Document:

Exhibit 10.1

   

_________________________________________________

 

 

 

 

 

LOAN AGREEMENT

 

 

 

Dated as of July 28, 2015

 

 

Between

 

 

PALMER-MAPLETREE LLC,

as Borrower

 

 

and

 

 

NATIXIS REAL ESTATE CAPITAL LLC,

as Lender

 

 

 

 

 

_________________________________________________

 

 

 

    	 

    	 

    

    

TABLE OF CONTENTS

Page

 

	1.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 	1
	 	 	 
		1.1	Terms and Definitions	1
			1.1.1	Key Terms and Definitions	1
			1.1.2	Additional Terms and Definitions	1
		1.2	Index of Other Definitions	9
		1.3	Principles of Construction	9
	 	 	 	 
	2.	GENERAL LOAN TERMS 	9
	 	 	 
		2.1	The Loan	9
		2.2 	Interest; Monthly Payments	9
			2.2.1	Generally	9
			2.2.2	Default Rate	9
			2.2.3	Taxes	9
			2.2.4	Requirements of Law	10
		2.3	Loan Repayment and Defeasance	11
			2.3.1	Repayment	11
			2.3.2	Mandatory Prepayments	11
			2.3.3	Voluntary Defeasance of the Note	11
			2.3.4	Permitted Prepayment	13
		2.4	Release of Property	13
			2.4.1	Release on Defeasance	13
			2.4.2	Release on Payment in Full	13
		2.5	Payments and Computations	13
			2.5.1	Making of Payments	13
			2.5.2	Computations	14
			2.5.3	Late Payment Charge	14
	 	 	 	 	 
	3.	CASH MANAGEMENT AND RESERVES 	14
	 	 	 
		3.1	Cash Management Arrangements	14
		3.2	Required Repairs	14
			3.2.1	Completion of Required Repairs	14
			3.2.2	Required Repairs Reserves	15
		3.3	Taxes and Insurance	15
		3.4	Capital Expense Reserves	15
		3.5	Rollover Reserves	16
		3.6	Operating Expense Subaccount	17
		3.7	Casualty/Condemnation Subaccount	17
		3.8	Security Deposits	17
		3.9	Grant of Security Interest; Application of Funds	17
		3.10	Property Cash Flow Allocation	18
		3.11	Cash Collateral Reserve	18

 

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	4.	REPRESENTATIONS AND WARRANTIES 	19
	 	 	 
		4.1	Organization; Special Purpose	19
		4.2	Proceedings; Enforceability	19
		4.3	No Conflicts	19
		4.4	Litigation	19
		4.5	Agreements	19
		4.6	Title	19
		4.7	No Bankruptcy Filing	20
		4.8	Full and Accurate Disclosure	20
		4.9	No Plan Assets	20
		4.10	Compliance	21
		4.11	Contracts	21
		4.12	Federal Reserve Regulations; Investment Company Act	21
		4.13	Utilities and Public Access	21
		4.14	Physical Condition	21
		4.15	Leases	22
		4.16	Fraudulent Transfer	22
		4.17	Ownership of Borrower	22
		4.18	Management Agreement	22
		4.19	Hazardous Substances	23
		4.20	Principal Place of Business	23
		4.21	Other Debt	23
		4.22	Embargoed Person	23
		4.23	Anti-Money Laundering	23
	 	 	 	 
	5.	COVENANTS 	24
	 	 	 
		5.1	Existence	24
		5.2	Taxes	24
		5.3	Repairs; Maintenance and Compliance; Alterations	24
			5.3.1	Repairs; Maintenance and Compliance	24
			5.3.2	Alterations	25
		5.4	Performance of Other Agreements	25
		5.5	Cooperate in Legal Proceedings	25
		5.6	Further Assurances	25
		5.7	Environmental Matters	26
			5.7.1	Hazardous Substances	26
			5.7.2	Environmental Monitoring	26
		5.8	Title to the Property; Liens	27
		5.9	Leases	27
			5.9.1	Generally	27
			5.9.2	Material Leases	28
			5.9.3	Minor Leases	28
			5.9.4	Additional Covenants with respect to Leases	29
		5.10	Estoppel Statement	29
		5.11	Property Management	29
			5.11.1	Management Agreement	29
			5.11.2	Termination of Manager	30
		5.12	Special Purpose Entity	30
		5.13	Intentionally Deleted	30

 

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		5.14	Change In Business or Operation of Property	30
		5.15	Certain Prohibited Actions	30
		5.16	Prohibited Transfers	30
		5.17	Expenses	32
		5.18	Indemnity	33
		5.19	Embargoed Person	34
		5.20	Anti-Money Laundering	35
		5.21	ERISA	35
	 	 	 	 
	6.	NOTICES AND REPORTING 	35
	 	 	 
		6.1	Notices	35
		6.2	Borrower Notices and Deliveries	35
		6.3	Financial Reporting	36
			6.3.1	Bookkeeping	36
			6.3.2	Annual Reports	36
			6.3.3	Monthly/Quarterly Reports	36
			6.3.4	Other Reports	37
			6.3.5	Annual Budget	37
			6.3.6	Breach	37
	 	 	 	 	 
	7.	INSURANCE; CASUALTY; AND CONDEMNATION 	37
	 	 	 
		7.1	Insurance	37
			7.1.1	Coverage	37
			7.1.2	Policies	39
		7.2	Casualty	40
			7.2.1	Notice; Restoration	40
			7.2.2	Settlement of Proceeds	40
		7.3	Condemnation	40
			7.3.1	Notice; Restoration	40
			7.3.2	Collection of Award	41
		7.4	Application of Proceeds or Award	41
			7.4.1	Application to Restoration	41
			7.4.2	Application to Debt	41
			7.4.3	Procedure for Application to Restoration	41
			7.4.4	Prepayment upon Partial Condemnation	42
	 	 	 	 	 
	8.	DEFAULTS 	42
	 	 	 
		8.1	Events of Default	42
		8.2	Remedies	44
			8.2.1	Acceleration	44
			8.2.2	Remedies Cumulative	44
			8.2.3	Severance	44
			8.2.4	Delay	44
	 	 	8.2.5	Lender’s Right to Perform	45
	 	 	 	 	 
	9.	SECONDARY MARKET PROVISIONS	45
	 	 	 	 	 
	 	9.1	Transfer of Loan	45

 

 

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		9.2	Use of Information	46
		9.3	Borrower Indemnity	46
		9.4	Restructuring of Loan	48
	 	 	 	 
	10.	MISCELLANEOUS 	49
	 	 	 
		10.1	Exculpation	49
		10.2	Brokers and Financial Advisors	50
		10.3	Retention of Servicer	50
		10.4	Survival	51
		10.5	Lender’s Discretion	51
		10.6	Governing Law	51
		10.7	Modification, Waiver in Writing	51
		10.8	Trial by Jury	52
		10.9	Headings/Exhibits	52
		10.10	Severability	52
		10.11	Preferences	52
		10.12	Waiver of Notice	52
		10.13	Remedies of Borrower	52
		10.14	Prior Agreements	53
		10.15	Offsets, Counterclaims and Defenses	53
		10.16	Publicity	53
		10.17	No Usury	53
		10.18	Conflict; Construction of Documents	53
		10.19	No Third Party Beneficiaries	54
		10.20	Yield Maintenance Premium	54
		10.21	Assignment	54
		10.22	Counterparts	54

   

Schedule 1 –Index of Other Definitions

Schedule 2 –Required Repairs

Schedule 3 –Organization of Borrower

Schedule 4 –Definition of Special Purpose Entity

Schedule 5 –Section 4.11 Exceptions

 

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LOAN AGREEMENT

 

This LOAN AGREEMENT
(as the same may be modified, supplemented, amended or otherwise changed, this “Agreement”), is made
as of July 28, 2015, by and between PALMER-MAPLETREE LLC, a Delaware limited liability company (together with its permitted successors
and assigns, “Borrower”), and NATIXIS REAL ESTATE CAPITAL LLC, a Delaware limited liability company,
(together with its successors and assigns, “Lender”).

 

		1.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

1.1Terms
and Definitions. The following terms have the meanings set forth below:

 

1.1.1Key Terms
and Definitions.

 

Amortization
Schedule: 300 months.

 

Deposit Bank:
PNC Bank, National Association, or such other bank or depository selected by Lender in its discretion.

 

Guarantor:
Presidential Realty Corporation, a Delaware corporation.

 

Interest Rate:
a rate of interest equal to 6.031% per annum.

 

Manager:
Signature Community Management, LLC, a Delaware limited liability company, or any successor, assignee or replacement manager appointed
by Borrower in accordance with Section 5.11 hereof.

 

Monthly Debt Service
Payment Amount: $11,308.46.

 

Principal:
maximum original principal amount of $1,750,000.00.

 

Property:
the parcel of real property and Improvements thereon owned by Borrower and encumbered by the Security Instrument; together with
all rights pertaining to such real property and Improvements, and all other collateral for the Loan as more particularly described
in the Granting Clauses of the Security Instrument. The Property is located in Palmer, Massachusetts.

 

Start–up
Date: the earlier of (a) the fourth anniversary date hereof and (b) two (2) years from the “start–up day”
(within the meaning of Section 860G(a)(9) of the Code) of the REMIC Trust.

 

Stated Maturity
Date: August 5, 2025.

 

1.1.2Additional
Terms and Definitions.

 

Affiliate:
as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control
with such Person or is a director or officer of such Person or of an Affiliate of such Person.

 

Approved Capital
Expenses: Capital Expenses incurred by Borrower, provided that during a Cash Management Period, such Capital Expenses shall
either be (i) included in the approved Capital Budget for the current calendar month or (ii) reasonably approved by Lender.

 

    	 

    	 

    

  

Approved Leasing
Expenses: actual out–of–pocket expenses incurred by Borrower and payable to third parties that are not Affiliates
of Borrower or Guarantor in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents,
including brokerage commissions and Tenant improvements, which expenses (i) are (A) specifically approved by Lender in
connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions
in connection with Leases which do not require Lender’s approval under the Loan Documents, or (C) otherwise approved
by Lender, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease documents
and brokerage agreements.

 

Approved Operating
Expenses: during a Cash Management Period, operating expenses incurred by Borrower which (i) are included in the approved
Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water,
sewer or other utility service to the Property or (iii) have been approved by Lender. In addition to the foregoing, and notwithstanding
anything to the contrary contained herein or in the Management Agreement, during any Cash Management Period, any fees, commissions
or other amounts payable to Manager pursuant to the Management Agreement shall be capped at three percent (3%) of gross rents.

 

Business Day:
any day other than a Saturday or a Sunday or  any day on which commercial banks in New York, New York are authorized
or required to close.

 

Capital Expenses:
expenses that are capital in nature or required under GAAP to be capitalized.

 

Cash Management
Period: shall commence upon Lender giving notice to Borrower and Clearing Bank of the occurrence of any of the following:
(i) an Event of Default or (ii) the failure by Borrower, after the end of a calendar quarter, to maintain the Debt Service
Coverage Ratio of at least 1.35:1; and shall end upon Lender giving notice to Borrower and the Clearing Bank that the Cash Management
Period has ended, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan
Documents have been repaid in full or (2) there has been a Full Defeasance of the Loan or (3)  for three (3) consecutive
months since the commencement of the existing Cash Management Period (A) Event of Default has occurred, (B) no event
that would trigger another Cash Management Period has occurred and (C) the Debt Service Coverage Ratio is at least equal to
1.40:1.

 

Clearing Account:
the account established by Borrower for the benefit of Lender at the Clearing Bank for the direct deposit by Tenants of all Rents.

 

Clearing Account
Agreement: that certain agreement by and among Lender, Borrower, Manager and Clearing Bank setting forth Borrower’s,
Clearing Bank’s and Manager’s obligations relating to the establishment of the Clearing Account, the direct deposit
by Tenants of all Rents to the Clearing Account.

 

Clearing Bank:
the bank selected by Borrower and approved by Lender in its sole discretion at which the Clearing Account is established.

 

Code: the
Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

 

Control:
with respect to any Person, either (i) ownership, directly or indirectly, of fifty percent (50%) or more of all equity interests
in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, through the ownership of voting securities, by contract or otherwise.

 

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Debt: the
unpaid Principal, all interest accrued and unpaid thereon, any Yield Maintenance Premium and all other sums due to Lender in respect
of the Loan or under any Loan Document.

 

Debt Service:
with respect to any particular period, the scheduled Principal and interest payments due under the Note in such period.

 

Debt Service Coverage
Ratio: as of any date, the ratio calculated by Lender of (i) the Net Operating Income for the twelve (12) month period
ending with the most recently completed calendar month to (ii) the Debt Service with respect to such period.

 

Default:
the occurrence of any event under any Loan Document which, with the giving of notice or passage of time, or both, would be an Event
of Default.

 

Default Rate:
a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) four percent (4%) above
the Interest Rate, compounded monthly.

 

Defeasance Percentage:
the percentage derived by dividing, (i) in the case of an initial Partial Defeasance, the original principal amount of the
Defeased Note by the original principal amount of the Note or (ii) in the case of a subsequent Defeasance, the amount of the
subsequent Defeased Note by the original principal amount of its corresponding Undefeased Note.

 

Deposit Account:
the Eligible Account at the Deposit Bank established and controlled by Lender to receive Rents from the Clearing Bank during a
Cash Management Period.

 

Deposit Account
Agreement: that certain agreement by and among Lender, Borrower and Deposit Bank establishing the Deposit Account and setting
forth the parties’ obligations relating to the funds transferred from the Clearing Account pursuant to the provisions of
this Agreement.

 

Eligible Account:
shall mean either (i) an account (A) maintained with the Deposit
Bank or another depository institution or trust company; provided the short term unsecured debt obligations or commercial paper
of such other depository institution or trust company are rated at least A-1 (or equivalent) by each Rating Agency in the
case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for
more than thirty (30) days and the long term unsecured debt obligations of which are rated at least A+ (or equivalent) by each
Rating Agency) or (B) as to which Lender has received a Rating Comfort Letter from each of the applicable Rating Agencies
with respect to holding funds in such account or (ii) a segregated trust account maintained with the trust department
of a federal or state chartered depository institution or trust company acting in its fiduciary capacity which institution or trust
company is subject to regulations similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at
least $50,000,000 and is subject to federal and state authority, or any other institution with respect to which Lender has received
a Rating Comfort Letter.

 

ERISA:
the Employment Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

ERISA Affiliate:
all members of a controlled group of corporations and all trades and business (whether or not incorporated) under common Control
and all other entities which, together with Borrower, are treated as a single employer under any or all of Section 414(b),
(c), (m) or (o) of the Code.

 

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Escrows:
amounts paid by Borrower into Subaccounts established for the purpose of paying Taxes, the premiums for Policies, ground rents,
franchise and license fees.

 

GAAP: generally
accepted accounting principles in the United States of America as of the date of the applicable financial report.

 

Governmental Authority:
any court, board, agency, commission, office or authority of any nature whatsoever for any governmental unit (federal, state, county,
district, municipal, city or otherwise) now or hereafter in existence.

 

Interest Period:
(i) the period from the date hereof through the next day of a calendar month that is the fourth day of such calendar month, and
(ii) each period thereafter from the fifth day of each calendar month through the fourth day of the next calendar month; except
that the Interest Period, if any, that would otherwise commence before and end after the Maturity Date shall end on the Maturity
Date. Notwithstanding the foregoing, in the event Lender shall have elected to change the date on which scheduled payments under
the Loan are due, as described in the definition of “Payment Date”, from and after the effective date of such election,
each Interest Period shall commence on the day of each month in which occurs such changed Payment Date and end on the day immediately
preceding the following Payment Date, as so changed.

 

Leases:
all leases and other agreements or arrangements heretofore or hereafter entered into affecting the use, enjoyment or occupancy
of, or the conduct of any activity upon or in, the Property or the Improvements, including any guarantees, extensions, renewals,
modifications or amendments thereof and all additional remainders, reversions and other rights and estates appurtenant thereunder.

 

Legal Requirements:
statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting
Borrower, any Loan Document or all or part of the Property or the construction, ownership, use, alteration or operation thereof,
whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and
all covenants, agreements, restrictions and encumbrances contained in any instrument, either of record or known to Borrower, at
any time in force affecting all or part of the Property.

 

Lien: any
mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference, assignment,
security interest or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing,
on or affecting all or any part of the Property or any interest therein, or any direct or indirect interest in Borrower, including
any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any
of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and
encumbrances.

 

Loan Documents:
this Agreement and all other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Lender
in connection with the Loan, including the following, each of which is dated as of the date hereof: (i) Promissory Note made
by Borrower to Lender in the principal amount equal to the Loan (the “Note”), (ii) the Mortgage,
Assignment of Leases and Rents and Security Agreement made by Borrower in favor of Lender which covers the Property (the “Security
Instrument”), (iii) the Assignment of Leases and Rents from Borrower to Lender, (iv) the Assignment of
Agreements, Licenses, Permits and Contracts from Borrower to Lender, (v) the Clearing Account Agreement, (vi) the Deposit
Account Agreement and (vii) the Guaranty of Recourse Obligations made by Guarantor; as each of the foregoing may be (and each of
the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise
modified from time to time.

 

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Loan–to–Value
(LTV): a fraction expressed as a percentage, the numerator of which is the principal balance of the Note, and the denominator
of which is the appraised value of the Property as determined by Lender based upon a current “as–is” MAI appraisal
for the Property obtained by and acceptable to Lender at Borrower’s sole cost and expense.

 

Management Agreement:
the management agreement between Borrower and Manager, pursuant to which Manager is to manage the Property, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with Section 5.11.

 

Material Alteration:
any (i) individual alteration affecting (A) structural elements of the Property, (B) a roof of the Property or (C) any building
system of the Property, or (ii) non-structural alteration the cost of which exceeds $250,000; provided, however, that in no event
shall any of the following constitute a Material Alteration (a) any Required Repairs, (b) any tenant improvement work
performed pursuant to any Lease existing on the date hereof or entered into hereafter in accordance with the provisions of this
Agreement, or (c) alterations performed as part of a Restoration.

 

Material Lease:
all Leases which individually or in the aggregate with respect to the same Tenant and its Affiliates (i) constitute five percent
(5%) or more of the Property’s gross leaseable area, (ii) have a gross annual rent of five percent (5%) or more of the total
annual Rents, (iii) demise at least one full floor of the Improvements, or (iv) for multifamily residential property, any Lease
which is not for the residential use of the lessee thereunder.

 

Maturity Date:
the date on which the final payment of principal of the Note (or the Defeased Note, if applicable) becomes due and payable as therein
provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

Minor Lease:
any Lease that is not a Material Lease. 

 

Net Operating Income:
for any period, the actual net operating income of the Property after deducting therefrom deposits to (but not withdrawals from)
any reserves required under this Agreement.

 

NRSRO:
shall mean any credit rating agency that has elected to be treated as a nationally-recognized statistical rating agency for purposes
of the Exchange Act irrespective of whether or not such credit rating agency has been engaged by Lender or another Indemnified
Party to rate any of the Securities issued in connection with a Secondary Market Transaction involving the Loan or any portion
thereof.

 

Officer’s
Certificate: a certificate delivered to Lender by Borrower which is signed by a manager of Borrower.

 

Open Prepayment
Date: the Payment Date which is closest to the sixtieth (60th) day prior to the Stated Maturity Date for the
Loan.

 

Payment Date:
the fifth (5th) day of each calendar month or, if such day is not a Business Day, the immediately preceding Business
Day; provided, however, that Lender may elect once during the Term, in its sole discretion, to change the date on which scheduled
payments are due under the Loan upon written notice thereof to Borrower setting forth such changed date, in which event, upon the
effective date of such notice, the Payment Date shall be the date set forth therein.

 

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Permitted Encumbrances:
(i) the Liens created by the Loan Documents, (ii) all Liens and other matters disclosed in the title insurance policy
insuring the Lien of the Security Instrument, (iii) Liens, if any, for Taxes or other charges not yet due and payable and
not delinquent, (iv) any workers’, mechanics’ or other similar Liens on the Property provided that any such Lien is
bonded or discharged within thirty (30) days after Borrower first receives notice of such Lien and (v) such other title and
survey exceptions as Lender approves in writing in Lender’s discretion.

 

Permitted Indebtedness:
the Debt and unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the
Property which do not exceed, at any time, a maximum amount of two percent (2%) of the original amount of the Principal and are
paid within thirty (30) days of the date incurred.

 

Permitted Transfers:
(i) a Lease entered into in accordance with the Loan Documents, (ii) a Special Transfer in accordance with the requirements
set forth in Section 5.16, (iii) a Permitted Encumbrance, (iv) provided that no Event of Default shall then exist,
a Transfer of an interest in Borrower other than the interests in Borrower held by Presidential Realty Corporation, or a Transfer
of an interest in Presidential Realty Corporation to any Person, provided that (A) such Transfer shall not (x) cause the transferee
(together with its Affiliates) to acquire Control of Borrower or Presidential Realty Corporation or (y) result in Presidential
Realty Corporation no longer possessing, directly or indirectly, the power to direct or cause the direction of the management and
policies of Borrower through the ownership of voting securities, by contract or otherwise, (B) after giving effect to such Transfer,
Presidential Realty Corporation shall continue to own at least 51% of all equity interests (direct or indirect) in Borrower, (C) Borrower
shall give Lender notice of such Transfer together with copies of all instruments effecting such Transfer not less than ten (10)
days prior to the date of such Transfer, and (D) the legal and financial structure of Borrower and its members and the single
purpose nature and bankruptcy remoteness of Borrower and its members after such Transfer, shall satisfy Lender’s then current
applicable underwriting criteria and requirements, (v) a Transfer for estate planning purposes of any Key Principal’s direct
or indirect interests in Borrower to the spouse, child, parent, grandparent, grandchild, niece, nephew, aunt or uncle of such Key
Principal, or to a trust for the benefit of such Key Principal or for the benefit of the spouse, child, parent, grandparent, grandchild,
niece, nephew, aunt or uncle of such Key Principal so long as Key Principal continues to possess, directly or indirectly, the power
to direct or cause the direction of the management and policies of Borrower through the ownership of voting securities, by contract
or otherwise or (vi) a Publicly Traded Corporation Transfer.

 

Person:
any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association,
any other person or entity, and any federal, state, county or municipal government or any bureau, department or agency thereof
and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

Plan: (i) an
employee benefit or other plan established or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate
makes or is obligated to make contributions and (ii) which is covered by Title IV of ERISA or Section 302 of ERISA or
Section 412 of the Code.

 

Publicly Traded
Corporation Transfer: shall mean a sale or transfer (a “Share Transfer”) of the publicly traded
shares in Presidential Realty Corporation, a Delaware corporation, on a national securities exchange.

 

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Rating Agency:
each of Standard & Poor’s Ratings Services, a division of The McGraw–Hill Companies, Inc. (“S&P”),
Moody’s Investors Service, Inc. (“Moody’s”), and Fitch, Inc. or any other nationally–recognized
statistical rating organization to the extent any of the foregoing have been engaged by Lender or its designee in connection with
or in anticipation of any Secondary Market Transaction.

 

Rating Comfort
Letter: a letter issued by each of the applicable Rating Agencies which confirms that the taking of the action referenced
to therein will not result in any qualification, withdrawal or downgrading of any existing ratings of Securities created in a Secondary
Market Transaction.

 

Regulation AB:
shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time.

 

REMIC Trust:
a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds the Note.

 

Rents:
all rents, rent equivalents, moneys payable as damages (including payments by reason of the rejection of a Lease in a Bankruptcy
Proceeding) or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses),
income, fees, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues,
profits, charges for services rendered, and other payment and consideration of whatever form or nature received by or paid to or
for the account of or benefit of Borrower, Manager or any of their agents or employees from any and all sources arising from or
attributable to the Property and the Improvements, including all receivables, customer obligations, installment payment obligations
and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other
grant of the right of the use and occupancy of the Property or rendering of services by Borrower, Manager or any of their agents
or employees and proceeds, if any, from business interruption or other loss of income insurance.

 

Servicer:
a servicer selected by Lender to service the Loan.

 

State:
the state in which the Property is located.

 

Taxes:
all real estate and personal property taxes, assessments, water rates or sewer rents, maintenance charges, impositions, vault charges
and license fees, now or hereafter levied or assessed or imposed against all or part of the Property.

 

Tenant:
any existing tenant, replacement tenant or proposed tenant under any existing Lease or any proposed Lease.

 

Term: the
entire term of this Agreement, which shall expire upon repayment in full of the Debt and full performance of each and every obligation
to be performed by Borrower pursuant to the Loan Documents.

 

Toxic Mold:
any toxic mold or fungus at the Property which is of a type (i) that might pose a significant risk to human health or the environment
or (ii) that would negatively impact the value of the Property.

 

Transfer:
any sale, conveyance, transfer, lease or assignment, Lien, or the entry into any agreement to sell, convey, transfer, lease or
assign, whether by law or otherwise, of, on, in or affecting (i) all or part of the Property (including any legal or beneficial
direct or indirect interest therein), (ii) any direct or indirect interest in Borrower (including any profit interest), or
(iii) the direct or indirect right or power to direct or cause the direction of the management and policies of Borrower, through
the ownership of voting securities, by contract or otherwise.

 

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UCC:
the Uniform Commercial Code as in effect in the State or the state in which any of the Cash Management Accounts are located,
as the case may be.

 

U.S. Obligations:
non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are
(a) direct non–callable obligations backed by the full faith and credit of the United States of America, or (b) to the extent
acceptable to the Rating Agencies, other “government securities” within the meaning of Section 1.860G-2(a)(8) of the
U.S. Treasury Regulations, as amended.

 

Welfare Plan:
an employee welfare benefit plan, as defined in Section 3(1) of ERISA.

 

Yield Maintenance
Premium: means a prepayment fee equal to the greater of (i) three percent (3%) of the amount of Principal being prepaid
and (ii) the product obtained by multiplying:

 

		(A)	the amount of Principal being prepaid,

by

		(B)	the excess (if any) of the Monthly Note Rate over the
Assumed Reinvestment Rate,

by

		(C)	the Present Value Factor.

 

The following
definitions shall apply:

 

Monthly
Note Rate: one–twelfth (1/12) of the Interest Rate, expressed as a decimal calculated to five digits.

 

Assumed
Reinvestment Rate: one–twelfth (1/12) of the yield rate equal to the lesser of (i) the yield on the U.S. Treasury issue
(primary issue) with a maturity date closest to the Stated Maturity Date, or (ii) the yield on the U.S. Treasury issue (primary
issue) with a term equal to the remaining average life of the Debt, with each such yield being based on the bid price for such
issue as published in the Wall Street Journal on the date that is fourteen (14) days prior to the date of such prepayment (or,
if such bid price is not published on that date, the next preceding date on which such bid price is so published) and converted
to a monthly compounded nominal yield.

 

Present Value Factor: the
factor that discounts to present value the costs resulting to Lender from the difference in interest rates during the months remaining
between the date of prepayment and the Open Prepayment Date, using the Assumed Reinvestment Rate as the discount rate, with monthly
compounding, expressed numerically as follows:

 

 

n = number of months remaining
between the date of prepayment and the Open Prepayment Date

 

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ARR = Assumed
Reinvestment Rate

 

1.2Index
of Other Definitions. An index of other terms which are defined in this Agreement or in other Loan Documents is set forth
on Schedule 1.

 

1.3Principles
of Construction. Unless otherwise specified, (i) all references to sections and schedules are to those in this Agreement,
(ii) the words “hereof,” “herein” and “hereunder” and words of similar import refer to
this Agreement as a whole and not to any particular provision, (iii) all definitions are equally applicable to the singular
and plural forms of the terms defined, (iv) the word “including” means “including but not limited to,”
and (v) accounting terms not specifically defined herein shall be construed in accordance with GAAP.

 

		2.	GENERAL LOAN TERMS

 

2.1The Loan.
Lender is making a loan (the “Loan”) to Borrower on the date hereof, in the original principal amount
(the “Principal”) of $1,750,000.00, which shall mature on the Stated Maturity Date. Borrower acknowledges
receipt of the Loan, the proceeds of which are being and shall be used to (i) acquire or refinance the Property, (ii) fund
certain of the Subaccounts, (iii) pay transaction costs and (iv) make distributions to the owners of Borrower. Any excess
proceeds may be used for any lawful purpose. No amount repaid in respect of the Loan may be reborrowed.

 

2.2Interest;
Monthly Payments.

 

2.2.1Generally.
From and after the date hereof, interest on the unpaid Principal shall accrue at the Interest Rate and be payable as hereinafter
provided. On the date hereof, Borrower shall pay interest on the unpaid Principal from the date hereof through and including August
4, 2015. On September 5, 2015 (the “First Payment Date”) and each Payment Date thereafter through and
including the Payment Date immediately preceding the Stated Maturity Date, Borrower shall pay an amount equal to the Monthly Debt
Service Payment Amount; which payment is based on the Interest Rate and the Amortization Schedule. The Monthly Debt Service Payment
Amount due on any Payment Date shall first be applied to the payment of interest accrued from the scheduled Payment Date preceding
the Payment Date on which such Monthly Debt Service Payment Amount is paid through the day of the month immediately preceding the
Payment Date on which such Monthly Debt Service Payment Amount is paid, notwithstanding that the actual Payment Date may not have
been the scheduled Payment Date because the scheduled Payment Date is not a Business Day. The remainder of such Monthly Debt Service
Payment Amount shall be applied to the reduction of the unpaid Principal. All accrued and unpaid interest shall be due and payable
on the Maturity Date. If the Loan is repaid on any date other than on a Payment Date (whether prior to or after the Stated Maturity
Date), Borrower shall also pay interest that would have accrued on such repaid Principal to but not including the next Payment
Date.

 

2.2.2Default
Rate. After the occurrence and during the continuance of an Event of Default, the entire unpaid Debt shall bear interest
at the Default Rate, and shall be payable upon demand from time to time, to the extent permitted by Legal Requirements.

 

2.2.3Taxes.
Any and all payments by Borrower hereunder and under the other Loan Documents shall be made free and clear of and without deduction
for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding taxes imposed on Lender’s income, and franchise taxes imposed on Lender by law or regulation of any Governmental
Authority (all such non–excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter
referred to in this Section 2.2.3 as “Applicable Taxes”). If Borrower shall be required by
law to deduct any Applicable Taxes from or in respect of any sum payable hereunder to Lender, the following shall apply: (i) the
sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable
to additional sums payable under this Section 2.2.3), Lender receives an amount equal to the sum it would have received
had no such deductions been made, (ii) Borrower shall make such deductions and (iii) Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable law. Payments pursuant to this Section 2.2.3
shall be made within ten (10) days after the date Lender makes written demand therefor.

 

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2.2.4Requirements
of Law.

 

(a)      
If any Legal Requirement or any change in the interpretation or application thereof or compliance by Lender with any request
or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to
the date hereof:

 

(i)                       
shall subject Lender to any tax of any kind whatsoever with respect to this Agreement, the Note or the Loan (excluding
net income taxes) or change the basis of taxation of payments to Lender in respect thereof;

 

(ii)                       
shall impose, modify or hold applicable any reserve, special deposit, compulsory advance or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances or other extensions of credit by, or any other
acquisition of funds by, any office of Lender;

 

(iii)                       
shall impose on Lender any other condition;

 

and the result of any of the foregoing
is to increase the cost to Lender, by an amount which Lender deems to be material, of making or maintaining the Loan or to reduce
any amount receivable hereunder in respect thereof, then, in any such case, Borrower shall, from time to time, upon receipt of
prior written notice of not less than ten (10) Business Days of such fact and a reasonably detailed description of the circumstances,
promptly pay Lender such additional amount or amounts as will compensate Lender for such increased cost or reduced amount receivable
(provided such additional amounts are then being charged by Lender to its borrowers under similar loans generally) and are not
prohibited by such Legal Requirement to be charged back.

 

(b)     
If Lender shall have determined that the adoption of or any change in any Legal Requirement regarding capital adequacy or
in the interpretation or application thereof or compliance by Lender or any corporation controlling Lender with any request or
directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to
the date hereof shall have the effect of reducing the rate of return on Lender’s or such corporation’s capital as a
consequence of its obligations hereunder by an amount deemed by Lender to be material (taking into consideration Lender’s
or such corporation’s policies with respect to capital adequacy), then from time to time, Borrower shall promptly, upon notice
from Lender, pay to Lender such additional amount or amounts as will compensate Lender for such reduction (provided such additional
amounts are then being charged by Lender to its borrowers under similar loans generally).

 

(c)      
If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.4, it shall promptly notify
Borrower of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant
to this subsection submitted by Lender to Borrower shall be conclusive in the absence of manifest error or the provision of immediate
proof by Borrower to the contrary.

 

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2.3             
Loan Repayment and Defeasance.

 

2.3.1       
Repayment. Borrower shall repay the entire outstanding principal balance of the Note in full on the Maturity
Date, together with interest thereon to (but excluding) the date of repayment and any other amounts due and owing under the Loan
Documents. Borrower shall have no right to prepay or defease all or any portion of the Principal, except in accordance with Sections
2.3.2, 2.3.3 and 2.3.4 below. Except during the continuance of an Event of Default, all proceeds of any repayment,
including permitted prepayments, of the Loan shall be applied by Lender as follows in the following order of priority: First,
accrued and unpaid interest at the Interest Rate; Second, to Principal; and Third, to any other amounts then due
and owing under the Loan Documents, including the Yield Maintenance Premium (if such repayment or prepayment occurs prior to the
Stated Maturity Date). Notwithstanding the foregoing, the Yield Maintenance Premium shall not be due in connection with a prepayment
of the Loan on or after the Open Prepayment Date. During the continuance of an Event of Default, all proceeds of repayment, including
any payment or recovery on the Property (whether through foreclosure, deed–in–lieu of foreclosure, or otherwise) shall,
unless otherwise provided in the Loan Documents, be applied in such order and in such manner as Lender shall elect in Lender’s
discretion.

 

2.3.2       
Mandatory Prepayments. The Loan is subject to mandatory prepayment in certain instances of Insured Casualty or
Condemnation (each a “Casualty/Condemnation Prepayment”), in the manner and to the extent set forth in
Section 7.4.2. Each Casualty/Condemnation Prepayment, after deducting Lender’s costs and expenses (including
reasonable attorneys’ fees and expenses) in connection with the settlement or collection of the Proceeds or Award, shall
be applied in the same manner as repayments under Section 2.3.1, and if such Casualty/Condemnation Pre-Payment is made
on any date other than a Payment Date, then such Casualty/Condemnation Pre-Payment shall include interest that would have accrued
on the Principal prepaid to but not including the next Payment Date. Provided that no Event of Default is continuing, any such
mandatory prepayment under this Section 2.3.2 shall be without the payment of the Yield Maintenance Premium.

 

2.3.3       
Voluntary Defeasance of the Note.

 

(a)               
Subject to the terms and conditions set forth in this Section 2.3.3, Borrower may defease the entire amount
of the Principal (a “Full Defeasance”) or a portion of the Principal (a “Partial Defeasance”)
(any such Full Defeasance or Partial Defeasance, a “Defeasance”); provided, that no Defeasance may occur
(i) prior to the Start–up Date, (ii) if an Event of Default shall have occurred (unless such Event of Default will be
cured by the Defeasance) and (iii) on any date other than a Payment Date unless otherwise permitted by Lender. Each Defeasance
shall be subject, in each case, to the satisfaction of all of the following conditions precedent:

 

(i)                       
Borrower will give Lender not less than thirty (30) days prior written notice specifying a Payment Date (the “Defeasance
Date”) on which a Defeasance Deposit (hereinafter defined) is to be made.

 

(ii)                       
Payment to Lender of all accrued and unpaid interest on the unpaid Principal of the Note to and including the Defeasance
Date and the scheduled amortization payment due on such Defeasance Date.

 

(iii)                       
Payment to Lender of all other sums, not including scheduled interest or Principal payments, then due and payable under
the Note and the other Loan Documents.

 

(iv)                       
Payment to Lender of an amount equal to the sum of (x) an amount sufficient to purchase U.S. Obligations which provide
payments that will meet the Scheduled Defeasance Payments, (y) reasonable costs and expenses incurred or to be incurred in
the purchase of the U.S. Obligations and (z) any revenue, documentary stamp or intangible taxes or any other tax or charge
due in connection with the Defeasance (the “Defeasance Deposit”).

 

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(v)                       
Payment to Lender of all reasonable costs and expenses incurred by Lender in connection with such Defeasance, including
reasonable attorneys’ fees.

 

(vi)                       
In the case of a Partial Defeasance, the execution and delivery by Borrower of all necessary documents to amend and restate
the Note and issue two substitute notes, one having a principal balance equal to the defeased portion of the original Note (the
“Defeased Note”) and the other having a principal balance equal to the undefeased portion of the original
Note (the “Undefeased Note”). The Defeased Note and Undefeased Note shall have terms identical to the
terms of the Note, except for the principal balance and a pro rata allocation of the Monthly Debt Service Payment Amount. (After
a Partial Defeasance, all references hereunder and in the other Loan Documents to the term “Note” shall mean and be
deemed to refer to the Undefeased Note, unless expressly provided to the contrary.) A Defeased Note cannot be the subject of any
further Defeasance.

 

(vii)                       
Delivery to Lender of: (A) a security agreement, in form and substance satisfactory to Lender, creating a first priority
lien on the Defeasance Deposit and the U.S. Obligations (hereinafter defined) purchased by Borrower with the Defeasance Deposit
in accordance with this provision of this Section 2.3.3 (the “Security Agreement”); (B) an
Officer’s Certificate of Borrower certifying that the requirements set forth in Section 2.3.3(a) have been satisfied;
(C) an opinion of counsel for Borrower in form and substance satisfactory to Lender stating, among other things, that Lender
has a perfected first priority security interest in the Defeasance Deposit and the U.S. Obligations purchased by Borrower, that
the Security Agreement is the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with
its terms and that the Defeasance will not adversely affect the status of any REMIC Trust formed in connection with a Secondary
Market Transaction; (D) a certificate of an accounting firm acceptable to Lender which certifies that the U.S. Obligations
are sufficient to make the Scheduled Defeasance Payments; (E) a Rating Comfort Letter from each applicable Rating Agency
with respect to such Defeasance; and (F) such other certificates, documents or instruments as Lender may reasonably request.

 

In connection with the conditions set forth
in this Section 2.3.3(a), Borrower shall use the Defeasance Deposit to purchase U.S. Obligations which provide payments
(A) on or prior to, but as close as possible to, all successive Payment Dates after the date of calculation through the Open
Prepayment Date (and in connection therewith Borrower shall not be permitted to provide early notice of prepayment pursuant to
Section 2.3.4 hereof) and (B) in amounts sufficient to pay, (x) in the case of a Full Defeasance, the Monthly
Debt Service Payment Amount required under the Note (or Undefeased Note, as the case may be) together with the unpaid Principal
of the Note (or Undefeased Note, as the case may be) payable on the Open Prepayment Date and (y) in the case of a Partial
Defeasance, the Monthly Debt Service Payment Amount multiplied by the Defeasance Percentage together with the unpaid Principal
of the Defeased Note payable on the Open Prepayment Date (such payments, the “Scheduled Defeasance Payments”).
Borrower, pursuant to the Security Agreement or other appropriate document, shall authorize and direct that the payments received
from the U.S. Obligations may be made directly to Lender and applied to satisfy the obligations of Borrower under the Note or the
Defeased Note, as applicable. Any amounts received in respect of the U.S. Obligations in excess of the amounts necessary to make
monthly payments hereunder shall be retained by Lender until payment in full of the Debt. Semi–annual payments in respect
of the U.S. Obligations shall be applied to the payments under the Note or the Defeased Note, as applicable, as the same become
due thereunder.

 

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(b)              
Upon defeasance of the Loan under this Section 2.3.3, at Lender’s direction, Borrower shall establish or designate
a successor entity, which successor entity shall be a Special Purpose Entity reasonably acceptable to Lender and shall not own
any other assets or have any other liabilities or operate any other property, except in connection with other defeased loans held
in the same securitized pool with the Loan (the “Successor Borrower”), Borrower shall, in the case of
a Full Defeasance, transfer and assign all obligations, rights and duties under and to the Note or, in the case of a Partial Defeasance,
transfer and assign all obligations, rights and duties under and to the Defeased Note, as applicable, together with the pledged
U.S. Obligations to the Successor Borrower. The right of Lender to establish or designate a Successor Borrower, as well as the
right of the Successor Borrower to provide notice of prepayment pursuant to Section 2.3.4 hereof, shall be retained by Natixis
Real Estate Capital LLC (but may be assigned to an Affiliate) notwithstanding the sale, assignment or transfer of this Agreement
unless such obligation is specifically assumed by the transferee. The Successor Borrower shall assume all obligations under the
Loan Documents and the Security Agreement, and Borrower shall be relieved of its obligations thereunder. Borrower shall pay a $1,000
fee to any such Successor Borrower as consideration for assuming such obligations. Notwithstanding anything herein to the contrary,
no other assumption fee shall be payable upon a transfer of the Note or the Defeased Note, as applicable, in accordance with this
Section 2.3.3, but Borrower shall pay all costs and expenses incurred by Lender, including Lender’s reasonable
attorneys’ fees and expenses and ongoing fees and expenses incurred in connection with this Section 2.3.3.

 

2.3.4       
Permitted Prepayment. On the Open Prepayment Date or on any Payment Date thereafter prior to the Stated Maturity
Date, Borrower shall have the right to pay the entire Debt upon ten (10) Business Days notice to Lender, without payment of the
Yield Maintenance Premium and without effecting a Defeasance. If any such payment of the Debt pursuant to the preceding sentence
is made on any date other than the Open Prepayment Date or any Payment Date thereafter prior to the Stated Maturity Date, such
payment shall be accompanied by a payment in an amount equal to interest on the unpaid Principal through the end of the Interest
Period during which such payment is made.

 

2.4             
Release of Property. Except as set forth in this Section 2.4, no repayment, prepayment or Defeasance
shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument.

 

2.4.1Release
on Defeasance. If Borrower has elected a Full Defeasance, and the requirements of Section 2.3.3 have been satisfied,
the Property shall be released from the Lien of the Security Instrument, and the U.S. Obligations pledged pursuant to the Security
Agreement shall be the sole source of collateral securing the Debt. In connection with such release, Borrower shall submit to Lender,
not less than twenty (20) days prior to the Defeasance Date, a form of release for execution by Lender appropriate in the State
and satisfactory to Lender, and all other documentation Lender requires to be delivered by Borrower, together with an Officer’s
Certificate certifying that such documentation (i) is in compliance with all Legal Requirements and (ii) will effect
such release in accordance with the terms of this Agreement.

 

2.4.2Release
on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the
Debt in accordance herewith, release or, if requested by Borrower, assign to Borrower’s designee (without any representation
or warranty by and without any recourse against Lender whatsoever) the Lien of the Loan Documents if not theretofore released.

 

2.5Payments
and Computations.

 

2.5.1Making
of Payments. Each payment by Borrower shall be made in funds settled through the New York Clearing House Interbank Payments
System or other funds immediately available to Lender by 2:00 p.m., New York City time, on the date such payment is due, to Lender
by deposit to such account as Lender may designate by written notice to Borrower. Whenever any such payment shall be stated to
be due on a day that is not a Business Day, such payment shall be made on the immediately preceding Business Day. All such payments
shall be made irrespective of, and without any deduction, set–off or counterclaim whatsoever and are payable without relief
from valuation and appraisement laws and with all costs and charges incurred in the collection or enforcement thereof, including
attorneys’ fees and court costs.

 

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2.5.2Computations.
Interest payable under the Loan Documents shall be computed on the basis of the actual number of days elapsed over a 360–day
year.

 

2.5.3Late Payment
Charge. If any Principal, interest or other sum due under any Loan Document is not paid by Borrower on the date on which
it is due other than the Principal due on the Stated Maturity Date, subject to any applicable grace or cure period, if any, Borrower
shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted
by applicable law (the “Late Payment Charge”), in order to defray the expense incurred by Lender in handling
and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment; provided, however,
if no Event of Default has occurred and is continuing, no Late Payment Charge shall be due and payable if, during a Cash Management
Period, funds in the Deposit Account have not been applied timely. Such amount shall be secured by the Loan Documents.

 

		3.	CASH MANAGEMENT AND RESERVES

 

3.1Cash Management
Arrangements. All Rents (other than security deposits) received by Borrower or Manager shall be deposited into the Clearing
Account within three (3) Business Days of receipt; provided, however, during a Cash Management Period, at Lender's election Borrower
shall cause all Rents (other than security deposits) to be transmitted directly by Tenants of the Property into the Clearing Account
as more fully described in the Clearing Account Agreement. During a Cash Management Period, Funds deposited into the Clearing
Account shall be swept by the Clearing Bank on a daily basis into the Deposit Account and applied and disbursed in accordance with
this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender
will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book
entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The
Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal
therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. At all times other than during
the continuance of a Cash Management Period, (i) funds on deposit in the Clearing Account may be released to Borrower as permitted
in the Clearing Account Agreement and (ii) Lender may, in its discretion, elect to maintain the deposits and reserves required
under this Agreement in an Eligible Account at a bank or other depository selected by Lender other than the Deposit Bank in which
case, all references to the Deposit Account and any Subaccounts hereunder shall be deemed to include such Eligible Account and
the subaccounts of any such Eligible Account and all funds in such Eligible Account shall be invested at Lender’s discretion
only in Permitted Investments.

 

3.2Required Repairs.

 

3.2.1Completion
of Required Repairs. Borrower shall perform and complete each item of the repairs and environmental remedial work at the
Property described on Schedule 2 (the “Required Repairs”) within twelve (12) months of
the date hereof or such shorter period of time for such item set forth on Schedule 2.

 

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3.2.2Required
Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule
2 as being required to complete the Required Repairs (such amount is equal to 125% of the estimated cost to complete such
Required Repairs) and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”).
Provided no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Required Repairs Subaccount
to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once
per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance satisfactory
to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which
are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable
Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs
or any portion thereof and (C) stating that each such Person has been or, upon receipt of the requested disbursement, will
be paid in full with respect to the portion of the Required Repairs which is the subject of the requested disbursement; (ii) copies
of appropriate Lien waivers (which may be conditioned upon receipt of payment from the requested disbursement) or other evidence
of payment satisfactory to Lender; (iii) at Lender’s option, a title search for the Property indicating that it is free
from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained with respect to the
portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender
shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and
have been or will be paid for. Provided no Event of Default is then continuing, any amounts remaining in the Required Repairs Subaccount
following the completion of all Required Repairs shall be returned to Borrower.

 

3.3Taxes
and Insurance. Borrower shall pay to Lender on each Payment Date (i) one–twelfth of the Taxes that Lender estimates
will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at
least thirty (30) days prior to their respective due dates and (ii) one–twelfth of the Insurance Premiums that Lender
estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate
with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies.
Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided
that no Event of Default has occurred and is continuing, Lender will (a) timely apply funds in the Tax and Insurance Subaccount
to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Sections 5.2 and 7.1, provided
that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower
for such amounts upon presentation of evidence of payment and an Officer’s Certificate in form and substance satisfactory
to Lender; subject, however, to Borrower’s right to contest Taxes in accordance with Section 5.2. In making any
payment relating to Taxes and Insurance Premiums, Lender may do so according to any bill, statement or estimate procured from the
appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into
the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title
or claim thereof. If Lender determines in its reasonable judgment that the funds in the Tax and Insurance Subaccount will be insufficient
to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may increase (or decrease) the monthly contribution
required to be made by Borrower to the Tax and Insurance Subaccount.

 

3.4Capital
Expense Reserves. Borrower shall pay to Lender on each Payment Date an amount initially equal to $3,317.84. Lender will
transfer such amount into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty
(30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4
from time to time in its reasonable discretion (based upon its then current underwriting standards). Provided that no Event of
Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within
ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments
of at least $5,000, provided that (i) such disbursement is for an Approved Capital Expense; (ii) Lender shall have (if
it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved
Capital Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying
(v) that such funds will be used to pay or reimburse Borrower for Approved Capital Expenses and a description thereof, (w) that
all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness)
have been paid in full, (x) that the same has not been the subject of a previous disbursement, (y) that all previous
disbursements have been used to pay the previously identified Approved Capital Expenses and (z) that any construction work associated
with such Approved Capital Expenses has been completed in a good and workmanlike manner and in accordance with all applicable Legal
Requirements, (B) reasonably detailed documentation satisfactory to Lender as to the amount, necessity and purpose therefor,
(C) copies of appropriate Lien waivers (which may be conditioned upon receipt of payment from the requested disbursement) or other
evidence of payment satisfactory to Lender in connection with any construction work associated with such Approved Capital Expenses
and (D) at Lender’s option, a title search for the Property indicating that it is free from all Liens not previously approved
by Lender. Any such disbursement of more than $10,000 to pay (rather than reimburse) Approved Capital Expenses may, at Lender’s
option, be made by joint check payable to Borrower and the payee on such Approved Capital Expenses.

 

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3.5Rollover
Reserves. (a) Borrower shall pay to Lender $2,767.59 on each Payment Date. Lender will transfer such amount into a Subaccount
(the “Rollover Reserve Subaccount”). Borrower shall also pay to Lender for transfer into the Rollover
Reserve Subaccount all payments received from Tenants in connection with the early termination or cancellation of any Leases, including
fees, penalties and commissions. If Lender determines in its reasonable judgment that the funds in the Rollover Reserve Subaccount
will be insufficient to pay (or in excess of) the amounts due or to become due for Approved Leasing Expenses, Lender may increase
(or decrease) the monthly contribution required to be made by Borrower to the Rollover Reserve Subaccount. Provided that no Default
or Event of Default has occurred and is continuing, Lender shall disburse funds held in the Rollover Reserve Subaccount to Borrower
within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month),
in increments of at least $5,000, provided (i)  such disbursement is for an Approved Leasing Expense; (ii) Lender
shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of any construction work
associated with such Approved Leasing Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s
Certificate certifying (v) that such funds will be used only to pay (or reimburse Borrower for) Approved Leasing Expenses
and a description thereof, (w) that all outstanding trade payables (other than those to be paid from the requested disbursement
or those constituting Permitted Indebtedness) have been paid in full, (x) that the same has not been the subject of a previous
disbursement, (y) that all previous disbursements have been used only to pay (or reimburse Borrower for) the previously identified
Approved Leasing Expenses and (z) that any construction work associated with such Approved Leasing Expenses has been completed
in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) reasonably detailed supporting
documentation as to the amount, necessity and purpose therefor, (C) copies of appropriate Lien waivers or other evidence of payment
satisfactory to Lender in connection with any construction work associated with such Approved Leasing Expenses and (D) at Lender’s
option, a title search for the Property indicating that it is free from all Liens not previously approved by Lender. Any such disbursement
of more than $10,000 to pay (rather than reimburse) Approved Leasing Expenses may, at Lender’s option, be made by joint check
payable to Borrower and the payee of such Approved Leasing Expenses.

 

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(b)The maximum balance
Borrower shall be required to maintain in the Rollover Reserve Subaccount shall be $270.400.00 (the “Rollover Capped
Amount”); provided, however, notwithstanding whether the then existing balance of the Rollover Reserve Subaccount
equals or exceeds the Rollover Capped Amount, Borrower shall pay to Lender for transfer into the Rollover Reserve Subaccount all
payments received from tenants in connection with the early termination or cancellation of any Leases, including fees and penalties.
If at any time during the term of the Loan the balance of the Rollover Reserve Subaccount shall fall below $135,000.00, Borrower
shall pay to Lender $2,767.59 on each Payment Date thereafter until the balance of the Rollover Reserve Subaccount equals or exceeds
the Rollover Capped Amount.

 

3.6Operating
Expense Subaccount. During a Cash Management Period, Rents shall be transferred into a Subaccount (the “Operating
Expense Subaccount”) as provided in Section 3.10. Provided no Event of Default has occurred and is continuing,
Lender shall disburse funds held in the Operating Expense Subaccount to Borrower, within ten (10) days after delivery by Borrower
to Lender of a request therefor (but not more often than once per month), in increments of at least $1,000, provided (i) such
disbursement is for an Approved Operating Expense; and (ii) such disbursement is accompanied by (A) an Officer’s
Certificate certifying (w) that such funds will be used to pay Approved Operating Expenses and a description thereof, (x) that
all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness)
have been paid in full, (y) that the same has not been the subject of a previous disbursement, and (z) that all previous
disbursements have been or will be used to pay the previously identified Approved Operating Expenses, and (B) reasonably detailed
documentation satisfactory to Lender as to the amount, necessity and purpose therefor.

 

3.7Casualty/Condemnation
Subaccount. Borrower shall pay, or cause to be paid, to Lender all Proceeds or Awards due to any Casualty or Condemnation
to be transferred to a Subaccount (the “Casualty/Condemnation Subaccount”) in accordance with the provisions
of Section 7. All amounts in the Casualty/Condemnation Subaccount shall be disbursed in accordance with the provisions
of Section 7.

 

3.8Security
Deposits. Borrower shall keep all security deposits under Leases at an account under Borrower’s control in accordance
with applicable Legal Requirements (such account, the “Security Deposit Account”). During a Cash Management
Period, Borrower shall, upon Lender’s request, if permitted by applicable Legal Requirements, turn over to Lender the security
deposits (and any interest theretofore earned thereon) under Leases, to be held by Lender in a Subaccount (the “Security
Deposit Subaccount”) subject to the terms of the Leases. Security deposits held in the Security Deposit Subaccount
will be released by Lender upon notice from Borrower together with such evidence as Lender may reasonably request that such security
deposit is required to be returned to a Tenant pursuant to the terms of a Lease or may be applied as Rent pursuant to the rights
of Borrower under the applicable Lease. Any letter of credit or other instrument that Borrower receives in lieu of a cash security
deposit under any Lease entered into after the date hereof shall (i) be maintained in full force and effect in the full amount
unless replaced by a cash deposit as hereinabove described and (ii)  if permitted pursuant to any Legal Requirements,
name Lender as payee or mortgagee thereunder (or at Lender’s option, be fully assignable to Lender).

 

3.9Grant
of Security Interest; Application of Funds. As security for payment of the Debt and the performance by Borrower of all
other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender
a security interest in, all of Borrower’s right, title and interest in and to all Rents and in and to all payments to or
monies held in the Clearing Account, the Deposit Account and all Subaccounts created pursuant to this Agreement (collectively,
the “Cash Management Accounts”). Borrower hereby grants to Lender a continuing security interest in,
and agrees to hold in trust for the benefit of Lender, all Rents in its possession prior to the (i) payment of such Rents
to Lender or (ii) deposit of such Rents into the Deposit Account. Borrower shall not, without obtaining the prior written
consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to
attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party,
to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for
purposes of the UCC. Upon the occurrence and during the continuance of an Event of Default, Lender may apply any sums in any Cash
Management Account in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment
of a receiver and without adversely affecting the rights of Lender to foreclose the Lien of the Security Instrument or exercise
its other rights under the Loan Documents. Cash Management Accounts shall not constitute trust funds and may be commingled with
other monies held by Lender. Borrower shall be entitled to receive on a semi–annual basis interest on any balance in the
Deposit Account and any Subaccounts other than Subaccounts established for the collection of Escrows (including any Eligible Account
maintained at a bank or other depository other than the Deposit Bank selected by Lender in accordance with Section 3.1)
at a rate equal to the U.S. and Regional Composite National Bank Average Retail Savings Money Market CD Yield, from time to time.
Upon repayment in full of the Debt, all remaining funds in the Subaccounts, if any, shall be promptly disbursed to Borrower.

 

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3.10Property
Cash Flow Allocation.

 

(a)During a Cash
Management Period, any Rents deposited into the Deposit Account up to and including the Business Day prior to a Payment Date shall
be applied on such Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and
Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by
the Deposit Bank in accordance with the Deposit Account Agreement, (iii) Third, to Lender to pay the Monthly Debt Service Payment
Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described
under other clauses of this Section 3.10(a), then due to Lender under the Loan Documents), which payments shall be
made into a Subaccount (the “Monthly Debt Service Subaccount”) to be established for such purpose under
the Deposit Account Agreement; (iv) Fourth, to make payments into the Capital Reserve Subaccount as required under Section
3.4; (v) Fifth, to make payments into the Rollover Reserve Subaccount as required under Section 3.5; (vi) Sixth,
to make payments for Approved Operating Expenses as required under Section 3.6; (vii) Seventh, after the consummation
of a Secondary Market Transaction, to pay the pro rata portion of the expenses described in Section 9; and (viii) Lastly,
any excess amounts shall be held in the Cash Collateral Reserve Subaccount as required under Section 3.11.

 

(b)The failure of
Borrower to make all of the payments required under clauses (i) through (vii) of Section 3.10(a) in full on each
Payment Date shall constitute an Event of Default under this Agreement.

 

(c)Notwithstanding anything to
the contrary contained in this Section 3.10, after the occurrence of a an Event of Default, Lender may apply all Rents deposited
into the Deposit Account and other proceeds of repayment in such order and in such manner as Lender shall elect.

 

3.11Cash Collateral Reserve.
Following the commencement, and at all times during the continuance, of a Cash Management Period, all amounts remaining in the
Deposit Account after making the payments described in Section 3.10(a)(i) through (vii), if any, shall be deposited
into a Subaccount (the “Cash Collateral Reserve Subaccount”). All funds deposited into the Cash Collateral
Reserve Subaccount shall be held by Lender as additional security for the Debt and, except as expressly provided in this Section
3.11, Borrower shall have no right to receive any disbursements therefrom. Notwithstanding the foregoing, upon the termination
of any Cash Management Period, no further deposits shall be made into the Cash Collateral Reserve Subaccount and, provided that
no Event of Default has occurred and is continuing, all amounts then on deposit in the Cash Collateral Reserve Subaccount shall
be promptly paid to Borrower.

 

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4.REPRESENTATIONS
AND WARRANTIES

 

Borrower represents and warrants to Lender as of the date hereof
that:

 

4.1Organization;
Special Purpose. Borrower has been duly organized and is validly existing and in good standing under the laws of the state
of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise,
necessary to own its properties and to transact the business in which it is now engaged. Borrower is duly qualified to do business
and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business
and operations. Borrower is a Special Purpose Entity.

 

4.2Proceedings;
Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan
Documents. The Loan Documents have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations
of Borrower enforceable against Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency
and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject
to, and Borrower has not asserted, any right of rescission, set–off, counterclaim or defense, including the defense of usury.
No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

 

4.3No Conflicts.
The execution, delivery and performance of the Loan Documents by Borrower and the transactions contemplated hereby will not conflict
with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition
of any Lien (other than pursuant to the Loan Documents) upon any of the property of Borrower pursuant to the terms of, any agreement
or instrument to which Borrower is a party or by which its property is subject, nor will such action result in any violation of
the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower
or any of its properties. Borrower’s rights under the Licenses and the Management Agreement will not be adversely affected
by the execution and delivery of the Loan Documents, Borrower’s performance thereunder, the recordation of the Security Instrument,
or the exercise of any remedies by Lender. Any consent, approval, authorization, order, registration or qualification of or with
any Governmental Authority required for the execution, delivery and performance by Borrower of the Loan Documents has been obtained
and is in full force and effect.

 

4.4Litigation.
There are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened
against or affecting Borrower, the Manager or the Property, which, if adversely determined, might materially adversely affect the
condition (financial or otherwise) or business of Borrower, Manager or the condition or ownership of the Property.

 

4.5Agreements.
Borrower is not a party to any agreement or instrument or subject to any restriction which might adversely affect Borrower or the
Property, or Borrower’s business, properties, operations or condition, financial or otherwise. Borrower is not in default
in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained
in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or the Property is bound.

 

4.6Title.
Borrower has good, marketable and indefeasible title in fee to the real property and good title to the balance of the Property,
free and clear of all Liens except the Permitted Encumbrances. All transfer taxes, deed stamps, intangible taxes or other amounts
in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements in connection with the transfer
of the Property to Borrower have been paid. The Security Instrument when properly recorded in the appropriate records, together
with any UCC Financing Statements required to be filed in connection therewith, will create (i) a valid, perfected first priority
lien on Borrower’s interest in the Property and (ii) valid and perfected first priority security interests in and to,
and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each
case subject only to any applicable Permitted Encumbrances. All mortgage, recording, stamp, intangible or other similar taxes required
to be paid by any Person under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration,
perfection or enforcement of any of the Loan Documents have been paid. The Permitted Encumbrances do not materially adversely affect
the value, operation or use of the Property, or Borrower’s ability to repay the Loan. No Condemnation or other proceeding
has been commenced or, to Borrower’s best knowledge, is contemplated with respect to all or part of the Property or for the
relocation of roadways providing access to the Property. There are no claims for payment for work, labor or materials affecting
the Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. There
are no outstanding options to purchase or rights of first refusal affecting all or any portion of the Property. The survey for
the Property delivered to Lender does not fail to reflect any material matter affecting the Property or the title thereto. All
of the Improvements included in determining the appraised value of the Property lie wholly within the boundaries and building restriction
lines of the Property, and no improvement on an adjoining property encroaches upon the Property, and no easement or other encumbrance
upon the Property encroaches upon any of the Improvements, except those insured against by the title insurance policy insuring
the Lien of the Security Instrument. Each parcel comprising the Property is a separate tax lot and is not a portion of any other
tax lot that is not a part of the Property. There are no pending or proposed special or other assessments for public improvements
or otherwise affecting the Property, or any contemplated improvements to the Property that may result in such special or other
assessments.

 

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4.7No Bankruptcy
Filing. Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency
law or the liquidation of all or a major portion of its property (a “Bankruptcy Proceeding”), and Borrower
has no knowledge of any Person contemplating the filing of any such petition against it. In addition, neither Borrower nor Guarantor
has been a party to, or the subject of a Bankruptcy Proceeding for the past ten years.

 

4.8Full and
Accurate Disclosure. No statement of fact made by Borrower in any Loan Documents contains any untrue statement of a material
fact or omits to state any material fact necessary to make statements contained therein not misleading. There is no material fact
presently known to Borrower that has not been disclosed to Lender which adversely affects, or, as far as Borrower can foresee,
might adversely affect, the Property or the business, operations or condition (financial or otherwise) of Borrower. All financial
data, including the statements of cash flow and income and operating expense, that have been delivered to Lender in respect of
Borrower and the Property (i) are true, complete and correct in all material respects, (ii) accurately represent the
financial condition of Borrower and the Property as of the date of such reports, and (iii) to the extent prepared by an independent
certified public accounting firm, have been prepared in accordance with GAAP consistently applied throughout the periods covered,
except as disclosed therein. Borrower has no contingent liabilities, liabilities for taxes, unusual forward or long–term
commitments, unrealized or anticipated losses from any unfavorable commitments or any liabilities or obligations not expressly
permitted by this Agreement. Since the date of such financial statements, there has been no materially adverse change in the financial
condition, operations or business of Borrower or the Property from that set forth in said financial statements.

 

4.9No Plan
Assets. Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title
I of ERISA, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans
within the meaning of 29 C.F.R. Section 2510.3–101.

 

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4.10Compliance.
Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements (including
with respect to parking and applicable zoning and land use laws, regulations and ordinances). Borrower is not in default or violation
of any order, writ, injunction, decree or demand of any Governmental Authority, the violation of which might materially adversely
affect the condition (financial or otherwise) or business of Borrower. The Property is used exclusively as an industrial business
park and other appurtenant and related uses. In the event that all or any part of the Improvements are destroyed or damaged, said
Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter exist for the
same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining any variances
or special permits. No legal proceedings are pending or, to the best of Borrower’s knowledge, threatened with respect to
the zoning of the Property. Neither the zoning nor any other right to construct, use or operate the Property is in any way dependent
upon or related to any property other than the Property. All certifications, permits, licenses and approvals, including certificates
of completion and occupancy permits required for the legal use, occupancy and operation of the Property (collectively, the “Licenses”),
have been obtained and are in full force and effect. The use being made of the Property is in conformity with the certificate of
occupancy issued for the Property and all other restrictions, covenants and conditions affecting the Property.

 

4.11Contracts.
Except as set forth on Schedule 5 attached hereto, there are no service, maintenance or repair contracts affecting the Property
that are not terminable on one month’s notice or less without cause and without penalty or premium. All service, maintenance
or repair contracts affecting the Property have been entered into at arms–length in the ordinary course of Borrower’s
business and provide for the payment of fees in amounts and upon terms comparable to existing market rates.

 

4.12Federal
Reserve Regulations; Investment Company Act. No part of the proceeds of the Loan will be used for the purpose of purchasing
or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve
System or for any other purpose that would be inconsistent with such Regulation U or any other regulation of such Board of Governors,
or for any purpose prohibited by Legal Requirements or any Loan Document. Borrower is not (i) an “investment company”
or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act
of 1940, as amended; (ii) a “holding company” or a “subsidiary company” of a “holding company”
or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning
of the Public Utility Holding Company Act of 2005, as amended; or (iii) subject to any other federal or state law or regulation
which purports to restrict or regulate its ability to borrow money.

 

4.13Utilities
and Public Access. The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm
drain facilities adequate to service it for its intended uses. All public utilities necessary or convenient to the full use and
enjoyment of the Property are located in the public right–of–way abutting the Property, and all such utilities are
connected so as to serve the Property without passing over other property absent a valid easement. All roads necessary for the
use of the Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities.

 

4.14Physical
Condition. The Property, including all Improvements, parking facilities, systems, Equipment and landscaping, are in good
condition, order and repair in all material respects; there exists no structural or other material defect or damages to the Property,
whether latent or otherwise. Borrower has not received notice from any insurance company or bonding company of any defect or inadequacy
in the Property, or any part thereof, which would adversely affect its insurability or cause the imposition of extraordinary premiums
or charges thereon or any termination of any policy of insurance or bond. No portion of the Property is located in an area as identified
by the Federal Emergency Management Agency as an area having special flood hazards.

 

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4.15Leases.
Borrower has delivered to Lender a true, correct and complete rent roll for the Property (the “Rent Roll”),
which includes all Leases affecting the Property. Except as set forth on the Rent Roll and the Tenant estoppels and aged receivables
report delivered to Lender in connection with the closing of the Loan: (i) each Lease is in full force and effect; (ii) the
Tenants under the Leases have accepted possession of and are in occupancy of all of their respective demised premises, have commenced
the payment of rent under the Leases, and there are no offsets, claims or defenses to the enforcement thereof; (iii) all rents
due and payable under the Leases have been paid and no portion thereof has been paid for any period more than thirty (30) days
in advance (except for security deposits and the last month’s rents aggregating not more than 2 months’ rent); (iv) the
rent payable under each Lease is the amount of fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim
by the Tenant thereunder for an adjustment to the rent; (v) no Tenant has made any claim against the landlord under any Lease
which remains outstanding, there are no defaults on the part of the landlord under any Lease, and no event has occurred which,
with the giving of notice or passage of time, or both, would constitute such a default; (vi) to Borrower’s best knowledge,
there is no present material default by the Tenant under any Lease; (vii) all security deposits under Leases are as set forth
on the Rent Roll and are held consistent with Section 3.8; (viii) Borrower is the sole owner of the entire lessor’s
interest in each Lease; (ix) each Lease is the valid, binding and enforceable obligation of Borrower and the applicable Tenant
thereunder; (x) no Person has any possessory interest in, or right to occupy (other than any right of the Manager to occupy
a management office located on the Property), the Property except under the terms of a Lease; (xi) each Lease is subordinate
to the Loan Documents, either pursuant to its terms or pursuant to a subordination and attornment agreement; and (xii) each Lease
has been written using the same form of lease. None of the Leases contains any option to purchase or right of first refusal to
purchase the Property or any part thereof. Neither the Leases nor the Rents have been assigned or pledged except to Lender, and
no other Person has any interest therein except the Tenants thereunder.

 

4.16Fraudulent
Transfer. Borrower has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or defraud
any creditor, and Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving
effect to the transactions contemplated by the Loan Documents, the fair saleable value of Borrower’s assets exceeds and will,
immediately following the execution and delivery of the Loan Documents, exceed Borrower’s total liabilities, including subordinated,
unliquidated, disputed or contingent liabilities, including the maximum amount of its contingent liabilities or its debts as such
debts become absolute and matured. Borrower’s assets do not and, immediately following the execution and delivery of the
Loan Documents will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.
Borrower does not intend to, and does not believe that it will, incur debts and liabilities (including contingent liabilities and
other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable
on or in respect of obligations of Borrower).

 

4.17Ownership
of Borrower. The organizational chart attached hereto as Schedule 3 is complete and accurate and illustrates
all Persons who have a direct ownership interest in Borrower.

 

4.18Management
Agreement. The Management Agreement is in full force and effect. There is no default, breach or violation existing thereunder,
and no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice,
or both, would constitute a default, breach or violation thereunder, by either party thereto. Pursuant to the terms of the Assignment
and Subordination of Management Agreement by Borrower and Manager in favor of Lender dated as of the date hereof, the management
fees and the terms and provisions of the Management Agreement, are subordinate to the Loan Documents.

 

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4.19Hazardous
Substances. Except as set forth in the environmental report delivered to Lender in connection with the closing of the Loan,
(i) the Property is not in violation of any Legal Requirement pertaining to or imposing liability or standards of conduct
concerning environmental regulation, contamination or clean–up, including the Comprehensive Environmental Response, Compensation
and Liability Act, the Resource Conservation and Recovery Act, the Emergency Planning and Community Right–to–Know Act
of 1986, the Hazardous Substances Transportation Act, the Solid Waste Disposal Act, the Clean Water Act, the Clean Air Act, the
Toxic Substance Control Act, the Safe Drinking Water Act, the Occupational Safety and Health Act, any Legal Requirements relating
to Toxic Mold, any state super–lien and environmental clean–up statutes, any local law requiring related permits and
licenses, any common law relating to Toxic Mold or other Hazardous Substances, and all amendments to and regulations in respect
of the foregoing laws (collectively, “Environmental Laws”); (ii) the Property is not subject to
any private or governmental Lien or judicial or administrative notice or action or inquiry, investigation or claim relating to
hazardous, toxic or dangerous substances, wastes, contaminants, and pollutants, including, without limitation, petroleum, petroleum
products, crude oil and fractions thereof, Toxic Mold, or any other substances or materials which are included under or regulated
by, or for which liability may arise pursuant to, Environmental Laws other than those substances which are in deminimis quantities
and customarily used or stored in similar properties for the purposed of cleaning, maintenance or other operations and otherwise
in compliance with Environmental Laws (collectively, “Hazardous Substances”); (iii) to Borrower’s
knowledge, no Hazardous Substances are or have been (including the period prior to Borrower’s acquisition of the Property),
discharged, generated, treated, disposed of or stored on, incorporated in, or removed or transported from the Property other than
in compliance with all Environmental Laws; (iv) to Borrower’s knowledge, no Hazardous Substances are present in, on
or under any nearby real property which could migrate to or otherwise affect the Property; (v) no underground storage tanks
exist on the Property and, to Borrower’s knowledge, the Property has never been used as a landfill; and (vi) there have
been no environmental investigations, studies, audits, reviews or other analyses conducted by or on behalf of Borrower which have
not been provided to Lender.

 

4.20Principal
Place of Business. The principal place of business of Borrower is its primary address for notices as set forth in Section 6.1,
and Borrower has no other place of business.

 

4.21Other
Debt. There is no indebtedness with respect to the Property or any indebtedness secured over excess cash flow or any residual
interest therein, whether secured or unsecured, other than Permitted Encumbrances and Permitted Indebtedness.

 

4.22Embargoed
Person. None of the funds or assets of Borrower or any Guarantor, as applicable, constitute property of, or are beneficially
owned directly or, to Borrower’s knowledge, indirectly, by any Embargoed Person (as hereinafter defined) and no Embargoed
Person has any direct interest, and to Borrower’s knowledge, as of the date hereof, indirect interest, of any nature whatsoever
in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly
or indirectly), is prohibited by law or the Loan is in violation of law.

 

4.23Anti–Money
Laundering. None of the funds of Borrower or any Guarantor, as applicable, that are used to consummate this transaction
are derived from or are the proceeds of any unlawful activity, with the result that the investment in Borrower or any Guarantor,
as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law or may cause any of the
Property to be subject to forfeiture or seizure.  Borrower has ascertained the identity of all persons and entities who have
provided funds to capitalize Borrower and has conducted verification procedures which are sufficient to establish the identity
and source of such funds.

 

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All of the representations and warranties
in this Article 4 and elsewhere in the Loan Documents (i) shall survive for so long as any portion of the Debt remains
owing to Lender and (ii) shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or
hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.19
shall survive in perpetuity.

 

		5.	COVENANTS

 

Until the end of the Term, Borrower hereby covenants and agrees
with Lender that:

 

5.1Existence.
Borrower shall (i) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence,
rights, and franchises, (ii) continue to engage in the business presently conducted by it, (iii) obtain and maintain
all Licenses, and (iv) qualify to do business and remain in good standing under the laws of each jurisdiction, in each case
as and to the extent required for the ownership, maintenance, management and operation of the Property.

 

5.2Taxes.
Borrower shall pay all Taxes as the same become due and payable, and deliver to Lender receipts for payment or other evidence satisfactory
to Lender that the Taxes have been so paid no later than thirty (30) days before they would be delinquent if not paid (provided,
however, that Borrower need not pay such Taxes nor furnish such receipts for payment of Taxes paid by Lender pursuant to Section 3.3).
Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien against the Property, and shall promptly
pay for all utility services provided to the Property. After prior notice to Lender, Borrower, at its own expense, may contest
by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity
or application of any Taxes, provided that (i) no Event of Default has occurred and is continuing, (ii) such proceeding
shall suspend the collection of the Taxes, (iii) such proceeding shall be permitted under and be conducted in accordance with
the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder, (iv) no
part of or interest in the Property will be in danger of being sold, forfeited, terminated, canceled or lost, (v) Borrower
shall have furnished such security as may be required in the proceeding, or as may be requested by Lender, to insure the payment
of any such Taxes, together with all interest and penalties thereon, which shall not be less than one hundred twenty–five
percent (125%) of the Taxes being contested, and (vi) Borrower shall promptly upon final determination thereof pay the amount
of such Taxes, together with all costs, interest and penalties. Lender may pay over any such security or part thereof held by Lender
to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established.

 

5.3Repairs;
Maintenance and Compliance; Alterations.

 

5.3.1Repairs;
Maintenance and Compliance. Borrower shall at all times maintain, preserve and protect all franchises and trade names,
if any, and Borrower shall cause the Property to be maintained in a good and safe condition and repair (reasonable wear and tear
excepted) and shall not remove, demolish or alter the Improvements or Equipment (except for alterations performed in accordance
with Section 5.3.2 and normal replacement of Equipment with Equipment of equivalent value and functionality). Borrower
shall promptly comply with all Legal Requirements and promptly cure properly any violation of a Legal Requirement. Borrower shall
notify Lender in writing within two (2) Business Days after Borrower first receives notice of any such non–compliance. Borrower
shall promptly repair, replace or rebuild any part of the Property that becomes damaged, worn or dilapidated and shall complete
and pay for any Improvements when due and payable in the process of construction or repair.

 

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5.3.2Alterations.
Borrower may, without Lender’s consent, perform alterations to the Improvements and Equipment which (i) do not constitute
a Material Alteration, (ii) do not materially and adversely affect Borrower’s financial condition or the value or Net Operating
Income of the Property and (iii) are in the ordinary course of Borrower’s business. Borrower shall not perform any Material
Alteration without Lender’s prior written consent, which consent shall not be unreasonably withheld or delayed; provided,
however, that Lender may, in its sole and absolute discretion, withhold consent to any alteration the cost of which is reasonably
estimated to exceed $1,000,000 or which is likely to result in a decrease of Net Operating Income by two and one–half percent
(2.5%) or more for a period of thirty (30) days or longer. Lender may, as a condition to giving its consent to a Material Alteration,
require that Borrower deliver to Lender security for payment of the cost of such Material Alteration in an amount equal to one
hundred twenty–five percent (125%) of the cost of the Material Alteration as estimated by Lender, which shall be periodically
disbursed to Borrower in connection with such Material Alteration upon Borrower’s request in accordance with the disbursement
procedures provided in Section 3.4. Upon substantial completion of the Material Alteration, Borrower shall provide evidence
satisfactory to Lender that (i) the Material Alteration was constructed in a good and workmanlike manner and in accordance with
applicable Legal Requirements and substantially in accordance with plans and specifications approved by Lender (which approval
shall not be unreasonably withheld or delayed), (ii) all contractors, subcontractors, materialmen and professionals who provided
work, materials or services in connection with the Material Alteration have been paid in full (other than with respect to any amounts
to be paid in connection with a final disbursement requested by Borrower from amounts held by Lender pursuant to this Section
5.3.2) and have delivered unconditional releases of lien (which may be conditioned upon receipt of payment from the requested
disbursement), and (iii) all material Licenses necessary for the use, operation and occupancy of the Material Alteration (other
than those which depend on the performance of Tenant improvement work) have been issued. Borrower shall reimburse Lender upon demand
for all out–of–pocket costs and expenses (including the reasonable fees of any architect, engineer or other professional
engaged by Lender) incurred by Lender in reviewing plans and specifications or in making any determinations necessary to implement
the provisions of this Section 5.3.2.

 

5.4Performance
of Other Agreements. Borrower shall observe and perform each and every material term to be observed or performed by it
pursuant to the terms of any agreement or instrument affecting or pertaining to the Property, including the Loan Documents.

 

5.5Cooperate
in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to, and permit Lender, at its option, to
participate in, any proceedings before any Governmental Authority which may in any way affect the rights of Lender under any Loan
Document.

 

5.6Further
Assurances. Borrower shall, at Borrower’s sole cost and expense, (i) execute and deliver to Lender such documents,
instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve
or protect the collateral at any time securing or intended to secure the Debt or for the better and more effective carrying out
of the intents and purposes of the Loan Documents, as Lender may reasonably require from time to time; and (ii) upon Lender’s
request therefor given from time to time after the occurrence of any Event of Default pay for (a) reports of UCC, federal
tax lien, state tax lien, judgment and pending litigation searches with respect to Borrower and (b) searches of title to the
Property, each such search to be conducted by search firms reasonably designated by Lender in each of the locations reasonably
designated by Lender.

 

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5.7Environmental
Matters.

 

5.7.1Hazardous
Substances. So long as Borrower owns or is in possession of the Property, Borrower shall (i) keep the Property free from
Hazardous Substances and in compliance with all Environmental Laws, (ii) promptly notify Lender if Borrower shall become aware
that (A) any Hazardous Substance is on or near the Property, (B) the Property is in violation of any Environmental Laws
or (C) any condition on or near the Property might pose a threat to the health, safety or welfare of humans and (iii) remove
such Hazardous Substances or cure such violations or remove such threats, as applicable, as required by law (or as shall be reasonably
required by Lender in the case of removal which is not required by law, but in response to the opinion of a licensed hydrogeologist,
licensed environmental engineer or other qualified environmental consulting firm engaged by Lender (“Lender’s
Consultant”)), promptly after Borrower becomes aware of same, at Borrower’s sole expense. Any removal, remediation
or cure of any violation relating to Toxic Mold shall include, without limitation, all acts required to clean and disinfect any
portions of the Property affected by Toxic Mold and to eliminate the source(s) of Toxic Mold in or on the Property, including providing
any necessary moisture control systems at the Property. Nothing herein shall prevent Borrower from recovering such expenses from
any other party that may be liable for such removal, remediation or cure.

 

5.7.2Environmental Monitoring.

 

(a)Borrower shall
give prompt written notice to Lender of (i) any proceeding or inquiry by any party (including any Governmental Authority),
upon Borrower’s receipt of notice thereof, with respect to the presence of any Hazardous Substance on, under, from or about
the Property, (ii) all claims made or threatened in writing by any third party (including any Governmental Authority), upon
Borrower’s receipt of written notice thereof, against Borrower or the Property or any party occupying the Property relating
to any loss or injury resulting from any Hazardous Substance, and (iii) Borrower’s discovery of any occurrence or condition
on any real property adjoining or in the vicinity of the Property that could cause the Property to be subject to any investigation
or cleanup pursuant to any Environmental Law. Borrower shall permit Lender to join and participate in, as a party if it so elects,
any legal or administrative proceedings or other actions initiated with respect to the Property in connection with any Environmental
Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys’ fees and disbursements incurred by Lender in
connection therewith.

 

(b)Upon Lender’s
request, but not more than once per calendar year unless an Event of Default exists or Lender in its good faith judgment determines
that reasonable cause exists for the performance of such environmental inspection or audit, Borrower shall provide an inspection
or audit of the Property prepared by a licensed hydrogeologist, licensed environmental engineer or qualified environmental consulting
firm approved by Lender assessing the presence or absence of Hazardous Substances on, in or near the Property, and if Lender in
its good faith judgment determines that reasonable cause exists for the performance of such environmental inspection or audit,
then the cost and expense of such audit or inspection shall be paid by Borrower. Such inspections and audit may include soil borings
and ground water monitoring. If Borrower fails to provide any such inspection or audit within thirty (30) days after such request,
Lender may order same, and Borrower hereby grants to Lender and its employees and agents access to the Property and a license to
undertake such inspection or audit.

 

(c)If any environmental
site assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan
be implemented for any Hazardous Substance, whether such Hazardous Substance existed prior to the ownership of the Property by
Borrower, or presently exists or is reasonably suspected of existing, Borrower shall cause such operations and maintenance plan
to be prepared and implemented at its expense upon request of Lender. If any investigation, site monitoring, containment, cleanup,
removal, restoration or other work of any kind is reasonably necessary under an applicable Environmental Law (“Remedial
Work”), Borrower shall commence all such Remedial Work within thirty (30) days after written demand by Lender and
thereafter diligently prosecute to completion all such Remedial Work within such period of time as may be required under Legal
Requirements. All Remedial Work shall be performed by licensed contractors reasonably approved in advance by Lender and under the
supervision of a consulting engineer reasonably approved by Lender. All costs of such Remedial Work shall be paid by Borrower,
including Lender’s reasonable attorneys’ fees and disbursements incurred in connection with the monitoring or review
of such Remedial Work. If Borrower does not timely commence and diligently prosecute to completion the Remedial Work, Lender may
(but shall not be obligated to) cause such Remedial Work to be performed at Borrower’s expense. Notwithstanding the foregoing,
Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from
doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in Borrower
or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to
Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence,
the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work, provided that,
(1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings,
(2) neither the Property nor any part thereof or interest therein will be sold, forfeited or lost if Borrower fails to promptly
perform the Remedial Work being contested, and if Borrower fails to prevail in such contest, Borrower would thereafter have the
opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk
of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or to any
risk of criminal liability, and neither the Property nor any interest therein would be subject to the imposition of any Lien for
which Borrower has not furnished additional security as provided in clause (4) below, as a result of the failure to perform
such Remedial Work and (4) Borrower shall have furnished to Lender additional security in respect of the Remedial Work being
contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may
be reasonably requested by Lender but in no event less than one hundred twenty–five percent (125%) of the cost of such Remedial
Work as estimated by Lender or Lender’s Consultant and any loss or damage that may result from Borrower’s failure to
prevail in such contest.

 

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(d)Borrower shall
not install or permit to be installed on the Property any underground storage tank.

 

5.8Title
to the Property; Liens. Borrower will warrant and defend the title to the Property, and the validity and priority of all
Liens granted or otherwise given to Lender under the Loan Documents, subject only to Permitted Encumbrances, against the claims
of all Persons. Without Lender’s prior written consent, Borrower shall not create, incur, assume, permit or suffer to exist
any Lien on all or any portion of the Property or any Lien on any direct or indirect legal or beneficial ownership interest in
Borrower, except Liens in favor of Lender and Permitted Encumbrances, unless such Lien is bonded or discharged within thirty (30)
days after Borrower first receives notice of such Lien.

 

5.9Leases.

 

5.9.1Generally.
Upon request (but not more than once per calendar quarter unless an Event of Default exists), Borrower shall furnish Lender with
executed copies of all Leases then in effect. All renewals of Leases and all proposed leases shall provide for rental rates and
terms comparable to then existing local market rates and shall be arm’s length transactions with bona fide, independent third–party
Tenants.

 

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5.9.2Material
Leases. Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of an
existing Material Lease without the prior written consent of Lender, which consent shall not, so long as no Event of Default is
continuing, be unreasonably withheld, conditioned or delayed. Prior to seeking Lender’s consent to any Material Lease, Borrower
shall deliver to Lender a copy of such proposed Material Lease (a “Proposed Material Lease”) blacklined
to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall approve or disapprove
each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s
approval is required under this Agreement within ten (10) Business Days of the submission by Borrower to Lender of a written request
for such approval, accompanied by a final copy of the Proposed Material Lease or proposed renewal, extension or modification of
an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of a Proposed Material Lease or a
proposed renewal, extension or modification of an existing Material Lease at any stage of the leasing process, from initial “term
sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material
Lease or proposed renewal, extension or modification of an existing Material Lease if subsequent to any preliminary approval material
changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been
considered and approved by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification
of an existing Material Lease. Provided that no Event of Default is continuing, if Borrower provides Lender with a written request
for approval (which written request shall specifically refer to this Section 5.9.2 and shall explicitly state that failure
by Lender to approve or disapprove within ten (10) Business Days will constitute a deemed approval) and Lender fails to reject
the request in writing delivered to Borrower within ten (10) Business Days after receipt by Lender of the request, the Proposed
Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be deemed approved by Lender,
and Borrower shall be entitled to enter into such Proposed Material Lease or proposed renewal, extension or modification of an
existing Material Lease.

 

5.9.3Minor
Leases. Notwithstanding the provisions of Section 5.9.2 above, provided that no Event of Default is continuing,
renewals, amendments and modifications of existing Leases and proposed leases shall not be subject to the prior approval of Lender
provided (i) the proposed lease would be a Minor Lease or the existing Lease, as amended or modified, or the renewal Lease
is a Minor Lease, (ii) the Lease shall be written substantially in accordance with the standard form of Lease which shall
have been approved by Lender, subject to any commercially reasonable changes made in the course of negotiation with the applicable
Tenant, (iii) the Lease as amended or modified or the renewal Lease or series of leases or proposed lease or series of leases:
(a) shall provide for net effective rental rates comparable to then existing local market rates, (b) shall have an initial term
(together with all renewal options) of not less than three (3) years or greater than ten (10) years; provided, however, Borrower
may enter into Minor Leases with terms of (1) less than three (3) years but not less than one (1) year so long as such Minor Leases
don’t (A) cover more than seventy percent (70%) of the Property's gross leasable area or (B) account for gross annual rent
of more than seventy percent (70%) of the total annual Rents and (2) less than one (1) year so long as such Minor Leases don’t
(A) cover more than eighteen percent (18%) of the Property's gross leasable area and (B) account for gross annual rent of more
than eighteen percent (18%) of the total annual Rents, (c) shall provide for automatic self–operative subordination
to the Security Instrument and, at Lender’s option, (x) attornment to Lender and (y) if the Property is located in a jurisdiction
in which the Legal Requirements provide for the termination of leases that are subordinate to the Lien of the Security Instrument,
the unilateral right by Lender to subordinate the Lien of the Security Instrument to the Lease, and (d) shall not contain
any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction
or condemnation of substantially all of the Property), any requirement for a non–disturbance or recognition agreement, or
any other provision which might adversely affect the rights of Lender under the Loan Documents in any material respect. Borrower
shall deliver to Lender copies of all Leases which are entered into pursuant to the preceding sentence together with Borrower’s
certification that it has satisfied all of the conditions of the preceding sentence within ten (10) Business Days after the execution
of the Lease. With respect to any Lease or proposed renewal, extension or modification of an existing Lease that requires Lender’s
consent under this Section 5.9.3, provided that no Event of Default is continuing, if Borrower provides Lender with
a written request for approval (which written request shall specifically refer to this Section 5.9.3 and shall explicitly
state that failure by Lender to approve or disapprove within ten (10) Business Days will constitute a deemed approval) and Lender
fails to reject the request in writing delivered to Borrower within ten (10) Business Days after receipt by Lender of the request,
the proposed Lease or proposed renewal, extension or modification of an existing Lease shall be deemed approved by Lender, and
Borrower shall be entitled to enter into such proposed Lease or proposed renewal, extension or modification of an existing Lease.

 

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5.9.4Additional
Covenants with respect to Leases. Borrower (i) shall observe and perform the material obligations imposed upon the
lessor under the Leases and shall not do or permit anything to materially impair the value of the Leases as security for the Debt;
(ii) shall promptly send copies to Lender of all written notices of default that Borrower shall send or receive under any
Lease; (iii) shall enforce, in accordance with commercially reasonable practices for properties similar to the Property, the
terms, covenants and conditions in the Leases to be observed or performed by the lessees, short of termination thereof; (iv)  shall
not collect any of the Rents more than one month in advance (other than security deposits and last month’s rents aggregating
not more than two (2) months’ rent); (v) shall not execute any other assignment of lessor’s interest in the Leases
or the Rents (except as contemplated by the Loan Documents); (vi) shall not modify any Lease in a manner inconsistent with
the Loan Documents; (vii) shall not convey or transfer or suffer or permit a conveyance or transfer of the Property so as
to effect a merger of the estates and rights of, or a termination or diminution of the obligations of, lessees under Leases; (viii) shall
not consent to any assignment of or subletting under any Material Lease unless required in accordance with its terms without the
prior consent of Lender, which, with respect to a subletting, may not, so long as no Event of Default is continuing, be unreasonably
withheld, conditioned or delayed; and (ix) shall not cancel or terminate any Material Lease or accept a surrender thereof
without the prior consent of Lender, which consent shall not, so long as no Event of Default is continuing, be unreasonably withheld,
conditioned or delayed.

 

5.10Estoppel
Statement. After written request by Lender, Borrower shall within ten (10) days furnish Lender with a statement addressed
to Lender, its successors and assigns, duly acknowledged and certified, setting forth (i) the unpaid Principal, (ii) the
Interest Rate, (iii) the date installments of interest or Principal were last paid, (iv) any offsets or defenses to the
payment of the Debt, (v) that no Event of Default exists under the Loan Documents, and (vi) that the Loan Documents are valid,
legal and binding obligations and have not been modified or if modified, giving particulars of such modification.

 

5.11Property
Management.

 

5.11.1Management
Agreement. Borrower shall (i) cause the Property to be managed pursuant to the Management Agreement; (ii) promptly
perform and observe all of the material covenants required to be performed and observed by it under the Management Agreement and
do all things necessary to preserve and to keep unimpaired its rights thereunder; (iii) promptly notify Lender of any default
under the Management Agreement of which it is aware; (iv) promptly deliver to Lender a copy of each financial statement, business
plan, capital expenditure plan, and property improvement plan and any other notice, report and estimate received by Borrower under
the Management Agreement; and (v) promptly enforce the performance and observance of all of the covenants required to be performed
and observed by Manager under the Management Agreement. Without Lender’s prior written consent, Borrower shall not (a) surrender,
terminate, cancel, extend or renew the Management Agreement or otherwise replace the Manager or enter into any other management
agreement (except pursuant to Section 5.11.2); (b) reduce or consent to the reduction of the term of the Management
Agreement; (c) increase or consent to the increase of the amount of any charges under the Management Agreement; (d) otherwise
modify, change, supplement, alter or amend in any material respect, or waive or release any of its rights and remedies under, the
Management Agreement; or (e) suffer or permit the occurrence and continuance of a default beyond any applicable cure period
under the Management Agreement (or any successor management agreement) if such default permits the Manager to terminate the Management
Agreement (or such successor management agreement).

 

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5.11.2Termination
of Manager. If (i) Borrower fails to maintain a Debt Service Coverage Ratio of at least 1.10:1 or (ii) an Event of
Default shall be continuing, or (iii) a Bankruptcy Action occurs with respect to Manager, or (iv) Manager is in default under
the Management Agreement, Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with
a replacement manager acceptable to Lender in Lender’s discretion and the applicable Rating Agencies on terms and conditions
satisfactory to Lender and the applicable Rating Agencies unless, in the case of the event described in clause (i) only, Borrower
shall (at Borrower’s option to avoid such termination of the Management Agreement) defease a portion of the unpaid Principal
to a level such that the Debt Service Coverage Ratio of the unpaid Principal is restored to a level of not less than 1.10:1. All
calculations of Debt Service Coverage Ratio for purposes of this Section 5.11.2 shall be subject to verification by
Lender. Borrower’s failure to appoint an acceptable manager within thirty (30) days after Lender’s request of Borrower
to terminate the Management Agreement shall constitute an immediate Event of Default. Borrower may from time to time appoint a
successor manager to manage the Property, which successor manager and Management Agreement shall be approved in writing by Lender
in Lender’s reasonable discretion and the applicable Rating Agencies.

 

5.12Special
Purpose Entity. Borrower shall at all times be a Special Purpose Entity. A “Special Purpose Entity”
shall have the meaning set forth on Schedule 4 hereto.

 

5.13Intentionally
Deleted.

 

5.14Change
In Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and
shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in
the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the
continuance of its present business or otherwise cease to operate the Property as an industrial business park or terminate such
business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

 

5.15Certain
Prohibited Actions. Borrower shall not directly or indirectly do any of the following: (i) change its principal place of
business or chief executive office without first giving Lender thirty (30) days’ prior notice; (ii) cancel or otherwise forgive
or release any claim or debt owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s
business in its reasonable judgment; (iii) Transfer any License required for the operation of the Property; or (iv) maintain, sponsor,
contribute to or become obligated to contribute to, or suffer or permit any ERISA Affiliate of Borrower to, maintain, sponsor,
contribute to or become obligated to contribute to, any Plan or any Welfare Plan or permit the assets of Borrower to become “plan
assets,” whether by operation of law or under regulations promulgated under ERISA.

 

5.16Prohibited
Transfers. Borrower shall not directly or indirectly make, suffer or permit the occurrence of any Transfer other than a
Permitted Transfer. Notwithstanding the foregoing, Lender shall not unreasonably withhold its consent to a sale of the Property
in its entirety (a “Special Transfer”) to a Special Purpose Entity with organizational documents containing
provisions satisfying Lender’s then–current requirements of a Special Purpose Entity and otherwise acceptable to Lender
(a “Buyer”), provided that:

 

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(a)No Event of Default is then continuing;

 

(b)Borrower gives
Lender written notice of the terms of such prospective Special Transfer not less than sixty (60) days before the date on which
such sale is scheduled to close, accompanied by all information concerning the proposed Buyer as Lender would require in evaluating
an initial extension of credit to a borrower and such reasonable non–refundable application fee (not to exceed $2,500) as
shall be required by Lender. Lender shall have the right to approve or disapprove the proposed Buyer in its reasonable discretion
(it being acknowledged that Lender may, as a condition to approving any proposed Buyer, require a Rating Comfort Letter from each
of the Rating Agencies);

(c)Borrower pays
Lender, concurrently with the closing of such Special Transfer, a non refundable assumption fee in an amount equal to all reasonable
out–of–pocket costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements,
incurred by Lender in connection with the Special Transfer plus an amount equal to one percent (1.0%) of the then outstanding Principal;
provided, however, a fee of one-half of one percent (0.5%) shall apply for the first Special Transfer only;

 

(d)Buyer assumes
all of the obligations of Borrower under this Agreement, the Note and the other Loan Documents and, prior to or concurrently with
the closing of such Special Transfer, Buyer executes, without any cost or expense to Lender, such documents and agreements as Lender
shall reasonably require to evidence and effectuate said assumption and delivers such legal opinions as Lender may reasonably require;

 

(e)Borrower and Buyer
execute and cause to be filed in such public records as Lender deems appropriate, without any cost or expense to Lender, new financing
statements or financing statement amendments and any additional documents reasonably requested by Lender;

 

(f)Borrower causes
to be delivered to Lender, without any cost or expense to Lender, such endorsements to Lender’s title insurance policy, property
and liability insurance endorsements or certificates and other similar materials as Lender may deem reasonably necessary at the
time of the Special Transfer, all in form and substance reasonably satisfactory to Lender, including, without limitation, an endorsement
or endorsements to Lender’s title insurance policy insuring the Lien of the Security Instrument, extending the effective
date of such policy to the date of execution and delivery (or, if later, of recording) of the assumption agreement referenced above
in clause (d) of this Section 5.16, with no additional exceptions added to such policy (other than taxes for the then-current
year, which are not yet due and payable, and other exceptions which are approved by Lender in its sole discretion) and insuring
that fee simple title to the Property is vested in Buyer;

 

(g)Borrower executes
and delivers to Lender, without any cost or expense to Lender, a release of Lender, its officers, directors, employees and agents,
from all claims and liability relating to the transactions evidenced by the Loan Documents through and including the date of the
closing of the Special Transfer, which agreement shall be in form and substance reasonably satisfactory to Lender and shall be
binding upon Buyer;

 

(h)Such Special Transfer
is not construed so as to relieve Borrower of any personal liability under the Note or any of the other Loan Documents for any
acts or events occurring or obligations arising prior to or simultaneously with the closing of such Special Transfer and Borrower
executes, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and
effectuate the ratification of said personal liability. Borrower shall be released from and relieved of any personal liability
under the Note or any of the other Loan Documents for any acts or events occurring or obligations arising after the closing of
such Special Transfer which are not caused by or arising out of any acts or events occurring or obligations arising prior to or
simultaneously with the closing of such Special Transfer;

 

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(i)Such Special Transfer
is not construed so as to relieve any Guarantor of its obligations under any Loan Document, until a direct or indirect member,
partner or shareholder of Buyer approved by Lender in its sole discretion (a “Successor Guarantor”) assumes
the obligations of such Guarantor and executes such documents as may be required by Lender to evidence such assumption. Guarantor
shall be released from and relieved of any of its obligations under any indemnity or guaranty executed in connection with the Loan
for any acts or events occurring or obligations arising after the closing of such Special Transfer which are not caused by or arising
out of any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Special Transfer;

 

(j)Buyer has furnished
to Lender all appropriate documents and instruments evidencing Buyer’s capacity and good standing, and the authority of the
signers to execute the assumption of the Loan and the Loan Documents, which documents and instruments shall include certified copies
of all documents and instruments relating to the organization and formation of Buyer and of the entities, if any, which are direct
or indirect members, partners or shareholders of Buyer, all of which shall be satisfactory to Lender;

 

(k)Buyer shall assume
the obligations of Borrower under any management agreements pertaining to the Property, or shall cause the new manager and management
agreement to satisfy the requirements of Section 5.11 hereof, as applicable;

 

(l)Buyer shall furnish
an opinion of counsel satisfactory to Lender that the acquisition of the Property and the assumption of the Loan and the Loan Documents
by Buyer and, to the extent applicable, Successor Guarantor, was validly authorized, and duly executed and delivered, and constitutes
the legal, valid and binding obligations of Buyer and Successor Guarantor, enforceable against each of them in accordance with
their respective terms, and with respect to such other matters as Lender may reasonably require; and

 

(m)Buyer shall provide
Lender with a fully executed copy of (1) a deed covering the Property, (2) a bill of sale covering the personal property constituting
a part of the Property and (3) an assignment and assumption agreement in respect of the Leases, in form and substance reasonably
satisfactory to Lender.

 

5.17Expenses.
Borrower shall reimburse Lender upon receipt of notice for all reasonable out–of–pocket costs and expenses (including
reasonable attorneys’ fees and disbursements) incurred by Lender in connection with the Loan, including (i) the preparation,
negotiation, execution and delivery of the Loan Documents and the consummation of the transactions contemplated thereby and all
the costs of furnishing all opinions by counsel for Borrower; (ii) Borrower’s and Lender’s ongoing performance
under and compliance with the Loan Documents, including confirming compliance with environmental and insurance requirements; (iii) the
negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications of
or under any Loan Document and any other documents or matters requested by Lender or Borrower; (iv) filing and recording of
any Loan Documents; (v) title insurance, surveys, inspections and appraisals; (vi) the creation, perfection or protection
of Lender’s Liens on the Property and the Cash Management Accounts (including fees and expenses for title and lien searches,
intangibles taxes, personal property taxes, mortgage recording taxes, due diligence expenses, travel expenses, accounting firm
fees, costs of appraisals, environmental reports and Lender’s Consultant, surveys and engineering reports; provided, however,
notwithstanding anything to the contrary contained in this Section 5.17, such appraisals, environmental reports, surveys
and/or engineering reports shall be at no cost or expense to Borrower except in connection with the closing of the Loan or in an
Event of Default exists or if Lender in its good faith judgment determines that reasonable cause exists for the performance or
preparation of such item); (vii) enforcing or preserving any rights in response to third party claims or the prosecuting or
defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, the Loan Documents,
the Property, or any other security given for the Loan; (viii) fees charged by Rating Agencies in connection with the Loan
or any modification thereof; (ix) enforcing any obligations of or collecting any payments due from Borrower under any Loan
Document or with respect to the Property or in connection with any refinancing or restructuring of the Loan in the nature of a
“work–out”, or any insolvency or bankruptcy proceedings and (x) the fees and expenses of any special servicer
retained in respect of the Loan. Any costs and expenses due and payable to Lender hereunder which are not paid by Borrower within
ten (10) Business Days after written demand may be paid from any amounts in the Deposit Account, with notice thereof to Borrower.
The obligations and liabilities of Borrower under this Section 5.17 shall survive the Term and the exercise by Lender
of any of its rights or remedies under the Loan Documents, including the acquisition of the Property by foreclosure or a conveyance
in lieu of foreclosure.

 

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5.18Indemnity.
Borrower shall defend, indemnify and hold harmless Lender and each of its Affiliates and their respective successors and assigns,
including the directors, officers, partners, members, shareholders, participants, employees, professionals and agents of any of
the foregoing (including any Servicer) and each other Person, if any, who Controls Lender, its Affiliates or any of the foregoing
(each, an “Indemnified Party”), from and against any and all liabilities, obligations, losses, damages
(excluding punitive damages), penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature
whatsoever (including the reasonable fees and disbursements of counsel for an Indemnified Party in connection with any investigative,
administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto, court
costs and costs of appeal at all appellate levels, investigation and laboratory fees, consultant fees and litigation expenses),
that may be imposed on, incurred by, or asserted against any Indemnified Party (collectively, the “Indemnified Liabilities”)
in any manner, relating to or arising out of or by reason of the Loan, including: (i) any breach by Borrower of its obligations
under, or any misrepresentation contained in, any Loan Document; (ii) the use or intended use of the proceeds of the Loan;
(iii) any information provided by or on behalf of Borrower, or contained in any documentation approved by Borrower; (iv) ownership
of the Security Instrument or any of the other Loan Documents, or the Property or any interest therein, or receipt of any Rents;
(v) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or
on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vi) any use, nonuse or condition
in, on or about the Property or on adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vii) performance
of any labor or services or the furnishing of any materials or other property in respect of the Property; (viii) the presence,
disposal, escape, seepage, leakage, spillage, discharge, emission, release, or threatened release of any Hazardous Substance on,
from or affecting the Property; (ix) any personal injury (including wrongful death) or property damage (real or personal)
arising out of or related to such Hazardous Substance; (x) any lawsuit brought or threatened, settlement reached, or government
order relating to such Hazardous Substance; (xi) any violation of the Environmental Laws which is based upon or in any way
related to such Hazardous Substance, including the costs and expenses of any Remedial Work; (xii) any failure of the Property
to comply with any Legal Requirement; (xiii) any claim by brokers, finders or similar persons claiming to be entitled to a
commission in connection with any Lease or other transaction involving the Property or any part thereof, or any liability asserted
against Lender with respect thereto; and (xiv) the claims of any lessee of any portion of the Property or any Person acting
through or under any lessee or otherwise arising under or as a consequence of any Lease; provided, however, that Borrower shall
not have any obligation to any Indemnified Party hereunder if and to the limited extent that it is finally judicially determined
that such Indemnified Liabilities arose solely from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified
Party. Any amounts payable to any Indemnified Party by reason of the application of this Section 5.18 shall be payable
on demand and shall bear interest at the Default Rate from the date loss or damage is sustained by any Indemnified Party until
paid. The obligations and liabilities of Borrower under this Section 5.18 shall survive the Term and the exercise by
Lender of any of its rights or remedies under the Loan Documents, including the acquisition of the Property by foreclosure or a
conveyance in lieu of foreclosure.

 

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5.19Embargoed
Person. (a) At all times throughout the Term of the Loan, including after giving effect to any Transfers permitted pursuant
to the Loan Documents, (i) none of the funds or assets of Borrower or Guarantor, whether or not used to repay the Loan, shall constitute
property of, or shall be beneficially owned directly or, to Borrower’s knowledge, indirectly, by any person, entity or government
subject to sanctions or trade restrictions under United States law (“Embargoed Person” or “Embargoed
Persons”) that are identified on (A) the “List of Specially Designated Nationals and Blocked Persons”
maintained by the Office of Foreign Assets Control (“OFAC”), U.S. Department of the Treasury’s
FINCEN list, or to Borrower’s knowledge, as of the date thereof, based upon reasonable inquiry by Borrower, on any other
similar list maintained by OFAC or FINCEN pursuant to any authorizing statute including, but not limited to, the International
Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and
any Executive Order or regulation promulgated thereunder, with the result that the investment in Borrower or any Guarantor, as
applicable (whether directly or indirectly), is prohibited by law, or the Loan made by Lender would be in violation of law, or
(B) Executive Order 13224 (September 23, 2001) issued by the President of the United States (“Executive Order Blocking Property
and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism”), any related enabling legislation
or any other similar Executive Orders, and (ii) no Embargoed Person shall have any direct interest or, to Borrower’s knowledge,
indirect interest, of any nature whatsoever in Borrower or any Guarantor, as applicable, with the result that the investment in
Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of
law.

 

(b)At all times throughout the
Term of the Loan, none of any of Borrower or Guarantor, nor any Person Controlling, Controlled by or under common Control with
any of Borrower or Guarantor, nor any Person (excluding shareholders of a publicly-held corporation having a direct or indirect
interest in Borrower) having a beneficial interest in, or for whom any of Borrower or Guarantor is acting as agent or nominee in
connection with the investment, is (a) a country, territory, person or entity named on an OFAC or FINCEN list, or is a Person that
resides in or has a place of business in a country or territory named on such lists; (b) a Person residing in, or organized or
chartered under the laws of a jurisdiction identified as non–cooperative by the Financial Action Task Force (“FATF”);
or (c) a Person whose funds originate from or will be routed through , an account maintained at a foreign shell bank or “offshore
bank.”

 

(c)None of Borrower or Guarantor,
nor any Person Controlling, Controlled by or under common Control with Borrower or Guarantor is a “senior foreign political
figure” or an “immediate family” member or “close associate” (as all such terms are defined below)
of a senior foreign political figure within the meaning of the USA PATRIOT Act (i.e., the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107–56, as may
be amended). For the purposes of this subsection (c), (i) “senior foreign political figure” means a senior official
in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not),
a senior official of a major foreign political party or a senior executive of a foreign government–owned corporation, and
such term also includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign
political figure, (ii) “immediate family” of a senior foreign political figure includes the figure’s parents,
siblings, spouse, children and in–laws, and (iii) “close associate” of a senior foreign political figure means
a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure,
and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of
the senior foreign political figure.

 

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5.20Anti–Money
Laundering. At all times throughout the Term of the Loan, including after giving effect to any Transfers permitted pursuant
to the Loan Documents, none of the funds of Borrower or any Guarantor, as applicable, that are used to consummate this transaction
or to repay the Loan shall be derived from or are the proceeds of any unlawful activity, with the result that the investment in
Borrower or any Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of
law or may cause any of the Property to be subject to forfeiture or seizure. Borrower has ascertained the identity of all persons
and entities who have provided funds to capitalize Borrower and has conducted verification procedures which are sufficient to establish
the identity and source of such funds.

 

5.21ERISA.
At all times throughout the Term, upon the request of Lender or any of Lender’s successors, assigns or participants in the
Loan, the management of Borrower shall consult with Lender or any of Lender’s successors, assigns or participants on significant
business issues relating to the operation of the Property and make itself available quarterly either personally or by telephone
at mutually agreeable times for such consultation; provided, however, that such consultation need not result in any change in Borrower’s
course of action, subject to Section 8.1. The aforementioned consultation rights are intended to satisfy the requirement
of management rights for purposes of the Department of Labor “plan assets” regulation 29 C.F.R., Section 2510.3–101.

 

		6.	NOTICES AND REPORTING.

 

6.1Notices.
All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document (a “Notice”)
shall be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally
recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt
requested, postage prepaid, or by facsimile (if facsimile is provided below) and confirmed by facsimile answer back, in each case
addressed as follows (or to such other address or Person as a party shall designate from time to time by Notice to the other party):
If to Lender: Natixis Real Estate Capital LLC, 1251 Avenue of the Americas, New York, New York 10020; Attention: Real Estate Administration,
Telecopier: (212) 891–6101 with copies to: Nelson Mullins Riley & Scarborough LLP, 100 North Tryon Street, 42nd
Floor, Charlotte, North Carolina 28202, Attention: D. Shane Gunter, Esq. Telecopier: (704) 417–3252; if to Borrower: c/o
1430 Broadway, Suite 503, New York, New York 10018, Attention: Alexander Ludwig, Telecopier: (917) 591-8107, with a copy to: Blank
Rome LLP, The Chrysler Building, 405 Lexington Avenue, New York, NY 10174, Attention: Samuel M. Walker, Esq., Telecopier: (917)
332-3805. A Notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery; (b) in the case
of registered or certified mail, when delivered or the first attempted delivery on a Business Day; (c) in the case of overnight
delivery, upon the first attempted delivery on a Business Day; or (d) in the case of facsimile transmission, when sent and electronically
confirmed.

 

6.2Borrower
Notices and Deliveries. Borrower shall (a) give prompt written notice to Lender of: (i) any litigation, governmental proceedings
or claims or investigations pending or threatened (in writing) against Borrower which might materially adversely affect Borrower’s
condition (financial or otherwise) or business or the Property; (ii) any material adverse change in Borrower’s condition,
financial or otherwise, or of the occurrence of any Event of Default of which Borrower has knowledge; and (b) furnish and provide
to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals, title and other insurance reports and agreements in Borrower’s possession, reasonably requested, from time to
time, by Lender (but no more frequently than once per year unless an Event of Default exists or except in connection with a Secondary
Market Transaction)+. In addition, after request by Lender (but no more frequently than twice in any year), Borrower shall furnish
to Lender (x) within ten (10) days, a certificate addressed to Lender, its successors and assigns reaffirming all representations
and warranties of Borrower set forth in the Loan Documents as of the date requested by Lender or, to the extent of any changes
to any such representations and warranties, so stating such changes, and (y) within thirty (30) days, Tenant estoppel certificates
addressed to Lender, its successors and assigns from each Tenant at the Property in form and substance reasonably satisfactory
to Lender.

 

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6.3Financial
Reporting.

 

6.3.1Bookkeeping.
Borrower shall keep on a calendar year basis, in accordance with GAAP or any other accounting method, consistently applied, proper
and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense
and any services, Equipment or furnishings provided in connection with the operation of the Property, whether such income or expense
is realized by Borrower, Manager (on behalf of Borrower) or any Affiliate of Borrower. Lender shall have the right from time to
time during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Borrower
or other Person maintaining them, and to make such copies or extracts thereof as Lender shall reasonably require. During the existence
of an Event of Default, Borrower shall pay any costs incurred by Lender to examine such books, records and accounts, as Lender
shall determine to be necessary or appropriate in the protection of Lender’s interest.

 

6.3.2Annual
Reports. Borrower shall furnish to Lender annually within one-hundred twenty (120) days after each calendar year, a complete
copy of Borrower’s annual financial statements compiled by an independent certified public accountant reasonably acceptable
to Lender in form and content reasonably acceptable to Lender, prepared in accordance with GAAP or any other accounting method,
consistently applied, and containing balance sheets and statements of profit and loss for Borrower and the Property in such detail
as Lender may reasonably request. Each such statement (x) shall be in form and substance reasonably satisfactory to Lender,
(y) shall set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar
year, including statements of annual Net Operating Income as well as (1) a list of Tenants, if any, occupying more than twenty
percent of the rentable space of the Property, (2) with respect to Tenants occupying ten percent (10%) or more of the rentable
space of the Property a breakdown showing (a) the year in which each Lease then in effect expires, (b) the percentage
of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each
such year, expressed both on a per year and a cumulative basis; provided, however, such statement shall not be required to include
the items set forth in (1) and (2) above to the extent such matters are included in the rent rolls delivered pursuant to Section
6.3.3(vii) below, and (z) shall be accompanied by an Officer’s Certificate certifying (1) that such statement
is true, correct, complete and accurate in all material respects and presents fairly the financial condition of the Property and
has been prepared in accordance with GAAP or any other accounting method consistently applied and (2) whether there exists an Event
of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

 

6.3.3Monthly/Quarterly
Reports. Borrower shall furnish to Lender within twenty (20) days after the end of each calendar month, the following items:
(i) monthly and year–to–date operating statements, noting Net Operating Income and other information necessary
and sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results
of operation of the Property during such calendar month, all in form satisfactory to Lender and (ii)  monthly, rent rolls
identifying the leased premises, names of all Tenants, units leased, monthly rental and all other charges payable under each Lease,
date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements
granted to Tenants, and a year–by–year schedule showing by percentage the rentable area of the Improvements and the
total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall
be accompanied by an Officer’s Certificate certifying (1) that such items are true, correct, accurate, and complete in all
material respects and fairly present the financial condition and results of the operations of Borrower and the Property in accordance
with GAAP or any other accounting method, consistently applied (subject to normal year–end adjustments) and (2) whether there
exists an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to
remedy it.

 

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6.3.4Other
Reports. Borrower shall furnish to Lender, within ten (10) Business Days after request, such further detailed information
with respect to the operation of the Property and the financial affairs of Borrower or Manager (so long as Manager is an Affiliate
of Borrower) as may be reasonably requested by Lender or any applicable Rating Agency.

 

6.3.5Annual
Budget. Borrower shall prepare and submit (or shall cause Manager to prepare and submit) to Lender within thirty (30) days
after the commencement of a Cash Management Period and thereafter by November 15th of each year during the Term, until
such Cash Management Period has ended, for approval by Lender, which approval shall not be unreasonably withheld, conditioned or
delayed, a proposed pro forma budget for the Property for the succeeding calendar year (the “Annual Budget”),
and, promptly after preparation thereof, any revisions to such Annual Budget. Lender’s failure to approve or disapprove any
Annual Budget or revision within thirty (30) days after Lender’s receipt thereof shall be deemed to constitute Lender’s
approval thereof. The Annual Budget shall consist of (i) an operating expense budget (the “Operating Budget”)
showing, on a month–by–month basis, in reasonable detail, each line item of Borrower’s anticipated operating
income and operating expenses (on a cash and accrual basis), including amounts required to establish, maintain or increase any
monthly payments required hereunder, and (ii) a Capital Expense budget (the “Capital Budget”) showing,
on a month–by–month basis, in reasonable detail, each line item of anticipated Capital Expenses.

 

6.3.6Breach.
If Borrower fails to provide to Lender or its designee any of the financial statements, certificates, reports or information (the
“Required Records”) required by this Section 6.3 within thirty (30) days after the date upon
which such Required Record is due, Borrower shall pay to Lender, at Lender’s option and in its discretion, an amount equal
to $2,000 for each Required Record that is not delivered; provided Lender has given Borrower at least fifteen (15) days prior written
notice of such failure. In addition, thirty (30) days after Borrower’s failure to deliver any Required Records, Lender shall
have the option, upon fifteen (15) days prior written notice to Borrower to gain access to Borrower’s books and records and
prepare or have prepared at Borrower’s expense, any Required Records not delivered by Borrower.

 

		7.	INSURANCE; CASUALTY; AND CONDEMNATION

 

7.1Insurance.

 

7.1.1Coverage.
Borrower, at its sole cost, for the mutual benefit of Borrower and Lender, shall obtain and maintain during the Term the following
policies of insurance:

 

(a)Property insurance
insuring against loss or damage customarily included under so called “all risk” or “special form” policies
including fire, lightning, flood, earthquake, windstorm/hail, vandalism, and malicious mischief, boiler and machinery and coverage
for damage or destruction caused by “War”, if available, and the acts of terrorists, both foreign and domestic, whether
considered “certified” under applicable law and legislation or otherwise (or such policies shall have no exclusion
from coverage with respect thereto) and such other insurable hazards as, under good insurance practices, from time to time are
insured against for other property and buildings similar to the Property in nature, use, location, height, and type of construction.
Such insurance policy shall also provide coverage for Ordinance or Law, coverage for loss to the undamaged portion of the Improvements,
demolition and increased cost of construction (which insurance for demolition and increased cost of construction may contain a
sub–limit satisfactory to Lender). Each such insurance policy shall (i) be in an amount equal to the greater of (A) one
hundred percent (100%) of the then replacement cost of the Improvements without deduction for physical depreciation, and (B) such
amount as is necessary so that the insurer would not deem Borrower a co–insurer under such policies, (ii) have
deductibles no greater than $10,000 per occurrence, (iii) be paid annually in advance and (iv) contain either no coinsurance
or an agreed amount endorsement and a replacement cost endorsement with a waiver of depreciation, and shall cover, without limitation,
all Tenant improvements and betterments that Borrower is required to insure pursuant to any Lease on a replacement cost basis.
If the insurance required under this subsection is not obtained by blanket insurance policies, the insurance policy shall be endorsed
to also provide guaranteed building replacement cost to the Improvements and such Tenant improvements in an amount to be subject
to the consent of Lender, which consent shall not be unreasonably withheld, but in all events, not less than would be required
to restore the Property following a Casualty. If policy is written as part of a blanket policy, Borrower will provide Lender with
a complete schedule of locations and values for properties associated with the blanket policy. Lender shall be named Mortgagee
and Lender’s Loss Payee on a Standard Mortgagee Endorsement.

 

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(b)Flood insurance
if any part of the Property is located in an area identified by the Federal Emergency Management Agency as an area having special
flood hazards, in an amount at least equal to the lesser of: (i) the greater of (A) the then full replacement cost of
the Property without deduction for physical depreciation and (B) the unpaid Principal and (ii) the maximum limit of coverage
available under the National Flood Insurance Plan with respect to the Property; provided, however, that Lender shall be entitled
to require flood insurance in amounts greater than the foregoing, in its discretion. If flood insurance is required, the maximum
deductible allowable on the primary layer of coverage shall be $10,000.

 

(c)Public liability
insurance, including terrorism, to be written on an occurrence basis with no deductible or self–insured retention, including
(i) ”Commercial General Liability Insurance”, (ii) ”Owned”, “Hired” and “Non
Owned Auto Liability”; and (iii) umbrella liability coverage for personal injury, bodily injury, death, accident and
property damage, such insurance providing in combination not less than $1,000,000 per occurrence, not less than $2,000,000 in the
annual aggregate and not less than $5,000,000 umbrella, each on a per location basis. If aggregate limits are shared with other
locations the coverage shall include either (A) a “Per Location Aggregate Endorsement” or (B) the amount of umbrella
liability insurance to be provided shall be not less than $5,000,000 in excess of the umbrella coverage set forth in the preceding
sentence. The policies described in this subsection shall also include coverage for elevators, escalators, independent contractors,
“Contractual Liability” (covering, to the maximum extent permitted by law, Borrower’s obligation to indemnify
Lender as required under this Agreement and the other Loan Documents), “Products” and “Completed Operations Liability”
coverage.

 

(d)Rental loss or
business interruption insurance, including terrorism (i) with Lender being named as “Lender Loss Payee”, (ii) in
an amount equal to one hundred percent (100%) of the projected Rents from the Property during the period of restoration but not
less than twelve (12) months; and (iii) containing an extended period of indemnity endorsement of not less than six (6) months
which provides that after the physical loss to the Property has been repaired, the continued loss of income will be insured until
such income either returns to the same level it was at prior to the loss, or the expiration of eighteen (18) months from the date
that the Property is damaged, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period.
The amount of such insurance shall be increased from time to time during the Term as and when the estimated or actual Rents increase.

 

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(e)To the extent
such equipment exists on the Property, comprehensive boiler and machinery insurance covering all mechanical and electrical equipment
against physical damage, rent loss and improvements loss and covering, without limitation, all Tenant improvements and betterments
that Borrower is required to insure pursuant to the lease on a replacement cost basis or such other amount as approved by Lender
in its sole discretion.

 

(f)Worker’s
compensation insurance with respect to any employees of Borrower, as required by any Legal Requirement.

 

(g)During any
period of repair or restoration, builder’s “all–risk” insurance on a “Completed Value Basis”
in an amount equal to not less than the full, completed insurable value of the Property, against such risks (including fire and
extended coverage and collapse of the Improvements to agreed limits) as Lender may request, in form and substance acceptable to
Lender, and consistent with the insurance requirements set forth in Section 7.1.1(a) above.

 

(h)Such other
insurance or higher coverages on the Property or on any replacements or substitutions thereof or additions thereto as may from
time to time be required by Lender against other insurable hazards or casualties which at the time are commonly insured against
in the case of property similarly situated including, without limitation, sinkhole, mine subsidence and environmental insurance,
due regard being given to the height and type of buildings, their construction, location, use and occupancy.

 

7.1.2Policies.
All policies of insurance (the “Policies”) required pursuant to Section 7.1.1 shall (i) be
issued by companies approved by Lender and licensed or authorized to do business in the State, with a claims paying ability rating
of “A” or better by S&P (and the equivalent by any other Rating Agency) and a rating of A:X or better in the current
Best’s Insurance Reports; (ii) name Lender and its successors or assigns as their interests may appear as the Mortgagee
(in the case of property) Lender’s Loss Payee (in the case of rent loss or business interruption insurance) and an additional
insured (in the case of liability insurance); (iii) contain (in the case of property insurance) a Non–Contributory Standard
Mortgagee Clause and a Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the Person to which all
payments made by such insurance company shall be paid; (iv) contain provisions permitting Borrower to waive its right of subrogation
against Lender; (v) be assigned and the originals thereof delivered to Lender; (vi) contain such provisions as Lender
deems reasonably necessary or desirable to protect its interest, including (A) endorsements providing that neither Borrower, Lender
nor any other party shall be a co–insurer under the Policies, (B) that Lender shall receive at least thirty (30) days’
prior written notice (10 days for nonpayment of premium) of cancellation of any of the Property Policies, and when available, liability
policies (provided, however, that if such notice provisions are not available in any of the liability Policies, Borrower shall
provide the required notice to Lender), (C) an agreement whereby the insurer waives any right to claim any premiums and commissions
against Lender, provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid
to the insured, and (D) providing that Lender is permitted to make payments to effect the continuation of such Policy upon notice
of cancellation due to non–payment of premiums; (vii) in the event any insurance policy (except for general public and
other liability and workers compensation insurance) shall contain breach of warranty provisions, such policy shall provide that
with respect to the interest of Lender, such insurance policy shall not be invalidated by and shall insure Lender regardless of
(A) any act, failure to act or negligence of or violation of warranties, declarations or conditions contained in such policy by
any named insured, (B) the occupancy or use of the premises for purposes more hazardous than permitted by the terms thereof, or
(C) any foreclosure or other action or proceeding taken by Lender pursuant to any provision of the Loan Documents; and (viii) be
satisfactory in form and substance to Lender and approved by Lender as to amounts, form, risk coverage, deductibles, loss payees
and insureds. Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same
become due and payable and furnish to Lender evidence of the renewal of each of the Policies together with (unless such Insurance
Premiums have been paid by Lender pursuant to Section 3.3) receipts for or other evidence of the payment of the Insurance
Premiums reasonably satisfactory to Lender. If Borrower does not furnish such evidence and receipts at least thirty (30) days prior
to the expiration of any expiring Policy, then Lender may, but shall not be obligated to, procure such insurance and pay the Insurance
Premiums therefor, and Borrower shall reimburse Lender for the cost of such Insurance Premiums promptly on demand, with interest
accruing at the Default Rate. Borrower shall deliver to Lender a copy of each Policy within thirty (30) days after its effective
date. Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required
hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time, changes
in liability laws, changes in prudent customs and practices and the like.

 

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7.2Casualty.

 

7.2.1Notice;
Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance
proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements
to be of at least equal value and of substantially the same character as prior to such damage or destruction.

 

7.2.2Settlement
of Proceeds. If a Casualty covered by any of the Policies (an “Insured Casualty”) occurs where
the loss does not exceed $250,000, provided no Event of Default has occurred and is continuing, Borrower may settle and adjust
any claim without the prior consent of Lender; provided such adjustment is carried out in a competent and timely manner, and Borrower
is hereby authorized to collect and receive the insurance proceeds (the “Proceeds”). In the event of
an Insured Casualty where the loss equals or exceeds $250,000 (a “Significant Casualty”), Lender may,
in its sole discretion, settle and adjust any claim without the consent of Borrower and agree with the insurer(s) on the amount
to be paid on the loss. All Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation
Subaccount and disbursed in accordance herewith. If Borrower or any party other than Lender is a payee on any check representing
Proceeds with respect to a Significant Casualty, Borrower shall immediately endorse, and cause all such third parties to endorse,
such check payable to the order of Lender. Borrower hereby irrevocably appoints Lender as its attorney–in–fact, coupled
with an interest, to endorse such check payable to the order of Lender. The expenses incurred by Lender in the settlement, adjustment
and collection of the Proceeds shall become part of the Debt and shall be reimbursed by Borrower to Lender upon demand.

 

7.3Condemnation.

 

7.3.1Notice;
Restoration. Borrower shall promptly give Lender notice of the actual or threatened (in writing) commencement of any condemnation
or eminent domain proceeding affecting the Property (a “Condemnation”) and shall deliver to Lender copies
of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless
of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with
Legal Requirements to the extent practicable to be of at least equal value and of substantially the same character (and to have
the same utility) as prior to such Condemnation.

 

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7.3.2Collection
of Award. Lender is hereby irrevocably appointed as Borrower’s attorney–in–fact, coupled with an interest,
with exclusive power to collect, receive and retain any award or payment in respect of a Condemnation (an “Award”)
and to make any compromise, adjustment or settlement in connection with such Condemnation. Notwithstanding any Condemnation (or
any transfer made in lieu of or in anticipation of such Condemnation), Borrower shall continue to pay the Debt at the time and
in the manner provided for in the Loan Documents, and the Debt shall not be reduced unless and until any Award shall have been
actually received and applied by Lender to expenses of collecting the Award and to discharge of the Debt. Lender shall not be limited
to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the
rate or rates provided in the Note (or Undefeased Note, as the case may be). If the Property is sold, through foreclosure or otherwise,
prior to the receipt by Lender of such Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall
be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt.
Borrower shall cause any Award that is payable to Borrower to be paid directly to Lender. Lender shall hold such Award in the Casualty/Condemnation
Subaccount and disburse such Award in accordance with the terms hereof.

 

7.4Application
of Proceeds or Award.

 

7.4.1Application
to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than
twenty percent (20%) of the unpaid Principal, (ii) in the reasonable judgment of Lender, the Property can be restored within
the earliest to occur of (x) six (6) months from the date of the Insured Casualty or Condemnation, (y) six (6) months before the
Stated Maturity Date and (z) the expiration of the rental or business interruption insurance with respect thereto, to the Property’s
pre–existing condition in all material respects and utility as existed immediately prior to such Insured Casualty or Condemnation
and to an economic unit not less valuable and not less useful than the same was immediately prior to the Insured Casualty or Condemnation,
and after such restoration will adequately secure the Debt and (iii) no Event of Default shall have occurred and be then continuing,
then the Proceeds or the Award, as the case may be (after reimbursement of any expenses incurred by Lender), shall be applied to
reimburse Borrower for the cost of restoring, repairing, replacing or rebuilding the Property (the “Restoration”),
in the manner set forth herein. Borrower shall commence and diligently prosecute such Restoration. Notwithstanding the foregoing,
in no event shall Lender be obligated to apply the Proceeds or Award to reimburse Borrower for the cost of Restoration unless,
in addition to satisfaction of the foregoing conditions, both (x) Borrower shall pay (and if required by Lender, Borrower
shall deposit with Lender in advance) all costs of such Restoration in excess of the net amount of the Proceeds or the Award to
be made available pursuant to the terms hereof; and (y) Lender shall have received evidence reasonably satisfactory to it
that during the period of the Restoration, the Rents will be at least equal to the sum of the operating expenses and Debt Service,
as reasonably determined by Lender.

 

7.4.2Application
to Debt. Except as provided in Section 7.4.1, any Proceeds or Award may, at the option of Lender in its discretion,
be applied to the payment of (i) accrued but unpaid interest on the Note, (ii) the unpaid Principal and (iii) other
charges due under the Note or any of the other Loan Documents, or applied to reimburse Borrower for the cost of any Restoration,
in the manner set forth in Section 7.4.3. Any such prepayment of the Loan shall be without any Yield Maintenance Premium.
After any such application to the unpaid Principal, the remaining unpaid Principal shall be reamortized over the remaining Term
hereof.

 

7.4.3Procedure
for Application to Restoration. If Borrower is entitled to reimbursement out of the Proceeds or an Award held by Lender,
such Proceeds or Award shall be disbursed from time to time from the Casualty/Condemnation Subaccount upon Lender being furnished
with (i) evidence satisfactory to Lender of the estimated cost of completion of the Restoration, (ii) a fixed price or
guaranteed maximum cost construction contract for Restoration satisfactory to Lender, (iii) prior to the commencement of Restoration,
all immediately available funds in addition to the Proceeds or Award that in Lender’s judgment are required to complete the
proposed Restoration, (iv) such architect’s certificates, waivers of lien, contractor’s sworn statements, title
insurance endorsements, bonds, plats of survey, permits, approvals, licenses and such other documents and items as Lender may reasonably
require and approve in Lender’s discretion, and (v) all plans and specifications and construction contracts for such
Restoration, such plans and specifications and construction contracts to be approved by Lender prior to commencement of any work.
Lender may, at Borrower’s expense, retain a consultant to review and approve all requests for disbursements, which approval
shall also be a condition precedent to any disbursement. No payment made prior to the final completion of the Restoration shall
exceed ninety percent (90%) of the value of the work performed from time to time; funds other than the Proceeds or Award shall
be disbursed prior to disbursement of such Proceeds or Award; and at all times, the undisbursed balance of such Proceeds or Award
remaining in the hands of Lender, together with funds deposited for that purpose or irrevocably committed to the satisfaction of
Lender by or on behalf of Borrower for that purpose, shall be at least sufficient in the reasonable judgment of Lender to pay for
the cost of completion of the Restoration, free and clear of all Liens or claims for Lien. Provided no Event of Default then exists,
any surplus that remains out of the Proceeds held by Lender or Award received by Lender after payment of such costs of Restoration
shall be paid to Borrower.

 

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7.4.4Prepayment
upon Partial Condemnation. Notwithstanding the foregoing provisions in this Section 7, if the Loan or any portion
thereof is included in a REMIC Trust and immediately following a release of any portion of the Lien of the Security Instrument
in connection with a Condemnation (but taking into account any proposed Restoration of the remaining portion of the Property that
remains subject to the Lien), the Loan-to-Value ratio of the remaining portion of the Property that remains subject to the Lien
is greater than 125% (such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted
to a REMIC Trust, based solely on real property and excluding any personal property and going concern value, if any), then the
principal balance of the Loan must be paid down by an amount equal to the least of the following amounts: (i) the net Award, (ii)
the fair market value of the released property at the time of the release, or (iii) an amount such that the Loan-to-Value ratio
(as so determined by Lender) does not increase after the release unless Lender receives an opinion of counsel that if such amount
is not paid, the securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such
portion of the Lien of the Security Instrument.

 

		8.	DEFAULTS

 

8.1Events
of Default. An “Event of Default” shall exist with respect to the Loan if any of the following
shall occur:

 

(a)(i) the Monthly
Debt Service Payment Amount is not paid when due, (ii) any other amount under Section 3.10(a) is not paid in full when due
(unless during any Cash Management Period, sufficient funds are available in the relevant Subaccount on the applicable date), (iii)
all amounts due on the Maturity Date are not paid when due or (iv) any other portion of the Debt is not paid within ten (10) Business
Days after notice to Borrower;

 

(b)any of the Taxes
are not paid prior to delinquency (unless Lender is paying such Taxes pursuant to Section 3.3), subject to Borrower’s
right to contest Taxes in accordance with Section 5.2;

 

(c)the Policies are
not kept in full force and effect, or are not delivered to Lender within ten (10) days after written notice from Lender upon request;

 

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(d)a Transfer other
than a Permitted Transfer occurs;

 

(e)any representation
or warranty made in any Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document
furnished by Borrower or Guarantor in connection with any Loan Document, shall be false or misleading in any material respect as
of the date the representation or warranty was made;

 

(f)Borrower or Guarantor
shall (i) make an assignment for the benefit of creditors or (ii) generally not be paying its debts as they become due;

 

(g)a receiver, liquidator
or trustee shall be appointed for Borrower or Guarantor; or Borrower or Guarantor shall be adjudicated a bankrupt or insolvent;
or any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by or against, consented to, or acquiesced in by, Borrower or Guarantor, as the case may be; or any proceeding
for the dissolution or liquidation of Borrower or Guarantor shall be instituted; provided, however, if such appointment, adjudication,
petition or proceeding was involuntary and not consented to by Borrower or Guarantor, as the case may be, only upon the same not
being discharged, stayed or dismissed within sixty (60) days;

 

(h)any covenant contained
in Sections 5.11.1 (a) – (e), 5.12, 5.14, 5.15 or 5.16 is breached;

 

(i)except as expressly
permitted hereunder, the actual alteration, improvement, demolition or removal of all or any of portion of the Improvements without
the prior written consent of Lender or the physical waste of any portion of the Property;

 

(j)an Event of Default
as defined or described elsewhere in this Agreement or in any other Loan Document occurs; or any other event shall occur or condition
shall exist, if the effect of such event or condition is to accelerate or to permit Lender to accelerate the maturity of any portion
of the Debt;

 

(k)a default occurs
under any term, covenant or provision set forth herein or in any other Loan Document which specifically contains a notice requirement
or grace period and such notice has been given and such grace period has expired;

 

(l)intentionally
omitted;

 

(m)a default shall
be continuing under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not otherwise
specified in this Section 8.1, for ten (10) Business Days after written notice to Borrower (or Guarantor, if applicable)
from Lender, in the case of any default which can be cured by the payment of a sum of money, or for thirty (30) days after written
notice from Lender in the case of any other default; provided, however, that if such non–monetary default is susceptible
of cure but cannot reasonably be cured within such thirty (30)–day period, and Borrower (or Guarantor, if applicable) shall
have commenced to cure such default within such thirty (30)–day period and thereafter diligently and expeditiously proceeds
to cure the same, such thirty (30)–day period shall be extended for an additional period of time as is reasonably necessary
for Borrower (or Guarantor, if applicable) in the exercise of due diligence to cure such default, such additional period not to
exceed sixty (60) days; or

 

(n)Borrower fails
to comply fully, completely and timely with the covenants and agreements set forth in Article 9 for ten (10) Business Days
after written notice from Lender to Borrower.

 

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8.2Remedies.

 

8.2.1Acceleration.
Upon the occurrence of an Event of Default (other than an Event of Default described in subsection (f) or (g) of Section 8.1)
and at any time and from time to time thereafter which such Event of Default is continuing, in addition to any other rights or
remedies available to it pursuant to the Loan Documents or at law or in equity, Lender may take such action, without notice or
demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property; including declaring
the Debt to be immediately due and payable (including unpaid interest), Default Rate interest, Late Payment Charges, Yield Maintenance
Premium and any other amounts owing by Borrower), without notice or demand; and upon any Event of Default described in subsection 
(f) or (g) of Section 8.1, the Debt (including unpaid interest, Default Rate interest, Late Payment Charges, Yield
Maintenance Premium and any other amounts owing by Borrower) shall immediately and automatically become due and payable, without
notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained in any Loan Document to the
contrary notwithstanding.

 

8.2.2Remedies
Cumulative. Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights,
powers, privileges and other remedies available to Lender against Borrower under the Loan Documents or at law or in equity may
be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared, or be automatically,
due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement
of its rights and remedies under any of the Loan Documents. Any such actions taken by Lender shall be cumulative and concurrent
and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine
in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies
of Lender permitted by law, equity or contract or as set forth in the Loan Documents. Without limiting the generality of the foregoing,
Borrower agrees that if an Event of Default is continuing, (i) to the extent permitted by applicable law, Lender is not subject
to any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies
or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the
Property, the Security Instrument has been foreclosed, the Property has been sold or otherwise realized upon in satisfaction of
the Debt or the Debt has been paid in full. To the extent permitted by applicable law, nothing contained in any Loan Document shall
be construed as requiring Lender to resort to any portion of the Property for the satisfaction of any of the Debt in preference
or priority to any other portion, and Lender may seek satisfaction out of the entire Property or any part thereof, in its discretion.

 

8.2.3Severance.
During the existence of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan
Documents into one or more separate notes, mortgages and other security documents (and, in connection therewith, to bifurcate or
otherwise modify the nature of the collateral that secures such notes) in such denominations and priorities of payment and liens
as Lender shall determine in its discretion for purposes of evidencing and enforcing its rights and remedies. Borrower shall execute
and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as
Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably
satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with
an interest, in its name and stead to make and execute all documents necessary or desirable to effect such severance, Borrower
ratifying all that such attorney shall do by virtue thereof.

 

8.2.4Delay.
No delay or omission to exercise any remedy, right or power accruing upon an Event of Default, or the granting of any indulgence
or compromise by Lender shall impair any such remedy, right or power hereunder or be construed as a waiver thereof, but any such
remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event
of Default shall not be construed to be a waiver of any subsequent Default or Event of Default or to impair any remedy, right or
power consequent thereon. Notwithstanding any other provision of this Agreement, Lender reserves the right to seek a deficiency
judgment or preserve a deficiency claim in connection with the foreclosure of the Security Instrument to the extent necessary to
foreclose on all or any portion of the Property, the Rents, the Cash Management Accounts or any other collateral.

 

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8.2.5Lender’s
Right to Perform. If Borrower fails to perform any covenant or obligation contained herein and such failure shall continue
for a period of ten (10) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way
limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other
Loan Documents, Lender may, but shall have no obligation to, perform, or cause performance of, such covenant or obligation, and
all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower
to Lender upon demand and if not paid shall be added to the Debt (and to the extent permitted under applicable law, secured by
the Security Instrument and other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing,
Lender shall have no obligation to send notice to Borrower of any such failure.

 

		9.	SECONDARY MARKET PROVISIONS

 

9.1Transfer
of Loan.

 

(a)Lender may,
at any time, sell, transfer or assign the Loan, the Loan Documents and any or all servicing rights with respect thereto, or grant
participations therein or issue mortgage pass–through certificates or other securities evidencing a beneficial interest in
a rated or unrated public offering or private placement (the “Securities”) secured by or evidencing ownership
interests in the Note and the Security Instrument (each such sale, assignment, participation or securitization, a “Secondary
Market Transaction”). Lender may forward to each purchaser, transferee, assignee, servicer, participant, investor
in such Securities or any NRSRO (all of the foregoing entities collectively referred to as the “Investor”)
and each prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Loan
and to Borrower and Guarantor and the Property, whether furnished by Borrower, Guarantor or otherwise, as Lender determines necessary
or appropriate.

 

(b)Borrower and
Guarantor agree to cooperate with Lender in connection with any transfer made or any Securities created pursuant to this Section
9.1. Borrower shall also promptly furnish, and Borrower and Guarantor consent to Lender furnishing, to such Investors or such
prospective Investors or Rating Agency any and all available information concerning the Property, the Leases, the financial condition
of Borrower and Guarantor as may be requested by Lender, any Investor or any prospective Investor or Rating Agency (including,
but not limited to, copies of information previously supplied to Lender) in connection with any sale, transfer or participation
interest. In addition to any other obligations Borrower may have hereunder, Borrower shall execute such amendments to the Loan
Documents and Borrower’s organizational documents as may be requested by the holder of the Note or any Investor to effect
the assignment of the Note and the other Loan Documents or issuance of Securities including (i) bifurcating the Note into two
or more notes or splitting the Security Instrument into two or more instruments of the same or different priorities or otherwise
as determined by and acceptable to Lender or (ii) dividing the Note into multiple components corresponding to tranches of certificates
to be issued in a Secondary Market Transaction each having a notional balance and an interest rate determined by Lender; provided,
however, that Borrower shall not be required to modify or amend any Loan Document if the overall effect of such modification or
amendment would (y) change the initial weighted average interest rate, the maturity or the amortization of principal set forth
in the Note, or (z) modify or amend any other material economic term of the Note or the other Loan Documents. Subject to Section
9.3, none of Borrower or Guarantor shall be required to reimburse Lender for any of Lender’s costs or expenses in connection
with a Secondary Market Transaction.

 

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(c)If requested by
Lender, Borrower shall provide Lender, promptly upon request, with any financial statements, financial, statistical or operating
information or other information as Lender shall reasonably determine is necessary or appropriate (including items required (or
items that would be required if the Securities issued in connection with a Secondary Market Transaction were offered publicly)
to satisfy any and all disclosure requirements pursuant to the Securities Act (including, but not limited to, Regulation AB), the
Exchange Act, any other applicable securities laws or any amendment, modification or replacement to any of the foregoing) or required
by any other Legal Requirements, in each case, in connection with any Disclosure Document (as hereinafter defined) or any filings
pursuant to the Exchange Act in connection with or relating to the Secondary Market Transaction (an “Exchange Act Filing”)
or as may otherwise be reasonably requested by Lender.

 

9.2Use of
Information. Borrower understands that information provided to Lender by Borrower and its agents, counsel and representatives
may be included in preliminary and final disclosure documents in connection with the Secondary Market Transaction, including an
offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as amended
(the “Exchange Act”), and may be made available to investors or prospective investors in the Securities,
investment banking firms, NRSROs, accounting firms, law firms and other third-party advisory and service providers relating to
the Secondary Market Transaction. Borrower also understands that the findings and conclusions of any third-party due diligence
report obtained by the Lender, the Issuer (as hereinafter defined) or the placement agent or underwriter of the Secondary Market
Transaction may be made publicly available if required, and in the manner prescribed, by Section 15E(s)(4)(A) of the Exchange Act
and any rules promulgated thereunder.

 

9.3Borrower
Indemnity.

 

(a)Borrower hereby
agrees to indemnify Lender (and for purposes of this Section 9.3, Lender shall include its officers and directors) and each
Person who controls the Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively,
the “Lender Group”), the issuer of the Securities (the “Issuer” and for purposes
of this Section 9.3, Issuer shall include its officers, director and each Person who controls the Issuer within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act), and any placement agent or underwriter with respect to
the Secondary Market Transaction, each of their respective officers and directors and each Person who controls the placement agent
or underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Underwriter
Group”) for any losses, claims, damages or liabilities (collectively, the “Liabilities”)
to which Lender, the Lender Group, the Issuer or the Underwriter Group may become subject insofar as the Liabilities arise out
of, or are based upon, (i) any untrue statement or alleged untrue statement of any material fact contained in the written information
provided to Lender by Borrower and its agents, counsel and representatives, (ii) the omission or alleged omission to state therein
a material fact required to be stated in such information or necessary in order to make the statements in such information, in
light of the circumstances under which they were made, not misleading, or (iii) a breach of the representations and warranties
made by Borrower in Section 4.8 of this Agreement (Full and Accurate Disclosure). Borrower also agrees to reimburse Lender,
the Lender Group, the Issuer and/or the Underwriter Group for any out-of-pocket legal or other expenses reasonably incurred by
Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection with investigating or defending the Liabilities.
Borrower’s liability under this paragraph will be limited to Liabilities that arise out of, or are based upon, an untrue
statement or omission made in reliance upon, and in conformity with, written information furnished to Lender by or on behalf of
Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing of the
Loan, including financial statements of Borrower, operating statements and rent rolls with respect to the Property. This indemnification
provision will be in addition to any liability which Borrower may otherwise have.

 

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(b)In connection
with any Exchange Act Filing or other reports containing comparable information that is required to be made “available”
to holders of the Securities under Regulation AB or applicable Legal Requirements, Borrower agrees to (i) indemnify Lender, the
Lender Group, the Issuer and the Underwriter Group for Liabilities to which Lender, the Lender Group, the Issuer and/or the Underwriter
Group may become subject insofar as the Liabilities arise out of, or are based upon, an alleged untrue statement or alleged omission
or an untrue statement or omission made in reliance upon, and in conformity with, written information furnished to Lender by or
on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing
of the Loan, including financial statements of Borrower, operating statements and rent rolls with respect to the Property, and
(ii) reimburse Lender, the Lender Group, the Issuer and/or the Underwriter Group for any out-of-pocket legal or other expenses
reasonably incurred by Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection with defending or investigating
the Liabilities.

 

(c)Promptly after
receipt by an indemnified party under this Section 9.3 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9.3, notify
the indemnifying party in writing of the commencement thereof, but the omission to so notify the indemnifying party will not relieve
the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the
extent that failure to notify causes prejudice to the indemnifying party. In the event that any action is brought against any indemnified
party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with
any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered
to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof
with counsel satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this
Section 9.3, such indemnified party shall pay for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants
in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel
to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at
the cost of the indemnifying party. The indemnifying party shall not be liable for the expenses of more than one separate counsel
unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different
from or additional to those available to the indemnifying party. Without the prior written consent of Lender (which consent shall
not be unreasonably withheld, conditioned or delayed), no indemnifying party shall settle or compromise or consent to the entry
of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought
hereunder (whether or not any indemnified party is an actual or potential party to such claim, action, suit or proceeding) unless
the indemnifying party shall have given Lender reasonable prior written notice thereof and shall have obtained an unconditional
release of each indemnified party hereunder from all liability arising out of such claim, action, suit or proceedings.

 

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(d)In order to provide
for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 9.3(a) or
(b) is for any reason held to be unenforceable as to an indemnified party in respect of any Liabilities (or action in respect
thereof) referred to therein which would otherwise be indemnifiable under Section 9.3(a) or (b), the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of such Liabilities (or action in respect
thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
In determining the amount of contribution to which the respective parties are entitled, the following factors shall be considered:
(i) the Issuer’s and Borrower’s relative knowledge and access to information concerning the matter with respect
to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; and (iii) any
other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would not be equitable
if the amount of such contribution were determined by pro rata or per capita allocation.

 

(e)The liabilities
and obligations of both Borrower and Lender under this Section 9.3 shall survive the termination of this Agreement
and the satisfaction and discharge of the Debt.

 

9.4Restructuring
of Loan. Lender, without in any way limiting Lender’s other rights hereunder, in its sole and absolute discretion,
shall have the right at any time to require Borrower to restructure the Loan into multiple notes (which may include component notes
or senior and junior notes) or to create participation interests in the Loan, and which restructuring may include reallocation
of principal amounts of the Loan (including, by way of example, the increase or decrease in the principal amount of the senior
note and instrument securing same, and the corresponding decrease or increase in the principal amounts of the junior note(s) and
the security instrument(s) securing same) or the restructuring of a portion of the Loan into a mezzanine loan (the “New
Mezzanine Loan”) to the owners of the direct equity interests in Borrower, secured by a pledge of such direct equity
interests, the establishment of different interest rates and debt service payments for the Loan and the New Mezzanine Loan and
the payment of the Loan and the New Mezzanine Loan in such order of priority as may be designated by Lender; provided, that (i)
the total amounts of the Loan and the New Mezzanine Loan shall equal the amount of the Loan immediately prior to the restructuring,
(ii) except in the case of an Event of Default under the Loan or the New Mezzanine Loan, the weighted average interest rate
of the Loan and the New Mezzanine Loan, if any, shall, in the aggregate, equal the interest rate which was applicable to the Loan
immediately prior to the restructuring and (iii) except in the case of an Event of Default under the Loan or the New Mezzanine
Loan, the debt service payments on the Loan and the New Mezzanine Loan shall equal the debt service payment which was due under
the Loan immediately prior to the restructuring; provided that any such restructuring carried out after the closing of the Loan
shall be at no material cost to Borrower. Borrower shall cooperate with all reasonable requests of Lender in order to restructure
the Loan and create the New Mezzanine Loan and shall (A) execute and deliver such documents including, in the case of the
New Mezzanine Loan, a mezzanine note, a mezzanine loan agreement, a pledge and security agreement and a mezzanine deposit account
agreement, (B) cause Borrower’s counsel to deliver such legal opinions and (C) create such newly formed bankruptcy remote
borrower under the New Mezzanine Loan as, in the case of each of (A), (B) and (C) above, shall be reasonably required by Lender
and required by any Rating Agency in connection therewith, all in form and substance reasonably satisfactory to Lender and satisfactory
to any such Rating Agency, including the severance of this Agreement, the Security Instrument and other Loan Documents if requested.
In the event Borrower fails to execute and deliver such documents to Lender within fifteen (15) Business Days following such request
by Lender, Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest,
in its name and stead to make and execute all documents necessary or desirable to effect such transactions, Borrower ratifying
all that such attorney shall do by virtue thereof. It shall be an Event of Default if Borrower fails to comply with any of the
terms, covenants or conditions of this Section 9 after the expiration of fifteen (15) Business Days after written notice
thereof. Borrower covenants and agrees that any such reallocation (as described above) will be in compliance with the representations
and warranties set forth in Section 4.1 and Section 5.12 hereof.

 

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		10.	MISCELLANEOUS

 

10.1Exculpation.
Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the
obligations contained in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower,
except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding
to enable Lender to enforce and realize upon its interest and rights under the Loan Documents, or in the Property, the Rents or
any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein,
any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest
in the Property, in the Rents and in any other collateral given to Lender, and Lender shall not sue for, seek or demand any deficiency
judgment against Borrower in any such action or proceeding under or by reason of or under or in connection with any Loan Document.
The provisions of this Section 10.1 shall not, however, (i) constitute a waiver, release or impairment of any
obligation evidenced or secured by any Loan Document; (ii) impair the right of Lender to name Borrower as a party defendant
in any action or suit for foreclosure and sale under the Security Instrument; (iii) affect the validity or enforceability
of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder;
(iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment
of Leases; (vi) constitute a prohibition against Lender to commence any other appropriate action or proceeding in order for
Lender to fully realize the security granted by the Security Instrument or to exercise its remedies against the Property; or (vii) constitute
a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent
of any loss, damage (excluding punitive damages), cost, expense, liability, claim or other obligation incurred by Lender (including
attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following (all such liability and
obligation of Borrower for any or all of the following being referred to herein as “Borrower’s Recourse Liabilities”):
(a) fraud or intentional material misrepresentation by Borrower or Guarantor in connection with the Loan; (b) the willful
misconduct of Borrower; (c) the breach of any representation, warranty, covenant or indemnification in any Loan Document concerning
Environmental Laws or Hazardous Substances, including Sections 4.19 and 5.7, and clauses (viii) through (xi) of Section 5.18;
(d) intentional physical waste or after an Event of Default, the removal or disposal of any material portion of the Property
in violation of the Loan Documents; (e) the misapplication or conversion by Borrower in violation of the Loan Documents of
(x) any Proceeds paid by reason of any Insured Casualty, (y) any Award received in connection with a Condemnation, or
(z) any Rents, refund of Taxes or amounts in any Subaccount (including any distributions or payments to members/partners/shareholders
of Borrower during a period which Lender did not receive the full amounts required to be paid to Lender under the Loan Documents);
(f) failure to pay charges for labor or materials or other charges that can create Liens on any portion of the Property, except
to the extent that cash flow from the Property is insufficient to pay for such charges and the resulting Liens (1) are subordinate
to the lien of the Security Instrument, (2) arose for failure to pay charges for labor or materials, and (3) at the time such charges
were incurred, the Borrower reasonably believed that cash flow from the Property would be sufficient to pay for such charges, unless
such charges are the subject of a bona fide dispute in which Borrower is contesting the amount or validity thereof or the same
have been bonded by Borrower in accordance with the terms of the Loan Documents; (g) any security deposits collected with
respect to the Property which are not delivered to Lender upon a foreclosure of the Security Instrument or action in lieu thereof,
except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases prior
to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; (h) an act of any
of Borrower or Guarantor which hinders, delays or interferes with Lender’s enforcement of its rights hereunder or under any
other Loan Document or the realization of the collateral, including the assertion by any of Borrower or Guarantor of defenses or
counterclaims unless such defenses or counterclaims are made in good faith; (i) Borrower’s indemnifications of Lender
set forth in Section 9.3; and (j) a breach of the covenant set forth in Section 5.12 that does not result in the
substantive consolidation of the assets of Borrower with those of another Person.

 

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Notwithstanding anything to the contrary
in this Agreement or any of the Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have
under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of
the Debt or to require that all collateral shall continue to secure all of the Debt in accordance with the Loan Documents, and
(B) Lender’s agreement not to pursue personal liability of Borrower as set forth above SHALL BECOME NULL AND VOID and shall
be of no further force and effect, and the Debt shall be fully recourse to Borrower in the event that one or more of the following
occurs (each, a “Springing Recourse Event”): (i) an Event of Default described in Section 8.1(d)
shall have occurred or (ii) a breach of the covenant set forth in Section 5.12 and as a result thereof there is
a substantive consolidation of the assets of Borrower with those of another Person, or (iii) the occurrence of any condition
or event described in either (y) Section 8.1(f) unless, with respect to the occurrence of the event described in clause
(ii) of Section 8.1(f), Borrower or Guarantor as applicable is unable to pay its debts generally as they become due, or
(z) Section 8.1(g) and, with respect to such condition or event described in Section 8.1(g), either Borrower,
Guarantor or any Person owning an interest (directly or indirectly) in Borrower or Guarantor causes such event or condition to
occur (by way of example, but not limitation, such Person seeks the appointment of a receiver or files a bankruptcy petition),
consents to, aids, solicits, supports, or otherwise cooperates or colludes to cause such condition or event or if there are reasonable
grounds for contestation fails to contest such condition or event.

 

10.2Brokers
and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders who will not be paid from the proceeds of the Loan at closing. Borrower shall indemnify and
hold Lender harmless from and against any and all claims, liabilities, costs and expenses (including attorneys’ fees, whether
incurred in connection with enforcing this indemnity or defending claims of third parties) of any kind in any way relating to or
arising from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated
herein. The provisions of this Section 10.2 shall survive the expiration and termination of this Agreement and the
repayment of the Debt. Borrower, Key Principal and any sponsor of Borrower acknowledge and agree that Lender and any of Lender’s
agents or correspondents, reserve the right, in their sole and absolute discretion, to provide additional compensation to any broker,
correspondent or originator of the Loan.

 

10.3Retention
of Servicer. Lender reserves the right to retain the Servicer and any special servicer to act as its agent(s) hereunder
with such powers as are specifically delegated to the Servicer and any special servicer by Lender, whether pursuant to the terms
of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction,
the Deposit Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall
pay any reasonable fees and expenses of the Servicer and any reasonable third-party fees and expenses, including, without limitation,
special servicing fees, work-out fees, liquidation fees and attorney’s fees and disbursements and fees and expenses in connection
with a prepayment, release of the Property, approvals under the Loan Documents requested by Borrower, assumption of Borrower’s
obligations or modification of the Loan, special servicing or work-out of the Loan or enforcement of the Loan Documents.

 

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10.4Survival.
This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue
in full force and effect so long as any of the Debt is unpaid or such longer period if expressly set forth in this Agreement. All
Borrower’s covenants and agreements in this Agreement shall inure to the benefit of the respective legal representatives,
successors and assigns of Lender.

 

10.5Lender’s
Discretion. Whenever pursuant to this Agreement or any other Loan Document, Lender exercises any right given to it to approve
or disapprove, or consent or withhold consent, or any arrangement or term is to be satisfactory to Lender or is to be in Lender’s
discretion, the decision of Lender to approve or disapprove, to consent or withhold consent, or to decide whether arrangements
or terms are satisfactory or not satisfactory, or acceptable or unacceptable or in Lender’s discretion shall (except as is
otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive.

 

10.6Governing
Law.

 

(a)THIS AGREEMENT
WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, PROVIDED THAT, TO
THE EXTENT ANY OF SUCH LAWS MAY NOW OR HEREAFTER BE PREEMPTED BY FEDERAL LAW, SUCH FEDERAL LAW SHALL SO GOVERN AND BE CONTROLLING.

 

(b)ANY LEGAL SUIT, ACTION OR PROCEEDING
AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT OF COMPETENT
JURISDICTION OVER THE COUNTY IN WHICH THE PROPERTY IS LOCATED AND BORROWER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY CONSENT AND AGREE TO SERVICE OF ANY SUMMONS, COMPLAINT
OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO BORROWER
AT THE ADDRESS FOR NOTICES DESCRIBED IN SECTION 6.1 HEREOF, AND CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN
EVERY RESPECT VALID AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR EFFECTIVENESS OF SUCH SERVICE).

 

10.7Modification,
Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement
or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same
shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective
only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to
or demand on Borrower shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.
Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or
agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Loan Document, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise
of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due
date of any amount payable under any Loan Document, Lender shall not be deemed to have waived any right either to require prompt
payment when due of all other amounts due under the Loan Documents, or to declare an Event of Default for failure to effect prompt
payment of any such other amount.

 

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10.8Trial
by Jury. BORROWER AND LENDER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE
ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EITHER PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION 10.8 IN
ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER.

 

10.9Headings/Exhibits.
The Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part
of this Agreement for any other purpose. The Exhibits attached hereto, are hereby incorporated by reference as a part of the Agreement
with the same force and effect as if set forth in the body hereof.

 

10.10Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

10.11Preferences.
Upon the occurrence and continuance of an Event of Default, Lender shall have the continuing and exclusive right to apply or reverse
and reapply (or having so applied, to reverse and reapply) any and all payments by Borrower to any portion of the Debt. To the
extent Borrower makes a payment to Lender, or Lender receives proceeds of any collateral, which is in whole or in part subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other
party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds
received, the Debt or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such
payment or proceeds had not been received by Lender. This provision shall survive the expiration or termination of this Agreement
and the repayment of the Debt.

 

10.12Waiver
of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters
for which this Agreement or any other Loan Document specifically and expressly requires the giving of notice by Lender to Borrower
and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the
giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which
no Loan Document specifically and expressly requires the giving of notice by Lender to Borrower.

 

10.13Remedies
of Borrower. If a claim or adjudication is made that Lender or any of its agents, including Servicer, has acted unreasonably
or unreasonably delayed acting in any case where by law or under any Loan Document, Lender or any such agent, as the case may be,
has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents, including Servicer, shall
be liable for any monetary damages, and Borrower’s sole remedy shall be to commence an action seeking injunctive relief or
declaratory judgment. Any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action
seeking declaratory judgment. Borrower specifically waives any claim against Lender and its agents, including Servicer, with respect
to actions taken by Lender or its agents on Borrower’s behalf except in any instance in which it has been finally determined
that Lender’s (or its affiliates’ or agents’) action, delay or inaction has constituted gross negligence or willful
misconduct.

 

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10.14Prior
Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto
in respect of the transactions contemplated hereby and thereby, and all prior agreements, understandings and negotiations among
or between such parties, whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.

 

10.15Offsets,
Counterclaims and Defenses. To the extent permitted by applicable law, Borrower hereby waives the right to assert a counterclaim,
other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents, including Servicer,
or otherwise offset any obligations to make payments required under the Loan Documents (except to the extent Borrower is in good
faith contesting the existence or validity of an Event of Default). Any assignee of Lender’s interest in and to the Loan
Documents shall take the same free and clear of all offsets, counterclaims or defenses which Borrower may otherwise have against
any assignor of such documents, and no such offset, counterclaim or defense shall be interposed or asserted by Borrower in any
action or proceeding brought by any such assignee upon such documents, and any such right to interpose or assert any such offset,
counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.

 

10.16Publicity.
All news releases, publicity or advertising (not including disclosures to any Governmental Authority required by Legal Requirements)
by Borrower or its Affiliates through any media intended to reach the general public, which refers to the Loan Documents, the Loan,
Lender, a Loan purchaser, the Servicer or the trustee in a Secondary Market Transaction, shall be subject to the prior written
approval of Lender. Lender shall have the right to issue any of the foregoing without Borrower’s approval.

 

10.17No Usury.
Borrower and Lender intend at all times to comply with applicable state law or applicable United States federal law (to the extent
that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under state law) and
that this Section 10.17 shall control every other agreement in the Loan Documents. If the applicable law (state or
federal) is ever judicially interpreted so as to render usurious any amount called for under the Note or any other Loan Document,
or contracted for, charged, taken, reserved or received with respect to the Debt, or if Lender’s exercise of the option to
accelerate the maturity of the Loan or any prepayment by Borrower results in Borrower having paid any interest in excess of that
permitted by applicable law, then it is Borrower’s and Lender’s express intent that all excess amounts theretofore
collected by Lender shall be credited against the unpaid Principal and all other Debt (or, if the Debt has been or would thereby
be paid in full, refunded to Borrower), and the provisions of the Loan Documents immediately be deemed reformed and the amounts
thereafter collectible thereunder reduced, without the necessity of the execution of any new document, so as to comply with applicable
law, but so as to permit the recovery of the fullest amount otherwise called for thereunder. All sums paid or agreed to be paid
to Lender for the use, forbearance or detention of the Loan shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest
on account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the Debt for so long
as the Debt is outstanding. Notwithstanding anything to the contrary contained in any Loan Document, it is not the intention of
Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned
interest at the time of such acceleration.

 

10.18Conflict;
Construction of Documents. In the event of any conflict between the provisions of this Agreement and any of the other Loan
Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that each is represented by separate
counsel in connection with the negotiation and drafting of the Loan Documents and that the Loan Documents shall not be subject
to the principle of construing their meaning against the party that drafted them.

 

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10.19No Third
Party Beneficiaries. The Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in any
Loan Document shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance
or observance of any of the obligations contained therein.

 

10.20Yield
Maintenance Premium. Borrower acknowledges that (a) Lender is making the Loan in consideration of the receipt by Lender
of all interest and other benefits intended to be conferred by the Loan Documents that is not prepayable prior to the Open Prepayment
Date and (b) if payments of Principal are made to Lender prior to the regularly scheduled due date for such payment, for any
reason whatsoever, including as a result of Lender’s acceleration of the Loan after an Event of Default, by operation of
law or otherwise, Lender will not receive all such interest and other benefits and may, in addition, incur costs. For these reasons,
and to induce Lender to make the Loan, Borrower expressly waives any right or privilege to prepay the Loan except as otherwise
may be specifically permitted herein and agrees that, except as expressly provided in Sections 2.3., 7.4.2 and 7.4.4,
all prepayments, if any, will be accompanied by the Yield Maintenance Premium. Such Yield Maintenance Premium shall be required
whether payment is made by Borrower, by a Person on behalf of Borrower, or by the purchaser at any foreclosure sale, and may be
included in any bid by Lender at such sale. Borrower further acknowledges that (A) it is a knowledgeable real estate developer
or investor; (B) it fully understands the effect of the provisions of this Section 10.20, as well as the other
provisions of the Loan Documents; (C) the making of the Loan by Lender at the Interest Rate and other terms set forth in the
Loan Documents are sufficient consideration for Borrower’s obligation to pay a Yield Maintenance Premium (if required); and
(D) Lender would not make the Loan on the terms set forth herein without the inclusion of such provisions. Borrower also acknowledges
that the provisions of this Agreement limiting the right of prepayment and providing for the payment of the Yield Maintenance Premium
and other charges specified herein were independently negotiated and bargained for, and constitute a specific material part of
the consideration given by Borrower to Lender for the making of the Loan except as expressly permitted hereunder.

 

10.21Assignment.
The Loan, the Note, the Loan Documents or Lender’s rights, title, obligations and interests therein may be assigned by Lender
and any of its successors and assigns to any Person at any time in its discretion, in whole or in part, whether by operation of
law (pursuant to a merger or other successor in interest) or otherwise. Upon such assignment, all references to Lender in this
Agreement and in any Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or successor
in interest shall thereafter stand in the place of Lender. Except as otherwise expressly permitted herein, Borrower may not assign
its rights, title, interests or obligations under this Agreement or under any of the Loan Documents.

 

10.22Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.

 

[The
Remainder of the Page is Intentionally Blank]

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and
year first above written.

 

	 	BORROWER:
	 	 	 
	 	PALMER-MAPLETREE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ Alexander Ludwig
	 	Name:	Alexander Ludwig
	 	Title:	Manager
	 	 	 
	 	 	 
	 	LENDER:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ Andrew B. Levine
	 	Name:	Andrew B. Levine
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan Rechner
	 	Name:	Jonathan Rechner
	 	Title:	Director

 

 

 

 

 

[Signature Page to Loan Agreement]

 

    	 

    	 

    

 

 

   

Schedule 1

 

Index of Other Definitions

 

“Act” – Schedule 4

“Annual Budget”
– 6.3.5

“Applicable Taxes” – 2.2.3

“Award” –
7.3.2

“Bankruptcy Action” – Schedule 4

“Bankruptcy Code” – Security Instrument

“Bankruptcy Proceeding” – 4.7

“Borrower’s Recourse Liabilities” –
10.1

“Buyer” – 5.16

“Capital Budget”
– 6.3.5

“Capital Reserve Subaccount”
– 3.4

“Cash Collateral Reserve Subaccount” –
3.11

“Cash Management Accounts”
– 3.9

“Casualty” –
7.2.1

“Casualty/Condemnation Prepayment”
– 2.3.2

“Casualty/Condemnation Subaccount”
– 3.7

“Condemnation”
– 7.3.1

“Defeasance” –
2.3.3(a)

“Defeasance Date”
– 2.3.3(a)(i)

“Defeasance Deposit” – 2.3.3(a)(iv)

“Defeased Note”
– 2.3.3(a)(vi)

“Disclosure Document” – 9.2

“Embargoed Person” – 5.19(a)

“Environmental Laws” – 4.19

“Equipment” – Security Instrument

“Exchange Act” – 9.2

“Exchange Act Filing” – 9.1(c)

“Event of Default” – 8.1

“FATF” – 5.19(b)

“First Payment Date” – 2.2.1

“Full Defeasance”
– 2.3.3(a)

“Hazardous Substances”
– 4.19

“Improvements” – Security Instrument

“Indemnified Liabilities”
– 5.18

“Indemnified Party”
– 5.18

“Independent Director” – Schedule 4

“Independent Manager” – Schedule 4

“Insurance Premiums”
– 7.1.2

“Insured Casualty”
– 7.2.2

“Issuer” –
9.3(a)

“Investor” –
9.1

“Late Payment Charge”
– 2.5.3

“Lender Group”
– 9.3(a)

“Lender’s Consultant”
– 5.7.1

“Liabilities”
– 9.3(a)

“Licenses” –
4.10

“Loan” –
2.1

 

    	Schedule 1 - 1

    	 

    

 

“Monthly Debt Service Subaccount” –
3.10(a)

“New Mezzanine Loan” – 9.4

“Notice” – 6.1

“OFAC” – 5.19(a)

“Operating Budget”
– 6.3.5

“Operating Expense Subaccount”
– 3.6

“Partial Defeasance”
– 2.3.3(a)

“Permitted Investments”
– Deposit Account Agreement

“Policies” –
7.1.2

“Principal” –
2.1

“Proceeds” –
7.2.2

“Proposed Material Lease” – 5.9.2

“Remedial Work”
– 5.7.2(c)

“Rent Roll” –
4.15

“Required Records”
– 6.3.6

“Required Repairs”
– 3.2.1

“Required Repairs Subaccount”
– 3.2.2

“Restoration”
– 7.4.1

“Rollover Reserve Subaccount”
– 3.5

“Scheduled Defeasance Payments”
– 2.3.3(a)

“Secondary Market Transaction”
– 9.1

“Securities” –
9.1

“Securities Act” – 9.2

“Security Agreement”
– 2.3.3(a)(vii)

“Security Deposit Account” – 3.8

“Security Deposit Subaccount”
– 3.8

“Significant Casualty”
– 7.2.2

“Single Member Bankruptcy Remote LLC” –
Schedule 4

“Sole Member” – Schedule 4

“Special Member” – Schedule 4

“Special Purpose Entity”
– Schedule 4

“Special Transfer” – 5.16

“Springing Recourse Event” – 10.1

“Subaccounts”
– 3.1

“Successor Borrower”
– 2.3.3(b)

“Successor Guarantor” – 5.16(i)

“Tax and Insurance Subaccount”
– 3.3

“Undefeased Note”
– 2.3.3(a)(vi)

“Underwriter Group”
– 9.3(a)

 

    	Schedule 1 -2

    	 

    

  

Schedule 2

 

Required Repairs

 

	Required Repairs	Total Cost	To be Completed by:
	Grade unpaved access drive	$4,375.00	Twelve (12) months from date hereof.
	Asphalt overlay	$10,093.75	Twelve (12) months from date hereof.
	Concrete replacement	$14,062.50	Twelve (12) months from date hereof.
	Demolition of loading dock at Building #33	$1,875.00	Twelve (12) months from date hereof.
	Address efflorescence	$3,125.00	Twelve (12) months from date hereof.
	Replace corrugated metal panels at Building #66	$1,875.00	Twelve (12) months from date hereof.
	Remove vegetation from masonry	$1,593.75	Twelve (12) months from date hereof.
	Install GFCI outlets	$343.75	Twelve (12) months from date hereof.
	The out-of-service and discarded ASTs as well as the debris within the basement to be removed and properly disposed in accordance with applicable regulations.	$0.00	Twelve (12) months from date hereof.
	Unidentified and unlabeled containers including five gallon pails, 55-gallon drums and various other vessels within the fenced enclosure at the northern concrete lot area, adjacent to the out parcel auto repair buildings and along the Building No. 33 loading dock area to be properly characterized, labeled and disposed of offsite in accordance with applicable regulations.	$0.00	Twelve (12) months from date hereof.
	Implementation of an Asbestos Operations and Maintenance (O&M) Program to manage the suspect ACM in place.	$500.00	Twelve (12) months from date hereof.
	 	Total	37,843.75

 

    	Schedule 2 - 1

    	 

    

  

Schedule 3

 

Organization of Borrower

 

Palmer-Mapletree LLC

 

 

 

    	Schedule 3 - 1

    	 

    

 

Schedule 4

 

Definition of Special Purpose Entity

 

A “Special Purpose Entity”
means either (1) a limited liability company that is a Single Member Bankruptcy Remote LLC (as hereinafter defined) or (2)
a corporation, limited partnership or limited liability company which at all times since its formation and at all times thereafter:

 

(i)                
was and will be organized solely for the purpose of (A) owning the Property or (B) acting as a general partner
of the limited partnership that owns the Property or member of the limited liability company that owns the Property;

 

(ii)              
has not engaged and will not engage in any business unrelated to (A) the ownership of the Property, (B) acting
as general partner of the limited partnership that owns the Property or (C) acting as a member of the limited liability company
that owns the Property, as applicable;

 

(iii)            
has not had and will not have any assets other than those related to the Property or its partnership or member interest
in the limited partnership or limited liability company that owns the Property, as applicable;

 

(iv)            
has not engaged, sought or consented to and will not engage in, seek or consent to any dissolution, winding up, liquidation,
consolidation, merger, asset sale (except as expressly permitted by this Agreement), transfer of partnership or membership interests
or the like (except as expressly permitted by this Agreement), or amendment of its limited partnership agreement, articles of incorporation,
articles of organization, certificate of formation or operating agreement (as applicable);

 

(v)              
if such entity is a limited partnership, has and will have, as its only general partner a Special Purpose Entity that is
a corporation;

 

(vi)            
if such entity is a corporation, has not caused or allowed and will not cause or allow the board of directors of such entity
to take any action requiring the unanimous affirmative vote of one hundred percent (100%) of the members of its board of directors
unless all of the directors (including any Independent Directors) shall have participated in such vote;

 

(vii)          
if such entity is a limited liability company other than a single member limited liability company, has and will have as
its only managing member a Special Purpose Entity that is a corporation;

 

(viii)        
if such entity is a limited liability company other than a single member limited liability company, has and will have articles
of organization, a certificate of formation or an operating agreement, as applicable, providing that (A) such entity will
dissolve only upon the bankruptcy of the managing member, (B) the vote of a majority–in–interest of the remaining
members is sufficient to continue the life of the limited liability company in the event of such bankruptcy of the managing member
and (C) if the vote of a majority–in–interest of the remaining members to continue the life of the limited liability
company following the bankruptcy of the managing member is not obtained, the limited liability company may not liquidate the Property
without the consent of the applicable Rating Agencies for as long as the Loan is outstanding;

 

(ix)            
has not, and without the unanimous consent of all of its partners, directors or members (including any Independent Director
or Independent Manager), as applicable, will not, with respect to itself or to any other entity in which it has a direct or indirect
legal or beneficial ownership interest, take any Bankruptcy Action;

 

    	Schedule 4 - 1

    	 

    

  

(x)              
has maintained and will intend to maintain adequate capital in light of its contemplated business operations to the extent
there is sufficient cash flow from the Property to do so after the payment of expenses and Debt Service paid in accordance with
the Loan Documents, provided, however, the foregoing shall not require any direct or indirect member, partner or shareholder of
Borrower to make any additional capital contributions to Borrower;

 

(xi)            
has not failed and will not fail to correct any known misunderstanding regarding the separate identity of such entity;

 

(xii)          
has maintained and will maintain its accounts, books and records separate from any other Person and will file its own tax
returns separate from any other Person;

 

(xiii)        
has maintained and will maintain its books, records, resolutions and agreements as official records separate from any other
Person;

 

(xiv)        
has not commingled and will not commingle its funds or assets with those of any other Person;

 

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

 

(xvi)        
has conducted and will conduct its business in its name only, and has not and will not use any trade name,

 

(xvii)      
has maintained and will maintain its financial statements, accounting records and other entity documents separate from any
other Person;

 

(xviii)    
has paid and will pay its own liabilities, including the salaries of its own employees, out of its own funds and assets
to the extent there is sufficient cash flow from the Property to do so; provided, however, the foregoing shall not require any
direct of indirect member, partner or shareholder of Borrower to make any additional capital contributions to Borrower;

 

(xix)        
has observed and will observe all partnership, corporate or limited liability company formalities, as applicable;

 

(xx)          
has maintained and will maintain an arm’s–length relationship with its Affiliates;

 

(xxi)        
(a)if such entity owns the Property, has and will have no indebtedness other than the Permitted Indebtedness, or

 

(b)              
if such entity acts as the general partner of a limited partnership which owns the Property, has and will have no indebtedness
other than unsecured trade payables in the ordinary course of business relating to acting as general partner of the limited partnership
which owns the Property which (1) do not exceed, at any time, $10,000 and (2) are paid within thirty (30) days of
the date incurred, or

 

(c)               
if such entity acts as a managing member of a limited liability company which owns the Property, has and will have no indebtedness
other than unsecured trade payables in the ordinary course of business relating to acting as a member of the limited liability
company which owns the Property which (1) do not exceed, at any time, $10,000 and (2) are paid within thirty (30) days
of the date incurred;

 

    	Schedule 4 - 2

    	 

    

  

(xxii)      
has not and will not assume or guarantee or become obligated for the debts or obligations of any other Person or hold out
its credit or assets as being available to satisfy the debts or obligations of any other Person except for the Loan;

 

(xxiii)    
has not and will not acquire obligations or securities of its partners, members or shareholders;

 

(xxiv)    
has allocated and will allocate fairly and reasonably shared expenses, including shared office space, and uses separate
stationery, invoices and checks bearing its own name;

 

(xxv)      
except in connection with the Loan, has not pledged and will not pledge its assets for the benefit of any other Person;

 

(xxvi)    
has held itself out and identified itself and will hold itself out and identify itself as a separate and distinct entity
under its own name and not as a division or part of any other Person;

 

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

 

(xxviii)
 has not made and will not make loans to any Person;

 

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

 

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

 

(xxxi)    
has and will have no obligation to indemnify its partners, officers, directors, members or Special Members, as the case
may be, or has such an obligation that is fully subordinated to the Debt and will not constitute a claim against it if cash flow
in excess of the amount required to pay the Debt is insufficient to pay such obligation; and

 

(xxxii)  
will consider the interests of its creditors in connection with all corporate, partnership or limited liability company
actions, as applicable.

 

“Single Member Bankruptcy Remote
LLC” means a limited liability company organized under the laws of the State of Delaware which at all times since
its formation and at all times thereafter

 

(i)                
complies with the following clauses of the definition of Special Purpose Entity above: (i)(A), (ii)(A), (iii), (iv), (ix),
(x), (xi) and (xiii) through (xxxii);

 

(ii)              
has maintained and will maintain its accounts, books and records separate from any other person;

 

(iii)            
has and will have an operating agreement which provides that the business and affairs of Borrower shall be managed by or
under the direction of:

 

(A)             
a board of one (1) or more managers designated by the sole member of the Single Member Bankruptcy Remote LLC (the “Sole
Member”); or

 

    	Schedule 4 - 3

    	 

    

  

(B)             
Sole Member;

 

(iv)            
has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding:

 

(A)upon the occurrence
of any event that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member
of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the
organizational documents of Borrower and the Loan Documents, or (y) the resignation of Sole Member and the admission of an
additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), an individual
involved in the management of Borrower shall, without any action of any Person and simultaneously with Sole Member ceasing to be
a member of Borrower, automatically be admitted as the sole member of Borrower (the “Special Member”)
and shall preserve and continue the existence of Borrower without dissolution;

 

(B)no Special Member
may resign or transfer its rights as Special Member unless (x) a successor Special Member has been admitted to Borrower as
a Special Member, and (y) such successor Special Member has also accepted its appointment as an Independent Manager; and

 

(C)except as expressly
permitted pursuant to the terms of this Agreement, Sole Member may not resign and no additional member shall be admitted to Borrower;

 

(v)              
has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding:

 

(A)             
Borrower shall be dissolved, and its affairs shall be would up only upon the first to occur of the following: (x) the
termination of the legal existence of the last remaining member of Borrower or the occurrence of any other event which terminates
the continued membership of the last remaining member of Borrower in Borrower unless the business of Borrower is continued in a
manner permitted by its operating agreement or the Delaware Limited Liability Company Act (the “Act”)
or (y) the entry of a decree of judicial dissolution under Section 18–802 of the Act;

 

(B)             
upon the occurrence of any event that causes the last remaining member of Borrower to cease to be a member of Borrower or
that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member of all of its
limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational
documents of Borrower and the Loan Documents, or (y) the resignation of Sole Member and the admission of an additional member of
Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), to the fullest extent permitted
by law, the personal representative of such member shall be authorized to, and shall, within ninety (90) days after the occurrence
of the event that terminated the continued membership of such member in Borrower, agree in writing to continue the existence of
Borrower and to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member
of Borrower, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower;

 

(C)             
the bankruptcy of Sole Member or a Special Member shall not cause such member or Special Member, respectively, to cease
to be a member of Borrower and upon the occurrence of such an event, the business of Borrower shall continue without dissolution;

 

(D)             
in the event of dissolution of Borrower, Borrower shall conduct only such activities as are necessary to wind up its affairs
(including the sale of the assets of Borrower in an orderly manner), and the assets of Borrower shall be applied in the manner,
and in the order of priority, set forth in Section 18–804 of the Act; and

 

    	Schedule 4 - 4

    	 

    

  

(E)              
to the fullest extent permitted by law, each of Sole Member and the Special Members shall irrevocably waive any right or
power that they might have to cause Borrower or any of its assets to be partitioned, to cause the appointment of a receiver for
all or any portion of the assets of Borrower, to compel any sale of all or any portion of the assets of Borrower pursuant to any
Legal Requirements or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation,
winding up or termination of Borrower.

 

“Bankruptcy Action”
means, with respect to any Person, if such Person:

 

(i)                
makes an assignment for the benefit of creditors;

 

(ii)              
files a voluntary petition in bankruptcy;

 

(iii)            
is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings;

 

(iv)            
consents to or files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute, law or regulation;

 

(v)              
files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it
in any bankruptcy or insolvency proceeding;

 

(vi)            
seeks, consents to or acquiesces in the appointment of a trustee, receiver, liquidator, sequestrator, custodian or any similar
official of or for such Person or of all or any substantial part of its properties;

 

(vii)          
one hundred twenty (120) days after the commencement of any proceeding against such Person seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if the proceeding has
not been dismissed;

 

(viii)        
within ninety (90) days after the appointment without such Person’s consent or acquiescence of a trustee, receiver
or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or
within ninety (90) days after the expiration of any such stay, the appointment is not vacated; or

 

(ix)            
takes any action in furtherance of any of the foregoing.

 

    	Schedule 4 - 5

    	 

    

  

Schedule 5

 

(Section 4.11 Exceptions)

 

		1.	Joint Use of Siding, dated July 9, 1974 between Chemical Specialties Inc., Central Vermont Railway
Inc. and Borrower, and Siding Agreement, dated July 9, 1974 between Central Vermont Railway, Inc. and Borrower.

 

		2.	Bronze Maintenance Agreement, dated December 28, 2012 between ThyssenKrupp Elevator Corporation and
Borrower.

 

		3.	Customer Service Agreement, dated July 12, 2013 between Allied Waste Services of Massachusetts, LLC
and Borrower.

 

		4.	Electricity Supply Agreement, dated October 16, 2013 between Constellation NewEnergy, Inc. and Borrower.

 

    	Schedule 5Exhibit 10.2

 

PROMISSORY NOTE

 

	$1,750,000.00	July 28, 2015

 

For value received,
PALMER-MAPLETREE LLC, a Delaware limited liability company, having an address at 1430 Broadway, Suite 503, New York, New York 10018
(“Borrower”), promises to pay to the order of NATIXIS
REAL ESTATE CAPITAL LLC, a Delaware limited liability company, at its principal place of business at 1251 Avenue of the
Americas, New York, New York 10020 (together with its successors and assigns “Lender”), or at such place
as the holder hereof may from time to time designate in writing, the principal sum of One Million Seven Hundred Fifty Thousand
and No/100 Dollars ($1,750,000.00), in lawful money of the United States of America, with interest on the unpaid principal balance
from time to time outstanding to be computed in the manner, at the times and, subject to the provisions of Section 2.2.2
of the Loan Agreement (as hereinafter defined), at the Interest Rate provided in that certain Loan Agreement (as amended, modified,
restated, consolidated, replaced or supplemented from time to time, the “Loan Agreement”) dated as of
the date hereof between Borrower and Lender. Capitalized terms used but not defined herein shall have the respective meanings given
such terms in the Loan Agreement.

 

1.Payment
Terms. Borrower shall pay the Monthly Debt Service Payment Amount to Lender in the manner and at the times specified in
Article 2 of the Loan Agreement, which payments shall be applied in the order of priority set forth in said Article 2.
Borrower shall also pay to Lender interest at the Default Rate, Late Payment Charges, the Yield Maintenance Premium, if any, and
all other amounts due and payable as and when provided for in the Loan Agreement. The balance of the Principal, together with all
accrued and unpaid interest thereon, and all other amounts payable to Lender hereunder, under the Loan Agreement and under the
other Loan Documents shall be due and payable on the Maturity Date.

 

2.Loan Documents.
This Promissory Note (this “Note”) is evidence of that certain loan made by Lender to Borrower contemporaneously
herewith and is executed pursuant to the terms and conditions of the Loan Agreement. This Note is secured by and entitled to the
benefits of, among other things, the Security Instrument and the other Loan Documents. Reference is made to the Loan Documents
for a description of the nature and extent of the security afforded thereby, the rights of the holder hereof in respect of such
security, the terms and conditions upon which this Note is secured and the rights and duties of the holder of this Note. All of
the agreements, conditions, covenants, provisions and stipulations contained in the Loan Agreement and the other Loan Documents
are by this reference hereby made part of this Note to the same extent and with the same force and effect as if they were fully
set forth in this Note, and Borrower covenants and agrees to keep and perform the same, or cause the same to be kept and performed,
in accordance with their terms.

 

3.Loan Acceleration;
Prepayment. The Debt shall, without notice, become immediately due and payable at the option of Lender upon the happening
of any Event of Default and the continuance thereof. This Note may not be prepaid except as otherwise expressly provided in, and
subject to the terms and conditions, of the Loan Agreement.

 

4.Revival.
To the extent that Borrower makes a payment or Lender receives any payment or proceeds for Borrower’s benefit, which are
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in
possession, receiver, custodian or any other party under the Bankruptcy Code or any other bankruptcy law, common law or equitable
cause, then, to such extent, the obligations of Borrower hereunder intended to be satisfied shall be revived and continue as if
such payment or proceeds had not been received by Lender.

 

    	 

    	 

    

 

5.Amendments.
This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to
act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. Whenever used, the singular number shall
include the plural, the plural the singular, and the words “Lender” and “Borrower” shall include their
respective successors, assigns, heirs, executors and administrators. If Borrower consists of more than one person or party, the
obligations and liabilities of each such person or party shall be joint and several.

 

6.Waiver.
Except as expressly provided otherwise in the Loan Documents, Borrower and all others who may become liable for the payment of
all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, protest, notice of
protest, notice of nonpayment, notice of intent to accelerate the maturity hereof and of acceleration. No release of any security
for the Debt or any Person liable for payment of the Debt, no extension of time for payment of this Note or any installment hereof,
and no alteration, amendment or waiver of any provision of the Loan Documents made by agreement between Lender and any other person
or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any
other Person or party who may become liable under the Loan Documents, for the payment of all or any part of the Debt.

 

7.Exculpation.
It is expressly agreed that recourse against Borrower for failure to perform and observe its obligations contained in this Note
shall be limited as and to the extent provided in Section 10.1 of the Loan Agreement.

 

8.Notices.
All notices or other communications required or permitted to be given pursuant hereto shall be given in the manner specified in
the Loan Agreement directed to the parties at their respective addresses as provided therein.

 

9.Governing
Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED
AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA, WHICH LAWS OF THE UNITED STATES OF AMERICA SHALL, TO THE EXTENT THE SAME
PREEMPT SUCH STATE LAWS, GOVERN AND BE CONTROLLING.

 

[The
Remainder of the Page is Intentionally Blank]

    	2

    	 

    

 

IN WITNESS WHEREOF,
Borrower has executed this Note as of the date first written above.

 

	 	BORROWER:
	 	 	 
	 	PALMER-MAPLETREE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	 
	 	By: 	/s/ Alexander Ludwig
	 	Name:	Alexander
Ludwig
	 	Title:	Manager

 

 

 

Signature Page to Promissory Note

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