Document:

Loan Termination Agreement-515/555 Flower Junior Mezzanine Associates

 Exhibit 10.54 

LOAN TERMINATION AGREEMENT 

(Junior Mezzanine Loan) 

THIS LOAN TERMINATION AGREEMENT (this “Termination Agreement”), dated as of July 6, 2010 (the “Termination
Date”), is entered into by and between 515/555 FLOWER JUNIOR MEZZANINE ASSOCIATES, LLC, a Delaware limited liability company (“Borrower”), and CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, a public entity
(“Lender”), with respect to the following: 
 RECITALS 

A. Borrower and Citigroup Capital Markets Realty Corp., a New York corporation (as predecessor in interest to Lender) are parties to that
certain Amended and Restated Loan Agreement dated as of October 27, 2006 (as amended or modified from time to time, the “Loan Agreement”). Initially capitalized words or terms used but not defined in this Termination Agreement
shall have the meanings assigned to such words or terms in the Loan Agreement. 
 B. In connection with the transactions
contemplated by that certain Amended and Restated Master Agreement for Debt and Equity Restructure of City National Plaza (the “Master Agreement”) made effective as of February 19, 2010, Borrower and Lender have agreed to
terminate the Loan Documents on the terms, and subject to the conditions, set forth herein. 
 C. This Termination Agreement is
the Loan Termination Agreement (Junior Mezzanine Loan) referenced in Section 3.2.2 of the Master Agreement. 

AGREEMENT 

NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows: 
 1. Termination of Loan Documents. As of the Termination Date, the Loan Documents are terminated in their
entirety, and shall be of no further force or effect. As of the Termination Date, Lender releases, reconveys and otherwise terminates all liens encumbering the Collateral in favor of Lender (collectively the “Liens”). Lender agrees
to execute such documentation as is reasonably requested by Borrower to evidence the termination of the Loan Documents and such release, reconveyance and/or termination of the Liens. 

2. Waiver and Release. Borrower and Lender waive and release the other party from any and all claims, actions and causes of
action, whether known or unknown and whether in law or in equity, that the waiving and releasing party may have against the other party arising out of, or in connection with, the Loan, the Loan Documents or the Collateral. 

In furtherance of the foregoing, Borrower and Lender acknowledge, by initialling in the spaces provided below, that they have read and
understand, and are waiving their rights under, Section 1542 of the California Civil Code, which provides as follows: 

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

 

					
	 /s/ JRS
	 		  	 /s/ CJA

	Borrower Initials	 		  	Lender Initials

 3. Governing Law.
This Termination Agreement, and the rights of the parties hereto, shall be governed by, and construed under, the laws of the State of New York. 

4. Counterparts. This Termination Agreement may be executed in one or more duplicate counterparts, each of which will be deemed an
original but all of which together shall constitute one and the same agreement. 
 5. Integration. This Termination
Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes, in all respects, all other communications between or among such parties, whether oral or written. 

(Remainder of page intentionally left blank, 

signatures appear on following page) 

 IN WITNESS WHEREOF, this Loan Termination Agreement is executed as of the day and year first
above written. 
  

							
	BORROWER:	 		 	515/555 FLOWER JUNIOR MEZZANINE
		 		 	ASSOCIATES, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ John R. Sischo

		 		 		 	John R. Sischo, Vice President
			
	LENDER:	 		 	CALIFORNIA STATE TEACHERS’
		 		 	RETIREMENT SYSTEM, a public entity
				
		 		 	By:	 	 /s/ Christopher J. Ailman

		 		 		 	Christopher J. Ailman, Chief Investment OfficerPromissory Note from 515/555 Flower Associates, LLC-Metropolitan Life

 Exhibit 10.55 

PROMISSORY NOTE 

DEFINED TERMS 
  

			
	  

Execution Date: July 6, 2010
	 	  

City and State of Signing:
 Los Angeles,
California
  

	  

Loan Amount: $200,000,000.00
	 	  

Interest Rate: 5.90% per annum

	  

Borrower: 515/555 FLOWER ASSOCIATES, LLC, a Delaware limited liability company

 

	  

Borrower’s Address:
  

c/o Thomas Properties Group
 515 South Flower
Street, 6th Floor

Los Angeles, California 90071
 Attn: John R.
Sischo, Co-Chief Operating Officer, and Paul S. Rutter, Co-Chief Operating Officer
  

	
Holder or Lender: METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation

 

	  

Holder’s Address:
  

Metropolitan Life Insurance Company
 10 Park
Avenue
 Morristown, New Jersey 07962

Attention: Senior Vice President
 Real Estate
Investments
  
 with a copy to:

 
 Metropolitan Life Insurance Company

333 South Hope Street
 Suite 3650

Los Angeles, CA 90071
 Attention:
Director
  
	 	 
	  

Maturity Date: July 1, 2020
  
	 	  

Advance Date: The date funds are disbursed to Borrower.
  

	  

Interest Only Period: The period commencing on the Advance Date and ending on the last day of the 48th full calendar month after the month in which
the Advance Date occurs.
  
	 	  

Principal and Interest Installment Date: The first day of the 49th full calendar month following the month in which the Advance Date
occurs.
  

	
	  

Monthly Installment: Equal monthly installments of principal and interest at the Interest Rate each in the amount of $1,235,513.98. The Monthly
Installment is based upon an amortization period of 27 years.

	  

Monthly Payment during Interest Only Period: $983,333.33, if there shall be no change in the outstanding principal amount.

 

	  

Permitted Prepayment Periods:

	  

During the 120 day period prior to the Maturity Date, Borrower may prepay the Loan in whole but not in part, with no Prepayment Fee on 30 days’ prior
written notice.

	  

From the Advance Date through the last day of the 60th full calendar month after the month in which the Advance Date occurs, Borrower may prepay the Loan
in whole but not in part, with Prepayment Fee A (as defined herein), on 45 days’ prior written notice.

	  

From the first day of the 61st full calendar month after the month in which the Advance Date occurs through the 121st day prior to the Maturity Date,
Borrower may prepay the Loan in whole but not in part, with Prepayment Fee B (as defined herein), on 45 days’ prior written notice.

	  

In each case, Borrower’s right to prepay shall be contingent on simultaneous prepayment of the Other Note.

 

	  

Liable Parties: As of the Execution Date, there are no Liable Parties.

 

	
Addresses of Liable Parties: Not Applicable
  

	  

Late Charge: An amount equal to four cents ($.04) for each dollar that is not paid within five days of the date on which the same is due; provided
however that with respect only to the first time in each calendar year that any payment due under the Loan Documents is not paid within said five-day grace period, the Late Charge shall not be imposed unless and until such late payment has not been
paid within two Business Days after receipt of Holder’s written notice of such non-payment.

	  

Default Rate: An annual rate equal to the Interest Rate plus an additional four percent (4%) per annum calculated on the applicable principal
balance.
  

	  

Note: This Promissory Note.
  

	 Other Note: Promissory
Note of even date herewith in the principal amount of $150,000,000.00, executed by Borrower payable to the order of NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM, a public pension system created and existing pursuant to Article 11 of the Education
Law of the State of New York and having the power and privileges of a corporation pursuant to Section 502 thereof (“NYSTRS”).
  

	 Lenders: Holder and
NYSTRS.
  

	 Deed of Trust: Deed of
Trust, Security Agreement, and Fixture Filing dated as of the Execution Date granted by Borrower to the Trustee named in the Deed of Trust for the benefit of Holder and NYSTRS.

 

	
Loan Documents: This Note, the Other Note, the Deed of Trust, the Assignment of Leases, and any other documents given by Borrower and
accepted by Holder or NYSTRS to evidence or secure the Loan or the Other Loan (except the Indemnity Agreement, the Bottom Dollar Contribution Agreement and any Guaranty), and all renewals, amendments, modifications, restatements and extensions of
these documents.
  

	
	  

Assignment of Leases: Assignment of Leases dated as of the Execution Date and executed by Borrower in favor of Holder.

	  

Bottom Dollar Contribution Agreement: Contribution Agreement dated as of the Execution Date executed by Maguire Thomas Partners-Commerce Square II,
Ltd., a California limited partnership, Maguire/Thomas Partners-Philadelphia, Ltd., a California limited partnership, and Thomas Master Investments, LLC, a California limited liability company.

	  

Guaranty: Other than the Bottom Dollar Contribution Agreement, any guaranty of all or any part of the obligations of Borrower under the Loan
Documents or the Indemnity Agreement that shall be executed by one or more Liable Parties and accepted by Lender or NYSTRS for such purpose. As of the Execution Date, there is no Guaranty.

	  

Indemnity Agreement or Unsecured Indemnity Agreement: Unsecured Indemnity Agreement dated as of the Execution Date and executed by Borrower in
favor of Holder and NYSTRS. The Unsecured Indemnity Agreement, the Bottom Dollar Contribution Agreement and any Guaranty are not Loan Documents and shall survive repayment of the Loan or other termination of the Loan Documents.

	  

Loan: The loan evidenced by this Note.

	  

Other Loan: The loan evidenced by the Other Note. Holder and NYSTRS have entered into or are entering into a co-lending agreement addressing, among
other things, each of their respective rights under the Loan Documents and the Indemnity Agreement.
  

FOR VALUE RECEIVED, Borrower promises to pay to the order of Holder at Holder’s Address or such other place as Holder may from time
to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America that at the time of payment shall be legal tender for payment of all obligations. 

Capitalized terms which are not defined in this Note shall have the meanings set forth in the Deed of Trust. 

1. Payment of Principal and Interest. Interest on the principal balance of the Loan outstanding from time to time hereunder shall
accrue at the Interest Rate from the Advance Date, and all such interest accruing during each calendar month shall be due and payable on the first day of the following calendar month. Principal and interest under this Note shall be payable as
follows: 
 (a) On the first day of each calendar month during the Interest Only Period, Borrower shall pay all interest having
accrued during the immediately preceding calendar month; and 
 (b) Commencing on the Principal and Interest Installment Date
and on the first day of each calendar month thereafter, to and including the first day of the calendar month immediately preceding the Maturity Date, Borrower shall pay the Monthly Installment; and 

(c) On the Maturity Date, a final payment in the aggregate amount of the unpaid Indebtedness shall become immediately payable in full.
The “Indebtedness” means the aggregate amount of the unpaid principal sum evidenced by this Note, all accrued and unpaid interest, and all other sums evidenced by this Note or secured by the Deed of Trust and/or any other Loan
Documents as well as any future advances under the Deed of Trust that may be made to or on behalf of Borrower by Holder. 

Borrower acknowledges and agrees that a substantial portion of the original Loan Amount shall be outstanding and due on the Maturity
Date. 

 Interest shall be calculated on the basis of a thirty (30) day month and a three
hundred sixty (360) day year, except that (i) if the Advance Date occurs on a date other than the first day of a calendar month, interest payable for the period commencing on the Advance Date and ending on the last day of the month in
which the Advance Date occurs shall be calculated on the basis of the actual number of days elapsed over a 365 day or 366 day year, as applicable, and (ii) if the Maturity Date occurs on a date other than the last day of the month, interest
payable for the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be calculated on the basis of the actual number of days elapsed over a 365 day or 366 day year, as applicable.

 2. Application of Payments. At the election of Holder, and to the extent permitted by law, all payments shall be
applied in the order selected by Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the Interest Rate or at the Default Rate, as applicable. The
balance of any payments shall be applied to reduce the then unpaid Loan Amount. 
 3. Security. The covenants of the Deed
of Trust are incorporated by reference into this Note. This Note shall evidence, and the Deed of Trust shall secure, the Indebtedness. The Other Note and the obligations evidenced thereby are also secured by the Deed of Trust. 

4. Late Charge. If any payment of interest, any payment of a Monthly Installment or any payment of a required escrow deposit is
not paid within five days after the due date, Holder shall have the option to charge Borrower the Late Charge; provided however that with respect only to the first time in each calendar year that any payment due under the Loan Documents is not paid
within said five-day grace period, the Late Charge shall not be imposed unless and until such late payment has not been paid within two Business Days after receipt of Holder’s written notice of such non-payment. The Late Charge is for the
purpose of defraying the expenses incurred in connection with handling and processing delinquent payments and is payable in addition to any other remedy Holder may have. Unpaid Late Charges shall become part of the Indebtedness and shall be added to
any subsequent payments due under the Loan Documents. 
 5. Acceleration Upon Default. At the option of Holder, if
Borrower fails to pay any sum specified in this Note within five days after the due date, or if an Event of Default occurs and is continuing, the Indebtedness, and all other sums evidenced and/or secured by the Loan Documents, including without
limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable. 

6. Interest Upon Default. The Accelerated Loan Amount shall bear interest at the Default Rate which shall never exceed the maximum
rate of interest permitted to be contracted for under the laws of the State of California. The Default Rate shall commence upon the occurrence of an Event of Default and shall continue until all defaults are cured. 

7. Limitation on Interest. The agreements made by Borrower with respect to this Note and the other Loan Documents are expressly
limited so that in no event shall the amount of interest received, charged or contracted for by Holder exceed the highest lawful amount of interest permissible under the laws applicable to the Loan. If at any time performance of any provision of
this Note or the other Loan Documents results in the highest lawful rate of interest permissible under applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall automatically and without further
action by any party be deemed to have been reduced to the highest lawful amount of interest then permissible under applicable laws. If Holder shall ever receive, charge or contract for, as interest, an amount which is unlawful, at Holder’s
election, the amount of unlawful interest shall be refunded to Borrower (if actually paid) or applied to reduce the then unpaid Loan Amount. To the fullest extent permitted by applicable laws, any amounts contracted for, charged or received under
the Loan Documents included for the purpose of determining whether the Interest Rate would exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term of this Note. 

8. Prepayment. Borrower shall not have the right to prepay all or any portion of the Loan at any time during the term of this Note
except as expressly set forth in the Defined Terms, in this Section, and in Section 14.10 of the Deed of Trust. If Borrower provides notice of its intention to prepay, the Accelerated Loan Amount shall become due and payable on the date
specified in the prepayment notice. In the event that any full or partial 

 
prepayment of the Other Note shall occur, then Lender may require immediate or simultaneous prepayment of this Note in an amount such that both Notes shall have been prepaid in the same
proportion (i.e., the ratio of the amount of the prepayment to the outstanding principal balance immediately prior to the prepayment shall be the same under each Note), and together with such prepayment of this Note, Borrower shall pay the
applicable Prepayment Fee. In addition to the foregoing limitations upon prepayment, this Note may not be prepaid without the simultaneous prepayment of the Other Note in accordance with its terms. 

9. Prepayment Fee. 

(a) Any tender of payment by Borrower or any other person or entity of the Indebtedness, other than as expressly provided in the Loan
Documents, shall constitute a prohibited prepayment. If a prepayment of all or any part of the Indebtedness is made following (i) an Event of Default and an acceleration of the Maturity Date, (ii) the application of money to the principal
of the Loan after a casualty or condemnation, or (iii) in connection with a purchase of the Property or a repayment of the Indebtedness at any time before, during or after, a judicial or non-judicial foreclosure or sale of the Property, then to
compensate Holder for the loss of the investment, Borrower shall pay an amount equal to the Prepayment Fee (as hereinafter defined). Notwithstanding the foregoing, so long as Borrower makes a good faith effort to recover any Prepayment Fee which
would be due as a result of a casualty or condemnation, from the insurer in the case of a casualty or from the condemning authority, then the Prepayment Fee due as a result of the casualty or condemnation shall be waived except to the extent
recovered by Borrower. 
 (b) The “Prepayment Fee” shall be Prepayment Fee A or Prepayment Fee B, whichever is
applicable on the date of the subject prepayment as specified in the Defined Terms. 
 (c) The “Prepayment Fee
A” shall be the greater of (A) the product of the Prepayment Ratio (as hereinafter defined) multiplied by the difference of (x minus y) where (x) is the present value of all remaining payments of principal and interest including
the outstanding principal due on the Maturity Date, discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate compounded semi-annually, and (y) is the amount of the principal then outstanding immediately prior to
the prepayment, or (B) one percent (1%) of the amount of the principal being prepaid. 
 (d) The “Prepayment
Fee B” shall be the greater of (A) the product of the Prepayment Ratio (as hereinafter defined) multiplied by the difference of (x minus y), where (x) is the present value of all remaining payments of principal and interest
including the outstanding principal due on the Maturity Date, discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate plus 50 basis points compounded semi-annually, and (y) is the amount of the principal then
outstanding immediately prior to the prepayment, or (B) one percent (1%) of the amount of the principal being prepaid. 

(e) The “Treasury Rate” shall be the annualized yield on securities issued by the United States Treasury having a
maturity equal to the remaining stated term of this Note, as quoted in the Federal Reserve Statistical Release [H. 15 (519)] under the heading “U.S. Government Securities - Treasury Constant Maturities” for the date which is five
(5) Business Days prior to the date on which prepayment is being made. If this rate is not available as of the date of prepayment, the Treasury Rate shall be determined by interpolating between the yield on securities of the next longer and
next shorter maturity. If the Treasury Rate is no longer published, Holder shall select a comparable rate. Holder will, upon request, provide an estimate of the amount of the Prepayment Fee two weeks before the date of the scheduled prepayment. A
Business Day is a day on which Holder is conducting normal business operations. 
 (f) The “Prepayment Ratio”
shall be a fraction, the numerator of which shall be the amount of principal being prepaid, and the denominator of which shall be the principal then outstanding immediately prior to the prepayment. 

10. Waiver of Right to Prepay Note Without Prepayment Fee. Borrower acknowledges that Holder has relied upon the anticipated
investment return under this Note in entering into transactions with, and in making commitments to, third parties and that the tender of any prohibited prepayment or any permitted prepayment which pursuant to the terms of this Note requires a
Prepayment Fee, shall include the Prepayment Fee. Borrower agrees 

 
that the determination of the Interest Rate was based on the intent, expectation and agreement (and the Interest Rate would have been higher without such agreement) of Borrower and Holder that
the amounts advanced under this Note would not be prepaid during the term of this Note, or if any such prepayment would occur, the Prepayment Fee would apply (except as expressly permitted by the terms of this Note). Borrower also agrees that the
Prepayment Fee represents the reasonable estimate of Holder and Borrower of a fair average compensation for the loss that may be sustained by Holder as a result of a prepayment of this Note and it shall be paid without prejudice to the right of
Holder to collect any other amounts provided to be paid under the Loan Documents. 
 BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE
UNDER CALIFORNIA CIVIL CODE SECTION 2954.10 OR ANY OTHER APPLICABLE LAW TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT FEE OR PENALTY, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT
OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY DEFAULT BY BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH
IS PROHIBITED OR RESTRICTED BY THE DEED OF TRUST, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY THE PREPAYMENT FEE SPECIFIED IN SECTION 9. BY INITIALING THIS PROVISION IN THE SPACE PROVIDED BELOW, BORROWER AGREES THAT HOLDER’S AGREEMENT
TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION FOR THIS WAIVER AND AGREEMENT. 

BORROWER’S INITIALS: /s/ JRS  

 11. Liability of Borrower. Upon the occurrence of an Event of Default, except as
provided in this Section 11, Holder will look solely to the Property and the security under the Loan Documents for the repayment of the Loan and will not enforce a deficiency judgment against Borrower. However, nothing contained in this section
shall limit the rights of Lenders to proceed against Borrower and the general partners, if any, of Borrower and/or the Liable Parties, if any, (i) to enforce any Leases entered into by Borrower or its Affiliates as tenant; (ii) to recover
damages for fraud, material misrepresentation, material breach of warranty or intentional physical waste of the Property; (iii) to recover any Condemnation Proceeds or Insurance Proceeds or other similar funds which have been misapplied by
Borrower or which, under the terms of the Loan Documents, should have been paid to Lenders; (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or fees paid to Borrower of any of its Affiliates or prepaid
rents for a period of more than 30 days which have not been delivered to Lenders; (v) to recover Rents and Profits received by Borrower or any of its Affiliates after the first day of the month in which an Event of Default occurs and prior to
the date Lenders acquire title to the Property which have not been applied to the Loan or in accordance with the Loan Documents to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or
in connection with Article VI of the Deed of Trust pertaining to hazardous materials or the Unsecured Indemnity Agreement; (vii) to recover all amounts due and payable pursuant to Sections 11.06 and 11.07 of the Deed of Trust, and any amount
expended by Lenders in connection with foreclosure of the Deed of Trust; (viii) to recover costs and damages arising from Borrower’s failure to pay Premiums or Impositions in the event that Borrower is not required to deposit such amounts
with Lenders pursuant to Section 2.05 of the Deed of Trust; (ix) to recover damages arising from Borrower’s failure to comply with Section 8.01 of the Deed of Trust pertaining to ERISA; (x) to recover any damages, costs,
expenses or liabilities, including attorneys’ fees, incurred by Lenders and arising from any breach or enforcement of any “environmental provision” (as defined in California Code of Civil Procedure Section 736, as such Section
may be amended from time to time) relating to the Property or any portion thereof; and/or (xi) in accordance with California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time, to waive the security of
the Deed of Trust as to any parcel of Real Property that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section), and as to any Personal Property attached to such parcel, and
thereafter to exercise against Borrower, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including, without limitation, reduction of Lenders’ claim against Borrower to judgment, and any
other rights and remedies permitted by law. If Lenders exercise the rights and remedies of an unsecured creditor in accordance with clause (xi) above, Borrower promises to pay to Lenders, on demand by Lenders following such exercise, all
amounts owed to Lenders under any Loan Document, and Borrower agrees that it and the Liable Parties, if any, will be personally liable for the payment of all such sums. 

The limitation of liability set forth in this Section 11 shall not apply and the Loan shall be fully recourse to Borrower in the
event that Borrower commences a voluntary bankruptcy or insolvency proceeding or an involuntary bankruptcy or insolvency proceeding is commenced against Borrower by any person or entity (other than by either or both of the entities that comprise
Lenders, and other than by any successor holder of all or any portion of this Note, the Other Note, or either of them) and is not dismissed within 90 days of filing. In addition, this agreement shall not waive any rights which Lenders would have
under any provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Secured Indebtedness or to require that the Property shall continue to secure all of the Secured Indebtedness. 

Notwithstanding the foregoing, the limitation of liability set forth in this Section 11 shall not apply and the Loan shall be fully
recourse to Borrower in the event that there is a Transfer or Secondary Financing except as permitted in the Loan Documents or otherwise approved in writing by Lenders. 

12. Waiver by Borrower. Borrower and others who may become liable for the payment of all or any part of this Note, and each of
them, waive diligence, demand, presentment for payment, notice of nonpayment, protest, notice of dishonor and notice of protest, notice of intent to accelerate and notice of acceleration and specifically consent to and waive notice of any
amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for payment, whether made to or in favor of Borrower or any other person or persons. 

13. Exercise of Rights. No single or partial exercise by Holder, or delay or omission in the exercise by Holder, of any right or
remedy under the Loan Documents shall waive or limit the exercise of any such right or remedy. Holder shall at all times have the right to proceed against any portion of or interest in the Property in the

 
manner that Holder may deem appropriate, without waiving any other rights or remedies. The release of any party under this Note shall not operate to release any other party which is liable under
this Note and/or under the other Loan Documents or under the Unsecured Indemnity Agreement. 
 14. Fees and Expenses. If
Borrower defaults under this Note, Borrower shall be personally liable for and shall pay to Holder, in addition to the sums stated above, the costs and expenses of enforcement and collection, including, without limitation, a reasonable sum as an
attorney’s fee. This obligation is not limited by Section 11. 
 15. No Amendments. This Note may not be
modified or amended except in a writing executed by Borrower and Holder. No waivers shall be effective unless they are set forth in a writing signed by the party which is waiving a right. This Note and the other Loan Documents constitute the
complete and final expression of the lending relationship between Borrower and Holder. All prior agreements are of no further force or effect. Borrower acknowledges that there is no unwritten agreement binding on Holder with respect to the Loan or
the Property. 
 16. Governing Law. This Note is to be construed and enforced in accordance with the laws of California.

 17. Construction. The words “Borrower” and “Holder” shall be deemed to include their respective
heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or feminine, and natural and/or artificial persons, as appropriate. The provisions of this Note shall remain in full force and effect
notwithstanding any changes in the shareholders, partners or members of Borrower. If more than one party is Borrower, the obligations of each party shall be joint and several. The captions in this Note are inserted only for convenience of reference
and do not expand, limit or define the scope or intent of any section of this Note. 
 18. Notices. All notices, demands,
requests and consents permitted or required under this Note shall be given in the manner prescribed in the Deed of Trust. 
 19.
Time of the Essence. Time shall be of the essence with respect to all of Borrower’s obligations under this Note. 

20. Severability. If any provision of this Note should be held unenforceable or void, then that provision shall be deemed
separable from the remaining provisions and shall not affect the validity of this Note, except that if that provision relates to the payment of any monetary sum, then Holder may, at its option, declare the Indebtedness (together with the Prepayment
Fee) immediately due and payable. 
 [Signature on next page] 

 IN WITNESS WHEREOF, Borrower has executed this Note as of the Execution Date. 

 

			
	515/555 FLOWER ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ John R. Sischo

		 	John R. Sischo, Vice President

[BORROWER ALSO TO INITIAL SECTION 10.]

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