Document:

Exhibit 10.10

 

LIMITED GUARANTY

 

THIS LIMITED GUARANTY (this “Guaranty”)
is made as of November 5, 2018, by Brookfield DTLA Holdings LLC, a Delaware limited liability company (“Guarantor”),
in favor of Landesbank Hessen-Thüringen Girozentrale, New York Branch, as Administrative Agent on behalf of the Lenders
(together with its successors and assigns, “Administrative Agent”) and each of the Lenders party to the
Loan Agreement (as defined below).

 

RECITALS

 

		A.	Pursuant to the terms of that certain Loan Agreement, dated of even date herewith by and among
Maguire Properties-355 S. Grand, LLC, a Delaware limited liability company (“Borrower”), Administrative
Agent, and the Lenders party thereto (as amended, restated or otherwise modified from time to time, the “Loan Agreement”),
the Lenders have agreed to make a loan to Borrower in the original aggregate principal amount of Two Hundred Ninety Million and
00/100 Dollars ($290,000,000.00) (the “Loan”) for the purposes specified in the Loan Agreement, said
purposes relating to 355 S. Grand Avenue, Los Angeles, California as more particularly described therein (the “Property”).
The Loan Agreement provides that the Loan shall be evidenced by one or more promissory notes (as amended, restated or otherwise
modified from time to time, the “Notes”) executed by Borrower and payable to the Lenders party to the
Loan Agreement, in the aggregate principal amount of the Loan and shall be secured by the Security Instrument and by other security
instruments, if any, specified in the Loan Agreement.

 

		B.	Guarantor owns an indirect interest in, and is an Affiliate of, Borrower, has an indirect financial
interest in the Property as a result thereof and will benefit from the Lenders making the Loan to Borrower.

 

		C.	Initially capitalized terms used herein and not otherwise defined shall have the respective meanings
ascribed to such terms in the Loan Agreement.

 

THEREFORE, to induce Administrative Agent
and the Lenders to enter into the Loan Agreement and to make the Loan, and in consideration thereof, Guarantor unconditionally
guarantees and agrees as follows:

 

     

     

    

 

		1.	PAYMENT GUARANTY. Guarantor hereby guarantees and agrees that it shall be liable
to Administrative Agent and the Lenders for the following (together with Guarantor’s obligations under Section 2
of this Guaranty, the “Guaranteed Obligations”): the entire principal sum outstanding under the Notes,
together with accrued interest and other amounts payable thereunder and under all of the Loan Documents, as such amount shall be
outstanding from time to time, if (1) Borrower effects a Transfer of all or substantially all of the Property or of all or substantially
all of the direct or indirect equity interests in Borrower in violation of the provisions of the Loan Agreement, provided that
no such liability shall arise if such violation arises solely from a failure to provide any required notice; (2) any Borrower Party
(defined herein below) files, or joins in the filing of, a petition under the Bankruptcy Code or any other federal or state bankruptcy
or insolvency law, or solicits or causes to be solicited, or otherwise colludes with, petitioning creditors for any involuntary
petition against Borrower; (3) any Borrower Party joins or otherwise colludes in any involuntary petition filed against Borrower,
by any other Person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (4) Borrower consents
to or acquiesces in writing or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower
or any portion of the Property (other than at the request of Administrative Agent and/or any Lender); or (5) Borrower makes an
assignment for the benefit of creditors or admits, in writing in any legal proceeding, its insolvency or its inability to pay its
debts as they become due unless failure to make such admission would be a violation of law. Notwithstanding anything to the contrary
in this Guaranty, the Notes or any of the Loan Documents, (A) neither Administrative Agent nor any Lender shall be deemed to have
waived any right which Administrative Agent and/or any Lender may have under Section 506(a), 506(b),
1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Debt or to require
that all collateral shall continue to secure all of the Debt owing to Administrative Agent and Lenders in accordance with the Loan
Documents.

 

Nothing contained in Section
2 hereof shall limit Guarantor’s liability under this Section 1.

 

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		2.	NON-RECOURSE CARVE-OUT GUARANTY. In addition to the guarantee set forth in Section
1 hereof, Guarantor further guarantees and promises to pay to Administrative Agent and the Lenders, or order, on demand,
in lawful money of the United States, in immediately available funds, and to defend, indemnify and hold harmless Administrative
Agent and the Lenders, their directors, officers, employees, successors and assigns from and against all losses, damages, liabilities,
claims, actions, judgments, court costs and legal and other expenses (including, without limitation, reasonable attorneys’
fees and expenses), other than any consequential, exemplary, indirect or special or punitive damages or lost profits unless the
same are actually imposed on Administrative Agent or the Lenders by a third party, which Administrative Agent and the Lenders (except
in their respective capacities as a tenant under any lease of the Property or as a purchaser of the Property; provided, however,
that such exception shall not apply to Administrative Agent or any Lender or their nominee in their capacity as owner or occupant
of the Property in connection with or following any foreclosure (or a deed in lieu of foreclosure) or the exercise of any remedies
under the Loan Documents) actually incur as a direct consequence of (a) fraud or intentional misrepresentation by Borrower or Guarantor
(each, a “Borrower Party”) or any manager who is an Affiliate of Borrower or Guarantor in connection
with the Loan or the Property; (b) the gross negligence or willful misconduct of any Borrower Party or any manager who is an Affiliate
of Borrower or Guarantor in connection with the Loan; (c) the material breach by any Borrower Party that is Controlled by Borrower
of any representation, warranty, covenant or indemnification provision in the Hazardous Materials Indemnity Agreement or in any
other Loan Document concerning environmental laws, hazardous substances and asbestos and any indemnification of Administrative
Agent and the Lenders with respect thereto in any such document; (d) physical waste to the Property caused by intentional acts
or intentional omissions of any Borrower Party, other than waste (or alleged waste) to the Property resulting from the insufficiency
of cash flow from the Property to prevent such waste and such insufficiency is not a result of misappropriation of rents, moneys
payable as damages or in lieu of rent (including any disbursements from reserves representing amounts payable during a tenant’s
free rent period), rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses),
income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts,
cash, issues, profits, charges for services rendered, proceeds from any Interest Rate Protection Agreement and other consideration
of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from
any and all sources arising from or attributable to the Property (collectively, “Rents”) by any Borrower
Party; provided, however, that physical waste shall not include normal and reasonable wear and tear to the Property that occurs
in the ordinary course of business; (e) the misapplication or conversion by any Borrower Party of (i) any insurance proceeds paid
by reason of any loss, damage or destruction to the Property, (ii) any awards or other amounts received in connection with the
Condemnation of all or a portion of the Property or (iii) any Rents not applied in accordance with the requirements of the Loan
Documents following the occurrence and during the continuance of a Default; (f) any personal property taken from the Property during
the continuance of Default other than in the ordinary course of business by or on behalf of any Borrower Party; provided however
that there shall be no liability hereunder if such personal property is replaced with personal property of the same utility and
of the same or greater value; and provided further that any such personal property shall not be required to be replaced to the
extent the same is obsolete or is no longer required for the operation of the Property; (g) subject to Borrower’s right to
contest the same as expressly set forth in the Loan Agreement, (i) failure to pay Taxes, and/or (ii) the failure to pay insurance
premiums in accordance with the Loan Documents; provided that the foregoing shall not apply at any time that (x) there is not sufficient
cash flow to pay the same and such insufficiency is not due to misappropriation of the same, or (y) there are sufficient amounts
on reserve with Administrative Agent to pay such amounts and Administrative Agent shall not have made such amounts available to
pay the same in violation of the Loan Documents; (h) any security deposits, advance deposits or any other deposits collected with
respect to the Property which are not delivered to Administrative Agent upon a foreclosure of the Property or action in lieu thereof,
except to the extent any such security deposits, advance deposits or other deposits were applied in accordance with the terms and
conditions of any of the Leases; (i) the breach of any representation, warranty or covenant of Borrower with respect to itself
set forth in Section 9.10 of the Loan Agreement, the result of which is the substantive consolidation of the assets of Borrower
with the assets of another person or entity, provided no member, partner, or direct or indirect equityholder of Borrower is obligated
to fund additional capital or make any loans to Borrower; (j) Borrower fails to obtain Administrative Agent’s prior written
consent to any additional indebtedness, which indebtedness is secured by a voluntary Lien encumbering the Property, as and to the
extent the same are not expressly permitted by the Loan Documents; (k) except as set forth in Section 1 above with
respect to voluntary Transfers of all or substantially all of the Property or of all or substantially all of the direct or indirect
equity interests in Borrower, Borrower fails to obtain Administrative Agent’s consent to any other Transfer of the Property
or direct or indirect interests in Borrower (other than a Permitted Transfer or a Permitted Lien) in violation of the Loan Documents;
or (l) any litigation or other legal proceeding related to the Loan filed by any Borrower Party or any Affiliate of Sponsor that
is Controlled by Sponsor in bad faith with the intent to (and that actually does) wrongfully delay, impede, obstruct, hinder, enjoin
or otherwise interfere with or frustrate the efforts of Administrative Agent or any Lender to exercise any rights and remedies
available to Administrative Agent and any Lender.

 

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		3.	REMEDIES. If Guarantor fails to promptly perform its obligations under this Guaranty,
Administrative Agent may from time to time, and without first requiring performance by Borrower or exhausting any or all security
for the Loan, bring any action at law or in equity or both to compel Guarantor to perform its obligations hereunder, and to collect
in any such action compensation for all out-of-pocket costs and expenses (including reasonable fees of outside counsel) actually
incurred by Administrative Agent in the enforcement hereof or the preservation of the Lenders’ rights hereunder.

 

		4.	RIGHTS OF ADMINISTRATIVE AGENT AND THE LENDERS. Administrative Agent and the Lenders,
without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from
time to time, may: (a) renew or extend all or any portion of Borrower’s obligations under the Notes or any of the other Loan
Documents; (b) declare all sums owing to Administrative Agent and the Lenders under the Notes and the other Loan Documents due
and payable upon the occurrence and during the continuance of a Default; (c) make changes in the dates specified for payments of
any sums payable in periodic installments under the Notes or any of the other Loan Documents; (d) otherwise enter into modifications
of the terms of any of the other Loan Documents (other than Loan Documents to which Guarantor is a party); (e) take and hold security
for the performance of Borrower’s obligations under the Notes or the other Loan Documents and exchange, enforce, waive and
release any such security, or impair or fail to perfect any lien on or security interest in any such security; (f) apply such security
and direct the order or manner of sale thereof as Administrative Agent in its discretion may determine; (g) release, substitute
or add any one or more endorsers of the Notes or guarantors of Borrower’s obligations under the Notes or the other Loan Documents;
(h) apply payments received by Administrative Agent from Borrower to any obligations of Borrower to Administrative Agent and/or
the Lenders, in such order as Administrative Agent shall determine in its sole discretion, whether or not any such obligations
are covered by this Guaranty; (i) subject to any restrictions on assignment of the Loan set forth in the Loan Agreement, assign
this Guaranty in whole or in part, to the holder of the Notes (or any Note); and (j) subject to any restrictions on assignment
of the Loan set forth in the Loan Agreement, assign, transfer or negotiate all or any part of the indebtedness guaranteed by this
Guaranty.

 

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		5.	GUARANTOR’S WAIVERS. Guarantor waives to the maximum extent permitted by law:
(a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or any other person, or by reason
of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable under the
Notes or any of the other Loan Documents; (b) any defense based upon any lack of authority of the officers, directors, partners,
members, managers or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any defect in the
formation of Borrower or any principal of Borrower; (c) any defense based upon the application by Borrower of the proceeds of the
Loan for purposes other than the purposes represented by Borrower to Administrative Agent or the Lenders or intended or understood
by Administrative Agent, the Lenders or Guarantor; (d) any and all rights and defenses arising out of an election of remedies by
Administrative Agent or the Lenders, even though that election of remedies, such as nonjudicial foreclosure with respect to security
for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against the principal by operation
of any applicable law (state or otherwise); (e) any defense based upon Administrative Agent’s or any Lender’s failure
to disclose to Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing on
Borrower’s ability to pay all sums payable and perform its obligations under the Notes or any of the other Loan Documents;
(f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in any other respects more burdensome than that of a principal; (g) any defense based upon Administrative Agent’s
or any Lender’s election, in any proceeding instituted under 11 U.S.C. §101 et seq., as the same may be amended from
time to time (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the Bankruptcy
Code or any successor statute; (h) any defense based upon any borrowing or any grant of a security interest under the Bankruptcy
Code; (i) any right of subrogation, any right to enforce any remedy which Administrative Agent or any Lender may have against Borrower
and any right to participate in, or benefit from, any security for the Notes or the other Loan Documents now or hereafter held
by Administrative Agent or any Lender; (j) presentment, demand, protest and notice of any kind other than as specifically required
under this Guaranty or the Loan Documents; (k) any right or claim of right to cause a marshalling of Borrower’s assets or
the assets of any other party now or hereafter held as security for Borrower’s obligations; and (l) the benefit of any statute
of limitations affecting the liability of Guarantor hereunder or the enforcement hereof. Guarantor further waives to the maximum
extent permitted by law any and all rights and defenses that Guarantor may have because any portion of Borrower’s debt is
secured by real property; this means, among other things, that: (1) Administrative Agent may collect from Guarantor without first
foreclosing on any real or personal property collateral pledged by Borrower; (2) if Administrative Agent forecloses on any real
property collaterally pledged by Borrower, then (A) the amount of the debt may be reduced only by the price for which that collateral
is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Administrative Agent may collect
from Guarantor even if Administrative Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor
may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses
Guarantor may have because Borrower’s debt is secured by real property. These rights and defenses being waived by Guarantor
include, but are not limited to, any rights or defenses based upon deficiency limitation or anti-deficiency, redemption or other
similar rights, if any. Without limiting the generality of the foregoing or any other provision hereof, Guarantor further expressly
waives to the maximum extent permitted by Applicable Law any and all rights and defenses, including without limitation any rights
of subrogation, reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under applicable
law. Guarantor agrees that the performance of any act or any payment which tolls any statute of limitations applicable to the Notes
or any of the other Loan Documents shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability
hereunder. Guarantor further covenants that this Guaranty shall remain and continue in full force and effect as to any modification,
extension or renewal of any of the Loan Documents, that Administrative Agent and the Lenders shall not be under a duty to protect,
secure or insure any security or lien provided by the Security Instrument or other such collateral, and that other indulgences
or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without notice to,
or further consent of, Guarantor.

 

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		6.	GUARANTOR’S WARRANTIES. Guarantor warrants and acknowledges that: (a) the Lenders
would not make the Loan but for this Guaranty; (b) Guarantor has reviewed all of the terms and provisions of the Loan Agreement
and the other Loan Documents; (c) there are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied
as of the date hereof; (d) Guarantor has established adequate means of obtaining from sources other than Administrative Agent or
the Lenders, on a continuing basis, financial and other information pertaining to Borrower’s financial condition, the Property
and Borrower’s activities relating thereto and the status of Borrower’s performance of its obligations under the Loan
Documents, and Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in
any way affect Guarantor’s risks hereunder and neither Administrative Agent nor any Lender has made any representation to
Guarantor as to any such matters; (e) Guarantor has all requisite power and authority to own or lease its property and to carry
on its own business as now conducted; (f) Guarantor has the full limited liability company power and authority to execute and deliver
this Guaranty and to perform its obligations hereunder; the execution, delivery and performance of this Guaranty by Guarantor has
been duly and validly authorized; and all requisite limited liability company action has been taken by Guarantor to make this Guaranty
valid and binding upon Guarantor, enforceable in accordance with its terms; (g) neither any Loan Party nor any of its subsidiaries
is a party to any indenture, loan or credit agreement or any lease or other agreement or instrument or subject to any charter or
limited liability company restriction that would be reasonably likely to have a Material Adverse Effect; (h) Guarantor’s
execution of, and compliance with, this Guaranty will not result in the breach of any term or provision of the operating agreement
or other governing instrument of Guarantor, or result in the breach of any term or provision of, or conflict with or constitute
a default under, or, to Guarantor’s knowledge result in the acceleration of any obligation under any material agreement,
indenture or loan or credit agreement or other instrument to which Guarantor is subject, or result in the violation of any law,
rule, regulation, order, judgment or decree to which Guarantor is subject; (i) intentionally deleted; (j) to Guarantor’s
knowledge, there is no action, suit, proceeding or investigation pending or threatened against it which, if decided adversely against
Guarantor, is reasonably likely to, either in any one instance or in the aggregate, result in any material adverse change in the
business, operations, financial condition, properties or assets of Guarantor, or in any material impairment of the right or ability
of Guarantor to carry on its business substantially as now conducted, or in any material liability on the part of Guarantor, or
which would draw into question the validity of this Guaranty or of any action taken or to be taken in connection with the obligations
of Guarantor contemplated herein, or which would be likely to impair materially the ability of Guarantor to perform under the terms
of this Guaranty; (k) Guarantor does not believe, nor does it have any reason or cause to believe, that it cannot perform each
and every covenant contained in this Guaranty; (l) no approval, authorization, order, license or consent of, or registration or
filing with, any governmental authority or other person, and no approval, authorization or consent of any other party is required
in connection with this Guaranty; (m) this Guaranty constitutes a valid, legal and binding obligation of Guarantor, enforceable
against it in accordance with the terms hereof subject only to applicable bankruptcy, insolvency and similar laws affecting rights
of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law); (n) intentionally deleted; (o) Guarantor is not and will not be, as a consequence
of the execution and delivery of this Guaranty, impaired or rendered “insolvent,” as that term is defined
in the Bankruptcy Code, or otherwise rendered unable to pay its debts as the same mature and will not have thereby undertaken liabilities
in excess of the present fair value of its assets; and (p) the most recent financial statements of Guarantor previously delivered
to Administrative Agent are true and correct in all material respects, have been prepared in accordance with GAAP or International
Financial Reporting Standards as of the date of the applicable statement consistently applied (or other principles acceptable to
Administrative Agent) and fairly present the financial condition of Guarantor as of the respective dates thereof, and no material
adverse change has occurred in the financial condition of Guarantor since the respective dates thereof. Notwithstanding the use
of GAAP or International Financial Reporting Standards, the calculation of liabilities shall NOT include any fair value adjustments
to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election
under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option For Financial Assets and Financial Liabilities)
or other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities
shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any
premium or discount. Guarantor acknowledges and agrees that the Lenders may request and obtain additional information from third
parties regarding any of the above, including, without limitation, credit reports.

 

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		7.	SUBORDINATION. Guarantor subordinates all present and future indebtedness owing by
Borrower to Guarantor to the obligations at any time owing by Borrower to Administrative Agent and the Lenders under the Notes
and the other Loan Documents. Guarantor assigns all such indebtedness to Administrative Agent as agent for the Lenders as security
for this Guaranty, the Notes and the other Loan Documents. Guarantor agrees to make no claim for such indebtedness until all obligations
of Borrower under the Notes and the other Loan Documents have been fully discharged. Guarantor agrees that it will not take any
action or initiate any proceedings, judicial or otherwise, to enforce Guarantor’s rights or remedies with respect to any
such indebtedness, including without limitation any action to enforce remedies with respect to any defaults under such indebtedness
or to any collateral securing such indebtedness or to obtain any judgment or prejudgment remedy against Borrower or any such collateral.
Guarantor also agrees that it will not commence or join with any other creditor or creditors of Borrower in commencing any bankruptcy,
reorganization or insolvency proceedings against Borrower. Guarantor further agrees not to assign all or any part of such indebtedness
unless Administrative Agent is given prior notice and such assignment is expressly made subject to the terms of this Guaranty (including,
but not limited to, the assignment to Administrative Agent as agent for the Lenders set forth herein). If Administrative Agent
so requests, (a) all instruments evidencing such indebtedness shall be duly endorsed and delivered to Administrative Agent, (b)
all security for such indebtedness shall be duly assigned and delivered to Administrative Agent, (c) such indebtedness shall be
enforced, collected and held by Guarantor as trustee for Administrative Agent and the Lenders and shall be paid over to Administrative
Agent on account of the Loan but without reducing or affecting in any manner the liability of Guarantor under the other provisions
of this Guaranty, and (d) Guarantor shall execute, file and record such documents and instruments and take such other action as
Administrative Agent deems necessary or appropriate to perfect, preserve and enforce Administrative Agent’s and the Lenders’
rights in and to such indebtedness and any security therefor. If Guarantor fails to take any such action, Administrative Agent,
as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor. The foregoing power of attorney is coupled
with an interest and cannot be revoked.

 

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		8.	BANKRUPTCY OF BORROWER. The validity of this Guaranty and the obligations of Guarantor
hereunder shall in no way be terminated, affected or impaired by reason of the commencement of a case under the Bankruptcy Code
by or against any Person obligated under the Loan Documents. If Borrower shall have taken advantage of, or be subject to the protection
of, any provision in the Bankruptcy Code, the effect of which is to prevent or delay Administrative Agent or any Lender from taking
any remedial action against the Borrower, including the exercise of any option Administrative Agent or the Lenders have to declare
the obligations guaranteed hereunder to be due and payable on the happening of any default or event by which, under the terms of
the Loan Documents, such obligations shall become due and payable, Administrative Agent may, as against Guarantor, nevertheless,
declare such obligations due and payable and enforce any or all of its and the Lenders’ rights and remedies against Guarantor
provided for herein. In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file
all claims which Guarantor is so required to file against Borrower relating to any indebtedness of Borrower to Guarantor and shall
assign to Administrative Agent, for the benefit of the Lenders, all rights of Guarantor thereunder. If Guarantor does not file
any such claim, Administrative Agent, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor
or, in Administrative Agent’s discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the
name of Administrative Agent’s nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked.
Administrative Agent or its nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in
such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration,
bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Administrative Agent, to be credited first
against all obligations other than the Guaranteed Obligations, and then to the Guaranteed Obligations, the amount payable on such
claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Administrative Agent, for the benefit of
the Lenders, all of Guarantor’s rights to any such payments or distributions; provided, however, Guarantor’s obligations
hereunder shall not be satisfied or credited except to the extent that Administrative Agent receives cash by reason of any such
payment or distribution. If Administrative Agent receives anything hereunder other than cash, the same shall be held as collateral
for the Guaranteed Obligations. The liability of Guarantor hereunder shall be reinstated and revised, and the rights of Administrative
Agent and the Lenders shall continue, with respect to any amount at any time paid by Borrower on account of the Guaranteed Obligations
which Administrative Agent or the Lenders shall be legally required to restore or return upon the bankruptcy, insolvency or reorganization
of Borrower or for any other reasons, all as though such amount had not been paid. If all or any portion of the obligations guaranteed
hereunder are paid or performed, the obligations of Guarantor hereunder shall continue and shall remain in full force and effect
in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from Administrative
Agent or any Lender as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or other similar laws, irrespective
of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and performance of
all of the indebtedness and obligations evidenced and secured by the Loan Documents.

 

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		9.	LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION. Guarantor agrees that any
Lender may elect, at any time, in accordance with the Loan Documents, to sell, assign, or grant participations in all or any portion
of its rights and obligations under the Loan Documents and this Guaranty, and that subject to the terms of the Loan Agreement,
any such sale, assignment or participation may be to one or more financial institutions, private investors, and/or other entities,
at such Lender’s sole discretion. Guarantor further agrees that Administrative Agent or any Lender may disseminate to any
such actual or potential purchaser(s), assignee(s) or participant(s) all documents and information (including, without limitation,
all financial information) which has been or is hereafter provided to or known to Administrative Agent or such Lender with respect
to: (a) the Property and its operations; (b) any party connected with the Loan (including, without limitation, Guarantor, Borrower,
any partner, joint venturer or member of Borrower, any constituent partner, joint venturer or member of Borrower, any other guarantor
and any non-borrower trustor); and/or (c) any lending relationship other than the Loan which Administrative Agent or such Lender
may have with any party connected with the Loan. In connection with any such sale, assignment or participation, Guarantor further
agrees that this Guaranty shall be sufficient evidence of the obligations of Guarantor to each purchaser or assignee and upon written
request by Administrative Agent, Guarantor shall, within thirty (30) days after request by Administrative Agent (but not more frequently
than twice in any calendar year), (x) deliver to Administrative Agent an estoppel certificate, in form and substance reasonably
acceptable to Administrative Agent and Guarantor, verifying for the benefit of Administrative Agent and any such other party the
status, terms and provisions of this Guaranty to the knowledge of the officer delivering such certificate, and (y) at the sole
cost and expense of the requesting party, enter into such amendments or modifications to this Guaranty or the Loan Documents as
may be reasonably required in order to evidence any such sale or assignment, provided such amendment or modification shall have
no adverse impact on Guarantor.

 

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Anything in this Guaranty
to the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Guaranty,
including this Section, any Lender may at any time and from time to time pledge and assign, or grant a security interest in, all
or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank or as otherwise set forth in the
Loan Documents; provided that no such pledge or assignment, or grant of a security interest, shall release such Lender from its
obligations thereunder.

 

		10.	ADDITIONAL, INDEPENDENT AND UNSECURED OBLIGATIONS. This Guaranty is a continuing
guaranty of payment and not of collection and cannot be revoked by Guarantor and shall continue to be effective with respect to
any indebtedness referenced in Sections 1 and 2 hereof arising or created after any attempted revocation
hereof. The obligations of Guarantor hereunder shall be in addition to and shall not limit or in any way affect the obligations
of Guarantor under any other existing or future guaranties or indemnities delivered to Administrative Agent for the benefit of
the Lenders in connection with the Loan unless said other guaranties or indemnities are expressly modified or revoked in writing.
This Guaranty is independent of the obligations of the Borrower under the Notes, the Security Instrument, the Hazardous Materials
Indemnity Agreement and the other Loan Documents to which Borrower is a party. Guarantor hereby authorizes and empowers Administrative
Agent to exercise, in its sole discretion, any rights and remedies, or any combination thereof, which may then be available, since
it is the intent and purpose of Guarantor that the obligations hereunder shall be absolute, independent, irrevocable and unconditional
under any and all circumstances. Administrative Agent may bring a separate action to enforce the provisions hereof against Guarantor
without taking action against Borrower or any other party or joining the Borrower or any other party as a party to such action.
Except as otherwise provided in this Guaranty, this Guaranty is not secured and shall not be deemed to be secured by any security
instrument unless such security instrument expressly recites that it secures this Guaranty.

 

		11.	REPORTING REQUIREMENTS. At all times during which any indebtedness remains outstanding
pursuant to the Loan Documents, Guarantor shall comply with the reporting requirements relating to Guarantor set forth in Sections
10.1(b) and 10.1(c) of the Loan Agreement.

 

		12.	INTEREST. Any amounts that become due and payable by Guarantor under this Guaranty,
if not paid within ten (10) Business Days after demand therefor, shall bear interest at a rate per annum equal to the Alternate
Rate from the date of demand to the date that such sums are paid to Administrative Agent. The foregoing shall be without any double-counting
with interest paid on the Guaranteed Obligations which interest is itself part of the Guaranteed Obligations.

 

		13.	ATTORNEYS’ FEES; ENFORCEMENT. If any attorney is engaged by Administrative
Agent to enforce or defend any provision of this Guaranty or to collect any sums owed by Guarantor under this Guaranty, with or
without the filing of any legal action or proceeding, Guarantor shall pay to Administrative Agent, immediately upon demand all
actual out of pocket attorneys’ fees and costs incurred by Administrative Agent in connection therewith, together with interest
thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Notes as specified
therein.

 

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		14.	RULES OF CONSTRUCTION. The word “Borrower” as used herein
shall include both the named Borrower and any other person at any time assuming or otherwise becoming primarily liable for all
or any part of the obligations of the named Borrower under the Notes and the other Loan Documents. The term “person”
as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever. If this Guaranty is executed
by more than one person, the term “Guarantor” shall include all such persons. When the context and construction
so require, all words used in the singular herein shall be deemed to have been used in the plural and vice versa. All headings
appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty.

 

		15.	CONSTRUCTION OF DOCUMENTS. The parties hereto acknowledge that they were represented
by competent counsel in connection with the negotiation, drafting and execution of this Guaranty and that this Guaranty shall not
be subject to the principle of construing their meaning against the party which drafted same.

 

		16.	GOVERNING LAW.

 

		(a)	THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND DELIVERED BY GUARANTOR AND ACCEPTED
BY ADMINISTRATIVE AGENT AND THE LENDERS IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN WERE DISBURSED FROM THE STATE OF
NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED
HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF
LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. GUARANTOR ACKNOWLEDGES AND AGREES THAT, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS GUARANTY AND ALL OF
THE OBLIGATIONS ARISING HEREUNDER, AND UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION
OTHER THAN THE STATE OF NEW YORK GOVERNS THIS GUARANTY, AND THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

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		(b)	GUARANTOR HEREBY CONSENTS FOR ITSELF AND IN RESPECT OF ITS PROPERTIES, GENERALLY, UNCONDITIONALLY
AND IRREVOCABLY, TO THE NONEXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN THE COUNTY AND STATE OF NEW YORK WITH RESPECT
TO ANY PROCEEDING RELATING TO ANY MATTER, CLAIM OR DISPUTE ARISING UNDER THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY.
GUARANTOR FURTHER CONSENTS, GENERALLY, UNCONDITIONALLY AND IRREVOCABLY, TO THE NONEXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS OF THE COUNTY AND STATE IN WHICH ANY OF THE PROPERTY IS LOCATED IN RESPECT OF ANY PROCEEDING RELATING TO ANY MATTER, CLAIM
OR DISPUTE ARISING WITH RESPECT TO THE PROPERTY. GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS, GENERALLY, UNCONDITIONALLY
AND IRREVOCABLY, AT THE ADDRESSES SET FORTH IN SECTION 21 HEREOF IN CONNECTION WITH ANY OF THE AFORESAID PROCEEDINGS
IN ACCORDANCE WITH THE RULES APPLICABLE TO SUCH PROCEEDINGS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW HAVE OR HAVE IN THE FUTURE TO THE LAYING OF VENUE IN RESPECT OF ANY OF THE AFORESAID PROCEEDINGS
BROUGHT IN THE COURTS REFERRED TO ABOVE AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ADMINISTRATIVE AGENT OR ANY
LENDER TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR TO COMMENCE PROCEEDINGS OR OTHERWISE PROCEED AGAINST GUARANTOR IN ANY
JURISDICTION.

 

		(c)	PROCESS MAY BE SERVED BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO GUARANTOR AT ITS ADDRESS
REFERRED TO BELOW.

 

    	12

     

    

 

		17.	MISCELLANEOUS. Time is of the essence with respect to every provision hereof. The
provisions of this Guaranty will bind and benefit the heirs, executors, administrators, legal representatives, nominees, successors
and assigns of Guarantor, Administrative Agent and each Lender; provided that Guarantor may not assign any of its rights or obligations
hereunder or under any other Loan Document without the prior written consent of all of the Lenders (and any attempted such assignment
without such consent shall be null and void). The liability of all persons and entities who are in any manner obligated hereunder
shall be joint and several. If any provision of this Guaranty shall be determined by a court of competent jurisdiction to be invalid,
illegal or unenforceable, that portion shall be deemed severed from this Guaranty and the remaining parts shall remain in full
force as though the invalid, illegal or unenforceable portion had never been part of this Guaranty. This Guaranty may be executed
in one or more counterparts by some or all of the parties hereto, each of which counterparts shall be an original and all of which
together shall constitute a single agreement of Guaranty. The failure of any party hereto to execute this Guaranty, or any counterpart
hereof, shall not relieve the other signatories from their obligations hereunder. This Guaranty shall be deemed to be continuing
in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Administrative Agent or any
Lender under the Security Instrument or any of the other Loan Documents, including without limitation any foreclosure or deed in
lieu thereof. Notwithstanding anything to the contrary herein, this Guaranty shall remain in full force and effect until the earlier
of (a) all of the Guaranteed Obligations having been indefeasibly paid, performed and completed in full or (b) the Obligations
and all other amounts due from Borrower and/or Guarantor under the Loan Agreement having been indefeasibly paid in full; including,
without limitation, in either case, the payment of any and all actual, out-of-pocket expenses which might be incurred by Administrative
Agent or Lenders in enforcing any of their rights hereunder and all interest due thereon, whereupon this Guaranty shall cease to
be effective and terminate, except for obligations (if any) of Guarantor which are expressly stated herein to survive such termination.

 

		18.	JOINT AND SEVERAL LIABILITY. The liability of Guarantor hereunder shall be joint
and several with any other guarantors of the Borrower’s obligations under the Notes and the other Loan Documents.

 

		19.	ENFORCEABILITY. Guarantor hereby acknowledges that: (a) the obligations undertaken
by Guarantor in this Guaranty are complex in nature, and (b) numerous possible defenses to the enforceability of these obligations
may presently exist and/or may arise hereafter, and (c) as part of Administrative Agent’s and each Lender’s consideration
for entering into this transaction, Administrative Agent and each Lender has specifically bargained for the waiver and relinquishment
by Guarantor of all of the defenses specifically waived in Section 5 hereof, and (d) Guarantor has had the opportunity
to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein.
Given all of the above, Guarantor does hereby represent and confirm to Administrative Agent and each Lender that Guarantor is fully
informed regarding, and that Guarantor does thoroughly understand: (i) the
nature of all such possible defenses, and (ii) the circumstances under which such defenses may arise, and (iii) the benefits which
such defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving such defenses. Guarantor acknowledges
that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all
be fully enforceable by Administrative Agent and each Lender, and that Administrative Agent and each Lender is induced to enter
into this transaction in material reliance upon the presumed full enforceability thereof.

 

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		20.	WAIVER OF RIGHT TO TRIAL BY JURY. GUARANTOR (AND, BY ITS ACCEPTANCE OF THIS GUARANTY,
ADMINISTRATIVE AGENT ON BEHALF OF ITSELF AND THE LENDERS) HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION
THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR THERETO OR ANY OF THEM
WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH OR THEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY OTHER PARTY
HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT BY GUARANTOR,
ADMINISTRATIVE AGENT AND/OR THE LENDERS, AS APPLICABLE, TO THE WAIVER OF SUCH PARTY’S RIGHT TO TRIAL BY JURY.

 

		21.	NOTICES. Notices to be given hereunder shall be given (and deemed received) in accordance
with the terms of Section 13.4 of the Loan Agreement, addressed, if to Administrative Agent and the Lenders, as set
forth in the Loan Agreement, and, if to Guarantor, as follows:

 

	Guarantor:	Brookfield DTLA Holdings LLC
	 	Brookfield Place
	 	250 Vesey Street, 15th Floor
	 	New York, New York 10281
	 	Attention: Jason Kirschner
	 	 
	With a copy to:	Brookfield DTLA Holdings LLC
	 	Brookfield Place
	 	250 Vesey Street, 15th Floor
	 	New York, New York 10281
	 	Attention:  General Counsel
	 	 
	With a copy to:	Latham & Watkins LLP
	 	650 Town Center Drive, 20th Floor
	 	Costa Mesa, California 92626-1925
	 	Attention:  Hilary A. Shalla, Esq.
	 	 

 

Guarantor shall forward to Administrative
Agent, without delay, any notices, letters or other communications delivered to the Property or to Guarantor naming Administrative
Agent or the “Lender” or any similar designation as addressee.

 

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		22.	ELECTRONIC DOCUMENT DELIVERIES. Documents required to be delivered pursuant to this
Guaranty shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which
Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com>
or a website sponsored or hosted by Administrative Agent or Guarantor) provided that the foregoing shall not be applicable to any
Lender that has notified Administrative Agent and Guarantor that it cannot or does not want to receive electronic communications.
Administrative Agent or Guarantor may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered
electronically shall be deemed to have been delivered one (1) Business Day after the date and time on which Administrative Agent
or Guarantor posts such documents or the documents become available on a commercial website and Administrative Agent or Guarantor
notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or
posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00
a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, in every
instance Guarantor shall be required to deliver paper copies of any documents to Administrative Agent or to any Lender that requests
such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative
Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically,
and in any event shall have no responsibility to monitor compliance by Guarantor with any such request for delivery. Each Lender
shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. Notwithstanding
anything to the contrary contained above, no notice (including, without limitation, any default notice) given to or by Guarantor
under this Guaranty shall be covered by this Section 22.

 

		23.	INTEGRATION. This Guaranty represents the final agreement between the parties with
respect to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements
of the parties with respect to such subject matter. There are no oral agreements between the parties. This instrument may be amended
only in an instrument in writing executed by the parties.

 

		24.	LIMITED RECOURSE. The members and other direct or indirect owners of Guarantor and
its officers, directors, partners, members, shareholders, principals, managers, trustees, agents and affiliates shall have no personal
liability for and none of their assets shall be subject to a claim arising out of the obligations of Guarantor hereunder or under
any of the other Loan Documents.

 

		25.	FINANCIAL COVENANTS. Guarantor shall, at all times, comply with Guarantor Financial
Covenants set forth in Section 9.17 of the Loan Agreement.

 

    	15

     

    

 

		26.	OUTSIDE SOURCES. Notwithstanding anything contained herein to the contrary, no amounts
paid on account of the Loan shall constitute a payment under this Guaranty unless (a) payment is made after the occurrence of a
Default and Administrative Agent’s exercise of any remedies in connection therewith and (b) Guarantor makes payment directly
to Administrative Agent with funds from Outside Sources (hereinafter defined). “Outside Sources” shall
mean funds belonging to Guarantor which are not derived directly or indirectly from the ownership, operation, sale or liquidation
of the Property (including, but not limited to, insurance proceeds, condemnation awards, rents and any other proceeds paid or payable
with respect to the Property).

 

		27.	DEFINED TERMS; USAGES. Unless the context clearly indicates a contrary intent or
unless otherwise specifically provided herein, words used in this Guaranty may be used interchangeably in singular or plural form,
and the word “Property” shall mean “the Property, including any individual parcel of real property
and improvements constituting a part thereof”. The terms “include(s)” and “including” shall mean
“include(s), without limitation” and “including, without limitation”, respectively.

 

		28.	TAXES. Taxes in respect of this Guaranty shall be paid by Guarantor as required by
Section 2.11 of the Loan Agreement (with the understanding and agreement of Guarantor that, for purposes hereof,
Guarantor shall have the same payment and reimbursement obligations as the Borrower under such Section 2.11 even
though Guarantor is not specifically referenced in such Section 2.11, and by accepting the benefits hereof, Administrative
Agent agrees that it will comply with such Section 2.11).

 

		29.	NO WAIVER. No previous waiver and no failure or delay by Administrative Agent in
acting with respect to the terms of the Notes, this Guaranty or any Loan Document shall constitute a waiver of any breach, default,
or failure of condition under the Notes, this Guaranty or any Loan Document or the obligations secured thereby. A waiver of any
term of the Notes, this Guaranty or any Loan Document or of any of the obligations secured thereby must be made in writing and
shall be limited to the express written terms of such waiver.

 

		30.	NO
                                         WAIVER, RELEASE OR IMPAIRMENT. Nothing contained in this Guaranty shall be deemed
                                         to waive, release, affect or impair the indebtedness evidenced by the Loan Documents
                                         or the obligations of Borrower under the Loan Documents, or the liens and security interests
                                         created by the Loan Documents, or Administrative Agent’s rights to enforce its
                                         rights and remedies under the Loan Documents and under this Guaranty or the indemnity
                                         provided herein, in the Loan Documents or in connection with the Loan, or otherwise provided
                                         in equity or under applicable law, including, without limitation, the right to pursue
                                         any remedy for injunctive or other equitable relief, or any suit or action in connection
                                         with the preservation, enforcement or foreclosure of the liens, mortgages, assignments
                                         and security interests which are now or at any time hereafter security for the payment
                                         and performance of all obligations under the Loan Agreement or in the other Loan Documents.
                                         The provisions of Sections 1 and 2 of this Guaranty shall
                                         prevail and control over any contrary provisions elsewhere in this Guaranty or in the
                                         other Loan Documents.

 

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		31.	JURISDICTION. SUBJECT TO THE REQUIREMENTS FOR A CASE TO BE HEARD IN THE COMMERCIAL
DIVISION OF THE NEW YORK STATE SUPREME COURT, GUARANTOR AGREES TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COMMERCIAL DIVISION
OF THE NEW YORK STATE SUPREME COURT, AND TO THE APPLICATION OF SAID COURT’S ACCELERATED PROCEDURES PURSUANT TO RULE 9 OF
SECTION 202.70(G) OF THE UNIFORM RULES FOR NEW YORK STATE TRIAL COURTS.

 

[Signature page follows]

 

    	17

     

    

 

IN WITNESS WHEREOF, Guarantor has duly
executed and delivered this Guaranty as of the date appearing on the first page of this Guaranty.

 

	 	GUARANTOR
	 	 
	 	BROOKFIELD DTLA HOLDINGS LLC, 

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

a Delaware limited liability company, 

its Managing Member
	 	 	 
	 	 	By:	BOP US Subsidiary LLC, 

a Delaware limited liability company, 

its Managing Member
	 	 	 	 	 
	 	 	 	By:	/s/ Michelle Campbell
	 	 	 	 	Name:	Michelle
    Campbell
	 	 	 	 	Title:	Secretary

 

    	S-1Exhibit 10.15

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT is dated October 1, 2018 by
and between Telkonet, Inc, a Utah corporation ("Telkonet" or "Company") and Jason L. Tienor ("Executive").

 

WHEREAS, Telkonet desires to employ Executive and to
secure for itself the experience, abilities and services of Executive in the capacity of Chief Executive  Officer
(CEO) of Telkonet upon the terms and conditions specified herein; and

 

WHEREAS, Executive desires to so provide his services to Telkonet,
upon the terms and conditions specified herein.

 

NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and for such other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively
acknowledged, the parties, intending to be legally bound, agree as follows:

 

1. Duties and Scope of Employment.

 

(a) 
Positions and Duties. Telkonet hereby employs Executive in the capacity of Chief Executive Officer (CEO) of Telkonet
to perform such executive, management and administrative services and other customary duties consistent with Executive's position
as a senior executive officer within the Company as set forth in the Telkonet by-laws and as Telkonet, by action of its Board of Directors ("Board"), may request from time to time.

 

(b) 
Location. Executive's place of work shall be 20800 Swenson Dr., Suite 175, Waukesha, WI 53186. The Company shall
be entitled to require the Executive to travel to work at such other places as business needs require.

 

2. Term. The term of this Agreement
(the "Term") shall commence as of October 1, 2018 and shall expire on October 1, 2020. Upon expiration this term will
automatically renew for an additional twelve (12) months unless mutually agreed to otherwise or is terminated pursuant to Section
6. Automatic renewal cannot occur in two or more consecutive years.

 

3. Extent of Services. During
the Term and any extension thereof, Executive shall devote his full time, ability, attention and efforts to the performance,
to the best of his abilities, of such duties and responsibilities, as described in Section 1 above, and as the Board of Directors
shall determine, consistent therewith.

 

4. Compensation.

 

(a) 
Salary. Executive shall be paid $222,800 on an annualized basis in accordance with Telkonet's normal payroll practices,
and be subject to all lawfully required withholdings. The base salary may be increased, at any time, as determined by the Board.

 

(b)  Sale
Bonus. In recognition of Executive's service to the Company, Executive shall be eligible to receive a bonus in the event
the Company is sold, subject to the terms set forth herein (the "Sale Bonus"). This Sale Bonus shall be determined
based on the share price of the Company upon such sale, as follows: (i) if the shares are valued at least $0.20 per share,
Executive shall receive a Sale Bonus of $20,000, (ii) if the shares are valued at $0.225 per share, a Sale Bonus of
$35,000; or (iii) if the shares are valued at $0.25 per share, a Sale Bonus of $50,000. If in the event sale price exceeds
$0.25 per share, Executive shall be eligible to receive the aforementioned $50,000 bonus, plus an additional $6,000 for every
$0.01 above a share price of $0.25.

 

 

 

    	 	1	 

     

    

 

(c) 
Executive Participation in Telkonet Staff Benefits Plans. During the Term, Executive shall be entitled to participate
in any group health programs and other benefit plans, which may be instituted from time-to-time for Telkonet employees, and for
which Executive qualifies under the terms of such plans. All such benefits shall be provided on the same terms and conditions
as generally apply to all other Telkonet employees under these plans and may be modified by Telkonet from time-to-time.

 

(d) Expenses. Executive
shall be reimbursed by Telkonet for all ordinary, reasonable, customary and necessary expenses incurred by him in
the performance of his duties and responsibilities. Executive agrees to prepare documentation for such expenses as may
be necessary for Telkonet to comply with the applicable rules and regulations of the Internal Revenue Service and
Telkonet's existing policy. Telkonet will provide a stipend equal to $323 per pay period to Executive for the purpose of
obtaining an auto for the Executive’s busines use.

 

(e) Equity.
Executive is eligible to participate in the Company's Employee Stock Option Plan, in accordance with the terms of such plan and
awards as granted by the Compensation Committee of the Company's Board.

 

5. Vacation. At full
pay and without any adverse effect to his compensation, provided that all other terms and conditions of this Agreement are
satisfied, Executive shall be entitled to five (5) weeks of vacation for each full calendar year during the term of this
Agreement. Executive agrees to schedule his vacation leave in advance upon written notice to Board or other designated
individuals. Carryover of vacation days shall be consistent with Company's existing policy.

 

6. Termination.
This Agreement shall terminate in accordance with Section 2 of this Agreement, or upon the first to occur of any of the following
events:

 

(a) 
The death of Executive.

 

(b) 
The mutual consent of Executive and Telkonet. Executive shall then receive (i) an amount equal to Executive's base salary
for the period starting on the first day after the termination and ending upon the twelve (12) month anniversary date of the termination
in accordance with the Company's payroll schedule applicable to all employees and (ii) if the Executive elects to participate,
in a timely manner, in the Company's group health insurance plan in accordance with the mandates of the Consolidated Omnibus Reconciliation
Act of 1985, as amended ("COBRA"), the Company will, pay for any applicable health insurance premiums for such COBRA
coverage, for a period starting on the first day after the termination and ending upon the twelve (12) month anniversary date of
the termination. If the Executive becomes eligible for similar benefits from another employer, Telkonet will reimburse Executive
for the Employee's share of current employer's health insurance premium ending upon the twelve (12) month anniversary date of the
termination; Should the Executive wish to continue COBRA coverage after the period of time during which the Company has agreed
to pay the normal employer's share of COBRA coverage, the Executive agrees and acknowledges that he will be solely responsible
for payment of any amounts required by the Company to continue health insurance coverage in accordance with COBRA. The Executive
agrees to notify the Company in the event he obtains other health insurance coverage within ten (10) business days of becoming
eligible for such coverage.

 

(c) 
"Cause" exists for termination. For purposes of this Agreement, "cause" shall mean the occurrence of
any of the following: (1) theft, fraud, embezzlement, or any other act of intentional dishonesty by Executive; (2) any material
breach by Executive of any provision of this Agreement which breach is not cured within a reasonable time (but not to exceed fourteen
(14) days) after written notification thereof to Executive by Telkonet; (3) any habitual neglect of duty or misconduct of Executive
in discharging any of his duties and responsibilities under this Agreement after a written demand for performance was delivered
to Executive that specifically identified the manner in which the Board believed the Executive had failed to discharge his duties
and responsibilities, and the Executive failed to resume substantial performance of such duties and responsibilities on a continual
basis immediately following such demand; (4) commission by Executive of a felony or any offense involving moral turpitude; or (5)
any default of Executive's obligations hereunder, or any failure or refusal of Executive to comply with the policies, rules and
regulations of Telkonet generally applicable to Telkonet employees, which default, failure or refusal is not cured within a reasonable
time (but not to exceed fourteen (14) days) after written notification thereof to Executive by Telkonet. If cause exists for termination,
Executive shall be entitled to no further compensation, except for accrued leave and vacation and except as may be required by
applicable law.

 

 

 

    	 	2	 

     

    

 

(d) 
"Good reason" exists for Executive to terminate his employment with Telkonet. For purposes of this Agreement,
"good reason" shall mean the occurrence of any of the following: (1) any material adverse reduction in the scope of Executive's
authority or responsibilities; (2) any reduction in the amount of Executive's compensation or participation in any employee benefits;
or (3) Executive's principal place of employment is actually or constructively moved to any office or other location 75 miles or
more outside of the address referenced in Section 1(b). If Executive terminates his employment with Telkonet for "good reason,"
then, upon notice to Telkonet by Executive of such termination, Telkonet shall continue to pay Executives base salary and provide
Executive with continued participation in each employee benefit plan, in accordance with the mandates of COBRA (see Section 6.(b)(ii),
in which Executive participated immediately prior to the termination date for the period starting on the first day after the termination
date and ending upon expiration of the Term, or if such period is less than twelve (12) months, for a period of twelve (12) months
from notice.

 

(e) If Executive is terminated by Telkonet for
any reason other than for "cause," if Telkonet fails to renew the executive's employment agreement and the 12 month autorenewal
period has expired, or in the event of a Change in Control (as defined below), then Executive shall receive: (i) an amount equal
to Executive's base salary for the period starting on the first day after the termination or Change in Control and ending upon
the twelve (12) month anniversary date of the termination or Change in Control in accordance with the Company's payroll schedule
applicable to all employees and (ii) pay for any applicable health insurance premiums, in accordance with the mandates of COBRA
(see Section 6.(b)(ii), for a period starting on the first day after the termination or Change in Control and ending upon the twelve
(12) month anniversary date of the termination or Change in Control. If the Executive becomes eligible for similar benefits from
another employer, Telkonet will reimburse Executive for the Executive's share of current employer's health insurance premium ending
upon the twelve (12) month anniversary date of the termination. For purposes of this section, "Change in Control" is
defined as a sale of all or substantially all of the stock or assets of the Company.

 

(f) In the event of a termination under (a), (b),
(c), (d) or (e) of this paragraph 6, within thirty (30) days of the separation date, Telkonet shall make a lump sum payment of
any back pay, Executive loans or deferments then due and owing. Notwithstanding anything to the contrary herein, this Agreement
shall not terminate or expire under (e) of this paragraph six unless and until (iii) Executive is reimbursed for any back pay,
Executive loans or deferments then due and owing.

 

(g) 
Notwithstanding anything to the contrary herein, Telkonet may not terminate the Executive under (b), (c), (d), (e) or (f)
of this paragraph 6 until Executive has been successfully released from any personal guarantee's without loss to the Executive
or projects for which Executive has provided a personal guarantee have been successfully completed and the affiliated bond has
been released at no loss to the Executive.

 

(h) 
If Executive's employment terminates by reason of death or disability, then (i) Executive will be entitled to receive benefits
only in accordance with the Company's then applicable plans, policies, and arrangements.

 

(i) Separation Agreement
and Release of Claims. The receipt of any severance pursuant to this Agreement will be subject to Executive signing and not
revoking a separation agreement and release of claims (the "Release") in a form reasonably acceptable to the Company,
which becomes effective within thirty (30) days following Executive's separation from service. The Release will provide (among
other things) that Executive will not disparage the Company, its directors, or its executive officers for 12 months following the
date of termination and the Company will instruct its officers and directors not to disparage the Executive. No severance pursuant
to this Agreement will be paid or provided until the Release becomes effective.

 

(j) No Duty to Mitigate. Executive
will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive
may receive from any other source reduce any such payment.

 

 

 

 

    	 	3	 

     

    

 

(k) No-Inducement. In the event of a termination
of Executive's employment that otherwise would entitle Executive to the receipt of severance and other benefits pursuant to this
Agreement, Executive agrees that as a condition to receipt of such severance, during the 12 month period following termination
of employment, Executive, directly or indirectly, whether as employee, owner, sole proprietor, partner, director, founder or otherwise,
will not, solicit, induce, or influence any person to modify their employment or consulting relationship with the Company (the
"No-Inducement"). If Executive breaches the No-Inducement, all payments and benefits to which Executive otherwise may
be entitled pursuant to this Section 6 will cease immediately.

 

7. Surrender of Books and Papers. Upon
termination of this Agreement (irrespective of the time, manner, or cause of termination, be it for cause or otherwise), Executive
shall immediately surrender to Telkonet all books, records, or other written papers or documents entrusted to him or which he
has otherwise acquired pertaining to Telkonet and all other Telkonet property in Executive's possession, custody or control.

 

8. Inventions and Patents. Executive
agrees that Executive will promptly, from time-to time, fully inform and disclose to Telkonet any and all ideas, concepts, copyrights,
copyrightable material, developments, inventions, designs, improvements and discoveries of whatever nature that Executive may have
or produced during the term of Executive's employment under this Agreement that pertain or relate to the then current business
of Telkonet (the "Creations"), whether conceived by Executive alone or with others and whether or not conceived during
regular working hours. All Creations shall be the exclusive property of Telkonet and shall be "works made for hire" as
defined in 17 U.S.C. §101, and Telkonet shall own all rights in and to the Creations throughout the world, without payment
of royalty or other consideration to Executive or anyone claiming through Executive. Executive hereby transfers and assigns to
Telkonet (or its designee) all right, title and interest in and to every Creation. Executive shall assist Telkonet in obtaining
patents or copyrights on all such inventions, designs, improvements and discoveries being patentable or copyrightable by Executive
or Telkonet and shall execute all documents and do all things reasonably necessary (at Telkonet's sole cost and expense) to obtain
letters of patent or copyright, vest Telkonet with full and exclusive title thereto, and protect the same against infringement
by third parties, and such assistance shall be given by Executive, if needed, after termination of this Agreement for whatever
cause or reason. Executive hereby represents and warrants that Executive has no current or future obligation with respect to the
assignment or disclosure of any or all developments, inventions, designs, improvements and discoveries of whatever nature to any
previous Employer, entity or other person and that Executive does not claim any rights or interest in or to any previous unpatented
or uncopyrighted developments, inventions, designs, improvements or discoveries.

 

9. Trade Secrets, Non-Competition and Non-Solicitation.

 

(a) Trade Secrets. Contemporaneous with the
execution of this Agreement and during the term of employment under this Agreement, Telkonet shall deliver to Executive or permit
Executive to have access to and become familiar with various confidential information and trade secrets of Telkonet, including
without limitation, data, production methods, customer lists, product format or developments, other information concerning the
business of Telkonet and other unique processes, procedures, services and products of Telkonet, which are regularly used in the
operation of the business of Telkonet (collectively, the "Confidential Information"). For purposes of the preceding sentence,
information is not treated as being Confidential Information if it: (i) is or becomes generally available to the public other than
by Executive in violation of this Agreement; (ii) is obtained by Executive in good faith from a third party who discloses such
information to Executive on a non-confidential basis without violating any obligation of confidentiality or secrecy relating to
the information disclosed; (iii) is independently developed by Executive outside the scope of his employment without use
of Confidential Information; or (iv) is Executive's personnel information. Executive shall not disclose any of the Confidential
Information that he receives from Telkonet or their clients and customers in the course of his employment with Telkonet, directly
or indirectly, nor use it in any way, either during the term of this Agreement or for a period of five (5) years thereafter, except
as required in the course of employment with Telkonet. Executive further acknowledges and agrees that Executive owes Telkonet,
a fiduciary duty to preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use. All files,
records, documents, drawings, graphics, processes, specifications, equipment and similar items relating to the business of Telkonet,
whether prepared by Executive or otherwise coming into Executive's possession in the course of his employment with Telkonet, shall
remain the exclusive property of Telkonet and shall not be removed from the premises of Telkonet without the prior written consent
of Telkonet unless removed in relation to the performance of Executive's duties under this Agreement. Any such files, records,
documents, drawings, graphics, specifications, equipment and similar items, and any and all copies of such materials which have
been removed from the premises of Telkonet, shall be returned by Executive to Telkonet. For purposes of this Section 9, "Telkonet"
means Telkonet, Inc., including its subsidiaries and affiliates and all successors and predecessors in interest to Telkonet.

 

 

 

 

    	 	4	 

     

    

 

(b) Non-Competition. Executive acknowledges
that he will be provided with and have access to the Confidential Information, the unauthorized use or disclosure of which would
cause irreparable injury to Telkonet, that Telkonet's willingness to enter into this Agreement is based in material part on Executive's
agreement to the provisions of this Section 9(b)  and that Executive's breach of the provisions of this Section would materially
and irreparably damage Telkonet. In consideration for Telkonet’s disclosure of Confidential Information to Executive, Executive's
access to the Confidential Information, and the salary paid to executive hereunder, Executive agrees that during the term of Executive's
employment under this Agreement and for one (1) year after the termination of Executive's employment and regardless whether such
termination is with or without cause, Executive shall not, directly or indirectly, either as an executive, employee, employer,
consultant, agent, principal, partner, stockholder, corporate officer, director, advisor or in any other individual or representative
capacity, engage or participate in any business that is in competition in any manner whatsoever with the Restricted Business (as
defined herein) in North America. "Restricted Business" means any business conducted by Telkonet at the time of separation
of the Executive from Telkonet.

 

(c) 
Reasonableness of Restrictions. Executive acknowledges that the restrictions set forth in Section 9(b) of
this Agreement are reasonable in scope and necessary for the protection of the business and goodwill of Telkonet. Executive agrees
that should any portion of the covenants in Section 9  be unenforceable because of the scope thereof or the period covered
thereby or otherwise, the covenant shall be deemed to be reduced and limited to enable it to be enforced to the maximum extent
permissible under the laws and public policies applied in the jurisdiction in which enforcement is sought.

 

(d) 
Injunctive Relief; Extension of Restrictive Period. In the event of a breach of any of the covenants by Executive
or Telkonet contained in this Agreement, it is understood that damages will be difficult to ascertain, and either party may petition
a court of law or equity for injunctive relief in addition to any other relief which Executive or Telkonet may have under the
law, including but not limited to reasonable attorneys' fees.

 

10.
Indemnification and Insurance. Executive will be covered under the Company's insurance policies and, subject
to applicable law, will be provided indemnification to the maximum extent permitted by the Company's bylaws, Certificate of Incorporation,
and standard form of Indemnification Agreement, with such insurance coverage and indemnification to be in accordance with the
Company's standard practices for senior executive officers but on terms no less favorable than provided to any other Company senior
executive officer or director.

 

11.  Miscellaneous.

 

(a) 
This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, successors and assigns.
Executive shall not assign any part of his rights under this Agreement without the prior written consent of Telkonet.

 

(b) 
This Agreement contains the entire agreement and understanding between the parties and supersedes any and all prior understandings
and agreements between the parties regarding Executive's employment.

 

(c) 
No modification hereof shall be binding unless made in writing and signed by the party against whom enforcement is sought.
No waiver of any provisions of this Agreement shall be valid unless the same is in writing and signed by the party against whom
it is sought to be enforced, unless it can be shown through custom, usage or course of action.

 

(d) 
This Agreement is executed in, and it is the intention of the parties hereto that it shall be governed by, the laws of the
State of Wisconsin without giving effect to applicable conflict of laws provisions.

 

 

 

    	 	5	 

     

    

 

(e) 
The provisions of this Agreement shall be deemed to be severable, and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof.

 

(f) Any notice or communication permitted or required
by this Agreement shall be in writing and shall become effective upon personal service, or service by wire transmission, which
has been acknowledged by the other party as being received, or two (2) days after its mailing by certified mail, return receipt
requested, postage prepaid addressed as follows:

 

(1) 
If to Telkonet: Attn: General Counsel Telkonet, Inc. 20800, Suite 175, Swenson Dr. Waukesha, WI 53186.

 

(2)  If
to Executive, to: Jason L. Tienor at the last residential address known by the Company as provided by
Executive in writing.

 

(g) Acknowledgment. Executive acknowledges
that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time
to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering
into this Agreement.

 

(h) Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the
same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

 

 

IN
WITNESS WHEREOF, Telkonet and Executive have executed this Agreement as of the date first set forth above.

 

 

	/s/ signature                        	 	/s/ Jason L. Tienor                
	 	 	 
	Compensation Committee	 	Jason L. Tienor
	 	 	 
	10.8.18              	 	10/1/18              
	Date	 	Date

 

 

 

 

    	 	6

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