Document:

Loan Agreement

 Exhibit 10.1 
 LOAN AGREEMENT 
 Dated as of July 14, 2011 

between 
 DC-3300
ESSEX, LLC, 
 as Borrower, 
 and 
 GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P., 

as Lender 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I GENERAL TERMS
	  	 	24	  
	 1.1        The Loan
	  	 	24	  
	 1.2        Interest and Principal
	  	 	25	  
	 1.3        Method and Place of Payment
	  	 	26	  
	 1.4        Taxes; Regulatory Change
	  	 	26	  
	 1.5        Release
	  	 	28	  
	 ARTICLE II DEFEASANCE AND ASSUMPTION
	  	 	28	  
	 2.1        Defeasance
	  	 	28	  
	 2.2        Assumption
	  	 	30	  
	 2.3        Transfers of Equity Interests in Borrower
	  	 	31	  
	 ARTICLE III ACCOUNTS
	  	 	32	  
	 3.1        Cash Management Account
	  	 	32	  
	 3.2        Distributions from Cash Management Account
	  	 	33	  
	 3.3        Loss Proceeds Account
	  	 	34	  
	 3.4        Basic Carrying Costs Escrow Account
	  	 	34	  
	 3.5        Lease Termination Payment Reserve Account
	  	 	36	  
	 3.6        Capital Expenditure Reserve Account
	  	 	36	  
	 3.7        Intentionally Deleted
	  	 	37	  
	 3.8        Intentionally Deleted
	  	 	37	  
	 3.9        Excess Cash Flow Reserve Account
	  	 	37	  
	 3.10      Account Collateral
	  	 	37	  
	 3.11      Bankruptcy
	  	 	38	  
	 ARTICLE IV REPRESENTATIONS
	  	 	39	  
	 4.1        Organization
	  	 	39	  
	 4.2        Authorization
	  	 	39	  
	 4.3        No Conflicts
	  	 	39	  
	 4.4        Consents
	  	 	39	  
	 4.5        Enforceable Obligations
	  	 	39	  
	 4.6        No Default
	  	 	39	  
	 4.7        Payment of Taxes
	  	 	40	  
	 4.8        Compliance with Law
	  	 	40	  
	 4.9        ERISA
	  	 	40	  
	 4.10      Investment Company Act
	  	 	40	  
	 4.11      No Bankruptcy Filing
	  	 	40	  
	 4.12      Other Debt
	  	 	41	  
	 4.13      Litigation
	  	 	41	  
	 4.14      Leases; Material Agreements
	  	 	41	  
	 4.15      Full and Accurate Disclosure
	  	 	42	  
	 4.16      Financial Condition
	  	 	42	  
	 4.17      Single-Purpose Requirements
	  	 	42	  
	 4.18      Use of Loan Proceeds
	  	 	43	  
	 4.19      Not Foreign Person
	  	 	43	  
	 4.20      Labor Matters
	  	 	43	  
	 4.21      Title
	  	 	43	  

  
 -i-

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
		
	 4.22      No Encroachments
	  	 	43	  
	 4.23      Physical Condition
	  	 	44	  
	 4.24      Fraudulent Conveyance
	  	 	44	  
	 4.25      Management
	  	 	44	  
	 4.26      Condemnation
	  	 	44	  
	 4.27      Utilities and Public Access
	  	 	44	  
	 4.28      Environmental Matters
	  	 	45	  
	 4.29      Assessments
	  	 	45	  
	 4.30      No Joint Assessment
	  	 	45	  
	 4.31      Separate Lots
	  	 	45	  
	 4.32      Permits; Certificate of Occupancy
	  	 	46	  
	 4.33      Flood Zone
	  	 	46	  
	 4.34      Security Deposits
	  	 	46	  
	 4.35      Acquisition Documents
	  	 	46	  
	 4.36      Insurance
	  	 	46	  
	 4.37      No Dealings
	  	 	46	  
	 4.38      Estoppel Certificates
	  	 	46	  
	 4.39      Federal Trade Embargos
	  	 	46	  
	 4.40      Survival
	  	 	46	  
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	47	  
	 5.1        Existence; Licenses
	  	 	47	  
	 5.2        Maintenance of Property
	  	 	47	  
	 5.3        Compliance with Legal Requirements
	  	 	48	  
	 5.4        Impositions and Other Claims
	  	 	48	  
	 5.5        Access to Property
	  	 	48	  
	 5.6        Cooperate in Legal Proceedings
	  	 	48	  
	 5.7        Leases
	  	 	49	  
	 5.8        Plan Assets, etc.
	  	 	50	  
	 5.9        Further Assurances
	  	 	50	  
	 5.10      Management of Collateral
	  	 	50	  
	 5.11      Notice of Material Event
	  	 	51	  
	 5.12      Annual Financial Statements
	  	 	51	  
	 5.13      Quarterly Financial Statements
	  	 	52	  
	 5.14      Monthly Financial Statements; Non-Delivery of Financial Statements
	  	 	52	  
	 5.15      Insurance
	  	 	53	  
	 5.16      Casualty and Condemnation
	  	 	58	  
	 5.17      Annual Budget
	  	 	61	  
	 5.18      Nonbinding Consultation
	  	 	61	  
	 5.19      Compliance with Encumbrances and Material Agreements
	  	 	61	  
	 5.20      Prohibited Persons
	  	 	62	  
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	62	  
	 6.1        Liens on the Collateral
	  	 	62	  
	 6.2        Ownership
	  	 	62	  
	 6.3        Transfer; Prohibited Change of Control
	  	 	62	  

  
 -ii-

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
		
	 6.4        Debt
	  	 	62	  
	 6.5        Dissolution; Merger or Consolidation
	  	 	63	  
	 6.6        Change in Business
	  	 	63	  
	 6.7        Debt Cancellation
	  	 	63	  
	 6.8        Affiliate Transactions
	  	 	63	  
	 6.9        Misapplication of Funds
	  	 	63	  
	 6.10      Jurisdiction of Formation; Name
	  	 	63	  
	 6.11      Modifications and Waivers
	  	 	63	  
	 6.12      ERISA
	  	 	64	  
	 6.13      Alterations and Expansions
	  	 	64	  
	 6.14      Advances and Investments
	  	 	64	  
	 6.15      Single-Purpose Entity
	  	 	64	  
	 6.16      Zoning and Uses
	  	 	64	  
	 6.17      Waste
	  	 	65	  
	 ARTICLE VII DEFAULTS
	  	 	65	  
	 7.1        Event of Default
	  	 	65	  
	 7.2        Remedies
	  	 	68	  
	 7.3        Application of Payments after an Event of Default
	  	 	68	  
	 ARTICLE VIII CONDITIONS PRECEDENT
	  	 	69	  
	 8.1        Conditions Precedent to Closing
	  	 	69	  
	 ARTICLE IX MISCELLANEOUS
	  	 	72	  
	 9.1        Successors
	  	 	72	  
	 9.2        GOVERNING LAW
	  	 	72	  
	 9.3        Modification, Waiver in Writing
	  	 	72	  
	 9.4        Notices
	  	 	73	  
	 9.5        TRIAL BY JURY
	  	 	73	  
	 9.6        Headings
	  	 	74	  
	 9.7        Assignment and Participation
	  	 	74	  
	 9.8        Severability
	  	 	75	  
	 9.9        Preferences; Waiver of Marshalling of Assets
	  	 	75	  
	 9.10      Remedies of Borrower
	  	 	75	  
	 9.11      Offsets, Counterclaims and Defenses
	  	 	76	  
	 9.12      No Joint Venture
	  	 	76	  
	 9.13      Conflict; Construction of Documents
	  	 	76	  
	 9.14      Brokers and Financial Advisors
	  	 	76	  
	 9.15      Counterparts
	  	 	76	  
	 9.16      Estoppel Certificates
	  	 	76	  
	 9.17      General Indemnity; Payment of Expenses
	  	 	77	  
	 9.18      No Third-Party Beneficiaries
	  	 	79	  
	 9.19      Recourse
	  	 	80	  
	 9.20      Right of Set-Off
	  	 	82	  
	 9.21      Exculpation of Lender
	  	 	82	  
	 9.22      Servicer
	  	 	82	  
	 9.23      No Fiduciary Duty
	  	 	82	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
		
	 9.24      Borrower Information
	  	 	84	  
	 9.25      PATRIOT Act Records
	  	 	84	  
	 9.26      Prior Agreements
	  	 	84	  
	 9.27      Publicity
	  	 	85	  
	 9.28      Delay Not a Waiver
	  	 	85	  
	 9.29      Schedules and Exhibits Incorporated
	  	 	85	  

 Exhibits 
  

	A	Organizational Chart 

	B	Form of Tenant Notice 

  

	Schedules	

  

	A	Property 

	B	Exception Report 

	C	Deferred Maintenance Conditions 

	D	Rent Roll 

	E	Material Agreements 

  
 -iv-

 LOAN AGREEMENT 

This Loan Agreement (this “Agreement”) is dated July 14, 2011 and is between GOLDMAN SACHS
COMMERCIAL MORTGAGE CAPITAL, L.P., a Delaware limited partnership, as lender (together with its successors and assigns, including any lawful holder of any portion of the Indebtedness, as hereinafter defined, “Lender”), and
DC-3300 ESSEX, LLC, a Delaware limited liability company, as borrower (together with its permitted successors and assigns, “Borrower”). 
 RECITALS 
 Borrower desires to obtain from Lender the Loan
(as hereinafter defined) in connection with the financing of the property known as CHI Data Center (3300 Essex). 
 Lender is willing to make the Loan on the terms and subject to the conditions set forth in this Agreement if Borrower joins in the execution and delivery of this Agreement, the Note and the other Loan
Documents. 
 In consideration of the agreements, provisions and covenants contained herein and in the other
Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower agree as follows: 
 DEFINITIONS 
 (a) When used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account Collateral” means,
collectively, the Collateral Accounts and all sums at any time held, deposited or invested therein, together with any interest and other earnings thereon, and all securities and investment property credited thereto and all proceeds thereof
(including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities. 

“Agreement” means this Loan Agreement, as the same may from time to time hereafter be amended, restated,
replaced, supplemented or otherwise modified in accordance herewith. 
 “ALTA” means the
American Land Title Association, or any successor thereto. 
 “Alteration” means any
demolition, alteration, installation, improvement or expansion of or to the Property or any portion thereof. 

“Annual Budget” means a capital and operating expenditure budget for the Property prepared by Borrower
that specifies amounts sufficient to operate and maintain the Property at a standard at least equal to that maintained on the Closing Date. 

  
 LOAN
AGREEMENT – Page 1 

 “Appraisal” means an as-is appraisal of the Property that
is prepared by a member of the Appraisal Institute selected by Lender, meets the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989, as amended (FIRREA) and complies with the Uniform Standards of Professional Appraisal Practice (USPAP). 
 “Approved Annual Budget” has the meaning set forth in Section 5.17. 
 “Approved Management Agreement” means that certain Property Management and Leasing Agreement, dated as of the Closing Date, between Borrower and the initial Approved Property Manager, and
any other management agreement that is approved by Lender and with respect to which the Rating Condition is satisfied, in each case as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.

 “Approved Property Manager” means Carter Validus Real Estate Management Services, LLC or any
other management company approved by Lender and with respect to which the Rating Condition is satisfied, in each case unless and until Lender requests the termination of that management company pursuant to Section 5.10(d). 

“Assignment” has the meaning set forth in Section 9.7(b). 

“Assumption” has the meaning set forth in Section 2.2. 

“Bankruptcy Code” has the meaning set forth in Section 7.1(d). 

“Basic Carrying Costs Escrow Account” has the meaning set forth in Section 3.4(a).

 “Borrower” has the meaning set forth in the first paragraph of this Agreement. 

“Borrower Tax” means any U.S. Tax and any present or future tax, assessment or other charge or levy
imposed by, or on behalf of, any jurisdiction through which or from which payments due hereunder are made (or any taxing authority thereof). 
 “Budgeted Operating Expenses” means, with respect to any calendar month, (i) an amount equal to the Operating Expenses for such calendar month as set forth in the then-applicable
Approved Annual Budget, or (ii) such greater amount as shall equal Borrower’s actual Operating Expenses for such month, except that during the continuance of a Trigger Period such greater amount shall in no event exceed 105% of the
amount specified in clause (i) of this definition without the prior written consent of Lender, not to be unreasonably withheld, delayed or conditioned, provided that no such consent shall be required in connection with
expenditures for non-discretionary items and expenditures required to be made by reason of the occurrence of any emergency (i.e., an unexpected event that threatens imminent harm to persons or property at the Property) and with respect to
which it would be impracticable, under the circumstances, to obtain Lender’s prior consent thereto. 

“Business Day” means any day other than (i) a Saturday and a Sunday and (ii) a day on which
federally insured depository institutions in the State of New York or the state in which the offices of Lender, its trustee, its Servicer or its Servicer’s collection account are located are authorized or obligated by law, governmental
decree or executive order to be closed. 

  
 LOAN
AGREEMENT – Page 2 

 “Capital Expenditure” means hard and soft costs incurred by
Borrower with respect to replacements and capital repairs made to the Property (including repairs to, and replacements of, structural components, roofs, building systems, parking garages and parking lots), in each case to the extent capitalized in
accordance with GAAP. 
 “Capital Expenditure Reserve Account” has the meaning set forth in
Section 3.6(a). 
 “Carter and Associates” shall mean Carter and Associates,
L.L.C., a Georgia limited liability company. 
 “Cash Management Account” has the meaning set
forth in Section 3.1(a). 
 “Cash Management Agreement” means that certain cash
management agreement, dated as of the Closing Date, among Borrower, Lender and the Cash Management Bank that maintains the Cash Management Account as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented
or otherwise modified in accordance herewith. 
 “Cash Management Bank” means, individually and
collectively, the Eligible Institution(s) at which the Collateral Accounts (other than the Lockbox Account) are maintained. 
 “Casualty” means a fire, explosion, flood, collapse, earthquake or other casualty affecting all or any portion of the Property. 

“Certificates” means, collectively, any senior and/or subordinate notes, debentures or pass-through
certificates, or other evidence of indebtedness, or debt or equity securities, or any combination of the foregoing, representing a direct or beneficial interest, in whole or in part, in the Loan. 

“CHI Lease” means that certain Datacenter Lease dated January 12, 2011, currently between Borrower,
as landlord, and Catholic Health Initiatives, as tenant, as same may be further amended pursuant to the terms of this Agreement. 
 “Closing Date” means the date of this Agreement. 

“Closing Date NOI” means $2,383,200.00. 

“Code” means 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. 
 “Collateral” means all assets owned from time to time by Borrower including the Property, the Revenues and all other tangible and intangible property in respect of which Lender is granted
a Lien under the Loan Documents, and all proceeds thereof. 
 “Collateral Account” means each
of the accounts and sub-accounts established pursuant to Article III hereof. 

  
 LOAN
AGREEMENT – Page 3 

 “Condemnation” means a taking or voluntary conveyance of
all or part of the Property or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority. 

“Contingent Obligation” means, with respect to any Person, any obligation of such Person directly or
indirectly guaranteeing any Debt of any other Person in any manner and any contingent obligation to purchase, to provide funds for payment, to supply funds to invest in any other Person or otherwise to assure a creditor against loss. 

“Control” of any entity means the ownership, directly or indirectly, of at least 51% of the equity
interests in, and the right to at least 50.1% of the distributions from, such entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through the ability
to exercise voting power, by contract or otherwise (“Controlled” and “Controlling” each have the meanings correlative thereto). 

“Cooperation Agreement” means that certain Mortgage Loan Cooperation Agreement, dated as of the Closing
Date, among Borrower, Lender and Sponsor, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Damages” to a party means any and all liabilities, obligations, losses, demands, damages, penalties,
assessments, actions, causes of action, judgments, proceedings, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable attorneys’ fees and other costs of defense and/or enforcement whether or not
suit is brought), fines, charges, fees, settlement costs and disbursements imposed on, incurred by or asserted against such party, whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and
commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise. 
 “DBRS” means DBRS, Inc. or its applicable affiliate. 
 “Debt” means, with respect to any Person, without duplication: 
 (i) all indebtedness of such Person to any other party (regardless of whether such indebtedness is evidenced by a written instrument such as a note, bond or debenture), including indebtedness for borrowed
money or for the deferred purchase price of property or services; 
 (ii) all letters of credit
issued for the account of such Person and all unreimbursed amounts drawn thereunder; 
 (iii) all
indebtedness secured by a Lien on any property owned by such Person (whether or not such indebtedness has been assumed) except obligations for impositions that are not yet due and payable; 

(iv) all Contingent Obligations of such Person; 

  
 LOAN
AGREEMENT – Page 4 

 (v) all payment obligations of such Person under any
interest rate protection agreement (including any interest rate swaps, floors, collars or similar agreements) and similar agreements; 
 (vi) all contractual indemnity obligations of such Person; and 
 (vii) any material actual or contingent liability to any Person or Governmental Authority with respect to any employee benefit plan (within the meaning of Section 3(3) of ERISA) subject to
Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code. 
 “Default”
means the occurrence of any event that, but for the giving of notice or the passage of time, or both, would be an Event of Default. 
 “Default Interest” means, during the continuance of an Event of Default, the amount by which interest accrued on the Notes or Note Components at their respective Default Rates exceeds the
amount of interest that would have accrued on the Notes or Note Components at their respective Interest Rates. 

“Default Rate” means, with respect to any Note or Note Component, the greater of (x) 5% per annum
in excess of the interest rate otherwise applicable to such Note or Note Component hereunder and (y) 1% per annum in excess of the Prime Rate from time to time; provided that, if the foregoing would result in an interest rate in excess of the
maximum rate permitted by applicable law, the Default Rate shall be limited to the maximum rate permitted by applicable law and in no event shall the Default Rate exceed 12%. 

“Defeasance Borrower” has the meaning set forth in Section 2.1(b). 

“Defeasance Collateral” means AAA-rated obligations that are either the direct obligations of, or are
fully guaranteed by the full faith and credit of, the United States of America and are not subject to prepayment, call or early redemption. 
 “Defeasance Pledge Agreement” has the meaning set forth in Section 2.1(a)(iii). 
 “Defease” means to deliver Defeasance Collateral as substitute Collateral for the Loan in accordance with Section 2.1 and to cause the Note to be assumed by a Defeasance
Borrower in accordance herewith; and the terms “Defeased” and “Defeasance” have meanings correlative to the foregoing. 
 “Deferred Maintenance Conditions” means those items described in Schedule C, as more particularly described in the Engineering Report. 

“Eligible Account” means (i) a segregated account maintained with a federal or state-chartered
depository institution or trust company that complies with the definition of Eligible Institution, or (ii) a segregated trust account or accounts maintained with the corporate trust department of a federal depository institution or
state-chartered depository institution that has an investment-grade rating and is subject to regulations regarding fiduciary funds on deposit under, or similar to, Title 12 of the Code of Federal Regulations Section 9.10(b) that, in either
case, has corporate trust powers, acting in its fiduciary capacity. 

  
 LOAN
AGREEMENT – Page 5 

 “Eligible Institution” means an institution (i) whose
commercial paper, short-term debt obligations or other short-term deposits are rated at least “A–1” by S&P, “P-1” by Moody’s and/or “F-1” by Fitch and whose long-term senior unsecured debt obligations are
rated at least “A-” by S&P, “A” by Fitch and “A2” by Moody’s and whose deposits are insured by the FDIC or (ii) with respect to which the Rating Condition is satisfied. 

“Embargoed Person” means any Person subject to trade restrictions under any Federal Trade Embargo.

 “Engineering Report” means a structural and seismic engineering report or reports (including
a “probable maximum loss” calculation, if applicable) with respect to the Property prepared by an independent engineer approved by Lender and delivered to Lender in connection with the Loan, and any amendments or supplements thereto
delivered to Lender. 
 “Environmental Claim” means any written notice, claim, proceeding,
notice of proceeding, investigation, demand, abatement order or other order or directive by any Person or Governmental Authority alleging or asserting liability with respect to Borrower or the Property arising out of, based on, in connection with,
or resulting from (i) the actual or alleged presence, Use or Release of any Hazardous Substance, (ii) any actual or alleged violation of any Environmental Law, or (iii) any actual or alleged injury or threat of injury to property,
health or safety, natural resources or to the environment caused by Hazardous Substances. 

“Environmental Indemnity” means that certain environmental indemnity agreement executed by Borrower, the
Sponsor and Carter and Associates as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Environmental Laws” means any and all present and future federal, state and local laws, statutes,
ordinances, orders, rules, regulations and the like, as well as common law, any judicial or administrative orders, decrees or judgments thereunder, and any permits, approvals, licenses, registrations, filings and authorizations, in each case as now
or hereafter in effect, relating to (i) the pollution, protection or cleanup of the environment, (ii) the impact of Hazardous Substances on property, health or safety, (iii) the Use or Release of Hazardous Substances,
(iv) occupational safety and health, industrial hygiene or the protection of human, plant or animal health or welfare or (v) the liability for or costs of other actual or threatened danger to health or the environment. The term
“Environmental Law” includes, but is not limited to, the following statutes, as amended, any successors thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and
the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Materials Transportation Act; the Resource Conservation and Recovery
Act (including Subtitle I relating to underground storage tanks); the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control
Act; the Federal Insecticide, Fungicide and Rodenticide Act; the 

  
 LOAN
AGREEMENT – Page 6 

 
Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act. The term “Environmental Law” also includes, but is not limited to, any
present and future federal state and local laws, statutes ordinances, rules, regulations and the like, as well as common law, conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the
environmental condition of a property; or requiring notification or disclosure of Releases of Hazardous Substances or other environmental conditions of a property to any Governmental Authority or other Person, whether or not in connection with
transfer of title to or interest in property. 
 “Environmental Reports” means
“Phase I Environmental Site Assessments” as referred to in the ASTM Standards on Environmental Site Assessments for Commercial Real Estate, E 1527-05 (and, if necessary, “Phase II Environmental Site Assessments”),
prepared by an independent environmental auditor approved by Lender and delivered to Lender in connection with the Loan and any amendments or supplements thereto delivered to Lender, and shall also include any other environmental reports delivered
to Lender pursuant to this Agreement and the Environmental Indemnity. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 
 “ERISA Affiliate,” at any time, means each trade or business (whether or not incorporated) that would, at the time, be treated together with Borrower as a single employer under
Title IV or Section 302 of ERISA or Section 412 of the Code. 
 “Event of
Default” has the meaning set forth in Section 7.1. 
 “Exception Report”
means the report prepared by Borrower and attached to this Agreement as Schedule B, setting forth any exceptions to the representations set forth in Article IV. 

“Excess Cash Flow Reserve Account” has the meaning set forth in Section 3.9(a). 

“Exculpated Person” means each Person that is an affiliate, equityholder, beneficiary, trustee, member,
officer, director, agent, manager, independent manager, employee or partner of Borrower or Sponsor. 

“Federal Trade Embargo” means any federal law imposing trade restrictions, including (i) the
Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), (ii) the International Emergency Economic Powers Act
(50 U.S.C. §§ 1701 et seq., as amended), (iii) any enabling legislation or executive order relating to the foregoing, (iv) Executive Order 13224, and (v) the PATRIOT Act. 

“Fiscal Quarter” means the three-month period ending on March 31, June 30, September 30
and December 31 of each year, or such other fiscal quarter of Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld, delayed or conditioned. 

  
 LOAN
AGREEMENT – Page 7 

 “Fiscal Year” means the 12-month period ending on
December 31 of each year, or such other fiscal year of Borrower as Borrower may select from time to time with the prior consent of Lender, not to be unreasonably withheld, delayed or conditioned. 

“Fitch” means Fitch, Inc. and its successors. 

“Force Majeure” means a delay due to acts of God, governmental restrictions, stays, judgments, orders,
decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppage, shortages of labor or materials or similar causes beyond the reasonable control of Borrower; provided that (1) any period of Force Majeure shall apply only
to performance of the obligations necessarily affected by such circumstance and shall continue only so long as Borrower is continuously and diligently using all reasonable efforts to minimize the effect and duration thereof; and (2) Force
Majeure shall not include the unavailability or insufficiency of funds. 
 “Form W-8BEN” means
Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) of the Department of Treasury of the United States of America, and any successor form. 

“Form W-8ECI” means Form W-8ECI (Certificate of Foreign Person’s Claim for Exemption from
Withholding of Tax on Income Effectively Connected with the Conduct of a Trade or Business in the United States) of the Department of the Treasury of the United States of America, and any successor form. 

“Form W-9” means Form W-9 (Request for Taxpayer Identification Number and Certification) of the
Department of the Treasury of the United States of America, and any successor form. 
 “GAAP”
means generally accepted accounting principles in the United States of America, consistently applied. 

“Governmental Authority” means any federal, state, county, regional, local or municipal government, any
bureau, department, agency or political subdivision thereof and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any court). 

“Guaranty” means that certain guaranty, dated as of the Closing Date, executed by Sponsor and Carter and
Associates for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Hazardous Substances” means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances,
hazardous materials, extremely hazardous wastes, toxic substances, toxic pollutants, contaminants, pollutants or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human
health or the indoor or outdoor environment or the presence of which on, in or under the Property is prohibited or requires investigation or remediation under Environmental Law, including petroleum and petroleum by-products, asbestos and
asbestos-containing materials, toxic mold, polychlorinated 

  
 LOAN
AGREEMENT – Page 8 

 
biphenyls, lead and radon, and compounds containing them (including gasoline, diesel fuel, oil and lead-based paint), pesticides and radioactive materials, flammables and explosives and compounds
containing them, but excluding those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Property that are used at the Property in compliance with all Environmental Laws and in a manner
that does not result in contamination of the Property or in a Material Adverse Effect. 
 “Increased
Costs” has the meaning set forth in Section 1.4(d). 
 “Indebtedness”
means the Principal Indebtedness, together with interest and all other obligations and liabilities of Borrower under the Loan Documents, including all transaction costs, Yield Maintenance Premiums and other amounts due or to become due to Lender
pursuant to this Agreement, under the Notes or in accordance with any of the other Loan Documents, and all other amounts, sums and expenses reimbursable by Borrower to Lender hereunder or pursuant to the Notes or any of the other Loan Documents.

 “Indemnified Liabilities” has the meaning set forth in Section 9.19(b).

 “Indemnified Parties” has the meaning set forth in Section 9.17. 

“Insurance Requirements” means, collectively, (i) all material terms of any insurance policy
required pursuant to this Agreement and (ii) all material regulations and then-current standards applicable to or affecting the Property or any portion thereof or any use or condition thereof, which may, at any time, be recommended by the board
of fire underwriters, if any, having jurisdiction over the Property, or any other body exercising similar functions. 
 “Interest Accrual Period” means each period from and including the sixth day of a calendar month through and including the fifth day of the immediately succeeding calendar month;
provided, that, prior to a Securitization, Lender shall have the right, in connection with a change in the Payment Date in accordance with the definition thereof, to make a corresponding change to the Interest Accrual Period. Notwithstanding
the foregoing, the first Interest Accrual Period shall commence on and include the Closing Date. 

“Interest Rate” means 5.10% per annum (subject to Section 1.1(c)). 

“Lease” means any lease, license, letting, concession, occupancy agreement, sublease to which Borrower
is a party or has a consent right, or other agreement (whether written or oral and whether now or hereafter in effect) under which Borrower is a lessor, sublessor, licensor or other grantor existing as of the Closing Date or thereafter entered into
by Borrower, in each case pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and every modification or amendment thereof, and every guarantee of the
performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 
 “Lease Termination Payment Reserve Account” shall have the meaning set forth in Section 3.5(a). 

  
 LOAN
AGREEMENT – Page 9 

 “Leasing Commissions” means leasing commissions
required to be paid by Borrower in connection with the leasing of space to Tenants at the Property pursuant to Leases entered into by Borrower in accordance herewith and payable in accordance with third-party/arm’s-length written brokerage
agreements or in accordance with the Approved Management Agreement, provided that the commissions payable pursuant thereto are commercially reasonable based upon the then current brokerage market for property of a similar type and quality to
the Property in the geographic market in which the Property is located. 
 “Legal
Requirements” means all governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities (including Environmental Laws and zoning restrictions) affecting Borrower, Sponsor,
the Property or any other Collateral or any portion thereof or the construction, ownership, use, alteration or operation thereof, or any portion thereof (whether now or hereafter enacted and in force), and all permits, licenses and authorizations
and regulations relating thereto. 
 “Lender” has the meaning set forth in the first paragraph
of this Agreement and in Section 9.7. 
 “Lender 80% Determination” means a
reasonable determination by Lender that, based on a current or updated appraisal, a broker’s price opinion or other written determination of value using a commercially reasonable valuation method satisfactory to Lender, the fair market value of
the Property securing the Loan at the time of such determination (but excluding any value attributable to property that is not an interest in real property within the meaning of section 860G(a)(3)(A) of the Code) is at least 80% of the
Loan’s adjusted issue price within the meaning of the Code. 
 “Lien” means any mortgage,
lien (statutory or other), pledge, hypothecation, assignment, preference, priority, security interest, or any other encumbrance or charge on or affecting any Collateral or any portion thereof, or any interest therein (including any conditional sale
or other title retention agreement, any sale-leaseback, any financing lease or similar transaction having substantially the same economic effect as any of the foregoing, the filing of any financing statement or similar instrument under the Uniform
Commercial Code or comparable law of any other jurisdiction, domestic or foreign, and mechanics’, materialmen’s and other similar liens and encumbrances, as well as any option to purchase, right of first refusal, right of first offer or
similar right). 
 “Loan” has the meaning set forth in Section 1.1(a). 

“Loan Amount” means $16,000,000.00. 

“Loan Documents” means this Agreement, the Note, the Security Instrument (and related financing
statements), the Environmental Indemnity, the Subordination of Property Management Agreement, the Cash Management Agreement, the Lockbox Account Agreement, the Cooperation Agreement, the Guaranty, any Defeasance Pledge Agreement, the Operating
Account Agreement and all other agreements, instruments, certificates and documents necessary to effectuate the granting to Lender of first-priority Liens on the Collateral or otherwise in satisfaction of the requirements of this Agreement or the
other documents listed above or hereafter entered into by Lender and Borrower in connection with the Loan, as all of the aforesaid may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance herewith.

  
 LOAN
AGREEMENT – Page 10 

 “Lockbox Account” has the meaning set forth in
Section 3.1(a). 
 “Lockbox Account Agreement” has the meaning set forth in
Section 3.1(a). 
 “Lockbox Bank” means an Eligible Institution chosen by Borrower
and reasonably satisfactory to Lender. 
 “Lockout Period” means the period from the Closing
Date to but excluding the first Payment Date following the earlier to occur of (i) the third anniversary of the Closing Date and (ii) the second anniversary of the date on which the entire Loan (including any subordinated interest therein)
has been Securitized pursuant to a Securitization or series of Securitizations. 
 “Loss
Proceeds” means amounts, awards or payments payable to Borrower or Lender in respect of all or any portion of the Property in connection with a Casualty or Condemnation thereof (after the deduction therefrom and payment to Borrower and
Lender, respectively, of any and all reasonable expenses incurred by Borrower and Lender in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any
litigation or arbitration with respect to such Casualty or Condemnation). 
 “Loss Proceeds
Account” has the meaning set forth in Section 3.3(a). 
 “Major Lease”
means any Lease that (i) when aggregated with all other Leases at the Property with the same Tenant (or affiliated Tenants), and assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in
such Lease, is expected to cover more than 1,000 rentable square feet, (ii) contains an option or preferential right to purchase all or any portion of the Property, (iii) is with an affiliate of Borrower as Tenant, or (iv) is entered
into during the continuance of an Event of Default. 
 “Material Adverse Effect” means a
material adverse effect upon (i) Borrower’s title to the Property, (ii) the ability of the Property to generate net cash flow sufficient to service the Loan, (iii) the ability of Borrower or Sponsor to perform any material
provision of any Loan Document, (iv) Lender’s ability to enforce and derive the principal benefit of the security intended to be provided by the Security Instrument and the other Loan Documents, or (v) the value, use or enjoyment of
the Property or the operation or occupancy thereof. 
 “Material Agreements” means each
contract and agreement (other than Leases) relating to the Property, or otherwise imposing obligations on Borrower, under which Borrower would have the obligation to pay more than $100,000 per annum and that cannot be terminated by Borrower without
cause upon 60 days’ notice or less without payment of a termination fee, or that is with an affiliate of Borrower. 
 “Material Alteration” means any Alteration to be performed by or on behalf of Borrower at the Property that (a) is reasonably expected to result in a Material Adverse Effect,
(b) is reasonably expected to cost in excess of the Threshold Amount, as determined by an independent architect, or (c) is reasonably expected to permit (or is reasonably likely to induce) any Tenant to terminate its Lease or abate rent.

  
 LOAN
AGREEMENT – Page 11 

 “Maturity Date” means the Payment Date in August,
2016, or such earlier date as may result from acceleration of the Loan in accordance with this Agreement. 

“Maximum Management Fee” means 3.0% of the gross revenues of the Property. 

“Minimum Balance” has the meaning set forth in Section 3.2(a). 

“Monthly Capital Expenditure Amount” means $250.00. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Operating Income” means, with respect to any Test Period, the excess of (i) Operating Income
(other than percentage rent and other income not considered base rent) for the last two Fiscal Quarters contained in such Test Period, times two, plus the actual percentage rent and other income not considered base rent for the Test Period,
minus (ii) Operating Expenses for such Test Period. 
 “Nonconsolidation Opinion”
means the opinion letter, dated the Closing Date, delivered by Borrower’s counsel to Lender and addressing issues relating to substantive consolidation in bankruptcy. 

“Note(s)” means that certain promissory note, dated as of the Closing Date, made by Borrower to the
order of Lender to evidence the Loan, as such note may be replaced by multiple Notes in accordance with Section 1.1(c) and as otherwise assigned (in whole or in part), amended, restated, replaced, supplemented or otherwise modified in
accordance herewith. 
 “Note Component” has the meaning set forth in
Section 1.1(c). 
 “OFAC List” means the list of specially designated nationals and
blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control pursuant to
any applicable governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities, including trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the
President of the United States. The OFAC List currently is accessible at http://www.treasury.gov/ofac/downloads/t11sdn.pdf. 
 “Officer’s Certificate” means a certificate delivered to Lender that is signed by an authorized officer of Borrower and certifies the information therein to the best of such
officer’s knowledge. 
 “Operating Account” means an Eligible Account maintained by the
Approved Property Manager or Borrower at an Eligible Institution, which account (i) shall only contain amounts in respect of Operating Expenses for the Property (and no amounts unrelated to the Property shall be deposited therein or otherwise
commingled with the amounts on deposit in such account) and (ii) is subject to an Operating Account Agreement. 

  
 LOAN
AGREEMENT – Page 12 

 “Operating Account Agreement” means an agreement relating
to the Operating Account, dated as of the date hereof, among Lender, Borrower and the Eligible Institution at which such account is maintained, pursuant to which such account is pledged to the Lender and the Approved Property Manager or Borrower is
given full access to the funds on deposit therein but provides for the discontinuance of such access upon receipt by such Eligible Institution of written notice from Lender of the occurrence of an Event of Default, as such agreement may be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Operating
Expenses” means, for any period, all operating, renting, administrative, management, legal and other ordinary expenses of Borrower and the Propertyduring such period, determined in accordance with GAAP; provided, however, that
such expenses shall not include (i) depreciation, amortization or other non-cash items (other than expenses that are due and payable but not yet paid), (ii) interest, principal or any other sums due and owing with respect to the Loan,
(iii) income taxes or other taxes in the nature of income taxes, (iv) Capital Expenditures, or (v) equity distributions. 
 “Operating Income” means, for any period, all operating income from the Property during such period, determined in accordance with GAAP (but without straight-lining of rents), and as
adjusted by Lender to normalize such income, other than (i) Loss Proceeds (but Operating Income will include rental loss insurance proceeds to the extent allocable to such period), (ii) any revenue attributable to a Lease that is not a
Qualifying Lease, (iii) any revenue attributable to a Lease to the extent it is paid more than 30 days prior to the due date, (iv) any interest income from any source, (v) any repayments received from any third party of principal
loaned or advanced to such third party by Borrower, (vi) any proceeds resulting from the Transfer of all or any portion of the Collateral, (vii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower
to any government or governmental agency, (viii) Termination Fees, and (ix) any other extraordinary or non-recurring items. 
 “Participation” has the meaning set forth in Section 9.7(b). 
 “PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001), as amended from time to time. 
 “Payment Date” means, with respect to
each Interest Accrual Period, the sixth day of the calendar month in which such Interest Accrual Period ends (or, if such day is not a Business Day, the first preceding Business Day); provided, that prior to a Securitization, Lender shall
have the right to change the Payment Date so long as a corresponding change to the Interest Accrual Period is also made. 
 “Permits” means all licenses, permits, variances and certificates used in connection with the ownership, operation, use or occupancy of the Property (including certificates of occupancy,
business licenses, state health department licenses, licenses to conduct business and all such other permits, licenses, consents, approvals and rights, obtained from any Governmental Authority or private Person concerning ownership, operation, use
or occupancy of the Property). 

  
 LOAN
AGREEMENT – Page 13 

 “Permitted Debt” means: 

(i) the Indebtedness; 

(ii) Taxes not yet delinquent; 

(iii) tenant allowances and Capital Expenditure costs required under Leases or otherwise permitted to be
incurred under the Loan Documents that are paid on or prior to the date when due; and 
 (iv)
Trade Payables not represented by a note, customarily paid by Borrower within 60 days of incurrence and in fact not more than 60 days outstanding, which are incurred in the ordinary course of Borrower’s ownership and operation of the Property,
in amounts reasonable and customary for similar properties and not exceeding 2.0% of the Loan Amount in the aggregate. 
 “Permitted Encumbrances” means: 

(i) the Liens created by the Loan Documents; 

(ii) all Liens and other matters specifically disclosed on Schedule B of the Title Insurance
Policy; 
 (iii) Liens, if any, for Taxes not yet delinquent; 

(iv) mechanics’, materialmen’s or similar Liens, if any, and Liens for delinquent taxes or
impositions, in each case only if being diligently contested in good faith and by appropriate proceedings, provided that no such Lien is in imminent danger of foreclosure and provided further that either (a) each such Lien
is released or discharged of record or fully insured over by the title insurance company issuing the Title Insurance Policy within 30 days of its creation, or (b) Borrower deposits with Lender, by the expiration of such 30-day period, an amount
equal to 150% of the dollar amount of such Lien or a bond in the aforementioned amount from such surety, and upon such terms and conditions, as is reasonably satisfactory to Lender, as security for the payment or release of such Lien; and

 (v) rights of existing and future Tenants as tenants only pursuant to written Leases entered
into in conformity with the provisions of this Agreement. 
 “Permitted Investments” means the
following, subject to the qualifications hereinafter set forth: 
 (i) direct obligations of, or
obligations fully and unconditionally guaranteed as to principal and interest by, the U.S. government or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America and have
maturities not in excess of one year; 

  
 LOAN
AGREEMENT – Page 14 

 (ii) federal funds, unsecured certificates of deposit, time
deposits, banker’s acceptances, and repurchase agreements, each having maturities of not more than 90 days, of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the
short-term debt obligations of which are rated A-1+ by S&P, F1+ by Fitch and P-1 by Moody’s (and if the term is between one and three months A1 by Moody’s) and, if it has a term in excess of three months, the long-term debt obligations
of which are rated AAA (or the equivalent) by each of the Rating Agencies, and that (a) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital
(as defined in such regulations) of not less than $1,000,000,000; 
 (iii) deposits that are
fully insured by the Federal Deposit Insurance Corp. (FDIC); 
 (iv) commercial paper rated
A–1+ by S&P, F1+ by Fitch and P-1 Moody’s (and if the term is between one and three months A1 by Moody’s) by each of the Rating Agencies and having a maturity of not more than 90 days; 

(v) any money market funds that (a) has substantially all of its assets invested continuously in the
types of investments referred to in clause (i) above, (b) has net assets of not less than $5,000,000,000, and (c) has a rating of AAAm or AAAm-G from S&P, Aaa by Moody’s and the highest rating obtainable from Fitch;
and 
 (vi) such other investments as to which the Rating Condition has been satisfied.

 Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with the
Standard & Poor’s “r” symbol (or any other Rating Agency’s corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of market risk), as well as
any mortgage-backed securities and any security of the type commonly known as “strips”; (ii) shall not have maturities that exceed the time periods set forth above; (iii) shall be limited to those instruments that have a
predetermined fixed dollar of principal due at maturity that cannot vary or change; and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity in
excess of 120% of the yield to maturity at par of such underlying investment. Interest on Permitted Investments may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if
any), and move proportionately with that index. No Permitted Investments shall require a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. Except as expressly provided for
above, all Permitted Investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their purchase or (y) the Business Day preceding the day before the date
such amounts are required to be applied hereunder. 

  
 LOAN
AGREEMENT – Page 15 

 “Person” means any natural person, corporation, limited
liability company, partnership, joint venture, estate, trust, unincorporated association or Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Plan Assets” means assets of any (i) employee benefit plan (as defined in Section 3(3) of
ERISA) subject to Title I of ERISA, (ii) plan (as defined in Section 4975(e)(1) of the Code) subject to Section 4975 of the Code, or (iii) governmental plan (as defined in Section 3(32) of ERISA) subject to federal,
state or local laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code. 
 “Policies” has the meaning set forth in Section 5.15(b). 
 “Prepayment Period” means the final two Interest Accrual Periods prior to the Maturity Date. 
 “Prime Rate” means the “prime rate” published in the “Money Rates” section of The Wall Street Journal. If The Wall Street Journal ceases to publish the
“prime rate,” then Lender shall select an equivalent publication that publishes such “prime rate,” and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or
quasi-governmental body, then Lender shall reasonably select a comparable interest rate index. 

“Principal Indebtedness” means the principal balance of the Loan outstanding from time to time.

 “Prohibited Change of Control” means the occurrence of either or both of the
following: (i) the failure of Borrower to be Controlled by one or more Qualified Equityholders (individually or collectively), or (ii) the failure of any other Required SPE to be Controlled by the same Qualified Equityholder(s) that
Control Borrower. 
 “Prohibited Pledge” has the meaning set forth in
Section 7.1(f). 
 “Property” means the real property described on
Schedule A, together with all buildings and other improvements thereon and all personal property appurtenant thereto. 
 “Qualified Equityholder” means: 

(1) prior to the first anniversary of the Closing Date, Sponsor; and 

(2) from and after the first anniversary of the Closing Date, (i) Sponsor, (ii) PAL DC Dallas,
LLC, a Delaware limited liability company (“PAL DC Dallas”), and a member of Borrower, provided at all times, (y) such entity is Controlled by Robert Hurst and/or Alex Hurst, the members of PAL DC Dallas as of the Closing Date
and (z) Robert Hurst shall own no less than 26.0% of the equity interests in PAL DC Dallas, (iii) any Person approved by Lender with respect to which the Rating Condition is satisfied, or (iv) a bank, saving and loan association,
investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, real estate company, investment fund or an institution substantially
similar to any of the foregoing, provided in 

  
 LOAN
AGREEMENT – Page 16 

 
each case under this clause (iv) that such Person (x) has total assets (in name or under management) in excess of $650,000,000 and (except with respect to a pension advisory firm
or similar fiduciary) capital/statutory surplus or shareholder’s equity in excess of $250,000,000 (in both cases, exclusive of the Property), and (y) is regularly engaged in the business of owning and operating comparable properties in
major metropolitan areas. 
 “Qualifying Lease” means a Lease to a Tenant that is in occupancy
at the Property, open for business at the Property, not in default under its Lease and not the subject of a bankruptcy or similar insolvency proceedings (unless such Tenant has assumed such Lease in bankruptcy). 

“Rating Agency” shall mean, prior to the final Securitization of the Loan, each of S&P,
Moody’s, DBRS and Fitch, or any other nationally-recognized statistical rating agency that has been designated by Lender and, after the final Securitization of the Loan, shall mean any of the foregoing that have rated and continue to rate any
of the Certificates (excluding unsolicited ratings). 
 “Rating Condition” means, with respect
to any proposed action, the receipt by Lender of confirmation in writing from each of the Rating Agencies that such action shall not result, in and of itself, in a downgrade, withdrawal, or qualification of any rating then assigned to any
outstanding Certificates; except that if all or any portion of the Loan has not been Securitized pursuant to a Securitization rated by the Rating Agencies, then “Rating Condition” shall instead mean the receipt of prior written approval of
both (x) the applicable Rating Agencies (if and to the extent that any portion of the Loan has been Securitized pursuant to a Securitization or series of Securitizations rated by such Rating Agencies), and (y) Lender in its sole
discretion. No Rating Condition shall be regarded as having been satisfied unless and until any conditions imposed on the effectiveness of any confirmation from any Rating Agency shall have been satisfied. Lender shall have the right in its sole
discretion to waive a Rating Condition requirement with respect to any Rating Agency that Lender determines has declined to review the applicable proposal; provided that if Lender determines that any Rating Agency has declined to review a
Defeasance, then the Rating Condition requirement shall not be waived but shall instead be deemed satisfied as it relates to such Rating Agency for such Defeasance. 

“Regulatory Change” means any change after the Closing Date in federal, state or foreign laws or
regulations or the adoption or the making, after such date, of any interpretations, directives or requests applying to a class of banks or companies controlling banks, including Lender, of or under any federal, state or foreign laws or regulations
(whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof. 
 “Release” with respect to any Hazardous Substance means any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying,
escaping, dumping, disposing or other movement of Hazardous Substances into the indoor or outdoor environment (including the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or subsurface
strata), and “Released” has the meaning correlative thereto. 

  
 LOAN
AGREEMENT – Page 17 

 “REMIC” means a “real estate mortgage investment
conduit” as defined in Section 860D of the Code. 
 “Rent Roll” has the meaning set
forth in Section 4.14(a). 
 “Required SPE” means Borrower and any Single-Purpose
Equityholder. 
 “Revenues” means all rents (including percentage rent), rent equivalents,
moneys payable as damages pursuant to a Lease or in lieu of rent or rent equivalents (including all Termination Fees), royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits
(including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower from any and all
sources including any 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 property or rendering of services by Borrower and proceeds,
if any, from business interruption or other loss of income insurance. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., and its successors. 
 “Securitization” means a transaction in which all or any portion of the Loan is deposited into one or more trusts or entities that issue Certificates to investors, or a similar
transaction; and the term “Securitize” and “Securitized” have meanings correlative to the foregoing. 
 “Securitization Vehicle” means the issuer of Certificates in a Securitization of the Loan. 
 “Security Instrument” means that certain deed of trust, assignment of rents and leases, collateral assignment of property agreements, security agreement and fixture filing encumbering the
Property, executed by Borrower as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Service” means the Internal Revenue Service or any successor agency thereto. 

“Servicer” means the entity or entities appointed by Lender from time to time to serve as servicer
and/or special servicer of the Loan. If at any time no entity is so appointed, the term “Servicer” shall be deemed to refer to Lender. 
 “Single Member LLC” means a limited liability company that either (x) has only one member, or (y) has multiple members, none of which is a Single-Purpose Equityholder.

 “Single-Purpose Entity” means a Person that: 

(a) was formed under the laws of the State of Delaware solely for the purpose of acquiring and holding
(i) in the case of Borrower, an ownership interest in the Property (or, if applicable, Defeasance Collateral), or (ii) in the case of a Single-Purpose Equityholder, an ownership interest in Borrower; 

  
 LOAN
AGREEMENT – Page 18 

 (b) does not engage in any business unrelated to
(i) the Property (or, if applicable, Defeasance Collateral), or (ii) in the case of a Single-Purpose Equityholder, its ownership interest in Borrower; 

(c) does not own any assets other than those related to (i) its interest in the Property (or, if
applicable, Defeasance Collateral), or (ii) in the case of a Single-Purpose Equityholder, its ownership interest in Borrower (and in the case of Borrower, does not and will not own any assets on which Lender does not have a Lien, other than
excess cash that has been released to Borrower pursuant hereto); 
 (d) does not have any Debt
other than, (i) in the case of Borrower, Permitted Debt, or (ii) in the case of a Single-Purpose Equityholder, reasonable and customary administrative expenses and state franchise taxes; 

(e) maintains books, accounts, records, financial statements, stationery, invoices and checks that are
separate and apart from those of any other Person (except that such Person’s financial position, assets, results of operations and cash flows may be included in the consolidated financial statements of an affiliate of such Person in accordance
with GAAP, provided that (i) any such consolidated financial statements do not suggest in any way that such Person’s assets are available to satisfy the claims of its affiliate’s creditors and (ii) such assets shall also
be listed on such Person’s own separate balance sheet); 
 (f) is subject to and complies
with all of the limitations on powers and separateness requirements set forth in the organizational documentation of such Person as of the Closing Date; 

(g) holds itself out as being a Person separate and apart from each other Person and not as a division or
part of another Person; 
 (h) conducts its business in its own name; 

(i) exercises reasonable efforts to correct any known misunderstanding actually known to it regarding its
separate identity, and maintains an arm’s-length relationship with its affiliates; 
 (j)
pays its own liabilities out of its own funds, including the salaries of its own employees, if any (provided that the foregoing shall not require such Person’s equityholders to make any additional capital contributions to such Person) and
reasonably allocates any overhead that is shared with an affiliate, including paying for shared office space and services performed by any officer or employee of an affiliate; 

(k) maintains a sufficient number of employees, if any, in light of its contemplated business operations;

 (l) conducts its business so that the assumptions made with respect to it that are contained
in the Nonconsolidation Opinion shall at all times be true and correct in all material respects; 

  
 LOAN
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 (m) maintains 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; 
 (n) observes all applicable entity-level formalities in all material respects; 
 (o) does not commingle its assets with those of any other Person and holds its assets in its own name; 

(p) does not assume, guarantee or become obligated for the debts of any other Person, and does not hold
out its credit as being available to satisfy the obligations or securities of others; 
 (q) does
not acquire obligations or securities of its direct or indirect equityholders; 
 (r) does not
pledge its assets for the benefit of any other Person and does not make any loans or advances to any other Person; 
 (s) maintains adequate capital in light of its contemplated business operations (provided that the foregoing shall not require such Person’s partners, members or shareholders to make any additional
capital contributions to such Person); 
 (t) if such entity is a Single Member LLC, has
organizational documents that provide that upon the occurrence of any event (other than a permitted equity transfer) that causes its sole member to cease to be a member while the Loan is outstanding, its special member shall automatically be
admitted as the sole member of the Single Member LLC and shall preserve and continue the existence of the Single Member LLC without dissolution; and 

(v) has by-laws or an operating agreement, or has a Single-Purpose Equityholder with by-laws or an
operating agreement, which provides that, for so long as the Loan is outstanding, such Person shall not take or consent to any of the following actions except to the extent expressly permitted in this Agreement and the other Loan Documents:

 (i) the dissolution, liquidation, consolidation, merger or sale of all or substantially all of
its assets (and, in the case of a Single-Purpose Equityholder, the assets of Borrower); 
 (ii)
the engagement by such Person (and, in the case of a Single-Purpose Equityholder, the engagement by Borrower) in any business other than the acquisition, development, management, leasing, ownership, maintenance and operation of the Property and
activities incidental thereto (and, in the case of a Single-Purpose Equityholder, activities incidental to the acquisition and ownership of its interest in Borrower); 

  
 LOAN
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 (iii) the filing, or consent to the filing, of a bankruptcy
or insolvency petition, any general assignment for the benefit of creditors or the institution of any other insolvency proceeding, the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or
any similar official in respect of such Person, admitting in writing such Person’s inability to pay its debts generally as they become due, or the taking of any action in furtherance of any of the foregoing, in each case, in respect of itself
or, in the case of a Single-Purpose Equityholder, in respect of Borrower without the affirmative vote of its members, partners or board of directors; and 

(iv) any amendment or modification of any provision of its (and, in the case of a Single-Purpose
Equityholder, Borrower’s) organizational documents relating to qualification as a “Single-Purpose Entity”. 
 “Single-Purpose Equityholder” means a Single-Purpose Entity that (x) is a limited liability company or corporation formed under the laws of the State of Delaware, (y) owns at
least a 1% direct equity interest in Borrower, and (z) serves as the general partner or managing member of Borrower. 
 “Sponsor” means Carter/Validus Operating Partnership, LP, a Delaware limited partnership. 
 “Subordination of Property Management Agreement” means that certain consent and agreement of manager and subordination of management agreement executed by Borrower and the Approved
Property Manager as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Successor Borrower” means a Single-Purpose Entity that is Controlled by one or more Qualified
Equityholders. 
 “Survey” means current land title survey of the Property, certified to
Borrower, the title company issuing the Title Insurance Policy and Lender and their respective successors and assigns, in form and substance reasonably satisfactory to Lender. 

“Taxes” means all real estate and personal property taxes, assessments, fees, taxes on rents or rentals,
water rates or sewer rents, facilities and other governmental, municipal and utility district charges or other similar taxes or assessments now or hereafter levied or assessed or imposed against the Property or Borrower with respect to the Property
or rents therefrom or that may become Liens upon the Property, without deduction for any amounts reimbursable to Borrower by third parties. 
 “Tenant” means any Person liable by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) pursuant to a Lease. 

“Tenant Improvements” means, collectively, (i) tenant improvements to be undertaken for any Tenant
that are required to be completed by or on behalf of Borrower pursuant to the terms of such Tenant’s Lease, and (ii) tenant improvements paid or reimbursed through allowances to a Tenant pursuant to such Tenant’s Lease. 

“Tenant Notice” has the meaning set forth in Section 3.1(a). 

  
 LOAN
AGREEMENT – Page 21 

 “Termination Fee” has the meaning set forth in
Section 3.5(b). 
 “Test Period” means each 12-month period ending on the last day
of a Fiscal Quarter. 
 “Threshold Amount” means an amount equal to 5.0% of the Loan Amount.

 “Title Insurance Policy” means an American Land Title Association lender’s title
insurance policy or a comparable form of lender’s title insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably satisfactory to Lender. 

“Trade Payables” means unsecured amounts payable by or on behalf of Borrower for or in respect of the
operation of the Property in the ordinary course and that would under GAAP be regarded as ordinary expenses, including amounts payable to suppliers, vendors, contractors, mechanics, materialmen or other Persons providing property or services to the
Property or Borrower and the capitalized amount of any ordinary-course financing leases. 

“Transaction” means, collectively, the transactions contemplated and/or financed by the Loan Documents.

 “Transfer” means the sale or other whole or partial conveyance of all or any portion of the
Collateral or any direct or indirect interest therein to a third party, including granting of any purchase options, rights of first refusal, rights of first offer or similar rights in respect of any portion of the Collateral or the subjecting of any
portion of the Collateral to restrictions on transfer; except that the conveyance of a space lease at the Property in accordance herewith shall not constitute a Transfer. 

“Treasury Constant Yield” means the arithmetic mean of the rates published as “Treasury Constant
Maturities” as of 5:00 p.m., New York time, for the five Business Days preceding the date on which acceleration has been declared or, as applicable, the date on which the Casualty or Condemnation occurred, as shown on the USD screen of
Reuters (or such other page as may replace that page on that service, or such other page or replacement therefor on any successor service), or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters
nor the Bloomberg Service is available, under Section 504 in the weekly statistical release designated H.15(519) (or any successor publication) published by the Board of Governors of the Federal Reserve System, for “On the Run” U.S.
Treasury obligations corresponding to the commencement of the Prepayment Period. If no such maturity shall so exactly correspond, yields for the two most closely corresponding published maturities shall be calculated pursuant to the foregoing
sentence and the Treasury Constant Yield shall be interpolated or extrapolated (as applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month). 

“Trigger Level” means Closing Date NOI times 85%. 

“Trigger Period” means any period from (i) the conclusion of any Test Period during which Net
Operating Income is less than the Trigger Level, to (ii) the conclusion of the second of any two Test Periods ending in consecutive Fiscal Quarters thereafter during each of which Test Periods Net Operating Income is equal to or greater than
the Trigger Level (and if the financial reports required under Sections 5.12, 5.13 and 5.14 are not delivered to Lender as and when required hereunder, a Trigger Period shall be deemed to have commenced and be ongoing,
unless and until such reports are delivered and they indicate that, in fact, no Trigger Period is ongoing). 

  
 LOAN
AGREEMENT – Page 22 

 “Use” means, with respect to any Hazardous Substance, the
generation, manufacture, processing, distribution, handling, possession, use, discharge, placement, treatment, disposal, disposition, removal, abatement, recycling or storage of such Hazardous Substance or transportation of such Hazardous Substance.

 “U.S. Person” means a United States person within the meaning of Section 7701(a)(30) of
the Code. 
 “U.S. Tax” means any present or future tax, assessment or other charge or levy
imposed by or on behalf of the United States of America or any taxing authority thereof. 

“Waste” means any material abuse or destructive use (whether by action or inaction) of the Property.

 “Yield Maintenance Premium” means, with respect to any payment of principal on a Note or
Note Component during the continuance of an Event of Default, the product of: 
 (A) a fraction
whose numerator is the amount so paid and whose denominator is the outstanding principal balance of the Note or Note Component before giving effect to such payment, times 

(B) the excess of (1) the sum of the respective present values, computed as of the date of such
prepayment, of the remaining scheduled payments of principal and interest with respect to the Note or Note Component, including the balloon payment on the scheduled Maturity Date (assuming no prepayments or acceleration of the Loan), determined by
discounting such payments to the date on which such prepayment is made at the Treasury Constant Yield, over (2) the outstanding principal balance of the Note or Note Component on such date immediately prior to such prepayment; 

provided that the Yield Maintenance Premium shall not be less than 3% of the amount prepaid. The calculation of the Yield Maintenance
Premium shall be made by Lender and shall, absent manifest error, be final, conclusive and binding upon all parties. 
 (b) Rules of Construction. Unless otherwise specified, (i) all references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Agreement, (ii) all
meanings attributed to defined terms in this Agreement shall be equally applicable to both the singular and plural forms of the terms so defined, (iii) “including” means “including, but not limited to”,
(iv) “mortgage” means a mortgage, deed of trust, deed to secure debt or similar instrument, as applicable, and “mortgagee” means the secured party under a mortgage, deed of trust, deed to secure debt or similar
instrument, (v) the words “hereof,” “herein,” “hereby,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision,
article, section or other subdivision of this Agreement, (vi) all references to “this Section” shall refer to the Section of this Agreement in which such reference appears in its entirety and not to any particular clause or subsection
or such Section, and (vii) terms used herein and defined by cross-reference to another agreement or 

  
 LOAN
AGREEMENT – Page 23 

 
document shall have the meaning set forth in such other agreement or document as of the Closing Date, notwithstanding any subsequent amendment or restatement of or modification to such other
agreement or document. All accounting terms not specifically defined in this Agreement shall be construed in accordance with GAAP, as the same may be modified in this Agreement. 

ARTICLE I 

GENERAL TERMS 
 1.1 The Loan. 
 (a) On the Closing Date,
subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the “Loan”) in an amount equal to the Loan Amount. The Loan shall initially be represented by a single Note that shall bear interest as
described in this Agreement at a per annum rate equal to the Interest Rate. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. 

(b) The Loan shall be secured by the Collateral pursuant to the Security Instrument and the other Loan
Documents. 
 (c) Upon written notice from Lender to Borrower, the Note will be deemed to have
been subdivided into multiple components (the “Note Components”). Each Note Component shall have such notional balance and interest rate as Lender shall specify in such notice, provided that the sum of the principal balances
of all Note Components shall equal the then-current Principal Indebtedness, and the initial weighted average of the component interest rates, weighted on the basis of their respective principal balances, shall equal the Interest Rate. Borrower shall
be treated as the obligor with respect to each of the Note Components, and Borrower acknowledges that each Note Component may be individually beneficially owned by a separate Person. The Note Components need not be represented by separate physical
Notes, but if requested by Lender, each Note Component shall be represented by a separate physical Note, in which case Borrower shall execute and return to Lender each such Note promptly following Borrower’s receipt of an execution copy
thereof. If requested by Lender, Borrower shall deliver to Lender, together with such replacement Notes, an opinion of counsel with respect to the due authorization and enforceability of such replacement Notes. Voluntary and involuntary prepayments
of principal on the Loan shall be applied to the Notes or Note Components as Lender shall determine, provided that, except with respect to amounts applied toward principal during the continuance of an Event of Default or as a result of a
Casualty or Condemnation, no such allocation of principal to the Notes or Note Components shall have the effect of increasing the weighted average of the component interest rates (but amounts applied toward principal during the continuance of an
Event of Default or as a result of a Casualty or Condemnation may increase the weighted average interest rate of the Notes or Note Components, with the result that the Interest Rate might increase). 

  
 LOAN
AGREEMENT – Page 24 

 1.2 Interest and Principal. 

(a) On each Payment Date, Borrower shall pay to Lender a constant monthly payment of $106,478.79, which
amount shall be applied first toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid
interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default, in which case the monthly payment shall be increased by the amount of Default Interest accrued on the
Notes during the applicable Interest Accrual Period), and the balance shall be applied toward the reduction of the outstanding principal balances of the Notes pro rata in accordance with their then outstanding principal balances.
Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing
Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing
Date). 
 (b) No prepayments of the Loan shall be permitted except for (i) prepayments
resulting from Casualty or Condemnation as described in Section 5.16, and (ii) a prepayment of the Loan in whole (but not in part) during the Prepayment Period on not less than 30 days prior written notice; provided that any
prepayment hereunder shall be accompanied by all interest accrued on the amount prepaid, plus the amount of interest that would have accrued on the amount prepaid if the Loan had remained outstanding through the end of the Interest Accrual Period in
which such prepayment occurs, plus all other amounts then due under the Loan Documents. Borrower’s notice of prepayment shall create an obligation of Borrower to prepay the Loan as set forth therein, but may be rescinded with five days’
written notice to Lender (subject to payment of any out-of-pocket costs and expenses resulting from such rescission). In addition, Defeasance shall be permitted after the expiration of the Lockout Period as described in Section 2.1. The
entire outstanding principal balance of the Loan, together with interest through the end of the applicable Interest Accrual Period and all other amounts then due under the Loan Documents, shall be due and payable by Borrower to Lender on the
Maturity Date. 
 (c) If all or any portion of the Principal Indebtedness is paid to Lender
following acceleration of the Loan, Borrower shall pay to Lender an amount equal to the applicable Yield Maintenance Premium. Amounts received in respect of the Indebtedness during the continuance of an Event of Default shall be applied toward
interest, principal and other components of the Indebtedness (in such order as Lender shall determine) before any such amounts are applied toward payment of Yield Maintenance Premiums, with the result that Yield Maintenance Premiums shall accrue as
the Principal Indebtedness is repaid but no amount received from Borrower shall constitute payment of a Yield Maintenance Premium until the remainder of the Indebtedness shall have been paid in full. Borrower acknowledges that (i) a prepayment
will cause damage to Lender; (ii) the Yield Maintenance Premium is intended to compensate Lender for the loss of its investment and the expense incurred and time and effort associated with making the Loan, which will not be fully repaid if the
Loan is prepaid; (iii) it will be extremely difficult and impractical to ascertain the extent of Lender’s damages caused by a prepayment after an acceleration or any other prepayment not permitted by the Loan Documents; and (iv) the
Yield Maintenance Premium represents Lender’s and Borrower’s reasonable estimate of Lender’s damages from the prepayment and is not a penalty. 

  
 LOAN
AGREEMENT – Page 25 

 (d) Any payments of interest and/or principal not paid when
due hereunder shall bear interest at the applicable Default Rate and, in the case of all payments due hereunder other than the repayment of the Principal Indebtedness on the Maturity Date or as a result of acceleration, amounts which , when paid,
shall be accompanied by a late fee in an amount equal to the lesser of five percent (5%) of such unpaid sum and the maximum amount permitted by applicable law in order to defray a portion of 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. 

1.3 Method and Place of Payment. Except as otherwise specifically provided in this Agreement, all payments and
prepayments under this Agreement and the Notes (including any deposit into the Cash Management Account pursuant to Section 3.2(c)) shall be made to Lender not later than 1:00 p.m., New York City time, on the date when due and shall
be made in lawful money of the United States of America by wire transfer in federal or other immediately available funds to the account specified from time to time by Lender. Any funds received by Lender after such time shall be deemed to have been
paid on the next succeeding Business Day. Lender shall notify Borrower in writing of any changes in the account to which payments are to be made. If the amount received from Borrower (or from the Cash Management Account pursuant to
Section 3.2(b)) is less than the sum of all amounts then due and payable hereunder, such amount shall be applied, at Lender’s sole discretion, either toward the components of the Indebtedness (e.g., interest, principal and
other amounts payable hereunder) and the Notes and Note Components, in such sequence as Lender shall elect in its sole discretion, or toward the payment of Property expenses. 

1.4 Taxes; Regulatory Change. 

(a) Borrower shall indemnify Lender against any present or future stamp, documentary or other similar or
related taxes or other similar or related charges now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority by reason of the execution and delivery of the Loan Documents and any consents, waivers, amendments and
enforcement of rights under the Loan Documents. 
 (b) Reasonably promptly following
Borrower’s request, the initial Lender shall complete and deliver to Borrower a duly executed Form W-9 certifying that is not subject to backup withholding. If Borrower is required by law to withhold or deduct any amount from any payment
hereunder in respect of any Borrower Tax, Borrower shall withhold or deduct the appropriate amount, remit such amount to the appropriate Governmental Authority and pay to the Lender and each Person to whom there has been an Assignment or
Participation of a Loan such additional amounts as are necessary in order that the net payment of any amount due hereunder, after deduction for or withholding in respect of any Borrower Tax imposed with respect to such payment, will not be less than
the amount stated in this Agreement to be then due and payable; except that the foregoing obligation to pay such additional amounts shall not apply (i) to any net income or franchise taxes imposed by the jurisdiction under the laws of which the
Lender is organized, has its principal place of business or where its applicable lending office is 

  
 LOAN
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located, (ii) with respect to any amount of U.S. Tax in effect and applicable to payments to the Lender on the date of this Agreement (or, for payments made under this Agreement to any
Person to whom there has been an Assignment or Participation, with respect to any amount of U.S. Tax imposed by any law in effect and applicable to payments to such Person on the date of such Assignment or Participation) or (iii) to any amount
of Borrower Taxes imposed solely by reason of the failure by an assignee to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the
United States of America of such Person (or beneficial owner, as the case may be) if such compliance is required by statute or regulation of the United States of America as a precondition to relief or exemption from such Borrower Taxes. If Borrower
shall fail to pay any Borrower Taxes or other amounts that Borrower is required to pay pursuant to this Section, and Lender or any Person to whom there has been an Assignment or Participation of a Loan pays the same, Borrower shall reimburse Lender
or such Person promptly following demand therefore in the currency in which such Taxes or other amounts are paid, whether or not such Taxes were correctly or legally asserted, together with interest thereon from and including the date of payment to
but excluding the date of reimbursement at a rate per annum equal to the Default Rate. 
 (c)
Within 30 days after paying any amount from which it is required by law to make any deduction or withholding, and within 30 days after it is required by law to remit such deduction or withholding to any relevant taxing or other authority, Borrower
shall deliver to Lender satisfactory evidence of such deduction, withholding or payment (as the case may be). 
 (d) If, as a result of any Regulatory Change, any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with, Lender or any holder of
all or a portion of the Loan is imposed, modified or deemed applicable and the result is to increase the cost to such Lender or such holder of making or holding the Loan, or to reduce the amount receivable by Lender or such holder hereunder in
respect of any portion of the Loan by an amount deemed by Lender or such holder to be material (such increases in cost and reductions in amounts receivable, “Increased Costs”), then Borrower agrees that it will pay to Lender or such
holder upon Lender’s or such holder’s request such additional amount or amounts as will compensate Lender and/or such holder for such Increased Costs to the extent that such Increased Costs are reasonably allocable to the Loan. Lender will
notify Borrower in writing of any event occurring after the Closing Date that will entitle Lender or any holder of the Loan to compensation pursuant to this Section as promptly as practicable after it obtains knowledge thereof and determines to
request such compensation and will designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the reasonable judgment of such Lender, be otherwise disadvantageous to
such Lender. If such Lender shall fail to notify Borrower of any such event within 90 days following the end of the month during which such event occurred, then Borrower’s liability for any amounts described in this Section incurred by such
Lender as a result of such event shall be limited to those attributable to the period occurring subsequent to the 90th day prior to the date upon which such Lender actually notified Borrower of the occurrence of such event. Notwithstanding the
foregoing, in no event shall Borrower be required to compensate Lender or any holder of the Loan for any portion of the income or franchise taxes of Lender or such holder, whether or not attributable to payments made by Borrower. If a Lender
requests compensation under this Section, Borrower may, by notice to Lender, require that such Lender furnish to Borrower a statement setting forth in reasonable detail the basis for requesting such compensation and the method for determining the
amount thereof. 

  
 LOAN
AGREEMENT – Page 27 

 1.5 Release. Upon payment of the Indebtedness in full when permitted
or required hereunder, Lender shall execute instruments prepared by Borrower and reasonably satisfactory to Lender, which, at Borrower’s election and at Borrower’s sole cost and expense: (a) release and discharge all Liens on all
Collateral securing payment of the Indebtedness (subject to Borrower’s obligation to pay any associated fees and expenses), including all balances in the Collateral Accounts; or (b) assign such Liens (and the Loan Documents) to a new
lender designated by Borrower. Any release or assignment provided by Lender pursuant to this Section shall be without recourse, representation or warranty of any kind. 
 ARTICLE II 
 DEFEASANCE AND ASSUMPTION 

2.1 Defeasance. 

(a) On any date after the expiration of the Lockout Period, provided no Event of Default is then
continuing and subject to the notice requirement described in Section 2.1(c), Borrower may obtain the release of the Collateral from the Liens of the Loan Documents upon the payment to Lender of all sums then due under the Loan Documents
and the delivery of the following to Lender: 
 (i) Defeasance Collateral sufficient to provide
payments on or prior to, and in any event as close as possible to, all successive Payment Dates in an amount sufficient to make all payments of interest and principal due hereunder, including the then outstanding Principal Indebtedness, on the first
Payment Date in the Prepayment Period or such other Payment Date in the Prepayment Period as Borrower shall elect; 
 (ii) written confirmation from an independent certified public accounting firm reasonably satisfactory to Lender that such Defeasance Collateral is sufficient to provide the payments described in
clause (i) above; 
 (iii) a security agreement, in form and substance reasonably
satisfactory to Lender, creating in favor of Lender a first priority perfected security interest in such Defeasance Collateral (a “Defeasance Pledge Agreement”); 

(iv) an opinion of counsel for Borrower, in form and substance reasonably satisfactory to Lender and
delivered by counsel reasonably satisfactory to Lender, opining that (1) the Defeasance Pledge Agreement has been duly authorized and is enforceable against Borrower in accordance with its terms and that Lender has a perfected first priority
security interest in such Defeasance Collateral; and (2) if the Loan has been Securitized, the Defeasance (including the assumption pursuant to Section 2.1(b)) does not cause a tax to be imposed on the Securitization Vehicle or, if
the Securitization Vehicle is a REMIC, does not cause any portion of the Loan to cease to be a “qualified mortgage” within the meaning of section 860G(a)(3) of the Code; and (3) the Defeasance does not constitute a
“significant modification” of the Loan under Section 1001 of the Code; 

  
 LOAN
AGREEMENT – Page 28 

 (v) if the Loan has been Securitized, the Rating Condition
with respect to such Defeasance shall have been satisfied or deemed satisfied pursuant to the definition of “Rating Condition”; 
 (vi) instruments reasonably satisfactory to Lender releasing and discharging or assigning to a third party Lender’s Liens on the Collateral (other than the Defeasance Collateral); 

(vii) such other customary certificates, opinions, documents or instruments as Lender and the Rating
Agencies may reasonably request; and 
 (viii) reimbursement for any costs and expenses incurred
in connection with this Section 2.1 (including Rating Agency and Servicer fees and expenses, reasonable fees and expenses of legal counsel and accountants and any revenue, documentary stamp or intangible taxes or any other tax or charge
due in connection herewith). 
 Lender shall reasonably cooperate with Borrower to avoid the incurrence of mortgage recording
taxes in connection with a Defeasance at Borrower’s sole cost and expense. 
 (b) At the
time of the Defeasance, the Loan shall be assumed by a bankruptcy-remote entity established or designated by the initial Lender hereunder or its designee, to which Borrower shall transfer all of the Defeasance Collateral (a “Defeasance
Borrower”). The right of the initial Lender hereunder or its designee to establish or designate a Defeasance Borrower shall be retained by the initial Lender notwithstanding the sale or transfer of the Loan unless such obligation is
specifically assigned to and assumed by the transferee. Such Defeasance Borrower shall execute and deliver to Lender an assumption agreement in form and substance reasonably satisfactory to Lender, such Uniform Commercial Code financing statements
as may be reasonably requested by Lender and legal opinions of counsel reasonably acceptable to Lender that are substantially equivalent to the opinions delivered to Lender on the Closing Date, including new nonconsolidation opinions reasonably
satisfactory to Lender and satisfactory to the Rating Agencies; and Borrower and the Defeasance Borrower shall deliver such other documents, certificates and legal opinions as Lender shall reasonably request. 

(c) Borrower must give Lender and each Rating Agency at least 30 days’ (and not more than 60
days’) prior written notice of any Defeasance under this Section, specifying the date on which the Defeasance is to occur. If such Defeasance is not made on such date (x) Borrower’s notice of Defeasance will be deemed rescinded, and
(y) Borrower shall on such date pay to Lender all reasonable losses, costs and expenses suffered by Lender as a consequence of such rescission. 

(d) Upon satisfaction of the requirements contained in this Section, Lender will execute and deliver to
Borrower such instruments, prepared by Borrower and approved by Lender, as shall be necessary to release the Property from the Liens of the Loan Documents. 

  
 LOAN
AGREEMENT – Page 29 

 2.2 Assumption. From and after the first (1st) anniversary of
the Closing Date, the initial Borrower shall have the right to contemporaneously Transfer all of the Collateral to a Successor Borrower that will assume all of the obligations of Borrower hereunder and under the other Loan Documents (an
“Assumption”), provided no Event of Default or monetary Default is then continuing or would result therefrom and the following conditions are met to the reasonable satisfaction of Lender: 

(i) such Successor Borrower shall have executed and delivered to Lender an assumption agreement (including
an assumption of the Security Instrument in recordable form, if requested by Lender), in form and substance reasonably acceptable to Lender, evidencing its agreement to abide and be bound by the terms of the Loan Documents and containing
representations substantially equivalent to those contained in Article IV (recast, as necessary, such that representations that specifically relate to Closing Date are remade as of the date of such assumption), and such other
representations (and evidence of the accuracy of such representations) as Lender shall reasonably request; 
 (ii) such Uniform Commercial Code financing statements as may be reasonably requested by Lender shall be filed; 

(iii) a party satisfactory to Lender in its sole discretion assumes all obligations, liabilities,
guarantees and indemnities of Sponsor and any other guarantor under the Loan Documents pursuant to documentation satisfactory to Lender (and upon such assumption by such party, Sponsor and any other such guarantor shall be released from such
obligations, liabilities, guarantees and indemnities); 
 (iv) such Successor Borrower shall have
delivered to Lender legal opinions of counsel reasonably acceptable to Lender that are equivalent to the opinions delivered to Lender on the Closing Date, including new nonconsolidation opinions that are reasonably satisfactory to Lender and
satisfactory to each of the Rating Agencies; and Borrower and the Successor Borrower shall have delivered such other documents, certificates and legal opinions, including relating to REMIC matters, as Lender shall reasonably request; 

(v) such Successor Borrower shall have delivered to Lender all documents reasonably requested by it
relating to the existence of such Successor Borrower and the due authorization of the Successor Borrower to assume the Loan and to execute and deliver the documents described in this Section, each in form and substance reasonably satisfactory to
Lender, including a certified copy of the applicable resolutions from all appropriate persons, certified copies of the organizational documents of the Successor Borrower, together with all amendments thereto, and certificates of good standing or
existence for the Successor Borrower issued as of a recent date by its state of organization and each other state where such entity, by the nature of its business, is required to qualify or register; 

(vi) the Title Insurance Policy shall have been properly endorsed to reflect the Transfer of the Property
to the Successor Borrower; 

  
 LOAN
AGREEMENT – Page 30 

 (vii) the Rating Condition shall have been satisfied with
respect to the legal structure of the Successor Borrower, the documentation of the Assumption and the related legal opinions; and 
 (viii) Borrower shall have paid to Lender a nonrefundable assumption fee in an amount equal to 1.0% of the Principal Indebtedness, and Borrower shall have reimbursed Lender for its reasonable
out-of-pocket costs and expenses incurred in connection with such assumption. 
 2.3 Transfers of Equity
Interests in Borrower. No direct or indirect equity interests in Borrower shall be conveyed or otherwise transferred to any Person, unless the following conditions are satisfied: 

(i) no Event of Default or monetary Default shall be continuing at the time of such conveyance or
transfer; 
 (ii) no Prohibited Change of Control shall occur as a result thereof; 

(iii) if any such conveyance or transfer results in Borrower ceasing to be Controlled by Sponsor (and in
connection with each subsequent conveyance or transfer that again changes the identity of the Qualified Equityholder that Controls Borrower), (y) Borrower shall have paid to Lender a transfer fee in an amount equal to 1.0% of the Principal
Indebtedness at the time of such conveyance or transfer, provided such transfer fee shall not be due and owing to Lender to the extent Control is transferred to PAL DC Dallas; and (z) to the extent Control is transferred to PAL DC Dallas and
such entity qualifies as a Qualified Equityholder, Robert Hurst and Alex Hurst, on a joint and several basis, shall enter the following: (a) an environmental indemnity agreement materially identical to the Environmental Indemnity Agreement
entered by Borrower, Sponsor and Carter and Associates as of the Closing Date, (b) to the extent requested by Lender, a mortgage loan cooperation agreement materially identical to the Cooperation Agreement entered by Borrower, Sponsor and
Carter and Associates as of the Closing Date and (c) a guaranty which is materially identical to the Guaranty entered by Sponsor and Carter and Associates as of the Closing Date which guarantees the liabilities of Borrower under
Section 9.19(b), all of which shall be satisfactory to Lender in its sole discretion; provided, however, following such change in Control of Borrower and the entering of the agreements described in items (a) through
(c) above, Robert Hurst and Alex Hurst shall only be liable for any Damages which relate to events first occurring after such change in Control. 

(iv) if such conveyance or transfer results in any Person acquiring more than 49% of the direct or
indirect equity interest in any Required SPE (even if not constituting a Prohibited Change of Control), Borrower shall have delivered to Lender with respect to such Person a new non-consolidation opinion that in Lender’s reasonable judgment
satisfies the then-current criteria of the Rating Agencies (and, to the extent that the criteria of the Rating Agencies has not changed in any material respect since the Closing Date, Lender’s approval of any such non-consolidation opinion that
is in substantially the form of the Nonconsolidation Opinion shall not be unreasonably withheld, delayed or conditioned); 

  
 LOAN
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 (v) Borrower shall have paid the costs and expenses (if any)
of the Rating Agencies and Servicers and reimbursed Lender for its reasonable out-of-pocket costs and expenses incurred in connection with any such conveyance or transfer; and 

(vi) Lender shall have received ten (10) days advance written notice of such conveyance or transfer.

 ARTICLE III 
 ACCOUNTS 
 3.1 Cash Management Account. 

(a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Lockbox
Bank a lockbox account into which income from the Property will be deposited (the “Lockbox Account”). As a condition precedent to the closing of the Loan, Borrower shall cause the Lockbox Bank to execute and deliver an agreement (as
modified or replaced in accordance herewith, a “Lockbox Account Agreement”) which provides, inter alia, that Borrower shall have no access to funds in the Lockbox Account and that at the end of each Business Day the Lockbox
Bank will remit all amounts contained therein directly into an Eligible Account specified from time to time by Lender (the “Cash Management Account”). Within five Business Days following the Closing Date, Borrower shall deliver to
each Tenant in the Property a written notice (a “Tenant Notice”) in the form of Exhibit B instructing that (i) all payments under the Leases shall thereafter be remitted by them directly to, and deposited directly
into, the Lockbox Account, and (ii) such instruction may not be rescinded unless and until such Tenant receives from Borrower or Lender a copy of Lender’s written consent to such rescission. Borrower shall send a copy of each such written
notice to Lender and shall redeliver such notices to each Tenant until such time as such Tenant complies therewith. Borrower shall cause all cash Revenues relating to the Property and all other money received by Borrower or the Approved Property
Manager with respect to the Property (other than tenant security deposits required to be held in escrow accounts) to be deposited in the Lockbox Account or the Cash Management Account by the end of the first Business Day following Borrower’s or
the Approved Property Manager’s receipt thereof. 
 (b) Lender shall have the right at any
time and from time to time in its sole discretion to change the Eligible Institution at which any one or more of the Collateral Accounts (other than the Lockbox Account) is maintained (and in the case of any such change in respect of the Cash
Management Account, Lender shall deliver not less than five Business Days’ prior written notice to Borrower and the Lockbox Bank. In addition, during the continuance of an Event of Default or if the Lockbox Bank fails to comply with the Lockbox
Account Agreement or ceases to be an Eligible Institution, Lender shall have the right at any time, upon not less than 30 days’ prior written notice to Borrower, to replace the Lockbox Bank with any Eligible Institution at which Eligible
Accounts may be maintained that will promptly execute and deliver to Lender a Lockbox Account Agreement satisfactory to Lender. 

  
 LOAN
AGREEMENT – Page 32 

 (c) Borrower shall maintain at all times an Operating
Account into which amounts may be deposited from time to time pursuant to Section 3.2(b). Borrower shall not permit any amounts unrelated to the Property to be commingled with amounts on deposit in the Operating Account and shall cause
all amounts payable with respect to Operating Expenses for the Property to be paid from the Operating Account or the Cash Management Account (to the extent required or permitted hereunder) and no other account. Borrower shall deliver to Lender each
month the monthly bank statement related to such Operating Account. So long as no Event of Default is continuing, Borrower shall be permitted to withdraw amounts from the Operating Account for the purpose of paying bona fide Property expenses
incurred in accordance with this Agreement; and provided no Event of Default or Trigger Period is continuing, Borrower shall be permitted to make equity distributions from amounts remaining therein after Property expenses that are then due and
payable have been paid. During the continuance of an Event of Default, all amounts contained in the Operating Account shall be remitted to the Cash Management Account. 

3.2 Distributions from Cash Management Account. 

(a) Lender shall transfer from the Cash Management Account to the Operating Account, at the end of each
Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on the next
Payment Date pursuant hereto (the “Minimum Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period. 

(b) On each Payment Date, provided no Event of Default is continuing (and, if and to the extent Lender so
elects in its sole discretion, during the continuance of an Event of Default until the Loan has been accelerated), Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the
following order of priority: 
 (i) to the Basic Carrying Costs Escrow Account, the amounts then
required to be deposited therein pursuant to Section 3.4; 
 (ii) to Lender, the
amount of all scheduled or delinquent interest and principal on the Loan and all other amounts then due and payable under the Loan Documents (with any amounts in respect of principal paid last); 

(iii) during the continuance of a Trigger Period, to the Operating Account, an amount equal to the
Budgeted Operating Expenses for the month in which such Payment Date occurs, provided that the amounts disbursed to such account pursuant to this clause (iii) shall be used by Borrower solely to pay Budgeted Operating Expenses for
such month (Borrower agreeing that, in the event that such Budgeted Operating Expenses exceed the actual operating expenses for such month, such excess amounts shall be remitted by Borrower to the Cash Management Account prior to the next succeeding
Payment Date) and provided further that no amounts will be disbursed to Borrower in respect of the fees of the Approved Property Manager to the extent such fees exceed the Maximum Management Fee; 

  
 LOAN
AGREEMENT – Page 33 

 (iv) to the Capital Expenditure Reserve Account, the amount,
if any, required to be deposited therein pursuant to Section 3.6; 
 (v) to the Lease
Termination Payment Reserve Account, the amount, if any, required to be deposited therein pursuant to Section 3.5; 
 (vi) during the continuance of a Trigger Period or Event of Default, all remaining amounts to the Excess Cash Flow Reserve Account; and 

(vii) if no Trigger Period or Event of Default is continuing, all remaining amounts to the Operating
Account. 
 (c) If on any Payment Date the amount in the Cash Management Account is insufficient
to make all of the transfers described above (other than remittance of excess cash to the Excess Cash Flow Reserve Account or the Operating Account), then Borrower shall remit to the Cash Management Account on such Payment Date the amount of such
deficiency. If Borrower fails to remit such amount to the Cash Management Account, the same shall constitute an Event of Default and, in addition to all other rights and remedies provided for under the Loan Documents, Lender may disburse and apply
the amounts in the Collateral Accounts in accordance with Section 3.10(c). 
 3.3 Loss Proceeds
Account. 
 (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and
maintain with an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”). 

(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in
accordance with Section 5.16. 
 3.4 Basic Carrying Costs Escrow Account. 

(a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash
Management Account) for the purpose of reserving amounts payable by Borrower in respect of Taxes and insurance premiums (the “Basic Carrying Costs Escrow Account”). 

(b) On the Closing Date, the Basic Carrying Costs Escrow Account shall be funded in an
amount equal to the sum of (i) an amount sufficient to pay all Taxes by the 30th day prior to the date they come due, assuming subsequent monthly fundings on Payment Dates of 1/12 of projected annual Taxes, plus (ii) an amount sufficient to pay all insurance premiums by
the 30th day prior to the date they come due, assuming
subsequent monthly fundings on Payment Dates of 1/12 of projected annual insurance premiums. 

  
 LOAN
AGREEMENT – Page 34 

 (c) On each subsequent Payment Date, an additional deposit
shall be made therein in an amount equal to the sum of: 
 (A) 1/12 of the Taxes that Lender
reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing 12 months, plus 
 (B) 1/12 of the insurance premiums that Lender reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing 12 months; 

provided, however, that if at any time Lender reasonably determines that the amount in the Basic Carrying Costs Escrow
Account will not be sufficient to accumulate (upon payment of subsequent monthly amounts in accordance with the provisions of this Agreement) the full amount of all installments of Taxes and insurance premiums by the date on which such amounts come
due, then Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to the Basic Carrying Costs Escrow Account by the amount that Lender reasonably estimates is sufficient to achieve such accumulation.

 (d) Borrower shall provide Lender with copies of all tax and insurance bills relating to the
Property promptly after Borrower’s receipt thereof. Lender will apply amounts in the Basic Carrying Costs Escrow Account toward the purposes for which such amounts are deposited therein. In connection with the making of any payment from the
Basic Carrying Costs Escrow Account, Lender may cause such payment to be made according to any bill, statement or estimate procured from the appropriate public office or insurance carrier, 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 unless given written advance notice by Borrower of such inaccuracy, invalidity or other contest. 

(e) If Lender so elects at any time, Borrower shall provide, at Borrower’s expense, a tax service
contract for the term of the Loan issued by a tax reporting agency reasonably acceptable to Lender. If Lender does not so elect, Borrower shall reimburse Lender for the cost of making annual tax searches throughout the term of the Loan. 

(f) Borrower shall not be required to make monthly deposits in the Basic Carrying Costs Escrow Account in
respect of Taxes which are paid directly to the taxing authority by the Tenant doing business as Catholic Health Initiatives, so long as (w) no Event of Default shall have occurred and be continuing, (x) Borrower provides proof of payment
directly to the taxing authority on or before thirty (30) days prior to the delinquency date of such Taxes (i.e., the date on which either penalties or interest commence accrual), and (y) the CHI Lease shall be and continue in full force
and effect and shall not be subject to any default beyond any applicable grace or notice and cure period by either Borrower or the Tenant, and (z) no material adverse change should, in Lender’s reasonable determination, have occurred with
respect to Catholic Health Initiatives such that the ability to timely pay the Taxes which Catholic Health Initiatives is to pay pursuant to its Lease has, in Lender’s reasonable determination, been jeopardized. 

  
 LOAN
AGREEMENT – Page 35 

 3.5 Lease Termination Payment Reserve Account” 

(a) On or prior to the Closing Date, Lender shall establish and thereafter maintain (which may be a
subaccount of the Cash Management Account) an account for the purpose of reserving Termination Fees paid in relation to Leases which are terminated (the “Lease Termination Payment Reserve Account”). 

(b) Whenever a Lease is terminated, whether by buy-out, cancellation, default or otherwise, and Borrower
receives any payment, fee or penalty in respect of such termination (a “Termination Fee”), Borrower shall promptly cause such Termination Fee to be deposited with Lender; provided, however, to the extent there is an
ongoing Cash Management Period, such amounts shall be deposited into the Cash Management Account or Blocked Account and thereafter, the Cash Management Bank shall transfer an amount equivalent to such Termination Fee from the Cash Management
Account, to the extent available therein, to the Lease Termination Reserve Account. Provided no Event of Default has occurred and is continuing, (i) Lender shall disburse such Termination Fee or portion thereof to Borrower at the written
request of Borrower in respect of Leasing Commissions and Tenant Improvement costs incurred by Borrower in connection with a replacement Lease entered into in accordance with the terms of this Agreement in respect of the space covered by such
terminated Lease and (ii) the remainder of such Termination Fee or portion thereof, if any, shall, be remitted to the Cash Management Account after the space covered by such terminated Lease has been relet, the replacement Tenant is in
occupancy and has commenced paying rent under the replacement Lease and all Leasing Commissions and Tenant Improvement costs relating to such space have been paid, provided that for any disbursements hereunder for the payment of Leasing
Commissions and Tenant Improvements: 
 (i) Borrower shall deliver to Lender invoices evidencing
that the costs for which such disbursements are requested are due and payable; 
 (ii) Borrower
shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement
required by the Loan Documents have been satisfied; and 
 (c) Lender may condition the making of
a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a
reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts, if applicable. 

3.6 Capital Expenditure Reserve Account. 

(a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash
Management Account) for the purpose of reserving amounts in respect of Capital Expenditures (the “Capital Expenditure Reserve Account”). 

(b) On each Payment Date, there shall be deposited into the Capital Expenditure Reserve Account an amount
equal to the Monthly Capital Expenditure Amount. 

  
 LOAN
AGREEMENT – Page 36 

 (c) Upon the request of Borrower at any time that no Event
of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the
Approved Annual Budget; provided that: 
 (i) Borrower shall deliver to Lender invoices
evidencing that the costs for which such disbursements are requested are due and payable; 
 (ii)
Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such
disbursement required by the Loan Documents have been satisfied; and 
 (iii) Lender may
condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder
relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts. 

3.7 Intentionally Deleted. 

3.8 Intentionally Deleted. 

3.9 Excess Cash Flow Reserve Account. 

(a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash
Management Account) for the deposit of amounts required to be deposited therein in accordance with Section 3.2(b) (the “Excess Cash Flow Reserve Account”). 

(b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management
Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing. Such a release
shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b). 

3.10 Account Collateral. 

(a) Borrower hereby pledges the Account Collateral to Lender as security for the Indebtedness, together
with all rights of a secured party with respect thereto, it being the intention of the parties that such pledge shall be a perfected first-priority security interest. Each Collateral Account shall be an Eligible Account under the sole dominion and
control of Lender. Borrower shall have no right to make withdrawals from any of the Collateral Accounts other than the Operating Account. Funds in the Collateral Accounts shall not be commingled with any other monies at any time. Borrower shall
execute any additional documents that Lender in its reasonable discretion may require and shall provide all other evidence reasonably requested by Lender to evidence or perfect its first-priority security interest in the Account Collateral. Funds

  
 LOAN
AGREEMENT – Page 37 

 
in the Collateral Accounts shall be invested only in Permitted Investments, which Permitted Investments shall be credited to the related Collateral Account. All income and gains from the
investment of funds in the Collateral Accounts other than the Basic Carrying Costs Escrow Account shall be retained in the Collateral Accounts from which they were derived. Unless otherwise required by applicable law, all income and gains from the
investment of funds in the Basic Carrying Costs Escrow Account shall be for the account of Lender in consideration of its administration of such Collateral Account, and Lender shall have the right at any time to withdraw such amounts from the Basic
Carrying Costs Escrow Account. All fees of the Cash Management Bank and the Lockbox Bank shall be paid by Borrower. After the Loan and all other Indebtedness have been paid in full, the Collateral Accounts shall be closed and the balances therein,
if any, shall be paid to Borrower. 
 (b) The insufficiency of amounts contained in the
Collateral Accounts shall not relieve Borrower from its obligation to fulfill all covenants contained in the Loan Documents. 
 (c) During the continuance of an Event of Default, Lender may, in its sole discretion, apply funds in the Collateral Accounts, and funds resulting from the liquidation of Permitted Investments contained
in the Collateral Accounts, either toward the components of the Indebtedness (e.g., interest, principal and other amounts payable hereunder), the Loan, the Note Components and the Notes, in such sequence as Lender shall elect in its sole
discretion, and/or toward the payment of Property expenses. 
 3.11 Bankruptcy. Borrower and Lender
acknowledge and agree that upon the filing of a bankruptcy petition by or against Borrower under the Bankruptcy Code, the Account Collateral and the Revenues (whether then already in the Collateral Accounts, or then due or becoming due thereafter)
shall be deemed not to be property of Borrower’s bankruptcy estate within the meaning of Section 541 of the Bankruptcy Code. If, however, a court of competent jurisdiction determines that, notwithstanding the foregoing characterization of
the Account Collateral and the Revenues by Borrower and Lender, the Account Collateral and/or the Revenues do constitute property of Borrower’s bankruptcy estate, then Borrower and Lender further acknowledge and agree that all such Revenues,
whether due and payable before or after the filing of the petition, are and shall be cash collateral of Lender. Borrower acknowledges that Lender does not consent to Borrower’s use of such cash collateral and that, in the event Lender elects
(in its sole discretion) to give such consent, such consent shall only be effective if given in writing signed by Lender. Except as provided in the immediately preceding sentence, Borrower shall not have the right to use or apply or require the use
or application of such cash collateral (i) unless Borrower shall have received a court order authorizing the use of the same, and (ii) Borrower shall have provided such adequate protection to Lender as shall be required by the bankruptcy
court in accordance with the Bankruptcy Code. 

  
 LOAN
AGREEMENT – Page 38 

 ARTICLE IV 
 REPRESENTATIONS 
 Borrower represents to Lender that, as of
the Closing Date, except as set forth in the Exception Report: 
 4.1 Organization. 

(a) Each Required SPE is duly organized, validly existing and in good standing under the laws of the State
of Delaware, and is in good standing in each other jurisdiction where ownership of its properties or the conduct of its business requires it to be so, and each Required SPE has all power and authority under such laws and its organizational documents
and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 
 (b) The organizational chart contained in Exhibit A is true and correct as of the date hereof. 
 4.2 Authorization. Borrower has the power and authority to enter into this Agreement and the other Loan Documents, to perform its obligations hereunder and thereunder and to consummate the
transactions contemplated by the Loan Documents and has by proper action duly authorized the execution and delivery of the Loan Documents. 
 4.3 No Conflicts. Neither the execution and delivery of the Loan Documents, nor the consummation of the transactions contemplated therein, nor performance of and compliance with the terms and
provisions thereof will (i) violate or conflict with any provision of its formation and governance documents, (ii) violate any Legal Requirement, regulation (including Regulation U, Regulation X or Regulation T), order,
writ, judgment, injunction, decree or permit applicable to it, (iii) violate or conflict with contractual provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, contract or other Material Agreement to which
Borrower or Sponsor is a party or by which Borrower or Sponsor may be bound, or (iv) result in or require the creation of any Lien or other charge or encumbrance upon or with respect to the Collateral in favor of any party other than Lender.

 4.4 Consents. No consent, approval, authorization or order of, or qualification with, any court or
Governmental Authority is required in connection with the execution, delivery or performance by Borrower of this Agreement or the other Loan Documents, except for any of the foregoing that have already been obtained. 

4.5 Enforceable Obligations. This Agreement and the other Loan Documents have been duly executed and delivered by
Borrower and constitute Borrower’s legal, valid and binding obligations, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles. The Loan Documents to which Sponsor is a party have been duly executed and delivered by Sponsor and constitute Sponsor’s legal, valid and binding obligations, enforceable in accordance with their
respective terms, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. The Loan Documents are not subject to any right of rescission, offset,
abatement, counterclaim or defense by Borrower or Sponsor, including the defense of usury or fraud. 
 4.6 No
Default. No Default or Event of Default will exist immediately following the making of the Loan. 

  
 LOAN
AGREEMENT – Page 39 

 4.7 Payment of Taxes. Borrower has filed, or caused to be filed, all
tax returns (federal, state, local and foreign) required to be filed and paid all amounts of taxes due (including interest and penalties) except for taxes that are not yet delinquent and has paid all other taxes, fees, assessments and other
governmental charges (including mortgage recording taxes, documentary stamp taxes and intangible taxes) owing by it necessary to preserve the Liens in favor of Lender. 

4.8 Compliance with Law. Borrower, the Property and the use thereof comply in all material respects with all
applicable Insurance Requirements and Legal Requirements, including building and zoning ordinances and codes. The Property conforms to current zoning requirements (including requirements relating to parking) and is neither an illegal nor a legal
nonconforming use except as specified in the zoning report delivered to Lender in connection with the Closing. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority the violation of
which could adversely affect the Property or the condition (financial or otherwise) or business of Borrower. There has not been committed by or on behalf of Borrower or, to Borrower’s knowledge, any other person in occupancy of or involved with
the operation or use of the Property, any act or omission affording any federal Governmental Authority or any state or local Governmental Authority the right of forfeiture as against the Property or any portion thereof or any monies paid in
performance of its obligations under any of the Loan Documents. Neither Borrower nor Sponsor has purchased any portion of the Property with proceeds of any illegal activity. 

4.9 ERISA. Neither Borrower nor any ERISA Affiliate of Borrower has incurred or could be subjected to any
liability under Title IV or Section 302 of ERISA or Section 412 of the Code or maintains or contributes to, or is or has been required to maintain or contribute to, any employee benefit plan (as defined in Section 3(3) of ERISA)
subject to Title IV or Section 302 of ERISA or Section 412 of the Code. The consummation of the transactions contemplated by this Agreement will not, to Borrower’s knowledge, constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or substantially similar provisions under federal, state or local laws, rules or regulations. 

4.10 Investment Company Act. Borrower is not an “investment company”, or a company
“controlled” by an “investment company”, registered or required to be registered under the Investment Company Act of 1940, as amended. 
 4.11 No Bankruptcy Filing. Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion
of its assets or property. Borrower does not have knowledge of any Person contemplating the filing of any such petition against it. During the ten year period preceding the Closing Date, no petition in bankruptcy has been filed by or against any
Required SPE, Sponsor, any of their respective affiliates or any Person that owns or controls, directly or indirectly, ten percent or more of the beneficial ownership interests in Borrower, any Required SPE or Sponsor and no such Persons have been
convicted of a felony. Borrower has not received notice of and is not otherwise aware of any Tenant under a Major Lease contemplating or having filed any of the foregoing actions. 

  
 LOAN
AGREEMENT – Page 40 

 4.12 Other Debt. Borrower does not have outstanding any Debt other
than Permitted Debt. 
 4.13 Litigation. There are no actions, suits, proceedings, arbitrations or
governmental investigations by or before any Governmental Authority or other court or agency now filed or otherwise pending, and to Borrower’s knowledge there are no such actions, suits, proceedings, arbitrations or governmental investigations
threatened against or affecting Borrower, Sponsor or the Collateral, in each case, except as listed in the Exception Report (and none of the matters listed in the Exception Report, even if determined against Borrower or the Collateral, would
reasonably be expected to have a Material Adverse Effect). 
 4.14 Leases; Material Agreements.

 (a) Borrower has delivered to Lender true and complete copies of all Leases, including all
modifications and amendments thereto. No person has any possessory interest in the Property or right to occupy the same except under and pursuant to the provisions of the Leases. The rent roll attached to this Agreement as Schedule D
(the “Rent Roll”) is accurate and complete in all material respects as of the Closing Date. Except as indicated on the Rent Roll or Exception Report, no security deposits are being held by Borrower (including bonds or letters of
credit being held in lieu of cash security deposits), no Tenant has any termination options (except in connection with a Casualty or Condemnation), no Tenant has any extension or renewal rights (except as set forth in its Lease), no Tenant or other
party has any option, right of first refusal or similar preferential right to purchase or lease all or any portion of the Property, no fixed rent has been paid more than 30 days in advance of its due date and no payments of rent are more than 30
days delinquent. Each of the following is true and correct with respect to each Lease: 
 (i)
such Lease is valid and enforceable and is in full force and effect; 
 (ii) Borrower is the sole
owner of the entire lessor’s interest in such Lease; 
 (iii) such Lease is an
arm’s-length agreement with bona fide, independent third parties; 
 (iv) none of the
Revenues reserved in such Lease have been assigned or otherwise pledged or hypothecated (except such pledge or hypothecation that will be fully terminated and released in connection with the filing and recordation of the Security Instrument and
except for the Liens contemplated pursuant to the Loan Documents); 
 (v) neither Borrower nor,
to Borrower’s knowledge, any other party under such Lease is in default thereunder in any material respect; 
 (vi) there exist no offsets or defenses to the payment of any portion of the rents thereunder; and 
 (vii) except for Borrower’s ongoing obligation to use reasonable, good faith efforts to achieve Silver Leadership in Energy and Environmental Design (“LEED”) Certification for the
improvements on the Property within six (6) months of the 

  
 LOAN
AGREEMENT – Page 41 

 
commencement of the CHI Lease pursuant to Section 1.2 of such CHI Lease, all work to be performed by the landlord under such Lease has been substantially performed, all Tenants have accepted
possession of their respective premises under such Lease, all contributions to be made by the landlord to the Tenants thereunder have been made, all other conditions to each Tenant’s obligations thereunder have been satisfied, no Tenant has the
right to require Borrower to perform or finance Tenant Improvements or Material Alterations and no Leasing Commissions are owed or would be owed upon the exercise of any Tenant’s existing renewal or expansion options, and Borrower has no other
monetary obligation to any Tenant under such Lease. 
 (b) There are no Material Agreements
except as described in Schedule E. Borrower has made available to Lender true and complete copies of all Material Agreements. Each Material Agreement has been entered into at arm’s length in the ordinary course of business by or on
behalf of Borrower. The Material Agreements are in full force and effect and there are no defaults thereunder by Borrower or, to Borrower’s knowledge, any other party thereto. 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. 

4.15 Full and Accurate Disclosure. No statement of fact heretofore delivered by Sponsor or Borrower to Lender in
writing in respect of the Property or Borrower contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained therein not misleading unless subsequently corrected (except that the
foregoing representation, as it relates to any Environmental Report, Engineering Report, Title Policy and zoning report delivered to Lender in connection with the closing of the Loan, shall be limited to Borrower’s knowledge). There is no fact,
event or circumstance presently known to Borrower that has not been disclosed to Lender that has had or could reasonably be expected to result in a Material Adverse Effect. 

4.16 Financial Condition. Borrower has heretofore delivered to Lender financial statements and operating
statements with respect to the Property for the past three calendar years, and trailing twelve-month operating statements. Such statements are accurate and complete in all material respects and fairly present in accordance with GAAP the financial
position of Borrower in all material respects as of their respective dates and do not omit to state any fact necessary to make statements contained herein or therein not misleading. Since the delivery of such data, except as otherwise disclosed in
writing to Lender, there have occurred no changes or circumstances that have had or are reasonably expected to result in a Material Adverse Effect. 
 4.17 Single-Purpose Requirements. 
 (a) Each
Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other
than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.

  
 LOAN
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 (b) Borrower has provided Lender with true, correct and
complete copies of (i) Borrower’s current financial statements; and (ii) Borrower’s current operating agreement or partnership agreement, as applicable, together with all amendments and modifications thereto. 

4.18 Use of Loan Proceeds. 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 Regulations T, U or X of the Board of Governors of the Federal Reserve System or for any other purpose that would be inconsistent with such Regulations T, U or X or any other Regulations
of such Board of Governors, or for any purpose prohibited by Legal Requirements or by the terms and conditions of the Loan Documents. The Loan is solely for the business purpose of Borrower or for distribution to Borrower’s equityholders in
accordance with Legal Requirements. 
 4.19 Not Foreign Person. Borrower is not a “foreign
person” within the meaning of Section 1445(f)(3) of the Code. 
 4.20 Labor Matters. Borrower
has no employees and is not a party to any collective bargaining agreements. 
 4.21 Title. Borrower owns
good, marketable and insurable title to the Property and good and marketable title to the related personal property, to the Collateral Accounts and to any other Collateral, in each case free and clear of all Liens whatsoever except the Permitted
Encumbrances. The Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (i) a valid, perfected first
priority Lien on the Property and the rents therefrom, enforceable as such against creditors of and purchasers from Borrower and subject only to Permitted Encumbrances, and (ii) perfected Liens (pursuant to the Uniform Commercial Code of the
State of New York) in and to all personalty, all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. The Permitted Encumbrances do not and will not, individually or in the aggregate,
materially and adversely affect or interfere with the value, or current or contemplated use or operation, of the Property, or the security intended to be provided by the Security Instrument, the ability of the Property to generate net cash flow
sufficient to service the Loan or Borrower’s ability to pay its obligations as and when they come due, including its ability to repay the Indebtedness in accordance with the terms of the Loan Documents. Except as insured over by a Title
Insurance Policy, there are no claims for payment for work, labor or materials affecting the Property that are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. No creditor of Borrower other than
Lender has in its possession any goods that constitute or evidence the Collateral. 
 4.22 No
Encroachments. Except as shown on the Survey, all of the improvements on the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining property encroach upon the Property, and no
easements or other encumbrances upon the Property encroach upon any of the improvements, so as, in either case, to adversely affect the value, use or marketability of the Property, except those that are insured against by a Title Insurance Policy.

  
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 4.23 Physical Condition. 

(a) Except for matters set forth in the Engineering Reports, the Property and all building systems
(including sidewalks, storm drainage system, roof, plumbing system, HVAC system, fire protection system, electrical system, equipment, elevators, exterior sidings and doors, irrigation system and all structural components) are free of all material
damage and are in good condition, order and repair in all respects material to the Property’s use, operation or value. 
 (b) Borrower is not aware of any material structural or other material defect or damages in the Property, whether latent or otherwise. 

(c) Borrower has not received and is not aware of any other party’s receipt of notice from any
insurance company or bonding company of any defects or inadequacies in the Property that would, alone or in the aggregate, adversely affect in any material respect the insurability of the same or cause the imposition of extraordinary premiums or
charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 4.24
Fraudulent Conveyance. Borrower has not entered into the Transaction or any of the Loan Documents with the actual intent to hinder, delay or defraud any creditor. Borrower has received reasonably equivalent value in exchange for its
obligations under the Loan Documents. On the Closing Date, the fair salable value of Borrower’s aggregate assets is and will, immediately following the making of the Loan and the use and disbursement of the proceeds thereof, be greater than
Borrower’s probable aggregate liabilities (including subordinated, unliquidated, disputed and Contingent Obligations). Borrower’s aggregate assets do not and, immediately following the making of the Loan and the use and disbursement of the
proceeds thereof 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
Obligations 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). 

4.25 Management. Except for any Approved Management Agreement, no property management agreements are in effect
with respect to the Property. The Approved Management Agreement is in full force and effect and there is no event of default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would
constitute a default thereunder. 
 4.26 Condemnation. No Condemnation has been commenced or, to
Borrower’s knowledge, is contemplated or threatened with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property. 

4.27 Utilities and Public Access. The Property has adequate rights of access to dedicated public ways (and makes
no material use of any means of access or egress that is not pursuant to such dedicated public ways or recorded, irrevocable rights-of-way or easements) and is adequately served by all public utilities, including water and sewer (or well and
septic), necessary to the continued use and enjoyment of the Property as presently used and enjoyed. 

  
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 4.28 Environmental Matters. Except as disclosed in the Environmental
Reports: 
 (i) To Borrower’s knowledge, no Hazardous Substances are located at, on, in or
under the Property or have been handled, manufactured, generated, stored, processed, or disposed of at, on, in or under, or have been Released from, the Property. Without limiting the foregoing, there is not present at, on, in or under the Property,
any PCB-containing equipment, asbestos or asbestos containing materials, underground storage tanks or surface impoundments for any Hazardous Substance, lead in drinking water (except in concentrations that comply with all Environmental Laws), or
lead-based paint. To Borrower’s knowledge, there is no threat of any Release of any Hazardous Substance migrating to the Property. 
 (ii) The Property is in compliance in all material respects with all Environmental Laws applicable to the Property (which compliance includes, but is not limited to, the possession of, and compliance
with, all environmental, health and safety permits, approvals, licenses, registrations and other governmental authorizations required in connection with the ownership and operation of the Property under all Environmental Laws). No Environmental
Claim is pending with respect to the Property, nor, to Borrower’s knowledge, is any threatened, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial
requirements outstanding under any Environmental Law with respect to Borrower or the Property. 

(iii) No Liens are presently recorded with the appropriate land records under or pursuant to any
Environmental Law with respect to the Property and, to Borrower’s knowledge, no Governmental Authority has been taking any action to subject the Property to Liens under any Environmental Law. 

(iv) There have been no material environmental investigations, studies, audits, reviews or other analyses
conducted by or that are in the possession of Borrower in relation to the Property that have not been made available to Lender. 
 4.29 Assessments. There are no pending or, to Borrower’s knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any
contemplated improvements to the Property that may result in such special or other assessments. No extension of time for assessment or payment by Borrower of any federal, state or local tax is in effect. 

4.30 No Joint Assessment. Borrower has not suffered, permitted or initiated the joint assessment of the Property
(i) with any other real property constituting a separate tax lot, or (ii) with any personal property, or any other procedure whereby the Lien of any Taxes that may be levied against such other real property or personal property shall be
assessed or levied or charged to the Property as a single Lien. 
 4.31 Separate Lots. No portion of the
Property is part of a tax lot that also includes any real property that is not Collateral. 

  
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 4.32 Permits; Certificate of Occupancy. All Permits necessary for the
present and contemplated use and operation of the Property. The uses being made of the Property are in conformity in all material respects with the certificate of occupancy and/or Permits for the Property and any other restrictions, covenants or
conditions affecting the Property. 
 4.33 Flood Zone. None of the improvements on the Property is
located in an area identified by the Federal Emergency Management Agency or the Federal Insurance Administration as a “100 year flood plain” or as having special flood hazards (including Zones A and V), or, to the extent that any
portion of the Property is located in such an area, the Property is covered by flood insurance meeting the requirements set forth in Section 5.15(a)(ii). 

4.34 Security Deposits. Borrower is in compliance in all material respects with all Legal Requirements relating to
security deposits. 
 4.35 Acquisition Documents. Borrower has delivered to Lender true and complete
copies of all material agreements and instruments under which Borrower or any of its affiliates or the seller of the Property have remaining rights or obligations in respect of Borrower’s acquisition of the Property. 

4.36 Insurance. Borrower has obtained insurance policies reflecting the insurance coverages, amounts and other
requirements set forth in this Agreement. All premiums on such insurance policies required to be paid as of the Closing Date have been paid for the current policy period. No Person, including Borrower, has done, by act or omission, anything that
would impair the coverage of any such policy. 
 4.37 No Dealings. Neither Borrower nor the Sponsor is
aware of any unlawful influence on the assessed value of the Property. 
 4.38 Estoppel Certificates.
Borrower has requested estoppel certificates from each Tenant on the form heretofore agreed by Lender and has delivered to Lender true and complete copies of each estoppel certificate received back from any Tenant prior to the Closing Date.

 4.39 Federal Trade Embargos. Sponsor and each Required SPE is in compliance with all Federal Trade
Embargos in all material respects. No Embargoed Person owns any direct or indirect equity interest in any Required SPE. To Borrower’s knowledge, no Tenant at the Property is identified on the OFAC List. Borrower has implemented procedures, and
will consistently apply those procedures throughout the term of the Loan, to ensure that the foregoing representations and warranties remain true and correct during the term of the Loan. 

4.40 Survival. All of the representations of Borrower set forth in this Agreement and in the other Loan Documents
shall survive for so long as any portion of the Indebtedness is outstanding. All representations, covenants and agreements made by Borrower in this Agreement or in the other Loan Documents shall be deemed to have been relied upon by Lender
notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. On the date of any Securitization, on not less than three days’ prior written notice, Borrower shall deliver to Lender a certification
(x) confirming that all of the representations contained in this Agreement are true and correct as of the date of such Securitization, or (y) otherwise specifying any changes in or qualifications to such representations as of such date as
may be necessary to make such representations consistent with the facts as they exist on such date. 

  
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 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 5.1 Existence; Licenses.
Each Required SPE shall do or cause to be done all things necessary to remain in existence. Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect all rights, licenses, Permits, franchises,
certificates of occupancy, consents, approvals and other agreements necessary for the continued use and operation of the Property. Each Required SPE shall deliver to Lender a copy of each amendment or other modification to any of its organizational
documents promptly after the execution thereof. 
 5.2 Maintenance of Property. 

(a) Borrower shall cause the Property to be maintained in good and safe working order and repair,
reasonable wear and tear excepted, and in keeping with the condition and repair of properties of a similar use, value, age, nature and construction. Borrower shall not use, maintain or operate the Property in any manner that constitutes a public or
private nuisance or that makes void, voidable, or cancelable, or increases the premium of, any insurance then in force with respect thereto. Subject to Section 6.13, no improvements or equipment located at or on the Property shall be
removed, demolished or materially altered without the prior written consent of Lender (except for replacement of equipment in the ordinary course of Borrower’s business with items of the same utility and of equal or greater value and sales of
obsolete equipment no longer needed for the operation of the Property) and Borrower shall from time to time make, or cause to be made, all reasonably necessary and desirable repairs, renewals, replacements, betterments and improvements to the
Property. Borrower shall not make any change in the use of the Property that would materially increase the risk of fire or other hazard arising out of the operation of the Property, or do or permit to be done thereon anything that may in any way
impair the value of the Property in any material respect or the Lien of the Security Instrument or otherwise cause or reasonably be expected to result in a Material Adverse Effect. Borrower shall not install or permit to be installed on the Property
any underground storage tank. Borrower shall not, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the Property,
regardless of the depth thereof or the method of mining or extraction thereof. 
 (b) Borrower
shall remediate the Deferred Maintenance Conditions within the time periods following the Closing Date as specified in Schedule C hereto (or if no time periods are specified on Schedule C, within 12 months following the
Closing Date), subject to Force Majeure, and upon request from Lender after the expiration of such period shall deliver to Lender an Officer’s Certificate confirming that such remediation has been completed and that all associated expenses have
been paid. Borrower shall comply with all material terms of any asbestos operating and maintenance program in effect as of the Closing Date or otherwise required to be implemented by Borrower. 

  
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 5.3 Compliance with Legal Requirements. Borrower shall comply with,
and shall cause the Property to comply with and be operated, maintained, repaired and improved in compliance with, all Legal Requirements, Insurance Requirements and all material contractual obligations by which Borrower is legally bound.

 5.4 Impositions and Other Claims. Borrower shall pay and discharge all taxes, assessments and
governmental charges levied upon it, its income and its assets as and when such taxes, assessments and charges are due and payable, as well as all lawful claims for labor, materials and supplies or otherwise, subject to any rights to contest
contained in the definition of Permitted Encumbrances. Borrower shall file all federal, state and local tax returns and other reports that it is required by law to file. If any law or regulation applicable to Lender, any Note, any of the Collateral
or the Security Instrument is enacted that deducts from the value of property for the purpose of taxation any Lien thereon, or imposes upon Lender the payment of the whole or any portion of the taxes or assessments or charges or Liens required by
this Agreement to be paid by Borrower, or changes in any way the laws or regulations relating to the taxation of mortgages or security agreements or debts secured by mortgages or security agreements or the interest of the mortgagee or secured party
in the property covered thereby, or the manner of collection of such taxes, so as to affect the Security Instrument, the Indebtedness or Lender, then Borrower, upon demand by Lender, shall pay such taxes, assessments, charges or Liens, or reimburse
Lender for any amounts paid by Lender. If in the opinion of Lender’s counsel it might be unlawful to require Borrower to make such payment or the making of such payment might result in the imposition of interest beyond the maximum amount
permitted by applicable law, Lender may elect to declare all of the Indebtedness to be due and payable 90 days from the giving of written notice by Lender to Borrower. 

5.5 Access to Property. Subject to the rights of Tenants pursuant to the Leases, Borrower shall permit agents,
representatives and employees of Lender and the Servicer to enter and inspect the Property or any portion thereof, and/or inspect, examine, audit and copy the books and records of Borrower (including all recorded data of any kind or nature,
regardless of the medium of recording), at such reasonable times as may be requested by Lender upon reasonable advance notice. If Lender shall determine that an Event of Default exists, the cost of such inspections, examinations, copying or audits
shall be borne by Borrower, including the cost of all follow up or additional investigations, audits or inquiries deemed reasonably necessary by Lender. The cost of such inspections, examinations, audits and copying, if not paid for by Borrower
following demand, may be added to the Indebtedness and shall bear interest thereafter until paid at the Default Rate. If Borrower prohibits, bars or fails to permit agents, representatives and employees of Lender and the Servicer from entering and
inspecting the Property or from inspecting, examining, auditing and copying Borrower’s books and records, as required by this Section, for more than five days after a written request is made by Lender to do so, Borrower agrees to pay Lender on
demand the sum of $1,000.00 for each day after such five-day period that Borrower so prohibits or bars such inspection, and such sum or sums shall be part of the Indebtedness. 

5.6 Cooperate in Legal Proceedings. Except with respect to any claim by Borrower against Lender, Borrower shall
cooperate fully with Lender with respect to any proceedings before any Governmental Authority that may in any way affect the rights of Lender hereunder or under any of the Loan Documents and, in connection therewith, Lender may, at its election,
participate or designate a representative to participate in any such proceedings. 

  
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 5.7 Leases. 

(a) Borrower shall furnish Lender with executed copies of all Leases. All new Leases and renewals or
amendments of Leases must (i) be entered into on an arms-length basis with Tenants that are not affiliates of Borrower and whose identity and creditworthiness is appropriate for tenancy in property of comparable quality, (ii) provide for
rental rates and other economic terms that, taken as a whole, are at least equivalent to then-existing market rates, based on the applicable market, and otherwise contain terms and conditions that are commercially reasonable, (iii) have an
initial term of not more than 10 years, (iv) not reasonably be expected to result in a Material Adverse Effect and (v) be subject and subordinate to the Loan and contain provisions for the agreement by the Tenant thereunder to attorn to
Lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Property by any purchaser at a foreclosure sale. 

(b) Any Lease that does not conform to the standards set forth in Section 5.7(a) shall be
subject to the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. In addition, all new Leases that are Major Leases, and all terminations, renewals and amendments of Major Leases, and any
surrender of rights under any Major Lease, shall be subject to the prior written consent of Lender. 
 (c) Borrower shall (i) observe and punctually perform all the material obligations imposed upon the lessor under the Leases; (ii) enforce all of the material terms, covenants and conditions
contained in the Leases on the part of the lessee thereunder to be observed or performed, short of termination thereof, except that Borrower may terminate any Lease following a material default thereunder by the respective Tenant; (iii) not
collect any of the rents thereunder more than one month in advance; (iv) not execute any assignment of lessor’s interest in the Leases or associated rents other than the assignment of rents and leases under the Security Instrument;
(v) not cancel or terminate any guarantee of any of the Major Leases without the prior written consent of Lender; and (vi) not permit any subletting of any space covered by a Lease or an assignment of the Tenant’s rights under a
Lease, except in strict accordance with the terms of such Lease. Borrower shall deliver to each new Tenant a Tenant Notice upon execution of such Tenant’s Lease, and promptly thereafter deliver to Lender a copy thereof and evidence of such
Tenant’s receipt thereof. Without limiting the foregoing, Borrower shall continue to use reasonable, good faith efforts to achieve a LEED Certification for the improvements on the Property within six (6) months of the commencement of the
CHI Lease with Tenant doing business as Catholic Health Initiatives as required pursuant to Section 1.2 of such CHI Lease. 
 (d) Security deposits of Tenants under all Leases shall be held in compliance with Legal Requirements and any provisions in Leases relating thereto. Borrower shall maintain books and records of sufficient
detail to identify all security deposits of Tenants separate and apart from any other payments received from Tenants. Subject to Legal Requirement, any bond or other instrument held by Borrower in lieu of cash security shall name Lender as payee or
mortgagee thereunder or be fully assignable to Lender. Borrower hereby pledges to Lender each 

  
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such bond or other instrument as security for the Indebtedness. Upon the occurrence of an Event of Default, Borrower shall, upon Lender’s request, deposit with Lender in an Eligible Account
pledged to Lender an amount equal to the aggregate security deposits of the Tenants (and any interest theretofore earned on such security deposits and actually received by Borrower), and any such bonds, that Borrower had not returned to the
applicable Tenants or applied in accordance with the terms of the applicable Lease (and failure to do so shall constitute a misappropriation of funds pursuant to Section 9.19(b)). 

(e) Borrower shall promptly deliver to Lender a copy of each written notice from a Tenant under any Major
Lease claiming that Borrower is in default in the performance or observance of any of the material terms, covenants or conditions thereof to be performed or observed by Borrower. Borrower shall use commercially reasonable efforts to provide in each
Major Lease executed after the Closing Date to which Borrower is a party that any Tenant delivering any such notice shall send a copy of such notice directly to Lender. 

5.8 Plan Assets, etc. Borrower will do, or cause to be done, all things necessary to ensure that it will not be
deemed to hold Plan Assets at any time. 
 5.9 Further Assurances. Borrower shall, at Borrower’s
sole cost and expense, from time to time as reasonably requested by Lender, execute, acknowledge, record, register, file and/or deliver to Lender such other instruments, agreements, certificates and documents (including amended or replacement
mortgages), and Borrower hereby consents to the filing by Lender of any Uniform Commercial Code financing statements, in each case as Lender may reasonably request to evidence, confirm, perfect and maintain the Liens securing or intended to secure
the obligations of Borrower and the rights of Lender under the Loan Documents and do and execute all such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of
this Agreement and the other Loan Documents as Lender shall reasonably request from time to time. Upon foreclosure, the appointment of a receiver or any other relevant action, Borrower shall, at its sole cost and expense, cooperate fully and
completely to effect the assignment or transfer of any license, permit, agreement or any other right necessary or useful to the operation of the Collateral. Borrower hereby authorizes and appoints Lender as its attorney-in-fact to, during the
continuance of an Event of Default, execute, acknowledge, record, register and/or file such instruments, agreements, certificates and documents, and to do and execute such acts, conveyances and assurances, should Borrower fail to do so itself in
violation of this Agreement or the other Loan Documents following written request from Lender, in each case without the signature of Borrower. The foregoing grant of authority is a power of attorney coupled with an interest and such appointment
shall be irrevocable for the term of this Agreement. Borrower hereby ratifies all actions that such attorney shall lawfully take or cause to be taken in accordance with this Section. 

5.10 Management of Collateral. 

(a) The Property shall be managed at all times by an Approved Property Manager pursuant to an Approved
Management Agreement. Pursuant to the Subordination of Property Management Agreement or Agreements, each Approved Property Manager shall agree that its Approved Management Agreement and all fees thereunder (including any incentive fees)

  
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are subject and subordinate to the Indebtedness. Borrower may from time to time appoint an Approved Property Manager to manage the Property pursuant to an Approved Management Agreement, and such
successor manager shall execute for Lender’s benefit a Subordination of Property Management Agreement in form and substance reasonably satisfactory to Lender. The per annum fees of the Approved Property Manager (including any incentive fees)
shall not, at any time, exceed the Maximum Management Fee. 
 (b) Borrower shall cause each
Approved Property Manager (including any successor Approved Property Manager) to maintain at all times worker’s compensation insurance as required by Governmental Authorities. 

(c) Borrower shall notify Lender in writing of any default of Borrower or the Approved Property Manager
under the Approved Management Agreement, after the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable notice to Borrower and in accordance with the Subordination of
Property Management Agreement, to cure defaults of Borrower under the Approved Management Agreement. Any out-of-pocket expenses incurred by Lender to cure any such default shall constitute a part of the Indebtedness and shall be due from Borrower
upon demand by Lender. 
 (d) During the continuance of an Event of Default, or following any
foreclosure, conveyance in lieu of foreclosure or other similar transaction, or during the continuance of a material default by the Approved Property Manager under the Approved Management Agreement (after the expiration of any applicable notice
and/or cure periods), or if the Approved Property Manager files or is the subject of a petition in bankruptcy, or if a trustee or receiver is appointed for the Approved Property Manager’s assets or the Approved Property Manager makes an
assignment for the benefit of creditors, or if the Approved Property Manager is adjudicated insolvent, then, in any such case, Lender may, in its sole discretion, terminate or require Borrower to terminate the Approved Management Agreement and
engage an Approved Property Manager selected by Lender to serve as replacement Approved Property Manager pursuant to an Approved Management Agreement. 
 5.11 Notice of Material Event. Borrower shall give Lender prompt notice (containing reasonable detail) of (i) any material change in the financial or physical condition of the Property, as
reasonably determined by Borrower, including the termination or cancellation of any Major Lease and the termination or cancellation of terrorism or other insurance required by this Agreement, (ii) any notice from the Approved Property Manager,
to the extent such notice relates to a matter that is reasonably expected to result in a Material Adverse Effect, (iii) any litigation or governmental proceedings pending or threatened in writing against Borrower or the Property that is
reasonably expected to result in a Material Adverse Effect, (iv) the insolvency or bankruptcy filing of any Required SPE, Sponsor or an affiliate of any of the foregoing and (v) any other circumstance or event that is reasonably expected
to result in a Material Adverse Effect. 
 5.12 Annual Financial Statements. As soon as available, and in
any event within 120 days after the close of each Fiscal Year, Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of
predominantly text documents, in Adobe pdf format, annual 

  
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financial statements of Borrower, including a balance sheet and operating statement of Borrower as of the end of such year, together with related statements of operations and equityholders’
capital and cash flow for such Fiscal Year, accompanied by (a) an Officer’s Certificate certifying that the same are true, correct and complete and were prepared in accordance with GAAP applied on a consistent basis, subject to changes
resulting from audit and normal year-end audit adjustments and (b) a review prepared by an accounting firm reasonably acceptable to Lender and in accordance with AICPA standards. Together with Borrower’s annual financial statements,
Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format: 

(i) a statement of cash flows; 

(ii) then current rent roll and occupancy reports; and 

(iii) such other information as Lender shall reasonably request. 

5.13 Quarterly Financial Statements. As soon as available, and in any event within 60 days after the end of each
Fiscal Quarter (including year-end), Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly text documents,
in Adobe pdf format, quarterly and year-to-date unaudited financial statements prepared for such fiscal quarter with respect to Borrower, including a balance sheet and operating statement of Borrower as of the end of such Fiscal Quarter, together
with related statements of operations, equityholders’ capital and cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal Quarter, which statements shall be accompanied by an Officer’s Certificate
certifying that the same are true, correct and complete and were prepared in accordance with GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments. Each such quarterly report shall be
accompanied by the following, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format: 

(i) a statement in reasonable detail that calculates Net Operating Income for each of the Fiscal Quarters
in the Test Period ending in such Fiscal Quarter, in the case of each such Fiscal Quarter, ending at the end thereof; 
 (ii) copies of each of the Leases signed during such quarter; 
 (iii) then current rent roll and occupancy reports; and 
 (iv) such other information as Lender shall reasonably request. 

5.14 Monthly Financial Statements; Non-Delivery of Financial Statements. 

(a) Until the occurrence of a Securitization and during the continuance of a Trigger Period or an Event of
Default (or, in the case of item (iii) below, at all times), Borrower shall furnish within 30 days after the end of each calendar month (other than the calendar month immediately following the final calendar month of any Fiscal Year or
Fiscal Quarter), in an 

  
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Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format,
monthly and year-to-date unaudited financial statements prepared for the applicable month with respect to Borrower, including a balance sheet and operating statement as of the end of such month, together with related statements of income,
equityholders’ capital and cash flows for such month and for the portion of the Fiscal Year ending with such month, which statements shall be accompanied by an Officer’s Certificate certifying that the same are true, correct and complete
and were prepared in accordance with GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments. Each such monthly report shall be accompanied by the following: 

(i) a summary of Leases signed during such month, which summary shall include the Tenant’s name,
lease term, base rent, escalations, Tenant Improvements, leasing commissions paid, free rent and other concessions; 
 (ii) then current rent roll and occupancy reports; and 
 (iii) such other information as Lender shall reasonably request. 
 (b) If Borrower fails to provide to Lender the financial statements and other information specified in Sections 5.12, 5.13 and this Section within the respective time period specified
in such Sections and the failure continues for ten (10) Business Days following written notice from Lender, then (i) such failure shall, at Lender’s election, constitute an Event of Default following written notice from Lender, and
(ii) a Trigger Period shall be deemed to have commenced for all purposes hereunder and shall continue until such failure is remedied and the financial statements delivered to Lender evidence that no Trigger Period is in effect.

 5.15 Insurance. 

(a) Borrower shall obtain and maintain with respect to the Property, for the mutual benefit of Borrower
and Lender at all times, the following policies of insurance: 
 (i) insurance against loss or
damage by standard perils included within the classification “All Risks Special Form Cause of Loss” (including coverage for damage caused by windstorm (including named storm) and hail). Such insurance shall (A) be in an amount equal
to the full insurable value on replacement cost basis of the Property and all related furniture, furnishings, equipment and fixtures (without deduction for physical depreciation); (B) have deductibles acceptable to Lender (but in any event not
in excess of $50,000, except in the case of windstorm and earthquake coverage, which shall have deductibles not in excess of 5% of the total insurable value of the Property); (C) be paid annually in advance; (D) contain a “Replacement
Cost Endorsement” with a waiver of depreciation and an “Agreed Upon Amount Endorsement” waiving all coinsurance provisions; (E) include ordinance or law coverage on a replacement cost basis, with no co-insurance provisions,
containing Coverage A: “Loss Due to Operation of Law” (with a limit equal to replacement cost), Coverage B: “Demolition Cost” and Coverage C: “Increased Cost of Construction” coverages each with limits of
no less than 10% of replacement cost or such lesser amounts as Lender may 

  
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require in its sole discretion; (F) permit that the improvements and other property covered by such insurance be rebuilt at another location in the event that such improvements and other
property cannot be rebuilt at the location on which they are situated as of the date hereof. If such insurance excludes mold, then the Borrowers shall implement a mold prevention program satisfactory to Lender; 

(ii) if any material portion of the Property is located in an area identified in the Federal Register by
the Federal Emergency Management Agency as having special flood hazards, flood insurance in an amount equal to the maximum limit of coverage available under the National Flood Insurance Program, plus such additional excess limits as shall be
requested by Lender, with a deductible not in excess of $25,000; 
 (iii) commercial general
liability insurance, including broad form coverage of property damage, blanket contractual liability and personal injury (including bodily injury and death), to be on the so-called “occurrence” form containing minimum limits per occurrence
of not less than $1,000,000 with not less than a $2,000,000 general aggregate for any policy year (with a per location aggregate if the Property is on a blanket policy), with a deductible not in excess of $50,000. In addition, at least
$15,000,000.00 excess and/or umbrella liability insurance shall be obtained and maintained for any and all claims, including all legal liability imposed upon Borrower and all related court costs and attorneys’ fees and disbursements with a
deductible not in excess of $50,000; 
 (iv) rental loss and/or business interruption insurance
covering actual loss sustained during restoration from all risks required to be covered by the insurance provided for herein, including clauses (i), (ii), (v), (vii), (viii) and (ix) of this
Section 5.15(a), and covering the eighteen (18) month period from the date of any Casualty and containing an extended period of indemnity endorsement covering the 12 month period commencing on the date on which the Property has been
restored, as reasonably determined by the applicable insurer (even if the policy will expire prior to the end of such period). The amount of such insurance shall be increased from time to time as and when the gross revenues from the Property
increase; 
 (v) insurance against loss or damage from (A) leakage of sprinkler systems, if
not provided by the policy required by Section 5.15(a)(i), and (B) explosion of steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus now or hereafter
installed in any of the improvements (without exclusion for explosions) and insurance against loss of occupancy or use arising from any breakdown, in such amounts as are generally available and are generally required by institutional lenders for
properties comparable to the Property, in each case, with a deductible not in excess of $50,000; 

(vi) worker’s compensation insurance with respect to all employees of Borrower as and to the extent
required by any Governmental Authority or Legal Requirement and employer’s liability coverage of at least $1,000,000 (if applicable); 

  
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 (vii) during any period of repair or restoration, and only
if the property and liability coverage forms do not otherwise apply, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the insurance provided for in
Section 5.15(a)(iii). The insurance provided for in Section 5.15(a) shall (1) be written in a so-called builder’s risk completed value form or equivalent coverage, including coverage for 100% of the total costs of
construction on a non-reporting basis and against all risks insured against pursuant to clauses (i), (ii), (iv), (v), (viii) and (ix) of Section 5.15(a), (2) shall include
permission to occupy the Property, and (3) shall contain an agreed amount endorsement waiving co-insurance provisions; 
 (viii) if required by Lender, earthquake insurance (A) with minimum coverage equivalent to the greater of 1.0x SUL (scenario upper loss) and 1.5x SEL (scenario expected loss) multiplied by the full
replacement cost of the building plus business income, (B) having a deductible not in excess of 5% of the total insurable value of the Property, and (C) if the Property is legally nonconforming under applicable zoning ordinances and codes,
containing ordinance of law coverage in amounts as required by Lender; 
 (ix) so long as the
Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) or a similar or subsequent statute is in effect, terrorism insurance for foreign and domestic acts (as such terms are defined in TRIPRA or similar or subsequent
statute) in an amount equal to the full replacement cost of the Property (plus twelve months of business interruption coverage). If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially
available, Borrower shall be required to carry terrorism insurance throughout the term of the Loan as required by the preceding sentence, but in such event Borrower shall not be required to spend on terrorism insurance coverage more than two times
the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required hereunder (without giving effect to the cost of terrorism and earthquake components of such casualty
and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism insurance available with funds equal to such amount. In either such case, such
insurance shall not have a deductible in excess of $50,000; 
 (x) motor vehicle liability
coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00 (if applicable); and 

(xi) such other insurance as may from time to time be requested by Lender. 

(b) All policies of insurance (the “Policies”) required pursuant to this
Section 5.15 shall be issued by one or more primary insurers having a claims-paying ability of at least “A” or “A2” by each of the Rating Agencies, or by a syndicate of insurers through which at least 75% of the
coverage (if there are 4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with carriers having such claims-paying ability ratings (provided that the first layers of coverage are
from carriers rated at least “A” or “A2” and all such carriers shall have claims-paying ability ratings of not less than 

  
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“BBB+” or “Baa1”). Notwithstanding anything to the contrary herein, for purposes of determining whether the insurer ratings requirements set forth above have been satisfied,
(1) any insurer that is not rated by Fitch will be regarded as having a Fitch rating that is the equivalent of the rating given to such insurer by any of Moody’s and S&P that does rate such insurer (or, if both such rating agencies
rate such insurer, the lower of the two ratings), (2) any insurer that is not rated by Moody’s will be regarded as having a Moody’s rating of “Baa1” or better if it is rated “A-” or better by S&P and will be
regarded as having a Moody’s rating of “A2” or better if it is rated “A+” or better by S&P and (3) any insurer that is not rated by DBRS will be regarded as having a DBRS rating that is the equivalent of the rating
given to such insurer by any of Moody’s and S&P that does rate such insurer (or, if both Moody’s and S&P rate such insurer, the lower of the two ratings). 

(c) All Policies required pursuant to this Section 5.15: 

(i) shall contain deductibles that, in addition to complying with any other requirements expressly set
forth in Section 5.15(a), are approved by Lender (such approval not to be unreasonably withheld, delayed or conditioned, but subject to the requirements of each Rating Agency) and are no larger than is customary for similar policies
covering similar properties in the geographic market in which the Property is located; 
 (ii)
shall be maintained throughout the term of the Loan without cost to Lender and shall name Borrower as the named insured; 
 (iii) with respect to casualty and rental or business interruption policies, shall contain a standard noncontributory mortgagee clause naming Lender and its successors and assigns as their interests may
appear as first mortgagee/loss payee; 
 (iv) with respect to liability policies, shall name
Lender and its successors and assigns as their interests may appear as additional insureds; 

(v) with respect to rental or business interruption insurance policies, shall name Lender and its
successors and assigns as their interests may appear as loss payee; 
 (vi) shall be written on a
no co-insurance form or contain an endorsement providing that neither Borrower nor Lender nor any other party shall be a co-insurer under said Policies; 

(vii) shall contain an endorsement or other provision providing that Lender shall receive at least 30
days’ prior written notice of cancellation thereof; 
 (viii) shall contain an endorsement
providing that no act or negligence of Borrower or of a Tenant or other occupant or any foreclosure or other proceeding or notice of sale relating to the Property shall affect the validity or enforceability of the insurance insofar as a mortgagee is
concerned; 

  
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 (ix) shall provide that Lender shall not be liable for any
insurance premiums thereon or subject to any assessments thereunder; 
 (x) shall contain a
waiver of subrogation against Lender; 
 (xi) may be in the form of a blanket policy,
provided that Borrower shall provide evidence satisfactory to Lender that the insurance premiums for the Property are separately allocated under such Policy to the Property and such blanket policy shall provide the same protection as would a
separate Policy as reasonably determined by Lender; and 
 (xii) shall otherwise be reasonably
satisfactory in form and substance to Lender and shall contain such other provisions as Lender deems reasonably necessary or desirable to protect its interests. 

(d) Borrower shall pay the premiums for all Policies as the same become due and payable. Copies of
Borrower’s Policies, certified as true and correct by Borrower, shall be delivered to Lender promptly upon request. Not later than 30 days prior to the expiration date of each Policy, Borrower shall deliver to Lender evidence, reasonably
satisfactory to Lender, of its renewal. Borrower shall promptly forward to Lender a copy of each written notice received by Borrower of any modification, reduction or cancellation of any of the Policies or of any of the coverages afforded under any
of the Policies. Within 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. 
 (e)
Borrower shall not procure any other insurance coverage that would be on the same level of payment as the Policies or would adversely impact in any way the ability of Lender or Borrower to collect any proceeds under any of the Policies. If at any
time Lender is not in receipt of written evidence that all Policies are in full force and effect when and as required hereunder, Lender shall have the right to take such action as Lender deems necessary to protect its interest in the Property,
including the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate (but limited to the coverages and amounts required hereunder). All premiums, costs and expenses (including attorneys’ fees and expenses)
incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, and shall bear interest at the Default Rate. 

(f) In the event of foreclosure of the Security Instrument or other transfer of title to the Property in
extinguishment in whole or in part of the Indebtedness, all right, title and interest of Borrower in and to the Policies then in force with respect to the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such
foreclosure or in Lender or other transferee in the event of such other transfer of title. 
 (g)
Borrower may use the insurance coverage provided by the existing Tenant on the Property (i.e., Catholic Health Initiatives) to satisfy all or a portion of Borrower’s insurance requirements described in this Section as approved by Lender so long
as (x) any 

  
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insurance coverage provided by the existing Tenant satisfy the requirements set forth in this Agreement (or, if it does not satisfy any of the requirements of this Agreement, is not otherwise
acceptable to Lender in its sole discretion), the CHI Lease and any Material Agreements applicable to the Property covered by such Lease and properly names or identifies Lender’s interest as insured through a manuscript blanket mortgagee
endorsement and Lender shall be entitled to the protections noted in the existing manuscript blanket Policy maintained by the Tenant, (y) the CHI Lease is in full force and effect and (z) such Tenant is not entitled to terminate its
Lease following a Casualty other than as currently stated in the CHI Lease. To the extent any of the foregoing conditions are not satisfied, Borrower shall be required to itself provide supplemental coverage to Lender such that the aggregate
insurance coverage with respect to the Property is consistent in all respects with the requirements of this Section. Notwithstanding the foregoing, Lender (1) has permitted and approved the existing Tenant’s property insurance coverage as
evidenced on the certificate of insurance as of the Closing Date, including but not limited to the insurance company and property deductible, for so long as the Tenant maintains a rating of A by S&P for their revenue bonds which ratings are
primarily attributable to the overall credit quality of Catholic Health Systems and its related systems; and (2) shall accept business interruption coverage as provided by the Tenant even if not in compliance with the requirements set forth in
Section 5.15(a)(iv) for so long as (A) the Tenant maintains a rating of A by S&P for their revenue bonds which ratings are primarily attributable to the overall credit quality of Catholic Health Systems and its related systems;
and (B) the CHI Lease does not permit abatement of rent as the result of a Casualty. If Borrower uses any insurance coverage from Catholic Health Initiatives as described herein and Borrower satisfies the requirements detailed in this
subsection (g) as it relates to such insurance, Borrower shall not be obligated to escrow amounts attributable to such insurance with Lender in accordance with Section 3.4 hereof. 

5.16 Casualty and Condemnation. 

(a) Borrower shall give prompt notice to Lender of any Casualty or Condemnation or of the actual or
threatened commencement of proceedings that would result in a Condemnation. 
 (b) Lender may
participate in any proceedings for any taking by any public or quasi-public authority accomplished through a Condemnation or any transfer made in lieu of or in anticipation of a Condemnation, to the extent permitted by law. Upon Lender’s
request, Borrower shall deliver to Lender all instruments reasonably requested by it to permit such participation. Borrower shall, at its sole cost and expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys
and experts, and cooperate with them in the carrying on or defense of any such proceedings. Borrower shall not consent or agree to a Condemnation or action in lieu thereof without the prior written consent of Lender in each instance, which consent
shall not be unreasonably withheld, delayed or conditioned in the case of a taking of an immaterial portion of the Property. 
 (c) Lender may (x) jointly with Borrower settle and adjust any claims, (y) during the continuance of an Event of Default, settle and adjust any claims without the consent or cooperation of
Borrower, or (z) allow Borrower to settle and adjust any claims; except that if no Event of Default is continuing, Borrower may settle and adjust claims aggregating not in excess of the Threshold Amount if such settlement or adjustment is
carried out in a competent 

  
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and timely manner, but Lender shall be entitled to collect and receive (as set forth below) any and all Loss Proceeds. The reasonable expenses incurred by Lender in the adjustment and collection
of Loss Proceeds shall become part of the Indebtedness and shall be reimbursed by Borrower to Lender upon demand therefor. 
 (d) All Loss Proceeds from any Casualty or Condemnation shall be immediately deposited into the Loss Proceeds Account (monthly rental loss/business interruption proceeds to be initially deposited into the
Loss Proceeds Account and subsequently deposited into the Cash Management Account in installments as and when the lost rental income covered by such proceeds would have been payable). Following the occurrence of a Casualty, Borrower, regardless of
whether proceeds are available, shall in a reasonably prompt manner proceed to restore, repair, replace or rebuild the Property to be of at least equal value and of substantially the same character as prior to the Casualty, all in accordance with
the terms hereof applicable to Alterations. If any Condemnation or Casualty occurs as to which, in the reasonable judgment of Lender: 
 (i) in the case of a Casualty, the cost of restoration would not exceed 25% of the Loan Amount and the Casualty does not render untenantable, or result in the cancellation of Leases covering, more than
25% of the gross rentable area of the Property, or result in cancellation of Leases covering more than 25% of the base contractual rental revenue of the Property; 

(ii) in the case of a Condemnation, the Condemnation does not render untenantable, or result in the
cancellation of Leases covering, more than 15% of the gross rentable area of the Property; 

(iii) restoration of the Property is reasonably expected to be completed prior to the expiration of rental
interruption insurance and at least six months prior to the Maturity Date; 
 (iv) after such
restoration, the fair market value of the Property is reasonably expected to equal at least the fair market value of the Property immediately prior to such Condemnation or Casualty (assuming the affected portion of the Property is relet); and

 (v) all necessary approvals and consents from Governmental Authorities will be obtained to
allow the rebuilding and re-occupancy of the Property; 
 or if Lender otherwise elects to allow Borrower to restore the
Property, then, provided no Event of Default is continuing, the Loss Proceeds after receipt thereof by Lender and reimbursement of any reasonable expenses incurred by Lender in connection therewith shall be applied to the cost of restoring,
repairing, replacing or rebuilding the Property or part thereof subject to the Casualty or Condemnation, in the manner set forth below (and Borrower shall commence, as promptly and diligently as practicable, to prosecute such restoring, repairing,
replacing or rebuilding of the Property in a workmanlike fashion and in accordance with applicable law to a status at least equivalent to the quality and character of the Property immediately prior to the Condemnation or Casualty). Provided that no
Event of Default shall have occurred and be then continuing, Lender 

  
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shall disburse such Loss Proceeds to Borrower upon Lender’s being furnished with (i) evidence reasonably satisfactory to it of the estimated cost of completion of the restoration,
(ii) funds, or assurances reasonably satisfactory to Lender that such funds are available and sufficient in addition to any remaining Loss Proceeds, to complete the proposed restoration (including for any reasonable costs and expenses of Lender
to be incurred in administering such restoration) and for payment of the Indebtedness as it becomes due and payable during the restoration, and (iii) such architect’s certificates, waivers of lien, contractor’s sworn statements, title
insurance endorsements, bonds, plats of survey and such other evidences of cost, payment and performance as Lender may reasonably request; and Lender may, in any event, require that all plans and specifications for restoration reasonably estimated
by Lender to exceed the Threshold Amount be submitted to and approved by Lender prior to commencement of work (which approval shall not be unreasonably withheld, delayed or conditioned). If Lender reasonably estimates that the cost to restore will
exceed the Threshold Amount, Lender may retain a local construction consultant to inspect such work and review Borrower’s request for payments and Borrower shall, on demand by Lender, reimburse Lender for the reasonable fees and expenses of
such consultant (which fees and expenses shall constitute Indebtedness). No payment shall exceed 90% of the value of the work performed from time to time until such time as 50% of the restoration (calculated based on the anticipated aggregate cost
of the work) has been completed, and amounts retained prior to completion of 50% of the restoration shall not be paid prior to the final completion of the restoration. Funds other than Loss Proceeds shall be disbursed prior to disbursement of such
Loss Proceeds, and at all times the undisbursed balance of such proceeds remaining in the Loss Proceeds Account, together with any additional funds irrevocably and unconditionally deposited therein or irrevocably and unconditionally committed 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. 

(e) Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Loss Proceeds
lawfully or equitably payable to Lender in connection with the Property. Lender shall be reimbursed for any expenses reasonably incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and, if reasonably
necessary to collect such proceeds, the expense of an Appraisal on behalf of Lender) out of such Loss Proceeds or, if insufficient for such purpose, by Borrower. Borrower hereby irrevocably constitutes and appoints Lender as the attorney-in-fact of
Borrower for matters in excess of the Threshold Amount with respect to the Property, with full power of substitution, subject to the terms of this Section, to settle for, collect and receive all Loss Proceeds and any other awards, damages, insurance
proceeds, payments or other compensation from the parties or authorities making the same, to appear in and prosecute any proceedings therefor and to give receipts and acquittance therefor (which power of attorney shall be irrevocable so long as any
of the Indebtedness is outstanding, shall be deemed coupled with an interest, and shall survive the voluntary or involuntary dissolution of Borrower). 

(f) If Borrower is not entitled to apply Loss Proceeds toward the restoration of the Property pursuant to
Section 5.16(d) and Lender elects not to permit such Loss Proceeds to be so applied, such Loss Proceeds shall be applied on the first Payment Date following such election to the prepayment of the Principal Indebtedness and shall be
accompanied by interest through the end of the applicable Interest Accrual Period (calculated as if the amount prepaid were outstanding for the entire Interest Accrual Period). If the Note has been bifurcated into

  
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multiple Notes or Note Components pursuant to Section 1.1(c), all prepayments of the Loan made by Borrower in accordance with this Section shall be applied to the Notes or Note
Components in ascending order of interest rate (i.e., first to the Note with the lowest interest rate until its outstanding principal balance has been reduced to zero, then to the Note with the second lowest interest rate until its
outstanding principal balance has been reduced to zero, and so on) or in such other order as Lender shall determine. 
 (g) Notwithstanding the foregoing provisions of this Section 5.16, if the Loan is included in a REMIC and immediately following a release of any portion of the applicable Property from the
Lien of the Loan Documents in connection with a Casualty or Condemnation the Loan would fail to satisfy a Lender 80% Determination (taking into account the planned restoration of the Property), then Borrower shall prepay the Principal Indebtedness
in accordance with Section 5.16(f) in an amount equal to either (i) so much of the Loss Proceeds as are necessary to cause the Lender 80% Determination to be satisfied, or if the aggregate Loss Proceeds are insufficient for such
purpose, then 100% of such Loss Proceeds, or (ii) a lesser amount provided the Borrower delivers to Lender an opinion of counsel, in form and substance reasonably satisfactory to Lender and delivered by counsel reasonably satisfactory to
Lender, opining that such release of Property from the Lien does not cause any portion of the Loan to cease to be a “qualified mortgage” within the meaning of section 860G(a)(3) of the Code. 

5.17 Annual Budget. At least 30 days prior to the commencement of each Fiscal Year during the term of the Loan,
and within 30 days after the commencement of any Trigger Period or Event of Default, Borrower shall deliver to Lender an Annual Budget for the Property for the ensuing Fiscal Year and, promptly after preparation thereof, any subsequent revisions to
the Annual Budget, which delivery shall be for informational purposes only so long as no Trigger Period or Event of Default is continuing. During the continuance of any Trigger Period or Event of Default, such Annual Budget and any revisions thereto
shall be subject to Lender’s approval (the Annual Budget, as so approved, the “Approved Annual Budget”). Borrower shall not amend any Approved Annual Budget more than once in any 60-day period. For so long as Lender shall
withhold its consent to any Annual Budget or any revisions thereto, the Annual Budget in effect prior to any such request for approval shall remain in effect. 
 5.18 Nonbinding Consultation. Lender shall have the right to consult with and advise Borrower regarding significant business activities and business and financial developments of Borrower, provided
that any such advice or consultation or the result thereof shall be completely nonbinding on Borrower. 
 5.19
Compliance with Encumbrances and Material Agreements. Borrower covenants and agrees as follows: 
 (i) Borrower shall comply with all material terms, conditions and covenants of each Material Agreement and each material Permitted Encumbrance, including any reciprocal easement agreement, ground lease,
declaration of covenants, conditions and restrictions, and any condominium arrangements. 
 (ii)
Borrower shall promptly deliver to Lender a true and complete copy of each and every notice of default received by Borrower with respect to any obligation of such Borrower under the provisions of any Material Agreement and/or Permitted Encumbrance.

  
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 (iii) Borrower shall deliver to Lender copies of any written
notices of default or event of default relating to any Material Agreement and/or Permitted Encumbrance served by Borrower. 
 (iv) Without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, Borrower shall not grant or withhold any material consent, approval or waiver under any Material
Agreement or Permitted Encumbrance unless no Event of Default is continuing and the same would not be reasonably likely to have a Material Adverse Effect. 

(v) Borrower shall deliver to each other party to any Permitted Encumbrance and any Material Agreement
notice of the identity of Lender and each assignee of Lender of which Borrower is aware if such notice is required in order to protect Lender’s interest thereunder. 

(vi) Borrower shall enforce, short of termination thereof, the performance and observance of each and
every material term, covenant and provision of each Material Agreement and Permitted Encumbrance to be performed or observed, if any. 
 5.20 Prohibited Persons. No Required SPE or any of their direct or indirect equityholders shall (i) knowingly conduct any business, or engage in any transaction or dealing, with any Embargoed
Person, including the making or receiving of any contribution of funds, goods, or services, to or for the benefit of a Embargoed Person, or (ii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the
purpose of evading or avoiding, or attempts to violate, any Federal Trade Embargo. Borrower shall cause the representation set forth in Section 4.39 to remain true and correct at all times. 

ARTICLE VI 

NEGATIVE COVENANTS 
 6.1 Liens on the Collateral. No Required SPE shall permit or suffer the existence of any Lien on any of its assets, other than Permitted Encumbrances. 

6.2 Ownership. Borrower shall not own any assets other than the Property and related personal property and
fixtures located therein or used in connection therewith. 
 6.3 Transfer; Prohibited Change of Control.
Borrower shall not Transfer any Collateral other than in compliance with Article II and other than the replacement or other disposition of obsolete or non-useful personal property and fixtures in the ordinary course of business, and
Borrower shall not hereafter file a declaration of condominium with respect to the Property. No Prohibited Change of Control or Prohibited Pledge shall occur. 
 6.4 Debt. Borrower shall not have any Debt, other than Permitted Debt. 

  
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 6.5 Dissolution; Merger or Consolidation. No Required SPE shall
dissolve, terminate, liquidate, merge with or consolidate into another Person without first causing the Loan to be assumed by a Successor Borrower pursuant to Section 2.2. 

6.6 Change in Business. Borrower shall not 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. 
 6.7 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except for adequate consideration or in the ordinary course of
its business. 
 6.8 Affiliate Transactions. Borrower shall not enter into, or be a party to, any
transaction with any affiliate of Borrower, except on terms that are intrinsically fair, commercially reasonable and substantially similar to those that Borrower would have obtained in a comparable arm’s length transaction with an unrelated
third party. 
 6.9 Misapplication of Funds. Borrower shall not (a) distribute any Revenue or Loss
Proceeds in violation of the provisions of this Agreement (and shall promptly cause the reversal of any such distributions made in error of which Borrower becomes aware), (b) fail to remit amounts to the Lockbox Account or Cash Management
Account as required by Section 3.1, (c) make any distributions to equityholders during the continuance of a Trigger Period or Event of Default unless expressly permitted hereunder, or (d) misappropriate any security deposit or
portion thereof. 
 6.10 Jurisdiction of Formation; Name. Borrower shall not change its jurisdiction of
formation, its jurisdiction of fiscal residence or name without receiving Lender’s prior written consent and promptly providing Lender such information and replacement Uniform Commercial Code financing statements and legal opinions as Lender
may reasonably request in connection therewith. 
 6.11 Modifications and Waivers. Unless otherwise
consented to in writing by Lender: 
 (i) Borrower shall not amend, modify, terminate, renew, or
surrender any rights or remedies under any Lease, or enter into any Lease, except in compliance with Section 5.7; 
 (ii) No Required SPE shall terminate, amend or modify its organizational documents (including any operating agreement, limited partnership agreement, by-laws, certificate of formation, certificate of
limited partnership or certificate of incorporation); 
 (iii) Borrower shall not terminate,
amend or modify the Approved Management Agreement; and 
 (iv) Borrower shall not (x) enter
into any Material Agreement, or amend, modify, surrender or waive any material rights or remedies under any Material Agreement, except, in each case, on arms-length commercially reasonable terms, (y) terminate any Material Agreement, except for
terminations in connection with a material default thereunder, or (z) default in its obligations under any Material Agreement. 

  
 LOAN
AGREEMENT – Page 63 

 6.12 ERISA. 

(a) Borrower shall not maintain or contribute to, or agree to maintain or contribute to, or permit any
ERISA Affiliate of Borrower to maintain or contribute to or agree to maintain or contribute to, any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title IV or Section 302 of ERISA or Section 412 of the
Code. 
 (b) Borrower shall not engage in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code, or substantially similar provisions under federal, state or local laws, rules or regulations or in any transaction that would cause any obligation or action taken or to be taken hereunder (or
the exercise by Lender of any of its rights under the Notes, this Agreement, the Security Instrument or any other Loan Document) to be a non-exempt prohibited transaction under such provisions. 

6.13 Alterations and Expansions. During the continuance of any Trigger Period or Event of Default, Borrower shall
not incur or contract to incur any capital improvements requiring Capital Expenditures that are not consistent with the Approved Annual Budget. Borrower shall not perform, undertake, contract to perform or consent to any Material Alteration without
the prior written consent of Lender, which consent (in the absence of an Event of Default) shall not be unreasonably withheld, delayed or conditioned, but may be conditioned on the delivery of additional collateral in the form of cash or cash
equivalents acceptable to Lender in respect of the amount by which any such Material Alteration exceeds the Threshold Amount. If Lender’s consent is requested hereunder with respect to a Material Alteration, Lender may retain a construction
consultant to review such request and, if such request is granted, Lender may retain a construction consultant to inspect the work from time to time. Borrower shall, on demand by Lender, reimburse Lender for the reasonable fees and disbursements of
such consultant. 
 6.14 Advances and Investments. Borrower shall not lend money or make advances to any
Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any Person, except for Permitted Investments. 

6.15 Single-Purpose Entity. Borrower shall not cease to be a Single-Purpose Entity. Borrower shall not remove or
replace any Independent Director without Cause and without providing at least two Business Days’ advance written notice thereof to Lender and the Rating Agencies. 

6.16 Zoning and Uses. Borrower shall not do any of the following without the prior written consent of Lender:

 (i) initiate or support any limiting change in the permitted uses of the Property (or to the
extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Property, or

  
 LOAN
AGREEMENT – Page 64 

 
use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that
would violate the terms of any Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or any portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use
to be discontinued or abandoned; 
 (ii) impose or consent to the imposition of any restrictive
covenants, easements or encumbrances upon the Property in any manner that is reasonably likely to have a Material Adverse Effect; 
 (iii) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Property; or 

(iv) permit or consent to the Property being used by the public or any Person in such manner as might make
possible a claim of adverse usage or possession or of any implied dedication or easement. 
 6.17 Waste.
Borrower shall not commit or permit any Waste on the Property, nor take any actions that might invalidate any insurance carried on the Property (and Borrower shall promptly correct any such actions of which Borrower becomes aware). 

ARTICLE VII 

DEFAULTS 
 7.1 Event of Default. The occurrence of any one or more of the following events shall be, and shall constitute the commencement of, an “Event of Default” hereunder (any Event of
Default that has occurred shall continue unless and until waived by Lender in writing in its sole discretion): 
 (a) Payment. 
 (i) Borrower shall default in
the payment when due of any principal or interest owing hereunder or under the Notes (including any mandatory prepayment required hereunder); or 
 (ii) Borrower shall default, and such default shall continue for at least two Business Days after notice to Borrower that such amounts are owing, in the payment when due of fees, expenses or other amounts
owing hereunder, under the Notes or under any of the other Loan Documents (other than principal and interest owing hereunder or under the Note). 
 (b) Representations. Any representation made by Borrower in any of the Loan Documents, or in any report, certificate, financial statement or other instrument, agreement or document furnished to
Lender shall have been false or misleading in any material respect (or, with respect to any representation that itself contains a materiality qualifier, in any respect) as of the date such representation was made. 

  
 LOAN
AGREEMENT – Page 65 

 (c) Other Loan Documents. Any Loan Document shall
fail to be in full force and effect or to convey the material Liens, rights, powers and privileges purported to be created thereby; or a default by Borrower, Sponsor or any of their respective affiliates shall occur under any of the other Loan
Documents or Material Agreements, or a default by Borrower shall occur under the Approved Management Agreement, in each case, beyond the expiration of any applicable cure period. 

(d) Bankruptcy, etc. 

(i) Any Required SPE shall commence a voluntary case concerning itself under Title 11 of the United
States Code (as amended, modified, succeeded or replaced, from time to time, the “Bankruptcy Code”); 
 (ii) any Required SPE shall commence any other proceeding under any reorganization, arrangement, adjustment of debt, relief of creditors, dissolution, insolvency or similar law of any jurisdiction whether
now or hereafter in effect relating to such Required SPE, or shall dissolve or otherwise cease to exist; 
 (iii) there is commenced against any Required SPE an involuntary case under the Bankruptcy Code, or any such other proceeding, which remains undismissed for a period of 60 days after commencement;

 (iv) any Required SPE is adjudicated insolvent or bankrupt; 

(v) any Required SPE suffers appointment of any custodian or the like for it or for any substantial
portion of its property and such appointment continues unchanged or unstayed for a period of 60 days after commencement of such appointment; 
 (vi) any Required SPE makes a general assignment for the benefit of creditors; or 
 (vii) any Required SPE takes any action for the purpose of effecting any of the foregoing. 
 (e) Prohibited Change of Control. 
 (i) A
Prohibited Change of Control shall occur; or 
 (ii) Borrower shall fail to deliver any
Nonconsolidation Opinion required to be delivered pursuant to Section 2.3. 
 (f)
Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall
issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted: 

(i) any pledge of direct or indirect equity interests in and rights to distributions from a Qualified
Equityholder; and 

  
 LOAN
AGREEMENT – Page 66 

 (ii) the issuance of direct or indirect preferred equity
interests in a Qualified Equityholder. 
 Any act, action or state of affairs that would result in an Event of Default pursuant
to this subsection shall be referred to in this Agreement as a “Prohibited Pledge”. 
 (g) Insurance. Borrower shall fail to maintain in full force and effect all Policies required hereunder. 

(h) ERISA; Negative Covenants. A default shall occur in the due performance or observance by
Borrower of any term, covenant or agreement contained in Section 5.8 or in Article VI. 
 (i) Legal Requirements. Borrower shall fail to cure properly any violations of Legal Requirements affecting all or any portion of the Property within 30 days after Borrower first receives written
notice of any such violations; provided, however, if any such violation is reasonably susceptible of cure, but not within such 30 day period, then Borrower shall be permitted up to an additional 30 days to cure such violation provided
that Borrower commences a cure within such initial 30 day period and thereafter diligently and continuously pursues such cure. 
 (j) Other Covenants. A default shall occur in the due performance or observance by Borrower of any term, covenant or agreement (other than those referred to in any other subsection of this Section)
contained in this Agreement or in any of the other Loan Documents, except that in the case of a default that can be cured by the payment of money, such default shall not constitute an Event of Default unless and until it shall remain uncured for 10
days after Borrower receives written notice thereof; and in the case of a default that cannot be cured by the payment of money but is susceptible of being cured within 30 days, such default shall not constitute an Event of Default unless and until
it remains uncured for 30 days after Borrower receives written notice thereof, provided that within 5 days of its receipt of such written notice, Borrower delivers written notice to Lender of its intention and ability to effect such cure within such
30 day period; and if such non-monetary default is not cured within such 30 day period despite Borrower’s diligent efforts but is susceptible of being cured within 90 days of Borrower’s receipt of Lender’s original notice, then
Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess of 90 days from Borrower’s receipt of Lender’s original notice, provided that prior to the expiration of the initial 30 day
period, Borrower delivers written notice to Lender of its intention and ability to effect such cure prior to the expiration of such 90 day period. 

  
 LOAN
AGREEMENT – Page 67 

 7.2 Remedies. 

(a) During the continuance of an Event of Default, Lender may by written notice to Borrower, in addition
to any other rights or remedies available pursuant to this Agreement, the Notes, the Security Instrument and the other Loan Documents, at law or in equity, declare by written notice to Borrower all or any portion of the Indebtedness to be
immediately due and payable, whereupon all or such portion of the Indebtedness shall so become due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and the
Collateral (including all rights or remedies available at law or in equity); provided, however, that, notwithstanding the foregoing, if an Event of Default specified in Section 7.1(d) shall occur, then the Indebtedness
shall immediately become due and payable without the giving of any notice or other action by Lender. Any 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 sole 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 this Agreement or in the other Loan Documents. 
 (b) If Lender forecloses on any Collateral,
Lender shall apply all net proceeds of such foreclosure to repay the Indebtedness, the Indebtedness shall be reduced to the extent of such net proceeds and the remaining portion of the Indebtedness shall remain outstanding and secured by the
remaining Collateral. At the election of Lender, the Notes shall be deemed to have been accelerated only to the extent of the net proceeds actually received by Lender with respect to the Property and applied in reduction of the Indebtedness.

 (c) During the continuance of any Event of Default (including an Event of Default resulting
from a failure to satisfy the insurance requirements specified herein), Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, take any action to cure
such Event of Default. Lender may enter upon any or all of the Property upon reasonable notice to Borrower for such purposes or appear in, defend, or bring any action or proceeding to protect its interest in the Collateral or to foreclose the
Security Instrument or collect the Indebtedness. The costs and expenses incurred by Lender in exercising rights under this Section (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender
that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Security Instrument and other Loan Documents and shall be due and payable to Lender upon demand
therefor. 
 (d) Interest shall accrue on any judgment obtained by Lender in connection with its
enforcement of the Loan at a rate of interest equal to the Default Rate. 
 7.3 Application of Payments after
an Event of Default. Notwithstanding anything to the contrary contained herein, during the continuance of an Event of Default, all amounts received by Lender in respect of the Loan shall be applied at Lender’s sole discretion either toward
the components of the Indebtedness (e.g., Lender’s expenses in enforcing the Loan, interest, principal and other amounts payable hereunder) and the Notes or Note Components in such sequence as Lender shall elect in its sole discretion,
or toward the payment of Property expenses. 

  
 LOAN
AGREEMENT – Page 68 

 ARTICLE VIII 
 CONDITIONS PRECEDENT 
 8.1 Conditions Precedent to
Closing. This Agreement shall become effective on the date that all of the following conditions shall have been satisfied (or waived in accordance with Section 9.3): 

(a) Loan Documents. Lender shall have received a duly executed copy of each Loan Document. Each
Loan Document that is to be recorded in the public records shall be in form suitable for recording. 
 (b) Collateral Accounts. Each of the Collateral Accounts shall have been established and funded to the extent required under Article III. 

(c) Opinions of Counsel. Lender shall have received, in each case in form and substance
satisfactory to Lender, (i) a New York legal opinion, (ii) a legal opinion with respect to the laws of the state in which the Property is located, (iii) a bankruptcy nonconsolidation opinion with respect to each Person owning at
least a 49% direct or indirect equity interest in any Required SPE, and any affiliated property manager, and (iv) one or more Delaware legal opinion(s) regarding matters related to Single Member LLC’s. 

(d) Organizational Documents. Lender shall have received all documents reasonably requested by
Lender relating to the existence of Borrower, the validity of the Loan Documents and other matters relating thereto, in form and substance satisfactory to Lender, including: 

(i) Authorizing Resolutions. To the extent the required authorizations are not contained directly
in the organizational documents of any Required SPE and Sponsor, certified copies of the resolutions authorizing the execution and delivery of the Loan Documents by Sponsor and Borrower. 

(ii) Organizational Documents. Certified copies of the organizational documents of Sponsor and each
Required SPE (including any certificate of formation, certificate of limited partnership, certificate of incorporation, operating agreement, limited partnership agreement or by-laws), in each case together with all amendments thereto. 

(iii) Certificates of Good Standing or Existence. Certificates of good standing or existence for
Sponsor and each required SPE issued as of a recent date by its state of organization and by the state in which the Property is located. 
 (iv) Recycled Entity Certificate. A recycled entity certificate acceptable to Lender with respect to any required SPE that was formed more than 60 days prior to the date hereof. 

  
 LOAN
AGREEMENT – Page 69 

 (e) Lease; Material Agreements. Lender shall have
received true, correct and complete copies of all Leases and all Material Agreements. 
 (f)
Lien Search Reports. Lender shall have received satisfactory reports of Uniform Commercial Code, tax lien, bankruptcy and judgment searches conducted by a search firm acceptable to Lender with respect to the Property, Sponsor, each Required
SPE and Borrower’s immediate predecessor, if any, such searches to be conducted in such locations as Lender shall have requested. 
 (g) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date either before or after the execution and delivery of this Agreement.

 (h) No Injunction. No Legal Requirement shall exist, and no litigation shall be pending
or threatened, which in the good faith judgment of Lender would enjoin, prohibit or restrain, or impose or result in the imposition of any material adverse condition upon, the making or repayment of the Loan or the consummation of the Transaction.

 (i) Representations. The representations in this Agreement and in the other Loan
Documents shall be true and correct in all respects on and as of the Closing Date with the same effect as if made on such date. 
 (j) Estoppel Letters. Borrower shall have received and delivered to Lender estoppel certificates from such parties and in such form and substance as shall be satisfactory to Lender, each of which
shall specify that Lender and its successors and assigns may rely thereon. 
 (k) No Material
Adverse Effect. No event or series of events shall have occurred that Lender reasonably believes has had or is reasonably expected to result in a Material Adverse Effect. 

(l) Transaction Costs. Borrower shall have paid all transaction costs (or provided for the direct
payment of such transaction costs by Lender from the proceeds of the Loan). 
 (m)
Insurance. Lender shall have received certificates of insurance on ACORD Form 25 for liability insurance and ACORD Form 28 for casualty insurance demonstrating insurance coverage in respect of the Property of types, in amounts, with
insurers and otherwise in compliance with the terms, provisions and conditions set forth in this Agreement. Such certificates shall indicate that Lender and its successors and assigns are named as additional insured on each liability policy, and
that each casualty policy and rental interruption policy contains a loss payee and mortgagee endorsement in favor of Lender, its successors and assigns. 

(n) Title. Lender shall have received a marked, signed commitment to issue, or a signed pro-forma
version of, a Title Insurance Policy in respect of the Property, listing only such exceptions as are reasonably satisfactory to Lender. If the Title Policy is to be issued by, or if disbursement of the proceeds of the Loan are to be made through, an
agent of the actual insurer under the Title Policy (as opposed to the insurer itself), the actual insurer shall have issued to Lender for Lender’s benefit a so-called “Insured Closing Letter.” 

  
 LOAN
AGREEMENT – Page 70 

 (o) Zoning. Lender shall have received evidence
reasonably satisfactory to Lender that the Property is in compliance with all applicable zoning requirements (including a zoning report, a zoning endorsement if obtainable and a letter from the applicable municipality if obtainable). 

(p) Permits; Certificate of Occupancy. Lender shall have received a copy of all Permits necessary
for the use and operation of the Property and the certificate(s) of occupancy, if required, for the Property, all of which shall be in form and substance reasonably satisfactory to Lender. 

(q) Engineering Report. Lender shall have received a current Engineering Report with respect to the
Property, which report shall be in form and substance reasonably satisfactory to Lender. 
 (r)
Environmental Report. Lender shall have received an Environmental Report (not more than six months old) with respect to the Property that discloses no material environmental contingencies with respect to the Property. 

(s) Survey. Lender shall have received a Survey with respect to the Property in form and substance
reasonably satisfactory to Lender. 
 (t) Appraisal. Lender shall have obtained an
Appraisal of the Property satisfactory to Lender. 
 (u) Consents, Licenses, Approvals,
etc. Lender shall have received copies of all consents, licenses and approvals, if any, required in connection with the execution, delivery and performance by Borrower, and the validity and enforceability, of the Loan Documents, and such
consents, licenses and approvals shall be in full force and effect. 
 (v) Financial
Information. Lender shall have received financial information relating to the Sponsor, Borrower and the Property that is satisfactory to Lender. 

(w) Annual Budget. Lender shall have received the Annual Budget for the current calendar year (and,
if the Closing Date occurs in December, the Annual Budget for the next calendar year). 
 (x)
Know Your Customer Rules. At least 10 days prior to the Closing Date, Lender shall have received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money
laundering rules and regulations, including the PATRIOT Act. 
 (y) Additional Matters.
Lender shall have received such other certificates, opinions, documents and instruments relating to the Loan as may have been reasonably requested by Lender. All corporate and other proceedings, all other documents (including all documents referred
to in this Agreement and not appearing as exhibits to this Agreement) and all legal matters in connection with the Loan shall be reasonably satisfactory in form and substance to Lender. 

  
 LOAN
AGREEMENT – Page 71 

 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Successors. Except as otherwise
provided in this Agreement, whenever in this Agreement any of the parties to this Agreement is referred to, such reference shall be deemed to include the successors and permitted assigns of such party. All covenants, promises and agreements in this
Agreement contained, by or on behalf of Borrower, shall inure to the benefit of Lender and its successors and assigns. 
 9.2 GOVERNING LAW. 
 (A) THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

(B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, BORROWER OR SPONSOR ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT TO ANY LOAN DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK) SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK. BORROWER AND SPONSOR HEREBY (i) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, (ii) IRREVOCABLY SUBMIT TO THE JURISDICTION OF
ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND (iii) IRREVOCABLY CONSENT TO SERVICE OF PROCESS BY MAIL, PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, AT THE ADDRESS SPECIFIED IN SECTION 9.4 (AND
AGREES THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT). 

9.3 Modification, Waiver in Writing. Neither this Agreement nor any other Loan Document may be amended, changed,
waived, discharged or terminated, nor shall any consent or approval of Lender be granted hereunder, unless such amendment, change, waiver, discharge, termination, consent or approval is in writing signed by Lender. 

  
 LOAN
AGREEMENT – Page 72 

 9.4 Notices. All notices, consents, approvals and requests required
or permitted hereunder or under any other Loan Document shall be given in writing by expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery or attempted delivery, addressed as follows (except
that any party hereto may change its address and other contact information for purposes hereof at any time by sending a written notice to the other parties to this Agreement in the manner provided for in this Section). A notice shall be deemed to
have been given when delivered or upon refusal to accept delivery. 
  

			
	 If to Lender:
	  	Goldman Sachs Commercial Mortgage Capital, L.P.
		  	6011 Connection Drive, Suite 550
		  	Irving, Texas 75039
		  	Attention: Michael Forbes
		
	 with copies to:
	  	Goldman Sachs Mortgage Company
		  	200 West Street
		  	New York, New York 10282
		  	Attention: Daniel Bennett and J. Theodore Borter
		
	 and
	  	Winstead PC
		  	5400 Renaissance Tower
		  	1201 Elm Street
		  	Dallas, Texas 75270-2199
		  	Attention: Brian S. Short, Esq.
		
	 If to Borrower:
	  	DC-3300 Essex, LLC
		  	4211 West Boy Scout Boulevard
		  	Suite 500
		  	Tampa, Florida 33607
		
	 with a copy to:
	  	GrayRobinson, P.A.
		  	201 North Franklin Street
		  	Suite 2200
		  	Tampa, Florida 33602
		  	Attention: Stephen Kussner, Esq.

 9.5 TRIAL BY JURY. LENDER AND BORROWER, TO THE FULLEST EXTENT THAT THEY MAY
LAWFULLY DO SO, 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 LENDER, BORROWER AND SPONSOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS
TO WHICH 

  
 LOAN
AGREEMENT – Page 73 

 
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER AND BORROWER ARE EACH HEREBY INDIVIDUALLY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER. 
 9.6 Headings. The Article and Section headings in this Agreement are included in this
Agreement for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 9.7 Assignment and Participation. 
 (a)
Except as expressly set forth in Article II, Borrower may not sell, assign or otherwise transfer any rights, obligations or other interest of Borrower in or under the Loan Documents. 

(b) Lender and each assignee of all or a portion of the Loan shall have the right from time to time in its
discretion and without the consent of Borrower to sell one or more of the Notes or any interest therein (an “Assignment”) and/or sell a participation interest in one or more of the Notes (a “Participation”).
Borrower shall reasonably cooperate with Lender, at Lender’s request, in order to effectuate any such Assignment or Participation, and Borrower shall promptly provide such information, legal opinions and documents relating to each Required SPE,
Sponsor, the Property, the Approved Property Manager and any Tenants as Lender may reasonably request in connection with such Assignment or Participation. In the case of an Assignment, (i) each assignee shall have, to the extent of such
Assignment, the rights, benefits and obligations of the assigning Lender as a “Lender” hereunder and under the other Loan Documents, (ii) the assigning Lender shall, to the extent that rights and obligations hereunder have been
assigned by it pursuant to an Assignment, relinquish its rights and be released from its obligations under this Agreement, and (iii) one Lender shall serve as agent for all Lenders and shall be the sole Lender to whom notices, requests and
other communications shall be addressed and the sole party authorized to grant or withhold consents hereunder on behalf of the Lenders (subject, in each case, to appointment of a Servicer, pursuant to Section 9.22, to receive such
notices, requests and other communications and/or to grant or withhold consents, as the case may be). Goldman Sachs Mortgage Company or, upon the appointment of a Servicer, such Servicer, shall maintain, or cause to be maintained, as non-fiduciary
agent for Borrower, a register on which it shall enter the name or names of the registered owner or owners from time to time of the Notes. Upon effectiveness of any Assignment of any Note in part, Borrower will promptly provide to the assignor and
the assignee separate Notes in the amount of their respective interests (but, if applicable, with a notation thereon that it is given in substitution for and replacement of an original Note or any replacement thereof), and otherwise in the form of
such Note, upon return of the Note then being replaced. Each potential or actual assignee, participant or investor in a Securitization, and each Rating Agency, shall be entitled to receive all information received by Lender under this Agreement.
After the effectiveness of any Assignment, the party conveying the Assignment shall provide notice to Borrower and each Lender of the identity and address of the assignee. Notwithstanding anything in this Agreement to the contrary, after an
Assignment, the assigning Lender (in addition to the assignee) shall continue to have the benefits of any indemnifications contained in this Agreement that such assigning Lender had prior to such assignment with respect to matters occurring prior to
the date of such assignment. 

  
 LOAN
AGREEMENT – Page 74 

 (c) If, pursuant to this Section, any interest in this
Agreement or any Note is transferred to any transferee, such transferee shall, promptly upon receipt of written request from Borrower, furnish to Borrower Form W-9, Form W-8BEN or Form W-8ECI, as applicable. 

9.8 Severability. 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. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be
permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 

9.9 Preferences; Waiver of Marshalling of Assets. Lender shall have no obligation to marshal any assets in favor
of Borrower or any other party or against or in payment of any or all of the obligations of Borrower pursuant to the Loan Documents. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by
Borrower to any portion of the obligations of Borrower hereunder and under the Loan Documents. If any payment to Lender is 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 the obligations hereunder or portion thereof intended to be satisfied by such payment shall be revived and continue in full force and effect, as
if such payment had not been made. Borrower hereby waives any legal right otherwise available to Borrower that would require the sale of any Collateral either separate or apart from other Collateral, or require Lender to exhaust its remedies against
any Collateral before proceeding against any other Collateral. Without limiting the foregoing, to the fullest extent permitted by law, Borrower hereby waives and shall not assert any rights in respect of a marshalling of Collateral, a sale in the
inverse order of alienation, any homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Collateral or any portion
thereof in any sequence and any combination as determined by Lender in its sole discretion. 
 9.10 Remedies
of Borrower. If a claim is made that Lender or its agents have unreasonably delayed acting or acted unreasonably in any case where by law or under this Agreement or the other Loan Documents, any of such Persons has an obligation to act promptly
or reasonably, Borrower agrees that no such Person shall be liable for any monetary damages, and Borrower’s sole remedy shall be limited to commencing an action seeking specific performance, injunctive relief and/or declaratory judgment;
provided, however, that the forgoing shall not prevent Borrower from obtaining a monetary judgment against Lender if it is determined by a court of competent jurisdiction that Lender acted with gross negligence, bad faith or willful
misconduct. Notwithstanding anything herein to the contrary, Borrower shall not assert, and hereby waives, any claim against Lender and/or its affiliates, directors, employees, attorneys, agents or sub-agents, on any theory of liability, for
special, indirect, consequential or punitive damages (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable Legal Requirement) arising out of, as a result of, or in any way related to, the Loan Agreement or
any other Loan Document or any agreement or instrument contemplated 

  
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AGREEMENT – Page 75 

 
hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission or event occurring in
connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

9.11 Offsets, Counterclaims and Defenses. All payments made by Borrower hereunder or under the other Loan
Documents shall be made irrespective of, and without any deduction for, any offsets or counterclaims or defenses. Borrower waives the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding
brought against it by Lender arising out of or in any way connected with the Notes, this Agreement, the other Loan Documents or the Indebtedness. Any assignee of Lender’s interest in the Loan shall take the same free and clear of all offsets,
counterclaims or defenses against the assigning Lender. 
 9.12 No Joint Venture. Nothing in this
Agreement is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender, nor to grant Lender any interest in the Property other than that of mortgagee or lender. 

9.13 Conflict; Construction of Documents. In the event of any conflict between the provisions of this Agreement
and the provisions of the other Loan Documents, the provisions of this Agreement shall prevail. The parties acknowledge that they were each represented by competent counsel in connection with the negotiation, drafting and execution 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 same. 
 9.14 Brokers and Financial Advisors. Borrower represents that neither it nor Sponsor has dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection
with the transactions contemplated by this Agreement. Borrower agrees to indemnify and hold Lender harmless from and against any and all claims, liabilities, costs and expenses 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 in this Agreement. The provisions of this Section 9.14 shall survive the expiration and termination of this Agreement and the repayment of the
Indebtedness. 
 9.15 Counterparts. 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. Any counterpart delivered by facsimile, pdf or other electronic means shall have the same import and effect as
original counterparts and shall be valid, enforceable and binding for the purposes of this Agreement. 
 9.16
Estoppel Certificates. 
 (a) Borrower shall execute, acknowledge and deliver to Lender,
within five days after receipt of Lender’s written request therefor at any time from time to time, a statement in writing setting forth (A) the Principal Indebtedness, (B) the date on which installments of interest and/or principal
were last paid, (C) any offsets or defenses to the payment of the Indebtedness, (D) that the Notes, this Agreement, the Security Instrument and the other Loan 

  
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Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification, (E) that neither Borrower nor, to Borrower’s
knowledge, Lender, is in default under the Loan Documents (or specifying any such default), (F) that all Leases are in full force and effect and have not been modified (except in accordance with the Loan Documents), (G) whether or not any
of the Tenants under the Leases are in material default under the Leases (setting forth the specific nature of any such material defaults) and (H) such other matters as Lender may reasonably request. Any prospective purchaser of any interest in
a Loan shall be permitted to rely on such certificate. 
 (b) Upon Lender’s written request,
Borrower shall use commercially reasonable efforts to obtain from each Tenant and thereafter promptly deliver to Lender duly executed estoppel certificates from any one or more Tenants specified by Lender, attesting to such facts regarding the
Leases as Lender may reasonably require, including attestations that each Lease covered thereby is in full force and effect with no material defaults thereunder on the part of any party, that rent has not been paid more than one month in advance,
except as security, and that the Tenant claims no defense or offset against the full and timely performance of its obligations under the Lease. Borrower shall not be required to deliver such certificates more frequently than one time in any 12-month
period, other than the 12-month period during which a Securitization occurs or is attempted. 
 9.17 General
Indemnity; Payment of Expenses. 
 (a) Borrower, at its sole cost and expense, shall protect,
indemnify, reimburse, defend and hold harmless Lender and its officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents, affiliates, successors, participants and assigns of any and all of the foregoing (collectively,
the “Indemnified Parties”) for, from and against any and all Damages of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any of the Indemnified Parties, in any way relating to or arising out of
Lender’s interest in the Loan; provided, however, that no Indemnified Party shall have the right to be indemnified hereunder to the extent that such Damages have been found by a final, non-appealable judgment of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Party. 
 (b) If for any reason (including violation of law or public policy) the undertakings to defend, indemnify, pay and hold harmless set forth in this Section are unenforceable in whole or in part or are
otherwise unavailable to an Indemnified Party or insufficient to hold it harmless, then Borrower shall contribute to the amount paid or payable by Indemnified Party as a result of any Damages the maximum amount Borrower is permitted to pay under
Legal Requirements. The obligations of Borrower under this Section will be in addition to any liability that Borrower may otherwise have hereunder and under the other Loan Documents. 

(c) To the extent any Indemnified Party has notice of a claim for which it intends to seek indemnification
hereunder, such Indemnified Party shall give prompt written notice thereof to Borrower, provided that failure by Lender to so notify Borrower will not relieve Borrower of its obligations under this Section, except to the extent that Borrower suffers
actual prejudice as a result of such failure. In connection with any claim for which indemnification is 

  
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sought hereunder, Borrower shall have the right to defend the applicable Indemnified Party (if requested by the applicable Indemnified Party, in the name of such Indemnified Party) from such
claim by attorneys and other professionals reasonably approved by the applicable Indemnified Party. Upon assumption by Borrower of any defense pursuant to the immediately preceding sentence, Borrower shall have the right to control such defense,
provided that the Applicable Indemnified Party shall have the right to reasonably participate in such defense and Borrower shall not consent to the terms of any compromise or settlement of any action defended by Borrower in accordance with the
foregoing without the prior consent of the applicable Indemnified Party, unless such compromise or settlement (i) includes an unconditional release of the applicable Indemnified Party from all liability arising out of such action and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the applicable Indemnified Party. The applicable Indemnified Party shall have the right to retain its own counsel if
(i) Borrower shall have failed to employ counsel reasonably satisfactory to the applicable Indemnified Party in a timely manner, or (ii) the applicable Indemnified Party shall have been advised by counsel that there are actual or potential
material conflicts of interest between Borrower and the applicable Indemnified Party, including situations in which there are one or more legal defenses available to the applicable Indemnified Party that are different from or additional to those
available to Borrower. So long as Borrower is conducting the defense of any action defended by Borrower in accordance with the foregoing in a prudent and commercially reasonable manner, Lender and the applicable Indemnified Party shall not
compromise or settle such action defended without Borrower’s consent, which shall not be unreasonably withheld or delayed. Upon demand, Borrower shall pay or, in the sole discretion of the applicable Indemnified Party, reimburse the applicable
Indemnified Party for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals retained by the Applicable Indemnified Party in accordance with this Section in
connection with defending any claim subject to indemnification hereunder. 
 (d) Any amounts
payable to Lender by reason of the application of this Section shall be secured by the Security Instrument and shall become immediately due and payable and shall bear interest at the Default Rate from the date Damages are sustained by the
Indemnified Parties until paid. 
 (e) The provisions of and undertakings and indemnification set
forth in this Section shall survive the satisfaction and payment in full of the Indebtedness and termination of this Agreement. 
 (f) Borrower shall reimburse Lender upon receipt of written notice from Lender for (i) all out-of-pocket costs and expenses incurred by Lender (or any of its affiliates) in connection with the
origination of the Loan, including legal fees and disbursements, accounting fees, and the costs of the Appraisal, the Engineering Report, the Title Insurance Policy, the Survey, the Environmental Report and any other third-party diligence materials;
(ii) all out-of-pocket costs and expenses incurred by Lender (or any of its affiliates) in connection with (A) monitoring Borrower’s ongoing performance of and compliance with Borrower’s agreements and covenants contained in this
Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with environmental and insurance requirements, (B) the negotiation, preparation, execution, delivery and
administration of any consents, amendments, waivers or other modifications to this 

  
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Agreement and the other Loan Documents and any other documents or matters relating hereto (including Leases, Material Agreements, and Permitted Encumbrances), (C) filing, registration and
recording fees and expenses and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents (including the filing, registration or recording of any instrument of
further assurance) and all federal, state, county and municipal, taxes (including, if applicable, intangible taxes), search fees, title insurance premiums, duties, imposts, assessments and charges arising out of or in connection with the execution
and delivery of the Loan Documents, any mortgage supplemental thereto, any security instrument with respect to the Collateral or any instrument of further assurance, (D) 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, this Agreement, the other Loan Documents or any Collateral, and (E) the satisfaction of any Rating Condition in
respect of any matter required or requested by Borrower hereunder; and (iii) all actual out-of-pocket costs and expenses (including attorney’s fees and, if the Loan has been Securitized, special servicing fees) incurred by Lender (or any
of its affiliates) in connection with the enforcement of any obligations of Borrower, or a Default by Borrower, under the Loan Documents, including any actual or attempted foreclosure, deed-in-lieu of foreclosure, refinancing, restructuring,
settlement or workout and any insolvency or bankruptcy proceedings (including any applicable transfer taxes). Without limiting the foregoing, Borrower shall pay all costs, expenses and fees of Lender and its Servicer, operating advisor and
securitization trustee resulting from Defaults by Borrower or requests by Borrower (including enforcement expenses and any liquidation fees, workout fees, special servicing fees, operating advisor consulting fees or any other similar fees and
interest payable on advances made by the Servicer or the securitization trustee with respect to delinquent debt service payments or expenses of curing Borrower’s defaults under the Loan Documents, and any expenses paid by Servicer or a trustee
in respect of the protection and preservation of any Property, such as payment of taxes and insurance premiums); and the costs of all property inspections and/or appraisals (or any updates to any existing inspection or appraisal) that Servicer may
be required to obtain due to a request by Borrower or the occurrence of a Default. 
 9.18 No Third-Party
Beneficiaries. This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower, and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower
and Indemnified Parties any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and
exclusively for the benefit of Lender, and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict
compliance with any or all thereof, and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion,
Lender deems it advisable or desirable to do so. 

  
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 9.19 Recourse. 

(a) Subject to the qualifications herein, Lender shall not enforce Borrower’s obligation to pay the
Indebtedness by any action or proceeding wherein a deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any of its affiliates, or any Exculpated Person, except for foreclosure actions or any other
appropriate actions or proceedings in order to fully exercise Lender’s remedies in respect of, and to realize upon, the Collateral, and except for any actions to enforce any obligations expressly assumed or guaranteed by any guarantor,
indemnitor or similar party (whether or not such party is an Exculpated Person) under the Loan Documents. 
 (b) Borrower shall indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the obligations of Borrower under this
Section and the Sponsor and Carter and Associates under the Guaranty) resulting from or arising out of any of the following (the “Indemnified Liabilities”), which Indemnified Liabilities shall be guaranteed by Sponsor and Carter and
Associates pursuant to the Guaranty: 
 (i) any material physical Waste at the Property committed
or permitted by Borrower, the Sponsor or any of their respective affiliates; 
 (ii) any fraud or
willful misrepresentation committed by Borrower, the Sponsor or any of their respective affiliates; 
 (iii) any willful misconduct by Borrower, the Sponsor or any of their respective affiliates (including wrongful interference by any such Person with the exercise of remedies by Lender during the
continuance of an Event of Default); 
 (iv) the misappropriation or misapplication by Borrower,
the Sponsor or any of their respective affiliates of any funds in violation of the Loan Documents (including misappropriation or misapplication of Revenues, security deposits and/or Loss Proceeds); 

(v) any voluntary Debt if and to the extent the continued existence of such Debt is prohibited hereunder;

 (vi) any breach by Borrower or the Sponsor of any representation or covenant regarding
environmental matters contained in this Agreement or in the Environmental Indemnity; 
 (vii) the
failure to pay or maintain the Policies or pay the amount of any deductible required thereunder following a Casualty or other insurance claim, provided Lender permits cash flow from the Property to be applied for such purpose; 

(viii) the failure of Borrower to be, and to at all times have been, a Single-Purpose Entity (for the
avoidance of doubt, the recourse described in this clause shall be in addition to the full recourse for a substantive consolidation described below); 

(ix) removal of personal property from the Property during or in anticipation of an Event of Default,
unless replaced with personal property of the same utility and of the same or greater value and utility; 

  
 LOAN
AGREEMENT – Page 80 

 (x) any fees or commissions paid by Borrower to any
affiliate in violation of the terms of the Loan Documents; 
 (xi) any bankruptcy of any Required
SPE, provided that, for this purpose “Damages” shall be limited to the amount by which such costs and expenses exceed the costs and expenses Lender would have incurred in an uncontested foreclosure on the Property (for the avoidance of
doubt, the recourse described in this clause shall be in addition to the full recourse for a substantive consolidation described below); 
 (xii) any transfer taxes resulting from Lender’s exercise of remedies following an Event of Default; and 

(xiii) Borrower’s failure to pay any tenant improvement allowance to Catholic Health Initiatives for
a Power Upgrade (as defined in the CHI Lease) as required pursuant to the terms of Section 8.4.2 of the CHI Lease. 
 In addition to the foregoing, the Loan shall be fully recourse to Borrower and Sponsor, jointly and severally, if (i) there is any unauthorized Transfer of the Property or any other Collateral
(including unauthorized Liens and encumbrances on the Collateral) or Prohibited Change of Control or Prohibited Pledge, in each case, in violation of the Loan Documents, (ii) any petition for bankruptcy, insolvency, dissolution or liquidation
under the Bankruptcy Code or any similar federal or state law is filed by, consented to, or acquiesced in by, any Required SPE, (iii) any Required SPE or any of their respective affiliates (including Sponsor) shall have colluded with other
creditors to cause an involuntary bankruptcy filing with respect to any Required SPE, or (iv) any Required SPE fails to be, and to at all times have been, a Single-Purpose Entity, which failure results in a substantive consolidation of Borrower
with any affiliate in a bankruptcy or similar proceeding (or the filing by any party of a motion for substantive consolidation in bankruptcy citing any such failure). 

(c) The foregoing limitations on personal liability shall in no way impair or constitute a waiver of the
validity of the Notes, the Indebtedness secured by the Collateral, or the Liens on the Collateral, or the right of Lender, as mortgagee or secured party, to foreclose and/or enforce its rights with respect to the Collateral after an Event of
Default. Nothing in this Agreement shall be deemed to be a waiver of any right which Lender may have under the Bankruptcy Code to file a claim for the full amount of the debt owing to Lender by Borrower or to require that all Collateral shall
continue to secure all of the Indebtedness owing to Lender in accordance with the Loan Documents. Lender may seek a judgment on the Note (and, if necessary, name Borrower in such suit) as part of judicial proceedings to foreclose on any Collateral
or as a prerequisite to any such foreclosure or to confirm any foreclosure or sale pursuant to power of sale thereunder and in the event any suit is brought on the Notes, or with respect to any Indebtedness or any judgment rendered in such judicial
proceedings, such judgment shall constitute a Lien on and may be enforced on and against the Collateral and the rents, profits, issues, products and proceeds thereof. Nothing in this Agreement shall impair the right of Lender to accelerate the
maturity of the Note upon the occurrence of an Event of Default, nor shall anything in this Agreement impair or be construed to impair the right of Lender to seek personal judgments, and to enforce all rights and remedies under applicable law,
jointly and severally against any indemnitors and guarantors to the extent allowed by any applicable Loan 

  
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AGREEMENT – Page 81 

 
Documents. The provisions set forth in this Section are not intended as a release or discharge of the obligations due under the Note or under any Loan Documents, but are intended as a limitation,
to the extent provided in this Section, on Lender’s right to sue for a deficiency or seek a personal judgment except as required in order to realize on the Collateral. 

9.20 Right of Set-Off. In addition to any rights now or hereafter granted under applicable law or otherwise, and
not by way of limitation of any such rights, during the continuance of an Event of Default, Lender may from time to time, without presentment, demand, protest or other notice of any kind (all of such rights being hereby expressly waived), set-off
and appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by Lender (including branches, agencies or affiliates of Lender wherever located) to or for the credit or the account of
Borrower against the obligations and liabilities of Borrower to Lender hereunder, under the Notes, the other Loan Documents or otherwise, irrespective of whether Lender shall have made any demand hereunder and although such obligations, liabilities
or claims, or any of them, may be contingent or unmatured, and any such set-off shall be deemed to have been made immediately upon the occurrence of an Event of Default even though such charge is made or entered on the books of Lender subsequent
thereto. 
 9.21 Exculpation of Lender. Lender neither undertakes nor assumes any responsibility or duty
to Borrower or any other party to select, review, inspect, examine, supervise, pass judgment upon or inform Borrower or any third party of (a) the existence, quality, adequacy or suitability of appraisals of the Property or other Collateral,
(b) any environmental report, or (c) any other matters or items, including engineering, soils and seismic reports that are contemplated in the Loan Documents. Any such selection, review, inspection, examination and the like, and any other
due diligence conducted by Lender, is solely for the purpose of protecting Lender’s rights under the Loan Documents, and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness or
legality thereof. 
 9.22 Servicer. Lender may delegate any and all rights and obligations of Lender
hereunder and under the other Loan Documents to the Servicer upon notice by Lender to Borrower, whereupon any notice or consent from the Servicer to Borrower, and any action by Servicer on Lender’s behalf, shall have the same force and effect
as if Servicer were Lender. 
 9.23 No Fiduciary Duty. 

(a) Borrower acknowledges that, in connection with this Agreement, the other Loan Documents and the
Transaction, Lender has relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by Lender for such purposes, and Lender does not
assume any liability therefor or responsibility for the accuracy, completeness or independent verification thereof. Lender, its affiliates and their respective equityholders and employees (for purposes of this Section, the “Lending
Parties”) have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Sponsor, Borrower or any other Person or any
of their respective affiliates or to advise or opine on any related solvency or viability issues. 

  
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AGREEMENT – Page 82 

 (b) It is understood and agreed that (i) the Lending
Parties shall act under this Agreement and the other Loan Documents as an independent contractor, (ii) the Transaction is an arm’s-length commercial transactions between the Lending Parties, on the one hand, and Borrower, on the other,
(iii) each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower, Sponsor or their respective affiliates, stockholders, employees or creditors or any other Person and (iv) nothing in this Agreement, the
other Loan Documents, the Transaction or otherwise shall be deemed to create (A) a fiduciary duty (or other implied duty) on the party of any Lending Party to Sponsor, Borrower, any of their respective affiliates, stockholders, employees or
creditors, or any other Person or (B) a fiduciary or agency relationship between Sponsor, Borrower or any of their respective affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties, on the other. Borrower
agrees that neither it nor Sponsor nor any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion that any Lending Party has rendered advisory services of any nature or respect, or
owes a fiduciary or similar duty to Borrower, Sponsor of their respective affiliates, stockholders, employees or creditors. Nothing in this Agreement or the other Loan Documents is intended to confer upon any other Person (including affiliates,
stockholders, employees or creditors of Borrower and Sponsor) any rights or remedies by reason of any fiduciary or similar duty. 
 (c) Borrower acknowledges that it has been advised that the Lending Parties are a full service financial services firm engaged, either directly or through affiliates in various activities, including
securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the
ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including loans) for their own
account and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of affiliates of Borrower, including
Sponsor, as well as of other Persons that may (i) be involved in transactions arising from or relating to the Transaction, (ii) be customers or competitors of Borrower, Sponsor and/or their respective affiliates, or (iii) have other
relationships with Borrower, Sponsor and/or their respective affiliates. In addition, the Lending Parties may provide investment banking, underwriting and financial advisory services to such other Persons. The Lending Parties may also co-invest
with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of affiliates of
Borrower, including Sponsor, or such other Persons. The Transaction may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although the Lending Parties in the course of such other activities
and relationships may acquire information about the Transaction or other Persons that may be the subject of the Transaction, the Lending Parties shall have no obligation to disclose such information, or the fact that the Lending Parties are in
possession of such information, to Borrower, Sponsor or any of their respective affiliates or to use such information on behalf of Borrower, Sponsor or any of their respective affiliates. 

  
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AGREEMENT – Page 83 

 (d) Borrower acknowledges and agrees that Borrower has
consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction and the process leading
thereto. 
 9.24 Borrower Information. Borrower shall make available to Lender all information concerning
its business and operations that Lender may reasonably request. Lender shall have the right to disclose any and all information provided to Lender by Borrower or Sponsor regarding Borrower, Sponsor, the Loan and the Property (i) to affiliates
of Lender and to Lender’s agents and advisors, (ii) to any actual or potential assignee, transferee or participant in connection with the contemplated assignment, transfer, participation or Securitization of all or any portion of the Loan
or any participations therein, and to any investors or prospective investors in the Certificates, and their respective advisors and agents, including the operating advisor, or to any direct or indirect contractual counterparties (or the professional
advisors thereto) to any swap or derivative transaction relating to Borrower and its obligations, or to any Person that is a party to a repurchase agreement with respect to the Loan, (iii) to any rating agency in connection with a
Securitization or as otherwise required in connection with a disposition of the Loan, (iv) to any Person necessary or desirable in connection with the exercise of any remedies hereunder or under any other Loan Document following an Event of
Default, (v) to any governmental agency , including the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC, the Securities and Exchange Commission and any other regulatory authority that may exercise
authority over Lender or any investor in the Certificates (including the Servicer, the Securitization trustee and their respective agents and employees) or any representative thereof, and to the National Association of Insurance Commissioners, in
each case if requested by such governmental agency or otherwise required to comply with the applicable rules and regulations of such governmental agency or if required pursuant to legal or judicial process and (vi) in any Disclosure Document
(as defined in the Cooperation Agreement). In addition, Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers
to Lender in connection with the administration and management of this Agreement and the other Loan Documents. Each party hereto (and each of their respective affiliates, employees, representatives or other agents) may disclose to any and all
Persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions and other tax analyses) that are provided to any such party relating to such tax treatment and tax
structure. For the purpose of this Section, “tax structure” means any facts relevant to the federal income tax treatment of the Transaction but does not include information relating to the identity of any of the parties hereto or any of
their respective affiliates. 
 9.25 PATRIOT Act Records. Lender hereby notifies Borrower that pursuant
to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower and Sponsor, which information includes the name and address of Borrower and Sponsor and other information that will allow
Lender to identify Borrower or Sponsor in accordance with the PATRIOT Act. 
 9.26 Prior 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 AMONG OR BETWEEN SUCH PARTIES,

  
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AGREEMENT – Page 84 

 
WHETHER ORAL OR WRITTEN, INCLUDING ANY TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT THAT ANY
ORIGINATION FEE SPECIFIED IN ANY TERM SHEET, COMMITMENT LETTER OR FEE LETTER SHALL BE AN OBLIGATION OF BORROWER AND SHALL BE PAID AT CLOSING, AND ANY INDEMNIFICATIONS, FLEX PROVISION, EXIT FEES AND THE LIKE PROVIDED FOR THEREIN SHALL SURVIVE THE
CLOSING). 
 9.27 Publicity. If the Loan is made, Lender may issue press releases, advertisements and
other promotional materials describing in general terms or in detail Lender’s participation in such transaction, and may utilize photographs of the Property in such promotional materials. Borrower shall not make any references to Lender in any
press release, advertisement or promotional material issued by Borrower or Sponsor, unless Lender shall have approved of the same in writing prior to the issuance of such press release, advertisement or promotional material. 

9.28 Delay Not a Waiver. 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, under any other Loan Document, or under any other instrument given as security therefor, 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 hereunder or under any other 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 this Agreement, the Note or the other Loan Documents, or
to declare a default for failure to effect prompt payment of any such other amount. 
 9.29 Schedules and
Exhibits Incorporated. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

[Remainder of page intentionally left blank; 
 Signature Pages to follow.] 

  
 LOAN
AGREEMENT – Page 85 

 Lender and Borrower are executing this Agreement as of the date first above
written. 
  

					
	 LENDER:

 
 GOLDMAN SACHS COMMERCIAL

MORTGAGE CAPITAL, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 /s/ Joseph M. Osborne

		 	 Name:
	 	 Joseph M. Osborne

		 	 Title:
	 	 Chief Operating Officer and General
 Counsel

  
 LOAN
AGREEMENT – Signature Page 

 
							
	 BORROWER:

 
 DC-3300 ESSEX, LLC,

a Delaware limited liability company

		
	 By:
	 	 CARTER/VALIDUS OPERATING
 PARTNERSHIP, LP,
 a Delaware limited partnership,

its Member

		 		 		 	
		 	 By:
	 	 CARTER VALIDUS MISSION CRITICAL REIT, INC.,
 a Maryland corporation,
 its General Partner

				
		 		 	 By:
	 	 /s/ Todd Sakow

		 		 		 	 Name: Todd Sakow

		 		 		 	 Title:   Chief Financial Officer

  
 LOAN
AGREEMENT – Signature Page 

 Exhibit A 
 Organizational Chart 
 [Organizational Chart follows this cover
page.] 

  
 EXHIBIT A,
Organizational Chart – Cover Page 

 Exhibit B 
 Form of Tenant Notice 
 [BORROWER’S LETTERHEAD] 

___________, 20__ 
  

	 	Re:	 Lease dated _________________________, 20___ between ___________________________________, as Landlord, and ______________________________, as
Tenant, concerning premises known as ______________________________ (the “Building”). 

 Dear Tenant:

 As of _______________, 20___, ______________________________, the owner of the Building, has transferred the
Building to ______________________________ (the “New Landlord”). The undersigned hereby directs and authorizes you to make all rental payments and other amounts payable by you pursuant to your lease as follows: 

(x) If the payment is made by wire transfer, you shall transfer the applicable funds to the following account:

 Bank: 

Account Name 

Account No.: 

ABA No.: 

Contact: 
 (y) If the payment is made by check, you shall deliver your payment to the following address: [LOCKBOX ADDRESS]. 

In addition, please amend the insurance policies that you are required to maintain under your lease to include the new
owner as an additional insured thereon. 
 The instructions set forth herein are irrevocable and are not subject
to modification by us or the New Landlord in any manner. Only [name of then-current Lender], or its successors and assigns, may by written notice to you rescind or modify the instructions contained herein. 

Thank you in advance for your cooperation and if you have any questions, please call ______________________________ at
(            ) _____-_________. 

Very truly yours, 

  
 EXHIBIT B,
Form of Tenant Notice – Page 1 

 Schedule A 
 Property 
 Being Lot 8C, Block B, TECHNOLOGY BUSINESS CAMPUS ADDITION, an addition
to the City of Richardson, Collin County, Texas, according to the plat thereof recorded in Volume 2010, Page 326, Map Records, Collin County, Texas. 

  
 SCHEDULE A,
Property – Solo Page 

 Schedule B 
 Exception Report 
 NONE 

  
 SCHEDULE B,
Exception Report – Solo Page 

 Schedule C 
 Deferred Maintenance Conditions 
  

	1.	 Recaulking exterior facades. 

  

	2.	 Repairs to concrete parking lot. 

  
 SCHEDULE C,
Deferred Maintenance Conditions – Solo Page 

 Schedule D 
 Rent Roll 
 [Rent Roll for the Property follows this cover page.]

  
 SCHEDULE D,
Rent Roll – Cover Page 

 Schedule E 
 Material Agreements 
 -Declaration dated April 5, 2001 executed
by Vantage Development #27, Inc. and Vantage Development #32, Inc. recorded under cc# 2002-0016779, Real Property Records of Collin County Texas. 
 -Reimbursement Agreement dated July 20, 2010 by and between Vantage Development #43, LLC and 3300 Essex, LP and filed under cc# 20100721000749590, Real Property Records of Collin County Texas.

 -Amended and Restated Master Declaration of Covenants Restrictions and Development Standards Applicable to Technology
Business Campus dated December 27, 2004 executed by Vantage Development #27, Inc. and Vantage Development #32, Inc. recorded in Volume 5097, Page 4089, Real Property Records of Collin County Texas. 

-Property Management and Leasing Agreement dated as of the Closing Date between Borrower and the initial Approved Property Manager, an
affiliate of Borrower. 

  
 SCHEDULE E,
Material Agreements – Solo PageLLC Agreement

 Exhibit 10.2 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

DC-3300 ESSEX, LLC 
 DATED: JULY 14, 2011 

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

DC-3300 ESSEX, LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT of DC-3300 ESSEX, LLC (the “Company”) is made and entered into as of this 14th day of July, 2011, by and between CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership
(“CVOP”), PAL DC DALLAS, LLC, a Delaware limited liability company (the “Investing Member”) and JULIA MCCULLOUGH (the “Special Member”). 

RECITALS 
 WHEREAS, CVOP hereby forms the Company to acquire, own, manage and ultimately dispose of the Property (as defined below); 

WHEREAS, CVOP, the Investing Member and the Special Member are entering into this Limited Liability Company
Agreement of the Company (the “Agreement”) to set forth their relative rights and obligations with respect to the Company; 
 WHEREAS, as provided in Article IV of this Agreement, the Investing Member and CVOP are each making contributions to the capital of the Company in exchange for Units in the Company; 

WHEREAS, the Company has obtained, or will obtain, the Loan (as defined below) from the Lender (as defined below)
as an additional source of funds to be used in connection with the Company’s Business; 
 WHEREAS,
the Company will use the proceeds of the capital contributions and the Loan, to acquire the Property and to pay certain expenses incurred in connection with the formation of the Company and the acquisition of the Property. 

NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 

DEFINED TERMS 
 Whenever used in this Agreement, the following terms shall have the meanings respectively assigned to them in this Article I, unless otherwise expressly provided herein or unless the context
otherwise requires: 
 “Act” means the Delaware Limited Liability Company Act, as amended,
supplemented or restated from time to time, and any successor to such statute. 
 “Additional
Funds” has the meaning set forth in Section 6.9(a). 
 “Additional Funds Capital”
has the meaning set forth in Section 6.9(a). 
 “Additional Funds Notice” has the meaning
set forth in Section 6.9(a). 

 “Additional Member” means a Person admitted to this
Company as a Member pursuant to and in accordance with this Agreement. 
 “Adjusted Capital Account
Deficit” With respect to each Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the applicable Fiscal Year or other period, after giving effect to the following adjustments: 

(a) Credit to such Capital Account any amounts which such Member is obligated to restore pursuant to any
provisions of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 

(b) Debit to such Capital Account the items described in paragraphs (4), (5) and (6) of
Section 1.704-1(b)(2)(ii)(d) of the Regulations. 
 “Affiliate” of another Person means
(a) any Person directly or indirectly owning, controlling or holding with power to vote ten percent (10%) or more of the outstanding voting securities of such other Person; (b) any Person ten percent (10%) or more of whose
outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such other Person; (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person;
(d) any officer, director, member or partner of such other Person; and (e) if such other Person is an officer, director, member or partner in a company, the company for which such Person acts in any such capacity. 

“Agreement” means this Limited Liability Company Agreement of DC-3300 Essex, LLC, as amended from time
to time. 
 “Bankruptcy” means, with respect to any Person, (A) 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) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation 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 proceeding of this nature, or (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any
substantial part of its properties, or (B) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or
regulation, if the proceeding has not been dismissed, or if within 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 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace
the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act. 

 “Basic Documents” means that certain Deed of Trust,
Assignment of Rents and Leases, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing, (the “Mortgage”) given by the Company (as borrower) for the benefit of the Lender; that certain Promissory Note
made by the Company payable to the order of Lender; the Loan Agreement by and between the Company and Lender; the Cash Management Agreement by and between the Company, Lender and Wells Fargo Bank, National Association; the Consent and Agreement of
Manager and Subordination of Management Agreement made by Carter Validus Real Estate Management Services, LLC to Lender and consented to by Company; the Environmental Indemnity Agreement made by the Company, the Managing Member and Carter and
Associates, L.L.C. in favor of Lender; the Mortgage Loan Cooperation Agreement made by the Company, Managing Member and Carter and Associates, L.L.C., a Georgia limited liability company in favor of Lender, the Deposit Account Control Agreement
(Hard Lockbox) among the Company, Lender and Wells Fargo Bank, National Association; the Deposit Account Control Agreement (Access Restricted After Notice), among the Company, Lender and Wells Fargo Bank, National Association; any other Loan
Documents (as defined in the Loan Agreement); and all documents and such other agreements, guarantees, indemnities, documents, instruments, certificates or papers contemplated thereby or delivered in connection therewith required by Lender (or any
successors or assigns of Lender or in furtherance of the foregoing) and/or amendments to any of the foregoing. 

“Business Day” means any day when the New York Stock Exchange is open for trading. 

“Capital Account” A capital account maintained for each Member in accordance with the rules set forth in
Section 1.704-1(b)(2)(iv) of the Regulations. Subject to the foregoing, a Member’s Capital Account generally will be: 
 (a) increased by (i) the amount of money contributed by such Member to the Company, including Company liabilities assumed by such Member, (ii) the fair market value (as determined by the
Members) of property contributed by such Member to the Company (net of liabilities secured by such property that the Company is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to such Member of
Net Profits (and items thereof) and items of income and gain that are specially allocated to such Member pursuant to Section 5.5; and 
 (b) decreased by (i) the amount of money distributed to such Member by the Company, including such Member’s individual liabilities assumed by the Company, (ii) the fair market value (as
determined by the Members) of all property distributed to such Member by the Company (net of liabilities secured by such property that such Member is considered to assume or take subject to under Section 752 of the Code), and
(iii) allocations to such Member of Net Losses (and items thereof) and items of deduction or loss specially allocated to such Member pursuant to Section 5.5. 

Upon the transfer of a Membership Interest in the Company, the transferee will succeed to the Capital Account of the
transferor with respect to the transferred Membership Interest unless such transfer results in a termination of the Company pursuant to Section 708 of the Code. 

“Capital Contribution” means the amount in cash contributed by each Member (or such Member’s
original predecessor in interest) to the capital of the Company for its Membership Interest. 

 “Capital Transaction” means any of (i) a transaction
where any debt or liability to which the Property is subject is refinanced; (ii) a sale or exchange of all or a part of the Property outside of the ordinary course of the business of the Company, or (iii) the condemnation or casualty of
all or any part of any Property. 
 “Capital Transaction Proceeds” means proceeds received by
the Company as a result of a Capital Transaction decreased by the amount of such proceeds applied to (i) pay all debts and liabilities of the Company that are required to be repaid as a result of such Capital Transaction and any debts and
liabilities which the Managing Member elects to cause the Company to pay with such proceeds; (ii) the costs and expenses of the Capital Transaction; and (iii) the establishment or increase of reasonable reserves. 

“Carter REIT” means Carter Validus Mission Critical REIT, Inc., a Maryland corporation. 

“Cash Flow” means the excess of cash revenues actually received by the Company in respect of Company
operations for any period, and the amount of any reduction in reserves of the Company, over Operating Expenses for such period and amount reasonably set aside as reserves during such period. Cash Flow does not include Capital Transaction Proceeds.

 “Certificate of Formation” means the Certificate of Formation of the Company filed with the
Secretary of State of the State of Delaware on May 19, 2011, as amended or restated from time to time. 

“Change in Control” means, with respect to a proposed Transfer of an interest in the Investing Member,
any Transfer where Robert Hurst and/or Alex Hurst no longer directly or indirectly control the day to day business and affairs of the Investing Member without the affirmative vote of any other member/partner in the Investing Member. 

“Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time.
Reference to any particular provision of the Code means that provision in the Code at the date hereof and any succeeding provision of the Code. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Company” means DC-3300 Essex, LLC, a Delaware limited liability company. 
 “Company Minimum Gain” means “partnership minimum gain,” as defined in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations. 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other
cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation
shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis. If the adjusted
basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation is to be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.

 “Fiscal Year” means the Company’s fiscal year, which
is the calendar year. 
 “Gross Asset Value” means, with respect to any asset, the asset’s
adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Gross Asset
Value of any asset contributed by a Member to the Company shall be the fair market value (as determined by the Members) of such asset; 
 (b) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values (taking Section 7701(g) of the Code into account), as determined by the Managing
Member as of the following times: (i) the acquisition of an additional Membership Interest by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more
than a de minimis amount of Company property as consideration for a Membership Interest; and (iii) the liquidation of the Company within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, provided that an adjustment described
in clauses (i) and (ii) of this paragraph shall be made only if the Managing Member reasonably determines that such adjustment is necessary to reflect the relative economic interests of the Members in the Company; 

(c) The Gross Asset Value of any item of Company assets distributed to any Member shall be adjusted to
equal the gross fair market value (taking Section 7701(g) of the Code into account) of such asset on the date of distribution as determined by the Managing Member; and 

(d) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments
to the adjusted basis of such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the
Regulations and subparagraph (f) of the definition of “Net Profits and Net Losses”; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to
subparagraph (b) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
 If the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraph (a), (b) or (d), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into
account with respect to such asset, for purposes of computing Net Profits and Net Losses. 

“Indemnitee” means (i) any Person made a party to a proceeding by reason of his or her status as
(A) the Managing Member, (B) the Special Member, (C) a Member or (D) a director, officer, employee or agent of the Company, a Member or the Managing Member, and (ii) such other Persons (including Affiliates of the Members or
the Company) as the Managing Member may designate from time to time (whether before or after the event giving rise to potential liability), in its reasonable discretion. 

 “Initial Return Multiple” means 1.25. 

“Investing Member” means PAL DC Dallas, LLC, including its successors and assigns. 

“IRS” means the Internal Revenue Service. 

“Lender” means Goldman Sachs Commercial Mortgage Capital, L.P., a Delaware limited partnership
(including its successors and assigns). 
 “Loan” means that certain loan made by the Lender to
the Company in the original principal amount of approximately $16,000,000.00. 
 “Loan
Agreement” means that certain Loan Agreement dated July 14, 2011, by and between the Company and Lender. 
 “Lockout Period” means the period commencing on the date of the closing of the Loan and ending upon the earlier of (i) twenty-four (24) months following the date on which the
Loan is securitized (as such date is determined under the applicable documents evidencing the Loan) or (ii) thirty-six months after the date of the closing of the Loan. 

“Managing Member” means CVOP, and any Person who succeeds to CVOP as the Managing Member in accordance
with the terms of this Agreement. 
 “Material Action” means (i) to the fullest extent
permitted by law, to dissolve, wind up or liquidate the Company, (ii) to sell or otherwise dispose of all or substantially all of the assets of the Company, (iii) to merge, combine or consolidate with any other entity, or, (iv) to do
any of the following: file any insolvency, reorganization case or proceeding, or institute proceedings to have the Company be adjudicated bankrupt or insolvent or be subject to a Bankruptcy; institute proceedings under any applicable insolvency law;
seek any relief under any law relating to relief from debts or the protection of debtors; consent to the filing of or consent to the institution of bankruptcy or insolvency proceedings against the Company or file a voluntary bankruptcy petition or
any other petition seeking, or consent to, reorganization or relief with respect to the Company under any applicable federal or state law relating to bankruptcy or insolvency; seek or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Company or a substantial part of its property; make any assignment for the benefit of creditors of the Company; admit in writing the Company’s inability to pay its debts generally as they
become due; or take action in furtherance of any such action. 
 “Member” means CVOP or the
Investing Member, each as a member of the Company, and includes any Person admitted as an additional or substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company. Notwithstanding
the foregoing, the term “Member” shall not include the Special Member. 
 “Membership
Interest” means the limited liability company interest of a Member in the Company at any particular time, including the right of such Member to any and all benefits, including economic and voting benefits, to which such Member may be
entitled as provided in this Agreement and in the Act, together with the obligations of such Member to comply with all the provisions of this Agreement and of the Act. The Membership Interests are evidenced by Units in the Company. 

 “Member Minimum Gain” means “partner minimum
gain,” as defined in Section 1.704-2(g) of the Regulations. 
 “Member Nonrecourse
Deductions” means “partner nonrecourse deductions,” as defined in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Regulations. 
 “Net Profits” and “Net Losses” For each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss, respectively, for such year or period,
determined in accordance with Section 703(a) of the Code (and for this purpose, all items of income, gain, loss, or reduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or
loss), with the following adjustments: 
 (a) Any income of the Company that is exempt from
federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as
705(a)(2)(B) expenditures pursuant to Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition shall be subtracted from such taxable income or loss;

 (c) In the event that the Gross Asset Value of any Company asset is adjusted pursuant to
subparagraphs (b) or (c) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment
decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 

(d) Gain or loss resulting from any disposition of Company property with respect to which gain or loss is
recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation; 

(f) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to
Section 734(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s
Membership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into
account for purposes of computing Net Profits or Net Losses; and 

 (g) Notwithstanding any other provision of this definition,
any items which are specially allocated pursuant to Section 5.5 hereof shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above. 

“Non-Electing Contribution” As defined in Section 6.9(d). 

“Nonrecourse Deductions” As defined in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations.

 “Nonrecourse Liability” As defined in Section 1.704-2(b)(3) of the Regulations.

 “Operating Expenses” means (i) all administrative and operating costs and expenses
incurred by the Company, and (ii) those administrative costs and expenses of the Managing Member, including any salaries or other payments to directors, officers or employees of the Managing Member, and any accounting and legal expense of the
Managing Member, which expenses, the Members have agreed, are expenses of the Company and not the Managing Member. 
 “Partially Adjusted Capital Account” As defined in Section 5.2(d). 
 “Percentage Interest” means, with respect to a Member, the percentage obtained by dividing the Units owned by such Member by the total number of Units then outstanding and owned by all
Members. 
 “Person” means any individual, partnership, corporation, limited liability company,
trust or other entity. 
 “Property” means that certain real property located in Richardson,
Texas and commonly known as “Catholic Health Data Center” and all improvements now or hereafter constructed thereon. 
 “Property Manager” means Carter Validus Real Estate Management Services, LLC, together with any successor property manager appointed pursuant to the terms of this Agreement. 

“Rating Agency” has the meaning assigned to that term in the Basic Documents. 

“Rating Agency Condition” means (i) with respect to any action taken at any time before the Loan
evidenced and secured by the Basic Documents has been sold or assigned to a securitization trust, that the Lender thereunder has consented in writing to such action, and (ii) with respect to any action taken at any time after such Loan has been
sold or assigned to a securitization trust, that each Rating Agency shall have notified the Company in writing that such action will not result in a reduction or withdrawal, downgrade or qualification of the then current rating by such Rating Agency
of the Loan or any pool of the loans of which the Loan forms a part, or any of securities issued by such securitization trust. 

 “Regulations” The federal income tax regulations,
including temporary regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“REIT” means a real estate investment trust under Sections 856 through 860, inclusive, of the Code.

 “Return Multiple” for the first thirteen (13) months following the
date of this Agreement, means the Initial Return Multiple. Thereafter, the Return Multiple for a relevant month shall be calculated by adding 0.03 to the Return Multiple applicable for the immediately preceding month. For the avoidance of doubt, the
Return Multiple for the first thirteen (13) months following the date of this Agreement shall be 1.25 (i.e., the Initial Return Multiple). For the fourteenth (14th) month following the date of this Agreement, the Return Multiple shall be 1.28 (i.e., the Return Multiple for the
thirteenth month (1.25) plus 0.03). Applying these principles, the Return Multiple for the fifteenth
(15th) month shall be 1.31, the Return Multiple for
the sixteenth (16th) month shall be 1.34, and so on.

 “Securities Acts” means the Securities Act of 1933, as amended, and the Securities Act of
1934, as amended. 
 “Special Member” means, a Person bound by this Agreement as a Special
Member and who may be admitted to the Company as a member of the Company pursuant to Section 10.7. A Special Member shall only have the rights and duties expressly set forth in this Agreement. Julia McCullough shall be the Special Member unless
a substitute Special Member is later appointed by the Company. 
 “Substitute Member” means any
Person admitted to the Company as a Investing Member pursuant to Section 9.3 hereof. 

“Transfer” means to offer, sell, assign, hypothecate, pledge or otherwise transfer a Membership
Interest. 
 “Unit” means a fractional, undivided share of the all Membership Interests in the
Company. The Units held by each Member are set forth on Exhibit A, as may be amended from time to time. A Member shall receive one (1) Unit for each one dollar ($1.00) of Capital Contributions made to the Company. 

ARTICLE II 

FORMATION OF THE COMPANY 
 Section 2.1 FORMATION. The Company is hereby formed as a Delaware limited liability company by the filing of the Certificate of Formation with the Secretary of State of Delaware in accordance
with the provisions of the Act and the execution of this Agreement by the Members. CVOP and the Investing Member are each hereby admitted as members of the Company upon their execution of this Agreement. Michael J. Nolan is hereby designated as an
“authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with
the Secretary of State of the State of 

 
Delaware, his powers as an “authorized person” ceased, and the Managing Member thereupon became the designated “authorized person” and shall continue as the designated
“authorized person” within the meaning of the Act. The Managing Member shall execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any other
jurisdiction in which the Company may wish to conduct business. 
 Section 2.2 NAME. The name of the
Company is “DC-3300 Essex, LLC.” 
 Section 2.3 PRINCIPAL PLACE OF BUSINESS. The principal
place of business of the Company is 4211 West Boy Scout Boulevard, Suite 500, Tampa, Florida 33607. The Managing Member may at any time change the location of such place of business, provided the Managing Member gives notice to the other Members and
Lender of any such change. 
 Section 2.4 REGISTERED OFFICE AND REGISTERED AGENT. The Company’s
initial registered office in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The Company’s initial registered agent is Corporation Service Company. The registered office
and registered agent may be changed from time to time pursuant to the Act and the applicable rules promulgated thereunder. 
 Section 2.5 TERM. The term of the Company commenced on the date the Certificate of Formation was filed with the Secretary of State of the State of Delaware and shall continue until the Company
is dissolved and its affairs wound up in accordance with the provisions of this Agreement and until the cancellation of the Certificate of Formation in the manner required by Section 18-203 of the Act. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act. 
 ARTICLE III

 BUSINESS OF THE COMPANY 
 The purpose and nature of the business of the Company is to own, manage, lease and sell, exchange or otherwise dispose of the Property (or portions thereof), and otherwise deal with the Property for the
benefit of the Company and any business that may lawfully be conducted by a limited liability company organized pursuant to the Act in connection with the foregoing. Notwithstanding the foregoing, the business of the Company shall be subject to the
limitations imposed by Section 6.13. To consummate the foregoing and to carry out the obligations of the Company in connection therewith or incidental thereto, the Managing Member has the authority, in accordance with and subject only to the
specific limitations set forth elsewhere in this Agreement, including without limitation Section 6.2, to make, enter into, perform and carry out any arrangements, contracts or agreements of every kind for any lawful purpose, without limit as to
amount or otherwise, with any corporation, association, partnership, limited liability company, firm, trustee, syndicate, individual or any political or governmental division, subdivision or agency, domestic or foreign, and generally to make and
perform agreements and contracts of every kind and description and to do any and all things necessary or incidental to the foregoing for the protection and enhancement of the assets of the Company. 

 The Company is hereby authorized to execute, deliver and perform, and the
Managing Member on behalf of the Company is hereby authorized to execute and deliver, the Basic Documents and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto that are required by Lender to be
delivered at the Closing of the Loan, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement; provided, however, any subsequent amendment or modifications to such documents after the
initial funding of the Loan shall require the consent of the Investing Member. The foregoing authorization shall not be deemed a restriction on the powers of the Managing Member to enter into other agreements on behalf of the Company. 

ARTICLE IV 

CAPITAL CONTRIBUTIONS 
 Section 4.1 CVOP. As of the date hereof, CVOP has contributed the amount of cash identified on Exhibit A, attached hereto, to the capital of the Company. 

Section 4.2 INVESTING MEMBER. As of the date hereof, the Investing Member has contributed the amount of cash
identified on Exhibit A, attached hereto, to the capital of the Company. 
 Section 4.3 SPECIAL
MEMBER. The Special Member shall have no obligation to make contributions to the capital of the Company. 

Section 4.4 ADDITIONAL CAPITAL CONTRIBUTIONS. The Members shall have no preemptive or other right or
obligation to make any additional Capital Contributions or loans to the Company. If the Managing Member determines that it is in the best interests of the Company to provide for additional Company funds for any Company purpose, the Managing Member
may cause the Company to obtain such funds as set forth in Section 6.9 (subject to the limitations imposed by Section 6.2 and Article XIV). 
 Section 4.5 INTEREST. No interest shall be paid on the Capital Contribution of any Member. 
 Section 4.6 RETURN OF CAPITAL. Except as expressly provided in this Agreement, no Member shall be entitled to demand or receive the return of his Capital Contribution. 

Section 4.7 OUTSTANDING UNITS; PERCENTAGE INTEREST. If the number of outstanding Units increases or decreases
during a taxable year, the Managing Member shall revise Exhibit A as appropriate to reflect the number of Units owned by each Member. The calculation of the Percentage Interest of each Member at any time and from time to time shall be based on
the Units held by each Member at the time such calculation is required to be made. 

 ARTICLE V 
 PROFITS, LOSSES AND ACCOUNTING 
 Section 5.1
ALLOCATION OF NET PROFITS AND NET LOSSES FROM OPERATIONS. The Company’s Net Profit and Net Loss attributable to each Fiscal Year shall be determined as though the books of the Company were closed as of the end of such Fiscal Year. The rules
of this Section 5.1 shall apply except as provided in Section 5.4. All Net Profit, Net Loss and any tax credits incurred or accrued by the Company, other than those arising from a Capital Transaction, shall be allocated to the Members in
the following manner: 
 (a) Profits. 

(i) First, to the Members, in proportion to and in an amount equal to the Net Losses allocated to the
Members pursuant to Section 5.1(b)(vi), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(i); 
 (ii) Second, to the Investing Member, in an amount equal to the Net Losses allocated to the Investing Member pursuant to Section 5.1(b)(v), taking into account all prior allocations of Net Profits
pursuant to this Section 5.1(a)(ii); 
 (iii) Third, to CVOP, in an amount equal to the Net
Losses allocated to CVOP pursuant to Section 5.1(b)(iv), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(iii); 

(iv) Fourth, to CVOP, in an amount equal to the cumulative distributions it has received pursuant to
Section 8.1(a), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(iv); 
 (v) Fifth, to the Investing Member, in an amount equal to the cumulative distributions it has received pursuant to Section 8.1(b) that are not treated as a return of its Capital Contributions, taking
into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(v); and 

(vi) Thereafter, to CVOP. 

(b) Losses. 

(i) First, in proportion to and in an amount equal to the Net Profits allocated to the Members pursuant to
Section 5.1(a)(vi), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(b)(i); 
 (ii) Second, to the Investing Member in an amount equal to the Net Profits allocated to the Investing Member pursuant to Section 5.1(a)(v), taking into account all prior allocations of Net Profits
pursuant to this Section 5.1(b)(ii); 
 (iii) Third, to CVOP in an amount equal to the Net
Profits allocated to CVOP pursuant to Section 5.1(a)(iv), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(b)(iii); 

(iv) Fourth, to CVOP until its Capital Account has been reduced to zero; 

 (v) Fifth, to the Investing Member until its Capital Account
has been reduced to zero; and 
 (vi) Thereafter, to the Members, pro rata in accordance with
their respective Percentage Interests. 
 Section 5.2 ALLOCATION OF NET PROFITS AND NET LOSSES FROM
CAPITAL TRANSACTIONS. The Company’s Net Profit and Net Loss attributable to a Capital Transaction in any Fiscal Year shall be allocated in accordance with this Section 5.2. The rules of this Section 5.2 shall apply except as
provided in Section 5.5. 
 (a) After all allocations have been made pursuant to
Section 5.5, items comprising Net Profit or Net Loss attributable to a Capital Transaction shall be allocated so as to make, as nearly as possible, each Member’s Capital Account balance equal to the result (be it positive, negative or
zero) of subtracting (i) the sum of (x) such Member’s share of Company Minimum Gain and (y) such Member’s share of Member Minimum Gain, from (ii) such Member’s Target Amount (as defined below) at the end of the
Fiscal Year in which the Capital Transaction occurred (the “Target Capital Account”). 
 (b) Except to the extent otherwise required by applicable law: (i) in applying subsection (a), to the extent possible each item comprising Net Profit or Net Loss attributable to a Capital Transaction
shall be allocated among the Members in the same proportions as each other such item; and (ii) to the extent necessary to produce the result prescribed by subsection (a), items of income and gain shall be allocated separately from items of loss
and deduction, in which event the proportions applicable to items of income and gain shall (to the extent permitted by law) be applicable to items of credit. 

(c) For these purposes, the “Target Amount” of a Member at the end of any relevant Fiscal
Year means the amount which such Member would then be entitled to receive if, immediately following such Fiscal Year: (i) all of the assets of the Company were sold for cash equal to their respective Gross Asset Values (or in the case of assets
subject to a Nonrecourse Liability or a “partner nonrecourse debt liability” as defined in Section 1.704-2 of the Regulations, the amount of such liabilities if greater than the aggregate book values of such assets); and (ii) the
proceeds of such sale were applied to pay all debts of the Company with the balance distributed as provided in Section 8.2 provided, however, that if the sale described in clause (i) would not generate proceeds sufficient to pay all debts
of the Company, the Members shall be considered entitled in the aggregate to receive, pursuant to Section 8.2, a negative amount equal to the excess of such debts over such proceeds. 

(d)(i) If the Company has Net Profits from a Capital Transaction (determined prior to giving effect to
this Section 5.2(d)), each Member whose Capital Account, prior to taking into account Sections 5.2(a) and 5.2(b) (“Partially Adjusted Capital Account”), is greater than his Target Capital Account for such Fiscal year shall be
specially allocated items of Company expenses or loss for such Fiscal Year equal to the difference between his Target Capital Account and his Partially Adjusted Capital Account. In the event the Company has insufficient items of expense or loss for
such Fiscal Year to satisfy the previous sentence with respect to all such Members, the available items of expense or loss shall be divided among such Members in proportion to such differences. 

 (ii) If the Company has Net Losses from a Capital
Transaction (determined prior to giving effect to this Section 5.2(d)), each Member whose Target Capital Account is greater than his Partially Adjusted Capital Account for such Fiscal Year shall be specially allocated items of Company income or
gain for such Fiscal Year equal to the difference between his Target Capital Account and his Partially Adjusted Capital Account. In the event the Company has insufficient items of income or gain for such Fiscal Year to satisfy the previous sentence
with respect to all such Members, the available items of income or gain shall be divided among the Members in proportion to such differences. 
 The availability of items of income, gain, expense, or loss to be specially allocated pursuant to this Section 5.2(d) shall be determined after giving full effect to all of the other provisions of
this Section 5.2 and Section 5.5. 
 Section 5.3 LIMITATION ON LOSS ALLOCATIONS.
Notwithstanding anything in this Agreement to the contrary, no loss or item of deduction shall be allocated to a Member if such allocation would cause such Member to have an Adjusted Capital Account Deficit as of the last day of the Fiscal Year or
other period to which such allocation relates. Any amounts not allocated to a Member pursuant to the limitations set forth in this paragraph shall be allocated to the other Members to the extent possible without violating the limitations set forth
in this paragraph, and any amounts remaining to be allocated shall be allocated among the Members in accordance with the provisions of Section 5.1. 
 Section 5.4 INTENTION AND CONSTRUCTION OF ALLOCATIONS. It is the intention of the Members to allocate Net Profits and Net Losses attributable to Capital Transactions in such a manner as to
cause each Member’s Capital Account to always equal the amount of cash such Member would be entitled to receive if the Company sold its assets for their Gross Asset Values and, after satisfying all Company liabilities, the proceeds from such
sale, as well as all other funds of the Company, were then distributed to the Members pursuant to Section 8.2. These provisions shall be so interpreted as necessary to accomplish such result. 

Section 5.5 SPECIAL ALLOCATIONS. The following special allocations shall be made in the following order: 

(a) Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(f) of
the Regulations, in the event there is a net decrease in Company Minimum Gain during a Fiscal Year, each Member shall be allocated (before any other allocation is made pursuant to this Article V) items of income and gain for such year (and, if
necessary, for subsequent years) equal to that Member’s share of the net decrease in Company Minimum Gain. 
 (i) The determination of a Member’s share of the net decrease in Company Minimum Gain shall be determined in accordance with Regulation Section 1.704-2(g). 

 (ii) The items to be specially allocated to the Members in
accordance with this Section 10.4(a) shall be determined in accordance with Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). 
 (iii) This Section 5.5(a) is intended to comply with the minimum gain chargeback requirement set forth in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently
therewith. 
 (b) Member Minimum Gain Chargeback. 

(i) Except as otherwise provided in Section 1.704-2(i)(4), in the event there is a net decrease in
Member Minimum Gain during a Fiscal Year, each Member who has a share of that Member Minimum Gain as of the beginning of the year, to the extent required by Regulation Section 1.704-2(i)(4) shall be specially allocated items of Company income
and gain for such year (and, if necessary, subsequent years) equal to that Member’s share of the net decrease in Member Minimum Gain. 
 (ii) Allocations pursuant to this subparagraph (b) shall be made in accordance with Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). 

(iii) This subsection 10.4(b) is intended to comply with the requirement set forth in Regulation
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (c)
Qualified Income Offset Allocation. In the event any Member unexpectedly receives any adjustments, allocations or distributions described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6) which would cause such Member to have an Adjusted Capital Account Deficit, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate such Adjusted Capital
Account Deficit as quickly as possible. This Section 5.5(c) is intended to constitute a “qualified income offset” in satisfaction of the alternate test for economic effect set forth in Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 
 (d) Gross Income Allocation. In
the event any Member has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) any amounts such Member is obligated to restore pursuant to this Agreement, plus (ii) such Member’s distributive
share of Company Minimum Gain as of such date, plus (iii) such Member’s share of Member Minimum Gain determined pursuant to Regulation Section 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and
gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.5(d) shall be made only if and to the extent that such Member would have a deficit Capital Account in excess of such sum after all
other allocations provided for in this Article V have been made, except assuming that Section 5.5(c), and this Section 5.5(d) were not contained in this Agreement. 

(e) Allocation of Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Members
in accordance with their respective Percentage Interests. 

 (f) Allocation of Member Nonrecourse Deductions.
Member Nonrecourse Deductions shall be allocated as prescribed by the Regulations. 
 Section 5.6
BUILT-IN GAIN OR LOSS/SECTION 704(c) TAX ALLOCATIONS. In the event that the Gross Asset Value of Company assets are adjusted to equal their respective gross fair market values (taking Section 7701(g) of the Code into account), the
Members’ distributive shares of depreciation, depletion, amortization, and gain or loss, as computed for tax purposes, with respect to such property, shall be determined pursuant to Section 704(c) of the Code and the Regulations
thereunder, so as to take account of the variation between the adjusted tax basis of such property to the Company for federal income tax purposes and its Gross Asset Value. Any deductions, income, gain or loss specially allocated pursuant to this
Section 5.6 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account for purposes of determining Net Profits or Net Losses or for purposes of adjusting a Member’s Capital Account.

 Section 5.7 RECAPTURE. Ordinary taxable income arising from the recapture of depreciation and/or
investment tax credit shall be allocated to the Members in the same manner as such depreciation and/or investment tax credit was allocated to them. 
 Section 5.8 PROHIBITION AGAINST RETROACTIVE ALLOCATIONS. Notwithstanding anything in this Agreement to the contrary, no Member shall be allocated any loss, credit or income attributable to a
period prior to his admission to the Company. In the event that a Member transfers all or a portion of such Member’s Membership Interest, or if there is a reduction in a Member’s Percentage Interest due to the admission of new Members or
otherwise, each Member’s distributive share of Company items of income, loss, credit, etc., shall be determined by taking into account each Member’s varying interests in the Company during the Company’s taxable year. For this purpose,
unless the Managing Member, in its sole discretion, elects to provide for an interim closing of the Company’s books, each Member’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Member
would have included in his taxable income had he maintained its Percentage Interest throughout the Company year. Such proration shall be based upon the portion of the year during which such Member held the Percentage Interest, except that
extraordinary, non-recurring items shall be allocated to the Persons holding Company interests at the time such extraordinary items occur. 
 Section 5.9 ALLOCATION OF NONRECOURSE LIABILITIES. The “excess nonrecourse liabilities” of the Company (within the meaning of Section 1.752-3(a)(3) of the Regulations) shall be
allocated as prescribed by the Regulations. 
 Section 5.10 ALTERNATIVE ALLOCATIONS. It is the
Members’ intention that each Member’s distributive share of income, gain, loss, deduction, credit (or item thereof) be determined and allocated consistently with the provisions of the Code, including Sections 704(b) and 704(c) of the Code.
If the Managing Member deems it necessary in order to comply with the Code, the Managing Member may, relying upon the advice of the Company’s accountants, allocate income, gain, loss, deduction or credit (or items thereof) arising in any year
differently than as provided for in this Article V if, and to the extent, (a) allocating income, gain, loss, deduction or credit (or item thereof) would cause the determinations and allocations of each Member’s distributive share of
income, gain, loss, deduction or credit (or item thereof) not to be 

 
permitted by the Code and any applicable Regulations or (b) such allocation would be inconsistent with a Member’s interest in the Company taking into consideration all facts and
circumstances. Any allocation made pursuant to this Section 5.10 will be a complete substitute for any allocation otherwise provided for in this Agreement, and no further amendment of this Agreement or approval by any Member is necessary to
effectuate such allocation. In making any such allocations under this Section 5.10 (“New Allocations”) the Managing Member may act in reliance upon advice of counsel to the Company or the Company’s regular accountants
that, in either case, in their respective opinions after examining the relevant provisions of the Code and any current or future proposed or final Regulations, the New Allocations are necessary in order to ensure that, in either the then-current
year or in any preceding year, each Member’s distributive share of income, gain, loss, deduction or credit (or items thereof) is determined and allocated in accordance with the Code and such Member’s interest in the Company. New
Allocations made by the Managing Member in reliance upon the advice of counsel or accountants as described in this section will be deemed to be made in the best interests of the Company and all of the Members consistent with the duties of the
Managing Member under this Agreement and any such New Allocations will not give rise to any claim or cause of action by any Member against the Company or any Managing Member. 

Section 5.11 SECTION 754 ELECTIONS. The Managing Member may elect, pursuant to Section 754 of the Code,
to adjust the basis of the Company’s assets for all transfers of Membership Interests if such election would benefit any Member or the Company. 
 Section 5.12 ACCOUNTING. 
 (a) The books of the
Company shall be kept on the accrual basis and in accordance with generally accepted accounting principles consistently applied. 
 (b) The fiscal year of the Company shall be the calendar year. 

(c) The Managing Member shall be the Tax Matters Partner of the Company within the meaning of Section 6231(a)(7) of
the Code. As Tax Matters Partner, the Managing Member shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The Managing Member shall have the right to retain
professional assistance in respect of any audit of the Company by the IRS, and all out-of-pocket expenses and fees incurred by the Managing Member on behalf of the Company as Tax Matters Partner shall constitute Operating Expenses of the Company. In
the event the Managing Member receives notice of a final Company adjustment under Section 6223(a)(2) of the Code, the Managing Member shall either (i) file a court petition for judicial review of such final adjustment within the period
provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to each Investing Member on the date such petition is filed, or (ii) mail a written notice to each Investing Member, within such period, that describes
the Managing Member’s reasons for determining not to file such a petition. 
 (d) Except as specifically
provided herein, all elections required or permitted to be made by the Company under the Code shall be made by the Managing Member in its sole discretion. 

 (e) Any Member shall have the right to inspect the books and records of the
Company, provided such audit is made at the expense of the Member desiring it, such inspection is made during normal business hours and such audit is for a purpose reasonably related to such Member’s legitimate interest as a Member. 

ARTICLE VI 

MANAGEMENT 
 Section 6.1 GENERAL. Subject to Section 6.2, Article XIV and any other restrictions specifically contained in this Agreement, the Managing Member shall have full, complete and exclusive
discretion to manage and control the business and affairs of the Company and make all decisions affecting the business and assets of the Company without the approval of any other Member. Without limiting the generality of the foregoing (but subject
to the restrictions specifically contained in this Agreement, including without limitation, Section 6.2 and Article XIV), the Managing Member shall have the power and authority to take the following actions on behalf of the Company: 

(a) to own, manage, lease and dispose of the Property or any other property or assets consistent with the purpose of the
Company set forth in Article III that is not inconsistent with the Carter REIT’s qualification as a REIT; 

(b) to make improvements (including renovations) on or to the Property; 

(c) to borrow money for the Company, issue evidences of indebtedness in connection therewith, refinance, guarantee,
increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any indebtedness or obligation of or to the Company, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the
Company’s assets; 
 (d) to pay, either directly or by reimbursement, for all Operating Expenses to third
parties or to the Members (as permitted by this Agreement); 
 (e) to lease all or any portion of any of the
Company’s assets, whether or not any portion of the Company’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the Managing Member may
determine; 
 (f) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of
or against the Company, on such terms and in such manner as the Managing Member may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Members, the Company, or the Company’s assets; 

(g) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction
over, or in any way affecting, the Company’s assets or any other aspect of the Company business; 
 (h) to
make or revoke any election permitted or required of the Company by any taxing authority; 

 (i) to maintain such insurance coverage for public liability, fire and
casualty, and any and all other insurance for the protection of the Company, for the conservation of Company assets, or for any other purpose convenient or beneficial to the Company, in such amounts and such types as the Managing Member shall
determine from time to time; 
 (j) to retain providers of services of any kind or nature in connection with the
Company business and to pay therefor such reasonable remuneration as the Managing Member may deem proper; 
 (k)
to negotiate and conclude agreements on behalf of the Company with respect to any of the rights, powers and authority conferred upon the Managing Member; 
 (l) to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the Company; 

(m) to distribute Company cash or other Company assets in accordance with this Agreement; 

(n) to establish Company reserves for working capital, capital expenditures, contingent liabilities or any other valid
Company purpose; 
 (o) to do any and all acts and things necessary or prudent to ensure that the Company will
not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; 

(p) to restate Exhibit A hereto to reflect accurately at all times the Capital Contributions of the Members, the
number of Units held by each Member, the admission of any Additional Member or any Substitute Member or otherwise, which restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as
long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; and 
 (q) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts the Managing Member deems necessary or appropriate for the
formation, continuation and conduct of the business and affairs of the Company (including, without limitation, all actions consistent with qualification of the Carter REIT as a REIT) and to possess and enjoy all of the rights and powers of a
managing member as provided by the Act. 
 The Investing Member agrees that the Managing Member is authorized to
execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Company without any further act, approval or vote of the Investing Member, subject only to Article XIV, Section 6.2, Article XI and any other
restrictions imposed under this Agreement, to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the Managing Member or the Company of any agreement authorized or
permitted under this Agreement shall not constitute a breach by the Managing Member of any duty that the Managing Member may owe the Company or the Investing Member or any other Persons under this Agreement or of any duty stated or implied by law or
equity. 

 Except as otherwise provided herein, to the extent the duties of the
Managing Member require expenditures of funds to be paid to third parties, the Managing Member shall not have any obligations hereunder except to the extent that Company funds are reasonably available to it for the performance of such duties, and
nothing herein contained shall be deemed to authorize or require the Managing Member, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the
Company. 
 Section 6.2 MAJOR DECISIONS. 

(a) Notwithstanding Section 6.1 or any other provision of this Agreement to the contrary, but in any event subject
to the additional restrictions set forth in Article XIV herein, all Major Decisions proposed to be taken by the Company shall require the unanimous approval of the Members, which such approval shall not be unreasonably withheld. 

(b) Each of the following is a “Major Decision” for purposes of this Agreement: 

(i) extending credit, making loans or becoming or acting as a surety, guarantor, endorser or accommodation
endorser or modifying any obligations relating to the foregoing except (x) in connection with negotiating checks or other instruments received by the Company, or (y) the incurrence of accounts receivables or other similar arrangements in
the normal course of the Company’s Business; 
 (ii) except for the Loan, the Basic
Documents, or trade payables incurred in the normal course of the Company’s Business, obtaining financing or refinancing for, or otherwise incurring any indebtedness of the Company, any subsidiary or any assets of the Company or any subsidiary;
approving or executing the documents evidencing any such financing or refinancing or any amendments or modifications thereof; and/or selecting the lender or lenders providing any such financing or refinancing; 

(iii) placing or suffering of any other lien or encumbrance on or affecting the Property or any portion
thereof other than in connection with the Loan; 
 (iv) acquiring any land or other real property
or any interest therein other than the Property; 
 (v) making and/or implementing any decision
to form any subsidiary entity (including a corporation, partnership, limited liability company, trust or other entity) and/or to assign, transfer or convey all or any portion of the Property or any other asset or property or the rights to acquire
the Property or any other asset or property to any subsidiary entity and the execution and delivery of any documents, agreements or instruments implementing, evidencing or relating to any such decision or action (including any organizational
documents relating to any subsidiary entity): 
 (vi) except as set forth on Schedule
6.2(b)(vi), entering into any agreement or contract for goods, services or property, or any other transaction, with any Member or any Affiliate of any Member or paying any compensation, remuneration or other consideration or any kind to any
Member or any Affiliate of any Member, or determining the amount of overhead and other reimbursements payable to any Member or any of their Affiliates or modifying or amending any such agreement, contract, transaction, compensation, reimbursements
or consideration so approved; 

 (vii) causing the Company to consolidate or merge with or
into any other Person or to enter into any business combination, joint venture, partnership, limited liability company or other entity, or any other profit participation or sharing agreement or arrangement, with any other Person for the ownership,
operation or financing of the Property; 
 (viii) commence, join in or settle any claim, action,
suit or proceeding by, against or involving the Company that may materially affect the financial condition or operations of the Company; 
 (ix) the sale of all or any portion of the Property; 
 (x) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is outstanding), the institution of proceedings to have the Company adjudicated bankrupt or insolvent,
or the filing of a petition seeking reorganization or relief with respect to the Company under any applicable federal or state law relating to bankruptcy; 

(xi) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is
outstanding), the consent to the institution of bankruptcy or insolvency proceedings against the Company, or the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part
of its assets; 
 (xii) acquiring any material personal property, equipment or other assets or
business by the Company that are not in connection with or will not serve the Property; 
 (xiii)
subject to the requirements of Section 14.3 (which apply during the period in which the Loan is outstanding), the making of any assignment for the benefit of the creditors of the Company; 

(xiv) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is
outstanding), the admission in writing of the Company’s inability to pay its debts generally as they become due; 
 (xv) in the event of the substantial destruction or substantial damage to the Property, the determination of whether to apply any insurance proceeds received to the restoration of the Property or to
distribute such proceeds; and 
 (xvi) to the fullest extent permitted by law, the dissolution or
liquidation of the Company. 

 Section 6.3 DELEGATION OF AUTHORITY. The Managing Member may
delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Company, which Person may, under supervision of the Managing Member,
perform any acts or services for the Company as the Managing Member may approve. The Members hereby agree that the Managing Member is authorized to enter into a property management agreement with the Property Manager; provided, however, that such
property management agreement shall be terminable, without penalty, on thirty (30) days written notice by the Company; provided that such termination complies with all applicable requirements contained in the Basic Documents relating to the
removal and appointment of a new property manager. 
 Section 6.4 DUTIES OF MANAGING MEMBER.

 (a) The Managing Member, subject to the limitations set forth in this Agreement, shall manage or cause to be
managed the affairs of the Company in a prudent and businesslike manner and at all times act and exercise its discretion hereunder in a reasonable manner consistent with its fiduciary duty to the Members and shall devote sufficient time and effort
to the Company affairs. 
 (b) In carrying out its obligations, the Managing Member shall: 

(i) Render annual reports to all Members with respect to the operations of the Company, together with any
other reports (monthly, quarterly or otherwise) as may be reasonably requested by the Member to enable such Member to be timely informed regarding the business and operations of the Company, provided such reports are produced by the Managing Member
in the ordinary course of business; 
 (ii) On or before March 31st of every year, mail to
all Persons who were Members at any time during the Company’s prior fiscal year an annual report of the Company, including all necessary tax information, and any other information regarding the Company and its operations during the prior fiscal
year deemed by the Managing Member to be material; 
 (iii) Maintain complete and accurate
records of all business conducted by the Company and complete and accurate books of account (containing such information as shall be necessary to record allocations and distributions), and make such records and books of account available for
inspection and audit by any Member or such Member’s duly authorized representative (at the sole expense of such Member) during regular business hours and at the principal office of the Company; and 

(iv) Cause to be filed such certificates and do such other acts as may be required by law to qualify and
maintain the Company as a limited liability company under the laws of the State of Delaware. 

Section 6.5 LIABILITY OF MANAGING MEMBER; INDEMNIFICATION. 

(a) The Managing Member shall not be liable for the return of all or any part of the Capital Contributions of the
Members. Any returns shall be made solely from the assets of the Company according to the terms of this Agreement. 

 (b) Notwithstanding anything to the contrary set forth in this Agreement,
none of the Managing Member nor the Company nor any of their respective officers, directors, agents or employees shall be liable or accountable in damages or otherwise to the Company, any Members or any assignees, or any of their successors or
assigns, for any losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or any act or omission; provided, however, such actions or decisions were taken or made with a good faith
belief that they were within the scope of the purposes of the Company and the authority granted to the Managing Member, and such actions or decisions do not constitute a breach of any material provision of this Agreement, fraud, gross negligence or
willful misconduct in connection with the business and affairs of the Company. The Managing Member shall not be responsible for any misconduct or negligence on the part of any agent appointed by it in good faith pursuant to Section 6.3 hereof
and provided that such appointment does not constitute a breach of any material provision of this Agreement, fraud, gross negligence or willful misconduct in connection with the business and affairs of the Company. 

(c) The Company shall indemnify an Indemnitee to the fullest extent permitted by law and save and hold it harmless from
and against, and in respect of, any and all losses, claims, damages, liabilities (joint or several), expenses (including legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions,
suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Company as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise.
Notwithstanding the foregoing, this indemnification shall not apply if: (A) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and
deliberate dishonesty; (B) the Indemnitee actually received an improper personal benefit in money, property or services; (C) the act or omission constitutes a breach of any material provision of this Agreement, fraud, gross negligence or
willful misconduct in connection with the business and affairs of the Company; or (D) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any
proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 6.5(c). The termination of any proceeding by conviction or upon a plea of
nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 6.5(c). Any indemnification pursuant to
this Section 6.5 shall be made only out of the assets of the Company, and any insurance proceeds from the liability policy covering the Managing Member and any Indemnitee. 

(d) To the fullest extend permitted by law, the Company may reimburse an Indemnitee for reasonable expenses incurred by
an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Company of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of
conduct necessary for indemnification by the Company as authorized in this Section 6.5 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the
standard of conduct has not been met. 

 (e) The indemnification provided by this Section 6.5 shall be in
addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Members, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such
capacity. 
 (f) The Company may purchase and maintain insurance on behalf of the Indemnitees, and such other
Persons as the Managing Member shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Company’s activities, regardless of whether the Company would have the
power to indemnify such Person against such liability under the provisions of this Agreement. 
 (g) For
purposes of this Section 6.5, the Company shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by the Indemnitee of its duties to the Company also imposes duties on, or
otherwise involves services by, the Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the
meaning of this Section 6.5; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by the Indemnitee to be in the interest of the participants
and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Company. 
 (h) In no event may an Indemnitee subject the Investing Member to personal liability by reason of the indemnification provisions set forth in this Agreement. 

(i) An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.5 because the
Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(j) Any amendment, modification or repeal of this Section 6.5 or any provision hereof shall be prospective only and
shall not in any way affect the limitations on the Managing Member’s liability to the Company and the Investing Member under this Section 6.5 as in effect immediately prior to such amendment, modification or repeal with respect to matters
occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. The provisions of this Section 6.5 are for the benefit of the Indemnitees, their
heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (k) Notwithstanding any other provisions of this Agreement to the contrary (other than Section 6.10 (including, without limitation, the right therein of the Investing Member to sell the Property),
Section 8.1, Section 8.2 and Section 9.9), or the Act, any action of the Managing Member on behalf of the Company or any decision of the Managing Member to refrain from acting on behalf of the Company, undertaken in the good faith
belief that such action or omission is necessary or advisable in order to comply with the provisions of Section 6.13 is expressly authorized under this Agreement and is deemed approved by the Investing Member. 

 Section 6.6 FEES; COMPENSATION; REIMBURSEMENTS. 

(a) The Managing Member, as such, shall not receive any compensation for services rendered to the Company except as in
accordance with the provisions of Sections 6.2(b)(vi) and 6.8 herein. 
 (b) Upon the execution of this
Agreement, the Investing Member shall be reimbursed for actual out of pocket legal fees and travel and consultant expenses it occurred in connection with the closing of the transactions contemplated by this Agreement. Notwithstanding the foregoing,
the amount of such reimbursement shall not exceed $50,000. 
 Section 6.7 RELIANCE ON ACT OF MANAGING
MEMBER. No financial institution or any other Person, firm or corporation dealing with the Managing Member or the Company shall be required to ascertain whether the Managing Member is acting in accordance with this Agreement, but such financial
institution or such other Person, firm or corporation shall be protected in relying solely upon the assurance of and the execution of any instrument or instruments by the Managing Member. 

Section 6.8 OUTSIDE SERVICES; DEALINGS WITH AFFILIATES; OUTSIDE ACTIVITIES. 

(a) Except as set forth on Schedule 6.2(b)(vi) or with the written approval of the Investing Member (which such approval
shall not be unreasonably withheld), the Managing Member shall not (i) enter into any agreement or contract for goods, services or property, or any other transaction, with any Member or any Affiliate of any Member, (ii) cause the Company
to pay any compensation, remuneration or other consideration or any kind to any Member or any Affiliate of any Member, (iii) determine the amount of overhead and other reimbursements payable to any Member or any of their Affiliates or
modifying, or (iv) amend any such agreement, contract, transaction, compensation, reimbursements or consideration so approved. 
 (b) Any officer, director, employee, agent, trustee, Affiliate, partner, member or shareholder of a Member shall be entitled to and may have business interests and engage in business activities in
addition to those relating to the Company, including business interests and activities substantially similar or identical to those of the Company and may compete with the Company. Neither the Company nor any other Member shall have any rights by
virtue of this Agreement in any business ventures of such Person. 
 Section 6.9 ADDITIONAL CAPITAL TO
THE COMPANY. 
 (a) If the Managing Member determines that additional funds (“Additional
Funds”) are required by the Company for any purpose relating to the business of the Company or for any of its obligations, expenses, costs, or expenditures, including operating deficits, the Managing Member may request that the Members make
additional capital contributions (such capital, the “Additional Funds Capital”) to cover such needs by delivering written notice to the Members (such notice, the “Additional Funds Notice”). In accordance with the
provisions of this Section 6.9, the Members shall have the right, but not the obligation, to contribute such requested Additional Funds Capital. Notwithstanding the foregoing, prior to the second year anniversary of the date of this Agreement,
the Managing Member may not request the Members to contribute 

 
Additional Funds Capital if such request would result in the Members, in the aggregate, having contributed Additional Funds Capital in excess of $1,000,000. In addition, after the second year
anniversary of the date of this Agreement, CVOP shall not have the right nor the obligation to contribute any Additional Funds Capital and the Investing Member is the only Person entitled, but not obligated, to contribute such Additional Funds
Capital. In all instances, the ability of the Members to contribute and the Company to accept Additional Funds Capital shall be subject to the approval of the Lender, to the extent such approval is required under the Basic Documents. 

(b) The Additional Funds Notice shall state: (i) the amount of Additional Funds that are required; (ii) a
general description of the reason why such Additional Funds are required; (iii) each Member’s pro rata portion of the Additional Funds (which shall be based on the relative Percentage Interests of the Members); (iv) the general terms
for the proposed Additional Funds Capital (it being agreed that the preferred rate, if any, shall not exceed 8% per annum, such contributions shall have a priority on repayment to the Units and any such Units or other forms of interest issued
in connection therewith shall have no voting or other control rights and in no way shall change or otherwise effect the decisions and control as set forth herein); and (v) a request date for each Member to contribute the Additional Funds
Capital (which date shall be at least ten (10) Business Days after the date of the Additional Funds Notice). 
 (c) If both CVOP and the Investing Member contribute the Additional Funds Capital requested pursuant to the Additional Funds Notice, such Additional Funds Capital shall have the economic terms contained
in the Additional Funds Notice. 
 (d) In the event that one of CVOP or the Investing Member elect not to
contribute Additional Funds Capital, then the Member contributing Additional Funds Capital shall have the option to also contribute capital to the Company in the amount of the non-electing Member’s pro rata share of the Additional Funds (such
contribution, a “Non-Electing Contribution”). The terms of any Non-Electing Contribution shall be the less favorable of (i) the terms contained in the Additional Funds Notice, or (ii) the terms that could be
obtained from a third party on an arm’s length basis. 
 (e) The provisions of this Section 6.9 are
subject to the provisions contained in Article XIV. 
 Section 6.10 INVESTING MEMBER OPTION TO TAKE OVER
MANAGEMENT OF COMPANY. Notwithstanding anything to the contrary in this Agreement, but subject to any applicable provisions in the Basic Documents (including, without limitation, that the Investing Member is a “Qualified Equityholder”
(as such term is defined in the Loan Agreement)), from and after the second anniversary of the date of this Agreement, the Investing Member shall have the option, by providing written notice to CVOP, to become the Managing Member and succeed to all
rights of the Managing Member under this Agreement but shall not be subject to any limitations currently imposed on the Managing Member pursuant to the terms of this Agreement (other than Section 6.11 and Article XIV) including without
limitation Section 6.2; provided, however, upon Investing Member’s election of such option, CVOP shall retain the right to approve the Major Decisions set forth in Section 6.2(b)(i), Section 6.2(b)(iv) - provided
that CVOP shall not have a consent right over tenant improvements, Section 6.2(b)(v) - provided that CVOP shall not have a consent right over the formation of a 

 
wholly owned subsidiary, Section 6.2(b)(vi), Section 6.2(b)(vii) - provided that CVOP shall not have a consent right over the combination, merger, etc. into or with a wholly owned
subsidiary, and Sections 6.2(b)(x) through 6.2(b)(xvi). Notwithstanding the foregoing or any other provision of this Agreement to the contrary, including, without limitation, Section 6.13, but in any event subject to Article XIV of this
Agreement, if the Investing Member elects to assume the management and control of the business and become the Managing Member as provided for in this Section 6.10, it shall also have the right, without the consent or approval of any other
Member, to (i) subject to the satisfaction of the requirements set forth in the Basic Documents (A) sell or refinance the Property on such terms as it deems satisfactory, including, without limitation, such actions necessary to effectuate
such sale or refinancing and (B) for purposes of the Basic Documents, CVOP hereby irrevocably consents to such sale or refinancing of the Property as then determined in the sole discretion of the Investing Member, and (ii) replace the
Property Manager; provided that the Investing Member complies with all applicable requirements contained in the Basic Documents relating to the replacement of the Property Manager and appointment of a new property manager. 

Section 6.11 PROVISIONS GOVERNING SALE OF PROPERTY. The Members hereby acknowledge that the Loan contains
prepayment restrictions during the Lockout Period. Notwithstanding anything to the contrary in this Agreement, the Members hereby agree that, during the Lockout Period, the Property can only be sold in a transaction where the Loan is assumed by the
purchaser (all in accordance with the documentation evidencing the Loan) or such sale otherwise complies with the terms of the documentation evidencing the Loan. 

Section 6.12 REAL ESTATE OPERATING COMPANY PROVISIONS. The Company or the Managing Member is intended to be
or is otherwise established as a “real estate operating company” (a “REOC”) as that term is defined in 29 C.F.R. Section 2510.3-101(e). The Managing Member will conduct its own affairs and operations or those of
the Company in such a manner that one or both qualify as a REOC. 
 Section 6.13 REIT PROVISIONS.

 (a) The Company and the Members acknowledge and agree that Carter REIT, which owns CVOP and therefore an
indirect interest in the Company, is treated as a “real estate investment trust,” within the meaning of Code Section 856, and is therefore subject to the requirements set forth in Code Sections 856 through 859. 

(b) Notwithstanding anything else in this Agreement, without the prior written approval of CVOP, the Company shall not
take any action that would result in any of the following consequences to the Company (treating the Company as if it were a REIT, but only with respect to assets and operational matters as opposed to ownership), without the prior written consent of
CVOP: 
 (i) to recognize any income that would cause the Company to fail to satisfy either the
“75 percent gross income test” set forth in Code Section 856(c)(3) or the “95 percent gross income test” set forth in Code Section 856 (c)(2); 

 (ii) to hold any property that would cause the Company to
fail to satisfy on the last day of each calendar quarter (determined taking into account the cure period rules set forth in Code Section 856(c)(4)) any of (A) the “75 percent asset test” set forth in Code
Section 856(c)(4)(A), (B) the “25 percent asset test” set forth in Code Section 856(c)(4)(B)(i), (C) the “25 percent value limitation” set forth in Code Section 856(c)(4)(B)(ii), (D) the “5
percent value limitation” set forth in Code Section 856(c)(4)(B)(iii)(I), or (E) the “10 percent vote and value limitations” set forth in Code Sections 856(c)(4)(B)(iii)(II) and (III); and 

(iii) to engage in a transaction that reasonably could be expected to be treated as a “prohibited
transaction” within the meaning of Code Section 857(b)(6)(B)(iii) unless the transaction qualifies for the safe harbor with respect to a “prohibited transaction” set forth in Code Section 857(b)(6)(C) (taking into account
any other “safe harbor” transactions engaged in by the Carter REIT or any Affiliate (including any joint venture, partnership or limited liability company in which the Carter REIT or an Affiliate invests), which information CVOP will
provide to the Company upon written request). 
 ARTICLE VII 

INVESTING MEMBER MATTERS 
 Section 7.1 RIGHTS OF INVESTING MEMBER. 
 (a) The
Company may engage the Investing Member or Persons or firms associated with it for specific purposes and may otherwise deal with such Members on terms and for compensation to be agreed upon by any such Member and the Company. The Investing Member
may not participate in the management or control of the business of the Company except as provided in Section 6.2 and Section 6.10 of this Agreement, or as otherwise permitted in this Agreement. 

(b) The Company’s books shall be kept at the principal place of business of the Company and at all times, during
reasonable business hours and at the Investing Member’s sole expense, the Investing Member shall be entitled to inspect and copy any of them and have on demand true and full information of all things affecting the Company and a formal
accounting of Company affairs whenever circumstances render it just and reasonable. 
 (c) Except as otherwise
expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Members nor the Special
Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member or Special Member of the Company. The Investing Member is liable to the Company only to make its Capital Contribution
as and when due hereunder. After its Capital Contribution is fully paid, the Investing Member shall not, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the
Company. 
 Section 7.2 [INTENTIONALLY OMITTED] 

 Section 7.3 OWNERSHIP BY INVESTING MEMBER OF CVOP OR AFFILIATE.
The Investing Member shall not at any time, either directly or indirectly, own any interest in CVOP or in any Affiliate thereof if such ownership by itself would, in the opinion of counsel for the Company, jeopardize the classification of the
Company as a partnership for federal income tax purposes or the Carter REIT as a REIT for federal income tax purposes. CVOP shall be entitled to make such reasonable inquiry of the Investing Member as is required to establish compliance by the
Investing Member with the provisions of this Section 7.3 and the Investing Member shall promptly and fully respond to such inquiries. 
 Section 7.4 WARRANTIES AND REPRESENTATIONS OF THE INVESTING MEMBER. The Investing Member hereby makes the following representations and warranties to the Company and CVOP: 

(a) It is a limited liability company duly formed and validly existing in good standing under the laws of the State of
Delaware. 
 (b) It has all requisite legal right, power and authority to execute and deliver this Agreement, to
perform its obligations hereunder. 
 (c) The execution, delivery and performance by the Investing Member of
this Agreement have been duly authorized by all necessary corporate action. 
 (d) This Agreement has been duly
executed and delivered by the Investing Member and constitutes the legal, valid and binding obligation of the Investing Member enforceable against the Investing Member in accordance with its terms. 

(e) Neither the execution nor delivery of this Agreement nor the consummation of the transactions contemplated thereunder
nor compliance with or fulfillment of the terms and conditions and provisions thereof, will conflict with, result in a breach or violation of the terms, conditions or provisions of, or constitute a default, or an event of default under any contract,
agreement, indenture, instrument, note, mortgage, lease, or other obligation to which the Investing Member is a party or by which the Investing Member is bound. 

(f) To the best of its knowledge, the Investing Member (i) is and will remain in compliance with all applicable
anti-money laundering laws, including, without limitations, the USA Patriot Act, and the laws administered by OFAC, including, without limitation, Executive Order 13224; (ii) is not and will not be, nor is or will any Affiliate of the Investing
Member be, on the Specially Designated Nationals and Blocked Persons List maintained by OFAC, and (iii) is not and will not otherwise be identified by a government entity or legal authority as a person with whom a U.S. Person (as defined below)
is prohibited from transacting business. As used herein, “U.S. Person” shall mean any United States citizen, any permanent resident, alien, any entity organized under the laws of the United States (including foreign branches). 

(g) The Investing Member is a sophisticated investor and qualifies as an “Accredited Investor” within the
meaning of Regulation D under the Securities Act of 1933, as amended. 
 (h) The Investing Member has had ample
opportunity to discuss with its legal and financial advisors all documents and information furnished to it (including the documentation listed in Exhibit B) and to ask such advisers questions about such documents and information and the risks
associated with its investment in the Company. The Investing Member has thoroughly evaluated the risks and merits of its investment in the Company. 

 (i) The Investing Member acknowledges that the Company’s investments
may involve a high degree of risk, and there is no assurance as to the performance of, or rate of return on, any such investment. The Investing Member represents that it can bear the economic risks of such an investment for an indefinite period of
time and that an investment in the Company is a suitable investment for it. 
 Section 7.5
INDEMNIFICATION BY INVESTING MEMBER. The Investing Member hereby agrees to indemnify CVOP, the Carter REIT and hold CVOP, its officers and directors and the Company and its Members and each of their respective representatives, successors and
assigns harmless from and against any and all claims, demands, losses, liabilities, damages and expenses (including reasonable attorneys’ fees) arising out of or in connection with the inaccuracy of the warranties and representations made by
such Investing Member under Section 7.4 above. 
 ARTICLE VIII 

DISTRIBUTIONS AND PAYMENTS TO MEMBERS 
 Section 8.1 DISTRIBUTIONS OF CASH FLOW. Subject to any applicable restrictions contained in the Basic Documents, the Managing Member shall cause the Company to distribute its Cash Flow on a
monthly basis in the following manner: 
 (a) Until the one-year anniversary of the date of this Agreement, 100%
to the Managing Member; 
 (b) After the one-year anniversary of this Agreement and subject to Section 8.3,
100% to the Investing Member until it has received an amount equal to the product of its Capital Contribution times the Return Multiple for the month of such distribution; and 

(c) Thereafter, 100% to CVOP. 
 The foregoing distributions shall not be affected by any requirement or provision contained in this Agreement that the Company be operated in a manner so that Carter REIT continues to qualify as a REIT.

 Section 8.2 DISTRIBUTION OF DISPOSITION PROCEEDS. The Managing Member shall cause the Company to
distribute Capital Transaction Proceeds within thirty (30) days after the receipt of such proceeds by the Company in the following manner: 
 (a) Subject to Section 8.3, 100% to the Investing Member until it has received an amount equal to the product of its Capital Contribution times the applicable Return Multiple for the month of such
distribution; and 
 (b) Thereafter, 100% to CVOP. 

 The foregoing distributions shall not be affected by any requirement or
provision contained in this Agreement that the Company be operated in a manner so that Carter REIT continues to qualify as a REIT. 
 Section 8.3 DE FACTO REDEMPTION OF INVESTING MEMBER. Notwithstanding anything to the contrary in this Agreement, once the Investing Member has received pursuant to Section 8.2, with
respect to a given month, a cumulative amount equal to the product of its Capital Contribution times the applicable Return Multiple for such month, the Investing Member shall cease to be a Member of the Company and shall not have any future rights
with respect to the Company (including, without limitation, rights to distributions under either Sections 8.1 or 8.2 or otherwise). In such event, the Investing Member shall execute such assignments and other documents as the Managing Member may
reasonably request to evidence such redemption; provided that the Investing Member shall automatically cease to be a Member regardless of whether it executes such documents. 

Section 8.4 NO RIGHT TO DISTRIBUTIONS IN KIND. No Member shall be entitled to demand property other than cash
in connection with any distribution by the Company. 
 Section 8.5 WITHDRAWALS. No Member shall be
entitled to make withdrawals from its Capital Account, or resign as a Member, except as expressly provided herein. 
 Section 8.6 LIMITATIONS ON DISTRIBUTIONS. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to a Member on
account of its interest in the Company if such distribution would violate the Act or any other applicable law or any Basic Document. 
 ARTICLE IX 
 TRANSFERS OF INTERESTS 

Section 9.1 CVOP. CVOP may not Transfer its Membership Interest, in whole or in part, whether voluntarily or
by operation of law or at judicial sale or otherwise, without the written consent of the Investing Member, which consent may be withheld in the sole and absolute discretion of the Investing Member. Investing Member may require, as a condition of any
Transfer, that the transferor assume all costs incurred by the Company in connection therewith. Notwithstanding the foregoing, CVOP may Transfer all but not less than all of its Membership Interest to a Person that at all times remains, directly, or
indirectly, wholly owned by CVOP or Carter REIT. 
 Section 9.2 INVESTING MEMBER . 

(a) Except as otherwise provided in this Article IX, the Investing Member may not Transfer its Membership Interest,
in whole or in part, whether voluntarily or by operation of law or at judicial sale or otherwise, without the written consent of CVOP, which consent may be withheld in the sole and absolute discretion of CVOP. CVOP may require, as a condition of any
Transfer, that the transferor assume all costs incurred by the Company in connection therewith and the satisfaction of the conditions of this Section 9.2. 

 (b) Notwithstanding Section 9.2(a), Transfers of interests in the
Investing Member are allowed, but only if, (i) the requirements of Sections 9.2(c) and 9.2(d) are satisfied (as applied by treating the proposed transferor as the Investing Member for purposes of those sections, (ii) such proposed Transfer
would not cause the termination of the Company under Section 708(b)(1)(B) of the Code, and (iii) such proposed Transfer does not result in a Change in Control of the Investing Member. Notwithstanding the foregoing, CVOP and the Company
acknowledge that the Investing Member intends to syndicate its investor/limited partner interests (i.e., interests having no voting rights) and that the syndication of such interests shall not constitute a Change in Control for purposes of this
Section 9.2(b). The Investing Member shall provide notice to CVOP upon the syndication of its investor/limited partner interests, which such notice shall provide the identity of such investors/limited partners, as the case may be. 

(c) No Investing Member may effect a Transfer of its Membership Interests if, (i) in the opinion of legal counsel
for the Company, such proposed Transfer would require the registration of the Units (or any other evidence of the ownership interests in the Company) under the Securities Act of 1933, as amended, or would otherwise violate any applicable federal or
state securities or “Blue Sky” law (including investment suitability standards) or (ii) the assignee is not an Accredited Investor within the meaning of Rule 501 of the Securities Act of 1933, as amended. 

(d) No Transfer by the Investing Member of its Units may be made to any Person if (i) in the opinion of legal
counsel for the Company, the Transfer would result in the Company’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) such transfer
is effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code, or (iii) the Transfer would create a risk that
the Carter REIT would not be taxed as a REIT for federal income tax purposes. 
 (e) Any Transfer in
contravention of any of the provisions of this Article IX shall be, to the fullest extent permitted by law, void and ineffectual and shall not be binding upon, or recognized by, the Company. 

Section 9.3 ADMISSION OF SUBSTITUTE MEMBER. 

(a) Subject to the other provisions of this Article IX (including, without limitation, the provisions of
Section 9.2), an assignee of the Membership Interest of a Member (including, without limitation, any purchaser, transferee, donee, or other recipient of any disposition of such Membership Interest) shall be deemed admitted as a Member of the
Company only upon the satisfactory completion of the following: 
 (i) the assignee has obtained
the prior written consent of the applicable Member, if required, as to its admission as a Substitute Member, which consent may be given or denied in the exercise of such Member’s sole and absolute discretion; 

(ii) the assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement
by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the consenting Member may require in order to effect the admission of such Person as a Member; 

 (iii) the assignee shall have delivered a letter containing
the representation and warranty set forth in Section 9.8 and the agreement set forth in Section 9.8; 
 (iv) if the assignee is a corporation, partnership or trust, the assignee shall have provided the Managing Member with evidence satisfactory to counsel for the Company of the assignee’s authority to
become a Member under the terms and provisions of this Agreement; 
 (v) the assignee shall have
executed a power of attorney containing reasonable terms and provisions; and 
 (vi) the assignee
shall have paid all reasonable legal fees of the Company and the Managing Member and all filing and publication costs incurred in connection with its substitution as a Member. 

(b) For the purpose of allocating profits and losses and distributing cash received by the Company, a Substitute Member
shall be treated as having become, and appearing in the records of the Company as, a Member upon the later of the date specified in the transfer documents, or the date on which the Managing Member has received all necessary instruments of transfer
and substitution. 
 (c) The Managing Member shall as promptly as practicable take all action required to
effectuate the admission of the Person seeking to become a Substitute Member, including preparing the documentation required by this Section and making all official filings and publications, if any. 

Section 9.4 RIGHTS OF ASSIGNEES OF MEMBERSHIP INTERESTS. 

(a) Subject to the provisions of Sections 9.2 and 9.3 hereof, except as required by operation of law, the Company
shall not be obligated for any purposes whatsoever to recognize the assignment by any Member of its Membership Interest until the Company has received notice thereof. If the applicable Member, in its sole and absolute discretion, does not consent to
the admission of any transferee of any Membership Interest as a Substitute Member in connection with a Transfer permitted by Section 9.2, such transferee shall be considered an assignee for the purposes of this Agreement. An assignee shall be
entitled to all the rights of an assignee of a limited liability company interest under the Act, including the right to receive distributions attributable to the Units assigned. 

(b) Any Person who is the assignee of all or any portion of a Member’s Membership Interest, but does not become a
Substitute Member and desires to make a further assignment of such Membership Interest, shall be subject to all of the provisions of this Article IX to the same extent and in the same manner as any Member desiring to make an assignment of its
Membership Interest. 
 Section 9.5 [INTENTIONALLY OMITTED] 

 Section 9.6 TRANSFEREES. Any Membership Interests owned by the
Members and transferred pursuant to this Article IX shall be and remain subject to all of the provisions of this Agreement. 
 Section 9.7 ABSOLUTE RESTRICTION. Notwithstanding any provision of this Agreement to the contrary other than Section 9.9, (i) no sale or exchange of any interest in the Company may
be made if the interest sought to be sold or exchanged, when added to the total of all other interests sold or exchanged within the period of twelve (12) consecutive months ending with the proposed date of the sale or exchange, would result in
the termination of the Company under Section 708 of the Code, if such termination would materially and adversely affect the Company or any Member and (ii) without the written consent of all the Members, the Company shall not (A) issue
any new Units, (B) issue any debt or equity securities of any kind or (C) issue or grant any subscriptions, warrants, calls, commitments or rights of any kind whatsoever granting to any person or entity any interests in the right to
purchase or otherwise acquire any interests in the Company at any time or upon the happening of any stated event. 
 Section 9.8 INVESTMENT REPRESENTATION. Each Member hereby represents and warrants to each other Member and to the Company that the acquisition of its Membership Interest is made as a principal
for its account for investment purposes only and not with a view to the resale or distribution of such Membership Interest. The Investing Member agrees that he will not sell, assign or otherwise transfer his Membership Interest or any fraction
thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not similarly represent and warrant and similarly agree not to sell, assign or transfer such Membership Interest or fraction thereof to any
Person who does not similarly represent, warrant and agree. 
 Section 9.9 PURCHASE OPTION.

 (a) Option. Commencing upon the first anniversary of the date of this Agreement, and continuing
thereafter, CVOP shall have the option to purchase, or cause its designee to purchase, all but not less than all, of the Investing Member’s Membership Interest at a purchase price equal to the product of (a) the Investing Member’s
Capital Contribution and (b) times the Return Multiple applicable to the month in which CVOP, or the Company, as applicable, closes the acquisition of Investing Member’s Membership Interest (such price, the “Purchase Option
Price”). 
 (b) Redemption. Notwithstanding the foregoing Section 9.9(a), but provided the
Company is permitted by applicable law (as well as any agreements to which the Company is bound) to effect a redemption of Investing Member’s Membership Interest for the Purchase Option Price , CVOP may elect to effect the purchase option as a
redemption by the Company. 
 (c) Exercise. CVOP may exercise its purchase option by delivering written
notice to the Investing Member pursuant to the provisions of this Section 9.9 (the “Purchase Election Notice”). 
 (d) Closing. 

 (i) The purchase of the Units being sold or otherwise
transferred pursuant to any of the provisions of this Section 9.9 shall be consummated within thirty (30) days after the delivery of the Purchase Election Notice, the exact time, place and manner of closing as may be agreed upon by the
parties or, if they cannot agree, on the first business day which is twenty five (25) days following the delivery of the Purchase Election Notice, at the principal offices of the Company at 10:00 a.m. local time. 

(ii) At such closing and subject to the receipt of the Purchase Option Price, the Investing Member shall
execute such assignments of Membership Interests and other documents and assurances as CVOP may reasonably request to consummate the purchase of the Units and to vest in CVOP, or its nominee, the entire right, title and Membership Interest of the
Investing Member in the Company. Any and all instruments executed in connection with the closing shall be without recourse, representation or warranty whatsoever except that the Investing Member shall represent that (i) the Units being sold by
it are free and clear of all liens, encumbrances and rights of others, (ii) it has full right and authority to sell such Units, (iii) the sale has been duly authorized, and (iv) the selling party has not taken any action in violation
of this Agreement. Notwithstanding the foregoing and provided the Managing Member complies with the requirements of this Section 9.9, the Investing Member’s Membership Interests/Units shall automatically transfer to CVOP upon payment in
full for such interests as provided by Section 9.9(d)(iii) regardless of whether the Investing Member executes the documentation requested by CVOP and referred to in this Section 9.9(d)(ii). 

(iii) All consideration to be paid to Investing Member shall be paid by federal wire of immediately
available funds at the closing. 
 (iv) Pending the closing, the Property shall be operated and
maintained and the business of the Company conducted consistent with prior practices. Pending the closing, the Members shall cooperate with respect to the negotiation and execution of any applications and commitments for financing to be secured by
the Property, provided that the Investing Member shall have no liability thereunder and CVOP shall indemnify, defend and hold harmless the Investing Member and the Company from all claims, loss and damages in connection therewith. 

(v) Each Member shall pay the fees and expenses of its own counsel in connection with any transfer
pursuant to this 9.9. All other expenses of the transactions contemplated by this Section 9.9 (including, without limitation, any real estate transfer taxes, documentary, recording tax or similar tax on a transfer of Units) shall, unless
otherwise expressly provided in this Section 9.9, be paid by the Managing Member. 
 (vi) At
the closing, CVOP and the Investing Member shall deliver favorable opinions of their respective counsel to the effect that the transactions to occur at the closing have been duly authorized. 

 ARTICLE X 
 DISSOLUTION AND TERMINATION 
 Section 10.1
DISSOLUTION. The Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of the legal existence of the last remaining member of the Company or the occurrence of any other
event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of
judicial dissolution of the Company under Section 18-802 of the Act. 
 Upon the occurrence of any event
that causes the last remaining member of the Company to cease to be a member of the Company or that causes the last remaining Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon
(i) an assignment by the last remaining Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to this Agreement, or (ii) the resignation of the last remaining Member and the
admission of an additional member of the Company pursuant to this Agreement), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event
that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute
member of the Company, effective as of the occurrence of the event that terminated the continued membership of such member in the Company. 
 Upon dissolution of the Company (unless the business of the Company is continued as set forth above), the Managing Member (or its trustee, receiver, successor or legal representative) shall proceed with
the winding up of the Company, and its assets shall be applied and distributed as herein provided. 

Section 10.2 PAYMENT OF DEBTS. The assets shall first be applied to satisfy of the liabilities of the Company
(other than any loans or advances that may have been made by Members to the Company) and the expenses of liquidation (whether by payment or the making of reasonable provision for payment thereof). A reasonable time shall be allowed for the orderly
liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the Managing Member to minimize any losses resulting from liquidation. 

Section 10.3 DEBTS TO MEMBERS. The remaining assets shall next be applied after payments of the
Company’s debts and liabilities referred to in Section 10.2 to the repayment of any loans made by any Member to the Company. 
 Section 10.4 REMAINING DISTRIBUTION. The remaining assets after payment of all Company debts and liabilities referred to in Sections 10.2 and 10.3 shall then be distributed to the Members in
accordance with Section 8.2. 
 Section 10.5 RESERVE. Notwithstanding the provisions of
Sections 10.3 and 10.4, the Managing Member may retain such amount as it deems necessary as a reserve for any contingent, conditional or un-matured liabilities or obligations of the Company, which reserve, after the passage of a reasonable
period of time in accordance with the Act, shall be distributed pursuant to the provisions of this Article X. 

 Section 10.6 FINAL ACCOUNTING. Each of the Members shall be
furnished with a statement examined by the Company’s independent accountants, which shall set forth the assets and liabilities of the Company as of the date of the complete liquidation. Upon the compliance by the Managing Member with the
foregoing distribution plan, the Investing Member shall cease to be such, and the Managing Member, as the sole remaining Member of the Company, shall execute and cause to be filed a Certificate of Cancellation of the Company and any and all other
documents necessary with respect to termination and cancellation of the Company. 
 Section 10.7
ADMISSION OF SPECIAL MEMBER. Upon the occurrence of any event that causes the last remaining Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon an assignment by such last remaining
Member of all of its limited liability company interest in the Company and the admission of a Substitute Member in accordance with the provisions of Article IX), the Special Member shall, without any action of any Person and simultaneously with the
last remaining Member ceasing to be a member of the Company, automatically be admitted to the Company as member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special
Member unless a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement; provided, however, the Special Member, who is acting as a member of the Company, shall automatically cease to
be member of the Company upon the admission to the Company of a substitute Member. The Special Member, while acting as a member of the Company shall be a member of the Company that has no interest in the profits, losses and capital of the Company
and has no right to receive any distributions of Company assets. Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company
interest in the Company. A Special Member, in its capacity as Special Member of the Company, may not bind the Company. Except as required by any mandatory provision of the Act, the Special Member, in its capacity as a member of the Company, shall
have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company. The Special Member shall execute a counterpart to
this Agreement. Prior to its admission to the Company as a member, the Special Member shall not be a member of the Company. 
 Section 10.8 EFFECT OF BANKRUPTCY OF MEMBER. 
 (a)
Notwithstanding any other provision of this Agreement, the Bankruptcy of a Member or of a Special Member shall not in and of itself cause the Member or Special Member, respectively, to cease to be a member of the Company and upon the occurrence of
such an event, the Company shall continue without dissolution. 
 (b) Notwithstanding any other provision of
this Agreement, each Member and the Special Member waive any right it might have to agree in writing to dissolve the Company upon the Bankruptcy of such Member or Special Member, or the occurrence of an event that causes the Member or Special Member
to cease to be a member of the Company. 

 ARTICLE XI 
 AMENDMENTS 
 Section 11.1 AUTHORITY TO AMEND.

 (a) In addition to any other provisions of this Agreement that expressly empower and enable the Managing
Member to amend this Agreement without the approval of any other Member, but in any event subject to the restrictions set forth elsewhere in this Agreement, this Agreement may be amended by the Managing Member without the approval of any other
Member if such amendment (i) is solely for the purpose of clarification or is of an inconsequential nature and does not change the substance hereof and the Company has obtained an opinion of counsel to that effect, (ii) is to add to
the obligations of the Managing Member or causes the Managing Member to surrender any right or power granted to the Managing Member or any Affiliate of the Managing Member for the benefit of the Investing Member, (iii) is to reflect the
admission, substitution, termination or resignation of Members in accordance with this Agreement, (iv) is to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion ruling or regulation of a federal or
state agency or contained in federal or state law, or (v) is, in the opinion of counsel for the Company, necessary or appropriate to satisfy requirements of the Code with respect to partnerships or REITs or of any federal or state securities
laws or regulations. Except as otherwise provided in this Agreement and to the fullest extent permitted by law, any amendment made pursuant to this Section 11.1(a) may be made effective as of the date of this Agreement. 

(b) Notwithstanding any contrary provision of this Agreement, any amendment to this Agreement which would reasonably be
expected to (i) adversely affect the limited liability of the non-Managing Member, (ii) impose on the non-Managing Member any obligation to make additional Capital Contributions to the Company, (iii) change the method of allocation of
profit and loss as provided in Article V or the distribution provisions of Articles VIII and X hereof (except as specifically permitted by this Agreement), (iv) seek to impose personal liability on the non-Managing Member, or
(v) adversely affect any economic, voting, approval or other right or entitlement of the non-Managing Member under this Agreement, shall require the consent and approval of such non-Managing Member. 

(c) Except as otherwise specifically provided in this Section 11.1 and the other restrictions set forth in this
Agreement, amendments to this Agreement shall require the written approval of CVOP and the Investing Member. 

Section 11.2 NOTICE OF AMENDMENTS. A copy of any amendment to be approved by the Members pursuant to
Sections 11.1(b) or 11.1(c) shall be mailed in advance to such Members. Members shall be notified as to the substance of any amendment pursuant to Sections 11.1(a), 11.1(b) or 11.1(c), and upon request shall be furnished a copy
thereof. 
 ARTICLE XII 
 [INTENTIONALLY OMITTED] 

 ARTICLE XIII 
 CONSENTS, APPROVALS, VOTING AND MEETINGS 

Section 13.1 METHOD OF GIVING CONSENT OR APPROVAL. Any consent or approval required by this Agreement may be
given as follows: 
 (a) by a written consent given by the consenting Member and received by the
Managing Member at or prior to the doing of the act or thing for which the consent is solicited, provided that such consent shall not have been nullified by: 

(i) Notice to the Managing Member of such nullification by the consenting Member prior to the doing of any
act or thing, the doing of which is not subject to approval at a meeting called pursuant to Section 13.2, or 
 (ii) Notice to the Managing Member of such nullification by the consenting Member prior to the time of any meeting called pursuant to Section 13.2 to consider the doing of such act or thing, or

 (iii) The negative vote by such consenting Member at any meeting called pursuant to
Section 13.2 to consider the doing of such act or thing. 
 (b) by the affirmative vote by the consenting
Member for the doing of the act or thing for which the consent is solicited at any meeting called pursuant to Section 13.2 to consider the doing of such act or thing; or 

(c) by the failure of the Member to respond or object to a request from the Managing Member sent in accordance with the
provisions of Section 15.5 for such Member’s consent within thirty (30) days from its receipt of such request. 
 Section 13.2 MEETINGS OF MEMBERS. Any matter requiring the consent or vote of all or any of the Members may be considered at a meeting of the Members held not less than five (5) nor more
than sixty (60) days after notice thereof shall have been given by the Managing Member to all Members. Such notice (i) may be given by the Managing Member, in its discretion, at any time, or (ii) shall be given by the Managing Member
within fifteen (15) days after receipt from Investing Member of a request for such meeting. 

Section 13.3 SUBMISSIONS TO MEMBERS. The Managing Member shall give the Members notice of any proposal or
other matter required by any provision of this Agreement, or by law, to be submitted for consideration and approval of the Members. Such notice shall include any information required by the relevant provision or by law. 

ARTICLE XIV 

SPECIAL PURPOSE PROVISIONS RELATED TO LOAN 
 Section 14.1 SPECIAL PURPOSE ENTITY. This Article XIV is being adopted in order to comply with certain provisions required in order to qualify the Company as a “special purpose”
entity. 

 Section 14.2 SPECIAL PURPOSE PROVISIONS. Notwithstanding any
other provision of this Agreement and notwithstanding any provision of law that otherwise so empowers the Company, the Members shall not, and neither shall the Company, for so long as the Loan is outstanding, amend, alter, change or repeal the
following Articles or Sections: Section 2.1, Section 2.2, Article III, Section 4.4, Article VI, Article VIII, Article IX, Article X, Article XI, Article XIV, Section 15.1, Section 15.3; Section 15.4, Section 15.7,
Section 15.11, and Article I (to the extent that the terms defined in Article I are used in any of the foregoing Sections or Articles) of this Agreement (the “Special Purpose Provisions”), or any other provision of this
Agreement in a manner that is inconsistent with any of the Special Purpose Provisions, unless the Lender consents in writing and the Rating Agency Condition is satisfied. Subject to this Article XIV, the Members reserve the right to amend, alter,
change or repeal any provisions contained in this Agreement in accordance with Article XI. In the event of any conflict between any of the Special Purpose Provisions and any other provisions of this Agreement, the Special Purpose Provisions shall
control. 
 Section 14.3 MATERIAL ACTIONS. Notwithstanding any other provision of this Agreement and
notwithstanding any provision of law that otherwise so empowers the Company, the Members or any other Person, so long as the Loan is outstanding, neither the Members nor any other Person shall be authorized or empowered on behalf of the Company to,
nor shall they permit the Company to and the Company shall not, without the written consent of the Members, take any Material Action and as it relates to items (i) through (iii) of the definition of Material Action, without the written
consent of the Lender. 
 Section 14.4 SPECIAL PURPOSE COVENANTS. 

(a) The Members shall cause the Company to do or cause to be done all things necessary to preserve and keep in full force
and effect its existence, rights (charter and statutory) and franchises. The Members also shall cause the Company to: 
 (i) maintain its own separate books and records and bank accounts separate from any other Person; 
 (ii) at all times hold itself out to the public as a legal entity separate from the Members and any other Person; 

(iii) file its own tax returns, if any, as may be required under applicable law, to the extent
(1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law; 

(iv) Except as contemplated in the Basic Documents, not commingle its assets with assets of any other
Person; 
 (v) conduct its business in its own name and strictly comply with all organizational
formalities to maintain its separate existence; 

 (vi) maintain separate financial statements showing its
assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however, that the Company’s assets may be included in a consolidated financial
statement of its Affiliate provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Company from such Affiliate and to indicate that the Company’s assets and credit
are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on the Company’s own separate balance sheet; 

(vii) pay its own liabilities and expenses only out of its own funds, provided, however, the foregoing
shall not require any Member to make any additional capital contributions to the Company; 

(viii) maintain an arm’s length relationship with its Affiliates and the Members; and except for
capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Company, not enter into any transaction with an Affiliate of the Company except on
commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length transaction; 
 (ix) pay the salaries of its own employees, if any, provided, however, the foregoing shall not require the Members to make any additional capital contributions to the Company; 

(x) not hold out its credit or assets as being available to satisfy the obligations of others; 

(xi) allocate fairly and reasonably any overhead expenses for shared office space shared with an
Affiliate; 
 (xii) use separate stationery, invoices and checks bearing its own name;

 (xiii) not pledge its assets for the benefit of any other Person; 

(xiv) correct any known misunderstanding regarding its separate identity; and 

(xv) maintain adequate capital in light of its contemplated business purpose, transactions and
liabilities, provided, however, the foregoing shall not require the Members to make any additional capital contributions to the Company. 
 Failure of the Company, or the Members on behalf of the Company, to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of the Company
as a separate legal entity or the limited liability of the Members. 
 (b) So long as the Loan is outstanding,
the Members shall not cause or permit the Company to: 
 (i) Except as contemplated by the Basic
Documents, guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its credit as being available to pay the obligations of any other Person; 

 (ii) engage, directly or indirectly, in any business other
than the actions required or permitted to be performed under Article III, the Basic Documents or this Article XIV; 
 (iii) incur, create or assume any indebtedness other than the Loan and any indebtedness and liabilities within the ordinary course of its business that are related to the ownership and operation of the
Property and as expressly permitted under the Basic Documents; 
 (iv) make or permit to remain
outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that the Company may invest in those investments permitted under the Basic Documents and may make any advance to any entity that is not an Affiliate
required or expressly permitted to be made pursuant to any provisions of the Basic Documents and permit the same to remain outstanding in accordance with such provisions; 

(v) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger,
asset sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision of the Basic Documents and subject to obtaining any approvals required under this Agreement; 

(vi) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or
other); 
 (vii) Except as contemplated or permitted by the Basic Documents, buy or hold evidence
of indebtedness issued by any other Person (other than cash or investment-grade securities); or 

(viii) own any asset or property other than the Property and incidental personal property necessary for
the ownership or operation of the Property. 
 ARTICLE XV 

MISCELLANEOUS 
 Section 15.1 GOVERNING LAW. The Company and this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

Section 15.2 AGREEMENT FOR FURTHER EXECUTION. At any time or times upon the request of the Managing Member,
each Member hereby agrees to sign, swear to, acknowledge and deliver all further documents and certificates required by the laws of Delaware, or any other jurisdiction in which the Company does, or proposes to do, business, or which may be
reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. This Section 15.2 shall not prejudice or affect the rights of a Member to approve certain amendments to this Agreement pursuant to
Sections 11.1(b) and 11.1(c). 
 Section 15.3 ENTIRE AGREEMENT; BINDING AGREEMENT. 

(a) This Agreement and the exhibits attached hereto contain the entire understanding among the parties and supersede any
prior understandings or agreements among them respecting the within subject matter. There are no representations, agreements, arrangements or understandings, oral or written, between or among the parties hereto relating to the subject matter of this
Agreement which are not fully expressed herein. 

 (b) Notwithstanding any other provision of this Agreement, the Members
agree that this Agreement, including, without limitation, the Special Purpose Provisions, constitute a legal, valid and binding agreement of the Members, and is enforceable against the Members, in accordance with its terms. 

Section 15.4 SEVERABILITY. This Agreement is intended to be performed in accordance with, and only to the
extent permitted by, all applicable laws, ordinances, rules and regulations of the jurisdictions in which the Company does business. If any provision of this Agreement, or the application thereof to any person or circumstance, shall, for any reason
and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted by
law. 
 Section 15.5 NOTICES. Notices to Members or to the Company shall be deemed to have been
given when personally delivered, mailed by prepaid registered or certified mail, or sent for next day delivery via a nationally recognized overnight courier or delivery service, addressed as set forth in Exhibit A attached hereto, unless a
notice of change of address has previously been given in writing by the addressee to the addressor, in which case such notice shall be addressed to the address set forth in such notice of change of address. 

Section 15.6 TITLES AND CAPTIONS. All titles and captions are for convenience only, do not form a substantive
part of this Agreement, and shall not restrict or enlarge any substantive provisions of this Agreement. 

Section 15.7 COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but together shall constitute the same instrument; and signatures delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, shall be given the same legal force and effect as original
signatures. This Agreement may be executed in multiple counterparts, each one of which shall constitute an original executed copy of this Agreement. 
 Section 15.8 PRONOUNS. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons may
require. 
 Section 15.9 SURVIVAL OF RIGHTS. Subject to the provisions hereof limiting transfers,
this Agreement shall be binding upon and inure to the benefit of the Members and the Company and their respective legal representatives, successors, transferees and assigns. 

Section 15.10 WAIVER. No failure by any party to insist upon the strict performance of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement or condition. 

 Section 15.11 CREDITORS. Other than as expressly set forth
herein with respect to the Indemnitees and to the Lender with respect to the Special Purpose Provisions, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company. Nothing in this
Agreement shall be deemed to create any right in any Person (other than an Indemnitee) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (other than
an Indemnitee). 
 Section 15.12 UNIT CERTIFICATES. If the Managing Member so elects, Units shall be
evidenced by numbered certificates in such form as shall be approved by the Managing Member, signed by the Managing Member. Any such Unit certificates shall be kept in a book and shall be issued in consecutive order therefrom. The name of the person
owning the Units, the number of Units, and the date of issue shall be entered on the stub of each certificate. Unit certificates exchanged or returned shall be canceled by the Managing Member and returned to their original place in the Unit book.

 Section 15.13 CONFIDENTIALITY. 

(a) The Managing Member and the Investing Member shall hold, and shall cause and their respective employees and
representatives to hold, in strict confidence, and the Managing Member and the Investing Member shall not disclose, and shall prohibit their respective employees and representatives from disclosing, to any other person without the prior written
consent of the other party: 
 (i) the terms of this Agreement; 

(ii) any of the information in respect of the Property delivered to or for the benefit of the Managing
Member whether by its employees and representatives (the “Managing Member’s Representatives”) or the Investing Member or its respective employees and representatives (the “Investing Member’s Representatives”); and

 (iii) the identity of any direct or indirect owner of any beneficial interest in the Investing
Member or the Managing Member. 
 (b) Notwithstanding Section 15.13(a), the Members may disclose such
information: 
 (i) on a need-to-know basis to its employees, agents, consultants, members of
professional firms serving it or potential lenders, investors, consultants and brokers, on a confidential basis, as customarily disclosed to such parties in connection with similar acquisitions; 

(ii) as any governmental agency may require in order to comply with applicable Laws or a court order or as
may be required for any disclosure or filing requirements of the Securities Acts and the rules promulgated thereunder or any authority governing disclosure filings required by applicable law; or 

(iii) to the extent that such information is a matter of public record or is otherwise publicly known or
available. 

 (c) The Investing Member hereby confirms its agreement to indemnify, defend
and hold the Managing Member free and harmless from and against any and all problems, conditions, losses, costs, damages, claims, liabilities, expenses, demands or obligations (including reasonable attorneys’ fees, expenses and disbursements),
of any kind or nature whatsoever, arising out of the Investing Member’s breach of this Section 15.13. 

(d) The Managing Member hereby confirms its agreement to indemnify, defend and hold the Investing Member free and
harmless from and against any and all problems, conditions, losses, costs, damages, claims, liabilities, expenses, demands or obligations (including reasonable attorneys’ fees, expenses and disbursements), of any kind or nature whatsoever,
arising out of the Managing Member’s breach of this Section 15.13. 
 Section 15.14
REPRESENTATIONS AND WARRANTIES OF CVOP. CVOP represents and warrants to and covenants with the Investing Member as follows; 
 (a) Organization. It is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation with all requisite power and authority to enter into this Agreement, to
perform its obligations hereunder and to conduct the business of the Company. 
 (b) Enforceability. This
Agreement constitutes the legal, valid and binding obligation of such Member enforceable in accordance with its terms. 
 (c) Consents and Authority. No consents or approvals are required from any governmental authority or other Person for the Member to enter into this Agreement and the Company. All action on the part of
such Member necessary for the authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by such Member, have been duly taken. 

(d) No Conflict. The execution and delivery of this Agreement by such Member and the consummation of the transactions
contemplated hereby by such Member do not conflict with or contravene the provisions of its organizational documents or any agreement or instrument by which it or its properties or assets are bound or any law, rule, regulation, order or decree to
which it or its properties or assets are subject. 
 (e) Company. The Company (A) is hereby formed upon the
execution of this Agreement, (B) has not engaged in any business or activity of any kind, other than to enter into a purchase agreement to acquire the Property and (C) other than the Loan, has no debts, liabilities or obligations of any
kind, known or unknown, contingent or accrued, asserted or unasserted. The Company is a limited liability company duly formed, validly existing, and in good standing under the laws of the Delaware and has all requisite power and authority to own,
operate, or lease the properties owned, operated, or leased by the Company and to carry on its business as it has been and is currently conducted as of the date hereof. The Company is qualified to do business and is in good standing in Texas. As of
the date hereof, there are no existing agreements, subscriptions, warrants, calls, commitments or rights of any kind whatsoever granting to any person or entity any interests in the right to purchase or otherwise acquire any interests in the Company
at any time or upon the happening of any stated event. 

 Section 15.15 NO BROKER. Each Member represents and warrants
that it has not dealt with any broker in connection with this Agreement and agrees to indemnify, defend and hold harmless each other Member and its Affiliates from all claims or damages as a result of this representation and warranty being false.
Each Member further represents and warrants that it has not dealt with any broker with respect to the acquisition of its Company Interests, or the acquisition by the Company of the Company Assets, and agrees to indemnify, defend and hold harmless
each other Member and its Affiliates from all claims or damages as a result of this representation and warranty being false. 

(SIGNATURES ON FOLLOWING PAGES) 

 SIGNATURE PAGE TO LIMITED LIABILITY COMPANY AGREEMENT 

OF 

DC-3300 ESSEX, LLC 
 IN WITNESS WHEREOF, the parties have hereunto set their hands as of the day and year first above written. 

 

					
	MANAGING MEMBER
	
	CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership
	
	By: Carter Validus Mission Critical REIT, Inc.,
a Maryland corporation, its general
partner

					
			
		 	By:	 	/s/ Todd Sakow

					
		 	Name:	 	Todd Sakow

					
		 	Title:	 	CFO

 SIGNATURE PAGE TO LIMITED LIABILITY COMPANY AGREEMENT 

OF 

DC-3300 ESSEX, LLC 
  

			
	INVESTING MEMBER
	
	PAL DC DALLAS, LLC, a Delaware limited liability company

			
		
	By:	 	/s/ Alex Hurst

			
	Name:	 	Alex Hurst

			
	Title:	 	Managing Member

 SIGNATURE PAGE TO LIMITED LIABILITY COMPANY AGREEMENT 

OF 

DC-3300 ESSEX, LLC 
  

	
	SPECIAL MEMBER
	
	 /s/ Julia McCullough

	Julia McCullough

 EXHIBIT A 
 MEMBERS, CAPITAL CONTRIBUTIONS, UNITS 
 AS OF JULY 14, 2011

  

													
	 	  	Capital
Contribution	 	  	Number of
Units Held	 	  	Percentage
Interest	 
	 MEMBERS:
	  				  				  			
				
	 CVOP:
  

Carter/Validus Operating Partnership, LP

 
 4211 West Boy Scout Blvd.

Suite 520
 Tampa, Florida 336070
  
 with a copy of notices sent to:
  
 Morris, Manning & Martin, LLP
 1600 Atlanta Financial
Center
 3343 Peachtree Road, NE

Atlanta, GA 30326

Fax: 404-365-9532

Attn: Heath D. Linsky
	  	$	7,570,019	  	  	 	7,570,019	  	  	 	55.8	% 
				
	 Investing Member:

 
 PAL DC Dallas, LLC

 
 100 S Pointe Dr Apt 2808

Miami Beach, FL 33139

Attn: Alexander B. Hurst
  

with a copy of notices sent to:
  

Greenberg Traurig, LLP

450 South Orange Avenue

Suite 650
 Orlando, FL 32801
 Fax: 407-420-5909

Attn: Joel D. Maser
	  	$	6,000,000	  	  	 	6,000,000	  	  	 	44.2	% 

  
 A-1

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