Document:

Exhibit 10.91

 Exhibit 10.91 

 
  

 
 FOURTH 

LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT 

between 

SBA PROPERTIES, INC., 

SBA SITES, INC., 

and 
 SBA
STRUCTURES, INC., 
 as Borrowers, 

and 
 MIDLAND
LOAN SERVICES, INC., 
 as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee 

dated as of April 16, 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	ARTICLE I	  	
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
	 Section 1.01
	  	Definitions	  	2
		
	ARTICLE II	  	
		
	2010-2 COMPONENT DETAILS	  	
			
	 Section 2.01
	  	2010-2 Component Details	  	4
		
	ARTICLE III	  	
		
	MORTGAGE LOAN INCREASE	  	
			
	 Section 3.01
	  	Loan Increase	  	5
	 Section 3.02
	  	Use of Proceeds	  	5
		
	ARTICLE IV	  	
		
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS	  	
			
	 Section 4.01
	  	Representations and Warranties	  	6
	 Section 4.02
	  	Amendments to the Loan Agreement Schedules	  	7
		
	ARTICLE V	  	
		
	AMENDMENT OF THE LOAN AGREEMENT	  	
			
	 Section 5.01
	  	Conditions to any Loan Increase	  	7
	 Section 5.02
	  	Financial Statements and Other Reports	  	8
	 Section 5.03
	  	Performance of Agreements and Leases	  	8
	 Section 5.04
	  	Ground Leases	  	8
	 Section 5.05
	  	Easements	  	8
	 Section 5.06
	  	Cash Trap Reserve	  	8
	 Section 5.07
	  	Defeasance	  	8
	 Section 5.08
	  	Site Dispositions	  	9
	 Section 5.09
	  	Substitution of a Mortgaged Site	  	9
	 Section 5.10
	  	Substitution of Other Pledged Sites	  	9
	 Section 5.11
	  	Definitions	  	9

  

 -i- 

					
	ARTICLE VI	  	
		
	AMENDMENT OF ORGANIZATIONAL DOCUMENTS	  	
			
	 Section 6.01
	  	Consent by Lender	  	10
		
	ARTICLE VII	  	
		
	GENERAL PROVISIONS	  	
			
	 Section 7.01
	  	Governing Law	  	10
	 Section 7.02
	  	Severability	  	10
	 Section 7.03
	  	Counterparts	  	10
		
	ARTICLE VIII	  	
		
	APPLICABILITY OF LOAN AND SECURITY AGREEMENT	  	
			
	 Section 8.01
	  	Applicability	  	11

  

 -ii- 

 FOURTH LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT 

This FOURTH LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT (this “Loan Agreement Supplement”) is dated as
of April 16, 2010, and entered into by and among SBA PROPERTIES, INC., a Florida corporation (“SBA Properties”), SBA SITES, INC., a Florida corporation (“SBA Sites”), and SBA STRUCTURES,
INC., a Florida corporation (“SBA Structures”, and collectively with SBA Properties and SBA Sites, the “Borrowers” and, each individually, a “Borrower”), and MIDLAND LOAN SERVICES, INC.,
as servicer (the “Servicer”), on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS (as successor trustee to Bank of America, N.A. successor trustee by merger to LaSalle Bank National Association), as trustee (the
“Trustee”) under that certain Trust and Servicing Agreement (the “Trust Agreement”) dated as of November 18, 2005 among SBA DEPOSITOR LLC (formerly known as SBA CMBS-1 Depositor LLC) (the
“Depositor”), the Servicer and the Trustee. 
 RECITALS 

WHEREAS, SBA Properties entered into an Amended and Restated Loan and Security Agreement, dated as of November 18, 2005 (the
“Loan Agreement”), between SBA Properties and the Depositor; 
 WHEREAS, the Depositor assigned all of
its right, title and interest in the Loan Agreement to the Trustee on behalf of the Certificateholders pursuant to the Trust Agreement and the Servicer is authorized to enter into this Loan Agreement Supplement on behalf of the Trustee pursuant to
Section 3.25 of the Trust Agreement; 
 WHEREAS, on November 6, 2006, SBA Properties, SBA Structures, SBA
Sites, SBA Towers, Inc., a Florida corporation (“SBA Towers”), SBA Puerto Rico, Inc., a Florida corporation (“SBA PR”) and SBA Towers USVI, Inc., a U.S. Virgin Islands corporation (“SBA
USVI” and, collectively with SBA Structures, SBA Sites, SBA Towers and SBA PR, the “Added Borrowers”) entered into the Second Loan and Security Agreement Supplement and Amendment together with the Servicer on behalf
of the Trustee (the “Second Loan Supplement”) whereby a Loan Increase in the amount of $1,150,000,000 (the “First Mortgage Loan Increase”) was agreed upon and the Added Borrowers were added as Additional Borrowers
under the Loan Agreement in accordance with Section 2.3 of the Loan Agreement, and each Added Borrower agreed to be bound by and perform all of the obligations of a Borrower under the Loan Agreement and the other Loan Documents; 

WHEREAS, SBA Towers, SBA PR and SBA USVI (collectively the “Released Borrowers”) entered into a Payoff,
Termination and Release Agreement, dated as of July 28, 2009, among the Released Borrowers, the Borrowers, the Servicer and Bank of America, N.A., (successor by merger to LaSalle Bank National Association) on behalf of SBA Tower Trust and the
holders of the Certificates corresponding to the 2005–1 Components, whereby the 2005–1 Components were repaid and the Released Borrowers were released from their obligations under the Loan Documents; 

 WHEREAS, pursuant to Section 3.2 of the Loan Agreement, the Borrowers desire to
effect (i) a Loan Increase in an amount equal to $550,000,000 (the “Third Loan Increase”), in the form of one (1) component designated as 2010-2C (the “2010-2 Component”), and the Lender has agreed
to the Third Loan Increase and to advance the amount of the Third Loan Increase and (ii) a Loan Increase in an amount equal to $680,000,000 (the “Second Loan Increase”), in the form of one (1) component designated as
2010-1C (the “2010-1 Component”), and the Lender has agreed to the Second Loan Increase and to advance the amount of the Second Loan Increase; 

WHEREAS, the 2010-2 Component constitutes a Component as defined in the Loan Agreement; 

WHEREAS, the Borrowers and the Lender have agreed to treat the 2010-2 Component as a separate loan for U.S. federal income tax
purposes; 
 WHEREAS, the Borrowers and Lender have agreed to certain amendments to the Loan Agreement; 

WHEREAS, the Borrowers and Lender intend these recitals to be a material part of this Agreement; and 

WHEREAS, all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the Borrowers in
accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 
 NOW, THEREFORE,
it is mutually covenanted and agreed as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in
the Loan Agreement. All words and phrases defined in the Loan Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this
Loan Agreement Supplement unless the context clearly requires otherwise: 
 “2010-1 Component” shall have the
meaning ascribed to it in the Third Loan Supplement. 
 “2010-2 Component” shall have the meaning ascribed to
it in the Recitals hereto. 
 “2010-2 Note” shall have the meaning ascribed to it in Section 3.01(b)
hereof. 

 “Anticipated Repayment Date” shall have the meaning ascribed to it in
Section 2.01(b) hereof. 
 “Certificates” shall mean the Series 2010-2 certificates issued by the SBA
Tower Trust pursuant to the Trust Agreement corresponding to the 2010-2 Component. 
 “Component Rate” shall
mean the rate per annum set forth in Section 2.01(a)(i) hereof. 
 “Date of Issuance” shall mean,
with respect to the 2010-2 Component, April 16, 2010. 
 “Initial Purchasers” shall mean Barclays Capital
Inc., Deutsche Bank Securities Inc. and the other Initial Purchasers listed in Schedule I of the Purchase Agreement. 

“Maturity Date” shall mean the date set forth in Section 2.01(a)(iii) hereof. 

“Offering Memorandum” shall mean the Offering Memorandum dated April 8, 2010, relating to the offering and sale of
the Certificates. 
 “Post-ARD Additional Interest Rate” shall have the meaning ascribed to it in
Section 2.01(a)(ii) hereof. 
 “Purchase Agreement” shall mean the Purchase Agreement, dated April 8,
2010, relating to the purchase by the Initial Purchasers of the Certificates and the Series 2010-1 Certificates issued by SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2010-1 Component. 

“Second Loan Increase” shall mean the $680,000,000 Loan Increase pursuant to the Third Loan Supplement. 

“Third Loan Supplement” shall mean the Third Loan and Security Agreement Supplement and Amendment, dated as of
April 16, 2010, between the Borrowers and the Servicer on behalf of the Trustee. 
 “Yield Maintenance”
shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 
 Words importing the masculine gender include the
feminine gender. Words importing persons include firms, associations and corporations. Words importing the singular number include the plural number and vice versa. Additional terms are defined in the body of this Loan Agreement Supplement.

 In the event that any term or provision contained herein with respect to the 2010-2 Component shall conflict with or be
inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this Loan Agreement Supplement shall govern. 

 ARTICLE II 

2010-2 COMPONENT DETAILS 

Section 2.01 2010-2 Component Details. (a) The 2010-2 Component authenticated and delivered under this Loan Agreement Supplement
shall consist of one (1) Component having: 
 (i) the designation, Component Principal Balance and Component
Rate set forth below. 
  

							
	 Component
	  	Initial Component
Principal Balance	  	Component Rate	 
	 2010-2C
	  	$	550,000,000	  	5.101	% 

(ii) Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent
(5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for such Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices
of the Securities Industry Association) on such Anticipated Repayment Date of the United States Treasury Security having a term closest to ten (10) years plus (y) the “Spread” set forth below in the appropriate row corresponding
to such Component plus (z) five percent (5%): 
  

				
	 Component
	  	Spread	 
	 2010-2C
	  	1.80	% 

(iii) a Maturity Date which is the Due Date occurring in April 2042 or such earlier date on which the final payment of
principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such stated Maturity Date, by acceleration, or otherwise. 

(iv) Yield Maintenance, which for the 2010-2 Component shall be in an amount equal to the excess, if any, of (i) the
present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Borrowers would otherwise be required to pay on the 2010-2 Component (or portion thereof) on the related Due Date
from the date of such prepayment to and including the first Due Date that occurs nine months prior to the Anticipated Repayment Date for the 2010-2 Component absent such prepayment, assuming the entire unpaid Principal Amount of the 2010-2 Component
is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices
of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs nine months prior to the Assumed Final
Distribution 

 
Date related to the Anticipated Repayment Date for the 2010-2 Component plus (y) 0.50% over (ii) the Component Principal Balance of the 2010-2 Component (or portion thereof) on the date
of such prepayment. 
 (v) Interest shall accrue on the 2010-2 Component and the corresponding 2010-2 Note from
the date hereof. 
 (b) There are no Scheduled Principal Payments in respect of the 2010-2 Component, and the Borrowers shall
not be required to pay any principal of the Component 2010-2C prior to the Due Date in April, 2017 (such date with respect to the 2010-2 Component, the “Anticipated Repayment Date”), other than after the occurrence and during the
continuation of an Amortization Period or an Event of Default as provided in the Loan Agreement or as otherwise required under the terms of the Loan Documents. 

ARTICLE III 

MORTGAGE LOAN INCREASE 

Section 3.01 Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Borrowers agree to the
Third Loan Increase, constituting the Component described in Section 2.01. 
 (b) On the date hereof, each Borrower shall
execute and deliver to the Trustee a promissory note payable to the order of the Trustee evidencing the 2010-2 Component, in the initial principal amount equal to $550,000,000 (the “2010-2 Note”). The 2010-2 Note shall bear interest
on the unpaid principal amount thereof at the Component Rate and mature on the Maturity Date. 
 (c) The Borrowers hereby
represent and warrant to the Lender that each condition of Section 3.2 of the Loan Agreement in respect of the Third Loan Increase has been satisfied, as of the date hereof. 

(d) The parties hereto agree that the date hereof is an Allocated Loan Amount Determination Date, pursuant to Section 11.8 of the
Loan Agreement, the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Third Loan Increase, as described herein, and the Second Loan Increase, as described in the Third Loan Supplement, based on information
provided to it by the Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit A hereto. 

Section 3.02 Use of Proceeds. The proceeds from the sale of the Certificates shall be used to fund the Third Loan Increase and the
proceeds of the Third Loan Increase shall be used to (i) pay all recording fees and taxes, title insurance premiums, reasonable out of pocket costs and expenses incurred by the Lender, including reasonable legal fees and expenses of counsel to
the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to 2010-2 Component; (ii) pay all fees and expenses incurred by the Borrowers; and (iii) repay part of
the First Loan Increase (including any Yield Maintenance payable in respect thereof). 

 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS 

Section 4.01 Representations and Warranties. (a) Each Borrower hereby represents and warrants to the Lender that, as to itself and
its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement, other than Section 4.30, is true as of the date hereof. 

(b) Each of the Borrowers hereby represents and warrants to the Lender that, as to itself, each of the representations and warranties set
forth in Section 9.1 of the Loan Agreement, is true as of the date hereof. 
 (c) Each of the Borrowers hereby represents
and warrants to the Lender, with respect to the Sites generally: 
 (i) With respect to Sites generating at least
70% of the Annualized Run Rate Net Cash Flow of all Sites as of February 23, 2010, the Sites are Owned Sites or Ground Lease Sites where the Ground Lease (or the applicable Estoppel) requires that, if there shall be a monetary default by the
Borrower under the Ground Lease, Ground Lessor shall accept the cure thereof by the Lender within fifteen (15) days after the expiration of any grace period provided to the Borrower under the Lease to cure such default prior to terminating the
Ground Lease. If there shall be a non-monetary default by the Borrower under the Ground Lease, Ground Lessor shall accept the cure thereof by the Lender within thirty (30) days after the expiration of any grace period provided to the Borrower
under the Ground Lease to cure such default prior to terminating the Ground Lease. 
 (ii) At least 70% of the
Annualized Run Rate Net Cash Flow of all Sites as of February 23, 2010 is represented by the Owned Sites plus Ground Lease Sites which have a term (including all available extensions) that extends not less than ten (10) years beyond the
Maturity Date. 
 (iii) At least 70% of the Annualized Run Rate Net Cash Flow of all Sites as of
February 23, 2010 is represented by the Owned Sites plus Ground Lease Sites where the Ground Lease (or the applicable Estoppel) requires the Lender to have the right to exercise any rights of the Borrower under the Ground Lease, including the
right to exercise any renewal option(s) or purchase options(s), and such Ground Leases may not be amended in any respect which would be reasonably likely to have a material adverse effect on Lender’s interest therein or surrendered, terminated,
or cancelled, in each case, without the prior written consent of Lender. 
 (iv) With respect to Sites generating
at least 70% or more of the Annualized Run Rate Net Cash Flow of all Sites as of February 23, 2010, the Sites are Owned Sites or Ground Lease Sites where the Ground Lease (or the applicable Estoppel) requires that,

 
if such Ground Lease is terminated as result of a Borrower default under such Ground Lease or is rejected in any bankruptcy proceeding, Ground Lessor will be obligated to enter into a new lease
with the Lender or its designee on the same terms as the Ground Lease within fifteen (15) days of the Lender’s request made within thirty (30) days of notice of such termination or rejection, provided the Lender pays all past
due amounts under the Ground Lease. The foregoing is not applicable to normal expirations of the Ground Lease term. 
 Section
4.02 Amendments to the Loan Agreement Schedules. 
 (a) The parties hereto agree that Schedule 4 of the Loan
Agreement is hereby amended and restated in its entirety by Schedule 4 hereto. 
 (b) The parties hereto agree that
Schedule 4.1(C) of the Loan Agreement is hereby amended and restated in its entirety by Schedule 4.1(C) hereto. 
 (c)
The parties hereto agree that Schedule 4.19 of the Loan Agreement is hereby amended and restated in its entirety by Schedule 4.19 hereto. 

(d) The parties hereto agree that Schedules 4.25 and 4.26 of the Loan Agreement are hereby amended and restated in their entirety by
Schedules 4.25 and 4.26, respectively, hereto. 
 ARTICLE V 

AMENDMENT OF THE LOAN AGREEMENT 

Section 5.01 Conditions to any Loan Increase. 

(a) The parties hereto agree that Section 3.2(A)(vi) of the Loan Agreement is hereby deleted and replaced by the following:

 “On or prior to the date of such Loan Increase, the Borrowers shall deliver to the Lender an opinion of counsel
reasonably satisfactory to the Lender providing that such Mortgage Loan Increase will not (a) cause a taxable event for U.S. federal income tax purposes to any holder of a Certificate, (b) cause the Trust to be other than a mere security
device or grantor trust for U.S. federal income tax purposes, and (c) cause any of the Certificates to be characterized as other than indebtedness for U.S. federal income tax purposes;” 

(b) The parties hereto agree that immediately following Section 3.2(A)(vi) a new clause (vii) of Section 3.2(A) shall be
inserted that reads as follows: 
 “(vii) If such Loan Increase is being made without the acquisition of any Additional
Sites or the addition of an Additional Borrower, the pro forma DSCR after such increase is equal to or greater than 2.0x;” 

and clauses “(vii)” and “(viii)” of Section 3.2(A) are hereby amended and designated as clauses
“(viii)” and “(ix)”, respectively. 

 Section 5.02 Financial Statements and Other Reports. 

(a) The parties hereto agree that Section 5.1(A)(i) of the Loan Agreement is hereby amended by inserting the following words “;
provided further that such Financial Statements shall be required to be provided only if (i) there were Components of the Mortgage Loan outstanding during the applicable period covered by such Financial Statements and (ii) such
outstanding Components are still outstanding when such Financial Statements are required to be provided pursuant to this section.” at the end of the first sentence of such Section. 

(b) The parties hereto agree that Section 5.1(A)(ii) of the Loan Agreement is hereby amended by inserting the following words
“; provided further that such Financial Statements shall be required to be provided only if (i) there were Components of the Mortgage Loan outstanding during the applicable period covered by such Financial Statements and
(ii) such outstanding Components are still outstanding when such Financial Statements are required to be provided pursuant to this section.” at the end of the first sentence of such Section. 

Section 5.03 Performance of Agreements and Leases. The parties hereto agree that clause (iii) of the proviso in
Section 5.9 of the Loan Agreement is hereby amended and revised such that the words “since April 16, 2010” shall be inserted immediately following the first instance of the word “occurred” in clause (iii) of the
proviso of such Section. 
 Section 5.04 Ground Leases. The parties hereto agree that clause (c) of
Section 5.21(A)(ii) is hereby amended and revised such that the words “since April 16, 2010” shall be inserted immediately following the first instance of the word “occurred” in clause (c) of such Section.

 Section 5.05 Easements. The parties hereto agree that clause (c) of Section 5.22(A)(ii) of the Loan
Agreement is hereby amended and revised such that the words “since April 16, 2010” shall be inserted immediately following the first instance of the word “occurred” in clause (c) of such Section. 

Section 5.06 Cash Trap Reserve. The parties hereto agree that Section 6.5 of the Loan Agreement is hereby amended such that
the following sentence is inserted immediately after the third full sentence of such Section: “After the Anticipated Repayment Date of a Component, provided an Amortization Period is not in effect and no Event of Default is continuing,
Lender will apply any amounts in the Cash Trap Reserve on the next Due Date (i) first, to the reimbursement or payment of the Trustee, the Custodian and the Servicer for any amounts due to the Trustee, the Custodian or the Servicer on such Due
Date and (ii) second, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds.” 

Section 5.07 Defeasance. The parties hereto agree that Section 11.3(D) of the Loan Agreement is hereby amended and restated
such that the words “(4) a certificate, in form and substance reasonably satisfactory to the Lender from an independent certified public accountant confirming that the requirements of Section 11.3(B) and (D)(i) have been satisfied;
and (5) such other certificates, documents, opinions or instruments as the Lender may reasonably request.” shall be amended to read “(4) a certificate, in form and substance reasonably 

 
satisfactory to the Lender from an independent certified public accountant confirming that the requirements of Section 11.3(B) and (D)(i) have been satisfied; (5) an opinion that such
defeasance will not cause the Trust to become subject to the Investment Company Act of 1940, as amended; (6) such other certificates, documents, opinions or instruments as the Lender may reasonably request; and (7) an opinion of counsel
from a Borrower that all conditions precedent to the defeasance have been satisfied.” 
 Section 5.08 Site
Dispositions. 
 (a) The parties hereto agree that Section 11.4(A)(ii) is hereby revised by deleting the words “,
unless in each case, the Borrowers shall have delivered Rating Agency Confirmation” from the penultimate sentence of such Section. 

(b) The parties hereto agree that the first sentence of Section 11.4(B) of the Loan Agreement is hereby deleted and replaced in its
entirety by the following: 
 “The Borrowers shall be permitted, without the Lender’s consent, to sell or dispose of
(y) any Sites which are deemed necessary in accordance with prudent business practices, and (z) any Sites in order to cure a breach of any representation, warranty or other Default with respect to such Site, and Lender shall, promptly upon
satisfaction of all the following terms and conditions execute, acknowledge and deliver to the Borrowers a Release for the applicable Site, provided that, together with the payment of all then outstanding Administrative Fees, the Borrowers
prepay the Loan in an amount equal to the Release Price on the date proposed for such sale or disposition, together with any Yield Maintenance due on a prepayment made on such date required by Section 2.6.” 

Section 5.09 Substitution of a Mortgaged Site. The parties hereto agree that Section 11.5(K) of the Loan Agreement is hereby
amended and restated such that the words “beginning on the Closing Date” shall be inserted immediately following the words “If (1) the aggregate Allocated Loan Amount of all Substituted Sites and Substituted Other Pledged Sites
during any calendar year exceeds five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25%
of the monthly average of the principal amount of the Loan for the previous five (5) year period”. 
 Section 5.10
Substitution of Other Pledged Sites. The parties hereto agree that Section 11.6(J) of the Loan Agreement is hereby amended and restated such that the words “beginning on the Closing Date” shall be inserted immediately following
the words “If (1) the aggregate Allocated Loan Amount of all Substituted Other Pledged Sites and Substituted Sites during any calendar year exceeds five percent (5%) of the monthly average of the Principal Amount of the Loan for such
calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25% of the monthly average of the principal amount of the Loan for the previous five (5) year period”. 

 Section 5.11 Definitions. The parties hereto agree that each of the following
definitions are hereby incorporated in alphabetical order into Section 1.01 of the Loan Agreement, and if such definition is already found in Section 1.01 of the Loan Agreement, hereby replaces it in its entirety: 

“Amortization Period” means the period which shall commence at such time as the Lender determines that as of
the end of any calendar quarter the Debt Service Coverage Ratio fell below Minimum DSCR for such calendar quarter and will continue to exist until the Lender determines that as of the end of any calendar quarter the Debt Service Coverage Ratio
exceeds the Minimum DSCR for such calendar quarter. 
 “Rating Agency Confirmation” means, with respect
to the transaction or matter in question, Moody’s shall have confirmed in writing that such transaction or matter shall not result in a downgrade, qualification, or withdrawal of the then current rating for any certificate or other securities
issued in connection with any Securitization (or the placing of such certificate or other security on negative credit watch or ratings outlook in contemplation of any such action with respect thereto) and provision of notice of such transaction or
matter in question to Fitch; provided, however, that with respect to Sections 5.9, 5.21, 5.22, 11.1, 11.2, 11.3, 11.4 (excepting 11.4(C)), 11.5, and 11.6 of this Loan Agreement, Rating Agency Confirmation means provision of notice to
Moody’s and Fitch. 
 ARTICLE VI 

AMENDMENT OF ORGANIZATIONAL DOCUMENTS 

Section 6.01 Consent by Lender. The Lender consents to the amendments to the organizational documents of the Borrowers, SBA
Holdings and the Guarantor filed on the date hereof in connection with this Loan Agreement Supplement, and any related filings. 

ARTICLE VII 

GENERAL PROVISIONS 

Section 7.01 Governing Law. THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR IN RELATION TO THIS LOAN AGREEMENT SUPPLEMENT. 
 Section 7.02 Severability. In case any provision in
this Loan Agreement Supplement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 7.03 Counterparts. This Loan Agreement Supplement may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. 

 ARTICLE VIII 

APPLICABILITY OF LOAN AND SECURITY AGREEMENT 

Section 8.01 Applicability. The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented by
this Loan Agreement Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as
of the date hereof. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Borrowers and the Servicer on behalf of the Trustee, have caused
this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 

 

			
	 SBA PROPERTIES, INC.,

    as Borrower,

		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President and General Counsel
	
	 SBA SITES, INC., 

    as Borrower,

		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President and General Counsel
	
	 SBA STRUCTURES, INC., 

    as Borrower,

		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President and General Counsel
	
	 MIDLAND LOAN SERVICES, INC.,

    as Servicer, on behalf of Deutsche Bank Trust Company Americas, as
Trustee,

		
	By:	 	 /s/ Lawrence D. Ashley

	Name:	 	Lawrence D. Ashley
	Title:	 	Senior Vice President

 Signature
Page for Fourth Loan SupplementForm of Director and Officer Indemnification Agreement

 Exhibit 10.1 

ZIPREALTY, INC. 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (“Agreement”) is effective as of
                                , 2010, by and between ZipRealty, Inc., a Delaware
corporation (the “Company”), and the indemnitee listed on the signature page hereto (“Indemnitee”). 

WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company
and its related entities; 
 WHEREAS, in order to induce Indemnitee to continue to provide services to the Company, the Company
wishes to provide for the indemnification of, and the advancement of expenses to, Indemnitee to the maximum extent permitted by Delaware law; 

WHEREAS, the Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for the Company’s directors,
officers, employees, agents and fiduciaries, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance; 

WHEREAS, the Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors,
officers, employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited; and 

WHEREAS, the Company and Indemnitee desire to continue to have in place the additional protection provided by an indemnification
agreement and to provide indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by Delaware law. 

NOW, THEREFORE, in consideration for Indemnitee’s services to the Company, the Company and Indemnitee hereby agree as follows:

 1. Certain Definitions. 

(a) “Change in Control” shall mean: 

(1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that for purposes of this part (1), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company or any acquisition from other stockholders where (A) such
acquisition was approved in advance by the Board of Directors of the Company and (B) such acquisition would not constitute a change of control under part (3) of this definition, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction which complies with
clauses (i), (ii) and (iii) of part (3) of this definition; or 

 (2) Individuals who, as of the date hereof, constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for
election by the stockholders, was approved by a vote of at least two thirds (2/3) of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board of Directors; or 
 (3) Consummation of a reorganization, merger or consolidation
or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 80% of, respectively,
the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the Company resulting from such Business Combination
(including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (ii) at least a majority of the members of the Board of Directors of
the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or 

(4) Approval by the stockholders of a complete liquidation or dissolution of the Company. 

(b) “Claim” shall mean with respect to a Covered Event: any threatened, pending or completed action, suit, proceeding or
alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other, and whether brought by a third party, a government agency, the Company or its Board of Directors or a committee thereof, or any hearing,
inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism. 

 (c) References to the “Company” shall include, in addition to the Company, any
constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party which, if its separate existence had continued, would have had power
and authority to indemnify its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of
this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

(d) “Covered Event” shall mean any event or occurrence related to the fact that Indemnitee is or was a director, officer,
employee, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other
enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity. 
 (e)
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the matter in respect of which indemnification is sought by the Indemnitee. 

(f) “Expenses” shall mean any and all expenses (including attorneys’ fees and all other costs, expenses and obligations
incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate in, any action, suit, proceeding, alternative dispute resolution
mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement, actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement. 
 (g) “Expense Advance” shall mean a payment to
Indemnitee pursuant to Section 3 of Expenses in advance of the settlement of or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation which constitutes a Claim;
provided, however, that Indemnittee shall have no right to any payment of Expense Advances in the event Indemnitee pleads guilty to willful misconduct. 

(h) “Independent Legal Counsel” shall mean a law firm, a member of a law firm, or an independent practitioner, that is
experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the Company or the Indemnitee in an
action to determine the Indemnitee’s rights under Section 2(d) hereof. 

 (i) References to “other enterprises” shall include employee benefit plans;
references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement. 
 (j) “Reviewing Party” shall have the meanings as set forth
in Section 2(d). 
 (k) “Section” refers to a section of this Agreement unless otherwise indicated. 

2. Indemnification. 

(a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify Indemnitee for
Expenses to the fullest extent permitted by Delaware law if Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or
arising in part out of a Covered Event), including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses. 

(b) Review of Indemnification Obligations. Notwithstanding the foregoing, in the event any Reviewing Party shall have determined
(in a written opinion, in any case in which Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified hereunder under applicable law, (i) the Company shall have no further obligation under
Section 2(a) to make any payments to Indemnitee not made prior to such determination by such Reviewing Party, and (ii) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all
Expenses theretofore paid in indemnifying Indemnitee; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee is
entitled to be indemnified hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not entitled to be indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required to
reimburse the Company for any Expenses theretofore paid in indemnifying Indemnitee until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s
obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged thereon. 

 (c) Indemnitee Rights on Unfavorable Determination; Binding Effect. If any Reviewing
Party determines that Indemnitee substantively is not entitled to be indemnified hereunder in whole or in part under applicable law, Indemnitee shall have the right to commence litigation, within one (1) year of the Reviewing Party’s
determination, seeking an initial determination by the court or challenging any such determination by such Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15, the
Company hereby consents to service of process and to appear in any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 

(d) Reviewing Party; Change in Control. The determination of Indemnitee’s entitlement hereunder shall be made by the
Reviewing Party as follows: (1) if requested by the Indemnitee, by Independent Legal Counsel, or (2) if no request is made by the Indemnitee for a determination by Independent Legal Counsel, (i) by the Board of Directors by a majority
vote of a quorum consisting of Disinterested Directors, or (ii) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by
Independent Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, or (iii) if a quorum of Disinterested Directors so directs, by the stockholders of the Company. In the event the
determination of entitlement to indemnification is to be made by Independent Legal Counsel at the request of the Indemnitee, the Independent Legal Counsel shall be selected by the Board of Directors unless there shall have occurred within two years
prior to the date of the commencement of the proceeding for which indemnification is claimed a “Change of Control” (as defined in Section 1(a)), in which case the Independent Legal Counsel shall be selected by the Indemnitee unless
the Indemnitee shall request that such selection be made by the Board of Directors. Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be
indemnified hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify fully such counsel against any and all
expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to
pay Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the
Company otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. If it is so determined that Indemnitee is
entitled to indemnification, payment to the Indemnitee shall be made within ten (10) days after such determination. 
 (e)
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal
of an action without prejudice, in defense of any Claim, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith. 

 3. Expense Advances. 

(a) Obligation to Make Expense Advances. Upon receipt of a written undertaking by or on behalf of the Indemnitee to repay such
amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified therefor by the Company, the Company shall make Expense Advances to Indemnitee. Expense Advances shall be made without regard to Indemnitee’s
ability to repay the Expense Advances. Expense Advances shall be made without regard to Indemnitee’s ultimate entitlement to indemnification under this Agreement unless and until the matter of entitlement has been finally adjudicated by court
order or judgment from which no further right of appeal exists. As set forth in Section 4(d) of this Agreement, the Company’s obligation to pay Expense Advances shall terminate upon a conviction, plea of nolo contendere or its
equivalent. 
 (b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder
shall be unsecured and no interest shall be charged thereon. 
 (c) Determination of Reasonable Expense Advances. The
parties agree that for the purposes of any Expense Advance for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such Expense Advance that are certified by affidavit of
Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable. 
 4. Procedures for
Indemnification and Expense Advances. 
 (a) Timing of Payments. All payments of Expenses (including without
limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by Delaware law as soon as practicable after written demand by Indemnitee therefor is presented to the Company,
but in no event later than thirty (30) days after such written demand by Indemnitee is presented to the Company; unless the Reviewing Party has given a written opinion to the Company that Indemnittee is not entitled to indemnification under
applicable law. 
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s
right to be indemnified or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification will or could be sought
under this Agreement. Notice to the Company shall be directed to the Secretary of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee).
Indemnitee’s failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, except to the extent that the Company is adversely affected by such failure. In addition,
Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

 (c) Right of Indemnitee to Bring Suit. If Indemnitee is not paid in full by the
Company within thirty (30) days after a written notice has been received by the Company, the Indemnitee may, at any time within the year following the thirty (30) days of notice, bring suit in any court in the State of California or the
State of Delaware against the Company to recover the unpaid amount of the Expenses and, if successful in whole or in part, the Indemnitee shall be entitled to be paid also the expense (including attorneys’ fees) of prosecuting such claim. It
shall be a defense to any such action that the Indemnitee has not met the standards of conduct that make it permissible under the Delaware General Corporation Law for the Company to indemnify the Indemnitee for the amount claimed. The burden of
proving such a defense shall be on the Company. Neither the failure of the Company (including its Board of Directors, Independent Legal Counsel, or its stockholders) to have made a determination prior to the commencement of such action that
indemnification of the Indemnitee is proper under the circumstances because he has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Company (including its Board of
Directors, Independent Legal Counsel, or its stockholders) that the Indemnitee had not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 (d) No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not permitted by this Agreement or applicable law; provided, however, that the Company’s obligation to pay Expense Advances shall terminate upon a conviction, plea of
nolo contendere or its equivalent. In addition, neither the failure of any Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual
determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be
indemnified under this Agreement or applicable law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any
determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 

(e) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b) hereof,
the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies. 

 (f) Selection of Counsel. In the event the Company shall be obligated hereunder to
provide indemnification for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee (which approval shall not be
unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company
will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided, that (i) Indemnitee shall have the right to
employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have
reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such counsel to defend such Claim, then the fees and expenses
of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification or Expense Advances hereunder. In addition, if there exists a potential, but not an actual, conflict of interest between the Company and
Indemnitee, the actual and reasonable legal fees and expenses incurred by Indemnitee for separate counsel retained by Indemnitee to monitor the Claim (so that such counsel may assume Indemnitee’s defense if the conflict of interest between the
Company and Indemnitee becomes an actual conflict of interest) shall be deemed to be Expenses that are subject to indemnification hereunder. The existence of an actual or potential conflict of interest, and whether such conflict may be waived, shall
be determined pursuant to the rules of attorney professional conduct and applicable law. 
 (g) Payment Directions. To
the extent payments are required to be made hereunder, the Company shall, in accordance with Indemnitee’s request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount
sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. 
 (h) Interest on Unpaid Amounts.
If any payment to be made by the Company to Indemnitee hereunder is delayed by more than ninety (90) days from the date the duly prepared request for such payment is received by the Company, interest shall be paid by the Company to Indemnitee
at the legal rate under Delaware law for amounts which the Company indemnifies or is obligated to indemnify for the period commencing with the date on which Indemnitee actually incurs such Expense or pays such judgment, fine or amount in settlement
and ending with the date on which such payment is made to Indemnitee by the Company. 

 5. Additional Indemnification Rights; Nonexclusivity. 

(a) Scope. The Company hereby agrees to indemnify the Indemnitee to the fullest extent permitted by Delaware law, notwithstanding
that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any change after the date of this Agreement
in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer,
employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as set
forth in Section 10(a) hereof. 
 (b) Nonexclusivity. The indemnification and the payment of Expense Advances
provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any other agreement, any vote of stockholders or disinterested directors, the
General Corporation Law of the State of Delaware, or otherwise; provided, however, that this Agreement shall supersede any prior indemnification agreement between the Company and Indemnittee. The indemnification and the payment of
Expense Advances provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity.

 6. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection
with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, provision of the Company’s Certificate of Incorporation, Bylaws or otherwise) of the amounts otherwise payable
hereunder. 
 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to
which Indemnitee is entitled. 
 8. Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain
instances, federal law or applicable public policy may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has
undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to
indemnify Indemnitee. 

 9. Liability Insurance; Tail Coverage. To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the
Company’s directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, agents or fiduciaries, if Indemnitee is not an
officer or director but is a key employee, agent or fiduciary. In the event of a Change in Control or the Company’s becoming insolvent (including being placed into receivership or entering the federal bankruptcy process and the like), the
Company shall maintain in force any and all insurance policies then maintained by the Company in providing insurance (directors’ and officers’ liability, fiduciary, employment practices or otherwise) in respect of Indemnitee, for a period
of six (6) years thereafter. 
 10. Exceptions. Notwithstanding any other provision of this Agreement, the Company
shall not be obligated pursuant to the terms of this Agreement: 
 (a) Excluded Action or Omissions. To indemnify
Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 

(b) Claims Initiated by Indemnitee. To indemnify or make Expense Advances to Indemnitee with respect to Claims initiated or
brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross-claim, except (i) with respect to actions or proceedings brought to establish or enforce a right to indemnification under this Agreement or any other agreement
or insurance policy or under the Company’s Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims for Covered Events, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of
such Claim, or (iii) as otherwise required under Section 145 of the Delaware General Corporation Law, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may
be. 
 (c) Lack of Good Faith. To indemnify Indemnitee for any Expenses incurred by the Indemnitee with respect to any
action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 13 that each of the material assertions made by the Indemnitee as a basis for
such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 13 that each of the
material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 

 (d) Certain Exchange Act Claims. To indemnify Indemnitee in connection with any Claim
for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any similar successor statute or any similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of
the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);
provided, however, that to the fullest extent permitted by applicable law and to the extent Indemnitee is successful on the merits or otherwise with respect to any such Claim, the Expenses actually and reasonably incurred by Indemnitee
in connection with any such Claim shall be deemed to be Expenses that are subject to indemnification hereunder. 
 (e)
Settlement of Claims. 
 (1) The Company shall not be liable to indemnify Indemnittee under this Agreement or otherwise
for any amounts paid in settlement of any proceeding effected without the Company’s written consent, such consent not to be unreasonably withheld; provided, however, that if a Change of Control has occurred (other than a Change of
Control approved by a majority of the directors on the Board who were directors immediately prior to such Change of Control), the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if Independent Legal Counsel
has approved the settlement. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the
defense of such action; the Company’s liability hereunder shall not be excused if participation in the proceeding by the Company was barred by this Agreement. 

(2) The Company shall not be required to obtain the consent of Indemnitee for the settlement of any Claim that the Company has
undertaken to defend if the Company assumes full and sole responsibility for each such settlement; provided, however, that the Company shall be required to obtain Indemnitee’s prior written approval, which shall not be
unreasonably withheld, before entering into any settlement that (1) does not grant Indemnitee a complete release of liability, (2) would impose any penalty or limitation on Indemnitee, or (3) would admit any liability or misconduct by
Indemnitee. 
 11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
constitute an original. 

 12. Binding Effect; Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), spouses, heirs and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary (as applicable) of the
Company or of any other enterprise at the Company’s request. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

13. Expenses Incurred in Action Relating to Enforcement or Interpretation. In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee
with respect to such action (including without limitation attorneys’ fees), regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action a court having jurisdiction over such action makes a final
judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous. In the event of an
action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee in defense of such action
(including without limitation costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action a court having jurisdiction over such action makes a final judicial
determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 

14. Notice. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
duly given (i) if delivered by hand and signed for by the party addressed, on the date of such delivery, or (ii) if mailed by domestic certified or registered mail with postage prepaid, on the third business day after the date postmarked.
Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice. 

15. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the
State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court
of Chancery of the State of Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a claim. 

 16. Severability. The provisions of this Agreement shall be severable in the event
that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain
enforceable to the fullest extent permitted by Delaware law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid, void
or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

17. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties to this Agreement,
shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. 

18. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 

19. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless
it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
continuing waiver, except as specifically provided herein. 
 20. Integration and Entire Agreement. This Agreement sets
forth the entire understanding between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. The parties
understand and agree that any prior agreement between the Company and Indemnitee concerning indemnification is superseded in its entirety by this Agreement and is null and void and of no further force or effect. 

21. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right
to be retained in the employ of the Company or any of its subsidiaries or affiliated entities. 
 22. Contribution.

 (a) If the indemnification provided in Section 2 is unavailable in whole or in part and may not be paid to Indemnitee
for any reason other than those set forth in Section 10, then with respect to any Claim in which the Company is jointly liable with Indemnitee (or would be if joined in such Claim), to the fullest extent permitted by applicable law, the
Company, in lieu of indemnifying Indemnitee, shall pay, in the first instance, the entire Expense incurred by Indemnitee in connection with the Claim without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee. 

 (b) With respect to a Claim brought against directors, officers, employees or agents of the
Company (other than Indemnitee), to the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee from any contribution sought by any such persons (other than Indemnitee) who may be jointly liable with Indemnitee, to the
same extent Indemnitee would have been entitled to such indemnification under this Agreement if such Claim had been brought against Indemnitee. 

23. Company Position. The Company shall be precluded from asserting, in any proceeding brought for purposes of establishing,
enforcing or interpreting any right to indemnification under this Agreement, that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the
provisions of this Agreement and is precluded from making any assertion to the contrary. 
 24. No Imputation. The
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement. 

25. Determination of Good Faith. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good
faith if Indemnitee’s action is based (a) on the records or books of account, including financial statements, of the Company or such other enterprise for which Indemnitee has served at the Company’s request (collectively referred to
in this Section as the “Company’), or (b) on information supplied to Indemnitee by the officers of the Company in the course of their duties, or (c) on the advice of legal counsel for the Company or its Board of Directors or any
committee thereof, or (d) on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser, investment banker, compensation consultant, or other expert selected with reasonable care
by the Company or its Board of Directors or any committee thereof. The provisions of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct. Whether or not the provisions of this Section are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company. 
 * * * 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement as of
the date first above written. 
 ZIPREALTY, INC. 
  

			
	
By:                       
                                         
                          

		
	 Name:
	 	J. Patrick Lashinsky
		
	 Title:
	 	Chief Executive Officer and President
		
	 Address:
	 	 2000 Powell Street, Suite 300

Emeryville, California 94608

  

			
	 AGREED TO AND ACCEPTED:

INDEMNITEE

	
	  

(Print Name)

	  

(Signature)

	  

(Address)

	  

(Address)

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