Document:

PROMISSORY NOTE

 Exhibit 10.6 
 PROMISSORY NOTE 
 (MEZZANINE A LOAN) 

 

			
	$65,600,000.00	  	New York, New York
		  	July 11,2007

 FOR VALUE
RECEIVED, BROADWAY 500 WEST MONROE MEZZ I LLC, a Delaware limited liability company, as maker, having its principal place of business at c/o Broadway Partners, 375 Park Avenue, Suite 2107, New York, New York 10152
(“Borrower”), hereby unconditionally promises to pay to the order of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, having an address at 1221 Avenue of the Americas, New York, New
York 10020, as payee (together with its successors and assigns, “Lender”), or at such other place as the holder hereof may from time to time designate in writing, the principal sum of SIXTY FIVE MILLION SIX HUNDRED THOUSAND
and 00/100 DOLLARS ($65,600,000.00) or so much thereof as may be advanced by Lender to Borrower, in lawful money of the United States of America with interest thereon to be computed from the date of this Note at the Applicable Interest Rate and to
be paid in accordance with the terms of this Note and that certain Mezzanine A Loan Agreement, dated the date hereof, between Borrower and Lender (such Loan Agreement, as same may be amended, supplemented, restated or otherwise modified from time to
time, is hereinafter referred to as the “Loan Agreement”). All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement. 

ARTICLE 1 - PAYMENT TERMS 
 Borrower agrees to pay the principal sum of this Note and interest on the unpaid principal sum of this Note from time to time outstanding at the rates and at the times specified in the Loan Agreement and
the outstanding balance of the principal sum of this Note and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date together with all other amounts due to Lender under the Loan Documents. 

ARTICLE 2 - DEFAULT AND ACCELERATION 
 The Debt shall without notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due (beyond the expiration of any
applicable grace periods) or if not paid on the Maturity Date or on the occurrence of any other Event of Default and in addition, during the continuance of an Event of Default, Lender shall be entitled to receive interest on the entire unpaid
principal sum at the Default Rate pursuant to the terms of the Loan Agreement. This Article 2, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy
accruing to Lender by reason of the occurrence of any Event of Default. 
 ARTICLE 3 - LOAN DOCUMENTS 

 This Note is secured by the Pledge Agreement and the other Loan Documents. All of the terms,
covenants and conditions contained in the Loan Agreement, the Pledge Agreement and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event of a
conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern. 
 ARTICLE 4 - SAVINGS CLAUSE 
 This Note and the Loan Agreement are subject
to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the
Maximum Legal Rate. If, by the terms of this Note, the Loan Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate,
the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under 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 Loan does not exceed the Maximum Legal Rate of interest from time to time in effect
and applicable to the Loan for so long as the Loan is outstanding. 
 ARTICLE 5 - NO ORAL CHANGE 

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 Borrower or Lender, 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. 

ARTICLE 6 - WAIVERS 
 Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive (i) all exemptions, whether homestead or otherwise, as obligations evidenced by
this Note and (ii) presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind. No release of any security
for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender or any other
Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other Person who may become liable for the payment of all or any part of the Debt, under this Note, the Loan Agreement or
the other Loan Documents. No notice to or demand on Borrower shall be deemed to be a waiver, of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided for in this Note, the Loan
Agreement 

  
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or the other Loan Documents. If Borrower is a partnership, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals or entities
comprising the partnership, and the term “Borrower,” as used herein, shall include any alternate or successor partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If Borrower is
a corporation, the agreements contained herein shall remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Borrower” as
used herein, shall include any alternate or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. If Borrower is a limited liability company, the agreements herein contained shall remain in force and be
applicable, notwithstanding any changes in the members comprising the limited liability company, and the term “Borrower” as used herein, shall include any alternate or successor limited liability company, but any predecessor limited
liability company and their members shall not thereby be released from any liability. (Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such
partnership, corporation or limited liability company which may be set forth in the Loan Agreement, the Pledge Agreement or any other Loan Document.) If Borrower consists of more than one person or party, the obligations and liabilities of each such
person or party shall be joint and several. 
 ARTICLE 7 - TRANSFER 

Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer (except to the extent provided for in the Loan
Agreement), Lender may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under applicable law
given to Lender with respect thereto, and Lender shall thereafter forever be relieved and fully discharged from any liability or responsibility in the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities and
the collateral not so transferred; provided, however, Borrower shall continue making payments due under this Note to the Lender named herein until Borrower has received notice of such transferee and upon receipt of such notice, Borrower shall
commence making payments due under this Note to such transferee. 
 ARTICLE 8 - EXCULPATION 

Notwithstanding anything to the contrary contained in this Note, the liability of Borrower to pay the Debt and for the performance of the
other agreements, covenants and obligations contained herein and in the Pledge Agreement, the Loan Agreement and the other Loan Documents shall be limited as set forth in Section 9.4 of the Loan Agreement. The provisions of Section 9.4 of
the Loan Agreement are hereby incorporated by reference as if the text of such Section were set forth in its entirety herein. 

ARTICLE 9 - GOVERNING LAW 
 This Note shall be governed in accordance with the terms and provisions of Section [10.3] of the Loan Agreement. 
 ARTICLE 10 - NOTICES 

  
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 All notices or other written communications hereunder shall be delivered in accordance with
Section 10.6 of the Loan Agreement. 
 ARTICLE 11 - WAIVER OF RIGHT TO JURY TRIAL 

BORROWER HEREBY WAIVES TRIAL BY JURY IN REGARD TO ANY CLAUSES OF ACTION, CLAIMS, OBLIGATIONS, DAMAGES OR ANY COMPLAINTS WHICH BORROWER
MAY HAVE ARISING OUT OF THIS NOTE, OR ANY OF THE DOCUMENTS RELATING TO, EVIDENCING AND/OR SECURING THIS NOTE (LOAN DOCUMENTS), OR IN ANY ACTION OR PROCEEDING WHICH THE HOLDER HEREOF MAY BRING TO ENFORCE ANY PROVISION OF THE LOAN DOCUMENTS. BY
EXECUTION OF THIS NOTE, BORROWER HEREBY REPRESENTS THAT BORROWER IS REPRESENTED BY COMPETENT COUNSEL WHO HAS FULLY AND COMPLETELY ADVISED BORROWER OF THE MEANING AND RAMIFICATIONS OF THE WAIVER OF THE RIGHT TO A TRIAL BY JURY. 

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

			
	BORROWER:
	
	 BROADWAY 500 WEST MONROE MEZZ I LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Illegible
		 	Name:
		 	Title:FIRST OMNIBUS AMENDMENT TO LOAN AGREEMENT

 Exhibit 10.7 
 FIRST OMNIBUS AMENDMENT TO LOAN AGREEMENT 
 AND OTHER LOAN
DOCUMENTS 
 (MEZZANINE A LOAN) 
 THIS FIRST OMNIBUS AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS (MEZZANINE A LOAN), effective as of August 15, 2007 (this “Amendment”), between BROADWAY 500 WEST MONROE MEZZ
I LLC, a Delaware limited liability company (“Borrower”), and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company (“Lender”). 

W I T N E S S E T H: 
 WHEREAS, Lender and Borrower are parties to that certain Mezzanine A Loan Agreement dated as of July 11, 2007 (the “Loan Agreement”), pursuant to which Lender advanced to
Borrower an Initial Advance (as defined in the Loan Agreement) in the principal amount of $49,100,000.00 and pursuant to which Lender agreed to make Future Advances (as defined in the Loan Agreement) to Borrower pursuant to the terms of the Loan
Agreement in the principal amount of up to $16,500,000.00 (the Initial Advance and any Future Advances are collectively referred to herein as the “Loan”); 

WHEREAS, the Loan is evidenced by that certain Promissory Note dated July 11, 2007, from Borrower to Lender in the principal amount
of up to $65,600,000.00 (the “Original Note”); 
 WHEREAS, Morgan Stanley Mortgage Capital Holdings LLC,
a New York limited liability company Lender, as mortgage lender (“Mortgage Lender”), and Broadway 500 West Monroe Fee LLC, a Delaware limited liability company, as mortgage borrower (“Mortgage
Borrower”), are parties to that certain Loan Agreement dated as of July 11, 2007 (the “Loan Agreement”), pursuant to which Mortgage Lender made a loan to Mortgage Borrower in the original principal amount of
$150,000,000.00 (the “Mortgage Loan”); 
 WHEREAS, the Mortgage Loan is evidenced by that certain
Promissory Note dated July 11, 2007, from Mortgage Borrower to Mortgage Lender in the principal amount of $150,000,000.00 (the “Original Mortgage Note”); 

WHEREAS, Mortgage Lender and Mortgage Borrower have agreed to “resize” the Mortgage Loan pursuant to Section 9.5 of the
Mortgage Loan Agreement and, in order to effectuate such “resizing”, Mortgage Borrower has partially prepaid the Mortgage Loan in the amount of $10,000,000.00 (the “Partial Prepayment”) such that the outstanding
principal amount of the Mortgage Loan as of the date hereof is $140,000,000.00; 
 WHEREAS, in connection with the
“resizing” of the Mortgage Loan, Lender and Borrower have agreed to “resize” the Loan pursuant to Section 9.5 of the Loan Agreement and, in order to effectuate such “resizing”, Lender has advanced to Borrower on
the date hereof additional Loan proceeds in the amount of $10,000,000.00 (the “Loan Increase”) such that the outstanding principal amount of the Loan as of the date hereof is $59,100,000.00 and the maximum amount of the Loan
that may be advanced to Borrower under the Loan Agreement and 

 
this Amendment is $75,600,000.00, and such Loan Increase has been contributed from Borrower to Mortgage Borrower in order to make the Partial Prepayment; 

WHEREAS, in order to reflect the Loan Increase, Lender and Borrower have entered into that certain Amended and Restated Promissory Note
(Mezzanine A Loan) effective as of August 5, 2007, in the principal amount of up to $75,600,000.00 (as the same may be amended, restated, replaced, extended, renewed, supplemented, severed, split, or otherwise modified from time to time, the
“Amended and Restated Note”); 
 WHEREAS, in order to, among other things, reflect the Partial
Prepayment, Mortgage Lender and Mortgage Borrower have entered into (i) that certain Amended and Restated Promissory Note to be effective as of August 15, 2007, in the principal amount of $140,000,000.00, and (ii) that certain First
Omnibus Amendment to Loan Agreement and Other Loan Documents to be effective as of August 15, 2007; and 
 WHEREAS, in
order to, among other things, reflect the Loan Increase and the Amended and Restated Note, Borrower and Lender have agreed to amend the Loan Agreement in the manner hereinafter set forth. 

NOW, THEREFORE, in pursuance of such agreement and for good and valuable consideration, Borrower and Lender hereby agree as follows:

 1. Unless otherwise defined in this Amendment, capitalized terms used herein shall have their defined meanings set forth in
the Loan Agreement. 
 2. The definition of Initial Advance is hereby deleted in its entirety and the following substituted
therefor: 
 “Initial Advance” shall mean, collectively, the initial advance of the Loan made by Lender to
Borrower pursuant to this Agreement on July 11, 2007, in the principal amount of Forty-Nine Million One Hundred Thousand and No/l00 Dollars ($49,100,000.00) and the additional advance of the Loan made by Lender to Borrower pursuant to this
Agreement as of August 15, 2007, in the principal amount of Ten Million and No/l00 Dollars ($10,000,000.00). The aggregate outstanding principal amount of the Initial Advance as of August 15, 2007, is Fifty-Nine Million One Hundred
Thousand and No/100 Dollars ($59,100,000.00). 
 3. The definition of Note is hereby deleted in its entirety and the following
substituted therefor: 
 “Note” shall mean that certain Amended and Restated Promissory Note (Mezzanine A Loan)
effective as of August 15, 2007 in the principal amount of up to Seventy-Five Million Six Hundred Thousand and 00/100 Dollars ($75,600,000.00), or so much thereof as may be advanced to Borrower pursuant to the terms of this Agreement, made by
Borrower in favor of Lender, as the same may be further amended, restated, replaced, 

 
extended, renewed, supplemented, severed, split, or otherwise modified from time to time. 
 4. All references in each of the Loan Documents to the Loan Agreement shall be deemed to be a reference to the Loan Agreement as amended by this Amendment. All references in each of the Loan Documents to
the Note shall be deemed to be a reference to the “Note” as defined in Section 3 above. 
 5. Lender acknowledges
and agrees that as of the date hereof it has advanced to Borrower additional Loan proceeds in the amount of the Loan Increase, and Borrower hereby acknowledges and agrees that it has accepted Loan proceeds in the amount of the Loan Increase as of
the date hereof. 
 6. Borrower and Lender hereby acknowledge and agree that the outstanding principal amount of the Loan as of
the date hereof is $59,100,000.00. 
 7. As amended by this Amendment and the Amended and Restated Note, all terms, covenants
and provisions of the Loan Documents are ratified and confirmed and shall remain in full force and effect. The obligations of Broadway Partners Parallel Fund B III, L.P., Broadway Partners Parallel Fund P III, L.P., and Broadway Partners Real Estate
Fund III, L.P. (collectively, “:Guarantor”), under that certain Guaranty of Recourse Obligations of Borrower (Mezzanine A Loan) dated as of July 11, 2007 (the “Guaranty”), shall not be released,
diminished, impaired, reduced or adversely affected by this Amendment or the Amended and Restated Note, and all obligations of Guarantor thereunder shall remain in full force and effect, and Guarantor hereby waives any common law, equitable,
statutory or other rights which such party might otherwise have as a result of or in connection with this Amendment and the Amended and Restated Note. 
 8. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and
the same instrument. 
 9. This Amendment shall inure to the benefit of and be binding upon Borrower and Lender, and their
respective successors and assigns. 
 10. This Amendment shall be governed by, and construed in accordance with, the law of the
State of New York. 
 11. Lender represents and warrants that this Amendment and the Amended and Restated Note are entered into,
as permitted under Section 9.5 of the Loan Agreement, due to the fact that a portion of the Mortgage Loan will not receive an “investment grade” rating in connection with a proposed Securitization. 

12. The provisions of Section 9.4 of the Loan Agreement are hereby incorporated by reference herein as if the text of such Section
were set forth in its entirety herein. 
 [NO FURTHER TEXT ON THIS PAGE] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	LENDER:
	
	MORGAN STANLEY MORTGAGE HOLDINGS LLC, a New York limited liability company
		
	By:	 	/s/ Gary P. Curwin
	Name:	 	Gary P. Curwin
	Title:	 	Vice President

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	LENDER:
	
	MORGAN STANLEY MORTGAGE HOLDINGS LLC, a New York limited liability company
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	BORROWER:
	
	BROADWAY 500 WEST MONROE MEZZ I LLC, a Delaware limited liability company
		
	By:	 	/s/ Illegible
	Name:	 	
	Title:	 	

 The undersigned (on behalf of itself and its successors and assigns) hereby acknowledge and agree to this
Amendment and the provisions set forth in Section 6 of this Amendment, and reaffirm their obligations under the Guaranty and agree that such Guaranty and their obligations thereunder shall continue and remain in full force and affect, as such
obligations have been expressly modified by this Amendment. 
  

							
	GUARANTOR:
	
	BROADWAY PARTNERS PARALLEL FUND B III, L.P., a Delaware limited partnership
		
	By:	 	Broadway Partners Fund GP III, L.P., a Delaware limited partnership, its general partner
			
		 	By:	 	Broadway Partners Fund GP III, LLC, a Delaware limited liability company, its general partner
				
		 		 	By:	 	/s/ Illegible
		 		 	Name:	 	
		 		 	Title:	 	
	
	BROADWAY PARTNERS REAL ESTATE FUND III, L.P., a Delaware limited partnership
		
	By:	 	Broadway Partners Fund GP III, L.P., a Delaware limited partnership, its general partner
			
		 	By:	 	Broadway Partners Fund GP III, LLC, a Delaware limited liability company, its general partner
				
		 		 	By:	 	/s/ Illegible
		 		 	Name:	 	
		 		 	Title:	 	

 
							
	BROADWAY PARTNERS PARALLEL FUND P III, L.P., a Delaware limited partnership
		
	By:	 	Broadway Partners Fund GP III, L.P., a Delaware limited partnership, its general partner
			
		 	By:	 	Broadway Partners Fund GP III, LLC, a Delaware limited liability company, its general partner
				
		 		 	By:	 	/s/ Illegible
		 		 	Name:	 	
		 		 	Title:

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