Document:

Non-Core Agreement Ex 10.9

Exhibit 10.9

PROPERTY MANAGEMENT AGREEMENT

THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”), made as of this 29th day of October, 2013, by and between EACH OF THE ENTITIES SET FORTH ON SCHEDULE 1 HERETO, each with its office at c/o Blackstone Real Estate Advisors L.P., 345 Park Avenue, New York, New York, 10154 (hereinafter called, individually or collectively, as the context may dictate, "Owner"), and BRIXMOR MANAGEMENT JOINT VENTURE 2, LP, a Delaware limited partnership, with its offices at 420 Lexington Avenue, 7th Floor, New York, New York, 10170 (hereinafter called "Manager").

                                                                      W I T N E S S E T H:

WHEREAS, Owner is now the owner of certain parcels of land (hereinafter called, collectively, "Premises") on which now exist the shopping centers described on Schedule 1 hereto (hereinafter called, individually, a “Project” and collectively, the “Projects”); and

WHEREAS, Owner desires that Manager act on Owner’s behalf to provide herein for the leasing, operation, management, maintenance and supervision of each Project and provide management services to Owner; and

NOW THEREFORE, in consideration of the mutual promises hereafter contained, and of the sum of ONE DOLLAR ($1.00), by each to the other in hand paid, the receipt hereof is hereby acknowledged, the parties hereto, intending to be legally bound, covenant and agree with each other as following:

1.     Definitions.   For purposes of this Agreement, the following terms shall have the following meanings:

“Commission” means a full commission with respect to the applicable transaction calculated in accordance with Schedule 3 attached hereto and made a part hereof.

“Lease” means any agreement of lease, license agreement or other occupancy agreement of any kind (including, without limitation, an agreement renewing or extending the term of a lease or modifying the provisions of a lease or any agreement expanding the size of the premises demised by any Tenant or other occupant), with respect to occupancy or use of space at any individual Project.

“Rent” shall mean the aggregate gross fixed rent as stated in the Lease for the entire term of the Lease, but not including: (i) Tenant electric charges, (ii) any future tax, labor, porter’s wage, real estate tax escalation, percentage rents, interest or late charges, any separate payments made by a Tenant on account of alterations or improvements or other work funded by Owner, consumer price index and other operating expense and/or cost of living escalation charges (it being agreed, however, that fixed increases in fixed rent (whether or not in lieu of operating expense or cost of living charges or escalations) are commissionable and that, in the case of a net Lease, Rent shall be increased by and shall be deemed to include an amount equal to the annual rentable square foot average of the individual Project operating expenses (other than electricity charges for tenanted space) and taxes for the most recent full calendar year prior to the date of the extension of such net Lease), (iii) any separate charges for utilities, chilled water, riser access and other similar charges for specific services or (iv) percentage rent.  If the fixed rent for a portion of the Lease term is stated in terms other than a fixed dollar amount (e.g., as “90% of fair market value” or as “the then escalated gross rent”) then the initial commission calculation for that portion of the term shall be made based on the fixed dollar amount of the fixed rent payable by the Tenant for the immediately preceding period if all or part of the commission is payable prior to the time that such Rent is finally determined.  Such commission shall then be adjusted at the time that the fixed dollar amount for such fixed rent is actually determined to reflect the actual amount of fixed rent payable by the Tenant for such portion of the Lease term.  If the Tenant is required to pay a lump sum in advance which is attributable to a period of more than one month, the commission calculation for the portion of the term to which such payment is attributable shall be made based on simple arithmetic apportionment of such lump sum among all the months to which such payment is attributable.

“Tenant” means any person or entity occupying or using space at any individual Project.

2.     Employment.

Owner hereby employs Manager as its sole and exclusive agent to perform the professional and other services described in and required by this Agreement to be performed by Manager with respect to the Project, and Manager undertakes said employment as the exclusive manager for Owner and on all other terms, conditions, provisions and qualifications set forth 

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in this Agreement.

This Agreement constitutes a separate and independent contract between Owner and the Manager for each individual Project listed on Schedule 1.  Upon any sale of any individual Project, each such sold Project, upon the transfer of title or the transfer, directly or indirectly, of the controlling ownership interests in the entity holding title to such sold individual Project, shall no longer be a Project hereunder and shall be deleted from Schedule 1.  Owner and Manager shall, upon either’s request from time to time, amend and restate Schedule 1 so that it contains an accurate list of the then existing Projects.  Notwithstanding the foregoing, upon the removal of any Project from Schedule 1, Owner shall be responsible for paying Manager any then accrued but unpaid compensation as provided for in Sections 8 or 9 hereof.

3.    Services.

The services to be performed from time to time by Manager with proceeds from the operation of the Project or funds provided by Owner hereunder shall include all acts necessary for the leasing, operation, management, maintenance and supervision of the Project in accordance with sound commercial management practices including (provided that Manager shall have no obligation to perform any of such services to the extent that Owner does not make sufficient funds available (whether from Project operations or otherwise) to Manager to perform such services , inter alia, the following:

(a)    To use due diligence in the exercise of the powers conferred and duties assumed hereunder in the operation, management, supervision and maintenance of the Project in a manner reasonably calculated to assure that the Project shall at all times be properly tenanted and operated, managed and maintained at high standards, and with efficiency and economy consistent with high-quality operating practices.

(b)    To lease (investigate Tenants, negotiate and prepare leases) commercial space in the Project to such Tenants and upon such terms as may be approved by Owner.  Owner agrees to forward to Manager all inquiries received relating to services performed by Manager.

(c)    To negotiate with Tenants for the extension, renewal, modification, amendment or termination of existing Leases and to prepare and present to Owner such agreements upon such terms as may be approved by Owner.

(d)    To calculate, prepare and send bills and collect all fixed rents, percentage rents (consistent with the law governing real estate investment trusts with the intent that all rents shall qualify as "rents from real property" within the meaning of Section 856 of the Internal Revenue Code) and other sums, whether payable as additional rent or otherwise, payable (1) by Tenants under their respective Leases and other agreements and (2) by other parties under license, service and other agreements, and to obtain and review statements of sales furnished by Tenants to support their payments of percentage rents, and to  remit the net amounts thereof to Owner.

(e)    To enforce the performance by the various Tenants of all requirements of their respective Leases and the observance of all rules and regulations of the Project, by all reasonable means including, but not limited to, the commencement or prosecution of legal proceedings and to sign and serve in Owner's name such notices as deemed needful or required by Owner.

(f)    To cause the Project to be maintained in good operating condition and repair, and to supervise the maintenance and operation thereof, and to do all acts or things necessary therefor, in its own name as Manager for Owner, to hire such persons, firms or corporations including, without limitation, a commercial property manager or supervisor and public relations, security and maintenance personnel or firms, to purchase or lease such equipment and supplies at reasonable rates and costs prevailing in the industry as may be necessary or desirable to accomplish such purposes.

(g)    To keep books and records with respect to all of the services performed or purchases, leases, etc., made by or on behalf of Owner at Owner's direction or request and to provide accounting services, including such services as relate to the preparation of tax returns and annual reports.

(h)    To advise Owner of the due dates of real estate and other similar taxes and special assessments of which Manager has knowledge, mortgage payments and other like items and to make payment thereof out of Owner's funds to the extent that Owner's funds held by Manager are sufficient therefor subject to Owner's approval. 

(i)    Unless otherwise instructed by Owner, to advise Owner as to insurance coverage for the Project, and to procure such insurance coverage thereon as approved by Owner.

(j)    With Owner's approval, to represent Owner at meetings and activities of any Merchants' Association 

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formed for Tenants of the Project and collect dues or other amounts therefor to the extent they are payable to Owner.    

(k)    With Owner’s approval, to be designated as the operator or manager under any reciprocal easement agreements, operating easement agreements or similar agreements affecting the Premises, and to perform the duties and obligations and exercise the rights and powers of an operator or manager under such agreements.

(l)    To deal with all co-operating and participating real estate brokers.

(m)    To hereafter deposit promptly all funds collected from the operation of the Project or in any way incidental thereto in segregated bank accounts (with the understanding that one or more Projects may have commingled accounts, if permitted pursuant to the terms of any applicable financing documents, as long as any such commingled accounts are solely for Projects).  Manager may endorse any and all checks drawn to the order of Owner for deposit in such bank accounts.  Interest on any such account shall accrue to Owner.  Manager shall not commingle any funds from the Project with any other funds.

(n)    To comply with the requirements of all laws pertaining to the employment of Manager’s employees engaged in the operation and management of the Project, including, but not limited to, wage taxes and wage and hour regulations.

(o)    To select, employ at reasonable wages, supervise, direct and discharge all employees and independent contractors as shall be required for the operation and management of the Project and to use reasonable care in the selection of such employees and independent contractors.  All persons employed to perform such services shall at all times be deemed to be employees of Manager or independent contractors.

(p)    Manager shall contract for electricity, gas, fuel, water, telephone, window cleaning, rubbish hauling and other services and utilities or such of them as shall be necessary or appropriate for the proper operation and maintenance of the Project.

(q)    When deemed necessary by Manager, the commencement and/or prosecution of legal proceedings for the enforcement of Tenant obligations, for the payment of rent or other sums due Owner, or for any other purpose consistent with this Agreement and approved by Owner.

(r)    With Owner's prior consent (such consent to be given by budget approval), making, supervising, or paying the cost of any alterations, improvements or changes to the Project.

(s)    With Owner's consent (such consent to be given by budget approval), payment of any of the following items:

(i)    Real estate taxes and assessments;
(ii)    Mortgage interest or amortization;
(iii)    Insurance premiums for Owner's insurance;
(iv)    Charges incurred for legal or accounting services;
		
	(v)
	Utility charges; and

		
	(vi)
	Cost of labor, material or goods for the management, maintenance or repair of the Project or any alterations, improvements or changes thereto.

(t)    To prepare an annual budget and a business plan for the Project.  Such budget and business plan shall be submitted to Owner for its review and approval.

(u)    To meet with Owner on a quarterly basis for review of the status of the budget and business plan.

(v)    If applicable, to prepare an annual promotion and advertising plan for Owner's review and approval.

(w)    To make examinations or audits of books of Tenants.

(x)    To perform any accounting or bookkeeping services with respect to payment of Owner's bills or commitments or disbursements of Owner's funds or preparation of financial statements or tax returns for Owner.

(y)    To supervise and manage construction items.

(z)    To generally do such acts and things as may be necessary or reasonably appropriate to carry out the 

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obligations of Owner under the Leases with Tenants of the Project (consistent with the law governing real estate investment trust under Section 856 et seq. of the Internal Revenue Code) and for the proper management and operation of the Project.

4.    Leasing. 

(a)    Leasing Activities.   During the term of this Agreement, Manager shall have the right to procure and negotiate, on behalf of Owner, tenant leases for the Projects in accordance with the terms of this Section 4.  In accordance with the terms of this Section 4, Manager shall use commercially reasonable efforts to lease space in the Projects to tenants in accordance with rates and leasing policies approved by Owner and to perform such other services in connection with the efficient leasing of the Projects as Owner may from time to time direct, including negotiating and facilitating buyouts with existing Tenants.

(b)    Right to Lease.   Owner grants to Manager, during the term of this Agreement, the non-exclusive right to obtain one or more tenants for the Projects.  Owner agrees to refer to Manager all inquiries Owner receives relating to the Projects.  Further, Manager will present to Owner all bona fide offers and conduct all negotiations under Owner’s supervision, direction and control, with such participation by Owner and Owner’s counsel as Owner directs.  Notwithstanding the foregoing, Owner reserves the right to enlist other brokers (each an “Owner’s Broker”) to lease space in a Project (each such Lease, an “Owner’s Broker’s Lease”).  In the event that an Owner’s Broker shall be entitled to payment of a commission in connection with a Lease, Owner agrees that it shall be responsible for making such payment to Owner’s Broker.  Manager shall not be entitled to a Commission in connection with any Owner’s Broker’s Lease.

(c)    Marketing.   Manager agrees to market the Projects using such advertising, canvassing, solicitation of Outside Brokers (as defined below), and other promotional and marketing activities as the parties may agree upon.  Owner shall be responsible for the payment of all marketing costs incurred with outside vendors, so long as such costs are approved by Owner in advance.

(d)    Outside Brokers.   Manager may not without Owner’s consent in each instance, enlist other brokers to assist Manager in attempting to lease space in a Project (each, an “Outside Broker”).  Notwithstanding the foregoing, Owner’s consent shall not be required in connection with an Outside Broker engaged by a prospective Tenant in connection with leasing space in a Project (an “Outside Tenant Broker”).  Manager shall use its commercially reasonable efforts to cause any Outside Broker involved in such Lease transaction to enter into, prior to the time that it may be reasonably anticipated that negotiations of a Lease shall be entered into or such other time that Owner directs that Manager do so, a form of agreement between Manager and any Outside Broker as Manager and Owner may approve (each of the foregoing sometimes herein called an “Authorized Outside Broker Agreement”).  Manager agrees not to enter into any agreement with an Outside Broker without the prior approval of the terms of such agreement by Owner.  In the event that an Outside Tenant Broker shall be entitled to payment of a commission in connection with a Lease, Owner agrees that it shall be responsible for paying to Manager (for the payment to the Outside Tenant Broker) any commission owed to such Outside Tenant Broker (the “Outside Broker Commission”), provided, however, Owner shall not be required to pay any portion of an Outside Broker Commission which, when taken together with the Commission that would otherwise be due and payable to Manager had an Outside Tenant Broker not been engaged, exceeds one-hundred fifty percent (150%) of the Commission otherwise payable to Manager (the “Owner Commission Cap”).  Manager shall have the sole and exclusive responsibility to pay (i) any portion of a commission payable to an Outside Tenant Broker after Owner has made payments up to the Owner Commission Cap with respect to such Lease and (ii) any commission owed to an Outside Broker that is not an Outside Tenant Broker or that Owner has not otherwise consented to pay such Outside Broker, subject, however, in all events to the prior receipt by Manager of the Commission with respect to such Lease in accordance with this Agreement.  Manager shall retain for its own account the remainder of the Commission and Outside Broker Commission after paying to the Outside Tenant Broker all amounts due and payable to the Outside Tenant Broker in connection with such Lease transaction and Manager shall be responsible for payment of any amounts in excess of the Owner Commission Cap with respect to any particular Lease.

(e)    Offers to Lease.   Manager shall provide Owner with appropriate analysis and comparison of each offer and counteroffer and recommend to Owner which offer to accept, but all final business and legal decisions shall be made solely by Owner, and all binding agreements shall be executed and delivered solely by Owner.  Owner shall be free to reject any proposed transaction for any reason or no reason and no compensation shall be paid for Manager’s services hereunder for any portion of the Project for which no transaction is effected.  Owner and Manager agree that the Projects will be offered in compliance with all applicable federal, state and local anti-discrimination laws and regulations.  Manager shall indemnify Owner and their agents from any damages, including attorney’s fees, arising out of or relating to the performance of Manager’s duties hereunder, provided that Manager’s liability under this Section 4(e) shall not arise from duties performed at the request of Owner unless such liability arises from Manager’s gross negligence or willful misconduct.

(f)    Authority.   At Owner’s election and in its sole and absolute discretion, Manager shall prepare all Leases, Lease amendments and buyout documents and coordinate negotiations of same for Owner’s execution.  All Leases, Lease 

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amendments and buyout documents for the Projects shall be on Owner’s form, which form is subject to change from time to time by Owner.  All Leases, Lease 
amendments and buyout documents must be approved by Owner in its sole and absolute discretion.  Notwithstanding any other provision in this Agreement, Owner shall have absolute discretion in determining rates and policies in the leasing of space to tenants.  Owner shall have no express or implied obligation to Manager or to any broker to accept or execute any Lease.  Manager shall require that similar provisions be included in the agreement with any listing broker.

(g)    Employees.   Manager shall be responsible for all employees of Manager and all independent contractors and consultants hired by Manager to assist Manager in performing its duties hereunder.  Moreover, all matters pertaining to the employment, supervision, compensation, promotion and discharge of Manager’s employees and others engaged by Manager to assist Manager in performing its duties hereunder are the responsibility of Manager, and solely Manager shall be liable to such employees, contractors and consultants for their compensation.  In no event shall Owner ever be directly or indirectly responsible for their compensation.  Manager shall fully comply with all applicable laws and regulations relating to worker’s compensation, social security, income and withholding pay, unemployment insurance, hours of labor, wages, working conditions and other employer-employee related matters.

5.    Books and Records.

Manager agrees that it shall, during the term of this Agreement, in accordance with the provisions hereof:

(a)    Maintain, at the office of Manager, a comprehensive system of office records, books and accounts relating to the income, expenses and operations of the Projects based on the property management system utilized by Manager from time to time.  Manager shall maintain such records, books and accounts in accordance with generally accepted accounting principles, as in effect from time to time. Owner and those designated by Owner shall have access to such office records, books and accounts and to all vouchers, files and other material relating to the Projects and maintained pursuant to this Agreement.  All such records shall relate solely to the Projects and shall be separate and distinct from any other records maintained by Manager not relating to the Projects.  Owner shall exercise their rights of inspection hereunder after reasonable notice and solely during normal business hours and shall do so in such a manner so as not to unreasonably interfere with the operations of Manager.

(b)    Deliver to Owner, in accordance with the requirements set forth in Schedule 2 attached hereto and made a part hereof, on or before (i) twenty-five (25) days after the end of each calendar month, (ii) forty-five (45) days after the end of the first three calendar quarters of each calendar year, (iii) sixty (60) days after the end of each calendar year during the term hereof, the calculations and figures identified in Section III-A of Schedule 2 attached hereto and (iv) ninety (90) days after the end of each calendar year during the term hereof, the reports identified in Section III-B of Schedule 2 attached hereto.  Such reports shall be made on an accrual basis and shall include all such transactions, whether or not reimbursable pursuant to the provisions hereof.  All reports delivered hereunder shall be in a form agreed upon by Manager and Owner.  Manager agrees to deliver to Owner such other reports and information as Owner may reasonably require, and to such additional and/or more frequent reports with respect to the Projects and/or Owner as are required under the terms of any applicable financing documents.

(c)    Deliver to Owner all financial information concerning the Projects that Owner may reasonably require to prepare their tax returns

(d)    In the event of the termination of this Agreement, whether by normal expiration or otherwise, within the applicable time period set forth herein, deliver to Owner both a quarterly report and a year-to-date report, each covering that portion of the relevant time period which is included within the term hereof, prior to such termination.

6.    Manager's Authority to Contract.

Manager is hereby authorized to enter into contracts in the name of Owner in amounts up to FIFTY THOUSAND DOLLARS ($50,000.00) for annual service / maintenance contracts and TWO-HUNDRED AND FIFTY THOUSAND DOLLARS ($250,000.00) for any ONE (1) job for changes, repairs, alterations, improvements or replacements in, to, or upon the Project, or such lower or higher thresholds as Owner may designate to Manager in writing, in addition to such contracts as may be entered into by Manager in the ordinary course of the performance by Manager of its duties hereinabove described pursuant to budgets approved in advance by Owner.  Said additional authorization shall extend only to such changes, repairs, alterations, improvements or replacements as shall be reasonably necessary for the preservation of the health or safety of persons or property.  Manager is hereby authorized to enter into Leases for the Projects to the extent such Leases are consistent with the budget or otherwise approved for execution by the Owner.  

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7.    Term and Termination.

The term of this Agreement shall commence on the date hereof ("Commencement Date") and shall extend until terminated by Owner or Manager, which termination may be effectuated by Owner or Manager, at its option for any or no reason, by delivering 30 days’ prior written notice of such termination to the other party hereto (the “Term”).  In addition, Owner may terminate this Agreement (y) without notice by Owner if Manager has committed gross negligence, fraud or willful misconduct in the performance of its duties under this Agreement, (z) if Manager breaches the terms of this Agreement and such breach of this Agreement has not been cured within 30 days, in the case of a non-monetary breach, or 5 days, in the case of a monetary breach, after notice of such breach from Owner.

8.    Compensation.  

(a)    Reimbursement of Costs. Owner shall reimburse Manager for all out-of-pocket costs and expenses incurred by Manager in carrying out the duties imposed on Manager by the terms of this Agreement, including, out-of-pocket professional fees (including legal, audit, advisory, and similar fees) which are reasonable and contemplated by the approved budget.   

(b)    Base Management Fee. The compensation payable to Manager shall be equal to an annual fee of three percent (3%) of the gross revenues (rentals as collected) (the “Management Fee”).  The Management Fee shall be payable monthly based on the costs estimated to be reimbursed by Owner to Manager over a twelve (12) month period with a reconciliation done at the end of each calendar year.  

(c)    Redevelopment Fee. In connection with any redevelopment or Tenant improvement work at any Project, Manager shall also receive a fee equal to five percent (5%) of all hard costs of the applicable Project (the “Redevelopment Fee”), including, without limitation: site costs, demolition costs, construction costs, traffic and utility costs, landscaping costs, costs for off-site work, Tenant improvement costs (so long as Manager is coordinating and performing construction management services with respect to the work) and environmental and geotechnical costs, regardless of whether such costs are funded by Owner, Manager, a development manager, actual or quasi-governmental agencies, Tenants or other third parties.  The Redevelopment Fee shall be payable by the Owner in installments throughout the course of the applicable development/redevelopment.  Land costs, impact fees and leasing fees and commissions shall not be included within “costs” for purposes of calculating the development/redevelopment fee. 

(d)    Disposition Fee. Manager shall also receive a fee upon the final sale (a “Disposition”) of any Project to a third party that is not affiliated with Owner (the “Disposition Fee”), provided, however, that such Disposition occurs during the term of this Agreement.  The Disposition Fee shall be an amount equal to three-tenths of one percent (0.30%) of the final gross sales price of such Project.  The Disposition Fee shall be payable upon the closing of the Disposition.  For the avoidance of doubt, any sale of less than the entirety of a Project, or an outparcel thereof, shall be subject to the provisions of Section 9(g) hereof, and Manager shall not be entitled to a separate Disposition Fee therefor.

9.    Leasing Commissions.  

(a)    New Leases. If during the term of this Agreement a new Lease is entered into by Owner for space in any of the Projects which is fully executed and delivered by all parties thereto in accordance with the terms of the Lease, then (except as otherwise provided in Section 9(a)(ii) below), Owner shall pay Manager a Commission in accordance with the attached schedule of rates and conditions set forth in Schedule 3 attached hereto (the terms of which are hereby incorporated) on the date on which the following conditions (the “Leasing Conditions”) have been satisfied or waived: (a) a Lease for space in the Projects shall be fully executed by Owner and a Tenant and all other necessary transactional documents shall be executed by all applicable parties, and such Lease and documents shall have been unconditionally delivered by all parties thereto (including, without limitation, delivery of any and all required consents, approvals and releases from, or non-disturbance agreements with, the holders of superior Leases and superior mortgages or any other party as set forth in the applicable Lease unless the Lease term commences in the absence of any of the foregoing); (b) Tenant shall have deposited with Owner such security as may be required (both in form and amount) under the terms of the executed Lease; (c) Tenant shall have paid to Owner all rental payments due and other sums then due and owing unless Owner has waived, in writing, the payment of the same or agreed, in writing to accept payment thereof at a later date; and (d) Tenant shall have taken possession of the applicable premises and commenced paying Rent (other than Rent paid at the time of execution of the Lease).  Without limitation, each of the following shall be deemed a new Lease for purposes of this Agreement and Manager shall be entitled to Commissions thereon in accordance with the rates and conditions set forth in Schedule 3 attached hereto:

		
	i.
	an amendment or modification of an existing Lease (whether such Lease was entered into prior to or during the term of this Agreement) adding space (whether or not pursuant to an Option) or increasing the Rent thereunder, 

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provided that Manager shall only be entitled to a Commission with respect to such amendment or modification on the Rent payable with respect to such added space or the amount of any increase in Rent thereunder;

		
	ii.
	an amendment or modification of an existing Lease (whether such Lease was entered into prior to or during the term of this Agreement) extending the term thereof (other than pursuant to an Option), provided that Manager shall only be entitled to a Commission on the Rent payable during the additional term with respect to such amendment or modification; and

 
		
	iii.
	a new Lease entered into during the term of this Agreement with an existing Tenant or person or entity that is not an existing Tenant.

(b)    Options. If a Tenant exercises an option (an “Option”) contained in a Lease (whether such Lease was entered into prior to or during the term of this Agreement) to renew or extend the term of the Lease, or to lease additional space at the individual Project (including a right of first refusal or first offer), then Owner shall pay to Manager a Renewal Commission (as defined in, and in accordance with the rates and conditions set forth in Schedule 3 attached hereto) with respect to the exercise of such Option on the effective date of the term of the Option (rather than upon the date of the exercise of the Option).  Notwithstanding the provisions of this Section 9(b), if a Lease executed during the term of this Agreement contains an Option which is executed after the termination of this Agreement, Manager shall not be entitled to any Commission or payment under this Agreement in connection with the exercise of such Option.  In addition, notwithstanding the provisions of this Section 9, Manager shall not be entitled to any Commission or payment under this Agreement in connection with the exercise of an Option if (1) the Lease which contains such Option was executed prior to the term of this Agreement and (2) the exercise of such Option occurs after the term of this Agreement.

(c)    Relocation.   The relocation of an existing Tenant to other premises at an individual Project pursuant to an Option or right to do so in a Lease shall not be deemed to entitle Manager to a Commission thereon, except to the extent that (a) an increase in Rent becomes payable by such Tenant as a result of such relocation (in which case a New Commission shall be earned on such additional Rent as if payable pursuant to a new Lease), or (b) the term of such Lease is extended and additional Rent becomes payable by such Tenant as a result of such extension (in which case a New Commission shall be earned on such additional Rent as if payable pursuant to a new Lease).  In the case of the relocation of an existing Tenant to other premises at any such individual Project other than pursuant to an Option or right of Owner to do so, Owner and Manager shall negotiate in good faith with respect to the Commission payable with respect thereto.

(d)    Leases with Rent Abatement and/or Owner’s Work.   Rent abatements (i.e., so called “free rent”) granted by Owner as an inducement to a Tenant entering into a Lease (but excluding customary tenant fixturing periods) shall be averaged over the initial term of the Lease and then such average shall be deducted from Rent for each year of the term of such Lease prior to applying the Commission rates set forth in Schedule 3 attached hereto.  In calculating the Commission, there shall be no deduction for the amount of Owner’s work allowance or the value of its work letter or other Tenant concessions.

(e)    Leases with Cancellation Clause.   An Owner’s right of cancellation and a Lease cancellation by mutual agreement subsequent to execution and delivery of the Lease shall not affect Manager’s right to payment of its Commission on the entire Lease term as if there were no cancellation clause.  Where a Tenant has a unilateral, discretionary right to cancel a portion of the Lease term on or after a fixed date (i.e., a right to cancel not contingent upon the occurrence of subsequent events), Manager initially shall be paid a Commission for the non-cancelable portion of the term only, provided that if Tenant’s right to cancel is conditioned upon payment of a cancellation premium fixed by taking into account the unamortized proration of the Commission as of the projected date of cancellation, then Manager shall also initially be paid Commissions for the cancelable portion of this Agreement, in an amount of additional Commissions for such cancelable portion  not to exceed such cancellation premium.  Except as provided in this Section 9(e), if the cancelable portion of the term of the Lease is cancelled pursuant to such right, then no Commission shall be paid on the Rent which would have been paid during the portion of the term that is cancelled.  If the cancelable portion of the term of the Lease is not cancelled by Tenant within the time do to so fixed in the Lease, or the right to do so is earlier waived or released, Manager shall thereupon be paid the balance of the Commission for the remainder of the term (including, without limitation, any remaining Commissions payable to Manager with respect to the cancelable portion of the Lease for which Manager was not therefore compensated prior thereto on the basis of the cancellation premium).

(f)    Termination; Commissions.  Within twenty (20) business days following the date (the “Cutoff Date”) of the giving of a termination notice pursuant to Section 7 of this Agreement (unless such termination was pursuant to clause (y) or (z) of Section 7 of this Agreement, in which case manager shall not be entitled to any Commission or other amounts under this Section 9(f)), Manager shall deliver to Owner a list of all parties (“Prospects”) with whom Manager was involved, as of the Cutoff Date, in active negotiations for premises at any individual Project on Owner’s behalf, including a reasonably detailed description of the nature of the contact between Manager and such Prospects and the name of any Outside Brokers involved in the transaction known 

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to Manager.  “Active negotiations”, as used herein, shall mean only where any of the following shall have occurred prior to the Cutoff Date: (i) Manager has, at Owner’s request, submitted a proposal (such as, for example, a term sheet) to the Prospect or its representative, (ii) the Prospect or its representative has submitted a proposal to lease space which has been received by Owner or Manager or any of their representatives, or (iii) a first draft of a Lease has been prepared and distributed to the Prospect or its representative with Owner’s permission.  Mere solicitation of a Prospect shall not constitute “active negotiations”.  If within sixty (60) days (which time period shall be extended for so long as the parties are engaged in negotiations without abandonment or termination) after the Cutoff Date, a Lease is consummated with any such Prospects identified on Manager’s list (or with its parent, subsidiary, or affiliate), Owner shall pay to Manager any Commission(s) to which Manager would have been entitled with respect to such transaction as if this Agreement had not been terminated; and, in addition, if by the end of such 60-day period (as the same may be extended as described above), leases upon which all material provisions have been agreed to by Owner and the Prospect have been distributed to the prospect for signature by Owner’s counsel, Manager shall be entitled to compensation therefore upon, satisfaction of the conditions in Section 9(a) above even if satisfaction occurs after the end of such 60-day period (as the same may be extended as described above) and this Agreement (and the compensation provided for herein) shall govern such transaction, if, as, and when consummated.  If upon any expiration or termination of this Agreement, Manager shall not be entitled to any Commissions under the provisions of this above even if satisfaction occurs after the end of such 60-day period (as the same may be extended as described above) and this Agreement (and the compensation provided for herein) shall govern such transaction, if, as, and when consummated.  Within five (5) business days after the Cutoff Date, Manager shall deliver to Owner copies of any correspondence with Prospects relating to any proposed terms for any Leases, any responses to such proposals and any term sheets with respect to any proposed Lease transactions, and any Authorized Outside Brokerage Agreements pertaining to any Prospect. 

(g)    Outparcel Sales.   If, at any time during the term of this Agreement, a portion of any individual Project, or any interest therein is acquired by an unaffiliated purchaser to whom Manager introduced Owner (a “Sale”), then Owner shall pay to Manager, at the end of the closing of such acquisition, a Sales Commission (as defined in Schedule 3) in accordance with the attached schedule of rates and Commissions set forth on Schedule 3 attached hereto (the terms of which are hereby incorporated herein).  Notwithstanding the foregoing, in the event a Lease was fully executed and entered into with a Tenant, prior to the Tenant acquiring the same leased space, and Manager is or was entitled to a leasing Commission pursuant to this Agreement in connection with the executed Lease, then Manager shall not be entitled to, and Manager hereby agrees that the Sales Commission payable to Manager in connection with such acquisition shall be reduced by the amount of any leasing Commission previously paid to Manager.  For the avoidance of doubt, any Disposition of the entirety of a Project shall be subject to the provisions of Section 8(d) hereof, and Manager shall not be entitled to a separate Sales Commission therefor.

(h)    Invoices.   For each Commission payable pursuant to the terms of this Agreement, Manager shall deliver to Owner an invoice setting forth the amount of the Commission payable and detail of how such amount was calculated.

(i)    Survival.   The obligations to pay commissions and other fees set forth in this Section 9 shall survive termination of the Term of this Agreement, to the extent earned during the Term of this Agreement or otherwise earned in accordance with the express terms of this Agreement.
 
10.    Deductions From Rentals.

From the rentals and other sums received by Manager, pursuant to Leases of portions of the Project, Manager may, to the extent consistent with the approved budget:

(a)    Reimburse itself monthly for all costs or monies advanced by Manager for Owner pursuant hereto and for all fees set forth in Sections 8 and 9 hereof;

(b)    Make any payments pursuant to Section 3 hereof; and

(c)    Pay all amounts contracted for Manager in its name or in the name of Owner which are the obligations of Owner pursuant hereto.  Manager shall promptly from time to time and no later than the EIGHTEENTH (18) BUSINESS DAY of each month remit to Owner, at the address of Owner, all other amounts received during the month preceding such remittance, together with a proper accounting thereof.  In the event such rentals and/or other sums are insufficient to reimburse Manager, Owner shall do so within TEN (10) DAYS after notice by Manager.

11.    Indemnification and Insurance.

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(a)Except for acts of gross negligence or willful misconduct on the part of Manager, Owner shall indemnify, defend and hold harmless Manager and its respective stockholders, members, partners and directors and the officers, employees and agents of Manager (as used in this paragraph, each an “indemnified party”) from and against all claims, losses, expenses and liabilities arising out of arising out of or occasioned by or in connection with Manager’s position as Manager of the Projects, or arising out of or resulting from the acts or omissions of Manager and any such other indemnified party in connection with the performance of Manager’s duties hereunder, or the existence, use or condition of the Project, and all reasonable costs, fees and attorney's expenses in connection therewith (excluding matters which are subject to indemnification by Manager under Section 11(b) hereof).  The indemnification hereunder shall survive termination of this Agreement for those circumstances occurring prior to said termination for one (1) year.  

(b)Manager shall indemnify, defend and hold harmless Owner and its respective stockholders, members, partners and directors and the officers, employees and agents of Owner from and against all claims, losses, expenses and liabilities arising out of or occasioned by or in connection with Manager’s gross negligence or willful misconduct in connection with the performance hereunder, together with all reasonable costs, fees and attorney's expenses in connection therewith.  The indemnification hereunder shall survive termination of this Agreement for those circumstances occurring prior to said termination for one (1) year.  

It is further agreed that each of Manager and Owner, upon request, will provide evidence to the other of insurance coverage in the form of Certificates of Insurance.
    
12.    Notices.

All notices by either party to the other hereunder shall be served by certified or registered mail, postage prepaid or hand carried, addressed to such party at the address as such party may designate from time to time by written notice in accordance herewith.

13.    Representative.

Owner hereby designates Andrea Drasites and Kevin Dinnie as its authorized representatives and hereby authorizes either such individual to approve (or disapprove, as the case may be) proposals submitted by Manager pursuant to this Agreement and to execute in the name of Owner any and all documents to be executed by Owner to enable Manager to carry out its duties hereunder.  In the event of a change as to the authorized representative of Owner, Owner shall within TEN (10) DAYS advise Manager of the appointment of the successor or successors by notice in accordance herewith.

14.    Interpretation.

The captions set forth herein are for convenience only and shall not govern the meaning of any terms of this Agreement.  This Agreement sets forth the entire agreement between the parties, and no amendment or alteration hereof or change hereto shall be binding unless same shall be in writing and signed by both of the parties hereto.

15.    Additional Provisions.

(a)    Manager shall promptly notify Owner of any damage or destruction to the Premises or the occasion of any event which may lead to claims being brought against Owner or Manager.

(b)    Owner shall designate the accountant and legal counsel whom Manager shall use in connection with the performance of its services under this Agreement.

(c)    Owner shall receive credit for all rebates, commissions, discounts and allowances so that all expenses charged to Owner shall be net.

(d)    All Leases shall limit liability of Owner to the Project and contain such other provisions as are required by Owner.  Owner shall receive one original lease for each Lease negotiated by Manager.

(e)    Upon termination of this Agreement, Manager shall deliver to Owner any and all Leases, accounting records, files and other documents relating to the Project.  Manager shall reasonably cooperate in transitioning the management of the Project to a new manager.

(f)    Those funds collected from Tenants to defray overhead and administrative expenses or common costs 

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of operation and maintenance are understood to be funds collected from operation of the Project, or incidental thereto, and sums received by Manager pursuant to laws of the Project, are therefore to be deposited to the account of Owner.

16.    REOC.  The parties acknowledge that Owner is a direct or indirect subsidiary of an entity (the “Parent”) that is intended to qualify as a “real estate operating company” (a “REOC”) within the meaning of the U.S. Department of Labor plan assets regulation (Section 2510.3-101, Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations) and that it is intended that Owner will have the rights, pursuant to this Agreement, as would be reasonably necessary to result in the qualification of Parent as a REOC.  Without limiting the generality of the foregoing, notwithstanding any other provision of this Agreement to the contrary, without prejudice to the other rights provided to Owner under this Agreement, Manager agrees to: (i) permit Owner to visit and inspect the Project and inspect and copy the books and records of Manager, at such times as Owner shall reasonably request; (ii) periodically (at least quarterly) provide Owner with information and reports regarding Manager’s operation and management of the Project and the performance of its duties under this Agreement and with respect to renovations, alterations, general maintenance, repairs and development activities that Manager has engaged in or intends to engage in with respect to the Project and their surroundings; (iii) periodically (at least quarterly) consult with Owner with respect to the operation and management of the Project and the performance of Manager’s duties under this Agreement including, without limitation, with respect to matters relating to renovations, alterations, general maintenance, repairs and development activities with respect to the Project and their surroundings; and (iv) provide Owner with such other rights as may reasonably be determined by Owner to be necessary to enable Parent to qualify as a REOC, provided such additional rights do not materially adversely affect Manager’s ability to perform its duties under this Agreement or the economic benefits enjoyed by Manager under this Agreement.  Manager agrees to follow the recommendations of Owner in connection with the matters on which it is consulted as described above.

17.    Assignment.  This Agreement may not be assigned by Manager without the written consent of Owner.  This Agreement may be assigned by Owner to any affiliate of Owner which acquires a direct or indirect interest in the Project.

18.    Competing Activities of Manager.   Anything contained herein to the contrary notwithstanding, Owner hereby agrees that, during the term of this Agreement, Manager or any affiliate of Manager, may render services identical or similar to those required of Manager hereunder to other owners of real property, improved in a similar fashion to the Projects or otherwise, and may themselves engage in the acquisition, development, leasing and exploitation of real property for their own account and benefit or for others and without any accountability or liability whatsoever to Owner even though such services or business activities compete with or are enhanced by the business activity of Owner, including Owner’s involvement in the Projects, provided, Manager covenants and agrees not to initiate discussions with a Tenant (either directly or indirectly) at a Project regarding the opportunity to lease space in a building which is owned, leased, managed or operated by Manager or an affiliate of Manager (other than another Project).  Manager will not contract with any affiliate of Manager to perform any additional services under this Agreement which are outside the scope of Manager’s duties under this Agreement unless such additional services are at market rates and on arm’s length terms, are contemplated by the approved budget or are otherwise approve by an Owner.  In the event that Manager receives an inquiry from a prospective or existing Tenant in a market in which a Project is located, Manager shall use good faith and commercially reasonable efforts to show all appropriate Projects, together with any appropriate properties that may be owned or managed by Manager or its affiliates which, in the reasonable judgment of Manager, meet the existing or prospective Tenant’s requirements.

19.    Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto and each of their successors, executors, administrators, heirs and assigns.

20.    Counterparts. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement.  

21.    Amendments. This Agreement, as it may hereafter be modified, amended or extended, and all of Manager’s right, title and interest in and to the Premises, are and shall be subject and subordinate to any financing secured by the Premises or any portion thereof and/or any mezzanine financing.  Manager shall reasonably cooperate with any financing of the Premises and respond to the reasonable requests of any mortgagee of the Premises (subject to the terms of this Agreement) including entering into subordination agreements and/or cash management agreements reasonably acceptable to Manager.  This Agreement shall not be enforceable against any mortgagee of the Premises, or such Mortgagee’s successors by foreclosure, deed in lieu of foreclosure or by assignment of any mortgage encumbering the Premises.  The provisions of this Section 21 shall be subject to any separate agreement between Manager and any mortgagee of the Premises with regard to the subject matter hereof.

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22.    GOVERNING LAW.  THIS AGREEMENT, AND ITS VALIDITY, ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY NEW YORK LAW AND APPLICABLE UNITED STATES FEDERAL LAW.

23.      WAIVER OF JURY TRIAL.  MANAGER AND OWNER EACH WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH IT MAY BE A PARTY, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, THIS AGREEMENT.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTY TO THIS AGREEMENT.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY MANAGER AND OWNER, AND MANAGER AND OWNER HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  MANAGER AND OWNER EACH FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE EXECUTION OR ACCEPTANCE OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

24.    Anti-Corruption Compliance Policy.  

(A)   Manager acknowledges and agrees that it is the written and established policy of The Blackstone Group LP and affiliates (“Blackstone”) to comply fully with all applicable laws and regulations of the United States and all jurisdictions in which it does business.  Manager warrants and represents that it will not take any action that would constitute a violation, or implicate Blackstone in a violation, of any law of any jurisdiction in which it performs business, or of the United States, or of the United Kingdom, including without limitation, the Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), the UK Bribery Act 2010, and where applicable, legislation enacted by member States and signatories implementing the OECD Convention Combating Bribery of Foreign Officials (collectively, “Anti-Corruption Laws”).

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(B)    In furtherance of Blackstone’s Global Anti-Corruption Compliance Policy, a copy of which has been provided, Manager represents, warrants, and agrees that:

		
	1.
	1.    Manager is neither a governmental entity nor an instrumentality of a government.  If Manager becomes a governmental entity or instrumentality of a government during the term covered by the document, Manager shall notify Blackstone immediately so Blackstone may, and hereby reserves the right to, take whatever precautions and actions may be appropriate to assure compliance with applicable Anti-Corruption Laws;

		
	2.
	None of Manager's principals, owners, officers, directors, or agents is currently a Government Official.(1)  If any of Manager's principals, owners, officers, directors, or agents becomes a Government Official during the term covered by this document, Manager shall notify Blackstone immediately so Blackstone may, and hereby reserves the right to, take whatever precautions and actions may be appropriate to assure compliance with applicable Anti- Corruption Laws;

		
	3.
	No Government Official is associated with, or owns an interest, whether direct or indirect, in Manager, or has any legal or beneficial interest in the proposed agreement/relationship contemplated herein between Manager and Blackstone, or any payments to be made by Blackstone to Manager under such agreement.  If a Government Official obtains such an interest, Manager shall notify Blackstone immediately so Blackstone may, and hereby reserves the right to, take whatever precautions and actions may be appropriate to assure compliance with applicable Anti-Corruption Laws;

		
	4.
	Neither Manager nor any of its principals, owners, officers, directors, or agents has made, promised to make, will promise to make, or will cause to be made, in connection with the proposed agreement contemplated herein, any Payments The term “Payments” refers to anything of value, including cash, gifts, travel expenses, entertainment, offers of employment, provision of free services, and business meals.  It may also include event sponsorships, consultant contracts, fellowship support, job offers, and charitable contributions made at the request of, or for the benefit of, an individual, his or her family, or other relations, even if made to a legitimate charity. (i) to or for the use or benefit of any Government Official; (ii) to any other person either for an advance or reimbursement, if it knows or has reason to know that any part of such Payment will be directly or indirectly given or paid by such other person, or will reimburse such other person for Payments previously made, to any Government Official; or (iii) to any other person or entity, to obtain or keep business or to secure some other improper advantage, the payment of which would violate applicable Anti-Corruption Laws.  Manager shall immediately notify Blackstone of any violation or potential violation of Anti-Corruption Laws and shall be responsible for any damages to Blackstone from Manager’s or its agents’ violation or potential violation of Anti-Corruption Laws;

1 The term “Government Official” includes, without limitation, all officers or employees of a government department, agency or instrumentality; permitting agencies; custom officials; political party officials; candidates for political office; officials of public international organizations (e.g., the Red Cross); employees or affiliates of an enterprise that is owned, sponsored, or controlled by any government-such as a health care facility, bank, utility, oil company, university or research institute; and any other position as defined by applicable Anti-Corruption Laws.

2 The term “Payments” refers to anything of value, including cash, gifts, travel expenses, entertainment, offers of employment, provision of free services, and business meals.  It may also include event sponsorships, consultant contracts, fellowship support, job offers, and charitable 

-12

		
	5.
	Neither Manager nor any of its principals, owners, officers, directors, or agents has made, promised to make, will promise to make, or will cause to be made, in connection with the proposed agreement contemplated herein, any Payments (i) to or for the use or benefit of any Government Official; (ii) to any other person either for an advance or reimbursement, if it knows or has reason to know that any part of such Payment will be directly or indirectly given or paid by such other person, or will reimburse such other person for Payments previously made, to any Government Official; or (iii) to any other person or entity, to obtain or keep business or to secure some other improper advantage, the payment of which would violate applicable Anti-Corruption Laws.  Manager shall immediately notify Blackstone of any violation or potential violation of Anti-Corruption Laws and shall be responsible for any damages to Blackstone from Manager’s or its agents’ violation or potential violation of Anti-Corruption Laws

(C)        Compliance with Economic Sanctions Laws.  Neither Manager, nor any of its principals, owners, officers, directors, or agents, nor other Persons associated with, or acting on behalf of, Manager is subject to any sanction administered by the Office of Foreign Assets Control of the United States Treasury Department (“U.S. Economic Sanctions”) and does not and will not make any sales to or engage in business activities with or for the benefit of, and will not use any amounts payable under the proposed agreement/relationship for the purposes of financing the activities of, any persons and countries that are subject to U.S. Economic Sanctions, including any “Specially Designated Nationals and Blocked Persons.”

(D)    Compliance with Money Laundering Laws.  The operations of Manager have been conducted at all times, and will continue to be conducted, in compliance with applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting Act of 1970, as amended, the U.S. Money Laundering Control Act of 1986, as amended, and all money laundering-related laws of other jurisdictions where Manager conducts business or owns assets, and any related or similar Law issued, administered or enforced by any Government Authority (collectively, the “Money Laundering Laws”).  No Proceeding by or before any Government Authority involving Manager with respect to the Money Laundering Laws is pending or, to the knowledge of Manager, is threatened.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first above written.

	
		
	MANAGER:

	BRIXMOR MANAGEMENT JOINT VENTURE 2, LP 

	a Delaware limited partnership

	 

	By:
	BRE Retail Management GP Holdings LLC,

	 
	its general partner, a Delaware limited liability company

	 
	 

	 
	 

	By:
	/s/ Steven Siegel

	Name:
	Steven Siegel

	Title:
	Executive Vice President

-14

	
			
	OWNER:
BRE Non-Core 1 Owner A LLC,

	BRE Non-Core 1 Owner B LLC.

	BRE Non-Core 1 Owner Covered Bridge LLC,  

	BRE Non-Core 1 Owner League City LLC,

	BRE Non-Core 1 Owner Siler Crossing LLC,

	BRE Non-Core 2 Owner Fairhills Mall LLC,

	BRE Non-Core 2 Owner A LLC,

	BRE Non-Core 2 Owner B LLC,

	BRE Non-Core 2 Owner Prospect Plaza LLC,

	BRE Non-Core 3 Owner A LLC,

	BRE Non-Core 3 Owner B LLC,

	BRE Non-Core 3 Owner Napoleon Center LLC,

	BRE Retail Residual Lexington Town Square Owner LLC,

	BRE Retail Residual Park Centre (Stein Mart) Owner LLC,

	BRE Retail Residual Park Centre Owner LLC,

	Brixmor Eisenhower Square SC, LLC,

	Brixmor GA Strawbridge LLC,

	Brixmor Residual Pool 1 SPE, LLC,

	Brixmor STN Holdings SPE, LLC,

	Brixmor Tift-Town, LLC,

	CA New Plan Acquisition Fund, LLC,

	ERP Financing, LLC,

	Excel Realty Trust - ST, LLC,

	BRE Non-Core 1 Owner Nine Mile Square LLC
BRE Non-Core 1 Owner Akron LLC
BRE Non-Core 1 Owner A LLC
BRE Non-Core 1 Owner Osage LLC
New Plan ERT HD Louisiana, LLC
HK New Plan Exchange Property Owner I, LLC, and

	HK New Plan Merchants Crossing, LLC, 

	each a Delaware Limited Liability company

	 

	 
	By:
	/s/ William J. Stein

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

-15

	
			
	BRE Non-Core 2 Owner NC L.P.,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	BRE Non-Core 2 GP NC LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

	
			
	Brixmor GA Apollo III PA LP,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	Brixmor GA Apollo III PA LP LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

	
			
	Brixmor GA CMBS T2 NC LP,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	BRE Non-Core 2 GP NC LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

	
			
	HK New Plan Karl Plaza, LP,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	BRE Retail NP Unencumbered GP LLC,

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein_______________

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

-16

	
			
	HK New Plan Karl Plaza, LP,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	HK New Plan Karl Plaza GP LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein_______________

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

	KR Bradford Mall, L.P.,

	a Pennsylvania limited partnership

	 
	 
	 

	 
	By:
	KR Bradford Mall GP LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein_____________________

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

	
			
	Brixmor GA Bristol Plaza, LP,

	a Delaware limited partnership

	 
	 
	 

	 
	By:
	Brixmor GA Bristol Plaza GP, LLC

	 
	 
	its general partner, a Delaware limited liability company

	 
	 
	 

	 
	By:
	/s/ William J. Stein

	 
	Name:
	William J. Stein

	 
	Title:
	Senior Managing Director

-17

SCHEDULE 1
Owners and Shopping Centers

	
			
	PROPERTY

	Alexis Park

	Bradford Mall
	PA
	KR Bradford Mall, LP

	Bristol Plaza
	PA
	Brixmor GA Bristol Plaza, LP

	Brookdale Square
	MN
	Brixmor STN Holdings SPE, LLC

	Central Valu Center
	MN
	BRE Non-Core 2 Owner B LLC 

	Covered Bridge 
	GA
	BRE Non-Core 1 Owner Covered Bridge LLC  

	Eisenhower Square
	GA
	Brixmor Eisenhower Square SC, LLC

	Elmira Plaza
	NY
	BRE Non-Core 2 Owner A LLC

	Fairhills Mall

	Fox River Plaza

	Fremont
	MI
	BRE Non-Core 2 Owner A LLC

	Great Eastern Shopping Plaza
	OH
	CA New Plan Acquisition Fund, LLC

	Habersham Crossing
	GA
	ERP Financing, LLC  

	Johnstown Galleria Outparcel
	PA
	Brixmor GA Apollo III PA LP

	Karl Plaza
	OH
	HK New Plan Karl Plaza, LP  

	Knox Plaza
	IN
	HK New Plan Exchange Property Owner I, LLC

	League City
	TX
	BRE Non-Core 1 Owner League City LLC

	Lexington Town Square
	SC
	BRE Retail Residual Lexington Town Square Owner LLC

	Longview Crossing
	NC
	Brixmor GA CMBS T2 NC LP

	Market Street Square
	PA
	Brixmor GA Apollo III PA LP

	Merchants Crossing
	GA
	HK New Plan Merchants Crossing, LLC

	Midway Crossing
	OH
	BRE Non-Core 1 Owner B LLC

	Napoleon Center
	OH
	BRE Non-Core 3 Owner Napoleon Center LLC

	Northridge Plaza
	WI
	BRE Non-Core 3 Owner B LLC

	Packard Plaza
	WI
	BRE Non-Core 3 Owner A LLC

	Park Centre
	SC
	BRE Retail Residual Park Centre Owner LLC

	Park Centre (Stein Mart)
	SC
	BRE Retail Residual Park Centre (Stein Mart) Owner LLC

	Prospect Plaza
	MO
	BRE Non-Core 2 Owner Prospect Plaza LLC

	Pyramid Mall
	NY
	BRE Non-Core 2 Owner A LLC

	Siler Crossing
	NC
	BRE Non-Core 1 Owner Siler Crossing LLC

	Strawbridge
	VA
	Brixmor GA Strawbridge LLC

	Terrace Center
	MN
	BRE Non-Core 2 Owner B LLC 

	Thomasville Crossing
	NC
	BRE Non-Core 2 Owner NC L.P.

	Tift-Town
	GA
	Brixmor Tift-Town, LLC

	University Commons
	GA
	Excel Realty Trust - ST, LLC

	VA-KY Regional S.C.
	VA
	BRE Non-Core 1 Owner A LLC

	Westland Crossing
	MI
	Brixmor Residual Pool 1 SPE, LLC

	Wisteria Village
	GA
	BRE Non-Core 3 Owner A LLC

	Nine Mile Square
	FL
	BRE Non-Core 1 Owner Nine Mile Square LLC

	Akron Land
	OH
	BRE Non-Core 1 Owner Akron LLC

	Denham Springs Plaza
	LA
	New Plan ERT HD Louisiana, LLC

	North Central Avenue
	NY
	BRE Non-Core 1 Owner A LLC

	Osage Beach land parcel
	MD
	BRE Non-Core 1 Owner Osage LLC

-18

SCHEDULE 2
Project Reporting Requirements*

I.    Monthly

Occupancy Reports
Rent Roll, including Vacant Units
Leasing Status Report to include all pertinent terms (rent, NNN, TI, commissions, terms, escalations, spread etc.)
Other monthly reports to be agreed upon between Owner and Manager 
Comparative Property Level Income Statement with Year-to-Date Comparisons to Budget
Comparative Consolidated Income Statement (including comparisons to Budget with explanation of material variances)
Retail Sales Reports for Tenants
Disposition Status Report
Aging Report
II.    Quarterly
Balance Sheet
Comparative Property Level Income Statement with Current Quarter and Year-to-Date Comparisons to Budget
Comparative Consolidated Income Statement (including comparisons to budget with explanation of material variances)
Delinquency Aging Report
Rent Roll, including Vacant Units
Leasing Status Report
Retail Sales Reports for Tenants 
Budget reforecast
Operational Report (including building services, facilities management updates, capital expenditure schedule and vacancy report)

III-A.      Annually (within 60 days of year-end)
Number of Projects / SF update
Net Operating Income by Project with 2% management fee by Property

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Net Operating Income by Project without any management fee
Restricted / Non-restricted cash balance
Debt balance, including standalone mortgages and associated interest rates, amortization and maturity
Disposition summary
III-B.      Annually (within 90 days of year-end)
Comparative Property Level Income Statement with Current Quarter and Year-to-Date Comparisons to Budget
Comparative Consolidated Income Statement (including comparisons to budget with explanation of material variances)
Forecasting Budget (including a Capital Expenditures Budget)

*Property Manager may deliver any or all reports electronically; provided, Property Manager shall deliver hard copies of any reports to the extent required by the lender under any financing documents.

SCHEDULE 3
Commission Rates

		
	1.
	ANCHOR LEASE COMMISSION RATES:  Subject to the definitions and the applicable provisions set forth herein, in connection with a Major Lease (as defined below), Manager shall be paid a commission equal to (a) two dollars ($2.00) per square foot (a “New Anchor Commission”) of each new Major Lease signed during the term of this Agreement and (b) one dollar ($1) per square foot (a “Renewal Anchor Commission”) of each Major Lease renewal signed during the term of this Agreement.  

As used herein, the term “Major Lease” shall mean, with respect to any individual Project, any Lease (i) covering more than twenty-five thousand (25,000) square feet at such individual Project or (ii) entered into by a Tenant that is a Tenant under another Lease at such individual Project or that is an affiliate of any other Tenant under a Lease at such individual Project, if, pursuant to such Leases, such Tenant (or such Tenant and its affiliate(s)) leases more than twenty-five thousand (25,000) square feet in the aggregate at the applicable individual Project.

		
	2.
	SHOP LEASE COMMISSION RATES:  Subject to the definitions and the applicable provisions set forth herein, in connection with a new Shop Lease (as defined below) signed during the term of this Agreement, Manager shall be paid a commission (a “New Shop Commission”; together with a New Anchor Commission, collectively, a “New Commission”) calculated by (a) multiplying the Rent for the applicable period by the following rates and (b) adding the product together: 

First full year through and including the fifth year.....................5.00%
Sixth year and beyond (excluding any renewal terms).................2.50%

For each Shop Lease renewal signed during the term of this Agreement, Manager shall be paid a commission (a “Renewal Shop Commission”; together with a Renewal Anchor Commission, collectively, a 

-20

“Renewal Commission”) calculated by (a) multiplying the Rent for the applicable period by the following rates and (b) adding the product together:

First full renewal year through and including the fifth renewal year...2.50%
Sixth renewal year and beyond (excluding any renewal terms ).........1.25%

As used herein, the term “Shop Lease” shall mean, with respect to any individual Project, any Lease that is not a Major Lease.

		
	3.
	OUTPARCEL SALE COMMISSION RATES:  Subject to the definitions and the applicable provisions set forth herein, if, at any time during the term of this Agreement, there is a Sale of a portion of any individual Project, or any interest therein is acquired by an unaffiliated purchaser to whom Manager introduced Owner, then Owner shall pay to Manager, at the time of the closing of such acquisition, a sales commission equal to three-tenths of one percent (0.30%) of the total sales or acquisition price of such individual Project (a “Sales Commission”).

-21PacifiCorp 3.13.14 EX 4.1

EXHIBIT 4.1

PACIFICORP
(An Oregon Corporation)

TO

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

(as successor to The Bank of New York Mellon)

As Trustee under PacifiCorp’s
Mortgage and Deed of Trust,
Dated as of January 9, 1989

_____________________

Twenty-Seventh Supplemental Indenture
Dated as of March 1, 2014

Supplemental to PacifiCorp’s Mortgage and Deed of Trust
Dated as of January 9, 1989

_____________________

This Instrument Grants a Security Interest by a Transmitting Utility

This Instrument Contains After-Acquired Property Provisions

TWENTY-SEVENTH SUPPLEMENTAL INDENTURE

THIS INDENTURE, dated as of the 1st day of March, 2014, made and entered into by and between PACIFICORP, a corporation of the State of Oregon, whose address is 825 NE Multnomah, Portland, Oregon 97232 (hereinafter sometimes called the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as successor to The Bank of New York Mellon), a national banking association whose address is 400 South Hope Street, Suite 400, Los Angeles, California 90071 (the “Trustee”), as Trustee under the Mortgage and Deed of Trust, dated as of January 9, 1989, as heretofore amended and supplemented (hereinafter called the “Mortgage”), is executed and delivered by the Company in accordance with the provisions of the Mortgage, this indenture (hereinafter called the “Twenty-Seventh Supplemental Indenture”) being supplemental thereto. 
WHEREAS, the Mortgage was or is to be recorded in the official records of the States of Arizona, California, Colorado, Idaho, Montana, New Mexico, Oregon, Utah, Washington and Wyoming and various counties within such states, which counties include or will include all counties in which this Twenty-Seventh Supplemental Indenture is to be recorded; and 
WHEREAS, by the Mortgage the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the Lien of the Mortgage any property thereafter acquired, made or constructed and intended to be subject to the Lien thereof; and 
WHEREAS, in addition to the property described in the Mortgage, the Company has acquired certain other property, rights and interests in property; and 
WHEREAS, the Company has executed, delivered, recorded and filed supplemental indentures as follows: 

	
				
	  
	  
	Dated as of 
	  

	  
	  
	

	  

	First
	  
	March 31, 1989
	  

	Second
	  
	December 29, 1989
	  

	Third
	  
	March 31, 1991
	  

	Fourth
	  
	December 31, 1991
	  

	Fifth
	  
	March 15, 1992
	  

	Sixth
	  
	July 31, 1992
	  

	Seventh
	  
	March 15, 1993
	  

	Eighth
	  
	November 1, 1993
	  

	Ninth
	  
	June 1, 1994
	  

	Tenth
	  
	August 1, 1994
	  

	Eleventh
	  
	December 1, 1995
	  

	Twelfth
	  
	September 1, 1996
	  

	Thirteenth
	  
	November 1, 1998
	  

	Fourteenth
	  
	November 15, 2001
	  

	Fifteenth
	  
	June 1, 2003
	  

	Sixteenth
	  
	September 1, 2003
	  

	Seventeenth
	  
	August 1, 2004
	  

	Eighteenth
	 
	June 1, 2005
	 

	Nineteenth
	 
	August 1, 2006
	 

	Twentieth
	 
	March 1, 2007
	 

	Twenty-First
	 
	October 1, 2007
	 

	Twenty-Second
	 
	July 1, 2008
	 

	Twenty-Third
	 
	January 1, 2009
	 

	Twenty-Fourth
	 
	May 1, 2011
	 

	Twenty-Fifth
	 
	January 1, 2012
	 

	Twenty-Sixth
	 
	June 1, 2013
	 

2

and 
WHEREAS, the Company has heretofore issued, in accordance with the provisions of the Mortgage, bonds entitled and designated First Mortgage and Collateral Trust Bonds or First Mortgage Bonds, as the case may be, of the series and in the principal amounts as follows: 
	
											
	 
	 
	Series 
	 
	Due
Date 
	 
	Aggregate Principal
Amount Issued 
	  
	Aggregate Principal
Amount Outstanding 1 

	First
	  
	10.45% Series due January 9, 1990
	  
	1/9/90
	  
	$
	500,000
	  
	$ 
	0

	Second
	  
	Secured Medium-Term Notes, Series A
	  
	various
	  
	  
	250,000,000
	  
	  
	 0   

	Third
	  
	Secured Medium-Term Notes, Series B
	  
	various
	  
	  
	200,000,000
	  
	  
	0

	Fourth
	  
	Secured Medium-Term Notes, Series C
	  
	various
	  
	  
	300,000,000
	  
	  
	 29,000,000 

	Fifth
	  
	Secured Medium-Term Notes, Series D
	  
	various
	  
	  
	250,000,000
	  
	  
	0

	Sixth
	  
	C-U Series
	  
	various
	  
	  
	250,432,000
	  
	  
	 21,460,000 

	Seventh
	  
	Secured Medium-Term Notes, Series E
	  
	various
	  
	  
	500,000,000
	  
	  
	 155,000,000 

	Eighth
	  
	6 3/4% Series due April 1, 2005
	  
	4/1/2005
	  
	  
	150,000,000
	  
	  
	0

	Ninth
	  
	Secured Medium-Term Notes, Series F
	  
	various
	  
	  
	500,000,000
	  
	  
	 140,000,000 

	Tenth
	  
	E-L Series
	  
	various
	  
	  
	71,200,000
	  
	  
	 0 

	Eleventh
	  
	Secured Medium-Term Notes, Series G
	  
	various
	  
	  
	500,000,000
	  
	  
	 100,000,000 

	Twelfth
	  
	Series 1994-1 Bonds
	  
	various
	  
	  
	216,470,000
	  
	  
	 175,815,000 

	Thirteenth
	  
	Adjustable Rate Replacement Series
	  
	2002
	  
	  
	13,234,000
	  
	  
	0

	Fourteenth
	  
	9 3/8% Replacement Series due 1997
	  
	1997
	  
	  
	50,000,000
	  
	  
	0

	Fifteenth
	  
	Bond Credit Series Bonds
	  
	various
	  
	  
	498,589,753
	  
	  
	0

	Sixteenth
	  
	Secured Medium-Term Notes, Series H
	  
	various
	  
	  
	500,000,000
	  
	  
	0

	Seventeenth 
	  
	5.65% Series due 2006
	  
	11/1/06
	  
	  
	200,000,000
	  
	  
	0

	Eighteenth
	  
	6.90% Series due November 15, 2011
	  
	11/15/11
	  
	  
	500,000,000
	  
	  
	0

	Nineteenth
	  
	7.70% Series due November 15, 2031
	  
	11/15/31
	  
	  
	300,000,000
	  
	  
	 300,000,000 

	Twentieth
	  
	Collateral Bonds, First 2003 Series
	  
	12/1/14
	  
	  
	15,000,000
	  
	  
	 15,000,000 

	Twenty-First
	  
	Collateral Bonds, Second 2003 Series
	  
	12/1/16
	  
	  
	8,500,000
	  
	  
	 8,500,000 

	Twenty-Second
	  
	Collateral Bonds, Third 2003 Series
	  
	1/1/14
	  
	  
	17,000,000
	  
	  
	 0 

	Twenty-Third
	  
	Collateral Bonds, Fourth 2003 Series
	  
	1/1/16
	  
	  
	45,000,000
	  
	  
	 45,000,000 

	Twenty-Fourth
	  
	Collateral Bonds, Fifth 2003 Series
	  
	11/1/25
	  
	  
	5,300,000
	  
	  
	 5,300,000 

	Twenty-Fifth
	  
	Collateral Bonds, Sixth 2003 Series
	  
	11/1/25
	  
	  
	22,000,000
	  
	  
	 22,000,000 

	Twenty-Sixth
	  
	4.30% Series due 2008
	  
	9/15/08
	  
	  
	200,000,000
	  
	  
	0

	Twenty-Seventh
	  
	5.45% Series due 2013
	  
	9/15/13
	  
	  
	200,000,000
	  
	  
	 0 

	Twenty-Eighth
	  
	4.95% Series due 2014
	  
	8/15/14
	  
	  
	200,000,000
	  
	  
	 200,000,000 

	Twenty-Ninth
	  
	5.90% Series due 2034
	  
	8/15/34
	  
	  
	200,000,000
	  
	  
	 200,000,000 

	Thirtieth 
	 
	5.25% Series due 2035
	 
	6/15/35
	 
	 
	300,000,000
	 
	 
	 300,000,000 

	Thirty-First
	 
	6.10% Series due 2036
	 
	8/1/36
	 
	 
	350,000,000
	 
	 
	 350,000,000 

	Thirty-Second
	 
	5.75% Series due 2037
	 
	4/1/37
	 
	 
	600,000,000
	 
	 
	 600,000,000 

	Thirty-Third
	 
	6.25% Series due 2037
	 
	10/15/37
	 
	 
	600,000,000
	 
	 
	 600,000,000 

	Thirty-Fourth
	 
	5.65% Series due 2018
	 
	7/15/18
	 
	 
	500,000,000
	 
	 
	 500,000,000 

	Thirty-Fifth
	 
	6.35% Series due 2038 
	 
	7/15/38
	 
	 
	300,000,000
	 
	 
	 300,000,000 

	Thirty-Sixth
	 
	5.50% Series due 2019
	 
	1/15/19
	 
	 
	350,000,000
	 
	 
	 350,000,000 

	Thirty-Seventh
	 
	6.00% Series due 2039
	 
	1/15/39
	 
	 
	650,000,000
	 
	 
	 650,000,000 

	Thirty-Eighth
	 
	3.85% Series due 2021
	 
	6/15/21
	 
	 
	400,000,000
	 
	 
	 400,000,000 

	Thirty-Ninth
	 
	2.95% Series due 2022
	 
	2/1/22
	 
	 
	450,000,000
	 
	 
	450,000,000

	Fortieth
	 
	4.10% Series due 2042
	 
	2/1/42
	 
	 
	300,000,000
	 
	 
	300,000,000

	Forty-First
	 
	2.95% Series due 2023
	 
	6/1/23
	 
	 
	300,000,000
	 
	 
	300,000,000

________________________________
1 Amount outstanding as of March 1, 2014

3

and
WHEREAS, Section 2.03 of the Mortgage provides that the form or forms, terms and conditions of and other matters not inconsistent with the provisions of the Mortgage, in connection with each series of bonds (other than the First Series) issued thereunder, shall be established in or pursuant to one or more Resolutions and/or shall be established in one or more indentures supplemental to the Mortgage, prior to the initial issuance of bonds of such series; and 
WHEREAS, Section 22.04 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations, restrictions or provisions for the benefit of any one or more series of bonds issued thereunder and provide that a breach thereof shall be equivalent to a Default under the Mortgage, or the Company may cure any ambiguity contained therein, or in any supplemental indenture, or may (in lieu of establishment in or pursuant to a Resolution in accordance with Section 2.03 of the Mortgage) establish the forms, terms and provisions of any series of bonds other than said First Series, by an instrument in writing executed by the Company; and 
WHEREAS, the Company now desires to create a new series of bonds and (pursuant to the provisions of Section 22.04 of the Mortgage) to add to its covenants and agreements contained in the Mortgage certain other covenants and agreements to be observed by it; and

WHEREAS, the execution and delivery by the Company of this Twenty-Seventh Supplemental Indenture, and the terms of the bonds of the Forty-Second Series herein referred to, have been duly authorized by the Board of Directors in or pursuant to appropriate Resolutions; 
Now, Therefore, This Indenture Witnesseth: 
That PACIFICORP, an Oregon corporation, in consideration of the premises and of good and valuable consideration to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt and sufficiency whereof is hereby acknowledged, and in order to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect and the performance of all provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of such bonds, and to confirm the Lien of the Mortgage on certain after-acquired property, hereby mortgages, pledges and grants a security interest in (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Mortgage), unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all properties of the Company real, personal and mixed, owned by the Company as of the date of the Mortgage and acquired by the Company after the date of the Mortgage, subject to the provisions of Section 18.03 of the Mortgage, of any kind or nature (except any herein or in the Mortgage expressly excepted), now owned or, subject to the provisions of Section 18.03 of the Mortgage, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated (except such of such properties as are excluded by name or nature from the Lien hereof), including the properties described in Article IV hereof, and further including (without limitation) all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same; all power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, waterways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity and other forms of energy (whether now known or hereafter developed) by steam, water, sunlight, chemical processes and/or (without limitation) all other sources of power (whether now known or hereafter developed); all power houses, gas plants, street lighting systems, standards and other equipment incidental thereto; all telephone, radio, television and other communications, image and data transmission systems, air-conditioning systems and equipment incidental thereto, water wheels, water works, water systems, steam and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, turbines, electric, gas and other machines, prime movers, regulators, meters, transformers, generators (including, but not limited to, engine-driven generators and turbogenerator units), motors, electrical, gas and mechanical appliances, conduits, cables, water, steam, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, towers, overhead conductors and devices, underground conduits, underground conductors and devices, wires, cables, tools, implements, apparatus, storage battery equipment and all other fixtures and personalty; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current and other forms of energy, gas, steam, water or communications, images and data for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all 

4

apparatus for use in connection therewith and (except as herein or in the Mortgage expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore described; 
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 13.01 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof;
IT IS HEREBY AGREED by the Company that, subject to the provisions of Section 18.03 of the Mortgage, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage expressly excepted, shall be and are as fully mortgaged and pledged hereby and as fully embraced within the Lien of the Mortgage as if such property, rights and franchises were now owned by the Company and were specifically described herein or in the Mortgage and mortgaged hereby or thereby; 
PROVIDED THAT the following are not and are not intended to be now or hereafter mortgaged or pledged hereunder, nor is a security interest therein hereby granted or intended to be granted, and the same are hereby expressly excepted from the Lien and operation of the Mortgage, namely: (1) cash, shares of stock, bonds, notes and other obligations and other securities not hereafter specifically pledged, paid, deposited, delivered or held under the Mortgage or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business or for the purpose of repairing or replacing (in whole or part) any rolling stock, buses, motor coaches, automobiles or other vehicles or aircraft or boats, ships or other vessels, and any fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; rolling stock, buses, motor coaches, automobiles and other vehicles and all aircraft; boats, ships and other vessels; all crops (both growing and harvested), timber (both growing and harvested), minerals (both in place and severed), and mineral rights and royalties; (3) bills, notes and other instruments and accounts receivable, judgments, demands, general intangibles and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage or covenanted so to be; (4) the last day of the term of any lease or leasehold which may be or become subject to the Lien of the Mortgage; (5) electric energy, gas, water, steam, ice and other materials, forms of energy or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; (6) any natural gas wells or natural gas leases or natural gas transportation lines or other works or property used primarily and principally in the production of natural gas or its transportation, primarily for the purpose of sale to natural gas customers or to a natural gas distribution or pipeline company, up to the point of connection with any distribution system; (7) the Company’s franchise to be a corporation; (8) any interest (as lessee, owner or otherwise) in the Wyodak Facility, including, without limitation, any equipment, parts, improvements, substitutions, replacements or other property relating thereto; and (9) any property heretofore released pursuant to any provision of the Mortgage and not heretofore disposed of by the Company; provided, however, that the property and rights expressly excepted from the Lien and operation of the Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver for the Trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XV of the Mortgage by reason of the occurrence of a Default; 

AND PROVIDED FURTHER, that as to any property of the Company that, pursuant to the after-acquired property provisions thereof, hereafter becomes subject to the lien of a mortgage, deed of trust or similar indenture that may in accordance with the Mortgage hereafter become designated as a Class “A” Mortgage, the Lien hereof shall at all times be junior and subordinate to the lien of such Class “A” Mortgage; 

TO HAVE AND TO HOLD all such properties, real, personal and mixed, mortgaged and pledged, or in which a security interest has been granted by the Company as aforesaid, or intended so to be (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Mortgage), unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and its successors and assigns forever; 
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, this Twenty-Seventh Supplemental Indenture being supplemental to the Mortgage; 

5

AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage shall affect and apply to the property hereinbefore described and conveyed, and to the estates, rights, obligations and duties of the Company and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successor or successors in the trust, in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustee by the Mortgage as a part of the property therein stated to be conveyed. 
 The Company further covenants and agrees to and with the Trustee and its successor or successors in such trust under the Mortgage, as follows: 

ARTICLE I

Forty-Second Series of Bonds

SECTION 1.01. There shall be a series of bonds designated “3.60% Series due 2024” (herein sometimes referred to as the Forty-Second Series), each of which shall also bear the descriptive title “First Mortgage Bond,” and the form thereof, which shall be established by or pursuant to a Resolution, shall contain suitable provisions with respect to the matters hereinafter in this Section specified. 
(I) Bonds of the Forty-Second Series shall mature on April 1, 2024 and shall be issued as fully registered bonds in the minimum denomination of two thousand dollars and, at the option of the Company, any multiple or multiples of one thousand dollars in excess thereof (the exercise of such option to be evidenced by the execution and delivery thereof). 
The Company reserves the right to establish, at any time, by or pursuant to a Resolution filed with the Trustee, a form of coupon bond, and or appurtenant coupons, for the Forty-Second Series and to provide for exchangeability of such coupon bonds with the bonds of the Forty-Second Series issued hereunder in fully registered form and to make all appropriate provisions for such purpose. 
Bonds of the Forty-Second Series need not be issued at the same time and such series may be reopened at any time, without notice to or the consent of any then-existing holder or holders of any bond of the Forty-Second Series, for issuances of additional bonds of the Forty-Second Series in an unlimited principal amount. Any such additional bonds will have the same interest rate, maturity and other terms as those initially issued, except for payment of interest accruing prior to the original issue date of such additional bonds and, if applicable, for the first interest payment date following such original issue date.
(II) Bonds of the Forty-Second Series shall bear interest at the rate of three and sixty hundredths per centum (3.60%) per annum payable semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”). Bonds of the Forty-Second Series shall be dated and shall accrue interest as provided in Section 2.06 of the Mortgage. 
The initial Interest Payment Date is October 1, 2014. The amount of interest payable will be computed on the basis of a 360-day year consisting of twelve 30-day months. If any date on which interest is payable on any bond of the Forty-Second Series is not a Business Day, then payment of the interest payable on that date will be made on the next succeeding day which is a Business Day (and without any additional interest or other payment in respect of any delay), with the same force and effect as if made on such date.
Interest payable on any bond of the Forty-Second Series and punctually paid or duly provided for on any Interest Payment Date for such bond will be paid to the person in whose name the bond is registered at the close of business on the Record Date (as hereinafter specified) for such bond next preceding such Interest Payment Date; provided, however, that interest payable at maturity or upon earlier redemption will be payable to the person to whom principal shall be payable. So long as the bonds of the Forty-Second Series remain in book-entry only form, the “Record Date” for each Interest Payment Date shall be the close of business on the Business Day before the applicable Interest Payment Date. If the bonds of the Forty-Second Series are not in book-entry only form, the Record Date for each Interest Payment Date shall be the close of business on the 15th calendar day of the month immediately preceding the month in which the applicable Interest Payment Date occurs (whether or not a Business Day). 
“Business Day” means, for purposes of this Section (II), a day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed.
Any interest on any bond of the Forty-Second Series which is payable but is not punctually paid or duly provided for, on any Interest Payment Date for such bond (herein called “Defaulted Interest”), shall forthwith cease to be payable to the 

6

registered owner on the relevant Record Date for the payment of such interest solely by virtue of such owner having been such owner; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in subsection (i) or (ii) below: 

	
			
	 
	(i) 
	The Company may elect to make payment of any Defaulted Interest on the bonds of the Forty-Second Series to the persons in whose names such bonds are registered at the close of business on a Special Record Date (as hereinafter defined) for the payment of such Defaulted Interest, which shall be fixed in the following manner: The Company shall, at least 30 days prior to the proposed date of payment, notify the Trustee in writing (signed by an Authorized Financial Officer of the Company) of the amount of Defaulted Interest proposed to be paid on each bond of the Forty-Second Series and the date of the proposed payment (which date shall be such as will enable the Trustee to comply with the next sentence hereof), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this subsection provided and not to be deemed part of the Mortgaged and Pledged Property. Thereupon, the Trustee shall fix a record date (herein referred to as a “Special Record Date”) for the payment of such Defaulted Interest which date shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each registered owner of a bond of the Forty-Second Series at his, her or its address as it appears in the bond register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the bonds of the Forty-Second Series are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following subsection (ii).

	 
	(ii) 
	The Company may make payment of any Defaulted Interest on the bonds of the Forty-Second Series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this subsection, such payment shall be deemed practicable by the Trustee.  

 
Subject to the foregoing provisions of this Section, each bond of the Forty-Second Series delivered under the Mortgage upon transfer of or in exchange for or in lieu of any other bond shall carry all rights to interest accrued and unpaid, and to accrue, which were carried by such other bond and each such bond shall bear interest from such date, that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 
(III) The principal of and interest and premium, if any, on each bond of the Forty-Second Series shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts or in such other currency or currency unit as shall be determined by or in accordance with the Resolution filed with the Trustee. 
(IV) Bonds of the Forty-Second Series shall not be redeemable prior to maturity at the option of any holder or holders of such bonds. Bonds of the Forty-Second Series shall be redeemable in whole or in part and at any time prior to maturity at the option of the Company. Prior to January 1, 2024, the redemption price shall include accrued and unpaid interest to the redemption date on the bonds to be redeemed, plus the greater of (a) one hundred per centum (100%) of the principal amount of bonds then Outstanding to be redeemed, and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 15 basis points, as calculated by an Independent Investment Banker. At any time on or after January 1, 2024, the redemption price shall include accrued and unpaid interest to the redemption date on the bonds to be redeemed, plus one hundred percent (100%) of the principal amount of bonds then Outstanding to be redeemed. The Company shall give the Trustee notice of the redemption price referred to in the second preceding sentence immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. If the Company elects to partially redeem the bonds of the Forty-Second Series, the Trustee shall select in a fair and appropriate manner the bonds of the Forty-Second Series to be redeemed; provided, that if the bonds of the Forty-Second Series are in book-entry only form, interests in such bonds shall be selected for redemption by The Depositary Trust Company in accordance with its standard procedures therefor.
     “Adjusted Treasury Rate” means, with respect to any redemption date, the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and 

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which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Adjusted Treasury Rate will be calculated on the third Business Day preceding the redemption date.
“Business Day” means, for purposes of this Section (IV), a day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the bonds of the Forty-Second Series to be redeemed that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such bonds (the “Remaining Life”).
“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and its successors, or if that firm is unwilling or unable to serve as such, an independent investment and banking institution of national standing appointed by the Company. 
“Reference Treasury Dealer” means: (a) RBC Capital Markets, LLC, BNP Paribas Securities Corp. and a Primary Treasury Dealer (as defined below) selected by Mitsubishi UFJ Securities (USA), Inc., and their respective affiliates or successors; provided that, if one of these parties ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealers selected by the Company. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date.
(V) Each bond of the Forty-Second Series may have such other terms as are not inconsistent with Section 2.03 of the Mortgage, and as may be determined by or in accordance with a Resolution filed with the Trustee. 
(VI) At the option of the registered owner, any bonds of the Forty-Second Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series and same terms of other authorized denominations. 
(VII) Bonds of the Forty-Second Series shall be transferable, subject to any restrictions thereon set forth in any such bond of the Forty-Second Series, upon the surrender thereof for cancellation, together with a written instrument of transfer, if required by the Company, duly executed by the registered owner or by his, her or its duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York. Upon any transfer or exchange of bonds of the Forty-Second Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other government charge, as provided in Section 2.08 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the Forty-Second Series. 
(VIII) After the execution and delivery of this Twenty-Seventh Supplemental Indenture and upon compliance with the applicable provisions of the Mortgage and this Twenty-Seventh Supplemental Indenture, it is contemplated that there shall be issued bonds of the Forty-Second Series in an initial aggregate principal amount of Four Hundred Twenty-Five Million Dollars (U.S. $425,000,000).

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ARTICLE II

The Company Reserves the Right to Amend Provisions

Regarding Properties Excepted from Lien of Mortgage

SECTION 2.01. The Company reserves the right, without any consent or other action by holders of bonds of the Ninth Series, or any other series of bonds subsequently created under the Mortgage (including the bonds of the Forty-Second Series), to make such amendments to the Mortgage, as heretofore amended and supplemented, as shall be necessary in order to amend the first proviso to the granting clause of the Mortgage, which proviso sets forth the properties excepted from the Lien of the Mortgage, to add a new exception (10) which shall read as follows: 
“(10) allowances allocated to steam-electric generating plants owned by the Company or in which the Company has interests, pursuant to Title IV of the Clean Air Act Amendments of 1990, Pub. L. 101-549, Nov. 15, 1990, 104 Stat. 2399, 42 USC 7651, et seq., as now in effect or as hereafter supplemented or amended.”
    
ARTICLE III

Miscellaneous Provisions

SECTION 3.01. The right, if any, of the Company to assert the defense of usury against a holder or holders of bonds of the Forty-Second Series or any subsequent series shall be determined only under the laws of the State of New York.

SECTION 3.02. The terms defined in the Mortgage shall, for all purposes of this Twenty-Seventh Supplemental Indenture, have the meanings specified in the Mortgage. The terms defined in Article I of this Twenty-Seventh Supplemental Indenture shall, for purposes of such Article, have the meanings specified in Article I of this Twenty-Seventh Supplemental Indenture.

SECTION 3.03. The Trustee hereby accepts the trusts hereby declared, provided, created or supplemented, and agrees to perform the same upon the terms and conditions herein and in the Mortgage, as hereby supplemented, set forth, including the following: 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twenty-Seventh Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely.  Each and every term and condition contained in Article XIX of the Mortgage shall apply to and form part of this Twenty-Seventh Supplemental Indenture with the same force and effect as if the same were herein set forth in full, with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Twenty-Seventh Supplemental Indenture. 

SECTION 3.04. Whenever in this Twenty-Seventh Supplemental Indenture either of the Company or the Trustee is named or referred to, this shall, subject to the provisions of Articles XVIII and XIX of the Mortgage, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Twenty-Seventh Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not. 

SECTION 3.05. Nothing in this Twenty-Seventh Supplemental Indenture, expressed or implied, is intended, or shall be construed to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons outstanding under the Mortgage, any right, remedy or claim under or by reason of this Twenty-Seventh Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Twenty-Seventh Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and of the coupons outstanding under the Mortgage. 

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SECTION 3.06. This Twenty-Seventh Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

ARTICLE IV

Specific Description of Property

The properties of the Company, owned as of the date hereof, and used (or held for future development and use) in connection with the Company’s electric utility systems, or for other purposes, and not previously described under the Mortgage, are as follows: 

Mona-Oquirrh Transmission
Internal Parcel No: UTSL-0861
County: Salt Lake
State: Utah
Affecting County Tax ID No: 26-11-376-003
Acre: 0.163

A tract of land, being all of an entire tract of property, situate in the SE1⁄4SW1⁄4 Section 11, T. 3 S., R. 2 W., S.L.B. & M.  The boundaries of said entire tract of land are described as follows: 

Beginning at the South Quarter Corner of said Section 11, and running thence N.89°35’53”W. 146.63ft. along the section line; thence N.57°14’12”E. 177.16ft. to a point on the center section line; thence S.1°23’07”W. 96.93 ft. along said center section line to the point of beginning. The above described tract of land contains 7,105 square feet in area or 0.163 acre, more or less. Less and excepting any portion lying within the Railroad right of way.

Mountain View Substation
Internal Parcel No: UTSL-0862
County: Salt Lake
State: Utah
Affecting County Tax ID No: 20-15-200-008
Acre: 4.3

A tract of land situate in the NE1⁄4NE1⁄4 of Section 15, T. 2 S., R. 2 W., S.L.B. & M. The boundaries of said entire tract of land are described as follows: 

Beginning at the intersection of the southerly highway right of way line and non-access line of 5400 South Street and the westerly highway right of way line and non-access line of UDOT Project MP-0182(6), which intersection is 427.41 ft. N. 89°41’29”W. (N. 89°42’42”W. by record) along the section line and 83.04 ft. S.00°18’31”W. from the Northeast Corner of said Section 15, said intersection is also 253.17 ft. radially distant westerly from the Mountain View Corridor Right of Way Control Line opposite approximate engineer station 1643+92:03; and running thence along said westerly highway right of way line and non-access line Southerly 423.67 ft. along the arc of a 4,102.00-foot radius curve to the left (Note: Chord bears S.07°06’59”W. 423.49 ft.) to a point designated as Point "A", which point is 261.75 ft. radially distant westerly from said control line opposite approximate engineer station 1639+90.50; thence S. 89°45’50”W. 437.29 ft.; thence N. 00°02’47”E. 99.88 ft. to the beginning of a 482.50-foot radius curve to the right; thence Northerly 155.27 :ft. along the arc of said curve (Note: Chord bears N. 09°15’56”E. 154.60 ft.) to the beginning of a 537.50-foot radius reverse curve to the left; thence Northerly 170.75 ft. along the arc of said curve (Note: Chord bears N.09°23’01”E. 170.04 ft.) to the southerly right of way line of said 5400 South Street; thence N. 89°45’50”E. 137.06 ft. along said southerly right of way line to the beginning of the southerly highway right of way line and non-access line at a point designated as Point "B", which point is 96.58 ft. perpendicularly distant southerly from the 5400 South Street Right of Way Control Line opposite approximate engineer station 5406+11.13; thence N.89°45’50”E. 300.00 ft. along said southerly highway right of way line and non-access line to the point of beginning. The above described tract of land contains 184,586 square ft. in area or 4.238 acres, more or less.

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Upalco Substation additional property
Internal Parcel No: UTDU-0007
County: Duchesne
State: Utah
Affecting County Tax ID No: 2684
Acre: 4.32

BEGINNING AT A POINT THAT IS LOCATED SOUTH 1561.24 FEET ALONG THE SECTION LINE FROM THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 3 SOUTH, RANGE 2 WEST, UINTAH SPECIAL MERIDIAN; RUNNING THENCE SOUTH 435.00 FEET ALONG SAID SECTION LINE; THENCE WEST 433.00 FEET; THENCE NORTH 435.00 FEET; THENCE EAST 433.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 4.32 ACRES.
SUBJECT TO THOSE PORTIONS BEING USED FOR COUNTY ROAD RIGHT-OF-WAY.

Portland Control Center 
Internal Parcel No: ORMU-0508
County and State:  Multnomah County, State of Oregon
County Assessor number:  1N2E33DD 600 (Property ID R250764)

A parcel of land situate in the Southeast Quarter of the Southeast Quarter of Section 33, Township 1 North, Range 2 East of the Willamette Meridian, Multnomah County, Oregon, being more particularly described as follows:

Lots 1, 2, 3, 4 and 5, Block 1, Prunedale Addition, to the City of Portland, Multnomah County, Oregon. 

Lots 1, 2, 3, 4, 5, 6, 19, 20, 21, 22, 23 and 24, Block 2, Prunedale Addition, to the City of Portland, Multnomah County, Oregon.  

TOGETHER WITH the vacated portion of S.E. Burnside Court (S.E. Mississippi Avenue vacated by County Order No. 4024, January 30, 1969) lying between Lots 1 through 5, Block 1 and Lots 1 through 6, Block 2 of Prunedale Addition to Portland.

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IN WITNESS WHEREOF, PACIFICORP has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by an Authorized Executive Officer of the Company, and its corporate seal to be attested to by its Assistant Secretary for and in its behalf, and The Bank of New York Mellon Trust Company, N.A. has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, and its corporate seal to be attested to by one of its Vice Presidents, all as of the day and year first above written.

 

	
					
	[SEAL] 
	 
	 
	PACIFICORP 

	

	 
	 
	By  
	

	 
	 
	 
	 
	/s/ Bruce N. Williams

	 
	 
	 
	 
	Bruce N. Williams
Vice President and Treasurer

	Attest: 
	 
	 
	 
	 

	 
	/s/ Jeffery Erb
	 
	 
	 

	 
	Jeffery Erb
Assistant Secretary 
	 
	 
	 

	

[SEAL] 
	 
	 
	 
	

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee

	 
	 
	 
	By 
	 

	 
	 
	 
	 
	/s/ Melonee Young

	 
	 
	 
	 
	Melonee Young
Vice President

	Attest: 
	 
	 
	 
	 

	 
	/s/ Teresa Petta
	 
	 
	 

	 
	Teresa Petta
	 
	 
	 

	 
	Vice President
	 
	 
	 

 
 

 

	
		
	STATE OF OREGON 
	) 

	 
	) 

	COUNTY OF MULTNOMAH 
	) SS.: 

 
On this ____ day of March, 2014, before me, _________________________________, a Notary Public in and for the State of Oregon, personally appeared Bruce N. Williams and Jeffery Erb, known to me to be Vice President and Treasurer and Assistant Secretary, respectively, of PACIFICORP, an Oregon corporation, who being duly sworn, stated that the seal affixed to the foregoing instrument is the corporate seal of said corporation and acknowledged this instrument to be the free, voluntary, and in all respects duly and properly authorized act and deed of said corporation. 

IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written.

 

	
					
	[SEAL] 
	 
	 
	 

	 
	 
	 
	 
	

	 
	 
	 
	 
	Notary Public, State of Oregon 

 
 

ACKNOWLEDGMENT

State of California
County of_________________________)

On__________________________ before me, ___________________________________________
(insert name and title of the officer)

Personally appeared Melonee Young and Teresa Petta, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument.  

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature_____________________________     (Seal)

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