Document:

Loan Agreement, dated as of January 27, 2011

 EXHIBIT 10.46 
 LOAN AGREEMENT 
 by and between 

IIT DALLAS – 3737 & 4024 ROCK QUARRY ROAD LP, 
 a Delaware limited partnership, 
 and 

ING USA ANNUITY AND LIFE INSURANCE COMPANY, 
 an Iowa corporation 
 Dated as of January 27, 2011 

 LOAN AGREEMENT 

THIS AGREEMENT is made and entered into as of
                    , 2011 by and between IIT DALLAS – 3737 & 4024 ROCK QUARRY ROAD LP, a Delaware limited partnership
(“Borrower”), and ING USA ANNUITY AND LIFE INSURANCE COMPANY, an Iowa corporation (“Lender”). 
 WITNESSETH: 
 WHEREAS, Borrower has requested that Lender
make that certain loan (the “Loan”) to Borrower in the aggregate principal amount of $12,400,000.00; and 
 WHEREAS, Lender is willing to make the Loan to Borrower on the terms and subject to the conditions and requirements set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties to this Agreement hereby
agree as follows: 
 ARTICLE I 
 DEFINITIONS; CONSTRUCTION 
 Section 1.01 Definitions.
For purposes of this Agreement, the following terms shall have the indicated meanings as set forth below: 

“Affiliate” shall mean any corporation, limited liability company, partnership or other entity
which is controlling of, controlled by or under common control with Borrower. 
 “Affiliate
Entities” shall mean, collectively, IIT Atlanta – Suwanee Pointe LLC, a Delaware limited liability company, IIT Hagerstown Distribution Center LLC, a Delaware limited liability company, and IIT Tampa – 4410 Eagle Falls Place
LLC, a Delaware limited liability company. 
 “Affiliate Loans” shall mean, collectively,
those certain loans Lender made to the Affiliate Entities of even date herewith (except the Atlanta Loan, which was made on November 1, 2010), which Affiliate Loans, together with the Loan, are in the original aggregate principal amount of
$49,750,000.00. 
 “Affiliate Notes” shall mean, collectively, those certain promissory
notes executed by the Affiliate Entities and payable to the order of Lender as evidence of the Affiliate Loans, and any extension, renewal, modification or replacement thereof or therefor. 

“Affiliate Properties” shall mean, collectively, the land and all improvements, fixtures and
related personal property located thereon, listed on Exhibit “B”, and as more particularly described as “Premises” in the mortgages, deeds of trust and deeds to secure debt executed this date by the Affiliate
Entities in favor of Lender, to be recorded in the real estate records of the counties where the Affiliate Properties are located. 
 “Agreement” shall mean this Loan Agreement, as amended, supplemented or modified from time to time. 

 “Applicable Prepayment Premium” shall have
the meaning provided in Section 3.07(j). 
 “Assignment of Management Agreement”
shall mean the Assignment, Consent and Subordination Regarding Management Agreement executed this date by Borrower in favor of Lender, and any modifications or replacements thereof or therefor. 

“Assignments of Rents and Leases” shall mean, collectively, the Assignment of Rents and Leases
(First Priority) executed this date by Borrower in favor of Lender and the Second Assignment of Rents and Leases executed this date by Borrower in favor of Lender, and any extensions, renewals, modifications or replacements thereof or therefor.

 “Atlanta Loan” shall mean that certain loan made by Lender to IIT Atlanta –
Suwanee Pointe LLC on November 1, 2010, in the original principal amount of $7,750,000.00 (having an outstanding principal balance of $7,730,990.29 on the date hereof). 

“Borrower” shall have the meaning given such term in the preamble to this Agreement and shall
include its successors and assigns. 
 “Borrower Guaranties” shall mean, collectively,
the Limited Guaranties executed this date by Borrower and Affiliates of Borrower in favor of Lender guaranteeing the Affiliate Loans, and any extensions, renewals, modifications or replacements thereof or therefor. 

“Business Day” shall mean any day excluding Saturday, Sunday and any other day on which banks in
Atlanta, Georgia are customarily closed. 
 “Code” shall mean the Internal Revenue Code
of 1986, as amended from time to time. 
 “Collateral” shall mean any and all of the
property which is granted, pledged or assigned to Lender or in which Lender is otherwise granted a Lien to secure the obligations pursuant to any and all of the Security Documents. 

“Default” shall mean any condition or event which, with notice or lapse of time or both, would
constitute an Event of Default. 
 “Environmental Indemnification Agreement” shall mean
the Environmental Indemnification Agreement executed this date by Borrower and Industrial Income Operating Partnership LP, a Delaware limited partnership, in favor of Lender, and any extensions, renewals, modifications or replacements thereof or
therefor. 
 “Event of Default” shall have the meaning provided in Article VII
hereof. 
 “Improvements” shall mean all improvements constructed on the Land.

 “Land” shall mean, collectively, all of the real property described and defined as
“Land” in the Security Instruments. 
 “Leases” shall have the meaning given
such term in the Security Instruments. 
 “Lender” shall have the meaning given such term
in the preamble to this Agreement and shall include such Persons’ successors and assigns. 

  
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 “Lien” shall mean any mortgage, deed to secure debt,
deed of trust, pledge, security interest, security deposit, encumbrance, lien or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any lease in the nature thereof, and
the filing of or agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction). 
 “Loan” shall have the meaning given such term in the preamble to this Agreement. 
 “Loan Documents” shall mean, collectively, this Agreement, the Note, the Security Documents, and any other certificates or written undertakings of Borrower or guarantors in favor
of Lender delivered contemporaneously with the delivery of this Agreement, other than the Environmental Indemnification Agreement. 
 “Material Adverse Effect” shall mean a material adverse effect upon, or a material adverse change in, any of the (i) results of operations, properties, or financial condition
of Borrower, (ii) validity, binding effect or enforceability of any Loan Document or the Environmental Indemnification Agreement, or (iii) ability of Borrower to perform its payment obligations or other Obligations under the Loan Documents
or the Environmental Indemnification Agreement. 
 “Mortgage” shall mean the Deed of
Trust, Security Agreement, Financing Statement and Fixture Filing (First Priority) executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property is located, and any extensions,
renewals, modifications or replacements thereof or therefor. 
 “Note” shall mean the
Promissory Note executed by Borrower and payable to the order of Lender as evidence of the Loan, and any extension, renewal, modification or replacement thereof or therefor. 

“Obligations” shall mean, collectively, all amounts now or hereafter owing to Lender by Borrower
pursuant to the terms of or as a result of this Agreement, the Note, or any other Loan Documents or the Environmental Indemnification Agreement, including without limitation, the unpaid principal balance of the Loan and all interest, fees, expenses
and other charges relating thereto or accruing thereon, as well as any and all other indebtedness, liabilities, covenants, duties and obligations of Borrower, whether direct or indirect, absolute or contingent, or liquidated or unliquidated,
monetary or non-monetary, which may be now existing or may hereafter arise under or as a result of any of the Loan Documents, the Environmental Indemnification Agreement, the Borrower Guaranties, and together with any and all renewals, extensions,
or modifications of any of the foregoing. 
 “Person” shall mean any individual,
partnership, limited partnership, limited liability company, firm, corporation, association, joint venture, trust or other entity, or any government or political subdivision or agency, department or instrumentality thereof. 

“Pooled Loans” shall mean, collectively, the Loan and the Affiliate Loans. 

“Pooled Notes” shall mean, collectively, the Note and the Affiliate Notes. 

“Pooled Properties” shall mean, collectively, the Property and the Affiliate Properties.

 “Prepayment Premium” shall have the meaning given to such term in the Note.

  
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 “Property” shall mean, collectively, the property,
including the land and all improvements, fixtures and related personal property located thereon, listed on Exhibit “A”, and as more particularly described as “Premises” in the Security Instruments. The Property
includes the Land and the Improvements. 
 “Requirements” shall have the meaning given
such term in Section 4.12 hereof. 
 “Second Assignment of Rents and Leases”
shall mean, the Assignment of Rents and Leases (Second Priority) executed this date by Borrower in favor of Lender, and any modifications or replacements thereof or therefor, which secures, in part, the obligations under the Borrower
Guaranties and which shall be junior and subordinate to the Assignment of Rents and Leases (First Priority) executed this date by Borrower in favor of Lender. 
 “Second Mortgage” shall mean the Deed of Trust, Security Agreement, Financing Statement and Fixture Filing (Second Priority) executed this date by Borrower in favor of Lender, to
be recorded in the real estate records of the county where the Property is located, and any extensions, renewals, modifications or replacements thereof or therefor, which secures, in part, the obligations under the Borrower Guaranties and which
shall be junior and subordinate to the Mortgage. 
 “Second Security Instruments” shall
mean, collectively, the Second Mortgage, the Second Assignment of Rents, and the UCC Financing Statements, executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property is located, and
any extensions, renewals, modifications or replacements thereof or therefor, which secure, in part, the obligations under the Borrower Guaranties. 
 “Security Documents” shall mean, collectively, the Security Instruments, the Assignment of Management Agreement, the Borrower Guaranties, and each other affidavit, certificate,
security, deed of trust, deed to secure debt, mortgage, assignment, financing statements or other collateral document, whether now existing or hereafter executed and delivered in connection with, or securing any or all of, the Obligations.

 “Security Instruments” shall mean, collectively, the Mortgage, the Assignment of Rents
and Leases (First Priority), the UCC Financing Statements, the Second Security Instruments, and other security instruments executed this date by Borrower in favor of Lender, to be recorded in the real estate records of the county where the Property
is located, and any extensions, renewals, modifications or replacements thereof or therefor. 

“Taxes” shall mean any present or future taxes, levies, imposts, duties, fees, assessments,
deductions, withholdings or other charges of whatever nature relating to the Property, now or hereafter imposed or levied by the United States of America, or any state or local government or by any department, agency or other political subdivision
or taxing authority thereof or therein and all interest, penalties, additions to tax and similar liabilities with respect thereto other than taxes on the income of Lender. 
 Section 1.02 Other Definitional Terms. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer
to this Agreement as a whole, and not to any particular provision of this Agreement. Any pronoun used herein shall be deemed to cover all genders and all singular terms used herein shall include the plural and vice versa. Unless otherwise expressly
indicated herein, all references herein to a period of time which runs “from” or “through” a particular date shall be deemed to include such date, and all references herein to a period of time which runs “to” or
“until” a particular date shall be deemed to exclude such date. 

  
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 ARTICLE II 
 LOANS 
 Section 2.01 Disbursement. Subject to the
terms and conditions of this Agreement, Lender agrees to advance to Borrower the Loan. 
 Section 2.02 Note;
Repayment of Principal and Interest. Borrower’s obligations to pay to Lender the principal of and interest on the Loan shall be evidenced by the records of Lender and by the Note. The Loan shall bear interest at the rate or rates per
annum specified in the Note and such interest shall be calculated and shall be paid and shall accrue in the manner specified in the Note. 
 ARTICLE III 
 GENERAL TERMS 

Section 3.01 Fees. In consideration of Lender’s entering into this Agreement and making the Loan hereunder,
Borrower agrees to pay (from deposits previously delivered to Lender) to Lender, on the date of the funding of the Loan hereunder, a processing fee in the amount set forth in the Application Letter, as may be amended from time to time, which
processing fee shall be deemed fully earned upon Lender’s execution and delivery of this Agreement and the funding of the Loan. 
 Section 3.02 Payments, Prepayments and Computations. Except as may be otherwise specifically provided herein, all payments by Borrower with respect to the Loan or any other
Obligations under this Agreement or any of the other Loan Documents or the Environmental Indemnification Agreement shall be made without defense, set-off or counterclaim to Lender not later than 2:00 p.m. (Eastern Time) on the date when due and
shall be made in lawful money of the United States of America in immediately available funds. Any payment received by Lender on a non-Business Day or after 2:00 p.m. (Eastern Time) on any Business Day shall be deemed received by Lender at the
opening of its business on the next Business Day. Whenever any payment to be made hereunder or under the Note or any of the other Loan Documents or the Environmental Indemnification Agreement shall be stated to be due on a day which is not a
Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the applicable rate during such extension. Interest shall be calculated on the
basis of a year consisting of 360 days and with twelve thirty-day months, except that interest due and payable for less than a full month shall be calculated by multiplying the actual number of days elapsed in such period by a daily interest rate
based on a 360-day year. The Loan may not be prepaid in whole or in part except as specifically provided in the Note or this Agreement specifically Section 3.07. 
 Section 3.03 Collateral. The Obligations shall be secured pursuant to any or all Security Documents. Borrower also shall execute or deliver (or cause to be executed and delivered) any
and all financing statements and such other documents as Lender may reasonably request from time to time in order to perfect or maintain the perfection of Lender’s Liens under such Security Documents. 

Section 3.04 Agreements Regarding Interest and Other Charges. Borrower and Lender hereby agree that the only charges
imposed or to be imposed by Lender upon Borrower for the use of money in connection with the Loan is and will be the interest required to be paid under the provisions of this Agreement as well as the related provisions of the Note. In no event shall
the amount of interest due and payable under this Agreement, the Note or any of the other Loan Documents or the Environmental Indemnification Agreement exceed the maximum rate of interest allowed by applicable law. It is the

  
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express intent hereof that Borrower not pay and Lender not receive, directly or indirectly or in any manner, interest in excess of that which may be lawfully paid under applicable law. Any and
all charges, fees, and other amounts payable hereunder not identified as “interest” are not intended, and shall not be deemed, to be interest. All interest, and all other charges, fees or other amounts deemed to be interest notwithstanding
the preceding sentence, which are paid or agreed to be paid to Lender under this Agreement, the Note or any of the other Loan Documents shall, to the maximum extent permitted by applicable law, be amortized, allocated and spread on a pro
rata basis throughout the entire actual term of the Loan (including any extension or renewal period), or at Lender’s election and to the extent permitted by applicable law, credited as a payment of principal (without any Prepayment
Premium). 
 Section 3.05 Reserved. 

Section 3.06 Cross-Default/Cross-Collateralization. As additional security for the Loan, the terms of the Security
Instruments shall provide for the cross-collateralization and cross-default of the Pooled Loans. The Security Instruments provide, without limitation, that upon the occurrence of an event of default under the terms and conditions of any of the
Pooled Loans, Lender shall be entitled to exercise any and all remedies under any Security Instrument and/or mortgages, deeds to secure debt, or deeds of trust securing the Pooled Loans, including but not limited to, accelerating each of the Pooled
Notes and conducting a foreclosure sale on any one or more of the Pooled Properties. Lender has elected to structure such cross-collateralization and cross default in the following manner: 

(a) Borrower shall execute and deliver the Loan Documents required hereunder (including the Security Instruments) and the
Environmental Indemnification Agreement; 
 (b) Borrower shall execute and deliver the Borrower Guaranties, on a
non-recourse basis, which guaranties will be secured by the Second Security Instruments; 
 (c) Upon an Event of
Default under any of the Pooled Loans, Lender may elect to proceed to foreclose under any of the Security Instruments or the mortgages, deeds to secure debt, deeds of trust securing the Affiliate Loans or any guaranties relating thereto in such
order as it may elect in its sole discretion; 
 (d) Any release of all or any portion of the Property under the
Mortgage as provided in Section 3.07 herein shall be accomplished with a simultaneous release of the same property under the Second Mortgage, subject to satisfaction of the requirements in Section 3.07 herein; 

(e) Lender shall not be required to accept prepayment of the Loan or any of the other Pooled Loans (however, the two
Pooled Properties located in Dallas, Texas may be released individually, resulting in a partial prepayment of the applicable loan on the release of the first of the two properties) pursuant to the prepayment provisions of the Note or the respective
Affiliate Notes (with applicable Prepayment Premium) without a simultaneous prepayment in full of the other Pooled Loans pursuant to the Note or the Affiliate Notes, respectively; provided, however, that Borrower may prepay the Loan pursuant to the
Property Release Privilege in Section 3.07 hereof or may consummate a Substitution (as defined in Section 3.08 hereof) without the simultaneous prepayment in full of the other Pooled Loans; and 

(f) Any transfer pursuant to Section 30 [Due on Sale] of the Mortgage shall be subject to the
cross-collateralization and cross default provisions herein, including the Borrower Guaranties and the Second Security Instruments. Any transferee under such Section must assume all obligations under such cross-collateralization and cross default
provisions. 

  
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 Section 3.07 Property Release Privilege. Provided no Event of Default
exists, Borrower or an Affiliate Entity shall be allowed, subsequent to the Lockout Period (as that term is defined in the Note), to prepay its applicable Pooled Loan, upon thirty (30) days prior written notice to Lender (“Release
Request”), and to thereby obtain release of a Pooled Property (but limited so that any release shall be of property designated by a line-item in the chart in Section 3.07(a) herein from the liens of both the first and second
priority mortgages (and ancillary Security Instruments) securing the applicable Pooled Property (the “Release Privilege”) subject to the following conditions: 

(a) The total principal amount of the Pooled Loans is hereby allocated by Lender in the following initial amounts
(“Principal Allocation”) and in the following percentages of the total Loan amount (“Allocation Percentage”), which shall be adjusted due to non-recurring mandatory property specific paydowns (i.e. for
mandatory repayments associated with casualty or condemnation proceeds but not for regularly scheduled payments): 
  

															
	 Owner
	  	 Address
	 	Loan
Allocation	 	 	Allocation
Percentage	 	 	Release
Factor	 
	 IIT Hagerstown Distribution Center LLC
	  	 16500 Hunters Green Parkway, Hagerstown, MD
	 	$	23,440,000	  	 	 	47.1335878560	% 	 	 	115	% 
	 IIT Dallas – 3737 & 4024 Rock Quarry Road LLP
	  	 4024 Rock Quarry Road, Dallas, TX
	 	$	6,420,000	  	 	 	12.9094553769	% 	 	 	120	% 
	 IIT Dallas – 3737 & 4924 Rock Quarry Road
	  	 3737 Rock Quarry Road, Dallas, TX
	 	$	5,980,000	  	 	 	12.0246951953	% 	 	 	120	% 
	 IIT Tampa – 4410 Eagle Falls Place LLC
	  	 4410 Eagles Fall Place, Tampa, FL
	 	$	6,160,000	  	 	 	12.3866425424	% 	 	 	120	% 
	 IIT Atlanta – Suwanee Pointe LLC
	  	 4103 Tench Road and 300 Brodgon Road, Suwanee, GA
	 	$	7,730,990	  	 	 	15.5456190293	% 	 	 	120	% 
		  		 	 	 	 	 	 	 	 	 			
	 Totals
	  		 	$	49,730,990	  	 	 	100.00	% 	 			
		  		 	 	 	 	 	 	 	 	 			

 (b) Promptly following Lender’s receipt of a Release Request, Lender shall
determine the release price (the “Release Price”) payable for the Property and/or Affiliate Property described in the Release Request, which shall be an amount equal to (x) the applicable Release Factor times
(y) the remaining aggregate principal balance of the Pooled Loans (“Amortized Pooled Loans Principal Balance”) times (z) the applicable Allocation Percentage. The amount obtained by multiplying the Amortized Pooled
Loans Principal Balance by the Allocation Percentage shall hereinafter be referred to as the “Property Payoff Amount” (this would be a par payoff amount). The difference obtained by subtracting the Property Payoff Amount from
the Release Price (i.e. the excess portion of the Release Price above par, attributable to the Release Factor exceeding 100%) shall hereinafter be referred to as the “Cross Paydown Amount.” For example, if Borrower submitted
a request for a release of 4024 Rock Quarry Road in accordance with the conditions herein set forth, the calculation would be as follows: 
  

	(a)	Release Price = 120% x Property Payoff Amount 

 and 
  

	(b)	Property Payoff Amount = 0.129094553769% (x) Amortized Pooled Loans Principal Balance 

 

	(c)	Assuming an aggregate principal balance of $49,730,990, the Release Price would be calculated as: 

  
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 1.20 x 0.129094553769 x $49,730,990 = $7,704,000 

(c) Borrower and/or Affiliate Entity shall pay all accrued and unpaid interest on the outstanding principal balance of the
applicable Note secured by the first mortgage on the Pooled Property to be released, due as of the date of such release; 
 (d) In addition to the Release Price, Borrower and/or Affiliate Entity also shall pay to Lender, simultaneously with the Release Price, the Prepayment Premium on the Property Payoff Amount of such Release
Price calculated in accordance with the Note (i.e. no Prepayment Premium will be applied to the Cross Paydown Amount portion of the Release Price); 
 (e) Lender shall apply the Release Price first to the payment of the applicable Pooled Loan, and then Lender shall have the right to apply the Cross Paydown portion of the Release Price to the Loan or
Pooled Loans in such manner as Lender may determine in its sole discretion; 
 (f) After Lender has applied the
Release Price to the Loan and the Affiliate Loans, Lender shall redetermine and reallocate the Allocation Percentages and redetermine the Principal Allocations for the remaining Pooled Properties, in its sole discretion, and shall advise Borrower in
writing within thirty (30) days of receipt of the Release Request as to the amounts of the reallocated Allocation Percentages and Principal Allocations; 
 (g) After the Lender has applied the Release Price to the Loan and the Affiliate Loans, Borrower shall enter into a release and modification instrument prepared by Lender’s counsel in form and
substance satisfactory to Lender (“Modification”) which releases the subject Pooled Property from the applicable Mortgage and Second Mortgage and modifies the Pooled Loan(s) to which the Cross Paydown amount was applied to
reflect the paydown on such loan and to re-amortize the Pooled Loan(s) over the then remaining amortization period thereunder. If required by Lender, the Modification shall be recorded in the real estate records for the Property and Affiliate
Property (if necessary); 
 (h) Borrower shall pay all costs, fees and expenses associated with the Release
Privilege, including without limitation, one hundred percent (100%) of all reasonable attorneys’ fees and expenses incurred by or on behalf of Lender in connection therewith, title endorsements, recording charges and all such sums shall be
due and payable on the date of closing and delivery of the release documentation by Lender; 
 (i) Lender shall
receive, at Borrower’s expense, a title date down endorsement to the policy for the Pooled Loans bringing forward the effective date through the date and time of recording of the Modification, continuing forward the coverage and endorsements
from closing and containing no new exceptions since closing of the Pooled Loans other than those expressly permitted in the Loan Documents. No Pooled Loans to which the Cross Paydown is applied shall be re-amortized if no date down endorsement is
available in the state in which that collateral property is located; 
 (j) To the extent not already existing,
Borrower shall have created easements for utilities, signage, drainage, parking, ingress and egress and other appropriate purposes in, on and over any released parcel for the benefit of any adjoining remaining parcels to the extent deemed necessary
by Lender for the Pooled Property released and remaining Pooled Property to effectively operate separately and such easements shall be insured as appurtenances in Lender’s loan policy via the endorsement required in Section 3.07(i).
The required easements shall include, without limitation, parking sufficient to meet all tenant lease requirements for tenants of the remaining tract; 

  
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 (k) The Aggregate Project Yield (as hereinafter defined) for the combined
Pooled Loans after the release shall not fall below 12%, or one or more of the Pooled Loans shall be paid down concurrently with the release in an amount sufficient to cause such requirement to be met, together with payment of any then Applicable
Prepayment Premium (as hereinafter defined) calculated as to the excess amount above the Release Price being prepaid only. As used herein, “Aggregate Project Yield” shall mean the aggregate Net Operating Income (as defined in
the Mortgage) for all Affiliate Properties which secure the unpaid Affiliate Loans divided by the aggregate outstanding principal balance of the Affiliate Notes. “Applicable Prepayment Premium” shall mean the prepayment
premium calculated using the same methodology as the Prepayment Premium (as defined in the Note) except that the Applicable Prepayment Premium shall not be based on a full prepayment, as contemplated in the Note, but shall be calculated only on the
amount of principal so prepaid (and no Prepayment Premium will be applied to the Cross Paydown Amount); and 

(l) Borrower shall not request a release of Pooled Properties in total that reduce the outstanding principal balance of
the Pooled Loans after the releases to less than $5,000,000 in the aggregate without paying the Pooled Loans in full subject to the terms and conditions in the Loan Documents. 

(m) The Release Privilege may not be exercised if immediately after such exercise the only remaining Pooled Property would
be the Pooled Property located in Maryland. 
 Section 3.08 Substitution of Loan. Notwithstanding any prepayment
provisions in the Loan Documents, the provisions of Section 3.06(e) and Section 3.07 of this Agreement and Paragraph 30 of the Mortgage to the contrary, Borrower may request that Lender permit Borrower to prepay the
Loan in full, but not in part (however, the two Pooled Properties located in Dallas, Texas may be released individually in which case the Loan may be prepaid in part), at par from the proceeds of a substitute first mortgage loan
(“Substitute Loan”) to be funded by Lender to Borrower and secured by a substitute property owned in fee simple as provided below (which was not previously a Pooled Property) (each a “Substitute
Property”) and to obtain a release of the Property (a “Released Property”) from the Security Documents upon and subject to the following terms and conditions (“Substitution”): 

(a) Borrower must submit a written request (“Substitution Request”) to Lender for the proposed
Substitute Loan identifying the proposed Substitute Property at least sixty (60) days prior to the proposed closing date for the Substitution. Lender shall evaluate the request for the proposed Substitute Loan and the proposed Substitute
Property in its sole discretion pursuant to its then customary underwriting and pricing criteria. The amount of the Substitute Loan requested must be at least the amount of the unpaid principal balance of the Loan, or if the Substitute Loan is a
lesser amount, the difference shall be subject to payment of any Prepayment Premium, then applicable, calculated as to the excess amount being prepaid only. Lender may review such items as it may require in its sole discretion, including, but not
limited to, location, occupancy, lease term, rollover, tenant exposure, and tenant’s credit. 
 In the event
Borrower submits a Substitution Request for both of the Pooled Properties located in Dallas, Texas (set forth in the chart in Section 3.07(a) herein) simultaneously, which is approved by Lender as required under this
Section 3.08, it shall be considered a single Substitution Request, a single Substitution and a single Processing Fee (as hereinafter defined). 
 (b) The owner of the Substitute Property (and borrower under the Substitute Loan) must be either (1) the Borrower (such that the Substitute Property is owned 100% by the same borrower entity as owned
the Released Property at the time immediately prior to closing of the Substitution), or (2)

  
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a single asset affiliate of Borrower having the identical beneficial ownership structure and management control as the Borrower. 

(c) The Substitute Property must be of the same nature and character as the Released Property, which must be an industrial
building. Under no circumstances shall Lender permit any special purpose properties (for example, hotels, motels, mobile home parks, health or senior care facilities). The Substitute Property must be located in the continental United States.

 (d) Lender in its sole discretion shall acknowledge within ten (10) business days of the Lender’s
receipt of the Substitution Request whether the proposed Substitute Property appears to be acceptable to permit the Substitution based on the requirements herein. If in the Lender’s sole discretion it is determined that the proposed Substitute
Property is equal to or greater in quality than the Released Property, then Lender, through its then loan correspondent/servicer, will process the Borrower’s formal request to make the Substitute Loan. The proposal will be reviewed by and
presented to Lender’s and ING Investment Management LLC’s investment review committee pursuant to each of their then current commercial mortgage loan policies, practices, standards and procedures for approval in their sole and absolute
discretion. If the investment review committee approves the formal request for Substitute Loan and Substitute Property, the Substitution will be subject to the other conditions outlined herein. 

(e) No more than two (2) Substitution Requests shall be considered and closed during the entire term of the Loan or
Substitute Loan and no more than one (1) Substitution Request shall be considered during any October 1 through September 30 period. 
 (f) Borrower shall pay a processing fee equal to $50,000 (“Processing Fee”) at closing of each and every approved Substitution. A substitution deposit of $10,000
(“Substitution Deposit”) shall be required with submission of the Substitution Request, which deposit shall be applied to the Processing Fee at closing of the Substitution and to be returned if Lender does not approve the
Substitute Property. The Substitution Deposit and Processing Fee contemplated by this subsection are in addition to outside counsel attorneys’ fees and expenses incurred in the preparation, negotiation, documentation, due diligence review and
closing of such Substitution. 
 (g) All improvements on the Substitute Property shall have been completed in a
good and workmanlike manner and in compliance, in all material respects, with all applicable governmental requirements prior to closing of the Substitution. The Substitute Property must be lien free and all land, improvements and personal property
paid for in full. 
 (h) The appraised fair market “As Is” value of the Substitute Property shall be
equal to or greater than the original appraised value of the Released Property as set forth in the appraisal delivered to Lender in connection with the closing of the Loan. The fair market “As Is” value of the Released Property and
Substitute Property shall be determined by a firm of appraisers selected by Borrower and approved by the Lender, based on an MAI appraisal satisfactory to Lender, dated not more than ninety (90) days prior to the closing of the Substitute Loan.
All costs of such appraisals shall be paid by the Borrower on or prior to the closing of the Substitute Loan. 

(i) The Substitution Property Yield (as defined below) relating to the Substitute Property (based upon the trailing twelve
(12) month financial results or such shorter period, as Lender deems appropriate, for a Substitute Property opened for less than one (1) year) shall equal or exceed the Project Yield relating (based upon the trailing twelve (12) month
financial results or such shorter period, as Lender reasonably deems appropriate, for any Substitute Property opened for less than one (1) year) to the Property. As used herein “Substitution Property Yield” shall mean
the actual Net Operating Income divided by the original principal balance of the Substitute Loan. 

  
 -11-

 (j) Lender’s outside counsel shall prepare and owner of the Substitute
Property shall execute a new note, deed of trust, mortgage, assignment of rents and leases, loan agreement, environmental indemnities, tax and insurance escrows, borrower’s certificate, and all other loan documents Lender shall deem
appropriate, including, but not limited to, modification of the existing Loan Documents (all of which shall be substantially in the form of the applicable documents executed in connection with the Loan with such changes thereto as Lender reasonably
deems appropriate to reflect the terms and circumstances of the Substitute Loan and Substitute Property) (collectively, the “Substitute Loan Documents”). The Substitute Loan Documents shall be cross-defaulted and
cross-collateralized with the existing Loan Documents for the Loan and with the Affiliate Loans on the same basis as the original Released Property on the date of this Agreement. 

(k) Borrower shall be required to supply for Lender’s review and approval due diligence materials prior to closing of
the Substitute Loan including those items required for closing of the Loan, and such other materials as may then be customarily required as part of its then current commercial loan closing policies, procedures, standards and practices for properties
of similar type and in similar locations as the Substitute Property, including, without limitation, a current as-built ALTA survey, proof of adequate insurance, title insurance in conformance with the requirements of the Loan, proof of compliance
with governmental regulations, tenant estoppel certificates, and subordination, non-disturbance and attornment agreements. At the Borrower’s sole cost and expense, Lender shall receive for review and approval all additional due diligence
materials in any way relating to the Substitute Property, including but not limited to, an MAI appraisal, hazardous substance report, engineer report and seismic report as required by Lender in its sole discretion. The items listed in this section
are not exhaustive. 
 (l) The Substitute Loan Documents, financing statements and other instruments required to
perfect the liens in the Substitute Property and all collateral under such documents shall have been recorded, registered and filed (as applicable) in such manner as may be required by law to create a valid, perfected lien and security interest with
respect to the Substitute Property and the personal property related thereto. The liens created by the Substitute Loan Documents shall be first liens and security interests on the Substitute Property and the personal property related thereto,
subject only to such exceptions as Lender shall approve in its sole discretion. At closing of the Substitute Loan, the Borrower (or other new borrower permitted under Section 3.08(b) herein) shall have good and marketable title to the
Substitute Property and good and valid title to any personal property located thereon or used in connection therewith, in each case satisfactory to the Lender. The title policies to the Affiliate Loans must also be endorsed to bring forward the
effective date thereof through the dates and times of recording of the modification instruments and showing no new exceptions since the original Loan and Affiliate Loan closings unless approved by Lender in writing and continuing all coverage
provided in the original loan title policies. 
 (m) Lender shall receive (1) a confirmation and
reaffirmation of all Loan Documents by the Borrower for the other properties in the Loan, (2) a consent to such Substitution by any “Carve-Out” or other guarantors or indemnitors, if any, and (3) such other instruments and
agreements and such certificates and opinions of counsel, in form and substance satisfactory to the Lender in connection with such Substitution as it may reasonably request. 

(n) Borrower shall consider all implications for documentary stamp and intangible taxes on the Substitution and the
security instruments securing the Affiliate Loans that shall arise in connection with such Substitution. Lender shall require payment of all such documentary stamp and intangibles taxes required by law and authorities having jurisdiction as a
condition of closing the 

  
 -12-

 
Substitution and the corresponding loan modifications to the Loan and Affiliate Loans, regardless of whether the taxing authority imposes taxes duplicative of those incurred at the original
closings. 
 (o) No default or Event of Default shall have occurred and be continuing hereunder or under any
other Loan Documents for the Loan or Affiliate Loans on the date of Substitution Request or at closing of the Substitution. 
 (p) Lender shall be satisfied that no material adverse change in the financial condition, operations or prospects of Borrower, Affiliate Entities and any guarantors of the Loan is occurring as of proposed
Substitution date. Lender shall be entitled to request copies of financial statements and such other financial information as it shall reasonably require in order to assess the financial status of the Borrower (or new borrower as permitted pursuant
to Section 3.08(b) herein) and to determine and/or estimate the solvency of such entity prior to and following the closing of the Substitution. Lender shall not be required to close a proposed Substitution in the event it reasonably
determines that the Borrower (or new borrower permitted under Section 3.08(b) herein) is or, upon completion of the Substitution, may become insolvent within the meaning of the term under the federal bankruptcy code. 

(q) The Borrower shall pay all reasonable out-of-pocket costs and expenses incurred in connection with any such
Substitution and the reasonable out-of-pocket fees and expenses incurred by Lender, its outside counsel and its loan correspondent and loan servicer in connection therewith. Without limiting the generality of the foregoing, the Borrower shall, in
connection with, and as a condition to, each Substitution, pay the reasonable fees and expenses of Lender’s counsel, the reasonable fees and expenses of Lender’s engineers, appraisers, construction consultants, insurance consultants and
other due diligence consultants and contractors, recording charges, title insurance charges, and stamp and/or mortgage or similar taxes, transfer taxes. 
 (r) Notwithstanding the foregoing, Borrower may temporarily substitute an unconditional, irrevocable Letter of Credit (“LOC”) in the amount of the Release Price in lieu of
providing Substitute Property in the event Borrower cannot find an acceptable Substitute Property. However, in no event can the loan to value (as reasonably determined by Lender) of the remaining collateral for Pooled Loans, excluding the LOC exceed
75%. Borrower shall have 12 months from the date the Property is released as collateral for the Loan in which to find Substitute Property. If Borrower is unable to find Substitute Property within said 12 months, Lender shall have the right to apply
the proceeds of the LOC to the outstanding Loan balance consistent with the Property Release Privilege provisions in Section 3.07 above and is subject to the applicable Prepayment Premium. Lender shall have the right to approve the terms
of the LOC and the issuer thereof. 
 Section 3.09 Letter of Credit. In the event Lender requires or agrees
to accept a letter of credit in satisfaction of any requirement herein, said letter of credit and any extension, renewal, or replacement thereof shall be an unconditional, irrevocable letter of credit issued by a bank approved by Lender and in
substance and form acceptable to Lender. Said letter of credit shall not contain any conditions for its cashing beyond presentation by its authorized representative. Its term shall be for not less than one (1) month beyond the end of the time
period, or any extension thereof, specified by Lender for satisfaction of such requirement. 
 Section 3.10
Prohibition on Dry Cleaners. Borrower shall not, during the term of the Pooled Loans, conduct or permit any tenant to conduct any dry cleaning operations on or at the Property other than pick-up and drop-off operations. 

  
 -13-

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Borrower hereby represents and warrants as
of the date hereof to Lender as follows: 
 Section 4.01 Organization; Authorization; Valid and Binding
Obligations. Borrower is a limited partnership duly organized and validly existing under the laws of the state of its incorporation or organization. Borrower is duly qualified and authorized to do business and is in good standing in all
other states and jurisdictions where the ownership of property or the nature of the business transacted by it, makes such qualification necessary, including, without limitation, the state where the Property is located. Borrower has all requisite
power and authority to execute and deliver the Loan Documents and the Environmental Indemnification Agreement, to perform its obligations under such Loan Documents and the Environmental Indemnification Agreement and to own its property and carry on
its business. The Loan Documents and the Environmental Indemnification Agreement have been duly authorized by all requisite corporate, partnership or other action on the part of Borrower and duly executed and delivered by authorized officers,
partners or other representatives (as the case may be) of Borrower. Each of the Loan Documents and the Environmental Indemnification Agreement constitutes a valid obligation of Borrower, legally binding upon and enforceable against Borrower in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of
equity. 
 Section 4.02 Financial Statements. 

Borrower covenants and agrees that it will keep and maintain books and records of account as required in Paragraph
25 of the Mortgage. 
 If Borrower omits to deliver, or to cause to be delivered, as required any report or
statement required by this Section 4.02, and said omission is not cured by Borrower within thirty (30) days after written notice of such omission has been given by Lender to Borrower, Lender may elect, in addition to exercising any
remedy for an Event of Default hereunder and as provided for in the Security Instruments, to make an audit of all books and records of Borrower including their respective bank accounts which in any way pertain to the Property, and, in such event,
Borrower shall cause such books and records to be made available to Lender upon request, and to prepare the statement or statements which Borrower failed to procure and deliver. Such audit shall be made and such statement or statements shall be
prepared by an independent certified public accountant to be selected by Lender. Borrower shall pay all reasonable expenses of the audit and other services, which expenses shall be secured by the Security Instruments as additional Indebtedness and
shall be immediately due and payable with interest thereon at the Default Rate of interest as set forth in the Note and shall be secured by the Security Instruments. 
 Section 4.03 Actions Pending. There is no action, suit, investigation or proceeding pending or, to the knowledge of Borrower, threatened against Borrower, the Property or any other
properties, assets or rights of Borrower, by or before any court, arbitrator or administrative or governmental body which, if adversely determined, would have a Material Adverse Effect. 

Section 4.04 Title to Land. The Land is free and clear of all liens and encumbrances, except for the Loan Documents
and except as specifically set forth in the mortgagee title policy(ies) delivered to Lender in connection with the Loan. 

  
 -14-

 Section 4.05 Taxes. Borrower has filed all federal, state and other
income tax returns prior to the required filing date which, to the knowledge of Borrower, are required to be filed, and has paid all Taxes as shown on such returns and on all assessments received by it to the extent that such Taxes have become due,
except such Taxes as are not due or which are being contested in accordance with the Mortgage. 
 Section 4.06
Conflicting Agreements and Other Matters. Neither the execution nor delivery of this Agreement, nor fulfillment of or compliance with the terms and provisions of this Agreement, will conflict with, or result in a breach of the terms,
conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien (other than any Lien arising under any Loan Document) upon the Property or any other properties or assets of Borrower,
the charter or by-laws or other organizational documents of Borrower, any award of any arbitrator or any agreement, instrument, order, judgment, decree, statute, law, rule or regulation to which Borrower, the Property or any other properties or
assets of Borrower is subject. 
 Section 4.07 Governmental Consent. Except for any recording or filing
which may be required by applicable law to perfect or maintain the perfection of Lender’s Liens in the Collateral, no consent, approval or authorization of, or declaration or filing with, any governmental authority is required for the valid
execution, delivery and performance by Borrower of the Loan Documents or the Environmental Indemnification Agreement or the consummation of any of the transactions contemplated by the Loan Documents. 

Section 4.08 Disclosure. Neither this Agreement nor any other document, certificate or statement prepared by
Borrower and furnished to Lender in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein not materially misleading. 

Section 4.09 Organization Documents. Borrower has been formed, and is existing pursuant to the terms of
(1) that Certificate of Formation filed with the Office of Secretary of State of Delaware, and (ii) that certain Limited Liability Company Agreement of Borrower, copies of which have been delivered by Borrower to Lender. 

Section 4.10 Improvements. All certificates, permits and licenses required in connection with the ownership,
operation and occupancy of the Property have been issued and are in full force and effect; provided that Borrower makes no representation as to business licenses or other licenses required with respect to the conduct of any tenants of the Property.

 Section 4.11 No Default. The Loan Documents and the Environmental Indemnification Agreement have been
complied with and are in full force and effect and no defaults or events of default exist thereunder; Borrower has no knowledge of any facts or circumstances, which with the giving of notice or passage of time (or both) would constitute a default or
event of default thereunder, and all obligations and agreements required to be performed by Borrower thereunder have been performed. 
 Section 4.12 Compliance with Requirements. Except as disclosed in engineering or other consultant reports delivered to Lender prior to the date of this Agreement, to Borrower’s
knowledge, the Improvements have been constructed free from faults and defects, and in all respects conform to and comply with all valid and applicable laws, ordinances, regulations and rules of all governmental entities having jurisdiction over,
and all covenants, conditions, restrictions and reservations affecting the Land and the Improvements (the “Requirements”). Borrower has no knowledge of any noncompliance (either substantial or unsubstantial) of
the Improvements with any of the applicable Requirements. 

  
 -15-

 Section 4.13 Condition of Land and Improvements. Neither the Land nor
the Improvements have been injured or damaged by fire or other casualty which has not been restored. 
 Section 4.14
Personalty. Except as otherwise expressly provided in the Leases, title to all goods, materials, supplies, equipment, machinery and other personal property and fixtures used in the operation or maintenance of the Property by Borrower,
is vested in Borrower free and clear of all liens, encumbrances and security interests, other than the lien and security interest of the Security Instruments, and Borrower has not executed any security agreement, purchase order or other contract or
agreement under which any person or other entity is granted or reserves the right to retain title to, remove or repossess any of such goods, materials, supplies, equipment, machinery or other personal property or fixtures. 

Section 4.15 Zoning. Under the applicable zoning ordinance of each jurisdiction in which each parcel of Land is
located, each parcel of Land is zoned in a zoning classification that permits the use of the Land and Improvements for all purposes as currently used, without any conditions other than with respect to which such conditions have been complied in full
and without exception. Furthermore, to Borrower’s knowledge, in the event the Improvements were damaged or destroyed, the Improvements could be restored or reconstructed as they now exist without the requirement of any zoning variance or
waiver. 
 Section 4.16 Restrictions. To Borrower’s knowledge, the Land is not subject to:
(i) any use or occupancy restrictions, except those imposed by applicable zoning laws and regulations, except any such restrictions described in the mortgagee title policy(ies) delivered to Lender in connection with the Loan and those
restrictions set forth in the Security Instruments; (ii) special taxes or assessments; (iii) utility tap-in fees, except those generally applicable throughout the tax districts in which the Land is located; or (iv) charges or
restrictions, whether existing of record or arising by operation of law, unrecorded agreement, the passage of time or otherwise, except any such charges or restrictions described in the mortgagee title policy(ies) delivered to Lender in connection
with the Loan. 
 Section 4.17 Status of Service Contracts. Borrower is not in default under any
development, management, service or other agreements and contracts relating to the operation or management of the Property in a manner which could reasonably be expected to have a Material Adverse Effect; to Borrower’s knowledge there is no
material default on the part of any other party to any of such contracts, there is no material default of Borrower under any such contracts or the existence of any facts or circumstances, which with the giving of notice or passage of time (or both),
would constitute a material default under any of such contracts, which defaults could reasonably be expected to have a Material Adverse Effect. Such contracts have not been modified or amended in any material respect since the date true and correct
copies of the same were delivered to Lender by Borrower. Borrower has not done or omitted to do any act so as to be estopped from exercising any of its rights under any of such contracts, and there is no assignment of any of Borrower’s rights
under any of such contracts to any person or entity, other than Lender. 
 Section 4.18 Status of Leases.
Borrower is not in default under any of the Leases, and to Borrower’s knowledge there is no default on the part of any other party to any Lease, which defaults could reasonably be expected to have a Material Adverse Effect. The Leases are
legal, valid and binding agreements enforceable against Borrower and the tenants thereunder in accordance with their terms, and none of the Leases have been modified or amended in any material respect since the date true and correct copies of the
same were delivered to Lender by Borrower. Borrower has not done or omitted to do any act so as to be estopped from exercising any of its rights under any of the Leases, and there is no assignment of any of Borrower’s right under any of such
contracts to any person or entity other than Lender. 

  
 -16-

 Section 4.19 Encroachments. To Borrower’s knowledge except as
shown on those certain surveys previously delivered to Lender in connection with the Loan, there are no encroachments on the Land; there are no strips or gores within or affecting the boundaries of the Land; and all Improvements are situated
entirely within the boundaries of the Land and within any applicable building lines. 
 Section 4.20 Access.
To Borrower’s knowledge all streets and roads necessary for access to the Land have been completed, dedicated to public use and accepted for maintenance for all necessary governmental entities. 

Section 4.21 Availability of Utilities. Except as set forth in that certain Certificate of Borrower executed and
delivered in connection herewith, all utility facilities and services necessary for the full use, occupancy and operation of the Improvements are available to the Land through public or private easements or rights-of-way at the boundaries of the
Land, including, without limitation, water, storm and sanitary sewer, electricity and telephone. 
 Section 4.22
Brokerage Commissions. All real estate and land brokerage commissions payable in connection with the acquisition of the Land, construction of the Improvements and the Loan, and all brokerage commissions or finders fees due and payable
in connection with the current terms of any of the Leases (other than commissions payable in installments to the extent not yet due), have been paid in full, or will be paid in full upon the execution of this Agreement. 

Section 4.23 Composition of Property. Subject to the matters disclosed in the title policies delivered to Lender in
connection with the Loan, the Property includes all improvements and land, and other estates and rights (including, without limitation, any appurtenant easement rights and covenants and restrictions) which are necessary to allow for the continued
use thereof as office/warehouse/industrial buildings, or other uses presently in effect as of the date of this Agreement, and as may be required by any of the Requirements, or to satisfy all tenant requirements under the Leases. 

ARTICLE V 

COVENANTS 

For so long as this Agreement is in effect, and unless Lender expressly consents in writing to the contrary, Borrower covenants and
agrees to comply with the following covenants: 
 Section 5.01 Operating Statements and Rent Roll. Borrower
shall deliver to Lender operating statements and rent rolls as required in Paragraph 25 of the Mortgage. 
 Section
5.02 Books and Records. Borrower shall keep its books, records and accounts in accordance with accepted industry standards and as required hereunder and under the Loan Documents. 

Section 5.03 Maintenance of Existence, Properties, Licenses, Etc. Except to the extent otherwise permitted hereby,
Borrower will do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect the corporate, partnership or other legal existence of Borrower and the patents, trademarks, service marks, trade names,
service names, copyrights, licenses, leases, permits, franchises and other rights, that continue to be useful in some material respect to the business of Borrower or to the operation of the Property by Borrower, and at all times maintain, preserve
and protect all licenses, leases, permits, franchises and other rights that continue to be useful in some related in some material respect to the business of Borrower or to the operation of the Property by Borrower. 

  
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 Section 5.04 Payment of Taxes and Claims. Borrower will pay and
discharge or cause to be paid and discharged all Taxes, assessments and governmental charges or levies imposed upon it or upon its respective income and profits or upon any of its property, real, personal or mixed or upon any part thereof, before
the same shall become in default as well as all lawful claims for labor, materials and supplies or otherwise, which, if unpaid, might become a Lien or charge upon such properties or any part thereof, provided that Borrower shall not be
required to pay and discharge or cause to be paid and discharged any such Tax, assessment, charge, levy or claim so long as the validity thereof shall be timely contested in accordance with the Mortgage. 

Section 5.05 Parking Requirements. At all times during the terms of the Pooled Loans, there shall be sufficient
parking spaces to satisfy requirements of all Leases, parking or cross-parking agreements, and applicable zoning requirements and other Requirements. 
 Section 5.06 Expenses. Borrower shall pay all cost, fees, documentary stamp taxes, intangibles taxes and charges of closing of the Loan, including, without limitation, Lender’s
attorneys’ fees, recording costs, environmental audit costs, survey and appraisal costs, title examination fees, and title insurance premiums. 
 Section 5.07 Indemnity. Borrower covenants and agrees to indemnify and hold Lender harmless from and against any and all claims for brokerage fees or commissions with respect to the
making or consummation of the Loan, and all claims, actions, suits, proceedings, costs, expenses, losses, damages and liabilities of any kind, including but not limited to attorneys’ fees, expenses, penalties and interest, which may be asserted
against or incurred by Lender by reason of any matter relating directly to the Loan, and arising out of the ownership, condition, development, construction, sale, rental or financing of the Property or any part thereof, other than (i) matters
arising as a direct result of the gross negligence or willful misconduct of Lender, and (ii) matters arising from or after a foreclosure or deed in lieu of foreclosure of the Property which arise from acts or omissions of any party other than
Borrower and Affiliates of Borrower. The foregoing indemnity shall survive the payment and performance of all Obligations to Lender under the Loan Documents, and should Lender incur any liability for or in defense of any of the foregoing matters,
the amount thereof (and all costs, expenses and attorneys’ fees incurred by Lender in connection therewith) shall be added to the principal amount of the Loan and shall bear interest at the Default Rate (as defined in the Note) to the extent
permitted by applicable law. Furthermore, Borrower covenants that, upon notice from Lender that any action or proceeding has been brought against Lender by reason of any such matters indemnified hereunder, Borrower shall promptly resist or defend
such action or proceeding in a manner satisfactory to Lender at Borrower’s expense. 
 Section 5.08 Fiscal
Year. Borrower shall not change its fiscal year except upon prior written notice to Lender. 
 Section 5.09
Estoppel Certificates. Borrower shall, from time to time, upon request by Lender, promptly execute, acknowledge and deliver to Lender a certificate of Borrower stating the amount of principal and interest then owing on the Obligations,
whether or not any setoffs or defenses exist with respect to all or any part of the Obligations, and, if any such setoffs or defenses exist, stating in detail the specific facts relating to each such setoff or defense. Any such certificate may be
relied upon by any prospective assignee of Lender. 
 Section 5.10 Replacement of Note. Upon receipt of
notice from Lender of the loss, theft, destruction or mutilation of the Note, Borrower shall execute and deliver, in lieu thereof, a replacement note identical in form and substance to the Note and dated as of the date of the Note (except that such
replacement note shall include a conspicuous legend referring to the original Note and stating that the 

  
 -18-

 
replacement note is a replacement note for the original Note and does not evidence additional debt), and upon such execution and delivery all references in the Loan Documents and the
Environmental Indemnification Agreement, or in the loan documents and the environmental indemnification agreements for the Affiliate Loans, to such Note so replaced shall be deemed to refer to such replacement note. 

Section 5.11 Notification of Name Change; Location. Borrower shall furnish Lender with notice of any change in
Borrower’s name or address or principal place of business within fifteen (15) days of the effective date of such change, and Borrower shall promptly execute any financing statements or other instruments deemed necessary by Lender to
prevent any filed financing statement from becoming misleading or losing its perfected status. 
 Section 5.12 No
Joint Venture. Neither the provisions of any of the Loan Documents or the Environmental Indemnification Agreement nor the acts of the parties thereto shall be construed to create a partnership or joint venture between Borrower and Lender.

 Section 5.13 Loans by Partners and Affiliates. Borrower agrees that any loan or other advance heretofore
or hereafter made to Borrower by a partner, member or any Affiliate shall be subordinate in all respects to the Loan, and Borrower agrees that, following any Event of Default, and until repayment of the Obligations, Borrower shall make no repayment
to the partner, member or Affiliate of any such loan or advance. 
 ARTICLE VI 

NO FURTHER DISBURSEMENTS 
 Section 6.01 No Further Disbursements. Borrower agrees that the Loan has been fully disbursed by Lender, that the outstanding principal balance of the Loan as of the date hereof is
the full face amount of the Note, and that Lender shall have no further duty or obligation to make any additional advances or disbursements to Borrower under the Loan or otherwise. 

ARTICLE VII 
 EVENTS OF DEFAULT 
 Section 7.01 Events of Default.
Each of the following events shall constitute an Event of Default under this Agreement: 
 (a) The occurrence of
an event of default (after expiration of applicable notice or cure periods) under the Security Instruments or any of the other Loan Documents or the Environmental Indemnification Agreement. 

(b) Should any Default occur in the performance or observance of any term, condition or provision contained in this
Agreement which does not relate to the nonpayment of any monetary sum, which Default shall continue for thirty (30) days after Lender gives Borrower written notice thereof, provided, however, such thirty (30) day period shall be extended
as reasonably necessary (but in no event for a period in excess of sixty (60) additional days) until the completion of such cure, so long as Borrower is diligently and with continuity of effort pursuing such cure and the Default is susceptible
of cure within said additional period of sixty (60) days. 

  
 -19-

 (c) Should any representation or warranty made by Borrower herein or in any
of the other Loan Documents or the Environmental Indemnification Agreement be false or misleading in any material respect on the date as of which made (or deemed made). 

(d) Should Borrower be terminated, liquidated, dissolved or otherwise cease to exist. 

Section 7.02 Remedies. Upon the occurrence of an Event of Default, Lender may, in its discretion, exercise one or
more of the following remedies: 
 (a) To accelerate the maturity of the Obligations and declare the entire
unpaid principal balance of, and any unpaid interest then accrued on, the Note, together with any Prepayment Premium, without demand or notice of any kind to Borrower or any other Person, to be immediately due and payable. 

(b) Take all, any or any combination of the actions Lender may take under any of the other Loan Documents or the
Environmental Indemnification Agreement upon the occurrence of a default or an event of default thereunder, notwithstanding the fact that the event that is an Event of Default hereunder may not constitute a default or an event of default under any
such other Loan Document or the Environmental Indemnification Agreement, including, without limitation acceleration of the Obligations evidenced by the Note and foreclosure and sale of the Land and the Improvements under the Security Instruments.

 (c) Perform, or cause to be performed, any obligation, covenant or agreement that Borrower has failed to
perform or comply with, and in such event all costs and expenses incurred by Lender in performing any such obligation, covenant or agreement shall be added to the Obligations and shall be secured by the Security Instruments, and shall bear interest
at the Default Rate (as defined in the Note) from the date paid or incurred by Lender, and the interest thereon shall also be added to and become a part of the Obligations and shall be secured by the Security Instruments. 

(d) Continue to act, with respect to Borrower and the Loan, as if no Event of Default had occurred, which continuance
shall not be or be construed as a waiver of Lender’s rights; and assert the Event of Default and take any action provided for herein at any time after the occurrence and during the existence of the Event of Default. 

(e) Proceed as authorized by law to obtain payment of the Loan. 

(f) Take all, any, or any combination of the actions Lender may take under applicable law or equity subject to the
limitations on liability of Borrower contained herein and in the Note and the Security Instruments. 
 No failure or delay on the part of Lender
to exercise any right or remedy hereunder or under the Loan Documents or the Environmental Indemnification Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder preclude any further
exercise thereof or the exercise of any further right or remedy hereunder or under the Loan Documents or the Environmental Indemnification Agreement. No exercise by Lender of any remedy under the other Loan Documents or the Environmental
Indemnification Agreement shall operate as a limitation on any rights or remedies of Lender under this Agreement, except to the extent of moneys actually received by Lender under the other Loan Documents or the Environmental Indemnification
Agreement. 
 Section 7.03 Costs and Expenses. All costs and expenses incurred by Lender in connection with
any of the actions authorized in this Article, including without limitation attorneys’ fees, shall be and 

  
 -20-

 
constitute a portion of the Loan, secured in the same manner and to the same extent as the Loan, even though such costs and expenses may cause the amount of the Loan to exceed the face amount of
the Note. Whenever the terms of this Agreement require Borrower to pay attorneys’ fees of Lender, such obligation shall extend only to reasonable attorneys’ fees, without regard to statutory interpretations, actually incurred at normal
hourly rates. 
 Section 7.04 Remedies Cumulative. The foregoing remedies are cumulative of, and in
addition to, and not restrictive or in lieu of, the other remedies provided for herein and the remedies provided for or allowed by the other Loan Documents or the Environmental Indemnification Agreement, or provided for or allowed by law, or in
equity. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01 Notices. 

(a) All notices, demands, requests, and other communications desired or required to be given hereunder
(“Notices”), shall be in writing and shall be given by: (i) hand delivery to the address for Notices; (ii) delivery by overnight courier service to the address for Notices; or (iii) sending the same by United
States mail, postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. 

(b) All Notices shall be deemed given and effective upon the earlier to occur of (i) the hand delivery of such Notice
to the address for Notices; (ii) one business day after the deposit of such Notice with an overnight courier service by the time deadline for next day delivery addressed to the address for Notices; or (iii) three business days after
depositing the Notice in the United States mail as set forth in (a)(iii) above. All Notices shall be addressed to the following addresses: 
  

			
	Borrower:	  	IIT Dallas – 3737 & 4024 Rock Quarry Road LP
		  	c/o Industrial Income Trust Inc.
		  	518 17th Street, Suite 1700
		  	Denver, Colorado 80202
		  	Attention: Ms. Lainie P. Minnick
		
	With a copy to:	  	Greenberg Traurig, P.A.
		  	333 Avenue of the Americas
		  	Miami, Florida 33131
		  	Attention: Laura Gangemi Vignola, Esq.
		
	Lender:	  	ING USA Annuity and Life Insurance Company
		  	c/o ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Mortgage Loan Servicing Department
		
	and to:	  	ING Investment Management LLC
		  	5780 Powers Ferry Road, NW, Suite 300
		  	Atlanta, Georgia 30327-4349
		  	Attention: Real Estate Law Department

  
 -21-

			
	With a copy to:	  	Bryan Cave LLP
		  	One Atlantic Center
		  	Fourteenth Floor
		  	1201 West Peachtree Street, NW
		  	Atlanta, Georgia 30309-3488
		  	Attention: John R. Parks, Esq.

 or to such other persons
or at such other place as any party hereto may by Notice designate as a place for service of Notice; provided, however, that the “copy to” Notice to be given as set forth above is a courtesy copy only; and a Notice given to such
person is not sufficient to effect giving a Notice to the principal party, nor does a failure to give such a courtesy copy of a Notice constitute a failure to give Notice to the principal party. 

Section 8.02 No Waiver; Remedies Cumulative. No failure or delay on the part of Lender in exercising any right or
remedy hereunder and no course of dealing between Borrower and Lender shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder or under the Note preclude any other or further exercise thereof or
the exercise of any other right or remedy hereunder. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which Lender would otherwise have. No notice to or demand on Borrower not required
hereunder or under any other Loan Document in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Lender to any other or further action in any
circumstances without notice or demand. 
 Section 8.03 Successors and Assigns; Sale of Interest. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective legal representatives, successors and permitted assigns of the parties hereto; provided that Borrower may not assign or transfer any of its
rights or obligations hereunder without the prior written consent of Lender, other than to the extent expressly permitted by the Security Instruments. Lender may sell or assign all or any part of Lender’s rights, title or interests hereunder
and under the other Loan Documents or the Environmental Indemnification Agreement without the prior written consent of Borrower; provided, however that any such assignment shall not increase any of the obligations of Borrower under the Loan
Documents or the Environmental Indemnification Agreement. In that event, such successor or assignee shall be entitled to all of the rights of Lender under the Loan Documents or the Environmental Indemnification Agreement. 

Section 8.04 Modification. This Agreement shall not be modified or amended in any respect except by a written
agreement executed by the parties in the same manner as this Agreement is executed. 
 Section 8.05 Time of
Essence. Time is of the essence of this Agreement and each of the other Loan Documents and the Environmental Indemnification Agreement. 
 Section 8.06 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Florida,
without regard to principles of conflicts of laws thereof. 
 Section 8.07 Counterparts. This Agreement may
be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

  
 -22-

 Section 8.08 Effectiveness; Survival. 

(a) This Agreement shall become effective on the date on which all of the parties hereto shall have signed a copy hereof
(whether the same or different copies) and Lender shall have received the same. 
 (b) All representations and
warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement, the other Loan Documents, the Environmental Indemnification
Agreement, and such other agreements and documents, the making of the Loan hereunder and the execution and delivery of the Note, and shall terminate at such time as the Obligations have been paid and satisfied in full; provided,
however, that the Environmental Indemnification Agreement shall remain in full force and effect in accordance with the terms thereof notwithstanding any payment and satisfaction of the Obligations. 

Section 8.09 Severability. In case any provision in or Obligation under this Agreement or the other Loan Documents
or the Environmental Indemnification Agreement shall be invalid, illegal or unenforceable, in whole or in part, in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 Section 8.10
Independence of Covenants. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be
otherwise within the limitation of, another covenant, shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 8.11 Headings Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning
or construction of any provision of this Agreement. 
 Section 8.12 Termination of Agreement. At such time
as all Obligations have been paid and satisfied in full, this Agreement shall terminate; provided however, that any and all indemnity obligations of Borrower to Lender arising hereunder or under any of the other Loan Documents, which
are expressly stated to survive satisfaction of the Obligations shall survive the termination of this Agreement or such other Loan Documents, and provided further that all indemnity obligations under the Environmental Indemnification
Agreement shall survive such payment and satisfaction of the Obligations as set forth in the Environmental Indemnification Agreement. 
 Section 8.13 Entire Agreement. This Agreement and the other Loan Documents and the Environmental Indemnification Agreement constitute the entire agreement between Borrower and Lender
with respect to the Loan, the other Obligations and the Collateral and supersede all prior agreements, representations and understandings related to such subject matters. 
 Section 8.14 Jury Trial Waiver; Consent to Forum. 
 (a) TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF
THE OTHER LOAN DOCUMENTS OR THE ENVIRONMENTAL INDEMNIFICATION AGREEMENTS OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 

  
 -23-

 (b) BORROWER ALSO AGREES THAT ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE ENVIRONMENTAL INDEMNIFICATION AGREEMENTS OR TO ENFORCE ANY JUDGMENT OBTAINED AGAINST BORROWER IN CONNECTION WITH THIS AGREEMENT OR SUCH OTHER LOAN DOCUMENT, MAY BE BROUGHT BY LENDER IN ANY
STATE OR FEDERAL COURT SITTING IN THE COUNTY OF THE STATE IN WHICH LENDER’S ADDRESS SHOWN ABOVE IS LOCATED, OR IN ANY ONE OR MORE OTHER STATE OR FEDERAL COURTS SITTING IN ANY COUNTY AND STATE IN WHICH ANY OF THE POOLED PROPERTIES IS LOCATED.
BORROWER IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE AFORESAID STATE AND FEDERAL COURTS, AND IRREVOCABLY WAIVES ANY PRESENT OR FUTURE OBJECTION TO VENUE IN ANY SUCH COURT, AND ANY PRESENT OR FUTURE CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT
FORUM, IN CONNECTION WITH ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE ENVIRONMENTAL INDEMNIFICATION AGREEMENTS. 
 Section 8.15 Exculpation. Subject to the terms of the next succeeding paragraph and notwithstanding anything to the contrary otherwise contained in the Note, but without in any way
releasing, impairing or otherwise affecting this Agreement, the Note or any of the other Loan Documents (including without limitation any guaranties or indemnification agreements), or the validity hereof or thereof, or the lien of the Mortgage, it
is agreed that Lender’s source of satisfaction of the Indebtedness (as that term is defined in the Note) and Borrower’s other obligations hereunder and under the Loan Documents is limited to (a) the Property and proceeds thereof,
(b) rents, income, issues, proceeds and profits arising out of the Property, and (c) any separate guaranty or indemnification agreements guarantying or indemnifying Lender with respect to the payment of any amounts due hereunder and under
the Loan Documents and/or Borrower’s performance hereunder and under the Loan Documents; provided, however, that nothing herein contained shall be deemed to be a release or impairment of said Indebtedness or the security therefor intended by
the Mortgage, or be deemed to preclude Lender from foreclosing the Mortgage or from enforcing any of Lender’s rights or remedies in law or in equity thereunder, or in any way or manner affecting Lender’s rights and privileges under any of
the Loan Documents or any separate guaranty or indemnification agreements guarantying Borrower’s payment and/or performance hereunder and/or under the Loan Documents. 
 NOTWITHSTANDING THE FOREGOING LIMITATION OF LIABILITY PROVISION, OR ANYTHING IN THE NOTE TO THE CONTRARY, BORROWER SHALL PAY, AND THERE SHALL AT NO TIME BE ANY LIMITATION ON BORROWER’S PERSONAL
LIABILITY FOR THE PAYMENT TO LENDER OF: 
 (a) the application of rents, security deposits, or other income,
issues, profits, and revenues derived from the Property after the occurrence of an Event of Default to anything other than (a) normal and necessary operating expenses of the Property or (b) the Indebtedness evidenced by the Note. It is
understood that any rents collected more than one month in advance as of the time of the Event of Default shall be considered to have been collected after the Event of Default; 

(b) any loss, cost or damages actually incurred by Lender arising out of or in connection with fraud or material
misrepresentations to Lender by Borrower (or by any of its general partners, officers, shareholders, members, or their employees, if applicable); 
 (c) any loss, cost or damages actually incurred by Lender arising out of or in connection with Borrower’s use or misapplication of (a) any proceeds paid under any insurance policies

  
 -24-

 
by reason of damage, loss or destruction to any portion of the Property, or (b) proceeds or awards resulting from the condemnation or other taking in lieu of condemnation of any portion of
the Property, for purposes other than those set forth in the Mortgage; 
 (d) any loss, cost or damages actually
incurred by Lender arising out of or in connection with any waste of the Property or any portion thereof and all reasonable costs incurred by Lender in order to protect the Property (for purposes of this subparagraph, the term “waste”
means the commission of acts leading to permanent injury to the remainder or reversion or failure to exercise the ordinary care of a prudent person for the preservation of the Property); 

(e) any taxes, assessments and insurance premiums for which Borrower is liable under the Note, the Mortgage or any of the
other Loan Documents and which are paid by Lender and not reimbursed by tenants (but not the proportionate amount of any such taxes, assessments and insurance premiums which accrue following the date of foreclosure (plus any applicable redemption
period) or acceptance of a deed in lieu of foreclosure); 
 (f) any loss, costs or damages actually incurred by
Lender arising out of or in connection with the breach of Borrower’s covenants, obligations and liabilities contained in Paragraph 31 of the Mortgage and under the Environmental Indemnification Agreement; 

(g) any loss, cost or damages actually incurred by Lender to Lender arising out of or in connection with any construction
lien, mechanic’s lien, materialman’s lien or similar lien against the Property arising out of acts or omissions of Borrower, subject to Borrower’s right to contest pursuant to the Loan Documents; 

(h) the total Indebtedness (as that term is defined in the Note) in the event that Borrower or Industrial Income Operating
Partnership LP, a Delaware limited partnership, voluntarily files a petition in bankruptcy or commences a case or insolvency proceeding under any provision or chapter of the Federal Bankruptcy Code; 

(i) any loss, costs or damage, resulting from any act of Borrower or its general partners, members, shareholders,
officers, directors, beneficiaries, and/or trustees to obstruct, delay or impede (a “Delay”) Lender from exercising any of its rights or remedies under the Loan Documents upon the occurrence of a voluntary bankruptcy
proceeding or a monetary default provided Lender agrees that the interposition by Borrower of a valid and meritious defense to Lender’s monetary suit for a payment under the Loan Documents (other than principal and interest due under the Note)
shall not constitute a Delay; 
 (j) the total Indebtedness (as that term is defined in the Note) and the Loan
Documents in the event that (a) Borrower makes an unpermitted transfer of an interest in the Borrower or in the Property without the prior written approval of Lender, or (b) Borrower makes an unpermitted mortgage, deed of trust, or similar
encumbrance on the Property or the holder of an ownership interest in Borrower encumbers such interest, without the prior written approval of Lender; and 
 (k) all costs and fees, including without limitation reasonable attorney fees and costs, incurred by Lender in the enforcement of subparagraphs (a) through (j) above. 

With the exception of those items of liability specifically set forth in items (a) through (k) above, the lien of any judgment against Borrower
in any proceeding instituted on, under or in connection with the Note shall not extend to any property now or hereafter owned by Borrower other than the interest of the Borrower in the Property and the other security for the payment of the Note.

  
 -25-

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 -26-

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be duly
executed and delivered on their behalf as of the date first above stated. 
  

											
	IIT DALLAS – 3737 & 4024 ROCK QUARRY ROAD LP, a Delaware limited partnership
		
	By:	 	IIT Dallas – 3737 & 4024 Rock Quarry Road GP LLC, a Delaware limited liability company, General Partner
			
		 	By:	 	IIT Real Estate Holdco LLC, a Delaware limited liability company, Sole Member
				
		 		 	By:	 	Industrial Income Operating Partnership LP, a Delaware limited partnership, Sole Member
					
		 		 		 	By:	 	Industrial Income Trust Inc., a Maryland corporation, General Partner
						
		 		 		 		 	By:	 	/s/ Thomas G. McGonagle
		 		 		 		 	Name:	 	Thomas G. McGonagle
		 		 		 		 	Title:	 	CFO

 [SIGNATURES CONTINUED ON
FOLLOWING PAGE] 

  
 -27-

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 

 

					
	LENDER:
	
	ING USA ANNUITY AND LIFE INSURANCE COMPANY, an Iowa corporation
		
	By:	 	ING Investment Management LLC, as Authorized Agent
			
		 	By:	 	/s/ Daniel M. Siegenthaler
		 	Name:	 	Daniel M. Siegenthaler
		 	Title:	 	Vice President

  
 -28-Deed of Trust, Security Agreement, Financing Statement and Fixture Filing

 EXHIBIT 10.47 
 AFTER RECORDING RETURN TO: 
 John R. Parks, Esq., 

Bryan Cave LLP 
 One Atlantic Center 

Fourteenth Floor 
 1201 West Peachtree Street, NW

 Atlanta, Georgia 30309-3488 

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT
THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE. 
 ATTENTION COUNTY RECORDER: THIS INSTRUMENT IS INTENDED TO BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING PURSUANT TO SECTION 9.502(c) OF THE TEXAS BUSINESS AND COMMERCE CODE. PORTIONS
OF THE GOODS COMPRISING A PART OF THE MORTGAGED PROPERTY ARE OR ARE TO BECOME FIXTURES RELATED TO THE LAND DESCRIBED IN EXHIBIT “A” HERETO. THIS INSTRUMENT IS TO BE FILED FOR RECORD IN THE RECORDS OF DALLAS COUNTY, TEXAS AND SHOULD BE
INDEXED AS BOTH A DEED OF TRUST AND AS A FINANCING STATEMENT COVERING FIXTURES. THE ADDRESSES OF BORROWER (DEBTOR) AND LENDER (SECURED PARTY) ARE SPECIFIED IN THE RECITALS OF THIS INSTRUMENT. 

(This Document Serves as a Fixture Filing under Section 9.502 of the 

Texas Business and Commercial Code) 
 Grantor’s Organizational Identification Number: 4915982 
 DEED OF TRUST,
SECURITY AGREEMENT, 
 FINANCING STATEMENT AND FIXTURE FILING 

THIS DEED OF TRUST, SECURITY AGREEMENT, FINANCING STATEMENT AND FIXTURE FILING (“Deed of
Trust”) is made as of                  , 2011, by IIT DALLAS – 3737 & 4024 ROCK QUARRY ROAD LP, a Delaware limited
partnership (“Grantor”), with the mailing address of c/o Industrial Income Trust Inc., 518
17th Street, Suite 1700, Denver, Colorado 80202, to
JOHN R. PARKS, ESQ., as Trustee (“Trustee”) with a mailing address of c/o Bryan Cave LLP, One Atlanta Center, 1201 West Peachtree Street, N.W., Suite 1400, Atlanta, Georgia 30309 for the benefit of ING USA ANNUITY
AND LIFE INSURANCE COMPANY, an Iowa corporation (“Beneficiary”) with the mailing address of c/o ING Investment Management LLC, 5780 Powers Ferry Road, NW, Suite 300, Atlanta, Georgia 30327-4349. 

 W I T N E S S E T H: 

WHEREAS, Grantor has executed and delivered to Beneficiary a Promissory Note dated on or about this same date in the principal
amount of TWELVE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($12,400,000.00) (which Promissory Note, together with all notes issued and accepted in substitution or exchange therefor, and as any of the foregoing may from time to time be
modified, extended, renewed, consolidated, restated or replaced, is hereinafter sometimes referred to as the “Note”), which Note provides, among other things, for final payment of principal and interest under the Note, if not
sooner paid or payable as provided therein, to be due on or before November 1, 2040, the Note by this reference thereto being incorporated herein; and 
 WHEREAS, Beneficiary is desirous of securing the prompt payment of the Note together with interest, charges and prepayment fees, if any, thereon in accordance with the terms of the Note, and any
additional indebtedness accruing to Beneficiary on account of any future payments, advances or expenditures made by Beneficiary pursuant to the Note or this Deed of Trust and any additional sums with interest thereon which may be loaned to Grantor
by Beneficiary or advanced under the Loan Documents (as hereinafter defined) (all hereinafter sometimes collectively referred to as the “Indebtedness”). 

NOW, THEREFORE, Grantor, to secure payment of the Indebtedness and the performance of the covenants and agreements herein
contained to be performed by Grantor, for good and valuable consideration in hand paid, the receipt and sufficiency whereof are hereby acknowledged, and intending to be legally bound, hereby agrees and covenants as follows: 

1. Granting Clauses. Grantor hereby irrevocably and absolutely does by these presents GRANT AND CONVEY, BARGAIN, SELL,
TRANSFER, ASSIGN, WARRANT, SET OVER, REMISE AND CONFIRM to Trustee, its successors and assigns, IN TRUST, WITH ALL POWERS OF SALE and all statutory rights under the laws of the State of Texas, for the benefit of Beneficiary and its successor and
assigns, and grants to Trustee a first priority security interest in, all of Grantor’s present and hereafter acquired estate, right, title and interest in, to and under the following (collectively referred to herein as the
“Premises”): 
 (a) That certain real property situated in Dallas County, Texas, for the
benefit of Beneficiary and its successors and assigns and more particularly described in Exhibit “A” attached hereto and incorporated herein by this reference (the “Land”), together with all buildings,
structures and improvements now or hereafter erected on the Land, together with all fixtures and items that are to become fixtures thereto (collectively, the “Improvements”); 

(b) All and singular the easements, rights-of-way, licenses, permits, rights of use or occupancy, privileges, tenements,
appendages, hereditaments and appurtenances and other rights and privileges attached or belonging to the Land or Improvements or in any wise appertaining thereto, whether now or in the future, and all the rents, issues and profits from the Land or
Improvements; 

  
 2 

 (c) The land lying within any street, alley, avenue, roadway or right-of-way
open or proposed or hereafter vacated in front of or adjoining the Land; and all right, title and interest, if any, of Grantor in and to any strips and gores adjoining the Land; 

(d) All machinery, apparatus, equipment, goods, systems, building materials, carpeting, furnishings, fixtures, fittings,
appliances, furniture and property of every kind and nature whatsoever, now or hereafter located in or upon or affixed to the Land or Improvements, or any part thereof, or used or usable in connection with any construction on or any present or
future operation of the Land or Improvements, now owned or hereafter acquired by Grantor, including, but without limitation of the generality of the foregoing: all heating, lighting, refrigerating, ventilating, air-conditioning, air-cooling,
electrical, fuel, garbage, sanitary drainage, removal of dust, refuse or garbage, fire extinguishing, plumbing, cleaning, telephone, communications and power equipment, systems and apparatus; and all elevators, switchboards, motors, pumps, screens,
awnings, floor coverings, cabinets, partitions, conduits, ducts and compressors; and all cranes and craneways, oil storage, sprinkler/fire protection and water service equipment; and also including any of such property stored on the Land or
Improvements or in warehouses and intended to be used in connection with or incorporated into the Land or Improvements or for the pursuit of any other activity in which Grantor may be engaged on the Land or Improvements, and including without
limitation all tools, musical instruments and systems, cabinets, awnings, window shades, venetian blinds, drapes and drapery rods and brackets, screens, carpeting and other window and floor coverings, decorative fixtures, plants, cleaning apparatus,
and cleaning equipment, refrigeration equipment, cables, computers, software, books, supplies, kitchen equipment, appliances, tractors, motor vehicles, lawn mowers, ground sweepers and tools, swimming pools, whirlpools, recreational or play
equipment together with all substitutions, accessions, repairs, additions and replacements to any of the foregoing; it being understood and agreed that all such machinery, equipment, apparatus, goods, systems, fixtures, fittings, appliances,
furniture, building materials, and property are a part of the Improvements and are declared to be a portion of the security for the Indebtedness (whether in single units or centrally controlled, and whether physically attached to said real estate or
not), excluding, however, personal property owned by tenants of the Land or Improvements; 
 (e) Any and all
awards, payments or insurance proceeds, including interest thereon, and the right to receive the same, which may be paid or payable with respect to the Land or Improvements or other properties described above as a result of: (1) the exercise of
the right of eminent domain or action in lieu thereof; or (2) the alteration of the grade of any street; or (3) any fire, casualty, accident, damage or other injury to or decrease in the value of the Land or Improvements or other
properties described above, to the extent of all amounts which may be secured by this Deed of Trust at the date of receipt of any such award or payment by Grantor or Beneficiary, and of the reasonable counsel fees, costs and disbursements incurred
by Grantor or Beneficiary in connection with the collection of such award or payment. Grantor agrees to execute and deliver, from time to time, such further instruments as may be requested by Beneficiary to confirm such assignment to Beneficiary of
any such award or payment; 
 (f) Any and all accounts receivable and any right of Grantor to payment for goods
sold or leased or for services rendered, whether or not yet earned by performance, and whether or not evidenced by an instrument or chattel paper, arising from the operation of the Land or Improvements, now existing or hereafter created,
substitutions therefor, proceeds thereof 

  
 3 

 
(whether cash or noncash, movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other disposition or substitution thereof and any or all of the
foregoing and proceeds therefrom; 
 (g) Any and all authorizations, licenses, permits, contracts, management
agreements, franchise agreements, and occupancy and other certificates concerning the ownership, use and operation of the Land or Improvements; 
 (h) All monies on deposit for the payment of real estate taxes or special assessments against the Land or Improvements or for the payment of premiums on policies of fire and other hazard insurance
covering the Collateral (as hereinafter defined) or the Land or Improvements; all proceeds paid for damage done to the Collateral or the Land or Improvements; all proceeds of any award or claim for damages for any of the Collateral or the Premises
taken or damaged under the power of eminent domain or by condemnation; and all tenants’ or security deposits held by Grantor in respect of the Land or Improvements; 

(i) Any and all leases, occupancy agreements, and tenancies affecting the Land and Improvements and any and all names
under or by which the Land or the Improvements may at any time be operated or known, and all rights to carry on business under any such names or any variant thereof, and all trademarks, trade names, patents, patents pending and goodwill with respect
to the Land or Improvements; 
 (j) Any and all shares of stock, membership or partnership interest or other
evidence of ownership of any part of the Land or Improvements that is owned by Grantor in common with others, including all water stock relating to the Land or Improvements, if any, and all documents of membership in any owners’ or
members’ association or similar group having responsibility for managing or operating any part of the Land or Improvements and any management agreements; 
 (k) Any and all plans and specifications prepared for construction of improvements on the Land or Improvements and all studies, data and drawings related thereto; and all contracts and agreements of
Grantor relating to the aforesaid plans and specifications or to the aforesaid studies, data and drawings, or to the construction of improvements on the Land or Improvements; 

(l) Any and all of Grantor’s right, title and interest in, to and under any and all reserve, deposit or escrow
accounts made pursuant to any loan documents made between Grantor and Beneficiary with respect to the Land or Improvements, together with all income, profits, benefits and advantages arising therefrom; 

(m) Any and all goods, accounts, general intangibles, chattel paper, instruments, documents, consumer goods, equipment and
inventory (as defined in the Texas Business and Commerce Code (“UCC”)) now owned or hereafter acquired by Grantor located on and used in the operation of the Land or Improvements; 

(n) All of Grantor’s right, title and interest in and to deposit accounts and letter of credit rights (as defined in
the UCC) relating to the operation of the Land or Improvements; 

  
 4 

 (o) Any and all substitutions, accessions, additions and replacements to any
of the foregoing; and 
 (p) Any and all products and proceeds of any of the foregoing, or with respect to the
Land or Improvements, including without limitation, insurance proceeds, proceeds of any voluntary or involuntary disposition or diminution in value of any of the foregoing or of the Land or Improvements, and any claim respecting any thereof
(pursuant to judgment, condemnation award or otherwise) and all goods, accounts, general intangibles, chattel paper, instruments, documents, consumer goods, equipment and inventory, wherever located, acquired with the proceeds of any of the
foregoing or proceeds thereof. For purposes of this Deed of Trust, the term “proceeds” means whatever is received when any of the foregoing or the proceeds thereof (including, without limitation, cash proceeds) is sold,
exchanged or otherwise disposed of (including involuntary dispositions or destruction and claims for damages thereto), including without limitation cash proceeds, insurance proceeds, condemnation proceeds, and any other rights or property arising
under or receivable upon any such disposition. 
 The parties intend the definition of Premises to be broadly construed and in
the case of doubt as to whether a particular item is to be included in the definition of Premises, the doubt should be resolved in favor of inclusion. 
 TO HAVE AND TO HOLD the Premises with all rights, privileges and appurtenances thereunto belonging, and all income, rents, royalties, revenues, issues, profits and proceeds therefrom, unto Trustee,
its successors and assigns, forever, for the uses and purposes herein expressed. 
 THIS DEED OF TRUST IS GIVEN TO
SECURE: Payment of the Indebtedness; payment of such additional sums with interest thereon which may hereafter be loaned to Grantor by Beneficiary pursuant to the Note or Deed of Trust or otherwise advanced under the Loan Documents, including
without limitation advances made by Beneficiary to protect the Premises or the lien of this Deed of Trust or to pay taxes, assessments, insurance premiums, and all other amounts that Grantor has agreed to pay pursuant to the provisions hereof or
that Beneficiary has incurred by reason of the occurrence of an Event of Default (as hereinafter defined), including without limitation, advances made to enable the completion of the Improvements or any restoration thereof, even though the aggregate
amount outstanding at any time may exceed the original principal balance stated herein and in the Note; and the due, prompt and complete performance of each and every covenant, condition and agreement contained in this Deed of Trust, the Note and
every other agreement, document and instrument to which reference is expressly made in this Deed of Trust or which at any time evidences or secures the Indebtedness evidenced by the Note, and that certain Loan Agreement executed by Grantor and
Beneficiary dated of even date herewith (the “Loan Agreement”) (this Deed of Trust, the Note, the Loan Agreement and all such other agreements, documents and instruments, but excluding the certain Environmental
Indemnification Agreement executed on even date herewith by Grantor and Industrial Income Operating Partnership LP, a Delaware limited partnership (“Guarantor”), are hereinafter sometimes collectively referred to as the
“Loan Documents”). Grantor hereby warrants that Grantor has good and indefeasible title to the Premises, is lawfully seized and possessed of the Premises and every part thereof, and has the right to convey same; that Grantor
will forever warrant and defend the title to the Premises unto Beneficiary against the claims of all 

  
 5 

 
persons whomsoever subject to the Permitted Encumbrances (as hereinafter defined); and that the Premises are unencumbered except as set forth on Beneficiary’s title insurance policy dated on
or about even date herewith regarding the Premises (the “Permitted Encumbrances”). 
 2.
Maintenance, Repair and Restoration of Improvements, Payment of Prior Liens, etc. Grantor shall: (a) promptly repair, restore or rebuild any Improvements now or hereafter on the Premises which may become damaged or be destroyed,
such Improvements to be of at least equal value and substantially the same character as prior to such damage or destruction; provided, however, if such repair, restoration or rebuilding is required as a result of casualty or condemnation, Grantor
shall only be required to repair, restore or rebuild if Beneficiary makes the insurance or condemnation proceeds (after payment of costs of collection) available for repair, restoration or rebuilding, but Grantor’s obligations therefor are not
limited to the amount of available proceeds; (b) keep the Premises in good condition and repair, without waste, and free from mechanics’ liens or other liens or claims for lien (except the lien of current general taxes duly levied and
assessed but not yet due and payable and liens being contested in accordance with the following paragraph); (c) immediately pay when due or within any applicable grace period any indebtedness which may be secured by a lien or charge on the
Premises (no such lien, except for current general taxes duly levied and assessed but not yet payable, to be permitted hereunder), and upon request exhibit satisfactory evidence to Beneficiary of the discharge of such lien; (d) complete within
a reasonable time any Improvements now or at any time in process of erection upon the Land; (e) comply with all requirements of law (including, without limitation, pollution control and environmental protection laws and laws relating to the
accommodation of persons with disabilities), ordinance or other governmental regulation in effect from time to time affecting the Premises and the use thereof, and covenants, easements and restrictions of record with respect to the Premises and the
use thereof; (f) make no material alterations in the Premises; (g) suffer or permit no material change in the general nature of the use of the Premises, without Beneficiary’s written consent; (h) initiate or acquiesce in no
material zoning reclassification or variance with respect to the Premises without Beneficiary’s written consent; and (i) pay each item of Indebtedness when due according to the terms hereof or of the Note. 

Notwithstanding anything contained herein to the contrary, Grantor shall not be required to pay or discharge any taxes, assessments or
other charges of the nature referred to in Paragraphs 2 and 3 herein so long as Grantor shall in good faith contest the same or the validity thereof by appropriate legal proceedings which shall operate to prevent the collection of the
levy, lien or imposition so contested and the sale of the Premises, or any part thereof, to satisfy any obligation arising therefrom, provided that Grantor shall give such reasonable security as may be demanded by Beneficiary to insure such payments
and prevent any sale or forfeiture of the Premises by reason of such nonpayment, failure of performance or contest by Grantor. Any such contest shall be prosecuted with due diligence and Grantor shall promptly after final determination thereof pay
the amount of any levy, lien or imposition so determined, together with all interest and penalties, which may be payable in connection therewith. Notwithstanding the provisions of this Paragraph, Grantor shall (and if Grantor shall fail so to
do, Beneficiary may but shall not be required to) pay any such levy, lien or imposition notwithstanding such contest if in the reasonable opinion of Beneficiary, the Premises shall be in jeopardy or in danger of being forfeited or foreclosed.

  
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 3. Payment of Taxes. Subject to Paragraph 2 herein, Grantor shall pay
prior to any delinquency or any penalty or interest attaches all general taxes, special taxes, special assessments, water charges, sewer service charges, and all other charges against the Premises of any nature whatsoever when due, and shall, upon
written request, furnish to Beneficiary duplicate receipts therefor. 
 4. Tax Deposits. Unless otherwise waived
in writing by Beneficiary, Grantor covenants and agrees to deposit with such depositary as the Beneficiary from time to time may in writing appoint, and in the absence of such appointment, then at the office of Beneficiary, c/o ING Investment
Management LLC, 5780 Powers Ferry Road, NW, Suite 300, Atlanta, Georgia 30327-4349, Attention: Mortgage Loan Servicing Department, commencing on the date of disbursement of the loan secured hereby (the “Loan”) and on the
first day of each month following the month in which said disbursement occurred until the Indebtedness is fully paid, a sum equal to one-twelfth (1/12th) of the last total annual taxes and assessments for the last ascertainable year (if the
current year’s taxes and assessments are not yet ascertainable) (general and special) on the Premises (unless said taxes are based upon assessments which exclude the Improvements or any part thereof now constructed or to be constructed, in
which event the amount of such deposits shall be based upon the Beneficiary’s reasonable estimate as to the amount of taxes and assessments to be levied and assessed). Such deposits are to be held without any allowance of interest (unless local
law requires otherwise) and are to be used for the payment of taxes and assessments (general and special) on the Premises next due and payable when they become due. Upon demand by such depositary, Grantor shall deliver and pay over to such
depositary from time to time such additional sums or such additional security as are necessary to make up any deficiency in the amount necessary to enable such depositary to fully pay any of the items hereinabove mentioned as they become payable. If
the funds so deposited exceed the amount required to pay such items hereinabove mentioned for any year, the excess shall be applied on a subsequent deposit or deposits. Said deposits need not be kept separate and apart from any other funds of
Beneficiary or such depositary. 
 If any such taxes or assessments (general or special) shall be levied, charged, assessed or
imposed upon or for the Premises, or any portion thereof, and if such taxes or assessments shall also be a levy, charge, assessment or imposition upon or for any other property not covered by the lien of this Deed of Trust, then the computation of
any amount to be deposited under this Paragraph 4 shall be based upon the entire amount of such taxes or assessments, and Grantor shall not have the right to apportion the amount of any such taxes or assessments for the purposes of such
computation. 
 5. Beneficiary’s Interest In and Use of Deposits. Upon the occurrence of an Event of Default,
Beneficiary may at its option, without being required to do so, apply any monies at the time on deposit pursuant to Paragraphs 4 and 7 hereof, on any of Grantor’s obligations herein or in the Note or any of the Loan Documents contained,
in such order and manner as the Beneficiary may elect. When the Indebtedness has been fully paid, any remaining deposits shall be paid to Grantor or to the then owner or owners of the Premises. A security interest within the meaning of the UCC is
hereby granted to the Beneficiary in and to any monies at any time on deposit pursuant to Paragraphs 4 and 7 hereof and such monies and all of Grantor’s right, title and interest therein are hereby assigned to Beneficiary, all as
additional security for the Indebtedness and shall in the absence of the occurrence of an Event of Default be applied by the 

  
 7 

 
depositary for the purposes for which made hereunder and shall not be subject to the direction or control of Grantor; provided, however, that neither Beneficiary nor said depositary shall be
liable for any failure to apply to the payment of taxes and assessments and insurance premiums any amount so deposited. Neither Beneficiary nor any depositary hereunder shall be liable for any act or omission taken in good faith or pursuant to the
instruction of any party but only for its willful misconduct. 
 6. Insurance. 

(a) Until the Indebtedness is fully paid, the Improvements and all fixtures, equipment and property therein contained or
installed shall be kept unceasingly insured against loss and damage by such hazards, casualties and contingencies in such amounts and for such periods as may from time to time be required by Beneficiary. All insurance shall be written in policies
and by insurance companies approved by Beneficiary which approval shall not be unreasonably withheld so long as a A.M. Best Company’s Key Rating Guide Class rating of at least A XII is maintained and the policy otherwise conforms to the terms
hereof. All policies of insurance and renewals thereof shall contain standard noncontributory mortgagee loss payable clauses to Beneficiary, shall not contain a co-insurance clause or other clause limiting the amount of coverage under any
conditions, and shall provide for at least thirty (30) days prior written notice to Beneficiary of modification (with respect to the Premises), termination, cancellation or non-renewal to the policy (except (a) in the case of non-payment
of premium, only ten (10) days written notice is required and (b) in the case of termination, such lesser time period as prescribed by Texas Insurance Code Section 549.054) that insures the Premises as well as a waiver of subrogation
endorsement, all as required by Beneficiary, in form and content acceptable to Beneficiary. All policies (or certified copies thereof) or original ACORD 28 and ACORD 25 (as to liability only) Certificates shall, with all premiums fully paid, be
delivered to Beneficiary as issued at least thirty (30) days before the expiration of existing policies (or such lesser time period as prescribed by Texas Insurance Code Section 549.054) and shall be held by Johnson Capital Group having an
address at 210 University Boulevard, Seventh Floor, Denver, Colorado 80206 (or such other entity as designated by Beneficiary) until all sums hereby secured are fully paid. Upon request by Beneficiary, Grantor shall furnish Beneficiary evidence of
the replacement cost of the Improvements. In case of sale pursuant to a foreclosure of this Deed of Trust or other transfer of title to the Premises and extinguishment of the Indebtedness, complete title to all policies, other than liability
insurance policies, held by Beneficiary and all prepaid or unearned premiums thereon shall pass to and vest in the purchaser or mortgagee/beneficiary (provided that to the extent such policies are blanket policies covering properties other than the
Premises and the Affiliate Properties, as defined in the Loan Agreement, such policies shall not be transferred to such purchaser or mortgagee/beneficiary). Beneficiary shall not by reason of accepting, rejecting, approving or obtaining insurance
incur any liability for payment of losses. 
 (b) Without in any way limiting the generality of the foregoing,
Grantor covenants and agrees to maintain insurance coverage on the Premises which shall include: (i) all risk coverage insurance (including vandalism and malicious mischief) for an amount equal to one hundred percent (100%) of the full
replacement cost of the Improvements, written on a replacement cost basis and with a replacement cost endorsement (without physical depreciation), an increased cost of construction endorsement, and an agreed amount endorsement pertaining to the
co-insurance clause, and containing a mortgagee clause in Beneficiary’s favor; and if at any 

  
 8 

 
time a dispute arises with respect to replacement cost, Grantor agrees to provide (but not more frequently than once per twenty-four month period, as to the Premises, or if the Premises are
comprised of more than one parcel, as to each such parcel) at Grantor’s expense, an insurance appraisal prepared by an insurance appraiser approved by Beneficiary, establishing the full replacement cost in a manner satisfactory to the insurance
carrier; (ii) business interruption or rent loss insurance insuring against loss arising out of the perils insured against in the policy or policies referred to in clause (i) above, in an amount equal to not less than gross revenue from
the Premises for twelve (12) months from the operation and rental of all Improvements now or hereafter forming part of the Premises, less any allocable charges and expenses which do not continue during the period of restoration and naming
Beneficiary in a standard mortgagee loss payable clause thereunder; (iii) commercial general public liability and property damage insurance with a broad form coverage endorsement for an amount as required from time to time by the Beneficiary
and sufficient to satisfy all tenant lease requirements but not less than an aggregate amount of Three Million and No/100 Dollars ($3,000,000.00) with a single occurrence limit of not less than Three Million and No/100 Dollars ($3,000,000.00) for
claims arising from any one (1) accident or occurrence in or upon the Premises and naming Beneficiary as an additional insured thereunder; (iv) flood insurance whenever in Beneficiary’s reasonable judgment such protection is necessary
and is available and in such case in an amount acceptable to Beneficiary and naming Beneficiary as the loss payee thereunder; (v) earthquake insurance (if available at a commercially reasonable cost) whenever in Beneficiary’s reasonable
judgment such protection is necessary due to a change in the seismic zone in which the Premises are located evidencing a greater risk of earthquake exposure of a magnitude that ING Investment Management LLC or its affiliates customarily require
earthquake insurance coverage with respect to its real estate collateral securing other commercial loans and is available and in such case in an amount acceptable to Beneficiary and naming Beneficiary as the loss payee thereunder;
(vi) insurance covering pressure vessels, pressure piping and machinery, if any, and all major components of any centralized heating or air-conditioning systems located in the Improvements, in an amount satisfactory to Beneficiary, such
policies also to insure against physical damage to such buildings and improvements arising out of peril covered thereunder; and (vii) such other insurance that may be reasonably required from time to time by Beneficiary. Any modifications to
the foregoing insurance requirements or the requirement of additional insurance coverage by Beneficiary shall be imposed only if such coverage is (x) available at a commercially reasonable cost and customarily obtained for properties similar in
nature and location to the Premises, (y) imposed by Beneficiary on all similar properties within its loan portfolio, or (z) otherwise to the extent required under any applicable law, rule or regulation. 

(c) Grantor shall not take out separate insurance concurrent in form or contributing in the event of loss with that
required to be maintained hereunder. 
 7. Insurance Premium Deposits. It is further covenanted and agreed that
for the purpose of providing funds with which to pay the premiums as the same become due on the policies of insurance as herein covenanted to be furnished by the Grantor unless otherwise waived in writing by Beneficiary, Grantor shall deposit with
Beneficiary or the depositary referred to in Paragraph 4 hereof on the date of disbursement of the proceeds of the Loan and on the first day of each month following the month in which said disbursement occurred, an amount equal to the annual
premiums that will next become due and payable on such policies less any amount then on deposit with the Beneficiary or such depositary, divided by the number 

  
 9 

 
of months to elapse thirty (30) days prior to the date when such premiums become delinquent. No interest shall be allowed to Grantor on account of any deposit or deposits made hereunder and
said deposits need not be kept separate and apart from any other funds of Beneficiary or such depositary. 
 8. Adjustment
of Losses with Insurer and Application of Proceeds of Insurance. 
 (a) In case of loss or damage by fire
or other casualty, Grantor shall immediately give Beneficiary and the insurance companies that have insured against such risks written notice of such occurrence. 

(b) In case of loss or damage by fire or other casualty, Grantor shall, if no Event of Default then exists hereunder, have
the sole and exclusive right to settle, compromise or adjust any claim under, and receive, for the purpose of rebuilding and restoration, the proceeds arising from, any and all losses payable under insurance policies to the extent the amount thereof
does not exceed an amount equal to five percent (5%) of the original principal amount of the Note (or if the Premises are comprised of multiple parcels, five percent (5%) of the initial Principal Allocation set forth in
Section 3.07(a) of the Loan Agreement) (the “Threshold Amount”), and all claims for losses in excess of said amount shall be settled, compromised or adjusted only with the mutual agreement of Grantor and
Beneficiary and the proceeds paid as hereinafter provided. In the event insurance proceeds in excess of the Threshold Amount are payable or if an Event of Default exists hereunder, then in either of such events, Beneficiary is authorized to collect
and receipt for any insurance proceeds. Insurance proceeds collected by Beneficiary as aforesaid, after deducting therefrom any expenses incurred in the collection thereof, shall, if requested by Grantor in writing within thirty (30) days after
the proceeds of insurance covering such damage or destruction become available, be made available to Grantor for the purpose of paying the cost of rebuilding or restoring of the Improvements if (i) the Premises, in Beneficiary’s sole and
absolute discretion is capable of being restored to that condition which existed immediately prior to the damage or loss, (ii) the insurance proceeds, together with all other funds which are to be provided by Grantor, are sufficient to restore
the Premises, (iii) Beneficiary determines that income from the Premises shall not be materially affected following the completion of the restoration or rebuilding; (iv) no Event of Default then exists hereunder or under any other Loan
Document, and no circumstance or condition exists that would constitute an Event of Default upon the giving of notice or the passage of time, or both, and (v) the rebuilding and restoration is reasonably estimated to be completed at least one
hundred eighty (180) days prior to the Maturity Date or any Call Date, as those terms are defined in the Note. In the event that Beneficiary makes said proceeds available to Grantor to pay the cost of rebuilding or restoring of the
Improvements, such proceeds shall be made available in the manner and under the conditions that the Beneficiary may reasonably require to assure proper application of such proceeds. In the event such insurance proceeds are made available by the
Beneficiary, the Grantor shall pay all costs incurred by Beneficiary in connection with the application of such insurance proceeds (including but not limited to reasonable costs incurred by Beneficiary, and a title company or agent approved by
Beneficiary in overseeing the disbursement of such insurance proceeds). The Improvements shall be restored or rebuilt so as to be of at least equal value and substantially the same character as prior to such damage or destruction. If the projected
cost of rebuilding, repairing or restoring of the Improvements exceeds the Threshold Amount, then insurance proceeds shall not be made available to Grantor 

  
 10 

 
unless and until Beneficiary has approved plans and specifications for the proposed rebuilding and restoration, which approval shall not be unreasonably withheld. If the proceeds are to be made
available by Beneficiary to Grantor to pay the cost of said rebuilding or restoration, any surplus which may remain out of said insurance proceeds after payment of the costs of rebuilding or restoring the Premises shall, at the option of the
Beneficiary, be applied on account of the Indebtedness without Prepayment Premium (as that term is defined in the Note) or be paid to any party entitled thereto under such conditions as Beneficiary may reasonably require. No interest shall be
allowed to Grantor on any proceeds held by Beneficiary. 
 (c) In the event proceeds of insurance are not made
available to Grantor for the purpose of paying the cost of the rebuilding or restoring of the Improvements, Beneficiary, after deducting the costs of any collection, adjustment and compromise, shall apply such insurance proceeds in accordance with
terms of the Note upon the Indebtedness, provided that any amount so applied by Beneficiary in reduction of the outstanding principal balance of the Note shall be credited to installments of principal in the inverse order of their maturity but no
such application shall delay or postpone any installment payment of principal and interest under the Note (however, from and after the date any such proceeds are applied to the principal balance of the Note, no interest shall thereafter accrue on
such principal repaid regardless of the order of payments to which such proceeds are credited). 
 9. Stamp Tax.
If, by the laws of the United States of America, or of any state having jurisdiction over Grantor, any tax is due or becomes due in respect of the issuance of the Note hereby secured and this Deed of Trust, Grantor covenants and agrees to pay such
tax in the manner required by any such law. Grantor further covenants to reimburse Beneficiary for any sums which Beneficiary reasonably expends by reason of the imposition of any tax on the issuance of the Note secured hereby and this Deed of
Trust. 
 10. Observance of Lease Assignment. 

(a) As additional security for the payment of the Note secured hereby and for the faithful performance of the terms and
conditions contained herein, Grantor, as landlord, has assigned to Beneficiary, by that certain Assignment of Rents and Leases dated on or about this same date (the “Assignment of Rents”), all of Grantor’s right, title
and interest as landlord in and to all leases or other rights of use and or occupancy of any part of the Premises, both present and future (hereinafter collectively referred to as the “Leases”) and all of the rents, issues
and profits from the Leases or guaranties thereof (hereinafter collectively referred to as the “Rents”). 
 (b) All Leases entered into after the date hereof (i) shall be bona fide arms-length transactions with a third party, (ii) shall not contain any rental or other concessions other than those
required by market conditions with respect to comparable space, (iii) shall provide that the tenant pay a pro rata share (based on square footage of space) of, or increases in, taxes, insurance or other operating expenses, and (iv) shall
be materially on a form approved by Beneficiary (which approval has not been previously revoked by Beneficiary as hereinafter provided). Beneficiary will, at the request of Grantor, approve a form of lease satisfactory to Beneficiary, but
Beneficiary shall have the right subsequently to reasonably revoke such approval upon thirty (30) days prior written notice to Grantor of its election to do so. In the event of any such revocation or approval, Grantor shall not enter into any
Lease without the prior 

  
 11 

 
written approval of Beneficiary unless Beneficiary has approved a revised form of lease satisfactory to it in its reasonable discretion. Leases which are within the criteria set forth above, thus
not requiring the prior approval of Beneficiary, are referred to herein as “Pre-Approved Leases.” Any material change in the form of lease previously approved by Beneficiary shall be subject to Beneficiary’s prior
written approval. A lease affecting 320,000 square feet or more of space within the Premises shall be subject to Beneficiary’s prior written consent. 
 (c) Grantor will not, without Beneficiary’s prior written consent: (i) execute an assignment or pledge of any Rents and/or any Leases except for any second-in-priority assignment or pledge in
favor of Beneficiary; or (ii) accept any prepayment of any installment of any Rents more than thirty (30) days before the due date of such installment, and in any event no more than thirty (30) days in advance of the then current
month. 
 (d) Grantor at its sole cost and expense will: (i) at all times promptly and faithfully abide by,
discharge and perform all of the covenants, conditions and agreements contained in all Leases, on the part of the landlord thereunder to be kept and performed; (ii) enforce or secure the performance of all of the covenants, conditions and
agreements of the Leases on the part of the lessees to be kept and performed, but Grantor, except as hereinafter expressly provided or except as to existing rights of tenants under the provisions of a Lease (without further consent, approval or
agreement of the landlord thereunder), shall not modify, amend, renew, extend, cancel, terminate or accept surrender of any Lease without the prior written consent of Beneficiary (and to the extent landlord’s consent is required as to any
matter under a Lease, and the Lease provides that landlord shall not unreasonably withhold its consent, Beneficiary’s consent shall likewise not be unreasonably withheld); (iii) appear in and defend any action or proceeding arising under,
growing out of or in any manner connected with the Leases or the obligations, duties or liabilities of landlord or of the lessees thereunder; (iv) upon written request of Beneficiary, transfer and assign to Beneficiary, any Lease or Leases
heretofore or hereafter entered into, and make, execute and deliver to Beneficiary upon demand, any and all instruments required to effectuate said assignment; (v) furnish Beneficiary, within ten (10) days after a request by Beneficiary so
to do, a written statement containing the names of all lessees, terms of all Leases, including the spaces occupied and the rentals payable thereunder; and (vi) exercise within five (5) Business Days (as defined in the Loan Agreement) of
any demand therefor by Beneficiary any right to request from the lessee under any Lease a certificate with respect to the status thereof. 
 Notwithstanding the foregoing, Grantor may modify any Lease without Beneficiary’s prior written consent provided such Lease is subordinate to the lien and interest of this Deed of Trust and
Beneficiary has not executed a subordination, non-disturbance and attornment agreement for such Lease. 
 (e)
Nothing in this Deed of Trust or in any other documents relating to the Loan shall be construed to obligate Beneficiary, expressly or by implication, to perform any of the covenants of Grantor as landlord under any of the Leases assigned to
Beneficiary or to pay any sum of money or damages therein provided to be paid by the landlord, each and all of which covenants and payments Grantor agrees to perform and pay. 

  
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 (f) All Leases hereafter executed shall be subordinate to the lien and
interest of this Deed of Trust, unless otherwise approved by Beneficiary in writing. Grantor will not permit any Lease or any part thereof to become subordinate to any lien other than the lien hereof except for any second-in-priority assignment of
leases in favor of Beneficiary. 
 (g) Beneficiary shall have the option to declare this Deed of Trust in default
because of a default of landlord in any Lease of the Premises unless such default is cured by Grantor pursuant to the terms of the Lease and within any applicable cure period or unless such default would not permit the tenant to terminate the Lease.
It is covenanted and agreed that an Event of Default under the Assignment of Rents shall constitute an Event of Default hereunder on account of which the whole of the Indebtedness shall at once, at the option of the Beneficiary, become immediately
due and payable without notice to the Grantor. 
 (h) Grantor shall not, and shall not permit any tenant to,
conduct any on-site dry cleaning operations on the Premises other than a pick-up or drop-off operation. 
 (i) In
the event of the enforcement by Beneficiary of the remedies provided for by law or by this Deed of Trust, the lessee under each Lease of the Premises shall, at the option of Beneficiary, attorn to any person succeeding to the interest of Grantor as
a result of such enforcement and shall recognize such successor in interest as landlord under such Lease without change in the terms or other provisions thereof; provided, however, that said successor in interest shall not be bound by any payment of
rent or additional rent for more than one month in advance or any amendment or modification to any Lease made without the consent of Beneficiary or said successor in interest. Each lessee, upon request by said successor in interest, shall execute
and deliver an instrument or instruments confirming such attornment. 
 11. Effect of Extension of Time. If the
payment of the Indebtedness, or any part thereof, is extended or varied, or if any part of any security for the payment of the Indebtedness is released, or if any person or entity liable for the payment of the Indebtedness is released, or if
Beneficiary takes other or additional security for the payment of the Indebtedness, or if Beneficiary waives or fails to exercise any right granted herein, or in the Note secured hereby, or in any other instrument given to secure the payment hereof,
then all persons now or at any time hereafter liable for the payment of the Indebtedness, or any part thereof, or interest in the Premises shall be held to assent to such extension, variation, release, waiver, failure to exercise or the taking of
additional security, and their liability and the lien and all provisions hereof shall continue in full force, the right of recourse against all such persons being expressly reserved by Beneficiary, notwithstanding such extension, variation, release,
waiver, failure to exercise, or the taking of additional security. 
 12. Effect of Changes in Laws Regarding
Taxation. In the event of the enactment after this date of any law of the state in which the Premises are located deducting from the value of the Premises for the purpose of taxation any lien thereon, or imposing upon the Beneficiary the
payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Grantor, or changing in any way the laws relating to the taxation of mortgages/deeds of trust/deeds to secure debt or debts secured by
mortgages/deeds of trust/deeds to secure debt or Beneficiary’s interest in the Premises, or the manner of collection of taxes, so as to affect this Deed of Trust or the debt secured hereby or the holders thereof, then, and in any

  
 13 

 
such event, Grantor, upon demand by Beneficiary, shall pay such taxes or assessments, or reimburse Beneficiary therefor if Beneficiary pays such taxes and submits proof of payment to Grantor;
provided, however, that if in the opinion of counsel for Beneficiary: (i) it might be unlawful to require Grantor to make such payment, or (ii) the making of such payment might result in the imposition of interest beyond the maximum amount
permitted by law; then and in such event, Beneficiary may elect, by notice in writing given to Grantor, to declare all of the Indebtedness to be and become due and payable sixty (60) days from the giving of such notice, without the applicable
Prepayment Premium (as defined in the Note). 
 13. Beneficiary’s Performance of Defaulted Acts. Upon the
occurrence of an Event of Default herein, Beneficiary may, but need not, and whether electing to declare the whole of the Indebtedness due and payable or not, and without waiver of any other remedy, make any payment or perform any act herein
required of Grantor in any form and manner deemed expedient, and may, but need not, make full or partial payments of principal or interest on prior encumbrances, if any, and purchase, discharge, compromise or settle any tax lien or other prior lien
or title or claim thereof, or redeem from any tax sale or forfeiture affecting the Premises or contest any tax or assessment or cure any default of Grantor as landlord in any Lease. All monies paid for any of the purposes herein authorized and all
expenses paid or incurred in connection therewith, including attorneys’ fees, and any other monies advanced by Beneficiary in regard to any tax referred to in Paragraphs 9 and 12 hereof or to protect the Premises or the lien
hereof, shall be additional Indebtedness and shall become immediately due and payable without notice and with interest thereon at the Default Rate of interest set forth in the Note. Inaction of Beneficiary shall never be considered as a waiver of
any right accruing to it on account of any Event of Default on the part of Grantor. 
 14. Beneficiary’s Reliance on
Tax Bills, Etc. Beneficiary in making any payment hereby authorized: (a) relating to taxes and assessments, may do so according to any bill, statement or estimate procured from the appropriate public office without inquiry into the
accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; or (b) relating to insurance premiums, may do so according to any bill or statement procured from
the appropriate company without inquiry into the accuracy of such bill or statement; or (c) for the purchase, discharge, compromise or settlement of any other prior lien, may do so without inquiry as to the validity or amount of any claim for
lien which may be asserted. 
 15. Acceleration of Indebtedness in Event of Default. It is expressly agreed by
Grantor that time is of the essence hereof and that the whole of the Indebtedness shall become immediately due and payable without notice to Grantor at the option of the Beneficiary upon the occurrence of one or more of the following events
(hereinbefore and hereinafter collectively referred to as “Events of Default” and individually referred to as an “Event of Default”), together with a prepayment premium in the amount, if any, required
to be paid pursuant to the terms of the Note in the event of a prepayment: 
 (a) nonpayment of any monetary sum
due hereunder within ten (10) days after the same shall become due; or 

  
 14 

 (b) default shall be made in the due observance or performance of the terms
and conditions of Paragraph 6 hereof (Insurance) or Paragraph 30 hereof (Due on Sale or Further Encumbrance); or 
 (c) default shall be made in the due observance or performance of any of the other covenants, agreements or conditions hereinbefore or hereinafter contained, required to be kept or performed or observed
by the Grantor which does not relate to the nonpayment of any monetary sum, and such default is not cured within thirty (30) days following written notice thereof by Beneficiary to Grantor or within such longer period of time, not exceeding an
additional sixty (60) days, as may be reasonably necessary to cure such non-compliance if Grantor is diligently and with continuity of effort pursuing such cure and the failure is susceptible of cure within an additional period of sixty
(60) days; or 
 (d) the entry of a decree or order for relief by a court having jurisdiction in respect of
Grantor, a general partner of Grantor if Grantor is a partnership, the beneficiary or beneficiaries of Grantor if Grantor is a trust, a managing member of Grantor if Grantor is a limited liability company, or any guarantor of the Note secured hereby
(any of the foregoing parties being referred to herein as a “Key Party”), in any involuntary case under the federal bankruptcy laws now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) for any Key Party or any substantial part of the property of any such Key Party, or for the winding up or
liquidation of the affairs of any Key Party and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 

(e) the commencement by any Key Party, of a voluntary case under federal bankruptcy laws, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency or any other similar laws or the consent by any such Key Party to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of any Key Party, or of any substantial part of the property of any such person or entity, or the making by any such Key Party of an assignment for the benefit of creditors or the failure of any such Key Party generally
to pay the debts of any such Key Party as such debts become due, or the taking of action by any such Key Party in furtherance of any of the foregoing; or 
 (f) the death of any guarantor of the Note secured hereby, unless a beneficiary or beneficiaries of the decedent having a net worth or an aggregate net worth, as the case may be, greater than the net
worth of the decedent upon the date hereof, shall become liable by assumption under the guaranty within ten (10) days of the appointment of the executor or personal representative; or 

(g) any warranty, representation, certification, financial statement, or other information furnished or to be furnished to
Beneficiary by or on behalf of Grantor or any guarantor of the Note to induce Beneficiary to loan the money evidenced by the Note proves to have been inaccurate or false in any material respect when made; or 

  
 15 

 (h) any breach, default, event of default or failure of performance (however
denominated) under the Note or any of the other Loan Documents and the expiration of any applicable cure period without the same having been cured; or 
 (i) Grantor shall be in default of, or in violation of, beyond any applicable grace period, any conditions, covenants or restrictions which benefit or burden the Premises. 

If, while any insurance proceeds or condemnation awards are being held by Beneficiary to reimburse Grantor for the cost of rebuilding or restoration of
buildings or improvements on the Premises, Beneficiary shall accelerate the Indebtedness, then and in such event, the Beneficiary shall be entitled to apply all such insurance proceeds and condemnation awards then held by it in reduction of the
Indebtedness without payment of a Prepayment Premium and any excess held by it over the amount of Indebtedness then due hereunder shall be returned to Grantor or any other party entitled thereto without interest. 

16. Remedies. 
 (a) Primary Remedies. If an Event of Default shall occur, Beneficiary may: declare the Indebtedness to be and the same shall be, immediately due and payable without presentment, demand, protest or
notice of any kind, all of which are hereby expressly waived and without regard to the value of the Premises held as security for the Indebtedness or the solvency of any person liable for the payment of such Indebtedness; and/or exercise any other
right, power or remedy available to it at law or in equity, hereunder or under any other Loan Document without demand, protest or notice of any kind, all of which are hereby expressly waived, except such as is expressly required hereby or by such
other Loan Document. Without limiting the generality of the foregoing, Trustee or Beneficiary may: 
 (i) enter
and take possession of the Premises or any part thereof, exclude Grantor and all persons claiming under Grantor wholly or partly therefrom, and operate, use, manage and control the same, or cause the same to be operated by a person selected by
Beneficiary, either in the name of Grantor or otherwise, and upon such entry, from time to time, at the expense of Grantor and of the Premises, make all such repairs, replacements, alterations, additions or improvements thereto as Beneficiary may
deem proper, and to lease the Premises or any part thereof at such rental and to such persons as it may deem proper and collect and receive the rents, revenues, issues, profits, royalties, income and benefits thereof including, without limitation,
those past due and those thereafter accruing, with the right of Beneficiary to terminate, cancel or otherwise enforce any Lease or sublease for any default that would entitle Grantor to terminate, cancel or enforce same and apply the same to the
payment of all expenses which Beneficiary may be authorized to incur under the provisions of this Deed of Trust and applicable laws, the remainder to be applied to the payment, performance and discharge of the Indebtedness in such order as
Beneficiary may determine until the same have been paid in full. 

  
 16 

 (ii) institute an action for the foreclosure of this Deed of Trust and the
sale of the Premises pursuant to the judgment or decree of a court of competent jurisdiction; 
 (iii) (A)
request Trustee to proceed with foreclosure pursuant to the power of sale granted herein, and in such event Trustee is hereby authorized and empowered, and it shall be Trustee’s special duty, upon such request of Beneficiary, to sell the
Premises, or any part thereof, to the highest bidder or bidders for cash or credit, as directed by Beneficiary, at the location at the county courthouse specified by the commissioner’s court of the county in the State of Texas wherein the Land
then subject to the lien hereof is situated or, if no such location is specified by the commissioner’s court, then at the location specified in Beneficiary’s notice of such sale to Grantor; provided, that if the Land is situated in
more than one county, then such sale of the Premises, or part thereof, may be made in any county in the State of Texas wherein any part of the Land then subject to the lien hereof is situated. Any such sale shall be made at public outcry, during a
three (3) hour period between the hours of ten o’clock (10:00) A.M. and four o’clock (4:00) P.M. on the first (1st) Tuesday in any month. Written or printed notice of such sale shall be posted at the courthouse in the
county, or if more than one, then in each of the counties, wherein the Land then subject to the lien hereof is situated. Such notice shall designate the county where the Premises, or part thereof, will be sold and the earliest time at which the sale
will occur, and such notice shall be posted at least twenty-one (21) days prior to the date of sale. Such notice shall also be filed with the county clerk in the county, or if more than one, then in each of the counties wherein the Land is
located. Beneficiary shall, at least twenty-one (21) days preceding the date of sale, serve written notice of the proposed sale by certified mail on each debtor obligated to pay the Indebtedness according to the records of Beneficiary. Upon the
completion of any sale or sales ordered by Beneficiary and made by Trustee under or by virtue of this paragraph, Beneficiary or Trustee, or any officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or
purchasers a good and sufficient instrument, or good and sufficient instruments, granting, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold. Trustee is hereby irrevocably appointed
the true and lawful attorney-in-fact of Grantor (coupled with an interest), in its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the property and rights so sold and for that purpose Trustee may execute
all necessary instruments of conveyance, assignment, transfer and delivery, and may substitute one or more persons with like power, Grantor hereby ratifying and confirming all that its said attorney-in-fact or such substitute or substitutes shall
lawfully do by virtue hereof. Nevertheless, Grantor, if so requested by Trustee or Beneficiary, shall ratify and confirm any such sale or sales by executing and delivering to Beneficiary, or to such purchaser or purchasers all such instruments as
may be advisable, in the sole judgment of Beneficiary, for such purpose, and as may be designated in such request. Any such sale or sales made under or by virtue of this paragraph, where made under the power of sale herein granted or under or
by virtue of judicial proceedings or a 

  
 17 

 
judgment or decree of foreclosure and sale, shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether at law or in equity of Grantor in and to the
property and rights so sold, and shall, to the fullest extent permitted under law, be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who may claim the same, or any party thereof, from, through
or under Grantor. The sale of a part of the Premises shall not exhaust the power of sale, but sales may be made from time to time until the Indebtedness is paid and performed in full. It shall not be necessary to have present or to exhibit at any
such sale any portion of the Premises which constitutes personal property. 
 (B) Trustee, may, and upon the
request of Beneficiary shall, adjourn from time to time any sale by it to be made under or by virtue of this Deed of Trust by announcement at the time and place appointed for such sale or for such adjourned sale or sales and, except as otherwise
provided by any applicable provision of law, Trustee, without further notice or publication, may make such sale at the time and place to which the same shall be so adjourned. 

(C) In addition to any of the rights and powers of sale granted under the preceding Subparagraph 16(a)(iii)(A), if
any Event of Default occurs concerning the payment of any installment of the Indebtedness, Beneficiary, at its option, at once or at any time thereafter while any matured installed remains unpaid, without declaring the entire Indebtedness to be due
and payable, may orally or in writing direct the Trustee to enforce this Deed of Trust and to sell the Premises subject to such unmatured indebtedness and the assignments, liens, and security interests securing its payment, in the same manner, on
the same terms, at the same place and time and after having given notice in the same manner, all as provided in the preceding provisions of Subparagraph 16(a)(iii)(A). After such sale, the Trustee shall make due conveyance to the purchaser or
purchasers. Sales made without maturing the Indebtedness may be made hereunder whenever there occurs an Event of Default in the payment of any installment of the Indebtedness without exhausting the power of sale granted hereby, and without affecting
in any way the power of sale granted under Subparagraph 16(a)(iii)(A), the unmatured balance of the Indebtedness (except as to any proceeds of any sale which Beneficiary may apply as a prepayment of the Indebtedness) or the assignments, liens
and security interests securing payment of the Indebtedness. 
 (D) It is intended by each of the foregoing
provisions of Subparagraph 16(a)(iii) that Trustee may, after any request or direction by Beneficiary, sell not only the Land and Improvements but also all other portions of the Premises, or any part thereof, along with the Land, or any part
thereof, all as a unit and as a part of a single sale, or may sell any part of the Premises separately from the remainder of the Premises. The sale or sales by Trustee of less than the whole of the Premises shall not exhaust the power of sale herein
granted, and Trustee is specifically empowered to make successive sale or sales under such power until the whole of the Premises shall be sold; and if the 

  
 18 

 
proceeds of such sale or sales of less than the whole of the Premises shall be less than the aggregate of the Indebtedness and the expense of executing this trust, this Deed of Trust and the
assignments, liens, and security interests hereof shall remain in full force and effect as to the unsold portion of the Premises just as though no sale or sales of less than the whole of the Premises had occurred, but Beneficiary shall have the
right, at its sole election, to request Trustee to sell less than the whole of the Premises. 
 (E) Grantor and
Beneficiary agree that, in any assignments, deeds, bills of sale, notices of sale, or postings, given by Trustee or Beneficiary, any and all statements of fact or other recitals therein made as to the identify of Beneficiary, or as to the occurrence
or existence of any Event of Default, or as to the acceleration of the maturity of the Indebtedness, or as to the request to sell, posting of notice of sale, notice of sale, time, place, terms and manner of sale and receipt, distribution and
application of the money realized therefrom, or as to the due and proper appointment of a substitute trustee and without being limited by the foregoing, as to any other act or thing having been duly done by Beneficiary or by Trustee, shall be taken
by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee may
lawfully do in the Premises by virtue hereof. 
 (F) Beneficiary may, or Trustee may upon written request of
Beneficiary, proceed by suit or suits, at law or in equity, to enforce the payment and performance of the Indebtedness in accordance with the terms hereof or of the Note or the other Loan Documents, to foreclose or otherwise enforce the assignments,
liens, and security interests created or evidenced by the other Loan Documents, or this Deed of Trust as against all, or any part of, the Premises, and to have all or any part of the Premises sold under the judgment or decree of a court of competent
jurisdiction. 
 (G) The proceeds or avails of any sale made under or by virtue of this paragraph, together with
any other sums which then may be held by Beneficiary under this Deed of Trust, whether under the provisions of this paragraph or otherwise, shall be applied as provided in Paragraph 17 hereof. Beneficiary, Trustee and any receiver or
custodian of the Premises or any part thereof shall be liable to account for only those rents, issues, proceeds and profits actually received by it. 
 (H) Upon any sale under or by virtue of this Deed of Trust (whether made under the power of sale herein granted or under or by virtue of judicial proceedings or a judgment or decree of foreclosure and
sale), Beneficiary may bid for and acquire the Premises or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting the Indebtedness to and against the net sales price after deducting therefrom the
expenses of the sale and the costs of the action. 

  
 19 

 (I) No recovery of any judgment by Beneficiary and no levy of an execution
under any judgment upon the Premises or any part thereof or upon any other property of Grantor shall release the lien of this Deed of Trust upon the Premises or any part thereof, or any liens, rights, powers or remedies of Beneficiary hereunder, but
such liens, rights, powers and remedies of Beneficiary shall continue unimpaired until the entire Indebtedness is paid in full. 
 (iv) take all action to protect and enforce the rights of Beneficiary under this Deed of Trust, by suit for specific performance of any covenant herein contained, or in aid of the execution of any power
herein granted or for the enforcement of any other rights; 
 (v) exercise any or all of the rights and remedies
available to a secured party under the UCC, including the right to (A) enter the Premises and take possession of any personal property without demand or notice and without prior judicial hearing or legal proceedings, which Grantor hereby
expressly waives, (B) require Grantor to assemble any personal property, or any portion thereof, and make it available to Beneficiary at a place or places designated by Beneficiary and reasonably convenient to both parties and (C) sell all
or any portion of the personal property at public or private sale, without prior notice to Grantor except as otherwise required by law (and if notice is required by law, after ten (10) days’ prior written notice), at such place or places
and at such time or times and in such manner and upon such terms, whether for cash or on credit, as Beneficiary in its sole discretion may determine. As to any property subject to Article 9 of the UCC included in the Premises, Beneficiary may
proceed under the UCC or proceed as to both real and personal property in accordance with the provisions of this Deed of Trust and the rights and remedies that Beneficiary may have at law or in equity, in respect of real property, and treat both the
real and personal property included in the Premises as one parcel or package of security. Grantor shall have the burden of proving that any such sale pursuant to the UCC was conducted in a commercially unreasonable manner; 

(vi) terminate any management agreements, contracts, or agents/managers responsible, for the property management of the
Premises, if in the sole discretion of Beneficiary such property management is unsatisfactory in any respect; 

(vii) foreclose this Deed of Trust, at Beneficiary’s option, for the entire unpaid amount of the Indebtedness, or
only as to the sum past due, with interest and costs without injury to this Deed of Trust or the displacement or impairment of the remainder of the lien thereof, and at such foreclosure sale the Premises shall be sold subject to all remaining items
of the Indebtedness and Trustee or Beneficiary may again foreclose, in the same manner, as often as there may be any sum past due. In case of sale in any action or proceeding to foreclose this Deed of Trust, the Beneficiary shall have the right to
sell the Premises covered hereby in parts or as an entirety. It is intended hereby to give to the Beneficiary 

  
 20 

 
the widest possible discretion permitted by law with respect to all aspects of any such sale or sales; and 
 (viii) to the fullest extent permitted by applicable law, if an Event of Default occurs due to the nonpayment of the Indebtedness, or any part thereof, as an alternative to the right of foreclosure for
the full Indebtedness after acceleration thereof, Beneficiary shall have the right to institute proceedings, either judicial or non-judicial, at Beneficiary’s option, for partial foreclosure with respect to the portion of said Indebtedness so
in default, as if under a full foreclosure, and without declaring the entire Indebtedness due (such proceedings being hereinafter referred to as “Partial Foreclosure”), and provided that if a foreclosure sale is made because
of an Event of Default in the payment of a part of the Indebtedness, such sale may be made subject to the continuing lien of this Deed of Trust for the unmatured part of the Indebtedness; and it is agreed that such sale pursuant to a Partial
Foreclosure, if so made, shall not in any manner affect the unmatured part of the Indebtedness, but as to such unmatured part, this Deed of Trust and the lien thereof shall remain in full force and effect just as though no foreclosure sale had been
made under the provisions of this Paragraph. Notwithstanding any Partial Foreclosure, Beneficiary may elect, at any time prior to sale pursuant to such Partial Foreclosure, to discontinue such Partial Foreclosure and to accelerate the Indebtedness
by reason of any Event of Default upon which such Partial Foreclosure was predicated or by reason of any other further Event of Default, and proceed with full foreclosure proceedings. It is further agreed that several foreclosures may be made
pursuant to Partial Foreclosure without exhausting the right of full or Partial Foreclosure sale for any unmatured part of the Indebtedness, it being the purpose to provide for a Partial Foreclosure sale of the Indebtedness hereby without exhausting
the power to foreclose and to sell the Premises pursuant to any such Partial Foreclosure for any other part of the Indebtedness, whether matured at the time or subsequently maturing, and without exhausting any right of acceleration and full
foreclosure. 
 (b) Receiver. If an Event of Default shall occur, Beneficiary shall be entitled as a
matter of right to the appointment of a receiver of the Premises, and the rents, revenues, issues, profits, royalties, income and benefits thereof, without notice or demand, and without regard to the adequacy of the security for the Indebtedness,
the value of the Premises or the solvency of Grantor, either before or after any sale, and, Beneficiary may be appointed as such receiver. Such receiver shall have, including, without limitation, the power: (i) to collect the rents, issues and
profits of the Premises during the pendency of any foreclosure proceedings whether by judicial or non-judicial foreclosure, and, in case of a sale and a deficiency, for such time when Grantor, except for the intervention of such receiver, would be
entitled to collect such rents, issues and profits, to the maximum time and extent permitted by law; (ii) to extend or modify any then existing Leases and to make new leases, which extensions, modifications and new leases may provide for terms
to expire, or for options to leases to extend or renew terms to expire, beyond the maturity date of the Note and beyond the date of the issuance of a deed or deeds to a purchaser or purchasers at a foreclosure sale, it being understood and agreed
that any such leases, and the options or other such provisions to be contained therein, shall be binding upon Grantor and all persons whose interests in the Premises are subject to the lien hereof and

  
 21 

 
upon the purchaser or purchasers at any foreclosure sale, notwithstanding any redemption from sale, discharge of the secured obligations, satisfaction of any foreclosure decree, or issuance of
any certificate of sale or deed to any purchaser; and (iii) all other powers which may be necessary or are usual in such case for the protection, possession, control, management, and operation of the Premises during the whole of said period.
The court from time to time may authorize the receiver to apply the net income in the receiver’s hands in payment in whole or in part of: (i) the Indebtedness and all obligations hereunder, or by any decree foreclosing this Deed of Trust,
or in accordance with applicable non-judicial foreclosure provisions, any tax, special assessment or other lien which may be or become superior to the lien hereof or of such decree; and (ii) if this is a leasehold deed of trust, all rents due
or which may become due under the underlying lease. Nothing herein shall be construed to limit or otherwise waive Beneficiary’s rights to obtain rents, issues and profits, deliver to one or more tenants a written demand to turn over rents,
issues and profits or deliver to Grantor a written demand to turn over rents, issues and profits without appointing a receiver. If an Event of Default shall have been waived in writing by Beneficiary or the Indebtedness reinstated in accordance with
applicable law, Beneficiary shall cooperate with Grantor, at Grantor’s expense, to obtain the dismissal of any receiver appointed for the Premises at the instance of Beneficiary. 

(c) Sales by Parcels. In any sale made under or by virtue of this Deed of Trust or pursuant to any judgment or
decree of court, the Premises may be sold in one or more parts or parcels or as an entirety and in such order as Beneficiary may elect, without regard to the right of Grantor, or any person claiming under it, to the marshaling of assets. To the full
extent permitted by law, Grantor waives the marshaling of assets. 
 (d) Effect of Sale. The purchaser at
any sale made under or by virtue of this Deed of Trust or pursuant to any judgment or decree of court shall take title to the Premises or the part thereof so sold free and discharged of the estate of Grantor therein, the purchaser being hereby
discharged from all liability to see to the application of the purchase money. Any person, including Beneficiary, may purchase at any such sale. Beneficiary is hereby irrevocably appointed the attorney-in-fact of Grantor in its name and stead to
make all appropriate transfers and deliveries of the Premises or any portions thereof so sold and, for this purpose, Beneficiary may execute all appropriate instruments of transfer, and may substitute one or more persons with like power, Grantor
hereby ratifying and confirming all that its said attorneys or such substitute or substitutes shall lawfully do by virtue hereof. Nevertheless, promptly upon Beneficiary’s written request, Grantor shall ratify and confirm, or cause to be
ratified and confirmed, any such sale or sales by executing and delivering, or by causing to be executed and delivered, to Beneficiary or to such purchaser or purchasers all such instruments as may be advisable, in the judgment of Beneficiary, for
the purpose, and as may be designated, in such request. Any sale or sales made under or by virtue of this Deed of Trust, to the extent not prohibited by law, shall operate to divest all the estate, right, title, interest, property, claim and demand
whatsoever, whether at law or in equity, of Grantor in, to and under the Premises, or any portions thereof so sold, and shall be a perpetual bar both at law and in equity against Grantor, its successors and assigns, and against any and all persons
claiming or who may claim the same, or any part thereof, by, through or under Grantor, or its successors or assigns. The powers and agency herein granted are coupled with an interest and are irrevocable. 

  
 22 

 (e) Eviction of Grantor After Sale. If Grantor fails or refuses to
surrender possession of the Premises after any sale thereof, Grantor shall be deemed a tenant at sufferance, subject to eviction by means of forcible entry and detainer proceedings, provided, that this remedy is not exclusive or in derogation of any
other right or remedy available to Beneficiary or any purchaser of the Premises under any provision of this Deed of Trust or pursuant to any judgment or decree of court. 

(f) Insurance Policies. In the event of a foreclosure sale pursuant to this Deed of Trust or other transfer of
title or assignment of the Premises in extinguishment, in whole or in part, of the Indebtedness, all right, title and interest of Grantor in and to all policies of insurance required under the provisions of this Deed of Trust shall inure to the
benefit of and pass to the successor in interest of Grantor or the purchaser or grantee of the Premises or any part thereof so transferred (provided that to the extent such policies are blanket policies covering properties other than the Premises
and the Affiliate Properties, such policies shall not be transferred). 
 (g) Foreclosure; Expense of
Litigation. When the Indebtedness hereby secured, or any part thereof shall become due, whether by acceleration or otherwise, Beneficiary shall have the right to foreclose the lien hereof for such Indebtedness or part thereof. In any suit to
foreclose the lien hereof, there shall be allowed and included as additional Indebtedness in the decree for sale all expenditures and expenses which may be paid or incurred by or on behalf of Beneficiary for reasonable attorneys’ fees actually
incurred, appraiser’s fees, actual costs of environmental reviews or audits, outlays for documentary and expert evidence, stenographers’ charges, publication costs, and costs (which may be estimated as to items to be expended after entry
of the decree) of procuring all such abstracts of title, title searches and examinations, title insurance policies, and similar data and assurances with respect to the title as Beneficiary may deem reasonably necessary either to prosecute such
action or to evidence to bidders at any sale which may be had pursuant to such decree the true condition of the title to or the value of the Premises. All expenditures and expenses of the nature in this Paragraph mentioned and such expenses
and fees as may be incurred in the protection of the Premises, and the maintenance of the lien of this Deed of Trust, including the reasonable fees actually incurred of any attorneys employed by Beneficiary in any litigation or proceeding affecting
this Deed of Trust, the Note or the Premises, including appellate, probate and bankruptcy proceedings, or in preparations for the commencement or defense of any proceedings or threatened suit or proceeding shall be immediately due and payable by
Grantor, with interest thereon at the Default Rate of interest as set forth in the Note and shall be secured by this Deed of Trust. 
 17. Application of Proceeds. The proceeds of any sale made either under the power of sale hereby given or under a judgment, order or decree made in any action to foreclose or to enforce this
Deed of Trust, shall be applied as follows: 
 (a) first to the payment of (i) all costs and expenses of
such sale, including reasonable attorneys’ fees, environmental site assessors fees and costs, appraisers’ fees and costs of procuring title searches, title insurance policies and similar items and (ii) all charges, expenses and
advances incurred or made by Beneficiary in order to protect the lien or estate created by this Deed of Trust or the security afforded hereby including any expenses of entering, taking possession of and operating the Premises; 

  
 23 

 (b) then to the payment of any other Indebtedness in such order as
Beneficiary may determine until the same have been paid in full; and 
 (c) any balance thereof shall be paid to
Grantor, or to whosoever shall be legally entitled thereto, or as a court of competent jurisdiction may direct. 
 18.
Rights and Remedies Cumulative. Each right, power and remedy herein conferred upon Beneficiary is cumulative and in addition to every other right, power or remedy, express or implied, given now or hereafter existing, at law or in
equity, and each and every right, power and remedy herein set forth or otherwise so existing may be exercised from time to time as often and in such order as may be deemed expedient by Beneficiary, and the exercise or the beginning of the exercise
of one right, power or remedy shall not be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy and no delay or omission of Beneficiary in the exercise of any right, power or remedy accruing hereunder or
arising otherwise shall impair any such right, power or remedy, or be construed to be a waiver of any Event of Default or acquiescence therein. 
 19. Beneficiary’s Right of Inspection. Beneficiary shall, upon reasonable notice to Grantor, have the right to inspect the Premises at all reasonable times and access thereto shall be
permitted for that purpose. 
 20. Condemnation. The Beneficiary may, at its option, in its own name
(a) appear or proceed in any condemnation proceeding, and (b) make any compromise or settlement thereof, provided that so long as the Grantor promptly prosecutes any compromise or settlement thereof, the Grantor shall control any
compromise or settlement proceeding with the result thereof being subject to the Beneficiary’s approval. The Grantor shall give the Beneficiary immediate notice of the initiation of any condemnation proceeding, and a copy of every pleading,
notice and other items served in any condemnation proceeding. Grantor hereby assigns, transfers and sets over unto the Beneficiary the entire proceeds of any award or any claim for damages for any of the Premises taken or damaged under the power of
eminent domain or by condemnation. In the event the condemnation proceeds for the Premises (when aggregated with any prior condemnation proceeds for the Premises during the term of the Note) is less than or equal to $200,000, then, after deducting
therefrom any expenses incurred in the collection thereof, such proceeds shall, if requested by Grantor in writing within thirty (30) days after the proceeds become available, be made available to Grantor for the purpose of paying the cost of
rebuilding or restoring of the Improvements if (i) the Premises, in Beneficiary’s sole and absolute discretion is capable of being restored, (ii) the proceeds, together with all other funds which are to be provided by Grantor, are
sufficient to restore the Premises, (iii) Beneficiary determines that income from the Premises shall not be materially affected following the completion of the restoration or rebuilding, (iv) no Event of Default then exists hereunder or
under any other Loan Document, and no circumstance or condition exists that would constitute an Event of Default upon the giving of notice or the passage of time, or both, and (v) the rebuilding and restoration is reasonably estimated to be
completed at least one hundred eighty (180) days prior to the Maturity Date or any Call Date, as those terms are defined in the Note. In the event the condemnation proceeds exceed $200,000 (when aggregated with prior condemnation awards as
aforesaid), or if clauses (i) through (v) immediately preceding are not satisfied, Beneficiary may elect to apply the proceeds of the award upon or in reduction of the Indebtedness, whether due or

  
 24 

 
not, or make said proceeds available for restoration or rebuilding of the Premises. In the event that Beneficiary makes said proceeds available to reimburse Grantor for the cost of the rebuilding
or restoration of the Improvements, such proceeds shall be made available in the manner and under the conditions that Beneficiary may require. If Beneficiary makes the proceeds of the award available to Grantor for restoration, the Improvements
shall be restored or rebuilt in accordance with plans and specifications to be submitted to and approved by Beneficiary prior to commencement of any building or restoration. If the proceeds are made available by Beneficiary to reimburse Grantor for
the cost of said rebuilding or restoration, any surplus which may remain out of said award after payment of such cost of rebuilding or restoration shall at the option of Beneficiary be applied on account of the Indebtedness or be paid to any party
entitled thereto. No interest shall be allowed to Grantor on the proceeds of any award held by the Beneficiary. 
 21.
Release Upon Payment and Discharge of Grantor’s Obligations. Beneficiary shall cause Trustee to release this Deed of Trust and the lien hereof by proper instrument upon payment and discharge of all Indebtedness including any
Release Price provided for in the Loan Agreement or any Prepayment Premium provided for herein or in the Note secured hereby. Until this Deed of Trust shall be satisfied of record, Grantor hereby waives for itself, and all subsequent successors in
title to the Premises, any right it may now have or hereafter have, to file for record a notice limiting the maximum amount which may be secured by this Deed of Trust; provided, however, Grantor may file such notice in connection with a permitted
Subordinate Financing pursuant to Paragraph 30(d) herein. 
 22. Giving of Notice. 

(a) All notices, demands, requests, and other communications desired or required to be given hereunder
(“Notices”), shall be in writing and shall be given by: (i) hand delivery to the address for Notices; (ii) delivery by overnight courier service to the address for Notices; or (iii) sending the same by United
States mail, postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. 

(b) All Notices shall be deemed given and effective upon the earlier to occur of: (i) the hand delivery of such
Notice to the address for Notices; (ii) one Business Day after the deposit of such Notice with an overnight courier service by the time deadline for next day delivery addressed to the address for Notices; or (iii) three (3) Business
Days after depositing the Notice in the United States mail as set forth in (a)(iii) above; provided, that, service of a Notice required by Texas Property Code § 51.002, as amended, shall be considered complete when the requirements of that
statute are met. All Notices shall be addressed to the following addresses: 
  

			
	 Grantor:
	  	 IIT Dallas – 3737 & 4024 Rock Quarry Road LP
 c/o Industrial Income Trust Inc.
 518 17th Street, Suite 1700
 Denver, Colorado 80202
 Attention: Ms. Lainie P.
Minnick

  
 25 

			
		
	 With a copy to:
	  	 Greenberg Traurig, P.A.
 333
Avenue of the Americas
 Miami, Florida 33131
 Attention: Laura Gangemi Vignola, Esq.

		
	 Beneficiary:
	  	 ING USA Annuity and Life Insurance Company
 c/o ING Investment Management LLC
 5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349
 Attention:
    Mortgage Loan Servicing

                      
Department

		
	 With a copy to:
	  	 ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300
 Atlanta,
Georgia 30327-4349
 Attention:     Real Estate Law Department

		
	 And to:
	  	 Bryan Cave LLP
 One Atlantic
Center
 Fourteenth Floor
 1201 West
Peachtree Street NW
 Atlanta, Georgia 30309-3488
 Attention:     John R. Parks, Esq.

		
	 Trustee:
	  	 John R. Parks, Esq.
 c/o
Bryan Cave LLP
 One Atlantic Center

Fourteenth Floor
 1201 West Peachtree Street
NW
 Atlanta, Georgia 30309-3488

 or to such other persons or at such other place as any party hereto may by Notice designate as a place for service of Notice. Provided, that the “copy to” Notice to be given as set forth above
is a courtesy copy only; and a Notice given to such person is not sufficient to effect giving a Notice to the principal party, nor does a failure to give such a courtesy copy of a Notice constitute a failure to give Notice to the principal party.

 23. Waiver of Defense. No action for the enforcement of the lien or of any provision hereof shall be subject to
any defense which would not be good and available to the party interposing same in an action at law or in equity upon the Note hereby secured. 
 24. Waiver of Statutory Rights. Grantor shall not, and will not, apply for or avail itself of any homestead, appraisement, valuation, stay, extension or exemption laws, or any so-called
“Moratorium Laws”, now existing or hereafter enacted, in order to prevent or hinder the enforcement or foreclosure of this Deed of Trust, but to the extent lawfully allowed hereby waives the benefit of such laws. Grantor, for itself and
all who may claim through or under it, 

  
 26 

 
waives any and all right to have the property and estates comprising the Premises marshaled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction to foreclose such
lien may order the Premises sold as an entirety. To the extent permitted by law, Grantor does hereby expressly waive any and all rights of redemption from sale under any order or decree of foreclosure of this Deed of Trust on behalf of Grantor, the
trust estate and all persons beneficially interested therein and each and every person, acquiring any interest in or title to the Premises subsequent to the date of this Deed of Trust. 

25. Furnishing of Financial Statements to Beneficiary. 

(a) Grantor covenants and agrees that it will keep and maintain books and records of account, or cause books and records of account to be
kept and maintained in which full, true and correct entries shall be made of all dealings and transactions relative to the Premises, which books and records of account shall, at reasonable times during business hours and on reasonable written notice
not less than five (5) Business Days, be open to inspection by Beneficiary and Beneficiary’s accountants and other duly authorized representatives. Such books of record and account shall be kept and maintained in accordance with generally
accepted accounting principles consistently applied. 
 (b) Grantor covenants and agrees to furnish, or cause to be furnished to
Beneficiary, annually, within one hundred twenty (120) days following the end of each fiscal year of Grantor a copy of a report of the operations of the Premises, including an unaudited balance sheet and containing an unaudited detailed
statement of income and expenses, and a current rent roll of the Premises which shall be certified by Grantor, or an officer, manager or a general partner of any corporate, limited liability company or partnership Grantor. Each report or statement
shall be certified as correct by the appropriate party. 
 Notwithstanding the aforesaid, during the term of the
Loan, Beneficiary shall have the right to request quarterly income statements and balance sheets regarding the operation of Grantor and the Premises and Guarantor, and to request periodic updates on the rent roll so as to reflect tenant leasing.

 (c) If Grantor omits to deliver as required any report or statement required by this Paragraph 25, and said omission
is not cured by Grantor within thirty (30) days after written notice of such omission has been given by Beneficiary to Grantor, Beneficiary may elect, in addition to exercising any remedy for an Event of Default as provided for in this Deed of
Trust, to make an audit of all books and records of Grantor including its bank accounts which in any way pertain to the Premises and to prepare the statement or statements which Grantor failed to procure and deliver. Such audit shall be made and
such statement or statements shall be prepared by an independent certified public accountant to be selected by Beneficiary. Grantor shall pay all reasonable expenses of the audit and other services, which expenses shall be secured hereby as
additional Indebtedness and shall be immediately due and payable with interest thereon at the Default Rate of interest as set forth in the Note and shall be secured by this Deed of Trust. 

26. Filing and Recording Fees. Grantor will pay all filing, registration or recording fees and all reasonable expenses
incident to the execution and acknowledgment of this Deed of 

  
 27 

 
Trust and all federal, state, county and municipal taxes and other taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of said Note and
this Deed of Trust. 
 27. Business Purpose. Grantor represents, covenants and agrees that all of the proceeds of
the Note secured by this Deed of Trust will be used solely for business purposes and in furtherance of the regular business affairs of Grantor. 
 28. Exculpatory. The liability of the Grantor personally to pay the Note or any interest that may accrue thereon, or any Indebtedness or obligation accruing or arising hereunder is limited
to the extent set forth in the Note. 
 29. Security Agreement. Grantor and Beneficiary agree that this Deed of
Trust shall constitute a security agreement within the meaning of the UCC with respect to all sums on deposit with the Beneficiary with respect to insurance proceeds or condemnation proceeds (“Deposits”) and with respect to
any personal property and fixtures included in the definition herein of the word “Premises”, which property may not be deemed to form a part of the real estate described in Exhibit “A” or may not constitute a
“fixture” within the meaning of the UCC, and all replacements of such property, substitutions and additions thereto and the proceeds thereof, all such property being sometimes hereinafter collectively referred to as the
“Collateral”, and that a security interest in and to the Collateral and the Deposits is hereby granted to Beneficiary and the Deposits and all of Grantor’s right, title and interest therein are hereby assigned to
Beneficiary, all to secure payment of the Indebtedness and to secure performance by Grantor of the terms, covenants and provisions hereof. Upon the occurrence of an Event of Default under this Deed of Trust, Beneficiary, pursuant to the appropriate
provisions of the UCC, shall have the option of proceeding with respect to the Collateral in accordance with its rights and remedies with respect to the real property, in which event the default provisions of the UCC shall not apply. The parties
agree that, in the event Beneficiary shall elect to proceed with respect to the Collateral separately from the real property, ten (10) days’ notice of the sale of the Collateral shall be reasonable notice. The reasonable expenses of
retaking, holding, preparing for sale, selling and the like incurred by Beneficiary shall include, but not be limited to, reasonable attorneys’ fees and legal expenses incurred by Beneficiary. Grantor agrees that, without the written consent of
Beneficiary, Grantor will not remove or permit to be removed from the Premises any of the Collateral except that so long as the Grantor is not in default hereunder, Grantor shall be permitted to sell or otherwise dispose of the Collateral, when
obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Premises, upon replacing the same or substituting for the same other Collateral at least equal in value to the initial value of that disposed of and in such
a manner so that said Collateral shall be subject to the security interest created hereby, and so that the security interest of Beneficiary shall be first in priority, it being expressly understood and agreed that all replacements of the Collateral
and any additions to the Collateral shall be and become immediately subject to the security interest of this Deed of Trust and covered hereby. Grantor shall, from time to time, on request of Beneficiary, deliver to Beneficiary an inventory of the
Collateral in reasonable detail. Grantor covenants and represents that all Collateral, and all replacements thereof, substitutions therefor or additions thereto, unless Beneficiary otherwise consents, now are and will be free and clear of liens
(other than the lien of taxes not yet due or payable), encumbrances or security interests of others. Grantor shall, upon demand execute and deliver to Beneficiary such 

  
 28 

 
financing statements and other documents in form satisfactory to Beneficiary, and will do all such acts and things as Beneficiary may at any time, or from time to time, reasonably request or as
may be necessary or appropriate to establish and maintain a first perfected security interest in the Deposits and Collateral, subject to no liens (other than the lien of taxes not yet due or payable), encumbrances, or security interests of others.

 This Deed of Trust also constitutes a financing statement for the purpose of the UCC and shall constitute a “fixture
filing” under such statutes and under the fixture filing provision of Texas Business and Commerce Code §§ 9.334, 9.502(b) and 9.604, as amended and recodified from time to time, and shall be filed in the real estate records of
the County in which the Land is located. For such purpose, the name and address of the debtor and the secured party are as set forth below: 
  

			
	 Name of Debtor:
	  	IIT Dallas – 3737 & 4024 Rock Quarry Road LP
		
	 Debtor’s Mailing Address:
	  	 IIT Dallas – 3737 & 4024 Rock Quarry Road LP
 c/o Industrial Income Trust Inc.
 518 17th Street, Suite 1700
 Denver, Colorado 80202
 Attention: Ms. Lainie P. Minnick

		
	 Address of Premises:
	  	 3737 and 4024 Rock Quarry Road,
 Dallas, Texas

		
	 Name of Secured Party:
	  	ING USA Annuity and Life Insurance Company
		
	 Address of Secured Party:
	  	 ING USA Annuity and Life Insurance Company
 c/o ING Investment Management LLC
 5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349
 Attention: Real
Estate Law Department

 This financing statement covers the Collateral. Some of the items or types of property comprising the
Collateral are or are to become fixtures on the real property described in this Deed of Trust. Grantor is the record owner of the real property described herein upon which the foregoing fixtures and other items and types of property are located.

 Grantor hereby represents and warrants to Beneficiary, and covenants and agrees with Beneficiary as follows: 

(a) Grantor shall not merge or consolidate into, or transfer any of the Collateral to, any other entity or person without
the prior written consent of the Beneficiary. 

  
 29 

 (b) Grantor shall not change its name unless it has given Beneficiary sixty
(60) days prior written notice thereof and executed and authorized at the request of Beneficiary, such additional financing statements to be filed in such jurisdiction as the Beneficiary may deem necessary or desirable in its sole discretion.

 (c) It shall be an Event of Default hereunder if any amendment to or termination of a financing statement
naming the Grantor as debtor and the Beneficiary as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by any party other than the Beneficiary or its counsel without the prior written consent of the
Beneficiary. 
 (d) Grantor hereby authorizes the Beneficiary, its counsel or its representative, at any time and
from time to time, to file financing statements and amendments that describe the collateral covered by such financing statements in such jurisdictions as the Beneficiary may deem necessary or desirable in order to perfect the security interest
granted by the Grantor under this security agreement. 
 30. Due on Sale or Further Encumbrance. 

(a) If, without the Beneficiary’s prior written consent, (i) the Premises or any part thereof (except for
transfers of personal property in the ordinary course of business in connection with repair or replacement) or any interest in the Premises or the Grantor is sold or conveyed; (ii) title to the Premises or any interest therein is divested;
(iii) the Premises or any ownership interest in the Grantor is further encumbered or pledged; (iv) any Lease which gives the lessee any option to purchase the Premises or any part thereof is entered into, or, (v) without limiting the
generality of clause (i) above, the ownership of shares of the Grantor, if a corporation, or of any corporate general partner of Grantor, if a partnership, or the general partnership interests in any partnership which is a general partner of
Grantor, or any membership interest in a Grantor which is a limited liability company, or any beneficial or fiduciary interest in any Grantor which is a trust or trustee, is sold or conveyed, the Beneficiary shall at its sole discretion be entitled
to accelerate the Indebtedness and declare the then unpaid principal balance and all accrued interests and other sums due and payable under the Note due and payable and exercise all remedies available to Beneficiary under the Loan Documents. The
Grantor understands that the present ownership of the Premises and Improvements will be a material inducement to Beneficiary in the making of the Loan. Any consent by Beneficiary to a change in ownership or to a change in the composition of the
Grantor may be conditioned upon payment of a transfer fee equal to three quarters of one percent (.75%) of the then outstanding Indebtedness for processing such request for consent, upon an increase in the rate of interest on the unpaid balance of
the Indebtedness to a then-current market rate, and/or other terms and conditions as Beneficiary may impose in its sole discretion. 
 (b) Notwithstanding the foregoing subparagraph (a), Beneficiary will permit one transfer of the Premises, provided: (i) the transferee or a guarantor has a financial and credit standing and
management expertise acceptable to Beneficiary with a net worth of not less than Thirty Million and No/100 Dollars ($30,000,000.00); (ii) assumption documents in form and substance satisfactory to Beneficiary are executed by the transferee;
(iii) Beneficiary is paid a transfer fee equal to three quarters of one percent (.75%) of the then outstanding Indebtedness; (iv) Grantor reimburses Beneficiary all fees and expenses associated with the transfer including

  
 30 

 
legal fees; (v) Beneficiary receives an endorsement to the Beneficiary’s title policy, in form and substance acceptable to Beneficiary; and (vi) at Beneficiary’s option,
Beneficiary receives opinions of counsel, and Grantor and transferee authorization documents, in form and substance acceptable to Beneficiary. Further, Beneficiary, in its sole judgment and discretion, may require individuals specifically named by
Beneficiary to deliver to Beneficiary an Environmental Indemnification Agreement on Beneficiary’s standard form. The rights granted to Grantor in this subparagraph (b) are personal to Grantor, shall be extinguished after the exercise
thereof, and shall not inure to the benefit of any subsequent transferee. Such transfer and assumption will not, however, release the Grantor or any guarantors from any liability to the Beneficiary without the prior written consent of Beneficiary,
which consent may be given or withheld in Beneficiary’s sole discretion, but if given, may be conditioned upon, without limitation, the execution of new guaranties from principals of the transferee as Beneficiary deems necessary, execution by
the principals of the transferee of Beneficiary’s standard Environmental Indemnification Agreement and such other requirements as Beneficiary may deem appropriate in its discretion. If a release is permitted pursuant to the foregoing, any
released party (whether Grantor, Guarantor or both) shall likewise be released from such party’s obligations under the Environmental Indemnification Agreement upon receipt by Beneficiary of an updated Phase I environmental site assessment
acceptable in form and substance to Beneficiary in its reasonable discretion. The cost of such Phase I shall be borne by Grantor. 
 (c) i. Definitions. For purposes of this Deed of Trust, the following terms shall have the indicated meanings set forth below: 

“Person” shall mean any individual, partnership, limited partnership, limited liability company,
firm, corporation, association, joint venture, trust or other entity or any government or political subdivision or agency, department or instrumentality thereof. 

“Restricted Party” shall mean each of (i) Grantor, (ii) Guarantor, and (iii) any
shareholder, partner, member or member manager holding twenty percent (20%) or more of a direct or indirect interest in Grantor or Guarantor. 
 “Transfer” shall mean any sale, installment sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or other transfer, conveyance or disposition, whether
voluntarily, involuntarily or by operation of law or otherwise (but excluding Leases). 

  
 31 

 (ii) Property Transfers. 

(A) Prohibited Property Transfers. Except as otherwise permitted in this Deed of Trust, Grantor shall not cause or
permit any Transfer of all or any part of or any legal or beneficial interest in the Premises or the Collateral (collectively, a “Prohibited Property Transfer”), including, without limitation, (1) a Lease of all or a
material part of the Premises for any purpose other than actual occupancy by a space tenant; (2) the Transfer of all or any part of Grantor’s right, title and interest in and to any Leases or payments; and (3) any transfer prohibited
by the terms of Paragraph 30(a). 
 (B) Permitted Property Transfers. Notwithstanding the
foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer: (1) a Transfer which is expressly permitted under this Deed of Trust; (2) a Lease which is permitted under the terms of the Loan Documents;
(3) the sale of inventory in the ordinary course of business; and (4) the transfer of the Premises from Grantor to an affiliate of Grantor (an “Affiliate Transfer”) that is owned and controlled in substantially the
same manner as Grantor is owned and controlled on the date of Transfer and with the equivalent or better financial condition than that of Grantor (“Affiliate Transferee”) provided that (u) at Beneficiary’s option,
Beneficiary receives opinions of counsel, and Grantor and Affiliate Transferee authorization documents, in form and substance acceptable to Beneficiary, (v) Beneficiary receives an endorsement (or new policy(ies) if an endorsement is not
available) to Beneficiary’s mortgagee policy(ies), in form and substance satisfactory to Beneficiary, (w) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Grantor,
(x) assumption documentation reasonably required by Beneficiary is executed (including without limitation, a re-affirmation by Guarantor), (y) no Event of Default shall have occurred and is continuing, and (z) Grantor pays all of
Beneficiary’s reasonable out of pocket costs and expenses associated with Beneficiary’s review and documentation of the Transfer. 
 (iii) Equity Transfers. 
 (A) Prohibited Equity
Transfers. Except as may be permitted under this Deed of Trust, Grantor 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”). 
 (B) Permitted Equity Transfers. Notwithstanding the foregoing, none of the
following shall be deemed Prohibited Equity Transfers (and each shall be permitted hereunder without the consent of Beneficiary), provided, no Event of Default shall have occurred and is continuing, assumption documentation (if deemed necessary by
Beneficiary) reasonably required by Beneficiary is executed (including without limitation, a re-affirmation by Guarantor), and Grantor pays all of Beneficiary’s reasonable out of pocket costs and expenses associated with Beneficiary’s
review and documentation of the Transfer: 
 (1) a Transfer by holders of direct interests in Grantor (each an
“Interest Holder”) as of the date of the Transfer to another person or entity who is not an Interest Holder, provided, however, that (y) after taking into account any prior Transfers pursuant to this sentence, whether to
the proposed transferee or otherwise, no such Transfer (or series of 

  
 32 

 
Transfers) shall result in a change of Control (as hereinafter defined) of Grantor, and (z) Grantor shall give Beneficiary notice of such Transfer together with copies of all instruments
effecting such Transfer reasonably requested by Beneficiary, not less than thirty (30) days after the date of such Transfer; 
 (2) any Transfer, sale, assignment or issuance, from time to time, of any interests in Grantor held, directly or indirectly, by Industrial Income Trust Inc., a Maryland corporation
(“IIT”), or Guarantor, provided, however, that IIT and Guarantor shall continue to Control (as defined in clause (ii) in the definition of Control) directly or indirectly, the Grantor on the date of such Transfer; or

 (3)(x) any Transfer, sale, assignment, or issuance from time to time, of interests in IIT or Guarantor,
including, without limitation, by operation of law resulting from the merger, consolidation, or non-bankruptcy reorganization, of IIT or Guarantor, (y) the listing of the securities in IIT or Guarantor on a national securities exchange, or
(z) the conversion of IIT or Guarantor into an “open end fund”; provided, however, that, to the extent that any Transfer under subsection (x) above, results in a change in Control of IIT or Guarantor, as applicable, then Grantor
must satisfy each of the applicable conditions relating to an assumption of the Loan by a new transferee pursuant to the second paragraph of Paragraph 30(b). 

For purposes of this Paragraph 30(c), “Control” or “Controlling”
means, with respect to any Person, either (i) ownership, directly or indirectly, of greater than fifty percent (50%) of all equity interests in such Person, or (ii) the ownership, directly or indirectly, of at least twenty percent
(20%) of all equity interests in such Person and possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or
otherwise. 
 No transfer or assumption fee shall be required (separate and apart from the reasonable
out-of-pocket costs and expenses described hereinabove) in connection with any Permitted Property Transfer or Permitted Equity Transfer so long as Beneficiary receives written notice at least thirty (30) days prior to such Transfer (unless
another time frame is permitted hereinabove) and Grantor and Guarantor otherwise comply with the terms set forth herein applicable to such Transfer. 
 All Transfers permitted under this Paragraph 30 shall be subject to Section 3.06 of the Loan Agreement. 

(d) Notwithstanding the foregoing subparagraph (a) and any other applicable provisions of the Loan Documents
to the contrary, Grantor may encumber the Premises with a sole additional deed of trust, subordinate in every respect to the lien and interest of this Deed of Trust and Grantor’s Second (as hereinafter defined), for the purpose of
securing secondary indebtedness (the “Subordinate Financing”), provided that: 
 i. the
subordinate deed of trust, the documentation for the Subordinate Financing, and the form and terms of the Subordinate Financing are satisfactory in all respects to Beneficiary; 

  
 33 

 ii. all such documentation as Beneficiary may reasonably require shall be
submitted to Beneficiary including, but not limited to, operating statements of the Pooled Properties (as defined in the Loan Agreement) for the previous twelve (12) months and a pro forma operating statement for the current Loan Year (a
“Loan Year” is a period of twelve consecutive months commencing on the date hereof if it is the first of the month and otherwise commencing on the first day of the month immediately following the date hereof, and the first
Loan Year shall include the period, if any, between the date hereof and the commencement date of the first Loan Year), and a then - current MAI appraisal of the Pooled Properties, provided at Grantor’s expense, by an appraiser approved by
Beneficiary; 
 iii. the Net Operating Income (for the purpose of this subparagraph, “Net Operating
Income” shall mean gross cash operating receipts from the Pooled Properties less normal and customary operating expenses incurred in the operation, management, and maintenance of the Pooled Properties) shall not be less than one hundred
thirty percent (130%) of the combined aggregate of the Indebtedness, the indebtedness of the Affiliate Loans (as defined in the Loan Agreement) and Subordinate Financing debt service payments (the Subordinate Financing must begin amortizing
upon funding); 
 iv. the total of the outstanding principal balance of the Indebtedness, the indebtedness of the
Affiliate Loans and the Subordinate Financing does not exceed seventy-five percent (75%) of the value of the Pooled Properties as established by a then-current MAI appraisal; 

v. The beneficiary of the deed of trust securing the Subordinate Financing shall expressly acknowledge the priority of the
debt, liens and security interests of the Indebtedness and the Affiliate Loans (as that term is defined in the Loan Agreement) and agree to provide Beneficiary with written notice of any default under the Subordinate Financing in a subordination
agreement in form and substance satisfactory to Beneficiary. Grantor shall pay any fees, costs or expenses, including reasonable attorneys’ fees, incurred by Beneficiary in connection with the Subordinate Financing; 

vi. Any default under the Subordinate Financing shall at Beneficiary’s option constitute an Event of Default under
this Deed of Trust and the other Loan Documents; 
 vii. If previously waived, Beneficiary shall have the right
to reinstate escrow payments for taxes and insurance premiums; 
 viii. No Event of Default exists; 

  
 34 

 ix. The beneficiary of the deed of trust securing the Subordinate Financing
shall execute such subordination documentation as required by Beneficiary any time the Property Release Privilege (as hereinafter defined) or substitution provision as described in Section 3.08 of the Loan Agreement is exercised by
Grantor and/or Affiliate (as defined in the Loan Agreement) to subordinate the Subordinate Financing to such modification or amendments to the Loan (or Affiliate Loans, as defined in the Loan Agreement) resulting from such exercise; and 

x. All Leases shall be superior to the Subordinate Financing documents and instruments unless otherwise agreed in writing
by Beneficiary. 
 xi. The lien and interest of this Deed of Trust shall also secure any future advances of
Beneficiary to pay real estate taxes pertaining to the Premises, insurance premiums pertaining to the Premises or to maintain, repair, protect or preserve the Premises, and any Subordinate Financing shall be subject and subordinate to such future
advances. 
 31. Environmental Matters; Notice; Indemnity. Grantor covenants and agrees as follows: 

(a) For purposes of this Deed of Trust, the following definitions shall apply: 

(i) The term “Environmental Law” means and includes any applicable federal, state or
local law, statute, regulation or ordinance pertaining to health, industrial hygiene or the environmental or ecological conditions on, under or about the Premises, including without limitation each of the following (and their respective successor
provisions): the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. sections 9601 et seq. (“CERCLA”); the Resource Conservation and Recovery Act of 1976,
as amended, 42 U.S.C. sections 6901 et seq. (“RCRA”); the Federal Hazardous Materials Transportation Act, as amended, 49 U.S.C. sections 1801 et seq.; the Toxic Substance Control Act, as amended,
15 U.S.C. sections 2601 et seq.; the Clean Air Act, as amended, 42 U.S.C. sections 1857 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. sections 1251 et seq.; and the rules, regulations and ordinances of
the U.S. Environmental Protection Agency and of all other federal, state, county and municipal agencies, boards, commissions and other governmental bodies and officers having jurisdiction over the Premises or the use or operation of the Premises.

 (ii) The term “Hazardous Substance” means and includes: (1) those
substances included within the definitions of “hazardous substances”, “hazardous materials”, “hazardous waste”, “pollutants”, “toxic substances” or “solid waste” in any Environmental Law;
(2) those substances listed in the U.S. Department of Transportation Table or amendments thereto (49 CFR 172.101) or by the U.S. Environmental Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and any
amendments thereto); (3) those other substances, materials and wastes which are or become, regulated under any 

  
 35 

 
applicable federal, state or local law, regulation or ordinance or by any federal, state or local governmental agency, board, commission or other governmental body, or which are or become
classified as hazardous or toxic by any such law, regulation or ordinance; and (4) any material, waste or substance which is any of the following: (A) asbestos; (B) polychlorinated biphenyl; (C) designated or listed as a
“hazardous substance” pursuant to section 311 or section 307 of the Clean Water Act (33 U.S.C. sections 1251 et seq.); (D) explosive; (E) radioactive; (F) a petroleum product; (G) infectious waste; or
(H) mold or other similar fungal growth. As used herein, the term “mold or other similar fungal growth” shall mean and include mycotoxin producing molds in amounts sufficient to create a health risk to humans.
Notwithstanding anything to the contrary herein, the term “Hazardous Substance” shall not include commercially sold products otherwise within the definition of the term “Hazardous
Substance”, but (X) which are used or disposed of by Grantor or used or sold by tenants of the Premises in the ordinary course of their respective businesses, (Y) the presence of which product is not prohibited by
applicable Environmental Law, and (Z) the use and disposal of which are in all respects in accordance with applicable Environmental Law. 
 (iii) The term “Enforcement or Remedial Action” means and includes any action taken by any person or entity in an attempt or asserted attempt to enforce, to achieve
compliance with, or to collect or impose assessments, penalties, fines, or other sanctions provided by, any Environmental Law. 
 (iv) The term “Environmental Liability” means and includes any claim, demand, obligation, cause of action, accusation, allegation, order, violation, damage (including
consequential damage), injury, judgment, assessment, penalty, fine, cost of Enforcement or Remedial Action, or any other cost or expense whatsoever, including actual, reasonable attorneys’ fees and disbursements, resulting from or arising out
of the violation or alleged violation of any Environmental Law, any Enforcement or Remedial Action, or any alleged exposure of any person or property to any Hazardous Substance. 

(b) Other than as disclosed in the third party, reports delivered to Beneficiary in connection with the Loan and/or to the
best of Grantor’s knowledge, Grantor, its successors and assigns, after reasonable inquiry, covenants, warrants and represents that: 
 (i) No Hazardous Substances have been or shall be discharged, disbursed, released, stored, treated, generated, disposed of, or threatened to be injected, emptied, poured, leached, or spilled on or from
the Premises. 
 (ii) No asbestos or asbestos-containing materials have been or will be installed, used,
incorporated into, placed on, or disposed of on the Premises. 
 (iii) No polychlorinated biphenyls
(“PCBs”) are or will be located on or in the Premises, in the form of electrical transformers, fluorescent light fixtures with ballasts, cooling oils, or any other device. 

  
 36 

 (iv) No underground storage tanks are or will be located on the Premises or
were located on the Premises and subsequently removed or filled. 
 (v) No investigation, administrative order,
consent order and agreement, litigation, settlement, lien or encumbrance with respect to Hazardous Substances is proposed, threatened, anticipated or in existence with respect to the Premises. 

(vi) The Premises and Grantor’s operations at the Premises are in compliance with all applicable Environmental Laws
including without limitation any, federal, state and local statutes, laws and regulations. No notice has been served on Grantor, or any subsidiary of Grantor, from any entity, government body, or individual claiming any violation of any law,
regulation, ordinance or code, or requiring compliance with any law, regulation, ordinance or code, or demanding payment or contribution for environmental damage or injury to natural resources. Copies of any such notices received subsequent to the
date hereof shall be forwarded to Beneficiary within three (3) Business Days of their receipt. 
 (vii)
There has been no release or threat of release of any Hazardous Substances from any property adjoining or in the immediate vicinity of the Premises. 
 (viii) No portion of the Premises is a wetland or other water of the United States subject to jurisdiction under Section 404 of the Clean Water Act (33 U.S.C. § 1344) or any comparable
state statute or local ordinance or regulation defining or protecting wetlands or other special aquatic areas. 

(ix) There are no concentrations of radon or other radioactive gases or materials in any buildings or structures on the
Premises that exceed background ambient air levels. 
 (x) There have been no complaints of illness or sickness
alleged to result from conditions inside any buildings or structures on the Premises. 
 (c) Grantor will give
prompt written notice to Beneficiary of: 
 (i) any proceeding, written investigation or inquiry commenced by any
governmental authority with respect to the presence of any Hazardous Substance on, under or about the Premises or the migration thereof to or from adjoining property; 

(ii) all claims made in writing by any individual or entity against Grantor or the Premises relating to any loss or injury
allegedly resulting from any Hazardous Substance; and 
 (iii) the discovery by Grantor of any occurrence or
condition on any real property adjoining the Premises which might cause the Premises or any part 

  
 37 

 
thereof to be subject to any restriction on the ownership, occupancy, transferability or use of the Premises under any Environmental Law. 

(d) Beneficiary shall have the right and privilege to: (i) join in and participate in, as a party if it so elects,
any one or more legal proceedings or actions initiated with respect to the Premises; and to (ii) have all costs and expenses thereof (including without limitation Beneficiary’s reasonable attorneys’ fees and costs) paid by Grantor.

 (e) Grantor agrees to protect, defend, indemnify and hold harmless Beneficiary, its directors, officers,
employees, agents, licensees, invitees, participants, successors and assigns, from and against any Environmental Liability and any and all claims, demands, judgments, settlements, damages, actions, causes of action, injuries, administrative orders,
consent agreements and orders, liabilities, penalties, costs, including but not limited to any cleanup costs, remediation costs and response costs, and all expenses of any kind whatsoever including reasonable attorneys’ fees and expenses,
including but not limited to those arising out of loss of life, injury to persons, property or business or damage to natural resources actually incurred by Beneficiary related or arising from any past or present activities of Grantor, its
predecessors in interest, third parties who have trespassed on the Premises, or parties in a contractual relationship with Grantor, and any of them, on or adjacent to the Premises in violation of Environmental Law, whether or not occasioned wholly
or in part by any condition, accident or event caused by any act or omission of Beneficiary (other than Beneficiary’s gross negligence or willful misconduct), the foregoing being collectively referred to as
“Claims”, which: 
 (i) arise out of the actual, alleged or threatened
migration, spill, leaching, pouring, emptying, injection, discharge, dispersal, release, storage, treatment, generation, disposal or escape of any Hazardous Substances onto or from the Premises; or 

(ii) actually or allegedly arise out of, in connection with the Premises, the use, specification or inclusion of any
product, material or process containing Hazardous Substances, the failure to detect the existence or proportion of Hazardous Substances in the soil, air, surface water or ground water, or the performance of or failure to perform the abatement of any
Hazardous Substances source or the replacement or removal of any soil, water, surface water or ground water containing any Hazardous Substances in violation of Environmental Law; or 

(iii) arise out of the breach of any covenant, warranty or representation contained in any statement or other information
given by Grantor to Beneficiary relating to environmental matters; or 
 (iv) arise out of any Enforcement or
Remedial Action or any judicial or administrative action brought pursuant to any Environmental Law or any similar state law that relates to the Premises or any similar state law that relates to the Premises. 

  
 38 

 Grantor, its successors and assigns, shall bear, pay and discharge when and as the same
become due and payable, any and all such judgments or claims for damages, penalties or otherwise against Beneficiary described in this subparagraph (e), shall hold Beneficiary harmless for those judgments or claims, and shall assume the
burden and expense of defending all suits, administrative proceedings, and negotiations of any description with any and all persons, political subdivisions or government agencies arising out of any of the occurrences set forth in this
subparagraph (e). 
 Grantor’s indemnifications and representations made herein shall survive any termination or
expiration of the documents evidencing or securing the Loan and/or the repayment of the indebtedness evidenced by the Note, including, but not limited to, any foreclosure on this Deed of Trust or acceptance of a deed in lieu of foreclosure.
Notwithstanding anything contained herein to the contrary, Grantor’s indemnifications and representations shall not extend to Hazardous Substances which first originate on the Premises subsequent to Beneficiary’s (or any nominee’s of
Beneficiary or third party purchaser’s) succession to title by virtue of a foreclosure or acceptance of a deed in lieu of foreclosure. 
 (f) If any investigation, site monitoring, containment, cleanup, removal, restoration or other remedial work of any kind or nature (the “Remedial Work”) is reasonably
desirable (in the case of an operation and maintenance program or similar monitoring or preventative programs) or necessary, both as determined by an independent environmental consultant selected by Beneficiary under any applicable federal, state or
local law, regulation or ordinance, or under any judicial or administrative order or judgment, or by any governmental person, board, commission or agency, because of or in connection with the current or future presence, suspected presence, release
or suspected release of a Hazardous Substance into the air, soil, groundwater, or surface water at, on, about, under or within the Premises or any portion thereof, Grantor shall within thirty (30) days after written demand by Beneficiary for
the performance (or within such shorter time as may be required under applicable law, regulation, ordinance, order or agreement), commence and thereafter diligently prosecute to completion all such Remedial Work to the extent required by law. All
Remedial Work shall be performed by contractors approved in advance by Beneficiary (which approval in each case shall not be unreasonably withheld or delayed) and under the supervision of a consulting engineer approved in advance by Beneficiary.
Notwithstanding the foregoing, Grantor shall not be required to undertake the Remedial Work during the pendency of any appeal of any governmental entity’s efforts to impose such investigative, remedial or other response obligations on Grantor;
provided (i) Grantor has obtained Beneficiary’s prior written consent for the filing of any such appeal, which consent shall not be unreasonably withheld, and (ii) any delay in performing such obligations shall not cause any material
worsening of such Environmental Liability. Beneficiary’s prior approval shall not be required, however, if the presence or threatened presence of Hazardous Substances on, under or about the Premises poses an immediate threat to the health,
safety or welfare of any person or is of such a nature that an immediate remedial response is necessary, in such event, Grantor shall notify Beneficiary as soon as practicable of any action taken. All costs and expenses of such Remedial Work
(including without limitation the reasonable fees and expenses of Beneficiary’s counsel) incurred in connection with monitoring or review of the Remedial Work shall be paid by Grantor. If Grantor shall fail or neglect to timely commence or
cause to be commenced, or shall fail to diligently prosecute to completion, such Remedial Work, Beneficiary may (but shall not be required to) cause such 

  
 39 

 
Remedial Work to be performed; and all costs and expenses thereof, or incurred in connection therewith (including, without limitation, the reasonable fees and expenses of Beneficiary’s
counsel), shall be paid by Grantor to Beneficiary forthwith after demand and shall be a part of the Indebtedness. 
 32.
Captions. The captions or headings preceding the text of the paragraphs or subparagraphs of this Deed of Trust are inserted only for convenience of reference and shall not constitute a part of this Deed of Trust, nor shall they in any
way affect its meaning, construction or effect. 
 33. No Waiver; Modifications in Writing. No failure or delay on
the part of Beneficiary in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to any party at law or in equity or otherwise. No amendment, modification, supplement, termination or
waiver of or to any provision of this Deed of Trust, nor consent to any departure therefrom, shall be effective unless the same shall be in writing and signed by or on behalf of the party to be charged with the enforcement thereof. Any amendment,
modification or supplement of or to any provision of this Deed of Trust, any waiver of any provision of this Deed of Trust, and any consent to any departure from the terms of any provision of this Deed of Trust, shall be effective only in the
specific instance and for the specific purpose for which made or given. 
 34. Relationship. Beneficiary is only a
lender under the Loan Documents, and nothing contained in this Deed of Trust or the other Loan Documents and no action taken by the parties pursuant hereto shall be deemed to constitute the Beneficiary and any other of the parties to any of the Loan
Documents a partnership, an association, a joint venture or other entity, nor constitute Beneficiary as a fiduciary for any of the parties. 
 35. Governing Law. This Deed of Trust shall be governed by the laws (excluding conflicts of laws rules) of the State of Texas. 

36. Time of Essence. Time is of the essence in the performance by the parties of this Deed of Trust. 

37. Construction. Grantor has been represented by its own counsel in this transaction, and this Deed of Trust shall not be
construed more strongly against any party regardless of who was more responsible for its preparation. 
 38. Gender;
Number; Terms. Words and phrases herein shall be construed as in the singular or plural number and as masculine, feminine or neuter gender, according to the context. The use of the words “herein,” “hereof,”
“hereunder” and other similar compounds of the word “here” shall refer to this entire Deed of Trust and not to any particular section, paragraph or provision. The term “person” and words importing persons as used in
this Deed of Trust shall include firms, associations, partnerships (including limited partnerships), joint ventures, trusts, corporations, limited liability companies, and other legal entities, including public or governmental bodies, agencies or
instrumentalities, as well as natural persons. 

  
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 39. Integration. This Deed of Trust, together with the other Loan Documents
and the certain Environmental Indemnification Agreement executed by Grantor, constitute the entire agreement between the parties hereto pertaining to the subject matters hereof and thereof and supersede all negotiations, preliminary agreements and
all prior or contemporaneous discussions and understandings of the parties hereto in connection with the subject matters hereof and thereof. 
 40. General Indemnification. 
 (a) Grantor shall, at
its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties (defined below) from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and
directly or indirectly arising out of or in any way relating to any one or more of the following: (i) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Premises or any part thereof or on
the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (ii) any use, nonuse or condition in, on or about the Premises or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent
parking areas, streets or ways; (iii) performance of any labor or services or the furnishing of any materials or other property in respect of the Premises or any part thereof; (iv) any failure of the Premises to be in compliance with any
applicable laws; (v) any and all claims, demands or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease; or (vi) the payment of any commission, charge or brokerage fee to
anyone which may be payable in connection with the funding of the Loan. Any amounts payable to Beneficiary by reason of the application of this Paragraph shall become immediately due and payable and shall bear interest at the Default Rate (as
defined in the Note) from the date loss or damage is sustained by Beneficiary until paid. The term “Losses” shall mean any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions,
proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to attorneys’ fees and other costs of
defense) except to the extent arising from the gross negligence or willful misconduct of any of the Indemnified Parties. The term “Indemnified Parties” shall mean (i) Beneficiary, (ii) any prior owner or holder of
the Note, (iii) any servicer or prior servicer of the Loan, (iv) any participant or any prior participant in any portion of the Loan, (v) any trustees, custodians or other fiduciaries who hold or who have held a full or partial
interest in the Loan for the benefit of any participant or other third party, (vi) any receiver or other fiduciary appointed in a foreclosure or other collection proceeding, (vii) any officers, directors, shareholders, partners, members,
employees, agents, servants, representatives, contractors, subcontractors, affiliates or subsidiaries of any and all of the foregoing, and (viii) the heirs, legal representatives, successors and assigns of any and all of the foregoing
(including, without limitation, any successors by merger, consolidation or acquisition of all or a substantial portion of the Indemnified Parties’ assets and business), in all cases whether during the term of the Loan or as part of or following
a foreclosure of the Loan. 
 (b) Upon written request by any Indemnified Party, Grantor shall defend such
Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole
discretion, engage their own attorneys and 

  
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other professionals to defend or assist them, and, at the option of the Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding. Upon demand, Grantor shall
pay or, in the sole discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection
therewith. 
 (c) Grantor shall, at its sole cost and expense, protect, defend, indemnify, release and hold
harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording
of this Deed of Trust, the Note or any of the other Loan Documents (not including any income taxes). 
 41.
Miscellaneous. 
 (a) This Deed of Trust and all provisions hereof shall extend to and be binding
upon Grantor and its heirs, successors, grantees and assigns, any subsequent owner or owners of the Premises and all persons claiming under or through Grantor (but this clause shall not be construed as constituting the consent by Beneficiary to the
transfer of any interest in the Premises), and the word “Grantor” when used herein shall include any such person and all persons liable for the payment of the Indebtedness or any part thereof, whether or not such persons shall have
executed said Note or this Deed of Trust. The word “Beneficiary”, when used herein, shall include the successors and assigns of Beneficiary, and the holder or holders, from time to time, of the Note secured hereby. In addition, in the
event Grantor is a land trust or similar entity, the term “Grantor” as used herein shall include the beneficiary or beneficiaries of such land trust or similar entity. 

(b) In the event one or more of the provisions contained in this Deed of Trust or the Note secured hereby, or in any other
security documents given to secure the payment of the Note secured hereby, shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall, at the option of Beneficiary, not
affect any other provision of this Deed of Trust, and this Deed of Trust shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein. 

(c) The Grantor will, from time to time, upon ten (10) Business Days’ prior written request from Beneficiary,
make, execute, acknowledge and deliver to Beneficiary such supplemental mortgages/deeds of trust/deeds to secure debt, certificates and other documents, including without limitation UCC financing statements, as may be necessary for better assuring
and confirming unto Beneficiary any of the Premises, or for more particularly identifying and describing the Premises, or to preserve or protect the priority of this Deed of Trust lien, and generally do and perform such other acts and things and
execute and deliver such other instruments and documents as may reasonably be deemed necessary or advisable by Beneficiary to carry out the intentions of this Deed of Trust. 

(d) Grantor shall not by act or omission permit any building or other improvement on any premises not subject to the lien
of this Deed of Trust to rely on the Premises or any part thereof or any interest therein to fulfill any municipal or governmental requirement, and Grantor hereby assigns to Beneficiary any and all rights to give consent for all or any portion

  
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of the Premises or any interest therein to be so used. Similarly, except for appurtenant easements which are insured in Beneficiary’s title insurance policy insuring this Deed of Trust, no
building or other Improvement on the Premises shall rely on any premises not subject to the lien of this Deed of Trust or any interest therein to fulfill any governmental or municipal requirement. Grantor shall not by act or omission impair the
integrity of the Premises as a single zoning lot separate and apart from all other premises. Any act or omission by Grantor which would result in a violation of any of the provisions of this Paragraph shall be void. 

(e) Grantor will, from time to time, upon ten (10) Business Days’ prior written request by Beneficiary, execute,
acknowledge and deliver to Beneficiary, a certificate stating that this Deed of Trust is unmodified and in full force and effect (or, if there have been modifications, that this Deed of Trust is in full force and effect as modified and setting forth
such modifications) and stating the principal amount secured hereby and the interest accrued to date on such principal amount. The estoppel certificate from Grantor shall also state to the best knowledge of Grantor whether any offsets or defenses to
the Indebtedness exist and if so shall identify them. 
 (f) The Note secured hereby includes provisions for the
assessment of a Late Charge, as defined therein. Said Late Charge shall be secured hereby as Indebtedness, as that term is used herein. 
 (g) Beneficiary shall have the right and option to exercise the power of sale or to commence a civil action to foreclose this Deed of Trust and to obtain a decree of foreclosure. The failure to join any
tenant or tenants as party defendant or defendants in any such civil action or the failure of any decree of foreclosure and sale to foreclose their rights shall not be asserted by Grantor as a defense in any civil action instituted to collect the
Indebtedness, or any part thereof, or any deficiency remaining unpaid after foreclosure and sale of the Premises, any statute or rule of law at any time existing to the contrary notwithstanding. 

(h) At the option of Beneficiary, this Deed of Trust shall become, subject and subordinate, in whole or in part (but not
with respect to priority of entitlement to insurance proceeds or any award in condemnation) to any one or more, or to all, Leases upon the execution by Beneficiary and recording or registration thereof, at any time hereafter, in the Office of the
Recorder in and for the county wherein the Premises are situated, or such other office as determined by Beneficiary, of a unilateral declaration to that effect. 
 (i) In the event that maturity of the Indebtedness is accelerated by Beneficiary because of the occurrence of an Event of Default hereunder and a tender of payment is made by or on behalf of Grantor in
the amount necessary to satisfy the Indebtedness at any time prior to judicial confirmation or other conclusion if confirmation is not required, of a foreclosure sale or sale under a power of sale, then such tender shall constitute a prepayment
under the Note and shall, to the extent specified in the Note, require payment of the prepayment premium provided for in the Note. 
 (j) The term “interest” shall mean interest as such term is defined by the applicable usury laws of the State of Texas. It is the intention of the parties hereto to comply with the
usury laws of the State of Texas; accordingly, it is agreed that notwithstanding any 

  
 43 

 
provisions to the contrary in this Deed of Trust, or in any of the Loan Documents or the Environmental Indemnification Agreement securing payment hereof or otherwise related hereto, or in any
Related Indebtedness (as hereinafter defined) in no event shall this Deed of Trust or such Loan Documents or the Environmental Indemnification Agreement or the documents evidencing, securing or otherwise pertaining to the Related Indebtedness
require the payment or permit the collection of interest in excess of the maximum amount permitted by such laws. If when considered independently of this paragraph, any such excess of interest would be contracted for, charged, or received under the
Note or under the terms of any of the Loan Documents or the Environmental Indemnification Agreement securing payment thereof or otherwise relating thereto, or in the event the maturity of the indebtedness evidenced by the Note and/or the Related
Indebtedness is accelerated in whole or in part, or in the event that all or part of the principal or interest of the Note and/or the Related Indebtedness shall be prepaid, so that under any of such circumstances the amount of interest contracted
for, charged, or received under the Note or under any of the Loan Documents or the Environmental Indemnification Agreement securing payment thereof or otherwise relating thereto or documents evidencing, securing or otherwise pertaining to the
Related Indebtedness, on the amount of principal actually outstanding from time to time under the Note would exceed the maximum amount of interest permitted by the applicable usury laws of the State of Texas, then in any such event (a) the
provisions of this paragraph shall govern and control, (b) neither the Grantor nor any other person or entity now or hereafter liable for the payment under the Note or Loan Documents or the Environmental Indemnification Agreement, shall be
obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by the applicable usury laws of the State of Texas, (c) any such excess which may have been collected shall be either
applied as a credit against the then unpaid principal amount under the Note or Loan Documents or the Environmental Indemnification Agreement or refunded to the Grantor, at Beneficiary’s option, and (d) the effective rate of interest shall
be automatically reduced to the maximum lawful contract rate allowed under the applicable usury laws of the State of Texas as now or hereafter construed by the court having jurisdiction thereof. It is further agreed that without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged, or received under the Note or under such other Loan Documents or the Environmental Indemnification Agreement, which are made for the purpose of determining whether such
rate exceeds such maximum lawful contract rate, shall be made, to the extent permitted by the laws of the State of Texas, by amortizing, prorating, allocating, and spreading in equal parts during the period of the full stated term of the loan
evidenced under the Loan Documents, all interest at any time contracted for, charged, or received from the Grantor or otherwise by the Beneficiary under the Note or Loan Documents in connection with such loan. In no event shall the provisions of
Chapter 346 of the Texas Financial Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts) apply to this Deed of Trust or any of the Loan Documents and/or the Related Indebtedness. As used hereunder, the term
“Related Indebtedness” shall mean any and all indebtedness paid or payable by Grantor to Beneficiary related to the transaction or transactions that are the subject matter of the Loan Documents, except such indebtedness which
has been paid or is payable by Grantor to Beneficiary under the Note. 
 (k) Grantor covenants and agrees that it
shall constitute an Event of Default hereunder if any of the proceeds of the Loan will be used, or were used, as the case may be, for the purpose (whether immediate, incidental or ultimate) of “purchasing” or “carrying” any
“margin security” as such terms are defined in Regulation U of the Board of Governors of the 

  
 44 

 
Federal Reserve System (12 CFR Part 221) or for the purpose of reducing or retiring any indebtedness which was originally incurred for any such purpose. 

(l) Grantor shall exert its best efforts to include a “no lien” provision in any property management agreement
hereafter entered into by Grantor or its beneficiary with a property manager for the Premises, whereby the property manager waives and releases any and all mechanics’ lien rights that he, or anyone claiming through or under such manager, may
have. Such property management agreement containing such “no lien” provision or a short form thereof shall, at Beneficiary’s request, be recorded in the office of the recorder’s office in and for the County wherein the Premises
is situated, or such other office as reasonably requested by Beneficiary. 
 42. ERISA Representations and
Warranties. Grantor hereby represents, warrants and agrees that as of the date hereof, either (a) investors in or owners of the Grantor which are (i) employee benefit plans as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) plans defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, and (iii) entities the assets of which are deemed to include plan
assets pursuant to U.S. Department of Labor Regulation Section 2510.3-101 (the “Plan Asset Regulation”) (collectively, “Benefit Plan Investors”) in the aggregate do not hold twenty-five percent
(25%) or more (directly or indirectly) of the value of any class of equity interest in the Grantor, or (b) the equity interests held by Benefit Plan Investors are publicly-offered securities (within the meaning of Department of Labor
Regulation 2510.3-101(b)(2)). For purposes of this determination, the value of any equity interests held by a person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Grantor or any
person who provides investment advice for a fee (direct or indirect) with respect to such assets, or an affiliate (as defined in U.S. Department of Labor Regulation Section 2510.2-101(f)(3)) of such person, shall be disregarded. Grantor further
represents, warrants and agrees that at all times during the term of the Loan Grantor shall not be deemed to include plan assets. If at any time during the entire term of the Loan any of the investors in or owners of Grantor shall include a Benefit
Plan Investor, and the Plan Asset Regulation is implicated, Grantor shall as soon as reasonably possible following an investment by such Benefit Plan Investor provide Beneficiary with an opinion of counsel reasonably satisfactory to Beneficiary
indicating that the assets of Grantor are not deemed to include plan assets pursuant to the Plan Asset Regulation. In lieu of such opinion, the Beneficiary may in its sole discretion accept such other assurances from Grantor as are necessary to
satisfy Beneficiary in its sole discretion that the assets of Grantor are not deemed to include plan assets pursuant to the Plan Asset Regulation. 
 Grantor further represents, warrants and agrees that, during the term of the Loan, a governmental plan, within the meaning of Section 3(32) of ERISA (a “Governmental Plan”),
shall become an investor in or owner of Grantor, only if a determination has been made that such Governmental Plan’s investment in or ownership of Grantor should not constitute a nonexempt prohibited transaction under any applicable
state law (for purposes of this Paragraph, a “Prohibited Transaction”) that (i) applies to the Governmental Plan and (ii) is similar to the prohibited transaction rules under Section 406 of ERISA. If
such Governmental Plan’s investment in or ownership of Grantor nevertheless results in a nonexempt Prohibited Transaction that subjects Beneficiary to liability for such Prohibited Transaction, Grantor will promptly take appropriate
action to correct such Prohibited Transaction and will reimburse 

  
 45 

 
Beneficiary for any penalty or tax Beneficiary is required to pay in connection therewith. Notwithstanding the foregoing, the breach by Grantor of the foregoing representation and warranty will
not be an “Event of Default” under the Loan Documents unless such Governmental Plan’s investment in or ownership of Grantor is deemed by the applicable governmental authority to be a “Prohibited Transaction” that
actually subjects Beneficiary to liability as a direct result thereof and Grantor shall have failed to correct the same pursuant to the terms of this Paragraph. 

Grantor understands that the representations and warranties herein are a material inducement to Beneficiary to make the
Loan, without which Beneficiary would be unwilling to make the Loan. 
 43. Concerning the Trustee. 

(a) Certain Rights. With the approval of Beneficiary, Trustee shall have the right to take any and all of the
following actions: (i) to select, employ and consult with counsel (who may be, but need not be, counsel for Beneficiary) upon any matters arising hereunder, including the preparation, execution and interpretation of the Loan Documents, and
shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either directly or through his or her agents or attorneys, (iii) to
select and employ, in and about the execution of his or her duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of Trustee (and Trustee shall
not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by Trustee in good faith, or be
otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad faith), and (iv) any and all other lawful action that Beneficiary may instruct Trustee to take to protect or enforce
Beneficiary’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Premises for debts contracted for or liability or damages
incurred in the management or operation of the Premises. Trustee shall have the right to rely on any instrument, document, or signature authorizing or supporting any action taken or proposed to be taken by Trustee hereunder, believed by Trustee in
good faith to be genuine. Trustee shall be entitled to reimbursement for expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as shall be
rendered. Grantor will, from time to time, pay the compensation due to Trustee hereunder and reimburse Trustee for, and save and hold Trustee harmless against, any and all liability and expenses which may be incurred by Trustee in the performance of
Trustee’s duties. 
 (b) Retention of Money. All moneys received by Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they were received, and shall be segregated from any other moneys of Trustee. 
 (c) Successor Trustees. Trustee may resign by the giving of notice of such resignation in writing to Beneficiary. If Trustee shall die, resign or become disqualified from acting in the execution of
this trust, or if, for any reason, Beneficiary, in Beneficiary’s sole 

  
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discretion and with or without cause, shall prefer to appoint a substitute trustee or multiple substitute trustees, or successive substitute trustees or successive multiple substitute trustees,
to act instead of the aforenamed Trustee, Beneficiary shall have full power to appoint a substitute trustee (or, if preferred, multiple substitute trustees) in succession who shall succeed (and if multiple substitute trustees are appointed, each of
such multiple substitute trustees shall succeed) to all the estates, rights, powers and duties of the aforenamed Trustee. Such appointment may be executed by any authorized agent of Beneficiary, and if such Beneficiary be a corporation and such
appointment be executed on its behalf by any officer of such corporation, such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any
superior officer of the corporation. Grantor hereby ratifies and confirms any and all acts which the aforenamed Trustee, or his or her successor or successors in this trust, shall do lawfully by virtue hereof. If multiple substitute trustees are
appointed, each of such multiple substitute trustees shall be empowered and authorized to act alone without the necessity of the joinder of the other multiple substitute trustees, whenever any action or undertaking of such substitute trustees is
requested or required under or pursuant to this Deed of Trust or applicable law. Any prior election to act jointly or severally shall not prevent either or both of such multiple substitute Trustees from subsequently executing, jointly or severally,
any or all of the provisions hereof. 
 (d) Substitution or Resignation of Trustee. 

(i) Beneficiary may, without notice or cause and in Beneficiary’s sole discretion by complying with the provisions of
applicable statutes, substitute a successor or successors to any Trustee named herein or acting hereunder to execute this Deed of Trust or may fill a vacancy in the position of Trustee hereunder. Upon such appointment, and without conveyance to the
successor Trustee, the latter shall be vested with the title, powers and duties conferred upon any Trustee herein named or acting hereunder. Each such appointment and substitution shall be made by written instrument executed and acknowledged by
Beneficiary, containing reference to this Deed of Trust and its place of record, which, when recorded in the office in which this Deed of Trust is recorded, shall be conclusive proof of the proper appointment of such successor Trustee. 

(ii) Trustee may resign by written instrument executed by Trustee, containing reference to this Deed of Trust and its
place of record, which, when recorded in the office in which this Deed of Trust is recorded, and when delivered to Beneficiary in accordance with Paragraph 22 hereof, shall be conclusive proof of the resignation of such Trustee. Upon
such resignation, Beneficiary may appoint a successor Trustee in accordance with Paragraph 43(d) hereof. 
 (e) Perfection of Appointment. Should any deed, conveyance, or instrument of any nature be required from Grantor by any Trustee or substitute Trustee to more fully and certainly vest in and confirm
to Trustee or substitute Trustee such estates, rights, powers, and duties, then, upon request by Trustee or substitute trustee, any and all such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be
caused to be recorded and/or filed by Grantor. 

  
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 (f) Succession Instruments. Any substitute trustee appointed pursuant
to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its, his or her predecessor in the rights hereunder with like effect as if originally
named as Trustee herein; but nevertheless, upon the written request of Beneficiary or of the substitute trustee, the Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute trustee, upon the trusts herein
expressed, all the estates, properties, rights, powers, and trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and moneys held by such Trustee to the substitute trustee so appointed in such
Trustee’s place. 
 (g) No Representation by Trustee or Beneficiary. By accepting or approving
anything required to be observed, performed, or fulfilled or to be given to Trustee or Beneficiary pursuant to the Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other
financial statement, survey, appraisal or insurance policy, neither Trustee nor Beneficiary shall be deemed to have warranted, consented to, or affirmed the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision,
or condition thereof, and such acceptance or approval thereof shall not be or constitute any warranty or affirmation with respect thereto by Trustee or Beneficiary. 

(h) Trustee’s Commission. Immediately upon the first insertion of any advertisement or notice of any such
sale, there shall become due and owing by the Grantor all expenses incident to such advertisement or notice, all court costs and all expenses incident to any foreclosure proceedings brought under this Deed of Trust or otherwise in connection with
such sale, and a reasonable commission on the total amount of the Indebtedness then due hereunder equaling one-half of the commission allowed to trustees for making sales of property under orders or decrees of a court having competent jurisdiction,
and no party shall be required to receive only the aggregate Indebtedness then secured hereby unless it is accompanied by a tender of payment of such expenses, costs and commissions. 

(i) Conveyance by Trustee/Defeasance. Upon receipt by Trustee of written notice from Beneficiary that the
Indebtedness has been fully paid pursuant to the terms hereof and the other Loan Documents and the obligations fully performed in accordance with the provisions hereof and the other Loan Documents, Trustee shall reconvey the Premises, without
warranty, to Grantor or such person or persons lawfully entitled thereto. 
 44. Certain Matters Relating to Premises
Located in the State of Texas. With respect to the Premises which is located in the State of Texas, notwithstanding anything contained herein to the contrary and in addition to any or all of the other rights and remedies provided for herein
or in the other Loan Documents or available under law or in equity: 
 (a) Beneficiary may surrender the
insurance policies maintained pursuant to the terms hereof, or any part thereof, other than blanket policies relating to the Premises and other property, and receive and apply the unearned premiums as a credit on the Indebtedness, and, in connection
therewith, Grantor hereby grants Beneficiary (or any officer of Beneficiary), the authority necessary to collect such premiums. 

  
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 (b) Beneficiary shall have and may exercise any and all other rights and
remedies which Beneficiary may have at law or in equity, or by virtue of any other security instrument, or under the Texas Business and Commerce Code, or otherwise. 

(c) Notwithstanding anything contained herein to the contrary, pursuant to TEX. BUSINESS AND COMMERCE CODE ANN. §
9.604, Beneficiary may proceed under Chapter 9 of the Texas Business and Commerce Code as to all personal property covered hereby or, at Beneficiary’s election, Beneficiary may proceed as to both the real and personal property covered hereby in
accordance with Beneficiary’s rights and remedies in respect of real property, in which case the other provisions of Chapter 9 of the Texas Business and Commerce Code shall not apply. 

(d) If Beneficiary is the purchaser of the Premises, or any part thereof, at any sale thereof, whether such sale be under
the power of sale hereinabove vested in Trustee, or upon any other foreclosure or enforcement of the assignments, liens, and security interests hereof, or otherwise, Beneficiary shall, upon any such purchase, acquire good title to the Premises so
purchased, free of the assignments, liens, and security interests of these presents. 
 (e) If the assignments,
liens, or security interests hereof shall be foreclosed or otherwise enforced by a Trustee’s sale, or by any other judicial or non-judicial action, then the purchaser at any such sale shall receive, as an incident to his ownership, immediate
possession of that portion of the Premises purchased, and if Grantor or Grantor’s successors shall hold possession of any of said portion of the Premises subsequent to such foreclosure, Grantor and Grantor’s successors (other than bona
fide tenants) shall be considered as tenants at sufferance of the purchaser at such foreclosure sale, and anyone occupying the Premises (or any part hereof) after demand made for possession thereof shall be guilty of forcible detainer and shall be
subject to eviction and removal, forcible or otherwise, with or without process of law, and all damages by reason thereof are hereby expressly waived. 
 (f) This instrument shall be effective as a mortgage as well as a deed of trust, and upon the occurrence of an Event of Default may be foreclosed as to the Premises in any manner permitted by laws of
Texas and any other state in which any part of the Premises is situated. Any foreclosure suit may be brought by Trustee or any Beneficiary. If a foreclosure hereunder is commenced by Trustee, Beneficiary may, at any time before the sale, direct the
Trustee to abandon the sale, and may then institute suit for the collection of the Indebtedness, and for a foreclosure or enforcement of the assignments, liens, and security interests hereof, it may, at any time before the entry of a final judgment
in said suit, dismiss the same, and require Trustee to sell the Premises, or any part thereof, in accordance with the provisions of this Deed of Trust. 
 45. Waiver by Grantor. TO THE EXTENT PERMITTED BY LAW, GRANTOR HEREBY EXPRESSLY WAIVES AND RELEASES ANY REQUIREMENT OR OBLIGATION THAT BENEFICIARY OR TRUSTEES PRESENT EVIDENCE OR OTHERWISE
PROCEED BEFORE ANY COURT, CLERK, OR OTHER JUDICIAL OR QUASI-JUDICIAL BODY BEFORE EXERCISE OF THE POWERS OF SALE CONTAINED IN THIS DEED OF TRUST AND IN THE TEXAS CODE. 

  
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 46. Waivers and Agreements Regarding Remedies. To the full extent Grantor may
do so, Grantor hereby waives and relinquishes the following: 
 (a) Marshaling, Etc. All rights to a
marshaling of the assets of Grantor, including the Premises, or to a sale in inverse order of alienation in the event of foreclosure, and agrees not to assert any right under any law pertaining to the marshaling of assets, the sale in inverse order
of alienation, the exemption of homestead, the administration of estates of decedents, or other matters whatsoever to defeat, reduce or affect the right of Beneficiary under the terms of the Loan Documents to a sale of the Premises for the
collection of the Indebtedness without any prior or different resort for collection, or the right of Beneficiary to the payment of the Indebtedness out of the proceeds of sale of the Premises in preference to every other claimant whatsoever.

 (b) Rights and Remedies of Sureties. Any and all rights and remedies that Grantor may have or be able
to assert by reason of the provisions of any laws pertaining to the rights and remedies of sureties. 
 Notwithstanding the
personal liability of Grantor for the matters specifically set forth above, in no event shall any partner, member, shareholder, direct or indirect beneficial owners, officer, director or employee of Grantor, have any liability, personal or
otherwise, to Beneficiary for such matters. 
 47. Additional Collateral. 

(a) Grantor acknowledges and agrees that the Indebtedness and all other obligations hereunder (such Indebtedness and other
obligations collectively called the “Obligations”) are secured by the Premises and various other collateral including, without limitation, at the time of execution of this Deed of Trust certain personal property of Grantor
and other parties described in the Loan Documents. The Grantor specifically acknowledges and agrees that the Premises, in and of itself, if foreclosed or realized upon may not be sufficient to satisfy the outstanding amount of the Obligations.
Accordingly, Grantor acknowledges that, to the fullest extent permitted by applicable law, it is in the Grantor’s contemplation that the other collateral pledged to secure the Obligations may be pursued by the Beneficiary in separate
proceedings in the various states, counties and other countries where such collateral may be located and additionally that Grantor and other parties liable for payment of the Obligations will remain liable for any deficiency judgments in addition to
any amounts the Beneficiary may realize on sales of other property or any other collateral given as security for the Obligations except as otherwise set forth in this Deed of Trust. Specifically, and without limitation of the foregoing, it is agreed
that it is the intent of the parties hereto that in the event of a foreclosure of this Deed of Trust, the Obligations shall not be deemed merged into any judgment of foreclosure, but rather shall remain outstanding. It is the further intent and
understanding of the parties that the Beneficiary, following an Event of Default, may, to the fullest extent permitted by applicable law, pursue all of its Collateral with the Obligations remaining outstanding and in full force and effect
notwithstanding any judgment of foreclosure or any other judgment which the Beneficiary may obtain. 

  
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 (b) The Grantor acknowledges and agrees that the Premises and the other
collateral which may from time to time be encumbered by the other Loan Documents may be located in more than one state, county or country and therefore Grantor, to the fullest extent permitted by applicable law, waives and relinquishes any and all
rights it may have, whether at law or equity, to require the Beneficiary to proceed to enforce or exercise any rights, powers and remedies it may have under the Loan Documents in any particular manner, in any particular order, or in any particular
state or other jurisdiction. Furthermore, Grantor acknowledges and agrees, to the fullest extent permitted by applicable law, that the Beneficiary shall be allowed to enforce payment and performance of the Obligations and to exercise all rights and
powers provided under this Deed of Trust, or the other Loan Documents or under any provision of law, by one or more proceedings, (whether contemporaneous, consecutive or both) in any one or more states, counties or countries in which the security is
located. To the fullest extent permitted by applicable law, neither the acceptance of this Deed of Trust or any Loan Document nor the enforcement in one state, county or country, whether by court action, power of sale, or otherwise, shall prejudice
or in any way limit or preclude enforcement of such documents through one or more additional proceedings, in that state or in any other state, county or country. 

(c) To the fullest extent permitted by applicable law, Grantor further agrees that any particular remedy or proceeding,
including, without limitation, foreclosure through court action (in a state or federal court) or power of sale, may be brought and prosecuted in the local or federal courts of any one or more states as to all or any part of the Premises or the
collateral encumbered by the Loan Documents, wherever located, without regard to the fact that any one or more prior or contemporaneous proceedings have been situated elsewhere with respect to the same or any other part of the Premises and the other
collateral encumbered by the Loan Documents. 
 (d) To the fullest extent permitted by applicable law,
Beneficiary may resort to any other security held by the Beneficiary for the payment of the Obligations in such order and manner as the Beneficiary may elect. 
 (e) To the fullest extent permitted by applicable law, notwithstanding anything contained herein to the contrary, Beneficiary shall be under no duty to Grantor or others, including, without limitation,
the holder of any junior, senior or subordinate deed of trust, deed to secure debt or mortgage on the Premises or any part thereof or on any other security held by Beneficiary, to exercise or exhaust all or any of the rights, powers and remedies
available to Beneficiary. 
 48. Premises Release Privilege. Grantor shall be permitted to obtain a release of the
Premises from this Deed of Trust upon the terms and conditions set forth in Section 3.07 (“Property Release Privilege”) or Section 3.08 (“Substitution of Loan”) in the
Loan Agreement. 
 49. Limited Guaranties; Other Security Instruments; Cross-Default/ Cross-Collateralization. As
provided for in the Loan Agreement, (i) Grantor and Affiliates (as defined in the Loan Agreement) of Grantor have executed and delivered those certain Limited Guaranties dated on or about the date hereof with respect to the Affiliate Loans (as
defined in the Loan Agreement), and (ii) Affiliates of Grantor have executed and delivered that certain Limited Guaranty dated on or about the date hereof with respect to the loan evidenced by the Note (such

  
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Limited Guaranties, together with all guaranties issued and accepted in substitution or exchange therefor, and as they may from time to time be modified, extended, renewed, consolidated, restated
or replaced, are hereinafter sometimes collectively referred to as the “Guaranties” and individually as a “Guaranty”). The Guaranties are secured by, among other things,
those certain Deeds of Trust [or Mortgages, as applicable], Security Agreements, Financing Statements and Fixture Filings (Second Priority), Deeds to Secure Debt and Security Agreements (Second Priority), and Assignments of Rents and Leases (Second
Priority) executed and delivered this date by each of the “guarantors” under such Guaranties (collectively, such other Deeds of Trust [or Mortgages, as applicable], Security Agreements, Financing Statements and
Fixture Filings (Second Priority), Deeds to Secure Debt and Security Agreements (Second Priority), and Assignments of Rents and Leases (Second Priority), together with any other instruments or agreements securing the duties, obligations, and
covenants under the Guaranties, as any of the same may from time to time be modified, extended, renewed, consolidated, restated or replaced, are hereinafter sometimes referred to as the “Other Security
Instruments”). Such Deed of Trust, Security Agreement, Financing Statement and Fixture Filing (Second Priority) executed and delivered this date by Grantor with respect to the Premises is herein referred to as
“Grantor’s Second”). 
 Any breach, default, event of default or failure of
performance (however denominated) under any of the Other Security Instruments or any other loan documents relating to the Affiliate Loans not cured within any applicable notice or cure period shall constitute and be an Event of Default under this
Deed of Trust. Upon the occurrence of any Event of Default, Beneficiary may, at its option, exercise any one or more of the rights, powers, and remedies hereunder and under the Other Security Instruments (including, without limitation, any power of
sale or other rights, powers, and remedies with respect to the foreclosure or other sale of the Premises hereunder or any “Premises” to which such Other Security Instruments relate), or any of them, either concurrently or independently,
and in such other and further manner as Beneficiary may elect, and Beneficiary may apply the proceeds received therefrom to the Indebtedness or to any other indebtedness secured by the Other Security Instruments or in any other manner provided for
in this Deed of Trust or the Other Security Instruments, as the case may be, or otherwise as may be provided at law or in equity, without waiving or affecting Beneficiary’s rights, powers, and remedies under this Deed of Trust or any such Other
Security Instruments. 
 Beneficiary shall have the right to enforce this Deed of Trust and the Other Security Instruments, or
any of them, in such order and at such time as Beneficiary shall in its sole discretion elect. Beneficiary shall not be required to enforce this Deed of Trust or foreclose against the Premises, or against any collateral other than the Premises given
as security for the Indebtedness, as a condition to enforcing the Other Security Instruments or any of them with respect to the Indebtedness or otherwise, and if Beneficiary elects to foreclose this Deed of Trust, it may do so as to all or any part
of the Premises without being required to enforce or foreclose this Deed of Trust or the Other Security Instruments, or any of them, as to all or any portions of the Premises or all or any portions of such other collateral or as to all or any part
of any “Premises” under any Other Security Instruments or all or any portion of any other collateral given as security thereunder. 

  
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 If Beneficiary shall be successful in foreclosing this Deed of Trust, and shall bid at a
foreclosure sale, then only the amount of the successful bid shall be applied to reduce the Indebtedness, and all other amounts shall remain outstanding and shall be secured by and enforceable against other security provided under the Other Security
Instruments. Grantor further agrees that if Beneficiary shall be prosecuting one or more foreclosures or other proceedings against a portion of the Premises or against any other collateral securing the Indebtedness, or if Beneficiary shall have
obtained a judgment of foreclosure and sale or similar judgment against any portion of the Premises or any such collateral, or shall have enforced any power of sale against any portion of the Premises or any such collateral, then, whether or not
such proceedings are being maintained or judgments of sale were obtained in or outside the state in which this Deed of Trust is recorded, Beneficiary may commence or continue foreclosure proceedings and exercise its other remedies granted in this
Deed of Trust against all or any part of the Premises or any such other collateral, and Grantor expressly waives any objections to the commencement or continuation of a foreclosure of this Deed of Trust or exercise of any other rights, powers, and
remedies hereunder based on such other proceedings or judgments, and waives any right to seek to dismiss, stay, remove, transfer or consolidate either any action under this Deed of Trust or such other proceedings on such basis. Neither the
commencement nor continuation of proceedings to foreclose this Deed of Trust nor the exercise of any other rights, powers, or remedies hereunder nor the recovery of any judgment by Beneficiary or conduct of any sale in any such proceedings shall
prejudice, limit or preclude Beneficiary’s right to commence or continue one or more foreclosures, sales or other proceedings or obtain a judgment against any other portion of the Premises or any other such collateral (either in or outside the
state in which this Deed of Trust is recorded), and Grantor expressly waives any objections to the commencement of, continuation of, or entry of a judgment in such other proceedings or exercise of any rights, powers, or remedies in such proceedings
based upon any action or judgment connected to this Deed of Trust and other proceedings or any action under this Deed of Trust on such basis. 
 50. WAIVER OF CONSUMER RIGHTS. TO THE EXTENT NOW OR HEREAFTER APPLICABLE, GRANTOR HEREBY WAIVES GRANTOR’S RIGHTS UNDER THE DECEPTIVE TRADE PRACTICES – CONSUMER PROTECTION ACT,
SECTION 17.41 ET SEQ., BUSINESS AND COMMERCE CODE, A LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS. AFTER CONSULTATION WITH AN ATTORNEY OF GRANTOR’S OWN SELECTION, GRANTOR VOLUNTARILY CONSENTS TO THIS WAIVER. 

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. GRANTOR
ACKNOWLEDGES AND AGREES THAT THERE ARE NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT AND NO SUCH OTHER TERMS AND PROVISIONS MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN
AGREEMENT. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 51. SECTION 26.02 NOTICE. IN ACCORDANCE WITH SECTION 26.02 OF THE BUSINESS AND
COMMERCE CODE, THIS DEED OF TRUST AND THE OTHER DOCUMENTS EVIDENCING, SECURING OR PERTAINING TO ALL OR ANY PORTION OF THE INDEBTEDNESS REPRESENT THE FINAL AGREEMENT BETWEEN GRANTOR AND BENEFICIARY AS TO THE SUBJECT MATTER THEREOF AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN SUCH PARTIES. 
 Grantor acknowledges receipt of a copy of this instrument at the time of execution hereof. 
 IN WITNESS WHEREOF, the Grantor has executed this instrument the day and year first above written. 

 

													
	IIT DALLAS – 3737 & 4024 ROCK QUARRY ROAD LP, a Delaware limited partnership
		
	By:	 	IIT Dallas – 3737 & 4024 Rock Quarry Road GP LLC, a Delaware limited liability company, General Partner
			
		 	By:	 	IIT Real Estate Holdco LLC, a Delaware limited liability company, Sole Member
				
		 		 	By:	 	Industrial Income Operating Partnership LP, a Delaware limited partnership, Sole Member
					
		 		 		 	By:	 	Industrial Income Trust Inc., a Maryland corporation, General Partner
						
		 		 		 		 	By:	 	/s/ Thomas G. McGonagle
		 		 		 		 	Name:	 	Thomas G. McGonagle
		 		 		 		 	Title:	 	CFO

  
 54 

			
	 STATE OF COLORADO
	  	§
		  	§
	 COUNTY OF DENVER
	  	§

 On 25 January, 2011, before me, a
notary public, personally appeared Thomas G. McGonagle who is the CFO of Industrial Income Trust Inc., a Maryland corporation, the general partner of Industrial Income Operating Partnership LP, a Delaware limited partnership, the sole member of IIT
Real Estate Holdco LLC, a Delaware limited liability company, the sole member of IIT Dallas – 3737 & 4024 Rock Quarry Road GP LLC, a Delaware limited liability company, the general partner of IIT DALLAS – 3737 & 4024 ROCK
QUARRY ROAD LP, a Delaware limited partnership, personally known to me to or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same
in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

 

			
	WITNESS my hand and official seal.	 	
		
	/s/ Rhonda Poelma	 	(SEAL)
	Notary Public Signature	 	

 My commission expires: August 5, 2013 

  
 55

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