Document:

Exhibit

EXHIBIT 10.12

UNFUNDED OBLIGATIONS GUARANTY
THIS UNFUNDED OBLIGATIONS GUARANTY (“Guaranty”) is made this 21st day of September, 2018, by BROOKFIELD DTLA HOLDINGS LLC, a Delaware limited liability company (the “Guarantor”), in favor of CITIBANK, N.A., as administrative agent for Lenders (defined below) (in such capacity, together with its successors, transferees and assigns, the “Administrative Agent”) and each of the Lenders.
RECITALS:
A.Administrative Agent, certain lenders that are a party thereto (collectively, together with their respective successors and/or assigns, “Lenders”), Citigroup Global Markets Inc. and Natixis, New York Branch, collectively, as joint lead arranger and NORTH TOWER, LLC, a Delaware limited liability company (“Borrower”) have entered into a certain Loan Agreement (as it may hereafter be modified, supplemented, extended, or renewed and in effect from time to time, the “Loan Agreement”), which Loan Agreement sets forth the terms and conditions of a loan (said loan, together with all advances which may hereafter be made pursuant to the Loan Agreement, being referred to herein as the “Loan”) to Borrower secured by certain Property as defined and more particularly described in the Loan Agreement.
B.    Guarantor is an Affiliate of Borrower and will receive direct or indirect benefit from Lenders’ making of the Loan to Borrower.
C.    The Loan is evidenced by certain promissory notes executed by Borrower and payable to the order of the Lender named therein (such promissory notes, as the same may hereafter each be renewed, extended, supplemented, increased or modified and in effect from time to time, and all other notes given in substitution therefor, or in modification, renewal, or extension thereof, in whole or in part, are herein collectively called the “Note”).
D.    Any capitalized term used and not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement.  This Guaranty is one of the Loan Documents described in the Loan Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and as a material inducement to Lenders to make the Loan to Borrower, Guarantor hereby guarantees to Administrative Agent and Lenders the prompt and full payment and performance of the Guaranteed Obligations (defined below) upon the following terms and conditions:
1.    Guaranteed Obligations.  Guarantor hereby unconditionally and irrevocably guarantees to Administrative Agent for the benefit of Lenders the punctual payment equal to the Guaranteed Obligations (hereinafter defined).  As used herein, the term “Guaranteed Obligations” shall mean a portion of the Debt equal to the lesser of (i) the Remaining Unfunded Obligations, less (a) the Unfunded Obligations Funds and (b) any payments made under any Mezzanine Unfunded Obligations Guaranty in respect of the “Guaranteed Obligations” thereunder and (ii) the then-outstanding balance of the Debt. As used in this Section 1, the term 

“Mezzanine Unfunded Obligations Guaranty” means (i) the Unfunded Obligations Guaranty (as defined in the Mezzanine A Loan Agreement) and (ii) the Unfunded Obligations Guaranty (as defined in the Mezzanine B Loan Agreement). 
2.    Certain Agreements and Waivers by Guarantor.
(a)    Guarantor hereby agrees that each of the following shall constitute Events of Default: (i) the occurrence of a default by Guarantor in payment of the Guaranteed Obligations, or any part thereof, when such indebtedness becomes due and (ii) subject to the cure rights contained in Section 10.1(f) of the Loan Agreement, the dissolution, bankruptcy and/or insolvency of any Guarantor.
(b)    Guarantor shall, upon written demand, pay the Guaranteed Obligations to Administrative Agent for the Benefit of Lenders from time to time.  It shall not be necessary for Administrative Agent, in order to enforce such payment, first to (i) institute suit or pursue or exhaust any rights or remedies against Borrower or others liable for the Debt, (ii) enforce any rights against any security that shall ever have been given to secure the Debt, (iii) join Borrower or any others liable for the payment or performance of the Guaranteed Obligations or any part thereof in any action to enforce this Guaranty and/or (iv) resort to any other means of obtaining payment or performance of the Guaranteed Obligations.
(c)    Suit may be brought or demand may be made against all parties who have signed this Guaranty or any other guaranty covering all or any part of the Guaranteed Obligations, or against any one or more of them, separately or together, without impairing the rights of Administrative Agent and/or Lender against any party hereto.
(d)    In the event any payment of any Guaranteed Obligation by Borrower or any other Person to Administrative Agent for the benefit of Lenders is held to constitute a preference, fraudulent transfer or other voidable payment under any bankruptcy, insolvency or similar law, or if for any other reason Administrative Agent and/or Lenders are required to refund such payment or pay the amount thereof to any other party, such payment by Borrower or any other party to Administrative Agent for the benefit of Lenders shall not constitute a release of Guarantor from any liability hereunder and this Guaranty shall continue to be effective or shall be reinstated (notwithstanding any prior release, surrender or discharge by Lender of this Guaranty or of Guarantor), as the case may be, with respect to, and this Guaranty shall apply to, any and all amounts so refunded by Administrative Agent and/or any Lender or paid by Administrative Agent and/or any Lender to another Person (which amounts shall constitute part of the Guaranteed Obligations).  If acceleration of the time for payment by Borrower of any Guaranteed Obligation under any Loan Document is stayed or delayed by any law or tribunal, any amounts due and payable hereunder shall nonetheless be payable by Guarantor upon written demand by Administrative Agent.
3.    Subordination.  If, for any reason whatsoever, Borrower is now or hereafter becomes indebted to Guarantor:
(a)    such indebtedness and all interest thereon and all liens, security interests and rights now or hereafter existing with respect to property of Borrower securing same shall, at all 

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times, be subordinate in all respects to the Guaranteed Obligations and to all liens, security interests and rights now or hereafter existing to secure the Guaranteed Obligations;
(b)    Guarantor shall not be entitled to enforce or receive payment, directly or indirectly, of any such indebtedness of Borrower to Guarantor until the Debt has been fully and finally paid and performed;
(c)    Guarantor hereby assigns and grants to Administrative Agent for the benefit of Lenders a security interest in all such indebtedness and security therefor, if any, of Borrower to Guarantor now existing or hereafter arising during the term of this Guaranty, including any dividends and payments pursuant to debtor relief or insolvency proceedings referred to below.  In the event of receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency proceedings involving Borrower as debtor, Administrative Agent on behalf of Lenders shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and shall have the right to receive directly from the receiver, trustee or other custodian (whether or not an Event of Default shall have occurred or be continuing under any of the Loan Documents), dividends and payments that are payable upon any obligation of Borrower to Guarantor now existing or hereafter arising, and to have all benefits of any security therefor, until the Debt has been indefeasibly paid in full.  If, notwithstanding the foregoing provisions, Guarantor should receive any payment, claim or distribution that is prohibited as provided above in this Section, Guarantor shall promptly pay the same to Administrative Agent for the benefit of Lenders, Guarantor hereby agreeing that it shall receive the payment, claim or distribution in trust for Administrative Agent for the benefit of Lenders and shall have absolutely no dominion over the same except to pay it promptly to Administrative Agent for the benefit of Lenders; provided, however, that the foregoing shall not restrict distributions by Borrower to equity owners of Borrower (including Guarantor), in the ordinary course of business and operations of the Property provided no Trigger Period exists; and
(d)    Guarantor shall promptly upon request of Administrative Agent from time to time execute such documents and perform such acts as Administrative Agent may reasonably require to evidence and perfect its interest and to permit or facilitate exercise of its rights under this Section.
4.    Other Liability of Guarantor or Borrower.  If Guarantor is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Administrative Agent for the benefit of Lenders other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby, and the rights of Administrative Agent and Lenders hereunder shall be cumulative of any and all other rights that Administrative Agent and Lenders may have against Guarantor.
5.    Assignment by Administrative Agent and Lenders.  This Guaranty is for the benefit of Administrative Agent and Lenders and Administrative Agent’s and Lenders’ successors and permitted assigns, and in the event of an assignment of the Loan and the Loan Documents, or any part thereof, the rights and benefits hereunder may be transferred with such assignment (and only as part of such assignment).  Guarantor waives notice of any transfer or assignment of the Loan or the Loan Documents, or any part thereof, and agrees that failure to give notice will not affect the liabilities of Guarantor hereunder.

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6.    Binding Effect.  This Guaranty is binding not only on Guarantor, but also on Guarantor’s heirs, personal representatives, successors and assigns.  Upon the death of Guarantor, if Guarantor is a natural person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed Obligations, including that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s estate, whether or not the Guaranteed Obligations are then due and payable.  If this Guaranty is signed by more than one Person, then all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and their respective heirs, personal representatives, successors and assigns, and the term “Guarantor” shall mean all of such Persons and each of them individually.  Without limitation of any other term, provision or waiver contained herein, Guarantor hereby acknowledges and agrees that it has been furnished true, complete and correct copies of the Loan Documents and has reviewed the terms and provisions thereof (including, without limitation, the Guaranteed Obligations). 
7.    Nature of Guaranty. Guarantor hereby acknowledges and agrees that this Guaranty (a) is a guaranty of payment and not only of collection and that Guarantor is liable hereunder as a primary obligor, (b) shall only be deemed discharged after the indefeasible satisfaction in full of the Debt, (c) shall not be reduced, released, discharged, satisfied or otherwise impacted in connection with (i) any act or occurrence that might, but for the provisions hereof, be deemed a legal or equitable reduction, satisfaction, discharge or release and/or (ii) Administrative Agent’s and/or Lender’s enforcement of remedies under the Loan Documents and (d) shall survive the foregoing and shall not merge with any resulting foreclosure deed, deed in lieu or similar instrument (if any). 
8.    Governing Law.  The governing law and related provisions set forth in Section 17.2 of the Loan Agreement (including, without limitation, any authorized agent provisions thereof) are hereby incorporated by reference as if fully set forth herein (with Guarantor substituted in all places where Borrower appears thereunder) and shall be deemed fully applicable to Guarantor hereunder.  Guarantor hereby certifies that it has received and reviewed the Loan Agreement (including, without limitation, Section 17.2 thereof).  In the event of any conflict or inconsistency between the terms and conditions hereof and this Section 8, this Section 8 shall control.
9.    Invalidity of Certain Provisions. If any provision of this Guaranty or the application thereof to any Person or circumstance shall, for any reason and to any extent, be declared to be invalid or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other Person or circumstance shall be affected thereby, and the remaining provisions of this Guaranty, or the applicability of such provision to other Persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted by applicable Legal Requirements.
10.    Attorneys’ Fees, Costs and Expenses of Collection.  Guarantor shall pay within ten (10) Business Days after written demand all reasonable attorneys’ fees for outside counsel and all other out-of-pocket costs and expenses incurred by Administrative Agent and/or Lenders in the enforcement of or preservation of Administrative Agent’s and/or Lenders’ rights under this Guaranty including, without limitation, all reasonable attorneys’ fees for outside counsel, out-of-pocket costs and expenses, investigation costs, and all court costs, whether or not suit is filed 

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herein, or whether at maturity or by acceleration, or whether before or after maturity, or whether in connection with bankruptcy, insolvency or appeal, or whether in connection with the collection and enforcement of this Guaranty against any other Guarantor, if there be more than one.  Guarantor agrees to pay interest on any expenses or other sums due to Administrative Agent and/or Lenders under this Section 10 that are not paid within ten (10) Business Days of demand on Guarantor, at a rate per annum equal to the Interest Rate and accruing from and after the date that is ten (10) Business Days from demand on Guarantor.  Guarantor’s obligations and liabilities under this Section 10 shall survive any payment or discharge in full of the Debt.
11.    Payments.  All sums payable under this Guaranty shall be paid in lawful money of the United States of America that at the time of payment is legal tender for the payment of public and private debts.
12.    Controlling Agreement.  It is not the intention of Administrative Agent, Lenders or Guarantor to obligate Guarantor to pay interest in excess of that lawfully permitted to be paid by Guarantor under applicable Legal Requirements.  Should it be determined that any portion of the Guaranteed Obligations or any other amount payable by Guarantor under this Guaranty constitutes interest in excess of the maximum amount of interest that Guarantor, in Guarantor’s capacity as guarantor, may lawfully be required to pay under applicable Legal Requirements, the obligation of Guarantor to pay such interest shall automatically be limited to the payment thereof in the maximum amount so permitted under applicable Legal Requirements.  The provisions of this Section shall override and control all other provisions of this Guaranty and of any other agreement between Guarantor, Administrative Agent and Lenders.
13.    Notices.  Any and all notices, elections, demands, requests and responses thereto permitted or required to be given under this Guaranty shall be given in accordance with the applicable terms and conditions of the Loan Agreement.  Notices to Guarantor shall be addressed as follows: 
Brookfield DTLA Holdings LLC
250 Vesey Street, 15th Floor
New York, New York 10281
Attn: General Counsel

With a copy to:
Gibson, Dunn & Crutcher LLP
333 S. Grand Ave, 49th Floor
Los Angeles, California 90071
Attention:  Drew Flowers

14.    Cumulative Rights.  The exercise by Administrative Agent on behalf of Lenders of any right or remedy hereunder or under any other Loan Document, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.  Administrative Agent and Lenders shall have all rights, remedies and recourses afforded to Administrative Agent and Lenders by reason of this Guaranty or any other Loan Document or by law or equity or otherwise, and the same (a) shall be cumulative and concurrent, (b) may be pursued 

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separately, successively or concurrently against Guarantor or others obligated for the Guaranteed Obligations, or any part thereof, or against any one or more of them, or against any security or otherwise, at the sole discretion of Administrative Agent, (c) may be exercised as often as occasion therefor shall arise, it being agreed by Guarantor that the exercise of, discontinuance of the exercise of or failure to exercise any of such rights, remedies, or recourses shall in no event be construed as a waiver or release thereof or of any other right, remedy, or recourse, and (d) are intended to be, and shall be, nonexclusive.  No waiver of any default on the part of Guarantor or of any breach of any of the provisions of this Guaranty or of any other document shall be considered a waiver of any other or subsequent default or breach, and no delay or omission in exercising or enforcing the rights and powers granted herein or in any other document shall be construed as a waiver of such rights and powers, and no exercise or enforcement of any rights or powers hereunder or under any other document shall be held to exhaust such rights and powers, and every such right and power may be exercised from time to time.  The granting of any consent, approval or waiver by Administrative Agent and/or Lenders shall be limited to the specific instance and purpose therefor and shall not constitute consent or approval in any other instance or for any other purpose.  No notice to or demand on Guarantor in any case shall of itself entitle Guarantor to any other or further notice or demand in similar or other circumstances.  No provision of this Guaranty or any right, remedy or recourse of Administrative Agent on behalf of Lenders with respect hereto, or any default or breach, can be waived, nor can this Guaranty or Guarantor be released or discharged in any way or to any extent, except specifically in each case by a writing intended for that purpose (and which refers specifically to this Guaranty) executed, and delivered to Guarantor, by Administrative Agent and/or Lenders.
15.    Subrogation.  Notwithstanding anything to the contrary contained herein, (a) Guarantor shall not have any right of subrogation in or under any of the Loan Documents or to participate in any way therein, or in any right, title or interest in and to any security or right of recourse for the Guaranteed Obligations, until indefeasible payment in full of the Debt, and (b) if Guarantor is or becomes an “insider” (as defined in Section 101 of the Bankruptcy Code) with respect to Borrower, then Guarantor hereby irrevocably and absolutely waives any and all rights of contribution, indemnification, reimbursement or any similar rights against Borrower with respect to this Guaranty (including any right of subrogation, except to the extent of collateral held by Administrative Agent for the benefit of Lenders), whether such rights arise under an express or implied contract or by operation of law.  It is the intention of the parties that Guarantor shall not be deemed to be a “creditor” (as defined in Section 101 of the Bankruptcy Code) of Borrower by reason of the existence of this Guaranty in the event that Borrower or Guarantor becomes a debtor in any proceeding under the Bankruptcy Code.  This waiver is given to induce Lenders to make the Loan to Borrower.
16.    Further Assurances.  Guarantor at Guarantor’s expense will promptly execute and deliver to Administrative Agent all such other and further documents, agreements, and instruments in compliance with or accomplishment of the agreements of Guarantor under this Guaranty reasonably requested by Administrative Agent, so long as Guarantor’s obligations are not increased and its rights are not decreased, in each case, other than to a de minimis extent.
17.    No Fiduciary Relationship.  The relationship between Administrative Agent, Lenders and Guarantor is solely that of lender and guarantor.  Neither Administrative Agent nor Lenders have a fiduciary or other special relationship with or duty to Guarantor and none is 

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created hereby or may be inferred from any course of dealing or act or omission of Administrative Agent and/or Lenders.
18.    Interpretation.  If this Guaranty is signed by more than one Person as “Guarantor”, then the term “Guarantor” as used in this Guaranty shall refer to all such Persons jointly and severally, and all promises, agreements, covenants, waivers, consents, representations, warranties and other provisions in this Guaranty are made by and shall be binding upon each and every such undersigned Person, jointly and severally and Administrative Agent on behalf of Lenders may pursue any Guarantor hereunder without being required (i) to pursue any other Guarantor hereunder or (ii) pursue rights and remedies under the Security Instruments and/or applicable Legal Requirements with respect to the Property or any other Loan Documents.
19.    Time of Essence.  Time shall be of the essence in this Guaranty with respect to all of Guarantor’s obligations hereunder.
20.    Execution.  This Guaranty may be executed in multiple counterparts, each of which, for all purposes, shall be deemed an original, and all of which together shall constitute one and the same agreement.
21.    Entire Agreement.  This Guaranty embodies the entire agreement between Administrative Agent, Lenders and Guarantor with respect to the guaranty by Guarantor of the Guaranteed Obligations.  This Guaranty supersedes all prior agreements and understandings, if any, with respect to guaranty by Guarantor of the Guaranteed Obligations.  No condition or conditions precedent to the effectiveness of this Guaranty exist.  This Guaranty shall be effective upon execution by Guarantor and delivery to Administrative Agent.  This Guaranty may not be modified, amended or superseded except in a writing signed by Administrative Agent (acting at the direction of Lenders) and Guarantor.  The Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.
22.    WAIVER OF JURY TRIAL.  GUARANTOR, ADMINISTRATIVE AGENT AND LENDERS, HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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, THE APPLICATION FOR THE LOAN, THIS GUARANTY, THE NOTE, THE SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF ADMINISTRATIVE AGENT, ANY LENDER OR GUARANTOR.
23.    Consent to Jurisdiction.  Guarantor, Administrative Agent and the Lender each irrevocably submits generally and unconditionally for itself and in respect of its property to the nonexclusive jurisdiction of any state or federal court sitting in the State of New York over any suit, action or proceeding arising out of, or relating to, this Guaranty, and irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such state or federal court.  Guarantor, Administrative Agent and the Lender each irrevocably waives, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying 

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of venue of any such suit, action or proceeding brought in any such court, and any claims that any such suit, action or proceeding is brought in an inconvenient forum.  Final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon each such party and may be enforced in any court in which they are subject to jurisdiction, by a suit upon such judgment provided that service of process is effected upon Guarantor as provided in the Loan Documents or as otherwise permitted by applicable Legal Requirements.  Guarantor hereby releases, to the extent permitted by applicable Legal Requirements, all errors and all rights of exemption, appeal, stay of execution, inquisition, and other rights to which Guarantor may otherwise be entitled under the laws of the United States of America or of any state of possession of the United States of America now in force and which may hereinafter be enacted.  The authority and power to appear for and enter judgment against Guarantor shall not be exhausted by one or more exercises thereof or by any imperfect exercise thereof and shall not be extinguished by any judgment entered pursuant thereto.  Such authority may be exercised on one or more occasions or from time to time in the same or different jurisdiction as often as Administrative Agent shall deem necessary and desirable, for all of which this Guaranty shall be sufficient warrant.
24.    Waivers.
(a)    To the fullest extent permitted by applicable law, Guarantor hereby agrees that neither Administrative Agent’s nor Lenders’ rights or remedies nor Guarantor’s obligations under the terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the liability of Guarantor under this Guaranty shall be absolute and unconditional irrespective of (and Guarantor hereby waives any rights or protections related to):  (i) [intentionally omitted]; (ii) any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration; (iii) the taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the Guaranteed Obligations; (iv) any homestead exemption under applicable Legal Requirements and Guarantor hereby waives the benefit of any such exemption as to the Guaranteed Obligations; (v) any release, surrender, abandonment, exchange, alteration, sale or other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with respect to, or any other dealings with, any collateral or security at any time existing or purported, believed or expected to exist in connection with any or all of the Guaranteed Obligations, including any impairment of Guarantor’s recourse against any Person or collateral; (vi) whether express or by operation of law, any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are now or hereafter obtained by Administrative Agent and/or Lenders covering all or any part of the Guaranteed Obligations, any complete or partial release of any one or more of such guarantors under any such other guaranty, or any complete or partial release or settlement of Borrower or any other party liable, directly or indirectly, for the payment or performance of any or all of the Guaranteed Obligations; (vii) the death, insolvency, bankruptcy, disability, dissolution, liquidation, termination, receivership, reorganization, merger, consolidation, change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power of Borrower or any other party at any time liable for the payment or performance of any or all of the Guaranteed Obligations; (viii) either with or without notice to or consent of Guarantor:  any renewal, extension, modification or rearrangement of the terms of any or all of the Guaranteed Obligations and/or any of the Loan 

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Documents to which Guarantor is not a party; (ix) any neglect, lack of diligence, delay, omission, failure, or refusal of Administrative Agent and/or Lenders to take or prosecute (or in taking or prosecuting) any action for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action to foreclose (or in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to exercise (or in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any action in connection with any Loan Document, or any failure to sell or otherwise dispose of in a commercially reasonable manner any collateral securing any or all of the Guaranteed Obligations; (x) any failure of Administrative Agent to notify Guarantor of any creation, renewal, extension, rearrangement, modification, supplement, subordination, or assignment of the Guaranteed Obligations or any part thereof, or of any Loan Document, or of any release of or change in any security, or of any other action taken or refrained from being taken by Administrative Agent and Lenders against Borrower or any security or other recourse, or of any new agreement between Administrative Agent, Lenders and Borrower, it being understood that, except as expressly required pursuant to the terms hereof, neither Administrative Agent nor Lenders shall be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection with the Guaranteed Obligations, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself information regarding Borrower, including, but not limited to, any changes in the business or financial condition of Borrower, and Guarantor acknowledges and agrees that neither Administrative Agent nor any Lender shall have any duty to notify Guarantor of any information which Administrative Agent or any Lender may have concerning Borrower; (xi) if for any reason that Administrative Agent and/or any Lender is required to refund any payment by Borrower to any other party liable for the payment or performance of any or all of the Guaranteed Obligations or pay the amount thereof to someone else; (xii) the making of advances by Administrative Agent and/or Lenders to protect their interest in the Property, preserve the value of the Property or for the purpose of performing any term or covenant contained in any of the Loan Documents; (xiii) the existence of any claim, counterclaim (other than a compulsory counterclaim), set off, recoupment, reduction or defense (other than a defense of payment of performance) based upon any claim or other right that Guarantor may at any time have against Borrower, Administrative Agent, Lenders, or any other Person, whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, or any other Loan Document; (xiv) the unenforceability of all or any part of the Guaranteed Obligations against Borrower, whether because the Guaranteed Obligations exceed the amount permitted by law or violate any usury law, or because the act of creating the Guaranteed Obligations, or any part thereof, is ultra vires, or because the officers or Persons creating same acted in excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents, or because Borrower has any valid defense (other than a defense of the payment or performance of the Guaranteed Obligations of Borrower), claim or offset with respect thereto, or because Borrower’s obligation ceases to exist by operation of law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations, or any part thereof, for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of any or all of the Guaranteed Obligations); (xv) any order, ruling or plan of reorganization emanating from proceedings under any bankruptcy or similar insolvency laws with respect to Borrower or any 

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other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations, whether or not consented to by Administrative Agent and/or Lenders; and/or (xvi) any partial or total transfer, pledge and/or reconstitution of Borrower and/or any direct or indirect owner of Borrower (regardless of whether the same is permitted under the Loan Documents).
(b)    This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives
(i)    any and all rights to which Guarantor may otherwise have been entitled under any suretyship laws in effect from time to time, including any right or privilege, whether existing under statute, at law or in equity, to require Administrative Agent and/or Lenders to take prior recourse or proceedings against any collateral, security or Person whatsoever;
(ii)    any rights of sovereign immunity and any other similar and/or related rights;
(iii)    any other circumstance that may constitute a defense of Borrower or Guarantor hereunder and/or under the other Loan Documents; 
(iv)    any right and/or requirement of or related to notice (except as expressly set forth in this Guaranty), presentment, protest, notice of protest, further notice of nonpayment, notice of dishonor, default, nonperformance, intent to accelerate, acceleration, existence of the Debt and/or any amendment or modification of the Debt;
(v)    any rights of Guarantor of subrogation, reimbursement, indemnification, and/or contribution against Borrower or any other person or entity that may become an obligor or guarantor under the Loan Documents, and any other rights and defenses that are or may become available to Guarantor or any other person or entity by reasons of Sections 2787-2855, inclusive of the California Civil Code;
(vi)    any rights or defenses that may be available by reason of any election of remedies by Administrative Agent and Lenders (including, without limitation, any such election which in any manner impairs, effects, reduces, releases, destroys or extinguishes Guarantor’s subrogation rights, rights to proceed against Borrower for reimbursement, or any other rights of Guarantor to proceed against any other person, entity or security, including but not limited to any defense based upon an election of remedies by Administrative Agent and Lenders under the provisions of Section 580(d) of the California Code of Civil Procedure or any similar law of California or of any other State or of the United Sates); and
(vii)    any rights or defenses Guarantor may have because the Guaranteed Obligations are secured by real property or any estate for years.  These rights or defenses include, but are not limited to, any rights or defenses that are based upon, directly or indirectly, the application of Section 580(a), Section 580(b), Section 580(d) or Section 726 of the California Code of Civil Procedure to the Guaranteed Obligations.

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The provisions of this subsection (b) mean, among other things:
(y) Administrative Agent (on behalf of Lenders) and Lenders may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower for the Debt; and
(z)    If Administrative Agent (on behalf of Lenders) and/or Lenders foreclose on a real property pledged by Borrower:
(1)    The Guaranteed Obligations shall not be reduced by the price for which the collateral sold at the foreclosure sale or the value of the collateral at the time of the sale; and
(2)    Administrative Agent (on behalf of Lenders) and Lenders may collect from Guarantor even if Administrative Agent (on behalf of Lenders) and Lenders, by foreclosing on the real property collateral, has destroyed any right of Guarantor to collect from Borrower.  Further, the provisions of this Guaranty constitute an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because Borrower’s obligations are secured by real property.  These rights and defenses, include, but are not limited to, any rights or defenses based upon Section 580(a), Section 580(b), Section 580(d) or Section 726 of the California Code of Civil Procedure.
25.    Representations, Warranties and Covenants of Guarantor.  
(a)    Guarantor hereby makes the following representations and warranties as of the date hereof:  (i) Guarantor is duly organized, validly existing and in good standing under the laws of its state of formation, and Guarantor has all requisite right and power to execute and deliver this Guaranty and to perform its obligations under this Guaranty; (ii) the execution, delivery and performance of this Guaranty and the incurrence of the Guaranteed Obligations, will not violate, in any material respect, any provision of law applicable to Guarantor; (iii) [reserved]; (iv) Guarantor is not a party to any indenture, loan or credit agreement, or any lease or other agreement or instrument, or subject to any restriction, which in each case is reasonably likely to have a Material Adverse Effect; (v) Guarantor has filed all material tax returns which are required to be filed (or to the best of its knowledge obtained proper extensions of time for the filing thereof) and has paid, or made adequate provision for the payment of, all taxes which have or may become due pursuant to said returns or to assessments received, except as are being contested in good faith; (vi) the financial statements and other information pertaining to Guarantor submitted to Administrative Agent are true, complete and correct in all material respects and fairly present the financial condition of Guarantor as of the date thereof; (vii) [reserved]; (viii) the making of the Loan to Borrower will result in material benefits to Guarantor; (ix) Guarantor (a) has not entered into this Guaranty or any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) has received reasonably equivalent value in exchange for the obligations of Guarantor hereunder and under the Loan Documents; and (x) Guarantor is not a “foreign person” within the meaning of Section 1445(1)(3) of the Internal Revenue Code.

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(b)    From the date hereof and until the discharge of this Guaranty in accordance with Section 7 hereof, Guarantor covenants and agrees with Administrative Agent and each Lender that: (i)  Guarantor will continuously  be organized, validly exist and remain in good standing under the laws of its state of formation; (ii) Guarantor shall not become a party to any indenture, loan or credit agreement, or any lease or other agreement or instrument, or subject to any restriction, which is likely to have a Material Adverse Effect; and (iii) shall not be a “foreign person” within the meaning of Section 1445(1)(3) of the Internal Revenue Code. 
(c)    Each of the representations and covenants of and/or about Guarantor set forth Sections 3.2, 3.3, 3.13, 3.24, 3.30, 3.35, 4.8, 8.9 and 11.1, and Article 6, in each case, of the Loan Agreement, and in the other Loan Documents are hereby re-made by Guarantor and incorporated herein by reference as if fully set forth herein.
26.    Financial Covenants of Guarantor
(a)    Guarantor (i) shall keep and maintain complete and accurate books and records and (ii) shall permit Administrative Agent and/or Lenders and any authorized representatives of Administrative Agent and/or Lenders to have access to and to inspect, examine and make copies of the books and records, any and all accounts, data and other documents of Guarantor, at reasonable times, during normal business hours, not more than once per calendar year (subject to Section 26(b) hereof), at Guarantor’s address for notices as set forth herein upon the giving of reasonable notice of such intent.  Guarantor shall also provide to Administrative Agent, upon Administrative Agent’s reasonable request, such proofs of payments, costs, expenses, revenues and earnings, and other documentation as Administrative Agent may reasonably request, from time to time, and with such other information, in such detail as may reasonably be required by Administrative Agent, provided that such requested information is in Guarantor’s possession and control and, to the extent not produced in Guarantor's normal course of operations, can be produced at a de minimis cost to Guarantor.
(b)    Administrative Agent and/or Lenders shall have the right, at any time and from time to time upon the occurrence and continuance of an Event of Default hereunder or under the other Loan Documents, to audit the books and records of Guarantor; provided, however, that such audit shall be made at the expense of Administrative Agent and/or Lender, as applicable.
(c)    During the term hereunder, Guarantor will furnish or cause to be furnished to Administrative Agent, (i) as soon as available, and in any event within one hundred twenty (120) days after the end of each fiscal year of Guarantor, the annual financial statements of Guarantor in form and substance substantially similar to those previously delivered by Guarantor to Administrative Agent in connection with the closing of the Loan (or such other form reasonably acceptable to Administrative Agent), prepared on an audited basis, and which shall include Guarantor’s balance sheet and statements of net worth and contingent liabilities, and (ii) within sixty (60) days following the end of each fiscal quarter of Guarantor (including year-end) , the quarterly financial statements of Guarantor in form and substance substantially similar to those previously delivered by Guarantor to Administrative Agent in connection with the closing of the Loan (or such other form reasonably acceptable to Administrative Agent), prepared on an unaudited basis, and which shall include Guarantor’s balance sheet and statements of net worth and contingent liabilities. All such financial statements shall (A) be, in the case of annual 

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financial statements, audited by, and in the case of quarterly financial statements, prepared by, Guarantor’s independent certified public accountants (which accountants shall be a “Big Four” accounting firm or such other independent public accounting firm reasonably acceptable to Administrative Agent), (B) be certified by Guarantor (subject to the exculpation provisions in the Loan Agreement) to Administrative Agent as true and correct in all material respects and as having been prepared in accordance with an Approved Accounting Method (which, for the purposes of this Guaranty only, shall include International Financial Reporting Standards) applied on a consistent basis and (C) contain such backup and/or supporting information as may be reasonably requested by Administrative Agent, provided that such requested information is in Guarantor’s possession and control and, to the extent not produced in Guarantor's normal course of operations, can be produced at a de minimis cost to Guarantor.  In addition, Guarantor shall promptly furnish to Administrative Agent any other financial information in respect of Guarantor which is reasonably requested by Administrative Agent from time to time; provided, however, that such additional information shall be obtained at no material expense to Guarantor.
(d)    Guarantor hereby makes the following additional affirmative covenants:
(i)    Beginning on the commencement of the second Extension Period (if the Maturity Date is so extended pursuant to the terms of the Loan Agreement) and at all times thereafter while the Debt remains unsatisfied, Guarantor shall maintain Unencumbered Liquid Assets (defined below) of not less than $20,000,000.00.  For the purposes hereof, “Unencumbered Liquid Assets” shall be determined by Lender in its reasonable discretion, at any time and from time to time, and shall mean the “liquid assets” of Guarantor, free and clear of all liens and shall include only the following assets of Guarantor as set forth on Guarantor’s balance sheet: (x) all Cash and Cash Equivalents (defined below), and (y) the following, to the extent acquired for investment or with a view to achieving trading profits (and which may be liquidated without restrictions within five (5) Business Days or less): marketable securities owned of record and beneficially by Guarantor and which are freely tradeable, without any restriction on the New York Stock Exchange, NYSE Amex Equities or NASDAQ.
(ii)    As of the last day of each fiscal quarter, Guarantor shall have a Net Worth, as determined by Administrative Agent, of not less than $750,000,000.00; provided, however, and without limiting the foregoing, at all times while the Debt remains unsatisfied, Guarantor’s Net Worth, as calculated by Administrative Agent, shall not be less than $500,000,000.00. Guarantor shall promptly provide Administrative Agent with written notice at any time that Guarantor’s Net Worth is less than $750,000,000.00. For the purposes of this clause (ii), “Net Worth” shall mean, as of a given date, (i) Guarantor’s total assets, based on market valuations, as of such date (exclusive of any equity attributable to the Property or in any other asset that is part of the collateral for the Loan) less, (ii) Guarantor’s total liabilities (taking into consideration contingent liabilities but exclusive of any liability under the Loan Documents) as of such date, determined in accordance with an Approved Accounting Method (which, for the purposes of this Guaranty only, shall include International Financial Reporting Standards).
(iii)    As used above, “Cash and Cash Equivalents” shall mean: (i) United States dollars and (ii) any of the following which may be liquidated without restrictions 

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within five (5) Business Days or less: (a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof having maturities of not more than six (6) months from the date of acquisition; (b) certificates of deposit and Eurodollar time deposits with maturities of six (6) months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500 million and an S&P Certificate of Deposit Rating (short term) of A-1 or better or the equivalent by Moody’s; (c) repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in clauses (ii)(a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (ii) (b) above; (d) commercial paper having the highest rating obtainable from Moody’s or S&P, and in each case maturing within six months after the date of acquisition; and (e) money market funds substantially all the assets of which are comprised of securities and other obligations of the types described in clauses (i) and (ii)(a) through (d) above.
27.    Joint and Several.  If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall be joint and several.  
28.    Set-Off.  In addition to any rights and remedies of Administrative Agent and Lenders provided by this Guaranty and by law, Administrative Agent and Lenders shall have the right in their sole discretion, without prior notice to Guarantor, any such notice being expressly waived by Guarantor to the extent permitted by applicable law, upon any amount becoming due and payable by Guarantor hereunder (whether at the stated maturity, by acceleration or otherwise), to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Administrative Agent and/or Lenders or any Affiliate thereof to or for the credit or the account of Guarantor; provided, however, Administrative Agent and/or Lenders may only exercise such right during the continuance of an Event of Default.  Administrative Agent and Lenders agree promptly to notify Guarantor after any such set-off and application made by Administrative Agent and/or a Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
29.    Termination. This Guaranty shall terminate upon the earlier of (i) the date  that the Debt has been indefeasibly paid in full, and there has expired the maximum possible period thereafter during which any payment made by Borrower or others to Lender with respect to the Loan could be deemed a preference under the Bankruptcy Code and (ii) the date when the Remaining Unfunded Obligations have been reduced to zero. 
30.    Confidentiality. All non‐public information obtained by Administrative Agent and Lender pursuant to the requirements of this Agreement shall be handled in accordance with Section 17.11(b) of the Loan Agreement.

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IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty under as of the date first written above.
BROOKFIELD DTLA HOLDINGS LLC,
a Delaware limited liability company

By:   BROOKFIELD DTLA GP LLC, 
a Delaware limited liability company,  
its Managing Member

By:     BOP US SUBSIDIARY LLC,
a Delaware limited liability
company,  
its Managing Member

            By:       /s/ MICHELLE CAMPBELL
            Name: Michelle Campbell
            Title:   Secretary

	
			
	Unfunded Obligations Guaranty
	 
	333 South Grand RefinanceExhibit

EXHIBIT 10.22

October 25, 2018

VIA EMAIL

Maguire Properties – 777 Tower, LLC
c/o Brookfield Office Properties
250 Vesey Street, 15th Floor
New York, New York 10281
Attention: Jason Kirschner

		
	RE: 
	Loan from Metropolitan Life Insurance Company (“Lender”) to Maguire Properties – 777 Tower, LLC, a Delaware limited liability company (“Borrower”)(the “Loan”), evidenced by that certain Amended and Restated Promissory Note dated September 1, 2016, in the original principal amount of $220,000,000 by Borrower in favor of Lender (the “Note”) and all other documents evidencing and securing the Note (collectively, the “Loan Documents”) and that certain Guaranty dated October 15, 2013 by Brookfield DTLA Holdings LLC, a Delaware limited liability company (“Guarantor”) in favor of Lender (the “Guaranty”)

Dear Mr. Kirschner: 

Pursuant to the Note, the Loan matures on November 1, 2018 (the “Maturity Date”). Lender has received the request of Borrower to extend the Maturity Date of the Note to November 1, 2019 (the “Extended Maturity Date”). Capitalized terms used but not defined in this Agreement (this “Agreement”) shall have the meaning set forth in that certain Deed of Trust, Security Agreement and Fixture Filing by Borrower for the benefit of Lender dated as of October 15, 2013 and recorded in the official records of Los Angeles County, California as Document Number 20131484960 (the “Deed of Trust”).

Notwithstanding that Borrower has not satisfied the condition to extension of the Maturity Date set forth in Section 1(e)(i) of the Note that Borrower’s debt yield ratio shall be no less than 12% on a forward-looking basis, Lender is willing to waive on a one-time basis such requirement with respect to the extension contemplated by this Agreement only and extend the Maturity Date of the Note to the Extended Maturity Date subject to the following terms and conditions:

		
	1.
	Exercise of Extension Option.  On or before October 31, 2018, Borrower shall wire to Lender, in accordance with the wiring instructions attached on Exhibit “A”, an extension fee in the amount of $770,000, which fee shall be due and payable and earned upon execution of this Agreement by Borrower (the “Extension Fee”). Upon Lender’s receipt of the Extension Fee and subject to the satisfaction of the other conditions contained in this Agreement, the Maturity Date shall be extended through and including the Extended Maturity Date. The period from the Maturity Date, through the Extended Maturity Date, shall be hereinafter referred to as the “Extension Period”.

		
	2.
	Conditions to Extension Period.  The extension of the Maturity Date by the Extension Period shall be conditioned upon satisfaction of all of the following: (a) Lender’s receipt of the Extension Fee; (b) there being, as of the beginning of the Extension Period, no Event of Default; (c) Borrower shall pay all of Lender’s out of pocket costs and expenses in connection with the matters contemplated by this Agreement, including without limitation, reasonable attorneys’ fees and costs and, if applicable, premiums for title endorsements (not to exceed $2,500); (d) Borrower shall have (i) entered into a new Interest Rate Cap Agreement on the terms set forth in Exhibit “B” attached hereto and otherwise satisfactory to Lender in its sole discretion and (ii) collaterally assigned such new Interest Rate Cap Agreement to Lender pursuant to an assignment agreement in the form attached hereto as Exhibit “C”; and (e) Borrower shall deliver to Lender endorsements issued by CTIC and FATCO (as each are hereinafter defined) to each of the applicable Existing Title Insurance Policies (as hereinafter defined) insuring Lender’s continued first lien priority notwithstanding the execution of this Agreement, and further insuring that there are no liens, encumbrances, or exceptions to title which are not reflected in the Existing Title Insurance Policies other than as set out in the New Endorsements (as hereinafter defined). Lender shall incur no cost or expense in connection with the matters contemplated by this Agreement. 

For purposes of this Agreement, (A) “Existing Title Insurance Policies” means, collectively (i) that certain Loan Policy of Title Insurance issued by Chicago Title Insurance Company (“CTIC”) under Policy No. 23025229 with a date of policy of October 16, 2013 at 8:00 am (the “Original CTIC Policy”), (ii) that certain Loan Policy of Title Insurance issued by First American Title Insurance Company (“FATCO”) under Policy No. 621834 with a date of policy of October 16, 2013 at 8:00 am (the “Original FATCO Policy”, and together with the Original CTIC Policy, the “Original Policies”), (iii) that certain Modified ALTA 11.2 endorsement issued by CTIC with a date of endorsement of September 2, 2016 with respect to the Original CTIC Policy, (iv) that certain Mortgage Modification With Additional Amount of Insurance Endorsement issued by FATCO with a date of endorsement of September 2, 2016 with respect to the Original FATCO Policy; and (v) that certain Co-Insurance Endorsement issued by CTIC and FATCO dated September 2, 2016 with respect to the Original Policies and (B) “New Endorsements” means the proforma endorsements attached hereto as Exhibit “D”. 

		
	3.
	Representations and Warranties of Borrower.  Borrower represents and warrants to Lender as follows:

		
	(a)
	Borrower hereby reaffirms, as of the date hereof, the representations and warranties of Borrower contained in Sections 8.01, 8.02, 8.03(c), (e), (f) and (g), 8.04, 8.05 and 10.01(c) of the Deed of Trust; provided, however, such reaffirmation of the representations set forth in Section 8.02 of the Deed of Trust is made to Borrower’s knowledge without inquiry. Borrower hereby further reaffirms (except as previously disclosed to Lender in writing), as of the date hereof, each of the other representations and warranties of Borrower contained in the Loan Documents and the Indemnity Agreement, except that (i) Borrower makes no reaffirmation of the representations set forth in Section 8.03(b) of the 

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Deed of Trust; (ii) a true and correct reflection of the direct and indirect ownership interests in Borrower as of the date hereof is as set forth on Exhibit “E” attached hereto; and (iii) with respect to the representation of Borrower contained in Section M-2 of the Modification of the Deed of Trust executed as of September 1, 2016 the following changes have occurred:

		
	i.
	With respect to the Second Amended and Restated Bylaws of Brookfield DTLA Fund Office Trust Investor Inc., Articles of Revival were filed on February 22, 2018; 

		
	ii.
	With respect to Brookfield DTLA Fund Properties Holding, Inc., there has been an Amendment No. 1 to By-Law No. 1 dated March 7, 2016; and

		
	iii.
	With respect to Brookfield DTLA Fund Office Trust Inc., Articles of Revival were filed February 22, 2018.

		
	(b)
	There currently exists no Event of Default, or, to Borrower’s knowledge, any circumstance which with the giving of notice or the lapse of time would constitute an Event of Default;

		
	(c)
	The execution and delivery of this Agreement by Borrower does not contravene, result in a breach of or constitute a default under any mortgage, loan agreement, indenture or other contract or agreement to which it is a party or by which it or any of its properties may be bound (nor would such execution and delivery constitute such a default with the passage of time or the giving of notice or both) and does not violate or contravene any law, order, decree, rule or regulation to which it is subject;

		
	(d)
	The execution and delivery of, and performance under this Agreement by Borrower is within its power and authority without the joinder or consent of any other party and has been duly authorized by all requisite action; and 

		
	(e)
	This Agreement constitutes the legal, valid and binding obligation of Borrower enforceable by Lender in accordance with its terms except to the extent that the enforcement thereof or the availability of equitable remedies may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally or by principles of equity, or by the discretion of any court of competent jurisdiction in awarding equitable remedies, regardless of whether such enforcement is considered in a proceeding in equity or in law. 

		
	4.
	Representations and Warranties of Guarantor:  Guarantor represents and warrants to Lender as follows:

		
	(a)
	All of the representations and warranties of Guarantor contained in the Guaranty remain true and correct as of the date of this Agreement;

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	(b)
	The execution and delivery of this Agreement by Guarantor does not contravene, result in a breach of or constitute a default under any mortgage, loan agreement, indenture or other contract or agreement to which it is a party or by which it or any of its properties may be bound (nor would such execution and delivery constitute such a default with the passage of time or the giving of notice or both) and does not violate or contravene any law, order, decree, rule or regulation to which it is subject; 

		
	(c)
	The execution and delivery of, and performance under this Agreement by Guarantor is within its power and authority without the joinder or consent of any other party and has been duly authorized by all requisite action; and

		
	(d)
	This Agreement constitutes the legal, valid and binding obligation of Guarantor enforceable by Lender in accordance with its terms except to the extent that the enforcement thereof or the availability of equitable remedies may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally or by principles of equity, or by the discretion of any court of competent jurisdiction in awarding equitable remedies, regardless of whether such enforcement is considered in a proceeding in equity or in law.

		
	5.
	Ratification by Borrower.  Borrower hereby (i) ratifies and confirms the terms of each of the Loan Documents and the Indemnity Agreement, as modified by this Agreement, (ii) agrees that each of the Loan Documents and the Indemnity Agreement, as modified by this Agreement, is in full force and effect and enforceable against Borrower in accordance with its terms subject to the limitations set out in Section 3(e) of this Agreement, and (iii) acknowledges that the outstanding principal balance of the Loan as of the date of this Agreement is $220,000,000, which amount is due and payable by Borrower to Lender subject to and in accordance with the terms of this Agreement and the other Loan Documents without any existing and asserted defense or right of offset, nor basis for any unasserted defense or right of offset, whatsoever. This Agreement shall be deemed to be a “Loan Document.”

		
	6.
	Reaffirmation of Guaranty.  As material consideration for Lender agreeing to the terms and conditions set forth in this Agreement, Guarantor reaffirms its, his or her respective obligations under that certain Guaranty dated October 15, 2013 by Guarantor in favor of Lender (the “Guaranty”), consents to the execution and delivery of this Agreement, and agrees and acknowledges that its, his or her guaranty liability shall not be diminished in any way by the execution and delivery of this Agreement or by the consummation of any of the transactions contemplated herein and that the provisions and covenants of the Guaranty shall extend to and include the provisions of this Agreement as if the same had been originally incorporated into the Loan Documents. Guarantor has no existing and asserted, and no basis for any unasserted, defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the Guaranty or the Indemnity Agreement and this Agreement or the indebtedness under the Loan evidenced and secured thereby, or with respect to any other documents or

-4-

instruments now or heretofore evidencing, securing, or in any way relating to the indebtedness under the Loan, or with respect to the administration or funding of the indebtedness under the Loan; and Guarantor hereby expressly waives, releases and relinquishes any and all such defenses, setoffs, claims, counterclaims and causes of action, know or unknown, which may exist at this time.

		
	7.
	Conforming Modifications.  The Loan Documents, the Guaranty and the Indemnity Agreement are hereby modified to provide that all references therein to the Loan Documents, the Guaranty or the Indemnity Agreement shall be deemed to refer to the Loan Documents, the Guaranty and the Indemnity Agreement as amended hereby.

		
	8.
	Release

		
	a.
	Release of All Claims.  Borrower, on behalf of itself, its members, managers, general and limited partners and all constituents thereof, and its affiliates and its and their successors and assigns (collectively, the “Releasing Parties”), hereby releases and forever discharges Lender and all of its subsidiaries, affiliates, divisions, officers, directors, employees, agents, attorneys, advisors, successors and assigns (collectively, the “Released Parties”) from any and all claims, demands, debts, liabilities, damages, contracts, obligations, accounts, torts, causes of action or claims for relief of whatever kind or nature, whether known or unknown, whether suspected or unsuspected, which the Releasing Parties or any of them may have or which may hereafter be asserted or accrue against Released Parties or any of them, resulting from or in any way relating to any act or omission done or committed by Released Parties, or any of them, prior to the date hereof.

		
	b.
	Release Includes Unknown Claims.  The release contained in Section 8(a) above and in this Section 8(b) apply to all claims which the Releasing Parties or any of them have or which may hereafter arise against the Released Parties or any of them, as a result of acts or omissions occurring before the date hereof, whether or not known or suspected by the parties hereto.  Borrower expressly acknowledges that although ordinarily a general release does not extend to claims which the releasing party does not know or suspect to exist in its favor, which if known by it would have materially affected its settlement with the party released, it has carefully considered and taken into account in determining to enter into this Agreement the possible existence of such unknown losses or claims.

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUPSECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

Borrower Initials: /s/ JK

-5-

		
	c.
	Complete Defense.  This release by Releasing Parties shall constitute a complete defense to any claim, cause of action, defense, contract, liability, indebtedness or obligation arising or occurring prior to the date hereof and release pursuant to this release.  Nothing in this release shall be construed as (or shall be admissible in any legal action or proceeding as) an admission by Lender or any other Released Party that any defense, indebtedness, obligation, liability, claim or cause of action exists which is within the scope of those hereby released.

		
	d.
	Survival.  This Section 8 shall survive the repayment and performance of all obligations secured by the Deed of Trust, and the reconveyance, foreclosure, or other extinguishment of the Deed of Trust.

		
	9.
	Successors and Assigns.  Subject to the foregoing, this Agreement is binding upon Borrower and Guarantor and their successors and permitted assigns, and inure to the benefit of and are enforceable by Lender and its successors and assigns. 

		
	10.
	Time of the Essence.  Time shall be of the essence with respect to this Agreement.

		
	11.
	Captions.  The captions are inserted only as a matter of convenience and for reference, and in no way define, limit, or describe the scope or intent of any provisions of this Agreement.

		
	12.
	FURTHER EXTENSIONS; PRESERVATION OF REMEDIES.  LENDER IS AGREEING TO ONLY AN EXTENSION OF THE LOAN AS SET FORTH HEREIN AND IN NO EVENT SHALL LENDER HAVE ANY OBLIGATION TO CONSENT TO A FURTHER EXTENSION OF THE MATURITY DATE EXCEPT IN ACCORDANCE WITH SECTION 1(E) OF THE NOTE. BORROWER ACKNOWLEDGES AND AGREES THAT THE EXTENSION OF THE MATURITY DATE TO THE EXTENDED MATURITY DATE CONSTITUTES THE EXERCISE OF ONE OF THE TWO EXTENSION OPTIONS PROVIDED TO BORROWER PURSUANT TO SECTION 1(E) OF THE NOTE. LENDER EXPRESSLY RESERVES ALL OF ITS RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS, INCLUDING THE RIGHT TO ENFORCE ITS RIGHTS AND REMEDIES SHOULD A DEFAULT OCCUR DUE TO NON-PAYMENT OF THE LOAN IN FULL ON OR BEFORE THE MATURITY DATE AS EXTENDED HEREIN.

		
	13.
	Further Assurances.  Borrower and Guarantor agree to execute such other documents and perform such other acts as may be reasonably required by Lender to carry out the purposes of this Agreement.

		
	14.
	Entire Agreement.  This Agreement contains the entire agreement among Borrower, Guarantor and Lender with respect to matters contained herein, and there are no other agreements, either oral or written, and no other representations or statements, either oral or written, on which Borrower or Guarantor has relied. This Agreement shall not be modified except by a writing executed by Borrower, Guarantor and Lender.

-6-

		
	15.
	Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

		
	16.
	Fees and Costs.  Borrower agrees to pay, within 5 days of Lender’s request, Lender’s actual out-of-pocket costs and expenses (including actual out-of-pocket attorneys’ fees) incurred by Lender in connection with the preparation of this Agreement and the matters contemplated by this Agreement regardless of whether all of the conditions to the extension of the Maturity Date to the Extended Maturity Date are satisfied.

		
	17.
	No Waivers or Modifications.  Except as expressly set forth in this Agreement, nothing in this Agreement shall operate as an amendment, alteration, modification or waiver of any of the provisions of the Note, the other Loan Documents, the Indemnity Agreement or the Guaranty.

Prior to the acceptance of this Agreement by Borrower, Guarantor and Lender, neither this Agreement nor any correspondence, discussions, negotiating sessions or verbal comments will constitute, either by themselves or taken together, an agreement on the part of Lender to be bound by any of the items contained in this Agreement or in any such correspondence, discussions, negotiating sessions or verbal comments. Please review this Agreement and call Victor Garcia (213-576-1862) with any questions. If you agree with the proposed terms, please sign this Agreement in counterpart and return it to Lender by October 25, 2018. In the event either (x) a countersigned original of this Agreement is not received by the close of business on October 25, 2018 or (y) the Extension Fee is not received by the close of business on October 31, 2018, this Agreement shall be null and void except for the provisions set forth in Section 16.

[NO FURTHER TEXT ON THIS PAGE]

-7-

ACKNOWLEDGED AND AGREED TO THIS 25 DAY OF OCTOBER, 2018

LENDER:

METROPOLITAN LIFE INSURANCE COMPANY,
a New York corporation

By: MetLife Investment Advisors, LLC,
its investment manager

By: /s/ RICHARD BENNER
Name: Richard Benner
Its: Director

[SIGNATURE OF BORROWER AND GUARANTOR ON FOLLOWING PAGE]

[SIGNATURE PAGE TO AGREEMENT AMONG BORROWER, GUARANTOR
AND LENDER DATED OCTOBER 25, 2018]

ACKNOWLEDGED AND AGREED TO THIS 25 DAY OF OCTOBER, 2018

BORROWER:

MAGUIRE PROPERTIES – 777 TOWER, LLC, 
a Delaware limited liability company

By:  /s/ JASON KIRSCHNER
Name:  Jason Kirschner
Title:  Senior Vice President, Finance

ACKNOWLEDGED AND AGREED TO THIS 25 DAY OF OCTOBER, 2018

GUARANTOR:

BROOKFIELD DTLA HOLDINGS LLC,
a Delaware limited liability company

By:    Brookfield DTLA GP LLC,
a Delaware limited liability company,
its managing member

By:  /s/ DEBORAH R. ROGERS
Name:  Deborah R. Rogers
Title:  Senior Vice President, Legal Counsel

EXHIBIT “A”

WIRING INSTRUCTIONS

EXHIBIT “B”

INTEREST RATE CAP BID PACKAGE

See attached.

EXHIBIT “C”

FORM OF COLLATERAL ASSIGNMENT OF INTEREST RATE CAP AGREEMENT

See attached.

COLLATERAL ASSIGNMENT OF INTEREST RATE CAP AGREEMENT

DEFINED TERMS

	
					
	Execution Date: [_____________], 2018

	 
	 
	 
	 
	 

	Loan: A first mortgage loan in the principal amount of $220,000,000 from Lender to Borrower.

	 
	 
	 
	 
	 

	Borrower :

	 
	 
	 
	 
	 

	Maguire Properties – 777 Tower, LLC, a Delaware limited liability company

	 
	 
	 
	 
	 

	Borrower’s Address:

	 
	 
	 
	 
	 

	 
	Maguire Properties – 777 Tower, LLC

	 
	c/o Brookfield Office Properties, Inc.

	 
	250 Vesey Street, 15th Floor

	 
	New York, New York 10281

	 
	Attention: Jason Kirschner

	 
	Facsimile: (646) 430-8556

	 
	 
	 
	 
	 

	 
	with copies to:

	 
	 
	 
	 
	 

	 
	Maguire Properties – 777 Tower, LLC

	 
	c/o Brookfield Office Properties, Inc.

	 
	250 Vesey Street, 15th Floor

	 
	New York, New York 10281

	 
	Attention: General Counsel

	 
	Facsimile: (212) 417-7195

	 
	 
	 
	 
	 

	 
	and:

	 
	 
	 
	 
	 

	 
	Goodwin Procter LLP

	 
	100 Northern Avenue

	 
	Boston, MA 02210

	 
	Attention: Sam Richardson, Esq.

	 
	Telephone: (617) 570-1878

	 
	Facsimile: (617) 801-8789

	
						
	 	Lender & Address:

	 	 
	 
	 
	 
	 

	 	Metropolitan Life Insurance Company, a New York corporation

	 	One MetLife Way

	 	Whippany, NJ 07981-1449

	 	Attention: Senior Vice President, Real Estate Investments

	 	Re: 777 South Figueroa

	 	 

	 	and

	 	 
	 
	 
	 
	 

	 	Metropolitan Life Insurance Company

	 	333 South Hope Street, Suite 3650

	 	Los Angeles, California 90071

	 	Attention: Director/Officer in Charge

	 	Re: 777 South Figueroa

	 	 

	 	and

	 	 
	 
	 
	 
	 

	 	Metropolitan Life Insurance Company

	 	425 Market Street, Suite 1050

	 	San Francisco, California 94105

	 	Attention: Associate General Counsel

	 	Re: 777 South Figueroa

	 	 

	 	 
	 
	 
	 
	 

	 	Note:  Amended and Restated Promissory Note dated as of September 1, 2016 in the original principal amount of the Loan executed by Borrower in favor of Lender, as the same may be amended, consolidated, split, severed, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time.

	 
	 
	 	 
	 
	 
	 
	 

	 	Deed of Trust:  A Deed of Trust, Security Agreement and Fixture Filing dated as of October 15, 2013 executed by Borrower, as trustor, to Fidelity National Title Insurance Company, as trustee for the benefit of Lender, as beneficiary, securing repayment of the Note recorded in the records of the County in which the Property is located, as the same may be amended concurrently herewith and further amended, consolidated, split, severed, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time.

	 
	 
	 
	 	 
	 
	 
	 
	 

	 	Loan Documents: The Note, the Deed of Trust, and any other documents related to the Note and/or the Deed of Trust, and all renewals, amendments, modifications, restatements and extensions of these documents, including any of the foregoing entered into concurrently herewith. Notwithstanding the foregoing, neither the Indemnity Agreement nor the Guaranty are Loan Documents, and in accordance with their terms, each shall survive repayment of the Loan or other termination of the Loan Documents.

	 
	 
	 
	 	 
	 
	 
	 
	 

	 	Indemnity Agreement: Unsecured Indemnity Agreement dated as of October 15, 2013 and executed by Borrower in favor of Lender, as the same may be amended concurrently herewith 

	 

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	 	and further amended, restated, replaced, supplemented or otherwise modified from time to time.

	 	 
	 
	 
	 
	 

	 	Guaranty: Guaranty dated as of October 15, 2013 and executed by the Liable Party (as defined in the Deed of Trust) in favor of Lender, as the same may be amended concurrently herewith and further amended, restated, replaced, supplemented or otherwise modified from time.

	 
	 

THIS COLLATERAL ASSIGNMENT OF INTEREST RATE CAP AGREEMENT (this “Agreement”) is entered into as of the Execution Date by Borrower and Lender, with reference to the following facts:

A.Borrower has requested that the maturity date of the Note be extended to November 1, 2019. Payment of the Note is secured by the Deed of Trust. The Deed of Trust encumbers certain real and other property more particularly described therein and referred to in the Deed of Trust and in this Agreement as the “Property.”

B.As a condition to Lender agreeing to such extension of the maturity date of the Note, Lender requires Borrower to enter into this Agreement. Borrower acknowledges and understands that this Agreement is a material inducement for Lender’s agreement to extend the maturity date of the Note. Capitalized terms that are not defined in this Agreement shall have the meanings set forth in the Deed of Trust.

NOW THEREFORE, in consideration of the premises and for other consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.Assignment of Interest Rate Cap Agreement.

(a)For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by Borrower, Borrower hereby assigns, grants, delivers and transfers to Lender, as collateral, all of its interest, whether now owned or hereafter acquired, now existing or hereafter arising, wherever located, in, to and under that certain [ISDA Master Agreement or long form confirmation agreement dated as of the Execution Date], between Borrower and [_________________] (the “Counterparty”), as it may be amended from time to time (such agreement hereafter referred to as the “Interest Rate Cap Agreement”, as further defined below), a copy of which is attached hereto as Exhibit A, including, but not limited to, any and all rights that Borrower may now or hereafter have to any and all payments, disbursements, distributions or proceeds (the “Payments”) owing, payable or required to be delivered to Borrower on account of the Interest Rate Cap Agreement, whether as contractual obligations, damages or otherwise, and all of Borrower’s claims, rights, powers, privileges, authority, options, security interests, liens and remedies under or arising out of the Interest Rate Cap Agreement, in each case including all accessions and additions to, substitutions for and replacements, products, and proceeds of any or all of the foregoing (collectively, the “Rate Cap Collateral”); provided, upon repayment in full of the Loan, such assignment shall be released and this Agreement shall automatically terminate and shall be of no further force and effect, after which and following written request from Borrower, Lender will execute and deliver written confirmation of such 

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termination in form reasonably acceptable to Lender (provided that no such written confirmation shall be necessary to effectuate such termination). In the event that for any reason the Interest Rate Cap Agreement ever expires, or is terminated, rescinded or revoked and, as a result thereof, a termination fee or such similar payment is owing to Borrower by Counterparty, such sum is and shall be considered a Payment and a part of the Rate Cap Collateral and shall be held and disbursed in accordance with the terms hereof. Borrower hereby grants to Lender a security interest in and to the Rate Cap Collateral, to have and to hold the same, unto Lender, its successors and assigns provided, that, upon repayment in full of the Loan, such security interest shall be automatically released and this Agreement shall automatically terminate as provided for above. This Agreement constitutes additional security for the obligations of Borrower secured by the Deed of Trust and secured or evidenced by the other Loan Documents.

2.Default.

(a)If Borrower shall fail to timely and fully perform any of its obligations under this Agreement following the expiration of any applicable notice and cure periods, if any, as may be set forth in this Agreement, then any such failure shall constitute a default under this Agreement (“Event of Default”) and also shall constitute an “Event of Default” under and as defined in the Deed of Trust, and the occurrence of an “Event of Default” under and as defined in the Deed of Trust or any of the other Loan Documents shall constitute an Event of Default under this Agreement. If no period of grace, notice, and/or cure is set forth herein with respect to any obligation of Borrower, then (with the specific exception of Borrower’s obligations to keep an Interest Rate Cap Agreement with the required terms and provisions in effect at all times) Borrower shall have a period equal to ten (10) days after written notice from Lender within which to cure any default hereunder.

(b)Future Payments.  Lender hereby instructs the Counterparty to immediately deposit all future Payments and other Rate Cap Collateral directly into an account with Wells Fargo Bank, San Francisco, CA, ABA # 121000248, Account # 4128396017 MetLife Investment Advisors LLC as agent for payment clearing account REI, RE: MetLife loan 960702559 interest rate cap payment (collectively, the “Lender Account”) or such other account designated by Lender in writing hereunder. Lender shall apply the proceeds thereof as provided in the Note and/or otherwise during the continuance of an Event of Default exercise all of its rights and remedies under the Uniform Commercial Code adopted in the State of California. No delay or omission of Lender in exercising any such right shall impair any such right, or shall be construed as a waiver of or acquiescence in any event giving rise to such right.

3.Notification to Counterparty.

(a)Borrower and Lender hereby notify Counterparty of this Agreement and the assignment made hereby and the security interests granted to Lender hereunder. Borrower and Lender hereby instruct Counterparty to deposit directly into the Lender Account all payments to be made under or pursuant to the terms of the Interest Rate Cap Agreement, without set-off, defense or counterclaim until such time as this Agreement terminates in accordance with its terms or is otherwise canceled (at which time the Counterparty shall deliver such Payments to or as directed by Borrower). The Counterparty shall be entitled to conclusively rely (without any independent investigation) on any notice or instruction from Lender in respect of this Agreement, including and without limitation, in the 

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event of any inconsistency between any notice or instructions from Lender and any notice or instructions from Borrower. The Counterparty shall be held harmless and shall be fully indemnified by Borrower from and against any and all claims, other than those ultimately determined to be proximately caused by the gross negligence or willful misconduct of the Counterparty or Lender, and from and against any damages, penalties, judgments, liabilities, losses or expenses (including reasonable attorneys’ fees and disbursements) actually incurred by the Counterparty as a result of the assertion of any claim, by any person or entity, arising out of, or otherwise related to, any actions taken or omitted to be taken by the Counterparty in reliance upon any such instructions or notice provided by Lender.

(b)During the continuance of an Event of Default, after written request by Lender in connection with Lender’s exercise of its remedies, Borrower agrees to execute a novation to the Rate Cap Confirmation replacing the Borrower with the Lender under the Interest Rate Cap Agreement and the Counterparty consents to such novation.

(c)Upon execution of the novation referenced above, the Rate Cap Confirmation shall constitute a Confirmation under the then-existing ISDA Master Agreement or long form confirmation between Lender and Counterparty, as applicable.

4.Certain Covenants of Borrower.  Borrower agrees that until such time as this Agreement is terminated pursuant to the terms hereof, Borrower will comply with all terms of the Interest Rate Cap Agreement, and will deliver to Lender a copy of any notice received from Counterparty thereunder. Borrower further agrees that until such time as this Agreement is terminated pursuant to the terms hereof, Borrower will not, without first obtaining the written consent of Lender (which may be withheld in Lender’s sole discretion), (a) convey, assign, sell, mortgage, encumber, pledge, hypothecate, grant a security interest in, grant an option or options with respect to, or otherwise dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration) the Interest Rate Cap Agreement or the Rate Cap Collateral, (b) amend, modify, cancel or terminate the Interest Rate Cap Agreement prior to its stated maturity date, except for a cancellation or termination incident to Borrower obtaining a renewal or replacement interest rate cap agreement meeting the requirements of the Note with respect thereto, (c) waive or release any obligation of the Counterparty under the Interest Rate Cap Agreement, (d) consent or agree to any act or omission to act on the part of the Counterparty which, without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement, (e) fail to exercise promptly and diligently any right which it may have under the Interest Rate Cap Agreement, or (f) take or omit to take any action or suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Interest Rate Cap Agreement or any defense by the Counterparty to payment.

5.Representations of Borrower.  Borrower represents and warrants that: (a) it has the full power, right and authority to assign its interest in the Rate Cap Collateral, and that (provided Counterparty executes the Consent attached hereto) all consents and approvals required to be obtained by Borrower, if any, for the consummation of the transactions contemplated by this Agreement have been obtained, (b) Borrower owns the Rate Cap Collateral free and clear of all liens and claims of others and Borrower has not transferred, assigned, granted a security interest in or otherwise encumbered its interest in the Rate Cap Collateral, except in favor of Lender, (c) no security agreement, financing statement or other document is on file or of record in any public office with respect to 

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the Borrower’s rights in the Rate Cap Collateral, other than in favor of Lender, (d) the obligation of the Counterparty under the Interest Rate Cap Agreement to make Payments is not subject to any existing defense or counterclaim, and (e) upon the filing of a UCC Financing Statement naming Borrower as debtor and Lender as secured party in the Office of the Delaware Secretary of State, Lender will have a first priority perfected lien on the Rate Cap Collateral. 

6.No Assumption of Obligations.  This Agreement does not include the delegation to Lender of any of Borrower’s duties, responsibilities or obligations under the Interest Rate Cap Agreement, Borrower remaining liable to perform all duties, responsibilities and obligations to be performed by Borrower thereunder. Lender shall not have any obligation or liability under the Interest Rate Cap Agreement or by reason of or arising out of this Agreement or the receipt by Lender of any Payment. Borrower agrees to protect, indemnify, defend and hold Lender harmless from and against any and all claims, actions, liabilities, judgments, losses, actual damages, actual out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses) arising out of or relating to this Agreement except those resulting from the fraud, gross negligence, illegal acts or willful misconduct of Lender, its officers, agents, directors, employees or contractors. The indemnity set forth in this section shall survive the payment in full of the Loan and the termination of this Agreement. The powers conferred on Lender hereunder are solely to protect Lender’s interests in the Rate Cap Collateral and shall not impose any duty upon Lender to exercise any such powers.

7.Costs and Expenses.  Borrower shall be responsible for, and hereby agrees to pay, all out-of-pocket costs and expenses (including without limitation reasonable attorneys fees, if any) actually incurred by Lender in connection with the execution, administration or enforcement of this Agreement. All such costs and expenses, if not paid by Borrower within ten (10) days after request therefor, may be paid by Lender from any cash collateral held by Lender under any of the Loan Documents at any time without the consent of Borrower.

8.Termination.  The assignment contained herein and this Agreement shall terminate automatically upon the indefeasible payment in full of all amounts owing under the Note, and the other Loan Documents. 

9.Notices.  All notices, consents, approvals, elections and other communications (collectively “Notices”) under this Agreement shall be in writing and shall be deemed to have been duly given if mailed by United States registered or certified mail, with return receipt requested, postage prepaid, or by United States Express Mail or reputable overnight courier service to the parties at the addresses set forth in the Defined Terms, or in the case of Counterparty, at the address set forth below its signature (or at such other addresses as shall be given in writing by any party to the others pursuant to this Section) and shall be deemed complete upon receipt or refusal to accept delivery as indicated in the return receipt or in the receipt of such Express Mail or courier service.

10.Rights and Remedies.  The rights and remedies granted Lender under this Agreement are supplemental to, and not in limitation of, the rights and remedies of Lender under applicable law, and all such rights and remedies are not exclusive of one another, but rather are cumulative and may be pursued simultaneously. This Agreement is not intended to modify or amend any of the obligations of Borrower or the rights or remedies of Lender under any of the other Loan Documents.

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11.Further Assurances.  Borrower shall at its sole cost and expense do, execute, acknowledge and deliver all further acts, assurances, authorizations, documents or instruments as Lender may reasonably request in order to effect further or confirm the purposes of this Agreement, so long as the same does not increase Borrower’s obligations or decrease Borrower’s rights under any of the Loan Documents or the Indemnity Agreement.

12.Assignment.

(a)It is the intention of the parties hereto that this Agreement is made for the benefit of Lender and its successors and assigns as the holder of the Note and the other Loan Documents, who shall have the sole right to enforce the provisions hereof and/or deal with any collateral deposited under this Agreement. Except for transfers of interests in Borrower or in the Property as expressly permitted under, and subject to the conditions of the Loan Documents, Borrower shall have no right to assign its rights and/or obligations under this Agreement and any such attempted assignment shall be null and void and shall constitute an Event of Default. 

(b)In the event of the sale or transfer of Lender’s interest in the Loan, Lender shall have the right to assign this Agreement, and Borrower agrees to reasonably cooperate with Lender in connection therewith (including the execution of any required documents long as the same do not increase Borrower’s obligations or decrease Borrower’s rights under any of the Loan Documents or the Indemnity Agreement). The rights and obligations of Borrower and Lender pertaining to the costs of such sale or transfer are governed by Section 12.01 of the Deed of Trust. Provided that any purchaser of the Loan shall assume Lender’s obligations under the Loan Documents (including but not limited to this Agreement), Lender shall have no further obligations hereunder except as a result of any breach of this Agreement by Lender occurring prior to the date of transfer of Lender’s interest in the Loan. Any duties or actions of Lender hereunder may be performed by Lender or its agent(s), including without limitation, any servicer of the Loan. [IF COUNTERPARTY IS US BANK NATIONAL ASSOCIATION: Notwithstanding the foregoing, Counterparty shall not be required to make any payment which as a result of any assignment or transfer of this Agreement by Lender (i) is prohibited by law or (ii) would subject Counterparty to any withholding requirement or other tax that Counterparty would not have been subject to but for such assignment or transfer. Nothing in the foregoing sentence shall constitute a waiver or modification of any of Borrower’s obligations under the Note, any of the other Loan Documents or the Indemnity Agreement.]

13.Severability.  If for any reason any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

14.No Third-Party Beneficiaries.  It is the intention of the parties hereto that this Agreement is made for the benefit of Lender, who shall have the sole right to enforce the provisions hereof. In no event shall Lender be construed to be Borrower’s agent, and in no event is Lender assuming the responsibility of Borrower for proper payments to others. It is intended that no party shall be a third-party beneficiary hereunder and that no provision hereof shall operate or inure to the use and benefit of such third party.

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15.Attorneys’ Fees.  In the event that any party brings any suit or other proceeding with respect to the subject matter or enforcement of this Agreement, including without limitation, in appellate proceedings or in any action or participation in, or in connection with, any case or proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code, 11 United States Code Sections 101 et seq., or any successor statutes, the prevailing party (as determined by the court, agency or other authority before which such suit or proceeding is commenced) shall, in addition to such other relief as may be awarded, be entitled to recover reasonable attorneys’ fees, expenses and costs of investigation.

16.Governing Law.  This Agreement and the rights and obligations of the parties under this Agreement shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of California (without regard to conflict of law principles).

17.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

[NO FURTHER TEXT ON THIS PAGE]

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IN WITNESS WHEREOF, the parties hereto have executed this Assignment of Interest Rate Cap Agreement as of the Execution Date.

BORROWER:

MAGUIRE PROPERTIES – 777 TOWER, LLC,
a Delaware limited liability company

By: _____________________
Name: ________________
Title: _________________

[SIGNATURES CONTINUE ON NEXT PAGE]

Signature Page

LENDER:

METROPOLITAN LIFE INSURANCE COMPANY,
a New York corporation

By: MetLife Investment Advisors, LLC,
its investment manager

By: ____________________
Name: __________________
Its: _____________________

Signature Page

CONSENT

The undersigned Counterparty hereby consents to the assignment contained in the foregoing Agreement and agrees that it will deposit directly into an account designated by Lender or as Lender may direct, any Payments that become payable under or pursuant to the Interest Rate Cap Agreement to or on behalf of Borrower until such time as this Agreement is terminated or otherwise canceled. The undersigned further agrees that all such Payments to Lender shall be made without setoff, defense, or counterclaim and that during the continuance of an Event of Default, after written request by Lender in connection with Lender’s exercise of its remedies, Borrower agrees to execute a novation to the Rate Cap Confirmation replacing the Borrower with the Lender under the Interest Rate Cap Agreement and the Counterparty consents to such novation. Upon execution of the novation referenced in Subsection 3(b) of the Agreement, the Rate Cap Confirmation shall constitute a Confirmation under the then-existing ISDA Master Agreement or long form confirmation between Lender and Counterparty, as applicable.

The undersigned agrees not to amend, modify, cancel or terminate the Interest Rate Cap Agreement prior to its stated maturity date without the prior written consent of Lender.

COUNTERPARTY:

[______________________]

By: ______________________________
Name:
Title:
By: ______________________________

Name:
Title:

Address:
[________________]
[________________]
[________________]

Consent

EXHIBIT A

INTEREST RATE CAP AGREEMENT

See attached.

EXHIBIT “D”

NEW ENDORSEMENTS

See attached.

EXHIBIT “E”

CURRENT ORGANIZATIONAL STRUCTURE

See attached.

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