Document:

EX-10.15

 Exhibit 10.15 
 

 
 FIDELITY NATIONAL TITLE CO. 

9758569-DJ 
 Recording Requested by 
 and when recorded return
to 
 WELLS FARGO BANK, National Association Commercial Mortgage Origination MAC# A0194-093 45 Fremont Street,
9th Floor, 
 San Francisco, California 94105 

Attention CMO Loan Administration 
 Loan No. 31-0901787 
 MERS MIN No
800010100000005354 
 Recorded in Official Records, County of San Bernardino 

12/10/2004 8:00 AM 
 LM 
 LARRY WALKER 

Auditor/Controller – Recorder 
 688 Fidelity/Riverside 
 Titles: 4 Pages: 33

 Fees 128.00 
 Taxes 0.00 
 Other 0.00 

PAID $128.00 
 DEED OF TRUST 
 and 

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

The parties to this DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND LEASES AND SECURITY AGREEMENT (AND FIXTURE FILING)
(“Deed of Trust”), dated as of November 29, 2004 are JERSEY BUSINESS PARK, a California general partnership (“Trustor”), with a mailing address at 10700 Jersey Boulevard, Suite 610, Rancho Cucmonga, CA 91730, AMERICAN
SECURITIES COMPANY (“Trustee”), with a mailing address at 1320 Willow Pass Road, Suite 205, Concord, CA 94520, and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC, a Delaware corporation (“MERS” or “Beneficiary”), with a
mailing address at MERS Commercial, P O. Box 2300, Flint, Michigan 48501-2300 
 RECITALS 

A JERSEY BUSINESS PARK, a California general partnership (“Borrower”) proposes to borrow from Wells Fargo Bank,
National Association (“Lender”) and Lender proposes to lend to Borrower the principal sum of SIX MILLION AND NO/100THS DOLLARS ($6,000,000) (“Loan”). The Loan is evidenced by a promissory note (“Note”) executed by
Borrower, dated the date of this Deed of Trust, payable to the order of Lender in the principal amount of the Loan The Maturity Date of the Loan is January 1, 2015 
 B The loan documents include this Deed of Trust, the Note and the other documents described in the Note as Loan 
 Documents (“Loan Documents”) 
 SI CA RG
(rev 02/2004) 
 1 

 

 
 ARTICLE 1. DEED OF TRUST 

1 1 GRANT For the purposes of and upon the terms and conditions of this Deed of Trust, Trustor irrevocably grants, conveys
and assigns to Trustee, in trust, for the benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title and interest which Trustor now has or may hereafter acquire in, to, under or derived from any or all of
the following. 
 a. That real property (“Land”) located in Rancho Cucamonga, County of San Bernardino,
California and more particularly described on Exhibit A attached hereto, 
 b All appurtenances, easements,
rights of way, water and water rights, pumps, pipes, flumes and ditches and ditch rights, water stock, ditch and/or reservoir stock or interests, royalties, development rights and credits, air rights, minerals, oil rights, and gas rights, now or
later used or useful in connection with, appurtenant to or related to the Land; 
 c. All buildings, structures,
facilities, other improvements and fixtures now or hereafter located on the Land, 
 d. All apparatus, equipment,
machinery and appliances and all accessions thereto and renewals and replacements thereof and substitutions therefor used in the operation or occupancy of the Land, it being intended by the parties that all such items shall be conclusively
considered to be a part of the Land, whether or not attached or affixed to the Land, 
 e All land lying in the
right-of-way of any street, road, avenue, alley or right-of-way opened, proposed or vacated, and all sidewalks, strips and gores of land adjacent to or used in connection with the Land, 

f All additions and accretions to the property described above, 

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

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

2 1 OBLIGATIONS SECURED. Trustor makes the foregoing grant and assignment for the purpose of securing the following
obligations (“Secured Obligations”) 
 a Full and punctual payment to Lender of all sums at any time
owing under the Note, 
 b Payment and performance of all covenants and obligations of Trustor under this Deed of
Trust including, without limitation, indemnification obligations and advances made to protect the Property, 
 c
Payment and performance of all additional covenants and obligations of Borrower and Trustor under the Loan Documents; 
 SI CA RG (rev 02/2004) 
 2 

 

 
 d. Payment and performance of all covenants and obligations, if any, which any rider
attached as an exhibit to this Deed of Trust recites are secured hereby; 
 e Payment and performance of all
future advances and other obligations that the then record owner of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Beneficiary, when the obligation is evidenced by a writing
which recites that it is secured by this Deed of Trust, 
 f All interest and charges on all obligations secured
hereby including, without limitation, prepayment charges, late charges and loan fees, 
 g. All modifications,
extensions and renewals of any of the obligations secured hereby, however evidenced, including, without limitation (i) modifications of the required principal payment dates or interest payment dates or both, as the case may be, deferring or
accelerating payment dates wholly or partly, and (ii) modifications, extensions or renewals at a different rate of interest whether or not any such modification, extension or renewal is evidenced by a new or additional promissory note or notes, and

 h. Payment and performance of any other obligations which are defined as “Secured Obligations” in
the Note 
 2 2 OBLIGATIONS The term “obligations” is used herein in its broadest and most
comprehensive sense and shall be deemed to include, without limitation, all interest and charges, prepayment charges, late charges and loan tees at any time accruing or assessed on any of the Secured Obligations. 

2 3 INCORPORATION All terms and conditions of the documents which evidence any of the Secured Obligations are incorporated
herein by this reference All persons who may have or acquire an interest in the Property shall be deemed to have notice of the terms of the Secured Obligations and to have notice that the rate of interest on one or more Secured Obligation may vary
from time to time. 
 ARTICLE 3. ABSOLUTE ASSIGNMENT OF RENTS AND LEASES 

3.1 ASSIGNMENT. Trustor irrevocably assigns to Beneficiary all of Trustor’s right, title and interest in, to and
under. (a) all present and future leases of the Property or any portion thereof, all licenses and agreements relating to the management, leasing or operation of the Property or any portion thereof, and all other agreements of any kind relating
to the use or occupancy of the Property or any portion thereof, whether such leases, licenses and agreements are now existing or entered into after the date hereof (“Leases”), and (b) the rents, issues, deposits and profits of the
Property, including, without limitation, all amounts payable and all rights and benefits accruing to Trustor under the Leases (“Payments”) The term “Leases” shall also include all guarantees of and security for the tenants’
performance thereunder, and all amendments, extensions, renewals or modifications thereto which are permitted hereunder This is a present and absolute assignment, no an assignment for security purposes only, and Beneficiary’s right to the
Leases and Payments is not contingent upon, and may be exercised without possession of, the Property 
 3 2 GRANT
OF LICENSE Beneficiary confers upon Trustor a revocable license (“License”) to collect and retain the Payments as they become due and payable, until the occurrence of a Default (as hereinafter defined) Upon a Default, the License shall be
automatically revoked and Beneficiary may collect and apply the Payments pursuant to the terms hereof without notice and without taking possession of the Property All Payments thereafter collected by Trustor shall be held by Trustor as trustee under
a constructive trust for the benefit of Beneficiary Trustor hereby irrevocably authorizes and directs the tenants under the Leases to rely upon and comply with any notice or demand by Beneficiary for the payment to Beneficiary of any rental or other
sums which may at any time become due under the Leases, or for the performance of any of the tenants’ undertakings under the Leases, and the tenants shall have no right or duty to inquire as to whether any Default has actually 

SI CA RG (rev 02/2004) 
 3 

 

 
 occurred or is then existing Trustor hereby relieves the tenants from any liability to
Trustor by reason of relying upon and complying with any such notice or demand by Beneficiary. Beneficiary may apply, in its sole discretion, any Payments so collected by Beneficiary against any Secured Obligation or any other obligation of
Borrower, Trustor or any other person or entity, under any document or instrument related to or executed in connection with the Loan Documents, whether existing on the date hereof or hereafter arising Collection of any Payments by Beneficiary shall
not cure or waive any Default or notice of Default or invalidate any acts done pursuant to such notice If and when no Default exists, Beneficiary shall re-confer the License upon Trustor until the occurrence of another Default 

3.3 EFFECT OF ASSIGNMENT The foregoing irrevocable assignment shall not cause Beneficiary to be; (a) a mortgagee in
possession, (b) responsible or liable for the control, care, management or repair of the Property or for performing any of the terms, agreements, undertakings, obligations, representations, warranties, covenants and conditions of the Leases;
(c) responsible or liable for any waste committed on the Property by the tenants under any of the Leases or by any other parties, for any dangerous or defective condition of the Property; or for any negligence in the management, upkeep, repair
or control of the Property resulting in loss or injury or death to any tenant, licensee, employee, invitee or other person; or (d) responsible for or impose upon Beneficiary any duty to produce rents or profits. Beneficiary shall not directly
or indirectly be liable to Trustor or any other person as a consequence of: (e) the exercise or failure to exercise any of the rights, remedies or powers granted to Beneficiary hereunder, or (f) the failure or refusal of Beneficiary to
perform or discharge any obligation, duty or liability of Trustor arising under the Leases 
 3 4 COVENANTS-LONG
TERM LEASES 
 a All Leases Trustor shall, at Trustor’s sole cost and expense 

(i) perform all obligations of the landlord under the Leases and use reasonable efforts to enforce performance by the
tenants of all obligations of the tenants under the Leases, 
 (ii) use reasonable efforts to keep the Property
leased at all times to tenants which Trustor reasonably and in good faith believes are creditworthy at rents not less than the fair market rental value (including, but not limited to, free or discounted rents to the extent the market so requires),

 (iii) promptly upon Beneficiary’s request, deliver to Beneficiary a copy of each requested Lease and all
amendments thereto and waivers thereof, and 
 (iv) promptly upon Beneficiary’s request, execute and record
any additional assignments of landlord’s interest under any Lease to Beneficiary and specific subordinations of any Lease to this Deed of Trust, in form and substance satisfactory to Beneficiary. 

Unless consented to in writing by Beneficiary or otherwise permitted under any other provision of the Loan Documents,
Trustor shall not 
 (v) grant any tenant under any Lease any option, right of first refusal or other right to
purchase all or any portion of the Property under any circumstances, 
 (vi) grant any tenant under any Lease any
right to prepay rent more than 1 month in advance; 
 (vii) except upon Beneficiary’s request, execute any
assignment of landlord’s interest in any Lease, or 
 (viii) collect rent or other sums due under any Lease
in advance, other than to collect rent 1 month in advance of the time when it becomes due 
 Any such attempted
action in violation of the provisions of this Section shall be null and void 
 SI CA RG (rev 02/2004)

 4 

 

 
 Trustor shall deposit with Beneficiary any sums received by Trustor in consideration of
any termination, modification or amendment of any Lease or any release or discharge of any tenant under any Lease from any obligation thereunder and any such sums received by Trustor shall be held in trust by Trustor for such purpose.
Notwithstanding the foregoing, so long as no Default exists, the portion of any such sum received by Trustor with respect to any Lease which is less than $50,000 shall be payable to Trustor All such sums received by Beneficiary with respect to any
Lease shall be deemed “Impounds” (as defined in Section 6.12b) and shall be deposited by Beneficiary into a pledged account in accordance with Section 6.12b. If no Default exists, Beneficiary shall release such Impounds to
Trustor from time to time as necessary to pay or reimburse Trustor for such tenant improvements, brokerage commissions and other leasing costs as may be required to re-tenant the affected space, provided, however, Beneficiary shall have received and
approved each of the following for each tenant for which such costs were incurred; (1) Trustor’s written request for such release, including the name of the tenant, the location and net rentable area of the space and a description and cost
breakdown of the tenant improvements or other leasing costs covered by the request; (2) Trustor’s certification that any tenant improvements have been completed lien-free and in a workmanlike manner; (3) a fully executed Lease, or
extension or renewal of the current Lease; (4) an estoppel certificate executed by the tenant including its acknowledgement that all tenant improvements have been satisfactorily completed; and (5) such other information with respect to
such costs as Beneficiary may require Following the re-tenanting of all affected space (including, without limitation, the completion of all tenant improvements), and provided no Default exists, Beneficiary shall release any remaining such Impounds
relating to the affected space to Trustor. Trustor shall construct all tenant improvements in a workmanlike manner and in accordance with all applicable laws, ordinances, rules and regulations 

b Major Leases. Trustor shall, at Trustor’s sole cost and expense, give Beneficiary prompt written notice of any
material default by landlord or tenant under any Major Lease (as defined below). Unless consented to in writing by Beneficiary or otherwise permitted under any other provision of the Loan Documents, Trustor shall not 

(i) enter into any Major Lease which (aa) is not on fair market terms (which terms may include free or discounted rent to
the extent the market so requires), (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance satisfactory to the landlord promptly upon the landlord’s request,
or (cc) allows the tenant to assign or sublet the premises without the landlord’s consent, 
 (ii) reduce
any rent or other sums due from the tenant under any Major Lease; 
 (iii) terminate or materially modify or
amend any Major Lease, or 
 (iv) release or discharge the tenant or any guarantor under any Major Lease from any
material obligation thereunder 
 Any such attempted action in violation of the provisions of this Section shall
be null and void. 
 “Major Lease”, as used herein, shall mean any Lease, which is, at any time.
(1) a Lease of more than 20% the total rentable area of the Property, as reasonably determined by Beneficiary; or (2) a Lease which generates a gross base monthly rent exceeding 20% of the total gross base monthly rent generated by all
Leases (excluding all Leases under which the tenant is then in default), as reasonably determined by Beneficiary. Trustor’s obligations with respect to Major Leases shall be governed by the provisions of Section 3 4a as well as by the
provisions of this Section 
 SI CA RG (rev 02/2004) 

5 

 

 
 c Failure to Deny Request. Beneficiary’s failure to deny any written request by
Trustor for Beneficiary’s consent under the provisions of Sections 3 4a or 3 4b within 10 Business Days after Beneficiary’s receipt of such request (and all documents and information reasonably related thereto) shall be deemed to
constitute Beneficiary’s consent to such request. 
 3 5 ESTOPPEL CERTIFICATES. Within 30 days after request
by Beneficiary, Trustor shall deliver to Beneficiary and to any party designated by Beneficiary, estoppel certificates relating to the Leases executed by Trustor and by each of the tenants, in form and substance acceptable to Beneficiary, provided,
however, if any tenant shall fail or refuse to so execute and deliver any such estoppel certificate upon request, Trustor shall use reasonable efforts to cause such tenant to execute and deliver such estoppel certificate but such tenant’s
continued failure or refusal to do so, despite Trustor’s reasonable efforts, shall not constitute a default by Trustor under this Section 
 3 6 RIGHT OF SUBORDINATION. Beneficiary may at any time and from time to time by specific written 
 instrument intended for the purpose unilaterally subordinate the lien of this Deed of Trust to any Lease, without joinder or consent of, or notice to, Trustor, any tenant or any other
person Notice is hereby given to each tenant under a Lease of such right to subordinate No subordination referred to in this Section shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any
junior lienholder. Nothing herein shall be construed as subordinating this Deed of Trust to any Lease 
 ARTICLE
4. SECURITY AGREEMENT AND FIXTURE FILING 
 4 1 SECURITY INTEREST Trustor grants and assigns to Beneficiary a
security interest to secure payment 
 and performance of all of the Secured Obligations, in all of the following
described personal property in which Trustor now or at any time hereafter has any interest (“Collateral”) 
 All goods, building and other materials, supplies, work in process, equipment, machinery, fixtures, furniture, furnishings, signs and other personal property, wherever situated, which are
or are to be incorporated into, used in connection with or appropriated for use on the Property; all rents, issues, deposits and profits of the Property (to the extent, if any, they are not subject to the Absolute Assignment of Rents and Leases),
all inventory, accounts, cash receipts, deposit accounts, impounds, accounts receivable, contract rights, general intangibles, software, chattel paper, instruments, documents, promissory notes, drafts, letters of credit, letter of credit rights,
supporting obligations, insurance policies, insurance and condemnation awards and proceeds, any other rights to the payment of money, trade names, trademarks and service marks arising from or related to the Property or any business now or hereafter
conducted thereon by Trustor, all permits, consents, approvals, licenses, authorizations and other rights granted by, given by or obtained from, any governmental entity with respect to the Property, all deposits or other security now or hereafter
made with or given to utility companies by Trustor with respect to the Property, all advance payments of insurance premiums made by Trustor with respect to the Property; all plans, drawings and specifications relating to the Property, all loan funds
held by Beneficiary, whether or not disbursed; all funds deposited with Beneficiary pursuant to any Loan Document, all reserves, deferred payments, deposits, accounts, refunds, cost savings and payments of any kind related to the Property or any
portion thereof, including, without limitation, all “Impounds” as defined herein, together with all replacements and proceeds of, and additions and accessions to, any of the foregoing, and all books, records and files relating to any of
the foregoing 
 As to all of the above-described personal property which is or which hereafter becomes a
“fixture” under applicable law, this Deed of Trust constitutes a fixture filing under the California Uniform Commercial Code, as amended or recodified from time to time (“UCC”) 

SI CA RG (rev 02/2004) 
 6 

 

 
 4.2 COVENANTS Trustor agrees (a) to execute and deliver such documents as Beneficiary
deems necessary 
 to create, perfect and continue the security interests contemplated hereby; (b) not to change
its name, and, as applicable, its chief executive offices, its principal residence or the jurisdiction in which it is organized without giving Beneficiary at least 30 days’ prior written notice thereof; and (c) to cooperate with Beneficiary in
perfecting all security interests granted herein and in obtaining such agreements from third parties as Beneficiary deems necessary, proper or convenient in connection with the preservation, perfection or enforcement of any of Beneficiary’s
rights hereunder 
 4 3 RIGHTS OF BENEFICIARY In addition to Beneficiary’s rights as a “Secured
Party” under the UCC, Beneficiary may, but shall not be obligated to, at any time without notice and at the expense of Trustor. 
 (a) give notice to any person of Beneficiary’s rights hereunder and enforce such rights at law or in equity, 
 (b) insure, protect, defend and preserve the Collateral or any rights or interests of Beneficiary therein, and 
 (c) inspect the Collateral. Notwithstanding the above, in no event shall Beneficiary be deemed to have accepted any property other than cash in satisfaction of any obligation of Trustor to
Beneficiary unless Beneficiary shall make an express written election of said remedy under the UCC or other applicable law. 
 4 4 RIGHTS OF BENEFICIARY UPON DEFAULT. Upon the occurrence of a Default, then in addition to all of Beneficiary’s rights as a “Secured Party” under the UCC or otherwise at
law: 
 a Disposition of Collateral Beneficiary may: (i) upon written notice, require Trustor to assemble any or
all of the Collateral and make it available to Beneficiary at a place designated by Beneficiary, 
 (ii) without
prior notice, enter upon the Property or other place where the Collateral may be located and take possession of, collect, sell, lease, license and otherwise dispose of the Collateral, and store the same at locations acceptable to Beneficiary at
Trustor’s expense, or (iii) sell, assign and deliver the Collateral at any place or in any lawful manner and bid and become purchaser at any such sales, and 
 b Other Rights Beneficiary may, for the account of Trustor and at Trustor’s expense: (i) operate, use, consume, sell, lease, license or otherwise dispose of the Collateral as
Beneficiary deems appropriate for the purpose of performing any or all of the Secured Obligations; (ii) enter into any agreement, compromise or settlement including insurance claims, which Beneficiary may deem desirable or proper with respect to any
of the Collateral, and (iii) endorse and deliver evidences of title for, and receive, enforce and collect by legal action or otherwise, all indebtedness and obligations now or hereafter owing to Trustor in connection with or on account of any or all
of the Collateral 
 Trustor acknowledges and agrees that a disposition of the Collateral in accordance with
Beneficiary’s rights and remedies as heretofore provided is a disposition thereof in a commercially reasonable manner and that 5 days’ prior notice of such disposition is commercially reasonable notice Beneficiary shall have no obligation
to process or prepare the Collateral for sale or other disposition In disposing of the Collateral, Beneficiary may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any sale or other disposition of the
Collateral may be applied by Beneficiary first to the reasonable expenses incurred by Beneficiary in connection therewith, including, without limitations, reasonable attorneys’ fees and disbursements, and then to the payment of the Secured
Obligations, in such order of application as Beneficiary may from time to time elect 
 4 5 POWER OF ATTORNEY.
Trustor hereby irrevocably appoints Beneficiary as Trustor’s attorney-in-fact (such agency being coupled with an interest), and as such attorney-in-fact, Beneficiary may, without the obligation to do so, in Beneficiary’s name or in the
name of Trustor, prepare, execute, file and record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve any of Beneficiary’s security interests and rights in or to
the Collateral, and upon a 
 Default, take any other action required of Trustor, provided, however, that
Beneficiary as such attorney-in-fact shall be accountable only for such funds as are actually received by Beneficiary 
 SI CA RG (rev 02/2004) 7 

 

 
 ARTICLE 5. REPRESENTATIONS AND WARRANTIES 

5 1 REPRESENTATIONS AND WARRANTIES Trustor represents and warrants to Beneficiary that, to Trustor’s current actual
knowledge after reasonable investigation and inquiry, the following statements are true and correct as of the Effective Date 
 a Legal Status Trustor and Borrower are duly organized and existing and in good standing under the laws of the state(s) in which Trustor and Borrower are organized Trustor and Borrower are
qualified or licensed to do business in all jurisdictions in which such qualification or licensing is required 

b Permits Trustor and Borrower possess all permits, franchises and licenses and all rights to all trademarks, trade names,
patents and fictitious names, if any, necessary to enable Trustor and Borrower to conduct the business(es) in which Trustor and Borrower are now engaged in compliance with applicable law 

c Authorization and Validity The execution and delivery of the Loan Documents have been duly authorized and the Loan
Documents constitute valid and binding obligations of Trustor, Borrower or the party which executed the same, enforceable in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium or
other laws affecting the enforcement of creditors’ rights, or by the application of rules of equity 
 d
Violations The execution, delivery and performance by Trustor and Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or result in any breach or default under any contract, obligation, indenture or other
instrument to which Trustor or Borrower is a party or by which Trustor or Borrower is bound 
 e. Litigation.
There are no pending or threatened actions, claims, investigations, suits or proceedings before any governmental authority, court or administrative agency which may adversely affect the financial condition or operations of Trustor or Borrower other
than those previously disclosed in writing by Trustor or Borrower to Beneficiary 
 f Financial Statements The
financial statements of Trustor and Borrower, of each general partner (if Trustor or Borrower is a partnership), of each member (if Trustor or Borrower is a limited liability company) and of each guarantor, if any, previously delivered by Trustor or
Borrower to Beneficiary (i) are materially complete and correct; (ii) present fairly the financial condition of such party; and (iii) have been prepared in accordance with the same accounting standard used by Trustor or Borrower to prepare the
financial statements delivered to and approved by Beneficiary in connection with the making of the Loan, or other accounting standards approved by Beneficiary Since the date of such financial statements, there has been no material adverse change in
such financial condition, nor have any assets or properties reflected on such financial statements been sold, transferred, assigned, mortgaged, pledged or encumbered except as previously disclosed in writing by Trustor or Borrower to Beneficiary and
approved in writing by Beneficiary 
 g Reports All reports, documents, instruments and information delivered to
Beneficiary in connection with the Loan. (i) are correct and sufficiently complete to give Beneficiary accurate knowledge of their subject matter, and (ii) do not contain any misrepresentation of a material fact or omission of a material fact which
omission makes the provided information misleading. 
 h Income Taxes There are no pending assessments or
adjustments of Trustor’s or Borrower’s income tax payable with respect to any year 
 SI CA RG (rev
02/2004) 8 

 

 
 i. Subordination There is no agreement or instrument to which Borrower is a party or by
which Borrower is bound that would require the subordination in right of payment of any of Borrower’s obligations under the Note to an obligation owed to another party. 
 j Title Trustor lawfully holds and possesses fee simple title to the Property, without limitation on the right to encumber same This Deed of Trust is a first lien on the Property prior and
superior to all other liens and encumbrances on the Property except. (i) liens for real estate taxes and assessments not yet due and payable, (ii) senior exceptions previously approved by Beneficiary and shown in the title insurance policy insuring
the lien of this Deed of Trust, and (iii) other matters, if any, previously disclosed to Beneficiary by Trustor in a writing specifically referring to this representation and warranty. 

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

l Encroachments. Except as shown in the survey, if any, previously delivered to Beneficiary, none of the buildings or
other improvements which were included for the purpose of determining the appraised value of the Property lies outside of the boundaries or building restriction lines of the Property and no buildings or other improvements located on adjoining
properties encroach upon the Property 
 m Leases All existing Leases are in full force and effect and are
enforceable in accordance with their respective terms No material breach or default by any party, or event which would constitute a material breach or default by any party after notice or the passage of time, or both, exists under any existing Lease
None of the landlord’s interests under any of the Leases, including, but not limited to, rents, additional rents, charges, issues or profits, has been transferred or assigned. No rent or other payment under any existing Lease has been paid by
any tenant for more than 1 month in advance 
 n. Collateral. Trustor has good title to the existing Collateral,
free and clear of all liens and encumbrances except those, if any, previously disclosed to Beneficiary by Trustor in writing specifically referring to this representation and warranty Trustor’s chief executive office (or principal residence, if
applicable) is located at the address shown on page one of this Deed of Trust JERSEY BUSINESS PARK is an organization organized solely under the laws of the State of California All organizational documents of JERSEY BUSINESS PARK delivered to
Beneficiary are complete and accurate in every respect Trustor’s legal name is exactly as shown on page one of this Deed of Trust. 
 o Condition of Property Except as shown in the property condition survey or other engineering reports, if any, previously delivered to or obtained by Beneficiary, the Property is in good
condition and repair and is tree from any damage that would materially and adversely affect the value of the Property as security for the Loan or the intended use of the Property. 

p Hazardous Materials Except as shown in the environmental assessment report(s), if any, previously delivered to or
obtained by Beneficiary, the Property is not and has not been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of Hazardous Materials (as hereinafter
defined) except as otherwise previously disclosed in writing by Trustor to Beneficiary 
 q Hazardous Materials
Laws The Property complies with all Hazardous Materials Laws (as hereinafter defined). 
 r Hazardous Materials
Claims. There are no pending or threatened Hazardous Materials Claims (as hereinafter defined) 
 SI CA RG (rev
02/2004) 
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 s. Wetlands. No part of the Property consists of or is classified as wetlands,
tidelands or swamp and overflow lands 
 t Compliance With Laws. All federal, state and local laws, rules and
regulations applicable to the Property, including, without limitation, all zoning and building requirements and all requirements of the Americans With Disabilities Act of 1990, as amended from time to time (42 U. S C. Section 12101 et seq )
have been satisfied or complied with Trustor is in possession of all certificates of occupancy and all other licenses, permits and other authorizations required by applicable law for the existing use of the Property. All such certificates of
occupancy and other licenses, permits and authorizations are valid and in full force and effect. 
 u Property
Taxes and Other Liabilities All taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, and ground rents, if any, which previously became due and owing in respect of the Property have been paid 

v. Condemnation There is no proceeding pending or threatened for the total or partial condemnation of the Property

 w Homestead There is no homestead or other exemption available to Trustor which would materially interfere
with the right to sell the Property at a trustee’s sale or the right to foreclose this Deed of Trust 
 x
Solvency. None of the transactions contemplated by the Loan will be or have been made with an actual intent to hinder, delay or defraud any present or future creditors of Trustor, and Trustor, on the Effective Date, will have received fair and
reasonably equivalent value in good faith for the grant of the liens or security interests effected by the Loan Documents. On the Effective Date, Trustor will be solvent and will not be rendered insolvent by the transactions contemplated by the Loan
Documents Trustor is able to pay its debts as they become due. 
 y Separate Tax Parcel(s). The Property is
assessed for real estate tax purposes as one or more wholly independent tax parcels, separate from any other real property, and no other real property is assessed and taxed together with the Property or any portion thereof. 

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

aa ERISA Matters. Trustor is not an employee benefit plan as defined in Section 3.(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (each of the foregoing hereinafter referred to
individually and collectively as a “Plan”). Trustor’s assets do not constitute “plan assets” of any plan within the meaning of Department of Labor Regulation Section 2510 3-101 Trustor will not transfer or convey the
Property to a Plan or to a person or entity whose assets constitute such “plan assets”, and Trustor will not be reconstituted as a Plan or as an entity whose assets constitute “plan assets”. No Lease is with a Plan or an entity
whose assets constitute such “plan assets” , and Trustor will not enter into any Lease with a Plan or an entity whose assets constitute such “plan assets” With respect to the Loan, Trustor is acting on Trustor’s own behalf
and not on account of or for the benefit of any Plan 
 5.2 REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING
STATUS (LEVEL I SPE). 
 Trustor hereby represents, warrants and covenants to Beneficiary as follows. 

SI CA RG (rev 02/2004) 10 

 

 
 (a) such entity was organized solely for the purpose of owning the Property,

 (b) such entity has not and will not engage in any business unrelated to the ownership of the Property,

 (c) such entity has not and will not have any assets other than the Property (and personal property incidental
to the ownership and operation of the Property), 
 (d) such entity has not and will not engage in, seek or
consent to any dissolution, winding up, liquidation, consolidation, merger, asset sale, or amendment of its articles of incorporation, articles of organization, certificate of formation, operating agreement or partnership agreement, as applicable,

 (e) such entity, without the unanimous consent of all of its directors, general partners or members, as
applicable, shall not file or consent to the filing of any bankruptcy or insolvency petition or otherwise institute insolvency proceedings, 
 (f) such entity has no indebtedness (and will have no indebtedness) other than (i) the Loan, and (ii) unsecured trade debt not to exceed 2% of the loan amount in the aggregate, which is
not evidenced by a note and is incurred in the ordinary course of its business in connection with owning, operating and maintaining the Property and is paid within 30 days from the date incurred, 

(g) such entity has not and will not fail to correct any known misunderstanding regarding the separate identity of such
entity, 
 (h) such entity has maintained and will maintain its accounts, books and records separate from any
other person or entity, 
 (i) such entity has maintained and will maintain its books, records, resolutions and
agreements as official records; 
 (j) such entity (i) has not and will not commingle its funds or assets with
those of any other entity, and (ii) has held and will hold its assets in its own name; 
 (k) such entity has
conducted and will conduct its business in its own name, 
 (l) such entity has maintained and will maintain its
accounting records and other entity documents separate from any other person or entity, 
 (m) such entity has
prepared and will prepare separate tax returns and financial statements, or if part of a consolidated group, is shown as a separate member of such group, 
 (n) such entity has paid and will pay its own liabilities and expenses out of its own funds and assets, 
 (o) such entity has held and will hold regular meetings, as appropriate, to conduct its business and has observed and will observe all corporate, partnership or limited liability company
formalities and record keeping, as applicable, 
 (p) such entity has not and will not assume or guarantee or
become obligated for the debts of any other entity or hold out its credit as being available to satisfy the obligations of any other entity, 
 (q) such entity has not and will not acquire obligations or securities of its shareholders, partners or members, as applicable, 

SI CA RG (rev 02/2004) 
 11 

 

 
 (r) such entity has allocated and will allocate fairly and reasonably the costs
associated with common employees and any overhead for shared office space and such entity has used and will use separate stationery, invoices and checks, 
 (s) such entity has not and will not pledge its assets for the benefit of any other person or entity, 
 (t) such entity has held and identified itself and will hold itself out and identify itself as a separate and distinct entity under its own name and not as a division or part of any other
person or entity, 
 (u) such entity has not made and will not make loans to any person or entity, 

(v) such entity has not and will not identify its shareholders, partners or members, as applicable, or any affiliates of
any of the foregoing, as a division or part of it; 
 (w) such entity has not entered into and will not enter
into or be a party to, any transaction with its shareholders, partners or members, as applicable, or any affiliates of any of the foregoing, except in the ordinary course of its business pursuant to written agreements and on terms which are
intrinsically fair and are no less favorable to it than would be obtained in a comparable arm’s-length transaction with an unrelated third party, 
 (x) if any such entity is a corporation, the directors of such entity shall consider the interests of the creditors of such entity in connection with all corporate action, 

(y) such entity has paid and will pay the salaries of its own employees and has maintained and will maintain a sufficient
number of employees in light of its contemplated business operations; 
 (z) such entity has maintained and will
maintain adequate capital in light of its contemplated business operations; and 
 (aa) if any such entity is a
partnership with more than one general partner, its partnership agreement requires the remaining partners to continue the partnership as long as one solvent general partner exists. 

ARTICLE 6. RIGHTS AND DUTIES OF THE PARTIES 
 6 1 MAINTENANCE AND PRESERVATION OF THE PROPERTY. Trustor shall (a) keep the Property in good condition and repair; (b) complete or restore promptly and in workmanlike manner the Property
or any part thereof which may be damaged or destroyed, (c) comply and cause the Property to comply with (i) all laws, ordinances, regulations and standards, (ii) all covenants, conditions, restrictions and equitable servitudes, whether public or
private, of every kind and character and (iii) all requirements of insurance companies and any bureau or agency which establishes standards of insurability, which laws, covenants or requirements affect the Property and pertain to acts committed or
conditions existing thereon, including, without limitation, any work of alteration, improvement or demolition as such laws, covenants or requirements mandate; (d) operate and manage the Property at all times in a professional manner and do all other
acts which from the character or use of the Property may be reasonably necessary to maintain and preserve its value, (e) promptly after execution, deliver to Beneficiary a copy of any management agreement concerning the Property and all amendments
thereto and waivers thereof, and (f) execute and acknowledge all further documents, instruments and other papers as Beneficiary or Trustee deems necessary or appropriate to preserve, continue, perfect and enjoy the benefits of this Deed of Trust and
perform Trustor’s obligations, including, without limitation, statements of the amount secured hereby then owing and statements of no offset Trustor shall not. (g) remove or demolish all or any material part of the Property; (h) alter either
(i) the 
 SI CA RG (rev 02/2004) 12 

 

 
 exterior of the Property in a manner which materially and adversely affects the value
of the Property or (ii) the roof or other structural elements of the Property in a manner which requires a building permit except for tenant improvements required under the Leases, (i) initiate or acquiesce in any change in any zoning or other land
classification which affects the Property; (j) materially alter the type of occupancy or use of all or any part of the Property; or (k) commit or permit waste of the Property 
 6 2 HAZARDOUS MATERIALS Without limiting any other provision of this Deed of Trust, Trustor agrees as follows. 
 a Prohibited Activities Trustor shall not cause or permit the Property to be used as a site for the use, generation, manufacture, storage, treatment, release, discharge, disposal,
transportation or presence of any of the following (collectively, “Hazardous Materials”), oil or other petroleum products, flammable explosives, asbestos, urea formaldehyde insulation; radioactive materials, hazardous wastes, fungus, mold,
mildew, spores or other biological or microbial agents the presence of which may affect human health, impair occupancy or materially affect the value or utility of the Property, toxic or contaminated substances or similar materials, including,
without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws (defined below) and/or other applicable
environmental laws, ordinances or regulations 
 The foregoing to the contrary notwithstanding, (i) Trustor may
store, maintain and use on the Property janitorial and maintenance supplies, paint and other Hazardous Materials of a type and in a quantity readily available for purchase by the general public and normally stored, maintained and used by owners and
managers of properties of a type similar to the Property, and (ii) tenants of the Property may store, maintain and use on the Property (and, if any tenant is a retail business, hold in inventory and sell in the ordinary course of such tenant’s
business) Hazardous Materials of a type and quantity readily available for purchase by the general public and normally stored, maintained and used (and, if tenant is a retail business, sold) by tenants in similar lines of business on properties
similar to the Property 
 b Hazardous Materials Laws Trustor shall comply and cause the Property to comply with
all federal, state and local 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 Environmental 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 Safety and Health Act of 1977, as amended, 30 U S C. Section 801 et seq., the Safe Drinking Water Act, 42 U S C.
Section 300f et seq , and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 
 c Notices Trustor shall immediately notify Beneficiary in writing of (i) the discovery of any Hazardous Materials on, under or about the Property (other than Hazardous Materials permitted
under Section 6 2(a)), (ii) any knowledge by Trustor that the Property does not comply with any Hazardous Materials Laws, (iii) any claims or actions (“Hazardous Materials Claims”) pending or threatened against Trustor or the Property by
any governmental entity or agency or any other person or entity relating to Hazardous Materials or pursuant to the Hazardous Materials Laws, 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 become contaminated with Hazardous Materials 

SI CA RG (rev 02/2004) 13 

 

 
 d Remedial Action. In response to the presence of any Hazardous Materials on, under or
about the Property, Trustor shall immediately take, at Trustor’s sole expense, all remedial action required by any Hazardous Materials Laws or any judgment, consent decree, settlement or compromise in respect to any Hazardous Materials Claims

 e Inspection By Beneficiary Upon reasonable prior notice to Trustor, Beneficiary, 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 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 
 f. Legal
Effect of Section Trustor and Beneficiary agree that (i) this Hazardous Materials Section is intended as Beneficiary’s written request for information (and Trustor’s response) concerning the environmental condition of the real property
security as required by California Code of Civil Procedure Section 726 5, and (ii) each representation and warranty and covenant in this Section (together with any indemnity applicable to a breach of any such representation and warranty) with
respect to the environmental condition of the Property is intended by Beneficiary and Trustor to be an “environmental provision” for purposes of California Code of Civil Procedure Section 736 

6 3 COMPLIANCE WITH LAWS Trustor shall comply with all federal, state and local laws, rules and regulations applicable to
the Property, including, without limitation, all zoning and building requirements and all requirements of the Americans With Disabilities Act of 1990 (42 U S.C Section 12101 et seq ), as amended from time to time Trustor shall possess and maintain
or cause Borrower to possess and maintain in full force and effect at all times (a) certificates of occupancy and other licenses, permits and authorizations required by applicable law for the existing use of the Property and (b) all permits,
franchises and licenses and all rights to all trademarks, trade names, patents and fictitious names, if any, required by applicable law for Trustor and Borrower to conduct the business(es) in which Trustor and Borrower are now engaged 

6 4 LITIGATION Trustor shall promptly notify Beneficiary in writing of any litigation pending or threatened against
Trustor or Borrower claiming damages in excess of $50,000 and of all pending or threatened litigation against Trustor or Borrower if the aggregate damage claims against Trustor or Borrower exceed $100,000 

6 5 MERGER, CONSOLIDATION, TRANSFER OF ASSETS Trustor shall not (a) merge or consolidate with any other entity or permit
Borrower to merge or consolidate with any other entity, (b) make any substantial change in the nature of Trustor’s business or structure or permit Borrower to make any substantial change in the nature of Borrower’s business or structure,
(c) acquire all or substantially all of the assets of any other entity or permit Borrower to acquire all or substantially all of the assets of any other entity; or (d) sell, lease, assign transfer or otherwise dispose of a material part of
Trustor’s assets except in the ordinary course of Trustor’s business or permit Borrower to sell, lease, assign, transfer or otherwise dispose of a material part of Borrower’s assets except in the ordinary course of Borrower’s
business. 
 6 6 ACCOUNTING RECORDS Trustor shall maintain and cause Borrower to maintain adequate books and
records in accordance with the same accounting standard used by Trustor or Borrower to prepare the financial statements delivered to and approved by Beneficiary in connection with the making of the Loan or other accounting standards approved by
Beneficiary Trustor shall permit and shall cause Borrower to permit any representative of Beneficiary, at any reasonable time and from time to time, to inspect, audit and examine such books and records and make copies of same 

6 7 COSTS, EXPENSES AND ATTORNEYS’ FEES. Trustor shall pay to Beneficiary the full amount of all costs and expenses,
including, without limitation, reasonable attorneys’ fees and expenses of Beneficiary’s in-house or outside counsel, incurred by Beneficiary in connection with. (a) appraisals and inspections of the Property or Collateral required by
Beneficiary as a result of (i) a Transfer or proposed Transfer (as defined 
 SI CA RG (rev 02/2004) 14

 

 
 below), or (ii) a Default; (b) appraisals and inspections of the Property or Collateral
required by applicable law, including, without limitation, federal or state regulatory reporting requirements; and (c) any acts performed by Beneficiary at Trustor’s request or wholly or partially for the benefit of Trustor (including, without
limitation, the preparation or review of amendments, assumptions, waivers, releases, reconveyances, estoppel certificates or statements of amounts owing under any Secured Obligation) In connection with appraisals and inspections, Trustor
specifically (but not by way of limitation) acknowledges that (aa) a formal written appraisal of the Property by a state certified or licensed appraiser may be required by federal regulatory reporting requirements on an annual or more frequent
basis, and (bb) Beneficiary may require inspection of the Property by an independent supervising architect, a cost engineering specialist, or both Trustor shall pay all indebtedness arising under this Section immediately upon demand by Beneficiary
together with interest thereon following notice of such indebtedness at the rate of interest then applicable to the principal balance of the Note as specified therein 
 6 8 LIENS, ENCUMBRANCES AND CHARGES Trustor shall immediately discharge by bonding or otherwise any lien, charge or other encumbrance which attaches to the Property in violation of Section
6 15 Subject to Trustor’s right to contest such matters under this Deed of Trust or as expressly permitted in the Loan Documents, Trustor shall pay when due all obligations secured by or reducible to liens and encumbrances which shall now or
hereafter encumber or appear to encumber all or any part of the Property or any interest therein, whether senior or subordinate hereto, including, without limitation, all claims for work or labor performed, or materials or supplies furnished, in
connection with any work of demolition, alteration, repair, improvement or construction of or upon the Property, except such as Trustor may in good faith contest or as to which a bona fide dispute may arise (provided provision is made to the
satisfaction of Beneficiary for eventual payment thereof in the event that Trustor is obligated to make such payment and that any recorded claim of lien, charge or other encumbrance against the Property is immediately discharged by bonding or
otherwise) 
 6.9 TAXES AND OTHER LIABILITIES Trustor shall pay and discharge when due any and all indebtedness,
obligations, assessments and taxes, both real and personal and including federal and state income taxes and state and local property taxes and assessments. Trustor shall promptly provide to Beneficiary copies of all tax and assessment notices
pertaining to the Property Trustor hereby authorizes Beneficiary to obtain, at Trustor’s expense, a tax service contract which shall provide tax information on the Property to Beneficiary for the term of the Loan and any extensions or renewals
of the Loan 
 6.10 INSURANCE COVERAGE. Trustor shall obtain and maintain all insurance coverage required
pursuant to that certain Agreement Regarding Required Insurance dated as of the date hereof by and between Trustor and Beneficiary. 
 6.11 CONDEMNATION AND INSURANCE PROCEEDS 
 a
Assignment of Claims Trustor absolutely and irrevocably assigns to Beneficiary all of the following rights, claims and amounts (collectively, “Claims”), all of which shall be paid to Beneficiary. (i) all awards of damages and all other
compensation payable directly or indirectly by reason of a condemnation or proposed condemnation for public or private use affecting all or any part of, or any interest in, the Property, (ii) all other claims and awards for damages to or decrease in
value of all or any part of, or any interest in, the Property; (iii) all proceeds of any insurance policies payable by reason of loss sustained to all or any part of the Property, and (iv) all interest which may accrue on any of the foregoing
Trustor shall give Beneficiary prompt written notice of the occurrence of any casualty affecting, or the institution of any proceedings for eminent domain or for the condemnation of, the Property or any portion thereof So long as no Default has
occurred and is continuing at the time, (i) Trustor shall have the right to adjust, compromise and settle any Claim or group of related Claims of $100,000 or less without the participation or consent of Beneficiary and (ii) Beneficiary shall have
the right to participate in and consent to any adjustment, compromise or settlement of any Claim or group of related Claims exceeding $100,000 if a Default has occurred and is continuing at the time, Trustor hereby irrevocably empowers Beneficiary,
in the name of Trustor, as Trustor’s true 
 SI CA RG (rev 02/2004) 15 

 

 
 and lawful attorney in fact, to commence, appear in, defend, prosecute, adjust,
compromise and settle all Claims, provided, however, Beneficiary shall not be responsible for any failure to undertake any or all of such actions regardless of the cause of the failure All awards, proceeds and other sums described herein shall, in
all cases, be payable to Beneficiary 
 b. Application of Proceeds; No Default So long as no Default has occurred
and is continuing at the time of Beneficiary’s receipt of the proceeds of the Claims (“Proceeds”) and no Default occurs thereafter, the following provisions shall apply. 

(i) Condemnation If the Proceeds are the result of Claims described in clauses 6.11 a (i) or (ii) above, or
interest accrued thereon, Beneficiary shall apply the Proceeds in the following order of priority. First, to Beneficiary’s expenses in settling, prosecuting or defending the Claims; Second, to the repair or restoration of the portion of the
Property, if any, not condemned or proposed for condemnation and not otherwise the subject of a claim or award, and Third, to the Secured Obligations in any order without suspending, extending or reducing any obligation of Trustor to make
installment payments 
 (ii) Insurance If the Proceeds are the result of Claims described in clause 6.11 a
(iii) above or interest accrued thereon, Beneficiary shall apply the Proceeds in the following order of priority First, to Beneficiary’s expenses in settling, prosecuting or defending the Claims, Second, to the repair or restoration of the
Property; and Third, (aa) if the repair or restoration of the Property has been completed and all costs incurred in connection with the repair or restoration have been paid in full, to Trustor or (bb) in all other circumstances, to the Secured
Obligations in any order without suspending, extending or reducing any obligation of Trustor to make installment payments 
 (iii) Restoration Notwithstanding the foregoing Sections 6 11 b (i) and (ii), Beneficiary shall have no obligation to make any Proceeds available for the repair or restoration of all
or any portion of the Property unless and until all the following conditions have been satisfied: (aa) delivery to Beneficiary of the Proceeds plus any additional amount which is needed to pay all costs of the repair or restoration (including,
without limitation, taxes, financing charges, insurance and rent during the repair period), (bb) establishment of an arrangement for lien releases and disbursement of funds acceptable to Beneficiary, (cc) delivery to Beneficiary in form and content
acceptable to Beneficiary of all of the following (1) plans and specifications for the work, (2) a contract for the work, signed by a contractor acceptable to Beneficiary, (3) a cost breakdown for the work, (4) if required by
Beneficiary, a payment and performance bond for the work, (5) evidence of the continuation of all Leases unless consented to in writing by Beneficiary, (6) evidence that, upon completion of the work, the size, capacity, value, and income
coverage ratios for the Property will be at least as great as those which existed immediately before the damage or condemnation occurred, (7) evidence that the work can reasonably be completed on or before that date which is 6 months prior to
the Maturity Date, and (8) evidence of the satisfaction of any additional conditions that Beneficiary may reasonably establish to protect Beneficiary’s security Trustor acknowledges that the specific conditions described above are
reasonable 
 c. Application of Proceeds; Default If a Default has occurred and is continuing at the time of
Beneficiary’s receipt of the Proceeds or if a Default occurs at any time thereafter, Beneficiary may, at Beneficiary’s absolute discretion and regardless of any impairment of security or lack of impairment of security, but subject to
applicable law governing use of the Proceeds, if any, apply all or any of the Proceeds to Beneficiary’s expenses in settling, prosecuting or defending the Claims and then apply the balance to the Secured Obligations in any order without
suspending, extending or reducing any obligation of Trustor to make installment payments, and may release all or any part of the Proceeds to Trustor upon any conditions Beneficiary chooses. 

SI CA RG (rev 02/2004) 
 16 

 

 
 6 12 IMPOUNDS 
 a Post-Default Impounds If required by Beneficiary at any time after a Default occurs (and regardless of whether such Default is thereafter cured), Trustor shall deposit with Beneficiary
such amounts (“Post-Default Impounds”) on such dates (determined by Beneficiary as provided below) as will be sufficient to pay any or all “Costs” (as defined below) specified by Beneficiary Beneficiary in its sole discretion
shall estimate the amount of such Costs that will be payable or required during any period selected by Beneficiary not exceeding 1 year and shall determine the fractional portion thereof that Trustor shall deposit with Beneficiary on each date
specified by Beneficiary during such period If the Post-Default Impounds paid by Trustor are not sufficient to pay the related Costs, Trustor shall deposit with Beneficiary upon demand an amount equal to the deficiency All Post-Default Impounds
shall be payable by Trustor in addition to (but without duplication of) any other Impounds (as defined below) 

b All Impounds Post-Default Impounds and any other impounds that may be payable by Borrower under the Note are
collectively called “Impounds”. All Impounds shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary or its servicing agent Except as otherwise provided in the Note, such account(s) shall not bear
interest Beneficiary shall not be a trustee, special depository or other fiduciary for Trustor with respect to such account, and the existence of such account shall not limit Beneficiary’s rights under this Deed of Trust, any other agreement or
any provision of law If no Default exists, Beneficiary shall apply all Impounds to the payment of the related Costs, or in Beneficiary’s sole discretion may release any or all Impounds to Trustor for application to and payment of such Costs If
a Default exists, Beneficiary may apply any or all Impounds to any Secured Obligation and/or to cure such Default, whereupon Trustor shall restore all Impounds so applied and cure all Defaults not cured by such application The obligations of Trustor
hereunder shall not be diminished by deposits of Impounds made by Trustor, except to the extent that such obligations have actually been met by application of such Impounds Upon any assignment of this Deed of Trust, Beneficiary may assign all
Impounds in its possession to Beneficiary’s assignee, whereupon Beneficiary and Trustee shall be released from all liability with respect to such Impounds Within 60 days following full repayment of the Secured Obligations (other than as a
consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary may elect, Beneficiary shall pay to Trustor all Impounds in its possession, and no other party shall have any right or claim thereto
“Costs” means (i) all taxes and other liabilities payable by Trustor under Section 6 9, (ii) all insurance premiums payable by Trustor under Section 6.10, (iii) all other costs and expenses for which Impounds are
required under the Note, and/or (iv) all other amounts that will be required to preserve the value of the Property Trustor shall deliver to Beneficiary, promptly upon receipt, all bills for Costs for which Beneficiary has required Post-Default
Impounds 
 6 13 DEFENSE AND NOTICE OF LOSSES, CLAIMS AND ACTIONS Trustor shall protect, preserve and 

defend the Property and title to and right of possession of the Property, the security of this Deed of Trust and the
rights and powers of Beneficiary and Trustee hereunder at Trustor’s sole expense against all adverse claims, whether the claim (a) is against a possessory or non-possessory interest, (b) arose prior or subsequent to the Effective
Date; or (c) is senior or junior to Trustor’s or Beneficiary’s rights Trustor shall give Beneficiary and Trustee prompt notice in writing of the assertion of any claim, of the filing of any action or proceeding of the occurrence of
any damage to the Property and of any condemnation offer or action 
 6 14 RIGHT OF INSPECTION Beneficiary and
its independent contractors, agents and employees may enter the Property from time to time at any reasonable time for the purpose of inspecting the Property and ascertaining Trustor’s compliance with the terms of this Deed of Trust Beneficiary
shall use reasonable efforts to assure that Beneficiary’s entry upon and inspection of the Property shall not materially and unreasonably interfere with the business or operations of Trustor or Trustor’s tenants on the Property 

6 15 DUE ON SALE/ENCUMBRANCE. 
 SI CA RG (rev 02/2004) 
 17 

 

 
 a. Definitions. The following terms shall have the meanings indicated. 

“Restricted Party” shall mean each of (i) Borrower, (ii) Trustor, (iii) any entity obligated
under any guaranty or indemnity made in favor of Beneficiary in connection with the Loan and (iv) any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of Borrower, Trustor or any entity
obligated under a guaranty or indemnity made in favor of Beneficiary in connection with the Loan 

“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. 
 b Property Transfers 
 (i) Prohibited Property
Transfers Trustor shall not cause or permit any Transfer of all or any part of or any direct or indirect legal or beneficial interest in the Property or the Collateral (collectively, a “Prohibited Property Transfer”), including, without
limitation, (A) a Lease or all or a material part of the Property for any purpose other than actual occupancy by a space tenant, and (B) the Transfer of all or any part of Trustor’s right, title and interest in and to any Leases or
Payments, 
 (ii) Permitted Property Transfers Notwithstanding the foregoing, none of the following Transfers
shall be deemed to be a Prohibited Property Transfer; (A) a Transfer which is expressly permitted under the Note; (B) a Lease which is permitted under Article 3; and (C) the sale of inventory in the ordinary course of business

 c. Equity Transfers 
 (i) Prohibited Equity Transfers. Trustor shall not cause or permit any Transfer of any direct or indirect legal or beneficial interest in a Restricted Party (collectively, a
“Prohibited Equity Transfer”), including without limitation, (A) if a Restricted Party is a corporation, any merger, consolidation or other Transfer of such corporation’s stock or the creation or issuance of new stock in one or a
series of transactions; (B) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or
the Transfer of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or issuance of new limited partnership interests; (C) if a Restricted Party is a
limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or any profits or proceeds relating to such membership interest,
or the Transfer of a non-managing membership interest or the creation or issuance of new non-managing membership interests, or (D) if a Restricted Party is a trust, any merger consolidation or other Transfer of any legal or beneficial interest
in such Restricted Party or the creation or issuance of new legal or beneficial interests. 
 (ii) Permitted
Equity Transfers Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Equity Transfer. (A) 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 (“Revocable Family Trust”), (B) a Transfer
by devise or descent or by operation of law upon the death of a member, partner or shareholder of a Restricted Party where such Transfer does not result in a Default 
 SI CA RG (rev 02/2004) 
 18 

 

 
 under Section 7.1 a(vi) below; (C) a Transfer, in one or a series of
transactions, of not more than 49% of the stock, limited partnership interests or non-managing membership interests (as the case may be) in a Restricted Party where such Transfer does not result in a change in management control in the Restricted
Party 
 (iii) SPE Status. Nothing contained in this Section 6 15c shall be construed to permit any Transfer
which would result in a breach of any representation, warranty or covenant of Trustor under Section 5.2 above. Notwithstanding anything to the contrary contained in this Section 6 15c, if a nonconsolidation opinion was required as a
condition to closing of the Loan, (A) Trustor shall deliver to Beneficiary at least 60 days’ prior written notice of any Transfer under Section 6 15c(ii)(A) or (C) above, (B) if required by Beneficiary, it shall be a
condition precedent to any Transfer under Section 6 15c(ii)(A) or (C) above that Trustor deliver to Beneficiary a current nonconsolidation opinion in form and content and rendered by counsel satisfactory to Beneficiary in its sole and
absolute discretion and (C) such a current nonconsolidation opinion shall be delivered to Beneficiary, not more than 60 days’ following any Transfer under Section 6 15c(ii)(B) above 

d. Certificates of Ownership Trustor shall deliver to Beneficiary, at any time and from time to time, not more than 5 days
after Beneficiary’s written request therefor, a certificate, in form acceptable to Beneficiary, signed and dated by Borrower and Trustor, 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 
 6 16 ACCEPTANCE OF TRUST;
POWERS AND DUTIES OF TRUSTEE Trustee accepts this trust when this Deed of Trust is recorded From time to time upon written request of Beneficiary and presentation of this Deed of Trust, or a certified copy thereof, for endorsement, and without
affecting the personal liability of any person for payment of any indebtedness or performance of any Secured Obligation, Trustee may, without liability therefor and without notice (a) reconvey all or any part of the Property, (b) consent
to the making of any map or plat of the Property, (c) join in granting any easement on the Property, (d) join in any declaration of covenants and restrictions, or (e) join in any extension agreement or any agreement subordinating the
lien or charge of this Deed of Trust Nothing contained in the immediately preceding sentence shall be construed to limit, impair or otherwise affect the rights of Trustor in any respect. Except as may otherwise be required by applicable law, Trustee
or Beneficiary may from time to time apply to any court of competent jurisdiction for aid and direction in the execution of the trusts hereunder and the enforcement of the rights and remedies available hereunder, and Trustee or Beneficiary may
obtain orders or decrees directing or confirming or approving acts in the execution of said trusts and the enforcement of said remedies Trustee has no obligation to notify any party of any pending sale or any action or proceeding (including, without
limitation, actions in which Trustor, Beneficiary or Trustee shall be a party) unless held or commenced and maintained by Trustee under this Deed of Trust Trustee shall not be obligated to perform any act required of it hereunder unless the
performance of the act is requested in writing and Trustee is reasonably indemnified and held harmless against loss, cost, liability and expense. 
 6 17 COMPENSATION OF TRUSTEE Trustor shall pay to Trustee reasonable compensation and reimbursement for services and expenses in the administration of this trust, including, without
limitation, reasonable attorneys fees. Trustor shall pay all indebtedness arising under this Section immediately upon demand by Trustee or Beneficiary together with interest thereon from the date the indebtedness arises at the rate of interest then
applicable to the principal balance of the Note as specified therein. 
 6 18 EXCULPATION Beneficiary shall not
directly or indirectly be liable to Trustor or any other person as a consequence of (a) the exercise of the rights, remedies or powers granted to Beneficiary in this Deed of Trust, (b) the failure or refusal of Beneficiary to perform or
discharge any obligation or liability of Trustor under any agreement related to the Property or under this Deed of Trust, or (c) any loss sustained by Trustor or any third party resulting from Beneficiary’s failure to lease the Property
after a Default (hereafter defined) or from any 
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19 

 

 
 other act or omission of Beneficiary in managing the Property after a Default unless
the loss is caused by the willful misconduct and bad faith of Beneficiary and no such liability shall be asserted or enforced against Beneficiary, all such liability being expressly waived and released by Trustor 

6 19 INDEMNITY. Without in any way limiting any other indemnity contained in this Deed of Trust, Trustor agrees to defend,
indemnify and hold harmless Trustee and the Beneficiary Group from and against any claim, loss, damage, cost, expense or liability directly or indirectly arising out of: (a) the making of the Loan, except for violations of banking laws or
regulations by the Beneficiary Group, (b) this Deed of Trust; (c) the execution of this trust or the performance of any act required or permitted hereunder or by law; (d) any failure of Trustor to perform Trustor’s obligations
under this Deed of Trust or the other Loan Documents, (e) any alleged obligation or undertaking on the Beneficiary Group’s part to perform or discharge any of the representations, warranties, conditions, covenants or other obligations
contained in any other document related to the Property; 
 (f) any act or omission by Trustor or any contractor,
agent, employee or representative of Trustor with respect to the Property, or (g) any claim, loss, damage, cost, expense or liability directly or indirectly arising out of (1) the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any Hazardous Materials which are found in, on, under or about the Property (including, without limitation, underground contamination), or (ii) the breach of any covenant,
representation or warranty of Trustor under Sections 5 1 p, 5 1.q, 5 1.r, or 6.2 above The foregoing to the contrary notwithstanding, this indemnity shall not include any claim, loss, damage, cost, expense or liability directly or indirectly arising
out of the gross negligence or willful misconduct of any member of the Beneficiary Group or Trustee, or any claim, loss, damage, cost, expense or liability incurred by the Beneficiary Group or Trustee arising from any act or incident on the Property
occurring after the full reconveyance and release of the lien of this Deed of Trust on the Property, or with respect to the matters set forth in clause (g) above, any claim, loss, damage, cost, expense or liability incurred by the Beneficiary
Group resulting from the introduction and initial release of Hazardous Materials on the Property occurring after the transfer of title to the Property at a foreclosure sale under this Deed of Trust, either pursuant to judicial decree or the power of
sale, or by deed in lieu of such foreclosure This indemnity shall include, without limitation. (aa) all consequential damages (including, without limitation, any third party tort claims or governmental claims, fines or penalties against Trustee or
the Beneficiary Group), (bb) all court costs and reasonable attorneys’ fees (including, without limitation, expert witness fees) paid or incurred by Trustee or the Beneficiary Group, and (cc) the costs, whether foreseeable or unforeseeable, of
any investigation, repair, cleanup or detoxification of the Property which is required by any governmental entity or is otherwise necessary to render the Property in compliance with all laws and regulations pertaining to Hazardous Materials.
“Beneficiary Group”, as used herein, shall mean (1) Beneficiary and Lender (including, without limitation, any participant in the Loan), (2) any entity controlling, controlled by or under common control with Beneficiary and
Lender, (3) the directors, officers, employees and agents of Beneficiary and Lender and such other entities, and (4) the successors, heirs and assigns of the entities and persons described in foregoing clauses (1) through (3). Trustor
shall pay immediately upon Trustee’s or Beneficiary’s 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 as specified therein Trustor agrees to use legal counsel reasonably acceptable to Trustee and the Beneficiary Group in any action or proceeding arising under this indemnity THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE TERMINATION AND
RECONVEYANCE OF THIS DEED OF TRUST, BUT TRUSTOR’S LIABILITY UNDER THIS INDEMNITY SHALL BE SUBJECT TO THE PROVISIONS OF THE SECTION IN THE NOTE ENTITLED “BORROWER’S LIABILITY.” 

6 20 SUBSITUTION OF TRUSTEE. From time to time, by a writing signed and acknowledged by Beneficiary and recorded in the
Office of the Recorder of the County in which the Property is situated, Beneficiary may appoint another trustee to act in the place and stead of Trustee or any successor. Such writing shall set forth any information required by law. The recordation
of such instrument of substitution shall discharge Trustee herein named and shall appoint the new trustee as the trustee hereunder with the same effect as if originally named trustee herein A writing recorded pursuant to the provisions of this
Section shall be conclusive proof of the proper substitution of such new trustee 
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 6 21 RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY Without notice to or
the consent, approval or agreement of any persons or entities having any interest at any time in the Property or in any manner obligated under the Secured Obligations (“Interested Parties”), Beneficiary may, from time to time.
(a) fully or partially release any person or entity from liability for the payment or performance of any Secured Obligation; (b) extend the maturity of any Secured Obligation, (c) make any agreement with Borrower increasing the amount
or otherwise altering the terms of any Secured Obligation, (d) accept additional security for any Secured Obligation, or (e) release all or any portion of the Property, Collateral and other security for any Secured Obligation None of the
foregoing actions shall release or reduce the personal liability of any of said Interested Parties, or release or impair the priority of the lien of this Deed of Trust upon the Property. 

6 22 SALE OR PARTICIPATION OF LOAN Beneficiary may at any time sell, assign, participate or securitize all or any portion
of Beneficiary’s rights and obligations under the Loan Documents, and that any such sale, assignment, participation or securitization may be to one or more financial institutions or other entities, to private investors, or into the public
securities market, in Beneficiary’s sole discretion Trustor further agrees that Beneficiary may disseminate to any such actual or potential purchaser(s), assignee(s) or participant(s) (and to any investment banking firms, rating agencies,
accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the applicable sale, assignment, participation or securitization) all documents and financial and other information
heretofore or hereafter provided to or known to Beneficiary with respect to (a) the Property and its operation, (b) any party connected with the Loan (including, without limitation, Trustor, any partner or member of Trustor, any
constituent partner or member of Trustor, any guarantor and any nonborrower trustor). In the event of any such sale, assignment, participation or securitization, Beneficiary and the other parties to the same shall share in the rights and obligations
of Beneficiary set forth in the Loan Documents as and to the extent they shall agree among themselves. In connection with any such sale, assignment, participation or securitization, Trustor further agrees that the Loan Documents shall be sufficient
evidence of the obligations of Trustor to each purchaser, assignee or participant, and Trustor shall, within 15 days after request by Beneficiary; (c) deliver to Beneficiary such information and documents relating to Trustor, the Property and
its operation and any party connected with the Loan as Beneficiary or any rating agency may request; (d) deliver to Beneficiary an estoppel certificate for the benefit of Beneficiary and any other party designated by Beneficiary verifying the
status and terms of the Loan, in form and content satisfactory to Beneficiary; (e) enter into such amendments to the Loan Documents as may be requested in order to facilitate any such sale, assignment, participation or securitization without
impairing Trustor’s rights or increasing Trustor’s obligations, (f) if, as a condition to the closing of the Loan, Trustor was required to be a special-purpose bankruptcy-remote entity, enter into such amendments to the organizational
documents of Trustor as any rating agency may request to preserve or enhance Trustor’s special-purpose bankruptcy-remote status; and (g) if, as a condition to the closing of the Loan, Trustor was required to provide Beneficiary with any
nonconsolidation opinions, provide Beneficiary with such amendments and restatements of such opinions as any rating agency may request The indemnity obligations of Trustor under the Loan Documents shall also apply with respect to any purchaser,
assignee or participant 
 6 23 RECONVEYANCE Upon Beneficiary’s written request, and upon surrender of this
Deed of Trust or certified copy hereof and any note, instrument or instruments setting forth all obligations secured hereby to Trustee for cancellation, Trustee shall reconvey, without warranty, the Property or that portion thereof then held
hereunder. The recitals of any matters or facts in any reconveyance executed hereunder shall be conclusive proof of the truthfullness thereof To the extent permitted by law, the reconveyance may describe the grantee as “the person or persons
legally entitled thereto” Neither Beneficiary nor Trustee shall have any duty to determine the rights of persons claiming to be rightful grantees of any reconveyance When the Property has been fully reconveyed, the last such reconveyance shall
operate as a reassignment of all future rents, issues and profits of the Property to the person or persons legally entitled thereto 
 6 24 SUBROGATION Beneficiary shall be subrogated to the lien of all encumbrances, whether released of record or not, paid in whole or in part by Beneficiary pursuant to this Deed of Trust
or by the proceeds of any loan secured by this Deed of Trust. 
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 ARTICLE 7. DEFAULT 

7.1 DEFAULT. For all purposes hereof, “Default” shall mean either an “Optional Default” (as defined
below) or an “Automatic Default” (as defined below) 
 a. Optional Default An “Optional
Default” shall occur, at Beneficiary’s option, upon the occurrence of any of the following events 

(1) Monetary Borrower or Trustor shall fail to (aa) pay when due any sums which by their express terms require immediate
payment without any grace period or sums which are payable on the Maturity Date, or (bb) pay within 5 days when due any other sums payable under the Note, this Deed of Trust or any of the other Loan Documents, including without limitation, any
monthly payment due under the Note 
 (ii) Failure to Perform Borrower or Trustor shall fail to observe, perform
or discharge any of Borrower’s or Trustor’s obligations, covenants, conditions or agreements, other than Borrower’s or Trustor’s payment obligations, under the Note, this Deed of Trust or any of the other Loan Documents, and (aa)
such failure shall remain uncured for 30 days after written notice thereof shall have been given to Borrower or Trustor, as the case may be, by Beneficiary or (bb) if such failure is of such a nature that it cannot be cured within such 30 day
period, Borrower or Trustor shall fail to commence to cure such failure within such 30 day period or shall fail to diligently prosecute such curative action thereafter 
 (iii) Representations and Warranties Any representation, warranty, certificate or other statement (financial or otherwise) made or furnished by or on behalf of Borrower, Trustor, or a
guarantor, if any, to Beneficiary or in connection with any of the Loan Documents, or as an inducement to Beneficiary to make the Loan, shall be false, incorrect, incomplete or misleading in any material respect when made or furnished 

(iv) Condemnation; Attachment. The condemnation, seizure or appropriation of any material portion (as reasonably
determined by Beneficiary) of the Property; or the sequestration or attachment of, or levy or execution upon any of the Property, the Collateral or any other collateral provided by Borrower or Trustor under any of the Loan Documents, or any material
portion of the other assets of Borrower or Trustor, which sequestration, attachment, levy or execution is not released or dismissed within 45 days after its occurrence, or the sale of any assets affected by any of the foregoing 

(v) Uninsured Casualty The occurrence of an uninsured casualty with respect to any material portion (as reasonably
determined by Beneficiary) of the Property unless (aa) no other Default has occurred and is continuing at the time of such casualty or occurs thereafter, (bb) Trustor promptly notifies Beneficiary of the occurrence of such casualty, and (cc) not
more than 45 days after the occurrence of such casualty, Trustor delivers to Beneficiary immediately available funds in an amount sufficient, in Beneficiary’s reasonable opinion, to pay all costs of the repair or restoration (including, without
limitation, taxes, financing charges, insurance and rent during the repair period). So long as no Default has occurred and is continuing at the time of Beneficiary’s receipt of such funds and no Default occurs thereafter, Beneficiary shall make
such funds available for the repair or restoration of the Property Notwithstanding the foregoing, Beneficiary shall have no obligation to make any funds available for repair or restoration of the Property unless and until all the conditions set
forth in clauses (bb) and (cc) of Section 6.11(b) iii of this Deed of Trust have been satisfied. Trustor acknowledges that the specific conditions described above are reasonable 

SI CA RG (rev 02/2004) 
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 (vi) Key Person or Entity The retirement, death, incapacity or material reduction in
current management authority or duties, if any, of James T. Rountree and Trustor’s failure to provide a substitute or replacement acceptable to Beneficiary within 30 days after the occurrence of any such event 

b Automatic Default. An “Automatic Default” shall occur automatically upon the occurrence of any of the
following events 
 (i) Voluntary Bankruptcy, Insolvency, Dissolution, (aa) Borrower’s filing a petition for
relief under the Bankruptcy Reform Act of 1978, as amended or recodified (“Bankruptcy Code”), or under any other present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively,
“Debtor Relief Law”), or (bb) Borrower’s filing any pleading in any involuntary proceeding under the Bankruptcy Code or other Debtor Relief Law which admits the jurisdiction of a court to regulate Borrower or the Property or the
petition’s material allegations regarding Borrower’s insolvency, or (cc) Borrower’s making a general assignment for the benefit of creditors; or (dd) Borrower’s applying for, or the appointment of, a receiver, trustee, custodian
or liquidator of Borrower or any of its property; or (ee) the filing by or against Borrower of a petition seeking the liquidation or dissolution of Borrower or the commencement of any other procedure to liquidate or dissolve Borrower. 

(ii) Involuntary Bankruptcy Borrower’s failure to effect a full dismissal of any involuntary petition under the
Bankruptcy Code or other Debtor Relief Law that is filed against Borrower or in any way restrains or limits Borrower or Beneficiary regarding the Loan or the Property, prior to the earlier of the entry of any order granting relief sought in the
involuntary petition or 45 days after the date of filing of the petition 
 (iii) Partners, Guarantors. The
occurrence of an event specified in Sections (i) or (ii) as to Trustor, any general partner or managing member of Borrower or Trustor, or any guarantor or other person or entity in any manner obligated to Beneficiary under the Loan
Documents 
 7 2 ACCELERATION. Upon the occurrence of an Optional Default, Beneficiary may, at its option,
declare all sums owing to Beneficiary under the Note and the other Loan Documents immediately due and payable Upon the occurrence of an Automatic Default, all sums owing to Beneficiary under the Note and the other Loan Documents shall automatically
become immediately due and payable 
 7 3 RIGHTS AND REMEDIES In addition to the rights and remedies in
Section 7 2 above, at any time after a Default, Beneficiary shall have all of the following rights and remedies 
 a Entry on Property With or without notice, and without releasing Trustor from any Secured Obligation, and without becoming a mortgagee in possession, to enter upon the Property from time
to time and to do such acts and things as Beneficiary or Trustee deem necessary or desirable in order to inspect, investigate, assess and protect the security hereof or to cure any Default, including, without limitation (i) to take and possess
all documents, books, records, papers and accounts of Trustor, Borrower or the then owner of the Property which relate to the Property; (ii) to make, terminate, enforce or modify leases of the Property upon such terms and conditions as
Beneficiary deems proper, (iii) to make repairs, alterations and improvements to the Property necessary, in Trustee’s or Beneficiary’s sole judgment, to protect or enhance the security hereof, (iv) to appear in and defend any
action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee hereunder, (v) to pay, purchase, contest or compromise any encumbrance, charge, lien or claim of lien which, in the sole judgment of
either Beneficiary or Trustee, is or may be senior in priority hereto, the judgment of Beneficiary or Trustee being conclusive as between the parties hereto, (vi) to obtain insurance, (vii) to pay any premiums or charges with respect to
insurance required to be carried hereunder or under any other Loan Document, (viii) to obtain a court order to enforce Beneficiary’s 
 SI CA RG (rev 02/2004) 
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 right to enter and inspect the Property for Hazardous Materials, in which regard the
decision of Beneficiary as to whether there exists a release or threatened release of Hazardous Materials onto the Property shall be deemed reasonable and conclusive as between the parties hereto, (ix) to have a receiver appointed pursuant to
applicable law to enforce Beneficiary’s rights to enter and inspect the Property for Hazardous Materials, and/or (x) to employ legal counsel, accountants, engineers, consultants, contractors and other appropriate persons to assist them,

 b. Appointment of Receiver With or without notice or hearing to apply to a court of competent jurisdiction for
and obtain appointment of a receiver, trustee, liquidator or conservator of the Property, for any purpose, including, without limitation, to enforce Beneficiary’s rights to collect Payments and to enter on and inspect the Property for Hazardous
Materials, as a matter of strict right and without regard to (i) the adequacy of the security for the repayment of the Secured Obligations, (ii) the existence of a declaration that the Secured Obligations are immediately due and payable,
(iii) the filing of a notice of default, or (iv) the solvency of Trustor, Borrower or any guarantor or other person or entity in any manner obligated to Beneficiary under the Loan Documents 

c Judicial Foreclosure; Injunction To commence and maintain an action or actions in any court of competent jurisdiction to
foreclose this instrument as a mortgage or to obtain specific enforcement of the covenants of Trustor hereunder, and Trustor agrees that such covenants shall be specifically enforceable by injunction or any other appropriate equitable remedy and
that for the purposes of any suit brought under this subparagraph, Trustor waives the defense of laches and any applicable statute of limitations, 
 d Nonjudicial Foreclosure To execute a written notice of such Default and of the election to cause the Property to be sold to satisfy the Secured Obligations Trustee shall give and record
such notice as the law then requires as a condition precedent to a trustee’s sale When the minimum period of time required by law after such notice has elapsed, Trustee, without notice to or demand upon Trustor except as required by law, shall
sell the Property at the time and place of sale fixed by it in the notice of sale, at one or several sales, either as a whole or in separate parcels and in such manner and order, all as Beneficiary in its sole discretion may determine, at public
auction to the highest bidder for cash, in lawful money of the United States, payable at time of sale Neither Trustor nor any other person or entity other than Beneficiary shall have the right to direct the order in which the Property is sold
Subject to requirements and limits imposed by law, Trustee may, from time to time postpone sale of all or any portion of the Property by public announcement at such time and place of sale, and from time to time may postpone the sale by public
announcement at the time and place fixed by the preceding postponement A sale of less than the whole of the Property or any defective or irregular sale made hereunder shall not exhaust the power of sale provided for herein Trustee shall deliver to
the purchaser at such sale a deed conveying the Property or portion thereof so sold, but without any covenant or warranty, express or implied The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof Any
person, including Trustee, Trustor or Beneficiary may purchase at the sale, 
 Upon sale of the Property at any
judicial or nonjudicial foreclosure, Beneficiary may credit bid (as determined by Beneficiary in its sole and absolute discretion) all or any portion of the Secured Obligations In determining such credit bid, Beneficiary may, but is not obligated
to, take into account all or any of the following (i) appraisals of the Property as such appraisals may be discounted or adjusted by Beneficiary in its sole and absolute underwriting discretion; (ii) expenses and costs incurred by
Beneficiary with respect to the Property prior to foreclosure, (iii) expenses and costs which Beneficiary anticipates will be incurred with respect to the Property after foreclosure, but prior to resale, including, without limitation, costs of
structural reports and other due diligence, costs to carry the Property prior to resale, costs of resale (e g commissions, attorneys’ fees, and taxes), costs of any Hazardous Materials clean-up and monitoring, costs of deferred maintenance,
repair, refurbishment and retrofit, costs of defending or settling litigation affecting the Property, and lost opportunity costs (if any) including the time value of money during any anticipated holding period by Beneficiary, (iv) declining
trends in real property values generally and with respect to properties similar to the Property, (v) 
 SI CA RG
(rev 02/2004) 
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 anticipated discounts upon resale of the Property as a distressed or foreclosed
property, (vi) the fact of additional collateral (if any), for the Secured Obligations; and (vii) such other factors or matters that Beneficiary (in its sole and absolute discretion) deems appropriate In regard to the above, Trustor
acknowledges and agrees that (viii) Beneficiary is not required to use any or all of the foregoing factors to determine the amount of its credit bid, (ix) this paragraph does not impose upon Beneficiary any additional obligations that are
not imposed by law at the time the credit bid is made, (x) the amount of Beneficiary’s credit bid need not have any relation to any loan-to-value ratios specified in the Loan Documents or previously discussed between Trustor and
Beneficiary; and (xi) Beneficiary’s credit bid may be (at Beneficiary’s sole and absolute discretion) higher or lower than any appraised value of the Property, 
 e Multiple Foreclosures To resort to and realize upon the security hereunder and any other security now or later held by Beneficiary concurrently or successively and in one or several
consolidated or independent judicial actions or lawfully taken nonjudicial proceedings, or both, and to apply the proceeds received upon the Secured Obligations all in such order and manner as Trustee and Beneficiary or either of them determine in
their sole discretion, 
 f Rights to Collateral To exercise all rights Trustee or Beneficiary may have with
respect to the Collateral under this Deed of Trust, the UCC or otherwise at law, and 
 g Other Rights To
exercise such other rights as Trustee or Beneficiary may have at law or in equity or pursuant to the terms and conditions of this Deed of Trust or any of the other Loan Documents 

In connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Property which consists of a
right in action or which is property that can be severed from the Property (including, without limitation, any improvements forming a part thereof) without causing structural damage thereto as if the same were personal property or a fixture, as the
case may be, and dispose of the same in accordance with applicable law, separate and apart from the sale of the Property Any sale of Collateral hereunder shall be conducted in any manner permitted by the UCC 

7 4 APPLICATION OF FORECLOSURE SALE PROCEEDS If any foreclosure sale is effected, Trustee shall apply the proceeds of such
sale in the following order of priority First, to the costs, fees and expenses of exercising the power of sale and of sale, including, without limitation, the payment of the Trustee’s fees and attorneys’ fees permitted pursuant to
subdivision (b) of California Civil Code Section 2924d and subdivision (b) of Section 2924k; Second, to the payment of the Secured Obligations which are secured by this Deed of Trust, in such order as Beneficiary shall determine
in its sole discretion, Third, to satisfy the outstanding balance of obligations secured by any junior liens or encumbrances in the order of their priority; and Fourth, to the Trustor or the Trustor’s successor in interest, or in the event the
Property has been sold or transferred to another, to the vested owner of record at the time of the Trustee’s sale 
 7.5 WAIVER OF MARSHALING RIGHTS Trustor, for itself and for all parties claiming through or under Trustor, and for all parties who may acquire a lien on or interest in the Property, hereby
waives all rights to have the Property and/or any other property, including, without limitation, the Collateral, which is now or later may be security for any Secured Obligation, marshaled upon any foreclosure of this Deed of Trust or on a
foreclosure of any other security for any of the Secured Obligations 
 7 6 NO CURE OR WAIVER. Neither
Beneficiary’s nor Trustee’s nor any receiver’s entry upon and taking possession of all or any part of the Property, nor any collection of rents, issues, profits, insurance proceeds condemnation proceeds or damages, other security or
proceeds of other security, or other sums, nor the application of any collected sum to any Secured Obligation, nor the exercise of any other right or remedy by Beneficiary or Trustee or any receiver shall cure or waive any Default or notice of
default under this Deed of Trust, or nullify the effect of any notice of default or sale (unless all Secured Obligations then due have been paid or performed and Trustor has cured all other Defaults hereunder), or impair the status of the security,
or 
 SI CA RG (rev 02/2004) 
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 prejudice Beneficiary or Trustee in the exercise of any right or remedy, or be
construed as an affirmation by Beneficiary of any tenancy, lease or option or a subordination of the lien of this Deed of Trust 
 7.7 PAYMENT OF COSTS, EXPENSES AND ATTORNEYS’ FEES Trustor agrees to pay to Beneficiary immediately and upon demand all costs and expenses incurred by Trustee and Beneficiary in the
enforcement of the terms and conditions of this Deed of Trust (including, without limitation, statutory trustee’s fees, court costs and attorneys’ fees, whether incurred in litigation or not) with interest from the date of expenditure
until said sums have been paid at the rate of interest applicable to the principal balance of the Note as specified therein 
 7 8 POWER TO FILE NOTICES AND CURE DEFAULTS Trustor hereby irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-fact, which agency is coupled with an
interest, to perform any obligation of Trustor hereunder upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, provided, however, that (a) Beneficiary as such attorney-in-fact
shall only be accountable for such funds as are actually received by Beneficiary, and (b) Beneficiary shall not be liable to Trustor or any other person or entity for any failure to act under this Section 

7 9 REMEDIES CUMULATIVE. All rights and remedies of Beneficiary and Trustee under this Deed of Trust and the other Loan
Documents are cumulative and are in addition to all rights and remedies provided by applicable law (including specifically that of foreclosure of this Deed of Trust as though it were a mortgage) Beneficiary may enforce any one or more remedies or
rights under the Loan Documents either successively or concurrently 
 ARTICLE 8. MISCELLANEOUS PROVISIONS

 8 1 ADDITIONAL PROVISIONS The Loan Documents contain or incorporate by reference the entire agreement of the
parties with respect to matters contemplated herein and supersede all prior negotiations The Loan Documents grant further rights to Beneficiary and contain further agreements and affirmative and negative covenants by Trustor which apply to this Deed
of Trust and to the Property and such further rights and agreements are incorporated herein by this reference THE OBLIGATIONS AND LIABILITIES OF TRUSTOR UNDER THIS DEED OF TRUST AND THE OTHER LOAN DOCUMENTS ARE SUBJECT TO THE PROVISIONS OF THE
SECTION IN THE NOTE ENTITLED “BORROWER’S LIABILITY ” 
 8 2 NON-WAIVER By accepting payment of any
amount secured hereby after its due date or late performance of any other Secured Obligation, Beneficiary shall not waive its right against any person obligated directly or indirectly hereunder or on any Secured Obligation, either to require prompt
payment or performance when due of all other sums and obligations so secured or to declare default for failure to make such prompt payment or performance. No exercise of any right or remedy by Beneficiary or Trustee hereunder shall constitute a
waiver of any other right or remedy herein contained or provided by law No failure by Beneficiary or Trustee to exercise any right or remedy hereunder arising upon any Default shall be construed to prejudice Beneficiary’s or Trustee’s
rights or remedies upon the occurrence of any other or subsequent Default No delay by Beneficiary or Trustee in exercising any such right or remedy shall be construed to preclude Beneficiary or Trustee from the exercise thereof at any time while
that Default is continuing No notice to nor demand on Trustor shall of itself entitle Trustor to any other or further notice or demand in similar or other circumstances 
 8 3 CONSENTS AND APPROVALS Wherever Beneficiary’s consent, approval, acceptance or satisfaction is required under any provision of this Deed of Trust or any of the other Loan
Documents, such consent, approval, acceptance or satisfaction shall not be unreasonably withheld, conditioned or delayed by Beneficiary unless such provision expressly so provides 

8 4 PERMITTED CONTENTS After prior written notice to Beneficiary, Trustor may contest, by appropriate legal or other
proceedings conducted in good faith and with due diligence, the amount, validity or application, in whole or in part, of any lien, levy, tax or assessment, or any lien of any laborer, mechanic, materialman, supplier 

SI CA RG (rev 02/2004) 26 

 

 
 or vendor, or the application to Trustor or the Property of any law or the validity
thereof, the assertion or imposition of which, or the failure to pay when due, would constitute a Default, provided that (a) Trustor pursues the contest diligently, in a manner which Beneficiary determines is not prejudicial to Beneficiary, and does
not impair the lien of this Deed of Trust, (b) the Property, or any part hereof or estate or interest therein, shall not be in any danger of being sold, forfeited or lost by reason of such proceedings; (c) in the case of the contest of any law or
other legal requirement, Beneficiary shall not be in any danger of any civil or criminal liability, and (d) if required by Beneficiary, Trustor deposits with Beneficiary any funds or other forms of assurance (including a bond or letter of credit)
satisfactory to Beneficiary to protect Beneficiary from the consequences of the contest being unsuccessful. Trustor’s right to contest pursuant to the terms of this provision shall in no way relieve Trustor or Borrower of its obligations under
the Loan or to make payments to Beneficiary as and when due. 
 8.5 FURTHER ASSURANCES. Trustor shall, upon
demand by Beneficiary or Trustee, execute, acknowledge (if appropriate) and deliver any and all documents and instruments and do or cause to be done all further acts reasonably necessary or appropriate to effectuate the purposes of the Loan
Documents and to perfect any assignments contained therein 
 8 6 ATTORNEYS’ FEES If any legal action, suit
or proceeding is commenced between Trustor and Beneficiary regarding their respective rights and obligations under this Deed of Trust or any of the other Loan Documents, the prevailing party shall be entitled to recover, in addition to damages or
other relief, costs and expenses, reasonable attorneys’ fees and court costs (including, without limitation, expert witness fees) As used herein the term “prevailing party” shall mean the party which obtains the principal relief it
has sought, whether by compromise settlement or judgment. If the party which commenced or instituted the action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other party, such other party shall be deemed the
prevailing party 
 8.7 TRUSTOR AND BENEFICIARY DEFINED The term “Trustor” includes both the original
Trustor and any subsequent owner or owners of any of the Property, and the term “Beneficiary” includes the original Beneficiary and any future owner or holder, including assignees, pledges and participants, of the Note or any interest
therein. 
 8 8 DISCLAIMERS. 
 a Nominee Capacity of MERS MERS serves as mortgagee of record and secured party solely as nominee, in an administrative capacity, for Lender and its successors and assigns and only holds
legal title to the interests granted, assigned, and transferred herein All payments or deposits with respect to the Secured Obligations shall be made to Lender, all advances under the Loan Documents shall be made by Lender, and all consents,
approvals, or other determinations required or permitted of Beneficiary herein shall be made by Lender. MERS shall at all times comply with the instructions of Lender and its successors and assigns If necessary to comply with law or custom, MERS
(for the benefit of Lender and its successors and assigns) may be directed by Lender to exercise any or all of those interests, including without limitation, the right to foreclose and sell the Property, and take any action required of Lender,
including without limitation, a release, discharge or reconveyance of this Deed of Trust Subject to the foregoing, all references herein to “Beneficiary” shall include Lender and its successors and assigns 

b Relationship. The relationship of Trustor and Beneficiary under this Deed of Trust and the other Loan Documents is, and
shall at all times remain, solely that of borrower and lender (the role of MERS hereunder being solely that of nominee as set forth in subsection (a) above and not that of a lender), and Beneficiary neither undertakes nor assumes any responsibility
or duty to Trustor or to any third party with respect to the Property. Notwithstanding any other provisions of this Deed of Trust and the other Loan Documents. (i) Beneficiary is not, and shall not be construed to be, a partner, joint venturer,
member, alter ego, manager, controlling person or other business associate or participant of 
 SI CA RG (rev
02/2004) 27 

 

 
 any kind of Trustor, and Beneficiary does not intend to ever assume such status, (ii)
Lender’s activities in connection with this Deed of Trust and the other Loan Documents shall not be “outside the scope of activities of a lender of money” within the meaning of California Civil Code Section 3434, as amended or
recodified from time to time, and Beneficiary does not intend to ever assume any responsibility to any person for the quality, suitability, safety or condition of the Property, and (iii) Beneficiary shall not be deemed responsible for or a
participant in any acts, omissions or decisions of Trustor. 
 c No Liability Beneficiary shall not be directly
or indirectly liable or responsible for any loss, claim, cause of action, liability, indebtedness, damage or injury of any kind or character to any person or property arising from any construction on, or occupancy or use of, the Property, whether
caused by or arising from. (i) any defect in any building, structure, grading, fill, landscaping or other improvements thereon or in any on-site or off-site improvement or other facility therein or thereon; (ii) any act or omission of Trustor or any
of Trustor’s agents, employees, independent contractors, licensees or invitees, (iii) any accident in or on the Property or any fire, flood or other casualty or hazard thereon, (iv) the failure of Trustor or any of Trustor’s licensees,
employees, invitees, agents, independent contractors or other representatives to maintain the Property in a safe condition, or (v) any nuisance made or suffered on any part of the Property 

8 9 SEVERABILITY If any term of this Deed on rust or any other Loan Document, or the application thereof to any person or
circumstances, shall, to any extent, be invalid or unenforceable, the remainder of this Deed of Trust or such other Loan Document, or the application of such term to persons or circumstances other than those as to which it is invalid or
unenforceable, shall not be affected thereby, and each term of this Deed of Trust or such other Loan Document shall be valid and enforceable to the fullest extent permitted by law 

8 10 RELATIONSHIP OF ARTICLES The rights, remedies and interests of Beneficiary under the deed of trust established by
Article 1 and the security agreement established by Article 4 are independent and cumulative, and there shall be no merger of any lien created by the deed of trust with any security interest created by the security agreement. Beneficiary may elect
to exercise or enforce any of its rights, remedies or interests under either or both the deed of trust or the security agreement as Beneficiary may from time to time deem appropriate The absolute assignment of rents and leases established by Article
3 is similarly independent of and separate from the deed of trust and the security agreement 
 8 11 MERGER No
merger shall occur as a result of Beneficiary’s acquiring any other estate in, or any other lien on, the Property unless Beneficiary consents to a merger in writing 
 8 12 OBLIGATIONS OF TRUSTOR, JOINT AND SEVERAL If more than one person has executed this Deed of Trust as Trustor”, the obligations of all such persons hereunder shall be joint and
several. 
 8 13 SEPARATE AND COMMUNITY PROPERTY Any married person who executes this Deed of Trust as a
“Trustor” agrees that any money judgment which Beneficiary or Trustee obtains pursuant to the terms of this Deed of Trust or any other obligation of that married person secured by this Deed of Trust may be collected by execution upon any
separate property or community property of that person 
 8.14 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 in any of the Loan Documents to the Property or Collateral shall include all or any part of the Property or Collateral Any reference to the Loan Documents includes any amendments, renewals or
extensions now or hereafter approved by Beneficiary in writing When the identity of the parties or other circumstances make it appropriate, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural

 SI CA RG (rev 02/2004) 28 

 

 
 8.15 CAPITALIZED TERMS Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Note 
 8 16 SUCCESSORS IN INTEREST The terms, covenants, and conditions contained
herein and in the other Loan Documents shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties. The foregoing sentence shall not be construed to permit Trustor to assign the Loan except as otherwise
permitted under the Note or the other Loan Documents 
 8 17 GOVERNING LAW This Deed of Trust was accepted by
Beneficiary in the state of California and the proceeds of the Note secured hereby were disbursed from the state of California, which state the parties agree has a substantial relationship to the parties and to the underlying transaction embodied
hereby Accordingly, in all respects, including, without limiting the generality of the foregoing, matters of construction, validity, enforceability and performance, this Deed of Trust, the Note and the other Loan Documents and the obligations
arising hereunder and thereunder shall be governed by, and construed in accordance with, the laws of the state of California applicable to contracts made and performed in such state and any applicable law of the United States of America, except that
at all times the provisions for enforcement of Beneficiary’s STATUTORY POWER OF SALE and all other remedies granted hereunder and the creation, perfection and enforcement of the security interests created pursuant hereto and pursuant to the
other Loan Documents in any Collateral which is located in the state where the Property is located shall be governed by and construed according to the law of the state where the Property is located Except as provided in the immediately preceding
sentence, Trustor hereby unconditionally and irrevocably waives, to the fullest extent permitted by law, any claim to assert that the law of any jurisdiction other than California governs this Deed of Trust, the Note and other Loan Documents

 8 18 CONSENT TO JURISDICTION Trustor irrevocably submits to the jurisdiction of (a) any state or federal
court sitting in the state of California over any suit, action, or proceeding, brought by Trustor against Beneficiary, arising out of or relating to this Deed of Trust, the Note or the Loan, (b) any state or federal court sitting in the state
where the Property is located or the state in which Trustor’s principal place of business is located over any suit, action or proceeding, brought by Beneficiary against Trustor, arising out of or relating to this Deed of Trust, the Note or the
Loan, and (c) any state court sitting in the county of the state where the Property is located over any suit, action, or proceeding, brought by Beneficiary to exercise its STATUTORY POWER OF SALE under this Deed of Trust or any action brought
by Beneficiary to enforce its rights with respect to the Collateral. Trustor irrevocably waives, to the fullest extent permitted by law, any objection that Trustor may now or hereafter have to the laying of venue of any such suit, action, or
proceeding brought in any such court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. 
 8 19 EXHIBITS Exhibit A is incorporated into this Deed of Trust by this reference, 
 8.20 ADDRESSES; REQUEST FOR NOTICE All notices and other communications that are required or permitted to be given to a party under this Deed of Trust or the other Loan Documents shall be
in writing, refer to the Loan number, and shall be sent to such party, either by personal delivery, by overnight delivery service, by certified first class mail, return receipt requested, or by facsimile transmission to the addressee or facsimile
number below All such notices and communications shall be effective upon receipt of such delivery or facsimile transmission The addresses of the parties are set forth on page 1 of this Deed of Trust and the facsimile numbers for the parties are as
follows 
 SI CA RG (rev 02/2004) 
 29 

 

 
 Beneficiary 
 Trustee 
 MORTGAGE ELECTRONIC REGISTRATION

 SYSTEMS INC 
 FAX No (703) 748-0183 
 AMERICAN SECURITIES
COMPANY 
 1320 Willow Pass Road, Suite 205 

Concord, CA 94520 
 FAX No 925-691-5249 
 Trustor. 

JERSEY BUSINESS PARK 
 Fax No: 949-679-8502 
 Trustor’s principal
place of business is at the address set forth on page 1 of this Deed of Trust 
 Any Trustor whose address is set
forth on page 1 of this Deed of Trust hereby requests that a copy of notice of default and notice of sale be delivered to it at that address Failure to insert an address shall constitute a designation of Trustor’s last known address as the
address for such notice Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by giving 30 days notice to the other parties in the manner set forth above. 

8.21 COUNTERPARTS. This Deed of Trust may be executed in any number of counterparts, each of which, when executed and
delivered, will be deemed an original and all of which taken together, will be deemed to be one and the same instrument 
 8 22 WAIVER OF JURY TRIAL BENEFICIARY AND TRUSTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS DEED OF TRUST OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BENEFICIARY OR TRUSTOR THIS PROVISION IS A
MATERIAL INDUCEMENT FOR BENEFICIARY TO ENTER INTO THIS DEED OF TRUST 
 SI CA RG (rev 02/2004) 

30 

 

 
 IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the day and year set
forth above. 
 “TRUSTOR” 
 JERSEY BUSINESS PARK, a California general partnership 
 By: 
 James T. Rountree, Trustee of The 

James T. Rountree Revocable Trust 
 Under Declaration of Trust Dated 
 September 15,
1998, 
 General Partner 
 By: 
 Barbara R. Rountree, Trustee of The

 Barbara R. Rountree Revocable Trust 
 Under Declaration of Trust Dated 
 September 15,
1998, 
 General Partner 
 (ALL SIGNATURES MUST BE ACKNOWLEDGED) 
 SI CA RG
(rev 02/2004)31 

 

 
 STATE OF CALIFORNIA ) 

) ss 
 COUNTY OF ORANGE ) 
 On December 6, 2004, before
me, Jani Wilson, the undersigned Notary Public, personally appeared JAMES T. ROUNTREE and BARBARA R. ROUNTREE, personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within
instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument. 

WITNESS my hand and official seal. 
 Notary Public 
 JANI WILSON 

Commission# 1356670 
 Notary Public - California 
 Orange County

 My Comm. Expires Jun 12, 2006 

 

 
 Loan No 31-0901787 

EXHIBIT A Description of Land 
 Exhibit A to DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND LEASES AND SECURITY AGREEMENT (AND FIXTURE FILING) (“Deed of Trust”) among JERSEY BUSINESS PARK, a California
general partnership, as “Trustor”, AMERICAN SECURITIES 
 COMPANY, as “Trustee”, and MORTGAGE
ELECTRONIC REGISTRATION SYSTEMS, INC, a Delaware 
 corporation, as “Beneficiary”. 

Description of Land. The Land referred to in this Deed of Trust is situated in the county of San Bernardino, state of
California, and is described as follows. 
 PARCEL NOS. 12, 13 AND 14 OF PARCEL MAP NO 4594, IN THE CITY OF
RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA AS PER PLAT RECORDED IN BOOK 47 OF PARCEL MAPS, PAGES 2 AND 3, RECORDS OF SAID COUNTY 
 A “CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT”, NO. 106 MERGER, BY THE CITY OF RANCHO CUCAMONGA, RECORDED OCTOBER 30, 1989 AS INSTRUMENT NO. 89-408494 OF OFFICIAL RECORDS,
WHEREIN SAID CERTIFICATE PROVIDES FOR SAID LAND TO BE HELD AS ONE PARCEL OF LAND 
 Assessor’s Parcel No:
0209-491-23 
 EXHIBIT A 1 
 SI CA RG (rev 02/2004)EX-10.16

 Exhibit 10.16 

 
 

 
 TERM LOAN AGREEMENT 
 by and between 
 RIF V – Glendale Commerce Center, LLC, 

a California limited liability company 
 RIF V – GGC Alcorn, LLC, 
 a California limited liability company 

and 
 RIF V
– 3360 San Fernando, LLC, 
 a California limited liability company 

as Borrower, 

and 
 BANK OF
AMERICA, N.A., 
 a national banking association, 
 as Lender, 
 with respect to 

3332, 3334, 3368, 3370, 3378, 3380, 3410 and 3424 San Fernando Road and 3550 Tyburn Street, Los Angeles, CA 

3340 San Fernando Road, Los Angeles, CA 
 and 
 3360 San Fernando Road, Los Angeles, CA 

 Table of Contents 

 

							
	 Article I General Information
	  	 	1	  
			
	 Section 1.1
	  	Conditions to Closing	  	 	1	  
	 Section 1.2
	  	Schedules	  	 	1	  
	 Section 1.3
	  	Defined Terms	  	 	1	  
		
	 Article II Terms of the Loan
	  	 	1	  
			
	 Section 2.1
	  	The Loan	  	 	1	  
	 Section 2.2
	  	Initial Advance	  	 	1	  
	 Section 2.3
	  	Intentionally Omitted	  	 	2	  
	 Section 2.4
	  	Intentionally Omitted	  	 	2	  
	 Section 2.5
	  	Liability of Lender	  	 	2	  
	 Section 2.6
	  	Reconveyances	  	 	2	  
		
	 Article III Representations and Warranties
	  	 	3	  
			
	 Section 3.1
	  	Organization, Power and Authority of Borrower; Loan Documents	  	 	3	  
	 Section 3.2
	  	Other Documents; Laws	  	 	4	  
	 Section 3.3
	  	Taxes	  	 	4	  
	 Section 3.4
	  	Legal Actions	  	 	4	  
	 Section 3.5
	  	Nature of Loan	  	 	4	  
	 Section 3.6
	  	Trade Names	  	 	4	  
	 Section 3.7
	  	Financial Statements	  	 	4	  
	 Section 3.8
	  	No Material Adverse Change	  	 	4	  
	 Section 3.9
	  	ERISA and Prohibited Transactions	  	 	5	  
	 Section 3.10
	  	Compliance with Laws and Zoning and Other Requirements; Encroachments	  	 	5	  
	 Section 3.11
	  	Certificates of Occupancy	  	 	5	  
	 Section 3.12
	  	Utilities; Roads; Access	  	 	5	  
	 Section 3.13
	  	Other Liens	  	 	5	  
	 Section 3.14
	  	No Defaults	  	 	5	  
	 Section 3.15
	  	Representations and Warranties	  	 	6	  
		
	 Article IV Affirmative Covenants and Agreements
	  	 	6	  
			
	 Section 4.1
	  	Compliance with Laws; Use of Proceeds	  	 	6	  
	 Section 4.2
	  	Inspections; Cooperation	  	 	6	  
	 Section 4.3
	  	Payment and Performance of Contractual Obligations	  	 	6	  
	 Section 4.4
	  	Insurance	  	 	7	  
	 Section 4.5
	  	Adjustment of Condemnation and Insurance Claims	  	 	8	  
	 Section 4.6
	  	Utilization of Net Proceeds	  	 	9	  
	 Section 4.7
	  	Management	  	 	9	  
	 Section 4.8
	  	Books and Records; Financial Statements; Tax Returns	  	 	9	  
	 Section 4.9
	  	Estoppel Certificates	  	 	10	  
	 Section 4.10
	  	Taxes; Tax Receipts	  	 	11	  
	 Section 4.11
	  	Lender’s Rights to Pay and Perform	  	 	11	  

  
 i 

							
	 Section 4.12
	  	Reimbursement; Interest	  	 	11	  
	 Section 4.13
	  	Notification by Borrower	  	 	11	  
	 Section 4.14
	  	Indemnification by Borrower	  	 	11	  
	 Section 4.15
	  	Fees and Expenses	  	 	12	  
	 Section 4.16
	  	Appraisals	  	 	12	  
	 Section 4.17
	  	Leasing and Tenant Matters	  	 	12	  
	 Section 4.18
	  	Preservation of Rights	  	 	12	  
	 Section 4.19
	  	Income from Property	  	 	13	  
	 Section 4.20
	  	Representations and Warranties	  	 	13	  
	 Section 4.21
	  	Deposit Accounts; Principal Depository	  	 	13	  
	 Section 4.22
	  	Intentionally Omitted	  	 	13	  
	 Section 4.23
	  	Intentionally Omitted	  	 	13	  
	 Section 4.24
	  	Swap Contracts	  	 	13	  
	 Section 4.25
	  	Financial Covenants	  	 	13	  
	 Section 4.26
	  	Additional Costs	  	 	13	  
	 Section 4.27
	  	Separateness	  	 	14	  
	 Section 4.28
	  	Post-Closing Covenant	  	 	15	  
		
	 Article V Negative Covenants
	  	 	15	  
			
	 Section 5.1
	  	Conditional Sales	  	 	15	  
	 Section 5.2
	  	Insurance Policies and Bonds	  	 	15	  
	 Section 5.3
	  	Commingling	  	 	16	  
	 Section 5.4
	  	Additional Debt	  	 	16	  
		
	 Article VI Events of Default
	  	 	16	  
			
	 Section 6.1
	  	Payment Default	  	 	16	  
	 Section 6.2
	  	Default Under Other Loan Documents	  	 	16	  
	 Section 6.3
	  	Accuracy of Information; Representations and Warranties	  	 	16	  
	 Section 6.4
	  	Deposits	  	 	16	  
	 Section 6.5
	  	Insurance Obligations	  	 	17	  
	 Section 6.6
	  	Other Obligations	  	 	17	  
	 Section 6.7
	  	Damage to Improvements	  	 	17	  
	 Section 6.8
	  	Lapse of Permits or Approvals	  	 	17	  
	 Section 6.9
	  	Mechanic’s Lien	  	 	17	  
	 Section 6.10
	  	Bankruptcy	  	 	17	  
	 Section 6.11
	  	Appointment of Receiver, Trustee, Liquidator	  	 	17	  
	 Section 6.12
	  	Inability to Pay Debts	  	 	18	  
	 Section 6.13
	  	Judgment	  	 	18	  
	 Section 6.14
	  	Dissolution; Change in Business Status	  	 	18	  
	 Section 6.15
	  	Default Under Other Indebtedness	  	 	18	  
	 Section 6.16
	  	Intentionally Omitted	  	 	18	  
	 Section 6.17
	  	Change in Controlling Interest	  	 	18	  
	 Section 6.18
	  	Material Adverse Change	  	 	18	  
	 Section 6.19
	  	Intentionally Omitted	  	 	18	  
	 Section 6.20
	  	Intentionally Omitted	  	 	18	  

  
 ii 

							
	 Article VII Remedies on Default
	  	 	18	  
			
	 Section 7.1
	  	Remedies on Default	  	 	18	  
	 Section 7.2
	  	No Release or Waiver; Remedies Cumulative and Concurrent	  	 	20	  
		
	 Article VIII Miscellaneous
	  	 	20	  
			
	 Section 8.1
	  	Further Assurances; Authorization to File Documents	  	 	20	  
	 Section 8.2
	  	No Warranty by Lender	  	 	20	  
	 Section 8.3
	  	Standard of Conduct of Lender	  	 	21	  
	 Section 8.4
	  	No Partnership	  	 	21	  
	 Section 8.5
	  	Severability	  	 	21	  
	 Section 8.6
	  	Notices	  	 	21	  
	 Section 8.7
	  	Permitted Successors and Assigns; Disclosure of Information	  	 	22	  
	 Section 8.8
	  	Modification; Waiver	  	 	23	  
	 Section 8.9
	  	Third Parties; Benefit	  	 	23	  
	 Section 8.10
	  	Rules of Construction	  	 	23	  
	 Section 8.11
	  	Counterparts	  	 	23	  
	 Section 8.12
	  	Signs; Publicity	  	 	23	  
	 Section 8.13
	  	Governing Law	  	 	23	  
	 Section 8.14
	  	Time of Essence	  	 	23	  
	 Section 8.15
	  	Electronic Communications	  	 	24	  
	 Section 8.16
	  	Dispute Resolution Provision	  	 	24	  
	 Section 8.17
	  	Forum	  	 	26	  
	 Section 8.18
	  	USA Patriot Act Notice	  	 	26	  
	 Section 8.19
	  	Entire Agreement	  	 	26	  

  

			
		  	Schedules to Term Loan Agreement
		
	 Schedule 1
	  	Definitions
		
	 Schedule 2
	  	Intentionally Omitted
		
	 Schedule 3
	  	Intentionally Omitted
		
	 Schedule 4
	  	Leasing and Tenant Matters
		
	 Schedule 5
	  	Intentionally Omitted
		
	 Schedule 6
	  	Intentionally Omitted
		
	 Schedule 7
	  	Swap Contracts
		
	 Schedule 8
	  	Financial Covenants

  
 iii

 TERM LOAN AGREEMENT 

This Term Loan Agreement (this “Agreement”) is made as of the sixteenth day of April, 2013, by and between RIF V –
GLENDALE COMMERCE CENTER, LLC, a California limited liability company, RIF V – GGC ALCORN, LLC, a California limited liability company and RIF V – 3360 SAN FERNANDO, LLC, a California limited liability company (individually and
collectively, jointly and severally, “Borrower”), and BANK OF AMERICA, N.A., a national banking association (“Lender”). 
 Recitals 
 Borrower has applied to Lender for a loan for the purpose of
acquiring the real property that will serve as security for the loan. Lender has agreed to make the loan on the terms and conditions set forth in this Agreement and in the other documents evidencing and securing the loan. 

Now, therefore, in consideration of the premises, and in further consideration of the mutual covenants and agreements herein set forth,
the parties covenant and agree as follows: 
 Agreements 

Article I 

General Information. 
 Section 1.1 Conditions to Closing. 
 The conditions precedent to
closing the Loan and recording the Mortgage are set forth in the Closing Checklist. 
 Section 1.2 Schedules.

 The Schedules attached to this Agreement are incorporated herein and made a part hereof. 

Section 1.3 Defined Terms. 
 Capitalized terms in this Agreement shall have the meanings ascribed to such terms in the Preamble hereto and in Schedule 1. 
 Article II 
 Terms of the Loan. 

Section 2.1 The Loan. 
 Borrower agrees to borrow the Loan from Lender, and Lender agrees to lend the Loan to Borrower, subject to the terms and conditions herein set forth, in an amount not to exceed the Loan Amount. Interest
shall accrue and be payable in arrears only on sums advanced hereunder for the period of time outstanding. The Loan is not a revolving loan; amounts repaid may not be re-borrowed. 

Section 2.2 Initial Advance. 
 At closing, Lender shall credit Borrower for its $25,000.00 good faith deposit against the costs specified in subsections (a) through (c) below and shall advance Loan proceeds in the amount of
$42,750,000.00 as follows: 

  
 Page
1 

 (a) First, to Lender, the sum of $213,750.00 for the Loan Fee; 

(b) Second, to Lender, the sum of $12,125.00 for appraisal fees; 

(c) Third, to Lender, the sum of $460.00 for environmental fee; and 

(d) Fourth, to the Title Company, an amount equal to $42,548,665.00 which shall be used to pay Lender’s legal fees and other
expenses incurred in connection with the closing of the Loan, to pay certain costs and expenses of the Title Company, to pay a portion of Borrower’s cost of acquiring the Property, and to pay or reimburse Borrower for other documented third
party costs incurred by Borrower in connection with the closing of the escrow as specified in Borrower’s written instructions to the Title Company as shown on the settlement statement approved by Lender in writing. 

Section 2.3 Intentionally Omitted. 
 Section 2.4 Intentionally Omitted. 
 Section 2.5 Liability of
Lender. 
 Lender shall in no event be responsible or liable to any Person other than Borrower for the disbursement of or
failure to disburse the Loan proceeds or any part thereof and no Person other than Borrower shall have any right or claim against Lender under this Agreement or the other Loan Documents. 

Section 2.6 Reconveyances. 
 Upon request of the Borrower to obtain the release and reconveyance of the RIF V – 3360 Mortgage, but not the RIF V – Glendale Mortgage or the RIF V – Alcorn Mortgage, Lender will grant
such release and execute and deliver to Borrower, with respect to the RIF V – 3360 Property, a Deed of Reconveyance and a termination of the financing statement filed with respect to RIF V – 3360 in connection with the Loan, provided the
following conditions are met: 
 (a) Borrower provides, and Lender will have approved, in its reasonable discretion, any
easements, reciprocal easement agreements, covenants, conditions and restrictions or any modification to existing easements, reciprocal easement agreements, covenants, conditions and restrictions or other documents or agreements necessitated by the
release for the use, maintenance and operation of the RIF V – 3360 Property and the remaining portion of the Property which burden or benefit the Release Parcel or the remainder of the Property; 

(b) not less than 30 days prior to the proposed date of the reconveyance, Borrower deliver to Lender a notice setting forth (i) the
date of the reconveyance; (ii) the name of the proposed transferee or proposed lender; and (iii) any other information reasonably necessary for Lender to analyze the terms of the reconveyance. The notice will be accompanied by a copy of
the documents effecting the transfer of the RIF V – 3360 Property; 
 (c) on the date Borrower delivers to Lender notice of
the proposed reconveyance and on the date of the reconveyance, there is no Default or Event of Default under the Loan Documents on either the notice date or the release date; 
 (d) Borrower delivers to Lender evidence satisfactory to Lender that Borrower have complied with any applicable requirements of easements, covenants conditions and restrictions affecting the Property or
the leases applicable to the reconveyance, that the reconveyance does not violate any of the provisions thereof and, to the extent necessary to comply therewith or the leases, that the transferee has assumed all of Borrower’s obligations
relating to the RIF V – 3360 Property thereunder; 

  
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 (e) Borrower delivers to Lender an endorsement to Lender’s title insurance policy or
policies satisfactory to Lender that (i) extends the effective date of the policy to the effective date of the reconveyance; (ii) confirms no change in the priority of this Mortgage on the balance of the Property or in the amount of
coverage; (iii) consents to the reconveyance; (iv) waives any defense resulting from the reconveyance; (v) to the extent of the value of the RIF V – 3360 Property, waives any right of subrogation; and (vi) confirms that the
RIF V – 3360 Property and the balance of the Property constitute a separate tax lot; 
 (f) not less than ten
(10) days prior to the date of the reconveyance, Borrower deliver to Lender consents to the reconveyance by and estoppels from entities holding liens affecting the Property or holding any other interests in the Property that would be affected
by the reconveyance, including parties to any Leases; 
 (g) Borrower deliver to Lender evidence satisfactory to Lender that the
RIF V – 3360 Property and the balance of the Property each separately conforms to and is in compliance with all subdivision laws (as evidenced by the issuance of an endorsement to Lender’s title insurance policy or policies satisfactory to
Lender) and the balance of the Property is a self-contained unit, having direct on-site connection to all utilities or via easements acceptable to Lender in its sole discretion and direct access to one or more public streets, all in a location and
configuration acceptable to Lender; 
 (h) Borrower pay Lender all of Lender’s reasonable costs and expenses relating to
the reconveyance, including Lender’s attorneys’ fees, appraisal fees, engineering fees, title fees and Trustee’s attorneys’ fees; 
 (i) Borrower deliver to Lender copies of the executed documents evidencing the transfer or refinancing of the RIF V – 3360 Property; 

(j) Borrower deliver to Lender any other information, approvals and documents reasonably required by Lender relating to the reconveyance;
and 
 (k) prior to or concurrently with the reconveyance of the RIF V – 3360 Property, Lender shall have received a
repayment on the Loan in an amount equal to the greater of (x) Two Million Six Hundred Thousand and No/100 Dollars ($2,600,000.00), or (y) such amount, as determined by Lender in its sole discretion, as would cause the Debt Service
Coverage Ratio (using the definitions set forth in Schedule 8) to equal 1.20 to 1.00 after the reconveyance and after taking into account the paydown required by this subsection. 

Upon the reconveyance of the RIF V – 3360 Mortgage pursuant to this Section 2.6, the obligations of RIF V – 3360
under the Loan Documents shall terminate as and to the same extent as said obligations would terminate upon the full repayment of the Loan. 
 Article III 
 Representations and Warranties. 

Borrower makes the following representations and warranties to Lender as of the date hereof and as of the date of each advance hereunder:

 Section 3.1 Organization, Power and Authority of Borrower; Loan Documents. 

Borrower (a) is a limited liability company duly organized, existing and in good standing under the Laws of the state in which it is
organized and is duly qualified to do business and in good standing in the state in which the Land is located (if different from the state of its formation) and in any other state where the nature of Borrower’s business or property requires it
to be qualified to do business, and (b) has the power, authority and legal right to own its property and carry on the business now being conducted by it and to engage in the transactions contemplated by the Loan Documents. The Loan Documents to
which Borrower is a party have been duly executed and delivered by Borrower, and the execution and delivery of, and the carrying out of the transactions contemplated by, such Loan Documents, and the performance and 

  
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observance of the terms and conditions thereof, have been duly authorized by all necessary organizational action by and on behalf of Borrower. The Loan Documents to which Borrower is a party
constitute the valid and legally binding obligations of Borrower and are fully enforceable against Borrower in accordance with their respective terms, except to the extent that such enforceability may be limited by Laws generally affecting the
enforcement of creditors’ rights. 
 Section 3.2 Other Documents; Laws. 

The execution and performance of the Loan Documents to which Borrower is a party and the consummation of the transactions contemplated
thereby will not conflict with, result in any breach of, or constitute a default under, the organizational documents of Borrower, or any contract, agreement, document or other instrument to which Borrower is a party or by which Borrower or any of
its properties may be bound or affected, and such actions do not and will not violate or contravene any Law to which Borrower is subject. 
 Section 3.3 Taxes. 
 Borrower has filed all federal, state, county and
municipal tax returns required to have been filed by Borrower and has paid all Taxes which have become due pursuant to such returns or pursuant to any tax assessments received by Borrower. 

Section 3.4 Legal Actions. 
 There are no Claims or investigations by or before any court or Governmental Authority, pending, or to the best of Borrower’s knowledge and belief, threatened against or affecting Borrower,
Borrower’s business or the Property. Borrower is not in default with respect to any order, writ, injunction, decree or demand of any court or any Governmental Authority affecting Borrower or the Property. 

Section 3.5 Nature of Loan. 
 Borrower is a business or commercial organization. The Loan is being obtained solely for business or investment purposes, and will not be used for personal, family, household or agricultural purposes.

 Section 3.6 Trade Names. 
 Borrower conducts its business solely under the name set forth in the Preamble to this Agreement and makes use of no trade names in connection therewith, unless such trade names have been previously
disclosed to Lender in writing. 
 Section 3.7 Financial Statements. 

The financial statements heretofore delivered by Borrower and each Guarantor to Lender are true and correct in all respects, have been
prepared in accordance with sound accounting principles consistently applied, and fairly present the respective financial conditions of the subjects thereof as of the respective dates thereof. 

Section 3.8 No Material Adverse Change. 
 No material adverse change has occurred in the financial conditions reflected in the financial statements of Borrower or any Guarantor since the respective dates of such statements, and no material
additional liabilities have been incurred by Borrower since the dates of such statements other than the borrowings contemplated herein or as approved in writing by Lender. 

  
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 Section 3.9 ERISA and Prohibited Transactions. 

As of the date hereof and throughout the term of the Loan: (a) Borrower is not and will not be (i) an “employee benefit
plan,” as defined in Section 3(3) of ERISA, (ii) a “governmental plan” within the meaning of Section 3(32) of ERISA, or (iii) a “plan” within the meaning of Section 4975(e) of the Code; (b) the
assets of Borrower do not and will not constitute “plan assets” within the meaning of the United States Department of Labor Regulations set forth in Section 2510.3-101 of Title 29 of the Code of Federal Regulations;
(c) transactions by or with Borrower are not and will not be subject to state statutes applicable to Borrower regulating investments of fiduciaries with respect to governmental plans; and (d) Borrower will not engage in any transaction
that would cause any Obligation or any action taken or to be taken hereunder (or the exercise by Lender of any of its rights under the Mortgage or any of the other Loan Documents) to be a non-exempt (under a statutory or administrative class
exemption) prohibited transaction under ERISA or Section 4975 of the Code. Borrower agrees to deliver to Lender such certifications or other evidence of compliance with the provisions of this Section as Lender may from time to time request.

 Section 3.10 Compliance with Laws and Zoning and Other Requirements; Encroachments. 

Borrower is in compliance with the requirements of all applicable Laws. To the best of Borrower’s knowledge, the use of the Property
complies with applicable zoning ordinances, regulations and restrictive covenants affecting the Land. All use and other requirements of any Governmental Authority having jurisdiction over the Property have been satisfied. No violation of any Law
exists with respect to the Property. The Improvements are constructed entirely on the Land and do not encroach upon any easement or right-of-way, or upon the land of others. The Improvements comply with all applicable building restriction lines and
set-backs, however established, and are in strict compliance with all applicable use or other restrictions and the provisions of all applicable agreements, declarations and covenants and all applicable zoning and subdivision ordinances and
regulations. 
 Section 3.11 Certificates of Occupancy. 

To the best of Borrower’s knowledge, all certificates of occupancy and other permits and licenses necessary or required in
connection with the use and occupancy of the Improvements have been validly issued. 
 Section 3.12 Utilities; Roads;
Access. 
 To the best of Borrower’s knowledge, all utility services necessary for the operation of the Improvements
for their intended purposes have been fully installed, including telephone service, cable television, water supply, storm and sanitary sewer facilities, natural gas and electric facilities, including cabling for telephonic and data communication,
and the capacity to send and receive wireless communication. All roads and other accesses necessary to serve the Land and Improvements have been completed, are serviceable in all weather, and where required by the appropriate Governmental Authority,
have been dedicated to and formally accepted by such Governmental Authority. 
 Section 3.13 Other Liens.

 Except for contracts for labor, materials and services furnished or to be furnished in connection with any construction at
the Property, including any construction of tenant improvements, Borrower has made no contract or arrangement of any kind the performance of which by the other party thereto would give rise to a lien on the Property. 

Section 3.14 No Defaults. 
 There is no Default or Event of Default under any of the Loan Documents, and there is no default or event of default under any material contract, agreement or other document related to the construction or
operation of the Improvements. 

  
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 Section 3.15 Representations and Warranties. 

Notwithstanding anything to the contrary contained in Article 3 of this Agreement, Article 3 of the Mortgage, and/or
Section 2 of the Environmental Indemnity, all of Borrower’s representations and warranties contained therein, as applicable, shall be subject to the condition of the Property as disclosed in (i) the Phase 1 Environmental Site
Assessment for the Glendale Commerce Center, prepared by ADR Environmental Group, Inc. and dated March 26, 2013, and (ii) the Structural Overview and Seismic Risk Assessment (Job No. 13221) prepared by Coffman Engineers and dated
April 5, 2013. 
 Article IV 
 Affirmative Covenants and Agreements. 
 Borrower covenants as of the date
hereof and until such time as all Obligations shall be paid and performed in full, that: 
 Section 4.1 Compliance with
Laws; Use of Proceeds. 
 Borrower shall comply with all Laws and all orders, writs, injunctions, decrees and demands of any
court or any Governmental Authority affecting Borrower or the Property, provided, however that so long as Lender determines that neither the operation of the Property nor Lender’s security for the Loan is diminished or jeopardized thereby,
Borrower shall have the right to contest any such laws orders, injunction, decree or demand, provided that Borrower does so diligently and without prejudice to Lender . Borrower shall use all proceeds of the Loan for business purposes which are not
in contravention of any Law or any Loan Document. 
 Section 4.2 Inspections; Cooperation. 

Subject to the security requirements of tenants pursuant to applicable leases, Borrower shall permit representatives of Lender to enter
upon the Land, to inspect the Improvements and any and all materials to be used in connection with any construction at the Property, including any construction of tenant improvements, to examine all detailed plans and shop drawings and similar
materials as well as all records and books of account maintained by or on behalf of Borrower relating thereto and to discuss the affairs, finances and accounts pertaining to the Loan and the Improvements with representatives of Borrower. Borrower
shall at all times cooperate and cause each and every one of its contractors, subcontractors and material suppliers to cooperate with the representatives of Lender in connection with or in aid of the performance of Lender’s functions under this
Agreement. Except in the event of an emergency, Lender shall give Borrower at least one Banking Day’s prior notice by telephone in each instance before entering upon the Land and/or exercising any other rights granted in this Section.

 Section 4.3 Payment and Performance of Contractual Obligations. 

Borrower shall perform in a timely manner all of its obligations under any and all contracts and agreements related to any construction
activities at the Property or the maintenance or operation of the Improvements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with such construction, maintenance and/or operation.
Within sixty (60) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as
Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided
that Borrower does so diligently and without prejudice to Lender or delay in completing construction of any tenant improvements. 

  
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 Section 4.4 Insurance. 

Borrower shall maintain the following insurance at its sole cost and expense: 

(a) Insurance against Casualty to the Property under a policy or policies covering such risks as are presently included in
“special form” (also known as “all risk”) coverage, including such risks as are ordinarily insured against by similar businesses, but in any event including fire, lightning, windstorm, hail, explosion, riot, riot
attending a strike, civil commotion, damage from aircraft, smoke, vandalism, malicious mischief and acts of terrorism. Such insurance shall name Lender as mortgagee and loss payee. Unless otherwise agreed in writing by Lender, such insurance shall
be for the full insurable value of the Property on a replacement cost basis, with a deductible amount, if any, satisfactory to Lender. No policy of insurance shall be written such that the proceeds thereof will produce less than the minimum coverage
required by this Section by reason of co-insurance provisions or otherwise. The term “full insurable value” means one hundred percent (100%) of the actual replacement cost of the Property, including tenant improvements (excluding
excavation costs and costs of underground flues, pipes, drains and other uninsurable items). 
 (b) Commercial (also known as
comprehensive) general liability insurance on an “occurrence” basis against claims for “personal injury” liability and liability for death, bodily injury and damage to property, products and completed operations, in
limits satisfactory to Lender with respect to any one occurrence and the aggregate of all occurrences during any given annual policy period. Such insurance shall name Lender as an additional insured. 

(c) Workers’ compensation insurance for all employees of Borrower in such amount as is required by Law and including employer’s
liability insurance, if required by Lender. 
 (d) During any period of construction of tenant improvements, Borrower shall
maintain, or cause others to maintain, such insurance as may be required by Lender of the type customarily carried in the case of similar construction for one hundred percent (100%) of the full replacement cost of materials stored at or upon
the Property. During any period of other construction upon the Property, Borrower shall maintain, or cause others to maintain, builder’s risk insurance (non-reporting form) of the type customarily carried in the case of similar construction for
one hundred percent (100%) of the full replacement cost of work in place and materials stored at or upon the Property. 

(e) If at any time any portion of any structure on the Property is insurable against Casualty by flood and is located in a Special Flood
Hazard Area under the Flood Disaster Protection Act of 1973, as amended, a flood insurance policy on the structure and Borrower owned contents in form and amount acceptable to Lender but in no amount less than the amount sufficient to meet the
requirements of applicable Law as such requirements may from time to time be in effect. 
 (f) Loss of rental value insurance
and business interruption insurance in an amount equal to twelve (12) months of the projected gross income of the Property. 
 (g) Such other and further insurance as may be required from time to time by Lender in order to comply with regular requirements and practices of Lender in similar transactions including, if required by
Lender, boiler and machinery insurance, pollution liability insurance, wind insurance and earthquake insurance, so long as any such insurance is generally available at commercially reasonable premiums as determined by Lender from time to time and,
with respect to earthquake insurance, only if the probably maximum loss for all of the Improvements exceeds 20% of the appraised value of the Improvements, as reasonably determined by Lender. 

  
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 Each policy of insurance (i) shall be issued by one or more insurance companies each of
which must have an A.M. Best Company financial and performance rating of A-IX or better and are qualified or authorized by the Laws of the State to assume the risks covered by such policy, (ii) with respect to the insurance described under the
preceding Subsections (a), (d), (e) and (f), shall have attached thereto standard non-contributing, non-reporting mortgagee clauses in favor of and entitling Lender without contribution to collect any and all proceeds payable under such
insurance, either as sole payee or as joint payee with Borrower, (iii) shall provide that such policy shall not be canceled or modified for nonpayment of premiums without at least ten (10) days prior written notice to Lender, or for any
other reason without at least thirty (30) days prior written notice to Lender, and (iv) shall provide that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of Borrower which might, absent such
agreement, result in a forfeiture of all or a part of such insurance payment. Borrower shall promptly pay all premiums when due on such insurance and, not less than ten (10) days prior to the expiration dates of each such policy, Borrower will
deliver to Lender acceptable evidence of insurance, such as a renewal policy or policies marked “premium paid” or other evidence satisfactory to Lender reflecting that all required insurance is current and in force. Borrower will
immediately give Notice to Lender of any cancellation of, or change in, any insurance policy. Lender shall not, because of accepting, rejecting, approving or obtaining insurance, incur any liability for (A) the existence, nonexistence, form or
legal sufficiency thereof, (B) the solvency of any insurer, or (C) the payment of losses. Borrower may satisfy any insurance requirement hereunder by providing one or more “blanket” insurance policies, subject to Lender’s
approval in each instance as to limits, coverages, forms, deductibles, inception and expiration dates, and cancellation provisions. 
 Section 4.5 Adjustment of Condemnation and Insurance Claims. 

Borrower shall give prompt Notice to Lender of any Casualty or any Condemnation or threatened Condemnation. Lender is authorized, at its
sole and absolute option, to commence, appear in and prosecute, in its own or Borrower’s name, any action or proceeding relating to any Condemnation or Casualty, and to make proof of loss for and to settle or compromise any Claim in connection
therewith. In such case, Lender shall have the right to receive all Condemnation Awards and Insurance Proceeds, and may deduct therefrom any and all of its Expenses. However, so long as no Event of Default has occurred and if any Casualty or
Condemnation individually or in the aggregate is less than $250,000 in Claims, and if Borrower is diligently pursuing its rights and remedies with respect to a Claim, then Lender allow Borrower to make proof of loss for or settle or compromise such
Claim. Borrower agrees to diligently assert its rights and remedies with respect to each Claim and to promptly pursue the settlement and compromise of each Claim subject to Lender’s approval, which approval shall not be unreasonably withheld or
delayed. If, prior to the receipt by Lender of any Condemnation Award or Insurance Proceeds, the Property shall have been sold pursuant to the provisions of the Mortgage, Lender shall have the right to receive such funds (a) to the extent of
any deficiency found to be due upon such sale with interest thereon (whether or not a deficiency judgment on the Mortgage shall have been sought or recovered or denied), and (b) to the extent necessary to reimburse Lender for its Expenses. If
any Condemnation Awards or Insurance Proceeds are paid to Borrower, Borrower shall receive the same in trust for Lender. Within ten (10) days after Borrower’s receipt of any Condemnation Awards or Insurance Proceeds, Borrower shall deliver
such awards or proceeds to Lender in the form in which they were received, together with any endorsements or documents that may be necessary to effectively negotiate or transfer the same to Lender. Borrower agrees to execute and deliver from time to
time, upon the request of Lender, such further instruments or documents as may be requested by Lender to confirm the grant and assignment to Lender of any Condemnation Awards or Insurance Proceeds. 

  
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 Section 4.6 Utilization of Net Proceeds. 

(a) Net Proceeds must be utilized either for payment of the Obligations or for the restoration of the Property. Net Proceeds may be
utilized for the restoration of the Property only if no Default or Event of Default shall exist and only if in the reasonable judgment of Lender (i) there has been no material adverse change in the financial viability of the Improvements,
(ii) the Net Proceeds, together with other funds deposited with Lender for that purpose, are sufficient to pay the cost of the restoration pursuant to a budget and plans and specifications approved by Lender, (iii) the restoration can be
completed prior to the final maturity of the Loan and prior to the date required by any permanent loan commitment or any purchase and sale agreement or by any Lease, and (iv) following restoration, the Property will have a fair market value at
least equal to its fair market value immediately prior to the Casualty or Condemnation. Otherwise, Net Proceeds shall be utilized for payment of the Obligations. 
 (b) If Net Proceeds are to be utilized for the restoration of the Property, the Net Proceeds, together with any other funds deposited with Lender for that purpose, must be deposited in a Borrower’s
Deposit Account, which shall be an interest-bearing account, with all accrued interest to become part of Borrower’s deposit. Borrower agrees that it shall include all interest and earnings on any such deposit as its income (and, if Borrower is
a partnership or other pass-through entity, the income of its partners, members or beneficiaries, as the case may be), and shall be the owner of all funds on deposit in the Borrower’s Deposit Account for federal and applicable state and local
tax purposes. Lender shall have the exclusive right to manage and control all funds in the Borrower’s Deposit Account, but Lender shall have no fiduciary duty with respect to such funds. Prior to the advance by Lender of any funds so deposited
and the commencement of such restoration, Borrower shall take all steps necessary to avoid the imposition of any mechanics’ liens on the Property or the Improvements. Thereafter, Lender will advance the deposited funds from time to time to
Borrower for the payment of costs of restoration of the Property upon presentation of evidence acceptable to Lender that such restoration has been completed satisfactorily and lien-free. If at any time Lender determines that there is a deficiency in
the funds available in the Borrower’s Deposit Account to complete the restoration as contemplated, then Borrower will promptly deposit in the Borrower’s Deposit Account additional funds equal to the amount of the deficiency. Any account
fees and charges may be deducted from the balance, if any, in the Borrower’s Deposit Account. Borrower grants to Lender a security interest in the Borrower’s Deposit Account and all funds hereafter deposited to such deposit account, and
any proceeds thereof, as security for the Obligations. Such security interest shall be governed by the Uniform Commercial Code of the State, and Lender shall have available to it all of the rights and remedies available to a secured party
thereunder. The Borrower’s Deposit Account may be established and held in such name or names as Lender shall deem appropriate, including in the name of Lender. Borrower hereby constitutes and appoints Lender and any officer or agent of Lender
its true and lawful attorneys-in-fact with full power of substitution to open the Borrower’s Deposit Account and to do any and every act that Borrower might do on its own behalf to fulfill the terms of this Section. To the extent permitted by
Law, Borrower hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. It is understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked.

 Section 4.7 Management. 
 Borrower at all times shall provide for the competent and responsible management and operation of the Property by an Approved Manager. Any management contract or contracts affecting the Property must be
approved in writing by Lender prior to the execution of the same. 
 Section 4.8 Books and Records; Financial
Statements; Tax Returns. 
 Borrower shall provide or cause to be provided to Lender all of the following: 

(a) For each calendar quarter (and for the calendar year through the end of that quarter) (A) unaudited property operating reports
which include all income and expenses in connection with the Property, and (B) rent rolls, as soon as reasonably practicable but in any event within forty-five (45) days after the end of each such calendar quarter. Items provided under
this paragraph shall be in form and detail satisfactory to Lender. 

  
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 (b) Annual Financial Statements of Guarantor for each fiscal year of Guarantor, as soon as
reasonably practicable and in any event within one hundred twenty (120) days after the close of each fiscal year. 
 (c)
Compliance certificates evidencing Borrower’s compliance with the financial covenants of Borrower set forth in Schedule 8, such certificates to be in such form, and be accompanied by such supporting information, as Lender shall
specify and delivered by Borrower within forty-five (45) days after each Determination Date. 
 (d) Compliance certificates
evidencing Guarantor’s compliance with the financial covenants of Guarantor set forth in Schedule 8, such certificates to be in such form, and be accompanied by such supporting information, as Lender shall specify and delivered by
Borrower within one hundred twenty (120) days after the end of each fiscal year of Guarantor. 
 (e) From time to time
promptly after Lender’s request, such additional information, reports and statements respecting the Property and the Improvements, or the business operations and financial condition of each reporting party, as Lender may reasonably request.

 Borrower will keep and maintain full and accurate books and records administered in accordance with sound accounting
principles, consistently applied, showing in detail the earnings and expenses of the Property and the operation thereof. All Financial Statements shall be in form and detail satisfactory to Lender (Lender hereby acknowledging that so long as
Guarantor’s annual Financial Statements comply with all state and federal securities laws applicable to Guarantor, such form will be satisfactory to Lender) and shall contain or be attached to the signed and dated written certification of the
reporting party in form specified by Lender to certify that the Financial Statements are furnished to Lender in connection with the extension of credit by Lender and constitute a true and correct statement of the reporting party’s financial
position. All certifications and signatures on behalf of corporations, partnerships, limited liability companies or other entities shall be by a representative of the reporting party satisfactory to Lender. All Financial Statements for a reporting
party who is an individual shall be on Lender’s then-current personal financial statement form or in another form satisfactory to Lender. All fiscal year-end Financial Statements of Guarantor shall be audited and certified, without any
qualification or exception not acceptable to Lender, by independent certified public accountants acceptable to Lender, and shall contain all reports and disclosures required by generally accepted accounting principles for a fair presentation. All
quarterly Financial Statements may be prepared by the applicable reporting party and shall include a minimum of a balance sheet, income statement, and statement of cash flow. Borrower shall provide, upon Lender’s request, convenient facilities
for the audit and verification of any such statement. Additionally, Borrower will provide Lender at Borrower’s expense with all evidence that Lender may from time to time reasonably request as to compliance with all provisions of the Loan
Documents. Borrower shall promptly notify Lender of any event or condition that could reasonably be expected to have a material adverse change in the financial condition of Borrower, of Guarantor (if known by Borrower), or in the construction
progress of the Improvements. 
 Section 4.9 Estoppel Certificates. 

Within ten (10) Banking Days after any request by Lender or a proposed assignee or purchaser of the Loan or any interest therein,
Borrower shall certify in writing to Lender, or to such proposed assignee or purchaser, the then unpaid balance of the Loan and whether Borrower claims any right of defense or setoff to the payment or performance of any of the Obligations, and if
Borrower claims any such right of defense or setoff, Borrower shall give a detailed written description of such claimed right. 

  
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 Section 4.10 Taxes; Tax Receipts. 

Borrower shall pay and discharge all Taxes prior to the date on which penalties are attached thereto unless and to the extent only that
such Taxes are contested in accordance with the terms of the Mortgage. If Borrower fails, following demand, to provide Lender the tax receipts required under the Mortgage, without limiting any other remedies available to Lender, Lender may, at
Borrower’s sole expense, obtain and enter into a tax services contract with respect to the Property with a tax reporting agency satisfactory to Lender. 
 Section 4.11 Lender’s Rights to Pay and Perform. 
 If, after any
required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but
shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers
necessary or appropriate. 
 Section 4.12 Reimbursement; Interest. 

If Lender shall incur any Expenses or pay any Claims by reason of the Loan or the rights and remedies provided under the Loan Documents
(regardless of whether or not any of the Loan Documents expressly provide for an indemnification by Borrower against such Claims), Lender’s payment of such Expenses and Claims shall constitute advances to Borrower which shall be paid by
Borrower to Lender on demand, together with interest thereon from the date incurred until paid in full at the rate of interest then applicable to the Loan under the terms of the Note. Each advance arising out of the Environmental Agreement shall be
unsecured. All other advances shall be secured by the Mortgage and the other Loan Documents as fully as if made to Borrower, regardless of the disposition thereof by the party or parties to whom such advance is made. Notwithstanding the foregoing,
however, in any action or proceeding to foreclose the Mortgage or to recover or collect the Obligations, the provisions of Law governing the recovery of costs, disbursements and allowances shall prevail unaffected by this Section. 

Section 4.13 Notification by Borrower. 
 Borrower will promptly give Notice to Lender of the occurrence of any Default or Event of Default hereunder or under any of the other Loan Documents. Borrower will also promptly give Notice to Lender of
any claim of a default by Borrower, or any claim by Borrower of a default by any other party, under any property management contract or any Lease. 
 Section 4.14 Indemnification by Borrower. 
 Borrower agrees to
indemnify Lender and to hold Lender harmless from and against, and to defend Lender by counsel approved by Lender against, any and all Claims directly or indirectly arising out of or resulting from any transaction, act, omission, event or
circumstance in any way connected with the Property or the Loan, including any Claim arising out of or resulting from (a) any construction activity at the Property, including any defective workmanship or materials; (b) any failure by
Borrower to comply with the requirements of any Laws or to comply with any agreement that applies or pertains to the Property, including any agreement with a broker or “finder” in connection with the Loan or other financing of the
Property; (c) any failure by Borrower to observe and perform any of the obligations imposed upon the landlord under the Leases; (d) any other Default or Event of Default hereunder or under any of the other Loan Documents; or (e) any
assertion or allegation that Lender is liable for any act or omission of Borrower or any other Person in connection with the ownership, development, financing, leasing, operation or sale of the Property; provided, however, that Borrower shall
not be obligated to indemnify Lender with respect to any Claim arising solely from the gross negligence or willful misconduct of Lender. The agreements and indemnifications contained in this Section shall apply to Claims arising both before and
after the repayment of the Loan and shall survive the repayment of the Loan, any foreclosure or deed, assignment or conveyance in lieu thereof and any other action by Lender to enforce the rights and remedies of Lender hereunder or under the other
Loan Documents. 

  
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 Section 4.15 Fees and Expenses. 

Borrower shall pay all fees, charges, costs and expenses required to satisfy the conditions of the Loan Documents. Without limitation of
the foregoing, Borrower will pay, when due, and if paid by Lender will reimburse Lender on demand for, all fees and expenses of any construction consultant (if any), the title insurer, environmental engineers, appraisers, surveyors and Lender’s
counsel in connection with the closing, administration, modification or any “workout” of the Loan, or the enforcement of Lender’s rights and remedies under any of the Loan Documents; provided that Borrower shall not be obligated for
any cost of any construction consultant (a) for any construction project, the reasonably anticipate total cost of which is below $1,000,000, or (b) in excess of $15,000 in the aggregate for any single construction project, except to the
extent any such excess amounts are a result of (i) the construction consultant in good faith being required by Lender to perform services above and beyond its customary and typical scope of services because of a defect or problem with the
construction or (ii) the work of the construction consultant is in connection with or a result of a Default. Borrower acknowledges that Lender may receive a benefit, including without limitation, a discount, credit or other accommodation, from
outside counsel based on the fees such counsel may receive on account of their relationship with Lender including fees paid pursuant hereto. 
 Section 4.16 Appraisals. 
 Lender may obtain from time to time an
appraisal of all or any part of the Property, prepared in accordance with written instructions from Lender, from a third-party appraiser satisfactory to, and engaged directly by, Lender. The cost of one such appraisal, including any costs for
internal review thereof, obtained by Lender in each calendar year and the cost of each such appraisal obtained by Lender following the occurrence of an Event of Default shall be borne by Borrower and shall be paid by Borrower on demand. 

Section 4.17 Leasing and Tenant Matters. 
 Borrower shall comply with the terms and conditions of Schedule 4 in connection with the leasing of space within the Improvements. In addition, Borrower shall deposit with Lender on the date of
Borrower’s receipt thereof any and all termination fees or other similar funds paid by tenant in connection with any tenant’s election to exercise an early termination option contained in its respective Lease or otherwise at the Property
(the “Termination Fee Deposit”). Lender shall have the right, in its sole and absolute discretion, at any time when an uncured Event of Default exists, to either (a) make the Termination Fee Deposit available to reimburse
Borrower for Tenant Improvements and Leasing Commissions paid with respect to reletting the vacated space at the Property which shall be disbursed in accordance with the terms and conditions of Schedule 2 attached hereto, or (b) apply
the Termination Fee Deposit to repay a portion of the outstanding principal balance of the Loan in accordance with Section 4 of the Note at any time when an unsecured Event of Default exists; provided that if no uncured Event of Default exists
Lender make the Termination Fee Deposit available for the purposes specified in clause (a). 
 Section 4.18 Preservation
of Rights. 
 Borrower shall obtain, preserve and maintain in good standing, as applicable, all rights, privileges and
franchises necessary or desirable for the operation of the Property and the conduct of Borrower’s business thereon or therefrom. 

  
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 Section 4.19 Income from Property. 

Borrower shall first apply all income derived from the Property, including all income from Leases, to pay costs and expenses incurred in
connection with the ownership, maintenance, operation and leasing of the Property which are currently due and payable, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other
purpose. No such income shall be distributed or paid to any member, partner, shareholder or, if Borrower is a trust, to any beneficiary or trustee, unless and until all such costs and expenses which are then due shall have been paid in full.

 Section 4.20 Representations and Warranties. 

Borrower shall take all actions and shall do all things necessary or desirable to cause all of Borrower’s representations and
warranties in this Agreement to be true and correct at all times. 
 Section 4.21 Deposit Accounts; Principal
Depository. 
 Borrower shall maintain with Lender all deposit accounts related to the Property at all times that Bank of
America, N.A., is the lender hereunder, including all operating accounts, any reserve or escrow accounts, any accounts from which Borrower may from time to time authorize Lender or Swap Counterparty to debit payments due on the Loan and any Swap
Contracts, and any lockbox, cash management or other account into which tenants are required from time to time to pay rent. Borrower hereby grants to Lender a security interest in the foregoing accounts and deposit accounts. Without limiting the
generality of the foregoing, Borrower shall maintain Bank of America, N.A. as its principal depository bank at all times that Bank of America, N.A., is the lender hereunder, including for the maintenance of business, cash management, operating and
administrative deposit accounts. 
 Section 4.22 Intentionally Omitted. 

Section 4.23 Intentionally Omitted. 
 Section 4.24 Swap Contracts. 
 In the event that Borrower shall elect
to enter into a Swap Contract with Swap Counterparty, Borrower shall comply with all of the terms and conditions of Schedule 7 with respect to all Swap Contracts. 
 Section 4.25 Financial Covenants 
 Borrower and Guarantor shall comply
with the terms and conditions of Schedule 8 with respect to financial covenants as described therein. 

Section 4.26 Additional Costs. 
 Borrower will pay Lender, on demand, for Lender’s costs or losses arising from any Change in Law which are allocated to this Agreement or any credit outstanding under this Agreement. The allocation
will be made as determined by Lender, using any reasonable method. The costs include, without limitation, the following: 
 (a)
any reserve or deposit requirements (excluding any reserve requirement already reflected in the calculation of the interest rate in this Agreement); and 
 (b) any capital requirements relating to Lender’s assets and commitments for credit. 

  
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 Section 4.27 Separateness. 

(a) The sole purpose to be conducted or promoted by Borrower shall be to: (i) engage in the acquisition, ownership, leasing,
operation, management, maintenance , redevelopment, renovation, refurbishment, rehabilitation, altering and improvement of the Property, (ii) enter into and perform its obligations under the Loan Documents; (iii) sell, transfer, service,
convey, dispose of, pledge, assign, borrow money against, finance, refinance or otherwise deal with the Property to the extent permitted under the Loan Documents; and (iv) engage in any lawful act or activity and to exercise any powers
permitted to limited liability companies organized under the laws of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

(b) Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management or
operation of Borrower, and in addition to the other restrictions on the activities of Borrower set forth in the Loan Documents, Borrower shall not: (i) guarantee any obligation of any person or entity, including any affiliate, or become
obligated for the debts of any other person or entity or hold out its credit as being available to pay the obligations of any other person or entity; (ii) engage, directly or indirectly, in any business other than as required or permitted to be
performed under this Section; (iii) engage in any dissolution (unless occurring as a matter of Applicable Law), liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary course of Borrower’s
business; (iv) buy or hold evidence of indebtedness issued by any other person or entity (other than cash or investment-grade securities); (v) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company
or other) or own any equity interest in any other entity; or (vi) own any material asset or property other than the Property and incidental personal and intangible property necessary for or incidental to the ownership or operation of the
Property. 
 (c) In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with
any affiliate, Borrower shall observe the following covenants (collectively, the “Separateness Covenants”): (i) maintain books and records and bank accounts separate from those of any other person or entity; (ii) maintain
its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (iii) comply with all organizational formalities necessary to maintain its separate existence; (iv) hold itself out to
creditors and the public as a legal entity separate and distinct from any other entity; (vi) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets
listed on any financial statement of any other person or entity except that Borrower’s assets may be included in a consolidated financial statement of its’ affiliate so long as appropriate notation is made on such consolidated financial
statements to indicate the separateness of Borrower from such affiliate and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such affiliate or any other person or entity;
(vii) except to the extent that the Borrower is a treated as a disregarded entity, prepare and file its own tax returns separate from those of any person or entity to the extent required by applicable law, and pay any taxes required to be paid
by applicable law; (viii) allocate and charge fairly and reasonably any common employee or overhead shared with affiliates; (ix) other than capital contributions and distributions permitted under the terms of its organizational documents,
not enter into any transaction with any affiliate, except on an arm’s-length basis on terms which are intrinsically fair and no less favorable than would be available for unaffiliated third parties, and pursuant to written, enforceable
agreements; (x) conduct business in its own name, and use separate stationery, invoices and checks bearing its own name; (xi) not assume, guarantee or pay the debts or obligations of any other person or entity other than any other entity
comprising Borrower; (xii) not permit any affiliate (other than any other entity comprising Borrower ) to guarantee or pay its obligations (other than limited guarantees and indemnities pursuant to the Loan Documents and in connection with a
sale of the Property); (xiii) not make loans or advances to any other person or entity other than any other entity comprising Borrower; (xiv) pay its liabilities and expenses out of and to the extent of its own funds, provided, however,
nothing shall require the funding of any additional capital contributions to such entity; (xvi) endeavor to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and in light of its contemplated
business purpose, transactions and liabilities; provided, however, that the foregoing shall not require any equity owner or other Person to make additional capital contributions to Borrower and there shall be no breach of this clause
(xvi) solely as a result of insufficient revenues from the Property ; and (xviii) endeavor to cause the 

  
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managers, officers, employees, agents and other representatives of Borrower to act at all times with respect to Borrower consistently and in furtherance of the foregoing and in the best interests
of Borrower. 
 The failure of Borrower to comply with any of the covenants contained in this Section or any other covenants
contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 
 (d) Borrower covenants and
agrees to incorporate the provisions contained in this Section into Borrower’s organizational documents and Borrower agrees not to amend, modify or otherwise change its organizational documents with respect to the provisions of this Section.

 Section 4.28 Post-Closing Covenants. 
 (a) To the extent not already delivered to Lender as of the date hereof, Borrower shall use commercially reasonable efforts to deliver to Lender, within sixty (60) days after the closing, estoppel
certificates from tenants who lease, in the aggregate, eighty percent (80) of the net rentable area of the Improvements. 

(b) Within sixty (60) days after closing, Borrower shall deliver to Lender a copy of the policy of pollution/environmental
impairment insurance (Policy No. FEIEIL1447200) issued by Admiral Insurance Company with respect to the Property and naming Lender and its successors and assigns as an additional insured, such policy to be in the form of the specimen policy and with
the form of endorsements thereto provided to Lender prior to the date hereof, subject to only such changes as may be approved by Lender. 
 Borrower’s failure to deliver any such estoppel certificate or such insurance policy within said sixty (60) day period shall constitute an Event of Default hereunder; provided, however, that if
Borrower delivers such insurance policy with changes from the specimen policy or endorsements and such changes are not acceptable to Lender, Borrower shall have thirty (30) days from the expiration of such sixty (60) day period to deliver
the insurance policy in acceptable form. Borrower shall deliver each estoppel certificate and such insurance policy to Lender at the following address: Bank of America, N.A., 333 South Hope Street, 20th Floor, Los Angeles, California 90071,
Attention: Julie Elterman. 
 Article V 
 Negative Covenants. 
 Borrower covenants as of the date hereof and until
such time as all Obligations shall be paid and performed in full, that: 
 Section 5.1 Conditional Sales.

 Without the prior written consent of Lender (which consent shall not be unreasonably withheld provided no uncured Event of
Default then exists), Borrower shall not incorporate in the Improvements any property acquired under a conditional sales contract or lease or as to which the vendor retains title or a security interest, in an amount in excess of $250,000 in the case
of any single contract or lease or $2,000,000 in the aggregate with respect to all such contracts and leases in effect at any time. 
 Section 5.2 Insurance Policies and Bonds. 
 Borrower shall not do or
permit to be done anything that would affect the coverage or indemnities provided for pursuant to the provisions of any insurance policy, performance bond, labor and material payment bond or any other bond given in connection with any construction
at the Property, including any construction of tenant improvements. 

  
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 Section 5.3 Commingling. 

Neither RIF V – Glendale, RIF V – Alcorn, nor RIF V – 3360 shall commingle their funds and other assets with each
other’s fund or other assets or with those of any other Affiliate or any other Person. 
 Section 5.4 Additional
Debt. 
 Borrower shall not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any
obligation), other than (a) the Loan, and (b) advances or trade debt or accrued expenses incurred in the ordinary course of business of operating the Property and unsecured indebtedness borrowed from Guarantor in an aggregate amount not to
exceed at any time five percent (5%) of the original principal balance of the Loan. No other debt may be secured by the Property, whether senior, subordinate or pari passu. 

Article VI 

Events of Default. 
 The occurrence or happening, from time to time, of any one or more of the following shall constitute an Event of Default under this Agreement: 

Section 6.1 Payment Default. 
 Borrower fails to pay any Obligation under this Agreement when due, whether on the scheduled due date or upon acceleration, maturity or otherwise. 

Section 6.2 Default Under Other Loan Documents. 
 An Event of Default (as defined therein) occurs under the Note or the Mortgage or any other Loan Document, or Borrower or Guarantor fails to promptly pay, perform, observe or comply with any term,
obligation or agreement contained in any of the Loan Documents (within any applicable grace or cure period). 
 Section 6.3
Accuracy of Information; Representations and Warranties. 
 Any information contained in any financial statement,
schedule, report or any other document delivered by Borrower, Guarantor or any other Person to Lender in connection with the Loan proves at any time not to be in all material respects true and accurate, or Borrower, Guarantor or any other Person
shall have failed to state any material fact or any fact necessary to make such information not misleading, or any representation or warranty contained in this Agreement or in any other Loan Document or other document, certificate or opinion
delivered to Lender in connection with the Loan, proves at any time to be incorrect or misleading in any material respect either on the date when made or on the date when reaffirmed pursuant to the terms of this Agreement; provided that if such
statement, representation or warranty was not knowingly or negligently false, misleading or erroneous, then Borrower shall have a thirty (30) day period in which to remedy the underlying condition which caused such statement, representation or
warranty to be so false, misleading or erroneous. 
 Section 6.4 Deposits. 

Borrower fails to deposit funds with Lender, in the amount requested by Lender, pursuant to the provisions of Section 4.6,
within ten (10) days from the effective date of a Notice from Lender requesting such deposit, or Borrower fails to deliver to Lender any Condemnation Awards or Insurance Proceeds within ten (10) days after Borrower’s receipt thereof.

  
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 Section 6.5 Insurance Obligations. 

Borrower fails to promptly perform or comply with any of the covenants contained in the Loan Documents with respect to maintaining
insurance, including the covenants contained in Section 4.4. 
 Section 6.6 Other Obligations.

 Borrower fails to promptly perform or comply with any of the Obligations set forth in this Agreement (other than those
expressly described in other Sections of this Article), and such failure continues uncured for a period of thirty (30) days after Notice from Lender to Borrower, unless (a) such failure, by its nature, is not capable of being cured within
such period, and (b) within such period, Borrower commences to cure such failure and thereafter diligently prosecutes the cure thereof, and (c) Borrower causes such failure to be cured no later than ninety (90) days after the date of
such Notice from Lender. 
 Section 6.7 Damage to Improvements. 

The Improvements are substantially damaged or destroyed by fire or other casualty and Lender determines that the Improvements cannot be
restored in accordance with the terms and provisions of this Agreement and the Mortgage. 
 Section 6.8 Lapse of Permits
or Approvals. 
 Any permit, license, certificate or approval that Borrower is required to obtain with respect to any
construction activities at the Property or the operation, leasing or maintenance of the Improvements or the Property lapses or ceases to be in full force and effect. 
 Section 6.9 Mechanic’s Lien. 
 A lien for the performance of work
or the supply of materials filed against the Property, or any stop notice served on Borrower, any contractor of Borrower, or Lender, remains unsatisfied or unbonded for a period of sixty (60) days after the date of filing or service.

 Section 6.10 Bankruptcy. 
 Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor files a bankruptcy petition or makes a general assignment for the benefit of creditors, or a bankruptcy petition is filed
against Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor and such involuntary bankruptcy petition continues undismissed for a period of sixty (60) days after the filing thereof. 

Section 6.11 Appointment of Receiver, Trustee, Liquidator. 

Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor applies for or consents in writing to the appointment of a
receiver, trustee or liquidator of Borrower, RIF V – SPE Owner, any manager of Borrower, any Guarantor, the Property, or all or substantially all of the other assets of Borrower, RIF V – SPE Owner, any manager of Borrower, or any
Guarantor, or an order, judgment or decree is entered by any court of competent jurisdiction on the application of a creditor appointing a receiver, trustee or liquidator of Borrower, RIF V – SPE Owner, any manager of Borrower, any Guarantor,
the Property, or all or substantially all of the other assets of Borrower , RIF V – SPE Owner, any manager of Borrower, or any Guarantor. 

  
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 Section 6.12 Inability to Pay Debts. 

Borrower or any Guarantor becomes unable or admits in writing its inability or fails generally to pay its debts as they become due.

 Section 6.13 Judgment. 
 A final nonappealable judgment for the payment of money involving more than $250,000 is entered against Borrower or any Guarantor, and Borrower or such Guarantor fails to discharge the same, or fails to
cause it to be discharged or bonded off to Lender’s satisfaction, within thirty (30) days from the date of the entry of such judgment. 
 Section 6.14 Dissolution; Change in Business Status. 
 Unless the
written consent of Lender is previously obtained, all or substantially all of the business assets of Borrower or any Guarantor are sold, Borrower or any Guarantor is dissolved, or there occurs any change in the form of business entity through which
Borrower or any Guarantor presently conducts its business or any merger or consolidation involving Borrower or any Guarantor. 

Section 6.15 Default Under Other Indebtedness. 
 Borrower or any Guarantor fails to pay any indebtedness (other than the Loan) owed by Borrower or such Guarantor to Lender when and as due and payable (whether by acceleration or otherwise). 

Section 6.16 Intentionally Omitted. 
 Section 6.17 Change in Controlling Interest. 
 Without the prior written
consent of Lender (which consent may be conditioned, among other matters, on the issuance of a satisfactory endorsement to the title insurance policy insuring Lender’s interest under the Mortgage), and except as otherwise permitted pursuant to
the provisions of Section 8.7(c), the controlling interest in Borrower ceases to be directly or indirectly owned by Guarantor. 
 Section 6.18 Material Adverse Change. 
 In the reasonable opinion of
Lender, the prospect of payment or performance of all or any part of the Obligations has been materially impaired from that existing on the date of the closing of the Loan because of a material adverse change in the financial condition, results of
operations, business or properties of Borrower or Guarantor or any other Person liable for the payment or performance of any of the Obligations when taken as a whole. 
 Section 6.19 Intentionally Omitted. 
 Section 6.20 Intentionally
Omitted. 
 Article VII 
 Remedies on Default. 
 Section 7.1 Remedies on Default.

 Upon the happening of any Event of Default, Lender shall have the right, in addition to any other rights or remedies
available to Lender under the Mortgage or any of the other Loan Documents or under applicable Law, to exercise any one or more of the following rights and remedies: 

  
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 (a) Lender may accelerate all of Borrower’s Obligations under the Loan Documents
whereupon such Obligations shall become immediately due and payable, without notice of default, acceleration or intention to accelerate, presentment or demand for payment, protest or notice of nonpayment or dishonor, or notices or demands of any
kind or character (all of which are hereby waived by Borrower). 
 (b) Lender may apply to any court of competent jurisdiction
for, and obtain appointment without bond of, a receiver for the Property. 
 (c) Lender may set off the amounts due Lender under
the Loan Documents, whether or not matured and regardless of the adequacy of any other collateral securing the Loan, against any and all accounts, credits, money, securities or other property of Borrower now or hereafter on deposit with, held by or
in the possession of Lender to the credit or for the account of Borrower, without notice to or the consent of Borrower. 
 (d)
Lender may enter into possession of the Property and perform any and all work and labor necessary to complete any construction at the Property, including any construction of tenant improvements, and to employ watchmen to protect the Property and the
Improvements. All sums expended by Lender for such purposes shall be deemed to have been advanced to Borrower under the Note and shall be secured by the Mortgage. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful
attorney-in-fact with full power of substitution, which power is coupled with an interest and cannot be revoked, to complete the work in the name of Borrower, and hereby empowers said attorney or attorneys, in the name of Borrower or Lender:

 (i) To use any funds of Borrower including any balance which may be held by Lender and any funds (if any)
which may remain unadvanced hereunder for the purpose of completing any construction, including any construction of tenant improvements, whether or not in the manner called for in the applicable plans and specifications; 

(ii) To make such additions and changes and corrections to any plans and specifications as shall be necessary or desirable
in the judgment of Lender to complete any construction, including any construction of tenant improvements; 

(iii) To employ such contractors, subcontractors, agents, architects and inspectors as shall be necessary or desirable for
said purpose; 
 (iv) To pay, settle or compromise all existing bills and claims which are or may be liens
against the Property, or may be necessary or desirable for the completion of the work or the clearance of title to the Property; 
 (v) To execute all applications and certificates which may be required in the name of Borrower; 
 (vi) To enter into, enforce, modify or cancel Leases and to fix or modify Rents on such terms as Lender may consider proper; 

(vii) To file for record, at Borrower’s cost and expense and in Borrower’s name, any notices of completion,
notices of cessation of labor, or any other notices that Lender in its sole and absolute discretion may consider necessary or desirable to protect its security; 
 (viii) To prosecute and defend all actions or proceedings in connection with any construction at the Property, including any construction of tenant improvements, and to take such actions and to require
such performance as Lender may deem necessary; and 
 (ix) To do any and every act with respect to any such
construction which Borrower may do in its own behalf. 

  
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 Section 7.2 No Release or Waiver; Remedies Cumulative and Concurrent.

 Borrower shall not be relieved of any Obligation by reason of the failure of Lender to comply with any request of Borrower or
of any other Person to take action to foreclose on the Property under the Mortgage or otherwise to enforce any provision of the Loan Documents, or by reason of the release, regardless of consideration, of all or any part of the Property. No delay or
omission of Lender to exercise any right, power or remedy accruing upon the happening of an Event of Default shall impair any such right, power or remedy or shall be construed to be a waiver of any such Event of Default or any acquiescence therein.
No delay or omission on the part of Lender to exercise any option for acceleration of the maturity of the Obligations, or for foreclosure of the Mortgage following any Event of Default as aforesaid, or any other option granted to Lender hereunder in
any one or more instances, or the acceptance by Lender of any partial payment on account of the Obligations shall constitute a waiver of any such Event of Default and each such option shall remain continuously in full force and effect. No remedy
herein conferred upon or reserved to Lender is intended to be exclusive of any other remedies provided for in the Loan Documents, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder, or
under the Loan Documents, or now or hereafter existing at Law or in equity or by statute. Every right, power and remedy given by the Loan Documents to Lender shall be concurrent and may be pursued separately, successively or together against
Borrower or the Property or any part thereof, and every right, power and remedy given by the Loan Documents may be exercised from time to time as often as may be deemed expedient by Lender. All notice and cure periods provided in this Agreement or
in any Loan Document shall run concurrently with any notice or cure periods provided by law. 
 Article VIII 

Miscellaneous. 
 Section 8.1 Further Assurances; Authorization to File Documents. 
 At
any time, and from time to time, upon request by Lender, Borrower will, at Borrower’s expense, (a) correct any defect, error or omission which may be discovered in the form or content of any of the Loan Documents, and (b) make,
execute, deliver and record, or cause to be made, executed, delivered and recorded, any and all further instruments, certificates and other documents as may, in the opinion of Lender, be necessary or desirable in order to complete, perfect or
continue and preserve the lien of the Mortgage. Upon any failure by Borrower to do so, Lender may make, execute and record any and all such instruments, certificates and other documents for and in the name of Borrower, all at the sole expense of
Borrower, and Borrower hereby appoints Lender the agent and attorney-in-fact of Borrower to do so, this appointment being coupled with an interest and being irrevocable. Without limitation of the foregoing, Borrower irrevocably authorizes Lender at
any time and from time to time to file any initial financing statements, amendments thereto and continuation statements deemed necessary or desirable by Lender to establish or maintain the validity, perfection and priority of the security interests
granted in the Mortgage or hereunder, and Borrower ratifies any such filings made by Lender prior to the date hereof. In addition, at any time, and from time to time, upon request by Lender, Borrower will, at Borrower’s expense, provide any and
all further instruments, certificates and other documents as may, in the opinion of Lender, be necessary or desirable in order to verify Borrower’s identity and background in a manner satisfactory to Lender. 

Section 8.2 No Warranty by Lender. 
 By accepting or approving anything required to be observed, performed or fulfilled by Borrower or to be given to Lender pursuant to this Agreement, including any certificate, Survey, receipt, appraisal or
insurance policy, Lender shall not be deemed to have warranted or represented the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof and any such acceptance or approval thereof shall not
be or constitute any warranty or representation with respect thereto by Lender. 

  
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 Section 8.3 Standard of Conduct of Lender. 

Nothing contained in this Agreement or any other Loan Document shall limit the right of Lender to exercise its business judgment or to
act, in the context of the granting or withholding of any advance or consent under this Agreement or any other Loan Document, in a subjective manner, whether or not objectively reasonable under the circumstances, so long as Lender’s exercise of
its business judgment or action is made or undertaken in good faith. Borrower and Lender intend by the foregoing to set forth and affirm their entire understanding with respect to the standard pursuant to which Lender’s duties and obligations
are to be judged and the parameters within which Lender’s discretion may be exercised hereunder and under the other Loan Documents. As used herein, “good faith” means honesty in fact in the conduct and transaction concerned.

 Section 8.4 No Partnership. 
 Nothing contained in this Agreement shall be construed in a manner to create any relationship between Borrower and Lender other than the relationship of borrower and lender and Borrower and Lender shall
not be considered partners or co-venturers for any purpose on account of this Agreement. 
 Section 8.5
Severability. 
 In the event any one or more of the provisions of this Agreement or any of the other Loan Documents
shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any other respect, or in the event any one or more of the provisions of any of the Loan Documents operates or would prospectively operate to invalidate
this Agreement or any of the other Loan Documents, then and in either of those events, at the option of Lender, such provision or provisions only shall be deemed null and void and shall not affect the validity of the remaining Obligations, and the
remaining provisions of the Loan Documents shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby. 
 Section 8.6 Notices. 
 All Notices required or which any party desires
to give hereunder or under any other Loan Document shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by nationally
recognized overnight courier service or by certified United States mail, postage prepaid, addressed to the party to whom directed at the applicable address set forth below (unless changed by similar notice in writing given by the particular party
whose address is to be changed) or by facsimile. Any Notice shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in the manner
provided herein, or, in the case of facsimile, upon receipt; provided that service of a Notice required by any applicable statute shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing, no notice of
change of address shall be effective except upon actual receipt. This Section shall not be construed in any way to affect or impair any waiver of notice or demand provided in this Agreement or in any other Loan Document or to require giving of
notice or demand to or upon any Person in any situation or for any reason. 
 The address and fax number of
Borrower are: 
 11620 Wilshire Boulevard, Suite 300 

Los Angeles, California 90025 
 Fax Number: (310) 966-1690 

  
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 The address and fax number of Lender are: 

Bank of America, N.A. 

333 So. Hope Street, 20th Floor 
 Los Angeles, California 90071 
 Attn: CREB Loan Administration

 Fax Number: (949) 794-7424 
 Section 8.7 Permitted Successors and Assigns; Disclosure of Information 
 (a) Each and every one of the covenants, terms, provisions and conditions of this Agreement and the Loan Documents shall apply to, bind and inure to the benefit of Borrower, its successors and those
assigns of Borrower consented to in writing by Lender, and shall apply to, bind and inure to the benefit of Lender and the endorsees, transferees, successors and assigns of Lender, and all Persons claiming under or through any of them. 

(b) Borrower agrees not to transfer, assign, pledge or hypothecate any right or interest in any payment or advance due pursuant to this
Agreement, or any of the other benefits of this Agreement, without the prior written consent of Lender, which consent may be withheld by Lender in its sole and absolute discretion. Any such transfer, assignment, pledge or hypothecation made or
attempted by Borrower without the prior written consent of Lender shall be void and of no effect. No consent by Lender to an assignment shall be deemed to be a waiver of the requirement of prior written consent by Lender with respect to each and
every further assignment and as a condition precedent to the effectiveness of such assignment. 
 (c) Lender acknowledges that
Guarantor and certain of its Affiliates are in the process of a roll up of various Rexford Funds and, in connection therewith, one or more of the entities comprising Borrower and/or Guarantor may merge into other Affiliates or otherwise cease to
exist and their assets transferred to other Affiliates. Lender will permit the substitution of one or more new borrower’s in the place of one or more of the entities comprising Borrower which are so merging or dissolving and/or a replacement
guarantor in the place of Guarantor if Guarantor so merges or dissolves so long as (i) Lender determines, in its reasonable discretion, that the financial condition of the new borrower or guarantor is equal to or better than that of the party
or parties it replaces, (ii) all of Lender’s Know Your Customer and other due diligence items with respect to the new borrower and new guarantor (as applicable), including all of the requirements of the Act are satisfied, and
(iii) the new borrower and new guarantor (as applicable) execute such documents as Lender reasonably requires to evidence any new borrower or new guarantor (as applicable) becoming a party to the Loan, including, in the case of any new
borrower, an assignment and assumption agreement and an amendment to the Mortgage encumbering the Property to be owned by such new borrower and, in the case of any new guarantor, a new guaranty substantially in the form of the Guaranty. 

(d) Lender may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute,
acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and
benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder. Lender may disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for the Loan, any
credit or other information on the Property (including environmental reports and assessments), Borrower, any of Borrower’s principals or any Guarantor, to any actual or prospective assignee or participant, to Lender’s Affiliates, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated, to any regulatory body having jurisdiction over Lender, to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and the Loan,
or to any other party as necessary or appropriate in Lender’s reasonable judgment. 

  
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 Section 8.8 Modification; Waiver. 

None of the terms or provisions of this Agreement may be changed, waived, modified, discharged or terminated except by instrument in
writing executed by the party or parties against whom enforcement of the change, waiver, modification, discharge or termination is asserted. None of the terms or provisions of this Agreement shall be deemed to have been abrogated or waived by reason
of any failure or failures to enforce the same. 
 Section 8.9 Third Parties; Benefit. 

All conditions to the obligation of Lender to make advances hereunder are imposed solely and exclusively for the benefit of Lender and
its assigns and no other Persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make advances in the absence of strict compliance with any or all
thereof and no other Person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender at any time in the sole and absolute exercise of its discretion.
The terms and provisions of this Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other Person shall have any right or cause of action on account thereof. 

Section 8.10 Rules of Construction. 
 The words “hereof,” “herein,” “hereunder,” “hereto,” and other words of similar import refer to this Agreement in its entirety. The terms “agree” and
“agreements” mean and include “covenant” and “covenants.” The words “include” and “including” shall be interpreted as if followed by the words “without limitation.” The captions and
headings contained in this Agreement are included herein for convenience of reference only and shall not be considered a part hereof and are not in any way intended to define, limit or enlarge the terms hereof. All references (a) made in the
neuter, masculine or feminine gender shall be deemed to have been made in all such genders, (b) made in the singular or plural number shall be deemed to have been made, respectively, in the plural or singular number as well, (c) to the
Loan Documents are to the same as extended, amended, restated, supplemented or otherwise modified from time to time unless expressly indicated otherwise, (d) to the Land, the Improvements or the Property shall mean all or any portion of each of
the foregoing, respectively, and (e) to Articles, Sections and Schedules are to the respective Articles, Sections and Schedules contained in this Agreement unless expressly indicated otherwise. 

Section 8.11 Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be considered an original for all purposes; provided, however, that all such counterparts shall together constitute one
and the same instrument. 
 Section 8.12 Signs; Publicity. 

At Lender’s request and at Lender’s expense, Borrower shall place a sign at a location on the Property satisfactory to Lender,
which sign shall recite, among other things, that Lender is financing the Property. Borrower expressly authorizes Lender to prepare and to furnish to the news media for publication from time to time news releases with respect to the Property,
specifically to include releases detailing Lender’s involvement with the financing of the Property. 
 Section 8.13
Governing Law. 
 This Agreement shall be governed by and construed, interpreted and enforced in accordance with the Laws
of the State. 
 Section 8.14 Time of Essence. 

Time shall be of the essence for each and every provision of this Agreement of which time is an element. 

  
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 Section 8.15 Electronic Communications. 

(a) Electronic Transmission of Data. Lender and Borrower agree that certain data related to the Loan (including confidential
information, documents, applications and reports) may be transmitted electronically, including transmission over the Internet. This data may be transmitted to, received from or circulated among agents and representatives of Borrower and/or Lender
and their Affiliates and other Persons involved with the subject matter of this Agreement. 
 (b) Borrower Controlled
Websites. Borrower may elect to deliver documentation required pursuant to the Closing Checklist or Schedule 2 hereof electronically, and if so delivered, such documentation shall be deemed to have been delivered on the date (i) on
which Borrower posts such documents, or provides a link thereto on Borrower’s website on the Internet at the website address listed on Borrower’s signature page to this Agreement; or (ii) on which such documents are posted on
Borrower’s behalf on an Internet or intranet website, if any, to which Lender has access (whether a commercial, third-party website or whether sponsored by Lender; provided that: (i) Borrower shall deliver paper copies of
such documents to Lender upon its request to Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by Lender, and (ii) Borrower shall notify Lender (by facsimile or electronic mail) of the
posting of any such documents and provide to Lender by electronic mail electronic versions (i.e., soft copies) of such documents. Borrower agrees that in the event that Borrower would like to update or revise a document previously posted to the
Borrower controlled website, Borrower shall notify Lender (by facsimile or electronic mail) that such document has been revised and an updated version has been posted. 
 (c) Assumption of Risks; Indemnification. Borrower acknowledges and agrees that (i) there are risks associated with the use of electronic transmission and Borrower controlled websites and that
Lender does not control the method of transmittal, the service providers or the operational or technical issues that could occur; (ii) Lender has no obligation or responsibility whatsoever and assumes no duty or obligation for the security,
receipt or third party interception of any such electronic transmission of data or Borrower controlled website, or any operational or technical issues that may occur with the electronic transmission of data or the Borrower controlled website; and
(iii) Borrower will release, hold harmless and indemnify Lender from any claim, damage or loss, including that arising in whole or part from Lender’s strict liability or sole, comparative or contributory negligence, which is related to the
electronic transmission of data or the Borrower controlled website. 
 Section 8.16 Dispute Resolution Provision.

 This Section, including the subsections below, is referred to as the “Dispute Resolution Provision.” This
Dispute Resolution Provision is a material inducement for the parties entering into this Agreement. 
 (a) This Dispute
Resolution Provision concerns the resolution of any controversies or claims between or among the parties, whether arising in contract, tort or by statute, including controversies or claims that arise out of or relate to: (i) this Agreement
(including any renewals, extensions or modifications); or (ii) any Loan Document or any other document related to this Agreement (collectively, a “Dispute”). For the purposes of this Dispute Resolution Provision only, the term
“parties” shall include any parent corporation, subsidiary or Affiliate of Lender involved in the servicing, management or administration of any obligation described or evidenced by this Agreement. 

(b) Except to the extent expressly provided below, any Dispute shall, upon the mutual agreement of the parties, acting in their sole and
absolute discretion, be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Federal Arbitration Act”). The Federal Arbitration Act will apply even though this Agreement provides
that it is governed by California law. 
 (c) Arbitration proceedings will be determined in accordance with the Federal
Arbitration Act, the then-current rules and procedures for the arbitration of financial services disputes of the AAA and the terms of this Dispute Resolution Provision. In the event of any inconsistency, the terms of this Dispute Resolution
Provision shall control. If 

  
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AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, Lender may designate another arbitration organization
with similar procedures to serve as the provider of arbitration. 
 (d) The arbitration shall be administered by AAA and
conducted, unless otherwise required by law, in any U.S. state where real or tangible personal property for the Loan is located or if there is no such collateral, in the state specified in the governing law section of this Agreement. All Disputes
shall be determined by one arbitrator; however, if Disputes exceed Five Million Dollars ($5,000,000), upon the request of any party, the Disputes shall be decided by three arbitrators. All arbitration hearings shall commence within ninety
(90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a
showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court
having jurisdiction to be confirmed and have judgment entered and enforced. 
 (e) The arbitrator(s) will give effect to
statutes of limitations in determining any Dispute and may dismiss the arbitration on the basis that the Dispute is barred. For purposes of the application of any statutes of limitation, the service on AAA under applicable AAA rules of a notice of
Dispute is the equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Dispute is arbitrable shall be determined by the arbitrator(s), except as set forth in Subsection (j) of this Dispute
Resolution Provision. The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this Agreement. 
 (f)
The procedure described above will not apply if the Dispute, at the time of the proposed submission to arbitration, arises from or relates to an obligation to Lender secured by real property. In this case, all of the parties to this Agreement, in
their sole and absolute discretion, must consent to submission of the Dispute to arbitration. 
 (g) To the extent any Disputes
are not arbitrated, to the extent permitted by law the Disputes shall be resolved in court by a judge without a jury, except any Disputes which are brought in California state court shall be determined by judicial reference as described below.

 (h) Any Dispute which is not arbitrated and which is brought in California state court will be resolved by a general
reference to a referee (or a panel of referees) as provided in California Code of Civil Procedure (“CCP”) Section 638. The referee (or presiding referee of the panel) shall be a retired Judge or Justice. The referee (or panel
of referees) shall be selected by mutual written agreement of the parties. If the parties do not agree, the referee shall be selected by the Presiding Judge of the Court (or his or her representative) as provided in CCP Section 638 and the
following related sections. The referee shall determine all issues in accordance with existing California law and the California rules of evidence and civil procedure. The referee shall be empowered to enter equitable as well as legal relief,
provide all temporary or provisional remedies, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a trial, including motions for summary judgment or summary adjudication. The award that
results from the decision of the referee(s) will be entered as a judgment in the court that appointed the referee, in accordance with the provisions of CCP Sections 644(a) and 645. The parties reserve the right to seek appellate review of any
judgment or order, including orders pertaining to class certification, to the same extent permitted in a court of law. 
 (i)
This Dispute Resolution Provision does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property
collateral; (iii) exercise any judicial or power of sale rights; or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or
supplementary remedies. The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party, thereafter to request or require submittal of the Dispute to arbitration or judicial reference as
provided herein. 

  
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 (j) Any arbitration, judicial reference or trial by a judge of any Dispute will take place
on an individual basis without resort to any form of class or representative action (the “Class Action Waiver”). Regardless of anything else in this Dispute Resolution Provision, the validity and effect of the Class Action Waiver may be
determined only by a court or referee and not by an arbitrator. The parties to this Agreement acknowledge that the Class Action Waiver is material and essential to the arbitration of any claims between the parties and is nonseverable from the
agreement to arbitrate Disputes. If the Class Action Waiver is limited, voided or found unenforceable, then the parties’ agreement to arbitrate shall be null and void with respect to such proceeding, subject to the right to appeal the
limitation or invalidation of the Class Action Waiver. The parties acknowledge and agree that under no circumstances will a class action be arbitrated.  
 (k) By agreeing to binding arbitration or judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury as permitted by law in respect of any Dispute.
Furthermore, without intending in any way to limit this Dispute Resolution Provision, to the extent any Dispute is not arbitrated or submitted to judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by
jury to the extent permitted by law in respect of such Dispute. This waiver of jury trial shall remain in effect even if the Class Action Waiver is limited, voided or found unenforceable. WHETHER THE DISPUTE IS DECIDED BY ARBITRATION, BY JUDICIAL
REFERENCE, OR BY TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW. 

Section 8.17 Forum. 
 Borrower hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the jurisdiction of any state court or any United States federal court sitting in the State
specified in the governing law section of this Agreement and to the jurisdiction of any state court or any United States federal court sitting in the state in which any of the Property is located, over any Dispute. Borrower hereby irrevocably
waives, to the fullest extent permitted by Law, any objection that Borrower may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Borrower hereby agrees and consents that, in
addition to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the governing law
section of this Agreement may be made by certified or registered mail, return receipt requested, directed to Borrower at its address for notice set forth in this Agreement, or at a subsequent address of which Lender received actual notice from
Borrower in accordance with the notice section of this Agreement, and service so made shall be complete five (5) days after the same shall have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner
permitted by Law or limit the right of Lender to bring proceedings against Borrower in any other court or jurisdiction. 

Section 8.18 USA Patriot Act Notice. 
 Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), Lender is
required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance with the Act. 

Section 8.19 Entire Agreement. 
 The Loan Documents constitute the entire understanding and agreement between Borrower and Lender with respect to the transactions arising in connection with the Loan, and supersede all prior written or
oral understandings and agreements between Borrower and Lender with respect to the matters addressed in the Loan Documents. In particular, and without limitation, the terms of any commitment by Lender to make the Loan are merged into the Loan
Documents. Except as incorporated in writing into the Loan Documents, there are no representations, understandings, stipulations, 

  
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agreements or promises, oral or written, with respect to the matters addressed in the Loan Documents. If there is any conflict between the terms, conditions and provisions of this Agreement and
those of any other instrument or agreement, including any other Loan Document, the terms, conditions and provisions of this Agreement shall prevail. 

  
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 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed as of the
date first above written. 
  

							
	BORROWER:
	
	 RIF V – GLENDALE COMMERCE CENTER, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	

		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager

  

							
	 RIF V – GGC ALCORN, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	

		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager

  

							
	 RIF V – 3360 SAN FERNANDO, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	

		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager

  
 Page S-1
 

			
	LENDER:
	
	 BANK OF AMERICA, N.A.,
 a national banking association

		
	BY:	 	

	Name:	 	Julia Elterman
	Title:	 	VP

  
 Page S-2
 

 Schedule 1 
 Definitions 
 Unless the context otherwise specifies or requires, the
following terms shall have the meanings herein specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders: 
 “AAA” means the American Arbitration Association, or any successor thereof. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with
the Person specified. 
 “Approved Manager” means Borrower, Rexford Industrial Realty and Management, Inc., a
California corporation, another Affiliate of Manager, or any other reputable and creditworthy property manager, subject to the prior written approval of Lender, which written approval may be evidenced by e-mail confirmation, not to be unreasonably
withheld, with a portfolio of properties comparable to the Property under active management. 
 “Banking Day”
means any day that is not a Saturday, Sunday or banking holiday in the State. 
 “Borrower’s Deposit
Account” means an account established with Lender pursuant to the terms of Section 4.6. 

“Casualty” means any act or occurrence of any kind or nature that results in damage, loss or destruction to the
Property. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rule,
guideline, or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and (y) all
requests, rules, guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, or issued. 
 “Claim” means any liability, suit, action, claim, demand, loss, expense, penalty, fine, judgment or other cost of any kind or nature whatsoever, including fees, costs and expenses of
attorneys, consultants, contractors and experts. 
 “Closing Checklist” means that certain Closing Requirements
and Checklist setting forth the conditions for closing the Loan and recording the Mortgage. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Condemnation” means any taking of title to, use of, or any other
interest in the Property under the exercise of the power of condemnation or eminent domain, whether temporarily or permanently, by any Governmental Authority or by any other Person acting under or for the benefit of a Governmental Authority.

 “Condemnation Awards” means any and all judgments, awards of damages (including severance and consequential
damages), payments, proceeds, settlements, amounts paid for a taking in lieu of Condemnation, or other compensation heretofore or hereafter made, including interest thereon, and the right to receive the same, as a result of, or in connection with,
any Condemnation or threatened Condemnation. 

  
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 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” or “Controlled” have meanings correlative
thereto. 
 “Default” means an event or circumstance that, with the giving of Notice or lapse of time, or both,
would constitute an Event of Default under the provisions of this Agreement. 
 “Dispute” has the meaning
ascribed to such term in Section 8.16. 
 “Environmental Agreement” means the Environmental
Indemnification and Release Agreement of even date herewith by and between Borrower and Lender pertaining to the Property, as the same may from time to time be extended, amended, restated or otherwise modified. The Environmental Agreement is
unsecured. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Default” means any event or circumstance specified in Article VI and the continuance of such event or
circumstance beyond the applicable grace and/or cure periods therefor, if any, set forth in Article VI. 

“Expenses” means all fees, charges, costs and expenses of any nature whatsoever incurred at any time and from time to
time (whether before or after an Event of Default) by Lender in making, funding, administering or modifying the Loan, in negotiating or entering into any “workout” of the Loan, or in exercising or enforcing any rights, powers and remedies
provided in the Mortgage or any of the other Loan Documents, including attorneys’ fees, court costs, receiver’s fees, management fees and costs incurred in the repair, maintenance and operation of, or taking possession of, or selling, the
Property. 
 “Financial Statements” means (i) for each reporting party other than an individual, a balance
sheet, income statement, statements of cash flow and amounts and sources of contingent liabilities, a reconciliation of changes in equity and liquidity verification, real estate schedules providing details on each individual real property in the
reporting party’s portfolio, including, but not limited to raw land, land under development, construction in process and stabilized properties and unless Lender otherwise consents, consolidated and consolidating statements if the reporting
party is a holding company or a parent of a subsidiary entity; and (ii) for each reporting party who is an individual, a balance sheet, statements of cash flow and amounts and sources of contingent liabilities, sources and uses of cash and
liquidity verification, cash flow projections, real estate schedules providing details on each individual real property in the reporting party’s portfolio, including, but not limited to raw land, land under development, and unless Lender
otherwise consents, Financial Statements for each entity owned or jointly owned by the reporting party. For purposes of this definition and any covenant requiring the delivery of Financial Statements, each party for whom Financial Statements are
required is a “reporting party” and a specified period to which the required Financial Statements relate is a “reporting period.” 
 “Governmental Authority” or “Governmental Authorities” means any governmental or quasi-governmental entity, including any court, department, commission, board, bureau,
agency, administration, service, district or other instrumentality of any governmental entity. 
 “Guarantor”
means, individually or collectively, Rexford Industrial Fund V REIT, LLC, a Delaware limited liability company and its successors and assigns. 
 “Guaranty” means the Guaranty Agreement of even date herewith executed by Guarantor for the benefit of Lender, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified. 
 “Improvements” means all on-site and off-site improvements to the Land
for a seven-building, 451,422-square-foot industrial park. 

  
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1 
 Page 2 of 5 

 retail building leased to Staples, Inc. Not included in the building square footage is a
21,700-square-foot auto parts and service store situated on 0.91 located on the Land, together with all fixtures, tenant improvements and appurtenances now or later to be located on the Land and/or in such improvements. 

“Insurance Proceeds” means the insurance claims under and the proceeds of any and all policies of insurance covering the
Property or any part thereof, including all returned and unearned premiums with respect to any insurance relating to the Property, in each case whether now or hereafter existing or arising. 

“Land” means the land described in and encumbered by the Mortgage. 

“Law(s)” means all federal, state and local laws, statutes, rules, ordinances, regulations, codes, licenses,
authorizations, decisions, injunctions, interpretations, orders or decrees of any court or other Governmental Authority having jurisdiction as may be in effect from time to time. 

“Lease(s)” means all leases, license agreements and other occupancy or use agreements (whether oral or written), now or
hereafter existing, which cover or relate to the Property or any part thereof, together with all options therefor, amendments thereto and renewals, modifications and guaranties thereof, including any cash or security deposited under the Leases to
secure performance by the tenants of their obligations under the Leases, whether such cash or security is to be held until the expiration of the terms of the Leases or applied to one or more of the installments of rent coming due thereunder.

 “Loan” means the loan from Lender to Borrower, the repayment obligations in connection with which are
evidenced by the Note. 
 “Loan Amount” means Forty-Two Million Seven Hundred Fifty Thousand and No/100 Dollars
($42,750,000). 
 “Loan Documents” means this Agreement, the Note, the Mortgage, the Environmental Agreement,
the Guaranty, any Swap Contract, any application or reimbursement agreement executed in connection with any letter of credit issued by Lender in connection with the Loan, and any and all other documents which Borrower, Guarantor or any other party
or parties have executed and delivered, or may hereafter execute and deliver, to evidence, secure or guarantee the Obligations, or any part thereof, as the same may from time to time be extended, amended, restated, supplemented or otherwise
modified. 
 “Mortgage” means, individually and collectively, the RIF V – Glendale Mortgage, the RIF
V – Alcorn Mortgage, and the RIF V – 3360 Mortgage. 
 “Net Proceeds” when
used with respect to any Condemnation Awards or Insurance Proceeds, means the gross proceeds from any Condemnation or Casualty remaining after payment of all expenses, including attorneys’ fees, incurred in the collection of such gross
proceeds. 
 “Note” means the Promissory Note of even date herewith, in an amount equal to the Loan Amount,
made by Borrower to the order of Lender, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 
 “Notice” means a notice, request, consent, demand or other communication given in accordance with the provisions of Section 8.6 of this Agreement. 

“Obligations” means all present and future debts, obligations and liabilities of Borrower to Lender arising pursuant to,
or on account of, the provisions of this Agreement, the Note or any of the other Loan Documents to which Borrower is a party, including the obligations: (a) to pay all principal, interest, late charges, prepayment premiums (if any) and other
amounts due at any time under the Note; (b) to pay all Expenses, indemnification payments, fees and other 

  
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amounts due at any time under the Mortgage or any of the other Loan Documents to which Borrower is a party, together with interest thereon as provided in the Mortgage or such Loan Document;
(c) to pay and perform all obligations of Borrower (or its Affiliate) under any Swap Contract; and (d) to perform, observe and comply with all of the terms, covenants and conditions, expressed or implied, which Borrower is required to
perform, observe or comply with pursuant to the terms of this Agreement, the Mortgage or any of the other Loan Documents to which Borrower is a party. Notwithstanding any language contained in the Loan Documents, the Obligations of Borrower to pay
and perform under the Environmental Agreement are unsecured. 
 “Person” means an individual, a corporation, a
partnership, a joint venture, a limited liability company, a trust, an unincorporated association, any Governmental Authority or any other entity. 
 “Property” means, individually and collectively, the real and personal property conveyed and encumbered by the RIF V – Glendale Mortgage, the RIF V – Alcorn
Mortgage and the RIF V – 3360 Mortgage. 
 “Rents” means all of the rents, royalties, issues, profits,
revenues, earnings, income and other benefits of the Property or any part thereof, or arising from the use or enjoyment of the Property or any part thereof, including all such amounts paid under or arising from any of the Leases and all fees,
charges, accounts or other payments for the use or occupancy of rooms or other public facilities within the Property or any part thereof. 
 “RIF V – 3360” means RIF V – 3360 San Fernando, LLC, a California limited liability company. 
 “RIF V – 3360 Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of even date herewith given by RIF V – 3360 to Lender to secure the
Obligations, except for Obligations arising out of the Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 

“RIF V – 3360 Property” means the real and personal property conveyed and encumbered by the RIF V – 3360
Mortgage. 
 “RIF V – Alcorn” means RIF V – GGC Alcorn, LLC, a California limited liability company.

 “RIF V – Alcorn Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of
even date herewith given by RIF V – Alcorn to Lender to secure the Obligations, except for Obligations arising out of the Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise
modified. 
 “RIF V – Alcorn Property” means the real and personal property conveyed and encumbered by the
means the real and personal property conveyed and encumbered by the RIF V – Alcorn Mortgage. 
 “RIF V –
Glendale” means RIF V – Glendale Commerce Center, LLC, a California limited liability company. 
 “RIF V
– Glendale Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of even date herewith given by RIF V – Glendale to Lender to secure the Obligations, except for Obligations arising out of the
Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 

“RIF V – Glendale Property” means the real and personal property conveyed and encumbered by the RIF V –
Glendale Mortgage. 
 “RIF V – SPE Owner” means Borrower’s sole owner, f V – SPE Owner, LLC, a
Delaware limited liability company. 

  
 Schedule
1 
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 “State” means the State of California. 

“Survey” means a map or plat of survey of the Land which conforms with Lender’s survey requirements set forth in
the Closing Checklist. 
 “Swap Contract” means any agreement, whether or not in writing, relating to any Swap
Transaction, including, unless the context otherwise clearly requires, any form of master agreement (the “Master Agreement”) published by the International Swaps and Derivatives Association, Inc., or any other master agreement,
entered into prior to the date hereof or any time after the date hereof, between Swap Counterparty and Borrower (or its Affiliate), together with any related schedule and confirmation, as amended, supplemented, superseded or replaced from time to
time. 
 “Swap Counterparty” means Lender or an Affiliate of Lender, in its capacity as counterparty under any
Swap Contract. 
 “Swap Transaction” means any transaction that is a rate swap, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, note or bill option, interest rate option, forward foreign exchange transaction, cap transaction, collar transaction, floor transaction, currency swap
transaction, cross-currency rate swap transaction, swap option, currency option, credit swap or default transaction, T-lock, or any other similar transaction (including any option to enter into the foregoing) or any combination of the foregoing,
entered into prior to the date hereof or anytime after the date hereof between Swap Counterparty and Borrower (or its Affiliate) so long as a writing, such as a Swap Contract, evidences the parties’ intent that such obligations shall be secured
by the Mortgage in connection with the Loan. 
 “Taxes” means all taxes and assessments whether general or
special, ordinary or extraordinary, or foreseen or unforeseen, which at any time may be assessed, levied, confirmed or imposed by any Governmental Authority or any communities facilities or other private district on Borrower or on any of its
properties or assets or any part thereof or in respect of any of its franchises, businesses, income or profits. 

“Termination Fee Deposit” shall have the meaning set forth in Section 4.17. 

  
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1 
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 Schedule 2 
 Intentionally Omitted 

  
 Schedule
2 
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 Schedule 3 
 Intentionally Omitted 

  
 Schedule
3 
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 Schedule 4 
 Leasing and Tenant Matters 
  

	1.	Representations and Warranties of Borrower Regarding Leases. 

 Borrower represents and warrants that Borrower has delivered to Lender Borrower’s standard form of tenant lease and a true and correct copy of all Leases and any guaranty(ies) thereof, affecting any
part of the Improvements, together with an accurate and complete rent roll for the Property, and no such Lease or guaranty contains any option or right of first refusal to purchase all or any portion of the Property or any present or future interest
therein. 
  

	2.	Covenants of Borrower Regarding Leases and Rents. 

 Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security
thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at
Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents in advance of the time when the same become due under the terms of the Leases;
(d) will not discount any future accruing Rents; (e) without the prior written consent of Lender, will not execute any assignment of the Leases or the Rents; (f) will not modify the rent, the term, the demised premises or the common
area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without
the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time require. 

 

	3.	Leasing Guidelines. 

Borrower shall not enter into any lease of tenant space in the Improvements unless approved by Lender prior to execution. Borrower’s
standard form of tenant lease, and any revisions thereto, must have the prior written approval of Lender. Lender shall be “deemed” to have approved any Lease, except a lease of Unit 101 in the building having an address of 3334 San
Fernando Road or a lease of Unit 100 in the building having an address of 3550 San Fernando Road, that: (a) is on the standard form lease approved by Lender with no material deviations except as approved by Lender; (b) is entered into in
the ordinary course of business with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising due diligence, has determined that the tenant is financially capable of performing its obligations under the Lease;
(c) is received by Lender, together with any guaranty(ies) and financial information received by Borrower regarding the tenant and any guarantor(s), within fifteen (15) days after execution; (d) reflects an arm’s length
transaction; (e) contains no option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein; (f) requires the tenant to execute and deliver to Lender an estoppel certificate in
form and substance acceptable to Lender within thirty (30) days after notice from Lender; and (g) in the case of those premises identified on Exhibit A to this Schedule 4, provides for an effective rental rate no less than
applicable rate specified on said Exhibit A. Borrower shall provide to Lender a correct and complete copy of each Lease, including any exhibits, and any guaranty(ies) thereof, prior to execution unless the Lease meets the foregoing
requirements for “deemed” approval by Lender. Borrower shall pay all reasonable costs incurred by Lender in reviewing and approving Leases and any guaranties thereof, and also in negotiating subordination agreements and subordination,
nondisturbance and attornment agreements with tenants, including reasonable attorneys’ fees and costs. 

  
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	4.	Delivery of Leasing Information and Documents. 

 From time to time upon Lender’s request, Borrower shall promptly deliver to Lender (a) complete executed originals of each Lease, including any exhibits thereto and any guaranty(ies) thereof,
(b) a complete rent roll of the Property in such detail as Lender may require, together with such operating statements and leasing schedules and reports as Lender may require, (c) any and all financial statements of the tenants, subtenants
and any lease guarantors to the extent available to Borrower, (d) such other information regarding tenants and prospective tenants and other leasing information as Lender may request, and (e) such estoppel certificates, subordination
agreements and/or subordination, nondisturbance and attornment agreements executed by such tenants, subtenants and guarantors, if any, in such forms as Lender may require. 

  
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 Exhibit A to Schedule 4 

Minimum Rental Rates 
  

							
	 Building Address
	 	Unit No.	 	Square Footage	 	Minimum Effective
Rent
	 3334 San Fernando
	 	102	 	15,547	 	$  6.83
	 3360 San Fernando
	 	N/A	 	17,000	 	$14.04
	 3368-3370 San Fernando
	 	107	 	10,500	 	$  8.57
	 3368-3370 San Fernando
	 	109/110	 	13,500	 	$  8.57
	 3368-3370 San Fernando
	 	202/203	 	5,160	 	$11.34
	 3368-3370 San Fernando
	 	204	 	11,184	 	$11.34
	 3378-3380 San Fernando
	 	78101	 	24,000	 	$  7.88
	 3378-3380 San Fernando
	 	80101	 	18,326	 	$  9.07
	 3410 San Fernando
	 	2	 	40,500	 	$  7.24
	 3410 San Fernando
	 	3	 	18,000	 	$  6.83
	 3410 San Fernando
	 	4	 	12,400	 	$  6.83
	 3410 San Fernando
	 	5	 	9,600	 	$  8.16
	 3424 San Fernando
	 	1	 	18,000	 	$  6.83
	 3424 San Fernando
	 	2	 	31,500	 	$  7.24
	 3424 San Fernando
	 	3	 	23,374	 	$  7.24
	 3424 San Fernando
	 	4	 	29,926	 	$  7.24
	 3550 Tyburn
	 	101	 	26,814	 	$  8.64

  
 Exhibit
A to Schedule 4 
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 Schedule 5 
 Intentionally Omitted 

  
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5 
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 Schedule 6 
 Intentionally Omitted 

  
 Schedule
6 
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 Schedule 7 
 Swap Contracts 
 1. Swap Documentation. Within the timeframes
required by Lender and Swap Counterparty, Borrower shall deliver to Swap Counterparty the following documents and other items, executed and acknowledged as appropriate, all in form and substance satisfactory to Lender and Swap Counterparty:
(a) Master Agreement in the form published by the International Swaps and Derivatives Association, Inc. and related schedule in the form agreed upon between Borrower (or its Affiliate) and Swap Counterparty; (b) a confirmation under the
foregoing, if applicable; (c) the Guaranty; (d) if Borrower (or its Affiliate) is anything other than a natural person, evidence of due authorization to enter into transactions under the foregoing Swap Contract with Swap Counterparty,
together with evidence of due authorization and execution of any Swap Contract; and such other title endorsements, documents, instruments and agreements as Lender and Swap Counterparty may require to evidence satisfaction of the conditions set forth
in this Section, including a swap endorsement to Lender’s title insurance policies in form and substance satisfactory to Lender. 
 2. Conveyance and Security Interest. To secure Borrower’s Obligations, Borrower hereby transfers, assigns and transfers to Lender, and grants to Lender a security interest in, all of
Borrower’s right, title and interest, but not its obligations, duties or liabilities for any breach, in, under and to the Swap Contract, any and all amounts received by Borrower in connection therewith or to which Borrower is entitled
thereunder, and all proceeds of the foregoing. All amounts payable to Borrower under the Swap Contract shall be paid to Lender and shall be applied to pay interest or other amounts under the Loan. 

3. Cross-Default. It shall be an Event of Default under this Agreement if any Event of Default occurs as defined under any Swap
Contract as to which Borrower (or its Affiliate) is the Defaulting Party, or if any Termination Event occurs under any Swap Contract as to which Borrower (or its Affiliate) is an Affected Party. As used in this Section, the terms “Defaulting
Party,” “Termination Event” and “Affected Party” have the meanings ascribed to them in the Swap Contract. 
 4. Remedies; Cure Rights. In addition to any and all other remedies to which Lender and Swap Counterparty are entitled at Law or in equity, Swap Counterparty shall have the right, to the extent so
provided in any Swap Contract or any Master Agreement relating thereto, (a) to declare an event of default, termination event or other similar event thereunder and to designate an Early Termination Date as defined under the Master Agreement,
and (b) to determine net termination amounts in accordance with the Swap Contract and to setoff amounts between Swap Contracts. Lender shall have the right at any time (but shall have no obligation) to take in its name or in the name of
Borrower (or its Affiliate) such action as Lender may at any time determine to be necessary or advisable to cure any default under any Swap Contract or to protect the rights of Borrower (or its Affiliate) or Swap Counterparty thereunder; provided,
however, that before the occurrence of an Event of Default under this Agreement, Lender shall give prior written notice to Borrower before taking any such action. For this purpose, Borrower hereby constitutes Lender its true and lawful
attorney-in-fact with full power of substitution, which power of attorney is coupled with an interest and irrevocable, to exercise, at the election of Lender, any and all rights and remedies of Borrower (or its Affiliate) under the Swap Contract,
including making any payments thereunder and consummating any transactions contemplated thereby, and to take any action that Lender may deem proper in order to collect, assert or enforce any claim, right or title, in and to the Swap Contract hereby
assigned and conveyed, and generally to take any and all such action in relation thereto as Lender shall deem advisable. Lender shall not incur any liability if any action so taken by Lender or on its behalf shall prove to be inadequate or invalid.
Borrower expressly understands and agrees that Lender is not hereby assuming any duties or obligations of Borrower (or its Affiliate) to make payments to Swap Counterparty under any Swap Contract or under any other Loan Document. Such payment duties
and obligations remain the responsibility of Borrower (or its Affiliate) notwithstanding any language in this Agreement. 

  
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	5.	Automatic Deduction and Credit. 

 (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Lender. Borrower hereby grants to Lender and Swap Counterparty a security interest
in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Lender to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Lender and Swap
Counterparty for the purpose of securing the Obligations. 
 (b) At all times when any Swap Contract is in effect, all monthly
payments owed by Borrower under the Note will be automatically deducted on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the
foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account. 
 (c) At all times
when any Swap Contract is in effect, all payments owed by Borrower (or its Affiliate) under any Swap Contract will be automatically deducted on their due dates from the Checking Account. The preceding sentence includes Borrower’s authorization
for Lender to debit from the Checking Account any monetary obligation owed by Borrower (or its Affiliate) to Swap Counterparty following any Early Termination Date, as defined under the Master Agreement. Swap Counterparty is hereby authorized to
apply the amounts so debited to the obligations of Borrower (or its Affiliate) under the applicable Swap Contract. 
 (d) Lender
will debit the Checking Account on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following such due date.

 (e) Borrower shall maintain sufficient funds on the dates when Lender enters debits authorized by this Agreement. If there
are insufficient funds in the Checking Account on any date when Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s
sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note and/or the Swap Contract, as applicable. 

(f) So long as there is no Event of Default existing under this Agreement or any Swap Contract, Lender will automatically credit the
Checking Account for payments owed by Swap Counterparty under the Swap Contract. Lender will credit the Checking Account on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, Lender
will credit the Checking Account on the first Banking Day following such due date. 

  
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 Schedule 8 
 Financial Covenants 
 Debt Service Coverage Ratio. Borrower shall maintain a
Debt Service Coverage Ratio as of any Determination Date of at least 1.10 to 1.00. This ratio will be tested as of each Determination Date. The Debt Service Coverage Ratio may be satisfied by a voluntary paydown of the Loan by Borrower, subject to
the satisfaction of any conditions to prepayment, including the payment of any prepayment fee or premium, together with a mutually agreed-upon reduction in the committed amount of the Loan. 
 If, as of the Initial Determination Date or any Determination Date thereafter, the Actual Debt Service Coverage Ratio is less than 1:10 to 1:00 but equal to or greater than 1:05 to 1.00, Borrower shall,
within fifteen (15) days after the end of each month thereafter until the next Determination Date on which the Actual Debt Service Coverage Ratio is 1.10 to 1.00 or greater for two consecutive calendar quarters, deposit all cash flow from the
Property in an interest-bearing account (the “Sweep Account”) maintained with Lender in Borrower’s name but under Lender’s sole dominion and control (and which shall be an “Account”, as such term is defined in
the Mortgage). The Sweep Account and all funds on deposit therein shall be additional collateral for the Loan. Any funds on deposit in the Sweep Account on the date which is ninety (90) days before the then current Maturity Date (as defined in
the Note) shall be applied against the then-outstanding Obligations in such order and against such of the Obligations as Lender shall determine in its sole discretion. If, as of any Determination Date after Borrower’s obligation to so deposit
cash flow with Lender in the Sweep Account ceases, the Debt Service Coverage Ratio once again becomes less than 1:10 to 1:00 but 1:05 to 1.00 or greater, Borrower’s obligation to so deposit cash flow with Lender in the Sweep Account shall
resume until the next Determination Date on which the Actual Debt Service Coverage Ratio is 1.10 to 1.00 or greater for two consecutive calendar quarters. Any cash flow so paid to Lender shall be held by Lender and, provided that no Event of Default
then exists, released by Lender to Borrower promptly following the next Determination Date on which the Debt Service Coverage Ratio equals or exceeds 1.10 to 1.00 for two consecutive calendar quarters. Borrower covenants and agrees to execute a
pledge and security agreement with respect to such account in form and substance acceptable to Lender. 
 If, as of any Determination Date, the
Actual Debt Service Coverage Ratio is less than 1:05 to 1:00 Borrower shall, within thirty (30) days after written demand from Lender, pay to Lender, for application against the outstanding principal balance of the Loan, such amount as is
required to achieve an Actual Debt Service Coverage Ratio of 1.10 to 1.00 and shall satisfy any conditions to prepayment provided for in the Loan Documents, and there shall be a reduction in the committed amount of the Loan by the amount of such
principal payment. 
 “Actual Operating Revenue” means, with respect to any Calculation Period, all income, computed on an
annualized basis in accordance with generally accepted accounting principles, collected from the ownership and operation of the Property from whatever source (other than any source affiliated with Borrower or any Guarantor), including Rents, utility
charges, escalations, service fees or charges, license fees, parking fees, and other required pass-throughs, but excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental
Authority, refunds from tenants, uncollectible accounts, sales of furniture, fixtures and equipment, interest income, Condemnation Awards, Insurance Proceeds (other than business interruption or other loss of income insurance), unforfeited security
deposits, utility and other similar deposits, income from tenants not paying rent, income from tenants in bankruptcy, and non-recurring or extraordinary income, including lease termination payments. Actual Operating Revenue shall be net of rent
concessions and credits. Actual Operating Revenue shall be subject to appropriate adjustments in Lender’s reasonable discretion. Notwithstanding the foregoing, Lender may include as a part of Actual Operating Revenue, in its sole discretion,
rents for newly executed Leases pursuant to which the obligation of the tenant thereunder to pay rent will commence within six (6) months after the Calculation Date. 

  
 Schedule
8 
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 “Assumed Interest Rate” means the annual yield payable on the last day of the applicable
Calculation Period on ten (10) year United States Treasury obligations in amounts approximating the Net Commitment Amount at the inception of the Calculation Period plus two hundred fifty (250) basis points per annum; provided, however,
that the Assumed Interest Rate shall be not less than six and one-quarter percent (6.25%) per annum. 
 “Calculation
Period” means the six (6) month period ending on the day preceding any Determination Date. 
 “Debt Service”
means the payments of principal and interest that would have been payable under a hypothetical loan during the Calculation Period, assuming (i) an initial loan balance equal to the Net Commitment Amount at the inception of the Calculation
Period, (ii) an interest rate equal to the Assumed Interest Rate, and (iii) amortization of the aggregate principal indebtedness over a thirty (30) year amortization period. 
 “Debt Service Coverage Ratio” means, as of any Determination Date, for the applicable Calculation Period the ratio, as determined by Lender, of Net Operating Income to Debt Service.

 “Determination Date” means the first day of each calendar quarter of each year, beginning with the Initial Determination
Date. 
 “Initial Determination Date” means July 1, 2013. 
 “Net Commitment Amount” means, as of any date, the total obtained by adding the amount of the outstanding principal balance of the Loan to the amount of the available undisbursed Loan
proceeds. 
 “Net Operating Income” means, with respect to any Calculation Period, the amount obtained by subtracting Operating
Expenses from Actual Operating Revenue as such amount may be adjusted by Lender in its reasonable discretion based on Lender’s underwriting standards, including adjustments for vacancy allowance and other concessions. As used herein,
“vacancy allowance” means an allowance for reductions in potential income attributable to vacancies, tenant turnover, and nonpayment of rent. 
 “Operating Expenses” means, with respect to any Calculation Period, the total of all expenses actually paid or payable, computed on an annualized basis in accordance with generally
accepted accounting principles, of whatever kind relating to the ownership, operation, maintenance or management of the Property, including utilities, ordinary repairs and maintenance, insurance premiums, ground rents, if any, license fees, Taxes,
advertising expenses, payroll and related taxes, management fees equal to the greater of 4% of Actual Operating Revenue or the management fees actually paid under any management agreement, operational equipment or other lease payments as approved by
Lender, normalized capital expenditures equal to $0.15 per square foot of the buildings on the Property (excluding the building currently occupied by The Pep Boys Manny Moe & Jack of California) per year, but specifically excluding
depreciation and amortization, income taxes, debt service on the Loan, and any item of expense that would otherwise be covered by the provisions hereof but which is paid by any tenant under such tenant’s Lease or other agreement provided such
reimbursement by tenant is not included in the calculation of Actual Operating Revenue. Operating Expenses shall be subject to appropriate seasonal and other adjustments in Lender’s reasonable discretion. Any expense which in accordance with
accrual basis income tax accounting is depreciated or amortized over a period which exceeds one (1) year shall be treated as an expense, for the purposes of the foregoing calculations, ratably over the period of depreciation or amortization.

 Unencumbered Liquid Assets. Guarantor shall maintain Unencumbered Liquid Assets having an aggregate market value of not less
than Five Million Dollars ($5,000,000). This covenant will be calculated as of December 31 of each year. 

  
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8 
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 “Unencumbered Liquid Assets” means the following assets (excluding assets of any retirement
plan) which (i) are not the subject of any lien, pledge, security interest, financing statement or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of the
owner of the asset, (ii) are held solely in the name of Guarantor or any subsidiary of Guarantor which is directly or indirectly wholly owned by Guarantor (with no other Persons having ownership rights in such assets), (iii) may be
converted to cash within five (5) days, and (iv) are otherwise acceptable to Lender in its reasonable discretion: 
 (a) Cash or cash
equivalents held in the United States and denominated in United States dollars; 
 (b) United States Treasury or governmental agency obligations
which constitute full faith and credit of the United States of America; 
 (c) Commercial paper rated P-1 or A1 by Moody’s or S&P,
respectively; 
 (d) Medium and long-term securities rated investment grade by one of the rating agencies described in (c) above;

 (e) Eligible Stocks; and 
 (f)
Mutual funds quoted in The Wall Street Journal which invest primarily in the assets described in (a) – (e) above. 

“Eligible Stocks” includes any common or preferred stock which (i) is not control or restricted stock under Rule 144 of the General
Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, or subject to any other regulatory or contractual restrictions on sales, (ii) is traded on a U.S. national stock exchange,
including NASDAQ, with a liquidity on such exchange for such stock acceptable to Lender and (iii) has, as of the close of trading on the applicable exchange (excluding after hours trading), a per share price of at least Fifteen Dollars ($15).

 Fair Market Net Worth. Guarantor shall maintain a Fair Market Net Worth of at least Seventy-Five Million Dollars ($75,000,000). This
covenant will be calculated as of December 31 of each year. 
 “Fair Market Net Worth” means the fair market value of
total assets of Guarantor (including leaseholds and leasehold improvements and reserves against assets but excluding goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred
research and development costs, deferred marketing expenses, and other like intangibles, and monies due from affiliates, officers, directors, employees, shareholders, members or managers) less total liabilities, including but not limited to accrued
and deferred income taxes, but excluding the non-current portion of Subordinated Liabilities. 
 “Subordinated Liabilities”
means liabilities subordinated to Borrower’s obligations to Lender in a manner acceptable to Lender in its sole discretion. 

  
 Schedule
8 
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