Document:

Exhibit 10.2

 

PROMISSORY NOTE

$202,000,000.00                                                                                                                                                                June 2,
2006

FOR VALUE RECEIVED,
BEHRINGER HARVARD SOUTH RIVERSIDE, LLC,
a Delaware limited liability company having an address at 15601 Dallas Parkway,
Suite 600, Addison, Texas  75001,
together with certain future borrowers not a signatory to this Note on the date
hereof, (“Maker”), hereby promises to
pay to the order of GREENWICH CAPITAL
FINANCIAL PRODUCTS, INC., a Delaware corporation, having an address
at 600 Steamboat Road, Greenwich, Connecticut 06830 (together with its
successors and assigns “Payee”) or
at such place as the holder hereof may from time to time designate in writing,
the principal sum of TWO HUNDRED TWO MILLION AND NO/DOLLARS ($202,000,000.00)
(the “Principal”) (or such lesser
amount thereof as shall be advanced by Payee to Maker under the Loan
Agreement), in lawful money of the United States of America, with interest on
the unpaid principal balance from time to time outstanding at the Interest
Rate, in installments as follows:

A.    A payment of $129,055.56 on
the date hereof, representing interest from the date of funding through June 5,
2006;

B.    On July 6, 2006 (which
shall be the first Payment Date hereunder) and each Payment Date thereafter
through and including the Payment Date immediately preceding the Amortization
Commencement Date, Maker shall pay interest only on the unpaid Principal
accrued at the Interest Rate during the Interest Period immediately preceding
such Payment Date (the “Monthly Interest Payment
Amount”);

C.    On the Amortization
Commencement Date and each Payment Date thereafter through and including May 6,
2016 (as such date may be changed in accordance with Section 2.2.4 of the
Loan Agreement), Maker shall make constant payments with respect to this Note
in equal monthly installments of $1,236,007.87 (the “Monthly
Debt Service Payment Amount”); which is based on the Interest
Rate and a 360-month amortization schedule; each of such payments,
subject to the provisions of Section 3.11 of the Loan Agreement
(hereinafter defined), to be applied (a) First, to the payment of interest computed at the rate aforesaid;
and (b) Second, the balance applied
toward the reduction of the principal sum; and

D.    The balance of the principal
sum of this Note together with all accrued and unpaid interest thereon shall be
due and payable on the Maturity Date.

1.     Definitions.
Capitalized terms used but not otherwise defined herein shall have the meanings
given in that certain Loan Agreement (the “Loan Agreement”)
dated the date hereof between Maker and Payee. The following terms have the
meanings set forth below:

 

Amortization Commencement Date:
July 6, 2011, as such date may be changed in accordance with Section 2.2.4
of the Loan Agreement.

Business Day: 
any day other than a Saturday, Sunday or any day on which
commercial banks in New York, New York are authorized or required to close.

Default Rate: 
a rate per annum equal to the lesser of (i) the maximum rate
permitted by applicable law, or (ii) 5% above the Interest Rate,
compounded monthly.

Interest Period: 
(i) the period from the date hereof through the first day
thereafter that is the 5th day of a calendar month and (ii) each period
thereafter from the 6th day of each calendar month through the 5th day of the
following calendar month; except that the Interest Period, if any, that would
otherwise commence before and end after the Maturity Date shall end on the
Maturity Date. Notwithstanding the foregoing, if Payee exercises its right to
change the Payment Date to a New Payment Date in accordance with Section 2.2.4
of the Loan Agreement, then from and after the date on which the first payment
is payable on such New Payment Date, each Interest Period shall be the period
from the New Payment Date in each calendar month through the day immediately
preceding the New Payment Date in each following calendar month.

Interest Rate: 
a rate of interest equal to (i) for the period from and including
the date hereof through and including the last day of the Interest Period
ending in the calendar month of June, 2008, 5.75% per annum, and (ii) for
all periods thereafter, 6.191% per annum (or, in either such case, when
applicable pursuant to this Note or any other Loan Document, the Default Rate).

Maturity Date: 
the date on which the final payment of principal of this Note (or any
replacement note issued in connection with a Defeasance Event, if applicable)
becomes due and payable as therein provided, whether at the Stated Maturity
Date, by declaration of acceleration, or otherwise.

Payment Date: 
the 6th day of each calendar month or, upon Payee’s
exercise of its right to change the Payment Date in accordance with Section 2.2.4
of the Loan Agreement, the New Payment Date (in either case, if such day is not
a Business Day, the Payment Date shall be the first Business Day thereafter). The
first Payment Date hereunder shall be July 6, 2006.

Stated Maturity Date: June 6, 2016, as such
date may be changed in accordance with Section 2.2.4 of the Loan
Agreement.

Yield Maintenance Premium: an amount which, when
added to the outstanding Principal, would be sufficient to purchase U.S.
Obligations which provide payments (a) on or prior to, but as close as
possible to, all successive scheduled payment dates under this Note through the
Stated Maturity Date and (b) in amounts equal to the Monthly Debt Service
Payment Amount and/or Monthly Interest Payment Amount, as the case may be,
required under this Note through the Stated Maturity Date together with the
outstanding principal balance of this Note as of the Stated Maturity Date assuming
payment of all such Monthly Debt Service Payment Amounts and/or Monthly
Interest Payment Amount, as the case may be, are made (including any

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servicing costs associated therewith). In no event
shall the Yield Maintenance Premium be less than zero.

2.     Payments
and Computations. Interest on the unpaid Principal
shall be computed on the basis of the actual number of days elapsed over a 360-day
year. All amounts due under this Note shall be payable without setoff,
counterclaim or any other deduction whatsoever and are payable without relief
from valuation and appraisement laws and with all costs and charges incurred in
the collection or enforcement hereof, including, attorneys’ fees and court
costs.

3.     Loan
Documents. This Note is evidence of that certain
Loan made by Payee to Maker contemporaneously herewith and is executed pursuant
to the terms and conditions of the Loan Agreement. This Note is secured by and
entitled to the benefits of, among other things, the Mortgage and the other
Loan Documents. Reference is made to the Loan Documents for a description of
the nature and extent of the security afforded thereby, the rights of the
holder hereof in respect of such security, the terms and conditions upon which
this Note is secured and the rights and duties of the holder of this Note. No
reference herein to and no provision of any other Loan Document shall alter or
impair the obligation of Maker, which is absolute and unconditional (except for
Section 10.1 of the Loan Agreement), to pay the principal of and interest
on this Note at the time and place and at the rates and in the monies and funds
described herein. All of the agreements, conditions, covenants, provisions and
stipulations contained in the Loan Documents to be kept and performed by Maker
are by this reference hereby made part of this Note to the same extent and with
the same force and effect as if they were fully set forth in this Note, and
Maker covenants and agrees to keep and perform the same, or cause the same to
be kept and performed, in accordance with their terms.

4.     Loan
Acceleration; Prepayment. The Debt shall, without
notice, become immediately due and payable at the option of Payee upon the
happening of any Event of Default. Maker shall have no right to prepay or
defease all or any portion of the Principal except in accordance with Sections
2.2.3, 2.3.2, 2.3.3, 2.3.4, 2.4 and 7.4.2 of the Loan Agreement. If prior to
the third Payment Date prior to the Stated Maturity Date (i) Maker shall
(notwithstanding such prohibition of prepayment) tender, and Payee shall, in
its sole discretion, elect to accept, payment of the Debt, or (ii) the
Debt is accelerated by reason of an Event of Default, then the Debt shall
include, and Payee shall be entitled to receive, in addition to the outstanding
principal and accrued interest and other sums due under the Loan Documents, an
amount equal to the Yield Maintenance Premium, if any, that would be required
in connection with a Defeasance if a Defeasance were to occur at the time of
Payee’s acceptance of such tender or other receipt of the Debt (through
foreclosure or otherwise), as the case may be. The principal balance of this
Note is subject to mandatory prepayment, without premium or penalty, (a) in
certain instances of Insured Casualty or Condemnation, as more particularly set
forth in Sections 2.3.2 and 7.4.2 of the Loan Agreement, or (b) provided
no Event of Default is continuing, if payment is required in accordance with Section 5
or Section 6 of the Mortgage. Except during the continuance of an Event of
Default, all proceeds of any repayment, including permitted prepayments, of
Principal shall be applied in accordance with Section 2.3.1 of the Loan
Agreement. During the continuance of an Event of Default, all proceeds of
repayment, including any payment or recovery on the Property (whether through
foreclosure, deed-in-lieu of foreclosure, or otherwise) shall, unless otherwise
provided in the Loan Documents, be applied in such order and in such manner as
Payee shall elect in Payee’s discretion.

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5.     Default
Rate. After the occurrence and during the
continuance of an Event of Default, the entire unpaid Debt shall bear interest
at the Default Rate, and shall be payable upon demand from time to time, to the
extent permitted by applicable law.

6.     Late
Payment Charge. If any regularly scheduled payment
of Principal, interest or other monthly payment due under any Loan Document is
not paid by Maker on the date on which it is due  (other than the balloon payment of Principal
due on the Maturity Date or acceleration of the Loan) and, subject to the last
sentence of this Section 6, such failure continues for five (5) days,
Maker shall pay to Payee upon demand an amount equal to the lesser of 5% of
such unpaid sum or the maximum amount permitted by applicable law (the “Late Payment Charge”), in order to defray the expense
incurred by Payee in handling and processing such delinquent payment and to
compensate Payee for the loss of the use of such delinquent payment. With
respect to the foregoing 5 day grace period, the parties agree that such 5 day
grace period shall only be applicable no more than twice during the Term and in
all other instances, the Late Payment Charge shall be payable in accordance
with this Section 6 with respect to any Principal, interest or other sum due
under any Loan Document which is not paid by Maker on the date on which the
same is due.

7.     Amendments.
This Note may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of Maker or
Payee, but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought. Whenever used, the singular number shall
include the plural, the plural the singular, and the words “Payee” and “Maker”
shall include their respective successors, assigns, heirs, executors and
administrators. If Maker consists of more than one person or party, the
obligations and liabilities of each such person or party shall be joint and
several.

8.     Waiver.
Maker and all others who may become liable for the payment of all or any part
of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, protest, notice of protest, notice of nonpayment, notice of
intent to accelerate the maturity hereof and of acceleration. No release of any
security for the Debt or any person liable for payment of the Debt, no
extension of time for payment of this Note or any installment hereof, and no
alteration, amendment or waiver of any provision of the Loan Documents made by
agreement between Payee and any other person or party shall release, modify,
amend, waive, extend, change, discharge, terminate or affect the liability of
Maker, and any other person or party who may become liable under the Loan
Documents, for the payment of all or any part of the Debt.

9.     Exculpation.
It is expressly agreed that recourse against Maker for failure to perform and
observe its obligations contained in this Note shall be limited as and to the
extent provided in Section 10.1 of the Loan Agreement.

10.  Notices.
All notices or other communications required or permitted to be given pursuant
hereto shall be given in the manner specified in the Loan Agreement directed to
the parties at their respective addresses as provided therein.

11.  Governing
Law. THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

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(WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND THE APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

12.  No
Conflicts. In the event of any conflict between
the provisions of this Note and any provision of the Loan Agreement, then the
provisions of the Loan Agreement shall control.

 [Signature Pages Follow]

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IN WITNESS WHEREOF, Maker has executed this
Promissory Note as of the day and year first written.

	
   

  	
   

  	
  BEHRINGER HARVARD SOUTH RIVERSIDE, LLC, a Delaware
  limited liability company 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Gerald J. Reihsen, III, SecretaryExhibit
10.3

This document was
prepared by and

after recording should be returned to:

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attn:  Ari J. Rotenberg, Esq.

 

MORTGAGE, ASSIGNMENT OF
LEASES AND RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

made by

BEHRINGER HARVARD SOUTH RIVERSIDE, LLC

Borrower

in favor of

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

Lender

Dated as
of June 2, 2006

MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY
AGREEMENT AND FIXTURE FILING (this “Mortgage”),
made as of June 2, 2006, by BEHRINGER HARVARD SOUTH RIVERSIDE, LLC, a
Delaware limited liability company having an office at 15601 Dallas Parkway, Suite 600,
Addison, Texas  75001, (“Borrower”), to
GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, (together
with its successors and assigns, hereinafter referred to as “Lender”), having an address at 600 Steamboat Road,
Greenwich, Connecticut 06830.

Borrower and Lender have
entered into a Loan Agreement dated as of the date hereof (as amended, modified,
restated, consolidated or supplemented from time to time, the “Loan Agreement”) pursuant to which
Lender is making a secured loan to Borrower in the maximum principal amount of
Two Hundred Two Million and No/Dollars ($202,000,000) (the “Loan”). Capitalized terms used
herein without definition are used as defined in the Loan Agreement. The Loan
is evidenced by a Note dated the date hereof made by Borrower to Lender in such
principal amount (as the same may be amended, modified, restated, severed,
consolidated, renewed, replaced, or supplemented from time to time, the “Note”).

Borrower is the owner of fee
simple title to certain parcels of real property (the “Premises”)
located in the County of Cook, State of Illinois and more particularly
described in Exhibit A attached hereto, and the buildings,
structures, fixtures, additions, enlargements, extensions, modifications,
repairs, replacements and other improvements now or hereafter located thereon
(collectively, the “Improvements”).

To secure the payment of the
Note and all sums which may or shall become due thereunder or under any of the
other documents evidencing, securing or executed in connection with the Loan
(the Note, this Mortgage, the Loan Agreement and such other documents, as any
of the same may, from time to time, be modified, amended or supplemented, being
hereinafter collectively referred to as the “Loan
Documents”), including (i) the payment of interest and
other amounts which would accrue and become due but for the filing of a
petition in bankruptcy (whether or not a claim is allowed against Borrower for
such interest or other amounts in any such bankruptcy proceeding) or the
operation of the automatic stay under Section 362(a) of Title 11 of
the United States Code (the “Bankruptcy Code”),
and (ii) the costs and expenses of enforcing any provision of any Loan
Document (all such sums being hereinafter collectively referred to as the “Debt”), Borrower has mortgaged,
given, granted, bargained, sold, alienated, enfeoffed, conveyed, confirmed,
warranted, pledged, assigned and hypothecated and by these presents does hereby
mortgage, give, grant, bargain, sell, alien, enfeoff, convey, confirm, warrant,
pledge, assign and hypothecate unto Lender, the Premises and the Improvements.

TOGETHER
WITH:  all
right, title, interest and estate of Borrower now owned, or hereafter acquired,
in and to the following property, rights, interests and estates (the Premises,
the Improvements, and the property, rights, interests and estates hereinafter
described are collectively referred to herein as the “Property”):

(a)           all easements,
rights-of-way, strips and gores of land, streets, ways, alleys,
passages, sewer rights, water, water courses, water rights and powers, air
rights and development rights, rights to oil, gas, minerals, coal and other
substances of any kind or character, and all estates, rights, titles,
interests, privileges, liberties, tenements, hereditaments and appurtenances

of any nature
whatsoever, in any way belonging, relating or pertaining to the Premises and
the Improvements; and the reversion and reversions, remainder and remainders,
and all land lying in the bed of any street, road, highway, alley or avenue,
opened, vacated or proposed, in front of or adjoining the Premises, to the
center line thereof; and all the estates, rights, titles, interests, dower and
rights of dower, curtesy and rights of curtesy, property, possession, claim and
demand whatsoever, both at law and in equity, of Borrower of, in and to the
Premises and the Improvements; and every part and parcel thereof, with the
appurtenances thereto;

(b)           all machinery,
furniture, furnishings, equipment, computer software and hardware, fixtures
(including all heating, air conditioning, plumbing, lighting, communications
and elevator fixtures), inventory, materials, supplies and other articles of
personal property and accessions thereof, renewals and replacements thereof and
substitutions therefor, and other property of every kind and nature, tangible
or intangible, owned by Borrower, or in which Borrower has or shall have an
interest, now or hereafter located upon the Premises or the Improvements, or
appurtenant thereto, and usable in connection with the present or future
operation and occupancy of the Premises and the Improvements (hereinafter
collectively referred to as the “Equipment”), including any leases of,
deposits in connection with, and proceeds of any sale or transfer of any of the
foregoing, and the right, title and interest of Borrower in and to any of the
Equipment that may be subject to any “security interest” as defined in the
Uniform Commercial Code, as in effect in the State where the Property is
located (the “UCC”),
superior in lien to the lien of this Mortgage;

(c)           all awards or
payments, including interest thereon, that may heretofore or hereafter be made
with respect to the Premises or the Improvements, whether from the exercise of
the right of eminent domain or condemnation (including any transfer made in
lieu of or in anticipation of the exercise of such right), or for a change of grade,
or for any other injury to or decrease in the value of the Premises or
Improvements;

(d)           all leases and other
agreements or arrangements heretofore or hereafter entered into providing for
the use, enjoyment or occupancy of, or the conduct of any activity upon or in,
the Premises or the Improvements, including any extensions, renewals,
modifications or amendments thereof (hereinafter collectively referred to as
the “Leases”)
and all rents, rent equivalents, moneys payable as damages (including payments
by reason of the rejection of a Lease in a Bankruptcy Proceeding or in lieu of
rent or rent equivalents), royalties (including all oil and gas or other
mineral royalties and bonuses), income, fees, receivables, receipts, revenues,
deposits (including security, utility and other deposits), accounts, cash,
issues, profits, charges for services rendered, and other consideration of
whatever form or nature received by or paid to or for the account of or benefit
of Borrower or its agents or employees (other than fees paid under the
Management Agreement and salaries paid to employees) from any and all sources
arising from or attributable to the Premises and the Improvements, including
all receivables, customer obligations, installment payment obligations and other
obligations now existing or hereafter arising or created out of the sale,
lease, sublease, license, concession or other grant of the right of the use and
occupancy of the Premises or the Improvements, or rendering of services by
Borrower or any of its agents or employees, and proceeds, if any, from business
interruption or other loss of income insurance (hereinafter collectively
referred to as the “Rents”),
together with all proceeds from the sale or other disposition of the Leases and
the right to receive and apply the Rents to the payment of the Debt;

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(e)           all proceeds of and
any unearned premiums on any insurance policies covering the Property (in the
case of a blanket policy of insurance, to the extent allocable to the
Property), including the right to receive and apply the proceeds of any
insurance, judgments, or settlements made in lieu thereof, for damage to the
Property;

(f)            the right, in the
name and on behalf of Borrower, to appear in and defend any action or
proceeding brought with respect to the Property and to commence any action or
proceeding to protect the interest of Lender in the Property;

(g)           all accounts
(including reserve accounts), escrows, documents, instruments, chattel paper,
claims, deposits and general intangibles, as the foregoing terms are defined in
the UCC, and all franchises, trade names, trademarks, symbols, service marks,
books, records, plans, specifications, designs, drawings, surveys, title
insurance policies, permits, consents, licenses, management agreements,
contract rights (including any contract with any architect or engineer or with
any other provider of goods or services for or in connection with any
construction, repair or other work upon the Property), approvals, actions,
refunds of real estate taxes and assessments (and any other governmental
impositions related to the Property) and causes of action that now or hereafter
relate to, are derived from or are used in connection with the Property, or the
use, operation, maintenance, occupancy or enjoyment thereof or the conduct of
any business or activities thereon (hereinafter collectively referred to as the
“Intangibles”);

(h)           all accounts
receivable, contract rights, interests, estate or other claims, both in law and
in equity, which Borrower now has or may hereafter acquire in the Property or
any part thereof;

(i)            all rights which
Borrower now has or may hereafter acquire, to be indemnified and/or held
harmless from any liability, loss, damage, cost or expense (including, without
limitation, attorneys’ and paralegals’ fees and disbursements) relating to the
Property or any part thereof; and

(j)            any and all
proceeds, products, offspring, rents and profits from any of the foregoing,
including those from sale, exchange, transfer, collection, loss, damage,
disposition, substitution or replacement of any of the foregoing and any and
all other security and collateral of any nature whatsoever granted by Borrower
to Lender, including, without limitation, the Subaccounts, all funds or monies
held in the Subaccounts, any Letters of Credit held by Lender and any other
funds and monies held or controlled by Lender.

Without
limiting the generality of any of the foregoing, in the event that a case under
the Bankruptcy Code is commenced by or against Borrower, pursuant to Section 552(b)(2) of
the Bankruptcy Code, the security interest granted by this Mortgage shall
automatically extend to all Rents acquired by the Borrower after the
commencement of the case and shall constitute cash collateral under Section 363(a) of
the Bankruptcy Code.

TO HAVE
AND TO HOLD the Property unto and to the use and
benefit of Lender and its successors and assigns, forever;

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PROVIDED,
HOWEVER, these presents are upon the express condition
that, if Borrower shall well and truly pay to Lender the Debt at the time and
in the manner provided in the Loan Documents and shall well and truly abide by
and comply with each and every covenant and condition set forth in the Loan
Documents in a timely manner, these presents and the estate hereby granted
shall cease, terminate and be void;

AND
Borrower represents and warrants to and covenants and agrees with Lender as
follows:

PART I - GENERAL PROVISIONS

1.             Payment
of Debt and Incorporation of Covenants Conditions and Agreements. Borrower
shall pay the Debt at the time and in the manner provided in the Loan Documents.
All the covenants, conditions and agreements contained in the Loan Documents
are hereby made a part of this Mortgage to the same extent and with the same
force as if fully set forth herein. Without limiting the generality of the
foregoing, Borrower (i) agrees to insure, repair, maintain and restore
damage to the Property, pay Taxes and Other Charges, and comply with Legal
Requirements, in accordance with the Loan Agreement, and (ii) agrees that
the Proceeds of Insurance and Awards for Condemnation shall be settled, held
and applied in accordance with the Loan Agreement.

2.             Leases
and Rents.

(a)           Borrower
does hereby absolutely and unconditionally assign to Lender all of Borrower’s
right, title and interest in all current and future Leases and Rents, it being
intended by Borrower that this assignment constitutes a present, absolute
assignment and not an assignment for additional security only. Such assignment
shall not be construed to bind Lender to the performance of any of the
covenants or provisions contained in any Lease or otherwise impose any
obligation upon Lender. Nevertheless, subject to the terms of this paragraph,
Lender grants to Borrower a revocable license to operate and manage the
Property and to collect the Rents subject to the requirements of the Loan
Agreement (including the deposit of Rents into the Clearing Account). Upon an
Event of Default, without the need for notice or demand, the license granted to
Borrower herein shall automatically be revoked, and Lender shall immediately be
entitled to possession of all Rents in the Clearing Account, the Deposit
Account (including all Subaccounts thereof) and all Rents collected thereafter
(including Rents past due and unpaid), whether or not Lender enters upon or
takes control of the Property. Borrower hereby grants and assigns to Lender the
right, at its option, upon revocation of the license granted herein, to enter
upon the Property in person, by agent or by court-appointed receiver to
collect the Rents. Unless prohibited by applicable law, any Rents collected
after the revocation of such license may be applied toward payment of the Debt
in such priority and proportions as Lender in its sole discretion shall deem
proper.

(b)           Borrower
shall not enter into, modify, amend, cancel, terminate or renew any Lease
except as provided in Section 5.10 of the Loan Agreement.

3.             Use of
Property. Except as provided in the Loan Agreement, (a) Borrower
shall not initiate, join in, acquiesce in or consent to any change in any
private

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restrictive covenant,
zoning law or other public or private restriction, limiting or defining the
uses which may be made of the Property; (b) if under applicable zoning
provisions the use of the Property is or shall become a nonconforming use, Borrower
shall not cause or permit such nonconforming use to be discontinued or
abandoned without the consent of Lender; and (c) Borrower shall not (i) change
the use of the Property, (ii) permit or suffer to occur any waste on or to
the Property, or (iii) take any steps to convert the Property to a
condominium or cooperative form of ownership.

4.             Transfer
or Encumbrance of the Property.

(a)           Borrower
acknowledges that (i) Lender has examined and relied on the
creditworthiness and experience of the principals of Borrower in owning and
operating properties such as the Property in agreeing to make the Loan, (ii) Lender
will continue to rely on Borrower’s ownership of the Property as a means of
maintaining the value of the Property as security for the Debt, and (iii) Lender
has a valid interest in maintaining the value of the Property so as to ensure
that, should Borrower default in the repayment of the Debt, Lender can recover
the Debt by a sale of the Property. Borrower shall not sell, convey, alienate,
mortgage, encumber, pledge or otherwise transfer the Property or any part
thereof, or suffer or permit any Transfer to occur, other than a Permitted
Transfer or as otherwise expressly permitted under the Loan Documents.

(b)           Lender
shall not be required to demonstrate any actual impairment of its security or
any increased risk of default hereunder in order to declare the Debt
immediately due and payable upon Transfer in violation of this Paragraph 4.
This provision shall apply to every sale, conveyance, alienation, mortgage,
encumbrance, pledge or transfer of the Property (and every other Transfer)
regardless of whether voluntary or not. Any Transfer made in contravention of
this Paragraph 4 shall be null and void and of no force and effect. Borrower
agrees to bear and shall pay or reimburse Lender on demand for all reasonable
expenses (including reasonable attorneys’ fees and disbursements, title search
costs and title insurance endorsement premiums) incurred by Lender in
connection with the review, approval and documentation of any Permitted
Transfer.

5.             Changes
in Laws Regarding Taxation. If any law is enacted or adopted or
amended after the date of this Mortgage which deducts the Debt from the value
of the Property for the purpose of taxation or which imposes a tax, either
directly or indirectly, on the Debt or Lender’s interest in the Property,
Borrower will pay such tax, with interest and penalties thereon, if any. If
Lender is advised by its counsel that the payment of such tax or interest and
penalties by Borrower would be unlawful, taxable to Lender or unenforceable, or
would provide the basis for a defense of usury, then Lender shall have the
option, by notice of not less than 90 days, to declare the Debt immediately due
and payable.

6.             No
Credits on Account of the Debt. Borrower shall not claim or
demand or be entitled to any credit on account of the Debt for any part of the
Taxes or Other Charges assessed against the Property, and no deduction shall
otherwise be made or claimed from the assessed value of the Property for real
estate tax purposes by reason of this Mortgage or the Debt. If such claim,
credit or deduction shall be required by law, Lender shall have the option, by
notice of not less than 90 days, to declare the Debt immediately due and
payable.

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7.             Further
Acts, Etc. Borrower shall, at its sole cost, do, execute,
acknowledge and deliver all and every such further acts, deeds, conveyances,
mortgages, assignments, notices of assignment, transfers and assurances as
Lender shall, from time to time, require, for the better assuring, conveying,
assigning, transferring, and confirming unto Lender the property and rights
hereby mortgaged, given, granted, bargained, sold, alienated, enfeoffed,
conveyed, confirmed, pledged, assigned and hypothecated or intended now or
hereafter so to be, or which Borrower may be or may hereafter become bound to
convey or assign to Lender, or for carrying out the intention or facilitating
the performance of the terms of this Mortgage, or for filing, registering or
recording this Mortgage or for facilitating the sale and transfer of the Loan
and the Loan Documents in connection with a Secondary Market Transaction as
described in Section 9.1 of the Loan
Agreement. Upon foreclosure, the appointment of a receiver or any other relevant
action, Borrower shall, at its sole cost, cooperate fully and completely to
effect the assignment or transfer of any license, permit, agreement or any
other right necessary or useful to the operation of the Property. Borrower
grants to Lender an irrevocable power of attorney coupled with an interest for
the purpose of exercising and perfecting any and all rights and remedies
available to Lender at law and in equity, including such rights and remedies
available to Lender pursuant to this paragraph. Notwithstanding anything to the
contrary in the immediately preceding sentence, Lender shall not execute any
document as attorney-in-fact of Borrower unless (x)  Borrower shall have
failed or refused to execute the same within five (5) Business Days after
Lender’s request therefor, or (y) in Lender’s good faith determination it
would be materially prejudiced by the delay involved in making such a request. Lender
shall give prompt notice to Borrower of any exercise of the power of attorney
as provided for in this Paragraph 7, along with copies of all documents
executed in connection therewith.

8.             Recording
of Mortgage, Etc. Borrower forthwith upon the execution and
delivery of this Mortgage and thereafter, from time to time, shall cause this
Mortgage, and any security instrument creating a lien or security interest or
evidencing the lien hereof upon the Property and each instrument of further
assurance to be filed, registered or recorded in such manner and in such places
as may be required by any present or future law in order to publish notice of
and fully to protect the lien or security interest hereof upon, and the
interest of Lender in, the Property. Borrower shall pay all filing,
registration and recording fees, all expenses incident to the preparation,
execution and acknowledgment of and all federal, state, county and municipal,
taxes, duties, imposts, documentary stamps, assessments and charges arising out
of or in connection with the execution and delivery of, this Mortgage, any
Mortgage supplemental hereto, any security instrument with respect to the
Property and any instrument of further assurance, except where prohibited by
applicable law so to do. Borrower shall hold harmless and indemnify Lender, its
successors and assigns, against any liability incurred by reason of the
imposition of any tax on the making or recording of this Mortgage.

9.             Right to
Cure Defaults. Upon the occurrence of any Event of Default,
Lender may, but without any obligation to do so and without notice to or demand
on Borrower and without releasing Borrower from any obligation hereunder,
perform the obligations in Default in such manner and to such extent as Lender
may deem necessary to protect the security hereof. Lender is authorized to
enter upon the Property for such purposes or appear in, defend or bring any
action or proceeding to protect its interest in the Property or to foreclose
this Mortgage or collect the Debt, and the cost and expense thereof (including
reasonable attorneys’ fees and disbursements to the extent permitted by law),
with interest thereon at the Default Rate for the

 6
 

 

period after notice from
Lender that such cost or expense was incurred to the date of payment to Lender,
shall constitute a portion of the Debt, shall be secured by this Mortgage and
the other Loan Documents and shall be due and payable to Lender upon demand.

10.           Remedies.

(a)           Upon
the occurrence of any Event of Default, Lender may take such action, without
notice or demand, as it deems advisable to protect and enforce its rights
against Borrower and in and to the Property, by Lender itself or otherwise,
including the following actions, each of which may be pursued concurrently or
otherwise, at such time and in such order as Lender may determine, in its sole
discretion, without impairing or otherwise affecting the other rights and
remedies of Lender:

(i)            declare the entire
Debt to be immediately due and payable;

(ii)           institute a
proceeding or proceedings, judicial or nonjudicial, to the extent permitted by
applicable law, by advertisement, by action or otherwise, for the complete
foreclosure of this Mortgage, in which case the Property may be sold for cash
or upon credit in one or more parcels or in several interests or portions and
in any order or manner;

(iii)          with or without
entry, to the extent permitted and pursuant to the procedures provided by
applicable law, institute proceedings for the partial foreclosure of this
Mortgage for the portion of the Debt then due and payable, subject to the
continuing lien of this Mortgage for the balance of the Debt not then due;

(iv)          sell for cash or
upon credit the Property and all estate, claim, demand, right, title and
interest of Borrower therein and rights of redemption thereof, pursuant to the
power of sale, to the extent permitted by applicable law, or otherwise, at one
or more sales, as an entirety or in parcels, at such time and place, upon such
terms and after such notice thereof as may be required or permitted by
applicable law;

(v)           institute an action,
suit or proceeding in equity for the specific performance of any covenant,
condition or agreement contained herein or in any other Loan Document;

(vi)          recover judgment on
the Note either before, during or after any proceeding for the enforcement of
this Mortgage;

(vii)         apply for the
appointment of a trustee, receiver, liquidator or conservator of the Property,
without notice and without regard for the adequacy of the security for the Debt
andwithout regard for the solvency of the Borrower or of any person, firm or
other entity liable for the payment of the Debt;

(viii)        enforce Lender’s
interest in the Leases and Rents and enter into or upon the Property, either
personally or by its agents, nominees or attorneys and

 7
 

 

dispossess
Borrower and its agents and employees therefrom, and thereupon Lender may (A) use,
operate, manage, control, insure, maintain, repair, restore and otherwise deal
with the Property and conduct the business thereat; (B) complete any
construction on the Property in such manner and form as Lender deems advisable;
(C) make alterations, additions, renewals, replacements and improvements
to or on the Property; (D) exercise all rights and powers of Borrower with
respect to the Property, whether in the name of Borrower or otherwise,
including the right to make, cancel, enforce or modify Leases, obtain and evict
tenants, and demand, sue for, collect and receive Rents; and (E) unless
prohibited by applicable law, apply the receipts from the Property to the
payment of the Debt, after deducting therefrom all expenses (including
reasonable attorneys’ fees and disbursements) incurred in connection with the
aforesaid operations and all amounts necessary to pay the Taxes, insurance and
other charges in connection with the Property, as well as just and reasonable
compensation for the services of Lender, and its counsel, agents and employees;

(ix)           require Borrower to
pay monthly in advance to Lender, or any receiver appointed to collect the
Rents, the fair and reasonable rental value for the use and occupation of any
portion of the Property occupied by Borrower, and require Borrower to vacate
and surrender possession of the Property to Lender or to such receiver, and, in
default thereof, evict Borrower by summary proceedings or otherwise;

(x)            foreclose this
Mortgage in accordance with the laws of the State of Illinois. The costs and
expenses incurred by Lender in the exercise of any of the remedies provided in
this Mortgage shall be secured by this Mortgage; or

(xi)           pursue such other
rights and remedies as may be available at law or in equity or under the UCC,
including the right to receive and/or establish a lock box for all Rents and
proceeds from the Intangibles and any other receivables or rights to payments
of Borrower relating to the Property.

In
the event of a sale, by foreclosure or otherwise, of less than all of the
Property, this Mortgage shall continue as a lien on the remaining portion of
the Property.

(b)           The
proceeds of any sale made under or by virtue of this Paragraph 10,
together with any other sums which then may be held by Lender under this
Mortgage, whether under the provisions of this paragraph or otherwise, shall be
applied by Lender to the payment of the Debt in such priority and proportion as
Lender in its sole discretion shall deem proper.

(c)           Lender
may adjourn from time to time any sale by it to be made under or by virtue of
this Mortgage by announcement at the time and place appointed for such sale or
for such adjourned sale or sales; and, except as otherwise provided by any
applicable law, Lender, without further notice or publication, may make such
sale at the time and place to which the same shall be so adjourned.

 8
 

 

 

(d)           Upon
the completion of any sale or sales pursuant hereto, Lender, or an officer of
any court empowered to do so, shall execute and deliver to the accepted
purchaser or purchasers a good and sufficient instrument, or good and
sufficient instruments, conveying, assigning and transferring all estate,
right, title and interest in and to the property and rights sold. Any sale or
sales made under or by virtue of this Paragraph 10, whether made under the
power of sale herein granted or under or by virtue of judicial proceedings or
of a judgment or decree of foreclosure and sale, shall operate to divest all
the estate, right, title, interest, claim and demand whatsoever, whether at law
or in equity, of Borrower in and to the properties and rights so sold, and
shall be a perpetual bar both at law and in equity against Borrower and against
any and all persons claiming or who may claim the same, or any part thereof,
from, through or under Borrower.

(e)           Upon
any sale made under or by virtue of this Paragraph 10, whether made under
a power of sale or under or by virtue of judicial proceedings or of a judgment
or decree of foreclosure and sale, Lender may bid for and acquire the Property
or any part thereof and in lieu of paying cash therefor may make settlement for
the purchase price by crediting upon the Debt the net sales price after
deducting therefrom the expenses of the sale and costs of the action and any
other sums which Lender is authorized to deduct under this Mortgage or any
other Loan Document.

(f)            No
recovery of any judgment by Lender and no levy of an execution under any
judgment upon the Property or upon any other property of Borrower shall affect
in any manner or to any extent the lien of this Mortgage upon the Property or
any part thereof, or any liens, rights, powers or remedies of Lender hereunder,
but such liens, rights, powers and remedies of Lender shall continue unimpaired
as before.

(g)           Lender
may terminate or rescind any proceeding or other action brought in connection
with its exercise of the remedies provided in this Paragraph 10 at any
time before the conclusion thereof, as determined in Lender’s sole discretion
and without prejudice to Lender.

(h)           Lender
may resort to any remedies and the security given by this Mortgage or in any
other Loan Document in whole or in part, and in such portions and in such order
as determined by Lender’s sole discretion. No such action shall in any way be
considered a waiver of any rights, benefits or remedies evidenced or provided
by any Loan Document. The failure of Lender to exercise any right, remedy or
option provided in any Loan Document shall not be deemed a waiver of such
right, remedy or option or of any covenant or obligation secured by any Loan
Document. No acceptance by Lender of any payment after the occurrence of any
Event of Default and no payment by Lender of any obligation for which Borrower
is liable hereunder shall be deemed to waive or cure any Event of Default, or
Borrower’s liability to pay such obligation. No sale of all or any portion of
the Property, no forbearance on the part of Lender, and no extension of time
for the payment of the whole or any portion of the Debt or any other indulgence
given by Lender to Borrower, shall operate to release or in any manner affect
the interest of Lender in the remaining Property or the liability of Borrower
to pay the Debt. No waiver by Lender shall be effective unless it is in writing
and then only to the extent specifically stated. All costs and expenses of
Lender in exercising its rights and remedies under this Paragraph 10
(including reasonable attorneys’ fees and disbursements to the extent permitted
by law), shall be paid by Borrower immediately upon notice from Lender, with interest
at the

 9
 

 

Default Rate for the period after notice from Lender, and such costs
and expenses shall constitute a portion of the Debt and shall be secured by
this Mortgage.

(i)            The
interests and rights of Lender under the Loan Documents shall not be impaired
by any indulgence, including: (i) any renewal, extension or modification
which Lender may grant with respect to any of the Debt; (ii) any
surrender, compromise, release, renewal, extension, exchange or substitution
which Lender may grant with respect to the Property or any portion thereof; or (iii) any
release or indulgence granted to any maker, endorser, guarantor or surety of
any of the Debt.

11.           Right of Entry.
In addition to any other rights or remedies granted under this Mortgage,
Lender and its agents shall have the right to enter and inspect the Property at
any reasonable time during the term of this Mortgage. The cost of such
inspections or audits shall be borne by Borrower should Lender determine that
an Event of Default exists, including the cost of all follow up or additional
investigations or inquiries deemed reasonably necessary by Lender. The cost of
such inspections, if not paid for by Borrower following demand, may be added to
the principal balance of the sums due under the Note and this Mortgage and
shall bear interest thereafter until paid at the Default Rate.

12.           Security Agreement.

(a)           This
Mortgage is both a real property Mortgage and a “security agreement” within the
meaning of the UCC. The Property includes both real and personal property and
all other rights and interests, whether tangible or intangible in nature, of
Borrower in the Property. Borrower by executing and delivering this Mortgage
has granted and hereby grants to Lender, as security for the Debt, a security
interest in the Property to the full extent that the Property may be subject to
the UCC (such portion of the Property so subject to the UCC being called in
this paragraph the “Collateral”).
This Mortgage shall also constitute a “fixture filing” for the purposes of the
UCC and is to be filed for record in the real estate records where any part of
the Property (including said fixtures) is situated. As such, this Mortgage
covers all items of the Collateral that are or are to become fixtures. Information
concerning the security interest herein granted may be obtained from the
parties at the addresses of the parties set forth in the first paragraph of
this Mortgage. If an Event of Default shall occur, Lender, in addition to any
other rights and remedies which it may have, shall have and may exercise
immediately and without demand, any and all rights and remedies granted to a
secured party upon default under the UCC, including, without limiting the
generality of the foregoing, the right to take possession of the Collateral or any
part thereof, and to take such other measures as Lender may deem necessary for
the care, protection and preservation of the Collateral. Upon request or demand
of Lender, Borrower shall at its expense assemble the Collateral and make it
available to Lender at a convenient place acceptable to Lender. Borrower shall
pay to Lender on demand any and all expenses, including reasonable attorneys’
fees and disbursements, incurred or paid by Lender in protecting its interest
in the Collateral and in enforcing its rights hereunder with respect to the
Collateral. Any notice of sale, disposition or other intended action by Lender
with respect to the Collateral, sent to Borrower in accordance with the
provisions hereof at least ten (10) days prior to such action, shall
constitute commercially reasonable notice to Borrower. The proceeds of any
disposition of the Collateral, or any part thereof, may be applied by Lender to
the payment of the Debt in such priority and proportions as Lender in its sole
discretion shall deem proper. In

 10
 

 

the event of any change in name, identity or structure of Borrower,
Borrower shall notify Lender thereof and promptly after request shall execute,
file and record such UCC forms as are necessary to maintain the priority of
Lender’s lien upon and security interest in the Collateral, and shall pay all
expenses and fees in connection with the filing and recording thereof. If
Lender shall require the filing or recording of additional UCC forms or
continuation statements, Borrower shall, promptly after request, execute, file
and record such UCC forms or continuation statements as Lender shall deem
necessary, and shall pay all expenses and fees in connection with the filing
and recording thereof, it being understood and agreed, however, that no such
additional documents shall increase Borrower’s obligations under the Loan
Documents. Borrower hereby irrevocably appoints Lender as its attorney-in-fact,
coupled with an interest, to file with the appropriate public office on its
behalf any financing or other statements (be they unsigned or signed only by
Lender, as secured party) in connection with the Collateral covered by this
Mortgage.

13.           Actions and Proceedings.
Lender has the right to appear in and defend any action or proceeding
brought with respect to the Property and to bring any action or proceeding, in
the name and on behalf of Borrower, which Lender, in its sole discretion,
decides should be brought to protect its or their interest in the Property. Lender
shall, at its option, be subrogated to the lien of any mortgage or other
security instrument discharged in whole or in part by the Debt, and any such
subrogation rights shall constitute additional security for the payment of the
Debt.

14.           Marshalling and Other
Matters. Borrower hereby waives, to the extent permitted by law,
the benefit of all homestead, appraisement, valuation, stay, extension,
reinstatement and redemption laws now or hereafter in force and all rights of
marshalling in the event of any sale hereunder of the Property or any part thereof
or any interest therein. Further, Borrower hereby expressly waives any and all
rights of redemption from sale under any order or decree of foreclosure of this
Mortgage on behalf of Borrower, and on behalf of each and every person
acquiring any interest in or title to the Property subsequent to the date of
this Mortgage and on behalf of all persons to the extent permitted by
applicable law. The lien of this Mortgage shall be absolute and unconditional
and shall not in any manner be affected or impaired by any acts or omissions
whatsoever of Lender and, without limiting the generality of the foregoing, the
lien hereof shall not be impaired by (i) any acceptance by Lender of any
other security for any portion of the Debt, (ii) any failure, neglect or
omission on the part of Lender to realize upon or protect any portion of the
Debt or any collateral security therefor or (iii) any release (except as
to the property so released), sale, pledge, surrender, compromise, settlement,
renewal, extension, indulgence, alteration, changing, modification or
disposition of any portion of the Debt or of any of the collateral security
therefor; and Lender may foreclose, or exercise any other remedy available to
Lender under any of the other Loan Documents without first exercising or
enforcing any of its remedies under this Mortgage, and any exercise of the
rights and remedies of Lender hereunder shall not in any manner impair the Debt
or the liens of any other Loan Document or any of Lender’s rights and remedies
thereunder.

15.           Notices. All
notices, consents, approvals and requests required or permitted hereunder shall
be in writing, and shall be sent, and shall be deemed effective, as provided in
the Loan Agreement.

 11
 

 

 

16.           Inapplicable Provisions.
If any term, covenant or condition of this Mortgage is held to be invalid,
illegal or unenforceable in any respect, this Mortgage shall be construed
without such invalid, illegal or unenforceable provision, and so construing the
remaining provisions of this Mortgage shall not be deemed to invalidate or
render such remaining provisions hereof unenforceable, and to such ends the
provisions hereof are deemed to be severable.

17.           Headings. The
paragraph headings in this Mortgage are for convenience of reference only and
are not to be construed as defining or limiting, in any way, the scope or
intent of the provisions hereof.

18.           Duplicate Originals.
This Mortgage may be executed in any number of duplicate originals and each
such duplicate original shall be deemed to be an original.

19.           Definitions. Unless
the context clearly indicates a contrary intent or unless otherwise
specifically provided herein, words used in this Mortgage may be used
interchangeably in singular or plural form; and the word “Borrower” shall mean “each
Borrower and any subsequent owner or owners of a fee interest in the Property
or any part thereof,” the word “Lender” shall mean “Lender and any subsequent holder of the Note,”
the words “Property” shall include any portion of the Property and any interest
therein, the words “include”
and “including” shall
be deemed to mean “including but not limited to” and the words “attorneys’ fees” shall include any and all attorneys’ fees, paralegal and
law clerk fees, including fees at the pre-trial, trial and appellate
levels incurred or paid by Lender in protecting its interest in the Property
and Collateral and enforcing its rights hereunder.

20.           Homestead. Borrower
hereby waives and renounces all homestead and exemption rights provided by the
Constitution and the laws of the United States and of any state, in and to the
Property as against the collection of the Debt, or any part thereof.

21.           Assignments. Lender
shall have the right to assign or transfer its rights under this Mortgage in
connection with any transfer of its interest in the Loan, or any portion
thereof, in accordance with the Loan Agreement. Any assignee or transferee
shall be entitled to all the benefits afforded Lender under this Mortgage.

22.           Waiver of Jury Trial.
BORROWER AND BY ITS FUNDING OF THE LOAN, LENDER, HEREBY AGREE NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO
TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THIS MORTGAGE OR ANY OTHER LOAN DOCUMENT, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EITHER PARTY HERETO IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY BORROWER.

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23.           Consents. Any
consent or approval by Lender in any single instance shall not be deemed or
construed to be Lender’s consent or approval in any like matter arising at a
subsequent date, and the failure of Lender to promptly exercise any right,
power, remedy, consent or approval provided herein or at law or in equity shall
not constitute or be construed as a waiver of the same nor shall Lender be
estopped from exercising such right, power, remedy, consent or approval at a
later date. Any consent or approval requested of and granted by Lender pursuant
hereto shall be narrowly construed to be applicable only to Borrower and the
matter identified in such consent or approval and no third party shall claim
any benefit by reason thereof, and any such consent or approval shall not be
deemed to constitute Lender a venturer or partner with Borrower nor shall
privity of contract be presumed to have been established with any such third
party. If Lender deems it to be in its best interest to retain assistance of
persons, firms or corporations (including attorneys, title insurance companies,
appraisers, engineers and surveyors) with respect to a request for consent or
approval, Borrower shall reimburse Lender for all costs reasonably incurred in
connection with the employment of such persons, firms or corporations.

24.           Loan Repayment and
Defeasance. The lien of this Mortgage shall be terminated,
released and reconveyed of record by Lender prior to the Maturity Date only in
accordance with the terms and provisions set forth in the Loan Agreement.

25.           Governing Law. This
Mortgage shall be governed by, and be construed in accordance with, the laws of
the state in which the Property is located without regard to conflict of law
provisions thereof.

26.           Exculpation. The
liability of Borrower hereunder is limited pursuant to Section 10.1 of the
Loan Agreement.

PART II - ILLINOIS
PROVISIONS

27.           State Specific Provisions.
The following provisions shall also constitute an integral part of this
Mortgage. Furthermore, in the event that any prior provisions set forth in Part I
of this Mortgage conflict with the following provisions of this Part II of
this Mortgage, the provisions of this Part II shall control and shall be
deemed a modification of or amendment to the section or provision in Part I
at issue

(a)           Borrower
represents and warrants to Lender that the proceeds of the obligations secured
hereby shall be used solely for business purposes and in furtherance of the
regular business affairs of Borrower, and the entire principal obligations
secured by this Mortgage constitute (i) a “business loan” as that term is
defined in, and for all purposes of, 815 ILCS 205/4(1)(c), and (ii) a “loan
secured by a mortgage on real estate” within the purview and operation of 815
ILCS 205/4(1)(l).

(b)           As
to all of the above-described personal property which is or hereafter becomes a
“fixture” under applicable law, this Mortgage is intended to constitute a
fixture filing within the purview of Section 9-402(6) of the
Illinois Uniform Commercial Code, as amended or recodified from time to time.

 13
 

 

 

(c)           This Mortgage
secures the payment of the entire indebtedness secured hereby; provided,
however, that the total amount secured by this Mortgage (excluding interest,
costs, expenses, charges, fees, protective advances and indemnification
obligations, all of any type or nature) shall not exceed an amount equal to two
hundred percent (200%) of the face amount of the Note.

(d)           Pursuant to the
terms of the Collateral Protection Act, 815 ILCS 180/1 et seq., Borrower is
hereby notified that unless Borrower provides Lender with evidence of the
insurance coverage required by this Mortgage, Lender may purchase insurance at
Borrower’s expense to protect Lender’s interests in the Property, which
insurance may, but need not, protect the interests of Borrower. The coverage
purchased by Lender may not pay any claim made by Borrower or any claim made
against Borrower in connection with the Property. Borrower may later cancel any
insurance purchased by Lender, but only after providing Lender with evidence
that Borrower has obtained the insurance as required hereunder. If Lender
purchases insurance for the Property, the Borrower will be responsible for the
costs of such insurance, including interest and any other charges imposed in
connection with the placement of the insurance, until the effective date of the
cancellation or expiration of the insurance. The costs of the insurance may be
added to the indebtedness secured hereby. The costs of such insurance may be
greater than the cost of insurance Borrower may be able to obtain for itself.

(e)           It is the intention
of Borrower and Lender that the enforcement of the terms and provisions of this
Mortgage shall be accomplished in accordance with the Illinois Mortgage
Foreclosure Law (the “Act”), 735
ILCS 5/15-1101 et seq., and with respect to such Act, Borrower agrees and
covenants that:

(i)            Lender shall have
the benefit of all of the provisions of the Act, including all amendments
thereto which may become effective from time to time after the date hereof. In
the event any provision of the Act which is specifically referred to herein may
be repealed, Lender shall have the benefit of such provision as most recently
existing prior to such repeal, as though the same were incorporated herein by
express reference. If any provision in this Mortgage shall be inconsistent with
any provision of the Act, provisions of the Act shall take precedence over the
provisions of this Mortgage, but shall not invalidate or render unenforceable
any other provision of this Mortgage that can be construed in a manner
consistent with the Act. If any provision of this Mortgage shall grant to
Lender (including Lender acting as a mortgagee-in-possession) or a
receiver appointed pursuant to the provisions of Section 10(a) of
this Mortgage any powers, rights or remedies prior to, upon or following the
occurrence of an Event of Default which are more limited than the powers,
rights or remedies that would otherwise be vested in Lender or in such receiver
under the Act in the absence of said provision, Lender and such receiver shall
be vested with the powers, rights and remedies granted in the Act to the full
extent permitted by law. Without limiting the generality of the foregoing, all
expenses incurred by Lender which are of the type referred to in Section 5/15-1510
or 5/15-1512 of the Act, whether incurred before or after any decree or
judgment of foreclosure, and whether or not enumerated specifically in this
Mortgage, shall be added to the indebt­ed­ness 
secured hereby and/or by the judgment of foreclosure;

 14
 

 

 

(ii)           Wherever provision
is made in this Mortgage or the Loan Agreement for insurance policies to bear
mortgage clauses or other loss payable clauses or endorsements in favor of
Lender, or to confer authority upon to settle or participate in the settlement
of losses under policies of insurance or to hold and disburse or otherwise
control the use of insurance proceeds, from and after the entry of judgment of
foreclosure, all such rights and powers of the Lender shall continue in the
Lender as judgment creditor or mortgagee until confirmation of sale;

(iii)          In addition to any
provision of this Mortgage authorizing the Lender to take or be placed in
possession of the Property, or for the appointment of a receiver, Lender shall
have the right, in accordance with Sections 15-1701 and 15-1702 of
the Act, to be placed in the possession of the Property or at its request to
have a receiver appointed, and such receiver, or Lender, if and when placed in
possession, shall have, in addition to any other powers provided in this
Mortgage, all rights, powers, immunities, and duties and provisions for in
Sections 15-1701 and 15-1703 of the Act;

(iv)          Borrower
acknowledges that the Property does not constitute agricultural real estate, as
said term is defined in Section 15-1201 of the Act or residential
real estate as defined in Section 15-1219 of the Act; and

(v)           Borrower hereby
expressly waives any and all rights of reinstatement and redemption, if any,
under any order or decree of foreclosure of this Mortgage, on its own behalf
and on behalf of each and every Person, it being the intent hereof that any and
all such rights of reinstatement and redemption of the Borrower and of all
other persons are and shall be deemed to be hereby waived to the full extent
permitted by the provisions of Section 5/15-1601 of the Act or other
applicable law or replacement statutes.

(f)            Without
limitation on anything contained in this Mortgage, all advances, disbursements
and expenditures made by Lender before and during a foreclosure, and before and
after a judgment of foreclosure, and at any time prior to sale, and, where
applicable, after sale and during the pendency of any related proceedings, for
the following purposes, in addition to those otherwise authorized by this
Mortgage or by the Act, shall have the benefit of all applicable provisions of
the Act, including, without limitation, those provisions of the Act referred to
below (collectively, “Protective Advances”):

(i)            all advances made
by Lender in accordance with the terms of this Mortgage to:  (A) preserve or maintain, repair,
restore or rebuild any improvements upon the Property; (B) preserve the
lien of this Mortgage or the priority thereof; or (C) enforce this
Mortgage, as referred to in Subsection (b)(5) of Section 5-1302
of the Act;

(ii)           payments made by
Lender of: (A) when due installments of principal, interest or other
obligations in accordance with the terms of any senior mortgage or other prior
lien or encumbrance on the Property; (B) when due installments of real
estate taxes and assessments, general and special and all other taxes and
assessments of any kind or nature whatsoever which are assessed or

 15
 

 

imposed upon
the Property or any part thereof; (C) other obligations authorized by this
Mortgage; or (D) with court approval, any other amounts in connection with
other liens, encumbrances or interests reasonably necessary to preserve the
status of title, as referred to in Section 15-1505 of the Act;

(iii)          advances made by
Lender in settlement or compromise of any claims asserted by claimants under
senior mortgages or any prior liens;

(iv)          reasonable attorneys’
fees and other expenses incurred: (A) in connection with the foreclosure
of this Mortgage as referred to in Section 15-1504(d)(2) and 15-1510
of the Act; (B) in connection with any action, suit or proceeding brought
by or against Lender for the enforcement of this Mortgage or arising from the
interest of Lender hereunder; or (C) in the preparation for the
commencement or defense of any such foreclosure or other action;

(v)           Lender’s reasonable,
out-of-pocket fees and costs, including attorneys’ fees, arising between the
entry of judgment of foreclosure and confirmation hearing as referred to in
Subsection (b)(l) of Section 15-1508 of the Act.

(vi)          expenses deductible
from proceeds of sale as referred to in subsections (a) and (b) of Section 15-1512
of the Act; and

(vii)         reasonable,
out-of-pocket expenses incurred and expenditures made by Lender with respect to
the Property for anyone or more of the following: (A) if all or any
portion thereof constitutes one or more units under a condominium declaration,
assessments imposed upon the unit owner thereof; (B) if any interest in
the Property is a leasehold estate under a lease or sublease, rentals or other
payments required to be made by the lessee under the terms of the lease or
sublease; (C) premiums for casualty and liability insurance paid by Lender
whether or not Lender or a receiver is in possession, if reasonably required,
in reasonable amounts, and all renewals thereof, without regard to the
limitation to maintaining existing insurance in effect at the time any receiver
or mortgagee takes possession of the Property as imposed by subsection (c)(1) of
Section 15-1704 of the Act; (D) repair or restoration of damage
or destruction in excess of available insurance proceeds or condemnation
awards; (E) payments required or reasonably deemed by Lender to be for the
benefit of the Property or required to be made by the owner of the Property
under any grant or declaration of easement, easement agreement, agreement with
any adjoining land owners or instruments creating covenants or restrictions for
the benefit of or affecting the Property; (F) shared or common expense
assessments payable to any association or corporation in which the owner of the
Property is a member if in any way affecting the Property; (G) costs
incurred by Lender for demolition, preparation for and completion of
construction; and (H) pursuant to any lease or other agreement, for
occupancy of the Property.

All Protective
Advances shall be additional indebtedness secured by this Mortgage and shall
become due and payable within ten (10) days after written request therefor
from Lender and with interest thereon from the date of the advance until paid
at the applicable rate set forth in the Loan Agreement. This

 16
 

 

Mortgage shall
be a lien for all Protective Advances as to subsequent purchasers and judgment
creditors from the time this Mortgage is recorded pursuant to subsection (b)(1) of
Section 15-1302 of the Act. All Protective Advances shall, except to
the extent, if any, that any of the same are clearly contrary to or
inconsistent with the provisions of the Act, apply to and be included in: (A) determination
of the amount of indebtedness secured by this Mortgage at any time; (B) the
amount of the indebtedness found due and owing to Lender in a judgment of
foreclosure and any subsequent, supplemental judgments, orders, adjudications
or findings by any court of any additional indebtedness becoming due after such
entry of judgment (it being agreed that in any foreclosure judgment, the court
may reserve jurisdiction for such purpose); (C) if right of redemption is
deemed not to be waived by this Mortgage, computation of any amounts required
to redeem, pursuant to Subsections (d)(2) and (e) of Section 5-1603
of the Act; (D) determination of amounts deductible from sale proceeds
pursuant to Section 15-1512 of the Act; (E) application of
income in the hands of any receiver or mortgagee in possession; and (F) computation
of any deficiency judgment pursuant to subsections (b)(2) and (e) of Section 15-1508
and Section 15-1511 of the Act.

(g)           The
interest rate for the Loan is a rate of interest equal to (i) for the
period from and including the date hereof through and including the last day of
the Interest Period ending in the calendar month of June, 2008, 5.75% per
annum, and (ii) for all periods thereafter, 6.191% per annum (or, in
either such case, when applicable pursuant to the Loan Documents, the Default
Rate). Notwithstanding the foregoing, Borrower and Lender intend at all times
to comply with applicable state law or applicable United States federal law (to
the extent that it permits Lender to contract for, charge, take, reserve or
receive a greater amount of interest than under state law) and that the
provisions set forth in Section 10.17 of the Loan Agreement shall
control every other agreement in the Loan Documents. If the applicable law
(state or federal) is ever judicially interpreted so as to render usurious any
amount called for under the Note or any other Loan Document, or contracted for,
charged, taken, reserved or received with respect to the Debt, or if Lender’s
exercise of the option to accelerate the maturity of the Loan or any prepayment
by Borrower results in Borrower having paid any interest in excess of that
permitted by applicable law, then it is Borrower’s and Lender’s express intent
that all excess amounts theretofore collected by Lender shall be credited
against the unpaid Principal and all other Debt (or, if the Debt has been or
would thereby be paid in full, refunded to Borrower), and the provisions of the
Loan Documents immediately be deemed reformed and the amounts thereafter
collectible thereunder reduced, without the necessity of the execution of any
new document, so as to comply with applicable law, but so as to permit the
recovery of the fullest amount otherwise called for thereunder. All sums paid
or agreed to be paid to Lender for the use, forbearance or detention of the
Loan shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Loan until payment
in full so that the rate or amount of interest on account of the Debt does not
exceed the maximum lawful rate from time to time in effect and applicable to
the Debt for so long as the Debt is outstanding. Notwithstanding anything to
the contrary contained in any Loan Document, it is not the intention of Lender
to accelerate the maturity of any interest that has not accrued at the time of
such acceleration or to collect unearned interest at the time of such
acceleration.

 17
 

 

 

(h)           Subject
to subsequent adjustments that may be made in accordance with the applicable
terms and conditions of the Loan Documents, the maturity date of the Debt
secured hereby is scheduled to occur on or about June 6, 2016.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.

BORROWER’S SIGNATURE FOLLOWS ON NEXT PAGE.]

 18

 

IN WITNESS WHEREOF, Borrower has
executed this instrument as of the day and year first written above.

BEHRINGER HARVARD SOUTH RIVERSIDE, LLC,  a Delaware limited liability company

By: ___________________________

Gerald J. Reihsen, III,
Secretary

[BORROWER’S
SIGNATURE IS NOTARIZED ON NEXT PAGE]

 

 

ACKNOWLEDGMENT

State of __________          )

County of ________          )

I,
__________________________, a Notary Public in and for the County and State
aforesaid, DO HEREBY CERTIFY that Gerald J. Reihsen, III, personally known
to me to be the secretary of BEHRINGER HARVARD SOUTH RIVERSIDE, LLC, a Delaware
limited liability company, and personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this
day in person and acknowledged that as such Secretary he signed and delivered
such instrument as his free and voluntary act and deed, and as the free and
voluntary act and deed of such limited liability company, for the uses and
purposes therein set forth.

Given under my
hand and official seal this ____ day of ______, 2006.

___________________________________

Notary Public

My Commission
Expires:    ________________________

 

 

EXHIBIT A

LEGAL DESCRIPTION

PARCEL 1:

All that parcel of land,
being that portion above the space excepted, hereinafter defined, of that
certain parcel of land in the County of Cook, State of Illinois, bounded and
described as follows:

That part of Lot 5 lying
above a horizontal plane, the elevation of which is 25.70 feet above the
Chicago City Datum lying North of a line which is the South face of the
Southerly columns of the 222 South Riverside Plaza Building extended East to
the Chicago River and West to the East line of the West 20 feet of Lot 6;

ALSO

That part of Lot 5 lying
above a horizontal plane the elevation of which is 25.70 feet above the Chicago
City Datum and that part of Lot 6 in Railroad Companies’ Resubdivision of
Blocks 62 to 76, both inclusive, Block 78, parts of Blocks 61 and 77 and
certain vacated streets and alleys in School Section Addition to Chicago,
a subdivision of Section 16, Township 39 North, Range 14 East of the Third
Principal Meridian, according to the plat of said resubdivision recorded in the
Recorder’s Office of Cook County, Illinois, on March 29, 1924 in Book 188
of Plats at Page 16, as Document 8339751, said parcel of land being
bounded and described as follows:

Beginning at the
Northeast corner of Lot 5 and running thence Southwardly along the Easterly
line of said Lot 5, a distance of 203.465 feet to an angle point in said
Easterly lot line; thence continuing Southwardly along said Easterly lot line,
a distance of 203.34 feet to the Southeast corner of said Lot 5; thence West
along the South line of said Lots 5 and 6, a distance of 336.0 feet to the
point of intersection of said South line of Lot 6 with the East line of the
West 20 feet of said Lot 6; thence North along said East line of the West 20
feet of Lot 6, a distance of 396.545 feet to its intersection of the North line
of said Lot 6; thence East along the North line of said Lot 6 and of said Lot
5, a distance of 247.50 feet to the point of beginning;

EXCEPTING, however, from
the parcel of land above described the respective portions thereof lying below
or beneath the level of the top of the finish floor slab of the Mezzanine Floor
of the 222 South Riverside Plaza Building and the top of the finish floor slab
of the plaza level between the circumscribing walls of the Mezzanine of said building
and the property line, being designated as plus 17.50 feet and plus 32.50 feet,
respectively, as shown on the transverse section and longitudinal section of
said building attached to Lease dated January 15, 1969 and recorded January 31,
1969 as Document 20744919 and referred to therein as Appendix ‘B’, which Section Plans
are made a part of this description, the elevation shown on said Section Plans
have reference to Chicago City Datum as existing on October 21, 1968,
(excepting therefrom that part of Lot 5 lying above a horizontal plane, the
elevation of which is 25.70 feet above the Chicago City Datum lying North of a
line which is the South face of the Southerly columns of the 222 South
Riverside Plaza Building extended East to the Chicago River and West to the
East line of the West 20 feet of Lot 6; also excepting therefrom the buildings
and improvements located thereon).

 

 

PARCEL 2:

All that parcel of land,
taken as a tract, being that portion above the space excepted hereinafter,
described as follows:

A parcel of land being
that part of Lot 6 in Railroad Companies’ Resubdivision lying below and
extending downward from a horizontal plane at an elevation of 32.50 feet above
Chicago City Datum, which is bounded and described as follows:

Commencing at the point
of intersection of the South line of said Lot 6 with the East line of the West
115.75 feet of said Lot 6, and running thence North along said East line of the
West 115.75 feet of Lot 6, a distance of 11.36 feet to an intersection with a
line which is 105.75 feet South from and parallel with the Southerly face of
the most Southerly row of columns supporting a multi-story office building
situated on said Lot 6, said point of intersection being the point of beginning
of said hereinafter described part of Lot 6; thence continuing North along said
East line of the West 115.75 feet of Lot 6, a distance of 81.50 feet to an
intersection with a line which is 24.25 feet South from and parallel with said
Southerly face of said most Southerly row of columns; thence East along said
last described parallel line, a distance of 18.25 feet to an intersection with
the East line of the West 134.00 feet of said Lot 6; thence South along said
East line of the West 134.00 feet of Lot 6, a distance of 81.50 feet to an intersection
with said line which is 105.75 feet South from and parallel with the Southerly
face of said most Southerly row of columns; and thence West along said last
described parallel line, a distance of 18.25 feet to point of beginning;

Excepting however from
the North 13.75 feet of said parcel of land that portion thereof lying below or
beneath the level of the top of the finished floor slab of the ground floor of
the 444 West Jackson building formerly known as Mercantile Exchange Building
which is at an elevation of 30.83 feet above Chicago City Datum, and excepting
from the South 18.00 feet of the North 31.75 feet of said parcel of land that
portion thereof lying below or beneath the level of the top of the finished
floor slab of the ground floor of said building which is at an elevation of
30.25 feet above Chicago City Datum, and excepting from the remainder of said
parcel of land that portion thereof lying below or beneath the level of the top
of the finished floor slab of the ground floor of said building in said
remainder which is at an elevation of 28.25 feet above said Chicago City Datum
(excepting therefrom the buildings and improvements located thereon).

ALSO

A parcel of land being
that part of Lot 6 in said Railroad Companies’ Resubdivision lying below and
extending downward from a horizontal plane at an elevation of 32.50 feet above
Chicago City Datum, which is bounded and described as follows:

Commencing at the point
of intersection of the South Line of said Lot 6 with the East line of the West
161.00 feet of said Lot 6, and running thence North along the East line of the
West 161.00 feet of said Lot 6, a distance of 11.65 feet to an intersection
with a line which is 105.75 feet South from and parallel with the Southerly
face of the most Southerly row of columns supporting

 

a multi-story office
building situated on Lot 6, said point of intersection being the point of
beginning for the hereinafter described part of Lot 6; thence continuing North
along the East line of the West 161.00 feet of Lot 6, a distance of 107.08 feet
to an intersection with a line which is 1.33 feet north from and parallel with
said Southerly face of said most Southerly row of columns; thence East along
said last described parallel line, a distance of 59.50 feet to an intersection
with the East line of the West 220.50 feet of said Lot 6; thence South along
the East line of the West 220.50 feet of said Lot 6, a distance of 25.58 feet
to an intersection with a line which is 24.25 feet South from and parallel with
said Southerly face of said most Southerly row of columns; thence East along
said parallel line and along said parallel line extended, a distance of 57.75
feet to an intersection with the East line of the West 278.25 feet of said Lot
6; thence South along said East line of the West 278.25 feet of Lot 6, a
distance of 14.25 feet; thence West along a line perpendicular to the East line
of the West 278.25 feet aforesaid, a distance of 45.25 feet to an intersection
with the East line of the West 233.00 feet of said Lot 6; thence South along
said East line of the West 233.00 feet of Lot 6, a distance of 17.00 feet;
thence East along a line perpendicular to the East line of the West 233.00 feet
aforesaid, a distance of 45.25 feet to an intersection with said East line of
the West 278.25 feet of Lot 6; thence South along the East line of the West
278.25 feet aforesaid, a distance of 50.25 feet to an intersection with said
line which is 105.75 feet South from and parallel with the Southerly face of
said most Southerly row of columns; thence West along said parallel line, a
distance of 117.25 feet to the point of beginning;

EXCEPTING however from
that part of said parcel of land lying West of the East line of the West 259.79
feet of said Lot 6 that portion thereof lying below or beneath the level of the
top of the finished floor slab of the ground floor of the 444 West Jackson
building formerly known as Mercantile Exchange Building which is at an
elevation of 30.00 feet above Chicago City Datum, and excepting from those
portions of said parcel of land lying East of said East line of the West 259.79
feet of said Lot 6 those portions thereof lying below or beneath the level of
the top of the finished floor slab of the ground floor of said building which
is at an elevation of 28.33 feet above Chicago City Datum, and excepting from
said parcel of land the West 1.25 feet of the North 1.33 feet thereof occupied
by a column and also excepting those parts thereof occupied by six other
columns of said most Southerly row of columns, each of which six columns,
measures 2.50 feet from East to West and extends 1.33 feet Southwardly into and
upon said premises from the most Northerly line thereof;

AND ALSO EXCEPTING from
said Parcel 1 and Parcel 2 the respective portions thereof taken by the National
Railroad Passenger Corporation in condemnation pursuant to the condemnation
action filed in the United States District Court for the Northern District of
Illinois, Eastern Division, Case Number 89 C 1631, (excepting therefrom the
buildings and improvements located thereon).

PARCEL 3:

The property and space
lying between horizontal planes which are 42.25 feet and 90.00 feet,
respectively, above Chicago City Datum, and enclosed by planes extending
vertically upward from the surface of the earth, of a parcel of land comprised
of a part of Lot 6, and of a part of South Canal Street lying West of and
adjoining said Lot 6, in Railroad Companies’

 

Resubdivision of Blocks
62 to 76, both inclusive, Block 78, parts of Blocks 61 and 77, and certain
vacated streets and alleys in School Section Addition to Chicago, a
subdivision of Section 16, Township 39 North, Range 14 East of the Third
Principal Meridian which parcel of land is bounded and described as follows:

Beginning on the East
line of the West 20 feet of Lot 6, at a point which is 0.938 feet North from
the South line of said Lot 6, and running thence West along a line
perpendicular to the East line of the West 20 feet aforesaid, a distance of
25.416 feet; thence North, parallel with the West line of said Lot 6, a
distance of 101.083 feet; thence East along a line perpendicular to the last
described course, a distance of 25.416 feet to an intersection with the East
line of the West 20 feet of said Lot 6; and thence South along the East line of
the West 20 feet aforesaid, a distance of 101.083 feet to the point of
beginning together with the space in which to construct, use, maintain, repair,
replace or renew from time to time adequate columns and foundations for the
building contemplated by the present lease in the excepted space, as defined in
the existing Air Rights Lease dated January 15, 1969 and recorded January 31,
1969 as Document 20744919, all in Cook County, Illinois (excepting therefrom
the buildings and improvements located thereon).

PARCEL 4A:

Non-exclusive easements
of use, ingress and egress and for other purposes as an appurtenance to the
estate and interest described as Parcels 1, 2 and 3 above, created and granted
by that certain Easement and Operating Agreement made by and between LaSalle
National Bank, as Trustee under Trust agreement dated December 1, 1983 and
known as Trust Number 107363 and Chicago Union Station Company, a corporation
of Illinois, dated April 19, 1989 and recorded April 19, 1989 as
Document 89173341, in, over and across certain adjoining land more particularly
described therein, in Cook County, Illinois.

Supplement to Easement
and Operating Agreement made by and between Chicago Union Station Company and
222 Riverside Plaza Corporation recorded October 24, 2001 as Document
0010994188.

PARCEL 4B:

Easement for the benefit
of Parcels 1, 2 and 3 as created by Easement and Operating agreement recorded
as Document 89173341 for: a) stairway, escalator, passageway and corridor; b)
emergency; c) ramp and loading dock and d) storage; over part of Lot 5 lying
25.70 feet above Chicago City Datum, Lot 6, part of Canal Street and the
building and improvements located on the land and within the air rights located
below the air rights leased and demised pursuant to the leases noted above and
more particularly described on Exhibit ‘B’ attached thereto.

Supplement to Easement
and Operating Agreement made by and between Chicago Union Station Company and
222 Riverside Plaza Corporation recorded October 24, 2001 as Document
0010994188.

 

 

PARCEL 4C:

A non-exclusive
appurtenant easement in favor of Parcels 1, 2 and 3 as created by Deed of
Easement dated January 16, 1990 and recorded January 31, 1990 as
Document 90047309 made by LaSalle National Bank, as Trustee under Trust
Agreement dated November 17, 1983 and known as Trust Number 107292 to
Gateway IV Joint Venture, an Illinois general partnership, LaSalle National
Bank, as Trustee under Trust Agreement dated December 1, 1983 and known as
Trust Number 107361, LaSalle National Bank, as Trustee under Trust Agreement
dated December 1, 1983 and known as Trust Number 107362, and LaSalle
National Bank, as Trustee under Trust Agreement dated December 1, 1983 and
known as Trust Number 107363 for the use of 1,100 public parking spaces in the
garage, as defined therein, with rights of ingress and egress and an easement
for the purpose of construction of such repairs or restoration for the period
required to complete such repairs or restoration on, over, and across the
following described legal description:

Lots 5, 6, 7, and 8
(except from said lots that part falling in alley) in Block 49 in School Section Addition
to Chicago in Section 16, Township 39 North, Range 14 East of the Third
Principal Meridian, in Cook County, Illinois.

As amended by First
Amendment to Deed of Easement dated February 9, 1990, and recorded October 9,
1990, as Document Number 90491486.

PARCEL 5:

Non-exclusive easements
of use, ingress and egress, foundation, support and for other purposes as an
appurtenance to the estate and interest described as Parcels 1, 2 and 3 above,
created and granted by that certain Easement and Operating Agreement made by
and between Chicago Union Station Company and 222 South Riverside Fee, LLC and
recorded October 24, 2001 as Document 0010994189 in, over and across certain
adjoining land more particularly described therein, in Cook County, Illinois.

Addresses:

222 S. Riverside Plaza, Chicago, IL

444 W. Jackson Blvd., Chicago, IL

PINs :

17-16-115-003-0000

17-16-115-004-0000

17-16-115-003-6030

17-16-115-003-6031

17-16-115-004-6003

17-16-115-004-6004

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