ii) above, results in a change in Control of IIT or IIOP, as applicable, then Borrower must satisfy each of the applicable conditions relating to an assumption of the Loan by a new transferee pursuant to
the applicable section within the Loan Agreement; and 
 (D) subject to clause (C) above, a sale, issuance
or Transfer of shares or other securities of IIT or any of its affiliates, which are listed on any national securities exchange. 

ARTICLE 16. MISCELLANEOUS PROVISIONS 
  

	16.1	FORM OF DOCUMENTS. 

The form and substance of all documents, instruments, and forms of evidence to be delivered to Lender under the terms of this Agreement
and any of the other Loan Documents shall (unless expressly set forth to the contrary) be subject to Lender’s approval as more particularly set forth hereunder and under the other Loan Documents and shall not be modified, superseded or
terminated in any respect without Lender’s prior written approval. 
  

	16.2	NO THIRD PARTIES BENEFITED. 

 No Person other than Lender and Borrower (and Guarantor with respect to the Guaranty) and their respective permitted successors and assigns shall have any right of action under any of the Loan Documents.

  

	16.3	NOTICES. 

 All
notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth on the signature page of this Agreement (subject to change from
time to time by written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by certified mail, return receipt requested, or by overnight
express mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective upon receipt; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was
not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. 

  
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	16.4	ONGOING CREDIT AUTHORIZATION. 

 Borrower grants authorization to Lender to perform credit investigation on Borrower, Guarantor and other Affiliates of Borrower from time to time over the term of the Loan at Lender’s expense.

  

	16.5	ATTORNEY-IN-FACT. 

Borrower hereby irrevocably appoints and authorizes Lender, as Borrower’s attorney-in-fact, after the occurrence and during the
continuance of a Default, which agency is coupled with an interest, to execute and/or record at any time hereafter and during the term of the Loan in Lender’s or Borrower’s name any notices, instruments or documents that Lender reasonably
deems necessary to protect or otherwise perfect Lender’s interest under any of the Loan Documents. 
  

	16.6	ACTIONS. 

 Borrower
agrees that Lender, in exercising the rights, duties or liabilities of Lender or Borrower under the Loan Documents, may (upon prior consultation with Borrower) commence, appear in or defend any action or proceeding which is reasonably likely to have
a Material Adverse Effect on the Property or the Loan Documents, and Borrower shall reimburse Lender upon demand for all such reasonable expenses so incurred or paid by Lender, including, without limitation, reasonable attorneys’ fees and
expenses and court costs; provided that Section 16.10 shall apply with respect to disputes between Lender and Borrower. 
  

	16.7	RIGHT OF CONTEST. 

Borrower may contest in good faith any claim, demand, levy or assessment by any Person other than Lender which would constitute a Default
if: (a) Borrower pursues the contest diligently, in a manner which Lender determines (in its reasonable discretion) is not prejudicial to Lender, and does not impair in any material respect the rights of Lender under any of the Loan Documents;
and (b) Borrower deposits with Lender any funds or other forms of assurance (which may include funds then held as Impounds, as determined in Lender’s reasonable discretion) which Lender in good faith determines from time to time
appropriate to protect Lender from the consequences of the contest being unsuccessful. Borrower’s compliance with this Section shall operate to prevent such claim, demand, levy or assessment from becoming a Default. 

 

	16.8	RELATIONSHIP OF PARTIES. 

 The relationship of Borrower and Lender under the Loan Documents is, and shall at all times remain, solely that of borrower and lender, and Lender neither undertakes nor assumes any responsibility or duty
to Borrower or to any third party with respect to the Property, except as expressly provided in this Agreement and the other Loan Documents. 
  

	16.9	DELAY OUTSIDE LENDER’S CONTROL. 

 Lender shall not be liable in any way to Borrower or any third party for Lender’s failure to perform or delay in performing under the Loan Documents (and Lender may suspend or terminate all or any
portion of Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results directly or indirectly from, or is based upon, the action, inaction, or purported action, of any governmental or local
authority, or because of war, rebellion, insurrection, strike, lockout, boycott or blockade (whether presently in effect, announced or in the sole judgment of Lender deemed probable), or from any act of God or other cause or event beyond
Lender’s control, provided that Lender provides prompt written notice of any such aforementioned event to Borrower. The limitation on Lender’s liability under this Section 16.9 shall be effective only during the continuance of
any such aforementioned event. 

  
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	16.10	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. 

 If any attorney is engaged by Lender to enforce or defend, against Borrower, any SPE Party, Guarantor or any of their Affiliates, agents or representatives, any provision of this Agreement and/or any of
the other Loan Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, and including, without limitation, any reasonable fees and expenses incurred in connection with any
“work-out” of the Loan or bankruptcy proceeding of Borrower, then Borrower shall pay to Lender, upon demand, the amount of all reasonable costs and expenses incurred by Lender in connection therewith (including reasonable attorneys’
fees and any then reasonable and customary loan servicing and/or special servicing fees applicable to the Loan (including, without limitation any reasonable “work-out” and/or liquidation fees)), together with interest thereon from the date
of such demand until paid at the Default Rate; provided that, if any action is commenced in connection with any of the foregoing, the party who is determined to be the prevailing party in such action shall be entitled to be paid, and the
non-prevailing party shall pay to the prevailing party, all reasonable attorneys’ fees and interest thereon as noted above as fixed by the court. As used herein the term “prevailing party” shall mean the party which obtains the
principal relief it has sought, whether by compromise settlement or judgment. If the party which commenced or instituted the action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other party, such other party
shall be deemed the prevailing party. 
  

	16.11	IMMEDIATELY AVAILABLE FUNDS. 

 Unless otherwise expressly provided for in this Agreement, all amounts payable by Borrower to Lender shall be payable only in United States currency in immediately available funds. 

 

	16.12	LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION. 

 Borrower hereby acknowledges that Lender may in one or more transactions (a) sell or securitize the Loan or portions thereof in one or more transactions through the issuance of securities, which
securities may be rated by the Rating Agencies, (b) sell or otherwise transfer the Loan or any portion thereof one or more times (including selling or assigning its duties, rights or obligations hereunder or under any Loan Document in whole, or
in part, to a servicer and/or a trustee), (c) sell participation interests in the Loan one or more times (d) re-securitize the securities issued in connection with any securitization, and/or (e) further divide the Loan into two or
more separate notes, including senior and junior notes, or components (the transactions referred to in clauses (a) through (e) above, each a “Secondary Market Transaction” and collectively “Secondary Market
Transactions”). With respect to any Secondary Market Transaction described in clause (e) above, (i) such notes and note components may be assigned different principal amounts and interest rates, so long as (x) at all
times prior to a Default, the weighted average of the interest rates payable under the Loan and such component notes(s), equals the Interest Rate as of the closing of the Loan and (y) immediately after the effective date of such modification,
the aggregate amount of the outstanding principal balance under such component notes equals the outstanding principal balance of the Loan immediately prior to such modification, and (ii) Borrower, at Lender’s cost and expense, agrees to
execute and deliver to Lender such non-material amendments to the Loan Documents, title insurance endorsements, legal opinions and other customary loan documentation as Lender may reasonably require in connection therewith, provided that no such
amendments or documents shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs or expenses payable by Borrower or Guarantor under the Loan Documents
or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. Provided that all such recipients of any such documentation or information keep the same confidential (except that, in the case of a public
securitization, information may be disclosed to the extent required by federal securities laws), Lender may disseminate to any actual or potential purchasers, assignees or participants (and to any investment banking firms, rating agencies,
accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the applicable sale, assignment, participation, securitization, or other secondary market transaction) all documents and
financial and other information then possessed by or known to Lender with respect to: (a) the Property and its operation; and (b) Borrower, any constituent partner or member of Borrower, any guarantor and any non-borrower trustor. Borrower
shall (at Lender’s sole cost and expense), within fifteen (15) days after request by Lender; (a)

  
 44 

 
deliver to Lender such information and documents relating to Borrower, the Property and its operation and any party connected with the Loan as Lender or any Rating Agency may reasonably request;
(b) deliver to Lender an estoppel certificate for the benefit of Lender and any other party designated by Lender verifying the status and terms of the Loan, in form and content reasonably satisfactory to Lender; (c) enter into such
amendments to the Loan Documents as may be requested in order to facilitate any such sale, assignment, participation, securitization, or other secondary market transaction, provided that no such amendments or documents shall (1) increase any of
the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase
any of the rights, of Lender under the Loan Documents; (d) enter into such amendments to the organizational documents of Borrower as Lender or any Rating Agency may reasonably request to preserve or enhance Borrower’s special-purpose
bankruptcy-remote status; (e) cooperate with obtaining ratings from no more than three (3) Rating Agencies; and (f) provide opinions of counsel, which may be relied on by Lender, the Rating Agencies and their respective counsel,
agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy law relating to Delaware limited liability companies and true sale or any other opinion customary in Secondary Market Transactions or required by the
Rating Agencies, including a 10b-5 opinion, with respect to the Loan, the Property, the Borrower and Guarantor, which counsel and opinions shall be reasonably satisfactory in form and substance to Lender and the Rating Agencies. All of the foregoing
shall be at no cost to Borrower provided no Default is continuing. Lender hereby agrees that any sale or participation (other than a Securitization) of all or any part of the Loan shall be made only to a Qualified Transferee. 

In connection with any Secondary Market Transaction, at the election of Lender (which such election may be made in its sole discretion),
(i) Lender may assign and/or transfer and deliver all or any portion of its rights and/or interests in, to and/or under the Loan and in and to the Property (such rights and/or interests, collectively, the “Transferred Rights”)
and the assignee thereof shall thereupon become vested with all such Transferred Rights, (ii) any liabilities and/or obligations of Lender to any other party (including, without limitation, Borrower) with respect to such Transferred Rights
shall also be transferred and vest in the assignee holding such Transferred Rights, (iii) any transferor of such Transferred Rights shall automatically be relieved and released of any liabilities and/or obligations related thereto upon such
transfer and Borrower hereby releases any such transferor with respect to the same, (iv) the liabilities and obligations under the Loan and Loan Documents of the Lender parties shall be several and not joint, (v) the Lender parties shall
only be responsible to Borrower for their respective proportionate shares of the liabilities and obligations under the Loan and no Lender Party shall be responsible for the obligations or liabilities of any other Lender Party under the Loan or Loan
Documents, (vi) if applicable, Wells shall act as sole administrative agent, bookrunner and arranger for such of the Lender parties as Lender may designate (such administrative agent, together with its successors and assigns, the
“Agent”) under such terms and conditions as Lender may designate (which such terms and conditions may include, without limitation, (A) such rights, duties, authorities and obligations of the Lender under the Loan and Loan
Documents that may be delegated to Agent, (B) the limitations of Agent’s liability to Borrower and the Lender and (C) the terms and conditions under which Agent may act on behalf of the Lender parties and the terms and conditions
under which Agent may be removed, may resign and/or be replaced), and/or (vii) Agent and the Lender parties may enter into such intercreditor arrangements, cross-indemnities, waivers and other agreements among Agent and the Lender parties with
respect to the Loan, the Loan Documents and each Secondary Market Transaction as Agent and the Lender parties may determine in their discretion (subject to the limitations contained in subsection (c)(vi) hereof). 

 

	16.13	LENDER’S AGENTS. 

 Lender may designate an agent or independent contractor to exercise any of Lender’s rights under this Agreement and any of the other Loan Documents. Any reference to Lender in any of the Loan
Documents shall include Lender’s agents, employees or independent contractors. Borrower shall pay the actual, reasonable costs of such agent or independent contractor either directly to such Person or to Lender in reimbursement of such costs,
as applicable. 

  
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	16.14	AUTHORIZATION TO FILE FINANCING STATEMENTS. 

 Borrower hereby authorizes Lender to file at any time on or after the date hereof, appropriate uniform commercial code financing statements in such jurisdictions and offices as Lender deems necessary or
appropriate in connection with the anticipated perfection of a security interest in any and all personal property part of the Collateral as same relate to the Property. If for any reason the Loan is not consummated or upon Borrower’s payment in
full of the Loan, Lender will cause the termination of such financing statements upon Lender’s receipt of written request from Borrower. 
  

	16.15	TAX SERVICE. 

Lender is authorized to secure a tax service contract with a third party vendor which shall provide tax information on the Property
satisfactory to Lender. Borrower shall pay any reasonable fees associated with procuring such tax service contract in connection with the closing of the Loan, but not in connection with any subsequent tax service contracts obtained by Lender.

  

	16.16	ADVERTISING. 

 In
connection with the Loan, Borrower hereby agrees that Lender and its affiliated entities may publicly identify details of the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases,
direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details may include the name of the Property, address of the Property, the Loan amount, the date of the closing and a description of the
size/location of the Property. Subject to the prior approval of Lender (except in the case of disclosures required under applicable laws or regulations), Lender hereby agrees that Borrower and its affiliated entities may publicly identify details of
the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases, direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details disclosed by
Borrower may include only the name of the Property, address of the Property, the Loan amount (but not the Note Rate), the date of the closing and a description of the size/location of the Property. 

 

	16.17	COMMERCIAL LOAN. 

Borrower warrants that the Loan evidenced by this Agreement, the Note and the other Loan Documents is being made solely to acquire or
carry on a business or commercial enterprise, and/or Borrower is a business or commercial organization. Borrower further warrants that all of the proceeds of this Agreement, the Note and the other Loan Documents shall be used for commercial purposes
and stipulates that the Loan evidenced by this Agreement, the Note and the other Loan Documents shall be construed for all purposes as a commercial loan, and is made for other than personal, family or household purposes. 

 

	16.18	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY. 

 Borrower authorizes Lender to disburse the proceeds of the Loan, after deducting any and all fees owed by Borrower to Lender in connection with the Loan, to the Title Company. With respect to such
disbursement, Borrower understands and agrees that Lender does not accept responsibility for errors, acts or omissions of others, including, without limitation, the escrow company, other banks, communications carriers or clearinghouses through which
the transfer of Loan proceeds may be made or through which Lender receives or transmits information, and no such entity shall be deemed Lender’s agent. As a consequence, Lender shall not be liable to Borrower for any actual (whether direct or
indirect), consequential or punitive damages which may arise with respect to the disbursement of Loan proceeds (other than as a result of the gross negligence or willful misconduct of Lender), whether or not (a) any claim for such damages is
based on tort or contract, or (b) either Lender or Borrower knew or should have known of the likelihood of such damages in any situation. 

  
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	16.19	SEVERABILITY. 

 If
any provision or obligation under this Agreement and the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the
validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of the Loan Documents, provided, however, that if the rate
of interest or any other amount payable under the Note or this Agreement or any other Loan Document, or the right of collectability therefor, are declared to be or become invalid, illegal or unenforceable, Lender’s obligations to make advances
under the Loan Documents shall not be enforceable by Borrower. 
  

	16.20	INTENTIONALLY OMITTED. 

  

	16.21	HEADINGS. 

 All
article, section or other headings appearing in this Agreement and any of the other Loan Documents are for convenience of reference only and shall be disregarded in construing this Agreement and any of the other Loan Documents. 

 

	16.22	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY. 

 If Borrower consists of more than one Person, the obligations and liabilities of each such Person hereunder shall be joint and several. Except as otherwise expressly provided under the terms and
conditions of this Agreement, the terms, covenants, and conditions contained herein and in the other Loan Documents shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties hereto and thereto. 

 

	16.23	GOVERNING LAW; JURISDICTION. 

  

	 	(a)	THIS AGREEMENT AND THE LOAN, AS A WHOLE, WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE LENDER HAS SUBSTANTIAL BUSINESS OPERATIONS IN THE STATE OF NEW YORK, WHICH
STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY
INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY
THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER
HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 47 

	 	(b)	ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF LENDER AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 Corporation Service Company 
 2711 Centerville Road, Suite 400 
 Wilmington, Delaware 19808

 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN
ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED
HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT
HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND
(III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

 

	16.24	WAIVER OF RIGHT TO TRIAL BY JURY. 

 TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER
THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS
NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING
OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 

  
 48 

	16.25	INTEGRATION; INTERPRETATION. 

 The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all prior negotiations or agreements,
written or oral. The Loan Documents shall not be modified, except by written instrument executed by all parties. Any reference to the Loan Documents includes any amendments, renewals or extensions now or hereafter approved by the parties hereto in
writing. 
  

	16.26	COUNTERPARTS. 

 To
facilitate execution, this document may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single document. 
  

	16.27	AMENDMENTS. 

Notwithstanding any provision of any other Loan Document (including without limitation the Note), in no event can any Loan Document be
amended, extended, supplemented or otherwise modified, in whole or in part, except pursuant to a written agreement executed by Lender and any other party who has executed such Loan Document. 

 

	16.28	CONSENTS AND APPROVALS; CONSTRUCTION. 

 Wherever Lender’s consent, approval, acceptance or satisfaction is required under any provision of this Agreement or any of the other Loan Documents, such consent, approval, acceptance or
satisfaction shall be in Lender’s sole discretion except as may be otherwise expressly and specifically provided herein. 
  

	16.29	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE. 

 Borrower hereby covenants and agrees to execute and deliver, at such time and from time to time, as required by Lender, such agreements, documents, instruments, estoppels, consents or certificates as
Lender may, from time to time, reasonably request, including certificates reaffirming the representations and covenants of Borrower hereunder as if made on the date of any such reaffirmation. All representations and warranties contained in this
Agreement and in any of the other Loan Documents shall survive the execution and delivery of this Agreement and shall be deemed to have been made again to Lender on the date of such compliance certificate (subject to the terms of
Section 5.1(w) hereof), and each additional borrowing or other credit accommodation hereunder and shall be conclusively presumed to have been relied on by Lender regardless of any investigation made or information possessed by Lender.
The representations and warranties set forth herein shall be cumulative and in addition to any other representations or warranties which Borrower shall now or hereafter give, or cause to be given, to Lender. 

 

	16.30	INTENTIONALLY OMITTED. 

  

	16.31	INTENTIONALLY OMITTED. 

  

	16.32	INTENTIONALLY OMITTED. 

  

	16.33	EXHIBITS; SCHEDULES. 

 All exhibits and schedules attached hereto and listed in the Table of Contents are fully incorporated herein by reference for all purposes. 

 

	16.34	CONFLICT. 

 In the
event of any conflict between this Agreement and any of the other Loan Documents, the terms of this Agreement shall govern. 

  
 49 

	16.35	SECURITIZATION INDEMNIFICATION. 

  

	 	(a)	Borrower understands that information provided to Lender by Borrower and its agents, counsel and representatives may be included in disclosure documents in connection
with a securitization of the Loan (the “Securitization”), including, without limitation, an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as amended
(the “Exchange Act”), and may be made available to investors or prospective investors in the certificates, notes or other securities issued in connection with the Securitization, the Rating Agencies, and service providers relating
to the Securitization. 

  

	 	(b)	Upon Lender’s request, Borrower shall provide in connection with each of (i) a preliminary and a final private placement memorandum or (ii) a preliminary
and final prospectus or prospectus supplement, as applicable, an agreement (A) certifying that Borrower has examined such specific sections of the Disclosure Documents specified in writing by Lender, as specifically relating to Borrower,
Borrower Affiliates, the Property, Manager, Guarantor and other aspects of the Loan (the “Specific Sections”), does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 16.35, Lender hereunder shall include its officers and directors), and any
Affiliates of Lender that have filed the registration statement relating to the Securitization (the “Registration Statement”), each of its directors, each of its officers who have signed the Registration Statement and each Person
that controls the Affiliate of Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), and any other placement agent or underwriter with respect
to the Securitization, each of their respective directors and each Person who controls Lender or any other placement agent or underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act
(collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender, the Lender Group or the Underwriter Group may become subject insofar as the
Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Specified Sections or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in
such Specified Sections in order to make the statements in such sections, in light of the circumstances under which they were made, not misleading and (C) agreeing to reimburse Lender, the Lender Group and/or the Underwriter Group for any
reasonable and actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group and the Underwriter Group in connection with investigating or defending the Liabilities; provided, however, that Borrower will be liable in
any such case under clauses (B) or (C) above and under Section 16.35(c) below only to the extent that any such loss claim, damage or liability arises out of or is based upon any such untrue statement or omission made in the
Specified Sections in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing of the Loan,
including, without limitation, financial statements of Borrower, and operating statements and rent rolls with respect to the Property provided by Borrower. The indemnification provided for in clauses (B) and (C) above shall be effective
whether or not the indemnification agreement described above is provided. The aforesaid indemnity will be in addition to any liability which Borrower may otherwise have. 

 

	 	(c)	 In connection with Exchange Act Filings, Borrower shall (subject to the proviso in Section 16.35(b)(ii)(C)) (i) indemnify Lender, the
Lender Group and the Underwriter Group for Liabilities to which Lender, the Lender Group or the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon the omission or alleged omission to state in the Specified
Sections of the Disclosure Document a material fact required to be stated in the Specified Sections of the Disclosure Document in order to make the statements in the Specified Sections of the

  
 50 

	 	 
Disclosure Document, in light of the circumstances under which they were made, not misleading and (ii) reimburse Lender, the Lender Group or the Underwriter Group for any reasonable and
actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group or the Underwriter Group in connection with defending or investigating the Liabilities. 

 

	 	(d)	Promptly after receipt by an indemnified party under this Section 16.35 of notice of a claim and/or the commencement of any action relating to an
indemnified Liability, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 16.35, notify the indemnifying party in writing of the commencement thereof, but the
omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the
indemnifying party. In the event that any claim or action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying
party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this Section 16.35, such indemnified party shall pay for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have
the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party(ies) shall not be liable
for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another indemnified party.

  

	 	(e)	In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 16.35(b) or
(c) hereof is for any reason held to be unenforceable as to an indemnified party in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under
Section 16.35(b) or (c) hereof, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages or liabilities (or action in respect thereof); provided,
however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In determining
the amount of contribution to which the respective parties are entitled, the following factors shall be considered: (i) Lenders’ and Borrower’s relative knowledge and access to information concerning the matter with respect to which
the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would not be equitable
if the amount of such contribution were determined by pro rata or per capita allocation. 

  

	 	(f)	The liabilities and obligations of both Borrower and Lender under this Section 16.35 shall survive the termination of this Agreement and the satisfaction
and discharge of the Debt. 

  

	 	(g)	 If, at the time one or more Disclosure Documents are being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one or
more Affiliates of Borrower collectively, or the Property alone or the Property and Related Properties collectively, will be a Significant Obligor for purposes of such Securitization, Borrower shall furnish (or cause to be furnished) to Lender upon
request (i) the selected financial data or, if applicable, net operating income, described in Item 1112(b)(1) of Regulation AB, if Lender expects that the principal amount of the

  
 51 

	 	 
Loan together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such
Securitization and at any time during which the Loan (or portion of the Loan included in such Securitization) and any Related Loans are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent
(20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in such Securitization or (ii) the financial statements described in Item 1112(b)(2) of Regulation AB, if Lender
expects that the principal amount of the Loan (or portion of the Loan included in such Securitization) together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any
Related Loans as of the cut-off date for such Securitization and at any time during which the Loan (or apportion of the Loan included in such Securitization) and any Related Loans are included in a Securitization does, equal or exceed twenty percent
(20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the Securitization. Such financial data or financial statements shall be furnished to Lender (A) within thirty
(30) days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization, (B) not later than sixty (60) days after the end of each fiscal quarter of Borrower and (C) not later than one
hundred twenty (120) Business Days after the end of each fiscal year of Borrower; provided, however, that Borrower shall not be obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this
sentence with respect to any period for which an Exchange Act Filing is not required. If reasonably requested by Lender, and to the extent available to Borrower and not prohibited by any applicable lease, other agreement or order, Borrower shall
furnish to Lender financial data and/or financial statements for any tenant of any of the Properties if, in connection with a Securitization, Lender expects there to be, with respect to such tenant or group of affiliated tenants, a concentration
within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such tenant or group of affiliated tenants would constitute a Significant Obligor. 

 

	 	(h)	All financial data and financial statements provided by Borrower hereunder pursuant to Sections 16.35(g) and (h) hereof shall be prepared in accordance with
GAAP, and shall meet the requirements of Regulation AB and other applicable legal requirements. All annual financial statements referred to in Section 16.35(g) above shall be audited by independent accountants of Borrower (which
accountants shall be acceptable to Lender) in accordance with Regulation AB and all other applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall meet the
requirements of Regulation AB and all applicable legal requirements, and shall be further accompanied by a manually executed written consent of the independent accountants, in form and substance reasonably acceptable to Lender, to the inclusion of
such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and
Exchange Act Filing, all of which shall be provided at the same time as the related financial statements are required to be provided. All financial data and financial statements (audited or unaudited) provided by Borrower under
Section 16.35(g) shall be accompanied by an Officer’s Certificate stating that such financial statements meet the requirements set forth in the first sentence of this Section 16.35(h). 

 

	 	(i)	If requested by Lender, Borrower shall provide Lender, promptly upon request, with any other or additional financial statements, or financial, statistical or operating
information, as Lender shall reasonably determine to be required pursuant to Regulation AB or any amendment, modification or replacement thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act Filing.

  

	 	(j)	 In the event Lender reasonably determines, in connection with a Securitization, that the financial data and financial statements and (if applicable)
related accountants’ reports and consents required in order to comply with Regulation AB or any amendment, modification or replacement of Regulation AB or with other legal requirements are other than as provided herein, then

  
 52 

	 	 
notwithstanding the provisions of Section 16.35(g) and (h), Lender may request, and Borrower shall promptly provide, such other financial statements and (if applicable) related
accountants’ reports and consents as Lender reasonably determines to be necessary or appropriate for such compliance with applicable law. 

  

	 	(k)	Subject to the limitations and qualifications contained in this Section 16.35, Borrower shall indemnify the Lender and its officers, directors,
partners, employees, representatives, agents and Affiliates against any Liabilities to which Lender and each of its officers, directors, partners, employees, representatives, agents and Affiliates, may become subject in connection with any
indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining the Securities insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact in any information provided by
Borrower to the Rating Agencies (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein or
necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading. 

 

	16.36	BORROWER WAIVERS. 

With respect to any waivers given by Borrower under this Agreement and other Loan Documents, Borrower acknowledges that: (a) the
obligations undertaken by Borrower under and pursuant to this Agreement and the Loan Documents are complex in nature, (b) Borrower’s waivers variously involve rights that may otherwise be available to Borrower or for its benefit,
(c) as part of Lender’s consideration for entering into this transaction, Lender has specifically bargained for Borrower’s waivers and the relinquishment by Borrower of those rights so waived, and (d) Borrower has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Agreement and the Loan Documents. Based on the foregoing facts, Borrower represents and confirms to Lender
that Borrower is fully informed regarding, and that Borrower does thoroughly understand the following: (i) the nature of its waivers and rights it has waived, (ii) the circumstances under which those rights may arise, (iii) the
benefits which those rights might otherwise confer upon Borrower, and (iv) the legal consequences to Borrower of waiving those rights. Borrower acknowledges that Borrower has entered into this Agreement and the other Loan Documents and both
undertaken Borrower’s obligations hereunder and thereunder and given its waivers with the intent that all such waivers shall be fully enforceable by Lender, and that Lender has been induced to enter into this transaction in material reliance
upon the presumed full enforceability thereof. 
  

	16.37	REMEDIES OF BORROWER. 

 In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where, by applicable law or under this Agreement, the
Mortgage, the Note and the other Loan Documents, Lender or such agent, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies
shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory
judgment. Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment. 
 The remainder of this page intentionally left blank] 

  
 53 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

											
	LENDER:
				
	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION
	 		 		 	Lender’s Address:
					
	By:	 	 /s/ Jeffrey L. Cirillo
	 		 		 	
		 	Name:	 	 Jeffrey L. Cirillo
	 		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
		 	Title: 	 	             Director
	 		 		 	Loan Administration
		 		 		 		 		 	 Wells Fargo Center

Commercial Mortgage Servicing

		 		 		 		 		 	 1901 Harrison Street, 2nd Floor
 Mac
A0227-020
 Oakland, California 94612

		 		 		 		 		 	 Attention: Commercial Mortgage Servicing
 Loan No.: 31-0909757

						
		 		 		 		 		 	with a copy to counsel:
						
		 		 		 		 		 	 Cadwalader, Wickersham & Taft LLP
 227 West Trade Street
 Charlotte, North Carolina 28202

		 		 		 		 		 	Attention: James P. Carroll, Esq.

[Signatures continue on the following page] 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

											
	BORROWER:	 		 	Borrower’s Address:
				
	 IIT INLAND EMPIRE – 3700 INDIAN AVENUE
 LP, a Delaware limited partnership
	 		 		 	 c/o Industrial Income Operating Partnership LP
 518 17th Street

		 		 		 		 		 	Suite 1700
		 		 		 		 		 	Denver, CO 80202
		 		 		 		 		 	Phone: (303) 645 4500
		 		 		 		 		 	Fax: (303 577 9797
		 		 		 		 		 	Attention: Lainie Minnick and General Counsel
					
	By:	 	 /s/ Thomas G. McGonagle
	 		 		 	with a copy to counsel:
		 	Name:	 	 Thomas G. McGonagle
	 		 		 	Attention: Michael H. Cerrina, Esq.
		 	Title: 	 	             CFO
	 		 		 	Allen Matkins Leck Gamble Mallory & Natsis LLP
		 		 		 		 		 	515 So. Figueroa St. 9th Floor
		 		 		 		 		 	Los Angeles, CA 90071
		 		 		 		 		 	Phone: (213) 955-5600
		 		 		 		 		 	Fax: (213) 620-8816Deed of Trust and Absolute Assignment of Rents and Leases and Security Agreement

 EXHIBIT 10.30 
 Drafted, drawn & prepared for or by, 
 Recording requested by, and 

When recorded return to: 
 Cadwalader,
Wickersham & Taft LLP 
 227 West Trade Street, Suite 2400 
 Charlotte, North Carolina 28202 
 Attention: James P. Carroll, Esq. 

Facsimile: (704) 348-5200 
  

 
 DEED OF TRUST AND ABSOLUTE
ASSIGNMENT OF RENTS AND LEASES AND 
 SECURITY AGREEMENT (AND FIXTURE FILING) 

 
  
 Parties to the Document: 
  

			
	TRUSTOR (as Borrower):	  	        IIT INLAND EMPIRE – 3700 INDIAN AVENUE LP
		
	BENEFICIARY (as Lender):	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	TRUSTEE:	  	        CHICAGO TITLE COMPANY

  

 
 Property: 3700 Indian Avenue, Riverside County,
Perris, California 
  
  

 DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND LEASES AND SECURITY AGREEMENT (AND
FIXTURE FILING) 
 THIS DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND LEASES AND SECURITY AGREEMENT (AND FIXTURE FILING) (this
“Deed of Trust”), dated as of December 29, 2010 is made by IIT INLAND EMPIRE – 3700 INDIAN AVENUE LP, a Delaware limited partnership (“Trustor”), with a mailing address at c/o Industrial Income Operating
Partnership LP, 518 17th Street, Suite 1700, Denver, Colorado 80202, Attention: Lainie Minnick and General Counsel to CHICAGO TITLE COMPANY, a California corporation (“Trustee”), with a mailing address at 700 S. Flower Street, Suite
800, Los Angeles, California 90017 for the benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, with a mailing address at Wells Fargo Center, 1901 Harrison Street, 2nd Floor, MAC A0227-020, Oakland, California 94612
(“Beneficiary”). 
 R E C I T A L S 

 

	A.	Trustor, as “Borrower”, proposes to borrow from Beneficiary, and Beneficiary proposes to lend to Trustor, the principal sum of FORTY-FIVE MILLION AND
00/100THS DOLLARS ($45,000,000.00) (together with any amendments, supplements, replacements, extensions and/or modifications thereof, the “Loan”), pursuant to the terms and conditions of that certain Loan Agreement of even date
herewith (the “Loan Agreement”), by and between Trustor and Beneficiary. The Loan is evidenced by that certain Promissory Note (Secured) of even date herewith (together with any amendments, supplements, replacements, extensions
and/or modifications thereof, the “Note”) executed by Trustor (and the other parties thereto), payable to the order of Beneficiary, in the principal amount of the Loan. The final Maturity Date of the Loan is no later than
January 1, 2021. 

  

	B.	The loan documents include this Deed of Trust, the Loan Agreement, the Note and the other documents described in the Loan Agreement as Loan Documents (collectively, the
“Loan Documents”). 

 ARTICLE 1. DEED OF TRUST 

 

	1.1	GRANT. For the purposes of and upon the terms and conditions of this Deed of Trust, Trustor irrevocably grants, bargains, sells, conveys and assigns to
Trustee, for the benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title and interest which Trustor now has or may hereafter acquire in, to, under or derived from any or all of the following:

 a. That real property (the “Land”) located in the city of Perris, county of
Riverside, state of California and more particularly described on Exhibit A attached hereto; 
 b.
All appurtenances, easements, rights of way, water and water rights, (including but not limited to wells, canals, and reservoirs) pumps, pipes, flumes and ditches and ditch rights, water stock, ditch and/or reservoir stock or interests, royalties,
development rights and credits, air rights, minerals, oil rights, and gas rights, and any fixtures or evidence related thereto, whether now or later used or useful in connection with, appurtenant to or related to the Land, whether appropriated or
unappropriated, tributory or non-tributory, and decreed or undecreed; 
 c. All buildings, structures,
facilities, other improvements and fixtures now or hereafter located on the Land (collectively, the “Improvements”); 
 d. All apparatus, equipment, machinery and appliances and all accessions thereto and renewals and replacements thereof and substitutions therefor used in the operation or occupancy of the Land, it being
intended by the parties that all such items shall be conclusively considered to be a part of the Land, whether or not attached or affixed to the Land; 

  
 2 

 e. All land lying in the right-of-way of any street, road, avenue, alley or
right-of-way opened, proposed or vacated, and all sidewalks, strips and gores of land adjacent to or used in connection with the Land; 
 f. All additions and accretions to the property described above; 

g. All licenses, authorizations, certificates, variances, consents, approvals and other permits now or hereafter
pertaining to the Land and all estate, right, title and interest of Trustor in, to, under or derived from all trade names or business names relating to the Land or the present or future development, construction, operation or use of the Land; and

 h. All proceeds of any of the foregoing. 
 All of the property described above is hereinafter collectively defined as the “Property.” The listing of specific rights or property shall not be interpreted as a limitation of general
terms. 
 ARTICLE 2. OBLIGATIONS SECURED 
  

	2.1	OBLIGATIONS SECURED. Trustor makes the foregoing grant and assignment for the purpose of securing the following obligations (collectively, the
“Secured Obligations”): 

 a. Full and punctual payment to Beneficiary of all sums
at any time owing under the Note; 
 b. Payment and performance of all covenants and obligations of Trustor under
this Deed of Trust including, without limitation, indemnification obligations and advances made to protect the Property; 
 c. Payment and performance of all additional covenants and obligations of Trustor under the Loan Agreement and the other Loan Documents, excluding, however, the Environmental Indemnity and any an all
obligations of Borrower thereunder; 
 d. Payment and performance of all future advances and other obligations
that the then record owner of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Beneficiary, when the obligation is evidenced by a writing which recites that it is secured by
this Deed of Trust; 
 e. All interest and charges on all obligations secured hereby including, without
limitation, prepayment charges, late charges and loan fees as expressly set forth in the Loan Documents; and 

f. All modifications, extensions and renewals of any of the obligations secured hereby, however evidenced, including,
without limitation: (i) modifications of the required principal payment dates or interest payment dates or both, as the case may be, deferring or accelerating payment dates wholly or partly; and (ii) modifications, extensions or renewals
at a different rate of interest whether or not any such modification, extension or renewal is evidenced by a new or additional promissory note or notes. 
  

	2.2	OBLIGATIONS. The term “obligations” is used herein in its broadest and most comprehensive sense and shall be deemed to include, without
limitation, all interest and charges, prepayment charges, late charges and loan fees at any time accruing or assessed on any of the Secured Obligations. 

  

	2.3	INCORPORATION. All terms and conditions of the Loan Agreement, the Note and all other Loan Documents are incorporated herein by this reference. All
persons who may have or acquire an interest in the Property shall be deemed to have notice of the terms of the Secured Obligations and to have notice that the rate of interest on one or more Secured Obligation may vary from time to time.

  
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	2.4	NOTICE: This Deed of Trust secures credit in the amount of up to $45,000,000.00. Loans and advances up to this amount, together with interest, are senior
to indebtedness to other creditors under subsequently recorded or filed mortgages and liens. 

 ARTICLE 3.
ABSOLUTE ASSIGNMENT OF RENTS AND LEASES 
  

	3.1	ASSIGNMENT. Trustor irrevocably and absolutely assigns to Beneficiary all of Trustor’s right, title and interest in, to and under: (a) all
present and future leases of the Property or any portion thereof, all licenses and agreements relating to the management, leasing or operation of the Property or any portion thereof, and all other agreements of any kind relating to the use or
occupancy of the Property or any portion thereof, whether such leases, licenses and agreements are now existing or entered into after the date hereof, including the Leases as such term is defined in the Loan Agreement (collectively, the
“Leases”); and (b) all rents, income, issues, revenues and profits arising from the Property and the Leases and any renewals thereof and together with all rents, income, issues and profits from the use, enjoyment and occupancy
of the Property (including, but not limited to, minimum rents, additional rents, percentage rents, deficiency rents, security deposits, all fees, sums or charges payable in connection with a modification, termination or settlement of a Lease or
related Lease guaranty, all liquidated damages following default beyond all applicable notice and cure rights under any Leases, all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by damage
to any part of the Property, all of Trustor’s rights to recover monetary amounts from any tenant (as hereinafter defined) in bankruptcy including, without limitation, rights of recovery for use and occupancy and damage claims arising out of
Lease defaults beyond all applicable notice and cure rights, including rejection of a Lease, together with any sums of money that may now or at any time hereafter be or become due and payable to Trustor by virtue of any and all royalties, overriding
royalties, bonuses, delay rentals and any other amount of any kind or character arising under any and all present and all future oil, gas and mining Leases covering the Property or any part thereof, and all proceeds and other amounts paid or owing
to Trustor under or pursuant to any and all contracts and bonds relating to the construction, erection or renovation of the Property (collectively, the “Payments”). The term “Leases” shall also include all
guarantees of and security for the tenants’ performance thereunder, and all amendments, extensions, renewals or modifications thereto which are permitted hereunder. This is a present and absolute assignment, not an assignment for security
purposes only, and Beneficiary’s right to the Leases and Payments is not contingent upon, and may be exercised without possession of, the Property. The assignment of the rents herein granted is not a pledge of rents but is an absolute
assignment of all rents, issues, profits, leases now or hereafter arising from the ownership, occupancy or use of the Property and is primary security for the Secured Obligations and shall be effective from the date hereof and not just in the event
of a Default (as such term is defined in the Loan Agreement). The rights of Beneficiary to collect and receive the rents assigned hereunder or to exercise any of the rights or powers herein granted to Beneficiary shall, to the extent not prohibited
by law, extend from the date hereof through the filing of any suit to foreclose the lien of this Deed of Trust, the obtaining of any judgment foreclosing the lien of this Deed of Trust, and any period allowed by law for the redemption of the
Property after any foreclosure sale. 

  

	3.2	 GRANT OF LICENSE. Beneficiary confers upon Trustor a revocable license (the “License”) to collect and retain the
Payments as they become due and payable and to administer the Leases pursuant to the terms thereof, until the occurrence and continuance of a Default. During the continuance of a Default, the License shall be automatically revoked and Beneficiary
may collect and apply the Payments pursuant to the terms hereof without notice and without taking possession of the Property. Notwithstanding the foregoing, Beneficiary shall give prompt written notice to Trustor of Beneficiary’s revocation of
the License. All Payments thereafter collected by Trustor shall be held by Trustor as trustee under a constructive trust for the benefit of Beneficiary. The License shall automatically be reinstated upon the cure of any such Default. Trustor hereby
irrevocably authorizes and directs the tenants under the Leases to rely upon and comply with any notice or demand by Beneficiary for the payment to Beneficiary of any rental or other sums which may at any time become due under the Leases, or for the
performance of any of the tenants’ undertakings under the Leases, and the tenants shall have no right or duty to inquire as to whether any Default has actually occurred or is then existing. Trustor hereby relieves the tenants from any liability
to Trustor by reason of relying upon and complying with any such notice or demand by Beneficiary. Beneficiary may apply any Payments so collected by Beneficiary against any Secured Obligation in accordance with the

  
 4 

	 	 
terms and provisions of the Loan Agreement and the Cash Management Agreement. Collection of any Payments by Beneficiary shall not cure or waive any Default or notice of Default or invalidate any
acts done pursuant to such notice. If and when no Default exists, Beneficiary shall re-confer the License upon Trustor until the occurrence and continuance of another Default. 

 

	3.3	EFFECT OF ASSIGNMENT. The foregoing irrevocable assignment shall not cause Beneficiary to be: (a) a mortgagee in possession; (b) responsible or
liable for the control, care, management or repair of the Property or for performing any of the terms, agreements, undertakings, obligations, representations, warranties, covenants and conditions of the Leases; (c) responsible or liable for any
waste committed on the Property by the tenants under any of the Leases or by any other parties; for any dangerous or defective condition of the Property; or for any negligence in the management, upkeep, repair or control of the Property resulting in
loss or injury or death to any tenant, licensee, employee, invitee or other person; or (d) responsible for or impose upon Beneficiary any duty to produce rents or profits. Beneficiary shall not directly or indirectly be liable to Trustor or any
other person as a consequence of: (1) the exercise or failure to exercise any of the rights, remedies or powers granted to Beneficiary hereunder; or (2) the failure or refusal of Beneficiary to perform or discharge any obligation, duty or
liability of Trustor arising under the Leases. 

 ARTICLE 4. SECURITY AGREEMENT AND FIXTURE FILING

  

	4.1	SECURITY INTEREST. Trustor grants and assigns to Beneficiary a security interest to secure payment and performance of all of the Secured Obligations, in
all of the following described personal property in which Trustor now or at any time hereafter has any interest (“Collateral”): 

 All goods, building and other materials, supplies, work in process, equipment, machinery, fixtures, furniture, furnishings, signs and other personal property, wherever situated, which are or are to be
incorporated into, used in connection with or appropriated for use on the Property; all agreements, contracts, certificates, instruments, franchises, permits, licenses and other documents, now or hereafter entered into, and all rights therein and
thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted on the Land and any part thereof and all right,
title and interest of Trustor therein and thereunder, including, without limitation, the right, upon the happening of any default hereunder, to receive and collect any sums payable to Trustor thereunder, including but not limited to amounts received
by Trustor pursuant to Section 35 of the PSA; all rents, issues, income, revenue, deposits and profits of the Property; all inventory, accounts, cash receipts, deposit accounts, impounds, accounts receivable, contract rights, general
intangibles, software, chattel paper, instruments, documents, promissory notes, drafts, letters of credit, letter of credit rights, supporting obligations, insurance policies, insurance and condemnation awards and proceeds, any other rights to the
payment of money, trade names, trademarks and service marks arising from or related to the Property or any business now or hereafter conducted thereon by Trustor; all permits, consents, approvals, licenses, authorizations and other rights granted
by, given by or obtained from, any governmental entity with respect to the Property; all deposits or other security now or hereafter made with or given to utility companies by Trustor with respect to the Property; all advance payments of insurance
premiums made by Trustor with respect to the Property; all plans, drawings and specifications relating to the Property; all loan funds held by Beneficiary, whether or not disbursed; all funds deposited with Beneficiary pursuant to any Loan Document;
all reserves, deferred payments, deposits, accounts, refunds, cost savings and payments of any kind related to the Property or any portion thereof, including, without limitation, all Impounds; together with all replacements and proceeds of, and
additions and accessions to, any of the foregoing, and all books, records and files relating to any of the foregoing. 
 As to all of the
above-described personal property which is or which hereafter becomes a “fixture” under applicable law, this Deed of Trust constitutes a fixture filing under the California Uniform Commercial Code as amended or recodified from time to time
(the “UCC”). 

  
 5 

	4.2	COVENANTS. Trustor agrees: (a) to execute and deliver such documents as Beneficiary deems reasonably necessary to create, perfect and continue the
security interests contemplated hereby; (b) not to change its name, and, as applicable, its chief executive offices, its principal residence or the jurisdiction in which it is organized without giving Beneficiary at least thirty (30)
days’ prior written notice thereof; and (c) to cooperate with Beneficiary in perfecting all security interests granted herein and in obtaining such agreements from third parties as Beneficiary deems reasonably necessary, proper or
convenient in connection with the preservation, perfection or enforcement of any of Beneficiary’s rights hereunder. 

  

	4.3	RIGHTS OF BENEFICIARY. In addition to Beneficiary’s rights as a “Secured Party” under the UCC, Beneficiary may, but shall not be obligated
to, at any time without notice and at the expense of Trustor: (a) give notice to any person of Beneficiary’s rights hereunder and enforce such rights at law or in equity; (b) insure, protect, defend and preserve the Collateral or any
rights or interests of Beneficiary therein; and (c) subject to the rights of tenants under the Leases, inspect the Collateral. Notwithstanding the above, in no event shall Beneficiary be deemed to have accepted any property other than cash in
satisfaction of any obligation of Trustor to Beneficiary unless Beneficiary shall make an express written election of said remedy under the UCC or other applicable law. 

 

	4.4	RIGHTS OF BENEFICIARY UPON DEFAULT. Upon the occurrence and during the continuance of a Default, then in addition to all of Beneficiary’s rights as a
“Secured Party” under the UCC or otherwise at law: 

 a. Disposition of
Collateral. Beneficiary may: (i) upon written notice, require Trustor to assemble any or all of the Collateral and make it available to Beneficiary at a place designated by Beneficiary; (ii) without prior notice but subject to the
rights of tenants under the Leases, enter upon the Property or other place where the Collateral may be located and take possession of, collect, sell, lease, license and otherwise dispose of the Collateral, and store the same at locations acceptable
to Beneficiary at Trustor’s expense; or (iii) sell, assign and deliver the Collateral at any place or in any lawful manner and bid and become purchaser at any such sales; and 

b. Other Rights. Beneficiary may, for the account of Trustor and at Trustor’s expense:
(i) operate, use, consume, sell, lease, license or otherwise dispose of the Collateral as Beneficiary deems appropriate for the purpose of performing any or all of the Secured Obligations; (ii) enter into any agreement, compromise or
settlement including insurance claims, which Beneficiary may deem desirable or proper with respect to any of the Collateral; and (iii) endorse and deliver evidences of title for, and receive, enforce and collect by legal action or otherwise,
all indebtedness and obligations now or hereafter owing to Trustor in connection with or on account of any or all of the Collateral. 
 Trustor acknowledges and agrees that a disposition of the Collateral in accordance with Beneficiary’s rights and remedies as heretofore provided is a disposition thereof in a commercially reasonable
manner and that five (5) days’ prior notice of such disposition is commercially reasonable notice. Beneficiary shall have no obligation to process or prepare the Collateral for sale or other disposition. In disposing of the Collateral,
Beneficiary may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any sale or other disposition of the Collateral may be applied by Beneficiary first to the reasonable expenses incurred by Beneficiary in
connection therewith, including, without limitation, reasonable attorneys’ fees and disbursements, and then to the payment of the Secured Obligations, in such order of application as Beneficiary may from time to time elect. 

 

	4.5	POWER OF ATTORNEY. Trustor hereby irrevocably appoints Beneficiary as Trustor’s attorney-in-fact (such agency being coupled with an interest), and as
such attorney-in-fact, during the continuance of a Default, Beneficiary may, without the obligation to do so, in Beneficiary’s name, Trustee’s name or in the name of Trustor, at any time hereafter and/or during the term of the Loan,
prepare, execute, file and record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve any of Beneficiary’s security interests and rights in or to the Collateral,
and upon the continuance of a Default, take any other action required of Trustor; provided, however, that Beneficiary as such attorney-in-fact shall be accountable only for such funds as are actually received by Beneficiary.

  
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 ARTICLE 5. REPRESENTATIONS AND WARRANTIES 

 

	5.1	REPRESENTATIONS AND WARRANTIES. Trustor represents and warrants to Beneficiary that, to Trustor’s current actual knowledge after reasonable
investigation and inquiry, the following statements are true and correct as of the Effective Date: 

a. Title. Trustor lawfully holds and possesses marketable fee simple title to the Property subject to the
Permitted Encumbrances, without limitation on the right to encumber same. This Deed of Trust is a first lien on the Property prior and superior to all other liens and encumbrances on the Property except: (i) liens for real estate taxes and
assessments not yet due and payable; (ii) senior exceptions previously approved by Beneficiary and shown in the title insurance policy insuring the lien of this Deed of Trust and any other Permitted Encumbrances; and (iii) other matters,
if any, previously disclosed to Beneficiary by Trustor in a writing specifically referring to this representation and warranty. None of the senior encumbrances noted herein above to this Deed of Trust materially and adversely interferes with the
current use of the Property, the security intended to be provided by the Deed of Trust, or the Trustor’s ability to pay the Secured Obligations when and as due or the value of the Property. 

b. Mechanics’ Liens. There are no mechanics’ or similar liens or claims which have been filed for
work, labor or material (and no rights are outstanding that under law could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of this Deed of Trust. 

c. Encroachments. Except as shown in the survey previously delivered to Beneficiary, none of the
Improvements which were included for the purpose of determining the appraised value of the Property lies outside of the boundaries or building restriction lines of the Property and no buildings or other improvements located on adjoining properties
encroach upon the Property. 
 d. Collateral. Trustor has good title to the existing Collateral,
free and clear of all liens and encumbrances except those, if any, previously disclosed to Beneficiary by Trustor or the title company in writing. Trustor’s chief executive office (or principal residence, if applicable) is located at the
address shown on page 1 of this Deed of Trust. Trustor is an organization organized solely under the laws of the State of Delaware. All organizational documents of Trustor delivered to Beneficiary are complete and accurate in every material respect.
Trustor’s legal name is exactly as shown on page 1 of this Deed of Trust. 
 e. Condition of
Property. Except as shown in the property condition report or other engineering reports previously delivered to or obtained by Beneficiary, the Property is in good condition and repair and is free from any damage that would materially and
adversely affect the value of the Property as security for the Loan or the intended use of the Property. 
 f.
Wetlands. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands. 
 g. Flood Designation. No part of the Property is included in any area identified by the Secretary of Housing and Urban Development pursuant to the Flood Disaster Protection Act of 1973, as
amended, as an area having special flood hazards. 
 h. Property Taxes and Other Liabilities. All
taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, and ground rents, if any, which previously became due and owing in respect of the Property have been paid. No unpaid assessments for public improvements or
assessments otherwise affecting the Property currently exist or, to Trustor’s knowledge, are pending, nor are improvements contemplated to the Property that may result in any such assessments. 

i. Condemnation. There is no proceeding pending or, to Trustor’s knowledge, threatened for the total or
partial condemnation of the Property. 

  
 7 

 j. Separate Tax Parcel(s). The Property is assessed for real
estate tax purposes as one or more wholly independent tax parcels, separate from any other real property, and no other real property is assessed and taxed together with the Property or any portion thereof. 

k. Access. As shown on the survey of the Property delivered to Beneficiary, the Property is served by and
has unimpeded access to and from one or more public streets or thoroughfares or is benefited by easements, rights-of-way or other rights providing service and unimpeded access to and from one or more public streets or thoroughfares. 

l. Utilities; Water; Sewer. The Property is served by all utilities required for the current or contemplated
use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. The Property is served by public water and sewer systems. 

m. Loan Agreement. Trustor hereby reaffirms and incorporates herein all representations and warranties of
Trustor set forth in the Loan Agreement and in the other Loan Documents. 
 ARTICLE 6. RIGHTS AND DUTIES OF THE PARTIES

  

	6.1	MAINTENANCE AND PRESERVATION OF THE PROPERTY. Trustor shall (or cause the following): (a) keep the Property in good condition and repair;
(b) complete or restore promptly and in workmanlike manner the Property or any part thereof which may be damaged or destroyed; (c) comply and cause the Property to comply with (i) all applicable laws, ordinances, regulations and
standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character encumbering the Property and (iii) all requirements of insurance companies and any bureau or agency
which establishes standards of insurability, which laws, covenants or requirements affect the Property and pertain to acts committed or conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as
such applicable laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other acts which from the character or use of the Property may be deemed reasonably necessary in
Trustor’s reasonable prudent business judgment to maintain and preserve the Property; (e) promptly after execution, deliver to Beneficiary a copy of any management agreement concerning the Property and all amendments thereto and waivers
thereof; and (f) execute and acknowledge all further documents, instruments and other papers as Beneficiary deems reasonably necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and perform
Trustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset. Trustor shall not: (1 remove or demolish all or any material part of the Property; (2)except in
accordance with Section 7.17 of the Loan Agreement, alter all or any portion of the Property; (3) initiate or acquiesce in any change in any zoning or other land classification which affects the Property; (4) materially alter the type
of occupancy or use of all or any part of the Property; or (5) commit or permit physical waste of the Property. 

  

	6.2	LIENS, ENCUMBRANCES AND CHARGES. Trustor shall immediately discharge by bonding or otherwise any lien, charge or other encumbrance which attaches to the
Property in violation of Section 15 of the Loan Agreement. Subject to Trustor’s right to contest such matters under this Deed of Trust or as expressly permitted in the Loan Documents, Trustor shall pay when due all obligations secured by
or reducible to liens and encumbrances which shall now or hereafter encumber or appear to encumber all or any part of the Property or any interest therein, whether senior or subordinate hereto, including, without limitation, all claims for work or
labor performed, or materials or supplies furnished, in connection with any work of demolition, alteration, repair, improvement or construction of or upon the Property, except such as Trustor may in good faith contest or as to which a bona fide
dispute may arise (provided provision is made to the satisfaction of Beneficiary for eventual payment thereof in the event that Trustor is obligated to make such payment and that any recorded claim of lien, charge or other encumbrance against the
Property is immediately discharged by bonding or otherwise). 

  

	6.3	TAXES AND OTHER LIABILITIES. Trustor shall pay and discharge when due any and all indebtedness, obligations, assessments and taxes, both real and personal
and including federal and state income taxes and state and local property taxes and assessments. Trustor shall promptly provide to Beneficiary copies of all tax and assessment notices pertaining to the Property. 

  
 8 

	6.4	IMPOUNDS. Trustor shall deposit and fund the Impounds in accordance with the terms and conditions of the Loan Agreement. 

 

	6.5	DEFENSE AND NOTICE OF LOSSES, CLAIMS AND ACTIONS. Trustor shall protect, preserve and defend the Property and title to and right of possession of the
Property, the security of this Deed of Trust and the rights and powers of Beneficiary and Trustee hereunder at Trustor’s sole expense against all adverse claims, whether the claim: (a) is against a possessory or non-possessory interest;
(b) arose prior or subsequent to the Effective Date; or (c) is senior or junior to Trustor’s or Beneficiary’s rights. Trustor shall give Beneficiary and Trustee prompt notice in writing of the assertion of any written claim, of
the filing of any action or proceeding, of the occurrence of any material damage to the Property pursuant to Section 12.7(a) of the Loan Agreement and of any condemnation offer or action pursuant to Section 12.7(a) of the Loan Agreement.

  

	6.6	RIGHT OF INSPECTION. Subject to the rights of tenants, Beneficiary and its independent contractors, agents and employees may enter the Property from time
to time at any reasonable time and subject to the rights of tenants under the Leases for the purpose of inspecting the Property and ascertaining Trustor’s compliance with the terms of this Deed of Trust. Beneficiary shall use commercially
reasonable efforts to assure that Beneficiary’s entry upon and inspection of the Property shall not materially and unreasonably interfere with the business or operations of Trustor or Trustor’s tenants on the Property.

  

	6.7	DUE ON SALE/ENCUMBRANCE. The Loan is subject to the due on sale, transfer and encumbrance provisions contained in the Loan Agreement.

  

	6.8	POWERS OF BENEFICIARY. From time to time and without affecting the personal liability of any person for payment of any indebtedness or performance of any
of the Secured Obligations, Beneficiary may, without liability therefor and without notice: (a) reconvey all or any part of the Property; (b) consent to the making of any map or plat of the Property; (c) join in granting any easement
on the Property; (d) join in any declaration of covenants and restrictions; or (e) join in any extension agreement or any agreement subordinating the lien or charge of this Deed of Trust. Nothing contained in the immediately preceding
sentence shall be construed to limit, impair or otherwise affect the rights of Trustor in any respect. Except as may otherwise be required by applicable law, Beneficiary may from time to time apply to any court of competent jurisdiction for aid and
direction in the enforcement of the rights and remedies available hereunder, and Beneficiary may obtain orders or decrees directing or confirming or approving acts in the enforcement of said remedies. Beneficiary has no obligation to notify any
party of any pending sale or any action or proceeding (including, without limitation, actions in which Trustor or Beneficiary shall be a party) unless held or commenced and maintained by Beneficiary under this Deed of Trust.

  

	6.9	EXCULPATION. Beneficiary shall not directly or indirectly be liable to Trustor or any other person as a consequence of: (a) the exercise of the
rights, remedies or powers granted to Beneficiary in this Deed of Trust; (b) the failure or refusal of Beneficiary to perform or discharge any obligation or liability of Trustor under any agreement related to the Property or under this Deed of
Trust; or (c) any loss sustained by Trustor or any third party resulting from Beneficiary’s failure to lease the Property after a Default (as defined in the Loan Agreement) or from any other act or omission of Beneficiary in managing the
Property after a Default unless the loss is caused by the willful misconduct, gross negligence or bad faith of Beneficiary and no such liability shall be asserted or enforced against Beneficiary, all such liability being expressly waived and
released by Trustor. 

  

	6.10	 INDEMNITY. Trustor hereby reaffirms and fully incorporates herein its indemnity obligations set forth in the Loan Agreement. In addition
to the foregoing, Trustor agrees to defend, indemnify and hold harmless Trustee from and against any claim, loss, damage, cost, expense or liability directly or indirectly arising out of: (a) the making of the Loan; (b) this Deed of Trust;
(c) the execution of this trust or the performance of any act required or permitted hereunder or by law; (d) any failure of Trustor to perform Trustor’s obligations under this Deed of Trust or the other Loan Documents; (e) any
act or omission by Trustor or 

  
 9 

 
any contractor, agent, employee or representative of Trustor with respect to the Property; or (f) any claim, loss, damage, cost, expense or liability directly or indirectly arising out of:
(i) the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials (as defined in the Loan Agreement) which are found in, on, under or about the
Property (including, without limitation, underground contamination); or (ii) the breach of any covenant, representation or warranty of Trustor regarding Hazardous Materials or condition of the Property set forth in the Loan Agreement and/or
herein. This indemnity shall include, without limitation: (aa) all actual damages incurred or suffered directly by Trustee (including, without limitation, any third party tort claims or governmental claims, fines or penalties against the
Trustee), expressly excluding all consequential damages; (bb) all reasonable third party court costs and reasonable attorneys’ fees (including, without limitation, expert witness fees), paid or actually incurred by the Trustee; and
(cc) the costs, whether foreseeable or unforeseeable, of any investigation, repair, cleanup or detoxification of the Property which is required by any governmental entity or is otherwise necessary to render the Property in compliance with all
laws and regulations pertaining to Hazardous Materials. The foregoing to the contrary notwithstanding, this indemnity shall not include any claim, loss, damage, cost, expense or liability directly or indirectly to the extent it arises out of the
gross negligence or willful misconduct of the Trustee, or with respect to the matters set forth in clause (f) above, any claim, loss, damage, cost, expense or liability incurred by the Trustee resulting from the introduction and initial
release of Hazardous Materials on the Property first occurring after the transfer of title to the Property at a foreclosure sale under this Deed of Trust, either pursuant to judicial decree or the power of sale, or by deed in lieu of such
foreclosure. Trustor shall pay promptly upon Trustee’s demand any amounts owing under this indemnity together with interest from the date of written demand thereof until paid at the rate of interest applicable to the principal balance of the
Note as specified therein. Trustor agrees to use legal counsel reasonably acceptable to Trustee in any action or proceeding arising under this indemnity. 
 THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE TERMINATION AND/OR RECONVEYANCE OR RELEASE AND/OR DISCHARGE OF THIS DEED OF TRUST, BUT TRUSTOR’S LIABILITY UNDER THIS INDEMNITY SHALL BE SUBJECT TO
THE PROVISIONS OF THE SECTION IN THE LOAN AGREEMENT ENTITLED “BORROWER’S LIABILITY.” 
  

	6.11	RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY. Without notice to or the consent, approval or agreement of any persons or entities having any
interest at any time in the Property or in any manner obligated under the Secured Obligations (collectively, the “Interested Parties”), Beneficiary may, from time to time: (a) fully or partially release any person or entity
from liability for the payment or performance of any Secured Obligation; (b) extend the maturity of any Secured Obligation; (c) make any agreement with Trustor increasing the amount or otherwise altering the terms of any Secured
Obligation; (d) accept additional security for any Secured Obligation; or (e) release all or any portion of the Property, Collateral and other security for any Secured Obligation. None of the foregoing actions shall release or reduce the
personal liability of any of said Interested Parties, or release or impair the priority of the lien of this Deed of Trust upon the Property. 

  

	6.12	RELEASE. Upon payment in full of the Secured Obligations (including, without limitation, repayment in full of the principal, interest and other amounts
owing under the Note), and all obligations, if any, of Beneficiary for future advances have been terminated, then, and in that event only, Beneficiary shall release, without warranty, the Property or that portion thereof then held hereunder. The
recitals of any matters or facts in any release executed hereunder shall be conclusive proof of the truthfulness thereof. To the extent permitted by law, the release may describe the grantee as “the person or persons legally entitled
thereto”. Beneficiary shall not have any duty to determine the rights of persons claiming to be rightful grantees of any release. When the Property has been fully released, the last such release shall operate as a reassignment of all future
rents, issues and profits of the Property to the person or persons legally entitled thereto. 

  

	6.13	SUBROGATION. Beneficiary shall be subrogated to the lien of all encumbrances, whether released of record or not, paid in whole or in part by Beneficiary
pursuant to this Deed of Trust or by the proceeds of any loan secured by this Deed of Trust. 

  
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	6.14	ACCEPTANCE OF TRUST; POWERS AND DUTIES OF TRUSTEE. Trustee accepts this trust when this Deed of Trust is recorded. From time to time upon written request
of Beneficiary and presentation of this Deed of Trust, or a certified copy thereof, for endorsement, and without affecting the personal liability of any person for payment of any indebtedness or performance of any Secured Obligation, Trustee may,
without liability therefor and without notice: (a) reconvey all or any part of the Property; (b) consent to the making of any map or plat of the Property; (c) join in granting any easement on the Property; (d) join in any
declaration of covenants and restrictions; or (e) join in any extension agreement or any agreement subordinating the lien or charge of this Deed of Trust. Nothing contained in the immediately preceding sentence shall be construed to limit,
impair or otherwise affect the rights of Trustor in any respect. Except as may otherwise be required by applicable law, Trustee or Beneficiary may from time to time apply to any court of competent jurisdiction for aid and direction in the execution
of the trusts hereunder and the enforcement of the rights and remedies available hereunder, and Trustee or Beneficiary may obtain orders or decrees directing or confirming or approving acts in the execution of said trusts and the enforcement of said
remedies. Trustee has no obligation to notify any party of any pending sale or any action or proceeding (including, without limitation, actions in which Trustor, Beneficiary or Trustee shall be a party) unless held or commenced and maintained by
Trustee under this Deed of Trust. Trustee shall not be obligated to perform any act required of it hereunder unless the performance of the act is requested in writing and Trustee is reasonably indemnified and held harmless against loss, cost,
liability and expense. 

  

	6.15	COMPENSATION OF TRUSTEE. Trustor shall pay to Trustee reasonable compensation and reimbursement for services and expenses in the administration of this
trust, including, without limitation, reasonable attorneys’ fees. Trustor shall pay all indebtedness arising under this Section immediately upon demand by Trustee or Beneficiary together with interest thereon from the date of written demand
thereof at the rate of interest then applicable to the principal balance of the Note as specified therein. 

  

	6.16	SUBSTITUTION OF TRUSTEE. From time to time, by a writing signed and acknowledged by Beneficiary and recorded in the Office of the Recorder of the County
in which the Property is situated, Beneficiary may appoint another trustee to act in the place and stead of Trustee or any successor. Such writing shall set forth any information required by law. The recordation of such instrument of substitution
shall discharge Trustee herein named and shall appoint the new trustee as the trustee hereunder with the same effect as if originally named trustee herein. A writing recorded pursuant to the provisions of this Section shall be conclusive proof of
the proper substitution of such new trustee. 

  

	6.17	RECONVEYANCE. Upon Beneficiary’s written request, and upon surrender of this Deed of Trust or certified copy thereof and any note, instrument or
instruments setting forth all obligations secured hereby to Trustee for cancellation, Trustee shall reconvey, without warranty, the Property or that portion thereof then held hereunder. The recitals of any matters or facts in any reconveyance
executed hereunder shall be conclusive proof of the truthfulness thereof. To the extent permitted by law, the reconveyance may describe the grantee as “the person or persons legally entitled thereto”. Neither Beneficiary nor Trustee shall
have any duty to determine the rights of persons claiming to be rightful grantees of any reconveyance. When the Property has been fully reconveyed, the last such reconveyance shall operate as a reassignment of all future rents, issues and profits of
the Property to the person or persons legally entitled thereto. 

 ARTICLE 7. REMEDIES 

 

	7.1	RIGHTS AND REMEDIES. In addition to the rights and remedies set forth in the Loan Agreement, at any time after and during the continuance of a Default,
Beneficiary shall have all of the following rights and remedies: 

 a. Entry on
Property. With or without notice, and without releasing Trustor from any Secured Obligation, and without becoming a mortgagee in possession, to enter upon the Property from time to time and to do such acts and things as Beneficiary or
Trustee deems necessary or desirable in order to inspect, investigate, assess and protect the security hereof or to cure any Default, including, without limitation: (i) to take and possess all documents, books, records, papers and accounts of
Trustor and/or any non-borrower Trustor of the Property, the then owner of the Property which relate to the Property; (ii) to make, terminate, enforce or modify leases of the Property upon such terms and conditions as Beneficiary

  
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deems proper; (iii) to make repairs, alterations and improvements to the Property necessary, in Trustee’s or Beneficiary’s sole judgment, to protect or enhance the security hereof;
(iv) to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee hereunder; (v) to pay, purchase, contest or compromise any encumbrance, charge, lien or claim
of lien which, in the sole judgment of either Beneficiary or Trustee, is or may be senior in priority hereto, the judgment of Beneficiary being conclusive as between the parties hereto; (vi) to obtain insurance; (vii) to pay any premiums
or charges with respect to insurance required to be carried hereunder or under any other Loan Document; (viii) to obtain a court order to enforce Beneficiary’s right to enter and inspect the Property for Hazardous Materials, in which
regard the decision of Beneficiary as to whether there exists a release or threatened release of Hazardous Materials onto the Property shall be deemed reasonable and conclusive as between the parties hereto; (ix) to have a receiver appointed
pursuant to applicable law to enforce Beneficiary’s rights to enter and inspect the Property for Hazardous Materials; and/or (x) to employ legal counsel, accountants, engineers, consultants, contractors and other appropriate persons to
assist them; 
 b. Appointment of Receiver. With or without notice to Trustor and without a
hearing, which are hereby waived by Trustor, to apply ex parte to a court of competent jurisdiction for and obtain appointment of a receiver of the Property as a matter of strict right, and Beneficiary’s right to collect Payments, and without
regard to: (i) the adequacy of the security for the repayment of the Secured Obligations; (ii) the existence of a declaration that the Secured Obligations are immediately due and payable; or (iii) the filing of a notice of default and
Trustor consents to such appointment; 
 c. Judicial Foreclosure; Injunction. To commence and
maintain an action or actions in any court of competent jurisdiction to foreclose this instrument as a mortgage or to obtain specific enforcement of the covenants of Trustor hereunder, and Trustor agrees that such covenants shall be specifically
enforceable by injunction or any other appropriate equitable remedy and that for the purposes of any suit brought under this subparagraph, Trustor waives the defense of laches and any applicable statute of limitations; 

d. Nonjudicial Foreclosure. 

(i) To cause Trustee to execute a written notice of such Default and of the election to cause the Property to be sold to
satisfy the Secured Obligations. Trustee shall give and record such notice as the law then requires as a condition precedent to a trustee’s sale. When the minimum period of time required by law after such notice has elapsed, Trustee, without
notice to or demand upon Trustor except as required by law, shall sell the Property at the time and place of sale fixed by it in the notice of sale, at one or several sales, either as a whole or in separate parcels and in such manner and order, all
as Beneficiary in its sole discretion may determine, at public auction to the highest bidder for cash, in lawful money of the United States, payable at time of sale. Neither Trustor nor any other person or entity other than Beneficiary shall have
the right to direct the order in which the Property is sold. Subject to requirements and limits imposed by law, Trustee may, from time to time, postpone sale of all or any portion of the Property by public announcement at such time and place of
sale, and from time to time may postpone the sale by public announcement at the time and place fixed by the preceding postponement. A sale of less than the whole of the Property or any defective or irregular sale made hereunder shall not exhaust the
power of sale provided for herein. Trustee shall deliver to the purchaser at such sale a deed conveying the Property or portion thereof so sold, but without any covenant or warranty, express or implied. The recitals in the deed of any matters or
facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustee, Trustor or Beneficiary may purchase at the sale; 
 (ii) Upon sale of the Property at any foreclosure, Beneficiary may bid for and purchase the Property and shall be entitled to apply (as determined by Beneficiary in its sole and absolute discretion) all
or any portion of the Secured Obligations as a credit against the purchase price. In determining such credit bid, Beneficiary may, but is not obligated to, take into account all or any of the following: (i) appraisals of the Property as such
appraisals may be discounted or adjusted by Beneficiary in its sole and absolute underwriting discretion; (ii) expenses and costs 

  
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incurred by Beneficiary with respect to the Property prior to foreclosure; (iii) expenses and costs which Beneficiary anticipates will be incurred with respect to the Property after
foreclosure, but prior to resale, including, without limitation, costs of structural reports and other due diligence, costs to carry the Property prior to resale, costs of resale (e.g. commissions, attorneys’ fees, and taxes), costs of any
Hazardous Materials clean-up and monitoring, costs of deferred maintenance, repair, refurbishment and retrofit, costs of defending or settling litigation affecting the Property, and lost opportunity costs (if any), including the time value of money
during any anticipated holding period by Beneficiary; (iv) declining trends in real property values generally and with respect to properties similar to the Property; (v) anticipated discounts upon resale of the Property as a distressed or
foreclosed property; (vi) the fact of additional collateral (if any), for the Secured Obligations; and (vii) such other factors or matters that Beneficiary (in its sole and absolute discretion) deems appropriate. In regard to the above,
Trustor acknowledges and agrees that: (i) Beneficiary is not required to use any or all of the foregoing factors to determine the amount of its credit bid; (ii) this paragraph does not impose upon Beneficiary any additional obligations
that are not imposed by law at the time the credit bid is made; (iii) the amount of Beneficiary’s credit bid need not have any relation to any loan-to-value ratios specified in the Loan Documents or previously discussed between Trustor and
Beneficiary; and (iv) Beneficiary’s credit bid may be (at Beneficiary’s sole and absolute discretion) higher or lower than any appraised value of the Property; 

e. Intentionally omitted. 

f. Rights to Collateral. To exercise all rights Trustee or Beneficiary may have with respect to the
Collateral under this Deed of Trust, the UCC or otherwise at law; and 
 g. Other Rights. To
exercise such other rights as Trustee or Beneficiary may have at law or in equity or pursuant to the terms and conditions of this Deed of Trust or any of the other Loan Documents. 

Any sale of Collateral hereunder shall be conducted in any manner permitted by the UCC. 

 

	7.2	APPLICATION OF FORECLOSURE SALE PROCEEDS. If any foreclosure sale is effected, Trustee shall apply the proceeds of such sale in the following order of
priority, to the extent permitted under applicable law: First, to the costs, fees and expenses of exercising the power of sale and of sale, including, without limitation, the payment of trustee’s fees and attorneys’ fees permitted
pursuant to applicable law; Second, to the payment of the Secured Obligations which are secured by this Deed of Trust, in such order as Beneficiary shall determine in its sole discretion; Third, to satisfy the outstanding balance of
obligations secured by any junior liens or encumbrances in the order of their priority; and Fourth, to Trustor or Trustor’s successor in interest, or in the event the Property has been sold or transferred to another, to the vested owner
of record at the time of the trustee’s sale. 

  

	7.3	WAIVER OF MARSHALING RIGHTS. Trustor, for itself and for all parties claiming through or under Trustor, and for all parties who may acquire a lien on or
interest in the Property, hereby waives all rights to have the Property and/or any other property, including, without limitation, the Collateral, which is now or later may be security for any Secured Obligation, marshaled upon any foreclosure of
this Deed of Trust or on a foreclosure of any other security for any of the Secured Obligations. 

  

	7.4	NO CURE OR WAIVER. Neither Beneficiary’s nor Trustee’s nor any receiver’s entry upon and taking possession of all or any part of the
Property, nor any collection of rents, issues, profits, insurance proceeds, condemnation proceeds or damages, other security or proceeds of other security, or other sums, nor the application of any collected sum to any Secured Obligation, nor the
exercise of any other right or remedy by Beneficiary or Trustee or any receiver (except as required by applicable law) shall cure or waive any Default or notice of default under this Deed of Trust, or nullify the effect of any notice of default or
sale (unless all Secured Obligations then due have been paid or performed and Trustor has cured all other Defaults hereunder), or impair the status of the security, or prejudice Beneficiary or Trustee in the exercise of any right or remedy, or be
construed as an affirmation by Beneficiary of any tenancy, lease or option or a subordination of the lien of this Deed of Trust, unless and until the Debt has been repaid in full as a result thereof. 

  
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	7.5	PAYMENT OF COSTS, EXPENSES AND ATTORNEYS’ FEES. Trustor agrees to pay to Beneficiary promptly upon demand all third-party costs and expenses actually
incurred by Trustee and Beneficiary in the enforcement of the terms and conditions of this Deed of Trust (including, without limitation, servicer costs, court costs and reasonable attorneys’ fees, whether incurred in litigation or not) with
interest from the date of expenditure until said sums have been paid at the rate of interest applicable to the principal balance of the Note as specified therein. 

 

	7.6	POWER TO FILE NOTICES AND CURE DEFAULTS. Trustor hereby irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-fact, which
agency is coupled with an interest, to perform any obligation of Trustor hereunder upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, provided Beneficiary has provided Trustor
with any required written notice or cure period, as required by the Loan Agreement, provided, however, that: (a) Beneficiary as such attorney-in-fact shall only be accountable for such funds as are actually received by Beneficiary; and
(b) Beneficiary shall not be liable to Trustor or any other person or entity for any failure to act under this Article 7. 

 ARTICLE 8. MISCELLANEOUS PROVISIONS 
  

	8.1	ADDITIONAL PROVISIONS. The Loan Documents contain or incorporate by reference the entire agreement of the parties with respect to matters contemplated
herein and supersede all prior negotiations. The Loan Documents grant further rights to Beneficiary and contain further agreements and affirmative and negative covenants by Trustor which apply to this Deed of Trust and to the Property and such
further rights and agreements are incorporated herein by this reference. THE OBLIGATIONS AND LIABILITIES OF TRUSTOR UNDER THIS DEED OF TRUST AND THE OTHER LOAN DOCUMENTS ARE SUBJECT TO THE PROVISIONS OF THE SECTION IN THE LOAN AGREEMENT ENTITLED
“BORROWER’S LIABILITY”. 

  

	8.2	NON-WAIVER. By accepting payment of any amount secured hereby after its due date or late performance of any other Secured Obligation, Beneficiary shall
not waive its right against any person obligated directly or indirectly hereunder or on any Secured Obligation, either to require prompt payment or performance when due of all other sums and obligations so secured or to declare default for failure
to make such prompt payment or performance. No failure by Beneficiary or Trustee to exercise any right or remedy hereunder arising upon any Default shall be construed to prejudice Beneficiary’s or Trustee’s rights or remedies upon the
occurrence of any other or subsequent Default. No delay by Beneficiary or Trustee in exercising any such right or remedy shall be construed to preclude Beneficiary or Trustee from the exercise thereof at any time while that Default is continuing. No
notice to nor demand on Trustor shall of itself entitle Trustor to any other or further notice or demand in similar or other circumstances. 

  

	8.3	PERMITTED CONTESTS. After prior written notice to Beneficiary, Trustor may contest, by appropriate legal or other proceedings conducted in good faith and
with due diligence, the amount, validity or application, in whole or in part, of any lien, levy, tax or assessment, or any lien of any laborer, mechanic, materialman, supplier or vendor, or the application to Trustor or the Property of any law or
the validity thereof, the assertion or imposition of which, or the failure to pay when due, would constitute a Default; provided that (a) Trustor pursues the contest diligently, in a manner which Beneficiary determines in its reasonable
discretion is not prejudicial to Beneficiary, and does not impair the lien of this Deed of Trust; (b) the Property, or any part hereof or estate or interest therein, shall not be in any danger of being sold, forfeited or lost by reason of such
proceedings; (c) in the case of the contest of any law or other legal requirement, Beneficiary shall not be in any danger of any civil or criminal liability; and (d) if reasonably required by Beneficiary, Trustor deposits with Beneficiary
any funds or other forms of assurance (including a bond or letter of credit) reasonably satisfactory to Beneficiary to protect Beneficiary from the consequences of the contest being unsuccessful. Trustor’s right to contest pursuant to the terms
of this provision shall in no way relieve Trustor of its obligations under the Loan or to make payments to Beneficiary as and when due. 

  
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	8.4	FURTHER ASSURANCES. Trustor shall, upon demand by Beneficiary or Trustee, execute, acknowledge (if appropriate) and deliver any and all documents and
instruments and do or cause to be done all further acts deemed reasonably necessary or appropriate by Beneficiary to effectuate the purposes of the Loan Documents and to further perfect any assignments contained therein. 

 

	8.5	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. If any attorney is engaged by Beneficiary to enforce or defend any provision of this Deed of Trust and/or
any of the other Loan Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy
proceeding of Trustor, then Trustor shall immediately pay to Beneficiary upon demand, the amount of all reasonable third-party costs and expenses actually incurred by Beneficiary in connection therewith (including reasonable attorneys’ fees and
any loan servicing and/or special servicing fees), together with interest thereon from the date of such demand until paid at the Default Rate (as defined in the Loan Agreement); provided that, if any action is commenced in connection with any of the
foregoing, the party who is determined to be the prevailing party in such action shall be entitled to be paid, and the non-prevailing party shall pay to the prevailing party, all costs and expenses (including, reasonable attorneys’ fees and
interest thereon as noted above) as fixed by the court. As used herein the term “prevailing party” shall mean the party which obtains the principal relief it has sought, whether by compromise settlement or judgment. If the party which
commenced or instituted the action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other party, such other party shall be deemed the prevailing party. 

 

	8.6	TRUSTOR AND BENEFICIARY DEFINED. The term “Trustor” includes both the original Trustor and any subsequent owner or owners of any of the
Property, and the term “Beneficiary” includes the original Beneficiary and any future owner or holder, including assignees, pledges and participants, of the Note or any interest therein. 

 

	8.7	DISCLAIMERS. 

 a. Intentionally Deleted. 
 b.
Relationship. The relationship of Trustor and Beneficiary under this Deed of Trust and the other Loan Documents is, and shall at all times remain, solely that of borrower and lender, and Beneficiary neither undertakes nor assumes any
responsibility or duty to Trustor or to any third party with respect to the Property. Notwithstanding any other provisions of this Deed of Trust and the other Loan Documents: (i) Beneficiary is not, and shall not be construed to be, a partner,
joint venturer, member, alter ego, manager, controlling person or other business associate or participant of any kind of Trustor, and Beneficiary does not intend to ever assume such status; (ii) Beneficiary does not intend to ever assume any
responsibility to any person for the quality, suitability, safety or condition of the Property; and (iii) Beneficiary shall not be deemed responsible for or a participant in any acts, omissions or decisions of Trustor. 

c. No Liability. Beneficiary shall not be directly or indirectly liable or responsible for any loss, claim,
cause of action, liability, indebtedness, damage or injury of any kind or character to any person or property arising from any construction on, or occupancy or use of, the Property, whether caused by or arising from: (i) any defect in any
building, structure, grading, fill, landscaping or other improvements thereon or in any on-site or off-site improvement or other facility therein or thereon; (ii) any act or omission of Trustor or any of Trustor’s agents, employees,
independent contractors, licensees or invitees; (iii) any accident in or on the Property or any fire, flood or other casualty or hazard thereon; (iv) the failure of Trustor or any of Trustor’s licensees, employees, invitees, agents,
independent contractors or other representatives to maintain the Property in a safe condition; or (v) any nuisance made or suffered on any part of the Property. 
  

	8.8	SEVERABILITY. If any provision or obligation under this Deed of Trust or the other Loan Documents shall be determined by a court of competent jurisdiction
to be invalid, illegal or unenforceable, that provision shall be deemed severed from this Deed of Trust and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid,
illegal, or unenforceable provision had never been a part of this Deed of Trust. 

  
 15 

	8.9	RELATIONSHIP OF ARTICLES. The rights, remedies and interests of Beneficiary under the Deed of Trust established by Article 1 and
Article 2 and the security agreement established by Article 4, are independent and cumulative, and there shall be no merger of any lien created by the Deed of Trust with any security interest created by the security
agreement. The absolute assignment of rents and leases established by Article 3 is similarly independent of and separate from the Deed of Trust and the security agreement. 

 

	8.10	MERGER. No merger shall occur as a result of Beneficiary’s acquiring any other estate in, or any other lien on, the Property unless Beneficiary
consents to a merger in writing. 

  

	8.11	OBLIGATIONS OF TRUSTOR, JOINT AND SEVERAL. If more than one person has executed this Deed of Trust as “Trustor”, the obligations of all such
persons hereunder shall be joint and several. 

  

	8.12	INTENTIONALLY OMITTED. 

  

	8.13	INTEGRATION; INTERPRETATION. This Deed of Trust and the other Loan Documents contain or expressly incorporate by reference the entire agreement of the
parties with respect to the matters contemplated herein and supersede all prior negotiations or agreements, written or oral. This Deed of Trust shall not be modified except by written instrument executed by all parties. Any reference in this Deed of
Trust to the Property or Collateral shall include all or any part of the Property or Collateral. Any reference to this Deed of Trust includes any amendments, renewals or extensions now or hereafter approved by Beneficiary in writing.

  

	8.14	CAPITALIZED TERMS. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 

 

	8.15	SUCCESSORS IN INTEREST. The terms, covenants, and conditions contained herein and in the other Loan Documents shall be binding upon and inure to the
benefit of the heirs, successors and assigns of the parties. The foregoing sentence shall not be construed to permit Trustor to assign the Loan, except as otherwise permitted under the Loan Agreement or the other Loan Documents.

  

	8.16	ACTIONS OF THE TRUSTEE. All provisions hereof shall inure to the benefit of and all actions authorized hereunder shall be exercisable by the Trustee at
Beneficiary’s request. 

  

	8.17	 GOVERNING LAW. THIS DEED OF TRUST AND THE LOAN, AS A WHOLE, WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE LENDER HAS
SUBSTANTIAL BUSINESS OPERATIONS IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS DEED OF TRUST, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION,
PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE PROPERTY IS LOCATED, IT
BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF

  
 16 

	 	 
ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, TRUSTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS DEED OF TRUST, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS DEED OF TRUST, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  

	8.18	CONSENT TO JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BENEFICIARY OR TRUSTOR ARISING OUT OF OR RELATING TO THIS DEED OF
TRUST OR THE OTHER LOAN DOCUMENTS MAY AT BENEFICIARY’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND TRUSTOR WAIVES ANY
OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF BENEFICIARY AND TRUSTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION
OR PROCEEDING. TRUSTOR DOES HEREBY DESIGNATE AND APPOINT: 

 Corporation Service Company 

2711 Centerville Road, Suite 400 
 Wilmington, Delaware 19808 
 AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO TRUSTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON TRUSTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. TRUSTOR (I) SHALL
GIVE PROMPT NOTICE TO BENEFICIARY OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE
SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

  

	8.19	EXHIBITS. Exhibit A is incorporated into this Deed of Trust by this reference. 

 

	8.20	ADDRESSES; REQUEST FOR NOTICE. All notices and other communications that are required or permitted to be given to a party under this Deed of Trust or the
Loan Documents shall be in writing, refer to the Loan number, and shall be sent to such party, either by personal delivery, by overnight delivery service, by certified first class mail, return receipt requested, or by facsimile transmission to the
addressee or facsimile number below. All such notices and communications shall be deemed effective upon receipt of such delivery or facsimile transmission. The addresses of the parties are set forth on page 1 of this Deed of Trust and the
facsimile numbers for the parties are as follows: 

  
 17 

 Beneficiary: 
 Wells Fargo Bank, National Association 
 Wells Fargo Center 

1901 Harrison Street, 2nd Floor 
 MAC A0227-020 
 Oakland, California 94612 

Attention: Commercial Mortgage Servicing 
 Facsimile: 1-866-359-5952 
 Loan No.: 31-0910915 

with a copy to: 

Cadwalader, Wickersham & Taft LLP 
 227 West Trade Street, Suite 2400 
 Charlotte, North Carolina 28202 

Attention: James P. Carroll, Esq. 
 Facsimile: (704) 348-5200 
 Trustee: 

Chicago Title Company 
 700 S. Flower Street, Suite 800 
 Los Angeles, California 90017 

Trustor: 

c/o Industrial Income Operating Partnership, LP 
 518 17th Street, Suite 1700 
 Denver, Colorado 80202 

Attention: Lainie Minnick and General Counsel 
 Facsimile: (303) 869-4602 
 Any Trustor whose address is set forth on
page 1 of this Deed of Trust hereby requests that a copy of notice of default and notice of sale be delivered to it at that address. Failure to insert an address shall constitute a designation of Trustor’s last known address as the address
for such notice. Any party shall have the right to change its address for notice hereunder to any other location within the United States by giving ten (10) days notice to the other parties in the manner set forth above. 

 

	8.21	COUNTERPARTS. This Deed of Trust may be executed in any number of counterparts, each of which, when executed and delivered, will be deemed an original and
all of which taken together, will be deemed to be one and the same instrument. 

  

	8.22	WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, EACH OF TRUSTOR AND BENEFICIARY, HEREBY EXPRESSLY WAIVES ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS DEED OF TRUST, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO
THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS DEED OF TRUST (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR
THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY THIS DEED OF TRUST MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 

  
 18 

	8.23	STATE SPECIFIC PROVISIONS. The provisions applicable under California state law as set forth on Schedule I attached hereto shall govern with
respect to this Deed of Trust to the extent of any conflict or inconsistency. 

 [SIGNATURE PAGE FOLLOWS]

  
 19 

 IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the day and year set
forth above and Trustor acknowledges receipt of a copy hereof. 
  

															
	TRUSTOR:
	
	
IIT INLAND EMPIRE – 3700 INDIAN AVE LP, A Delaware limited

partnership

		
	By:    	 	IIT Inland Empire – 3700 Indian Avenue GP LLC, a Delaware limited liability company, its general partner
			
		 	By:    	 	IIT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
				
		 		 	By:    	 	Industrial Income Operating Partnership LP, a Delaware limited partnership, its sole member
					
		 		 		 	By:    	 	Industrial Income Trust Inc., a Maryland corporation, its general partner
							
		 		 		 		 	By:	 		 	
       /s/ Thomas G. McGonagle

		 		 		 		 		 		 	Name:	 	 Thomas G. McGonagle

		 		 		 		 		 		 	Title:	 	 CFO

ACKNOWLEDGEMENT: 
  

					
	STATE OF Colorado    	  	)	  	
		  		  	            ) ss:
	COUNTY OF Denver    	  	)	  	

 On December 22nd, 2010, before me, Erin Pearson , a Notary Public,
personally appeared Tom McGonagle , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 WITNESS my hand and official seal. 

 

	
	   /s/ Erin K. Pearson

	 Signature of Notary Public

                    
                    [SEAL] 

  
 -1-

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