Document:

Purchase and Sale Agreement

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 THIS PURCHASE AND SALE AGREEMENT (the
“Agreement”) is dated as of July 30, 2012 (the “Effective Date”) by and between SCOTT M. COOLEY, an individual (“Seller”), and INTEGRATED SILICON SOLUTION, INC., a Delaware corporation (“Buyer”).

 IN CONSIDERATION of the respective agreements hereinafter set forth, Seller and Buyer agree as follows: 

1. Property Included in Sale. Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, subject to the
terms and conditions set forth herein, the following: 
 A. that certain land consisting of approximately 2.85 acres, located in
the City of Milpitas, County of Santa Clara, California, commonly known as 1623 Buckeye Drive, and more particularly described in attached Exhibit A (the “Real Property”); 

B. all rights, privileges and easements appurtenant to the Real Property, including, without limitation, all minerals, oil, gas and other
hydrocarbon substances on and under the Real Property, as well as all development rights, air rights, water, water rights, riparian rights and water stock relating to the Real Property and any rights-of-way or other appurtenances used in connection
with the beneficial use and enjoyment of the Real Property and all of Seller’s right, title and interest in and to all roads and alleys adjoining or servicing the Real Property (collectively, the “Appurtenances”); 

C. all improvements and fixtures located on the Real Property, including, without limitation, the building located on the Real Property
containing approximately 55,612 square feet of net rentable area and all apparatus, equipment and appliances used in connection with the operation or occupancy of the Real Property, such as heating and air-conditioning systems and facilities used to
provide any utility, refrigeration, ventilation, garbage disposal, or other services on the Real Property, and along with all on-site parking (collectively, the “Improvements”); 

D. all personal property owned by Seller located on or in or used in connection with the Real Property and Improvements (the
“Personal Property”); and 
 E. any intangible personal property now or hereafter owned by Seller and used in the
ownership, use or operation of the Real Property, Improvements or Personal Property and, to the extent approved by Buyer pursuant to this Agreement, any contract or lease rights, and other documents affecting in any way a right to occupy any portion
of the Improvements (collectively, the “Leases”), and Seller’s interest in all security deposits and prepaid rent, if any, under the Leases and any and all guaranties of the Leases), management agreements, utility contracts or other
agreements or rights relating to the ownership, use and operation of the Property, including, without limitation, reports, warranties (including, without limitation, warranties for the roof, windows, new lobby doors, parking lot and landscaping),
indemnities, permits, plans, insurance proceeds, if any, and condemnation awards (collectively, the “Intangible Property”). 
 All of the items referred to above are collectively referred to as the “Property.” 
 2. Purchase Price. 
 A. The purchase price of the Property is Six Million
Six Hundred Thousand Dollars ($6,600,000) subject to reduction by any credits due Buyer hereunder (the “Purchase Price”). 

 B. The Purchase Price shall be paid as follows: 

(i) Within three (3) business days after Buyer’s receipt of a fully executed original of this Agreement (the “Full
Execution Date”), Buyer shall deposit in escrow with First American Title Company at 1737 N. First Street #500, San Jose, CA 95112, Attention: Liz Zankich (“Title Company”), a deposit in the amount of One Hundred Thousand Dollars
($100,000) ( the “Deposit #1”). On or before one (1) business day following the expiration of the Due Diligence Period (as defined below) provided that Buyer has given the Approval Notice (as defined below), Buyer shall cause an
additional One Hundred Thousand Dollars ($100,000) (the “Deposit #2”) in immediately available funds to be delivered into escrow. Deposit #1 and Deposit #2 as each of said amounts are received by escrow shall be referred to as the
“Deposit”. The Deposit shall be held in an interest-bearing account and interest accruing thereon shall be held for the account of Buyer. In the event the sale of the Property as contemplated hereunder is consummated, the Deposit plus
interest accrued thereon shall be credited against the Purchase Price. The balance of the Purchase Price shall be paid to Seller in immediately available funds at the closing of the purchase and sale contemplated hereunder (the “Closing”).

 C. Contemporaneously with the delivery of Deposit #1, Buyer shall pay to Seller as further consideration for this Agreement,
in cash, the sum of One Hundred Dollars ($100.00) (the “Independent Consideration”), in addition to the Deposit and the Purchase Price and independent of any other consideration provided hereunder, which Independent Consideration is fully
earned by Seller and is non-refundable under any circumstances, but shall be applied against the Purchase Price. Buyer and Seller agree that the Independent Consideration, together with the mutual covenants and agreements set forth herein, are
adequate to prevent this Agreement from constituting a revocable option to purchase the Property. 
 3. Title to the
Property. 
 A. At the Closing, Seller shall convey to Buyer or its designee marketable and insurable fee simple title to
the Real Property, the Appurtenances and the Improvements, by duly executed and acknowledged grant deed substantially in the form of attached Exhibit B (the “Deed”). As a condition to Buyer’s obligation to consummate the
purchase of the Property, the Title Company shall issue to Buyer an ALTA Owner’s Policy of Title Insurance (2006 Form) in the amount of the Purchase Price (the “Title Policy”), at no more than the Title Company’s standard rates,
insuring fee simple title to the Real Property, the Appurtenances and the Improvements in Buyer or its designee, subject only to such exceptions as Buyer shall approve pursuant to Section 4(F) below (the “Permitted Encumbrances”). The
Title Policy shall provide full coverage against mechanics’ and materialmen’s liens arising out of the construction, repair or alteration of any of the Improvements including any tenant improvements therein and shall contain such special
endorsements as Buyer may reasonably require (the “Endorsements”). 
 B. At the Closing, Seller shall transfer title
to the Personal Property by a bill of sale in the form attached hereto as Exhibit C (the “Bill of Sale”), such title to be free of any liens, encumbrances or interests. 

C. At the Closing, Seller shall transfer the Intangible Property and any Service Contracts that Buyer elects to assume hereunder by such
instruments as Buyer may determine to be necessary, including, without limitation, an assignment in the form of attached Exhibit D (the “Assignment”), such title to be free of any liens, encumbrances or interests. 

  
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 4. Due Diligence and Title Review. 

A. The period commencing as of the Effective Date and continuing through the date that is sixty (60) days after the later of
(i) three (3) days after Seller’s delivery of all required Seller Due Diligence Materials set forth below and (ii) the Full Execution Date (the “Due Diligence Date”) shall be referred to as the “Due Diligence
Period”. Buyer and its agents, employees, representatives and contractors shall be permitted to commence due diligence with respect to the Property during the Due Diligence Period, and, provided that Buyer delivers the Approval Notice,
thereafter until the Closing. All the costs of Buyer’s tests and inspections of the Property, are to be paid for by Buyer, except that Buyer and Seller shall share equally in the cost of a Phase I environmental assessment and appraisal. In the
event Buyer raises in writing a specific objection to the condition of the Property, then Buyer shall provide Seller with copies of reports prepared for Buyer by third parties. Notwithstanding the foregoing, Buyer shall not be required to provide
Seller with copies of internal reports prepared by Buyer or its employees or consultants. 
 B. Seller agrees to deliver to
Buyer all of the following due diligence materials to the extent the same are in Seller’s possession or reasonable control (the “Seller Due Diligence Materials”): (i) “as-build” drawings for the Property to consist of
all architectural, structural, landscaping, mechanical, electrical and plumbing drawings, and all drawings for existing tenant improvements, including up-to-date permits, certificates of occupancy and similar materials that Seller has in its
possession, (ii) all existing property management/service contract agreements (the “Service Contracts”), (iii) the property tax bill with all supplemental tax bills , (iv) operating statements and capital expenditures for
2010-2011 and budgeted for 2012 and (v) all existing environmental and physical condition reports (i.e. past Phase I reports) and notices. 
 C. Buyer shall have the right during the Due Diligence Period to make such investigations, studies and tests with respect to the Property as Buyer deems necessary or appropriate to determine the
feasibility of purchasing the Property, including, without limitation, review and approval of the Seller Due Diligence Materials and the following matters (collectively, the “Due Diligence Materials”): 

(i) all utility contracts, maintenance contracts, leasing contracts, and brokerage and leasing commission agreements which may continue
after Closing, certificates of occupancy, presently effective warranties or guaranties received by Seller from any contractors, subcontractors, suppliers or materialmen in connection with any construction, repairs or alterations of the Improvements
or any tenant improvements, reports of insurance carriers insuring the Property and each portion thereof respecting the claims history of the Property, if any, environmental reports, soils reports, insurance policies, insurance certificates of
tenants, and other contracts or documents of significance to the Property, and such other information relating to the Property that is specifically and reasonably requested by Buyer of Seller during the Due Diligence Period to the extent such
information either is in the possession or reasonable control of Seller; 
 (ii) the structural, mechanical, plumbing,
electrical and other physical characteristics and condition of the Property, structural calculations for the Improvements, if any, drawings, site plans, engineering reports and plans, property reports, landscape plans, and floor plans, and certified
copies of the as-built plans and specifications for the Property (the “Plans”); 
 (iii) the environmental condition
of the Property, including, without limitation, Phase I and Phase II environmental assessments; 
 (iv) all governmental
permits and approvals relating to the construction, operation, use or occupancy of the Property, including but not limited to ADA compliance documentation, seismic compliance documentation, and all annexation, zoning, land-use, subdivision,
environmental, 

  
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building and construction laws and regulations restricting or regulating or otherwise affecting the use, occupancy or enjoyment of the Property; and 

(v) a schedule (the “Schedule of Agreements”) setting forth an exclusive list of all of the Service Contracts that shall be
assigned to, and assumed by, Buyer at Closing, as it may be updated by Buyer (the “Assumed Contracts”). Buyer shall have the right to deliver written notice to Seller during the Due Diligence Period of any Service Contracts that must be
added to or deleted from the Schedule of Agreements. 
 D. If Buyer decides to conduct a Phase I environmental assessment, then
it shall arrange for such assessment to commence within twenty (20) days after the Full Execution Date. If the results of the Phase I are unsatisfactory or inconclusive or recommend further action, Buyer shall have the right, at its sole cost
and expense, to obtain a Phase II environmental investigation, which Buyer shall make reasonable efforts to complete within thirty (30) days, if possible, after Buyer’s receipt of the Phase I assessment. 

E. Notwithstanding anything in this Agreement to the contrary, Buyer shall have the right to terminate this Agreement at any time and for
any reason during the Due Diligence Period, upon written notice to Seller. In the event this Agreement terminates pursuant to this Section 4 then, subject to the provisions of Section 6, Seller shall pay any title and escrow fees, the
Title Company shall immediately return the Deposit, plus all interest thereon to Buyer, Buyer shall return to Seller all Due Diligence Materials that Buyer received from Seller and neither party shall have any further rights or obligations
hereunder. This Section 4 is subject to, and shall not serve to modify or limit, any right or remedy of Buyer arising under Section 6(B) of this Agreement. 
 F. Within three (3) days after the Effective Date, Seller shall deliver to Buyer at Seller’s sole cost and expense (i) a current preliminary title report on the Real Property, issued by the
Title Company, accompanied by copies of all documents referred to in the report and a copy of the most recent tax bill for the Real Property, including any supplemental tax bills and information regarding any assessments affecting the Real Property
(collectively, the “Preliminary Report”), and (ii) copies of all existing and proposed easements, encumbrances, covenants, conditions, and restrictions, as well as agreements or other documents which affect title to the Property and
which are not disclosed by the Preliminary Report. Buyer shall further have the right to obtain a current ALTA survey of the Real Property and Improvements, and Buyer and its engineers shall be permitted access to the Property from and after the
Effective Date for purposes of performing such survey. 
 Buyer shall have the right to advise Seller, within thirty
(30) days after receipt of the Preliminary Report and related materials listed above, what exceptions to title, if any, will be accepted by Buyer. Seller shall have three (3) days after receipt of Buyer’s objections to give Buyer:
(i) evidence satisfactory to Buyer of the removal of all objectionable exceptions from title or that such exceptions will be removed on or before the Closing Date; or (ii) notice that Seller elects not to cause such exceptions to be
removed. If Buyer does not deliver a notice to Seller as to title exceptions it will not accept, or does not terminate this Agreement following delivery of such notice, Buyer shall be deemed to have approved all exceptions shown on the Preliminary
Report delivered by Seller above that Seller does not agree to remove. If Seller shall give notice pursuant to clause (i) and shall fail to remove any such objectionable exceptions from title prior to the Closing Date, and Buyer is unwilling to
take title subject thereto, Seller shall be in default and Buyer shall have the rights and remedies set forth in Section 6 below. Notwithstanding anything to the contrary herein, Seller shall remove and pay, at its sole cost and expense, as of
the Closing, all liens evidencing any deed of trust (and related documents) or mortgages securing financing, as well as all judgment liens, mechanics’ liens and liens evidencing delinquent taxes and all assessments affecting the Property.

  
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 G. On or prior to the Due Diligence Date, Buyer shall have the right to deliver to Seller,
in its sole and absolute discretion, written approval of all inspections, investigations, tests and studies with respect to the matters set forth in this Article 4 (the “Approval Notice”). In the event Buyer has not provided Seller, by
5:00pm PST on the Due Diligence Date, with the Approval Notice, Buyer’s inspections, investigations, tests and studies set forth in this Article 4 shall be deemed to be disapproved, and this Agreement shall terminate, all rights and obligations
hereunder of each party shall be at an end (except those matters which are specifically stated in this Agreement to survive the termination), the Deposit shall be promptly returned to Buyer and each party shall bear its own costs incurred hereunder.
If Buyer timely gives the Approval Notice to Seller, then Buyer shall be considered to have elected to proceed with the purchase of the Property in accordance with the provisions of this Agreement. 

5. Conditions to Closing. The following conditions are precedent to Buyer’s obligation to purchase the Property (the
“Conditions Precedent”): 
 A. Seller shall be the owner of fee simple title to the Property and there shall be no
lien, encumbrance or other claim affecting title to the Property other than the Permitted Encumbrances. The Title Company shall have delivered to Buyer either (a) the Title Policy with the Endorsements, or (b) the Title Company’s
irrevocable commitment to issue the Title Policy with the Endorsements. 
 B. All of Seller’s representations and
warranties contained in or made pursuant to this Agreement shall have been true and correct when made and shall be true and correct as of the Closing Date. 
 C. Seller shall have performed all of its other covenants and obligations as set forth in this Agreement. 
 D. The physical condition of the Property shall be substantially the same on the day of Closing as on the date of Buyer’s execution of this Agreement, reasonable wear and tear and loss by casualty
excepted (subject to the provisions of Section 10 below), and, as of the day of Closing, to Seller’s knowledge, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or
threatened, which after Closing would, in Buyer’s sole discretion, materially adversely affect the value of the Property or the ability of Buyer to operate the Property in the manner in which it is currently being operated, and, to
Seller’s knowledge, no proceedings shall be pending or threatened which could or would cause the redesignation or other modification of the zoning classification of, or of any building or environmental code requirements applicable to, any of
the Property or any property adjacent to the Property. 
 E. To Seller’s knowledge, no third party shall have made any
claims with respect to Seller, Buyer or the Property with respect to the sale, leasing, transfer development or operation of the Property. 
 The Conditions Precedent contained in this Section 5 are intended solely for the benefit of Buyer. Subject to the provisions of Section 6 below, if any of the Conditions Precedent is not
satisfied, Buyer shall have the right, in its sole discretion, either to waive in writing the Condition Precedent and proceed with the purchase or terminate this Agreement, in which event Seller shall pay any reasonable title and escrow fees, the
Title Company shall immediately return the Deposit, plus all interest thereon to Buyer, Buyer shall return to Seller all Due Diligence Materials that Buyer received from Seller, and neither party shall have any further rights or obligations
hereunder. 

  
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 6. Remedies. 

A. In the event the sale of the Property is not consummated after Buyer’s waiver of the conditions to Buyer’s obligations,
including the expiration of the Due Diligence Period, because of a default by Buyer of its obligation to purchase the Property, the Deposit and the interest accrued thereon shall be paid to and retained by Seller as liquidated damages. The parties
have agreed that Seller’s actual damages, in the event of a default by Buyer, would be extremely difficult or impracticable to determine. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT THE DEPOSIT HAS BEEN AGREED UPON,
AFTER NEGOTIATION, AS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES AND AS SELLER’S EXCLUSIVE REMEDY AGAINST BUYER, AT LAW OR IN EQUITY, IN THE EVENT OF A DEFAULT UNDER THIS AGREEMENT ON THE PART OF BUYER. SELLER WAIVES ALL
OTHER REMEDIES AGAINST BUYER FOR BUYER’S FAILURE TO PURCHASE THE PROPERTY IN ACCORDANCE WITH THIS AGREEMENT. 

INITIALS:                     
                    Seller     /s/
JC                    Buyer     /s/
SC                         
 B. In the event the sale of the Property is not consummated because of a default on the part of Seller, Buyer may either (1) terminate this Agreement, by delivery of notice of termination to Seller,
whereupon (A) Buyer’s Deposit plus interest accrued thereon shall be immediately returned to Buyer, and (B) Seller shall pay to Buyer any title, escrow, legal, environmental assessment, and inspection fees incurred by Buyer and any
other expenses incurred by Buyer in connection with the negotiation of this agreement and the performance of its due diligence review of the Property, and neither party shall have any further rights or obligations hereunder, or (2) continue
this Agreement and sue for specific performance and/or damages hereunder, including Buyer’s costs and expenses incurred hereunder. 
 7. Closing and Escrow. 
 A. The date of the Closing (the “Closing
Date”) shall be the date that is thirty (30) days after the expiration of the Due Diligence Period, unless otherwise mutually agreed upon by both parties. Notwithstanding the foregoing, in the event that additional time is needed for
Seller to satisfy the Conditions Precedent or to effectuate the 1031 exchange described in Section 18(M), Seller shall have the right upon ten (10) days prior written notice to Buyer, to extend the Closing Date for a period not to exceed
thirty (30) days. If the Closing has not occurred by the Closing Date, as extended pursuant to the foregoing sentence, then such delay shall constitute a default by Seller under this Agreement and Buyer shall have all rights and remedies set
forth in Section 6(B) herein. 
 B. Upon mutual execution of this Agreement, the parties hereto shall deposit an executed
counterpart of this Agreement with the Title Company and this Agreement shall serve as instructions to the Title Company (as the escrow holder for consummation of the purchase and sale contemplated hereby). Seller and Buyer agree to execute such
additional escrow instructions as may be appropriate to enable the escrow holder to comply with the terms of this Agreement; provided, however, that in the event any conflict between such additional instructions and the terms of this Agreement, the
terms of this Agreement shall prevail. 

  
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 C. At or before the Closing, Seller shall deliver to Buyer the following documents:

 (i) a duly executed and acknowledged Deed, subject only to the Permitted Encumbrances; 

(ii) a duly executed Bill of Sale; 
 (iii) a duly executed Assignment; 
 (iv) originals of the Service Contracts and
any other relevant original Due Diligence Materials not previously delivered to Buyer pursuant to Section 5 above; 
 (v)
an affidavit that Seller is not a “foreign person” within the meaning of Section 1445(e)(3) of the Internal Revenue Code of 1986 and is not subject to withholding under California or U.S. tax law in form reasonably acceptable to
Buyer, duly executed by Seller; 
 (vi) such resolutions, authorizations, bylaws or other corporate and/or partnership
documents or agreements relating to Seller and its partners and/or shareholders as shall be reasonably required by Buyer and/or the Title Company; 
 (vii) a closing statement in form and content satisfactory to Buyer and Seller; and 
 (viii) any other instruments, records or correspondence called for hereunder which have not previously been delivered or which otherwise may be necessary and appropriate to complete the Closing of the
transactions contemplated herein. 
 Buyer may waive compliance on Seller’s part under any of the foregoing items by an instrument in
writing. 
 D. At or before the Closing, Buyer shall deliver to Seller the following documents: 

(i) a duly executed Assignment; 
 (ii) a closing statement in form and content satisfactory to Buyer and Seller; and 
 (iii) the remaining Purchase Price. 
 E. Seller and Buyer shall each deposit such
other instruments as are reasonably required by the escrow holder or otherwise required to close the escrow and consummate the purchase of the Property in accordance with the terms hereof. All documents to be delivered at Closing and all payments to
be made under this Agreement shall be delivered into escrow with the Title Company. 
 F. The following are to be apportioned as
of the Closing Date, as follows: 
 (i) Utility Charges. Seller shall cause all the utility meters to be read on the
Closing Date, and will be responsible for the cost of all utilities used prior to the Closing Date, except to the extent such utility charges are billed to and paid by tenants directly. 

(ii) Other Apportionments. Amounts payable under the Assumed Contracts, annual or periodic permit and/or inspection fees
(calculated on the basis of the period covered), insurance premiums (as to those policies, if any, that Buyer continues after the Closing), and liability for other Property 

  
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operation and maintenance expenses and other recurring costs shall be apportioned as of the Closing Date. Buyer shall pay for the cost of the ALTA portion of the Title Policy and the Endorsements
and recording fees for the Deed, and Seller shall pay one hundred percent (100%) of the premium for the CLTA portion of the Title Policy (excluding Endorsements), as well as all sales tax (if any) on the Personal Property, all escrow fees, the
cost of any County and City transfer taxes or other taxes applicable to the sale or transaction and any recording fees for any instruments necessary to clear title or remove the lien of any mortgage indebtedness. Seller shall also be responsible for
all costs incurred in connection with the prepayment or satisfaction of any loan or bond secured by the Property, including, without limitation, any prepayment fees, penalties or charges. All other costs and charges of the escrow for the sale not
otherwise provided for in this Section or elsewhere in this Agreement shall be allocated in accordance with the closing customs for Santa Clara County. 
 (iii) Real Estate Taxes and Special Assessments. General real estate taxes and assessments payable for all tax years ending prior to the Closing Date shall be paid by Seller. General real estate
taxes and assessments payable for the tax year containing the Closing Date shall be prorated by Seller and Buyer as of the Closing Date. 
 (iv) Preliminary Closing Adjustment. Seller and Buyer shall jointly prepare a preliminary Closing adjustment on the basis of any sources of income and expenses, and shall deliver such computation
to the Title Company prior to Closing. 
 (v) Post-Closing Reconciliation. If any of the aforesaid prorations cannot be
calculated accurately on the Closing Date, then they shall be estimated prior to the Closing and re-calculated as soon after the Closing Date as feasible. Either party owing the other party a sum of money based on such subsequent proration(s) shall
promptly pay said sum to the other party. 
 (vi) Survival. The provisions of this Section 7 shall survive the
closing. 
 8. Representations and Warranties of Seller. Seller hereby represents and warrants to and covenants with
Buyer as follows: 
 A. Seller has the full power to execute and deliver and fully perform its obligations under this Agreement,
and this Agreement constitutes a valid and legally binding obligation of Seller, enforceable in accordance with its terms. 
 B.
There is no agreement to which Seller is a party or, to Seller’s actual knowledge, which is binding on Seller, that would be in conflict with the Agreement. 
 C. Seller has not received any actual notice of any pending or threatened litigation, which would materially and adversely affect the Property, including any notification by anyone concerning
environmental matters, including but not limited to contamination, surface or sub-surface, or alleged contamination of the Property or any properties in close proximity to the Property. Seller has not received any written notice from any
governmental authority and Seller is not aware of any violation of any law, regulation or code, including any building code with respect to the Property, which violation has not been cured. 

D. Seller has not received any written notice from any governmental authority and Seller is not aware of any condemnation proceedings,
pursuant to eminent domain or otherwise, that are threatened or currently pending with respect to the Property. 

  
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 E. Seller has not entered into or assumed any Leases relating to the Property and there are
no Leases affecting the Property. 
 F. There are no known major defects or deficiencies in the plumbing and other mechanical
and electrical apparatus and appliances located on the Property, including stairs, elevators, hoists, lifts and other equipment to transport people or property, nor any defects in the roof, windows, exterior walls or structural components of the
Improvements, and there are no leaks in the roof or windows that are currently known by Seller. 
 G. As of the Closing Date,
there will be no outstanding contracts, written or oral, made by Seller for any improvements to the Property, which have not been fully paid for, and Seller will discharge (or cause to be discharged) and satisfy all of its obligations and
liabilities under all Service Contracts for the Property before the Closing Date, except to the extent expressly assumed in writing by Buyer pursuant to this Agreement. 
 H. Seller has good and marketable fee simple title to the Property, free and clear of any lien, charge or other encumbrance (except for the Permitted Encumbrances) created or imposed during the period
that Seller has owned the Property, and, to the best of Seller’s knowledge, during any prior period. No one, including any tenant, has any option or right of first refusal to purchase the Property. 

I. To the best of Seller’s knowledge there has been no use, presence, disposal, storage, generation, manufacture or release (as
those terms are used in the Environmental Laws) of Hazardous Materials, including, but not limited to, asbestos in any form, on, from or under the Property during the period that Seller has owned the Property or, to the best of Seller’s
knowledge, during any prior period. There are no underground storage tanks on the Property For the purposes hereof, “Environmental Laws” shall mean all federal, state, local or administrative agency ordinances, laws, rules, regulations,
orders and requirements relating to environmental conditions or Hazardous Material. For the purposes hereof, “Hazardous Material” shall mean any substance, chemical, waste or other material which is listed, defined or otherwise identified
as “hazardous” or “toxic” under any federal, state, local or administrative agency ordinance or law; or any regulation, order, rule or requirement adopted thereunder, as well as any formaldehyde, urea, polychlorinated biphenyls,
petroleum, petroleum product or by-product, crude oil, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel or mixture thereof, radon, asbestos, and “source,” “special nuclear” and
“by-product” material as defined in the Atomic Energy Act of 1985, 42 U.S.C. §§ 3011 et seq. 
 J. To the best of Seller’s knowledge, there is no pending claim, action or litigation threatened against the Property for any reason. 

K. Seller: (i) is not a person or entity with whom Buyer is restricted from doing business with under regulations of the Office of
Foreign Asset Control (“OFAC”) of the Department of the Treasury (including, but not limited to, those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, but not limited
to, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action; and (ii) is not a person or entity whose activities
are regulated by the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 or the regulations or orders thereunder. 

Seller shall promptly notify Buyer of any change in any condition with respect to the Property or any event or circumstance which makes any
representation or warranty of Seller as set forth in this Section 8 materially untrue or misleading or any covenant of Seller under this Agreement incapable of being performed. 

  
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 9. Representations and Warranties of Buyer. Buyer hereby represents and warrants to
Seller as follows: Buyer is a duly organized and validly existing corporation under the laws of the State of Delaware and is in good standing under the laws of the State of California; this Agreement and all documents executed by Buyer which are to
be delivered to Seller at the Closing are or at the time of Closing will be duly authorized, executed and delivered by Buyer, and are or at the Closing will be legal, valid and binding obligations of Buyer, and do not and at the time of Closing will
not violate any provisions of any agreement or judicial order to which Buyer is subject. Buyer: (i) is not a person or entity with whom Seller is restricted from doing business with under regulations of OFAC (including, but not limited to,
those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, but not limited to, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action; and (ii) is not a person or entity whose activities are regulated by the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 or
the regulations or orders thereunder. 
 10. Risk of Loss. Prior to the Closing, and notwithstanding the pendency of this
Agreement, the entire risk of loss or damage by earthquake, flood, landslide, fire or other casualty shall be borne and assumed by Seller, except as otherwise provided in this section. In the event any of the Property is damaged or destroyed prior
to the Closing Date, and such damage or destruction would cost less than One Hundred Thousand Dollars ($100,000) to repair or restore, then this Agreement shall remain in full force and effect and Buyer shall acquire the Property upon the terms and
conditions set forth herein; provided, however, Buyer shall receive a credit against the Purchase Price in an amount reasonably determined by Seller and Buyer (after consultation with unaffiliated experts) to be the cost of repairing such damage or
destruction. In the event (A) any of the Property is damaged or destroyed prior to the Closing, and the cost of repair would exceed One Hundred Thousand Dollars ($100,000), or (B) if condemnation proceedings are commenced against any of
the Property, then, notwithstanding anything to the contrary set forth in this section, Buyer shall have the right, at its election, either to terminate this Agreement or purchase the Property. Buyer shall have thirty (30) days after Seller
notifies Buyer that an event described in the prior sentence has occurred to make such election by delivery to Seller of an election notice (the “Election Notice”). If Buyer does not elect to terminate this Agreement, Seller shall assign
to Buyer all of its right, title and interest in and to all condemnation proceeds and credit against the Purchase Price an amount reasonably determined by Seller and Buyer (after consultation with unaffiliated experts) to be the cost of repairing
such damage or destruction. Buyer’s failure to deliver the Election Notice within such thirty (30) day period shall be deemed an election to purchase the Property. In the event this Agreement is terminated pursuant to this section, Buyer
and Seller shall each be released from all obligations hereunder, but Seller shall return the Deposit and all accrued interest thereon to Buyer. 
 11. Possession. Possession of the Property shall be delivered to Buyer on the Closing Date; provided, however, that prior to the Closing Date and from and after the Effective Date, Seller shall
afford authorized representatives of Buyer reasonable access to the Property, upon not less than twenty-four (24) hours advance verbal notice, for purposes of satisfying Buyer with respect to the representations, warranties and covenants of
Seller contained herein and with respect to the performance of Buyer’s due diligence investigations of the Property (including, without limitation, the drilling of test wells and the taking of soil and core and soil borings and conducting Phase
1 or Phase 2 environmental site assessments). Buyer hereby agrees to indemnify and hold Seller harmless from any damage or injury to persons or property caused by Buyer or its authorized representatives during their entry and investigations prior to
the Closing, except with respect to any loss or liability incurred by Seller resulting from the existence of, or the mere discovery by Buyer or its representatives of, defects or other adverse conditions at the Property and except for the negligence
or willful misconduct of Seller. 

  
 -10-

 12. Maintenance of the Property; Cooperation. Between Seller’s execution of this
Agreement and the Closing, Seller shall maintain the Property in good order, condition and repair, reasonable wear and tear excepted, and shall make all repairs, maintenance and replacements of the Improvements and any Personal Property and
otherwise operate the Property in the same manner as before the making of this Agreement, as if Seller were retaining the Property. Seller shall not make any alterations to the Property, encumber the Property, or permit any change in the zoning,
permitted uses or other entitlements affecting the Property between the Effective Date and the Closing. Buyer shall have the right to seek governmental approvals for any renovations or improvements to the Property, or variances for Buyer’s
intended use of the Property, and Seller agrees to cooperate fully with Buyer in such efforts; provided, however, such activities will be at Buyer’s sole cost and not be binding on Seller or the Property should Buyer fail to close escrow.

 13. Buyer’s Consent to New Contracts Affecting the Property; Termination of Existing Contracts. 

A. Seller shall not, after the date of Seller’s execution of this Agreement, enter into any lease or contract, or any amendment to
any other contract, or permit any tenant to enter into any sublease, assignment or agreement pertaining to the Property, or waive any rights of Seller under any contract, without in each case obtaining Buyer’s prior written consent thereto.
Buyer agrees it shall not unreasonably withhold any such consent, except with respect to any leases, which consents may be withheld in Buyer’s sole discretion. 
 B. Seller shall terminate prior to the Closing, at no cost or expense to Buyer, any and all Service Contracts affecting the Property that are not listed on the Schedule of Agreements. 

14. Insurance. Intentionally Omitted. (Seller is self-insured.) 

15. Cooperation with Buyer. Seller shall cooperate and do all acts as may be reasonably required or requested by Buyer with regard
to Buyer’s due diligence investigations of the Property and the fulfillment of any Condition Precedent including execution of any documents, applications or permits, but Seller’s representations and warranties to Buyer shall not be
affected or released by Buyer’s waiver or fulfillment of any Condition Precedent. Seller hereby irrevocably authorizes Buyer and its agents to make all inquiries with and applications to any third party, including any governmental authority, as
Buyer may reasonably require to complete its due diligence. 
 16. Indemnity. Seller hereby agrees to indemnify Buyer,
and/or its agents, employees and contractors against, defend and hold Buyer and/or its agents, employees and contractors harmless from, all losses, damages, costs and expenses whatsoever including without limitation reasonable legal fees and
disbursements, incurred by Buyer and/or its agents, employees and contractors which arise, result from or relate to (i) acts, occurrences or matters that took place or relate to any period prior to the Closing; (ii) any breach of any of
the representations, warranties, covenants or agreements of Seller set forth in this Agreement or (iii) any claims made by any third party with respect to the sale, leasing, transfer, development or operation of the Property arising through or
under actions by Seller. 
 17. No Shop. Seller (including for this purpose its members, partners, affiliates, agents,
contractors and employees) shall not offer any of the Property for lease or sale and shall not solicit, initiate, respond to or engage in any discussions with any third party with respect to the sale or lease of the Property, at any time prior to
the termination of this Agreement. 

  
 -11-

 18. Miscellaneous. 

A. Notices. Any notice, consent or approval required or permitted to be given under this Agreement shall be in writing and shall
be deemed to have been given upon (i) hand delivery or (ii) one (1) business day after being deposited with Federal Express or another reliable overnight courier service, and addressed as follows: 

 

							
	If to Seller:	  	 Scott M. Cooley
	  	 
			
		  	 	  	
			
		  	 	  	
			
	With a copy to:	  	 	  	
			
		  	 	  	
			
		  	 	  	
				
		  	Attn:	  	 	  	
			
	If to Buyer:	  	Integrated Silicon Solution, Inc.	  	
		  	1940 Zanker Road	  	
		  	San Jose, CA 95112	  	
		  	Attn: Chief Financial Officer	  	
			
	With a copy to:	  	Wilson Sonsini Goodrich & Rosati	  	
		  	650 Page Mill Road	  	
		  	Palo Alto, CA 94304	  	
		  	Attn: Susan P. Reinstra, Esq.	  	
		  	Telephone: (650) 493-9300	  	

 or such other address as either party may from time to time specify in writing to the other. 

B. Brokers and Finders. Neither party has had any contact or dealings regarding the Property, or any communication in connection
with this transaction, through any real estate broker or person who can claim a right to a commission or finder’s fee in connection with the sale contemplated herein, except for Mr. Bob Steinbock and Mr. Mike Charters of CBRE
(collectively, “Seller’s Broker”), and Mr. Bart Lammersen and Mr. Conor Flannery of Jones Lang LaSalle (“Buyer’s Broker”). At Closing, Seller shall pay commissions to Seller’s Broker and Buyer’s
Broker from the Closing proceeds pursuant to the terms of a separate agreement. In the event that any other broker or finder perfects a claim for a commission or finder’s fee based upon any such contact, dealings or communication, the party
through whom the broker or finder makes its claim shall be responsible for said commission or fee and all costs and expenses (including reasonable attorneys’ fees) incurred by the other party in defending the same. The provisions of this
paragraph shall survive the Closing. 
 C. Successors and Assigns. This Agreement shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors, heirs, administrators and assigns. Buyer shall have the right, without notice to Seller, to assign its right, title and interest in and to this Agreement to a subsidiary, parent or
affiliate at any time before the Closing Date. 

  
 -12-

 D. Amendments. Except as otherwise provided herein, this Agreement may be amended or
modified only by a written instrument executed by Seller and Buyer. 
 E. Continuation and Survival of Representations and
Warranties. All representations and warranties by the respective parties contained herein or made in writing pursuant to this Agreement are intended to and shall remain true and correct as of the time of Closing, shall be deemed to be material,
and shall survive the execution and delivery of this Agreement and the Closing for a period of twelve (12) months. All statements contained in any certificate or other instrument delivered at any time by or on behalf of Seller in conjunction
with the transaction contemplated hereby shall constitute representations and warranties hereunder. 
 F.
Confidentiality. Buyer and Seller agree that each shall maintain the confidentiality of its negotiations and agreements regarding the Property, including (but not limited to) the terms of this Agreement and of the Letter of Intent dated
June 25, 2012 executed by Buyer and Seller or their respective brokers or agents (the “Letter of Intent”), and shall not disclose the terms of this Agreement or the Letter of Intent to any person or entity, except (x) to their
respective lenders, creditors, partners, members, officers, employees, agents, consultants, government agencies, and/or officials, attorneys, accountants, outside vendors, including general contractors, sub-contractors, equipment vendors, and
exchange facilitators, (y) as may be required by law, or (z) to enforce any right or obligation arising out of or relating to this Agreement. Seller shall not issue any press release concerning the transaction contemplated by this
Agreement without the prior consent of Buyer, nor shall Seller use the name of Buyer in a press release or public announcement, without the prior written consent of Buyer, which consents may be given or withheld in Buyer’s sole discretion.

 G. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
California. 
 H. Merger of Prior Agreements. This Agreement and the exhibits hereto constitute the entire agreement
between the parties and supersede all prior agreements and understandings between the parties relating to the subject matter hereof. 
 I. Enforcement. In the event a dispute arises concerning the performance, meaning or interpretation of any provision of this Agreement, the defaulting party or the party not prevailing in such
dispute shall pay any and all costs and expenses incurred by the other party in enforcing or establishing its rights hereunder, including, without limitation, court costs and attorneys’ fees. 

J. Time. Time is of the essence of this Agreement; however, if the final date of any period which is set out in any provision of
this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of California, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal
holiday. 
 K. Severability. If any provision of this Agreement, or the application thereof to any person, place, or
circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall remain in full force and effect.

 L. Marketing. Seller agrees not to negotiate with, market or show the Property or to any other prospective purchasers
during the term of this Agreement. 

  
 -13-

 M. 1031 Exchange. The parties acknowledge that either Buyer or Seller may wish to
consummate its purchase or sale of the Property, respectively, as part of a qualified tax-deferred exchange under Section 1031 of the Internal Revenue Code. In such event, each party will cooperate reasonably with the other party in such
efforts, provided (i) such exchange will be without additional cost, expense or liability to the cooperating party and will not delay the Closing (other than pursuant to Seller’s right to extend the Closing Date pursuant to Section 7
above) or otherwise adversely affect the rights of the cooperating party under this Agreement and (ii) Buyer will not be required to take title to any other property in so cooperating with Seller. Without limiting the foregoing, each party
acknowledges and agrees that the other party shall have the right to assign its right to purchase or sell the Property, as applicable, to a “qualified intermediary”. Notwithstanding the foregoing, the requesting party shall indemnify and
hold the other harmless for, from and against any claim, demand, cause of action, liability or expense (including attorneys’ fees) in connection with a requested exchange, including, without limitation, any increase in escrow fees or charges
resulting from such exchange. 
 N. “As-Is” Acknowledgement; Release. Buyer acknowledges and agrees that
except as expressly set forth in this Agreement or in agreements delivered at the close of escrow, Seller does not make any representations, warranties, promises, covenants, agreements, or guarantees of any kind or character whatsoever, that are
expressed or implied, oral or written, past, present, or future of, as to, concerning, or with respect to Property or the condition of the Property. Buyer further acknowledges and agrees that, except for representations and covenants in this
Agreement, the sale of the Property is made on an “as is” and “where is” and “with all faults.” It is understood and agreed that the purchase price has been adjusted by prior negotiations to reflect that the Property is
sold by Seller and purchased by Buyer and subject to the foregoing. The provisions of this subsection shall survive the close of escrow. 
 Buyer as of the close of escrow, on behalf of itself, its heirs, executors, successors, and assigns, does hereby waive, release, and forever discharge Seller, and Seller’s agents and employees, from
any and all claims, actions, causes of action, demands, liabilities, damages, costs, expenses, penalties, or compensation whatsoever, including attorneys’ fees, whether direct or indirect, known or unknown, foreseeable or unforeseeable, which
Buyer may have at close of escrow or which may arise in the future on account of or in any way related to or connected with the Property, or the purchase and sale of the Property, including, without limitation, any matters described above. In such
regard, Buyer hereby waives the protection of California Civil Code Section 1542, which reads as follows: 
 A general
release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

 Notwithstanding the foregoing, no release or waiver by Buyer set forth herein shall constitute a release or waiver of
(a) Seller’s performance of its covenants under this Agreement, (b) any fraud by Seller in connection with this Agreement or (c) any representations by Seller in this Agreement. 

  
 -14-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

	
	Buyer:
	
	INTEGRATED SILICON SOLUTION, INC., a Delaware corporation
	
	By: /s/ Scott D. Howarth
	
	Its: Chief Executive Officer
	
	Seller:
	
	/s/ Scott M. Cooley
	SCOTT M. COOLEY, an individual

  
 -15-

 LIST OF EXHIBITS 
 Exhibit A    -    Legal Description of Real Property 

Exhibit B    -    Form of Grant Deed 
 Exhibit C    -    Form of Bill of Sale 

Exhibit D    -    Form of Assignment of Service Contracts and Intangible Property 

 EXHIBIT A 
 LEGAL DESCRIPTION OF THE REAL PROPERTY 
 Real property in the City of Milpitas, County of Santa
Clara, State of California, described as follows: 
 PARCEL 2 AS SHOWN UPON THAT CERTAIN MAP ENTITLED “PARCEL MAP BEING A RESUBDIVISION OF
PARCEL 3 AS SHOWN ON MAP ENTITLED ‘PARCEL MAP RECORDED IN BOOK 463 OF MAPS AT PAGES 27 AND 28, SANTA CLARA COUNTY RECORDS”, WHICH MAP WAS FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA, ON
APRIL 17, 1981, IN BOOK 483 OF MAPS AT PAGES 5 AND 6. 
 APN: 086-03-061 

 EXHIBIT B 
 FORM OF GRAND DEED 
  

									
	RECORDING REQUESTED BY AND	  		  	
	WHEN RECORDED MAIL TO:	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	
					
	Attention:	 	 	  		  		  	
				
	MAIL TAX STATEMENTS TO:	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	
					
	Attention:	 	 	  		  		  	

  
  

(Above Space For Recorder’s Use Only) 
 GRANT DEED 
 FOR GOOD AND VALUABLE CONSIDERATION, receipt of which is hereby
acknowledged, SCOTT M. COOLEY, an individual (“Grantor”), hereby grants to INTEGRATED SILICON SOLUTION, INC., a Delaware corporation (“Grantee”), that certain real property (the “Property”) located in the City of
Milpitas, Santa Clara County, California, commonly known as 1623 Buckeye Drive, and more particularly described in Exhibit A attached hereto and incorporated herein by reference, together with (a) all rights, privileges and easements
appurtenant to the Property, including, without limitation, all minerals, oil, gas and other hydrocarbon substances on and under the Property, as well as all development rights, air rights, water, water rights, riparian rights and water stock
relating to the Property and any rights-of-way or other appurtenances used in connection with the beneficial use and enjoyment of the Property and all of Seller’s right, title and interest in and to all roads and alleys adjoining or servicing
Property and (b) all improvements and fixtures located on the Property. 

DATED:                    , 2012 

 

	
	  

	SCOTT M. COOLEY, an individual

 EXHIBIT A to FORM OF GRANT DEED 

Legal Description 
 Real
property in the City of Milpitas, Santa Clara County, California, commonly known as 1623 Buckeye Drive, described as follows: 

PARCEL 2 AS SHOWN UPON THAT CERTAIN MAP ENTITLED “PARCEL MAP BEING A 

RESUBDIVISION OF PARCEL 3 AS SHOWN ON MAP ENTITLED ‘PARCEL MAP RECORDED IN 

BOOK 463 OF MAPS AT PAGES 27 AND 28, SANTA CLARA COUNTY RECORDS”, WHICH MAP WAS 

FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, 

STATE OF CALIFORNIA, ON APRIL 17, 1981, IN BOOK 483 OF MAPS AT PAGES 5 AND 6. 

APN: 086-03-061 

			
	STATE OF CALIFORNIA	  	                    )
		  	                    ) ss.
	COUNTY
OF                                        
     )

 On             , 2012, before me,
                    , a Notary Public in and for the state of California, personally appeared
                    , who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person 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. 
  

			
	 Signature
	 	  

		 	Notary Public

 EXHIBIT C 
 FORM OF BILL OF SALE 
 For good and valuable consideration the receipt of
which is hereby acknowledged, SCOTT M. COOLEY, an individual (“Seller”), does hereby sell, transfer, and convey to INTEGRATED SILICON SOLUTION, INC., a Delaware corporation (“Buyer”), all Personal Property (the “Personal
Property”) owned by Seller used in connection with the Real Property and Improvements. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in that certain Purchase Agreement dated as of
                                         
   , between Seller and Buyer. 
 Seller warrants and represents that it currently holds title to the Personal
Property free and clear of any liens or encumbrances and Seller does hereby bind itself and its successors and assigns to WARRANT AND FOREVER DEFEND, all and singular, the title to the interests herein transferred unto Buyer, and its successors and
assigns, against any person whomsoever, provided such person is claiming any such rights by, through or under Seller. 
 DATED
this         day of                     , 2012 

 

	
	  

	SCOTT M. COOLEY, an individual

 EXHIBIT D 
 ASSIGNMENT OF SERVICE CONTRACTS, 
 AND INTANGIBLE PROPERTY 

THIS ASSIGNMENT is made and entered into as of this 4th day of December, 2012, by SCOTT M. COOLEY, an individual (“Assignor”),
and INTEGRATED SILICON SOLUTION, INC., a Delaware corporation (“Assignee”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in that certain Purchase Agreement dated as of July 30, 2012
(the “Purchase Agreement”) by and between Assignor and Assignee. 
 FOR GOOD AND VALUABLE CONSIDERATION, the receipt
of which is hereby acknowledged, effective as of the Effective Date (as defined below), Assignor hereby assigns and transfers unto Assignee all of its right, title, claim and interest, free and clear of all liens, encumbrances or interests of
others, in and under: 
 (A) all Intangible Property; and 

(B) all of the Service Contracts listed in Exhibit A attached hereto. 

ASSIGNOR AND ASSIGNEE FURTHER HEREBY AGREE AND COVENANT AS FOLLOWS: 

1 In the event of any litigation between Assignor and Assignee arising out of this Assignment, the losing party shall pay the prevailing
party’s costs and expenses of such litigation, including, without limitation, attorneys’ fees. 
 2 This Assignment
shall be binding on and inure to the benefit of the parties hereto, their heirs, executors, administrators, successors in interest and assigns. 
 3 This Assignment shall be governed by and construed and in accordance with the laws of the State of California. 
 4 For purposes of this Assignment, the “Effective Date” shall be the date of the Closing (as defined in the Purchase Agreement). 

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment the day and year
first above written. 
  

			
	Assignor:
	
	 /s/ Scott M. Cooley

	SCOTT M. COOLEY, an individual
	
	Assignee:
	
	INTEGRATED SILICON SOLUTION, INC., a Delaware corporation
		
	By:	 	 /s/ John M. Cobb

		
	Its:	 	 Chief Financial Officer

 Exhibit A to Assignment 

of Service Contracts and Intangible Property 
 List of Contracts 
  

	1.	Pest Control Contract, Crane Pest Control, 30 day cancellable, dated 2/10/2010 

 

	2.	Landscape Maintenance Contract, Flora Terra Landscape, 30 day cancellable, dated 3/1/2010 

 

	3.	HVAC Preventative Maintenance Contract, Legacy Mechanical, 30 day cancellable, dated 3/1/2010 

 

	4.	Janitorial Contract, Universal Janitorial, 30 day cancellable, dated 2/11/2010 

 

	5.	Elevator Contract, Thyssenkrupp Elevator, 30 day cancellable, dated 4/22/2010 

 

	6.	Security Patrol, U.S. Security Associates, 30 day cancellable, dated 6/17/2010 

 

	7.	Fire Monitoring Service, Peninsula Security, 30 day cancellable, dated 2/2/2010 

 

	8.	Exterior Lighting Maintenance, Wil-Cal, 30 cancellable, dated 6/29/2010 

 FIRST ADDENDUM TO PURCHASE AGREEEMENT 

THIS FIRST ADDENDUM TO PURCHASE AGREEMENT (the “First Addendum”) is made as of the 12th day of October, 2012, by and between
SCOTT M. COOLEY, an individual (“Seller”), and INTEGRATED SILICON SOLUTION, INC., a Delaware corporation (“Buyer”). 
 WHEREAS, Seller and Buyer entered into that certain Purchase Agreement dated July 30, 2012 (the “Purchase Agreement”), whereby Seller agreed to sell and Buyer agreed to purchase that
certain land consisting of 2.85 acres, located in the City of Milpitas, County of Santa Clara, California, commonly known as 1623 Buckeye Drive, including the Appurtenances, Improvements, Personal Property and Intangible Property thereto
(collectively the “Property”); and 
 WHEREAS, Seller and Buyer desire to enter into this First Addendum to, among
other things, reduce the Purchase Price by $100,000 due to certain items discovered by Buyer during its inspection of the Property. 
 NOW, THEREFORE, in consideration of the respective agreements hereinafter set forth, Seller and Buyer hereby agree as follows: 
 1. Undefined Terms. Unless otherwise defined herein, all capitalized terms used in this First Addendum shall have the definitions ascribed to them in the Purchase Agreement. 

2. Property Repairs. In conducting its inspection of the Property, Buyer discovered a need to (i) repair damage to the
elevator on the Property, (ii) remedy soil contamination caused by the elevator damage and related leakage, and (iii) remove and replace asbestos roof screens (collectively, the “Property Repairs”). 

3. Reduction in Purchase Price. As a result of the Property Repairs, Seller agrees to reduce the Purchase Price of the Property
set forth in Article 2 Section A. of the Purchase Agreement by one hundred thousand dollars ($100,000), resulting in a total Purchase Price of six million five hundred thousand dollars ($6,500,000). Such reduction in purchase price shall not affect
any Deposits of Buyer and, rather, shall be made by a corresponding reduction in the funds payable by Buyer at Closing. 
 4.
Release of Liability. Buyer acknowledges and agrees that, in exchange for such reduction in Purchase Price, Buyer does hereby waive, release, and forever discharge Seller, and Seller’s agents and employees, from any and all claims,
actions, causes of action, demands, liabilities, damages, costs, expenses, penalties, or compensation whatsoever, including attorneys’ fees, whether direct or indirect, known or unknown, foreseeable or unforeseeable, which Buyer may have now,
at close of escrow or which may arise in the future on account of or in any way related to or connected with the Property Repairs or underlying conditions giving rise to the need for the Property Repairs, including, without limitation, any rights or
claims to indemnification of Buyer 

  
 1 

 
by Seller, any rights or remedies arising as a result of a breach or other violation by Buyer of the covenants, representations and warranties, or any other provision of the Purchase Agreement
and any liabilities arising outside of the Purchase Agreement. In such regard, Buyer hereby waives the protection of California Civil Code Section 1542, which reads as follows: 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
  

							
	 /s/ JC
	 	 	  	 /s/ SC
	  	 
	Buyer’s Initials	 		  	Seller’s Initials	  	

 Notwithstanding the foregoing, no release or waiver by Buyer set forth herein shall constitute a release or waiver of
(a) Seller’s performance of its covenants under the Purchase Agreement, (b) any fraud by Seller in connection with the Purchase Agreement or (c) any representations by Seller in the Purchase Agreement. 

5. Approval Notice. Notwithstanding any timing or notification requirements set forth in the Purchase Agreement, this Addendum,
upon full execution and delivery hereof by Buyer and Seller, shall be deemed Buyer’s delivery of an “Approval Notice” to Seller under Article 4 Section G. of the Purchase Agreement, constituting Buyer’s election to proceed with
the purchase of the Property in accordance with the terms of the Purchase Agreement. 
 6. Conflict and Resolution.
Except as modified herein, the Purchase Agreement shall remain in full force and effect and the parties hereto ratify and reconfirm the Purchase Agreement. In the event of any conflicts or inconsistencies between the provisions of the Purchase
Agreement and this First Addendum, the provisions of this First Addendum shall control. 
 7. Counterparts. This First
Addendum may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute one agreement. 
 8. Governing Law. This First Addendum shall be governed by and construed in accordance with the laws of the State of California. 

9. Successors and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their
successors and permitted assigns. 
 10. Entire Agreement. This First Addendum sets forth the entire agreement between
the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. 

  
 2 

 [Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this First Addendum as of the date
first above written. 
  

			
	Buyer:
	
	INTEGRATED SILICON SOLUTION, INC.,
	a Delaware corporation
		
	By:	 	/s/ John M. Cobb
		
	Its:	 	Chief Financial Officer
		
	Seller:	 	/s/ Scott M. Cooley
		
		 	SCOTT M. COOLEY, an individual

  
 4Loan Agreement

 Exhibit 10.20 
 LOAN AGREEMENT 
 between 

LYON MAYFIELD, LLC 
 and 
 QINA, LLC 

Entered into as of October 28, 2011 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT (“Agreement”) is entered into as of October 28, 2011 (the “Effective Date”), by and
between Lyon Mayfield, LLC, a Delaware limited liability company (“Borrower”), and Qina, LLC, a Delaware limited liability company (together with its successors and assigns, “Lender”). 

R E C I T A L S 
  

	A.	 Borrower shall acquire as of the date hereof, all of (a) that real property located in the Cities of Palo Alto and Mountain View, County of
Santa Clara, State of California, described on Exhibit A-1 attached to the Deed of Trust (as hereinafter defined), (b) the leasehold interest in all of that real property located in the City of Mountain View, County of Santa Clara, State
of California, described on Exhibit A-2 attached to the Deed of Trust (as hereinafter defined), created by that certain unrecorded lease dated February 26, 1965, executed by the City of Mountain View, as lessor and William M. Kelley and
Ryland H. Kelley, dba Triad, a limited partnership, as lessee, as disclosed by a deed recorded July 3, 1968 in Book 8180, page 103 of Official Records, as assigned from time to time (the “Ground Lease”) (collectively, the
“Property”), which Property currently has three vacant office and industrial buildings and various related appurtenances located thereon (the “Existing Improvements”). 

 

	B.	 It is anticipated that the Property will be developed as a residential development comprised of approximately forty two (42) detached
single-family units, two hundred and sixty one (261) attached units, and 3.62 acres of public and private open space and associated recreational facilities (collectively, the “Future Residential Improvements”), as more
particularly described on the Business Plan (as hereinafter defined). 

  

	C.	 The intended development of the Future Residential Improvements will require the demolition of the Existing Improvements, as well as the acquisition
of all necessary permits and approvals to conduct the aforesaid demolition. 

  

	D.	 The Property is currently encumbered with the Entitlements set forth in Exhibit G attached hereto (collectively, the “Current
Entitlements”). The intended development of the Future Residential Improvements will require the additional Entitlements set forth in Exhibit H attached hereto (collectively, the “Remaining Horizontal Entitlements”),
and the additional Entitlements set forth in Exhibit I attached hereto (collectively, the “Remaining Vertical Entitlements” and together with the Remaining Horizontal Entitlements, collectively the “Remaining
Entitlements”). 

  

	E.	 Finally, the intended development of the Future Residential Improvements will also require the grading, excavation, filling, or similar disturbance
to the surface of the land, including, without limitation, change of grade, change of ground level, change of drainage pattern or change of streambed (collectively, “Grading”) the Property, the installation of utilities, the
installation of sewer facilities and other related preparation necessary for construction of the Future Residential Improvements. 

  

	F.	 Borrower has requested from Lender a loan for the purpose of financing the acquisition of the Property, and Lender has required certain milestones
be met with respect to the progress of the aforementioned pre-requisites of the Future Residential Improvements, each as a condition of the loan, as more particularly described herein. 

NOW, THEREFORE, Borrower and Lender agree as follows: 

  
 1 

 ARTICLE 1. DEFINITIONS 

 

	 	1.1	 DEFINED TERMS. The following capitalized terms generally used in this Agreement shall have the meanings defined or referenced below.
Certain other capitalized terms used only in specific sections of this Agreement are defined in such sections. 

 “Acceptable Contractor” – shall have the meaning ascribed to such term in Section 4.3(b). 

“Acceptable Environmental Obligation Assumption” – shall mean (i) following the commencement
of a Chapter 11 Case, an order of the Bankruptcy Court which is not subject to appeal and which has not been stayed, reversed, vacated or otherwise modified which approves the assumption of the Environmental Indemnity and all obligations in
connection therewith (whether the foregoing accrue pre-petition or post- petition) by both of (x) Lyon California, and (y) Lyon Delaware, which order is deemed acceptable to Lender in its sole but good faith discretion, or (ii) if no
Chapter 11 Case has been filed, an Acceptable Restructuring. 
 “Acceptable Order Authorizing Interest
Payment” – shall mean (i) following the commencement of a Chapter 11 Case, an order of the Bankruptcy Court which is not subject to appeal and which has not been stayed, reversed, vacated or otherwise modified which approves the
contribution of equity to Borrower by both of (x) Lyon California, and (y) Lyon Delaware, for the purposes of paying interest on the Loan, which order is deemed acceptable to Lender in its sole but good faith discretion, or (ii) if no
Chapter 11 Case has been filed, an Acceptable Restructuring. 
 “Acceptable Restructuring”
– shall mean (i) prior to the date upon which a letter of intent is executed by affiliates of Borrower and affiliates of Lender regarding the restructuring of Lyon Delaware and Lyon California (a “LOI”), any restructuring of such
entities that is consented to by Lender in its sole and absolute discretion and (ii) following the execution of an LOI, the consummation of a series of restructuring transactions supported by Lender and its Affiliates and consistent in all
material respects with the LOI, to be effected through either (1) an out-of-court exchange offer, private placement, and consent solicitation, (2) a pre-packaged plan of reorganization in a Chapter 11 Case, or (3) a plan of
reorganization that is consummated within one hundred eighty (180) days of the filing of the applicable bankruptcy petition; provided, however, that, if a bankruptcy court enters any order in the applicable case that is
inconsistent in any material respect with the restructuring terms set forth on the LOI, an Acceptable Restructuring shall be deemed (i) not to exist, and (ii) not to be capable of occurring in the future regardless of whether any
transaction or series of transactions thereafter occurring would otherwise satisfy this definition. 

“Account” – shall mean, collectively, the Operating Account, the Cash Collateral Account and the
Real Estate Tax and Interest Reserve Subaccount. 
 “ADA” – means the Americans with
Disabilities Act, 42 U.S.C. §§ 12101, et seq. as now or hereafter amended or modified. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly Controls such Person
or of an Affiliate of such Person. 
 “Agreement” – shall have the meaning ascribed to
such term in the preamble hereto. 
 “Agreement for Pedestrian Crossing” – shall have the
meaning ascribed to such term in Section 9.17. 

  
 2 

 “Applicable Laws” means all existing and future federal,
state and local laws, orders, ordinances, governmental rules and regulations, building restrictions and requirements of all regulatory authorities having jurisdiction over or affecting Borrower, the Property, the Project Work, the Future Residential
Improvements, or the use thereof. 
 “Application for Payment” – shall have the meaning
ascribed to such term on Exhibit D. 
 “Approving Authority” means any governmental or
quasi-governmental or other regulatory body, agency or authority having jurisdiction over the Property, the Project Work or the Future Residential Improvements. 

“Architect” – means, collectively, (i) William Hezmalhalch Architects, Inc.
(“Hezmalhalch”) (ii) HMH Engineers (“HMH”), (iii) Carlson, Barbee & Gibson, Inc. (“CBG Inc.”), (iv) JZMK Partners (“JZMK”) and (v) any Person with whom
Borrower enters into an Architect’s Agreement with after the Effective Date in accordance with the terms of this Agreement. 
 “Architect’s Agreement” – means, individually and collectively, as the context may require, (i) that certain Master Agreement for Professional Services (Master Contract
Number 384358-21), dated as of March 6, 2007, by and between Lyon California and Hezmalhalch, (ii) that certain Master Agreement for Professional Services (Master Contract Number 384180-21), dated as of March 26, 2007, by and between
Lyon California and CBG Inc., (iii) that certain Master Agreement for Professional Services (Master Contract Number 286029-21), dated as of October 8, 2010, by and between Lyon California and HMH, (iv) that certain Master Agreement
for Professional Services (Master Contract Number 646063-21), dated as of October 5, 2010, by and between Lyon California and JZMK and (iii) any agreement entered into after the Effective Date between Borrower and a Person, for the design
of all or any portion of the Future Residential Improvements or any related appurtenances in accordance with the terms of this Agreement. 
 “Architect’s Consent” – shall mean an Architect’s/Engineer’s Consent, in the form of Exhibit R attached hereto, delivered by an Architect to and for the benefit
of Lender. 
 “Assignment of Architect’s Agreements” – shall mean that certain
Assignment of Architectural Agreements and Plans and Specifications of even date herewith, by Borrower to and for the benefit of Lender. 
 “Assignment of Construction Agreements” – shall mean that certain Assignment of Construction Agreements of even date herewith, by Borrower to and for the benefit of Lender.

 “Bankruptcy Action” shall mean with respect to any Person (a) such Person filing a
voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other Federal or state bankruptcy or
insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition
filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition from any Person; (d) such
Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, assignee, sequestrator (or similar official), liquidator, or examiner for such Person or any portion of the Property;
(e) the filing of a petition against a Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Bankruptcy Code or any other applicable law, (f) under the provisions of any
other law for the relief or aid of debtors, an action taken by any court 

  
 3 

 
of competent jurisdiction that allows such court to assume custody or Control of a Person or of the whole or any substantial part of its property or assets or (g) such Person making an
assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due. 
 “Bankruptcy Code” – shall mean the Bankruptcy Reform Act of 1978 (11 USC § 101-1330) as now or hereafter amended or recodified. 

“Bankruptcy Court” – shall mean any United State Bankruptcy Court of competent jurisdiction with
respect to the proceeding at issue. 
 “Bonded Work” – shall have the meaning ascribed to
such term in Section 8.1. 
 “Border Zone Property” – means any property
designated as “border zone property” under the provisions of California Health and Safety Code, Sections 25220 et seq., or any regulation adopted in accordance therewith. 

“Borrower” – means Mayfield Lyon, LLC, a Delaware limited liability company. 

“Borrower’s Funds” – shall have the meaning ascribed to such term in
Section 3.4(c). 
 “Budget” – shall mean the budget for the Project Work,
which forms a part of the approved Business Plan, setting forth all anticipated costs related to the Project Work, as such Budget (including individual line items) may be updated from time to time in accordance with the terms of this Agreement. The
approved Budget is attached hereto as Exhibit C. 
 “Budget Reconciliation” – shall
have the meaning ascribed to such term in Section 10.3. 
 “Business Plan” –
shall mean, collectively, the project planning chart and description of the planning process and Future Residential Improvements that Borrower have heretofore delivered to Lender (and which have been heretofore approved by Lender) covering the
Project Work with respect to the Property, as such Business Plan may be modified from time to time in accordance with the terms of hereof, including, as a part thereof, the Budget. The approved Business Plan is attached hereto as part of Exhibit
C. 
 “Business Day” – shall mean any day other than a Saturday, Sunday or any other
day on which any of the following institutions is not open for business: (i) banks and savings and loan institutions in New York, New York, (ii) the New York Stock Exchange or (iii) the Federal Reserve Bank of New York. Unless
specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 
 “Cash Collateral” – shall have the meaning ascribed to such term in Section 2.2(a). 

“Cash Collateral Account” – shall have the meaning ascribed to such term in
Section 3.1. 
 “Cash Collateral Account Control Agreement” – shall mean that
certain Deposit Account Control Agreement (Cash Collateral Account), dated as of the date hereof, by and among Lender, Borrower and Deutsche Bank Trust Companies Americas, a New York banking corporation. 

  
 4 

 “Cash Collateral Threshold Amount” – shall mean an
amount equal to (i) at any time before an Acceptable Restructuring, FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00), and (ii) at any time after an Acceptable Restructuring, zero Dollars ($0.00). 

“Chapter 11 Case” – shall mean, collectively, a case pursuant to Chapter 11 of Title 11 of the
United States Code, if any, commenced by Guarantor or any Affiliate of Guarantor. 
 “City”
– shall have the meaning ascribed to such term in Recital A. 
 “Collateral” – shall
have the meaning ascribed to such term in the Deed of Trust. 
 “Colony Lender” – shall
mean the entity or entities identified as lender in that certain Pledge Agreement dated as of October 29, 2009, by and among Lyon California, Lyon Delaware, and the other entities from time to time identified as Pledgors on Schedule I thereto.

 “Colony Pledge” – shall have the meaning ascribed to such term in
Section 12.3(a). 
 “Colony Pledge Foreclosure” – shall have the meaning
ascribed to such term in Section 12.3(b). 
 “Completion Guaranty” – means
that certain Completion Guaranty, of even date herewith, made by Guarantor in favor of Lender. 

“Conditions of Approval” – means the conditions placed on the approval of any Entitlement.

 “Construction Agreement” – means collectively, any contract, now existing or hereafter
entered into, for work performed or to be performed in connection with any development of any portion of the Property, including, without limitation, any Grading thereof or the construction or demolition of any improvements thereon, or all or any
portion of the Project Work, as the same may be amended, amended and restated, renewed or replaced and/or otherwise modified or supplemented from time to time pursuant to and in accordance with the terms hereof. 

“Contractor” – means, collectively, any developer and/or contractor now or hereafter engaged under
a Construction Agreement. 
 “Contractor’s Consent” – shall mean a Contractor’s
Consent, in the form of Exhibit S attached hereto, delivered by a Contractor to and for the benefit of Lender. 
 “Control” shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of such
Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have correlative meanings. 

“Current Entitlements” – shall have the meaning ascribed to such term in Recital D. 

“Deed of Trust” – means that certain Fee and Leasehold Deed of Trust with Absolute Assignment of
Leases and Rents, Security Agreement and Fixture Filing of even date herewith executed by Borrower, as Trustor, to First American Title Insurance Company, a California corporation, as Trustee, for the benefit of Lender, as Beneficiary, as hereafter
amended, supplemented, replaced or modified. 

  
 5 

 “Default” – shall have the meaning ascribed to such
term in Section 11.1. 
 “Default Rate” – shall be equal to twenty three
percent (23%) per annum. 
 “Deposit Bank” shall mean Deutsche Bank Trust Company
Americas, a New York banking corporation or any successor Deposit Bank selected in accordance with the provisions of the Loan Documents. 
 “Development Agreements” means, collectively, (i), and (iii) 
 “Dollars” and the sign “$” shall mean lawful money of the United States of America. 

“Effective Date” – shall have the meaning ascribed to such term in the preamble hereto. 

“Effective Rate” shall be equal to eighteen percent (18%) per annum. 

“Eligible Account” shall mean a separate and identifiable account from all other funds held by the
holding institution that is either (a) an account or accounts maintained with a Federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account
or accounts maintained with a Federal or state chartered depository institution or trust company acting in its fiduciary capacity that has a rating from Moody’s Investors Service, Inc. of at least “Baa3” and which, in the case of a
state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or
examination by Federal and state authority, as applicable. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible Institution” shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short-term unsecured debt obligations or commercial
paper of which are rated at least “A-1+” by Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies, “P-1” by Moody’s Investors Service, Inc., and F-1+ by Fitch, Inc. in the case of accounts in
which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “AA” by Fitch, Inc. and
Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies and “Aa2” by Moody’s Investors Service, Inc.. 
 “Entitlement Submittals” means any and all applications, forms, maps, analyses and reports (including but not limited to analyses and reports related to environmental and economic
conditions and effects), plans and specifications, agreements or documents submitted or prepared for submission to any Approving Authority with respect to, or other material written documentation (including, without limitation, emails) prepared in
furtherance of, or otherwise with respect to, the processing or obtaining of the Entitlements, and shall include, without limitation, any and all Remaining Entitlements and Conditions of Approvals once approved by the Approving Authority.

 “Entitlements” – means any development and use rights, licenses and permits granted by,
or to be obtained from, any Approving Authority required for the development of the Future Residential improvements, and the sale, use and operation thereof. 
 “Environmental Insurance” – shall have the meaning ascribed to such term in Section 5.5. 

  
 6 

 “Existing Improvements” – shall have the meaning
ascribed to such term in Recital A. 
 “Existing Insurance” – shall have the meaning
ascribed to such term in Section 5.8. 
 “First Payment Date” – shall have the
meaning ascribed to such term in Section 2.8(b). 
 “Full Satisfaction Transfer”
– shall mean any sale of the Property or any direct or indirect interest in Borrower which results in the indefeasible payment, in full, to Lender (which may be accomplished through the escrow established in connection with such sale) of
(i) the Loan, and (ii) all other amounts due under any Loan Document; provided, that for all purposes under this Agreement and the Loan Documents, the date of such Full Satisfaction Transfer shall be deemed to be the Maturity Date.

 “Fully Entitled”, “Fully Entitle”, or “Fully Entitling”,
means, with respect to a specific portion of the Property, Borrower has obtained all of the Remaining Entitlements with respect thereto, such Entitlements are final, all applicable statutes of limitations and appeal periods thereunder have expired,
including statutes of limitations for voter referendum, and all other conditions precedent to the effectiveness of each Entitlement have been fully satisfied, such that construction of the Future Residential Improvements for that portion of the
Property requires no further approvals from the Approving Authority. 
 “Future Residential
Improvements” – shall have the meaning ascribed to such term in Recital B. 

“Grading” – shall have the meaning ascribed to such term in Recital E. 

“Ground Lease” – shall have the meaning ascribed to such term in Recital A. 

“Ground Rent” – shall mean any rent, additional rent or other charge payable by Borrower pursuant
to the Ground Lease. 
 “Guaranty” – means that certain Limited Guaranty (Secured Loan),
of even date herewith, made by Guarantor in favor of Lender. 
 “Guarantor” – means,
jointly and severally, individually and collectively as the context may require, each entity listed on Schedule A to the Guaranty, and any other person or entity who, or which, in any manner, is or becomes obligated to Lender under any
guaranty now or hereafter executed in connection with respect to the Loan. 
 “Hazardous
Materials” – shall have the meaning ascribed to such term in Section 7.1 (a). 

“Hazardous Materials Claims” – shall have the meaning ascribed to such term in Section 7.1
(c). 
 “Hazardous Materials Laws” – shall have the meaning ascribed to such term in
Section 7.1 (b). 
 “Independent Director” – shall mean (a) a natural
person who is not (at the time of initial appointment as director or manager, or at any time while serving as a director or manager) and is not, has never been, and will not be (at any time while serving as a director or manager); (i) a
stockholder, partner, member or other equity owner, director (with the exception of serving as the Independent Director of Borrower), officer, employee, attorney or counsel of Borrower, Guarantor or any Affiliate of Borrower or Guarantor,
(ii) a customer, supplier or other Person who derives any of its purchases or revenues from its activities with Borrower, Guarantor or any Affiliate of Borrower or Guarantor, (iii) a Person Controlling or under common

  
 7 

 
Control with any such stockholder, partner, member or other equity owner, director, officer, customer, supplier or other Person, (iv) a member of the immediate family of any such
stockholder, partner, member, equity owner, director, officer, employee, manager, customer, supplier or other Person, or (v) otherwise affiliated with Borrower, Guarantor or any stockholder, member, partner, director, officer, employee,
attorney or counsel of Borrower or any Guarantor, and (b) has (i) prior experience as an independent director or independent manager for a corporation, a trust or a limited liability company whose charter documents required the unanimous
consent of all independent directors or independent managers thereof before such corporation, trust or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking
relief under any applicable federal or state law relating to bankruptcy and (ii) at least three (3) years of employment experience with one or more Nationally Recognized Professional Service Company that provides, inter alia, professional
independent directors or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders originating commercial real estate loans for
inclusion in securitization or structured finance instruments, agreements or securities and is at all times during his or her service as an Independent Director of Borrower an employee of such a company or companies. A natural Person who otherwise
satisfies the foregoing definition other than subclause (a)(i) of this definition by reason of being the Independent Director of a Special Purpose Entity affiliated with Borrower shall not be disqualified from serving as an Independent Director of
the Borrower, provided that the fees that such individual earns from serving as Independent Director of affiliates of the Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income
for that year. 
 “Information Materials” – means the information and other materials,
financial and otherwise, regarding the Borrower, the Guarantor and the Property provided to Lender in writing or otherwise made available to Lender on the website located at
https://summitllc.sharefile.com/?cmd=f&id=fod3f602-374c-4ad6-a0b6-bd6d94834244 as of October 19, 2011. 
 “Interest Period” – shall mean (i) initially, the period commencing on and including the Effective Date and ending on and including November 30, 2011, (ii) thereafter,
for any specified Payment Date other than the payment made on the Maturity Date, the period commencing on and including the first day of the calendar month prior to such Payment Date and ending on and including the last day of the calendar month
prior to such Payment Date, and (iii) for the payment to be made on the Maturity Date, the period commencing on and including the immediately preceding Payment Date and ending and including on the Maturity Date. 

“Item Requirements for Disbursement” – shall have the meaning ascribed to such term on Exhibit
D. 
 “Lender” – means Qina, LLC, a Delaware limited liability company. 

“Lender’s Consultants” – shall have the meaning ascribed to such term in
Section 4.7(b). 
 “Loan” – means the principal sum that Lender agrees to lend
and Borrower agrees to borrow pursuant to the terms and conditions of this Agreement: FIFTY FIVE MILLION AND NO/100THS DOLLARS ($55,000,000.00). 
 “Loan Documents” – means those documents, as hereafter amended, supplemented, replaced or modified, properly executed and in recordable form, if necessary, listed in Exhibit B
as Loan Documents. 
 “Lyon California” – shall mean William Lyon Homes, Inc., a
California corporation. 

  
 8 

 “Lyon Delaware” – shall mean William Lyon Homes, a
Delaware corporation. 
 “Material Agreements” – shall mean, collectively, (i) all
Architect’s Agreements, (ii) all contracts and agreements between the Borrower on the one hand and any of the Related Parties or any Person under common Control with Borrower or any Related Party on the other hand, pertaining to the use,
maintenance, development, construction, operation, management or sale of all or any portion of the Property or the Project Work, (iii) all contracts and agreements, pertaining to the use, design, maintenance, development, construction,
operation, management or sale of all or any portion of the Property or the Project Work, and which (x) could reasonably be expected to require the payment, in the aggregate, of a sum greater than FIVE HUNDRED THOUSAND AND NO/100THS DOLLARS
($500,000.00) by any party thereto, or (y) is for a term or longer than one year (including any applicable extension options provided for therein), and (iv) all amendments, amendments and restatements, modifications, supplements and/or
renewals to any of the foregoing, in accordance with the terms and provisions of this Agreement. 

“Material Entitlement Change” – shall have the meaning ascribed to such term in
Section 4.3(a) hereof. Notwithstanding any other provisions contained herein to the contrary, the term “Material Entitlements Change” shall not mean or refer to any Material Entitlements Change which has been previously
approved by Lender in writing. 
 “Maturity Date” – means October 28, 2012.

 “Nationally Recognized Service Company” – shall mean Corporation Services Company, CT
Corporation, Stewart Management Corporation, National Registered Agents, Inc. and Independent Director Services, Inc. and any other Person approved in writing by Lender. 

“Note” – means that certain Promissory Note Secured by Deed of Trust of even date herewith, in the
original principal amount of the Loan, executed by Borrower and payable to the order of Lender, as hereafter amended, supplemented, replaced or modified. 
 “Offsite Materials” – shall have the meaning ascribed to such term in Exhibit D. 
 “Operating Account” – shall have the meaning ascribed to such term in Section 3.2. 

“Operating Account Control Agreement” – shall mean the deposit account control agreement with
respect to the Operating Account entered into by and among Borrower, Lender and Operating Account Bank in accordance with Section 3.2. 
 “Onsite Materials” – shall have the meaning ascribed to such term in Exhibit D. 
 “Other Related Documents” – means those documents, as hereafter amended, supplemented, replaced or modified from time to time, properly executed and in recordable form, if necessary,
listed in Exhibit B as Other Related Documents. 
 “Outstanding Principal Balance” shall
mean, as of any date, the outstanding principal balance of the Loan. 
 “Participant” –
shall have the meaning ascribed to such term in Section 13.13(a). 
 “Participant
Register” – shall have the meaning ascribed to such term in Section 13.13(d). 

  
 9 

 “Payment Date” – shall mean, commencing with the
First Payment Date, the fifth (5th) day of each calendar month during the term of the Loan until and including the Maturity Date or, for purposes of making payments hereunder, but not for purposes of calculating interest Periods, if such day is
not a Business Day, the immediately preceding Business Day. 
 “Person” – shall mean any
individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any governmental authority or agency, and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Petition Date” – shall mean the date upon which a bankruptcy petition is filed by, against or
concerning Lyon California. 
 “Prepayment Premium” – shall be equal to the positive
difference, if any, between (a) FIVE MILLION FIVE HUNDRED THOUSAND AND NO/100THS DOLLARS ($5,500,000.00), minus (b) the amount of interest paid to Lender pursuant to this Agreement through and including the date of the applicable
prepayment. 
 “Prohibited Equity Transfer” – shall have the meaning ascribed to such term
in Section 12.2. 
 “Prohibited Property Transfer” – shall have the meaning
ascribed to such term in Section 12.1. 
 “Project Work” – shall have the
meaning ascribed to such term in Section 4.1. 
 “Property” – shall have the
meaning ascribed to such term in Recital A. 
 “Purchase and Sale Agreement” – shall mean
that certain Agreement of Purchase and Sale and Joint Escrow Instructions, dated as of July 19, 2010, by and between Hewlett-Packard Company, a Delaware corporation as seller, and Borrower, as successor by assignment to William Lyon Homes,
Inc., a California corporation, as buyer, as amended from time to time prior to the date hereof. 

“Register” – shall have the meaning ascribed to such term in Section 13.13(c).

 “Real Estate Tax and Interest Reserve Subaccount” – shall have the meaning ascribed to
such term in Section 3.1. 
 “Related Parties” – shall have the meaning
ascribed to such term in Section 6.3. 
 “Remaining Entitlements” – shall have
the meaning ascribed to such term in Recital D. 
 “Remaining Horizontal Entitlements” –
shall have the meaning ascribed to such term in Recital D. 
 “Remaining Vertical Entitlements”
– shall have the meaning ascribed to such term in Recital D. 
 “Request for Entitlements
Change” – shall have the meaning ascribed to such term in Section 4.3(a). 

“Requirements for Disbursement” – shall have the meaning ascribed to such term on Exhibit D.

 “Restricted Party” shall mean each of (i) Borrower, (ii) any entity obligated
under any guaranty or indemnity made in favor of Lender in connection with the Loan and (iii) any shareholder, partner, member 

  
 10 

 
or non-member manager, or any direct or indirect legal or beneficial owner of Borrower, or any entity obligated under a guaranty or indemnity made in favor of Lender in connection with the Loan.

 “Secured Obligation” – shall have the meaning ascribed to such term in the Deed of
Trust. 
 “Set Aside Letter” – shall have the meaning ascribed to such term in
Section 8.1. 
 “Sole Member” – shall mean Lyon Mayfield, Inc., a Delaware
corporation. 
 “Special Purpose Entity” – shall mean a limited liability company which:

  

	 	(a)	was, is and will be organized solely for the purpose of acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the
Property (and no other property), entering into this Agreement with Lender and performing its obligations under the Loan Documents, refinancing the Property in connection with a permitted repayment of the Loan, and transacting lawful business that
is incident, necessary and appropriate to accomplish the foregoing; 

  

	 	(b)	has not been, is not, and will not be engaged, in any business unrelated to in the case of Borrower, the acquisition, development, ownership, management or operation of
the Property; 

  

	 	(c)	has not had, does not have, and will not have, any assets other than those related to the Property; 

 

	 	(d)	has not engaged, sought or consented to, and will not engage in, seek or consent to, any dissolution, winding up, liquidation, consolidation, merger, sale of ail or
substantially all of its assets, transfer of membership interests or amendment of articles of incorporation, articles of organization, certificate of formation or operating agreement (as applicable) with respect to the matters set forth in this
definition; 

  

	 	(e)	has been, now is, and will be a limited liability company organized in the State of Delaware that (A) has as its only member a non-managing member, (B) has at
least one (1) Independent Director, (C) has not caused or allowed, and will not cause or allow the members or managers of such entity to take any Bankruptcy Action, either with respect to itself or, if the company is a Principal, with
respect to Borrower, in each case unless the Independent Director then serving as managers of the company shall have consented in writing to such action, (D) has and shall have either (1) a member which owns no economic interest in the
company, has signed the company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity that is not a member of the company, that has signed its
limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company;

  

	 	(f)	 has and will have a limited liability agreement or an operating agreement that, in each case, provides that such entity shall not (1) dissolve,
merge, liquidate, consolidate; (2) sell all or substantially all of its assets or the assets of Borrower (as applicable); or (3) amend its organizational documents with respect to the matters set forth in this definition without the
consent of Lender; 

  
 11 

	 	(g)	has been, is and Intends to remain solvent and has paid and shall pay its debts and liabilities from its then available assets (including a fairly-allocated portion of
any personnel and overhead expenses that It shares with any Affiliate) from its assets as the same shall become due, and has maintained and shall maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size
and character and in light of its contemplated business operations; 

  

	 	(h)	has not failed, and will not fail, to correct any known misunderstanding regarding the separate identity of such entity and has not and shall not identify itself as a
division of any other Person; 

  

	 	(i)	has maintained and will maintain its accounts, books and records separate from any other Person and has filed and will file its own tax returns, except to the extent
that it has been or Is required to file consolidated tax returns by law and, if it is a corporation, has not filed and shall not file a consolidated federal income tax return with any other corporation, except to the extent that It is required by
law to file consolidated tax returns; 

  

	 	(j)	has maintained and will maintain its own records, books, resolutions and agreements; 

 

	 	(k)	has not (i) commingled, and will not commingle, its funds or assets with those of any other Person and (ii) participated and will not participate in any cash
management system with any Person other than Lender; 

  

	 	(l)	has held and will hold its assets in its own name; 

  

	 	(m)	 has conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other than an Affiliate of itself or
of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially reasonable terms, so long as the manager, or equivalent thereof, under such business management
services agreement holds itself out as an agent of Borrower; 

  

	 	(n)	has maintained and will maintain its books, bank accounts, balance sheets, financial statements, accounting records and other entity documents separate from any other
Person and has not permitted, and will not permit, its assets to be listed as assets on the financial statement of any other entity except as required by GAAP; provided, however, that appropriate notation shall be made on any such
consolidated statements to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debt and other obligations of such Affiliate or any other Person and such assets shall be listed on
its own separate balance sheet; 

  

	 	(o)	has paid and will pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, and has maintained and will
maintain a sufficient number of employees in light of its contemplated business operations; 

  

	 	(p)	has observed and will observe all limited liability company formalities; 

  

	 	(q)	 has had no and will have no Indebtedness (including loans, whether or not such loans are evidenced by a written agreement) other than (i) the
Loan, (ii) unsecured trade and operational debt incurred in 

  
 12 

	 	 
the ordinary course of business relating to the ownership and operation of the Property and the routine administration of Borrower, in amounts not to exceed one percent (1%) of the original
principal amount of the Loan, in the aggregate, which liabilities are not more than sixty (60) days past the date incurred, are not evidenced by a note and are paid when due, and which amounts are normal and reasonable under the circumstances,
and (iii) such other liabilities that are permitted pursuant to the Loan Documents; 

  

	 	(r)	has not assumed or guaranteed or become obligated for, and will not assume or guarantee or become obligated for, the debts of any other Person and has not held out and
will not hold out its credit as being available to satisfy the obligations of any other Person except as permitted pursuant to the Loan Documents; 

  

	 	(s)	has not acquired and will not acquire obligations or securities of its partners, members or shareholders or any other Affiliate; 

 

	 	(t)	has allocated and will allocate, fairly and reasonably, any overhead expenses that are shared with any Affiliate, including, but not limited to, paying for shared
office space and services performed by any employee of an Affiliate; 

  

	 	(u)	has maintained and used, now maintains and uses, and will maintain and use, separate stationery, invoices and checks bearing its name, which stationery, invoices, and
checks utilized by the Special Purpose Entity or utilized to collect its funds or pay its expenses have borne, shall bear its own name and have not borne and shall not bear the name of any other entity unless such entity is clearly designated as
being the Borrower’s agent; 

  

	 	(v)	except pursuant to the Loan Documents, has not pledged and will not pledge its assets for the benefit of any other Person; 

 

	 	(w)	has held itself out and identified itself, and will hold itself out and identify itself, as a separate and distinct entity under its own name or in a name franchised or
licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person, except for services rendered under a business management services agreement with an Affiliate that compiles with the terms contained
in clause (x) below of this definition, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

 

	 	(x)	has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from
those of any other Person; 

  

	 	(y)	has not made and will not make loans to any Person or hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade
securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity); 

  

	 	(z)	has not identified and will not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or part of it, and has not identified
itself, and shall not identify itself, as a division of any other Person; 

  
 13 

	 	(aa)	has not entered into or been a party to, and will not enter into or be a party to, any transaction with its partners, members, shareholders or Affiliates except
(i) in the ordinary course of its business and on terms which are intrinsically fair, commercially reasonable and are no less favorable to it than would be obtained in a comparable arm’s-length transaction with an unrelated third party,
and (ii) in connection with the Loan Documents; 

  

	 	(ee)	 other than capital contributions and distributions permitted under the terms of its organizational documents, has not entered into or been a party
to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable terms comparable to those of an
arm’s length transaction with an unrelated third party; 

  

	 	(ff)	 has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers, directors or members, as
the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt; 

 

	 	(gg)	if such entity is a corporation, it shall consider the interests of its creditors in connection with all corporate actions; 

 

	 	(hh)	does not and will not have any of its obligations guaranteed by any Affiliate except as provided in the Loan Documents; and 

 

	 	(ii)	has complied and will comply with all of the terms and provisions contained in its organizational documents and cause statements of facts contained in its
organizational documents to be and to remain true and correct; and 

  

	 	(jj)	has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts except as permitted under the Loan Documents.

 “Subdivision Map” – shall have the meaning ascribed to such term in
Section 9.6. 
 “Surety” – shall have the meaning ascribed to such term in
Section 8.1. 
 “Tax and Interest Reserve Funds” – shall have the meaning
ascribed to such term in Section 2.2 (b). 
 “Taxes” shall mean all taxes, assessments,
water rates or sewer rents, now or hereafter levied or assessed or imposed against (a) the Property or part thereof, together with all interest and penalties thereon and (b) against the rents, issues, income or profits thereof or upon the
lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly or indirectly or as excise taxes or ad valorum real estate or personal property taxes or as income taxes. 

“Taxes Requirements for Disbursement” – shall have the meaning ascribed to such term on Exhibit
D. 
 “Title Policy” – means the 2006 ALTA Extended Loan Policy of Title Insurance,
issued by First American Title Insurance Company, a California corporation and having Order No. NCS-435116-SC. 

  
 14 

 “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. 

“Unallocated Cash Collateral” – shall mean the amount of Cash Collateral on deposit in the Cash
Collateral Account and not allocated to any Set Aside Letter pursuant to the terms of Section 8.1. 
  

	 	1.2	 EXHIBITS INCORPORATED. All exhibits, schedules or other items attached hereto are incorporated into this Agreement by such attachment
for all purposes. 

  

	 	1.3	 REPLACEMENT OF EXHIBITS. Notwithstanding anything to the contrary contained herein,) Exhibits G, H and I may be
replaced in accordance with the terms of Section 9.24. 

 ARTICLE 2. LOAN 

 

	 	2.1	 LOAN. By and subject to the terms of this Agreement, Lender agrees to lend to Borrower and Borrower agrees to borrow from Lender the
principal sum of FIFTY FIVE MILLION AND NO/100THS DOLLARS ($55,000,000.00), said sum to be evidenced by the Note. The Note shall be secured by, among other things, the Deed of Trust, of even date herewith, encumbering certain real property and
improvements as legally defined therein, including without limitation, the Ground Lease. 

  

	 	2.2	 SINGLE DISBURSEMENT. Subject to the terms of this Agreement, Borrower may request and receive only one disbursement hereunder in
respect of the full amount of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be re-borrowed. Borrower acknowledges and agrees that the Loan will be fully funded as of the Effective Date.

  

	 	2.3	 LOAN DOCUMENTS. Borrower shall deliver to Lender concurrently with this Agreement each of the documents, properly executed and in
recordable form, as applicable, described in Exhibit B as Loan Documents, together with those documents described in Exhibit B as Other Related Documents. 

 

	 	2.4	 USE OF PROCEEDS. Borrower shall use the proceeds of the Loan solely to finance its acquisition of the Property, and for such other
purposes as may be approved by Lender under the Loan Documents. 

  

	 	2.5	 INTEREST ON THE LOAN. 

  

	 	(a)	 Interest Payments. Interest accrued on the outstanding principal balance of the Loan shall be calculated as provided in
Section 2.5(d) and be due and payable in the manner provided in Section 2.6. 

  

	 	(b)	 Default Interest. Notwithstanding the rates of interest specified in Section 2.5(e), below, and the payment date specified in
Section 2.6, above, at Lender’s discretion at any time following the occurrence and during the continuance of a Default, the principal balance of the Loan then outstanding and, to the extent permitted by applicable law, any interest
payment on the Loan not paid when due, shall bear interest payable upon demand at the Default Rate. All other amounts due to Lender under this Agreement or any of the other Loan Documents if not paid when due, or if no time period is expressed, if
not paid within ten (10) days after demand therefor, shall likewise, at the option of Lender, bear interest from and after demand at the Default Rate. 

  
 15 

	 	(c)	 Late Fee. Borrower acknowledges that late payment to Lender will cause Lender to incur costs not contemplated by this Agreement. Such costs
include, without limitation processing and accounting charges. Therefore if Borrower fails timely to pay any sum due and payable hereunder through the Maturity Date (other than payment of the entire outstanding balance of the Loan on the Maturity
Date), unless waived by Lender, a late charge of five percent (5%) of the amount of any such principal payment, interest or other charge due hereon and which is not paid within ten(10) days after such payment is due, shall be charged by Lender
and paid by Borrower for the purpose of defraying the expense incident to handling such delinquent payment. Borrower and Lender agree that this late charge represents a reasonable sum considering all of the circumstances existing on the date hereof
and represents a fair and reasonable estimate of the costs that Lender will incur by reason of late payment. Borrower and Lender further agree that proof of actual damages would be costly and inconvenient. Acceptance of any late charge shall not
constitute a waiver of the default with respect to the overdue installment, and shall not prevent Lender from exercising any of the other rights available hereunder or any other Loan Document. Such late charge shall be paid without prejudice to any
other rights of Lender. 

  

	 	(d)	 Computation of Interest. Interest shall be computed by multiplying (i) the actual number of days elapsed in the applicable Interest
Period, (ii) a daily rate based on the Effective Rate or the Default Rate, as applicable, and a year of three hundred and sixty (360) days, and (iii) the principal balance of the Loan outstanding during the applicable Interest Period,
as calculated by Lender in its sole but good faith discretion. 

  

	 	(e)	 Effective Rate. The rate upon which interest shall be calculated for this Loan shall, subject to Section 2.5(f), be the Effective
Rate. 

  

	 	(f)	 Usury Savings. Notwithstanding anything to the contrary set forth herein or in any other Loan Document, at no time shall Borrower be
obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum legal rate under applicable law. If, by the terms of
this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the maximum legal rate under applicable law, the Effective Rate or the Default
Rate, as the case may be, shall be deemed to be immediately reduced to the maximum legal rate under applicable law and all previous payments in excess of the maximum legal rate under applicable law shall be deemed to have been payments in reduction
of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the maximum legal rate of interest from time to time in effect and
applicable to the Loan for so long as the Loan is outstanding. 

  

	 	2.6	 PAYMENTS. 

  

	 	(a)	 Payments Generally. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the day on which any
payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day. All amounts 

  
 16 

	 	 
due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. 

 

	 	(b)	 Monthly Payments. On December 5, 2011 (the “First Payment Date”), Borrower shall make a payment of the interest for the
period commencing on and including the Effective Date through and including November 30, 2011. On each subsequent Payment Date up to and including the Maturity Date, Borrower shall make a payment to Lender of the unpaid interest which has
accrued during the applicable Interest Period. 

  

	 	(c)	 Payment on Maturity Date. Borrower shall pay to Lender not later than 3:00 P.M., New York City time, on the Maturity Date, in addition to any
accrued and unpaid interest to be paid pursuant to Section 2.6(b), the Outstanding Principal Balance and all other amounts due hereunder and under the Note, the Deed of Trust and the other Loan Documents. 

 

	 	(d)	 Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note
shall be made to Lender not later than 1:00 P.M., New York City time, on the date when due and shall be made in Dollars in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after
such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Any disbursements or payments required to be made hereunder or under any other Loan Document by Lender out of any Account shall be deemed to
have been timely made for purposes of this Section 2.6(d). 

  

	 	(e)	 Prepayments. On any Payment Date, Borrower may, at its option and upon not less than thirty (30) days irrevocable prior written notice
to Lender, prepay the Outstanding Principal Balance, in whole but not in part, provided that such prepayment is accompanied by (a) all accrued and unpaid interest on the Outstanding Principal Balance so prepaid, (b) all other amounts due
under the Note, this Agreement, or any of the other Loan Documents, and (c) an amount equal to the Prepayment Premium. In addition, if for any reason Borrower prepays the Loan on a day other than a Payment Date, Borrower shall also pay interest
on the principal amount so prepaid through the next succeeding Payment Date. 

  

	 	2.7	 FULL REPAYMENT AND RECONVEYANCE. Upon indefeasible payment in full of all sums owing and outstanding under the Loan Documents, Lender
shall issue a full reconveyance of the Property and all Collateral from the lien of the Deed of Trust and a release of the security interest in any Account provided by the Loan Documents; provided, however, that all of the following
conditions shall be satisfied at the time of, and with respect to, such reconveyance: (a) Lender shall have indefeasibly received all escrow, closing and recording costs, the costs of preparing and delivering such reconveyance and any sums then
due and payable under the Loan Documents; and (b) Lender shall have received a written release satisfactory to Lender of any set aside letter, letter of credit or other form of undertaking which Lender has issued to any surety, governmental
agency or any other party in connection with the Loan, the Property or the Project. 

 ARTICLE 3. CASH
MANAGEMENT 
  

	 	3.1	 CASH COLLATERAL ACCOUNT AND REAL ESTATE TAX AND INTEREST RESERVE SUBACCOUNT; PLEDGE AND ASSIGNMENT. Borrower shall establish and
maintain a segregated Eligible Account (the “Cash Collateral Account”) at Deposit Bank which Cash Collateral Account shall be under the sole dominion and 

  
 17 

	 	 
control of Lender, and which shall be maintained subject to and in accordance with the terms of the Cash Collateral Account Control Agreement. The Cash Collateral Account shall be entitled
“Mayfield Lyon, LLC, as pledgor, for the benefit of Qina, LLC, as Secured Party – Cash Collateral Account,” or such other name as required by Lender from time to time. Lender will also establish a subaccount of the Cash Collateral
Account which shall at all times be an Eligible Account and which shall be a ledger or book entry account and not an actual account (such subaccount is referred to herein as the “Real Estate Tax and Interest Reserve Subaccount”).
Borrower (i) hereby grants to Lender a first priority security interest in the Cash Collateral Account and the Real Estate Tax and Interest Reserve Subaccount and all deposits at any time contained therein and the proceeds thereof, and
(ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Collateral Account and the Real Estate Tax and Interest Reserve Subaccount, including, without limitation, filing a
UCC-1 financing statements and continuations thereof, and hereby authorizes Lender to fife such financing statements and continuations. Borrower will not in any way alter, modify or close the Cash Collateral Account or the Real Estate Tax and
Interest Reserve Subaccount and will notify Lender of the account number thereof. Lender shall have the sole right to make withdrawals from the Cash Collateral Account and the Real Estate Tax and Interest Reserve Subaccount and all costs and
expenses for establishing and maintaining the Cash Collateral Account and the Real Estate Tax and Interest Reserve Subaccount shall be paid by Borrower. All monies now or hereafter deposited into the Cash Collateral Account and the Real Estate Tax
and Interest Reserve Subaccount shall be deemed additional security for the Loan and all other amounts owing under the Loan Documents. 

  

	 	3.2	 BORROWER’S OPERATING ACCOUNT. Within Sixty (60) days following the date hereof, Borrower shall establish and maintain a
segregated Eligible Account (the “Operating Account”) with a bank or depositary institution acceptable to Lender in its sole, discretion (“Operating Account Bank”), which Operating Account shall be maintained
subject to and in accordance with the terms of a deposit account control agreement acceptable to Lender in its sole, good faith discretion the (“Operating Account Control Agreement”). The Operating Account shall be entitled
“Mayfield Lyon, LLC, as pledgor, for the benefit of Qina, LLC, as Secured Party – Operating Account,” or such other name as required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security
interest in the Operating Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Operating
Account, including, without limitation, the execution of any account control agreement which is consistent with the terms of this Agreement and the other Loan Documents, as may be required by Lender, including without limitation the Operating
Account Control Agreement Borrower will not in any way alter, modify or close the Operating Account and will notify Lender of the account number thereof. As more fully set forth in the Operating Account Control Agreement, Borrower shall have the
right to use the Borrower’s Funds on deposit in the Operating Account in accordance with the terms of this Agreement and the Loan Documents, provided, however, that from and after the occurrence of and during the continuance of a Default,
Lender shall have the sole right to access and utilize the Borrower’s Funds then on deposit in the Operating Account, and all costs and expenses for establishing and maintaining the Operating Account shall be paid by Borrower. All monies now or
hereafter deposited into the Operating Account shall be deemed additional security for the Loan and all other amounts owing under the Loan Documents. 

  

	 	3.3	 ACCOUNTS GENERALLY. Notwithstanding anything to the contrary contained herein, with respect to each Account:

  

	 	(a)	 upon the occurrence and during the continuance of a Default, Lender may, in addition to any and all other rights and remedies available to Lender,
direct Deposit Bank to immediately pay over all 

  
 18 

	 	 
funds on deposit in any Account to Lender and to apply any such funds to the payment of the Secured Obligations in any order or priority, in its sole discretion; 

 

	 	(b)	 except as expressly permitted under the Loan Documents, funds deposited into any Account shall not be commingled with other monies of Borrower or
Deposit Bank; 

  

	 	(c)	 Borrower shall not further pledge, assign or grant any security interest in any Account or the monies deposited therein or permit any lien or
encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto; 

 

	 	(d)	 Borrower acknowledges that the insufficiency of funds on deposit in any Account shall not relieve Borrower of the obligation to make any payments,
as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever; and 

 

	 	(e)	 Borrower shall indemnify Lender and Deposit Bank and hold Lender and Deposit Bank harmless from and against any and all actions, suits, claims,
demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Accounts or the performance of the obligations for
which the applicable Account was established (unless arising from the gross negligence or willful misconduct of Lender or Deposit Bank, as applicable). 

 

	 	3.4	 DEPOSITS INTO THE ACCOUNTS. Borrower shall deposit or cause to be deposited: 

 

	 	(a)	 on the Effective Date, the sum of FIVE MILLION ONE HUNDRED TWENTY FIVE THOUSAND AND NO/100THS DOLLARS ($5,125,000.00), in non-borrowed and readily
available funds in the Cash Collateral Account (such funds, together with any amounts on deposit in the Cash Collateral Account from time to time, the “Cash Collateral”); 

 

	 	(b)	 a portion of the funds to be deposited in accordance with Section 3.4(a) in the amount of FIVE MILLION ONE HUNDRED TWENTY FIVE THOUSAND
AND NO/100THS DOLLARS ($5,125,000.00) will be deposited into the Real Estate Tax and Interest Reserve Subaccount (such funds, the “Tax and Tax and Interest Reserve Funds”); 

 

	 	(c)	 on or before January 31, 2012, the sum of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00), in non-borrowed and readily available funds in
the Cash Collateral Account; and 

  

	 	(d)	 at all times, all other funds on hand with Borrower from time to time in the Operating Account (such funds, “Borrower’s
Funds”). 

  

	 	3.5	 DISBURSEMENTS FROM THE REAL ESTATE TAX AND INTEREST RESERVE SUBACCOUNT. The Tax and Interest Reserve Funds shall be held in the Real
Estate Tax and Interest Reserve Subaccount until such time as a Bankruptcy Action exists with respect to any Guarantor. Notwithstanding the foregoing, provided no Default shall then be continuing, Lender shall apply, or shall direct its servicer to
apply or shall make Tax and Interest Reserve Funds available to Borrower to apply to the payment of the installments of real estate taxes that are currently due and which would become delinquent if not paid by December 10, 2011 (in an amount
not to exceed $900,000.00 without Lender’s prior written consent). In 

  
 19 

	 	 
making any payment relating to such real estate taxes, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to such real estate
taxes) without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. On each Payment Date during the pendency of such Bankruptcy Action,
Lender shall remit from the Real Estate Tax and Interest Reserve Subaccount an amount of Tax and Interest Reserve Funds equal to the amount of interest then due and payable or so much thereof as is available in the Real Estate Tax and Interest
Reserve Subaccount, until such time as (a) no Tax and Interest Reserve Funds remain on deposit in the Real Estate Tax and Interest Reserve Subaccount, or (b) an Acceptable Order Authorizing Interest Payment occurs. In addition to the
foregoing, if an Acceptable Order Authorizing Interest Payment occurs, all Tax and Interest Reserve Funds on deposit in the Real Estate Tax and Interest Reserve Subaccount shall be immediately released to the Cash Collateral Account. Notwithstanding
anything to the contrary set forth in this Section 3.5, Lender shall not be required to disburse any Tax and Interest Reserve Funds if a Default, as defined in this Agreement, or Default as defined in any of the other Loan Documents or
in the Other Related Documents, or event, omission or failure of condition which would constitute a Default under any such document, after notice or lapse of time, or both, then exists. 

 

	 	3.6	 DISBURSEMENTS FROM THE CASH COLLATERAL ACCOUNT. Except as otherwise expressly provided in this Agreement, the Cash Collateral (which
for the avoidance of doubt, shall not include any amounts on deposit in the Real Estate Tax and Interest Reserve Subaccount) shall be disbursed by Lender to the Operating Account, or, at Lender’s election, funded directly by Lender to the
applicable recipient thereof, in order to fund (i) the hard and soft costs of any item listed on the Budget, and (ii) Taxes, provided that for each disbursement, each of the following conditions must be met, as determined by Lender, or
waived by Lender, each in its sole and absolute discretion: 

  

	 	(a)	 There shall exist no Default, as defined in this Agreement, or Default as defined in any of the other Loan Documents or in the Other Related
Documents, or event, omission or failure of condition which would constitute a Default under any such document, after notice or lapse of time, or both; 

 

	 	(b)	 There shall exist no Material Entitlements Change; 

 

	 	(c)	 Borrower shall have submitted to Lender an Application for Payment, which Application for Payment shall have been received by Lender at least thirty
(30) days prior to the requested date of disbursement set forth therein; 

  

	 	(d)	 All applicable Requirements for Disbursement shall have been met or waived by Lender; 

 

	 	(e)	 The amount listed on the Application for Payment as the amount requested to be disbursed shall be equal to or less than: the difference between
(i) the amount allotted for the requested Item on the Budget, or the total amount of the Taxes due, as applicable, and (ii) any prior disbursements for the applicable Item or Taxes for which disbursement is being requested; and

  

	 	(f)	 Following the requested disbursement, the amount of Unallocated Cash Collateral on deposit in the Cash Collateral Account shall be equal to or
greater than the Cash Collateral Threshold Amount. 

  
 20 

 ARTICLE 4. PRE-DEVELOPMENT AND DEVELOPMENT 

 

	 	4.1	 PROJECT WORK. Borrower shall do each and all of the following (collectively, the “Project Work”):

  

	 	(a)	 subject to Section 4.2, commence as soon as practicable and as and when contemplated under the Business Plan each and every item set
forth on the Budget and complete each item set forth on the Budget as and when required by the Budget and the Business Plan; and 

  

	 	(b)	 subject to Section 4.2, commence, continue and complete, as applicable, the processes of (i) obtaining at a commercially reasonable
pace, each Remaining Entitlement, (ii) maintaining all Current Entitlements (unless amendment of the Current Entitlements is necessary to Fully Entitle the Future Residential Improvements), and (iii) satisfying or otherwise complying with
the Conditions of Approval on or before any required date of completion set forth in the Budget, the Business Plan and the Entitlements, where applicable, and in each case, in accordance with Applicable Law. 

 

	 	4.2	 FORCE MAJEURE. The time within which the Project Work or other action required with respect to the Property must be commenced or
completed shall be extended for a period of time equal to the period of any delay directly hindering the commencement or completion, as applicable, of any portion of the Project Work or taking of any action with respect to the Property
(a) which is caused by fire, earthquake, severe weather or other acts of God, strike, lockout, acts of public enemy, riot, insurrection, or governmental regulation of the sale or transportation of materials, supplies or labor or (b) which
is caused by other events beyond the reasonable control of Borrower; provided, however, that any extensions arising from delays caused by events described in clause (b) but not clause (a), shall be subject to an aggregate maximum
of two (2) weeks, unless a greater time period shall be agreed between Borrower and Lender. No extensions pursuant to this Section 4.2 shall be effective unless Borrower shall furnish Lender with written notice satisfactory to
Lender evidencing the applicable delay within ten (10) days from the occurrence of such delay. In no event shall the time provided in this Agreement for completion of a particular portion of the Project Work that, pursuant to the Budget and the
Business Plan is contemplated to be required to be completed prior to the Maturity Date, be extended beyond the Maturity Date. 

  

	 	4.3	 ENTITLEMENTS SUBMITTALS. 

  

	 	(a)	 Pursuant to Section 9.8, Lender must approve certain Entitlement Submittals. Except as otherwise provided in this Agreement, Borrower
shall not cause, suffer or permit any changes in or amendments to any Entitlement Submittal that has been approved by Lender (or required to have been approved by Lender hereunder) without Lender’s prior written consent if such change or
amendment would (i) have a material adverse change on Borrower’s ability to develop the Property for the Future Residential Improvements, including without limitation, any change that would decrease the proposed density of the Future
Residential Improvements (including the number of buildings and dwelling units), limit or reduce the height or bulk of the Future Residential Improvements, change or limit any land uses envisioned by the Future Residential Improvements, change the
site plan of the Future Residential Improvements, materially increase the cost of development of the Future Residential improvements and associated infrastructure, materially limit or affect the availability of public utilities, services or
facilities or any privileges or rights to public utilities, services, or facilities currently available to the Property, impose any ordinance or regulation that controls rents or purchase prices charged within the Property, materially limit or delay
the processing or procuring of the Entitlements, materially delay development of the Future Residential Improvements, or impose limits or controls on the timing, 

  
 21 

	 	 
phasing or sequencing of the development thereof (except as otherwise provided under the City’s existing laws of general applicability), or (ii) materially and adversely affect the
ability of Borrower to obtain any Remaining Entitlement, including, without limitation, any change which would (w) result in the addition or expansion of any Condition of Approval previously approved by Lender (or required to have been approved
by Lender), (x) materially delay the ability of Borrower to obtain the Entitlements or satisfy any Condition of Approval set forth in the Entitlements, (y) subject any Entitlement to retraction, reevaluation or the re-opening of any
periods of challenge or appeal, or (z) result in the imposition of any discretionary approval other than those required to Fully Entitle the Property, or the requirement that Borrower obtain any new license, permit or authorization, which
license permit or authorization is subject to any discretionary approval (each of the foregoing clauses (i) and (ii)(w) through (ii)(z) hereof, a “Material Entitlements Change”). Without limiting the above, Lender agrees that
Borrower may make changes that are not Material Entitlements Changes in the Entitlements Submittals without Lender’s prior written consent, provided that such changes do not violate any of the conditions specified herein. Any
failure by Lender to respond to any complete written request by Borrower for approval of an Entitlement Submittal, or a proposed change to an Entitlement Submittal (in each case, a “Request for Entitlement Change”), within ten
(10) days after Lender’s receipt of such Request for Entitlement Change shall be deemed an approval of such Entitlement Submittal or proposed change to an Entitlement Submittal, provided, however, that all Requests for Entitlement Change
shall, on the face thereof, state, in bold and capitalized letters, as follows: “THIS CONSTITUTES A REQUEST FOR ENTITLEMENT CHANGE PURSUANT TO SECTION 4.5 OF THAT CERTAIN LOAN AGREEMENT MADE BY AND BETWEEN LYON MAYFIELD, LLC AND QINA,
LLC, AND, PURSUANT TO SECTION 4.3(a) OF THE LOAN AGREEMENT, FAILURE TO RESPOND IN WRITING TO THE NOTICE ADDRESS SET FORTH HEREUPON WITHIN TEN (10) DAYS FOLLOWING THE DATE THIS NOTICE RECEIVED SHALL BE DEEMED LENDER’S APPROVAL
HEREOF”; provided further that, notwithstanding the foregoing, if Lender shall respond to any Request for Entitlement Change with a request for additional information with respect thereto, Lender’s failure to approve or deny the
Entitlement Submittal or proposed change to an Entitlement Submittal set forth therein within such initial ten (10) day period shall not be deemed an approval thereof and Lender shall have an additional ten (10) day period, commencing upon
the receipt by Lender of a revised Request for Entitlement Change setting forth, to Lender’s reasonable satisfaction, all of the information requested by Lender, within which to approve or deny such Entitlement Submittal or proposed change to
an Entitlement Submittal. 

  

	 	(b)	 Changes: Submission Requirements. Borrower shall submit a Request for Entitlement Change with respect to any proposed change or amendment to
any Entitlement Submittal to Lender at least ten (10) days prior to submitting the related Entitlement Submittal or other written documentation to any Approving Authority to effect such proposed change whether or not such change is subject to
Lender’s consent. At its option, Lender may require Borrower to provide evidence reasonably satisfactory to Lender of whether or not the proposed change would constitute a Material Entitlement Change. 

 

	 	(c)	 Consent Process. Borrower acknowledges that Lender’s review of any changes and required consent may result in delays in construction or
development and hereby consents to any such delays; provided, that the time allotted in the then applicable Business Plan for completion of such construction or development shall be extended by the period of such delay, and any resulting increase in
the cost to complete shall increase, dollar for dollar, the cost to complete such construction or development as set forth in the applicable Budget. 

  
 22 

	 	(d)	 Delivery of Entitlements. Upon completion of processing and receipt by Borrower of any Entitlement, Borrower shall deliver a true, correct
and complete copy of such Entitlement to Lender immediately, and in no event later than five (5) Business Days after Borrower’s receipt thereof. 

 

	 	4.4	 CONTRACTORS: CONSTRUCTION AGREEMENTS. 

 

	 	(a)	 Generally. Borrower may not enter Into any Construction Agreement or engage any Contractors without the prior consent of Lender; provided,
however, that Lender’s consent shall not be required with respect to a Construction Agreement: (i) the Construction Agreement is not otherwise a Material Agreement; (ii) the applicable Contractor under the Construction Agreement
(x) has been previously approved by Lender pursuant to this Agreement, or (y) is set forth on Exhibit J; and (iii) to the extent the Construction Agreement contemplates work for items set forth in the Budget, the aggregate
amount reasonably expected to the paid by Borrower under the applicable Construction Agreement shall not exceed the amount allotted for the applicable item on the Budget and Business Plan. 

 

	 	(b)	 No Amendment. Borrower shall require any Contractor to perform in accordance with the terms of the applicable Construction Agreement and
shall not amend, modify or alter the responsibilities of any Contractor under any Construction Agreement without Lender’s prior written consent; provided that any increase in the amount payable to any contractor under any Construction Agreement
shall not require Lender’s consent so long as the aggregate amount payable to such Contractor under such Construction Contract when added to all other costs already incurred with respect to such line item and all costs projected to be incurred
pursuant to the relevant line item does not exceed the budgeted amount for such line item in the then applicable Budget. Borrower shall execute, upon Lender’s request, an assignment of Borrower’s rights under any Construction Agreement to
Lender as security for Borrower’s obligations under this Agreement and the other Loan Documents and shall cause any such Contractor to consent to any such assignment. 

 

	 	(c)	 Contractor Information. Within ten (10) days of Lender’s written request, Borrower shall deliver to Lender from time to time in a
form acceptable to Lender: (a) a list detailing the name, address and phone number of each contractor, subcontractor and material supplier employed or used for the Project together with the dollar amount, including changes, if any, of each
contract and subcontract, and the portion thereof, if any, paid through the date of such list; (b) copies of each contract and subcontract identified in such list, including any changes thereto; (c) a cost breakdown of the projected total
cost of the Project, and that portion, if any, of each cost item which has been incurred; and (d) a progress schedule detailing the progress of the Project and the projected sequencing and completion time for uncompleted work, all as of the
date of such schedule. Lender may contact any Contractor to discuss the course of the Project Work. 

  

	 	(d)	 Assignment of Construction Agreements. On the Effective Date, Borrower shall execute the Assignment of Construction Agreements as additional
security for Borrower’s performance under this Agreement and the other Loan Documents and shall cause the each Contractor in existence on the Effective Date to immediately deliver to Lender, and each Contractor which may enter into an
Construction Agreement after the Effective Date to promptly deliver to Lender, a Contractor’s Consent. 

  

	 	4.5	 ARCHITECT’S AGREEMENT. Borrower and Architect have entered into the Architect’s Agreement, pursuant to which Architect has
or will design the Future Residential Improvements and/or related appurtenances. Borrower shall require Architect to perform in accordance with the terms of the 

  
 23 

	 	 
Architect’s Agreement and shall not amend, modify or alter the responsibilities of Architect under the Architect’s Agreement without Lender’s prior written consent. On the
Effective Date, Borrower shall execute the Assignment of Architect’s Agreements as additional security for Borrower’s performance under this Agreement and the other Loan Documents and shall cause each Architect in existence on the
Effective Date to immediately deliver to Lender, and each Architect which may enter into an Architect’s Agreement after the Effective Date to promptly deliver to Lender, an Architect’s Consent. 

 

	 	4.6	 THE BUSINESS PLAN. 

  

	 	(a)	 Changes; Lender Consent. Except as otherwise provided in this Agreement, Borrower shall not make any changes in the Business Plan
without Lender’s prior written consent if such change: (i) constitutes a material change in the building material or equipment specifications, or in the architectural or structural design, value or quality of any of the Future Residential
Improvements; (ii) would result in an increase of construction costs in excess of TWO HUNDRED AND FIFTY THOUSAND AND NO/100THS DOLLARS ($250,000.00) for any single change or in excess of TWO MILLION AND NO/100THS DOLLARS ($2,000,000.00) for all such
changes; or (iii) would affect the structural integrity, quality of building materials, or overall efficiency of operating systems of the Future Residential Improvements. Without limiting the above, Lender agrees that Borrower may make minor
changes in the Business Plan without Lender’s prior written consent, provided that such changes do not violate any of the conditions specified herein. Borrower shall at all times maintain, for inspection by Lender, a full set of working
drawings of the Future Residential Improvements. 

  

	 	(b)	 Changes: Submission Requirements. Borrower shall submit any proposed change in the Business Plan to Lender at least ten (10) days
prior to the commencement of construction relating to such proposed change whether or not such change is subject to Lender’s consent. Requests for any change which requires consent shall be accompanied by working drawings and a written
description of the proposed change, submitted on a change order form acceptable to Lender, signed by Borrower and, if required by Lender, also by the Architect and any applicable Contractor. At its option, Lender may require Borrower to provide:
(i) evidence satisfactory to Lender of the cost and time necessary to complete the proposed change; (ii) a deposit in the amount of any increased costs into the Cash Collateral Account; and (iii) a complete set of “as built”
drawings for the completed portions of the Project Work. 

  

	 	(c)	 Consent Process. Borrower acknowledges that Lender’s review of any changes and required consent may result in delays in
construction and hereby consents to any such delays. 

  

	 	4.7	 PROJECT WORK RESPONSIBILITIES. 

  

	 	(a)	 Borrower Solely Responsible. Borrower shall cause all Project Work to be completed in a workmanlike manner in strict compliance with the
Budget, Business Plan and Entitlements, as applicable. Borrower shall comply with all applicable laws, ordinances, rules, regulations, building restrictions, recorded covenants and restrictions, development agreements, and requirements of ail
regulatory authorities having jurisdiction over the Property, Project Work or Entitlements, as the case may be. Borrower shall be solely responsible for all aspects of Borrower’s business and conduct in connection with the Property, the Project
Work and the Entitlements, including, without limitation, for the quality and suitability of the Business Plan and the Entitlements and their compliance with all governmental requirements, the supervision of the work of construction, the
qualifications, financial condition and performance of all architects, engineers, 

  
 24 

	 	 
contractors, material suppliers, consultants and property managers, and the accuracy of all applications for payment and the proper application of all disbursements. 

 

	 	(b)	 Non-Responsibility of Lender. Lender is not obligated to supervise, inspect or inform Borrower or any third party of any aspect of the
construction of the Future Residential Improvements or any other matter referred to above. 

  

	 	(c)	 Lender Consultants. Lender may, at its sole discretion, hire one or more consultants (the “Lender’s Consultants”) in
connection with Lender’s review and approval of the Entitlement Submittals and changes thereto, the Remaining Entitlements, and any Material Agreements, all at Borrower’s sole cost and expense. 

 

	 	4.8	 LIENS AND STOP NOTICES. If a claim of lien is recorded which affects the Property or any portion of the Project Work, or a bonded stop
notice is served upon Lender, Borrower shall, within the earlier of (i) the date after which a default or condition permitting the termination, re-evaluation or retraction of any Current Entitlement shall have occurred; (ii) twenty
(20) calendar days of such recording or service or (iii) within five (5) calendar days of Lender’s demand: (a) pay and discharge the claim of lien or bonded stop notice; (b) effect the release thereof by recording or
delivering to Lender a surety bond in sufficient form and amount; or (c) provide Lender with other assurances which Lender deems, in its sole discretion, to be satisfactory for the payment of such claim of lien or bonded stop notice and for the
full and continuous protection of Lender from the effect of such lien or bonded stop notice. 

  

	 	4.9	 ASSESSMENTS AND COMMUNITY FACILITIES DISTRICTS. Without Lender’s prior written consent, Borrower shall not cause or suffer to
become effective or otherwise consent to the formation of any assessment district or community facilities district which includes all or any part of the Property, the Project Work or the Future Residential Improvements pursuant to: (a) the
Mello-Roos Community Facilities Act of 1982; (b) the Municipal Improvement Act of 1913; or (c) any other comparable or similar statute or regulation. Nor shall Borrower cause or otherwise consent to the levying of special taxes or
assessments against the Property, the Project Work or the Future Residential Improvements by any such assessment district or community facilities district 

 

	 	4.10	 DELAY. Within ten (10) days after the occurrence of any event causing delay or interruption of (i) the satisfaction of any
Condition of Approval or other requirement for the maintenance of any Current Entitlement or application or processing of any Remaining Entitlement, (ii) any other portion of the Project Work, or (iii) the timely completion of any one of
the foregoing, Borrower shall notify Lender in writing of the same. The notice shall specify the particular item delayed, and the cause and expected period of each delay. 

 

	 	4.11	 INSPECTIONS. Lender or its agents shall have the right to enter upon the Property at all reasonable times and upon reasonable prior
notice to inspect the Property and the ongoing progress of the Project Work to verify information disclosed or required pursuant to this Agreement Any inspection or review of the Property or the Project Work by Lender or its agents is solely to
determine whether Borrower is properly discharging its obligations to Lender and may not be relied upon by Borrower or by any third party as a representation or warranty of compliance with this Agreement or any other agreement. Lender owes no duty
of care to Borrower or any third party to protect against, or to inform Borrower or any third party of, any negligent, faulty, inadequate or defective design or construction of any portion of the Project, as determined by Lender. Any such
inspections conducted pursuant to this Section 4.11 shall be at Borrower’s expense. 

  
 25 

 ARTICLE 5. INSURANCE 

Borrower shall, while any obligation of Borrower or any Guarantor under any of the Loan Documents remains outstanding or for such lesser
period as may be required pursuant to the terms of this Article 5, below, maintain at Borrower’s sole expense, the following policies of insurance in form and substance satisfactory to Lender. Capitalized terms used in this Article shall have
the same meaning as such terms are commonly and presently defined in the insurance industry. 
  

	 	5.1	 TITLE INSURANCE. A Title Policy, together with any endorsements which Lender may require, insuring Lender, in the principal amount of
the Loan, of the validity and the priority of the lien of the Deed of Trust upon the Property, the Project and improvements, if any, subject only to matters approved by Lender in writing. During the term of the Loan, Borrower shall deliver to
Lender, within ten (10) days of Lender’s written request, such other endorsements to the Title Policy as Lender may reasonably require with respect to the Property. 

 

	 	5.2	 PROPERTY INSURANCE. A Builders All Risk/Special Form Completed Value (Non-Reporting Form) Hazard Insurance policy, including without
limitation, theft coverage and such other coverages and endorsements as Lender may require, insuring Lender against damage to the Property, the Project and the improvements, if any, in an amount not less than 100% of the full replacement cost at the
time of completion of the improvements. Such coverage should adequately insure any and all Loan collateral, whether such collateral is onsite, stored offsite or otherwise. Lender shall be named on the policy as Mortgagee and named under a
Lender’s Loss Payable Endorsement (form #438BFU or equivalent). 

  

	 	5.3	 FLOOD HAZARD INSURANCE. A policy of flood insurance, as required by applicable governmental regulations, or as deemed necessary by
Lender, in an amount required by Lender, but in no event less than the amount sufficient to meet the requirements of applicable law and governmental regulation. 

 

	 	5.4	 LIABILITY INSURANCE. A policy of Commercial General Liability insurance on an occurrence basis, with coverages and limits as required
by Lender, insuring against liability for injury and/or death to any person and/or damage to any property occurring on the Property and/or in the improvements. During the period of any construction, Borrower may cause its contractors and/or
subcontractors to maintain in full force and effect any or all of the liability insurance required hereunder. Lender may require that Lender be named as an additional insured on any such policy. Whether Borrower employs a general contractor or
performs as owner-builder, Lender may require that coverage include statutory workers’ compensation insurance. 

  

	 	5.5	 ENVIRONMENTAL INSURANCE. The policy of Environmental Insurance described on Exhibit E (such policy, the “Environmental
Insurance”). Notwithstanding anything to the contrary, the Environmental Insurance shall be maintained by Borrower until such time as both (i) a Bankruptcy Action exists with respect to any Guarantor, and (ii) an Acceptable
Environmental Obligation Assumption occurs thereafter. 

  

	 	5.6	 OTHER COVERAGE. Borrower shall provide to Lender evidence of such other reasonable insurance in such reasonable amounts as Lender may
from time to time request against such other insurable hazards which at the time are commonly insured against for property similar to the subject Property located in or around the region in which the subject Property is located. Such coverage
requirements may include but are not limited to coverage for acts of terrorism, sink hole and soft costs. 

  

	 	5.7	 GENERAL. Borrower shall provide to Lender insurance certificates or other evidence of coverage in form acceptable to Lender, with
coverage amounts, deductibles, limits and retentions as required by Lender. All insurance policies shall provide that the coverage shall not be cancelable or materially changed without 10 days prior written notice to Lender of any cancellation for
nonpayment of premiums, and not 

  
 26 

	 	 
less than 30 days prior written notice to Lender of any other cancellation or any modification (including a reduction in coverage). Lender shall be named under a Lender’s Loss Payable
Endorsement (form #438BFU or equivalent) on ail insurance policies which Borrower actually maintains with respect to the Property and the Project. All insurance policies shall be issued and maintained by insurers approved to do business in the state
in which the Property is located and must have an A.M. Best Company financial rating and policyholder surplus acceptable to Lender. 

  

	 	5.8	 BORROWER’S EXISTING INSURANCE COVERAGE. Notwithstanding the foregoing requirements of this Sections 5.2, 5.3
and 5.4, the existing blanket policies of insurance in place by Guarantor, and which are attached hereto as Exhibit F (the “Existing Insurance”), have been approved by Lender in all respects. For so long as the
Existing Insurance remains in place and in effect, Borrower shall not be required to otherwise comply with Sections 5.2, 5.3 and 5.4. However, if, at any time, the Existing Insurance shall cease to remain in effect, to name
Borrower as an additional insured, or to cover the Property and the Project Work, Borrower shall immediately and without any notice be required to obtain policies of insurance with comply with the terms of Sections 5.2, 5.3 and
5.4 hereof. 

 ARTICLE 6. 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
and continuing thereafter that: 
  

	 	6.1	 AUTHORITY/ENFORCEABILITY. Borrower is in compliance with all laws and regulations applicable to its organization, existence and
transaction of business and has all necessary rights and powers to own, develop and operate the Property and conduct the Project Work as contemplated by the Loan Documents, the Budget, the Business Plan and the Entitlements.

  

	 	6.2	 BINDING OBLIGATIONS. Borrower is authorized to execute, deliver and perform its obligations under the Loan Documents, and such
obligations shall be valid and binding obligations of Borrower. 

  

	 	6.3	 FORMATION AND ORGANIZATIONAL DOCUMENTS. Borrower has delivered to Lender all formation and organizational documents of Borrower, Sole
Member and Guarantor (collectively, the “Related Parties”), and all such formation and organizational documents remain in full force and effect and have not been amended or modified since they were delivered to Lender.

  

	 	6.4	 NO VIOLATION. The execution, delivery, and performance under the Loan Documents and the Other Related Documents by the Related Parties
which are parties thereto, do not: (a) require any consent or approval not heretofore obtained under any partnership agreement, operating agreement, articles of incorporation, bylaws; (b) violate any governmental requirement applicable to
the Property, the Project or any other statute, law, regulation or ordinance or any order or ruling of any court or governmental entity; (c) constitute a breach or default or permit the acceleration of obligations under any agreement, contract,
lease, or other document to which the Borrower is a party, or the Property and Project are bound, including without limitation the Entitlements; or (d) violate any statute, law, regulation or ordinance, or any order of any court or governmental
entity. 

  

	 	6.5	 SPECIAL PURPOSE ENTITY. At all times since its formation, Borrower has been a Special Purpose Entity. 

 

	 	6.6	 COMPLIANCE WITH LAWS; USE. Except for the Remaining Entitlements, to Borrower’s knowledge, Borrower has obtained, all material
Entitlements necessary to conduct the Project Work and construct and market the Future Residential Improvements. The Property consists of one or more separate legal 

  
 27 

	 	 
parcels, lawfully created in full compliance with all subdivision laws and ordinances and is properly zoned for the stated use of the Property as disclosed to Lender at the time of execution
hereof. 

  

	 	6.7	 LITIGATION. Except as previously disclosed to Lender in writing, (i) there are no actions, suits or proceedings pending, against
Borrower or affecting the Property and there are no actions, suits or proceedings threatened in writing against Borrower or affecting the Property, which, if resolved adversely to Borrower, would have a material adverse effect upon Borrower, the
Property or Borrower’s ability to pay and perform any of its obligations under the Loan Documents, (ii) there are no (A) suits or proceedings pending, or to Borrower’s knowledge, threatened in writing, against Guarantor or
(B) claims, actions, suits or proceedings against Borrower or Guarantor or affecting the Property, which could, if adversely determined to Borrower or Guarantor, as applicable, have a material adverse effect upon Borrower or the Property or
Borrower’s or such Guarantor’s, as applicable, ability to pay and perform any of its obligations under the Loan Documents or the Other Related Documents, as applicable, to which it is a party. Notwithstanding the foregoing provisions of
this Section 6.7, (i) Guarantor shall have no obligation to disclose any construction defect litigation to Lender, and (ii) the existence of construction defect litigation with respect to Guarantor shall not cause a violation
of this Section 6.7. 

  

	 	6.8	 GROUND LEASE. With respect to the Ground Lease: 

 

	 	(a)	 Generally. A true, correct and complete copy of the Ground Lease is attached hereto as Exhibit L, and the Ground Lease has not been
amended or modified beyond what is attached hereto. 

  

	 	(b)	 Borrower’s Interest; No Violation. The interest of tenant in the Ground Lease is currently vested in Borrower and the Ground Lease
permits the interest of Borrower thereunder to be encumbered by a mortgage. 

  

	 	(c)	 No Other Encumbrances. Except for the lien of the Deed of Trust as contemplated by the Loan Documents, Borrower’s interest in the Ground
Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the Deed of Trust other than the ground lessor’s related fee interest to the portion of the Property subject to the Ground Lease.

  

	 	(d)	 Ground Lease Assignable. Borrower’s interest in the Ground Lease is assignable to Lender upon notice to, but without the consent of, the
ground lessor (or, if any such consent is required, it has been obtained prior to the Effective Date). The Ground Lease is further assignable by Lender, its successors and assigns without the consent of the ground lessor.

  

	 	(e)	 Default. As of the date hereof, the Ground Lease is in full force and effect and no default has occurred under the Ground Lease and there is
no existing condition which, but for the passage of time and/or the giving of notice, could result in a default under the terms of the Ground Lease. All rents, additional rents and other sums due and payable under the Ground Lease have been paid in
full. Neither Borrower nor the ground lessor under the Ground Lease has commenced any action or given or received any notice for the purpose of terminating the Ground Lease. 

 

	 	(f)	 Term. The Ground Lease has a term which extends not less than twenty (20) years beyond the Maturity Date. 

 

	 	6.9	 FINANCIAL CONDITION. Ail financial statements and information heretofore and hereafter delivered to Lender by Borrower, including,
without limitation, information relating to the financial condition of Borrower, the Property, the Sole Member or the Guarantor, fairly and accurately represent the financial

  
 28 

	 	 
condition of the subject thereof and as of the dates thereof, and have been prepared (except as noted therein) in accordance with generally accepted accounting principles consistently applied.
Borrower acknowledges and agrees that Lender may request and obtain additional information from third parties regarding any of the above, including, without limitation, credit reports. 

 

	 	6.10	 NO MATERIAL ADVERSE CHANGE. Other than as has been disclosed to Lender in the Information Materials provided or otherwise made
available to Lender, there has been no material adverse change in the financial condition of Borrower and/or Guarantor, the condition of the Property, or the status of the Current Entitlements or the Conditions of Approval since the dates of the
latest versions of the foregoing were furnished to Lender in writing and, except as otherwise disclosed to Lender in writing, Borrower has not entered into any material transaction which is not disclosed in such materials. Notwithstanding the
foregoing, Lender acknowledges and agrees that for all purposes hereof a Bankruptcy Action by the Guarantor shall not, in and of itself, be deemed to be a material adverse change in the financial condition of the Guarantor.

  

	 	6.11	 ACCURACY. All reports, documents, instruments, information and forms of evidence delivered to Lender concerning the Loan or security
for the Loan or required by the Loan Documents are, after giving effect to any updates or other changes thereto provided to Lender, accurate, correct and sufficiently complete to give Lender true and accurate knowledge of their subject matter, and
do not contain any misrepresentation or omission. 

  

	 	6.12	 TAX LIABILITY. Borrower has filed all required federal, state, county and municipal tax returns and has paid all taxes and assessments
owed and payable, and Borrower has no knowledge of any basis for any additional payment with respect to any such taxes and assessments. 

  

	 	6.13	 COMPLIANCE. Other than the Remaining Entitlements, Borrower is familiar with and in compliance with all governmental requirements now
in effect for the development of the Property and the conduct of the Project Work and will conform to and comply with all governmental requirements and the Business Plan, including without limitation, any and all Current Entitlements.

  

	 	6.14	 AMERICANS WITH DISABILITIES ACT COMPLIANCE. The Future Residential Improvements have been designed in strict accordance and full
compliance with all of the requirements of ADA. Borrower shall be responsible for all ADA compliance costs. 

  

	 	6.15	 BUSINESS LOAN. The Loan is a business loan transaction in the stated amount solely for the purpose of carrying on the business of
Borrower and none of the proceeds of the Loan will be used for the personal, family or agricultural purposes of the Borrower. 

  

	 	6.16	 ENTITLEMENTS. As of the Effective Date, Exhibit G sets forth a true, correct and complete list of all Current Entitlements
applicable to all or any portion of the Property, together with any amendments, amendments and restatements, renewals, modifications or supplements thereto. A copy, where applicable, of all Current Entitlements has been delivered to Lender prior to
the date hereof and there have been no amendments, amendments and restatements, renewals, modifications or supplements to any of the Current Entitlements since the same have been delivered to Lender. To the best of Borrower’s knowledge, the
list of Entitlements (i) set forth on Exhibit H attached hereto represents a true, correct and complete list of all Remaining Horizontal Entitlements, and (ii) set forth on Exhibit I attached hereto represents a true, correct
and complete list of all Remaining Vertical Entitlements, each as of the date hereof. Except for the Current Entitlements set forth on Exhibit G, the Remaining Horizontal Requirements set forth on Exhibit H, and the Remaining Vertical
Entitlements set forth on Exhibit I, to the 

  
 29 

	 	 
best of Borrower’s knowledge, no other Entitlements that are required by or from any Approving Authority exercising authority under applicable laws presently in effect in order to develop
the Future Residential Improvements on the Property. Borrower is in compliance with the terms and provisions set forth in all Current Entitlements, to the extent the same are capable of being satisfied as of the date hereof. Borrower is not in
default of any condition or other requirement set forth in the Current Entitlements, nor, to the best of Borrower’s knowledge, does there exist any condition or circumstance which would (x) materially and adversely affect the ability of
Borrower to maintain any Current Entitlement or (y) obtain any Remaining Entitlement, including, without limitation, any Material Entitlement Change. All of the Current Entitlements are in full force and effect and legally valid as of the
Effective Date, and were approved in accordance with all applicable laws in effect at the time of their approval, including all public notice and hearing requirements as well as all requirements of the California Environmental Quality Act
(“CEQA”) and the CEQA Guidelines. As of the Effective Date, Borrower has not received notice, and is not otherwise aware, of any petitions, appeals, administrative proceedings, legal proceedings, quasi-judicial proceedings, referendums,
initiatives, legislation, or other challenges have been initiated or filed, or have been threatened to be initiated or filed, by any person seeking to overturn, vacate, invalidate, or modify any of the Current Entitlements in any way.

  

	 	6.17	 EXISTING INSURANCE. The Existing Insurance is currently in effect, names Borrower as an additional insured and covers the Property and
all of the Project Work to be conducted thereon. 

  

	 	6.18	 ACCESS. There currently is, and following the completion of the Future Residential Improvements in accordance with the Business Plan
and all Entitlements, there shall be physical and legal access and entry into, onto, over and about the Property. 

  

	 	6.19	 BUDGET AND BUSINESS PLAN. The copies of the Budget and Business Plan attached hereto as Exhibit C are true, correct and
complete and the Budget and Business Plan have not been amended, amended and restated, renewed or otherwise modified or supplemented since such copies were prepared. 

 

	 	6.20	 ARCHITECTURAL AGREEMENTS. The Architectural Agreements attached hereto as Exhibit M are the only Architectural Agreements in
effect with respect to the Property or the Project Work, and the copies so attached are true, correct and complete in all respects. Each such Architectural Agreement is in full force and effect, and has not been amended, amended and restated,
renewed or otherwise modified or supplemented except as previously disclosed to Lender in writing, and neither Borrower nor, to Borrower’s knowledge, any other party thereto is in material default thereunder. 

 

	 	6.21	 MATERIAL AGREEMENTS. Borrower has provided Lender with true, correct and complete copies of all Material Agreements. Each Material
Agreement is in full force and effect, and has not been amended, amended and restated, renewed or otherwise modified or supplemented except as previously disclosed to Lender in writing, and neither Borrower nor, to Borrower’s knowledge, any
other party thereto is in material default thereunder. 

  

	 	6.22	 CONDITIONS PRECEDENT TO BORROWER’S ACQUISITION. To Borrower’s knowledge, (i) all conditions precedent to
Borrower’s obligation to purchase the Property pursuant to the Purchase and Sale Agreement have been satisfied, (ii) other than as set forth on Exhibit N no such condition precedent has been waived by Borrower under the Purchase and
Sale Agreement, and (iii) Final Approval (as such term is defined in the Purchase and Sale Agreement) has occurred, in each case unless previously disclosed to Lender in writing. 

 

	 	6.23	 BROKER’S FEES. No broker’s or finder’s fee, commission or similar compensation will be payable by or pursuant to any
contract or other obligation of Borrower with respect to the making of the Loan or any of 

  
 30 

	 	 
the other transactions contemplated hereby or by any of the Loan Documents. Additionally, no other similar fees or commissions will be payable by Borrower for any other services rendered
ancillary to the transactions contemplated hereby. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including attorney’s fees and expenses) in
any way relating to or arising from a claim by any Person that such Person acted as a broker on behalf of Borrower in connection with the transactions contemplated herein. The provisions of this Section 6.24 shall survive the expiration
and termination of this Agreement and the payment of the Loan. 

  

	 	6.24	 CONSTRUCTION AGREEMENTS. Other than the Architect’s Agreements, as of the Effective Date, there are no Construction Agreements.

  

	 	6.25	 OWNERSHIP BY BORROWER. Prior to the Effective Date, each Guarantor and ail Affiliates have assigned to Borrower ail of their
respective right, title and interest in and to each agreement that relates, in any manner, to the Property, the Project Work or the Future Residential Improvements. 

ARTICLE 7. HAZARDOUS MATERIALS 
  

	 	7.1	 SPECIAL REPRESENTATIONS AND WARRANTIES. Without in any way limiting the other representations and warranties set forth in this
Agreement, and after reasonable investigation and inquiry, Borrower hereby specially represents and warrants to the best of Borrower’s knowledge as of the date of this Agreement as follows: 

 

	 	(a)	 Hazardous Materials. Except as previously disclosed to Lender in (i) that certain letter regarding Summary of Current
Environmental Conditions dated October 20, 2011 from Berlogar, Stevens & Associates (“Berlogar”) to William Lyon Homes, Inc., (ii) that certain letter regarding Evaluation of Environmental Site Documents dated
October 24, 2011 from Iris Environmental to William Lyon Homes, Inc., and (iii) the Soil Management Plan dated August 5, 2011 prepared by Berlogar, the Property and improvements are not and have not been a site for the use,
generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any oil, flammable explosives, asbestos, urea formaldehyde insulation, mold, toxic mold, radioactive materials, hazardous
wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous materials,” “toxic substances,” “regulated substances,”
“industrial solid wastes,” or “pollutants” under the Hazardous Materials Laws, as described below, and/or other applicable environmental laws, ordinances and regulations; excluding therefrom, however such materials in amounts
used in the ordinary course of operation of the Property which are used and stored in accordance with all applicable environmental laws, ordinances and regulations (collectively, the “Hazardous Materials”).

  

	 	(b)	 Hazardous Materials Laws. The Property and Improvements are in compliance with all laws, ordinances and regulations relating to
Hazardous Materials (“Hazardous Materials Laws”), including, without limitation: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C.
Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act of 1980, as amended
(including the Superfund Amendments and Reauthorization Act of 1986, “CERCLA”), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the
Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine

  
 31 

	 	 
Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f et seq.; and all
comparable state and local laws, laws of other jurisdictions or orders and regulations. 

  

	 	(c)	 Hazardous Materials Claims. Except for the current investigation by the County of Santa Clara relating to soil and groundwater
contamination on the Property as described in that certain letter from Michael Balliet of the County of Santa Clara to Hewlett-Packard Company, dated as of September 15, 2011, a copy of which letter was provided to Lender prior to the date
hereof, there are no claims or actions (“Hazardous Materials Claims”) pending or threatened against Borrower, the Property or Improvements by any governmental entity or agency or by any other person or entity relating to Hazardous
Materials or pursuant to the Hazardous Materials Laws. Further, Borrower has delivered to or made available to Lender all documents in its possession, custody or control noticing, setting forth required actions with respect to, or studies or
investigations pertaining to, the violation or alleged violation of any Hazardous Materials Laws or the presence of Hazardous Materials at, on, under, or in the vicinity of the Property, including, without limitation, environmental audits and
environmental site assessments (e.g., Phase I or Phase II reports), notices of non-compliance, compliance reports and monitoring reports, documents related to a past or present investigation and/or cleanup of the Property, and documents related to
oversight by any governmental entity or agency, including but not limited to the County of Santa Clara Department of Environmental Health. 

  

	 	(d)	 Border Zone Property. The Property has not been designated as Border Zone Property under the provisions of California Health and
Safety Code, Sections 25220 et seq. and there has been no occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property or any part thereof to be designated as Border Zone
Property. 

  

	 	7.2	 HAZARDOUS MATERIALS COVENANTS. Borrower agrees as follows: 

 

	 	(a)	 No Hazardous Activities. Borrower shall not cause or permit the Property or improvements to be used as a site for the use, generation,
manufacture, storage, treatment, release, discharge, disposal, transportation or presence of any Hazardous Materials, except for materials in amounts used in the ordinary course of the operation of the Property, which are used and stored in
accordance with the Hazardous Materials Laws. 

  

	 	(b)	 Compliance. Borrower shall comply and cause the Property and improvements to comply with all Hazardous Materials Laws.

  

	 	(c)	 Notices. Borrower shall promptly notify Lender in writing of: (i) the discovery of any Hazardous Materials on, under or about the
Property and improvements other than Hazardous Materials in amounts used in the ordinary course of the operation of the Property and otherwise in compliance with all Hazardous Materials Laws; (ii) any knowledge by Borrower that the Property and
improvements do not comply with any Hazardous Materials Laws; (iii) any Hazardous Materials Claims; and (iv) the discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause
the Property or any part thereof to be designated as Border Zone Property. 

  

	 	(d)	 Remedial Action. In response to the presence of any Hazardous Materials on, under or about the Property or improvements not in
accordance with Hazardous Materials Laws or if the remediation of such Hazardous Materials is necessary or appropriate to obtain any Entitlements, Borrower shall promptly take, at Borrower’s sole expense, all remedial action required by any
Hazardous 

  
 32 

	 	 
Materials Laws or any judgment, consent decree, settlement or compromise in respect to any Hazardous Materials Claims, or otherwise necessary or appropriate in order to obtain any Entitlements.

  

	 	7.3	 INSPECTION BY LENDER. Upon reasonable prior notice to Borrower, Lender, its employees and agents, may from time to time (whether
before or after the commencement of a nonjudicial or judicial foreclosure proceeding) enter and inspect the Property and improvements for the purpose of determining the existence, location, nature and magnitude of any past or present release or
threatened release of any Hazardous Materials into, onto, beneath or from the Property and improvements. 

  

	 	7.4	 HAZARDOUS MATERIALS INDEMNITY. BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER MAY INCUR
AS A DIRECT OR INDIRECT CONSEQUENCE OF THE USE, GENERATION, MANUFACTURE, STORAGE, DISPOSAL, THREATENED DISPOSAL, TRANSPORTATION OR PRESENCE OF HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE PROPERTY OR IMPROVEMENTS. BORROWER SHALL IMMEDIATELY PAY TO
LENDER UPON DEMAND ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE EFFECTIVE RATE. BORROWER’S DUTY AND OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER SHALL
SURVIVE THE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF THE DEED OF TRUST. 

  

	 	7.5	 LEGAL EFFECT OF SECTION. Borrower and Lender agree that: (a) this Article 7 is intended as Lender’s written request for
information (and Borrower’s response) concerning the environmental condition of the real property security as required by California Code of Civil Procedure §726.5; and (b) each provision in this Article (together with any indemnity
applicable to a breach of any such provision) with respect to the environmental condition of the real property security is intended by Lender and Borrower to be an “environmental provision” for purposes of California Code of Civil
Procedure §736, and as such it is expressly understood that Borrower’s duty to indemnify Lender hereunder shall survive: (i) any judicial or non-judicial foreclosure under the Deed of Trust, or transfer of the Property in lieu
thereof; (ii) the release and reconveyance or cancellation of the Deed of Trust; and (iii) the satisfaction of all of Borrower’s obligations under the Loan Documents. 

ARTICLE 8. SET ASIDE LETTERS; BONDING DISBURSEMENTS 

 

	 	8.1	 SET ASIDE LETTERS. Lender shall, following written request from Borrower, issue a letter or letters (“Set Aside
Letter”) to any governmental agency (“Obligee”) or bonding company acceptable to Lender in its reasonable discretion (“Surety”) whereby Lender agrees to allocate a portion of the Cash Collateral for a
portion of the Project Work which appears on the Budget and for which a bond (each, a “Bond”) is required pursuant to the Entitlements (such portion of the Project Work, “Bonded Work”), provided that the following
conditions have been met in Lender’s sole and absolute discretion: 

  

	 	(a)	 There shall exist no Default, as defined in this Agreement, or Default as defined in any of the other Loan Documents or in the Other Related
Documents, or event, omission or failure of condition which would constitute a Default under any such document after notice or lapse of time, or both; 

  

	 	(b)	 There shall exist no Material Entitlements Change. 

  
 33 

	 	(c)	 Borrower delivers a certificate to Lender which represents, warrants, covenants and agrees, with respect to the applicable Set Aside Letter, as
follows: 

  

	 	(i)	 The face amount of the applicable Bond shall be sufficient to pay for the construction and completion cost of the applicable Bonded Work in
accordance with any agreement between Borrower and Obligee and a copy of such agreement shall be furnished to Lender by Borrower prior to and as a condition precedent to the issuance by Lender of any Set Aside Letter; 

 

	 	(ii)	 The portion of the Cash Collateral requested to be allocated to cash collateralize the Bond, together with any other cash collateral paid to Surety
is sufficient to cash collateralize the Bond as required pursuant to the terms thereof; 

  

	 	(iii)	 Lender is irrevocably and unconditionally authorized to disburse to the Obligee or Surety all or any portion of said allocated Cash Collateral upon
a demand of such Surety or Obligee made in accordance with the terms and conditions of the Set Aside Letter; 

  

	 	(iv)	 BORROWER SHALL DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER FROM ANY CLAIM, DEMAND, CAUSE OF ACTION, DAMAGE, LOSS OR LIABILITY, INCLUDING, WITHOUT
LIMITATION, ANY COURT COSTS AND ATTORNEYS’ FEES AND EXPENSES, WHICH LENDER MAY SUFFER OR INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF ITS ISSUANCE OF OR COMPLIANCE WITH ANY REQUESTED SET ASIDE LETTER. BORROWER SHALL PAY ANY INDEBTEDNESS ARISING
UNDER THIS INDEMNITY TO LENDER IMMEDIATELY UPON DEMAND OF LENDER. BORROWER’S DUTY TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER HEREUNDER SHALL SURVIVE THE RELEASE AND CANCELLATION OF THE NOTE AND THE FULL OR PARTIAL RELEASE OR RECONVEYANCE OF
THE DEED OF TRUST OR OTHER LOAN DOCUMENTS; and 

  

	 	(v)	 Lender shall have no obligation to release any collateral or security under the Loan Documents unless and until Lender has received a full and final
written release of its obligations under each Set Aside Letter. 

  

	 	(d)	 The face amount of the applicable Bond shall be equal to or less than: the positive difference, if any, between (i) the amount allotted for the
portion of the Project Work which is the subject of the applicable Bond, on the Budget, minus (ii) the sum of (x) any prior disbursements of Cash Collateral for the portion of the Project Work which is the subject of the applicable Bond,
plus (y) the face amount of any Bond posted for the applicable portion of the Project Work for which allocation is being requested. 

  

	 	(e)	 Borrower delivers to Lender an irrevocable direction letter issued to the applicable Obligee or Surety, countersigned by the applicable Obligee or
Surety, which acknowledges that if at any time any cash collateral received by such Obligee or Surety is to be returned or refunded, for any reason, such refund or return shall be made directly to the Cash Collateral Account.

  

	 	(f)	 Following the allocation of the Cash Collateral contemplated by such Set Aside Letter, the amount of Unallocated Cash Collateral on deposit in the
Cash Collateral Account shall be equal to or greater than the Cash Collateral Threshold Amount. 

  
 34 

	 	(g)	 Borrower shall pay a fee to Lender for issuing each such Set Aside Letter in the amount of FIVE THOUSAND AND NO/100THS DOLLARS ($5,000.00).

  

	 	8.2	 BONDING DISBURSEMENTS. If, following commercially reasonable efforts, Borrower is unable to cause the applicable Obligee or Surety to
accept a Set Aside Letter in lieu of cash collateralization of a Bond, Lender shall, following written request from Borrower, disburse Cash Collateral to a Surety in order to cash collateralize no more than 25% of the face amount of such Bond,
provided that the following conditions have been met in Lender’s sole and absolute discretion: 

  

	 	(a)	 There shall exist no Default, as defined in this Agreement, or Default as defined in any of the other Loan Documents or in the Other Related
Documents, or event, omission or failure of condition which would constitute a Default under any such document after notice or lapse of time, or both; 

  

	 	(b)	 There shall exist no Material Entitlements Change. 

 

	 	(c)	 The face amount of the applicable Bond shall be equal to or less than: the positive difference, if any, between (i) the amount allotted for the
portion of the Project Work which is the subject of the applicable Bond, on the Budget, minus (ii) the sum of (x) any prior disbursements of Cash Collateral for the portion of the Project Work which is the subject of the applicable Bond,
plus (y) the face amount of any other Bond posted for the applicable portion of the Project Work for which disbursement is being requested. 

  

	 	(d)	 Borrower delivers to Lender an irrevocable direction letter issued to the applicable Obligee or Surety, countersigned by the applicable Obligee or
Surety, which acknowledges that if at any time any cash collateral received by such Obligee or Surety is to be returned or refunded, for any reason, such refund or return shall be made directly to the Cash Collateral Account.

  

	 	(e)	 Following the allocation of the Cash Collateral contemplated by such Set Aside Letter, the amount of Unallocated Cash Collateral on deposit in the
Cash Collateral Account shall be equal to or greater than the Cash Collateral Threshold Amount. 

 ARTICLE
9. COVENANTS OF BORROWER 
  

	 	9.1	 EXPENSES. Borrower shall immediately pay Lender upon demand all costs and expenses incurred by Lender in connection with: (a) the
preparation of this Agreement, all other Loan Documents and Other Related Documents contemplated hereby; (b) the administration of this Agreement, the other Loan Documents and Other Related Documents for the term of the Loan; and (c) the
enforcement or satisfaction by Lender of any of Borrower’s obligations under this Agreement, the other Loan Documents or the Other Related Documents. For all purposes of this Agreement, Lender’s costs and expenses shall include, without
limitation, any and all appraisal fees, cost engineering and inspection fees, legal fees and expenses, accounting fees, environmental consultant fees, auditor fees, UCC filing fees and/or UCC vendor fees, flood certification vendor fees, tax service
vendor fees, and the cost to Lender of any title insurance premiums, title surveys, reconveyance and notary fees. 

  

	 	9.2	 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 

  
 35 

	 	 
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. 

  

	 	9.3	 MATERIAL AGREEMENTS. Borrower hereby covenants and agrees that it shall not enter into, terminate, amend, amend and restate, renew,
replace or otherwise modify or supplement any Material Agreement, without the prior written consent of Lender. Borrower shall require all others parties to any Material Agreement to perform in accordance with the terms of such Material Agreement and
shall diligently exercise Borrower’s rights and obligations thereunder. Further, Borrower shall at all times comply with all of the terms and conditions of any and all Material Agreements and shall perform all acts as necessary to avoid any
termination thereof or default thereunder. At any time and from time to time, upon Lender’s request, Borrower shall execute and deliver to Lender an assignment of Borrower’s rights under such Material Agreement, executed and consented to
by each counterparty thereto, as security for Borrower’s obligations under this Agreement and the other Loan Documents. In addition, Borrower shall deliver, or cause to be delivered notices of any default under a Material Agreement. Borrower
shall not cause or permit the amendment, termination or waiver of any of Borrower’s rights under any Material Agreement, and Borrower hereby appoints Lender as its attorney-in-fact, which appointment is coupled with an interest. As
attorney-in-fact, Lender may, upon the occurrence and during the continuance of a Default, take or omit to take any action in Borrower’s name which Lender may deem appropriate, including, without limitation, and, in addition to any other rights
exercisable by Lender pursuant to this Agreement, enforcement of Borrower’s rights under any Material Agreement. 

  

	 	9.4	 DELIVERY OF ENTITLEMENTS CORRESPONDENCE. Borrower shall deliver, or cause any Person acting on behalf of Borrower, to deliver to
Lender copies of each of the following: (i) all final applications submitted by any Person in connection with the processing of the Remaining Entitlements; (ii) notices of public hearings or other scheduled public meetings at which any
Approving Authority is scheduled to discuss or approve the Entitlements; and (iii) to the extent requested by Lender, copies of material correspondence, reports and other information evidencing Borrower’s diligent efforts in processing the
Remaining Entitlements. 

  

	 	9.5	 OPERATING ACCOUNT; USE OF BORROWER’S FUNDS. Borrower shall maintain no account for its use other than the Operating Account.
Within one (1) business day of receipt of any equity contribution from Sole Member, Borrower shall deposit any such amounts so contributed to Borrower in the Operating Account. Borrower’s Funds shall be used by Borrower solely to fund:
(i) the Project Work; (ii) the Entitlements; and (iii) any other costs or expenses reasonably required to accomplish either of the foregoing. 

 

	 	9.6	 CASH COLLATERAL ACCOUNT. Within one (1) business day of receipt of any funds whatsoever other than funds required to be deposited
in the Operating Account pursuant to Section 9.5 hereof, in the Cash Collateral Account. 

  

	 	9.7	 SATISFACTION OF CONDITIONS OF APPROVAL. Borrower and Lender hereby acknowledge that the development of the Future Residential
Improvements will require the prior receipt of the Entitlements, as contemplated by the Business Plan. Borrower and Lender further acknowledge that the Entitlements will be subject to final approvals by the applicable Approving Authority
(collectively, the “Final Discretionary Approvals”) which may include, without limitation, review by the applicable Approving Authority of any changes from, or modifications or supplements to, the Current Entitlements and
verification that the applicable Conditions of Approval have been met. Borrower shall use diligent efforts to complete and otherwise satisfy all Conditions of Approval and to process and/or obtain all Final Discretionary Approvals and Borrower shall
not cause or permit any action or omission which would result in a Material 

  
 36 

	 	 
Entitlements Change (which, for the avoidance of doubt, shall not include any action taken by an Approving Authority resulting in a Material Entitlements Change, which action shall not have
resulted from the action or omission (including, without limitation, the failure to exercise any rights to which such party is entitled) of Borrower, Member, any Guarantor, or any Affiliate of either of the foregoing). 

 

	 	9.8	 LENDER’S APPROVAL OF ENTITLEMENT SUBMITTALS. In addition to, and expressly not in limitation of, the requirements set forth in
Section 4.3(a) hereof with respect to Lender’s consent to Material Entitlement Changes, Borrower shall (x) submit a Request for Entitlement Change pursuant to Section 4.3(a) hereof and (y) obtain Lender’s
consent with respect to the following Entitlement Submittals (which consent shall not be unreasonably withheld so long as the submission of the proposed Entitlement Submittal to the applicable Approving Authority in the form submitted for
Lender’s approval (1) is consistent with the Business Plan and (2) will not result in a Material Entitlement Change), prior to submittal thereof to the applicable Approving Agency and prior to the execution thereof by Borrower:
(i) the project descriptions for the Future Residential Improvements to be submitted to the applicable Approving Agency as part of any environmental review process under the California Environmental Quality Act (“CEQA”); (ii) any
Notice of Preparation and Notice of Determination circulated by any Approving Agency under CEQA; (iii) all applications and amendments to applications for the Remaining Entitlements, and all binding term sheets, letters of intent or executed
agreements between Borrower and any Approving Agency indicating agreement on material substantive terms related to the Entitlements; and (iv) any other Entitlement Submittals that would materially and adversely affect the ability to develop the
Property for the Future Residential Improvements. The Entitlement Submittals shall not include day-to-day correspondence, emails, drafts and other materials generated in the ordinary course of negotiations with any Approving Agency. Further,
Borrower shall provide to Lender, promptly upon full execution thereof, true, correct and complete copies of Entitlement Submittals requiring Lender’s approval under this Section 9.8. 

 

	 	9.9	 COMPLIANCE. Borrower shall comply and shall cause the Property and the ongoing or completed Project Work to comply with any and all
applicable requirements imposed by (i) Applicable Law, including without limitation, any ADA requirements, and (ii) the Business Plan. 

  

	 	9.10	 BUDGET. The initial Budget is attached hereto as a portion of Exhibit C and (i) may not be modified, amended, amended and
restated, renewed and/or supplemented without the prior consent of Lender, to be granted or withheld in Lender’s sole and absolute discretion. 

  

	 	9.11	 ASSIGNMENT. Without the prior written consent of Lender, Borrower shall not assign Borrower’s interest under any of the Loan
Documents, or in any monies due or to become due thereunder, including without limitation, any amounts under the Cash Collateral Account, and any assignment without such consent shall be void ab initio. In this regard, Borrower acknowledges that
Lender would not make the Loan except in reliance on Borrower’s expertise, reputation, prior experience in developing and constructing residential real property, Lender’s knowledge of Borrower, and Lender’s understanding that this
Agreement is more in the nature of an agreement involving personal services than a standard loan where Lender would rely on security which already exists. 

 

	 	9.12	 LEASING. Borrower shall not permit any Lease (as defined in the Deed of Trust) to be entered into with respect to ail or any portion
of the Property or the Project Work. 

  

	 	9.13	 ZONING AND USE OF PROPERTY. Other than as expressly contemplated by the Business Plan and the Budget, Borrower shall not
(i) initiate or acquiesce to a zoning change of the Property, or (ii) allow changes in the stated use of the Property, in each case from that disclosed to Lender at the time of execution hereof without prior notice to, and prior written
consent from, Lender. Furthermore Borrower 

  
 37 

	 	 
shall maintain compliance with all governmental requirements applicable to the Property from time to time, and all other applicable statutes, laws, regulations and ordinances necessary for the
transaction of its business, including any Entitlements then in effect. 

  

	 	9.14	 SPECIAL PURPOSE ENTITY; ORGANIZATIONAL DOCUMENTS. At all times until the indefeasible payment in full of the Loan and all other
amounts owing under the Loan Documents, Borrower shall be a Special Purpose Entity, and Borrower shall not permit any change or amendment to its organizational documents at anytime until the indefeasible payment in full of the Loan.

  

	 	9.15	 FURTHER ASSURANCES. Upon Lender’s request and at Borrower’s sole cost and expense, Borrower shall execute, acknowledge and
deliver any other instruments and perform any other acts necessary, desirable or proper, as determined by Lender, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any liens created by the Loan
Documents. 

  

	 	9.16	 PATRIOT ACT. The following notification is provided to Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C.
Section 5318: 

  

	 	(a)	 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or
other financial services product. What this means for Borrower: When Borrower opens an account, if Borrower is an individual, Lender will ask for Borrower’s name, taxpayer identification number, residential address, date of birth, and other
information that will allow Lender to identify Borrower and, if Borrower is not an individual, Lender will ask for Borrower’s name, taxpayer identification number, business address, and other information that will allow Lender to identify
Borrower. Lender may also ask, if Borrower is an individual, to see Borrower’s driver’s license or other identifying documents and, if Borrower is not an individual, to see Borrower’s legal organizational documents or other
identifying documents. 

  

	 	(b)	 Borrower shall not (i) be or become subject at any time to any law, regulation, or list of any government agency (including, without
limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits Lender from making any advance or extension of credit to Borrower or from otherwise conducting business with Borrower, or (ii) fail to provide documentary and
other evidence of Borrower’s identity as may be requested by Lender at any time to enable Lender to verify Borrower’s identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the USA
Patriot Act of 2001, 31 U.S.C. Section 5318. 

  

	 	(c)	 Borrower does not belong to any group, organization, or association that promotes, commits, threatens to commit, conspires to commit or supports
“terrorism” as defined in 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 (the “Executive Order”). Borrower does not contribute money or other assets, including without limitation real or personal property, to any organization, group, or association that promotes, commits, threatens to commit,
conspires to commit or supports terrorism, nor to any Prohibited Person. “Prohibited Person” means any Person: 

  

	 	(i)	 listed in the Annex to, or otherwise subject to the provisions of, the Executive Order; 

  
 38 

	 	(ii)	 that is owned or controlled by, or acting for or on behalf of, any Person that is listed to the Annex to, or is otherwise subject to the provisions
of, the Executive Order; 

  

	 	(iii)	 with whom Lender is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including the
Executive Order; 

  

	 	(iv)	 that is named as a specially designated “national and blocked person” on the most current list published by the U.S. Treasury Department
Office of Foreign Assets Control at is official website, http://www.treas.gov.ofac/tllsdn.pdf or at any replacement website or other replacement official publication of such list; or 

 

	 	(v)	 who is an Affiliate of or affiliated with a Person listed above. 

 

	 	(d)	 Borrower shall promptly comply with all Applicable Laws, including (a) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) 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, (c) the International Emergency Economic Power Act, 50 U.S.C. § 1701 et. seq., and (d) all other legal requirements relating to money laundering or terrorism.
Borrower shall from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that each of Borrower and the Project complies with all Applicable Laws or is exempt from compliance with Applicable Laws.

  

	 	(e)	 Borrower is hereby notified that the federal government is currently drafting regulations to implement certain provisions of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA Patriot Act”) (Pub. L. 107- 56). In the event that these regulations are put into effect before the Closing, Borrower may
be required to make additional disclosures or representations as to Borrower’s finances, citizenship and/or affiliations. 

  

	 	9.17	 REMOVAL OF PEDESTRIAN CROSSING AGREEMENT. Borrower shall use commercially reasonable efforts to cause the termination of that certain
Agreement for Pedestrian Crossing, dated as of June 25,1985 and recorded in the Office of the County Recorder for Santa Clara County, California on October 19, 1985 in Book J474, Page 1261 (the “Agreement for Pedestrian
Crossing”), and upon such termination, Borrower shall deliver original, duly executed counterparts of such termination in recordable form (the “Termination”). 

 

	 	9.18	 GROUND LEASE. 

  

	 	(a)	 Borrower shall: 

  

	 	(i)	 pay all rents, additional rents and other sums required to be paid by Borrower, as tenant under and pursuant to the provisions of the Ground Lease,
as and when such rent or other charge is payable, 

  

	 	(ii)	 diligently perform and observe all of the terms, covenants and conditions of the Ground Lease on the part of Borrower, as tenant thereunder, to be
performed and observed, at least five (5) days prior to the expiration of any applicable grace period therein provided; and 

  
 39 

	 	(iii)	 promptly notify Lender of the giving of any written notice by the lessor under the Ground Lease to Borrower of any default by Borrower in the
performance or observance of any of the terms, covenants or conditions of the Ground Lease on the part of Borrower, as tenant thereunder, to be performed or observed, and deliver to Lender a true copy of each such notice.

  

	 	(b)	 Borrower shall not, without the prior consent of Lender, surrender the leasehold estate created by the Ground Lease or terminate or cancel the
Ground Lease or modify, change, supplement, alter or amend the Ground Lease, in any material respect, either orally or in writing, and Borrower hereby assigns to Lender, as further security for the payment and performance of the Obligations and for
the performance and observance of the terms, covenants and conditions of the Deed of Trust, this Agreement and the other Loan Documents, all of the rights, privileges and prerogatives of Borrower, as tenant under the Ground Lease, to surrender the
leasehold estate created by the Ground Lease or to terminate, cancel, modify, change, supplement, alter or amend the Ground Lease in any material respect, and any such surrender of the leasehold estate created by the Ground Lease or termination,
cancellation, modification, change, supplement, alteration or amendment of the Ground Lease in any material respect without the prior consent of Lender shall be void and of no force and effect. 

 

	 	(c)	 If Borrower shall default in the performance or observance of any material term, covenant or condition of the Ground Lease on the part of Borrower,
as tenant thereunder, to be performed or observed, then, without limiting the generality of the other provisions of the Deed of Trust, this Agreement and the other Loan Documents, and without waiving or releasing Borrower from any of its obligations
hereunder, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the material terms, covenants and conditions of the Ground Lease on the part of
Borrower, as tenant thereunder, to be performed or observed or to be promptly performed or observed on behalf of Borrower, to the end that the rights of Borrower in, to and under the Ground Lease shall be kept unimpaired as a result thereof and free
from default, even though the existence of such event of default or the nature thereof be questioned or denied by Borrower or by any party on behalf of Borrower. If Lender shall make any payment or perform any act or take action in accordance with
the preceding sentence, Lender will notify Borrower of the making of any such payment, the performance of any such act or the taking of any such action. In any such event, Lender and any Person designated as Lender’s agent by Lender shall have,
and are hereby granted, the right to enter upon the Property at any time, without notice, for the purpose of taking any such action. Lender may pay and expend such sums of money as Lender reasonably deems necessary for any such purpose and upon so
doing shall be subrogated to any and all rights of the landlord under the Ground Lease. Borrower hereby agrees to pay to Lender immediately and without demand, all such sums so paid and expended by Lender, together with interest thereon from the day
of such payment at the Default Rate. All sums so paid and expended by Lender and the interest thereon shall be secured by the legal operation and effect of the Deed of Trust. 

 

	 	(d)	 If the lessor under the Ground Lease shall deliver to Lender a copy of any notice of default sent by said lessor to Borrower, as tenant under the
Ground Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender, in good faith, in reliance thereon. Borrower shall exercise each individual option, if any, to extend or renew the term of
the Ground Lease upon demand by Lender made, and if Borrower shall fail to do so, Borrower hereby expressly authorizes and appoints Lender its attorney-in-fact to exercise any

  
 40 

	 	 
such option in the name of and upon behalf of the Borrower, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest Borrower will not subordinate or
consent to the subordination of the Ground Lease to any mortgage, security deed, lease or other interest on or in the landlord’s interest in all or any part of the Property, unless, in each such case, the written consent of Lender shall have
been first had and obtained. 

  

	 	9.19	 THE LEASEHOLD INTEREST AND THE RELATED FEE. 

 

	 	(a)	 No Merger. So long as any portion of the Loan remains unpaid, unless Lender shall otherwise consent, the fee title to Property subject to the
Ground Lease and the leasehold estate therein created pursuant to the Ground Lease shall not merge but shall always be kept separate and distinct, notwithstanding the union of such estates in Borrower, Lender, or in any other person by purchase,
operation of law or otherwise. Lender reserves the right, at any time, to release portions of the Property, including but not limited to, the leasehold estate created by the Ground Lease, with or without consideration, at Lender’s election,
without waiving or affecting any of its rights hereunder or under the Note, the Deed of Trust or the other Loan Documents and any such release shall not effect Lender’s rights in connection with the portion of the Property not so released.

  

	 	(b)	 Acquisition of the Fee Estate. In the event that Borrower, so long as any portion of the Loan remains unpaid, shall become the owner and
holder of the fee title to the Property governed by the Ground Lease, the lien of the Deed of Trust, pursuant to its terms, shall be spread to cover Borrower’s fee title to the Property governed by the Ground Lease, and said fee title shall be
deemed to be included in the Land (as defined in the Deed of Trust). To that end, Borrower agrees, at its sole cost and expense, including without limitation Lender’s reasonable attorneys’ fees, to (i) execute any and all documents or
instruments necessary to subject its fee title to the lien of the Deed of Trust; and (ii) provide a title insurance policy which shall insure that the Deed of Trust is a first lien on Borrower’s fee title to the Property governed by the
Ground Lease. Notwithstanding the foregoing, if the Ground Lease is for any reason whatsoever terminated prior to the natural expiration of its term, and if, pursuant to any provisions of the Ground Lease or otherwise, Lender or its designee shall
acquire from Ground Lessor another lease of the Property governed by the Ground Lease, Borrower shall have no right, title or interest in or to such other lease or the leasehold estate created thereby. 

 

	 	9.20	 REJECTION OF THE GROUND LEASE. 

  

	 	(a)	 If the Ground Lease is terminated for any reason in the event of the rejection or disaffirmance of the ground Lease pursuant to the Bankruptcy Code
or any other law affecting creditor’s rights, (i) Borrower, immediately after obtaining notice thereof, shall give notice thereof to Lender, (ii) Borrower, without the prior written consent of Lender, shall not elect to treat the
Ground Lease as terminated pursuant to Section 365(h) of the Bankruptcy Code or any comparable federal or state statute or law, and any election by Borrower made without such consent shall be void and (iii) this Agreement, the Deed of
Trust, all other Loan Documents, and the liens, terms, covenants and conditions of the forgoing shall extend to and cover Borrower’s possessory rights under Section 365(h) of the Bankruptcy Code and to any claim for damages due to the
rejection of the Ground Lease or other termination of the Ground Lease. In addition, Borrower hereby irrevocably assigns to Lender, Borrower’s rights to treat the Ground Lease as terminated pursuant to Section 365(h) of the Bankruptcy Code
and to offset rents under such Ground Lease in the event any case, proceeding or other action is commenced by or against the Ground Lessor under the Bankruptcy 

  
 41 

	 	 
Code or any comparable federal or state statute or law, provided that Lender shall not exercise such rights and shall permit Borrower to exercise such rights with the prior written consent of
Lender, not to be unreasonably withheld or delayed, unless an Event of Default shall have occurred and be continuing. 

  

	 	(b)	 Borrower hereby assigns to Lender, (i) Borrower’s right to reject the Ground Lease under Section 365 of the Bankruptcy Code or any
comparable federal or state statute or law with respect to any case, proceeding or other action commenced by or against Borrower under the Bankruptcy Code or comparable federal or state law, and (ii) Borrower’s right to seek an extension
of the 60-day period within which Borrower must accept or reject the Ground Lease under Section 365 of the Bankruptcy Code or any comparable federal or state statute or law; provided that Lender shall not exercise such rights and shall permit
Borrower to exercise such rights with the prior written consent of Lender, not to be unreasonably withheld or delayed, unless an Event of Default shall have occurred and be continuing. Further, if Borrower shall desire to so reject the Ground Lease,
at Lender’s request, Borrower shall assign its interest in the Ground Lease to Lender in lieu of rejecting such Ground Lease as described above, upon receipt by Borrower of written notice from Lender of such request together with Lender’s
agreement to cure any existing defaults of Borrower under such Ground Lease. 

  

	 	(c)	 Borrower hereby agrees that if the Ground Lease is terminated for any reason in the event of the rejection or disaffirmance of the Ground Lease
pursuant to the Bankruptcy Code or any other law affecting creditor’s rights, any property not removed by Borrower as permitted or required by the Ground Lease, shall at the option of Lender be deemed abandoned by Borrower, provided that Lender
may remove any such property required to be removed by Borrower pursuant to the Ground Lease and all costs and expenses associated with such removal shall be paid by Borrower within five (5) days of receipt by Borrower of an invoice for such
removal costs and expenses. 

  

	 	9.21	 INTENTIONALLY BLANK. 

  

	 	9.22	 SOLE CONTRACTING PARTY. Until indefeasible payment in full of the Secured Obligations, neither Guarantor nor any Affiliate of
Guarantor, but specifically excluding Borrower, shall enter into any agreement or contract with respect to the Property, the Project Work and the Future Residential Improvements, and Borrower shall be the sole party entitled to contract with respect
to the foregoing. 

  

	 	9.23	 ARCHITECT’S AND CONTRACTOR’S CONSENTS. If, following the Effective Date, Borrower enters into any Construction Agreement or
Architect’s Agreement, Borrower shall, promptly thereafter, deliver to Lender a Contractor’s Consent or Architect’s Consent, as applicable, with respect to each Contractor or Architect which is a counterparty to the applicable
Construction Agreement or Architect’s Agreement. 

 NECESSARY ENTITLEMENTS
UPDATE. If at any time or from time to time, Borrower becomes or is made aware of a particular Entitlement which, if Borrower had been aware of such Entitlement on the Effective Date, would have been required pursuant to
Section 6.16 hereof, to appear on Exhibit G, H or I, then Borrower shall promptly, after learning of such Entitlement, amend and update the applicable exhibit, through written notice to Lender. 

ARTICLE 10. REPORTING COVENANTS 
  

	 	10.1	 FINANCIAL INFORMATION. Borrower shall deliver to Lender, as soon as available, but in no event later than thirty (30) days after
the end of each calendar quarter, a current quarterly financial statement (including, without limitation, an income and expense statement and balance sheet) together with any

  
 42 

	 	 
other financial information reasonably requested by Lender. Within forty five (45) days of Lender’s request, Borrower shall also deliver to Lender such quarterly and other financial
information regarding any persons or entities in any way obligated on the Loan as Lender may specify. If audited financial information is prepared, Borrower shall deliver to Lender copies of that information within fifteen (15) days of its
final preparation. Except as otherwise agreed to by Lender, all such financial information shall be prepared in accordance with generally accepted accounting principles consistently applied. 

 

	 	10.2	 BOOKS AND RECORDS. Borrower shall maintain complete books of account and other records for the Property and improvements and for
disbursement and use of the proceeds of the Loan and Borrower’s Funds, and the same shall be available for inspection and copying by Lender upon reasonable prior notice. 

 

	 	10.3	 BUDGET RECONCILIATION. Until such time as the Loan is indefeasibly paid in full, Borrower shall deliver to Lender, within fifteen
(15) day after the end of each calendar quarter an statement (a “Budget Reconciliation”) which shows in detail the amounts of Borrower’s Funds and Cash Collateral paid or allocated by or on behalf of Borrower for the
previous quarter together with a comparison of the budgeted costs for any items in the Budget Reconciliation which also appear on the Budget hereto. 

  

	 	10.4	 CERTIFICATIONS OF REPORTS. Any reports or other information, including without limitation any Budget Reconciliation, provided to
Lender by or on behalf of Borrower under this Article 10, shall include a certification in form and substance satisfactory to Lender, executed by Borrower, stating that such reports, documents, and information are true, correct and complete and do
not omit to state any material information without which the same might reasonably be misleading. 

 ARTICLE
11. DEFAULTS AND REMEDIES 
  

	 	11.1	 DEFAULT. The occurrence of any one or more of the following shall constitute an event of default (“Default”) under this
Agreement and the other Loan Documents: 

  

	 	(a)	 Monetary. Borrower’s failure to pay when due any sums payable under the Note or any of the other Loan Documents or
Borrower’s failure to deposit any Borrower’s Funds as and when required under this Agreement; or 

  

	 	(b)	 Performance of Obligations. Borrower’s failure to perform any obligation in addition to those in
Section 11.1 (a) above, under any of the Loan Documents; provided, however, that if a cure period is provided for the remedy of such failure, Borrower’s failure to perform will not constitute a Default until such
date as the specified cure period expires; or 

  

	 	(c)	 Construction: Use. (i) There is any material deviation in the Project Work from the Business Plan, Budget, or governmental
requirements or the appearance or use of defective workmanship or materials in constructing any portion of the Project Work, and Borrower fails to remedy the same to Lender’s satisfaction within ten (10) days of Lender’s written
demand to do so; or (ii) there is a cessation of progress with respect to the Project Work, prior to completion, for a continuous period of more than fifteen (15) days (except as may be permitted pursuant to Section 4.2 or as a
result of Lender’s failure to make disbursements from the Cash Collateral Account in violation of the terms of the Loan Documents; or 

  

	 	(d)	 Liens, Attachment; Condemnation. (i) The recording of any claim of lien against the Property or any portion of the Project Work
or the service on Lender of any bonded stop notice relating to the Loan and the continuance of such claim of lien or bonded stop notice for twenty (20) days without 

  
 43 

	 	 
discharge, satisfaction or provision for payment being made by Borrower in a manner satisfactory to Lender; or (ii) the condemnation, seizure or appropriation of, or occurrence of an
uninsured casualty with respect to any material portion of the Property or any completed or ongoing Project Work; or (iii) the sequestration or attachment of, or any levy or execution upon any of the Property or any completed or ongoing Project
Work, any other collateral provided by Borrower under any of the Loan Documents, any monies In any Account, or any substantial portion of the other assets of Borrower, which sequestration, attachment, levy or execution is not released, expunged or
dismissed prior to the earlier of thirty (30) days or the sale of the assets affected thereby; or 

  

	 	(e)	 Representations and Warranties. (i) The failure of any representation or warranty of Borrower in any of the Loan Documents and,
solely with respect to any representation or warranty which is susceptible to cure, the continuation of such failure for more than ten (10) days after written notice to Borrower from Lender requesting that Borrower cure such failure; or
(ii) any material adverse change in the financial condition of Borrower or any Guarantor (provided, however, that for all purposes hereof a Bankruptcy Action by the Guarantor shall not, in and of itself, be deemed to be a material adverse
change in the financial condition of the Guarantor) from the financial condition represented to Lender as of the later of: (A) the Effective Date; or (B) the date upon which the financial condition of such party was first represented to
Lender; or 

  

	 	(f)	 Voluntary Bankruptcy; Insolvency; Dissolution. (i) The filing of a petition by Borrower for relief under the Bankruptcy Code, or
under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law; (ii) the filing of any pleading or an answer by Borrower in any involuntary proceeding under the Bankruptcy Code or other
debtor relief law which admits the jurisdiction of the court or the petition’s material allegations regarding Borrower’s insolvency; (iii) a general assignment by Borrower for the benefit of creditors; or (iv) Borrower applying
for, or the appointment of, a receiver, trustee, custodian or liquidator of Borrower or any of its property; or 

  

	 	(g)	 Involuntary Bankruptcy. The failure of Borrower to effect a full dismissal of any involuntary petition under the Bankruptcy Code or
under any other debtor relief law that is filed against Borrower or In any way restrains or limits Borrower or Lender regarding the Loan, the Property, the Project Work or the Future Residential Improvements, prior to the earlier of the entry of any
court order granting relief sought in such involuntary petition, or thirty (30) days after the date of filing of such involuntary petition; or 

  

	 	(h)	 Transfers. The occurrence of any Prohibited Property Transfer or Prohibited Equity Transfer. 

 

	 	(i)	 Loss of Priority. The failure at any time of the Deed of Trust to be a valid first lien upon the Property and the Project Work or any
portion thereof, other than as a result of any release or reconveyance of the Deed of Trust with respect to all or any portion of the Property and the Project Work pursuant to the terms and conditions of this Agreement; or

  

	 	(j)	 Hazardous Materials. The discovery of any significant Hazardous Materials in, on or about the Property subsequent to the Effective
Date. Any such Hazardous Materials shall be “significant” for this purpose if said Hazardous Materials, in Lender’s sole discretion, have a materially adverse impact on the value of the Property and/or the Future Residential
Improvements; or 

  
 44 

	 	(k)	 Modification or Termination of Ground Lease. Except as required by the Current Entitlements or the Remaining Entitlements, if Borrower
shall amend, modify, terminate or surrender the Ground Lease without Lender’s consent. 

  

	 	(l)	 Special Purpose Entity; Organization. Any breach of the covenant set forth in Section 9.14. 

 

	 	(m)	 Failure to Deliver Additional Cash Collateral Account Deposit. Borrower’s failure to deposit the additional sum of $5,000,000.00
into the Cash Collateral Account by January 31, 2012, as required pursuant to Section 3.4(c). 

  

	 	(n)	 Default Under Other Loan Documents or Other Related Documents. The occurrence of a default under any of the Loan Documents or any of
the Other Related Documents, including, without limitation, any failure to perform any covenant, condition or obligation thereunder by Borrower or Guarantor, but subject to any applicable notice and grace period expressly provided for therein.

  

	 	11.2	 ACCELERATION UPON DEFAULT; REMEDIES. Upon the occurrence of any Default specified in this Article 11, Lender may, at its sole option,
declare all sums owing to Lender under the Note, this Agreement and the other Loan Documents immediately due and payable. Upon such acceleration, Lender may, in addition to all other remedies permitted under this Agreement and the other Loan
Documents and at law or equity, apply any sums in any Account to the amounts owing under the Loan Documents. 

  

	 	11.3	 DISBURSEMENTS TO THIRD PARTIES. Upon the occurrence of a Default occasioned by Borrower’s failure to pay money to a third party
as required by this Agreement, Lender may but shall not be obligated to make such payment from any Account, or other funds of Lender. If such payment is made from an Account, Borrower shall immediately deposit with Lender, upon written demand, an
amount equal to such payment with interest at the Default Rate calculated from the date of such payment until such amount is deposited with Lender by Borrower. If such payment is made from other funds of Lender, Borrower shall immediately repay such
funds upon written demand of Lender with interest at the Default Rate calculated from the date of such payment until such amount is deposited with Lender by Borrower. In either case, the Default with respect to which any such payment has been made
by Lender shall not be deemed cured until such deposit or repayment (as the case may be) has been made by Borrower to Lender. 

  

	 	11.4	 LENDER’S COMPLETION OF CONSTRUCTION. Upon the occurrence of a Default, Lender may, upon five (5) days prior written notice
to Borrower, and with or without legal process, take possession of the Property and any completed or ongoing Project Work, remove Borrower and all agents, employees and contractors (including, without limitation, any Contractor or Architect) of
Borrower from the Property and/or any completed or ongoing Project Work, complete the Project Work and market and sell or lease the Property any completed Project Work thereon. For this purpose, Borrower irrevocably appoints Lender as its
attorney-in-fact, which agency is coupled with an interest. As attorney-in-fact, Lender may, in Borrower’s name, take or omit to take any action Lender may deem appropriate, including, without limitation, exercising Borrower’s rights under
the Loan Documents and all contracts concerning the Property and/or improvements. 

  

	 	11.5	 LENDER’S CESSATION OF PROJECT WORK. If Lender determines at any time that the Project Work is not being completed in accordance
with the Business Plan, the Budget and all governmental requirements, Lender may immediately cause all ongoing Project Work to cease on the part of the Property affected by the condition of nonconformance. Borrower shall thereafter not allow any
Project Work, other than 

  
 45 

	 	 
corrective work, to be performed on any of the Property or completed or ongoing Project Work affected by the condition of nonconformance until such time as Lender notifies Borrower in writing
that the nonconforming condition has been corrected. 

  

	 	11.6	 REPAYMENT OF FUNDS ADVANCED. Any funds expended by Lender in the exercise of its rights or remedies under this Agreement and the other
Loan Documents shall be payable to Lender upon demand, together with interest at the rate applicable to the principal balance of the Note from the date the funds were expended. 

 

	 	11.7	 RIGHTS CUMULATIVE, NO WAIVER. All Lender’s rights and remedies provided in this Agreement and the other Loan Documents, together
with those granted by law or at equity, are cumulative and may be exercised by Lender at any time. Lender’s exercise of any right or remedy shall not constitute a cure of any Default unless ail sums then due and payable to Lender under the Loan
Documents are repaid and Borrower has cured all other Defaults. No waiver shall be implied from any failure of Lender to take, or any delay by Lender in taking, action concerning any Default or failure of condition under the Loan Documents, or from
any previous waiver of any similar or unrelated Default or failure of condition. Any waiver or approval under any of the Loan Documents must be in writing and shall be limited to its specific terms. 

ARTICLE 12. DUE ON SALE/ENCUMBRANCE 
  

	 	12.1	 PROPERTY TRANSFERS. 

  

	 	(a)	 Prohibited Property Transfers. 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, any Lease (as such term is defined in the Deed of Trust) in all or any part of the Property
for any purpose. 

  

	 	(b)	 Permitted Property Transfers. Notwithstanding the foregoing, a (i) Full Satisfaction Sale, (ii) the Colony Pledge,
(iii) a Colony Pledge Foreclosure, and (iv) a Transfer which is expressly permitted under this Agreement, shall not be deemed to be a Prohibited Property Transfer. 

 

	 	(c)	 Following a Colony Pledge Foreclosure in accordance with this Agreement, nothing in the Loan Documents, or any other agreement between Borrower and
Lender shall, or shall be deemed to, prevent the Borrower and its direct and indirect owners from accessing the Property and/or the Collateral and causing the Collateral to be prepared and marketed for sale (and sold subject to the provisions of
this Section 12.1), and Lender consents to, and shall reasonably cooperate (without Lender being obligated to undertake any liability) with, such preparation, marketing and sale, at such accessing party’s sole cost and expense.

  

	 	12.2	 EQUITY TRANSFERS. 

  

	 	(a)	 Prohibited Equity Transfers. Borrower shall not cause or permit any Transfer of any direct or indirect legal or beneficial interest in
any Restricted Party (collectively, a “Prohibited Equity Transfer”), including without limitation, (i) 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; (ii) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any merger or consolidation or the

  
 46 

	 	 
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; (iii) 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
(iv) 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. 

 

	 	(b)	 Permitted Equity Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Equity
Transfer: (i) a Transfer by a natural person who is a member, partner or shareholder of a Restricted Party to a revocable inter vivos trust having such natural person as both trustor and trustee of such trust and one or more immediate family
members of such natural person as the sole beneficiaries of such trust; (ii) a Transfer of stock in any Restricted Party organized as a corporation provided such stock is listed on the New York Stock Exchange or other nationally recognized
stock exchange; (iii) a Transfer of a Restricted Party resulting from an Acceptable Restructuring; (iv) Full Satisfaction Sale, (v) the Colony Pledge, and (vi) a Colony Pledge Foreclosure. 

 

	 	12.3	 COLONY PLEDGE; FORECLOSURE THEREUNDER. 

 

	 	(a)	 Approval of the Colony Pledge. Notwithstanding anything to the contrary contained herein or in any Loan Document, that certain
Supplement to Pledge Agreement dated on or about the date hereof, by Lyon California, and acknowledged and agreed to by Sole Member, Colony Lender and Lyon Delaware (the “Colony Pledge”), whereby Lyon California has pledged all of
its stock in Sole Member, is deemed permitted by Lender, and shall not constitute a Default. 

  

	 	(b)	 Foreclosure of the Colony Pledge. In addition to the foregoing provisions of Section 12.3(a), and notwithstanding any
other provision of this Agreement or any other Loan Document, so long as such foreclosure is not commenced prior to the date that is 120 days after the Petition Date, the foreclosure by Colony Lender or its nominee of the stock in Sole Member under
the Colony Pledge, shall be deemed to be permitted by Lender, and shall not constitute a Default, provided that the commencement of the foreclosure of the stock in Sole Member (such foreclosure which complies with the terms of this
Section 12.3(b), a “Colony Pledge Foreclosure”). 

  

	 	12.4	 CERTIFICATES OF OWNERSHIP. Borrower shall deliver to Lender, at any time and from time to time, not more than five (5) days after
Lender’s written request therefor, a certificate, in form acceptable to Lender, signed and dated by Borrower, listing the names of all persons and entities holding direct or indirect legal or beneficial interests in the Property or any
Restricted Party and the type and amount of each such interest. 

 ARTICLE 13. MISCELLANEOUS PROVISIONS

  

	 	13.1	 INDEMNITY. BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS
AND ASSIGNS FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR 

  
 47 

	 	 
OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER 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 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 MATERIAL SUPPLIER, ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY OR
IMPROVEMENTS. BORROWER SHALL IMMEDIATELY PAY TO LENDER UPON DEMAND 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 LENDER SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF THE DEED OF TRUST. 

 

	 	13.2	 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 be subject to Lender’s approval and shall not be modified, superseded or terminated in any respect without Lender’s prior written approval. 

 

	 	13.3	 NO THIRD PARTIES BENEFITED. No person other than Lender and Borrower and their permitted successors and assigns shall have any right
of action under any of the Loan Documents. 

  

	 	13.4	 NOTICES. All notices, consents, approvals and requests required or permitted hereunder must be given in writing and shall be effective
for all purposes if (i) hand delivered, (ii) sent by certified or registered United States mail, postage prepaid, return receipt requested, (iii) sent by expedited prepaid delivery service, either a nationally recognized courier
service or United States Postal Service, with proof of attempted delivery, or (iv) sent by electronic mail, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may
be, in a written notice to the other party hereto in the manner provided for below): 

  

			
	If to Lender:	  	 c/o Luxor Capital Group, L.P.

1114 Avenue of the Americas, Floor 29

New York, New York 10036-7772

Attention: Legal Department

Electronic mail: Legal@luxorcap.com

		
	With a copy to:	  	 Gibson Dunn & Crutcher, LLP

200 Park Avenue
 New York, New York 10166
 Attention: Matthew Kelsey

Electronic mail: MKelsey@gibsondunn.com

		
	If to Borrower:	  	 Lyon Mayfield, LLC

4490 Von Karman Avenue
 Newport Beach, CA 92660
 Attn: Richard S.
Robinson

  
 48 

			
	 With a copy to:
	  	 Irell & Manella LLP

840 Newport Center Drive, Ste. 400

Newport Beach, CA 92660
 Attn: Kyle S. Kawakami

 A notice shall be
deemed to have been given: (A) in the case of hand delivery, at the time of delivery; (B) in the case of registered or certified mail, when delivered or the first attempted delivery on a business day; (C) in the case of expedited
prepaid delivery, upon the first attempted delivery on a business day and (D) in the case of electronic mail, when delivered before 5:00 p.m. Pacific Standard Time on a business day. Any party may change the address at which it is to receive
notices under this Section 13.4 by furnishing written notice in accordance with the provisions of this Section 13.4 to the other parties. 
  

	 	13.5	 ATTORNEY-IN-FACT. Borrower hereby irrevocably appoints and authorizes Lender, as Borrower’s attorney-in-fact, which agency is
coupled with an interest, to execute and/or record in Lender’s or Borrower’s name any notices, instruments or documents that Lender deems appropriate to protect Lender’s interest under any of the Loan Documents.

  

	 	13.6	 ACTIONS. Borrower agrees that Lender, in exercising the rights, duties or liabilities of Lender or Borrower under the Loan Documents,
may commence, appear in or defend any action or proceeding purporting to affect the Property, the improvements, or the Loan Documents and Borrower shall immediately reimburse Lender upon demand for all such expenses so incurred or paid by Lender,
including, without limitation, attorneys’ fees and expenses and court costs. 

  

	 	13.7	 RIGHT OF CONTEST. Borrower may contest in good faith any claim, demand, levy or assessment (other than liens and stop notices) by any
person other than Lender which would constitute a Default if: (a) Borrower pursues the contest diligently, in a manner which Lender determines is not prejudicial to Lender, and does not impair the rights of Lender under any of the Loan
Documents; and (b) Borrower deposits with Lender any funds or other forms of assurance 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 13.7 shall operate to prevent such claim, demand, levy or assessment from becoming a Default. 

  

	 	13.8	 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 or improvements, except as expressly provided in this Agreement and the other Loan
Documents. 

  

	 	13.9	 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, lock-out, 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. 

  

	 	13.10	 ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. If any attorney is engaged by Lender to enforce or defend any provision of this
Agreement, any of the other Loan Documents or Other Related Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal 

  
 49 

	 	 
action or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy proceeding of the Borrower, then Borrower shall immediately pay to Lender, upon demand,
the amount of all attorneys’ fees and expenses and all costs incurred by Lender in connection therewith, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the
Note as specified therein. 

  

	 	13.11	 IMMEDIATELY AVAILABLE FUNDS. Unless otherwise expressly provided for in this Agreement, all amounts payable by Borrower to Lender
shall be payable only in Dollars, in immediately available funds. 

  

	 	13.12	 LENDER’S CONSENT. Wherever in this Agreement there is a requirement for Lender’s consent and/or a document to be provided or
an action taken “to the satisfaction of Lender”, it is understood by such phrase that Lender shall exercise its consent, right or judgment in a reasonable manner given the specific facts and circumstance applicable at the time.

  

	 	13.13	 LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION. 

 

	 	(a)	 Borrower agrees that Lender may elect, at any time, to sell, assign or grant participations in all or any portion of its rights and obligations
under the Loan Documents, and that any such sale, assignment or participation may be to one or more financial institutions, private investors, and/or other entities, at Lender’s sole discretion (“Participant”). In the event of
any sale, assignment or participation, Lender and the parties to such transaction shall share in the rights and obligations of Lender as set forth in the Loan Documents only as and to the extent they agree among themselves. In connection with any
such sale, assignment or participation, Borrower further agrees that the Loan Documents shall be sufficient evidence of the obligations of Borrower to each purchaser, assignee, or participant, and upon written request by Lender, Borrower shall enter
into such amendments or modifications to the Loan Documents as may be reasonably required in order to evidence any such sale, assignment or participation. The indemnity obligations of Borrower under the Loan Documents shall also apply with respect
to any purchaser, assignee or participant 

  

	 	(b)	 Anything in this Agreement to the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this
Agreement, including this Section 13.13, any lender may at any time and from time to time pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge
or assignment shall release such Lender from its obligations thereunder. 

  

	 	(c)	 The parties to an assignment shall execute and deliver to the Lender an Assignment and Assumption Agreement, in substantially the form of Exhibit
P hereto, or such other form as Lender may provide from time to time. The Lender shall maintain, as agent for Borrower solely for purposes of this Section 13.13, a copy of each Assignment and Assumption and a register for the
recordation of the names and addresses of the parties to each assignment hereunder and the principal amounts (and stated interest) of the Loans owing to each assignee pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and the Lender, the parties to the assignment, and the Borrower shall treat each person whose name is recorded in the Register pursuant to the terms hereof as the owner of the
assigned interest for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any assignee at any reasonable time and from time to time upon reasonable prior notice.

  
 50 

	 	(d)	 In the event of a participation, the Lender shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it
enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that the Lender shall have no obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any rights or obligations under any Loan
Document) to any person except to the extent that such disclosure is necessary to establish that such interest is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and the Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

  

	 	13.14	 CAPITAL ADEQUACY. If Lender or any Participant in the Loan determines that compliance with any law or regulation or with any guideline
or request from any central bank or other governmental agency (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by Lender or such Participant, or any corporation controlling
Lender or such Participant, as a consequence of, or with reference to, Lender’s or such Participant’s or such corporation’s commitments or its making or maintaining advances below the rate which Lender or such Participant or such
corporation controlling Lender could have achieved but for such compliance (taking into account the policies of Lender or such Participant or corporation with regard to capital), then Borrower shall, from time to time, within thirty
(30) calendar days after written demand by Lender or such Participant, pay to Lender or such Participant additional amounts sufficient to compensate Lender or such Participant or such corporation controlling Lender to the extent that Lender
determines such increase in capital is allocable to Lender’s obligations hereunder. A certificate as to such amounts, submitted to Borrower by Lender or such Participant, shall be conclusive and binding for all purposes, absent manifest error.

  

	 	13.15	 SIGNS. Lender may place on the Property reasonable signs standard to construction loan transactions stating that construction
financing is being provided by Lender and any other lenders or participants in the Loan. 

  

	 	13.16	 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 costs of such agent or independent contractor either
directly to such person or to Lender in reimbursement of such costs, as applicable. 

  

	 	13.17	 TAX SERVICE. Lender is authorized to secure, at Borrower’s expense, a tax service contract with a third party vendor which shall
provide tax information on the Property and improvements satisfactory to Lender. 

  

	 	13.18	 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. 

  
 51 

	 	13.19	 HEIRS, SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided under the terms and conditions of this Agreement, the terms of
the Loan Documents shall bind and inure to the benefit of the heirs, successors and assigns of the parties. 

  

	 	13.20	 TIME. Time is of the essence of each and every term of this Agreement. 

 

	 	13.21	 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. 

  

	 	13.22	 GOVERNING LAW. 

  

	 	(a)	 THIS AGREEMENT WAS NEGOTIATED IN WHOLE OR IN PART IN THE STATE OF NEW YORK, AND MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT TO THIS AGREEMENT WERE DISBURSED FROM 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 MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY LEGAL REQUIREMENTS 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 OF CALIFORNIA UNLESS OTHERWISE EXPRESSLY SET FORTH THEREIN, IT BEING UNDERSTOOD THAT, TO THE
FULLEST EXTENT PERMITTED BY THE LAW OF THE STATE OF CALIFORNIA, 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 AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS CHOICE OF GOVERNING LAW IS MADE PURSUANT TO NEW YORK GENERAL OBLIGATION LAW SECTION 5-1401. 

 

	 	(b)	 EXCEPT AS MAY BE EXPRESSLY PROVIDED OTHERWISE IN ANY LOAN DOCUMENT, ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BORROWER ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, OR AT LENDER’S SOLE OPTION AND ELECTION IN THE STATE WHERE THE PROPERTY IS LOCATED, AND, IN
EITHER INSTANCE, BORROWER WAIVES ANY OBJECTIONS WHICH BORROWER MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT
IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 

  

					
		  	 National Corporate Research, Ltd.
	  	

  
 52 

					
		  	 10 East
40th Street, 10th Floor
	  	
		  	 New York, NY 10016
	  	

 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. 

 

	 	(c)	 ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER BROUGHT BY BORROWER AGAINST LENDER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR ARISING OUT OF THE LENDER-BORROWER RELATIONSHIP CREATED BY THE LOAN DOCUMENTS (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) WHICH IN ANY EVENT SHALL BE SUBJECT TO THE LIMITATIONS SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS, MAY ONLY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK AND BORROWER HEREBY WAIVES ANY RIGHT TO BRING ANY CLAIM OR CAUSE OF ACTION IN ANY OTHER JURISDICTION AND HEREBY AGREES NOT TO DO SO.

  

	 	13.23	 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 Lender in writing. 

  

	 	13.24	 JOINT AND SEVERAL LIABILITY. The liability of all persons and entities obligated in any manner under this Agreement and any of the
Loan Documents shall be joint and several. 

  

	 	13.25	 COUNTERPARTS; FACSIMILE AND PDF SIGNATURES. 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. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any
counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. Facsimile and
..PDF or .TIF signatures shall be valid as if manually signed. 

  

	 	13.26	 CONFIDENTIALITY. Lender agrees to keep confidential all non-public information provided to it pursuant to this Agreement regarding the
Borrower, any Guarantor or the Property (“Confidential Material”). Borrower, however, agrees that Lender may disseminate any and all Confidential Material to any actual or

  
 53 

	 	 
potential Participant who agrees to keep any Confidential Material received by such actual or potential Participant confidential in the same manner and to the same extent, if any, as Lender is
required to pursuant to this Section 13.26; provided, however, that In no event shall Lender or any of Lender’s affiliates be liable in any way to Borrower or any of Borrower’s affiliates as a result of the
failure of any actual or potential Participant to keep Confidential Material confidential in accordance with the foregoing sentence. Notwithstanding the foregoing, Borrower agrees that Lender shall be permitted to disclose Confidential Material:

  

	 	(a)	 To legal counsel and accountants for Borrower, any Guarantor, Lender or their respective Affiliates; 

 

	 	(b)	 To the other professional advisors to Borrower, any Guarantor, Lender or their respective Affiliates; 

 

	 	(c)	 To regulatory officials having jurisdiction over Lender, Borrower, any Guarantor or the Loan; 

 

	 	(d)	 To any governmental authority having regulatory jurisdiction over Borrower, any Guarantor, Lender or the Loan; 

 

	 	(e)	 As required by law or legal process or in connection with any legal proceeding; 

 

	 	(f)	 To any actual or potential participant, without restriction, following the occurrence and during the continuation of a Default.

 For purposes of the foregoing, “non-public information” shall mean any
information respecting Borrower or any Guarantor or their respective Affiliates or the Property, reasonably considered by Borrower or Guarantors to be material and not available to the public, other than (i) information previously filed with
any governmental authority and available to the public, (ii) information which is available to the general public at the time of use or disclosure, (iii) information which becomes available to the general public, other than by manner of
unauthorized disclosure or use by Lender, (iv) any information provided to Lender by a source that is not, to Lender’s knowledge, bound by any confidentiality restrictions with respect to such information, (v) information previously
published in any public medium from a source other than, directly or indirectly, the Lender (vi) any information that has been independently conceived, discovered, acquired or developed whether before or after the date of this Agreement, by
Lender or its Affiliates without violating any other obligations of Lender under this Section 13.26 and without reference to any Confidential Material,. 

  
 54 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of the date
appearing on the first page of this Agreement. 
  

					
	  “LENDER”
	
	  QINA, LLC,
	   a Delaware limited liability company

		
	 By:
	 	 

		 	 Name: Norris Nissim

		 	 Title:
	 	 General Counsel, LCG Holdings, LLC, its managing member

	
	 “BORROWER”

	
	LYON MAYFIELD, LLC,
	 a Delaware limited liability company

		
	 By:
	 	   Lyon Mayfield, Inc.,
   a Delaware corporation
   its sole Managing
Member

 
							
				
		 		 		 	  

		 	 By:
	 		 	
		 		 	 Name:

		 		 	 Title:

				
		 		 		 	  

		 	 By:
	 		 	
		 		 	 Name:

		 		 	 Title:

 [Signature Page – Loan Agreement] 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of the date
appearing on the first page of this Agreement. 
  

							
	  “LENDER”
	
	  QINA, LLC,
	   a Delaware limited liability company

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
	
	 “BORROWER”

	
	LYON MAYFIELD, LLC,
	 a Delaware limited liability company

		
	 By:
	 	   Lyon Mayfield, Inc.,
   a Delaware corporation
   its sole Managing
Member

			
		 	 By:
	 	 

		 		 	 Name:
	 	 Richard S. Robinson

		 		 	 Title:
	 	 Senior Vice President

			
		 	   By:
	 	 

		 		 	 Name:
	 	Brian W. Doyle
		 		 	 Title:
	 	Senior Vice President

 [Signature Page – Loan Agreement]

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