Document:

Promissory Note - Campus Club Apartments

 Exhibit 10.21 
 Loan No. 06-26162 
 PROMISSORY NOTE 

 

			
	$10,500,000.00	  	June 28, 2006

 FOR VALUE RECEIVED ING US STUDENTS NO. 14 LLC, a Delaware limited liability company, as maker, having its
principal place of business at c/o ING Real Estate Investment Management, Level 6, 345 George Street, Sydney NSW 2000, Australia (“Borrower”), hereby unconditionally promises to pay to the order of MORGAN STANLEY MORTGAGE CAPITAL INC., a
New York corporation, as payee, having an address at 1221 Avenue of the Americas, New York, New York 10020 (“Lender”), or at such other place as the holder hereof may from time to time designate in writing, the principal sum of TEN MILLION
FIVE HUNDRED AND NO/100 Dollars ($10,500,000.00), in lawful money of the United States of America with interest thereon to be computed from the date of this Note at the Applicable Interest Rate (defined below) in accordance with the terms of this
Note. 
 ARTICLE I 
 PAYMENT TERMS 
 Borrower agrees to pay sums under this Note in installments
as follows: 
 (a) on the date hereof, a payment of interest only with respect to the period commencing on the date hereof and
ending on, and including, the last day of the month in which this Note is executed; 
 (b) a payment of interest only (each, an
“I/O Payment”), accruing at a rate equal to the Applicable Interest Rate, shall be paid on the first day of August, 2006 and on the first day of each calendar month thereafter up to and including the first day of July, 2011 (each, an
“Interest Only Payment Date”); 
 (c) a constant payment of $64,173.03 (the “P & I Monthly
Payment”, and together with the I/O Payments, the “Monthly Payment”) (which payment is based on a 30 year amortization period commencing on July, 2011) on the first day of August, 2011 and on the first day of each calendar month
thereafter up to and including the first day of June, 2016 (each, a “P&I Payment Date”; and together with the Interest Only Payment Date, a “Payment Date”); each of the payments to be applied as follows: (i) first, to
the payment of interest computed at the Applicable Interest Rate; and (ii) the balance toward the reduction of the principal sum; and 
 (d) the balance of the principal sum and all interest thereon on the first day of July, 2016 (the “Maturity Date”). 

 ARTICLE II 
 INTEREST 
 The interest rate on this Note is Six and eighteen hundredths
percent (6.18%) per annum (the “Applicable Interest Rate”). Interest on the principal sum of this Note shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made
by (b) a daily rate based on a three hundred sixty (360) day year (that is, the Applicable Interest Rate or the Default Rate, as then applicable, divided by 360) by (c) the outstanding principal balance. 

ARTICLE III 

DEFAULT AND ACCELERATION 
 Borrower covenants and agrees that if (a) any payment required hereunder (other than the payment due on the Maturity Date) is not paid prior to the fifth (5th) day after the same is due, or
(b) the entire Debt (defined below) is not paid on or before the Maturity Date or (c) any other Event of Default (as defined in the Security Instrument (defined below)) shall occur, then at the option of Lender (i) the whole of the
principal sum of this Note, (ii) interest, default interest, late charges and other sums, as provided in this Note, the Security Instrument or the Other Security Documents (as defined in the Security Instrument), (iii) all other monies
agreed or provided to be paid by Borrower in this Note, the Security Instrument or the Other Security Documents, (iv) all sums advanced pursuant to the Security Instrument to protect and preserve the Property (defined below) and the lien and
the security interest created thereby, and (v) all sums advanced and costs and expenses incurred by Lender in connection with the Debt or any part thereof, any renewal, extension, or change of or substitution for the Debt or any part thereof,
or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender (all the sums referred to in (i) through (v) above shall collectively be referred to as the “Debt”) shall
without notice become immediately due and payable. Whenever any payment to be made under this Note or under any other Loan (as defined in the Security Instrument) document shall be stated to be due on a day which is not a Business Day (hereinafter
defined), the due date thereof shall be the Business Day immediately preceding such day. For purposes hereof, the term “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which banks in New York, New York
are not open for business. 
 ARTICLE IV 
 DEFAULT INTEREST 
 Borrower agrees that upon the occurrence of an Event of
Default, Lender shall be entitled to receive and Borrower shall pay interest on the entire unpaid principal sum at a per annum rate equal to the lesser of (a) five percent (5%) plus the Applicable Interest Rate or (b) the maximum
interest rate which Borrower may by law pay (the “Default Rate”). The Default Rate shall be computed from the occurrence of the default giving rise to such Event of Default (without regard to any notice or grace period) until the earlier
of the date upon which the Event 

  
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of Default is cured or the date upon which the Debt is paid in full. Interest calculated at the Default Rate shall be deemed part of the Debt and shall be deemed secured by the Security
Instrument. This clause, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default.

 ARTICLE V 
 LATE CHARGE 
 If any monthly installment payable under this Note is not paid
prior to the fifth (5th) day after the applicable Payment Date, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law to defray the
expenses incurred by Lender in handling and processing the delinquent payment and to compensate Lender for the loss of the use of the delinquent payment and the amount shall be secured by the Security Instrument and the Other Security Documents.

 ARTICLE VI 
 PREPAYMENT; DEFEASANCE 
 (a) The principal balance of this Note may not be
prepaid in whole or in part except as expressly permitted pursuant hereto. 
 (b) Subject to compliance with and satisfaction of
the terms and conditions of this Article 6 and provided that no Event of Default exists, Borrower may elect to obtain a release (the “Release”) of the Property from the lien of the Security Instrument on any Payment Date after the Lockout
Period Expiration Date (defined below) by delivering to Lender, as security for the payment of all interest and principal due and to become due pursuant to this Note through the Maturity Date, plus the principal balance of this Note scheduled to be
outstanding on the Maturity Date, Defeasance Collateral (defined below) sufficient to generate Scheduled Defeasance Payments (defined below) (the Release and the delivery of the Defeasance Collateral, a “Defeasance”). 

(c) As a condition precedent to a Defeasance, and prior to any Release, Borrower shall have complied with all of the following:

 (i) Borrower shall provide not less than sixty (60) days prior written notice to Lender specifying a
Payment Date upon which it intends to effect a Defeasance hereunder (the “Defeasance Date”). 
 (ii)
All accrued and unpaid interest on the principal balance of this Note to and including the Defeasance Date, the scheduled amortization payment due on such Defeasance Date, and all other sums then due under this Note, the Security Instrument and the
Other Security Documents, shall be paid in full on or prior to the Defeasance Date. 

  
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 (iii) Borrower shall execute and deliver to Lender any and all certificates,
opinions, documents or instruments reasonably required by Lender in connection with the Defeasance and Release, including, without limitation, a pledge and security agreement reasonably satisfactory to Lender creating a first priority lien on the
Defeasance Collateral (a “Defeasance Security Agreement”). This Note shall thereafter be secured by the Defeasance Collateral delivered in connection with the Defeasance. After Defeasance, this Note cannot be prepaid in whole or in part or
be the subject of any further Defeasance. 
 (iv) Borrower shall have delivered to Lender an opinion of
Borrower’s counsel that would be satisfactory to a prudent lender stating (A) that the Defeasance Collateral and the proceeds thereof have been duly and validly assigned and delivered to Lender and that Lender has a valid, perfected, first
priority lien and security interest in the Defeasance Collateral delivered by Borrower and the proceeds thereof, (B) that if the holder of this Note shall at the time of the Release be a REMIC (defined below), (1) the Defeasance Collateral
has been validly assigned to the REMIC Trust which holds this Note (the “REMIC Trust”), (2) the Defeasance has been effected in accordance with the requirements of Treasury Regulation 1.860(g)-2(a)(8) (as such regulation may be
amended or substituted from time to time) and will not be treated as an exchange pursuant to Section 1001 of the IRS Code and (3) the tax qualification and status of the REMIC Trust as a REMIC will not be adversely affected or impaired as
a result of the Defeasance and (C) that the delivery of the Defeasance Collateral and the grant of a security interest therein to Lender shall not constitute an avoidable preference under Section 547 of the U.S. Bankruptcy Code or
applicable state law. The term “REMIC” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the IRS Code. The term “IRS Code” shall mean the United States Internal Revenue
Code of 1986, as amended, and the related Treasury Department regulations, including temporary regulations. 

(v) Borrower shall have delivered to Lender written confirmation from the Rating-Agencies (defined in the Security
Instrument) that such Defeasance will not result in a withdrawal, downgrade or qualification of the then current ratings by the applicable Rating Agencies of the Securities or Participations (each as defined in the Security Instrument). If required
by the Rating Agencies, Borrower shall, at Borrower’s expense, also deliver or cause to be delivered a non-consolidation opinion with respect to the Defeasance Obligor (as defined below), if any, in form and substance that would be satisfactory
to a prudent lender. 
 (vi) Borrower shall have delivered to Lender a certificate given by Borrower’s
independent certified public accountant certifying that the Defeasance Collateral shall generate the Scheduled Defeasance Payments. 
 (d) In connection with any Defeasance hereunder, Borrower shall transfer and assign all obligations, rights and duties under and to this Note and the Defeasance Security Agreement together with the
pledged Defeasance Collateral to a newly created successor entity (which entity shall be a single purpose, bankruptcy remote entity) designated by Lender in its sole discretion (the “Defeasance Obligor”). Such Defeasance Obligor shall
assume the obligations under the 

  
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Note and any Defeasance Security Agreement and shall be bound by and obligated under Sections 3.1, 7.2, 7.4 (a), 11.2, 11.7 and 14.2 and Articles 13 and 15 of the Security Instrument; provided,
however, that all references therein to “Property” or “Personal Property” shall be deemed to refer only to the Defeasance Collateral delivered to Lender, and Borrower shall be relieved of its obligations under such documents and,
except with respect to any provisions therein which by their terms expressly survive payment of the Debt in full, the Other Security Documents. Borrower shall pay $1,000 to any such Defeasance Obligor as consideration for assuming such obligations.

 (e) The following terms shall have the meaning set forth below: 

(i) The term “Defeasance Collateral” as used herein shall mean direct, non- 

callable and non-redeemable obligations of the United States of America for the payment of which its full faith and credit
is pledged, each of which shall be duly endorsed by the holder thereof as directed by Lender or accompanied by a written instrument of transfer in form and substance wholly satisfactory to Lender (including, without limitation, such instruments as
may be required by the depository institution holding such securities or by the issuer thereof, as the case may be, to effectuate book-entry transfers and pledges through the book-entry facilities of such institution) in order to perfect upon the
delivery of the Defeasance Collateral a first priority security interest therein in favor of the Lender in conformity with all applicable state and federal laws governing the granting of such security interests. Borrower shall authorize and direct
that the payments received from such obligations shall be made directly to Lender or Lender’s designee and applied to satisfy the obligations of Borrower or, if applicable, the Defeasance Obligor, under this Note. 

(ii) The term “Scheduled Defeasance Payments” as used herein shall mean the scheduled payments of interest and
principal in accordance with the terms of the Defeasance Collateral (without consideration of any reinvestment of interest therefrom), providing for payments prior, but as close as possible, to all successive Payment Dates after the Defeasance Date
through and including the Maturity Date, and in amounts equal to or greater than the scheduled payments of interest and principal due under this Note, including the principal balance of this Note scheduled to be outstanding on the Maturity Date.

 (iii) The term “Lockout Period Expiration Date” shall mean the date which is the earlier of
(A) the second anniversary of the date that is the “startup day,” within the meaning of Section 860G(a) (9) of the IRS Code, of a REMIC that holds this Note or (B) the fifth anniversary of the first day of the first
full calendar month following the date of this Note. 
 (f) Upon Borrower’s compliance with all of the conditions to
Defeasance and a Release set forth in this Article 6, Lender shall release the Property from the lien of the Security Instrument and the Other Security Documents. All costs and expenses of Lender, third parties and the Rating Agencies incurred in
connection with the Defeasance and Release, including, without limitation, the cost of establishing the Defeasance Obligor and Lender’s counsel’s fees and expenses, shall be paid by Borrower simultaneously with the delivery of the Release
documentation. Any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the Defeasance shall be paid by Borrower simultaneously with the occurrence of any Defeasance. 

  
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 (g) If a Default Prepayment (defined below) occurs, Borrower shall pay to Lender the entire
Debt, including, without limitation, an amount (the “Default Consideration”) equal to the greater of (i) the amount (if any) which when added to the then outstanding principal amount of this Note will be sufficient to purchase
Defeasance Collateral providing the required Scheduled Defeasance Payments assuming Defeasance would be permitted hereunder, or (ii) one percent (1%) of the Default Prepayment. For purposes of this Note, the term “Default
Prepayment” shall mean a prepayment of the principal amount of this Note made after the occurrence of any Event of Default or an acceleration of the Maturity Date under any circumstances, including, without limitation, a prepayment occurring in
connection with reinstatement of the Security Instrument provided by statute under foreclosure proceedings or exercise of a power of sale, any statutory right of redemption exercised by Borrower or any other party having a statutory right to redeem
or prevent foreclosure, any sale in foreclosure or under exercise of a power of sale or otherwise. 
 (h) Notwithstanding
anything to the contrary herein, Borrower may prepay the principal balance of this Note in whole, without premium or penalty, on any Payment Date during the three (3) months prior to the Maturity Date. In addition, Borrower shall prepay without
premium or penalty the principal balance of this Note in an amount equal to any insurance proceeds or condemnation awards which Lender elects to have applied to the Debt pursuant to Sections 3.6 and 3.7 of the Security Instrument or the amount
required by Lender due to changes in tax and debt credit pursuant to Section 7.3 (a) or (b) of the Security Instrument (provided, however, that in the event any such prepayment pursuant to this sentence shall be made on a date other
than a Payment Date, the amount so prepaid shall include all interest which would have accrued on such amount through the next Payment Date). In each instance of prepayment permitted under this subparagraph (h), Borrower shall be required to pay all
other sums due hereunder, and no principal amount repaid may be reborrowed. 
 ARTICLE VII 

SECURITY 

This Note is secured by that certain Mortgage and Security Agreement dated the date hereof in the principal sum of $10,500,000.00 given by
Borrower to (or for the benefit of) Lender covering the fee estate of Borrower in certain premises located in the County of Hillsborough, State of Florida, and other property, as more particularly described therein (collectively, the
“Property”) and intended to be duly recorded in said County (the “Security Instrument”), and by the Other Security Documents. 

  
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 ARTICLE VIII 
 LOAN CHARGES 
 This Note, the Security Instrument and the Other Security
Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder at a rate which could subject Lender to either civil or criminal liability as a result of
being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, the Security Instrument and the Other Security Documents, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all
previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of
the Debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the Debt does not exceed
the maximum lawful rate of interest from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. 
 ARTICLE IX 
 WAIVERS 

Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and
demand for payment, notice of dishonor, protest and notice of protest and non-payment and all other notices of any kind, except for notices expressly provided for in this Note, the Security Instrument or the Other Security Documents. No release of
any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Security Instrument or the Other Security Documents made by agreement
between Lender or any other person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other person or entity who may become liable for the payment of all or any part of the
Debt, under this Note, the Security Instrument or the Other Security Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice
or demand as provided for in this Note, the Security Instrument or the Other Security Documents. If Borrower is a partnership, corporation or limited liability company, the agreements contained herein shall remain in full force and effect,
notwithstanding any changes in the individuals or entities comprising the Borrower, and the term “Borrower,” as used herein, shall include any alternate or successor entity, but any predecessor entity, and its partners or members, as the
case may be, shall not thereby be released from any liability. (Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in Borrower which may be set forth in the
Security Instrument or any Other Security Document.) 

  
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 ARTICLE X 
 WAIVER OF TRIAL BY JURY 
 BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THIS NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THIS NOTE,
THIS NOTE, THE SECURITY INSTRUMENT OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 
 ARTICLE XI 
 EXCULPATION 

(a) Notwithstanding anything to the contrary contained in this Note, the Security Instrument or any Other Security Document (but subject
to the provisions of subsections (b), (c) and (d) of this Article 11), Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in this Note or the Security Instrument by any action
or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing any personal liability shall be sought against Borrower or any principal, director, officer, employee, beneficiary, shareholder, partner, member,
trustee, agent or affiliate of Borrower or any person owning, directly or indirectly, any legal or beneficial interest in Borrower, or any successors or assigns of any of the foregoing (collectively, the “Exculpated Parties”), except that
Lender may bring a foreclosure action, action for specific performance or other appropriate action or proceeding to enable Lender to enforce and realize upon this Note, the Security Instrument, the Other Security Documents, and the interest in the
Property, the Rents (as defined in the Security Instrument) and any other collateral given to Lender to secure this Note; provided, however, subject to the provisions of subsections (b), (c) and (d) of this Article 11, that any judgment in
any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender to secure this Note. Lender, by accepting this Note and the
Security Instrument, agrees that it shall not, except as otherwise provided in this Article 11, sue for, seek or demand any deficiency judgment against Borrower or any of the Exculpated Parties, in any such action or proceeding, under or by reason
of or under or in connection with this Note, the Security Instrument or the Other Security Documents. The provisions of this Article 11 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by
this Note, the Security Instrument or the Other Security Documents delivered to Lender; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under the Security Instrument;
(iii) affect the validity or enforceability of any indemnity, guaranty, master lease or similar instrument made in connection with this Note, the Security Instrument, or the Other Security Documents; (iv) impair the right of Lender to
obtain the appointment of a receiver; (v) impair the 

  
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enforcement of the Assignment of Leases and Rents executed in connection herewith; (vi) impair the right of Lender to enforce the provisions of Section 12.2 of the Security Instrument
or of Section 3.12(e) of the Security Instrument; or (vii) impair the right of Lender to obtain a deficiency judgment or other judgment on the Note against Borrower if necessary to fully realize the security granted by the Security
Instrument or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against the Property. 
 (b) Notwithstanding the provisions of this Article 11 to the contrary, Borrower shall be personally liable to Lender for the Losses (as defined in the Security Instrument) Lender incurs due to:
(i) fraud or intentional misrepresentation by Borrower or any of the Exculpated Parties in connection with the Loan; (ii) the gross negligence or willful misconduct of Borrower; (iii) the removal or disposal of any portion of the
Property after an Event of Default; (iv) Borrower’s misapplication, misappropriation or conversion of Rents received by Borrower after the occurrence of an Event of Default; (v) Borrower’s misapplication, misappropriation or
conversion of tenant security deposits or Rents collected in advance; (vi) the misapplication, misappropriation or conversion of insurance proceeds or condemnation awards; (vii) Personal Property (as defined in the Security Instrument)
taken from the Property by or on behalf of Borrower or any of the Exculpated Parties and not replaced with Personal Property of the same utility and of the same or greater value; (viii) any act of arson by Borrower or any of the Exculpated
Parties; (ix) any fees or commissions paid by Borrower after the occurrence of an Event of Default to any Exculpated Party in violation of the terms of this Note, the Security Instrument or the Other Security Documents; (x) failure to pay
charges for labor or materials or other charges that can create liens on any portion of the Property, unless otherwise bonded by Borrower; (xi) any security deposits, advance deposits or any other deposits collected with respect to the Property
not being delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases (as defined in the Security
Instrument) prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; (xii) any failure by Borrower to permit on-site inspections of the Property as required by the Security Instrument and/or
the Other Security Documents; (xiii) upon Borrower’s default under the terms of the Security Instrument, any failure of Borrower to appoint a new property manager upon the request of Lender as required by the terms of the Security
Instrument and/or the Other Security Documents and/or (xiv) except as otherwise agreed by the Borrower and Lender in writing, Borrower’s breach of, or failure to comply with, the representations, warranties and covenants contained in
Articles 5.8(b), 5.19 and/or 12 of the Security Instrument. 
 (c) Notwithstanding the foregoing, the agreement of Lender not to
pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Debt shall be fully recourse to Borrower in the event that: (i) the first full monthly payment of
principal and interest under this Note is not paid when due; (ii) Borrower fails to provide financial information to Lender as required by Section 3.12 of the Security Instrument or fails to comply with any provision of Section 4.2 of
the Security Instrument; (iii) Borrower defaults under Article 8 of the Security Instrument; (iv) Borrower files a voluntary petition under the U.S. Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (v) an
affiliate, officer, director or representative which controls Borrower, directly or indirectly, files, or joins in the filing of, an involuntary petition against Borrower under the U.S. Bankruptcy Code or any other Federal or state bankruptcy or

  
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insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any person or entity; (vi) Borrower files an answer consenting
to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other person or entity under the U.S. Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited
petitioning creditors for any involuntary petition from any person or entity; (vii) any affiliate, officer, director or representative which controls Borrower consents to or acquiesces in or joins in an application for the appointment of a
custodian, receiver, trustee, or examiner for Borrower or any portion of the Property; or (viii) Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or inability to pay its
debts as they become due. 
 (d) Nothing herein shall be deemed to be a waiver of any right which Lender may have under
Section 506(a), 506(b), 1111(b) or any other provision of the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Security Instrument or to require that all collateral shall continue to secure all of the
indebtedness owing to Lender in accordance with this Note, the Security Instrument and the Other Security Documents. 

ARTICLE XII 

AUTHORITY 

Borrower (and the undersigned representative of Borrower, if any) represents that Borrower has full power, authority and legal right to
execute and deliver this Note, the Security Instrument and the Other Security Documents and that this Note, the Security Instrument and the Other Security Documents constitute valid and binding obligations of Borrower. 

ARTICLE XIII 
 GOVERNING LAW 
 This Note shall be governed, construed, applied and enforced
in accordance with the laws of the state in which the Property is located. 
 ARTICLE XIV 

NOTICES 

All notices required or permitted hereunder shall be given as provided in the Security Instrument. 

  
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 ARTICLE XV 
 INCORPORATION BY REFERENCE 
 All of the terms, covenants and conditions
contained in the Security Instrument and the Other Security Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. 

ARTICLE XVI 

MISCELLANEOUS 
 (a) Wherever pursuant to this Note it is provided that Borrower pay any costs and expenses, such costs and expenses shall include, but not be limited to, reasonable legal fees and disbursements of Lender,
whether with respect to retained firms, the reimbursement for the expenses of in-house staff, or otherwise. Borrower shall pay to Lender on demand any and all expenses, including legal expenses and reasonable attorneys’ fees, incurred or paid
by Lender in enforcing this Note, whether or not any legal proceeding is commenced hereunder, together with interest thereon at the Default Rate from the date paid or incurred by Lender until such expenses are paid by Borrower. 

(b) This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on
the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

(c) If Borrower consists of more than one person or party, the obligations and liabilities of each person or party shall be joint and
several. 
 (d) Whenever used, the singular number shall include the plural, the plural number shall include the singular, and
the words “Lender” and “Borrower” shall include their respective successors, assigns, heirs, executors and administrators. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first above
written. 
  

					
	BORROWER:
	
	 ING US STUDENTS NO. 14 LLC, a
 Delaware limited liability company

		
	By:	 	 ING US Students No. 14 Manager
 LLC, a Delaware limited liability
 company, its sole member

  

					
	
			
		 	By.	 	/s/    Albert Rabil
		 	Name:	 	Albert Rabil
		 	Title:	 	Vice President

 ALLONGE ENDORSEMENT TO PROMISSORY NOTE 

ENDORSEMENT OF PROMISSORY NOTE 
 DATED JUNE 28; 2006 
 ING US STUDENTS NO. 14 LLC 

Pay to the order of
                                         
           , a
                                         
            having an address at____________________________________________ , without recourse to the undersigned and without representations, warranties or covenants, express or implied, by
the undersigned, except as set forth in that certain _____________________________ of even date herewith made by and between Morgan Stanley Mortgage Capital Inc. and _____________________. 

 

			
	 MORGAN STANLEY MORTGAGE
 CAPITAL INC., a New York corporation

		
	By:	 	 
		 	 Name:

Title:Mortgage and Security Agreement - Campus Club Apartments

 Exhibit 10.22 
 RECORDING REQUESTED BY 
 AND WHEN RECORDED MAIL 

TO: 
 Cadwalader, Wickersham & Taft

 LLP 
 227 West Trade Street

 Charlotte, North Carolina 28202 

Attention: Richard Madden, Esq 

(SPACE ABOVE THIS LINE FOR RECORDER'S USE) 
 MSMC Loan No. 06-26162 
 ING US STUDENTS NO.14 LLC, as mortgagor 

(Borrower) 
 to

 MORGAN STANLEY MORTGAGE CAPITAL INC., as mortgagee 
 (Lender) 
  

 
 MORTGAGE AND

 SECURITY AGREEMENT 
  

 
 Dated:
June 28, 2006 
 Location: Hillsborough County, Florida 

PREPARED BY AND UPON 
 RECORDATION RETURN TO: 
 Cadwalader, Wickersham & Taft LLP 

227 West Trade Street, Suite 2400 
 Charlotte, North Carolina 28202 
 Attention: Richard Madden, Esq. 

 TABLE OF CONTENTS 

					
	  	  	Page	 
		
	 ARTICLE I
	  			
		
	GRANTS OF SECURITY	  			
		
	 Section 1.1 Property Mortgaged
	  	 	1	  
	 Section 1.2 Assignument of Leascs and Ronts
	  	 	3	  
	 Section 1.3 Security Agreement
	  	 	3	  
	 Section 1.4 Pledge of Monies Held
	  	 	4	  
	 Section 1.5 Conditions to Grant
	  	 	4	  
		
	 ARTICLE II
	  			
		
	DEBT AND OBLIGATIONS SECURED	  			
		
	 Section 2.1 Debt
	  	 	4	  
	 Section 2.2 Other Obligations
	  	 	4	  
	 Section 2.3 Debt and Other Obligations
	  	 	5	  
	 Section 2.4 Payments
	  	 	5	  
		
	 ARTICLE III
	  			
		
	 BORROWER COVENANTS
	  			
		
	 Section 3.1 Payment of Debt
	  	 	5	  
	 Section 3.2 Incorporation by Reference
	  	 	5	  
	 Section 3.3 Insurance
	  	 	5	  
	 Section 3.4 Payment of Taxes, etc
	  	 	8	  
	 Section 3.5 Escrow Fund
	  	 	9	  
	 Section 3.6 Condemnation
	  	 	9	  
	 Section 3.7 Restoration After Casually/Condemnation
	  	 	10	  
	 Section 3.8 Leases and Rents
	  	 	13	  
	 Section 3.9 Maintenance and Use of Property
	  	 	15	  
	 Section 3.10 Waste
	  	 	15	  
	 Section 3.11 Compliance With Laws
	  	 	15	  
	 Section 3.12 Books and Records
	  	 	16	  
	 Section 3.13 Payment For Labor and Materials
	  	 	18	  
	 Section 3.14 Performance of Other Agreements
	  	 	18	  
	 Section 3.15 Change of Name, Identity or Structure
	  	 	18	  
	 Section 3.16 Existence
	  	 	19	  
	 Section 3.17 Management
	  	 	19	  
	 Section 3.18 ERISA
	  	 	19	  

  
 -i-

					
		
	ARTICLE IV	  	 	 
		
	 SPECIAL COVENANTS
	  			
		
	 Section 4.1 Property Use
	  	 	20	  
	 Section 4.2 Single Purpose Entity
	  	 	20	  
		
	 ARTICLE V
	  			
		
	 REPRESENTATIONS AND WARRANTIES
	  			
		
	 Section 5.1 Warranty of Title
	  	 	23	  
	 Section 5.2 Legal Status and Authority
	  	 	23	  
	 Section 5.3 Validity of Documents
	  	 	23	  
	 Section 5.4 Litigation
	  	 	24	  
	 Section 5.5 Status of Property
	  	 	24	  
	 Section 5.6 No Foreign Person
	  	 	25	  
	 Section 5.7 Separate Tax Lot
	  	 	25	  
	 Section 5.8 Leases
	  	 	25	  
	 Section 5.9 Financial Condition
	  	 	26	  
	 Section 5.10 Business Purposes
	  	 	26	  
	 Section 5.11 Taxes
	  	 	26	  
	 Section 5.12 Mailing Address
	  	 	27	  
	 Section 5.13 No Change in Facts or Circumstances
	  	 	27	  
	 Section 5.14 Disclosure
	  	 	27	  
	 Section 5.16 Illegal Activity
	  	 	27	  
	 Section 5.17 Regulations T,U and X.
	  	 	27	  
	 Section 5.18 No Plan Assets
	  	 	27	  
	 Section 5.19 No Breach of Fiduciary Duty
	  	 	27	  
	  			
		
	 ARTICLE VI
	  			
	 OBLIGATIONS AND RELIANCE
	  			
		
	 Section 6.1 Relationship of Borrower and Lender
	  	 	28	  
	 Section 6.2 No Reliance on Lender
	  	 	28	  
	 Section 6.3 No Lender Obligations
	  	 	28	  
	 Section 6.4 Reliance
	  	 	28	  
	  			
		
	 ARTICLE VII
	  			
		
	 FURTHER ASSURANCES
	  			
		
	 Section 7.1 Recording of Security Instrument, etc.
	  	 	29	  
	 Section 7.2 Further Acts, etc.
	  	 	29	  
	 Section 7.3 Changes in Tax, Debt Credit and Documentary Stamp Laws
	  	 	30	  

  
 -ii-

					
	 Section 7.4 Estoppel Certificates
	  	 	30	  
	 Section 7.5 Flood Insurance
	  	 	31	  
	 Section 7.6 Replacement Documents
	  	 	31	  
	  			
		
	 ARTICLE VIII
	  			
		
	 DUE ON SALE/ENCUMBRANCE
	  			
	 Section 8.1 No Sale/Encumbrance
	  	 	31	  
	 Section 8.2 Sale/Encumbrance Defined
	  	 	32	  
	 Section 8.3 Lender’s Rights
	  	 	33	  
	 Section 8.4 Permitted One Time Transfer
	  	 	33	  
	  			
		
	 ARTICLE IX
	  			
		
	 PREPAYMENT
	  			
	 Section 9.1 Prepayment
	  	 	36	  
	  			
		
	 ARTICLE X
	  			
		
	 DEFAULT
	  			
	 Section 10.1Events of Default
	  	 	36	  
	  			
		
	 ARTICLE XI
	  			
		
	 RIGHTS AND REMEDIES
	  			
		
	 Section 11.1 Remedies
	  	 	38	  
	 Section 11.2 Application of Proceeds
	  	 	40	  
	 Section 11.3 Right to Cure Defaults
	  	 	40	  
	 Section 11.4 Actions and Proceedings
	  	 	41	  
	 Section 11.5 Recovery of Sums Required To Be Paid
	  	 	41	  
	 Section 11.6 Examination of Books and Records
	  	 	41	  
	 Section 11.7 Other Rights, etc
	  	 	41	  
	 Section 11.8 Right to Release Any Portion of the Property
	  	 	42	  
	 Section 11.9 Violation of Laws
	  	 	42	  
	 Section 11.10 Right of Entry
	  	 	42	  
	 Section 11.11 Subrogation
	  	 	42	  
	  			
		
	 ARTICLE XII
	  			
		
	 ENVIRONMENTAL MATTERS
	  			
		
	 Section 12.1 Environmental Representations and Warranties
	  	 	42	  

  
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	 Section 12.2 Environmental Covenants
	  	 	43	  
	 Section 12.3 Lender’s Rights
	  	 	44	  
	 Section 12.4 Operations and Maintenance Programs
	  	 	44	  
		
	 ARTICLE XIII
	  			
		
	 INDEMNIFICATIONS
	  			
		
	 Section 13.1 General Indemnification
	  	 	45	  
	 Section 13.2 Mortgage and/or Intangible Tax
	  	 	46	  
	 Section 13.3 Duty to Defend; Attorneys’ Fees and other Fees and Expenses
	  	 	46	  
	 Section 13.4 Environmental Indemnity
	  	 	46	  
	  			
		
	 ARTICLE XIV
	  			
		
	 WAIVERS
	  			
		
	 Section 14.1 Waiver of Counterclaim
	  	 	46	  
	 Section 14.2 Marshalling and Other Matters
	  	 	46	  
	 Section 14.3 Waiver of Notice
	  	 	46	  
	 Section 14.4 Waiver of Statute of Limitions
	  	 	47	  
	 Section 14.5 Sole Discretion of Lender
	  	 	47	  
	 Section 14.6 WAIVER OF TRIAL BY JURY
	  	 	47	  
		
	 ARTICLE XV
	  			
		
	 EXCULPATION
	  			
		
	 Section 15.1 Exculpation
	  	 	47	  
	  			
		
	 ARTICLE XVI
	  			
		
	 NOTICES
	  			
	 Section 16.1 Notices
	  	 	47	  
	  			
		
	 ARTICLE XVII
	  			
		
	 APPLICABLE LAW
	  			
		
	 Section 17.1 Choice of Law
	  	 	48	  
	 Section 17.2 Provisions Subject to Applicable Law
	  	 	48	  

  
 -iv-

					
		
	 ARTICLE XVIII
	  			
		
	 SECONDARY MARKET
	  	 	48	  
		
	 Section 18.1 Transfer of Loan
	  	 	48	  
	 Section 18.2 Cooperation
	  			
		
	 ARTICLE XIX
	  			
		
	 COSTS
	  			
		
	 Section 19.1 Performance at Borrower’s Expense
	  	 	49	  
	 Section 19.2 Legal Fees for Enforcement
	  	 	49	  
		
	 ARTICLE XX
	  			
		
	 DEFINITIONS
	  			
		
	 Section 20.1 General Definitions
	  	 	49	  
	 Section 20.2 Headings,etc
	  	 	50	  
		
	 ARTICLE XXI
	  			
		
	 MISCELLANEOUS PROVISIONS
	  			
		
	 Section 21.1 No Oral Change
	  	 	50	  
	 Section 21.2 Liability
	  	 	50	  
	 Section 21.3 Inapplicate Provisions
	  	 	50	  
	 Section 21.4 Duplicate Originals; Countreparts
	  	 	50	  
	 Section 21.5 Number and Gender
	  	 	50	  
		
	 ARTICLE XXII
	  			
		
	 SPECIAL FLORIDA PROVISIONS
	  			
		
	 Section 22.1 Principles of Construction
	  	 	51	  
	 Section 22.2 Assignment
	  	 	51	  
	 Section 22.3 Future Advances
	  	 	50	  

  
 -v-

 THIS MORTGAGE AND SECURITY AGREEMENT (the “Security
Instrument”) is made as of the 28th day of June,
2006, by ING US STUDENTS NO. 14 LLC, a Delaware limited liability company, having its principal place of business at c/o ING Real Estate Investment Management, Level 6, 345 George Street, Sydney NSW 2000, Australia, as mortgagor
(“Borrower”) to MORGAN STANLEY MORTGAGE CAPITAL INC., a New York corporation, having an address at 1221 Avenue of the Americas, New York, New York 10020, as mortgagee (“Lender”). 

RECITALS: 

Borrower by its promissory note of even date herewith given to Lender is indebted to Lender in the principal sum of TEN MILLION FIVE
HUNDRED AND 00/100 DOLLARS ($10,500,000.00) (the “Loan Amount”) in lawful money of the United States of America (the note together with all extensions, renewals, modifications, substitutions and amendments thereof shall collectively be
referred to as the “Note”), with interest from the date thereof at the rates set forth in the Note, principal and interest to be payable in accordance with the terms and conditions provided in the Note. 

Borrower desires to secure the payment of the Debt (as defined in Article 2) and the performance of all of its obligations under the Note
and the Other Obligations (as defined in Article 2). 
 ARTICLE I 

GRANTS OF SECURITY 
 Section 1.1 Property Mortgaged. Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to
Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the “Property”): 
 (a) Land. The real property described in Exhibit A attached hereto and made a part hereof (the “Land”); 
 (b) Additional Land. All additional lands, estates and development rights hereafter acquired by Borrower for use in connection with the Land and the development of the Land and all additional lands
and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the lien of this Security Instrument; 
 (c) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the Land
(the “Improvements”); 
 (d) Easements. All easements, rights-of-way or use, rights, strips and gores of land,
streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties,

  
 -1-

 
servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion
and reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, dower and rights
of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Borrower of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto;

 (e) Fixtures and Personal Property. All machinery, equipment, fixtures (including, but not limited to, all heating,
air conditioning, plumbing, lighting, communications and elevator fixtures) and other property of every kind and nature whatsoever owned by Borrower, or in which Borrower has or shall have an interest, now or hereafter located upon the Land and the
Improvements, or appurtenant thereto, and usable in connection with the present or future operation and occupancy of the Land and the Improvements and all building equipment, materials and supplies of any nature whatsoever owned by Borrower, or in
which Borrower has or shall have an interest, now or hereafter located upon the Land and the Improvements, or appurtenant thereto, or usable in connection with the present or future operation and occupancy of the Land and the Improvements
(collectively, the “Personal Property”), and the right, title and interest of Borrower in and to any of the Personal Properly which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted
by the state or states where any of the Properly is located (the “Uniform Commercial Code”), and all proceeds and products of the above; 
 (f) Leases and Rents. All leases, subleases and other agreements affecting the use, enjoyment or occupancy of the Land and/or the Improvements heretofore or hereafter entered into and all
extensions, amendments and modifications thereto, whether before or after the filing by or against Borrower of any petition for relief under 11 U.S.C. §101 el seq., as the same may be amended from time to time (the “Bankruptcy Code”)
(the “Leases”) and all right, title and interest of Borrower, its successors and assigns therein and thereunder, including, without limitation, any guaranties of the lessees’ obligations thereunder, cash or securities deposited
thereunder to secure the performance by the lessees of their obligations thereunder and all rents, additional rents, early termination fees and payments and other termination fees and payments, revenues, issues and profits (including all oil and gas
or other mineral royalties and bonuses) from the Land and the Improvements, whether paid or accruing before or after the filing by or against Borrower of any petition for relief under the Bankruptcy Code (the “Rents”) and all proceeds from
the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment of the Debt; 
 (g)
Insurance Proceeds. All proceeds of and any unearned premiums on any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu
thereof, for damage to the Property; 
 (h) Condemnation Awards. All awards or payments, including interest thereon,
which may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of the exercise of the right), or for a
change of grade, or for any other injury to or decrease in the value of the Property; 

  
 -2-

 (i) Tax Certiorari. All refunds, rebates or credits in connection with a reduction in
real estate taxes and assessments charged against the Property as a result of tax certiorari or any applications or proceedings for reduction; 
 (j) Conversion. All proceeds of the conversion, voluntary or involuntary, of any of the foregoing including, without limitation, proceeds of insurance and condemnation awards, into cash or
liquidation claims; 
 (k) Rights. The right, in the name and on behalf of Borrower, to appear in and defend any action
or proceeding brought with respect to the Property and to commence any action or proceeding to protect the interest of Lender in the Property; 
 (1) Agreements. All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents, now or hereafter entered into, and all rights therein
and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted on the Land and any part thereof and all
right, title and interest of Borrower therein and thereunder, including, without limitation, the right, upon the occurrence and during the continuance of an Event of Default (defined below), to receive and collect any sums payable to Borrower
thereunder; 
 (m) Intangibles. All trade names, trademarks, servicemarks, logos, copyrights, goodwill, books and records
and all other general intangibles relating to or used in connection with the operation of the Property; and 
 (n) Other
Rights. Any and all other rights of Borrower in and to the items set forth in Subsections (a) through (m) above. 

Section 1.2 Assignment of Leases and Rents. Borrower hereby absolutely and unconditionally assigns to Lender
Borrower’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only.
Nevertheless, subject to the terms of this Section 1.2 and Section 3.8, Lender grants to Borrower a revocable license to collect and receive the Rents. Borrower shall hold a portion of the Rents sufficient to discharge all current sums due
on the Debt for use in the payment of such sums. 
 Section 1.3 Security Agreement. This Security Instrument
is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Properly includes both real and personal property and all other rights and interests, whether tangible or intangible in
nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (defined in Section 2.3), a security interest in the Personal Property to the full
extent that the Personal Property may be subject to the Uniform Commercial Code. 

  
 -3-

 Section 1.4 Pledge of Monies Held. Borrower hereby pledges to Lender any
and all monies now or hereafter held by Lender, including, without limitation, any sums deposited in the Escrow Fund (as defined in Section 3.5), Net Proceeds (as defined in Section 3.7) and condemnation awards or payments described in
Section 3.6, as additional security for the Obligations until expended or applied as provided in this Security Instrument. 

Section 1.5 Conditions to Grant. TO HAVE AND TO HOLD the above granted and described Property unto and to the use and
benefit of Lender, and for the successors and assigns of Lender, forever; PROVIDED, HOWEVER, these presents are upon the express condition that, if Borrower shall well and truly pay to Lender the Debt at the time and in the manner provided in the
Note and this Security Instrument, shall well and truly perform the Other Obligations as set forth in this Security Instrument and shall well and truly abide by and comply with each and every covenant and condition set forth herein and in the Note,
these presents and the estate hereby granted shall cease, terminate and be void. 
 ARTICLE II 

DEBT AND OBLIGATIONS SECURED 
 Section 2.1 Debt. This Security Instrument and the grants, assignments and transfers made in Article 1 are given for the purpose of securing the payment of the following, in such order of
priority as Lender may determine in its sole discretion (the “Debt”): 
 (a) the indebtedness evidenced by the Note in
lawful money of the United States of America; 
 (b) interest, default interest, late charges and other sums, as provided in the
Note, this Security Instrument or the Other Security Documents (defined below); 
 (c) the Default Consideration (as defined in
the Note), if any; 
 (d) all other moneys agreed or provided to be paid by Borrower in the Note, this Security Instrument or
the Other Security Documents; 
 (e) all sums advanced pursuant to this Security Instrument to protect and preserve the Property
and the lien and the security interest created hereby; and 
 (f) all sums advanced and costs and expenses incurred by Lender in
connection with the Debt or any part thereof, any renewal, extension, or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or
Lender. 
 Section 2.2 Other Obligations. This Security Instrument and the grants, assignments and transfers made in
Article 1 are also given for the purpose of securing the performance of the following (the “Other Obligations”): 
 (a)
all other obligations of Borrower contained herein; 

  
 -4-

 (b) each obligation of Borrower contained in the Note and in the Other Security Documents;
and 
 (c) each obligation of Borrower contained in any renewal, extension, amendment, modification, consolidation, change of,
or substitution or replacement for, all or any part of the Note, this Security Instrument or the Other Security Documents. 

Section 2.3 Debt and Other Obligations. Borrower’s obligations for the payment of the Debt and the performance of the
Other Obligations shall be referred to collectively below as the “Obligations.” 
 Section 2.4 Payments.
Unless payments are made in the required amount in immediately available funds at the place where the Note is payable, remittances in payment of all or any part of the Debt shall not, regardless of any receipt or credit issued therefor, constitute
payment until the required amount is actually received by Lender in funds immediately available at the place where the Note is payable (or any other place as Lender, in Lender’s sole discretion, may have established by delivery of written
notice thereof to Borrower) and shall be made and accepted subject to the condition that any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance by Lender of any payment in an
amount less than the amount then due shall be deemed an acceptance on account only, and the failure to pay the entire amount then due shall be and continue to be an Event of Default. 

ARTICLE III 
 BORROWER COVENANTS 
 Borrower covenants and agrees that: 

Section 3.1 Payment of Debt. Borrower will pay the Debt at the time and in the manner provided in the Note and in this
Security Instrument. 
 Section 3.2 Incorporation bv Reference. All the covenants, conditions and agreements
contained in (a) the Note and (b) all and any of the documents other than the Note or this Security Instrument now or hereafter executed by Borrower and/or others and by or in favor of Lender, which wholly or partially secure or guaranty
payment of the Note (the “Other Security Documents”), are hereby made a part of this Security Instrument to the same extent and with the same force as if fully set forth herein. 

Section 3.3 Insurance. 
 (a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following coverages: 

(i) Property Insurance. Insurance with respect to the Improvements and building equipment insuring against any
peril now or hereafter included within the classification “All Risks of Physical Loss” in amounts at all times sufficient to prevent 

  
 -5-

 Lender from becoming a co-insurer within the terms of the applicable
policies and under applicable law, but in any event such insurance shall be maintained in an amount which, after application of deductible, shall be equal to the full insurable value of the Improvements and building equipment, the term “full
insurable value” to mean the actual replacement cost of the Improvements and building equipment (without taking into account any depreciation, and exclusive of excavations, footings and foundations, landscaping and paving) determined annually
by an insurer, a recognized independent insurance broker or an independent appraiser selected and paid by Borrower and in no event less than the coverage required pursuant to the terms of any Lease; 

(ii) Liability Insurance. Comprehensive general liability insurance, including bodily injury, death and property
damage liability, insurance against any and all claims, including all legal liability to the extent insurable and imposed upon Lender and all court costs and attorneys’ fees and expenses, arising out of or connected with the possession, use,
leasing, operation, maintenance or condition of the Property in such amounts as are generally available at commercially reasonable premiums and are generally required by institutional lenders for properties comparable to the Property but in any
event for a combined single limit of at least $5,000,000; 
 (iii) Workers’ Compensation Insurance.
Statutory workers’ compensation insurance with respect to any work on or about the Property; 
 (iv)
Business Interruption Insurance. Business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above for a period commencing at the time
of loss for such length of time as it takes to repair or replace with the exercise of due diligence and dispatch; (C) containing an extended period of indemnity endorsement which provides that after the physical toss to the Improvements and
Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of eighteen (18) months from the date that the Property is
repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in an amount equal to one hundred percent (100%) of the projected gross income
from the Property for a period from the date of loss to a date (assuming total destruction) which is eighteen (18) months from the date that the Property is repaired or replaced and operations are resumed. The amount of such business income
insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding eighteen (18) month period, based upon the
assumption that no casualty has or will occur. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the Loan documents from time to time due and payable hereunder and
under the Note and the Other Security Documents and otherwise as determined by Lender in its sole discretion; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by
the Loan documents on the respective dates of payment provided for herein and in the Note and the Other Security Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

  
 -6-

 (v) Boiler and Machinery Insurance, Broad form boiler and machinery
insurance (without exclusion for explosion) covering all boilers or other pressure vessels, machinery, and equipment located in, on or about the Property and insurance against loss of occupancy or use arising from any breakdown in such amounts as
are generally required by institutional lenders for properties comparable to the Property; 
 (vi) Flood
Insurance. If required by Subsection 5.5(j) hereof, flood insurance in an amount at least equal to the lesser of (A) the principal balance of the Note, or (B) the maximum limit of coverage available for the Property under the National
Flood Insurance Act of 1968, The Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended; 
 (vii) Builder’s Risk Insurance. At all times during which structural construction, repairs or alterations arc being made with respect to the Improvements (A) owner’s contingent or
protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy; and (B) the insurance provided for in Subsection 3.3(a)(i) written in a
so-called builder’s risk completed value form (I) on a non-reporting basis, (2) against all risks insured against pursuant to Subsection 3,3(a)(i), (3) including permission to occupy the Property, and (4) with an agreed
amount endorsement waiving co-insurance provisions; and 
 (viii) Other Insurance. Such other insurance
with respect to the Property against loss or damage of the kinds from time to time customarily insured against and in such amounts as are required by institutional lenders for properties comparable to the Property. 

The comprehensive all risk insurance and business income insurance policies required under subsections (i) and
(iv) above shall be required to cover perils of terrorism and acts of terrorism (for the amounts set forth in subsections (i) and (iv) above and with deductibles no greater than those provided in subsections (i) and
(iv) above), 
 (b) All insurance provided for in Subsection 3.3(a) hereof shall be obtained under valid and enforceable
policies (the “Policies” or in the singular, the “Policy”), and shall be issued by one or more domestic primary insuren(s) having (i) a general policy rating of A or better and a financial class of VI or better by A.M. Best
Company, Inc. (or if a rating of A.M. Best Company Inc. is no longer available, a similar rating from a similar or successor service) and (ii) a claims paying ability rating by a credit rating agency approved by Lender (a “Rating
Agency”) of not less than AA by Standard & Poor’s Ratings Services or such comparable rating by such other Rating Agency. All insurers providing insurance required by this Security Instrument shall be authorized to issue insurance
in the state in which the Property is located. The Policy referred to in Subsection 3.3(a)(ii) above shall name Lender as an additional named insured and the Policies referred to in Subsection 3.3(a)(i), (iv), (v), (vi) and (vii), and as
applicable (viii), above shall provide that all proceeds be payable to Lender as set forth in Section 3.7 hereof. The Policies referred to in Subsections 3.3(a)(i), (v), (vi) and (vii) shall also contain: (i) a standard
“non-contributory mortgagee” endorsement or its equivalent relating, inter alia, to recovery by Lender notwithstanding the negligent or willful acts or omission of Lender; (ii) to the extent available at commercially
reasonable rates, a waiver of subrogation 

  
 -7-

 
endorsement as to Lender; and (iii) an endorsement providing for a deductible per loss of an amount not more than that which is customarily maintained by prudent owners of similar properties
in the general vicinity of the Property, but in no event in excess of $10,000. The Policy referred to in Subsection 3.3(a)(i) above shall provide coverage for contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost
of Construction Endorsements together with an “Ordinance or Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal nonconforming structures or uses. All
Policies shall contain (i) a provision that such Policies shall not be cancelled or terminated, nor shall they expire, without at least thirty (30) days’ prior written notice to Lender in each instance; and (ii) include effective
waivers by the insurer of all claims for Insurance Premiums (defined below) against any loss payees, additional insureds and named insureds (other than Borrower). Certificates of insurance with respect to all renewal and replacement Policies shall
be delivered to Lender not less than twenty (20) days prior to the expiration date of any of the Policies required to be maintained hereunder, which certificates shall bear notations evidencing payment of applicable premiums (the
“Insurance Premiums”). Originals or certificates of such replacement Policies shall be delivered to Lender promptly after Borrower’s receipt thereof but in any case within thirty (30) days after the effective date thereof. If
Borrower fails to maintain and deliver to Lender the original Policies or certificates of insurance required by this Security Instrument, upon ten (10) days’ prior notice to Borrower, Lender may procure such insurance at Borrower’s
sole cost and expense. 
 (c) Borrower shall comply with all insurance requirements and shall not bring or keep or permit to be
brought or kept any article upon any of the Property or cause or permit any condition to exist thereon which would be prohibited by an insurance requirement, or would invalidate the insurance coverage required hereunder to be maintained by Borrower
on or with respect to any part of the Property pursuant to this Section 3.3. 
 Section 3.4 Payment of Taxes,
etc. 
 (a) Borrower shall promptly pay all taxes, assessments, water rates, sewer rents, governmental impositions, and other
charges, including without limitation vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Land, now or hereafter levied or assessed or imposed against the Property or any part thereof (the “Taxes”),
all ground rents, maintenance charges and similar charges, now or hereafter levied or assessed or imposed against the Property or any part thereof (the “Other Charges”), and all charges for utility services provided to the Property as same
become due and payable. Borrower will deliver to Lender, promptly upon Lender’s request, evidence satisfactory to Lender that the Taxes, Other Charges and utility service charges have been so paid or arc not then delinquent. Borrower shall not
suffer and shall promptly cause to be paid and discharged any lien or charge whatsoever which may be or become a lien or charge against the Property. Except to the extent sums sufficient to pay all Taxes and Other Charges have been deposited with
Lender in accordance with the terms of this Security Instrument, Borrower shall furnish to Lender paid receipts for the payment of the Taxes and Other Charges prior to the date the same shall become delinquent. 

(b) After prior written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any of the Taxes, 

  
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provided that (i) no Event of Default has occurred and is continuing under the Note, this Security Instrument or any of the Other Security Documents, (ii) Borrower is permitted to do so
under the provisions of any other mortgage, deed of trust or deed to secure debt affecting the Property, (iii) such proceeding shall suspend the collection of the Taxes from Borrower and from the Property or Borrower shall have paid all of the
Taxes under protest, (iv) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder, (v) neither the
Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost, and (vi) Borrower shall have deposited with Lender adequate reserves for the payment of the Taxes, together with all
interest and penalties thereon, unless Borrower has paid all of the Taxes under protest, or Borrower shall have furnished the security as may be required in the proceeding, or as may be reasonably requested by Lender to insure the payment of any
contested Taxes, together with all interest and penalties thereon, taking into consideration the amount in the Escrow Fund available for payment of Taxes. 
 Section 3.5 Escrow Fund. 
 (a) In addition to the initial deposits with
respect to Taxes and Insurance Premiums made by Borrower to Lender on the date hereof to be held by Lender in escrow, Borrower shall pay to Lender on the first day of each calendar month (a) one-twelfth of an amount which would be sufficient to
pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded
by the Policies upon the expiration thereof (the amounts in (a) and (b) above shall be called the “Escrow Fund”). Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment
of any Taxes and Insurance Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain the bills for Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal or
both, payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Event of Default exists, Lender shall be obligated to pay the
Taxes and Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payments of such Taxes and Insurance Premiums required to be made by Borrower pursuant to Sections 3.3 and 3.4
hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future
payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not sufficient to pay the items set forth in (a) and
(b) above, Borrower shall promptly pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a trust fund and may be commingled with other monies
held by Lender. Unless otherwise required by Applicable Laws (defined in Section 3.11), no earnings or interest on the Escrow Fund shall be payable to Borrower. 
 Section 3.6 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any condemnation or eminent domain proceeding and shall deliver to Lender
copies of any and all papers served in connection with such proceedings. 

  
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Notwithstanding any taking by any public or quasi-public authority through eminent domain or otherwise (including but not limited to any transfer made in lieu of or in anticipation of the
exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Security Instrument and the Debt shall not be reduced until any award or payment therefor shall have
been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Borrower shall cause the award or payment made in any condemnation or eminent domain proceeding, which is payable
to Borrower, to be paid directly to Lender. Lender shall not be limited to the interest paid on the award by the condemning authority but shall be entitled to receive out of the award interest at the rate or rates provided herein or in the Note.
Lender may apply any award or payment to the reduction or discharge of the Debt whether or not then due and payable. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the award or payment, Lender shall have
the right, whether or not a deficiency judgment on the Note (to the extent permitted in the Note or herein) shall have been sought, recovered or denied, to receive the award or payment, or a portion thereof sufficient to pay the Debt. 

Section 3.7 Restoration After Casualty/Condemnation. In the event of a casualty or a taking by eminent domain, the following
provisions shall apply in connection with the Restoration (defined below) of the Property: 
 (a) If the Property shall be
damaged or destroyed, in whole or in part, by fire or other casualty, or if the Property or any portion thereof is taken by the power of eminent domain Borrower shall give prompt notice of such damage or taking to Lender and shall promptly commence
and diligently prosecute the completion of the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such fire or other casualty or taking, with such alterations as may be approved by
Lender (the “Restoration”). 
 (b) The term “Net Proceeds” for purposes of this Section 3.7 shall mean:
(i) the net amount of all insurance proceeds under the Policies carried pursuant to Subsections 3.3(a)(i), (iv), (v), (vi), (vii) and (viii) of this Security Instrument as a result of such damage or destruction, after deduction of
Lender’s reasonable costs and expenses (including, but not limited to reasonable counsel fees), if any, in collecting the same, or(ii) the net amount of all awards and payments received by Lender with respect to a taking referenced in
Section 3.6 of this Security Instrument, after deduction of Lender’s reasonable costs and expenses (including, but not limited to reasonable counsel fees), if any, in collecting the same, whichever the case may be. If (i) the Net Proceeds
do not exceed $50,000 (the “Net Proceeds Availability Threshold”); (ii) the costs of completing the Restoration as reasonably estimated by Borrower shall be less than or equal to the Net Proceeds; (iii) no Event of Default shall
have occurred and be continuing under the Note, this Security Instrument or any of the Other Security Documents; (iv) the Property and the use. thereof after the Restoration will be in compliance with, and permitted under, all applicable zoning
laws, ordinances, rules and regulations (including, without limitation, all applicable Environmental Laws (defined in Section 12.1); (v) (A) in the event that the Net Proceeds are insurance proceeds, less than twenty-five percent
(25%) of the total floor area of the Improvements has been damaged or destroyed, or rendered unusable as a result of such fire or other casualty; or (B) in the event that the Net Proceeds are condemnation awards,

  
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less than 25% of the Land constituting the Property is taken, such Land that is taken is located along the perimeter or periphery of the Property, no portion of the Improvements is located in
such Lands, and such taking does not materially impair access to the Property; and (vi) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note which will be incurred with
respect to the Property as a result of the occurrence of any such fire or other casualty or taking, whichever the case may be, will be covered out of (1) the Net Proceeds, or (2) other funds of Borrower, then the Net Proceeds will be
disbursed directly to Borrower. 
 (c) If the Net Proceeds are greater than the Net Proceeds Availability Threshold or Borrower
is not otherwise entitled to have the Net Proceeds disbursed directly to Borrower pursuant to Subsection 3.7(b), such Net Proceeds shall be forthwith paid to Lender to be held by Lender in a segregated account to be made available to Borrower for
the Restoration in accordance with the provisions of this Subsection 3.7(c). 
 The Net Proceeds held by Lender pursuant to this
Subsection 3.7(c) shall be made available to Borrower for payment or reimbursement of Borrower’s expenses in connection with the Restoration, subject to the following conditions: 

(i) no Event of Default shall have occurred and be continuing under the Note, this Security Instrument or any of the Other
Security Documents; 
 (ii) Lender shall, within a reasonable period of time prior to request for initial
disbursement, be furnished with an estimate of the cost of the Restoration accompanied by an independent architect’s certification as to such costs and appropriate plans and specifications for the Restoration, such plans and specifications and
cost estimates to be subject to Lender’s approval, not to be unreasonably withheld or delayed; 
 (iii) the
Net Proceeds, together with any cash or cash equivalent deposited by Borrower with Lender, are sufficient to cover the cost of the Restoration as such costs are certified by the independent architect; 

(iv) Net Proceeds are less than the then outstanding principal balance of the Note; 

(v) (A) in the event that the Net Proceeds are insurance proceeds, less than twenty-five percent (25%) of the total
floor area of the Improvements has been damaged or destroyed, or rendered unusable as a result of such fire or other casualty; or (B) in the event that the Net Proceeds are condemnation awards, less than 25% of the Land constituting the
Property is taken, such Land that is taken is located along the perimeter or periphery of the Property, no portion of the Improvements is located in such Lands and such taking does not materially impair access to the Property; 

(vi) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest
under the Note which will be incurred with respect to the Property as a result of the occurrence of any such fire or other casualty or taking, whichever the case may be, will be covered out of (1) the Net Proceeds, or (2) other funds of
Borrower; 

  
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 (vii) Lender shall be satisfied that, upon the completion of the
Restoration, the net cash flow of the Property will be restored to a level sufficient to cover all carrying costs and operating expenses of the Property, including, without limitation, debt service on the Note and all required replacement reserves,
reserves for tenant improvements and leasing commissions; 
 (viii) the Restoration can reasonably be completed
on or before the earliest to occur of (A) six (6) months prior to the Maturity Date (as defined in the Note), (B) the earliest date required for such completion under the terms of any Major Leases (defined below) and (C) such
time as may be required under applicable zoning law, ordinance, rule or regulation in order to repair and restore the Property to as nearly as possible the condition it was in immediately prior to such fire or other casualty or to such taking, as
applicable; and 
 (ix) the Property and the use thereof after the Restoration will be in compliance with, and
permitted under, all applicable zoning laws, ordinances, rules and regulations (including, without limitation, all applicable Environmental Laws (defined in Section 12.1). 

(d) The Net Proceeds held by Lender until disbursed in accordance with the provisions of this Section 3.7 shall constitute
additional security for the Obligations. The Net Proceeds (other than the Net Proceeds paid under the Policy described in Subsection 3.3(a)(iv) which shall be applied by Lender pursuant to and in accordance with the provisions of Subsection
3.3(a)(iv)) shall be disbursed by Lender to, or as directed by, Borrower, in an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration less customary retainage from time to time during the course
of the Restoration, not more frequently than once per month, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested
disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or
encumbrances of any nature whatsoever on the Property arising out of the Restoration which have not either been fully bonded and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company insuring the
lien of this Security Instrument. Final payment shall be made after submission to Lender of all licenses, permits, certificates of occupancy and other required approvals of governmental authorization having jurisdiction and Casually
Consultant’s (as defined below) certification that the Restoration has been fully completed. 
 (e) Lender shall have the
use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts
under which they have been engaged, shall be subject to prior review and acceptance by Lender and an independent consulting engineer selected by Lender (the “Casualty Consultant”), such acceptance not to be unreasonably withheld or
delayed. All costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be
paid by Borrower. 

  
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 (f) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the
reasonable opinion of Lender, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the
“Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in
connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 3.7 shall constitute additional security for the Obligations. 

(g) Except upon the occurrence and continuance of an Event of Default, Borrower shall settle any insurance claims with respect to the Net
Proceeds which in the aggregate are less than the Net Proceeds Availability Threshold. Lender shall have the right to participate in and reasonably approve any settlement for insurance claims with respect to the Net Proceeds which in the aggregate
are greater than the Net Proceeds Availability Threshold. If an Event of Default shall have occurred and be continuing, Borrower hereby irrevocably empowers Lender, in the name of Borrower as its true and lawful attorney-in-fact, to file and
prosecute such claim and to collect and to make receipt for any such payment. If the Net Proceeds are received by Borrower, such Net Proceeds shall, until the completion of the related work, be held in trust for Lender and shall be segregated from
other funds of Borrower to be used to pay for the cost of the Restoration in accordance with the terms hereof. 
 (h) The
excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after (i) the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the
provisions of this Section 3.7, and (ii) the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full and all required permits. licenses, certificates of
occupancy and other required approvals of governmental authorities having jurisdiction have been issued, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing under the Note, this Security
Instrument or any of the Other Security Documents. 
 (i) All Net Proceeds not required (i) to be made available for the
Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Subsection 3.7(h) shall be retained and applied by Lender toward the payment of the Debt whether or not then due and payable in such order, priority and
proportions as Lender in its discretion shall deem proper or, at the discretion of Lender, the same shall be paid, either in whole or in part, to Borrower. If Lender shall receive and retain Net Proceeds, the lien of this Security Instrument shall
be reduced only by the amount received and retained by Lender and actually applied by Lender in reduction of the Debt. 

Section 3.8 Leases and Rents. 
 (a) Borrower may enter into a proposed Lease (including the renewal or extension of an existing Lease (“a Renewal Lease”)) without the prior written consent of Lender, provided such proposed
Lease or Renewal Lease (i) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of 

  
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the tenant) as of the date such Lease is executed by Borrower (unless, in the case of a Renewal Lease, the rent payable during such renewal, or a formula or other method to compute such rent, is
provided for in the original Lease), (ii) is an arms-length transaction with a bona fide, independent third party tenant, (iii) does not have a materially adverse effect on the value of the Property taken as a whole, (iv) is subject
and subordinate to the Security Instrument and the lessee thereunder agrees to attom to Lender, and (v) is written on the standard form of lease approved by Lender. All proposed Leases which do not satisfy the requirements set forth in this
Subsection 3.8(a) shall be subject to the prior approval of Lender and its counsel, at Borrower’s expense. Borrower shall promptly deliver to Lender copies of all Leases which are entered into pursuant to this Subsection together with
Borrower’s certification that it has satisfied all of the conditions of this Subsection. 
 (b) Borrower (i) shall
observe and perform all the obligations imposed upon the lessor under the Leases and shall not do or permit to be done anything to impair the value of any of the Leases as security for the Debt; (ii) upon request, shall promptly send copies to
Lender of all notices of default which Borrower shall send or receive thereunder; (iii) shall enforce all of the material terms, covenants and conditions contained in the Leases upon the part of the tenant thereunder to be observed or
performed, (iv) shall not collect any of the Rents more than one (1) month in advance (except security deposits shall not be deemed Rents collected in advance); (v) shall not execute any other assignment of the lessor’s interest
in any of the Leases or the Rents; and (vi) shall not consent to any assignment of or subletting under any Leases not in accordance with their terms, without the prior written consent of Lender, not to be unreasonably withheld. 

(c) Borrower may, without the consent of Lender, amend, modify or waive the provisions of any Lease or terminate, reduce rents under,
accept a surrender of space under, or shorten the term of, any Lease (including any guaranty, letter of credit or other credit support with respect thereto) provided that such action (taking into account, in the case of a termination, reduction in
rent, surrender of space or shortening of term, the planned alternative use of the affected space) does not have a materially adverse effect on the value of the Property taken as a whole, and provided that such Lease, as amended, modified or waived,
is otherwise in compliance with the requirements of this Security Instrument and any subordinate agreement binding upon Lender with respect to such Lease. A termination of a Lease with a tenant who is in default beyond applicable notice and grace
periods shall not be considered an action which has a materially adverse effect on the value of the Property taken as a whole. Any amendment, modification, waiver, termination, rent reduction, space surrender or term shortening which does not
satisfy the requirements set forth in this Subsection shall be subject to the prior approval of Lender and its counsel, at Borrower’s expense. Borrower shall promptly deliver to Lender copies of amendments, modifications and waivers which are
entered into pursuant to this Subsection together with Borrower’s certification that it has satisfied all of the conditions of this Subsection. 
 (d) Notwithstanding anything contained herein to the contrary, Borrower shall not,’without the prior written consent of Lender, enter into, renew, extend, amend, modify, waive any provisions of,
terminate, reduce rents under, accept a surrender of space under, or shorten the term of, any Major Lease. The term “Major Lease” shall mean any Lease of non-residential space at the Property.

  
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 Section 3.9 Maintenance and Use of Property. Borrower shall cause the Property
to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property) without the consent of Lender.
Borrower shall promptly repair, replace or rebuild any part of the Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.6
hereof and shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or
other public or private restriction, limiting or defining the uses which may be made of the Property or any part thereof. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use,
Borrower will not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. 
 Section 3.10 Waste. Borrower shall not commit or suffer any waste of the Property or make any change in the use of the Property which will in any way materially increase the risk of fire or
other hazard arising out of the operation of the Property, or take any action that might invalidate or give cause for cancellation of any Policy, or do or permit to be done thereon anything that may in any way impair the value of the Property or the
security of this Security Instrument. Borrower will 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 Land,
regardless of the depth thereof or the method of mining or extraction thereof. 
 Section 3.11 Compliance With Laws.

 (a) Borrower shall promptly comply with all existing and future federal, stale and local laws, orders, ordinances,
governmental rules and regulations or court orders affecting Borrower, the Property, or the use thereof, including, without limitation, Prescribed Laws (collectively, “Applicable Laws”). The term “Prescribed Laws” shall mean,
collectively, (a) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C.
§1701 et. seq. and (d) all other legal requirements relating to money laundering or terrorism. 
 (b) Borrower shall
from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that each of Borrower and the Property complies with all Applicable Laws or is exempt from compliance with Applicable Laws. 

(c) Notwithstanding any provisions sel forth herein or in any document regarding Lender’s approval of alterations of the Property,
Borrower shall not alter the Property in any manner which would materially increase Borrower’s responsibilities for compliance with Applicable Laws without the prior written approval of Lender. Lender’s approval of the plans,
specifications, or working drawings for alterations of the Property shall create no responsibility 

  
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or liability on behalf of Lender for their completeness, design, sufficiency or their compliance with Applicable Laws. The foregoing shall apply to tenant improvements constructed by Borrower or
by any of its tenants. Lender may condition any such approval upon receipt of a certificate of compliance with Applicable Laws from an independent architect, engineer, or other person reasonably acceptable to Lender. 

(d) Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a violation of any Applicable Laws
and of the commencement of any proceedings or investigations which relate to compliance with Applicable Laws. 
 (e) After prior
written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the Applicable Laws affecting the Property, provided that (i) no Event
of Default has occurred and is continuing under the Note, this Security Instrument or any of the Other Security Documents; (ii) Borrower is permitted to do so under the provisions of any other mortgage, deed of trust or deed to secure debt
affecting the Property; (iii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower or the Property is subject and shall not constitute a default thereunder;
(iv) neither the Property, any part thereof or interest therein, any of the tenants or occupants thereof, nor Borrower shall be affected in any material adverse way as a result of such proceeding; (v) non-compliance with the Applicable
Laws shall not impose civil or criminal liability on Borrower or Lender; and (vi) Borrower shall have furnished to Lender all other items reasonably requested by Lender. 
 Section 3.12 Books and Records. 
 (a) Borrower and any Guarantors
(defined in Subsection 10.1(e)) and Indemnitor(s) (defined in Section 13.4), if any, shall keep adequate books and records of account in accordance with generally accepted accounting principles (“GAAP”), or in accordance with other
methods acceptable to Lender in its sole discretion, consistently applied and furnish to Lender: 
 (i) monthly,
or if the Loan (defined below) has been securitized or sold as a whole loan by Lender, quarterly and annual certified rent rolls signed and dated by Borrower, detailing the names of all tenants of the Improvements, the portion of Improvements
occupied by each tenant, the base rent and any other charges payable under each Lease and the term of each Lease, including the expiration date, the extent to which any tenant is in default under any Lease, and any other information as is reasonably
required by Lender, within twenty (20) days after the end of each calendar month, thirty (30) days after the end of each fiscal quarter or sixty (60) days after the close of each fiscal year of Borrower, as applicable; 

(ii) on a monthly basis, operating statements of the Property for the immediately preceding month (and for previous
periods if required by Lender), or if the Loan has been securitized or sold as a whole loan by Lender, quarterly and annual operating statements of the Property, all of which shall be prepared and certified by Borrower in the form required by
Lender, detailing the revenues received, the expenses 

  
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incurred and the net operating income before and after debt service (principal and interest) and major capital improvements for each month and containing appropriate year to date information,
within twenty (20) days after the end of each calendar month, thirty (30) days after the end of each fiscal quarter or sixty (60) days after the close of each fiscal year of Borrower, as applicable; 

(iii) an annual operating statement of the Property detailing the total revenues received, total expenses incurred, total
cost of all capital improvements, total debt service and total cash flow, to be prepared and certified by Borrower in the form required by Lender, or if reasonably required by Lender, but exercisable by Lender only after an Event of Default, an
audited annual operating statement prepared and certified by an independent certified public accountant reasonably acceptable to Lender, within sixty (60) days after the close of each fiscal year of Borrower; 

(iv) quarterly and annual balance sheet and profit and loss statements of Borrower in the form required by Lender,
prepared and certified by the Borrower, or if reasonably required by Lender, but exercisable by Lender only after an Event of Default, audited financial statements prepared by an independent certified public accountant acceptable to Lender, within
thirty (30) days after the end of each fiscal quarter or sixty (60) days after the close of each fiscal year of Borrower; 
 (v) an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property, including cash flow projections for the upcoming year, and all
proposed capital replacements and improvements at least fifteen (15) days prior to the start of each fiscal year; and 
 (vi) for any Guarantors and any Indemnitor(s), a statement of the net worth and liquidity of each Guarantor and/or Indemnitor, certified by the respective Guarantor and/or Indemnitor. 

(b) Upon request from Lender, Borrower shall furnish in a timely manner to Lender: 

(i) a property management report for the Property, showing the number of inquiries made and/or rental applications
received from tenants or prospective tenants and deposits received from tenants and any other information requested by Lender, in reasonable detail and certified by Borrower (or an officer, general partner, member or principal of Borrower if
Borrower is not an individual) under penalty of perjury to be true and complete, but no more frequently than quarterly; and 
 (ii) an accounting of all security deposits held in connection with any Lease of any part of the Property, including the name and identification number of the accounts in which such security deposits are
held, the name and address of the financial institutions in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to obtain information
regarding such accounts directly from such financial institutions. 

  
 -17-

 (c) Borrower shall furnish Lender with such other additional financial or management
information (including State and Federal tax returns) as may, from time to time, be reasonably required by Lender in form and substance reasonably satisfactory to Lender. 
 (d) Borrower, any Guarantor and any Indemnitor shall furnish to Lender and its agents convenient facilities for the examination and audit of any such books and records. 

(e) Borrower acknowledges the importance to Lender of the timely delivery of each of the items required by this Section 3.12 (each,
a “Required Financial Item” and collectively, the “Required Financial Items”). In the event Borrower fails to deliver to Lender any of the Required Financial Items within the time frame specified herein (each such event, a
“Reporting Failure”), in addition to constituting an Event of Default hereunder and without limiting Lender’s other rights and remedies with respect to the occurrence of such an Event of Default, Borrower shall pay to Lender the sum
of $1,000.00 per occurrence for each Reporting Failure. It shall constitute a further Event of Default hereunder if any such payment is not received by Lender within thirty (30) days of the date on which such payment is demanded by Lender, and
Lender shall be entitled to the exercise of all of its rights and remedies provided hereunder. 
 (f) In the event that two
(2) Reporting Failures occur during any twelve (12) month period during the term of the Loan, Borrower agrees to establish a lockbox and lockbox account pursuant to Lender’s requirements, each in the name of Lender, and to execute
Lender’s standard form Cash Management Agreement, together with any documentation ancillary thereto as required by Lender, including, without limitation, a lockbox agreement with a bank acceptable to Lender, signature cards and letters to
tenants, credit card companies and other account receivable counterparties directing them to pay all rents, receivables and other sums directly to the lockbox account. 
 Section 3.13 Payment For Labor and Materials. Borrower will promptly pay when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with
the Property and never permit to exist in respect of the Property or any part thereof any lien or security interest, even though inferior to the liens and the security interests hereof, and in any event never permit to be created or exist in respect
of the Property or any part thereof any other or additional lien or security interest other than the liens or security interests hereof, except for the Permitted Exceptions (defined below). 

Section3.14 Performance of Other Agreements. Borrower shall observe and perform each and every term to be observed or performed by
Borrower pursuant to the terms of any agreement or recorded instrument affecting or pertaining to the Property, or given by Borrower to Lender for the purpose of further securing an Obligation secured hereby and any amendments, modifications or
changes thereto. 
 Section 3.15 Change of Name, Identity or Structure. Except as may be permitted under Article 8
hereof, Borrower will not change Borrower’s name, identity (including its trade name or names) or, if not an individual, Borrower’s corporate, partnership or other structure without first (a) notifying the Lender of such change in
writing at least thirty (30) days prior to the effective date of such change, (b) taking all action required by Lender for the purpose 

  
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of perfecting or protecting the lien and security interest of Lender and (c) in the case of a change in Borrower’s structure, without first obtaining the prior written consent of the
Lender. Borrower shall promptly notify Lender in writing of any change in its organizational identification number. If Borrower does not now have an organizational identification number and later obtains one, Borrower shall promptly notify Lender in
writing of such organizational identification number. 
 Section 3.16 Existence. Borrower will continuously maintain
(a) its existence and shall not dissolve or permit its dissolution, (b) its rights to do business in the state where the Property is located and (c) its franchises and trade names, if any. 

Section 3.17 Management. he management of the Property shall be by either: (a) Borrower or an entity affiliated with
Borrower approved by Lender for so long as Borrower or said affiliated entity is managing the Property in a first class manner; or (b) a professional property management company approved by Lender. Such management by an affiliated entity or a
professional property management company shall be pursuant to a written agreement approved by Lender. In no event shall any manager be removed or replaced or the terms of any management agreement modified or amended without the prior written consent
of Lender. In the event of default hereunder or under any management contract then in effect, which default is not cured within any applicable grace or cure period, Lender shall have the right to immediately terminate, or to direct Borrower to
immediately terminate, such management contract and to retain, or to direct Borrower to retain, a new management agent approved by Lender. All Rents generated by or derived from the Property shall first be utilized solely for current expenses
directly attributable to the ownership and operation of the Property, including, without limitation, current expenses relating to Borrower’s liabilities and obligations with respect to the Note, this Security Instrument and the Other Security
Documents, and none of the Rents generated by or derived from the Property shall be diverted by Borrower and utilized for any other purpose unless all such current expenses attributable to the ownership and operation of the Property have been fully
paid and satisfied. 
 Section 3.18 ERISA. Borrower shall not engage in any transaction which would cause any
obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Security Instrument or the Other Security Documents) to be a non-exempt (under a statutory or administrative class exemption)
prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Borrower shall deliver to Lender such certifications or other evidence from lime to time throughout the term of the Loan, as
requested by Lender in its sole discretion, that (A) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of
Section 3(32) of ERISA; (B) Borrower is not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans; and (C) one or more of the following circumstances is true: 

(i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);

  
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 (ii) Less than twenty-five percent (25%) of each outstanding class of
equity interests in Borrower is held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(0(2); or 
 (iii) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e). 

ARTICLE IV 

SPECIAL COVENANTS 
 Borrower covenants and agrees that: 
 Section 4.1 Property Use. The
Property shall be used only for student housing and retail uses, and for no other use, without the prior written consent of Lender, which consent shall not be unreasonably withheld. 

Section 4.2 Single Purpose Entity. It has not, to the best of its knowledge, since the date of its formation and shall not:

 (a) fail to be organized solely for the purpose of (i) acquiring, developing, owning, managing or operating the
Property, (ii) entering into this Security Agreement and the documents related hereto, and (iii) engaging in any activity that is incidental, necessary or appropriate to accomplish the foregoing; 

(b) engage in any business or activity other than the ownership, operation and maintenance of the Property, and activities incidental
thereto; 
 (c) acquire or own any material assets other than (i) the Property, and (ii) such incidental Personal
Property as may be necessary for the operation of the Property; 
 (d) merge into or consolidate with any person or entity or
dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure; 
 (e) fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization or formation, and qualification
to do business in the state where the Property is located, if applicable, or without the prior written consent of Lender, amend, modify, terminate or fail to comply with the provisions of Borrower’s Partnership Agreement, Articles or
Certificate of Incorporation, Articles of Organization, Certificate of Formation, Operating Agreement or similar organizational documents, as the case may be; 
 (f) own, form or acquire any subsidiary or make any investment in, any person or entity; 

  
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 (g) commingle its assets with the assets of any of its members, general partners,
affiliates, principals or of any other person or entity nor fail to hold all of its assets in its own name; 
 (h) without
Lender’s prior consent, which shall be given or withheld in Lender’s sole discretion, incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the Debt, except for trade payables in the
ordinary course of its business of owning and operating the Property, provided that such debt is not evidenced by a note and is paid when due; 
 (i) become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due; 
 (j) fail to maintain its records, books of account and bank accounts separate and apart from those of the members, partners, principals and affiliates of Borrower, the affiliates of a member, partner or
principal of Borrower, and any other person or entity or fail to maintain such books and records in the ordinary course of its business; 
 (k) enter into any contract or agreement with any member, general partner, principal or affiliate of Borrower, Guarantor or Indemnitor, or any member, general partner, principal or affiliate thereof,
except upon terms and conditions that are intrinsically fair, commercially reasonable and substantially similar to those that would be available on an arms-length basis with third parties other than any member, general partner, principal or
affiliate of Borrower, Guarantor or Indemnitor, or any member, general partner, principal or affiliate thereof; 
 (1) seek the
dissolution or winding up in whole, or in part, of Borrower; 
 (m) fail to correct any known misunderstandings regarding the
separate identity of Borrower from any member, general partner, principal or affiliate thereof or any other person; 
 (n)
guaranty or become obligated for the debts of any other person or entity or hold out its credit as being able to satisfy the debts of another person or entity; 
 (o) make any loans or advances to any third party, including any member, general partner, principal or affiliate of Borrower, or any member, general partner, principal or affiliate thereof, nor buy or
hold evidence of indebtedness issued by any other person or entity (other than cash or investment grade securities); 
 (p) fail
to file its own tax returns nor file a consolidated federal income tax return with any other entity, unless required by law; 

(q) fail to hold itself out to the public as a legal entity separate and distinct from any other entity or person, fail to conduct its
business solely in its own name, mislead others as to the identity with which such other party is transacting business, or suggest that Borrower is responsible for the debts of any third party (including any member, general partner, principal or
affiliate of Borrower, or any member, general partner, principal or affiliate thereof); 

  
 -21-

 (r) (intentionally omitted); 

(s) share any common logo with or materially hold itself out as, or be legally considered, a department or division of (i) any
general partner, principal, member or affiliate of Borrower, (ii) any affiliate of a general partner, principal or member of Borrower, or (iii) any other person or entity; 

(t) fail to maintain separate financial statements and accounting records, showing its assets and liabilities separate and apart from
those of any other person or entity; 
 (u) have its assets listed on the financial statement of any other entity; 

(v) fail to observe all applicable organizational formalities; 
 (w) fail to pay the salaries of its own employees (if any) from its own funds; 

(x) fail to maintain a sufficient number of employees in light of its contemplated business operations; 

(y) fail to allocate fairly and reasonably any overhead expenses that are shared with an affiliate, including paying for office space and
services performed by any employee of an affiliate; 
 (z) fail lo use separate invoices or checks bearing its own name;

 (aa) pledge its assets for the benefit of any other person or entity, other than in connection with the loan secured hereby;

 (bb) acquire the obligations or securities of any member, general partner, principal or affiliate of Borrower, Guarantor or
Indemnitor, or any member, general partner, principal or affiliate thereof; 
 (cc) fail to maintain its assets in such a manner
that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other entity; 
 (dd) have any obligation to indemnify its partners, officers, directors or members, as the case may be, or have such an obligation only if it is fully subordinated to the Debt and will not constitute a
claim against it in the event that cash flow in excess of the amount required to pay the Debt is insufficient to pay such obligation; 
 (ee) fail, to the fullest extent permitted by law, to consider the interests of its creditors in connection with all actions if such entity is a corporation; 

(ff) have any of its obligations guaranteed by any member, general partner, principal or affiliate except Guarantor or Indemnitor;

 (gg) if Borrower is a single member limited liability company, fail to be organized in the State of Delaware; or 

  
 -22-

 (hh) if Borrower is a single member limited liability company, fail to have a springing
member which, upon the dissolution of the sole member of Borrower or the withdrawal or the disassociation of such sole member from Borrower, shall immediately become the sole member of Borrower. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants to Lender that: 
 Section 5.1 Warranty of
Title. Borrower has good title to the Property and has the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same and that Borrower possesses an unencumbered fee simple absolute estate in the Land and the
Improvements and that it owns the Property free and clear of all liens, encumbrances and charges whatsoever except for those exceptions shown in the title insurance policy insuring the lien of this Security Instrument (the “Permitted
Exceptions”), Borrower shall forever warrant, defend and preserve the title and the validity and priority of the lien of this Security Instrument and shall forever warrant and defend the same to Lender against the claims of all persons
whomsoever. 
 Section 5.2 Legal Status and Authority. (a) Borrower (i) is duly organized, validly
existing and in good standing under the laws of its state of organization or incorporation; (ii) is duly qualified to transact business and is in good standing in the state where the Property is located; (iii) has all necessary approvals,
governmental and otherwise, and full power and authority to own, operate and lease the Property; and (iv) is in compliance with all Prescribed Laws. Borrower (and the undersigned representative of Borrower, if any) has full power, authority and
legal right to execute this Security Instrument, and to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Property pursuant to the terms hereof and to keep and observe all of the terms of this Security Instrument on
Borrower’s part to be performed. 
 (b) Borrower’s exact legal name is correctly set forth in the first paragraph of
this Security Instrument. Borrower is an organization of the type specified in the first paragraph of this Security Instrument. Borrower is incorporated in or organized under the laws of the state specified in the first paragraph of this Security
Instrument. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium or recording, including software,
writings, plans, specifications and schematics, has been for the preceding four (4) months (or, if less than four (4) months, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth in the
first paragraph of this Security Instrument (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower’s organizational identification number, if any, assigned by the state of
incorporation or organization is 4137860. 
 Section 5.3 Validity of Documents. (a) The execution, delivery and
performance of the Note, this Security Instrument and the Other Security Documents and the borrowing evidenced by the Note (i) are within the power and authority of Borrower; (ii) have been authorized by all requisite organizational
action; (iii) have received all necessary approvals 

  
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and consents, corporate, governmental or otherwise; (iv) to the best of Borrower’s knowledge, will not violate, conflict with, result in a breach of or constitute (with notice or lapse
of time, or both) a material default under any provision of law, any order or judgment of any court or governmental authority, the articles of incorporation, by-laws, partnership or trust agreement, articles of organization, operating agreement, or
other governing instrument of Borrower, or any indenture, agreement or other instrument to which Borrower is a party or by which it or any of its assets or the Property is or may be bound or affected; (v) will not result in the creation or
imposition of any lien, charge or encumbrance whatsoever upon any of its assets, except the lien and security interest created hereby; and (vi) to the best of Borrower’s knowledge, will not require any authorization or license from, or any
filing with, any governmental or other body (except for the recordation of this Security Instrument in appropriate land records in the State where the Property is located and except for Uniform Commercial Code filings relating to the security
interest created hereby); and (b) to the best knowledge of Borrower, the Note, this Security Instrument and the Other Security Documents constitute the legal, valid and binding obligations of Borrower. 

Section 5.4 Litigation. Except as previously disclosed to Lender in writing, there is no action, suit or proceeding,
judicial, administrative or otherwise (including any condemnation or similar proceeding), pending or, to the best of Borrower’s knowledge, threatened or contemplated against Borrower, a Guarantor, if any, an Indemnitor, if any, or against or
affecting the Property that (a) has not been disclosed to Lender by Borrower in writing, and has a material adverse affect on the Property or Borrower’s, any Guarantor’s or any Indemnitor’s ability to perform its obligations
under the Note, this Security Instrument or the Other Security Documents, or (b) is not adequately covered by insurance, each as determined by Lender in its reasonable discretion. 

Section 5.5 Status of Property. 
 (a) Borrower has obtained all necessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required
zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification. 

(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances,
building codes, land use laws, Environmental Laws, Prescribed Laws and other similar laws. 
 (c) The Property is served by all
utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. 

(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have
been completed, are serviceable and all-weather and are physically and legally open for use by the public. 
 (e) The Property
is served by public water and sewer systems. 

  
 -24-

 (f) The Property is free from damage caused by fire or other casualty. 

(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been
paid in full or sufficiently bonded. 
 (h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and
equipment (other than tenants’ property) used in connection with the operation of the Property, free and clear of any and alt security interests, liens or encumbrances, except the lien and security interest created hereby. 

(i) To the best of Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property are
in a good and safe condition and repair and in compliance with all Applicable Laws. 
 (j) No portion of the Improvements is
located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts or, if any portion of the Improvements is located within such area,
Borrower has obtained and will maintain the insurance prescribed in Section 3.3 hereof. 
 (k) All the Improvements lie
within the boundaries of the Land. 
 Section 5.6 No Foreign Person. Borrower is not a “foreign person”
within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended and the related Treasury Department regulations. 
 Section 5.7 Separate Tax Lot. The Property is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not
constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Property or any portion thereof. 
 Section 5.8 Leases. (a) Except as disclosed in the rent roll for the Property delivered to and approved by Lender in writing prior to the date hereof, (i) Borrower is the sole owner
of the entire lessor’s interest in the Leases; (ii) the Leases are valid and enforceable and in full force and effect; (iii) all of the Leases are arms-length agreements with bona fide, independent third parties; (iv) no party
under any Lease is in default; (v) all Rents due have been paid in full; (vi) the terms of all alterations, modifications and amendments to the Leases are reflected in the certified rent roll or certified summary of leases delivered to and
approved by Lender; (vii) none of the Rents reserved in the Leases have been assigned or otherwise pledged or hypothecated; (viii) none of the Rents have been collected for more than one (1) month in advance (except a security deposit
shall not be deemed rent collected in advance); (ix) except as previously disclosed to Lender in writing, the premises demised under the Leases have been completed and the tenants under the Leases have accepted the same and have taken
possession of the same on a rent-paying basis; (x) to the best of Borrower’s knowledge, there exist no offsets or defenses to the payment of any portion of the Rents and Borrower has no monetary obligation to any tenant under any Lease;
(xi) Borrower has received no written notice from any tenant challenging the validity or enforceability of any Lease; (xii) there are no agreements with the

  
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tenants under the Leases other than expressly set forth in each Lease; (xiii) the Leases are valid and enforceable against Borrower and the tenants set forth therein; (xiv) no Lease
contains an option to purchase, right of first refusal to purchase, or any other similar provision; (xv) no person or entity has any possessory interest in, or right to occupy, the Property except under and pursuant to a Lease; (xvi) each
Lease is subordinate to this Security Instrument, either pursuant to its terms or a recordable subordination agreement; (xvii) no Lease has the benefit of a non-disturbance agreement that would be considered unacceptable to prudent
institutional lenders, (xviii) all security deposits relating to the Leases reflected on the certified rent roll delivered to Lender have been collected by Borrower; and (xix) no brokerage commissions or finders fees are due and payable
regarding any Lease. 
 (b) Notwithstanding anything contained herein to the contrary, Borrower shall not willfully withhold
from Lender any information regarding renewal, extension, amendment, modification, waiver of provisions of, termination, rental reduction of, surrender of space of, or shortening of the term of, any Lease during the term of the Loan. Except as
otherwise disclosed to Lender in writing, Borrower further covenants and agrees that all tenants at the Property as of the date hereof are in physical occupancy of the premises demised under their Leases, are paying full rent under their Leases,
and, with respect to the commercial tenants and except as otherwise disclosed to Lender in writing, have not exercised any right to “go dark” that they may have under the provisions of their Leases. Borrower further agrees to provide
Lender with written notice of a tenant “going dark” under such tenant’s lease within five (5) business days after such tenant “goes dark” and Borrower’s failure to provide such notice shall constitute an Event of
Default under this Security Instrument. 
 Section 5.9 Financial Condition. (a) (i) Borrower is solvent,
and no bankruptcy, reorganization, insolvency or similar proceeding under any state or federal law with respect to Borrower has been initiated, and (ii) Borrower has received reasonably equivalent value for the granting of this Security
Instrument. 
 (b) No petition in bankruptcy has ever been filed by or against Borrower, any Guarantor, any Indemnitor or any
related entity, or any principal, general partner or member thereof, in the last seven (7) years, and neither Borrower, any Guarantor, any Indemnitor nor any related entity, or any principal, general partner or member thereof, in the last seven
(7) years has ever made any assignment for the benefit of creditors or taken advantage of any insolvency act or any act for the benefit of debtors. 
 Section 5.10 Business Purposes. The loan evidenced by the Note secured by the Security Instrument and the Other Security Documents (the “Loan”) is solely for the business purpose of
Borrower, and is not for personal, family, household, or agricultural purposes. 
 Section 5.11 Taxes. Borrower has
filed all federal, state, county, municipal, and city income and other tax returns required to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments
received by them. Borrower does not know of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years. Borrower confirms that its federal tax identification number is: 20-4648003. 

  
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 Section 5.12 Mailing Address. Borrower’s mailing address, as set forth in
the opening paragraph hereof or as changed in accordance with the provisions hereof, is true and correct. 
 Section 5.13
No Change in Facts or Circumstances. To the best of Borrower’s knowledge, all information in the application for the Loan submitted to Lender (the “Loan Application”) and in all financing statements, rent rolls, reports,
certificates and other documents submitted in connection with the Loan Application or in satisfaction of the terms thereof, are accurate, complete and correct in all respects. To the best of Borrower’s knowledge, there has been no adverse
change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading. 
 Section 5.14 Disclosure. Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any representation or warranty made herein to be
materially misleading. 
 Section 5.15 Third Party Representations. To the best of Borrower’s knowledge, each
of the representations and the warranties made by each Guarantor and Indemnitor herein or in any Other Security Document(s) is true and correct in all material respects. 
 Section 5.16 Illegal Activity. No portion of the Property has been or will be purchased, improved, equipped or furnished with proceeds of any illegal activity and to the best of
Borrower’s knowledge, there arc no illegal activities or activities relating to controlled substance at the Property. 

Section 5.17 Regulations T. U and X. Borrower does not own any “margin stock” as such term is defined in Regulation
U of the Board of Governors of the Federal Reserve System (12 CFR Part 221), as amended. Borrower will not use any part of the proceeds from the loan to be made under this Security Instrument (a) directly or indirectly, to purchase or carry any
such stock or to reduce or retire any Obligations originally incurred to purchase any such stock within the meaning of such Regulation, (b) so as to involve Borrower in a violation of Regulation T, U or X of such Board (12 CFR Parts 220, 221
and 224), as amended, or (c) for any other purpose not permitted by Section 7 of the Securities Exchange Act of 1934, as amended, or any of the rules and regulations respecting the extension of credit promulgated thereunder. 

Section 5.18 No Plan Assets. As of the date hereof and throughout the term of the loan (a) Borrower is not and will not
be an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, (b) none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the
meaning of 29 C.F.R. Section 2510.3-101, (c) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA, and (d) transactions by or with Borrower are not and will not be subject
to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans. 

  
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 Section 5.19 No Breach of Fiduciary Duty. To the best of Borrower’s
knowledge, no person or entity currently owning a direct or indirect membership or partnership interest in Borrower (nor any past or current affiliate of such person or entity), has breached any fiduciary duty owed by such person or entity to any
other person or entity now or previously owning a direct or indirect membership or partnership interest in Borrower or any prior owner of the Property. 
 ARTICLE VI 
 OBLIGATIONS AND RELIANCE 

Section 6.1 Relationship of Borrower and Lender. The relationship between Borrower and Lender is solely that of debtor and
creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Note, this Security Instrument and the Other Security Documents shall be construed so as to deem the relationship between
Borrower and Lender to be other than that of debtor and creditor. 
 Section 6.2 No Reliance on Lender. The members,
general partners, principals and (if Borrower is a trust) beneficial owners of Borrower arc experienced in the ownership and operation of properties similar to the Property, and Borrower and Lender are relying solely upon such expertise and business
plan in connection with the ownership and operation of the Property. Borrower is not relying on Lender’s expertise, business acumen or advice in connection with the Property. 

Section 6.3 No Lender Obligations. Notwithstanding the provisions of Subsections 1.1(f) and (l)or Section 1.2, Lender is
not undertaking the performance of (i)any obligations under the Leases; or (ii) any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. By accepting
or approving anything required to be observed, performed or fulfilled or to be given to Lender pursuant to this Security Instrument, the Note or the Other Security Documents, including without limitation, any officer’s certificate, balance
sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such
acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Lender. 

Section 6.4 Reliance. Borrower recognizes and acknowledges that in accepting the Note, this Security Instrument and the Other
Security Documents, Lender is expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in Article 5 and Article 12 without any obligation to investigate the Property and notwithstanding any
investigation of the Property by Lender, that such reliance existed on the part of Lender prior to the date hereof; that the warranties and representations are a material inducement to Lender in accepting the Note, this Security Instrument and the
Other Security Documents; and that Lender would not be willing to make the Loan and accept this Security Instrument in the absence of the warranties and representations as set forth in Article 5 and Article 12. 

  
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 ARTICLE VII 
 FURTHER ASSURANCES 
 Section 7.1 Recording of Security Instrument,
etc. Borrower forthwith upon the execution and delivery of this Security Instrument and thereafter, from time to time, will cause this Security Instrument and any of the Other Security Documents creating a lien or security interest or evidencing
the lien hereof upon the Property and each instrument of further assurance to be filed, registered or recorded in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect and
perfect the lien or security interest hereof upon, and the interest of Lender in, the Property. Borrower will pay all taxes, filing, registration or recording fees, and all expenses incident to the preparation, execution, acknowledgment and/or
recording of the Note, this Security Instrument, the Other Security Documents, any note or deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property and any instrument of further assurance, and any
modification or amendment of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of this Security Instrument, any deed
of trust or mortgage supplemental hereto, any security instrument with respect to the Property or any instrument of further assurance, and any modification or amendment of the foregoing documents, except where prohibited by law so to do. 

Section 7.2 Further Acts. etc. Borrower will, at the cost of Borrower, and without expense to Lender, do, execute,
acknowledge and deliver all and every such further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably require, for the better assuring,
conveying, assigning, transferring, and confirming unto Lender the Property and rights hereby deeded, mortgaged, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or
which Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the performance of the terms of this Security Instrument or for filing, registering or recording this Security
Instrument, or for complying with all Applicable Laws. Borrower, on demand, will execute and deliver and hereby authorizes Lender, following 10 days’ notice to Borrower, to execute in the name of Borrower or without the signature of Borrower to
the extent Lender may lawfully do so, one or more financing statements (including, without limitation, initial financing statements, amendments thereto and continuation statements) with or without the signature of Borrower as authorized by
applicable law, chattel mortgages or other instruments, to evidence more effectively the security interest of Lender in the Property. Borrower also ratifies its authorization for Lender to have filed any like initial financing statements, amendments
thereto and continuation statements, if filed prior to the date of this Security Instrument. Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting any and all rights and
remedies available to Lender pursuant to this Section 7.2. To the extent not prohibited by applicable law, Borrower hereby ratifies all acts Lender has lawfully done in the past or shall lawfully do or cause to be done in the future by virtue
of such power of attorney. 

  
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 Section 7.3 Changes in Tax, Debt Credit and Documentary Stamp Laws. 

(a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the
Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Property, Borrower will pay the tax, with interest and penalties thereon, if any. If Lender is advised by
counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then Lender shall have the option, exercisable by written notice of not less than ninety
(90) days, to declare the Debt immediately due and payable. 
 (b) Borrower will not claim or demand or be entitled to any
credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof,
for real estate tax purposes by reason of this Security Instrument or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the option, exercisable by written notice of not less than ninety (90) days, to
declare the Debt immediately due and payable. 
 (c) If at any time the United States of America, any State thereof or any
subdivision of any such State shall require revenue or other stamps to be affixed to the Note, this Security Instrument, or any of the Other Security Documents or impose any other tax or charge on the same, Borrower will pay for the same, with
interest and penalties thereon, if any. 
 Section 7.4 Estoppel Certificates. 

(a) After request by Lender, Borrower, within ten (10) days, shall furnish Lender or any proposed assignee with a statement, duly
acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the rate of interest of the Note, (iv) the terms of payment and maturity date of the
Note, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided in such statement, there are no defaults or events which with the passage of time or the giving of notice or both, would constitute
an event of default under the Note or the Security Instrument, (vii) that the Note and this Security Instrument are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(viii) whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect and (provided the Property is not a
residential multifamily property) have not been modified (or if modified, setting forth all modifications), (x) the date to which the Rents thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of
Borrower, any of the lessees under the Leases are in default under the Leases, and, if any of the lessees are in default, setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower under each
Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations secured hereby, the Property or this
Security Instrument. 

  
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 (b) Borrower shall use its best efforts to deliver to Lender, promptly upon request, duly
executed estoppel certificates from any one or more lessees as required by Lender attesting to such facts regarding the Lease as Lender may require, including but not limited to attestations that each Lease covered thereby is in full force and
effect with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one month in advance, and that the lessee claims no defense or offset against the full and timely performance of its obligations under the
Lease. 
 (c) Upon any transfer or proposed transfer contemplated by Section 18.1 hereof, at Lender’s request,
Borrower, any Guarantors and any Indemnitor(s) shall provide an estoppel certificate to the Investor (defined in Section 18.1) or any prospective Investor in such form, substance and detail as Lender, such Investor or prospective Investor may
reasonably require. 
 (d) After request by Borrower, not to exceed one (1) request per year, Lender, within ten
(10) days, shall furnish Borrower or any proposed assignee with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the
rate of interest of the Note, (iv) the terms of payment and maturity date of the Note, (v) the date installments of interest and/or principal were last paid, and (vi) that, except as provided in such statement, there are no Events of
Default under the Note or Security Agreement. 
 Section 7.5 Flood Insurance. After Lender’s request, Borrower
shall deliver evidence satisfactory to Lender that no portion of the Improvements is situated in a federally designated “special flood hazard area” or if it is, that Borrower has obtained insurance meeting the requirements of
Section 3.3(a)(vi). 
 Section 7.6 Replacement Documents. Upon receipt of an affidavit of an officer of Lender
as to the loss, theft, destruction or mutilation of the Note or any Other Security Document which is not of public record, and, in the case of any such mutilation, upon surrender and cancellation of such Note or Other Security Document, Borrower
will issue, in lieu thereof, a replacement Note or Other Security Document, dated the date of such lost, stolen, destroyed or mutilated Note or Other Security Document in the same principal amount thereof and otherwise of like tenor. 

ARTICLE VIII 
 DUE ON SALE/ENCUMBRANCE 
 Section 8.1 No Sale/Encumbrance.
Borrower agrees that Borrower shall not, without the prior written consent of Lender, sell, convey, mortgage, grant, bargain, encumber, pledge, assign, or otherwise transfer the Property or any part thereof or any interest therein or any direct or
indirect interest in Borrower or permit the Property or any part thereof or any interest therein or any direct or indirect interest in Borrower to be sold, conveyed, mortgaged, granted, bargained, encumbered, pledged, assigned, or otherwise
transferred, other than pursuant to Leases of space in the Improvements to tenants in accordance with the provisions of Section 3.8. Notwithstanding the foregoing provisions of this Section 8.1 to the contrary,

  
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transfers of ownership interests in ING Real Estate Community Living Fund, an Australian Property Trust, and a publicly traded company, are not prohibited under this Section 8.1 and shall
not require the consent of Lender, provided said ING Real Estate Community Living Fund remains a publicly traded company. In addition, interests in ING US Community Living Fund Inc. may be transferred to a Permitted Transferee without the prior
consent of Lender if required by order or judgment of any court or governmental authority. “Permitted Transferee” shall mean any of the following: (a) a pension fund, pension trust or pension account that immediately prior to such
transfer owns, directly or indirectly, total gross real estate assets of at least $1,000,000,000; (b) a pension fund advisor who (i) immediately prior to such transfer, controls, directly or indirectly, at least $1,000,000,000 of total
gross real estate assets and (ii) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (a) of this definition; (c) an insurance company which is subject to supervision by the
insurance commissioner, or a similar official or agency, of a state or territory of the United States (including the District of Columbia) (i) with a net worth, determined as of a date no more than six (6) months prior to the date of the
transfer of at least $500,000,000 and (ii) which, immediately prior to such transfer, controls, directly or indirectly, total gross real estate assets of at least $1,000,000,000; (d) a corporation organized under the banking laws of the
United States or any state or territory of the United States (including the District of Columbia) with, immediately prior to such transfer, a combined capital and surplus of at least $500,000,000; (e) any Person who (i) owns or operates at
least twenty (20) Class A multifamily properties totaling no less than 5,000,000 square feet (exclusive of the Property), (ii) has a net worth, determined as of a date no more than six (6) months prior to the date of such
transfer, of at least $500,000,000 and (iii) immediately prior to such transfer, controls, directly or indirectly, total gross real estate assets of at least $1,000,000,000, provided such Person is reasonably acceptable to Lender based upon,
among other things, its credit history and general reputation; or (f) any Person in which more than fifty percent (50%) of the ownership interests are owned directly or indirectly by any of the entities listed in subsections
(c) through (e) of this definition of “Permitted Transferee”, or any combination of more than one such entity, and which is controlled directly or indirectly by such entity or entities; in each event (i) with respect to
which Lender shall have received information satisfactory to it confirming that neither the proposed Permitted Transferee nor any affiliate of the proposed Permitted Transferee is on Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, or would, if such Person assumes the Loan or obtains an interest in Borrower, cause Lender to
be in violation of legal requirements and (ii) with respect to which such Person and its property manager shall have sufficient experience in the ownership and management of properties similar to the Property, as determined by Lender in its
reasonable discretion, and Lender shall have been provided with reasonable evidence thereof (and Lender reserves the right to approve the proposed transferee without approving the substitution of the property manager). “Person” shall mean
any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the foregoing. 
 Section 8.2 Sale/Encumbrance Defined. A
sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, or transfer within the meaning of this Article 8 shall be deemed to include, but not be limited to, (a) an installment sales agreement wherein Borrower

  
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agrees to sell the Property or any part thereof for a price to be paid in installments; (b) an agreement by Borrower leasing all or a substantial part of the Property for other than actual
occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (c) if Borrower, any Guarantor, any
Indemnitor, or any general or limited partner or member of Borrower, any Guarantor or any Indemnitor is a corporation, any merger, consolidation or voluntary or involuntary sale, conveyance, transfer or pledge of such corporation’s stock (or
the stock of any corporation directly or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock in one or a series of transactions by which an aggregate of more than 10% of such
corporation’s stock shall be vested in a party or parties who are not now stockholders; (d) if Borrower, any Guarantor or any Indemnitor or any general or limited partner or member of Borrower, any Guarantor or any Indemnitor is a limited
or general partnership or joint venture, the change, removal or resignation of a general partner or the transfer or pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest or the
voluntary or involuntary sale, conveyance, transfer or pledge of limited partnership interests (or the limited partnership interests of any limited partnership directly or indirectly controlling such limited partnership by operation of law or
otherwise); and (e) if Borrower, any Guarantor, any Indemnitor or any general or limited partner or member of Borrower, any Guarantor or any Indemnitor is a limited liability company, the change, removal or resignation of a managing member (or
if no managing member, any member or non-member manager) or the transfer of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest or the voluntary or
involuntary sale, conveyance, transfer or pledge of membership interests (or the membership interests of any limited liability company directly or indirectly controlling such limited liability company by operation of law or otherwise). 

Section 8.3 Lender’s Rights. Lender reserves the right to condition the consent required hereunder upon a modification
of the terms hereof and on assumption of the Note, this Security Instrument and the Other Security Documents as so modified by the proposed transferee, payment of a transfer fee equal to one-half of one percent (0.5%) of the then outstanding
principal balance of the Note, and all of Lender’s expenses incurred in connection with such transfer, the approval by a Rating Agency of the proposed transferee, the proposed transferee’s continued compliance with the covenants set forth
in this Security Instrument, including, without limitation, the covenants in Section 4.2 hereof, or such other conditions as Lender shall determine in its sole discretion to be in the interest of Lender. All of Lender’s expenses incurred
shall be payable by Borrower whether or not Lender consents to the transfer. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due
and payable upon Borrower’s sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, or transfer of the Property without Lender’s consent. This provision shall apply to every sale, conveyance, mortgage, grant, bargain,
encumbrance, pledge, assignment, or transfer of the Property regardless of whether voluntary or not, or whether or not Lender has consented to any previous sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, or transfer of
the Property. 

  
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 Section 8.4 Permitted One Time Transfer. Notwithstanding the foregoing
provisions of this Section, Lender shall not unreasonably withhold consent to a one time sale, conveyance or transfer of the Property in its entirety (hereinafter, “Sale”) after the first anniversary of the first day of the first calendar
month after the date hereof (or the date hereof if dated the first day of a calendar month) and with respect to such Sale, Lender shall not require a modification of the material economic terms hereof (other than a corresponding increase in
Borrower’s deposits into the Escrow Fund with respect to Taxes in the event such Sale results in an increase in the real property tax assessment by the applicable taxing authority), to any person or entity provided that each of the following
terms and conditions are satisfied: 
 (i) no default after the expiration of notice or grace periods is then
continuing hereunder, under the Note or under any of the Other Security Documents; 
 (ii) Borrower gives Lender
written notice of the terms of such prospective Sale not less than thirty (30) days before the date on which such Sale is scheduled to close and, concurrently therewith, gives Lender all such information concerning the proposed transferee of
the Property (hereinafter, “Buyer”) as Lender would reasonably require in evaluating an initial extension of credit to a borrower and pays to Lender a non-refundable application fee in the amount of $2,500.00. Lender shall have the right
to approve or disapprove the proposed Buyer, such approval not to be unreasonably withheld. In determining whether to give or withhold its approval of the proposed Buyer, Lender shall consider the Buyer’s experience and track record in owning
and operating facilities similar to the Property, the Buyer’s financial strength, the Buyer’s general business standing and the Buyer’s relationships and experience with contractors, vendors, tenants, lenders and other business
entities; provided, however, that, notwithstanding Lender’s agreement to consider the foregoing factors in determining whether to give or withhold such approval, such approval shall be given or withheld based on what Lender determines to be
commercially reasonable and, if given, may be given subject to such conditions as Lender may deem reasonably appropriate; 
 (iii) Borrower pays Lender, concurrently with the closing of such Sale, a non- refundable assumption fee in an amount equal to all out-of-pocket costs and expenses, including, without limitation,
reasonable attorneys’ fees, incurred by Lender in connection with the Sale plus an amount equal to one percent (1.0%) of the then outstanding principal balance of the Note. Borrower also pays, concurrently with the closing of such Sale,
all costs and expenses of all third parties and Rating Agencies in connection with the Sale; 
 (iv) Buyer
assumes and agrees to pay the indebtedness secured hereby as and when due subject to the provisions of Article 11 of the Note and, prior to or concurrently with the closing of such Sale, the Buyer executes, without any cost or expense to Lender,
such documents and agreements as Lender shall reasonably require to evidence and effectuate said assumption; 

(v) Borrower and the Buyer execute, without any cost or expense to Lender, new financing statements or financing
statement amendments and any additional documents reasonably requested by Lender; 

  
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 (vi) Borrower delivers to Lender, without any cost or expense to Lender,
such endorsements to Lender’s title insurance policy, hazard insurance endorsements or certificates and other similar materials as Lender may deem necessary at the time of the Sale, all in form and substance satisfactory to Lender, including,
without limitation, an endorsement or endorsements to Lender’s title insurance policy insuring the Hen of this Security Instrument insuring that fee simple title to the Property is vested in the Buyer; 

(vii) Buyer shall furnish, if the Buyer is a corporation, partnership or other entity, all appropriate papers evidencing
the Buyer’s capacity and good standing, and the qualification of the signers to execute the assumption of the indebtedness secured hereby, which papers shall include certified copies of all documents relating to the organization and formation
of the Buyer and of the entities, if any, which are partners or members of the Buyer. The Buyer and such constituent partners, members or shareholders of Buyer (as the case may be), as Lender shall require, shall be single purpose entities which
satisfy the requirements of Article IV hereof and the requirements of the Rating Agencies, and whose formation documents shall be approved by counsel to Lender; 

(viii) Buyer shall assume the obligations of Borrower under any management agreements pertaining to the Property or
assign to Lender as additional security any new management agreement entered into in connection with such Sale; 

(ix) Buyer shall furnish an opinion of counsel satisfactory to Lender and its counsel (A) that the Buyer’s
formation documents provide for the matters described in subparagraph (vii) above, (B) that the assumption of the indebtedness evidenced hereby has been duly authorized, executed and delivered, and that the Note, this Security Instrument,
the assumption agreement and the Other Security Documents are valid, binding and enforceable against the Buyer in accordance with their terms, (C) that the Buyer and any entity which is a controlling stockholder, member or general partner of
Buyer, have been duly organized, and are in existence and good standing, (D) if required by Lender, that the assets of the Buyer will not be consolidated with the assets of any other entity having an interest in, or affiliation with, the Buyer,
in the event of bankruptcy or insolvency of any such entity, and (E) wilh respect to such other matters as Lender may reasonably request; 
 (x) Lender shall have received confirmation in writing from the Rating Agencies that rate the Securities or Participations (as defined in Section 18.1) to the effect that the Sale will not result in
a qualification, downgrade or withdrawal of any rating initially assigned or then currently assigned or to be assigned to the Securities or Participations, as applicable; and 

(xi) Borrower’s obligations under the contract of sale pursuant to which the Sale is proposed to occur shall
expressly be subject to the satisfaction of the terms and conditions of this Section 8.4. 

  
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 ARTICLE IX 
 PREPAYMENT 
 Section 9.1 Prepayment. The Debt may not be
prepaid in whole or in part except in strict accordance with the express terms and conditions of the Note. 
 ARTICLE X

 DEFAULT 
 Section 10.1 Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”: 

(a) if any portion of the Debt (other than the payment due on the Maturity Date (as defined in the Note)) is not paid prior to the fifth
(5th) day after the same is due or if the entire Debt is not paid on or before the Maturity Date; provided, however, if (1) any monthly installment of principal and/or interest due under the Note, or (2) any monthly
deposit into the any reserves or escrow accounts due under this Security Instrument, is not paid prior to the fifth (5th) day after the same is due (Lender, however, agreeing that notwithstanding that such failure to pay the monthly debt
service installment or monthly reserve or escrow deposit within such time period shall be an Event of Default for all purposes under this Security Instrument, including, without limitation, the collection of late payment charges, default interest
and special servicing fees, Lender shall provide Borrower with five (5) days prior written notice of acceleration of the Loan as a result of such Event of Default (the “Acceleration Notice Period”), during which 5-day period
(provided that no other Event of Default has occurred) Borrower shall have the ability to make such payment in full and if such payment is made in full within such 5-day period, Lender shall accept such payment and no Event of Default shall
thereafter be deemed to exist with respect to such payment); 
 (b) if any of the Taxes or Other Charges is not paid when the
same is due and payable except to the extent sums sufficient to pay such Taxes and Other Charges have been deposited with Lender in accordance with the terms of this Security Instrument; 

(c) if the Policies arc not kept in full force and effect, or if the Policies are not delivered to Lender upon request; 

(d) if Borrower violates or does not comply with any of the provisions of Section 3.12, Section 4.2 or Article 8; 

(e) if any representation or warranty of Borrower, any Indemnitor or any person guaranteeing payment of the Debt or any portion thereof
or performance by Borrower of any of the terms of this Security Instrument (a “Guarantor”), or any member, general partner, principal or beneficial owner of any of the foregoing, made herein or in the Environmental Indemnity (defined
below) or in any guaranty, or in any certificate, report, financial statement or other instrument or document furnished to Lender shall have been false or misleading in any material respect when made; 

  
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 (f) if (i) Borrower or any managing member or general partner of Borrower, or any
Guarantor or Indemnitor shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,
seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any managing member or general partner of
Borrower, or any Guarantor or Indemnitor shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Borrower or any managing member or general partner of Borrower, or any Guarantor or Indemnitor
any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a
period of sixty (60) days; or (iii) there shall be commenced against the Borrower or any managing member or general partner of Borrower, or any Guarantor or Indemnitor any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal
within sixty (60) days from the entry thereof; or (iv) the Borrower or any managing member or general partner of Borrower, or any Guarantor or Indemnitor shall take any action in furtherance of, or indicating its consent to, approval of,
or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any managing member or general partner of Borrower, or any Guarantor or Indemnitor shall generally not, or shall be unable to, or
shall admit in writing its inability to, pay its debts as they become due; 
 (g) if Borrower shall be in default beyond
applicable notice and grace periods under any other mortgage, deed of trust, deed to secure debt or other security agreement covering any part of the Property whether it be superior or junior in lien to this Security Instrument; 

(h) if the Property becomes subject to any mechanic’s, materialman’s or other lien other than a lien for local real estate
taxes and assessments not then due and payable and the lien shall remain undischarged of record (by payment, bonding or otherwise) for a period of thirty (30) days; 
 (i) if any federal tax lien is filed against Borrower, any member or general partner of Borrower, any Guarantor, any Indemnitor or the Property and same is not discharged of record within thirty
(30) days after same is filed; 
 (j) if any default occurs under any guaranty or indemnity executed in connection herewith
(including the Environmental Indemnity, defined in Section 13.4) and such default continues after the expiration of applicable grace periods, if any; 
 (k) if Borrower shall fail to comply with the covenants as to Prescribed Laws set forth in Section 3.11 hereof; 

  
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 (l) if Borrower shall fail to deliver to Lender, within ten (10) days after request by
Lender, the estoppel certificates required pursuant to Section 7.4; or 
 (m) if any default occurs under any other term,
covenant or condition of the Note, this Security Instrument or the Other Security Documents and such default continues (i) in the case of any default which can be cured by the payment of a sum of money, for more than ten (10) days after
notice from Lender or (ii) in the case of any other such default, for thirty (30) days after notice from Lender, provided that if such default cannot reasonably be cured within such thirty (30) day period and Borrower shall have
commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall require Borrower in the exercise
of due diligence to cure such default, it being agreed that no such extension shall be for a period in excess of ninety (90) days. 
 ARTICLE XI 
 RIGHTS AND REMEDIES 

Section 11.1 Remedies. Upon the occurrence of any Event of Default, Borrower agrees that Lender may take such action, without
notice or demand, as it deems advisable to protect and enforce its rights against Borrower and in and to the Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in
such order as Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lender: 
 (a) declare the entire unpaid Debt to be immediately due and payable; 
 (b)
institute proceedings, judicial or otherwise, for the complete foreclosure of this Security Instrument under any applicable provision of law in which case the Property or any interest therein may be sold for cash or upon credit in one or more
parcels or in several interests or portions and in any order or manner; 
 (c) with or without entry, to the extent permitted
and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Security Instrument for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this
Security Instrument for the balance of the Debt not then due, unimpaired and without loss of priority; 
 (d) sell for cash or
upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Borrower therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, in one or more parcels, at such
time and place, upon such terms and after such notice thereof as may be required or permitted by law; 
 (e) subject to the
provisions of Article 11 of the Note, institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein, in the Note or in the Other Security Documents; 

  
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 (f) subject to the provisions of Article 11 of the Note, recover judgment on the Note either
before, during or after any proceedings for the enforcement of this Security Instrument or the Other Security Documents; 
 (g)
apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Borrower, any Guarantor, Indemnitor
or of any person, firm or other entity liable for the payment of the Debt; 
 (h) subject to any applicable law, the license
granted to Borrower under Section 1.2 shall automatically be revoked and Lender may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess Borrower and its agents and servants therefrom,
without liability for trespass, damages or otherwise and exclude Borrower and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and Borrower agrees to surrender possession of the
Property and of such books, records and accounts to Lender upon demand, and thereupon Lender may (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and conduct the
business thereat; (ii) complete any construction on the Property in such manner and form as Lender deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on the Property; (iv) exercise all
rights and powers of Borrower with respect to the Property, whether in the name of Borrower or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for, collect and
receive all Rents of the Property and every part thereof; (v) require Borrower to pay monthly in advance to Lender, or any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of such part of
the Property as may be occupied by Borrower; (vi) require Borrower to vacate and surrender possession of the Property to Lender or to such receiver and, in default thereof, Borrower may be evicted by summary proceedings or otherwise; and
(vii) apply the receipts from the Property to the payment of the Debt, in such order, priority and proportions as Lender shall deem appropriate in its sole discretion after deducting therefrom all expenses (including reasonable attorneys’
fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, insurance and other expenses in connection with the Property, as well as just and reasonable compensation for the services of
Lender, its counsel, agents and employees; 
 (i) exercise any and all rights and remedies granted to a secured party upon
default under the Uniform Commercial Code, including, without limiting the generality of the foregoing: (i) the right to take possession of the Personal Property or any part thereof, and to take such other measures as Lender may deem necessary
for the care, protection and preservation of the Personal Property, and (ii) request Borrower at its expense to assemble the Personal Property and make it available to Lender at a convenient place acceptable to Lender. Any notice of sale,
disposition or other intended action by Lender with respect to the Personal Property sent to Borrower in accordance with the provisions hereof at least five (5) days prior to such action, shall constitute commercially reasonable notice to
Borrower; 
 (j) apply any sums then deposited in the Escrow Fund and any other sums held in escrow or otherwise by Lender in
accordance with the terms of this Security Instrument or any Other Security Document to the payment of the following items in any order in its sole 

  
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discretion: (i) Taxes and Other Charges; (ii) Insurance Premiums; (iii) interest on the unpaid principal balance of the Note; (iv) amortization of the unpaid principal balance
of the Note; (v) all other sums payable pursuant to the Note, this Security Instrument and the Other Security Documents, including without limitation advances made by Lender pursuant to the terms of this Security Instrument; 

(k) surrender the Policies maintained pursuant to Article 3 hereof, collect the unearned Insurance Premiums and apply such sums as a
credit on the Debt in such priority and proportion as Lender in its discretion shall deem proper, and in connection therewith, Borrower hereby appoints Lender as agent and attorney-in-fact (which is coupled with an interest and is therefore
irrevocable) for Borrower to collect such Insurance Premiums; 
 (l) apply the undisbursed balance of any Net Proceeds
Deficiency deposit, together with interest thereon, to the payment of the Debt in such order, priority and proportions as Lender shall deem to be appropriate in its discretion; or 

(m) pursue such other remedies as Lender may have under applicable law. 

In the event of a sale, by foreclosure, power of sale, or otherwise, of less than all of the Property, this Security Instrument shall
continue as a lien and security interest on the remaining portion of the Property unimpaired and without loss of priority. Notwithstanding the provisions of this Section 11.1 to the contrary, if any Event of Default as described in clause
(i) or (ii) of Subsection 10.1(f) shall occur, the entire unpaid Debt shall be automatically due and payable, without any further notice, demand or other action by Lender. 

Section 11.2 Application of Proceeds. The purchase money, proceeds and avails of any disposition of the Property, or any part
thereof, or any other sums collected by Lender pursuant to the Note, this Security Instrument or the Other Security Documents, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall
deem proper. 
 Section 11.3 Right to Cure Defaults. Upon the occurrence of any Event of Default or if Borrower
fails to make any payment or to do any act as herein provided, 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, make or do the same in such
manner and to such extent as Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property
or to foreclose this Security Instrument or collect the Debt. The cost and expense of any cure hereunder (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 11.3, shall
constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such
action or proceeding shall bear interest at the Default Rate (as defined in the Note), for the period after notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender
together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by this Security Instrument and the Other Security Documents and shall be immediately due and payable upon demand by
Lender therefor. 

  
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 Section 11.4 Actions and Proceedings.  Lender has the right to appear in
and defend any action or proceeding brought with respect to the Property and, after the occurrence and during the continuance of an Event of Default, to bring any action or proceeding, in the name and on behalf of Borrower, which Lender, in its
discretion, decides should be brought to protect its interest in the Property. 
 Section 11.5 Recovery of Sums Required
To Be Paid.  Lender shall have the right from time to time to take action to recover any sum or sums which constitute a part of the Debt as the same become due, without regard to whether or not the balance of the Debt shall be due, and
without prejudice to the right of Lender thereafter to bring an action of foreclosure, or any other action, for a default or defaults by Borrower existing at the time such earlier action was commenced. 

Section 11.6 Examination of Books and Records.  Lender, its agents, accountants and attorneys shall have the right, upon
prior written notice to Borrower if no Event of Default exists, to examine and audit, during reasonable business hours, the records, books, management and other papers of Borrower and its affiliates or of any Guarantor or Indemnitor which pertain to
their financial condition or the income, expenses and operation of the Property, at the Property or at any office regularly maintained by Borrower, its affiliates or any Guarantor or Indemnitor where the books and records are located. Lender and its
agents shall have the right to make copies and extracts from the foregoing records and other papers. 
 Section 11.7
Other Rights. etc. (a) The failure of Lender to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this Security Instrument. Borrower shall not be relieved of Borrower’s obligations
hereunder by reason of (i) the failure of Lender to comply with any request of Borrower, any Guarantor or any Indemnitor to take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Note
or the Other Security Documents, (ii) the release, regardless of consideration, of the whole or any part of the Property, or of any person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Lender
extending the time of payment or otherwise modifying or supplementing the terms of the Note, this Security Instrument or the Other Security Documents, 
 (b) It is agreed that the risk of loss or damage to the Property is on Borrower, and Lender shall have no liability whatsoever for decline in value of the Property, for failure to maintain the Policies,
or for failure to determine whether insurance in force is adequate as to the amount of risks insured. Possession by Lender shall not be deemed an election of judicial relief, if any such possession is requested or obtained, with respect to any
Property or collateral not in Lender’s possession. 
 (c) Lender may resort for the payment of the Debt to any other
security held by Lender in such order and manner as Lender, in its discretion, may elect. Lender may take action to recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to
foreclose this Security Instrument. The rights of 

  
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Lender under this Security Instrument shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Lender shall be construed as an election
to proceed under any one provision herein to the exclusion of any other provision. Lender shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or
in equity. 
 Section 11.8 Right to Release Any Portion of the Property. Lender may release any portion of the
Property for such consideration as Lender may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this Security Instrument, or improving the position of any subordinate lienholder with
respect thereto, except to the extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Lender for such release, and may accept by assignment, pledge or otherwise any other property in
place thereof as Lender may require without being accountable for so doing to any other lienholder. This Security Instrument shall continue as a lien and security interest in the remaining portion of the Property. 

Section 11.9 Violation of Laws. If the Property is not in compliance with Applicable Laws, Lender may impose additional
requirements upon Borrower in connection herewith including, without limitation, monetary reserves or financial equivalents. 

Section 11.10 Right of Entry. Lender and its agents shall have the right to enter and inspect the Property at all reasonable
times. 
 Section 11.11 Subrogation. lf any or all of the proceeds of the Note have been used to extinguish, extend
or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Lender shall be subrogated to all of the rights, claims, liens, titles, and interests existing against the Property heretofore held by, or
in favor of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in favor of Lender and are merged with the lien and security interest
created herein as cumulative security for the repayment of the Debt, the performance and discharge of Borrower’s obligations hereunder, under the Note and the Other Security Documents and the performance and discharge of the Other Obligations.

 ARTICLE XII 
 ENVIRONMENTAL MATTERS 
 Section 12.1 Environmental Representations
and Warranties. Borrower represents and warrants, based upon an environmental site assessment of the Property and information that Borrower knows or should reasonably have known, that: (a) there are no Hazardous Materials (defined below) or
underground storage tanks in, on, or under the Property, except those that are both (i) in compliance with Environmental Laws (defined below) and with permits issued pursuant thereto (if such permits are required), if any, and (ii) either
(A) in amounts not in excess of that necessary to operate the Property or (B) fully disclosed to and approved by Lender in writing pursuant to the written reports resulting from the environmental site assessments of the Property delivered
to Lender (the “Environmental Report”); (b) there are no past, present or threatened Releases (defined below) of Hazardous Materials in violation of 

  
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any Environmental Law and which would require remediation by a governmental authority in, on, under or from the Property except as described in the Environmental Report; (c) there is no
threat of any Release of Hazardous Materials migrating to the Property except as described in the Environmental Report; (d) there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in
connection with the Property except as described in the Environmental Report; (e) Borrower does not know of, and has not received, any written or oral notice or other communication from any person or entity (including but not limited to a
governmental entity) relating to Hazardous Materials in, on, under or from the Property, (f) Borrower has truthfully and fully provided to Lender, in writing, any and all information relating to environmental conditions in, on, under or from
the Property known to Borrower or contained in Borrower’s files and records, including but not limited to any reports relating to Hazardous Materials in, on, under or migrating to or from the Property and/or to the environmental condition of
the Property; (g) the Property currently displays no evidence of water infiltration or water damage; (h) there are no prior or current complaints by tenants at the Property regarding water infiltration or water damage or leaks or odors
related thereto, and (i) the Property currently displays no conspicuous evidence of the growth of Microbial Matter. “Environmental Law” means any present federal, state and local laws, statutes, ordinances, rules, regulations,
standards, policies and other government directives or requirements, as well as common law, including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act and the Resource Conservation and Recovery Act, that
apply to Borrower or the Property and relate to Hazardous Materials and/or Microbial Matter. “Hazardous Materials” shall mean petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil;
explosives, flammable materials; radioactive materials; polychlorinated biphenyls (“PCBs”) and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials in any form that is or could become friable;
underground or above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Property is prohibited by any federal, state or local authority; any substance that requires special handling; and any
other material or substance now defined as a “hazardous substance,” “hazardous material”, hazardous waste”, toxic substance”, “toxic pollutant”, “contaminant”, or pollutant” within the meaning
of any Environmental Law. “Release” of any Hazardous Materials includes but is not limited to any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping,
disposing or other movement of Hazardous Materials. “Microbial Matter” shall mean fungi or bacterial matter which reproduces through the release of spores or the splitting of cells, including, but not limited to, mold, mildew and viruses,
whether or not such Microbial Matter is living. 
 Section 12.2 Environmental Covenants. Borrower covenants and
agrees that so long as Borrower owns, manages, is in possession of, or otherwise controls the operation of the Property: (a) all uses and operations on or of the Property, whether by Borrower or any other person or entity, shall be in
compliance with all Environmental Laws and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous Materials in, on, under or from the Property; (c) there shall be no Hazardous Materials in, on, or under the Property,
except those that are both (i) in compliance with all Environmental Laws and with permits issued pursuant thereto, if and to the extent required, and (ii) (A) in amounts not in excess of that necessary to operate the Property or
(B) fully disclosed to and approved by Lender in writing; (d) Borrower shall keep the Property free and clear of all liens and other encumbrances imposed pursuant to 

  
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any Environmental Law, whether due to any act or omission of Borrower or any other person or entity (the “Environmental Liens”); (e) Borrower shall, at its sole cost and expense,
fully and expeditiously cooperate in all activities pursuant to Section 12.3 below, including but not limited to providing all relevant information and making knowledgeable persons available for interviews; (f) Borrower shall, at its sole
cost and expense, perform any environmental site assessment or other investigation of environmental conditions in connection with the Property, pursuant to any reasonable written request of Lender, upon Lender’s reasonable belief that the
Property is not in full compliance with all Environmental Laws, and share with Lender the reports and other results thereof, and Lender and other Indemnified Parties shall be entitled lo rely on such reports and other results thereof;
(g) Borrower shall, at its sole cost and expense, comply with all reasonable written requests of Lender to (i) reasonably effectuate remediation of any Hazardous Materials in, on, under or from the Property; and (ii) comply with any
Environmental Law; (h) Borrower shall not allow any tenant or other user of the Property to violate any Environmental Law; (i) Borrower shall immediately notify Lender in writing after it has become aware of (A) any presence or
Release or threatened Releases of Hazardous Materials in, on, under, from or migrating towards the Property; (B) any non-compliance with any Environmental Laws related in any way to the Property; (C) any actual or potential Environmental
Lien; (D) any required or proposed remediation of environmental conditions relating to the Property; and (E) any written or oral notice or other communication of which Borrower becomes aware from any source whatsoever (including but not
limited to a governmental entity) relating in any way to Hazardous Materials; (j) Borrower shall undertake any course of action recommended by the Environmental Protection Agency to prevent the growth of Microbial Matter; (k) Borrower
shall comply with any and all local, state or federal laws, legislation, guidelines or statutes at any time in effect with respect to Microbial Matter; (I) upon Lender’s reasonable request (not more frequently than once per calendar year),
Borrower shall engage an engineering consultant reasonably acceptable to Lender to conduct (and such consultant shall conduct) an inspection for water damage at the Property; (m) upon Lender’s reasonable request (not more frequently than
once per calendar year), Borrower shall engage an environmental consultant reasonably acceptable to Lender to conduct (and such consultant shall conduct) an inspection for evidence of the growth of Microbial Matter at the Property; and
(n) Borrower shall immediately adopt a remediation plan reasonably acceptable to Lender with respect to any water damage or Microbial Matter identified as a result of such environmental and/or engineering inspections. 

Section 12.3 Lender’s Rights. Lender and any other person or entity designated by Lender, including but not limited to
any representative of a governmental entity, and any environmental consultant, and any receiver appointed by any court of competent jurisdiction, shall, after reasonable notice to Borrower, have the right, but not the obligation, to enter upon the
Property at all reasonable times lo assess any and all aspects of the environmental condition of the Property and its use, including but not limited to conducting any environmental assessment or audit (the scope of which shall be determined in
Lender’s sole discretion) and taking samples of soil, groundwater or other water, air, or building materials, and conducting other invasive testing. Borrower shall cooperate with and provide access lo Lender and any such person or entity
designated by Lender. 

  
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 Section 12.4 Operations and Maintenance Programs. Where recommended by the
Environmental Report or as a result of any other environmental assessment or audit of the Property, Borrower shall establish and comply with an operations and maintenance program with respect to the Property, in form and substance reasonably
acceptable to Lender, prepared by an environmental consultant reasonably acceptable to Lender, which program shall address any asbestos containing material or lead based paint that may now or in the future be detected at or on the Property. Without
limiting the generality of the preceding sentence, Lender may require (a) periodic notices or reports to Lender in form, substance and at such intervals as Lender may specify, (b) an amendment to such operations and maintenance program to
address changing circumstances, laws or other matters, (c) at Borrower’s sole expense, supplemental examination of the Property by consultants specified by Lender, (d) access to the Property by Lender, its agents or servicer, to
review and assess the environmental condition of the Property and Borrower’s compliance with any operations and maintenance program, and (e) variation of the operations and maintenance program in response to the reports provided by any
such consultants. 
 ARTICLE XIII 
 INDEMNIFICATIONS 
 Section 13.1 General Indemnification.
Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties (defined below) from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any
Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or
any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (b) any use, nonusc or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs,
adjacent property or adjacent parking areas, streets or ways; (c) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (d) any failure of the Property to
be in compliance with any Applicable Laws; (e) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants,
or agreements contained in any Lease; or (f) the payment of any commission, charge or brokerage fee to anyone which may be payable in connection with the funding of the Loan evidenced by the Note and secured by this Security Instrument. Any
amounts payable to Lender by reason of the application of this Section 13.1 shall become immediately due and payable and shall bear interest at the Default Rate from the date loss or damage is sustained by Lender until paid. 

The term “Losses” shall mean any and all claims, suils, liabilities (including, without limitation, strict liabilities),
actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to attorneys’ fees and
other costs of defense). The term “Indemnified Parties” shall mean (a) Lender, (b) any prior owner or holder of the Note, (c) any servicer or prior servicer of the Loan, (d) the officers, directors, shareholders,
partners, members, employees and trustees of any of the foregoing, and (e) the heirs, legal representatives, successors and assigns of each of the foregoing. 

  
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 Section 13.2 Mortgage and/or Intangible Tax. Borrower shall, at its sole cost
and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in
any way relating to any tax on the making and/or recording of this Security Instrument, the Note or any of the Other Security Documents. 
 Section 13.3 Duty to Defend; Attorneys’ Fees and Other Fees and Expenses. Upon written request by any Indemnified Party, Borrower shall defend such Indemnified Party (if requested by any
Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole discretion, engage their own attorneys and
other professionals to defend or assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding. Upon demand, Borrower shall pay or, in the sole discretion of the Indemnified Parties,
reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

Section 13.4 Environmental Indemnity. Simultaneously with this Security Instrument, Borrower and any other person(s) or
entity(ies) identified therein (collectively, the “Indemnitors”) have executed and delivered that certain environmental indemnity agreement dated the date hereof to Lender (the “Environmental Indemnity”). 

ARTICLE XIV 
 WAIVERS 
 Section 14.1 Waiver of Counterclaim. Borrower hereby
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 this Security Instrument, the Note, any of the Other
Security Documents, or the Obligations. 
 Section 14.2 Marshalling and Other Matters. Borrower hereby waives, to
the extent permitted by law, the benefit of all appraisement, valuation, slay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part
thereof or any interest therein. Further, Borrower hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Security Instrument on behalf of Borrower, and on behalf of each and every person
acquiring any interest in or title to the Property subsequent to the date of this Security Instrument and on behalf of all persons to the extent permitted by Applicable Laws. 
 Section 14.3 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except (a) with respect to matters for which this Security Instrument
specifically and expressly provides for the giving of notice by Lender to Borrower and (b) with respect to matters for which Lender is required by Applicable Laws to give notice, and Borrower hereby expressly waives the right to receive any
notice from Lender with respect to any matter for which this Security Instrument does not specifically and expressly provide for the giving of notice by Lender to Borrower. 

  
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 Section 14.4 Waiver of Statute of Limitations. Borrower hereby expressly waives
and releases to the fullest extent permitted by law, the pleading of any statute of limitations as a defense to payment of the Debt or performance of its Other Obligations. 
 Section 14.5 Sole Discretion of Lender. Wherever pursuant to this Security Instrument (a) Lender exercises any right given to it to approve or disapprove, (b) any arrangement or term
is to be satisfactory to Lender, or (c) any other decision or determination is to be made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Lender, shall be in the sole discretion of Lender, except as may be otherwise expressly and specifically provided herein. 
 Section 14.6 WAIVER OF TRIAL BY JURY. BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF
LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 
 ARTICLE XV 

EXCULPATION 
 Section 15.1 Exculpation. The provisions of Article 11 of the Note are hereby incorporated by reference to the fullest extent as if the text of such Article were set forth in its entirety
herein. 
 ARTICLE XVI 
 NOTICES 
 Section 16.1 Notices. All notices or other written
communications hereunder shall be deemed to have been properly given (i) upon delivery, if delivered in person or by facsimile transmission with receipt acknowledged by the recipient thereof and confirmed by telephone by sender, (ii) one
(1) Business Day (defined below) after having been deposited for overnight delivery with any reputable overnight courier service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository
regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed to Borrower or Lender, as the case may be, at the addresses set forth on the first page of this Security
Instrument or addressed as such party may from time to time designate by written notice to the other parties. 
 Notices to
Borrower shall be addressed to the attention of ING Real Estate Investment Management. Borrower’s telephone number is (011) 61 290 331 007 and facsimile number is (011) 61 290 331 059. 

  
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 Either party by notice lo the other may designate additional or different addresses for
subsequent notices or communications. 
 For purposes of this Subsection, “Business Day” shall mean a day on which
commercial banks are not authorized or required by law to close in New York, New York. 
 ARTICLE XVII 

APPLICABLE LAW 
 Section 17.1 Choice of Law. This Security Instrument shall be governed, construed, applied and enforced in accordance with the laws of the state in which the Property is located. 

Section 17.2 Provisions Subject to Applicable Law. All rights, powers and remedies provided in this Security Instrument may
be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Security Instrument invalid, unenforceable or not
entitled to be recorded, registered or filed under the provisions of any Applicable Laws. 
 ARTICLE XVIII 

SECONDARY MARKET 
 Section 18.1 Transfer of Loan. Lender may, at any time, sell, transfer or assign the Note, this Security Instrument and the Other Security Documents, and any or all servicing rights with
respect thereto, or grant participations therein (the “Participations”) or issue mortgage pass- through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the
“Securities”). Lender may forward to each purchaser, transferee, assignee, servicer, participant, or investor in such Participations or Securities (collectively, the “Investor”) or any Rating Agency rating such Securities, each
prospective Investor, and any organization maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information which Lender now has or may hereafter acquire relating to the Debt and to Borrower, any
Guarantor, any Indemnitor(s) and the Property, whether furnished by Borrower, any Guarantor, any Indemnitor(s) or otherwise, as Lender determines necessary or desirable. Borrower irrevocably waives any and all rights it may have under Applicable
Laws to prohibit such disclosure, including but not limited to any right of privacy. 
 Section 18.2 Cooperation.
Borrower, any Guarantor and any Indemnitor agree to cooperate with Lender in connection with any transfer made or any Securities created pursuant to this Article XVIII, including, without limitation, the taking, or refraining from taking, of
such action as may be necessary to satisfy all of the conditions of any Investor, the delivery of an estoppel certificate required in accordance with Subsection 7.4(c) hereof and such other documents as may be reasonably requested by Lender and the
execution of amendments to the Note, this Security Instrument and Other Security Documents and Borrower’s organizational 

  
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documents as reasonably requested by Lender. Borrower shall also furnish and Borrower, any Guarantor and any Indemnitor consent to Lender furnishing to such Investors or such prospective
Investors or such Rating Agency any and all information concerning the Property, the Leases, the financial condition of Borrower, any Guarantor and any Indemnitor as may be requested by Lender, any Investor, any prospective Investor or any Rating
Agency in connection with any sale, transfer or Participations or Securities. 
 ARTICLE XIX 

COSTS 

Section 19.1 Performance at Borrower’s Expense. Borrower acknowledges and confirms that Lender shall impose certain
administrative processing and/or commitment fees in connection with (a) the extension, renewal, modification, amendment and termination of the Loan, (b) the release or substitution of collateral therefor, (c) obtaining certain
consents, waivers and approvals with respect to the Property, or (d) the review of any Lease or proposed Lease or the preparation or review of any subordination, non-disturbance agreement (the occurrence of any of the above shall be called an
“Event”). Borrower further acknowledges and confirms that it shall be responsible for the payment of all costs of reappraisal of the Property or any part thereof, whether required by law, regulation, Lender or any governmental or
quasi-governmental authority. Borrower hereby acknowledges and agrees to pay, immediately, with or without demand, all such fees (as the same may be increased or decreased from time to time), and any additional fees of a similar type or nature which
may be imposed by Lender from time to time, upon the occurrence of any Event or otherwise. Wherever it is provided for herein that Borrower pay any costs and expenses, such costs and expenses shall include, but not be limited to, all reasonable
legal fees and disbursements of Lender, whether with respect to retained firms, the reimbursement for the expenses of in-house staff or otherwise. 
 Section 19.2 Legal Fees for Enforcement. (a) Borrower shall pay all reasonable legal fees incurred by Lender in connection with (i) the preparation of the Note, this Security
Instrument and the Other Security Documents and (ii) the items set forth in Section 19.1 above, and (b) Borrower shall pay to Lender on demand any and all expenses, including legal expenses and attorneys’ fees, incurred or paid
by Lender in protecting its interest in the Property or in collecting any amount payable hereunder or in enforcing its rights hereunder with respect to the Property, whether or not any legal proceeding is commenced hereunder or thereunder, together
with interest thereon at the Default Rate from the date paid or incurred by Lender until such expenses are paid by Borrower, including, without limitation, all costs and expenses in connection with any “special servicing” of the Loan.

 ARTICLE XX 
 DEFINITIONS 
 Section 20.1 General Definitions. Unless the
context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Security Instrument may be used interchangeably in singular or plural form and the word “Borrower”

  
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shall mean “each Borrower and any subsequent owner or owners of the Property or any part thereof or any interest therein,” the word “Lender” shall mean “Lender and any
subsequent holder of the Note,” the word “Note” shall mean “the Note and any other evidence of indebtedness secured by this Security Instrument,” the word “person” shall include an individual, corporation,
partnership, limited liability company, trust, unincorporated association, government, governmental authority, and any other entity, the word “Property” shall include any portion of the Property and any interest therein, and the phrases
“attorneys’ fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate
levels incurred or paid by Lender in protecting its interest in the Property, the Leases and the Rents and enforcing its rights hereunder. 
 Section 20.2 Headings. etc. The headings and captions of various Articles and Sections of this Security Instrument are for convenience of reference only and are not to be construed as defining
or limiting, in any way, the scope or intent of the provisions hereof. 
 ARTICLE XXI 

MISCELLANEOUS PROVISIONS 
 Section 21.1 No Oral Change. This Security Instrument, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

Section 21.2 Liability. If Borrower consists of more than one person, the obligations and liabilities of each such person
hereunder shall be joint and several. This Security Instrument shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever. 

Section 21.3 Inapplicable Provisions.  If any term, covenant or condition of the Note or this Security Instrument is
held to be invalid, illegal or unenforceable in any respect, the Note and this Security Instrument shall be construed without such provision. 
 Section 21.4 Duplicate Originals: Counterparts. This Security Instrument may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original.
This Security Instrument may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Security Instrument. The failure of any party hereto to execute
this Security Instrument, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

Section 21.5 Number and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 

  
 -50-

 ARTICLE XXII 
 SPECIAL FLORIDA PROVISIONS 
 Section 22.1 Principles of
Construction. In the event of any inconsistencies between the terms and conditions of this Article XXII and the terms and conditions of this Security Instrument, the terms and conditions of this Article XXII shall control and be binding.

 Section 22.2 Assignment. Borrower may request that this Security Instrument be assigned by Lender to a designee
of Borrower upon payment in full and discharge of all of Borrower’s obligations under the Note and the other Loan documents. Such assignments shall be made without recourse, representation or warranty. In addition, Borrower may effectuate a
Defeasance (as defined in the Note) in a manner which will permit the assignment of the Note and Defeasance Security Agreement (as defined in the Note) (the “Assignment”) to a new lender providing a portion of the funds necessary to
acquire the Defeasance Collateral (as defined in the Note). 
 Section 22.3 Future Advances. Borrower acknowledges
that the intent hereof to secure payment of the Debt and the performance of all obligations under the Note and the Other Obligations whether the entire amount shall have been advanced to the Borrower on the date hereof, or at a later date, and to
secure any other amount or amounts that may be added to the indebtedness secured hereby under the terms of this Security Instrument. The total amount of the principal indebtedness secured hereby may decrease or increase from time to time, but the
total unpaid balance so secured at any one time shall not exceed an amount equal to Twenty One Million and No/100 Dollars ($21,000,000.00)] in principal plus interest thereon and any disbursements made for the payment of taxes, levies, or insurance
on the property with interest thereon. This Security Instrument shall secure any and all additional or further monies which may be advanced by Lender to the Borrower after the date hereof, which future advances of money, if made, may be evidenced by
a note or notes executed by the Borrower to the Lender bearing such rate of interest and with such maturities as shall be determined from time to time, but any and all such future advances secured by this Security Instrument shall be made not more
than twenty (20) years after the date hereof. Nothing herein contained shall be deemed an obligation on the part of the Lender to make any future advances. 
 [NO FURTHER TEXT ON THIS PACE] 

  
 -51-

 IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed by Borrower the day and year
first above written. 
  

					
	 BORROWER:

	
	ING US STUDENTS NO. 14 LLC, a Delaware limited liability company
		
	By:	 	ING US Students No. 14 Manager LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	 /s/    Albert Rabil

		 	Name:	 	Albert Rabil
		 	Tital:	 	Voice President

  

 ACKNOWLEDGEMENTS 
 STATE OF Connecticut 
 COUNTY OF Hanford 

The foregoing instrument was acknowledged before me this 26th day of June, 2006, by Albert Rabil, the Vice
President of ING US Students No. 14 Manager LLC, a Delaware limited liability company, the sole member of ING US Students No. 14 LLC, a Delaware limited liability company. He is personally known to me or has furnished Driver’s
license as identification. 
  

			
		 	/s/    SAMUEL L. MOLINARI
		 	Notary Public

 My Commission Expires:  
 April 30, 2008 
 [SEAL] 

SAMUEL L. MOLINARI 
 NOTARY PUBLIC 
 MY COMMISSION EXPIRES APR. 30, 2008 

  

 EXHIBIT A 
 Legal Description 
 PARCEL I: (FEE SIMPLE) 

A PARCEL OF LAND LYING IN THE SOUTH 660 FEET OF THE NORTH 710 FEET OF THE EAST 660 FEET OF THE WEST 685 FEET OF THE NORTHEAST  1/4, OF SECTION 10, TOWNSHIP 28 SOUTH, RANGE 19 EAST,
HILLSBOROUGH COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCE AT THE NORTHWEST CORNER OF
THE NORTHEAST  1/4 OF SAID SECTION 10; THENCE SOUTH 00°03*27” WEST, ALONG THE
WEST BOUNDARY LINE OF THE NORTHEAST 1/4 OF SAID
SECTION 10, 50.00 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY LINE OF FLETCHER AVENUE EXTENDED; THENCE SOUTH 89°59’33” EAST, ALONG SAID SOUTH RIGHT-OF-WAY LINE AND EXTENSION THEREOF, 50.00 FEET SOUTH OF AND PARALLEL TO THE NORTH BOUNDARY
LINE OF THE NORTHEAST  1/4 OF SAID SECTION 10,
274.49 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE ALONG SAID SOUTH RIGHT-OF-WAY LINE SOUTH 89°59’33” EAST, 50.00 FEET SOUTH OF AND PARALLEL TO SAID NORTH BOUNDARY LINE, 210.51 FEET; THENCE LEAVE SAID SOUTH RIGHT-OF-WAY LINE, SOUTH
00°03’27” WEST 100.00 FEET; THENCE NORTH 89°59’33” WEST, 12.50 FEET; THENCE SOUTH 00°03’27” WEST, 120.00 FEET; THENCE NORTH 89°59’33” WEST, 227.50 FEET; TO A POINT 245.00 FEET EAST OF THE WEST
BOUNDARY LINE OF THE NORTHEAST  1/4 OF SAID SECTION
10; THENCE NORTH 00°03’27” EAST 245.00 FEET EAST OF AND PARALLEL TO THE SAID WEST BOUNDARY LINE, 166.67 FEET; THENCE NORTH 45°03’27” EAST, 26.00 FEET TO THE POINT OF A CURVE TO THE LEFT, SAID CURVE HAVING FOR ITS ELEMENTS
A RADIUS OF 18.50 FEET A CHORD BEARING AND DISTANCE OF NORTH 22°33’27” EAST, 14.16 FEET, THENCE ALONG THE ARC OF SAID CURVE, 14.53 FEET TO A POINT OF REVERSE CURVATURE TO THE RIGHT, SAID CURVE HAVING FOR ITS ELEMENTS A RADIUS OF 45.00
FEET, A CHORD BEARING AND DISTANCE OF NORTH 14°36’39” EAST, 22.62 FEET, THENCE ALONG THE ARC OF SAID CURVE, 22.86 FEET, TO A POINT ON THE SAID SOUTH RIGHT-OF-WAY LINE OF FLETCHER AVENUE AND THE POINT OF BEGINNING.

 (ALSO KNOWN AS LOT 1 OF 56TH AND FLETCHER OFFICE PARK, A PLATTED SUBDIVISION WITH NO IMPROVEMENTS, SECTION 10,
TOWNSHIP 28 SOUTH, RANGE 19 EAST, HILLSBOROUGH, FLORIDA AS RECORDED IN PLAT BOOK 108 AT PAGE 155 OF THE PUBLIC RECORDS OF HILLSBOROUGH COUNTY, FLORIDA.) 
 AND 
 A PARCEL OF LAND LYING IN THE SOUTH 660 FEET OF THE NORTH 710 FEET OF
THE EAST 660 FEET OF THE WEST 685 FEET OF THE NORTHEAST  1/4 OF 

  

 SECTION 10, TOWNSHIP 28 SOUTH, RANGE 19 EAST, HILLSBOROUGH COUNTY, FLORIDA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS: 
 COMMENCE AT THE NORTHWEST CORNER OF THE NORTHEAST  1/4 OF SAID SECTION 10; THENCE SOUTH 00°03’27” WEST,
ALONG THE WEST BOUNDARY LINE OF THE NORTHEAST  1/4
OF SAID SECTION 10, 50.00 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY LINE OF FLETCHER AVENUE EXTENDED; THENCE SOUTH 89°59’33” EAST, ALONG SAID SOUTH RIGHT-OF-WAY LINE AND EXTENSION THEREOF, 50.00 FEET SOUTH OF AND PARALLEL TO THE NORTH
BOUNDARY LINE OF THE NORTHEAST  1/4 OF SAID SECTION
10, 485.00 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE ALONG SAID SOUTH RIGHT-OF-WAY LINE SOUTH 89°59*33” EAST, 50.00 FEET SOUTH OF AND PARALLEL TO SAID NORTH BOUNDARY LINE, 200.00 FEET; THENCE LEAVE SAID SOUTH RIGHT-OF-WAY LINE, SOUTH
00°03’27” WEST, ALONG A LINE 685.00 FEET EAST OF AND PARALLEL TO THE WEST BOUNDARY LINE OF THE NORTHEAST  1/4 OF SAID SECTION 10, 660.00 FEET; THENCE NORTH 89°59’33” WEST, 320.00 FEET; THENCE NORTH 00°03’27” EAST 440.00 FEET; THENCE SOUTH 89°59’33”
EAST, 107.50 FEET; THENCE NORTH 00°03’27” EAST, 120.00 FEET; THENCE SOUTH 89°59’33” EAST, 12.50 FEET; THENCE NORTH 00°03’27” EAST 100.00 FEET TO THE POINT OF BEGINNING.

 (ALSO KNOWN AS LOT 4 OF 56TH AND FLETCHER OFFICE PARK, A PLATTED SUBDIVISION WITH NO IMPROVEMENTS, SECTION 10,
TOWNSHIP 28 SOUTH, RANGE 19 EAST, HILLSBOROUGH, FLORIDA AS RECORDED IN PLAT BOOK 108 AT PAGE 155 OF THE PUBLIC RECORDS OF HILLSBOROUGH COUNTY, FLORIDA.) 
 TAX PARCEL ID 36514-0000 
 PARCEL U: (EASEMENT) 

EASEMENT RIGHTS FOR INGRESS, EGRESS UTILITY AND DRAINAGE SERVICES RECORDED IN OFFICIAL RECORDS BOOK 11189, PAGE 636 AND AS AMENDED TO ALSO INCLUDE
SIDEWALK AND DUMPSTER EASEMENTS IN O.R. BOOK 14312, PAGE 593 AND AS SET FORTH ON THE PLAT RECORDED IN PLAT BOOK 108, PAGES 155 THROUGH 160, OF THE PUBLIC RECORDS OF HILLSBOROUGH COUNTY, FLORIDA. 

PARCEL III: (EASEMENT) 
 EASEMENT RIGHTS FOR
ACCESS AND SANITARY SEWER AS SET FORTH IN THAT CERTAIN GRANT OF EASEMENT RECORDED IN O.R, BOOK 8847, PAGE 552.

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