Document:

Amended and Restated Deed of Trust

 Exhibit 10.10 
 RECORDING REQUESTED BY 
 AND WHEN 
 RECORDED RETURN TO:

 First American Title Insurance Company 
 National Commercial
Services 
 1801 K Street, N.W., Suite 200-K 
 Washington, D.C.
20006 
 Attn: Richard L. Whelton, Jr. 
 THIS AMENDED AND
RESTATED DEED OF TRUST IS A REFINANCE OF THE DEED OF TRUST RECORDED APRIL 28, 2000 AS INSTRUMENT NO. 41393, AS SUPPLEMENTED BY DOCUMENTS RECORDED APRIL 2, 2002 AS INSTRUMENT NO. 37606, JULY 31, 2002 AS INSTRUMENT NO. 88938, OCTOBER 28, 2002 AS
INSTRUMENT NO. 124489, AND NOVEMBER 24, 2003 AS INSTRUMENT NO. 165320, ON WHICH RECORDATION TAX HAS BEEN PREVIOUSLY PAID. PURSUANT TO THE PROVISIONS OF SECTION 42-1103(a)(3) OF THE DISTRICT OF COLUMBIA CODE, THIS DEED OF TRUST IS EXEMPT FROM
RECORDATION TAX TO THE EXTENT OF $67,560,500.00. 
 AMENDED AND RESTATED DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING

 BY 1201 EYE STREET, N.W. ASSOCIATES LLC, a Delaware limited liability company 
 (successor by merger to 1215 Eye Street, N.W. Associates Limited Partnership), 
 as
Grantor 
 TO RICHARD L. WHELTON, JR., 
 as Trustee 
 for the benefit of 
 METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation, 
 as Beneficiary 
 November 1, 2007 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1
	 	 GRANT OF SECURITY
	  	3
			
	 1.1
	 	 REAL PROPERTY GRANT
	  	3
			
	 1.2
	 	 PERSONAL PROPERTY GRANT
	  	4
			
	 1.3
	 	 CONDITIONS TO GRANT
	  	5
			
	 1.4
	 	 ADDITIONAL ADVANCES
	  	5
			
	 ARTICLE 2
	 	 GRANTOR COVENANTS
	  	5
			
	 2.1
	 	 DUE AUTHORIZATION, EXECUTION, AND DELIVERY
	  	5
			
	 2.2
	 	 PERFORMANCE BY GRANTOR
	  	6
			
	 2.3
	 	 WARRANTY OF TITLE
	  	6
			
	 2.4
	 	 TAXES, LIENS AND OTHER CHARGES
	  	6
			
	 2.5
	 	 ESCROW DEPOSITS
	  	7
			
	 2.6
	 	 CARE AND USE OF THE PROPERTY
	  	8
			
	 2.7
	 	 COLLATERAL SECURITY INSTRUMENTS
	  	10
			
	 2.8
	 	 SUITS AND OTHER ACTS TO PROTECT THE PROPERTY
	  	10
			
	 2.9
	 	 LIENS AND ENCUMBRANCES
	  	10
			
	 ARTICLE 3
	 	 INSURANCE
	  	11
			
	 3.1
	 	 REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES
	  	11
			
	 3.2
	 	 ADJUSTMENT OF CLAIMS
	  	14
			
	 3.3
	 	 ASSIGNMENT TO BENEFICIARY
	  	15
			
	 ARTICLE 4
	 	 BOOKS, RECORDS AND ACCOUNTS
	  	15
			
	 4.1
	 	 BOOKS AND RECORDS
	  	15
			
	 4.2
	 	 ADDITIONAL MATTERS
	  	16
			
	 ARTICLE 5
	 	 LEASES AND OTHER AGREEMENTS AFFECTING THE PROPERTY
	  	16
			
	 5.1
	 	 GRANTOR’S REPRESENTATIONS AND WARRANTIES
	  	16
			
	 5.2
	 	 ASSIGNMENT OF LEASES
	  	17
			
	 5.3
	 	 PERFORMANCE OF OBLIGATIONS
	  	17
			
	 5.4
	 	 SUBORDINATE LEASES
	  	18
			
	 5.5
	 	 MANAGEMENT FEES
	  	18
			
	 ARTICLE 6
	 	 ENVIRONMENTAL HAZARDS
	  	18
			
	 6.1
	 	 REPRESENTATIONS AND WARRANTIES
	  	18

					
			
	 6.2
	 	 REMEDIAL WORK
	  	19
			
	 6.3
	 	 ENVIRONMENTAL SITE ASSESSMENT
	  	19
			
	 6.4
	 	 UNSECURED OBLIGATIONS
	  	19
			
	 6.5
	 	 HAZARDOUS MATERIALS
	  	20
			
	 6.6
	 	 REQUIREMENTS OF ENVIRONMENTAL LAWS
	  	21
			
	 ARTICLE 7
	 	 CASUALTY, CONDEMNATION AND RESTORATION
	  	21
			
	 7.1
	 	 GRANTOR’S REPRESENTATIONS
	  	21
			
	 7.2
	 	 RESTORATION
	  	21
			
	 7.3
	 	 CONDEMNATION
	  	22
			
	 7.4
	 	 REQUIREMENTS FOR RESTORATION
	  	23
			
	 ARTICLE 8
	 	 REPRESENTATIONS OF GRANTOR
	  	25
			
	 8.1
	 	 ERISA
	  	25
			
	 8.2
	 	 NON-RELATIONSHIP
	  	25
			
	 8.3
	 	 NO ADVERSE CHANGE
	  	26
			
	 8.4
	 	 FOREIGN INVESTOR
	  	26
			
	 8.5
	 	 US PATRIOT ACT
	  	26
			
	 ARTICLE 9
	 	 EXCULPATION AND LIABILITY
	  	26
			
	 9.1
	 	 LIABILITY OF GRANTOR
	  	26
			
	 ARTICLE 10
	 	 CHANGE IN OWNERSHIP, CONVEYANCE OF PROPERTY
	  	28
			
	 10.1
	 	 CONVEYANCE OF PROPERTY, CHANGE IN OWNERSHIP AND COMPOSITION
	  	28
			
	 10.2
	 	 PROHIBITION ON SUBORDINATE FINANCING
	  	34
			
	 10.3
	 	 RESTRICTIONS ON ADDITIONAL OBLIGATIONS
	  	34
			
	 10.4
	 	 STATEMENTS REGARDING OWNERSHIP
	  	34
			
	 ARTICLE 11
	 	 DEFAULTS AND REMEDIES
	  	35
			
	 11.1
	 	 EVENTS OF DEFAULT
	  	35
			
	 11.2
	 	 REMEDIES UPON DEFAULT
	  	36
			
	 11.3
	 	 APPLICATION OF PROCEEDS OF SALE
	  	37
			
	 11.4
	 	 WAIVER OF JURY TRIAL
	  	37
			
	 11.5
	 	 BENEFICIARY’S RIGHT TO PERFORM GRANTOR’S OBLIGATIONS
	  	37
			
	 11.6
	 	 BENEFICIARY REIMBURSEMENT
	  	38

  

 ii 

					
			
	 11.7
	 	 FEES AND EXPENSES
	  	38
			
	 11.8
	 	 WAIVER OF CONSEQUENTIAL DAMAGES
	  	38
			
	 11.9
	 	 INDEMNIFICATION OF TRUSTEE
	  	38
			
	 11.10
	 	 ACTIONS BY TRUSTEE
	  	38
			
	 11.11
	 	 SUBSTITUTION OF TRUSTEE
	  	38
			
	 11.12
	 	 NO REINSTATEMENT
	  	39
			
	 11.13
	 	 WAIVER RELATING TO REMEDIES
	  	39
			
	 ARTICLE 12
	 	 GRANTOR AGREEMENTS AND FURTHER ASSURANCES
	  	39
			
	 12.1
	 	 PARTICIPATION AND SALE OF LOAN
	  	39
			
	 12.2
	 	 REPLACEMENT OF NOTE
	  	40
			
	 12.3
	 	 GRANTOR’S ESTOPPEL
	  	40
			
	 12.4
	 	 FURTHER ASSURANCES
	  	40
			
	 12.5
	 	 SUBROGATION
	  	40
			
	 ARTICLE 13
	 	 SECURITY AGREEMENT
	  	40
			
	 13.1
	 	 SECURITY AGREEMENT
	  	40
			
	 13.2
	 	 REPRESENTATIONS AND WARRANTIES
	  	41
			
	 13.3
	 	 CHARACTERIZATION OF PROPERTY
	  	42
			
	 13.4
	 	 PROTECTION AGAINST PURCHASE MONEY SECURITY INTERESTS
	  	42
			
	 ARTICLE 14
	 	 RELATED LOAN PROVISIONS
	  	43
			
	 14.1
	 	 RELATED LOAN
	  	43
			
	 14.2
	 	 LIMITED RECOURSE GUARANTY
	  	43
			
	 14.3
	 	 WAIVERS
	  	44
			
	 14.4
	 	 RELEASES
	  	45
			
	 14.5
	 	 NO ELECTION
	  	45
			
	 14.6
	 	 INDEFEASIBLE PAYMENT
	  	46
			
	 14.7
	 	 FINANCIAL CONDITION OF GRANTOR
	  	46
			
	 14.8
	 	 SUBORDINATION
	  	46
			
	 ARTICLE 15
	 	 MISCELLANEOUS COVENANTS
	  	47
			
	 15.1
	 	 NO WAIVER
	  	47
			
	 15.2
	 	 NOTICES
	  	47
			
	 15.3
	 	 HEIRS AND ASSIGNS; TERMINOLOGY
	  	47

  

 iii 

					
			
	 15.4
	 	 SEVERABILITY
	  	48
			
	 15.5
	 	 APPLICABLE LAW
	  	48
			
	 15.6
	 	 CAPTIONS
	  	48
			
	 15.7
	 	 TIME OF THE ESSENCE
	  	48
			
	 15.8
	 	 NO MERGER
	  	48
			
	 15.9
	 	 NO MODIFICATIONS
	  	48
			
	 15.10
	 	 COUNTERPARTS
	  	48

  

 iv 

 AMENDED AND RESTATED DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING 
 DEFINED TERMS 
 Execution Date: November 1, 2007

 Note: The Amended and Restated Promissory Note dated as of the Execution Date made by Grantor to the order of Beneficiary in the principal amount of
$82,400,000.00. 
 Beneficiary & Address: 
 Metropolitan Life Insurance Company, a New York corporation 
 10 Park Avenue, Third Floor 
 Morristown, New Jersey 07962 
 Attention: Senior Vice President, Real Estate
Investments 
 With a copy to: 
 Metropolitan Life
Insurance Company 
 10 Park Avenue, Third Floor 
 Morristown, New
Jersey 07962 
 Attention: Law Department, Chief Counsel, Real Estate Investments 
 Grantor & Address (Chief Executive Office): 
 1201 Eye Street, N.W. Associates LLC, a Delaware limited
liability company 
 (successor by merger to 1215 Eye Street, N.W. Associates Limited Partnership) 
 c/o Piedmont Operating Partnership, L.P. 
 6200 The Corners Parkway, Suite 500

 Norcross, Georgia 30092 
 Attention: Executive Vice President,
Capital Markets 
 With a copy to: 
 Troutman Sanders LLP

 600 Peachtree Street, NE 
 Suite 5200 
 Atlanta, Georgia 30308-2216 
 Attention: James W. Addison, Esq. 
 Trustee & Address: 
 Richard L. Whelton, Jr. 
 c/o First American Title Insurance Company 
 National Commercial Services

 1801 K Street, N.W., Suite 200-K 
 Washington, D.C. 20006

 (as substituted trustee pursuant to Deed of Appointment of Substitute Trustee recorded November     , 2007 as Instrument No.
                    ) 
  

 1 

 Liable Parties & Address: 
 Piedmont Operating Partnership, L.P., a Delaware limited partnership 
 6200 The Corners Parkway, Suite 500 
 Norcross, Georgia 30092 
 Attention: Executive Vice President, Capital Markets

 County and State (the “State”) in which the Property is located: Washington, District of Columbia 
 Use: Class A office building with related first-class retail facilities and an underground parking garage. 
 Insurance: Commercial General Liability: Required Liability Limit: $50,000,000.00 
 Address for Insurance Notification: 
 Metropolitan Life Insurance Company, 
 its affiliates and/or successors and assigns 
 10 Park Avenue 
 Morristown, New Jersey 07962 
 Attention: Real Estate Investments Insurance
Manager 
 Loan Documents: The Note, this Deed of Trust and any other documents related to the Note and/or this Deed of Trust (except the Indemnity
Agreement and the Guaranty) and all renewals, amendments, modifications, restatements and extensions of these documents. 
 Reserve Agreement: The
Lease Rollover Reserve Agreement dated as of the Execution Date and executed by Grantor and Beneficiary. 
 Lease Rollover Guaranty: The Lease Rollover
Guaranty dated as of the Execution Date and executed by Liable Parties. 
 Indemnity Agreement: Amended and Restated Unsecured Indemnity Agreement
dated as of the Execution Date and executed by Grantor and Liable Parties in favor of Beneficiary. 
 Guaranty: Amended and Restated Guaranty of
Recourse Obligations dated as of the Execution Date and executed by Liable Parties. 
 The Indemnity Agreement and the Guaranty are not Loan Documents and
shall survive repayment of the Loan or other termination of the Loan Documents. 
 THIS AMENDED AND RESTATED DEED OF TRUST, SECURITY
AGREEMENT AND FIXTURE FILING (this “Deed of Trust”) is entered into as of the Execution Date by Grantor to Trustee for the benefit of Beneficiary with reference to the following Recitals: 
 RECITALS 
 A. This Deed of Trust secures:
(1) the payment of the indebtedness evidenced by the Note with interest at the rates set forth in the Note, together with all renewals, modifications, consolidations and extensions of the Note, all additional advances or fundings made by
Beneficiary, and any other amounts required to be paid by Grantor under any of the 

  

 2 

 
Loan Documents (collectively, the “Secured Indebtedness” and sometimes referred to as the “Loan”); (2) the full performance by
Grantor of all of the terms, covenants and obligations set forth in any of the Loan Documents; and (3) the payment and full performance by Related Borrower of the 1225 Guaranteed Obligations, as such terms are defined in Section 14.1. The
terms “Related Note,” “Related Deed of Trust,” “Related Loan Documents” and similar terms are also defined in Section 14.1. 
 B. Grantor makes the following covenants and agreements for the benefit of Beneficiary or any party designated by Beneficiary, including any prospective purchaser of the Loan Documents or participant in the Loan, and
their respective officers, employees, agents, attorneys, representatives and contractors (all of which are collectively referred to as “Beneficiary”) and Trustee. 
 NOW, THEREFORE, IN CONSIDERATION of the Recitals and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
Grantor agrees as follows: 
 ARTICLE 1 
 GRANT OF SECURITY 
 1.1 REAL PROPERTY GRANT. In order to secure the Secured Indebtedness, the
full performance by Grantor of all of the terms, covenants and obligations set forth in any of the Loan Documents, and the 1225 Guaranteed Obligations, Grantor irrevocably sells, transfers, grants, conveys, assigns and warrants to Trustee, its
successors and assigns, in trust, with power of sale and right of entry and possession, all of Grantor’s present and future estate, right, title and interest in and to the following which are collectively referred to as the “Real
Property”: 
 (a) That certain real property located in the State which is more particularly described in Exhibit A attached to
this Deed of Trust or any portion of the real property; all easements, rights-of-way, gaps, strips and gores of land; streets and alleys; sewers and water rights; privileges, licenses, tenements, and appurtenances appertaining to the real property,
and the reversion(s), remainder(s), and claims of Grantor with respect to these items, and the benefits of any existing or future conditions, covenants and restrictions affecting the real property (collectively, the “Land”); 
 (b) All things now or hereafter affixed to or placed on the Land, including all buildings, structures and improvements, all fixtures and all machinery,
elevators, boilers, building service equipment (including, without limitation, all equipment for the generation or distribution of air, water, heat, electricity, light, fuel or for ventilating or air conditioning purposes or for sanitary or drainage
purposes or for the removal of dust, refuse or garbage), partitions, appliances, furniture, furnishings, building materials, supplies, computers and software, window coverings and floor coverings, lobby furnishings, and other property now or in the
future attached, or installed in the improvements and all replacements, repairs, additions, or substitutions to these items (collectively, the “Improvements”); 
  

 3 

 (c) All present and future income, rents, revenue, profits, proceeds, accounts receivables and other
benefits from the Land and/or Improvements and all deposits made with respect to the Land and/or Improvements, including, but not limited to, any security given to utility companies by Grantor, any advance payment of real estate taxes or
assessments, or insurance premiums made by Grantor and all claims or demands relating to such deposits and other security, including claims for refunds of tax payments or assessments, and all insurance proceeds payable to Grantor in connection with
the Land and/or Improvements whether or not such insurance coverage is specifically required under the terms of this Deed of Trust (“Insurance Proceeds”) (all of the items set forth in this paragraph are referred to collectively as
“Rents and Profits”); 
 (d) All damages, payments and revenue of every kind that Grantor may be entitled to receive, from any
person owning or acquiring a right to the oil, gas or mineral rights and reservations of the Land; 
 (e) All proceeds and claims arising on
account of any damage to, or Condemnation (as hereinafter defined) of any part of the Land and/or Improvements, and all causes of action and recoveries for any diminution in the value of the Land and/or Improvements; 
 (f) All licenses, contracts, management agreements, guaranties, warranties, franchise agreements, permits, or certificates relating to the ownership,
use, operation or maintenance of the Land and/or Improvements; and 
 (g) All names by which the Land and/or Improvements may be operated or
known, and all rights to carry on business under those names, and all trademarks, trade names, and goodwill relating to the Land and/or Improvements. 
 TO HAVE AND TO HOLD the Real Property, unto Trustee, its successors and assigns, in trust, for the benefit of Beneficiary, its successors and assigns, forever subject to the terms, covenants and conditions of this
Deed of Trust. 
 1.2 PERSONAL PROPERTY GRANT. Grantor irrevocably sells, transfers, grants, conveys, assigns and warrants to
Beneficiary, its successors and assigns, a security interest in Grantor’s interest in the following personal property which is collectively referred to as the “Personal Property”: 
 (a) Any portion of the Real Property which may be personal property, and all other personal property, whether now existing or acquired in the future which
is attached to, appurtenant to, or used in the construction or operation of, or in connection with, the Real Property; 
 (b) All rights to
the use of water, including water rights appurtenant to the Real Property, pumping plants, ditches for irrigation, all water stock or other evidence of ownership of any part of the Real Property that is owned by Grantor in common with others and all
documents of membership in any owner’s association or similar group; 
  

 4 

 (c) All plans and specifications prepared for construction of the Improvements; and all contracts and
agreements of Grantor relating to the plans and specifications or to the construction of the Improvements; 
 (d) All equipment, machinery,
fixtures, goods, accounts, general intangibles, promissory notes, letter of credit rights, investment property, commercial tort claims, deposit accounts, documents, instruments and chattel paper and all substitutions, replacements of, and additions
to, any of these items; 
 (e) All sales agreements, deposits, escrow agreements, other documents and agreements entered into with respect to
the sale of any part of the Real Property, and all proceeds of the sale; and 
 (f) All proceeds from the voluntary or involuntary
disposition or claim respecting any of the foregoing items (including judgments, condemnation awards or otherwise). 
 All of the Real
Property and the Personal Property are collectively referred to as the “Property.” 
 1.3 CONDITIONS TO GRANT. If Grantor
shall pay to Beneficiary the Secured Indebtedness, at the times and in the manner stipulated in the Loan Documents, and if Grantor shall perform and observe each of the terms, covenants and agreements set forth in the Loan Documents, and provided
that there does not exist any Event of Default under the Related Loan Documents (as “Event of Default” is defined in the Related Deed of Trust) nor any event which, with notice and/or the opportunity to cure would constitute an Event of
Default thereunder, then this Deed of Trust and all the rights granted by this Deed of Trust shall be released by Trustee and/or Beneficiary in accordance with the laws of the State. 
 1.4 ADDITIONAL ADVANCES. Until this Deed of Trust is released of record, Beneficiary may make additional loans, advances, readvances, future
advances and other financial accommodations pursuant to the terms of the Note or other Loan Documents from time to time, but the maximum unpaid balance outstanding at any one time shall not exceed the principal amount of the Note set forth in the
“Defined Terms” section of this Deed of Trust, plus interest thereon, and plus any advances made for taxes, liens, assessments, insurance premiums, costs, and other obligations, including interest thereon, undertaken by Beneficiary
hereunder or under the other Loan Documents, and all such advances, future advances and readvances shall become part of the indebtedness secured by this Deed of Trust with the same priority from the date of recordation of this Deed of Trust and
shall be deemed evidenced by the Note, this Deed of Trust and the other Loan Documents. 
 ARTICLE 2 
 GRANTOR COVENANTS 
 2.1 DUE
AUTHORIZATION, EXECUTION, AND DELIVERY. 
 (a) Grantor represents and warrants that the execution of the Loan Documents and the Indemnity
Agreement has been duly authorized and there is no provision in the organizational documents of Grantor requiring further consent for such action by any other entity or person. 
  

 5 

 (b) Grantor represents and warrants that it is duly organized, validly existing and is in good standing
under the laws of the state of its formation and in the State, that its exact legal name, the state of its formation and the state of its chief executive office (or place of business, if it has only one place of business) are correctly stated in the
Defined Terms, and that it has all necessary licenses, authorizations, registrations, permits and/or approvals to own its properties and to carry on its business as presently conducted. 
 (c) Grantor represents and warrants that the execution, delivery and performance of the Loan Documents and the Indemnity Agreement will not result in
Grantor being in default under any provision of its organizational documents or of any deed of trust, mortgage, lease, credit or other agreement to which it is a party or which affects it or the Property. 
 (d) Grantor represents and warrants that the Loan Documents and the Indemnity Agreement have been duly authorized, executed and delivered by Grantor and
constitute valid and binding obligations of Grantor which are enforceable in accordance with their terms. 
 (e) Grantor agrees that it will
not change the state where it or its chief executive office (or place of business, if it has only one place of business) is located, or change its name, without providing at least thirty (30) days’ prior written notice to Beneficiary.

 2.2 PERFORMANCE BY GRANTOR. Grantor shall pay the Secured Indebtedness to Beneficiary and shall keep and perform each and every
other obligation, covenant and agreement of the Loan Documents. 
 2.3 WARRANTY OF TITLE. 
 (a) Grantor represents and warrants that it holds marketable and indefeasible fee simple absolute title to the Real Property, and that it has the right
and is lawfully authorized to sell, convey or encumber the Property subject only to those specific exceptions to title recorded in the real estate records of the State and contained in Schedule B of the title insurance policy or policies which have
been approved by Beneficiary (the “Permitted Exceptions”). The Property is free from all due and unpaid taxes, assessments and mechanics’ and materialmen’s liens. 
 (b) Grantor further covenants to warrant and forever defend the Real Property unto Beneficiary and Trustee, and their respective heirs, devisees,
personal representatives and assigns, from and against the claims and demands of all persons whomsoever. 
 2.4 TAXES, LIENS AND OTHER
CHARGES. 
 (a) Unless otherwise paid to Beneficiary as provided in Section 2.5, Grantor shall pay all real estate and other taxes
and assessments which may be payable, assessed, levied, 

  

 6 

 
imposed upon or become a lien on or against any portion of the Property (all of the foregoing items are collectively referred to as the
“Imposition(s)”). The Impositions shall be paid not later than ten (10) days before the dates on which the particular Imposition would become delinquent and Grantor shall produce to Beneficiary receipts of the imposing authority, or
other evidence reasonably satisfactory to Beneficiary, evidencing the payment of the Imposition in full. Grantor may elect by appropriate legal action at the sole expense of Grantor to contest any Imposition, and Grantor shall not be required to pay
the Imposition provided that (i) if, in the reasonable opinion of Beneficiary, as a result of such contest the Property or any interest therein might be subject to the imposition of any lien or encumbrance, Grantor shall first deposit cash with
Beneficiary as a reserve in an amount which Beneficiary reasonably determines is sufficient to pay the Imposition plus all fines, interest, penalties and costs which may become due pending the determination of the contest, (ii) the contest
operates to prevent enforcement or collection of the Imposition, or the sale or forfeiture of, the Property, and is prosecuted with due diligence and continuity, and (iii) Beneficiary will not, by virtue of such permitted contest, be exposed to
any risk of any civil liability for which Grantor has not furnished additional security as provided in clause (i) above, or to any risk of criminal liability. Upon termination of any proceeding or contest, Grantor shall pay the amount of the
Imposition as finally determined in the proceeding or contest. Provided that there is not then an Event of Default (as defined in Section 11.1), the monies which have been deposited with Beneficiary pursuant to this Section shall be applied
toward such payment and the excess, if any, shall be returned to Grantor. 
 (b) In the event of the passage, after the Execution Date, of
any law which deducts from the value of the Property, for the purposes of taxation, any lien or security interest encumbering the Property, or changing in any way the existing laws regarding the taxation of mortgages, deeds of trust and/or security
agreements or debts secured by these instruments, or changing the manner for the collection of any such taxes, and the law has the effect of imposing payment of any Impositions upon Beneficiary, at Beneficiary’s option, the Secured Indebtedness
shall immediately become due and payable. Notwithstanding the preceding sentence, Beneficiary’s election to accelerate the Loan shall not be effective if (1) Grantor is permitted by law (including, without limitation, applicable interest
rate laws) to, and actually does, pay the Imposition or the increased portion of the Imposition and (2) Grantor agrees in writing to pay or reimburse Beneficiary in accordance with Section 11.6 for the payment of any such Imposition which
becomes payable at any time when the Loan is outstanding. 
 2.5 ESCROW DEPOSITS. Without limiting the effect of Section 2.4 and
Section 3.1, Grantor shall pay to Beneficiary monthly on the same date the monthly installment is payable under the Note, an amount equal to 1/12th of the amounts Beneficiary reasonably estimates are necessary to pay, on an annualized basis,
(1) all Impositions and (2) the premiums for the insurance policies required under this Deed of Trust (collectively the “Premiums”) until such time as Grantor has deposited an amount equal to the annual charges for these items
and on demand, from time to time, shall pay to Beneficiary any additional amounts necessary to pay the Premiums and Impositions. Grantor will furnish to Beneficiary bills for Impositions and Premiums thirty (30) days before Impositions become
delinquent and such Premiums become due for payment. No amounts paid as Impositions or Premiums shall be deemed to be trust funds and these funds may be commingled with the general funds of Beneficiary. Beneficiary shall not be required to pay
interest to Grantor on account of these funds. If an Event of Default occurs, 

  

 7 

 
Beneficiary shall have the right, at its election, to apply any amounts held under this Section 2.5 in reduction of the Secured Indebtedness, or in
payment of the Premiums or Impositions for which the amounts were deposited. However, with respect to deposits of Premiums, Grantor shall not be required to make these deposits unless (i) at any time Grantor fails to furnish to Beneficiary, not
later than thirty (30) days before the dates on which any Premiums would become delinquent, receipts for the payment of the Premiums, or (ii) Grantor fails to provide, not later than thirty (30) days prior to expiration of any policy
required under the Loan Documents, appropriate proof of issuance of a new policy which continues in force the insurance coverage of the expiring policy, or (iii) there is an Event of Default, or (iv) Grantor no longer owns the Property, or
(v) there has been a change in Grantor or in the general partners, shareholders or members of Grantor or in the constituent general partners or controlling shareholders or controlling members of any of the entities comprising Grantor (other
than transfers permitted under Section 10.1). In the event any of these events occur, Beneficiary reserves the right to require deposits of Premiums at any time in its absolute discretion notwithstanding the fact that the default may be cured,
or that the transfer or change be approved by Beneficiary. In addition, with respect to deposits of Impositions, Grantor shall not be required to make these deposits unless (i) there is an Event of Default, or (ii) Grantor no longer owns
the Property, or (iii) there has been a change in Grantor or in the general partners, shareholders or members of Grantor or in the constituent general partners or controlling shareholders or controlling members of any of the entities comprising
Grantor (other than transfers permitted under Section 10.1). In the event any of these events occur, Beneficiary reserves the right to require deposits of Impositions at any time in its absolute discretion notwithstanding the fact that the
default may be cured, or that the transfer or change be approved by Beneficiary. 
 2.6 CARE AND USE OF THE PROPERTY. 
 (a) Grantor represents and warrants to and agrees with Beneficiary as follows: 
 (i) All authorizations, licenses, including without limitation liquor licenses, if any, and operating permits required to allow the Improvements to be
operated for the Use have been obtained, paid for and are in full force and effect. 
 (ii) The Improvements and their Use comply with (and
no notices of violation have been received in connection with) all Requirements (as defined in this Section) and Grantor shall at all times comply with all present or future Requirements affecting or relating to the Property and/or the Use. Grantor
shall furnish Beneficiary, on request, proof of compliance with the Requirements. Grantor shall not use or permit the use of the Property, or any part thereof, for any illegal purpose. “Requirements” shall mean all laws, ordinances,
orders, covenants, conditions and restrictions and other requirements relating to land and building design and construction, use and maintenance, that may now or hereafter pertain to or affect the Property or any part of the Property or the Use,
including, without limitation, planning, zoning, subdivision, environmental, air quality, flood hazard, fire safety, handicapped facilities, building, health, fire, traffic, safety, wetlands, coastal and other governmental or regulatory rules, laws,
ordinances, statutes, codes and requirements applicable to the Property, including permits, licenses and/or certificates that may be necessary from time to time to comply with any of the these requirements. 
  

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 (iii) Grantor has complied with and will continue to comply with all requirements of all instruments and
agreements affecting the Property, whether or not of record, including without limitation all covenants and agreements by and between Grantor and any governmental or regulatory agency pertaining to the development, use or operation of the Property.
Grantor, at its sole cost and expense, shall keep the Property in good order, condition, and repair, and make all necessary structural and non-structural, ordinary and extraordinary repairs to the Property. 
 (iv) Grantor shall abstain from, and not permit, the commission of waste to the Property and shall not remove or alter in any substantial manner, the
structure or character of any Improvements without the prior written consent of Beneficiary. 
 (v) The zoning approval for the Property is
not dependent upon the ownership or use of any property which is not encumbered by this Deed of Trust. 
 (vi) Construction of the
Improvements on the Property is complete. 
 (vii) The Property is in good repair and condition, free of any material damage. 
 (b) Beneficiary shall have the right, at any time and from time to time during normal business hours, to enter the Property in order to ascertain
Grantor’s compliance with the Loan Documents, to examine the condition of the Property, to perform an appraisal, to undertake surveying or engineering work, and to inspect premises occupied by tenants. Grantor shall cooperate with Beneficiary
performing these inspections. Provided that any such inspections are reasonably required, Grantor shall pay all costs incurred by Beneficiary in connection with any such inspections. 
 (c) Grantor shall use, or cause to be used, the Property solely for the Use. Grantor shall not use, or permit the use of, the Property for any other use
without the prior written consent of Beneficiary. To the extent the Property is used as a residential apartment complex, (i) Grantor shall not file or record a declaration of condominium, master deed of trust or mortgage or any other similar
document evidencing the imposition of a so-called “condominium regime” whether superior or subordinate to this Deed of Trust and (ii) Grantor shall not permit any part of the Property to be converted to, or operated as, a
“cooperative apartment house” whereby the tenants or occupants participate in the ownership, management or control of any part of the Property. 
 (d) Without the prior written consent of Beneficiary, Grantor shall not (i) initiate or acquiesce in a change in the zoning classification of and/or restrictive covenants affecting the Property or seek any
variance under existing zoning ordinances, (ii) take any action out of the ordinary course of operating and leasing the Property which may result in the Use becoming a non-conforming use under applicable zoning ordinances (except to the extent
the Use may be such a legally permitted non-conforming use on the date hereof), or (iii) subject the Property to restrictive covenants. 
  

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 (e) Grantor will faithfully perform each and every covenant to be performed by Grantor under any lien or
encumbrance affecting the Property including, without limiting the generality hereof, mortgages, deeds of trust, leases, easements, declarations or covenants, conditions and/or restrictions and other agreements which affect the Property, in law or
in equity. 
 2.7 COLLATERAL SECURITY INSTRUMENTS. Grantor covenants and agrees that if Beneficiary at any time holds additional
security for any obligations secured by this Deed of Trust, it may enforce its rights and remedies with respect to the security, at its option, either before, concurrently or after a sale of the Property is made pursuant to the terms of this Deed of
Trust. Beneficiary may apply the proceeds of the additional security to the Secured Indebtedness without affecting or waiving any right to any other security, including the security under this Deed of Trust, and without waiving any breach or default
of Grantor under this Deed of Trust or any other Loan Document. 
 2.8 SUITS AND OTHER ACTS TO PROTECT THE PROPERTY. 
 (a) Grantor shall immediately notify Beneficiary of the commencement, or receipt of notice, of any action or proceeding or other material matter or claim
affecting the Property and/or the interest of Beneficiary under the Loan Documents (collectively, “Actions”). Grantor shall appear in and defend any Actions. 
 (b) Beneficiary shall have the right, at the cost and expense of Grantor, to institute, maintain and participate in Actions or other proceedings and take such other action, as it may deem appropriate in the good faith
exercise of its discretion to preserve or protect the Property and/or the interest of Beneficiary under the Loan Documents. Any money paid by Beneficiary under this Section shall be reimbursed to Beneficiary in accordance with Section 11.6
hereof. 
 2.9 LIENS AND ENCUMBRANCES. Without the prior written consent of Beneficiary, to be exercised in Beneficiary’s sole
and absolute discretion, other than the Permitted Exceptions, Grantor shall not create, place or allow to remain any lien or encumbrance on the Property, including deeds of trust, mortgages, security interests, conditional sales, mechanic’s
liens, tax liens or assessment liens regardless of whether or not they are subordinate to the lien created by this Deed of Trust (collectively, “Liens and Encumbrances”). If any Liens and Encumbrances (other than Permitted Exceptions) are
recorded against the Property or any part of the Property, within thirty (30) days after receipt of notice of their existence Grantor shall either obtain a discharge and release of such Liens and Encumbrances, or shall provide a bond or other
security with respect thereto in form, scope, and amount satisfactory to Beneficiary in its sole discretion. 
  

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 ARTICLE 3 
 INSURANCE 
 3.1 REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES. 
 (a) During the term of this Deed of Trust, Grantor at its sole cost and expense must provide insurance policies and certificates of insurance for types of
insurance described below all of which must be satisfactory to Beneficiary as to form of policy, amounts, deductibles, sublimits, types of coverage, exclusions and the companies underwriting these coverages. In no event shall such policies be
terminated or otherwise allowed to lapse. Grantor shall be responsible for its own deductibles. Grantor shall also pay for any insurance, or any increase of policy limits, not described in this Deed of Trust which Grantor requires for its own
protection or for compliance with government statutes. Grantor’s insurance shall be primary and without contribution from any insurance procured by Beneficiary including, without limitation, any insurance obtained by Beneficiary pursuant to
Section 3.1(d). 
 Policies of insurance shall be delivered to Beneficiary in accordance with the following requirements: 
 (i) Property insurance on the Improvements and the Personal Property insuring against any peril now or hereafter included within the classification
“All Risk” or “Special Perils,” in each case (A) in an amount equal to 100% of the “Full Replacement Cost” (as hereinafter defined) of the Improvements and Personal Property with a waiver of depreciation and with a
Replacement Cost Endorsement; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (C) providing for no deductible in excess of $250,000.00 (with the
exception of windstorms, which may be subject to a deductible not to exceed 5% of the full replacement cost); and (D) containing Ordinance or Law Coverage, Operation of Building Laws, Demolition Costs and Increased Cost of Construction in an
amount reasonably required by Beneficiary or if any of the Improvements or the use of the Property constitute non-conforming structures then in the amount of 100% of the Full Replacement Cost. The Full Replacement Cost shall be determined from time
to time by an appraiser or contractor designated and paid by Grantor and approved by Beneficiary or by an engineer or appraiser in the regular employ of the insurer. The “Full Replacement Cost” for purposes of this Article 3 shall mean the
estimated total cost of construction required to replace the Improvements with a substitute of like utility, and using modern materials and current standards, design and layout. For purposes of calculating Full Replacement Cost, direct (hard) costs
shall include, without limitation, labor, materials, supervision and contractor’s profit and overhead and indirect (soft) costs shall include, without limitation, fees for architect’s plans and specifications, construction financing costs,
permits, sales taxes, insurance and other costs included in the Marshall Valuation Service published by Marshall & Swifts. 
 (ii)
Commercial General Liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined
single limit of not less than the amount set forth in the Defined Terms; (B) to continue at not less than 

  

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this limit until required to be changed by Beneficiary in writing by reason of changed economic conditions making such protection inadequate; and (C) to
cover at least the following hazards: (a) premises and operations; (b) products and completed operations on an “if any” basis; (c) independent contractors; (d) blanket contractual liability for all written and oral
contracts; and (e) contractual liability covering the indemnities contained in this Deed of Trust to the extent available. 
 (iii)
Business Income insurance in an amount sufficient to prevent Grantor from becoming a co-insurer within the terms of the applicable policies, and sufficient to recover one (1) year’s “Business Income” (as hereinafter defined) and
with an Extended Period of Indemnity of 12 months. The amount of such insurance shall be increased from time to time during the term of this Deed of Trust as and when new Leases and renewal Leases are entered into and rents payable increase or the
annual estimate of gross income from occupancy of the Property increases to reflect such rental increases. “Business Income” shall mean the sum of (A) the total anticipated gross income from occupancy of the Property, (B) the
amount of all charges (such as, but not limited to, operating expenses, insurance premiums and taxes) which are the obligation of tenants or occupants to Grantor, (C) the fair market rental value of any portion of the Property which is occupied
by Grantor, and (D) any other amounts payable to Grantor or to any affiliate of Grantor pursuant to Leases. 
 (iv) If Beneficiary
determines at any time that any part of the Property is located in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map issued by the Federal Emergency Management Agency as having special flood hazards and flood insurance
has been made available, Grantor will maintain a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable insurance carrier, in an amount not less than the lesser
of (A) “Full Replacement Cost” or (B) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of
1994, as amended. 
 (v) During the period of any construction or renovation or alteration of the Improvements, a so-called
“Builder’s All Risk” insurance policy in non-reporting form for any Improvements under construction, renovation or alteration including, without limitation, for demolition and increased cost of construction or renovation, in an amount
equal to the Full Replacement Cost of such Improvements and/or materials, or as otherwise approved by Beneficiary in the good faith exercise of its discretion, including an Occupancy endorsement and Workers’ Compensation Insurance covering all
persons engaged in the construction, renovation or alteration in an amount at least equal to the minimum required by statutory limits of the State. 
 (vi) Workers’ Compensation insurance, subject to the statutory limits of the State, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and
$1,000,000 for disease in the aggregate in respect of any work or operations on or about the Property, or in connection with the Property or its operations (if applicable). 
  

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 (vii) Boiler & Machinery or Equipment Breakdown Coverage, insurance covering the major
components of the central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in the Improvements, in an
amount equal to one hundred percent (100%) of the full replacement cost of all equipment installed in, on or at the Improvements. These policies shall insure against physical damage to and loss of occupancy and use of the Improvements arising
out of an accident or breakdown. 
 (viii) Insurance from and against all losses, damages, costs, expenses, claims and liabilities related
to or arising from acts of terrorism, of such types, in such amounts, with such deductibles, issued by such companies, and on such forms of insurance policies as required by Beneficiary; provided, however, that as to the original Grantor (but not to
any successor grantor), Grantor shall purchase terrorism coverage with a limit equal to the lesser of (A) the Full Replacement Cost, and (B) that terrorism coverage that could be purchased with a premium that is equal two hundred percent
(200%) of the premium, as reasonably determined by Beneficiary, that Grantor would need to pay to obtain the insurance described in Section 3.1(a)(i) for the Property excluding terrorism coverage. 
 (ix) Business Automobile Insurance with a combined single limit of not less than $1,000,000 per occurrence for bodily injury and property damage arising
out of the use of owned, non-owned, hired and/or leased automotive equipment when such equipment is operated by Grantor, Grantor’s employees or Grantor’s agents in connection with the Property 
 (x) Such other insurance (A) as may from time to time be required by Beneficiary to replace coverage against any hazard, which as of the date
hereof is insured against under any of the insurance policies described in Subsections (a)(i) through (a)(ix) of this Section 3.1, and (B) as may from time to time be reasonably required by Beneficiary against other insurable hazards,
including, but not limited to, vandalism, earthquake, environmental, sinkhole and mine subsidence (provided that earthquake insurance, if required, shall be subject to a deductible of $100,000.00). 
 (xi) Beneficiary’s interest must be clearly stated by endorsement in the insurance policies described in this Section 3.1 as follows:

 (A) The policies of insurance referenced in Subsections (a)(i), (a)(iii), (a)(iv), (a)(v) and (a)(vii) of this Section 3.1 shall
identify Beneficiary under the New York Standard Mortgagee Clause (non-contributory) endorsement. 
 (B) The insurance policies referenced
in Subsections 3.1(a)(ii) and 3.1(a)(ix) shall name Beneficiary as an additional insured. 
 (C) The policies of insurance referenced in
Subsection 3.1(a)(viii) shall name Beneficiary in such form and manner as Beneficiary shall reasonably require. 
  

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 (D) All of the policies referred to in Section 3.1 shall provide for at least thirty
(30) days’ written notice to Beneficiary in the event of policy cancellation and/or material change. 
 (b) All the insurance
companies must be authorized to do business in New York State and in the State and be approved by Beneficiary. The insurance companies must have a general policy rating of A- or better and a financial class of VIII or better by A.M. Best Company,
Inc. and a claims paying ability of BBB or better according to Standard & Poors. So called “Cut-through” endorsements shall not be permitted. Grantor shall deliver evidence satisfactory to Beneficiary of payment of premiums due
under the insurance policies. 
 (c) Certified copies of the policies, and any endorsements, shall be made available for inspection by
Beneficiary upon request. If Grantor fails to obtain or maintain insurance policies and coverages as required by this Section 3.1 (“Required Insurance”) then Beneficiary shall have the right but shall not have the obligation
immediately to procure any Required Insurance at Grantor’s cost. If any required insurance is provided using one or more blanket policies containing aggregate coverage limits, Beneficiary shall be commercially reasonable in approving such
limits based upon the insured portfolio; provided, however, that Grantor shall provide Beneficiary with a written copy of the schedule of locations applicable to each such aggregate coverage limit. 
 (d) Grantor shall be required during the term of the Loan to continue to provide Beneficiary with original renewal policies or replacements of the
insurance policies referenced in Section 3.1(a). Beneficiary may accept Certificates of Insurance evidencing insurance policies referenced in Subsections (a)(ii), (a)(iv), and (a)(vi) of this Section 3.1 instead of requiring the actual
policies. Beneficiary shall be provided with renewal Certificates of Insurance, or Binders, not less than fifteen (15) days prior to each expiration. The failure of Grantor to maintain the insurance required under this Article 3 shall not
constitute a waiver of Grantor’s obligation to fulfill these requirements. 
 (e) All binders, policies, endorsements, certificates, and
cancellation notices are to be sent to the Beneficiary’s Address for Insurance Notification as set forth in the Defined Terms until changed by notice from Beneficiary. 
 3.2 ADJUSTMENT OF CLAIMS. Grantor hereby authorizes and empowers Beneficiary to settle, adjust or compromise any claims for damage to, or loss or
destruction of, all or a portion of the Property, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction. Notwithstanding
the foregoing, so long as no Event of Default (or any event which with notice and/or the opportunity to cure would constitute an Event of Default) has occurred and is continuing, and so long as Beneficiary’s security shall not be impaired,
(a) Grantor may negotiate and settle any such claims involving less than $1,000,000.00 without the consent of Beneficiary, and (b) Grantor may negotiate for a settlement, adjustment or compromise of any such claims involving $1,000,000.00
or more provided that the final settlement shall be subject to the written approval of Beneficiary in its sole and absolute discretion. 
  

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 3.3 ASSIGNMENT TO BENEFICIARY. In the event of the foreclosure of this Deed of Trust or other
transfer of the title to the Property in extinguishment of the Secured Indebtedness, all right, title and interest of Grantor in and to any insurance policy, or premiums or payments in satisfaction of claims or any other rights under these insurance
policies and any other insurance policies covering the Property shall pass to the transferee of the Property. 
 ARTICLE 4 

BOOKS, RECORDS AND ACCOUNTS 
 4.1
BOOKS AND RECORDS. Grantor shall keep adequate books and records of account in accordance with generally accepted accounting principles (“GAAP”), or in accordance with other methods acceptable to Beneficiary in its sole discretion,
consistently applied and furnish to Beneficiary: 
 (a) Annually certified rent rolls signed and dated by Grantor, detailing the names of all
tenants of the Improvements, the portion of Improvements occupied by each tenant, the base rent and any other charges payable under each Lease (as defined in Section 5.2) and the term of each Lease, including the expiration date, and any other
information as is reasonably required by Beneficiary, within thirty (30) days after the end of each fiscal year; 
 (b) A quarterly
operating statement of the Property and year to date operating statements detailing the total revenues received, total expenses incurred, total cost of all capital improvements, total debt service and total cash flow, to be prepared and certified by
Grantor in the form required by Beneficiary, and if available, any quarterly operating statement prepared by an independent certified public accountant, within thirty to sixty (30-60) days after the close of each fiscal quarter of Grantor;

 (c) An annual balance sheet and profit and loss statement of Grantor in the form required by Beneficiary, prepared and certified by
Grantor, or if required by Beneficiary, audited financial statements for Grantor and any Liable Parties prepared by an independent certified public accountant acceptable to Beneficiary within ninety (90) days after the close of each fiscal year
of Grantor and the Liable Parties, as the case may be; and 
 (d) An annual operating budget presented on a monthly basis consistent with the
annual operating statement described above for the Property including cash flow projections for the upcoming year and all proposed capital replacements and improvements at least fifteen (15) days prior to the start of each calendar year.

 Notwithstanding the foregoing, the financial statements for Liable Parties to be provided pursuant to Section 4.1(c) do not need to be in accordance
with GAAP, provided they are in accordance with the accounting method used in the financial statements of Liable Parties submitted to Beneficiary in connection with the application for the Loan. 
  

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 4.2 ADDITIONAL MATTERS. 
 (a) Grantor shall furnish Beneficiary with such other additional financial or management information (including State and Federal tax returns) as may,
from time to time, be reasonably required by Beneficiary or the rating agencies in form and substance satisfactory to Beneficiary or the rating agencies. 
 (b) Grantor shall furnish Beneficiary and its agents convenient facilities for the examination and audit of any such books and records. 
 (c) Beneficiary and its representatives shall have the right upon reasonable prior written notice to examine and audit the records, books, management and other papers of Grantor and its affiliates or of any guarantor
or indemnitor which reflect upon their financial condition and/or the income, expenses and operations of the Property, at the Property or at any office regularly maintained by Grantor, its affiliates or any guarantor or indemnitor where the books
and records are located. Beneficiary shall have the right upon notice to make copies and extracts from the foregoing records and other papers. 
 ARTICLE 5 
 LEASES AND OTHER AGREEMENTS AFFECTING THE PROPERTY 
 5.1 GRANTOR’S REPRESENTATIONS AND WARRANTIES. Grantor represents and warrants to Trustee and Beneficiary as follows: 
 (a) There are no leases or occupancy agreements affecting the Property except those leases and amendments listed on Exhibit B to the Assignment of Leases
and Grantor has delivered to Beneficiary true, correct and complete copies of all existing leases, including amendments (collectively, “Existing Leases”) and all guaranties and amendments of guaranties given in connection with the Existing
Leases (the “Guaranties”). 
 (b) There are no material defaults by Grantor under the Existing Leases or Guaranties and, to the
best knowledge of Grantor, except as may have been disclosed to Beneficiary in the tenant estoppel certificates delivered to Beneficiary in connection with the Loan, there are no material defaults by any tenants under the Existing Leases or any
guarantors under the Guaranties. The Existing Leases and the Guaranties are in full force and effect. 
 (c) To the best knowledge of
Grantor, none of the tenants now occupying ten percent (10%) or more of the Property or having a current lease affecting ten percent (10%) or more of the Property is the subject of any bankruptcy, reorganization or insolvency proceeding or
any other debtor-creditor proceeding. 
 (d) Except as specifically set forth in the Existing Leases, no Existing Leases may be amended,
terminated or canceled unilaterally by a tenant and no tenant may be released from its obligations, except in the event of (i) material damage to, or destruction of, the Property or (ii) condemnation. 
  

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 5.2 ASSIGNMENT OF LEASES. In order to further secure payment of the Secured Indebtedness and the
performance of Grantor’s obligations under the Loan Documents, Grantor absolutely, presently and unconditionally grants, assigns and transfers to Beneficiary all of Grantor’s right, title, interest and estate in, to and under (i) all
of the Existing Leases and Guaranties affecting the Property and (ii) all of the future leases, lease amendments, guaranties and amendments of guaranties and (iii) the Rents and Profits. Grantor acknowledges that it is permitted to collect
the Rents and Profits pursuant to a revocable license unless and until an Event of Default occurs. The Existing Leases and Guaranties and all future leases, lease amendments, guaranties and amendments of guaranties are collectively referred to as
the “Leases.” 
 5.3 PERFORMANCE OF OBLIGATIONS. 
 (a) Grantor shall perform all material obligations under any and all Leases. If any of the acts described in paragraph (c) of this Section 5.3
are done without the written consent of Beneficiary, at the option of Beneficiary, they shall be of no force or effect and shall constitute a default under this Deed of Trust. 
 (b) Upon request of Beneficiary, Grantor agrees to furnish Beneficiary executed copies of all future Leases entered into which affect the Property.

 (c) Grantor shall not, without the express written consent of Beneficiary, (i) enter into or extend any Lease unless the Lease
complies with the Leasing Guidelines which are attached to this Deed of Trust as Exhibit B (provided, however, that the foregoing shall not prohibit Grantor from allowing the extension of any Leases pursuant to any extension options existing
under the Existing Leases or Leases hereafter entered into in accordance with the terms hereof), or (ii) cancel or terminate any Leases or accept a surrender of any Leases except in the case of a default unless Grantor has entered into new
Leases covering all of the premises of the Leases being terminated or surrendered or unless specifically permitted under any Existing Leases or Leases hereafter entered into in accordance with the terms hereof, or (iii) modify or amend any
Leases in any material way or reduce the rent (unless any such Lease following such modification, amendment or reduction shall remain in compliance with the Leasing Guidelines), or (iv) unless the tenants remain liable under the Leases, consent
to an assignment of the tenant’s interest or to a subletting of any of the Leases (except if any such consent is required by the terms of a Lease existing on the Execution Date and entered into in compliance with this Deed of Trust), or
(v) accept payment of advance rents in an amount in excess of one month’s rent under any Lease. In the event that (i) Grantor has delivered to Beneficiary a written request for Beneficiary’s approval of a Lease or other leasing
matter together with a summary of the business terms of such Lease or other leasing matter by a method which provides evidence of delivery, such as certified mail or a recognized national overnight delivery service, (ii) Beneficiary has failed
to respond to such request within five (5) business days after Beneficiary’s receipt of such request, and (iii) Grantor has delivered to Beneficiary a second copy of such request by such a method, then, if Beneficiary has failed to
respond to such second request within five (5) business days after Beneficiary’s receipt of such request, such request shall be deemed approved, provided that each such request included a legend prominently displayed at the top of
the first page thereof in solid capital letters in bold face type of a font size not less than twelve (12) as follows: “WARNING: 

  

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PURSUANT TO SECTION 5.3 OF THE DEED OF TRUST, YOU WILL BE DEEMED TO HAVE APPROVED THIS REQUEST IF YOU DO NOT RESPOND WITHIN FIVE (5) BUSINESS DAYS
AFTER RECEIPT.” 
 (d) Grantor shall not, without the express written consent of Beneficiary enter into any options to purchase the
Property. 
 5.4 SUBORDINATE LEASES. Each Lease hereafter entered into affecting the Property shall be absolutely subordinate to the
lien of this Deed of Trust and shall also contain a provision, satisfactory to Beneficiary, to the effect that (a) Beneficiary may elect to make such Lease superior to the lien of this Deed of Trust and (b) in the event of the judicial or
non-judicial foreclosure of the Property, at the election of the acquiring foreclosure purchaser, the particular Lease shall not be terminated and the tenant shall attorn to the purchaser subject to the terms of such Lease. If requested to do so,
the tenant shall agree to enter into a new Lease for the balance of the term upon the same terms and conditions. If Beneficiary requests, Grantor shall cause a tenant or tenants to enter into subordination and attornment agreements or nondisturbance
agreements with Beneficiary on forms which have been approved by Beneficiary and Beneficiary shall negotiate such forms in good faith at Grantor’s cost, including payment of the reasonable fees of Beneficiary’s counsel. In addition,
Beneficiary agrees to provide a nondisturbance agreement to any tenant (and to negotiate such agreement in good faith at Grantor’s cost, including payment of the reasonable fees of Beneficiary’s counsel), provided that such tenant’s
Lease is approved by Beneficiary. Following the date hereof, Grantor shall request and use reasonable efforts to obtain a subordination, nondisturbance and attornment agreement on forms which have been approved by Beneficiary from each tenant under
a Lease in effect on the date hereof who has not yet provided such an agreement. 
 5.5 MANAGEMENT FEES. Grantor covenants and agrees
that all contracts and agreements relating to the Property requiring the payment of management fees or other similar compensation shall (i) provide that the obligation will not be enforceable against Beneficiary and (ii) be subordinate to
the lien of this Deed of Trust. Beneficiary will be provided evidence of Grantor’s compliance with this Section upon request. 
 ARTICLE 6 
 ENVIRONMENTAL HAZARDS 
 6.1 REPRESENTATIONS AND WARRANTIES. Grantor hereby represents, warrants, covenants and agrees to and with Beneficiary that (i) except as may be disclosed in the Initial Environmental Report (as defined in
the Indemnity Agreement) or except as expressly approved by Beneficiary in writing, neither Grantor nor, to the best of Grantor’s knowledge, after due inquiry, any tenant, subtenant or occupant of the Property, has at any time placed, suffered
or permitted the presence of any Hazardous Materials (as defined in Section 6.5) at, on, under, within or about the Property, except for Permitted Materials (as this term is defined in the Indemnity Agreement); (ii) except as may be
disclosed in the Initial Environmental Report, to the best knowledge of Grantor, all operations or activities upon the Property, and any use or occupancy of the Property by Grantor, and any tenant, subtenant or occupant of the Property are presently
and shall in the future be in compliance with all Requirements of Environmental Laws 

  

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(as defined in Section 6.6); (iii) Grantor will use reasonable best efforts to assure that any tenant, subtenant or occupant of the Property shall
in the future be in compliance with all Requirements of Environmental Laws with respect to the Property; (iv) except as may be disclosed in the Initial Environmental Report, Grantor does not know of, and has not received, any written or oral
notice or other communication from any person or entity (including, without limitation, a governmental entity) relating to Hazardous Materials or Remedial Work pertaining thereto, of possible liability of any person or entity pursuant to any
Requirements of Environmental Laws, other environmental conditions in connection with the Property, or any actual administrative or judicial proceedings in connection with any of the foregoing; (v) Grantor shall not do (and shall use its
reasonable best efforts not to allow any tenant or other user of the Property to do) any act that materially increases the dangers to human health or the environment, poses an unreasonable risk of harm to any person or entity (whether on or off the
Property), impairs or may impair the value of the Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste, or violates any covenant, condition, agreement or easement applicable to the
Property; and (vi) Grantor has truthfully and fully provided to Beneficiary, in writing, any and all information relating to environmental conditions in, on, under or from the Property that is known to Grantor and that is contained in
Grantor’s files and records, including, without limitation, any reports relating to Hazardous Materials in, on, under or from the Property and/or to the environmental condition of the Property. 
 6.2 REMEDIAL WORK. In the event any investigation or monitoring of site conditions or any clean-up, containment, restoration, removal or other
remedial work (collectively, the “Remedial Work”) is required under any Requirements of Environmental Laws, Grantor shall perform or cause to be performed the Remedial Work in compliance with the applicable law, regulation, order or
agreement. All Remedial Work shall be performed by one or more contractors, selected by Grantor and approved in advance in writing by Beneficiary, and under the supervision of a consulting engineer, selected by Grantor and approved in advance in
writing by Beneficiary. All costs and expenses of Remedial Work shall be paid by Grantor including, without limitation, the charges of the contractor(s) and/or the consulting engineer, and Beneficiary’s reasonable attorneys’,
architects’ and/or consultants’ fees and costs incurred in connection with monitoring or review of the Remedial Work. In the event Grantor shall fail to timely commence, or cause to be commenced, or fail to diligently prosecute to
completion, the Remedial Work, Beneficiary may, but shall not be required to, cause such Remedial Work to be performed, subject to the provisions of Sections 11.5 and 11.6. 
 6.3 ENVIRONMENTAL SITE ASSESSMENT. Beneficiary shall have the right, at any time and from time to time, to undertake an environmental site
assessment on the Property, including any testing that Beneficiary may determine, in its sole discretion, is necessary or desirable to ascertain the environmental condition of the Property and the compliance of the Property with Requirements of
Environmental Laws. Any such assessment and/or testing shall be at the sole expense of Grantor if an Event of Default has occurred and is continuing or if Beneficiary reasonably believes that Hazardous Materials are present in, on, under or from the
Property in violation of Requirements of Environmental Laws. Grantor shall cooperate fully with Beneficiary and its consultants performing such assessments and tests. 
 6.4 UNSECURED OBLIGATIONS. No amounts which may become owing by Grantor to Beneficiary under this Article 6 or under any other provision of this Deed of Trust as 

  

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a result of a breach of or violation of this Article 6 shall be secured by this Deed of Trust. The obligations shall continue in full force and effect and
any breach of this Article 6 shall constitute a default under this Deed of Trust. The lien of this Deed of Trust shall not secure (i) any obligations evidenced by or arising under the Indemnity Agreement (“Unsecured Obligations”), or
(ii) any other obligations to the extent that they are the same or have the same effect as any of the Unsecured Obligations. The Unsecured Obligations shall continue in full force, and any breach or default of any such obligations shall
constitute a breach or default under this Deed of Trust but the proceeds of any foreclosure sale shall not be applied against Unsecured Obligations. Nothing in this Section shall in any way limit or otherwise affect the right of Beneficiary to
obtain a judgment in accordance with applicable law for any deficiency in recovery of all obligations that are secured by this Deed of Trust following foreclosure, notwithstanding that the deficiency judgment may result from diminution in the value
of the Property by reason of any event or occurrence pertaining to Hazardous Materials or any Requirements of Environmental Laws. 
 6.5
HAZARDOUS MATERIALS. “Hazardous Materials” shall include without limitation: 
 (a) Those substances included within the
definitions of “hazardous substances,” “hazardous materials,” “toxic substances,” or “solid waste” in the Comprehensive Environmental Response Compensation and Liability Act of 1980 (as amended),
42 U.S.C. Sections 9601 et seq., the Resource Conservation and Recovery Act of 1976 (as amended), 42 U.S.C. Sections 6901 et seq. (“RCRA”), and the Hazardous Materials Transportation Act (as amended), 49 U.S.C. Sections
1501 et seq., and in the regulations promulgated pursuant to said laws, all as amended; 
 (b) Those substances listed in the United
States Department of Transportation Hazardous Materials Table (49 CFR 172.101 and amendments thereto) listed in Table 302.4 – List of Hazardous Substances and Reportable Quantities (40 CFR Part 302 and amendments thereto) or listed in the List
of Extremely Hazardous Substances and Their Threshold Planning Quantities (40 CFR Part 355, App. A, and amendments thereto); 
 (c) Any
material, waste or substance which is (A) petroleum, including crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, synthetic gas usable for fuel, or any mixture thereof, (B) asbestos,
(C) polychlorinated biphenyls, (D) designated as a “hazardous substance” pursuant to Section 311 of the Clean Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of
the Clean Water Act (33 U.S.C. § 1317), (E) a chemical substance or mixture regulated under the Toxic Substances Control Act of 1976, 15 U.S.C. §§ 2601 et seq., (F) flammable explosives, (G) radioactive
materials, (H) unexploded ordinance, (I) pesticides, fungicides, insecticides or rodenticides, or (J) a hazardous air pollutant that is or may be listed under § 112 of the Clean Air Act, as amended, 42 U.S.C. §§ 7401
et seq. (42 U.S.C. § 7412); 
 (d) Any material, waste or substance that is included within and regulated by Title 8 of District
of Columbia Official Code (2001), as amended; and 
  

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 (e) Such other substances, materials and wastes which are or become regulated as hazardous or toxic under
applicable local, state or federal law, or the United States government, or which are classified as hazardous or toxic under federal, state, or local laws or regulations, and any other chemical, material or substance, exposure to which is
prohibited, limited or regulated by any governmental authority or which may or could pose a hazard to the environment or human health or safety. 
 6.6 REQUIREMENTS OF ENVIRONMENTAL LAWS. “Requirements of Environmental Laws” means all requirements of environmental, ecological, health, or industrial hygiene laws or regulations or rules of common law related to the
Property, including, without limitation, all requirements imposed by any environmental permit, law, rule, order, or regulation of any federal, state, or local executive, legislative, judicial, regulatory, or administrative agency, which relate to
(i) exposure to Hazardous Materials; (ii) pollution or protection of the air, surface water, ground water, land; (iii) solid, gaseous, or liquid waste generation, treatment, storage, disposal, or transportation; or
(iv) regulation of the manufacture, processing, distribution and commerce, use, or storage of Hazardous Materials. 
 ARTICLE 7 

 CASUALTY, CONDEMNATION AND RESTORATION 
 7.1 GRANTOR’S REPRESENTATIONS. Grantor represents and warrants as follows: 
 (a) Except as
expressly approved by Beneficiary in writing, no casualty or damage to any part of the Property which would cost more than $50,000 to restore or replace has occurred which has not been fully restored or replaced. 
 (b) No part of the Property has been taken in condemnation or other similar proceeding or transferred in lieu of condemnation, nor has Grantor received
notice of any proposed condemnation or other similar proceeding affecting the Property. 
 (c) There is no pending proceeding for total or
partial condemnation of the Property. 
 7.2 RESTORATION. 
 (a) Grantor shall give prompt written notice of any casualty to the Property to Beneficiary whether or not required to be insured against. The notice
shall describe the nature and cause of the casualty and the extent of the damage to the Property. 
 (b) Grantor assigns to Beneficiary all
Insurance Proceeds which Grantor is entitled to receive in connection with a casualty whether or not such insurance is required under this Deed of Trust. In the event of any damage to or destruction of the Property, and provided (1) an Event of
Default does not currently exist, and (2) Beneficiary has determined that (i) there 

  

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has not been an Impairment of the Security (as defined in Section 7.2(c)), and (ii) the repair, restoration and rebuilding of any portion of the
Property that has been partially damaged or destroyed (the “Restoration”) can be accomplished in full compliance with all Requirements to the same condition, character and general utility as nearly as possible to that existing prior to the
casualty and at least equal in value as that existing prior to the casualty, then Grantor covenants and agrees to commence and diligently pursue to completion the Restoration and the Net Insurance Proceeds shall be applied to the cost of Restoration
in accordance with the terms of this Article. Beneficiary shall hold and disburse the Insurance Proceeds less the cost, if any, to Beneficiary of recovering the Insurance Proceeds including, without limitation, reasonable attorneys’ fees and
expenses, and adjusters’ fees (the “Net Insurance Proceeds”) to the Restoration. 
 (c) For the purpose of this Article,
“Impairment of the Security” shall mean any or all of the following: (i) any of the Leases covering more than 20,000 square feet existing immediately prior to the damage, destruction, condemnation or casualty shall have been
cancelled, or shall contain any exercisable right to cancel as a result of the damage, destruction or casualty (and the tenant thereunder shall not have waived or be deemed to have waived such right); (ii) the casualty or damage occurs during
the last year of the term of the Loan; or (iii) restoration of the Property is estimated to require more than one year to complete from the date of the occurrence. 
 (d) If the Net Insurance Proceeds are to be used for the Restoration in accordance with this Article, Grantor shall comply with Beneficiary’s Requirements For Restoration as set forth in Section 7.4 below.
Upon Grantor’s satisfaction and completion of the Requirements For Restoration and upon confirmation that there is no Event of Default then existing (including any Event of Default pursuant to Section 11.1(h)), Beneficiary shall pay any
remaining Restoration Funds (as defined in Section 7.4 below) then held by Beneficiary to Grantor. 
 (e) In the event that the
conditions for Restoration set forth in this Section have not been met, Beneficiary may, at its option, apply the Net Insurance Proceeds to the reduction of the Secured Indebtedness and Beneficiary may declare the entire Secured Indebtedness
immediately due and payable, without the payment of the Prepayment Fee, as defined in the Note. Any remaining Net Insurance Proceeds shall be applied to the reduction of the 1225 Guaranteed Obligations. After payment in full of the Secured
Indebtedness and the 1225 Guaranteed Obligations, any remaining Restoration Funds shall be paid to Grantor. 
 7.3 CONDEMNATION.

 (a) If the Property or any part of the Property is taken by reason of any condemnation or similar eminent domain proceeding, or by a grant
or conveyance in lieu of condemnation or eminent domain (“Condemnation”), Beneficiary shall be entitled to all compensation, awards, damages, proceeds and payments or relief for the Condemnation (“Condemnation Proceeds”). At its
option, Beneficiary shall be entitled to commence, appear in and prosecute in its own name any action or proceeding or to make any compromise or settlement in connection with such Condemnation. Grantor hereby irrevocably constitutes and 

  

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appoints Beneficiary as its attorney-in-fact, which appointment is coupled with an interest, to commence, appear in and prosecute any action or proceeding or
to make any compromise or settlement in connection with any such Condemnation; provided, however, that so long as there is no Event of Default hereunder or any event which with the passage of time and/or the giving of notice would constitute an
Event of Default, Beneficiary shall consult with Grantor prior to making any such compromise or settlement. Notwithstanding the foregoing, so long as no Event of Default (or any event which with notice and/or the opportunity to cure would constitute
an Event of Default) has occurred and is continuing, and so long as Beneficiary’s security shall not be impaired, (i) Grantor may settle any such Condemnation involving less than $325,000.00 without the consent of Beneficiary, and
(ii) Grantor may negotiate for a settlement, adjustment or compromise of any such Condemnation involving $325,000.00 or more provided that the final settlement shall be subject to the written approval of Beneficiary in its sole and absolute
discretion. 
 (b) Grantor assigns to Beneficiary all Condemnation Proceeds which Grantor is entitled to receive. In the event of any
Condemnation, and provided (1) an Event of Default does not currently exist, and (2) Beneficiary has determined that (i) there has not been an Impairment of the Security, and (ii) the Restoration of any portion of the Property
that has not been taken can be accomplished in full compliance with all Requirements to the same condition, character and general utility as nearly as possible to that existing prior to the taking and at least equal in value as that existing prior
to the taking, then Grantor shall commence and diligently pursue to completion the Restoration. Beneficiary shall hold and disburse the Condemnation Proceeds less the cost, if any, to Beneficiary of recovering the Condemnation Proceeds including,
without limitation, reasonable attorneys’ fees and expenses, and adjusters’ fees (the “Net Condemnation Proceeds”) to the Restoration. 
 (c) In the event the Net Condemnation Proceeds are to be used for the Restoration, Grantor shall comply with Beneficiary’s Requirements For Restoration as set forth in Section 7.4 below. Upon Grantor’s
satisfaction and completion of the Requirements For Restoration and upon confirmation that there is no Event of Default then existing (including any Event of Default pursuant to Section 11.1(h)), Beneficiary shall pay any remaining Restoration
Funds (as defined in Section 7.4 below) then held by Beneficiary to Grantor. 
 (d) In the event that the conditions for Restoration set
forth in this Section have not been met, Beneficiary may, at its option, apply the Net Condemnation Proceeds to the reduction of the Secured Indebtedness and Beneficiary may declare the entire Secured Indebtedness immediately due and payable,
without the payment of the Prepayment Fee. Any remaining Net Insurance Proceeds shall be applied to the reduction of the 1225 Guaranteed Obligations. After payment in full of the Secured Indebtedness, any remaining Restoration Funds shall be paid to
Grantor. 
 7.4 REQUIREMENTS FOR RESTORATION. Unless otherwise expressly agreed in a writing signed by Beneficiary, the following are
the Requirements For Restoration: 
 (a) If the Net Insurance Proceeds or Net Condemnation Proceeds are to be used for the Restoration, prior
to the commencement of any Restoration work (the “Work”), 

  

 23 

 
Grantor shall provide Beneficiary (i) for its review and written approval complete plans and specifications for the Work which (A) have been
approved by all required governmental authorities, (B) have been approved by an architect reasonably satisfactory to Beneficiary (the “Architect”) and (C) are accompanied by Architect’s signed statement of the total
estimated cost of the Work (the “Approved Plans and Specifications”); (ii) the amount of money which Beneficiary reasonably determines will be sufficient when added to the Net Insurance Proceeds or Condemnation Proceeds to pay the
entire cost of the Restoration (collectively referred to as the “Restoration Funds”); (iii) evidence that the Approved Plans and Specifications and the Work are in compliance with all Requirements; (iv) an executed contract for
construction with a contractor reasonably satisfactory to Beneficiary (the “Contractor”) in a form approved by Beneficiary in writing; and (v) if reasonably requested by Beneficiary, a surety bond and/or guarantee of payment with
respect to the completion of the Work. The bond or guarantee shall be satisfactory to Beneficiary in form and amount and shall be signed by a surety or other entities who are acceptable to Beneficiary. 
 (b) Grantor shall not commence the Work, other than temporary work to protect the Property or prevent interference with business, until Grantor shall
have complied with the requirements of subsection (a) of this Section 7.4. So long as there does not currently exist an Event of Default and the following conditions have been complied with or, in Beneficiary’s discretion, waived,
Beneficiary shall disburse the Restoration Funds in increments to Grantor, from time to time as the Work progresses: 
 (i) Architect shall
be in charge of the Work; 
 (ii) Beneficiary shall disburse the Restoration Funds directly or through escrow with a title company selected
by Grantor and approved by Beneficiary, upon not less than ten (10) days’ prior written notice from Grantor to Beneficiary and Grantor’s delivery to Beneficiary of (A) Grantor’s written request for payment (a “Request
for Payment”) accompanied by a certificate by Architect in a form satisfactory to Beneficiary which states that (a) all of the Work completed to that date has been completed in compliance with the Approved Plans and Specifications and in
accordance with all Requirements, (b) the amount requested has been paid or is then due and payable and is properly a part of the cost of the Work and (c) when added to all sums previously paid by Beneficiary, the requested amount does not
exceed the value of the Work completed to the date of such certificate; and (B) evidence satisfactory to Beneficiary that the balance of the Restoration Funds remaining after making the payments shall be sufficient to pay the balance of the
cost of the Work. Each Request for Payment shall be accompanied by (x) waivers of liens covering that part of the Work previously paid for, if any, (y) a title search or by other evidence satisfactory to Beneficiary that no mechanic’s
or materialmen’s liens or other similar liens for labor or materials supplied in connection with the Work have been filed against the Property and not discharged of record, and (z) an endorsement to Beneficiary’s title policy insuring
that no encumbrance exists on or affects the Property other than the Permitted Exceptions; and 
 (iii) The final Request for Payment shall
be accompanied by (A) a final certificate of occupancy or other evidence of approval of appropriate governmental authorities for the use and occupancy of the Improvements, (B) evidence that the Restoration has been 

  

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completed in accordance with the Approved Plans and Specifications and all Requirements, (C) evidence that the costs of the Restoration have been paid
in full, and (D) evidence that no mechanic’s or similar liens for labor or material supplied in connection with the Restoration are outstanding against the Property, including final waivers of liens covering all of the Work and an
endorsement to Beneficiary’s title policy insuring that no encumbrance exists on or affects the Property other than the Permitted Exceptions. 
 (c) If (A) within sixty (60) days after the occurrence of any damage, destruction or condemnation requiring Restoration, Grantor fails to submit to Beneficiary and receive Beneficiary’s approval of plans and specifications or
fails to deposit with Beneficiary the additional amount necessary to accomplish the Restoration as provided in subparagraph (a) above, or (B) after such plans and specifications are approved by all such governmental authorities and
Beneficiary, Grantor fails to commence promptly or diligently continue to completion the Restoration, or (C) Grantor becomes delinquent in payment to mechanics, materialmen or others for the costs incurred in connection with the Restoration, or
(D) there exists an Event of Default (including any Event of Default pursuant to Section 11.1(h)), then, in addition to all of the rights herein set forth and after ten (10) days’ written notice of the non-fulfillment of one or
more of these conditions, Beneficiary may apply the Restoration Funds to reduce the Secured Indebtedness and at Beneficiary’s option and in its sole discretion, Beneficiary may declare the Secured Indebtedness immediately due and payable
together with the Prepayment Fee. Any remaining Net Insurance Proceeds shall be applied to the reduction of the 1225 Guaranteed Obligations. 
 ARTICLE 8 
 REPRESENTATIONS OF GRANTOR 
 8.1 ERISA. Grantor hereby represents, warrants and agrees that: (i) it is acting on its own behalf and that it is not an employee benefit plan as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), which is subject to Title 1 of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (each of the foregoing hereinafter referred to
collectively as a “Plan”); (ii) Grantor’s assets do not constitute “plan assets” of one or more such Plans within the meaning of Department of Labor Regulation Section 2510.3-101; and (iii) it will not be
reconstituted as a Plan or as an entity whose assets constitute “plan assets.” 
 8.2 NON-RELATIONSHIP. Neither Grantor nor,
to Grantor’s knowledge, any person who is a Grantor’s Constituent (as defined in Section 8.3), but subject to the next sentence is (i) a director or officer of Metropolitan Life Insurance Company (“MetLife”),
(ii) a parent, son or daughter of a director or officer of MetLife, or a descendent of any of them, (iii) a stepparent, adopted child, stepson or stepdaughter of a director or officer of MetLife, or (iv) a spouse of a director or
officer of MetLife. For purposes of this paragraph only, the term “Grantor’s Constituents” shall not be deemed to include any shareholders (collectively, the “Shareholders”) of Piedmont Office Realty Trust, Inc. (formerly
known as Wells Real Estate Investment Trust, Inc.) or any limited partners of Piedmont Operating Partnership, L.P., a Delaware limited partnership (“Piedmont Partnership”). 
  

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 8.3 NO ADVERSE CHANGE. Grantor represents and warrants that: 
 (a) There has been no material adverse change from the conditions shown in the application submitted for the Loan by Grantor (the “Application”)
or in the materials submitted in connection with the Application in the credit rating or financial condition of Grantor or the Liable Parties or, to the best knowledge of Grantor, any entity which is a general partner, shareholder or member of
Grantor (collectively, “Grantor’s Constituents”). 
 (b) Grantor has delivered to Beneficiary true and correct copies of all
Grantor’s organizational documents and except as expressly approved by Beneficiary in writing, there have been no changes in Grantor’s Constituents since the date that the Application was executed by Grantor. 
 (c) Neither Grantor, nor any of Grantor’s Constituents, is involved in any bankruptcy, reorganization, insolvency, dissolution or liquidation
proceeding, and to the best knowledge of Grantor, no such proceeding is contemplated or threatened. 
 (d) Grantor has received reasonably
equivalent value for the granting of this Deed of Trust. 
 8.4 FOREIGN INVESTOR. Neither Grantor nor any partner, member or
shareholder of Grantor is a “foreign person” within the meaning of Sections 1445 and 7701 of the Internal Revenue Code of 1986, as amended. 
 8.5 US PATRIOT ACT. Neither Grantor nor, to Grantor’s knowledge, any partner, member or shareholder of Grantor is, and no legal or beneficial interest in a partner, member or shareholder of Grantor is or
will be held, directly or indirectly by a person or entity (excluding any Shareholders and any limited partners of Piedmont Partnership) that appears on a list of individuals and/or entities for which transactions are prohibited by the US Treasury
Office of Foreign Assets Control or any similar list maintained by any other governmental authority, with respect to which entering into transactions with such person or entity would violate the US Patriot Act or regulations or any Presidential
Executive Order or any other similar applicable law, ordinance, order, rule or regulation. 
 ARTICLE 9 
 EXCULPATION AND LIABILITY 
 9.1
LIABILITY OF GRANTOR. 
 (a) Upon the occurrence of an Event of Default, except as provided in this Section 9.1, Beneficiary will
look solely to the Property (and the Property encumbered by the Related Deed of Trust) and the security under the Loan Documents (and the security under the Related Loan Documents) for the repayment of the Loan and will not enforce a deficiency

  

 26 

 
judgment against Grantor. However, nothing contained in this section shall limit the rights of Beneficiary to enforce any policies of insurance or to proceed
against Grantor and the general partners of Grantor, if any, and/or the Liable Parties or any one or more of them (i) to enforce any Leases entered into by Grantor or its affiliates as tenant, guarantees, or other agreements entered into by
Grantor in a capacity other than as borrower; (ii) to recover damages for fraud, material misrepresentation, material breach of warranty or waste committed by Grantor or any constituent thereof; (iii) to recover any Condemnation Proceeds
or Insurance Proceeds or other similar funds which have been misapplied by Grantor or which, under the terms of the Loan Documents, should have been paid to Beneficiary; (iv) to recover any tenant security deposits, tenant letters of credit or
other deposits or refundable fees paid to Grantor that are part of the collateral for the Loan or prepaid rents for a period of more than 30 days which have not been delivered to Beneficiary unless applied in accordance with the Leases prior to an
Event of Default; (v) to recover Rents and Profits received by Grantor after the first day of the month in which an Event of Default occurs and prior to the date Beneficiary acquires title to the Property which have not been applied to the Loan
or in accordance with the Loan Documents to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with, any breach of a covenant contained in Article 6 hereof or the
Indemnity Agreement; (vii) to recover any amount expended by Beneficiary in connection with a foreclosure or trustee’s sale hereunder; (viii) to recover damages arising from Grantor’s failure to comply with Section 8.1 of
this Deed of Trust pertaining to ERISA; and/or (ix) to recover damages, costs and expenses arising from, or in connection with, Grantor’s failure to pay any Impositions or Premiums. 
 (b) The limitation of liability set forth in this Section 9.1 shall not apply and the Loan shall be fully recourse in the event that prior to the
indefeasible payment in full of the Secured Indebtedness and the 1225 Guaranteed Obligations (i) Grantor commences a voluntary bankruptcy or insolvency proceeding or (ii) an involuntary bankruptcy or insolvency proceeding is commenced
against Grantor and Grantor or any related party has directly or indirectly encouraged, participated with, or colluded with the parties filing such involuntary bankruptcy or insolvency proceeding to file such proceeding. In addition, this agreement
shall not waive any rights which Beneficiary would have under any provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Secured Indebtedness and the 1225 Guaranteed Obligations or to require that the Property shall
continue to secure all of the Secured Indebtedness and the 1225 Guaranteed Obligations. 
 (c) The limitation of liability set forth in this
Section 9.1 also shall not apply and the Loan shall be fully recourse in the event that there is any violation of Sections 10.1 or 10.2 hereof. 
  

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 ARTICLE 10 
 CHANGE IN OWNERSHIP, CONVEYANCE OF PROPERTY 
 10.1 CONVEYANCE OF PROPERTY, CHANGE IN OWNERSHIP AND
COMPOSITION. 
 (a) Grantor shall not cause or permit: (i) the Property, or any interest in the Property, to be conveyed,
transferred, assigned, encumbered (except for Permitted Exceptions), sold or otherwise disposed of; or (ii) any transfer, assignment or conveyance of any interest in Grantor or in the partners, or shareholders, or members or beneficiaries of,
Grantor or of any of Grantor’s Constituents; or (iii) any merger, reorganization, dissolution or other change in the ownership structure of Grantor or any of the members of Grantor, including, without limitation, any conversion of Grantor
or any member of Grantor from a limited liability company to a general partnership, limited partnership, or a limited liability partnership, or vice-versa (collectively, “Transfers”). 
 (b) The prohibitions on transfer shall not be applicable to (i) Transfers as a result of the death of a natural person; or (ii) Transfers in
connection with estate planning between or among a revocable trust or a natural person to a spouse, son or daughter or descendant of either, a stepson or stepdaughter or descendant of either; or (iii) Transfers to or from a spouse in connection
with the dissolution of a marriage; or (iv) Transfers of shareholder interests in Piedmont Office Realty Trust, Inc., a Maryland corporation, formerly known as Wells Real Estate Investment Trust, Inc. (“Piedmont REIT”) or limited
partner interests in Piedmont Partnership (as defined in Section 8.2) so long as Grantor pays to Beneficiary all costs and expenses incurred by Beneficiary in connection with any proposed Transfer pursuant to the preceding clauses (i), (ii), or
(iii), if any, including without limitation title insurance premiums, documentation and recording costs, and reasonable attorneys’ costs and fees. 
 (c) Notwithstanding the foregoing, transfers to or among the constituent members of Grantor or the constituent owners of any of Grantor’s Constituents shall be permitted without the consent of Beneficiary
provided that (i) there shall not then be a default or Event of Default hereunder or under any of the other Loan Documents, or the Guaranty or the Indemnity Agreement or any event which would, after the passage of time or the giving of notice,
or both, constitute such a default; (ii) Piedmont REIT remains the General Partner of Piedmont Partnership and maintains at least a 51% ownership interest therein, (iii) Piedmont Partnership maintains at least a 48.02% ownership interest
in Grantor, either directly or through intermediate entities; (iv) Piedmont Partnership retains the sole right and power to direct or cause the direction of the management and policies of Grantor; (v) the entity that comprises Grantor
after the completion of such transfers shall be able to and shall make the warranties set forth in Sections 8.1, 8.2, 8.4 and 8.5 hereof; (vi) Grantor notifies Beneficiary of any such transfer and provides any information Beneficiary may
reasonably require in connection therewith (provided, however, that with respect to transfers of interests in those Grantor’s Constituents that are not affiliated with Piedmont Partnership, Grantor shall notify Beneficiary of such transfer and
provide such information to Beneficiary when Grantor is notified of such transfer and obtains such information and provided further that Grantor shall not be required to provide any notification to Beneficiary of, or provide Beneficiary with any
information with respect to, any 

  

 28 

 
transfer of any direct or indirect interest in Piedmont Partnership by or among any Shareholders), and (vii) Grantor pays to Beneficiary a $5,000.00
processing fee and any other reasonable out-of-pocket costs and expenses incurred by Beneficiary in connection with any transfer or transfers in a single transaction, including document costs, if any, and reasonable attorneys’ fees (provided,
however, that such fee shall not be payable with respect to the transfer of any direct or indirect interest in Piedmont Partnership by or among any Shareholders). In addition, notwithstanding Subsections 10.1(a)(ii) and 10.1(a)(iii) above, the
Piedmont Lender (as hereafter defined), which is an affiliate of Grantor and whose ownership interests are owned (directly or indirectly) by the same entity that owns the ownership interests in 1201 Equity LLC, a Delaware limited liability company
(“Piedmont Sub”), may be admitted as a non-managing member of Grantor without the consent of Beneficiary provided that conditions (i) through (vii) of this Subsection 10.1(c) are satisfied and that all of the ownership interests
in Piedmont Lender are held (directly or indirectly) by the same entity that owns the ownership interests in Piedmont Sub. In addition, notwithstanding anything to the contrary contained herein, transfers or issuance of stock in Piedmont Washington
Properties, Inc., a Maryland corporation, formerly known as Wells Washington Properties, Inc. (“Washington Properties”) and the sole member of Piedmont Sub, shall be permitted without the consent of Beneficiary provided that conditions
(ii), (iii), (iv) and (v) of this Subsection 10.1(c) are satisfied and provided that Piedmont Partnership continues to own at least 98% of the stock of Washington Properties. Furthermore, notwithstanding Subsections 10.1(a)(ii) and
10.1(a)(iii) above, the members of Grantor and the owners of any of Grantor’s Constituents that are not affiliated with Piedmont Partnership (such members and owners as of the time immediately following the transfer by Beacon Capital Strategic
Partners II, L.P., a Delaware limited partnership of all of its interest in Washington Properties [then known as BCSP II Washington Properties, Inc.] to Piedmont Partnership on or about November 19, 2003) shall be permitted to transfer their
direct or indirect interests in Grantor to a party or parties that are not members of Grantor or owners of any of Grantor’s Constituents without the consent of Beneficiary provided that: (I) conditions (i) through (vii) of this
Subsection 10.1(c) are satisfied and (II) on the first date that more than twenty percent (20%) of such ownership interests (direct or indirect) in Grantor in the aggregate are transferred in one or more transactions, Grantor shall pay to
Beneficiary a transfer fee equal to one one-hundredth of one percent (0.01%) of the outstanding principal balance of the Loan for each percentage point of such ownership interest (direct or indirect) in Grantor being transferred that is in excess of
such aggregate twenty percent (20%) ownership interest threshold. As an example of the foregoing, if in one transaction or over several transactions, thirty percent (30%) of the direct or indirect ownership interests in Grantor that are
not affiliated with Piedmont Partnership in the aggregate are transferred, then Grantor will be required to pay a transfer fee equal to ten (10) basis points (or 0.10%) of the outstanding principal balance of the Loan at the time the last such
transfer occurs; if, subsequently, an additional five percent (5%) of the direct or indirect ownership interests in Grantor that are not affiliated with Piedmont Partnership are transferred, then Grantor will be required to pay an additional
transfer fee equal to five (5) basis points (or 0.05%) of the outstanding principal balance of the Loan at the time such transfer occurs. Notwithstanding the foregoing, the Shareholders shall have the right to transfer direct or indirect
interests in Piedmont Partnership without the requirement that Grantor provide any prior or subsequent notice to Beneficiary thereof and without the requirement that Grantor pay any fee or charge to Beneficiary. Any such transfer will not relieve
Grantor of its obligations under the Note or any 

  

 29 

 
of the other Loan Documents, the obligations of the Liable Parties under the Guaranty, the Lease Rollover Guaranty or the Indemnity Agreement, the
obligations of Related Borrower under the Related Loan Documents, or the obligations of the “Liable Parties” under the “Guaranty” or the “Indemnity Agreement” as such quoted terms are defined in the Related Deed of
Trust. For purposes hereof, the term “Piedmont Lender” shall mean TZO Lending LLC, a Delaware limited liability company, and/or 1215 ESDI, LLC, a Delaware limited liability company, as applicable, and their respective successors and
permitted assigns. 
 (d) In addition, the original named Grantor shall have a one-time right to transfer the Property (subject to the Loan),
either directly, by a transfer of all or substantially all of the ownership interests in Grantor or by a transfer of all or substantially all of the ownership interests in Grantor owned (directly or indirectly) by Piedmont Partnership, to a third
party (the “First Third Party Transferee”) provided that (i) there shall not then be a default or Event of Default hereunder or under any of the other Loan Documents, or the Guaranty or the Indemnity Agreement (or any event which
would, after the passage of time or the giving of notice, or both, constitute such a default) either at the time of the request or at any time thereafter through the date of the Transfer; (ii) Grantor obtains Beneficiary’s written approval
of the proposed First Third Party Transferee, which approval shall not be unreasonably withheld, conditioned or delayed provided that the criteria set forth in this Subsection 10.1(d) are met; (iii) the First Third Party Transferee shall be
experienced in the ownership, management and leasing of properties similar to the Property; (iv) the First Third Party Transferee shall have both a controlling and managing equity interest of real estate assets with an aggregate market value of
not less than Six Hundred Million Dollars ($600,000,000.00) in the normal course of business, and such First Third Party Transferee shall have an equity interest in such real estate assets of not less than the greater of (A) $200,000,000.00 or
(B) thirty percent (30%) of the aggregate value of such real estate assets as reasonably determined by Beneficiary; (v) the First Third Party Transferee shall (A) not be an adverse party, either directly or indirectly, in any
litigation involving Beneficiary which seeks either injunctive relief or more than $10,000,000.00 in damages or which has as its subject matter real estate-related assets, (B) be able to and shall make the warranties set forth in
Sections 8.1, 8.2, 8.4 and 8.5 hereof, and (C) not be the subject of any bankruptcy, reorganization or insolvency proceedings or any criminal charges or proceedings; (vi) the unpaid principal balance of the Loan shall not exceed
fifty-five percent (55%) of the value of the Property based upon a bona fide sales price; (vii) in the opinion of Beneficiary, the annual Net Operating Income (as hereafter defined) during the then upcoming 12-month period to be
derived from the Property at the time of the transfer (as calculated pursuant to space leases with tenants who are in actual occupancy, pay rent on a current basis, and are not in default) shall be at least one hundred seventy-five percent
(175%) of the aggregate amount of monthly installments due under the Note and any subordinate financing (with all accrued obligations thereunder being treated as currently due); (viii) Grantor or the First Third Party Transferee shall pay
to Beneficiary a fee equal to one percent (1%) of the outstanding principal balance of the Loan at the time of the transfer together with a non-refundable processing fee of $25,000.00; (ix) another party or parties reasonably acceptable to
Beneficiary shall execute agreements similar to the Indemnity Agreement and the Guaranty with respect to events arising or occurring from and after the date of the transfer, in a form and manner satisfactory to Beneficiary in its sole and absolute
discretion, which additional party or parties shall have in the aggregate a net worth of not less than One Hundred Million Dollars ($100,000,000.00); (x) the First Third Party Transferee shall expressly assume all 

  

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obligations of Grantor under the Loan Documents and the Indemnity Agreement in a manner satisfactory to Beneficiary, in its sole and absolute discretion;;
and (xi) Grantor or such First Third Party Transferee shall pay all costs and expenses incurred by Beneficiary in connection with the transfer, including title insurance premiums, documentation costs and reasonable attorneys’ fees. Any
such transfer will not relieve Grantor of its obligations under the Note, any of the Loan Documents or the Indemnity Agreement or the obligations of the Liable Parties under the Guaranty, the Lease Rollover Guaranty or the Indemnity Agreement
arising prior to the date of the transfer. The inclusion of a reference to subordinate financing in clause (vii) above shall not be construed as a consent by Beneficiary to any such subordinate financing, except as permitted in
Section 10.2; any such consent may be granted or withheld in Beneficiary’s sole and absolute discretion. In determining the loan to value ratio and the debt service coverage ratio for purposes of clauses (vi) and (vii) above, the
unpaid principal balance of, and the payments required or accrued under, the Second Loan and the Third Loan (as such terms are defined in Section 10.2) shall be disregarded. The term “Net Operating Income” as used herein means the
projected rent and other collection generated by the Property, less all projected operating expenses, including but not limited to real estate taxes and insurance premiums. 
 (e) In addition, the First Third Party Transferee shall have a one-time right to transfer the Property (subject to the Loan), either directly or by a
transfer of all or substantially all of the ownership interests in Grantor, to a third party (the “Second Third Party Transferee”) provided that (i) there shall not then be a default or Event of Default hereunder or under any of the
other Loan Documents, or the Guaranty or the Indemnity Agreement (or any event which would, after the passage of time or the giving of notice, or both, constitute such a default) either at the time of the request or at any time thereafter through
the date of the Transfer; (ii) the First Third Party Transferee obtains Beneficiary’s written approval of the proposed Second Third Party Transferee, which approval shall not be unreasonably withheld, conditioned or delayed provided that
the criteria set forth in this Subsection 10.1(e) are met; (iii) the Second Third Party Transferee shall be experienced in the ownership, management and leasing of properties similar to the Property; (iv) the Second Third Party Transferee
shall have both a controlling and managing equity interest of real estate assets with an aggregate market value of not less than Six Hundred Million Dollars ($600,000,000.00) in the normal course of business, and such Second Third Party Transferee
shall have an equity interest in such real estate assets of not less than the greater of (A) $200,000,000.00 or (B) thirty percent (30%) of the aggregate value of such real estate assets as reasonably determined by Beneficiary;
(v) the Second Third Party Transferee shall (A) not be an adverse party, either directly or indirectly, in any litigation involving Beneficiary which seeks either injunctive relief or more than $10,000,000.00 in damages or which has as its
subject matter real estate-related assets, (B) be able to and shall make the warranties set forth in Sections 8.1, 8.2, 8.4 and 8.5 hereof, and (C) not be the subject of any bankruptcy, reorganization or insolvency proceedings or any
criminal charges or proceedings; (vi) the unpaid principal balance of the Loan shall not exceed fifty-five percent (55%) of the value of the Property based upon a bona fide sales price; (vii) in the opinion of Beneficiary, the
annual Net Operating Income during the then upcoming 12-month period to be derived from the Property at the time of the transfer (as calculated pursuant to space leases with tenants who are in actual occupancy, pay rent on a current basis, and are
not in default) shall be at least one hundred seventy-five percent (175%) of the aggregate amount of monthly installments due under the Note 

  

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and any subordinate financing (with all accrued obligations thereunder being treated as currently due); (viii) the First Third Party Transferee or the
Second Third Party Transferee shall pay to Beneficiary a fee equal to one percent (1%) of the outstanding principal balance of the Loan at the time of the transfer together with a non-refundable processing fee of $25,000.00; (ix) another
party or parties reasonably acceptable to Beneficiary shall execute agreements similar to the Indemnity Agreement and the Guaranty with respect to events arising or occurring from and after the date of the transfer, in a form and manner satisfactory
to Beneficiary in its sole and absolute discretion, which additional party or parties shall have in the aggregate a net worth of not less than One Hundred Million Dollars ($100,000,000.00); (x) the Second Third Party Transferee shall expressly
assume all obligations of the First Third Party Transferee under the Loan Documents and the Indemnity Agreement in a manner satisfactory to Beneficiary, in its sole and absolute discretion; and (xi) the First Third Party Transferee or the
Second Third Party Transferee shall pay all costs and expenses incurred by Beneficiary in connection with the transfer, including title insurance premiums, documentation costs and reasonable attorneys’ fees. Any such transfer will not relieve
the First Third Party Transferee of its obligations under the Note, any of the Loan Documents or the Indemnity Agreement or the obligations of persons and/or entities who became the Liable Parties pursuant to clause (ix) of Section 10.1(d)
under the Guaranty, the Lease Rollover Guaranty or the Indemnity Agreement arising prior to the date of the transfer. The inclusion of a reference to subordinate financing in clause (vii) above shall not be construed as a consent by Beneficiary
to any such subordinate financing, except as permitted in Section 10.2; any such consent may be granted or withheld in Beneficiary’s sole and absolute discretion. In determining the loan to value ratio and the debt service coverage ratio
for purposes of clauses (vi) and (vii) above, the unpaid principal balance of, and the payments required or accrued under, the Second Loan and the Third Loan (as such terms are defined in Section 10.2) shall be disregarded.

 (f) In addition, provided that no transfer has occurred pursuant to Sections 10.1(d) or (e), transfers as a result of the merger,
consolidation or sale of all or substantially all of the assets of Piedmont REIT or Piedmont Partnership (which merger, consolidation or sale does not result in the conveyance of title to the Real Property) shall be permitted provided that
(i) Beneficiary shall have received not less than thirty (30) days’ prior written notice (“Notice of Proposed Transfer”) of the contemplated merger, consolidation or sale, which notice shall state whether or not the proposed
transferee (as hereafter defined) fulfills the requirements of this Subparagraph (f), and if so shall also include evidence satisfactory to Beneficiary of the fulfillment of such requirements; (ii) there shall not then be a default or Event of
Default hereunder or under any of the other Loan Documents, or the Guaranty or the Indemnity Agreement (or any event which would, after the passage of time or the giving of notice, or both, constitute such a default) either at the time of such
notice to Beneficiary or at any time thereafter through the date of the Transfer; (iii) the surviving entity after such merger or consolidation or the transferee of such assets, as the case may be (such surviving entity or transferee, as the
case may be, being hereafter called “transferee”) (or its constituent owners) shall be an Institutional Investor (as hereafter defined), (iv) neither the transferee nor any of its constituent owners shall be an adverse party, either
directly or indirectly, in any litigation involving Beneficiary which seeks either injunctive relief or more than $10,000,000.00 in damages or which has as its subject matter real estate-related assets, (v) such merger, consolidation or sale
shall not cause to be inaccurate the warranties set forth in Sections 8.1, 8.4 and 8.5 hereof, and Section 8.2 hereof 

  

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(except for the ownership of stock in an entity which is traded on a national securities exchange or through the NASDAQ national marketing system and except
with respect to an offering of stock to the public pursuant to a registered securities offering, the transfer of stock on a national securities exchange or through the NASDAQ national market system); (vi) neither the transferee nor its
constituent owners (other than shareholders of an entity which is traded on a national securities exchange or through the NASDAQ national market system) shall be the subject of any bankruptcy, reorganization or insolvency proceedings or any criminal
charges or proceedings; (vii) Piedmont Partnership or another party or parties reasonably acceptable to Beneficiary shall execute agreements substantially identical to the Indemnity Agreement, the Guaranty and the Lease Rollover Guaranty with
respect to events arising or occurring from and after the date of such merger, consolidation or transfer; (viii) Grantor shall provide Beneficiary with evidence of compliance with all of the foregoing conditions in sufficient detail in order to
enable Beneficiary to determine whether the conditions of this Section 10.1(f) are satisfied; and (ix) Grantor or the transferee shall pay all costs and expenses incurred by Beneficiary in connection with reviewing the evidence
establishing compliance with this Section 10.1(f), including reasonable attorneys’ fees (if any). Any such transfer will not relieve Grantor of its obligations under the Note, any of the Loan Documents or the Indemnity Agreement or the
obligations of Liable Parties under the Guaranty, the Lease Rollover Guaranty or the Indemnity Agreement arising prior to the date of the transfer. As used herein, “Institutional Investor” shall mean (I) any bank, savings and loan
association, trust company, investment bank, insurance company, private corporate or public pension or profit sharing plan, commingled real estate fund, real estate investment trust or company traded on a national securities exchange (including the
New York Stock Exchange and the NASDAQ national market system), in each case possessing (prior to the contemplated transfer) more than $1,000,000,000.00 in assets and having (prior to the contemplated transfer) an audited net worth, or in the case
of a mutual life insurance company, total surplus, as of the most recent fiscal year end, of not less than $700,000,000.00 and (II) any entity or fund substantially all of the beneficial interests in which are owned by one or more of the
institutions described in clause (I) of this sentence and which meets the criteria described in this sentence. 
 (g) If the proposed
transferee does not meet the requirements of Section 10.1(f), then the entire Secured Indebtedness shall become due and payable concurrently with the merger, consolidation or sale of assets. If such payment of the Secured Indebtedness occurs on
or after December 1, 2011 (but not during the 90 day period prior to the Maturity Date), Grantor shall also be required to pay the Prepayment Fee set forth in Section 9 of the Note. If such payment of the Secured Indebtedness occurs prior
to December 1, 2011, Grantor shall also be required to pay a prepayment fee equal to the greater of (A)(x) the present value of all remaining payments of principal and interest including the outstanding principal due on the Maturity Date (as
defined in the Note), discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate (as defined in the Note) plus 25 basis points (one-quarter of one percentage point) compounded semi-annually, less (y) the amount of
the principal then outstanding (immediately prior to the prepayment), or (B) one percent (1%) of the amount of the principal being prepaid. 
  

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 10.2 PROHIBITION ON SUBORDINATE FINANCING. 
 (a) Except as set forth below in this Section, Grantor shall not incur or permit the incurring of (i) any financing (other than equipment leases) in
addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of any constituent who is a controlling member of Grantor of its interest in Grantor.

 (b) Notwithstanding the foregoing, Piedmont Lender shall be permitted to hold the Second Loan and Third Loan (as such terms are defined in
that certain Amended and Restated Subordination and Standstill Agreement of even date herewith (the “Standstill Agreement”) by and among Grantor, Beneficiary, and Piedmont Lender, which is being recorded concurrently herewith), subject to
all of the terms and provisions of the Standstill Agreement. 
 10.3 RESTRICTIONS ON ADDITIONAL OBLIGATIONS. During the term of the
Loan, Grantor shall not, without the prior written consent of Beneficiary, become liable with respect to any indebtedness or other obligation except for (i) the Loan, the Second Loan, the Third Loan and equipment leases, (ii) Leases
entered into in the ordinary course of owning and operating the Property for the Use, (iii) other liabilities incurred in the ordinary course of owning and operating the Property for the Use but excluding any loans or borrowings,
(iv) liabilities or indebtedness disclosed in writing to and approved by Beneficiary on or before the Execution Date, (v) liabilities or indebtedness incurred solely for purposes of making capital improvements to the Property not to
exceed, in the aggregate, the amount of $1,000,000.00 (which limit of $1,000,000.00 shall automatically be reduced by the aggregate amount of any indebtedness or liability which exists and which is covered by the limitation set forth in the
following clause (vi)), and (vi) any other single item of indebtedness or liability which does not exceed $65,000.00 or, when aggregated with other items of indebtedness or liability, does not exceed $325,000.00. 
 10.4 STATEMENTS REGARDING OWNERSHIP. Grantor agrees to submit or cause to be submitted to Beneficiary within thirty (30) days after
December 31st of each calendar year during the term of this Deed of Trust and ten (10) days after any written request by Beneficiary, a sworn, notarized certificate, signed by an authorized (i) individual who is Grantor or one of the
individuals comprising Grantor, (ii) member of Grantor, (iii) partner of Grantor or (iv) officer of Grantor, as the case may be, stating since the date hereof or the last statement given hereunder (as the case may be) whether
(x) any part of the Property, or any interest in the Property, has been conveyed, transferred, assigned, encumbered (other than Permitted Exceptions), or sold, and if so, to whom; (y) any conveyance, transfer, pledge or encumbrance of any
interest in Grantor has been made by Grantor and if so, to whom; or (z) there has been any change in the individual(s) comprising Grantor or in the partners, members, shareholders or beneficiaries of Grantor from those on the Execution Date,
and if so, a description of such change or changes. The provisions of this Section shall not apply to transfers of any direct or indirect interests in Piedmont Partnership by the Shareholders. 
  

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 ARTICLE 11 
 DEFAULTS AND REMEDIES 
 11.1 EVENTS OF DEFAULT. Any of the following shall be deemed to be a
material breach of Grantor’s covenants in this Deed of Trust and shall constitute a default (“Event of Default”): 
 (a) The
failure of Grantor to pay any installment of principal, interest or principal and interest, any required escrow deposit or any other sum required to be paid under any Loan Document, whether to Beneficiary or otherwise, within seven (7) days of
the due date of such payment; 
 (b) The failure of Grantor to perform or observe any other term, provision, covenant, condition or agreement
under any Loan Document (other than the Reserve Agreement) for a period of more than thirty (30) days after receipt of notice of such failure or such longer period as is necessary to cure such failure in the exercise of due diligence, but in no
event longer than ninety (90) days from the receipt of notice of such failure, provided Grantor commences the cure within the initial thirty (30) day period and continuously pursues such cure to completion; 
 (c) The filing by Grantor or one of the Liable Parties (an “Insolvent Entity”) of a voluntary petition or application for relief in bankruptcy,
the filing against an Insolvent Entity of an involuntary petition or application for relief in bankruptcy which is not dismissed within ninety (90) days, or an Insolvent Entity’s adjudication as a bankrupt or insolvent, or the filing by an
Insolvent Entity of any petition, application for relief or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state
or other statute, law, code or regulation relating to bankruptcy, insolvency or other relief for debtors, or an Insolvent Entity’s seeking or consenting to or acquiescing in the appointment of any trustee, custodian, conservator, receiver or
liquidator of an Insolvent Entity or of all or any substantial part of the Property or of any or all of the Rents and Profits, or the making by an Insolvent Entity of any general assignment for the benefit of creditors, or the admission in writing
by an Insolvent Entity of its inability to pay its debts generally as they become due; 
 (d) If any warranty, representation, certification,
financial statement or other information made or furnished at any time pursuant to the terms of the Loan Documents by Grantor, or by any person or entity otherwise liable under any Loan Document, shall be materially false or misleading, and the
failure of Grantor to cure such breach within thirty (30) days after receipt of notice of such breach or such longer period as is necessary to cure such breach in the exercise of due diligence, but in no event longer than ninety (90) days
from the receipt of notice of such breach, provided Grantor commences the cure within the initial thirty (30) day period and continuously pursues such cure to completion; 
 (e) If Grantor shall suffer or permit the Property, or any part of the Property, to be used in a manner that might (1) impair Grantor’s title
to the Property, (2) create rights of adverse use or possession, or (3) constitute an implied dedication of any part of the Property; 
  

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 (f) If Liable Parties shall default under the Guaranty or the Lease Rollover Guaranty; 
 (g) If Grantor or Liable Parties shall default under the Indemnity Agreement beyond any applicable periods of notice and/or grace set forth therein;

 (h) If an Event of Default (as defined in the Related Deed of Trust) shall occur under any of the Related Loan Documents; 
 (i) If Grantor shall default under the Reserve Agreement beyond any applicable periods of notice and/or grace set forth therein; or 
 (j) If Grantor or Piedmont Lender shall default under the Standstill Agreement beyond any applicable periods of notice and/or grace set forth therein.

 11.2 REMEDIES UPON DEFAULT. Upon the happening of an Event of Default the Secured Indebtedness and/or the Secured Indebtedness (as
defined in the Related Deed of Trust) shall, at the option of Beneficiary, become immediately due and payable, without further notice or demand, and Beneficiary may undertake any one or more of the following remedies: 
 (a) Foreclosure. Institute a foreclosure action in accordance with the law of the State, or take any other action as may be allowed, at law or in
equity, for the enforcement of the Loan Documents and realization on the Property or any other security afforded by the Loan Documents and/or the Related Loan Documents. In the case of a judicial proceeding, Beneficiary may proceed to final judgment
and execution for the amount of the Secured Indebtedness owed as of the date of the judgment, together with all costs of suit, reasonable attorneys’ fees and interest on the judgment at the maximum rate permitted by law from the date of the
judgment until paid. If Beneficiary is the purchaser at the foreclosure sale of the Property, the foreclosure sale price shall be applied against the total amount due Beneficiary. At any foreclosure sale, such portion of the Property as is offered
for sale may, at Beneficiary’s option, be offered for sale for one total price, and the proceeds of such sale accounted for in one account without distinction between the items of security or without assigning to them any proportion of such
proceeds, Grantor hereby waiving the application of any doctrine of marshaling. If less than all of the Property is sold at foreclosure and any of the Secured Indebtedness remains outstanding after the sale proceeds are applied thereto, this Deed of
Trust shall continue as a lien on the Property remaining unsold, and Beneficiary may at any time thereafter direct Trustee to sell the same as provided above; and/or 
 (b) Power of Sale. Institute a non-judicial foreclosure proceeding in compliance with applicable law in effect on the date foreclosure is commenced for Trustee to sell the Property either as a whole or in
separate parcels as Beneficiary may determine at public sale or sales to the highest bidder for cash, in order to pay the Secured Indebtedness and/or the 1225 Guaranteed Obligations. If the Property is sold as separate parcels, Beneficiary may
direct the order in which the parcels are sold. Trustee shall deliver to the purchaser a trustee’s deed or deeds without covenant or warranty, express or implied. Trustee may postpone the sale of all or any portion of the Property by public
announcement at the time and place of sale, and from time to time may further postpone the sale by public announcement in accordance with applicable law; and/or 
  

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 (c) Entry. Enter into possession of the Property, lease the Improvements, collect all Rents and
Profits and, after deducting all costs of collection and administration expenses, apply the remaining Rents and Profits in such order and amounts as Beneficiary, in Beneficiary’s sole discretion, may elect to the payment of Impositions,
operating costs, costs of maintenance, restoration and repairs, Premiums and other charges, including, but not limited to, costs of leasing the Property and fees and costs of counsel and receivers, and in reduction of the Secured Indebtedness and/or
the 1225 Guaranteed Obligations; and/or 
 (d) Receivership. Have a receiver appointed to enter into possession of the Property, lease
the Property, collect the Rents and Profits and apply them as the appropriate court may direct. Beneficiary shall be entitled to the appointment of a receiver without the necessity of proving either the inadequacy of the security or the insolvency
of Grantor or any of the Liable Parties. Grantor and Liable Parties shall be deemed to have consented to the appointment of the receiver. The collection or receipt of any the Rents and Profits by Beneficiary or any receiver shall not affect or cure
any Event of Default. Beneficiary’s rights hereunder include all rights and powers permitted under the laws of the State. 
 11.3
APPLICATION OF PROCEEDS OF SALE. In the event of a sale of the Property pursuant to Section 11.2 of this Deed of Trust, to the extent permitted by law, Beneficiary shall determine in its sole discretion the order in which the proceeds
from the sale shall be applied to the payment of the Secured Indebtedness and/or the 1225 Guaranteed Obligations, including without limitation, the expenses of the sale and of all proceedings in connection with the sale, including reasonable
attorneys’ fees and expenses; Impositions, Premiums, liens, and other charges and expenses; the outstanding principal balance of the Secured Indebtedness and/or the 1225 Guaranteed Obligations; any accrued interest; any Prepayment Fee; and any
other amounts owed under any of the Loan Documents and/or the Related Loan Documents. 
 11.4 WAIVER OF JURY TRIAL. To the fullest
extent permitted by law, Grantor and Beneficiary HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY in any action, proceeding and/or hearing on any matter whatsoever arising out of, or in any way connected with, the Note, this Deed of Trust or any
of the Loan Documents or the Related Loan Documents, or the enforcement of any remedy under any law, statute, or regulation. Neither party will seek to consolidate any such action in which a jury has been waived, with any other action in which a
jury trial cannot or has not been waived. Each party has received the advice of counsel with respect to this waiver. 
 11.5
BENEFICIARY’S RIGHT TO PERFORM GRANTOR’S OBLIGATIONS. Grantor agrees that, if Grantor fails to perform any act or to pay any money which Grantor is required to perform or pay under the Loan Documents, Beneficiary may make the
payment or perform the act at the cost and expense of Grantor and in Grantor’s name or in its own name. Any money paid by Beneficiary under this Section 11.5 shall be reimbursed to Beneficiary in accordance with Section 11.6.

  

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 11.6 BENEFICIARY REIMBURSEMENT. All payments made, or funds expended or advanced by Beneficiary
pursuant to the provisions of any Loan Document, shall (1) become a part of the Secured Indebtedness, (2) bear interest at the Interest Rate (as defined in the Note) from the date such payments are made or funds expended or advanced,
(3) become due and payable by Grantor upon demand by Beneficiary, and (4) bear interest at the Default Rate (as defined in the Note) from the date of such demand. Grantor shall reimburse Beneficiary within ten (10) days after receipt
of written demand for such amounts. 
 11.7 FEES AND EXPENSES. If Beneficiary becomes a party (by intervention or otherwise) to any
action or proceeding affecting, directly or indirectly, Grantor, the Property or the title thereto or Beneficiary’s interest under this Deed of Trust, or employs an attorney to collect any of the Secured Indebtedness or to enforce performance
of the obligations, covenants and agreements of the Loan Documents or the Related Loan Documents, Grantor shall reimburse Beneficiary in accordance with Section 11.6 for all expenses, costs, charges and legal fees incurred by Beneficiary
(including, without limitation, the fees and expenses of experts and consultants), whether or not suit is commenced. Notwithstanding the foregoing, Grantor shall not be required to reimburse Beneficiary for such expenses to the extent Grantor is the
prevailing party in any action or other proceeding commenced by Grantor against Beneficiary. 
 11.8 WAIVER OF CONSEQUENTIAL DAMAGES.
Grantor covenants and agrees that in no event shall Beneficiary be liable for consequential damages, and to the fullest extent permitted by law, Grantor expressly waives all existing and future claims that it may have against Beneficiary for
consequential damages. 
 11.9 INDEMNIFICATION OF TRUSTEE. Except for gross negligence and willful misconduct, Trustee shall not be
liable for any act or omission or error of judgment. Trustee may rely on any document believed by it in good faith to be genuine. All money received by Trustee shall be held in trust, but need not be segregated (except to the extent required by
law), until used or applied as provided in this Deed of Trust. Trustee shall not be liable for interest on the money. Grantor shall protect, indemnify and hold harmless Trustee against all liability and expenses which Trustee may incur in the
performance of its duties. 
 11.10 ACTIONS BY TRUSTEE. At any time, upon written request of Beneficiary and presentation of this Deed
of Trust and the Note for endorsement, and without affecting the personal liability of any entity or the Liable Parties for payment of the Secured Indebtedness or the Related Indebtedness or the effect of this Deed of Trust upon the remainder of the
Property, Trustee may take such actions as Beneficiary may request which are permitted by this Deed of Trust or by applicable law. 
 11.11
SUBSTITUTION OF TRUSTEE. Beneficiary has the power and shall be entitled, at any time and from time to time, to remove Trustee or any successor trustee and to appoint another trustee in the place of Trustee or any successor trustee, by an
instrument recorded in the land records of the State. The recorded instrument shall be conclusive proof of the proper substitution and appointment of the successor Trustee without the necessity of any conveyance from the predecessor Trustee.

  

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 11.12 NO REINSTATEMENT. Except as otherwise provided by applicable law, if an Event of Default
shall have occurred and Beneficiary or Trustee shall have commenced to exercise any of the remedies permitted hereunder, then a tender of payment by Grantor or by anyone on behalf of Grantor of the amount necessary to satisfy all sums due hereunder,
or the acceptance by Beneficiary of any such payment so tendered, shall not, without the prior consent of Beneficiary, constitute a reinstatement of the Note or this Deed of Trust. 
 11.13 WAIVER RELATING TO REMEDIES. Grantor (i) waives, to the full extent provided by law, any requirement that Beneficiary or Trustee
present evidence or otherwise proceed before any court, clerk or other judicial or quasi-judicial body before exercising the power of sale contained in this Deed of Trust and (ii) agrees that upon the occurrence of an Event of Default, neither
Grantor nor anyone claiming through or under Grantor will seek to take advantage of any moratorium, reinstatement, forbearance, appraisement, valuation, stay, extension, homestead exemption or redemption law now or hereafter in force, in order to
prevent or hinder the enforcement of the provisions of this Deed of Trust and hereby waives to the full extent that it may lawfully so do, the benefit of all such laws. 
 ARTICLE 12 
 GRANTOR AGREEMENTS AND FURTHER ASSURANCES 
 12.1 PARTICIPATION AND SALE OF LOAN. 
 (a) Beneficiary may sell, transfer or assign its entire interest or one or more participation interests in the Loan and the Loan Documents at any time and from time to time, including, without limitation, its rights and obligations as
servicer of the Loan. Beneficiary may forward to each purchaser, transferee, assignee, servicer, or participant (collectively, the “Investor”) and each prospective Investor, all documents and information which Beneficiary now has or may
hereafter acquire relating to the Secured Indebtedness and to Grantor or any Liable Parties and the Property, whether furnished by Grantor, any Liable Parties or otherwise, as Beneficiary determines necessary or desirable. 
 (b) Grantor will cooperate with Beneficiary in furnishing such information and providing such other assistance, reports and legal opinions as Beneficiary
may reasonably request in connection with any such transaction. Grantor’s obligation to cooperate with Beneficiary does not include the obligation to incur any expenses to any third parties. In addition, Grantor acknowledges that Beneficiary
may release or disclose to potential purchasers or transferees of the Loan, or potential participants in the Loan, originals or copies of the Loan Documents, title information, engineering reports, financial statements, operating statements,
appraisals, Leases, rent rolls, and all other materials, documents and information in Beneficiary’s possession or which Beneficiary is entitled to receive under the Loan Documents, with respect to the Loan, Grantor, Liable Parties or the
Property. Grantor shall also furnish to such Investors or such prospective Investors any and all information concerning the Property, the Leases, the financial condition of Grantor or any Liable Parties as may be requested by Beneficiary, any
Investor or any prospective Investor in connection with any sale, transfer or participation interest. Beneficiary shall use reasonable efforts to advise any party to whom Beneficiary provides any information provided by Grantor under this Section to
keep such information confidential. 
  

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 12.2 REPLACEMENT OF NOTE. Upon notice to Grantor of the loss, theft, destruction or mutilation of
the Note, Grantor will execute and deliver, in lieu of the original Note, a replacement note, identical in form and substance to the Note and dated as of the Execution Date. Upon the execution and delivery of the replacement note, all references in
any of the Loan Documents to the Note shall refer to the replacement note. 
 12.3 GRANTOR’S ESTOPPEL. Within ten (10) days
after a request by Beneficiary, Grantor shall furnish an acknowledged written statement in form satisfactory to Beneficiary (i) setting forth the amount of the Secured Indebtedness, (ii) stating either that no offsets or defenses exist
against the Secured Indebtedness or the 1225 Guaranteed Obligations, or if any offsets or defenses are alleged to exist, their nature and extent, (iii) whether any default then exists under the Loan Documents or any event has occurred and is
continuing, which, with the lapse of time, the giving of notice, or both, would constitute such a default, and (iv) any other matters as Beneficiary may reasonably request. If Grantor does not furnish an estoppel certificate within the 10-day
period, Grantor appoints Beneficiary as its attorney-in-fact to execute and deliver the certificate on its behalf, which power of attorney shall be coupled with an interest and shall be irrevocable. 
 12.4 FURTHER ASSURANCES. Grantor shall, without expense to Beneficiary and/or Trustee, execute, acknowledge and deliver all further acts, deeds,
conveyances, mortgages, deeds of trust, assignments, security agreements, and financing statements as Beneficiary and/or Trustee shall from time to time reasonably require, to assure, convey, assign, transfer and confirm unto Beneficiary and/or
Trustee the Property and rights conveyed or assigned by this Deed of Trust or which Grantor may become bound to convey or assign to Beneficiary and/or Trustee, or for carrying out the intention or facilitating the performance of the terms of this
Deed of Trust or any of the other Loan Documents, or for filing, refiling, registering, reregistering, recording or rerecording this Deed of Trust. If Grantor fails to comply with the terms of this Section, Beneficiary may, at Grantor’s
expense, perform Grantor’s obligations for and in the name of Grantor, and Grantor hereby irrevocably appoints Beneficiary as its attorney-in-fact to do so. The appointment of Beneficiary as attorney-in-fact is coupled with an interest.

 12.5 SUBROGATION. Beneficiary shall be subrogated to the lien of any and all encumbrances against the Property paid out of the
proceeds of the Loan and to all of the rights of the recipient of such payment. 
 ARTICLE 13 
 SECURITY AGREEMENT 
 13.1 SECURITY
AGREEMENT. THIS DEED OF TRUST CREATES A LIEN ON THE PROPERTY. IN ADDITION, TO THE EXTENT THE PROPERTY IS PERSONAL PROPERTY OR FIXTURES UNDER APPLICABLE LAW, THIS DEED OF TRUST 

  

 40 

 
CONSTITUTES A SECURITY AGREEMENT UNDER THE DISTRICT OF COLUMBIA UNIFORM COMMERCIAL CODE (THE “U.C.C.”) AND ANY OTHER APPLICABLE LAW WITH RESPECT TO
PERSONAL PROPERTY AND IS FILED AS A FIXTURE FILING WITH RESPECT TO GOODS WHICH ARE OR ARE TO BECOME FIXTURES ON THE LAND OR THE IMPROVEMENTS. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, BENEFICIARY MAY, AT ITS OPTION, PURSUE ANY AND ALL RIGHTS AND
REMEDIES AVAILABLE TO A SECURED PARTY WITH RESPECT TO ANY PORTION OF THE PROPERTY, AND/OR BENEFICIARY MAY, AT ITS OPTION, PROCEED AS TO ALL OR ANY PART OF THE PROPERTY IN ACCORDANCE WITH BENEFICIARY’S RIGHTS AND REMEDIES WITH RESPECT TO THE
LIEN CREATED BY THIS DEED OF TRUST. THIS FINANCING STATEMENT SHALL REMAIN IN EFFECT AS A FIXTURE FILING UNTIL THIS DEED OF TRUST IS RELEASED OR SATISFIED OF RECORD. WITH RESPECT TO SUCH FIXTURE FILING, THE FOLLOWING INFORMATION IS PROVIDED:

  

			
	Name of Debtor:	 	1201 Eye Street, N.W. Associates LLC, a Delaware limited liability company
		
	Address of Debtor:	 	 c/o Piedmont Operating Partnership, L.P.
 6200 The
Corners Parkway, Suite 500
 Norcross, Georgia 30092
 Attention:
Executive Vice President, Capital Markets

		
	Name of Secured Party:	 	Metropolitan Life Insurance Company, a New York corporation
		
	Address of Secured Party:	 	 10 Park Avenue
 Morristown, New Jersey 07962

Attn: Senior Vice President, Real Estate Investments

 13.2 REPRESENTATIONS AND WARRANTIES. Grantor warrants, represents and covenants as follows:

 (a) Grantor owns the Personal Property free from any lien, security interest, encumbrance or adverse claim, except for any item of personal
property which is the subject of an equipment lease and except as otherwise expressly approved by Beneficiary in writing. Grantor will notify Beneficiary of, and will protect, defend and indemnify Beneficiary against, all claims and demands of all
persons at any time claiming any rights or interest in the Personal Property. 
 (b) The Personal Property shall not be used or bought for
personal, family, or household purposes, but shall be bought and used solely for the purpose of carrying on Grantor’s business. 
  

 41 

 (c) Grantor will not remove the Personal Property without the prior written consent of Beneficiary,
except the items of Personal Property which are consumed or worn out in ordinary usage shall be promptly replaced by Grantor with other Personal Property of value equal to or greater than the value of the replaced Personal Property. 
 13.3 CHARACTERIZATION OF PROPERTY. The grant of a security interest to Beneficiary in this Deed of Trust shall not be construed to limit or impair
the lien of this Deed of Trust or the rights of Beneficiary with respect to any property which is real property or which the parties have agreed to treat as real property. To the fullest extent permitted by law, everything used in connection with
the production of Rents and Profits is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be regarded as real property, irrespective of whether or not the same is physically attached to the Land and/or
Improvements. 
 13.4 PROTECTION AGAINST PURCHASE MONEY SECURITY INTERESTS. It is understood and agreed that in order to protect
Beneficiary from the effect of U.C.C. Section 28:9-334, as amended from time to time and as enacted in the State, in the event that Grantor intends to purchase any goods which may become fixtures attached to the Property, or any part of the
Property, and such goods will be subject to a purchase money security interest held by a seller or any other party: 
 (a) Before executing
any security agreement or other document evidencing or perfecting the security interest, Grantor shall obtain the prior written approval of Beneficiary. All requests for such written approval shall be in writing and contain the following
information: (i) a description of the fixtures (ii) the address at which the fixtures will be located; and (iii) the name and address of the proposed holder and proposed amount of the security interest. 
 (b) Grantor shall pay all sums and perform all obligations secured by the security agreement. A default by Grantor under the security agreement shall
constitute a default under this Deed of Trust. If Grantor fails to make any payment on an obligation secured by a purchase money security interest in the Personal Property or any fixtures, Beneficiary, at its option, may pay the secured amount and
Beneficiary shall be subrogated to the rights of the holder of the purchase money security interest. 
 (c) Beneficiary shall have the right
to acquire by assignment from the holder of the security interest for the Personal Property or fixtures, all contract rights, accounts receivable, negotiable or non-negotiable instruments, or other evidence of indebtedness and to enforce the
security interest as assignee. 
 (d) The provisions of subparagraphs (b) and (c) of this Section 13.4 shall not apply if the
goods which may become fixtures are of at least equivalent value and quality as the Personal Property being replaced and if the rights of the party holding the security interest are expressly subordinated to the lien and security interest of this
Deed of Trust in a manner satisfactory to Beneficiary. 
  

 42 

 ARTICLE 14 
 RELATED LOAN PROVISIONS 
 14.1 RELATED LOAN. As used in this Deed of Trust, “1225
Guaranteed Obligations” means (a) the payment of the Related Indebtedness (as hereafter defined), and (b) the full performance by Related Borrower (as hereafter defined) of all of the terms, covenants and obligations set forth in the
Related Deed of Trust and any of the other Related Loan Documents (as hereafter defined). “Related Indebtedness” or “Related Loan” means the indebtedness evidenced by that certain Amended and Restated Promissory Note of even date
herewith (the “Related Note”) in the principal amount of $57,600,000.00 executed by 1225 Eye Street, N.W. Associates LLC, a Delaware limited liability company (“Related Borrower”), with interest at the rates set forth in the
Related Note, together with all renewals, modifications, consolidations and extensions of the Related Note, all additional advances or fundings made by Beneficiary thereunder, and any other amounts required to be paid by Related Borrower under any
of the Related Loan Documents, as defined below. “Related Deed of Trust” means that certain Amended and Restated Deed of Trust, Security Agreement and Fixture Filing of even date herewith executed by Related Borrower, as grantor, in favor
of Beneficiary, as beneficiary, which secures payment of the Related Note and is being recorded in the Land Records of the District of Columbia on or about the date hereof. “Related Loan Documents” means the Loan Documents, as defined in
the Related Deed of Trust. 
 14.2 LIMITED RECOURSE GUARANTY. Subject to Section 14.2(b), Grantor hereby irrevocably and
unconditionally guarantees to Beneficiary, as and for Grantor’s own debt, until final and indefeasible payment thereof has been made, payment and performance of the 1225 Guaranteed Obligations, in each case when and as the same shall become due
and payable, it being the intent of Grantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection. 
 (a) This Guaranty is a primary and original obligation of Grantor, is not merely the creation of a surety relationship, and is an absolute and unconditional guaranty of payment and performance which shall remain in full force and effect
without respect to future changes in conditions, including any change of law or any invalidity or irregularity with respect to the Related Loan Documents or the execution and delivery thereof. Grantor agrees that it is directly, jointly and
severally with any and all other guarantors of the 1225 Guaranteed Obligations, liable to Beneficiary, that the obligations of Grantor hereunder are independent of the obligations of Related Borrower or any other guarantor, and that a separate
action may be brought against each person or entity signing as Grantor whether such action is brought against Related Borrower or any other guarantor or whether Related Borrower or any such other guarantor is joined in such action. Grantor agrees
that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by Beneficiary of whatever remedies it may have against Related Borrower or any other guarantor, or the enforcement of any lien or
realization upon any security Beneficiary may at any time possess. Grantor agrees that any release which may be given by Beneficiary to Related Borrower or any other guarantor shall not release Grantor. Grantor consents and agrees that Beneficiary
shall be under no obligation to marshal any assets of Related Borrower or any other guarantor in favor of Grantor, or against or in payment of any or all of the Guaranteed Obligations. 
  

 43 

 (b) Notwithstanding any other provisions of this Guaranty, the rights of Beneficiary and the obligations
of Grantor hereunder are limited by Section 9.1 hereof; provided that nothing herein shall in any way release, impair or otherwise affect any of the Related Loan Documents or any environmental indemnification agreements (including any Unsecured
Indemnity Agreements) to which Grantor, Related Borrower or any guarantor is a party or the validity hereof or thereof, or the lien of any mortgage or deed of trust. 
 14.3 WAIVERS. Grantor absolutely, unconditionally, knowingly, and expressly waives: 
 (a) (i) Notice
of acceptance hereof; (ii) notice of any loans or other financial accommodations made or extended under the Related Loan Documents or the creation or existence of any 1225 Guaranteed Obligations; (iii) notice of the amount of the 1225
Guaranteed Obligations, subject, however, to Grantor’s right to make inquiry of Beneficiary to ascertain the amount of the 1225 Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of
Related Borrower or of any other fact that might increase Grantor’s risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any promissory notes or other instruments among the Related Loan
Documents; (vi) notice of any event of default under the Related Loan Documents; and (vii) all other notices (except if such notice is specifically required to be given to Grantor hereunder or under any Related Loan Document to which
Grantor is a party) and demands to which Grantor might otherwise be entitled. 
 (b) Grantor’s right by statute or otherwise to require
Beneficiary to institute suit against Related Borrower or to exhaust any rights and remedies which Beneficiary has or may have against Related Borrower or any collateral for the 1225 Guaranteed Obligations provided by Related Borrower, Grantor or
any third party. In this regard, Grantor agrees that it is bound to the payment of all 1225 Guaranteed Obligations, whether now existing or hereafter accruing, as fully as if such 1225 Guaranteed Obligations were directly owing to Beneficiary by
Grantor. Grantor further waives any defense arising by reason of any disability or other defense (other than the defense that the 1225 Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid) of Related Borrower or
by reason of the cessation from any cause whatsoever of the liability of Related Borrower in respect thereof. 
 (c) (i) Any rights to assert
against Beneficiary any defense (legal or equitable), set-off, counterclaim, or claim which Grantor may now or at any time hereafter have against Related Borrower or any other party liable to Beneficiary; (ii) any defense, set-off,
counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the 1225 Guaranteed Obligations or any security therefor; (iii) any defense
Grantor has to performance hereunder, and any right Grantor has to be exonerated arising by reason of: the impairment or suspension of Beneficiary’s rights or remedies against Related Borrower; the alteration by Beneficiary of the 1225
Guaranteed Obligations; any discharge of the 1225 Guaranteed Obligations by operation of law as a result of Beneficiary’s intervention or omission; or the acceptance by Beneficiary of anything in partial satisfaction of the 1225 Guaranteed
Obligations; and (iv) the benefit of any statute of limitations affecting Grantor’s liability hereunder or the enforcement thereof, and any 

  

 44 

 
act which shall defer or delay the operation of any statute of limitations applicable to the 1225 Guaranteed Obligations shall similarly operate to defer or
delay the operation of such statute of limitations applicable to Grantor’s liability hereunder. 
 (d) Grantor absolutely,
unconditionally, knowingly, and expressly waives any defense arising by reason of or deriving from (i) any claim or defense based upon an election of remedies by Beneficiary; or (ii) any election by Beneficiary under Bankruptcy Code
Section 1111(b) to limit the amount of, or any collateral securing, its claim against Related Borrower. 
 (e) Until such time as the
Related Indebtedness and all 1225 Guaranteed Obligations have been indefeasibly paid in full, Grantor hereby absolutely, unconditionally, knowingly, and expressly waives: (i) any right of subrogation Grantor has or may have as against Related
Borrower with respect to the 1225 Guaranteed Obligations; (ii) any right to proceed against Related Borrower or any other person or entity, now or hereafter, for contribution, indemnity, reimbursement, or any other suretyship rights and claims,
whether direct or indirect, liquidated or contingent, whether arising under express or implied contract or by operation of law, which Grantor may now have or hereafter have as against Related Borrower with respect to the 1225 Guaranteed Obligations;
and (iii) any right to proceed or seek recourse against or with respect to any property or asset of Related Borrower. 
 14.4
RELEASES. Grantor consents and agrees that, without notice to or by Grantor and without affecting or impairing the obligations of Grantor hereunder, Beneficiary may, by action or inaction: 
 (a) Compromise, settle, extend the duration or the time for the payment of, or discharge the performance of, or may refuse to or otherwise not enforce
this Deed of Trust, the other Loan Documents, the Indemnity Agreement, the Related Loan Documents or any part thereof, or the Indemnity Agreement for the Related Loan, with respect to Related Borrower or any other person or entity; 
 (b) Release Related Borrower or any other person or entity or grant other indulgences to Related Borrower or any other person or entity in respect
thereof; 
 (c) Amend or modify in any manner and at any time (or from time to time) any of the Loan Documents; or 
 (d) Release or substitute any other guarantor, if any, of the 1225 Guaranteed Obligations, or enforce, exchange, release, or waive any security for the
1225 Guaranteed Obligations or any other guaranty of the 1225 Guaranteed Obligations, or any portion thereof. 
 14.5 NO ELECTION.
Beneficiary shall have all of the rights to seek recourse against Grantor to the fullest extent provided for herein, and no election by Beneficiary to proceed in one form of action or proceeding, or against any party, or on any obligation, shall
constitute a waiver of Beneficiary’s right to proceed in any other form of action or proceeding or against other parties unless Beneficiary has expressly waived such right in writing. Specifically, but without limiting the generality of the
foregoing, no action or proceeding by 

  

 45 

 
Beneficiary under any document or instrument evidencing the 1225 Guaranteed Obligations shall serve to diminish the liability of Grantor under this Deed of
Trust except to the extent that Beneficiary finally and unconditionally shall have realized indefeasible payment by such action or proceeding 
 14.6 INDEFEASIBLE PAYMENT. The 1225 Guaranteed Obligations and the Related Indebtedness shall not be considered indefeasibly paid for purposes of this Deed of Trust unless and until all payments to Beneficiary are no longer subject
to any right on the part of any person, including Related Borrower, Related Borrower as a debtor in possession, or any trustee (whether appointed under the Bankruptcy Code or otherwise) of any of Related Borrower’s assets, to invalidate or set
aside such payments or to seek to recoup the amount of such payments or any portion thereof, or to declare same to be fraudulent or preferential. Upon such full and final performance and indefeasible payment of the 1225 Guaranteed Obligations
whether by Grantor or Related Borrower, Beneficiary shall have no obligation whatsoever to transfer or assign its interest in the Related Loan Documents to Grantor. In the event that, for any reason, any portion of such payments to Beneficiary is
set aside or restored, whether voluntarily or involuntarily, after the making thereof, then the obligation intended to be satisfied thereby shall be revived and continued in full force and effect as if said payment or payments had not been made, and
Grantor shall be liable for the full amount Beneficiary is required to repay plus any and all costs and expenses (including attorneys’ fees and expenses incurred pursuant to proceedings arising under the Bankruptcy Code) paid by Beneficiary in
connection therewith. 
 14.7 FINANCIAL CONDITION OF GRANTOR. Grantor represents and warrants to Beneficiary that: 
 (a) Grantor is materially interested in the financial success of Related Borrower, and maintains significant business relationships with Related Borrower;

 (b) Grantor expects to derive material benefits from the contemplated uses of the proceeds of the Related Loan, and desires that
Beneficiary make the Related Loan. Grantor is familiar with the transactions contemplated by the Related Note and the other Related Loan Documents and Grantor has read and understands the terms and conditions of the Loan Documents and the Related
Loan Documents. 
 (c) Grantor is currently informed of the financial and other condition of Related Borrower and of all other circumstances
which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the 1225 Guaranteed Obligations. Grantor hereby covenants that Grantor will continue to keep informed of Related Borrower’s financial condition, the financial
condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the 1225 Guaranteed Obligations 
 14.8 SUBORDINATION. Grantor hereby agrees that any and all present and future indebtedness of Related Borrower owing to Grantor is deferred, postponed in favor of and subordinated to the prior payment, in full,
in cash, of the 1225 Guaranteed Obligations and the Related Indebtedness. In this regard, no payment of any kind whatsoever shall be made with respect to such indebtedness until the 1225 Guaranteed Obligations and the Related Indebtedness have been
indefeasibly paid in full. Until payment in full of the 1225 Guaranteed Obligations and the Related Indebtedness, Grantor agrees not to accept any payment or 

  

 46 

 
satisfaction of any kind of indebtedness of Related Borrower to Grantor and hereby assigns such indebtedness to Beneficiary, including the right to file
proof of claim and to vote thereon in connection with any proceeding under the Bankruptcy Code, including the right to vote on any plan of reorganization. 
 ARTICLE 15 
 MISCELLANEOUS COVENANTS 
 15.1 NO WAIVER. No single or partial exercise by Beneficiary and/or Trustee, or delay or omission in the exercise by Beneficiary and/or Trustee,
of any right or remedy under the Loan Documents or the Related Loan Documents shall preclude, waive or limit the exercise of any other right or remedy. Beneficiary shall at all times have the right to proceed against any portion of, or interest in,
the Property without waiving any other rights or remedies with respect to any other portion of the Property. No right or remedy under any of the Loan Documents or the Related Loan Documents is intended to be exclusive of any other right or remedy
but shall be cumulative and may be exercised concurrently with or independently from any other right and remedy under any of the Loan Documents or the Related Loan Documents or under applicable law. 
 15.2 NOTICES. All notices, demands and requests given or required to be given by, pursuant to, or relating to, this Deed of Trust shall be in
writing. All notices shall be deemed to have been properly given if mailed by United States registered or certified mail, with return receipt requested, postage prepaid, or by United States Express Mail or other comparable overnight courier service
to the parties at the addresses set forth in the Defined Terms (or at such other addresses as shall be given in writing by any party to the others) and shall be deemed complete upon receipt or refusal to accept delivery as indicated in the return
receipt or in the receipt of such United States Express Mail or courier service. 
 15.3 HEIRS AND ASSIGNS; TERMINOLOGY. 

(a) This Deed of Trust applies to, inures to the benefit of, and binds Grantor, Beneficiary, Liable Parties and Trustee, their heirs, legatees,
devisees, administrators, executors, successors and assigns. The term “Grantor” shall include both the original Grantor and any subsequent owner or owners of any of the Property. The term “Beneficiary” shall include both the
original Beneficiary and any subsequent holder or holders of the Note. The term “Trustee” shall include both the original Trustee and any subsequent successor or additional trustee(s) acting under this Deed of Trust. The term “Liable
Parties” shall include both the original Liable Parties and any subsequent or substituted Liable Parties. 
 (b) In this Deed of Trust,
whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. 
 (c) If more than one party executes this Deed of Trust as Grantor, the obligations of such parties shall be the joint and several obligations of each of them. 
  

 47 

 15.4 SEVERABILITY. If any provision of this Deed of Trust should be held unenforceable or void,
then that provision shall be separated from the remaining provisions and shall not affect the validity of this Deed of Trust except that if the unenforceable or void provision relates to the payment of any monetary sum, then, Beneficiary may, at its
option, declare the Secured Indebtedness immediately due and payable. 
 15.5 APPLICABLE LAW. This Deed of Trust shall be construed
and enforced in accordance with the laws of the State. 
 15.6 CAPTIONS. The captions are inserted only as a matter of convenience and
for reference, and in no way define, limit, or describe the scope or intent of any provisions of this Deed of Trust. 
 15.7 TIME OF THE
ESSENCE. Time shall be of the essence with respect to all of Grantor’s obligations under this Deed of Trust and the other Loan Documents. 
 15.8 NO MERGER. In the event that Beneficiary should become the owner of the Property, there shall be no merger of the estate created by this Deed of Trust with the fee estate in the Property. 
 15.9 NO MODIFICATIONS. This Deed of Trust may not be changed, amended or modified, except in a writing expressly intended for such purpose and
executed by Grantor and Beneficiary. 
 15.10 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, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. 
 [Signature on following page] 
  

 48 

 IN WITNESS WHEREOF, Grantor has executed this Deed of Trust, or has caused this Deed of Trust to be
executed by its duly authorized representative(s) as of the Execution Date. 
  

					
	 1201 EYE STREET, N.W. ASSOCIATES LLC,
 a
Delaware limited liability company

		
	By:	 	Piedmont Washington Properties, Inc., a Maryland corporation, formerly known as Wells Washington Properties, Inc., its Manager
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

  

	
	[Seal]

  

					
	Address:	 	6200 The Corners Parkway, Suite 500
		 	Norcross, Georgia 30092
		 	Attention: Executive Vice President, Capital Markets

  

 49 

 EXHIBIT A 
 PROPERTY DESCRIPTION 
 Lot 48 in Square 285, being a combination of lots made by 1215 Eye Street, N.W., Associates,
Limited Partnership, as per plat recorded in the Office of the Surveyor for the District of Columbia in Book 176 at page 121. 

 EXHIBIT B 
 LEASING GUIDELINES 
 “Leasing Guidelines” shall mean the guidelines approved in writing by
Beneficiary, from time to time, with respect to the leasing of the Property. The following are the initial Leasing Guidelines: 
 (a) All
Leases shall be on the standard form of lease approved by Beneficiary in writing (subject to modifications reasonably approved by Beneficiary and customary to similar properties and landlords in the East End submarket of Washington, D.C.);

 (b) All Leases shall have an initial term of at least five (5) years but not more than ten (10) years; 
 (c) Except for the renewal of Existing Leases, none of the Leases shall cover more than 24,000 square feet of net leasable area; 
 (d) All Leases shall have an annual minimum rent and net effective rent at least equal to market rates per square foot of net leasable area in the East
End submarket of the Washington D.C. MSA; 
 (e) All net Leases shall contain provisions requiring the tenant to pay its proportionate share
of operating expenses and taxes, and all other Leases shall contain provisions requiring the tenant to pay, after the first year, its proportionate share of increases in taxes and operating expenses; and 
 (f) No Leases shall be entered into without the written approval of Beneficiary if there exists an Event of Default. 
 Notwithstanding the foregoing, paragraphs (a), (b), (c), and (e) above shall not be applicable to Leases of retail space on the first floor of the
Improvements provided that such Leases shall have an annual minimum rent and net effective rent at least equal to market rates and contain terms which are otherwise consistent with those then prevailing in the market. 

 STATE OF
                             
 COUNTY OF                         : ss: 
 This instrument was acknowledged before me on October     , 2007 by
                    , the
                                 of Piedmont Washington Properties, Inc., the
Manager of 1201 Eye Street, N.W. Associates LLC, as the free act and deed of said 1201 Eye Street, N.W. Associates LLC. 
  

	
	  

	Notary Public

 [SEAL] 
 My
Commission
expires:Amended and Restated Promissory Note

 Exhibit 10.11 
 AMENDED AND RESTATED PROMISSORY NOTE 
 This Amended and Restated Promissory Note completely amends and replaces that
certain Promissory Note dated October 24, 2002, as previously amended (the “Original Note”) in the stated principal amount of $47,607,000.00 executed by Borrower in favor of Holder. The Original Note shall have no further force or
effect whatsoever. 
 DEFINED TERMS 
  

			
	Execution Date: November 1, 2007	  	 City and State of Signing:             ,
 Georgia

		
	Loan Amount: $57,600,000.00	  	Interest Rate: 5.76% per annum
	
	Borrower: 1225 EYE STREET, N.W. ASSOCIATES LLC, a Delaware limited liability company
		
	Borrower’s Address:	  	
	 1225 Eye Street, N.W. Associates LLC
 c/o Piedmont
Operating Partnership, L.P.
	  	
	6200 The Corners Parkway, Suite 500	  	
	Norcross, Georgia 30092	  	
	Attention: Executive Vice President, Capital Markets	  	
		
	With a copy to:	  	
	Troutman Sanders LLP	  	
	600 Peachtree Street, NE, Suite 5200	  	
	Atlanta, Georgia 30308-2216	  	
	Attention: James W. Addison, Esq.	  	
	
	Holder: METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation
		
	Holder’s Address:	  	
	Metropolitan Life Insurance Company	  	
	10 Park Avenue, Third Floor	  	
	Morristown, New Jersey 07962	  	
	Attention: Senior Vice President, Real Estate Investments	  	
		
	and:	  	
	Metropolitan Life Insurance Company	  	
	10 Park Avenue, Third Floor	  	
	Morristown, New Jersey 07962	  	
	Attention: Law Department, Chief Counsel, Real Estate Investments
		
	Maturity Date: November 1, 2017	  	

			
	Interest Only Period: The period from the Execution Date and ending on the day preceding the Maturity Date.	  	Interest Installment Date: December 1, 2007
		
	Monthly Installment: Equal monthly installments of interest only at the Interest Rate each in the amount of $276,480.00.	  	Permitted Prepayment Period: During the 90 day period prior to the Maturity Date, Borrower may prepay the Loan (in whole but not in part) without a Prepayment Fee on 30 days’ prior
written notice. In addition, commencing on December 1, 2011, Borrower may prepay the Loan (in whole but not in part) with a Prepayment Fee on 30 days’ prior written notice in accordance with Section 8 of this Note.
		
	Liable Parties:	  	
	Piedmont Operating Partnership, L.P., a Delaware limited partnership, formerly known as Wells Operating Partnership, L.P.
	6200 The Corners Parkway, Suite 500	  	
	Norcross, Georgia	  	
	30092	  	
	Attention: Executive Vice President, Capital Markets	  	
	
	Late Charge: An amount equal to four cents ($.04) for each dollar that is not paid within seven (7) days after the due date. 
	
	Default Rate: An annual rate equal to the Interest Rate plus four percentage points (400 basis points).
		
	Note: This Amended and Restated Promissory Note.	  	
	
	Deed of Trust: The Amended and Restated Deed of Trust, Security Agreement, and Fixture Filing dated as of the Execution Date granted by Borrower to the Trustee named therein
for the benefit of Holder.
	
	Loan Documents: This Note, the Deed of Trust and any other documents related to this Note and/or the Deed of Trust and all renewals, amendments, modifications, restatements
and extensions of these documents.
	
	Guaranty: Amended and Restated Guaranty of Recourse Obligations dated as of the Execution Date and executed by Liable Parties.
	
	Unsecured Indemnity Agreement: Amended and Restated Unsecured Indemnity Agreement dated as of the Execution Date and executed by Borrower and Liable Parties in favor of
Holder.
	
	The Unsecured Indemnity Agreement and the Guaranty are not Loan Documents and shall survive repayment of the Loan or other termination of the Loan Documents.

 FOR VALUE RECEIVED, Borrower promises to pay to the order of Holder at Holder’s Address or
such other place as Holder may from time to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America that at the time of payment shall be legal tender for payment of all
obligations. 
 Capitalized terms which are not defined in this Note shall have the meanings set forth in the Deed of Trust. 
 1. Payment of Principal and Interest. Principal and interest under this Note shall be payable as follows: 
 (a) Commencing on the Interest Installment Date and on the first day of each calendar month thereafter, to and including the first day of the calendar
month immediately preceding the Maturity Date, Borrower shall pay the Monthly Installment; and 

 (b) On the Maturity Date, a final payment in the aggregate amount of the unpaid principal sum evidenced
by this Note, all accrued and unpaid interest, and all other sums evidenced by this Note or secured by the Deed of Trust and/or any other Loan Documents as well as any future loans or advances under the Deed of Trust that may be made to or on behalf
of Borrower by Holder following the Execution Date (collectively, the “Secured Indebtedness”), shall become immediately payable in full. 
 Borrower acknowledges and agrees that the entire original Loan Amount shall be outstanding and due on the Maturity Date. 
 Interest
shall be calculated on the basis of a thirty (30) day month and a three hundred sixty (360) day year, except that (i) if the Execution Date occurs on a date other than the first day of a calendar month, interest payable for the period
commencing on the Execution Date and ending on the last day of the month in which the Execution Date occurs shall be calculated on the basis of the actual number of days elapsed over a 365-day or 366-day year, as applicable, and (ii) if the
Maturity Date occurs on a date other than the last day of the month, interest payable for the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be calculated on the basis of the
actual number of days elapsed over a 365-day or 366-day year, as applicable. 
 2. Application of Payments. At the election of Holder,
and to the extent permitted by law, all payments shall be applied in the order selected by Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the
Interest Rate or at the Default Rate, as applicable. The balance of any payments shall be applied to reduce the then unpaid Loan Amount. 
 3. Security. This Note is secured by the Deed of Trust and other instruments (including without limitation the Related Deed of Trust unless and until the Related Deed of Trust is released in accordance with Section 1.3 thereof).
This Note shall evidence, and the Deed of Trust shall secure, the Secured Indebtedness. 
 4. Late Charge. If any payment of a Monthly
Installment or any payment of a required escrow deposit is not paid within seven (7) days after the due date, Holder shall have the option to charge the Borrower the Late Charge. The Late Charge is for the purpose of defraying the expenses
incurred in connection with handling and processing delinquent payments and is payable in addition to any other remedy Holder may have. Unpaid Late Charges shall become part of the Secured Indebtedness and shall be added to any subsequent payments
due under the Loan Documents. 
 5. Acceleration Upon Default. At the option of Holder, if Borrower fails to pay any sum specified in
this Note within seven (7) days after the due date or if any other Event of Default occurs, the Secured Indebtedness (and at the further option of Holder, the Related Secured Indebtedness), and all other sums evidenced and/or secured by the
Loan Documents (and at the further option of Holder, the Related Loan Documents), including without limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable.

  

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 6. Interest Upon Default. The Accelerated Loan Amount shall bear interest at the Default Rate
which shall never exceed the maximum rate of interest permitted to be contracted for under the laws of the State. The Default Rate shall commence upon the occurrence of an Event of Default and shall continue until all defaults are cured. 

7. Limitation on Interest. The agreements made by Borrower with respect to this Note and the other Loan Documents are expressly limited so that
in no event shall the amount of interest received, charged or contracted for by Holder exceed the highest lawful amount of interest permissible under the laws applicable to the Loan. If at any time performance of any provision of this Note or the
other Loan Documents results in the highest lawful rate of interest permissible under applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall automatically and without further action by any
party be deemed to have been reduced to the highest lawful amount of interest then permissible under applicable laws. If Holder shall ever receive, charge or contract for, as interest, an amount which is unlawful, at Holder’s election, the
amount of unlawful interest shall be refunded to Borrower (if actually paid) or applied to reduce the then unpaid Loan Amount. To the fullest extent permitted by applicable laws, any amounts contracted for, charged or received under the Loan
Documents included for the purpose of determining whether the Interest Rate would exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term of this Note. 
 8. Prepayment. 
 (a) Borrower shall
not have the right to prepay all or any portion of the Loan Amount at any time during the term of this Note except as expressly set forth in the Defined Terms, this Section 8, and Section 10.1(g) of the Deed of Trust. If Borrower provides
notice (a “Prepayment Notice”) of its intention to prepay, the Secured Indebtedness shall become due and payable on the date specified in the Prepayment Notice. 
 (b) Notwithstanding anything to the contrary herein, Borrower shall not be permitted to prepay the Loan unless the following conditions are satisfied:

 (i) If Borrower prepays the Loan, in addition to the applicable Prepayment Fee, Related Borrower shall prepay $4,120,000.00 of the
principal of the Related Loan, along with the applicable Prepayment Fee thereon (provided further that such prepayment shall otherwise be permitted under Section 8(b) of the Related Note); 
 (ii) There is then no Event of Default under the Deed of Trust (including without limitation an Event of Default under the Related Loan Documents), the
Unsecured Indemnity Agreement, the Unsecured Indemnity Agreement for the Related Loan, the Guaranty, or the Guaranty for the Related Loan; and 
 (iii) After such proposed prepayment, (A) in the reasonable opinion of Holder, the annual Net Operating Income (as defined in Section 10.1(d) of the Related Deed of Trust) during the then upcoming 12-month period to be
derived from the Related Property after the date of such prepayment (as calculated pursuant to space leases with tenants who are in actual occupancy, pay rent on a current basis, and are not in default) shall not be less than one hundred
seventy-five percent (175%) of the aggregate amount of monthly installments due under the Related Note; and (B) the unpaid principal balance of the Related Loan shall not exceed fifty-five percent (55%) of the value of the Related
Property as determined by Holder; 

  

 4 

 
provided, however, that Borrower shall have the right to make a concurrent partial prepayment (with applicable Prepayment Fees) of such portion of the
remaining unpaid Related Loan Amount as shall be required (in addition to the amount prepaid pursuant to Section 8(b)(iii) above) in order to satisfy the loan-to-value requirement of this clause (B). In determining the debt service coverage
ratio for purposes of clause (A) above, the unpaid principal balance of, and the payments required or accrued under, the Second Loan and the Third Loan (as such terms are defined in Section 10.2 of the Deed of Trust) shall be disregarded.

 9. Prepayment Fee. 
 (a) Any tender of payment by Borrower or any other person or entity of the Secured Indebtedness, other than as expressly provided in the Loan Documents, shall constitute a prohibited prepayment. If a prepayment of all or any part of the
Secured Indebtedness is made (i) following an Event of Default and an acceleration of the Maturity Date, or (ii) in connection with a sale of the Property or a repayment of the Secured Indebtedness at any time before, during or after, a
judicial or non-judicial foreclosure or sale of the Property, then to compensate Holder for the loss of the investment, Borrower shall pay an amount equal to the Prepayment Fee (as hereinafter defined). With respect to the application of money to
the principal of the Loan as the result of a casualty or condemnation, so long as Borrower makes commercially reasonable, good faith efforts to obtain an amount equal to the Prepayment Fee due as a result of a casualty or condemnation (from the
insurer or from the condemning authority, respectively), which efforts shall not include litigation, the Prepayment Fee otherwise chargeable shall not be chargeable. 
 (b) The “Prepayment Fee” shall be the greater of (A)(x) the present value of all remaining payments of principal and interest including the outstanding principal due on the Maturity Date, discounted at the
rate which, when compounded monthly, is equivalent to the Treasury Rate plus 50 basis points (one-half of one percentage point) compounded semi-annually, less (y) the amount of the principal then outstanding (immediately prior to the
prepayment), or (B) one percent (1%) of the amount of the principal being prepaid. 
 (c) The “Treasury Rate” shall be
the annualized yield on securities issued by the United States Treasury having a maturity equal to the remaining stated term of this Note, as quoted in the Federal Reserve Statistical Release [H. 15 (519)] under the heading “U.S.
Government Securities - Treasury Constant Maturities” five (5) days prior to the date on which the prepayment is to be made. If this rate is not available as of the date of prepayment, the Treasury Rate shall be determined by interpolating
between the yield on securities of the next longer and next shorter maturity. If the Treasury Rate is no longer published, Holder shall select a comparable rate. 
 (d) Holder will, upon request, provide an estimate of the amount of the Prepayment Fee two (2) weeks before the date of the scheduled prepayment. 
 10. Waiver of Right to Prepay Note Without Prepayment Fee. Borrower acknowledges that Holder has relied upon the anticipated investment return
under this Note in entering into transactions with, and in making commitments to, third parties and that the tender of any prohibited prepayment shall, to the extent permitted by law, include the Prepayment Fee. Borrower agrees that the Prepayment
Fee represents the reasonable estimate of Holder and Borrower of a fair average compensation for the loss that may be sustained by 

  

 5 

 
Holder as a result of a prohibited prepayment of this Note and it shall be paid without prejudice to the right of Holder to collect any other amounts
provided to be paid under the Loan Documents. 
 BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE TO PREPAY THIS NOTE, IN WHOLE OR
IN PART, WITHOUT FEE OR PENALTY, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON
ACCOUNT OF ANY DEFAULT BY BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH IS PROHIBITED OR RESTRICTED BY THE DEED OF TRUST, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY
THEREWITH THE PREPAYMENT FEE SPECIFIED IN SECTION 9. 
 11. Liability of Borrower. Upon the occurrence of an Event of Default, except
as provided in this Section 11, Holder will look solely to the Property (and the Property encumbered by the Related Deed of Trust) and the security under the Loan Documents (and the security under the Related Loan Documents) for the repayment
of the Loan and will not enforce a deficiency judgment against Borrower. However, nothing contained in this section shall limit the rights of Holder to enforce any policies of insurance or to proceed against Borrower and the general partners of
Borrower, if any, and/or the Liable Parties or any one or more of them (i) to enforce any Leases entered into by Borrower or its affiliates as tenant, guarantees, or other agreements entered into by Borrower in a capacity other than as
borrower; (ii) to recover damages for fraud, material misrepresentation, material breach of warranty or waste committed by Borrower or any constituent thereof; (iii) to recover any Condemnation Proceeds or Insurance Proceeds or other
similar funds which have been misapplied by Borrower or which, under the terms of the Loan Documents, should have been paid to Holder; (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or refundable fees
paid to Borrower that are part of the collateral for the Loan or prepaid rents for a period of more than 30 days which have not been delivered to Holder unless applied in accordance with the Leases prior to an Event of Default; (v) to recover
Rents and Profits received by Borrower after the first day of the month in which an Event of Default occurs and prior to the date Holder acquires title to the Property which have not been applied to the Loan or in accordance with the Loan Documents
to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with, any breach of a covenant contained in Article 6 of the Deed of Trust or the Unsecured Indemnity Agreement;
(vii) to recover any amount expended by Holder in connection with a foreclosure or trustee’s sale under the Deed of Trust; (viii) to recover damages arising from Borrower’s failure to comply with Section 8.1 of the Deed of
Trust pertaining to ERISA; and/or (ix) to recover damages, costs and expenses arising from, or in connection with, Borrower’s failure to pay any Impositions or Premiums. 
 The limitation of liability set forth in this Section 11 shall not apply and the Loan shall be fully recourse in the event that prior to the
indefeasible repayment in full of the Secured Indebtedness and the 1201 Guaranteed Obligations (as defined in the Deed of Trust), (i) Borrower commences a voluntary bankruptcy or insolvency proceeding, or (ii) an involuntary bankruptcy or
insolvency proceeding is commenced against Borrower, and Borrower or any related party has directly or indirectly encouraged, participated with, or colluded with the parties filing such involuntary bankruptcy or insolvency proceeding to file 

  

 6 

 
such proceeding. In addition, this agreement shall not waive any rights which Holder would have under any provisions of the U.S. Bankruptcy Code to file a
claim for the full amount of the Secured Indebtedness and the 1201 Guaranteed Obligations or to require that the Property shall continue to secure all of the Secured Indebtedness and the 1201 Guaranteed Obligations. 
 The limitation of liability set forth in this Section 11 also shall not apply and the Loan shall be fully recourse in the event that there is any
violation of Sections 10.1 or 10.2 of the Deed of Trust. 
 12. Waiver by Borrower. Borrower and others who may become liable for the
payment of all or any part of this Note, and each of them, waive diligence, demand, presentment for payment, notice of nonpayment, protest, notice of dishonor and notice of protest, notice of intent to accelerate and notice of acceleration and
specifically consent to and waive notice of any amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for payment, whether made to or in favor of Borrower or any other person or persons.

 13. Exercise of Rights. No single or partial exercise by Holder, or delay or omission in the exercise by Holder, of any right or
remedy under the Loan Documents shall waive or limit the exercise of any such right or remedy. Holder shall at all times have the right to proceed against any portion of or interest in the Property in the manner that Holder may deem appropriate,
without waiving any other rights or remedies. The release of any party under this Note shall not operate to release any other party which is liable under this Note and/or under the other Loan Documents or under the Unsecured Indemnity Agreement.

 14. Fees and Expenses. If Borrower defaults under this Note, Borrower shall be personally liable for and shall pay to Holder, in
addition to the sums stated above, the costs and expenses of enforcement and collection, including a reasonable sum as an attorney’s fee. This obligation is not limited by Section 11. 
 15. No Amendments. This Note may not be modified or amended except in a writing executed by Borrower and Holder. No waivers shall be effective
unless they are set forth in a writing signed by the party which is waiving a right. This Note and the other Loan Documents are the final expression of the lending relationship between Borrower and Holder and there is no unwritten agreement with
respect to the subject matter of the Loan. 
 16. Governing Law. This Note is to be construed and enforced in accordance with the laws
of the District of Columbia. 
 17. Construction. The words “Borrower” and “Holder” shall be deemed to include
their respective heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or feminine, and natural and/or artificial persons, as appropriate. The provisions of this Note shall remain in full
force and effect notwithstanding any changes in the shareholders, partners or members of Borrower. If more than one party is Borrower, the obligations of each party shall be joint and several. The captions in this Note are inserted only for
convenience of reference and do not expand, limit or define the scope or intent of any section of this Note. 
 18. Notices. All
notices, demands, requests and consents permitted or required under this Note shall be given in the manner prescribed in the Deed of Trust. 
 19. Time of the Essence. Time shall be of the essence with respect to all of Borrower’s obligations under this Note. 
  

 7 

 20. Severability. If any provision of this Note should be held unenforceable or void, then that
provision shall be deemed separable from the remaining provisions and shall not affect the validity of this Note, except that if that provision relates to the payment of any monetary sum, then Holder may, at its option, declare the Secured
Indebtedness (together with the Prepayment Fee) and the 1201 Guaranteed Obligations immediately due and payable. 
 IN WITNESS WHEREOF,
Borrower has executed this Note as of the Execution Date. 
  

					
	 1225 EYE STREET, N.W. ASSOCIATES LLC,
 a
Delaware limited liability company

		
	By:	 	Piedmont Washington Properties, Inc., a Maryland corporation, formerly known as Wells Washington Properties, Inc., its Manager
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

 [SEAL] 
  

					
	Address:	 	6200 The Corners Parkway, Suite 500
		 	Norcross, Georgia 30092
		 	Attention:	 	Executive Vice President, Capital Markets

  

 8

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