Document:

Amended and Restated Promissory Note

 EXHIBIT 10.26 

AMENDED AND RESTATED PROMISSORY NOTE 
  

	 U.S. $43,000,000.00 
	 January 26, 2007 

FOR VALUE RECEIVED, and at the times hereinafter specified, GLB ENCINO, LLC, a Delaware limited liability company
(“Maker”), whose address is 400 South El Camino Real,
11th Floor, San Mateo, California 94402, hereby promises
to pay to the order of SUNAMERICA LIFE INSURANCE COMPANY, an Arizona corporation (hereinafter referred to, together with each subsequent holder hereof, as “Holder”), at c/o AIG Global Investment Corp., 1 SunAmerica Center,
38th Floor, Century City, Los Angeles, California
90067-6022, or at such other address as may be designated from time to time hereafter by any Holder, the principal sum of FORTY THREE MILLION AND NO/100THS DOLLARS ($43,000,000.00), together with interest on the principal balance outstanding from
time to time, as hereinafter provided, in lawful money of the United States of America. 
 RECITALS 

A. On or about December 19, 2002, Holder made a $33,000,000.00 loan (“2002 Loan”) to Maker. 

B. The 2002 Loan is evidenced by a Promissory Note (“2002 Note”) dated as of December 19, 2002, in the original principal
amount of the 2002 Loan executed by Maker for the benefit of Holder, and secured by, among other things, a Deed of Trust, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents dated as of December 19, 2002,
executed by Maker for the benefit of Holder encumbering certain property commonly known as the First Financial Plaza, Encino, California, as more particularly described therein (“2002 Deed of Trust”). 

C. On or about September 16, 2004, Holder and Maker amended the 2002 Note pursuant to an Amendment to Promissory Note dated as of
September 16, 2004, executed by Maker and Holder (“Note Amendment”) to, among other things, extend the maturity date of such 2002 Note. 

D. The 2002 Note, as amended by the Note Amendment, is referred to hereinafter as the “Original Note”; the loan evidenced by
the Original Note is referred to hereinafter as the “Original Loan.” 
 E. Maker has requested that Holder make an
additional advance to Maker in the amount of $12,161,604.15 (the “Additional Advance”). Immediately prior to Holder making the Additional Advance, the outstanding principal balance existing under the Original Loan will be $30,838,395.85
(the “Original Loan Principal Balance”). After Holder makes the Additional Advance, the aggregate principal indebtedness owing by Maker to Holder under the Original Loan and the Additional Advance will be, as of the date of such Additional
Advance, $43,000,000.00 (the “New Principal Balance”). 

 F. This Amended and Restated Promissory Note (this “Note”) shall be effective as
of the date Holder makes the Additional Advance to Maker (the “Closing Date”), and upon Holder making such Additional Advance, (i) this Note shall consolidate the Original Loan and the Additional Advance, and amend, modify and restate
in its entirety, the Original Note, and (ii) the conditions contained in this Note shall supersede and control the terms, covenants, agreements, rights, obligations and conditions contained in the Original Note. 

AGREEMENT 

By its execution and delivery of this Note, Maker covenants and agrees as follows: 

 

	 	1.	Interest Rate and Payments. 

(a) Commencing on the Closing Date, the balance of principal outstanding from time to time under this Note shall bear interest at the
rate of five and thirty-four one-hundredths percent (5.34%) per annum (the “New Rate”), based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for
partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the New Rate or the Extension Term Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and
multiplying that result by the actual number of days elapsed. 
 (b) Accrued interest (if any) on the Original Loan Principal
Balance, at the interest rate set forth in the Original Note, shall be payable on the Closing Date, in arrears. In addition, interest only, at the New Rate, on the New Principal Balance, shall be payable on the Closing Date, in advance, for the
period from and including the Closing Date through and including January 31, 2007. 
 (c) Commencing on March 1,
2007, and continuing on the first day of each month thereafter through and including November 1, 2011, payments of interest only on the outstanding principal balance of this Note, at the New Rate, shall be due and payable, in arrears, in the
amount of $191,350.00 each. 
 (d) The entire outstanding principal balance of this Note, together with all accrued and unpaid
interest and all other sums due hereunder, shall be due and payable in full on December 1, 2011 (the “Original Maturity Date”). 
  

	 	2.	Holder’s Extension Option: Net Operating Income. 

(a) If Maker shall fail to pay the outstanding principal balance of this Note and all accrued interest and other charges due hereon at
the Original Maturity Date. Holder shall have the right, at Holder’s sole option and discretion, to extend the term of the loan evidenced by this Note (the “Loan”) for an additional period of five (5) years (the “Extension
Term”). If Holder elects to extend the term of the Loan, Maker shall pay all fees of Holder incurred in connection with such extension, including, but not limited to, attorneys’ fees and title insurance premiums. Maker shall execute all
documents reasonably requested by Holder to 
  

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evidence and secure the Loan, as extended, and shall obtain and provide to Holder any title insurance policy or endorsement requested by Holder. 

(b) Should Holder elect to extend the term of the Loan as provided above, Holder shall (i) reset the interest rate borne by the
then-existing principal balance of the Loan to a rate per annum (the “Extension Term Rate”) equal to the greater of (A) the New Rate, or (B) Holder’s (or comparable lenders’, if Holder is no longer making such loans)
then-prevailing interest rate for five (5) year loans secured by properties similar to the Property (hereinafter defined), as determined by Holder in its sole discretion; (ii) amortize the then-existing principal balance of the Loan over a
thirty (30) year amortization period (the “Amortization Period”); (iii) have the right to require Maker to enter into modifications of the non-economic terms of the Loan Documents as Holder may request (the “Non-Economic
Modifications”); and (iv) notwithstanding any provision set forth in the Loan Documents to the contrary, have the right to require Maker to make monthly payments into escrow for insurance premiums and real property taxes, assessments and
similar governmental charges. Hence, monthly principal and interest payments during the Extension Term shall be based upon the Extension Term Rate, and calculated to fully amortize the outstanding principal balance of the Loan over the Amortization
Period. 
 (c) If Holder elects to extend the term of the Loan, Holder shall advise Maker of the Extension Term Rate within
fifteen (15) days following the Original Maturity Date. 
 (d) In addition to the required monthly payments of principal
and interest set forth above, commencing on the first day of the second month following the Original Maturity Date and continuing on the first day of each month thereafter during the Extension Term (each an “Additional Payment Date”),
Maker shall make monthly payments to Holder in an amount equal to all Net Operating Income (hereinafter defined) attributable to the Property for the calendar month ending on the last day of the month that is two months preceding each such
Additional Payment Date. For example, assuming the Original Maturity Date is January 1, then Net Operating Income for the period from January 1 through January 31 shall be payable to Holder on March 1: Net Operating Income for the
period from February 1 through February 28 shall be payable to Holder on April 1, and so on. 
 (e) Holder shall
deposit all such Net Operating Income received from Maker into an account or accounts maintained at a financial institution chosen by Holder or its servicer in its sole discretion (the “Deposit Account”) and all such funds shall be
invested in a manner acceptable to Holder in its sole discretion. All interest, dividends and earnings credited to the Deposit Account shall be held and applied in accordance with the terms hereof. 

(f) On the third Additional Payment Date and on each third Additional Payment Date thereafter. Holder shall apply all Excess Funds
(hereinafter defined), if any, to prepayment of amounts due under this Note, without premium or penalty. 
 (g) As security for
the repayment of the Loan and the performance of all other obligations of Maker under the Loan Documents, Maker hereby assigns, pledges, conveys, delivers, transfers and grants to Holder a first priority security interest in and to: all Maker’s
right, title and interest in and to the Deposit Account; all rights to payment from the 
  

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Deposit Account and the money deposited therein or credited thereto (whether then due or in the future due and whether then or in the future on deposit): all interest thereon: any certificates,
instruments and securities, if any, representing the Deposit Account: all claims, demands, general intangibles, choses in action and other rights or interests of Maker in respect of the Deposit Account; any monies then or at any time thereafter
deposited therein; any increases, renewals, extensions, substitutions and replacements thereof; and all proceeds of the foregoing. 

(h) From time to time, but not more frequently than monthly, Maker may request a disbursement (a “Disbursement”) from the
Deposit Account for capital expenses, tenant improvement expenses, leasing commissions and special contingency expenses. Holder may consent to or deny any such Disbursement in its sole discretion. 

(i) Upon the occurrence of any Event of Default (hereinafter defined) (i) Maker shall not be entitled to any further Disbursement from
the Deposit Account; and (ii) Holder shall be entitled to take immediate possession and control of the Deposit Account (and all funds contained therein) and to pursue all of its rights and remedies available to Holder under the Loan Documents, at
law and in equity. 
 (j) All of the terms and conditions of the Loan shall apply during the Extension Term, except as
expressly set forth above, and except that no further extensions of the Loan shall be permitted. 
 (k) For the purposes of the
foregoing: 
 (i) “Excess Funds” shall mean, on any Additional Payment Date, the amount of funds then
existing in the Deposit Account (including any Net Operating Income due on the applicable Additional Payment Date), less an amount equal to the sum of three regularly scheduled payments of principal and interest due on this Note; 

(ii) “Net Operating Income” shall mean, for any particular period of time. Gross Revenue for the relevant
period, less Operating Expenses for the relevant period; provided, however, that if such amount is equal to or less than zero (0). Net Operating Income shall equal zero (0); 

(iii) “Gross Revenue” shall mean all payments and other revenues (exclusive, however, of any payments
attributable to sales taxes) received by or on behalf of Maker from all sources related to the ownership or operation of the Property, including, but not limited to, rents, room charges, parking fees, interest, security deposits (unless required to
be held in a segregated account), business interruption insurance proceeds, operating expense pass-through revenues and common area maintenance charges, for the relevant period for which the calculation of Gross Revenue is being made; and

 (iv) “Operating Expenses” shall mean the sum of all ordinary and necessary operating expenses
actually paid by Maker in connection with the operation of the Property during the relevant period for which the calculation of Operating Expenses is being made, including, but not limited to, (a) payments made by

  

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Maker for taxes and insurance required under the Loan Documents, and (b) monthly debt service payments as required under this Note. 

 

	 	3.	Budgets During Extension Term. 

(a) Within fifteen (15) days following the Original Maturity Date and on or before December 1 of each subsequent calendar
year. Maker shall deliver to Holder a proposed revenue and expense budget for the Property for the remainder of the calendar year in which the Original Maturity Date occurs or the immediately succeeding calendar year (as applicable). Such budget
shall set forth Maker’s projection of Gross Revenue and Operating Expenses for the applicable calendar year, which shall be subject to Holder’s reasonable approval. Once a proposed budget has been reviewed and approved by Holder, and Maker
has made all revisions requested by Holder, if any, the revised budget shall be delivered to Holder and shall thereafter become the budget for the Property hereunder (the “Budget”) for the applicable calendar year. If Maker and Holder are
unable to agree upon a Budget for any calendar year, the budgeted Operating Expenses (excluding extraordinary items) provided in the Budget for the Property for the preceding calendar year shall be considered the Budget for the Property for the
subject calendar year until Maker and Holder agree upon a new Budget for such calendar year. 
 (b) During the Extension Term,
Maker shall operate the Property in accordance with the Budget for the applicable calendar year, and the total of expenditures relating to the Property exceeding one hundred and five percent (105%) of the aggregate of such expenses set forth in
the Budget for the applicable time period shall not be treated as Operating Expenses for the purposes of calculating “Net Operating Income,” without the prior written consent of Holder except for emergency expenditures which, in the
Maker’s good faith judgment, are reasonably necessary to protect, or avoid immediate danger to, life or property. 
  

	 	4.	Reports During Extension Term. 

(a) During the Extension Term, Maker shall deliver to Holder all financial statements reasonably required by Holder to calculate Net
Operating Income, including, without limitation, a monthly statement to be delivered to Holder concurrently with Maker’s payment of Net Operating Income that sets forth the amount of Net Operating Income accompanying such statement and
Maker’s calculation of Net Operating Income for the relevant calendar month. Such statements shall be certified by an executive officer of Maker or Maker’s manager, managing member or general partner (as applicable) as having been prepared
in accordance with the terms hereof and to be true, accurate and complete in all material respects. 
 (b) In addition, on or
before February 1 of each calendar year during the Extension Term, Maker shall submit to Holder an annual income and expense statement for the Property which shall include the calculation of Gross Revenue. Operating Expenses and Net Operating
Income for the preceding calendar year and shall be accompanied by Maker’s reconciliation of any difference between the actual aggregate amount of the Net Operating Income for such calendar year and the aggregate amount of Net Operating Income
for such calendar year actually remitted to Holder. All such statements shall be certified by an executive officer of Maker or Maker’s manager, managing member or general partner (as applicable) as

  

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having been prepared in accordance with the terms hereof and to be true, accurate and complete in all material respects. If any such annual financial statement discloses any inconsistency between
the calculation of Net Operating Income and the amount of Net Operating Income actually remitted to Holder, Maker shall immediately remit to Holder the amount of any underpayment of Net Operating Income for such calendar year or, in the event of an
overpayment by Maker, such amount may be withheld from any subsequent payment of Net Operating Income required hereunder. 

(c) Holder may notify Maker within ninety (90) days after receipt of any statement or report required hereunder that Holder
disputes any computation or item contained in any portion of such statement or report. If Holder so notifies Maker. Holder and Maker shall meet in good faith within twenty (20) days after Holder’s notice to Maker to resolve such disputed
items. If, despite such good faith efforts, the parties are unable to resolve the dispute at such meeting or within ten (10) days thereafter, the items shall be resolved by an independent certified public accountant designated by Holder within
fifteen (15) days after such ten (10) day period. The determination of such accountant shall be final. All fees of such accountant shall be paid by Maker. Maker shall remit to Holder any additional amount of Net Operating Income found to
be due for such periods within ten (10) days after the resolution of such dispute by the parties or the accountant’s determination, as applicable. The amount of any overpayment found to have been made for such periods may be withheld from any
required future remittance of Net Operating Income. 
 (d) Maker shall at all times keep and maintain full and accurate books
of account and records adequate to reflect correctly all items required in order to calculate Net Operating Income. 
  

	 	5.	Prepayment. 

 (a) Maker
shall have no right to prepay all or any part of this Note at any time on or prior to June 30, 2009 (the “Lockout Period”). 

(b) At any time following the expiration of the Lockout Period, Maker shall have the right to prepay the full principal amount of this
Note and all accrued but unpaid interest hereon as of the date of prepayment, provided that (i) Maker gives not less than thirty (30) days’ prior written notice to Holder of Maker’s election to prepay this Note, and
(ii) Maker pays a prepayment premium to Holder equal to the greater of (A) one percent (1%) of the outstanding principal amount of this Note or (B) the Present Value of this Note (hereinafter defined), less the amount of
principal being prepaid, calculated as of the prepayment date. 
 (c) Holder shall notify Maker of the amount and basis of
determination of the prepayment premium. Holder shall not be obligated to accept any prepayment of the principal balance of this Note unless such prepayment is accompanied by the applicable prepayment premium and all accrued interest and other sums
due under this Note. Maker may not prepay the Loan on a Friday or on any day preceding a public holiday, or the equivalent for banks generally under the laws of the State in which the Property is located (the “State”). 

 

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 (d) Except for making payments of Net Operating Income as required above, and except for
the application of insurance proceeds or condemnation awards to the principal balance of this Note, as provided in the Deed of Trust (hereinafter defined), in no event shall Maker be permitted to make any partial prepayments of this Note.

 (e) If Holder accelerates this Note due to the occurrence of an Event of Default, then in addition to Maker’s
obligation to pay the then outstanding principal balance of this Note and all accrued but unpaid interest thereon. Maker shall pay to Holder an additional amount equal to the prepayment premium that would be due to Holder if Maker were voluntarily
prepaying this Note at the time that such acceleration occurred, or if under the terms hereof no voluntary prepayment would be permissible on the date of such acceleration (i.e. during the Lockout Period), Maker shall pay a prepayment premium
calculated as set forth in the Deed of Trust. 
 (f) For the purposes of the foregoing: 

(i) The “Present Value of this Note” with respect to any prepayment of this Note, as of any date, shall be
determined by discounting all scheduled payments of principal and interest remaining to maturity of this Note, attributed to the amount being prepaid, at the Discount Rate. If prepayment occurs on a date other than a regularly scheduled payment
date, the actual number of days remaining from the prepayment date to the next regularly scheduled payment date will be used to discount within such period; 

(ii) The “Discount Rate” is the rate which, when compounded monthly, is equivalent to the Treasury Rate, when
compounded semi-annually; 
 (iii) The “Treasury Rate” is the semi-annual yield on the Treasury
Constant Maturity Series with maturity equal to the remaining weighted average life of this Note, for the week prior to the prepayment date, as reported in Federal Reserve Statistical Release H.15—Selected Interest Rates, conclusively
determined by Holder on the prepayment date. The rate will be determined by linear interpolation between the yields reported in Release H.15, if necessary. In the event Release 11.15 is no longer published. Holder shall select a comparable
publication to determine the Treasury Rate. 
 (g) Holder shall not be obligated actually to reinvest the amount prepaid in any
treasury obligations as a condition precedent to receiving any prepayment premium. 
 (h) Notwithstanding the foregoing,
(i) at any time following the date that is ninety (90) days preceding the Original Maturity Date, and at any time during the Extension Term. Maker shall have the right to prepay the full principal amount of this Note and all accrued but
unpaid interest thereon as of the date of prepayment, without prepayment premium thereon, and (ii) no prepayment premium shall be due in connection with the application of any insurance proceeds or condemnation awards to the principal balance
of this Note, as provided in the Deed of Trust. 
  

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 6. Payments. Whenever any payment to be made under this Note shall be stated to be
due on a Saturday, Sunday or public holiday or the equivalent for banks generally under the laws of the State (any other day being a “Business Day”), such payment may be made on the next succeeding Business Day. 

7. Default Rate. 

(a) The entire balance of principal, interest, and other sums due upon the maturity hereof, by acceleration or otherwise, shall bear
interest from the date due until paid at the greater of (i) eighteen percent (18%) per annum and (ii) a per annum rate equal to five percent (5%) over the prime rate (for corporate loans at large United States money center
commercial banks) published in The Wall Street Journal on the first business day of each month (the “Default Rate”); provided, however, that such rate shall not exceed the maximum permitted by applicable state or federal law. In the
event The Wall Street Journal is no longer published or no longer publishes such prime rate. Holder shall select a comparable reference. 

(b) If any payment under this Note is not made when due, interest shall accrue at the Default Rate from the date such payment was due
until payment is actually made. 
 8. Late Charges. In addition to interest as set forth herein, Maker shall pay to
Holder a late charge equal to four percent (4%) of any amounts due under this Note in the event any such amount is not paid when due. 

9. Application of Payments. All payments hereunder shall be applied first to the payment of late charges, if any, then to the
payment of prepayment premiums, if any, then to the repayment of any sums advanced by Holder for the payment of any insurance premiums, taxes, assessments, or other charges against the property securing this Note (together with interest thereon at
the Default Rate from the date of advance until repaid), then to the payment of accrued and unpaid interest, and then to the reduction of principal. 

10. Immediately Available Funds. Payments under this Note shall be payable in immediately available funds without setoff,
counterclaim or deduction of any kind, and shall be made by electronic funds transfer from a bank account established and maintained by Maker for such purpose. 

11. Security. This Note is secured by an Amended and Restated Deed of Trust, Security Agreement, Fixture Filing, Financing
Statement and Assignment of Leases and Rents of even date herewith granted by Maker for the benefit of the named Holder hereof (the “Deed of Trust”) encumbering certain real property and improvements thereon commonly known as First
Financial Plaza, Encino, California, and more particularly described in such Deed of Trust (the “Property”). 
 12.
Certain Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Deed of Trust. 

13. Event of Default. Each of the following events will constitute an event of default (an “Event of Default”) under
this Note and under the Deed of Trust and each other Loan 
  

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Document, and any Event of Default under any Loan Document shall constitute an Event of Default hereunder and under each of the other Loan Documents: 

(a) any failure to pay when due any sum hereunder; 

(b) any failure of Maker to properly perform any obligation contained herein or in any of the other Loan Documents (other than the
obligation to make payments under this Note or the other Loan Documents) and the continuance of such failure for a period of ten (10) days following written notice thereof from Holder to Maker; provided, however, that if such failure is not
curable within such ten (10) day period, then, so long as Maker commences to cure such failure within such ten (10) day period and is continually and diligently attempting to cure to completion, such failure shall not be an Event of
Default unless such failure remains uncured for ninety (90) days after such written notice to Maker; or 
 (c) if, at any
time during the Extension Term. Gross Revenue for any calendar month shall be less than ninety-three percent (93%) of the amount of projected Gross Revenue for such month set forth in the applicable Budget. 

14. Acceleration. Upon the occurrence of any Event of Default, the entire balance of principal, accrued interest, and other sums
owing hereunder shall, at the option of Holder, become at once due and payable without notice or demand. Upon the occurrence of an Event of Default described in Section 13(c) hereof, Holder shall have the option, in its sole discretion, to
either (a) exercise any remedies available to it under the Loan Documents, at law or in equity, or (b) require Maker to submit a new proposed budget for Holder’s approval. If Holder agrees to accept such new proposed budget, then such
budget shall become the Budget for all purposes hereunder. 
 15. Conditions Precedent. Maker hereby certifies and
declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute this Note the legal, valid and binding obligation of Maker, enforceable in
accordance with the terms hereof, have been done and performed and happened in due and strict compliance with all applicable laws. 

16. Certain Waivers and Consents. Maker and all parties now or hereafter liable for the payment hereof, primarily or secondarily,
directly or indirectly, and whether as endorser, guarantor, surety, or otherwise, hereby severally (a) waive presentment, demand, protest, notice of protest and/or dishonor, and all other demands or notices of any sort whatever with respect to
this Note, (b) consent to impairment or release of collateral, extensions of time for payment, and acceptance of partial payments before, at, or after maturity, (c) waive any right to require Holder to proceed against any security for this
Note before proceeding hereunder, (d) waive diligence in the collection of this Note or in filing suit on this Note, and (e) agree to pay all costs and expenses, including reasonable attorneys’ fees, which may be incurred in the
collection of this Note or any part thereof or in preserving, securing possession of, and realizing upon any security for this Note. 

17. Usury Savings Clause. The provisions of this Note and of all agreements between Maker and Holder are, whether now existing or
hereinafter made, hereby expressly 
  

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limited so that in no contingency or event whatever, whether by reason of acceleration of the maturity hereof, prepayment, demand for payment or otherwise, shall the amount paid, or agreed to be
paid, to Holder for the use, forbearance, or detention of the principal hereof or interest hereon, which remains unpaid from time to time, exceed the maximum amount permissible under applicable law, it particularly being the intention of the parties
hereto to conform strictly to the laws of the State and Federal law, whichever is applicable. If from any circumstance whatever, the performance or fulfillment of any provision hereof or of any other agreement between Maker and Holder shall, at the
time performance or fulfillment of such provision is due, involve or purport to require any payment in excess of the limits prescribed by law, then the obligation to be performed or fulfilled is hereby reduced to the limit of such validity, and if
from any circumstance whatever Holder should ever receive as interest an amount which would exceed the highest lawful rate, the amount which would be excessive interest shall be applied to the reduction of the principal balance owing hereunder (or,
at Holder’s option, be paid over to Maker) and shall not be counted as interest. To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating
and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged, or received from Maker in connection with this Note and all other agreements between Maker and Holder, so that the
actual rate of interest on account of the indebtedness represented by this Note is uniform throughout the term hereof. 
 18.
Non-Recourse; Exceptions to Non-Recourse. Nothing contained in this Note or any of the other Loan Documents shall be deemed to impair or limit Holder’s rights: in foreclosure proceedings or in any ancillary proceedings brought to
facilitate Holder’s foreclosure on the Property or any portion thereof or to exercise any specific rights or remedies afforded Holder under any other provisions of the Loan Documents or by law or in equity, subject to the non-recourse
provisions set forth below: to recover under any guarantee given in connection with the Loan: or to pursue any personal liability of Maker or any Guarantor under the Environmental Indemnity Agreement or Section 5.10 of the Deed of Trust. Except
as expressly set forth in this Section 18, the recourse of Holder with respect to the obligations evidenced by this Note shall be solely to the Property, Chattels and Intangible Personalty (as defined in the Deed of Trust) and any other
collateral given as security for the Loan: 
 (a) Notwithstanding anything to the contrary contained in this Note or in any Loan
Document, nothing shall be deemed in any way to impair, limit or prejudice the rights of Holder to collect or recover from Maker and Guarantor: (i) damages or costs (including without limitation reasonable attorneys’ fees) incurred by
Holder as a result of waste by Maker; (ii) any condemnation or insurance proceeds attributable to the Property which were not paid to Holder or used to restore the Property in accordance with the terms of the Deed of Trust; (iii) any
rents, profits. advances, rebates, prepaid rents or other similar sums attributable to the Property collected by or for Maker following an Event of Default (as defined in the Deed of Trust) and not properly applied to the reasonable fixed and
operating expenses of the Property, including payments of this Note and other sums due under the Loan Documents; (iv) any security deposits collected by or for Borrower and not applied in accordance with applicable leases; (v) the amount of any
accrued taxes, assessments, and/or utility charges affecting the Property (whether or not the same have been billed to Maker) that are either unpaid by Maker or advanced by Holder under the Deed of Trust; (vi) any sums expended by Holder in
fulfilling the obligations of Maker, as lessor, under any leases affecting the Property; (vii) the amount of any loss suffered by 

 

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Holder (that would otherwise be covered by insurance) as a result of Maker’s failure to maintain the insurance required under the terms of any Loan Document: and (viii) the amount of
any loss suffered by Holder as a result of any amendment, modification or termination of any lease to Pepperdine University, Marcus & Millichap, Vitas Healthcare Corporation of California, Haber Corporation, Merrill Lynch, Pierce,
Fenner & Smith, Inc., and Ezra, Burtzkus, Gubner, L.L.P. (individually, a “Major Tenant”) or execution or subsequent amendment, modification or termination of any lease for any space currently occupied by any Major Tenant without
the prior written consent of Holder, if such consent is required under Section 5.3 of the Deed of Trust: 
 (b) The
agreement set forth in the introductory paragraph of this Section 18 to limit the personal liability of Maker shall become null and void and be of no further force and effect, and Maker and each Guarantor shall be personally liable for the
obligations evidenced by this Note, in the event (i) that the Property, or any part thereof or any interest therein, or any interest in Maker, shall be further encumbered by a voluntary lien securing any obligation upon which Maker, any direct
or indirect general partner, manager or managing member of Maker, any guarantor of the Loan, or any principal or affiliate of Maker shall be personally liable for repayment, either as obligor or guarantor; (ii) of any breach or violation of
Section 5.4, 5.5 or 5.7 of the Deed of Trust: (iii) of any fraud or material misrepresentation by Maker in connection with the Property, the Loan Documents or the application made by Maker for the Loan; (iv) that Maker forfeits the
Property or Chattels or any portion of the Property or Chattels due to criminal activity; or (v) of any attempt by Maker, any Guarantor, or any other person directly or indirectly responsible for the management of Maker or liable for repayment
of Maker’s obligations under the Loan (whether as maker, endorser, guarantor, surety, general partner or otherwise) to materially delay any foreclosure against the Property. Chattels and/or Intangible Personality or any other exercise by Holder
of its remedies under the Loan Documents, which attempts shall include, without limitation. (A) any claim that any Loan Document is invalid or unenforceable to an extent that would preclude any such foreclosure or other exercise of remedies,
(B) Maker filing a petition in bankruptcy, Maker failing to oppose in good faith the entry of an order for relief pursuant to any involuntary bankruptcy petition filed against it or Maker seeking any reorganization, liquidation, dissolution or
similar relief under the bankruptcy laws of the United States or under any other similar federal, state or other statute relating to relief from indebtedness, or (C) the appointment of a receiver, trustee or liquidator with respect to Maker or
the Property or any part thereof. For purposes of the foregoing, “affiliate” shall mean any individual, corporation, trust, partnership or any other person or entity controlled by, controlling or under common control with Maker. A person
or entity of any nature shall be presumed to have control when it possesses the power, directly or indirectly, to direct, or cause the direction of, the management or policies of another person or entity, whether through ownership of voting
securities, by contract, or otherwise. 
 19. Severability. If any provision hereof or of any other document securing or
related to the indebtedness evidenced hereby is, for any reason and to any extent, invalid or unenforceable, then neither the remainder of the document in which such provision is contained, nor the application of the provision to other persons,
entities, or circumstances, nor any other document referred to herein, shall be affected thereby, but instead shall be enforceable to the maximum extent permitted by law. 
  

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 20. Transfer of Note. Each provision of this Note shall be and remain in full force
and effect notwithstanding any negotiation or transfer hereof and any interest herein to any other Holder or participant. 
 21.
Governing Law. Regardless of the place of its execution. this Note shall be construed and enforced in accordance with the laws of the State. 

22. Time of Essence. Time is of the essence with respect to all of Maker’s obligations under this Note. 

23. Remedies Cumulative. The remedies provided to Holder in this Note, the Deed of Trust and the other Loan Documents are
cumulative and concurrent and may be exercised singly, successively or together against Maker, the Property, and other security, or any guarantor of this Note, at the sole and absolute discretion of the Holder. 

24. No Waiver. Holder shall not by any act or omission be deemed to waive any of its rights or remedies hereunder unless such
waiver is in writing and signed by the Holder and then only to the extent specifically set forth therein. A waiver of one event shall not be construed as continuing or as a bar to or waiver of any right or remedy granted to Holder hereunder in
connection with a subsequent event. 
 25. Joint and Several Obligation. If Maker is more than one person or entity, then
(a) all persons or entities comprising Maker are jointly and severally liable for all of the Maker’s obligations hereunder; (b) all representations, warranties, and covenants made by Maker shall be deemed representations, warranties,
and covenants of each of the persons or entities comprising Maker; (c) any breach. Default or Event of Default by any of the persons or entities comprising Maker hereunder shall be deemed to be a breach. Default, or Event of Default of Maker;
and (d) any reference herein contained to the knowledge or awareness of Maker shall mean the knowledge or awareness of any of the persons or entities comprising Maker. 

26. WAIVER OF JURY TRIAL. MAKER HEREBY AGREES TO WAIVE TO THE FULLEST EXTENT NOT PROHIBITED BY LAW. ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF: (A) THE LOAN OR THE PROPERTY, (B) THIS NOTE, THE DEED OF TRUST, OR ANY OTHER LOAN DOCUMENT OR INSTRUMENT BETWEEN MAKER AND HOLDER RELATING TO THIS NOTE. THE PROPERTY OR THE LOAN,
OR (C) ANY DEALINGS BETWEEN MAKER AND HOLDER RELATING TO THE SUBJECT MATTER OF THIS NOTE OR THE LOAN. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THAT RELATIONSHIP, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS, MAKER HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS
REVIEWED THIS WAIVER WITH LEGAL COUNSEL OF ITS OWN CHOOSING, OR HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER IS 

 

 12 

 
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS NOTE OR ANY
OTHER LOAN DOCUMENT. IN THE EVENT OF LITIGATION. THIS AGREEMENT MAY BE FILED AS WRITTEN CONSENT TO A TRIAL BY THE COURT WITHOUT A JURY. 

27. WAIVER OF PREPAYMENT RIGHT WITHOUT PREMIUM. MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW TO PREPAY
THIS NOTE. IN WHOLE OR IN PART. WITHOUT CHARGE. FEE OR PENALTY. UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND AGREES THAT. IF FOR ANY REASON A PREPAYMENT OF ALL OR ANY PART OF THIS NOTE IS MADE. WHETHER VOLUNTARILY OR FOLLOWING ANY
ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF THE OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY REASON. INCLUDING, WITHOUT LIMITATION, AS A RESULT OF ANY PROHIBITED OR RESTRICTED TRANSFER, FURTHER ENCUMBRANCE OR
DISPOSITION OF THE PROPERTY OR ANY PART THEREOF SECURING THIS NOTE, OR ANY PROHIBITED DIRECT OR INDIRECT INTEREST IN MAKER, THEN MAKER SHALL BE OBLIGATED TO PAY, CONCURRENTLY WITH SUCH PREPAYMENT, THE PREPAYMENT PREMIUM PROVIDED FOR IN THIS NOTE
(OR, IN THE EVENT OF PREPAYMENT FOLLOWING ACCELERATION OF THE MATURITY DATE HEREOF WHEN THIS NOTE IS CLOSED TO PREPAYMENT, AS PROVIDED IN THE DEED OF TRUST) AND ANY AND ALL OTHER CHARGES AND FEES DUE UNDER THE LOAN DOCUMENTS. MAKER HEREBY EXPRESSLY
WAIVES ANY RIGHT IT MAY HAVE UNDER CALIFORNIA CIVIL CODE SECTION 2954.10 WITH RESPECT TO THE FOREGOING. MAKER HEREBY DECLARES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES
ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS WAIVER AND AGREEMENT. 
  

			
	MAKER	  	
 

 [Balance of Page Intentionally Left Blank] 

 

 13 

 IN WITNESS WHEREOF and intending to be legally bound, Maker has duly executed this Note as
of the date first above written. 
  

			
	MAKER:
	  
 GLB ENCINO, LLC, a Delaware limited liability company

		
	By:	 	

		 	Brian Peay, Chief Financial OfficerApproval Letter from Wells Fargo

 EXHIBIT 10.27 

 

 

 Approval Letter         

VIA E-MAIL 
 June 8, 2010 

Hudson Capital, LLC. 
 11601 Wilshire Blvd.,
Suite 1600 
 Los Angeles, CA 90025 

Attn: Alex Vouvalides 
 Office: 310.445.5706

 Cell: 917.609.2808 

alex@hudsonllc.com 
  

					
	Re:	  	Loan Name:	  	Glenborough Tierrasanta, LLC
		  	Loan No.:	  	16-8000081
		  	Investor:	  	168
		  	Property:	  	Glenborough Tierrasanta
		  		  	9765-9775 Clairemont Mesa Blvd.
		  		  	San Diego, CA 92124
		  	Lender:	  	CD 2007-CD4

 Dear Mr. Vouvalides: 

Wells Fargo Bank, N.A. (“WFB” or “Lender”) as Master Servicer, and CWCapital Asset Management, LLC
(“CWCAM”) as Special Servicer, has approved Glenborough Tierrasanta, LLC’s request for consent to the proposed transfer of ownership in Borrower to Hudson Pacific Properties, L.P. (“Hudson”), and the
replacement of the guarantor/indemnitor for the non-recourse carve-outs and environmental indemnity by Hudson (collectively, the “Transfer”), subject to the satisfaction of the following conditions: 

 

	 	1.	Glenborough Tierrasanta, LLC (“Borrower”), the current member of Borrower, and the proposed new member of Borrower shall execute a consent agreement
and any other documentation required by Lender, in form and content acceptable to Lender evidencing the proposed Transfer, including representations from both current and proposed new members of Borrower that the loan is not in default.

  

	 	2.	Hudson shall execute such documents as Lender may require evidencing the proposed Transfer. 

 

	 	3.	Hudson shall execute documents as indemnitor and guarantor. Borrower shall reaffirm its obligations as a guarantor. 

	 	4.	Borrower shall deliver to Lender a “no adverse change” certification which states that its the current financial position has not significantly deteriorated
from that reflected in the most recently provided financial statements. 

  

	 	5.	Borrower shall deliver to Lender a property management contract acceptable to Lender. Such agreement or a subordination agreement of such agreement shall include a
30-day cancellation provision and shall stipulate that no change in management shall take place without Lender’s consent. Any management fee included shall not exceed 5% and the management agreement must be subordinate to the subject loan.

  

	 	6.	Borrower and its key principals/limited guarantors shall certify to Lender that the closing funds are being contributed as a capital contribution and are not secured,
directly or indirectly, by an interest in proposed borrower or any collateral assigned to lender under the loan documents. 

  

	 	7.	WFB and Lender shall receive a legal opinion, in form and content and issued by tax counsel satisfactory to WFB’s tax counsel, that the Transfer will not result in
a significant modification of the loan within the meaning of the applicable Treasury regulations or otherwise result in any adverse tax consequences to the lender under the applicable REMIC statutes and regulations. 

 

	 	8.	CWCAM shall review and approve the proposed Standard Lease Form. 

  

	 	9.	Any and all of Borrower’s proposed loan modifications shall be subject to the review and approval of Lender’s outside counsel. 

 

	 	10.	Any loan modifications related to transfers of direct or indirect interests in Borrower shall conform to Exhibit A attached hereto.

  

	 	11.	After giving effect to the Transfer, Borrower’s insurance policy (and insurance carriers) shall continue to comply with any applicable requirements in the loan
documents, as may be amended, subject to Lender’s approval. 

  

	 	12.	The initial public offering (“IPO”) for Hudson Pacific Properties, Inc. (“HPP”), the general partner of Hudson, which is anticipated
to occur on or about June 22, 2010 or as soon thereafter as practicable, shall be successful. 

  

	 	13.	Borrower shall complete those deferred maintenance items identified on that certain site inspection report from September 2009 in a manner satisfactory to Lender.

  

	 	14.	 Upon successful completion of its IPO, HPP, Hudson and its subsidiaries (collectively, the “REIT”) shall collectively maintain
(i) a Tangible Net Worth (as defined below) in excess of $232,500,000, and (ii) Liquid Assets (as defined below) having a market value in excess of $19,500,000. As used herein, “Tangible Net Worth” means, as of a given
date, the REIT’s equity calculated by subtracting total liabilities of the REIT from total assets of the REIT, with evidence of valuation satisfactory to Lender. As used herein, “Liquid Assets” means assets in the form of cash,
cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States or any agency or instrumentality thereof (provided the full faith and credit of the United States supports such obligation or guarantee),
certificates of deposit issued by a commercial bank having net assets of not less than $500 million, securities used and traded on a recognized stock 

	 	
exchange or traded over the counter and listed in the National Association of Securities Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and are
regularly traded in a recognized financial market. 

  

	 	15.	At the closing of the proposed Transfer, Borrower shall deposit with Lender, as additional security for the payment and performance by Borrower of its obligations under
the loan documents, an amount equal to $700,000 in the form of cash or a letter of credit from a financial institution and in a form acceptable to Lender. The cash or the letter of credit shall be held by Lender throughout the term of the loan and
may be applied to the outstanding principal balance of the loan at payoff and maturity of the loan. 

  

	 	16.	At the closing of the proposed Transfer, Hudson shall provide a limited payment guaranty in an amount of $700,000. 

 

	 	17.	Borrower shall pay for all costs and expenses related to the Transfer, including but not limited to legal fees, rating agency review fees, closing and title fees and
WFB’s loan administration fees. Borrower shall reimburse Lender for all costs and expenses it incurs as a result of the Transfer, even in the event the Transfer fails to close for any reason whatsoever. 

 

	 	18.	Lender shall receive at closing a loan transfer and modification fee in an amount equal to $71,500, which such amount is equal to 0.50% of the outstanding balance of
the loan. 

 This letter shall be valid for a period of thirty (30) days from the date hereof. 

 

	
	Sincerely,
	
	Wells Fargo Bank, N.A.,
	
	 /s/ Nicholas Errico

	Nicholas Errico
	 Wells Fargo Commercial Mortgage

nicholas.errico@wellsfargo.com
 (415) 947-4696

  

					
	Your Contact for the Closing Process:
			
		 	Asset Administrator:	  	Wayne Ventus
		 	E-mail:	  	wayne.ventus@wellsfargo.com
		 	Phone Number:	  	510-446-3204
		 	Fax Number:	  	510-446-3652
		 	Address:	  	Wells Fargo Commercial Mortgage
		 		  	Asset Administration
		 		  	1901 Harrison Street, 2nd Floor
		 		  	Oakland, CA 94612

 EXHIBIT A 

(a) Section 8.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“Section 8.1 Restrictions on Transfers. Unless such action is permitted by the provisions of this Article VIII,
Borrower shall not, and shall not permit any other Person holding any direct or indirect ownership interest in Borrower or the Property to, except with the prior written consent of Lender, (i) Transfer all or any part of the Property, or
(ii) permit any Transfer (directly or indirectly) of any interest in Borrower, Borrower Parent, any SPE Entity, or the Property (other than pursuant to Leases of a space to tenants in accordance with this Agreement).” 

(b) Subsections (vi) – (viii) of Section 8.5(b) of the Loan Agreement are hereby deleted in their entirety and
replaced with the following: 
 “(vi) Borrower Parents shall at all times maintain at least a 30% direct or indirect,
equity interest in Borrower, (vii) Borrower Parents shall maintain management and control of Borrower and the Property, and (viii) Operating Partnership shall deliver to lender written affirmation of its obligations under the Recourse
Guaranty and the Environmental Indemnity.” 
 (c) Section 8.5(c) of the Loan Agreement is hereby deleted in its
entirety and replaced with the following: 
 “(c) Notwithstanding the foregoing provisions of this Article VIII, no Lender
approval, Rating Agency Confirmation or delivery of a Non-Consolidation Opinion shall be necessary or requested to effect or consummate any Transfers of interests in or of Borrower to any Affiliate of any Borrower Parent provided that
(i) Borrower shall provide Lender with at least thirty (30) days prior written notice thereof, (ii) immediately prior to such Transfer, no Event of Default shall have occurred and be continuing, (iii) there is no Change of
Control and the persons responsible for the day to day management of the property remains unchanged, and (iv) Borrower shall pay (y) to Lender a transfer fee equal to
[            ] of the outstanding Principal Amount of the Loan and (z) all of Lender’s fees, costs and expenses, including, without limitation, reasonable attorney’s
fees and costs, actually incurred by Lender in contraction with such Transfer. For purposes of this Section 8.5(c), a “Change of Control” shall mean a change in the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of the Controlled entity, whether through the ownership of voting securities or other beneficial interest, by contract or otherwise.” 

(d) The following is added as Section 8.5(d) of the Loan Agreement: 

“(d) Notwithstanding the foregoing provisions of this Article VIII, for so long as REIT and the Operating Partnership are Borrower
Parents, the issuance, sale, conveyance, transfer, disposition, alienation, hypothecation, pledge or encumbrance (whether voluntary or involuntary or directly or indirectly) of (i) any securities, options, warrants or other interests in the
REIT (a “REIT Transfer”) or (ii) partnership interests and other interests in the Operating Partnership 

 
(an “OP Transfer”) shall be permitted without Lender’s prior written consent, provided that any such REIT Transfer and/or OP Transfer, as the case may be, does not
(i) result in a Change in Control (hereinafter defined) of the REIT and/or the Operating Partnership or (ii) result in a change in control of the Property; provided, however, that (A) at all times the public issuance and/or trading of
stock of the REIT shall at all times be permitted and (B) any REIT Transfer and/or OP Transfer, as the case may be, that would result from a merger and/or acquisition and/or consolidation of the REIT or the Operating Partnership, as the case
may be, by or into any other Person shall not be permitted without Lender’s prior written consent. Notwithstanding the foregoing: 

(1) So long as a Change in Control does not occur, no consent of the Lender shall be required in connection with a merger
of the REIT into or an acquisition of the REIT by a Qualified Transferee (hereinafter defined), so long as the following conditions are met: 

(A) The REIT or the surviving entity if such entity is not the REIT (the “REIT Successor”), shall
continue to own 100% of the direct and indirect general partnership interests in the Operating Partnership, and the Operating Partnership shall continue to own 100% of the direct and indirect membership interests in Borrower. 

(B) Lender must be given at least thirty (30) days prior written notice of the REIT Transfer, giving sufficient
default of the proposed transaction. This shall include, but not be limited to, a pro-forma balance sheet as of the expected date of the REIT Transfer. 

(C) Borrower and Operating Partnership, in its capacity as an indemnitor/guarantor of the Loan, shall execute and deliver
to Lender in its reasonable discretion, ratifying their existing obligations under the Loan Documents and confirming that there has been no change in Borrower’s organizational documents or Operating Partnership’s organizational
documents. 
 (D) Borrower shall reimburse Lender for all of Lender’s reasonable out of pocket costs and
expenses related to the REIT Transfer, without limitation, Lender’s reasonable attorney’s fees and costs and the costs of Rating Agency review, if applicable, and shall pay to Lender a transfer fee equal to one percent (1%) of the
outstanding Principal Amount of the Loan. 
 (2) If a Change in Control does occur in connection with a REIT
Transfer and/or an OP Transfer, consent of the Lender shall be required in accordance with Article 8 of this Loan Agreement, and provided that such REIT Transfer is to a Qualified Transferee, such consent shall not be unreasonably withheld so long
as all conditions set forth in Section 8.5(d)(1) hereinabove are satisfied and the provisions of Article 8 are satisfied. 

(3) No REIT Transfer or OP Transfer shall relieve Borrower, Operating Partnership, as indemnitor/guarantor of the Loan, or
the REIT (except where the REIT is not the surviving entity, and in such event the REIT Successor shall have assumed the REIT’s obligations under the Loan Documents) of any of their respective obligations and liabilities under the Note or any
of the other Loan Documents. 

 For purposes of this Section 8.5(d), the term “Change in Control” shall mean
(i) a change in the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the controlled entity, whether through the ownership of voting securities or other beneficial interest, by
contract or otherwise, or (ii) any transfer of interests or series of transfers of interests in the REIT which results in more than 49% of the ownership interests of the REIT or the surviving entity, as applicable, being held by any single
person or entity or related group of people or entities which does not currently own more than 49% of the interests in the REIT. 

For purposes of this Section 8.5(d), the term “Qualified Transferee” is defined as follows: Only one of the
following: 
 (A) a real estate investment trust, bank, saving and loan association, investment bank, insurance
company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any of the foregoing entities referred to in this clause (A) satisfies the
Eligibility Requirements; 
 (B) an investment company, money management firm or “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, provided that any of the
foregoing entities referred to in this clause (B) satisfies the Eligibility Requirements; 
 (C) an
institution substantially similar to any of the foregoing entities described in clauses (A) or (B) that satisfies the Eligibility Requirements; 

(D) any entity Controlled by any of the entities described in clauses (A) or (B) above;

 (E) an investment fund, limited liability company, limited partnership or general partnership where a
Permitted Fund Manager or an entity that is otherwise a Qualified Transferee under clauses (A), (B), (C) or (D) of this definition acts as the general partner, managing member or fund manager and at least 50% of
the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Transferees under clauses (A), (B), (C) or (D) of this definition; and

 (F) is not a Prohibited Person. 

For purposes of this Section 8.5(d), the term “Eligibility Requirements” means, with respect to any entity,
that such entity (i) has capital/statutory surplus or shareholder’s equity in excess of $600,000,000, and (ii) is regularly engaged in the business of making or owning commercial real estate loans or operating commercial mortgage
properties and has not less than seven (7) years of experience with the management of commercial real estate comparable to the Property and has a reputation in the industry reasonably equivalent to, or better than that of, the REIT, or is
otherwise satisfactory to Lender in its reasonable discretion. For purposes of this Section, the term “Permitted Fund Manager” means, with respect to any entity, that such entity (i) is a nationally-recognized manager of
investment funds investing in debt or equity interests relating to commercial real estate, or (ii) is a commercial real estate manager that controls or manages at least $500,000,000 in real estate equity assets. 

 Other than as specifically provided above, the terms and provisions of Article 8 of the Loan Agreement shall
remain in full force and effect.

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