Document:

Loan Agreement TPG-2101 CW 3 & 4 and Greenwich Capital Financial

 Exhibit 10.33 
  

 LOAN AGREEMENT 
 Dated as of June 15, 2006 
 Between 
 TPG-2101 CITYWEST 3 & 4, L.P. 
 as Borrower 
 And 
 GREENWICH CAPITAL FINANCIAL PRODUCTS,
INC. 
 as Lender 
  

 TABLE OF CONTENTS 
  

									
	 1.
	  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	1
		  	1.1	  	Specific Definitions	  	1
		  	1.2	  	Index of Other Definitions	  	15
		  	1.3	  	Principles of Construction	  	18
			
	 2.
	  	GENERAL LOAN TERMS	  	18
		  	2.1	  	The Loan	  	18
		  	2.2	  	Interest; Monthly Payments	  	18
		  		  	2.2.1	  	Generally	  	18
		  		  	2.2.2	  	Default Rate	  	18
		  		  	2.2.3	  	Taxes	  	18
		  		  	2.2.4	  	Breakage Indemnity	  	19
		  		  	2.2.5	  	New Payment Date	  	19
		  	2.3	  	Loan Repayment.	  	19
		  		  	2.3.1	  	Repayment	  	19
		  		  	2.3.2	  	Mandatory Prepayments	  	20
		  		  	2.3.3	  	Optional Prepayments	  	20
		  	2.4	  	Release of Property	  	20
		  	2.5	  	Payments and Computations	  	20
		  		  	2.5.1	  	Making of Payments	  	20
		  		  	2.5.2	  	Computations	  	21
		  		  	2.5.3	  	Late Payment Charge	  	21
		  	2.6	  	Interest Rate Protection Agreements	  	21
		  		  	2.6.1	  	Interest Rate Protection Agreement	  	21
		  		  	2.6.2	  	Execution of Documents	  	22
		  		  	2.6.3	  	No Obligation of Lender	  	22
		  		  	2.6.4	  	Receipts from Interest Rate Protection Agreements	  	23
		  	2.7	  	Fees; Spread Maintenance Premium.	  	23
		  		  	2.7.1	  	Origination Fee	  	23
		  		  	2.7.2	  	Spread Maintenance Premium/Prepayment Premium	  	23
		  	2.8	  	Extension Options.	  	23
		  	2.9	  	Leasing Advances.	  	24
		  		  	2.9.1	  	Conditions Precedent	  	24
		  		  	2.9.2	  	Optional Disbursements	  	26
		  		  	2.9.3	  	Funding on the Outside Leasing Advance Date/Leasing Advance Subaccount	  	27
		  		  	2.9.4	  	Certificates of Occupancy, etc.	  	27
			
	 3.
	  	CASH MANAGEMENT AND RESERVES	  	27
		  	3.1	  	Cash Management Arrangements	  	27
		  	3.2	  	Intentionally Omitted	  	28
		  	3.3	  	Taxes and Insurance	  	28
		  	3.4	  	Capital Expense Reserves	  	28
		  	3.5	  	Rollover Reserves	  	29

  

 i 

									
		  		  	3.5.1	  	General	  	29
		  		  	3.5.2	  	Rollover Letter of Credit	  	31
		  	3.6	  	Operating Expense Subaccount	  	32
		  	3.7	  	Casualty/Condemnation Subaccount	  	32
		  	3.8	  	Security Deposits	  	32
		  	3.9	  	Cash Collateral Subaccount	  	33
		  	3.10	  	Grant of Security Interest; Application of Funds	  	34
		  	3.11	  	Property Cash Flow Allocation	  	34
			
	 4.
	  	REPRESENTATIONS AND WARRANTIES	  	35
		  	4.1	  	Organization; Special Purpose	  	35
		  	4.2	  	Proceedings; Enforceability	  	35
		  	4.3	  	No Conflicts	  	36
		  	4.4	  	Litigation	  	36
		  	4.5	  	Agreements	  	36
		  	4.6	  	Title	  	36
		  	4.7	  	No Bankruptcy Filing	  	37
		  	4.8	  	Full and Accurate Disclosure	  	37
		  	4.9	  	Tax Filings	  	37
		  	4.10	  	ERISA; No Plan Assets	  	38
		  	4.11	  	Compliance	  	38
		  	4.12	  	Contracts	  	38
		  	4.13	  	Federal Reserve Regulations; Investment Company Act	  	38
		  	4.14	  	Easements; Utilities and Public Access	  	39
		  	4.15	  	Physical Condition	  	39
		  	4.16	  	Leases	  	39
		  	4.17	  	Fraudulent Transfer	  	40
		  	4.18	  	Ownership of Borrower	  	40
		  	4.19	  	Purchase Options	  	40
		  	4.20	  	Management Agreement	  	40
		  	4.21	  	Hazardous Substances	  	40
		  	4.22	  	Name; Principal Place of Business	  	41
		  	4.23	  	Other Debt	  	41
		  	4.24	  	REA	  	41
			
	 5.
	  	COVENANTS	  	42
		  	5.1	  	Existence	  	42
		  	5.2	  	Taxes and Other Charges	  	42
		  	5.3	  	Access to Property	  	42
		  	5.4	  	Repairs; Maintenance and Compliance; Alterations	  	42
		  		  	5.4.1	  	Repairs; Maintenance and Compliance	  	42
		  		  	5.4.2	  	Alterations	  	43
		  	5.5	  	Performance of Other Agreements	  	43
		  	5.6	  	Cooperate in Legal Proceedings	  	43
		  	5.7	  	Further Assurances	  	43
		  	5.8	  	Environmental Matters	  	44
		  		  	5.8.1	  	Hazardous Substances	  	44

  

 ii 

									
		  		  	5.8.2	  	Environmental Monitoring	  	44
		  		  	5.8.3	  	O & M Program	  	46
		  	5.9	  	Title to the Property	  	46
		  	5.10	  	Leases	  	46
		  		  	5.10.1	  	Generally	  	46
		  		  	5.10.2	  	Material Leases	  	46
		  		  	5.10.3	  	Minor Leases	  	47
		  		  	5.10.4	  	Additional Covenants with respect to Leases	  	47
		  		  	5.10.5	  	Master Lease	  	48
		  		  	5.10.6	  	BMC Space Master Lease	  	49
		  	5.11	  	Estoppel Statement	  	50
		  	5.12	  	Property Management	  	50
		  		  	5.12.1	  	Management Agreement	  	50
		  		  	5.12.2	  	Termination of Manager	  	51
		  	5.13	  	Special Purpose Bankruptcy Remote Entity	  	51
		  	5.14	  	Intentionally Omitted	  	51
		  	5.15	  	Change in Business or Operation of Property	  	51
		  	5.16	  	Debt Cancellation	  	52
		  	5.17	  	Affiliate Transactions	  	52
		  	5.18	  	Zoning	  	52
		  	5.19	  	No Joint Assessment	  	52
		  	5.20	  	Principal Place of Business	  	52
		  	5.21	  	Change of Name, Identity or Structure	  	52
		  	5.22	  	Indebtedness	  	52
		  	5.23	  	Licenses	  	53
		  	5.24	  	Compliance with Restrictive Covenants, Etc.	  	53
		  	5.25	  	ERISA.	  	53
		  	5.26	  	Prohibited Transfers	  	53
		  	5.27	  	Liens	  	53
		  	5.28	  	Dissolution	  	53
		  	5.29	  	Expenses	  	53
		  	5.30	  	Indemnity	  	54
		  	5.31	  	Patriot Act Compliance	  	56
		  	5.32	  	REA	  	57
			
	 6.
	  	NOTICES AND REPORTING	  	57
		  	6.1	  	Notices	  	57
		  	6.2	  	Borrower Notices and Deliveries	  	58
		  	6.3	  	Financial Reporting	  	58
		  		  	6.3.1	  	Bookkeeping	  	58
		  		  	6.3.2	  	Annual Reports	  	59
		  		  	6.3.3	  	Quarterly Reports	  	59
		  		  	6.3.4	  	Monthly Reports	  	60
		  		  	6.3.5	  	Other Reports	  	60
		  		  	6.3.6	  	Annual Budget	  	60
		  		  	6.3.7	  	Breach	  	60

  

 iii 

									
	 7.
	  	INSURANCE; CASUALTY; AND CONDEMNATION	  	61
		  	7.1	  	Insurance	  	61
		  		  	7.1.1 Coverage	  	61
		  		  	7.1.2 Policies	  	64
		  	7.2	  	Casualty	  	65
		  		  	7.2.1	  	Notice; Restoration	  	65
		  		  	7.2.2	  	Settlement of Proceeds	  	65
		  	7.3	  	Condemnation	  	66
		  		  	7.3.1	  	Notice; Restoration	  	66
		  		  	7.3.2	  	Collection of Award	  	66
		  	7.4	  	Application of Proceeds or Award.	  	67
		  		  	7.4.1	  	Application to Restoration	  	67
		  		  	7.4.2	  	Application to Debt	  	68
		  		  	7.4.3	  	Procedure for Application to Restoration	  	68
			
	 8.
	  	DEFAULTS	  	69
		  	8.1	  	Events of Default	  	69
		  	8.2	  	Remedies	  	70
		  		  	8.2.1	  	Acceleration	  	70
		  		  	8.2.2	  	Remedies Cumulative	  	70
		  		  	8.2.3	  	Severance	  	71
		  		  	8.2.4	  	Delay	  	71
		  		  	8.2.5	  	Lender’s Right to Perform	  	71
			
	 9.
	  	SPECIAL PROVISIONS	  	72
		  	9.1	  	Sale of Note and Secondary Market Transaction	  	72
		  		  	9.1.1	  	General; Borrower Cooperation	  	72
		  		  	9.1.2	  	Use of Information	  	73
		  		  	9.1.3	  	Borrower Obligations Regarding Disclosure Documents	  	73
		  		  	9.1.4	  	Borrower Indemnity Regarding Filings	  	74
		  		  	9.1.5	  	Indemnification Procedure	  	74
		  		  	9.1.6	  	Contribution	  	75
		  		  	9.1.7	  	Rating Surveillance	  	76
		  		  	9.1.8	  	Severance of Loan	  	76
			
	 10.
	  	MISCELLANEOUS	  	76
		  	10.1	  	Exculpation	  	76
		  	10.2	  	Brokers and Financial Advisors	  	78
		  	10.3	  	Retention of Servicer	  	79
		  	10.4	  	Survival	  	79
		  	10.5	  	Lender’s Discretion	  	79
		  	10.6	  	Governing Law	  	79
		  	10.7	  	Modification, Waiver in Writing	  	80
		  	10.8	  	Trial by Jury	  	81
		  	10.9	  	Headings/Exhibits	  	81
		  	10.10	  	Severability	  	81
		  	10.11	  	Preferences	  	81
		  		  		  	

  

 iv 

									
		  		  	10.12	  	Waiver of Notice	  	81
		  		  	10.13	  	Remedies of Borrower	  	82
		  		  	10.14	  	Prior Agreements	  	82
		  		  	10.15	  	Offsets, Counterclaims and Defenses	  	82
		  		  	10.16	  	Publicity	  	82
		  		  	10.17	  	No Usury	  	83
		  		  	10.18	  	Conflict; Construction of Documents	  	83
		  		  	10.19	  	No Third Party Beneficiaries	  	84
		  		  	10.20	  	Spread Maintenance Premium/Prepayment Premium	  	84
		  		  	10.21	  	Assignment	  	84
		  		  	10.22	  	Future Funding Obligations	  	84
		  		  	10.23	  	Certain Additional Rights of Lender	  	85
		  		  	10.24	  	Set-Off	  	86
		  		  	10.25	  	Counterparts	  	86

  

			
	Schedule 1	 	Intentionally Omitted
	Schedule 2	 	Exceptions to Representations and Warranties
	Schedule 3	 	Rent Roll
	Schedule 4A	 	Organization of Borrower
	Schedule 4B-D	 	Post-Closing Potential Organization of Borrower
	Schedule 5	 	Definition of Special Purpose Bankruptcy Remote Entity
	Schedule 6	 	Form of Notice of Leasing Advance

  

 v 

 LOAN AGREEMENT 
 LOAN AGREEMENT dated as of June 15, 2006 (as the same may be modified, supplemented, amended or otherwise changed, this “Agreement”) between TPG-2101
CITYWEST 3 & 4, L.P., a Delaware limited partnership (together with its permitted successors and assigns, “Borrower”), and GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation (together with its
successors and assigns, “Lender”). 
 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 1.1 Specific Definitions. The following terms have the meanings set forth below: 
 Advance: any portion of the Principal advanced by Lender to Borrower.

 Affiliate: as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under
common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 
 Approved Bank:
a bank or other financial institution, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s. 
 Approved Capital Expenses: Capital Expenses incurred by Borrower, provided that during a Cash Management Period, such Capital Expenses
shall either be (i) included in the Approved Capital Budget for the current calendar year or (ii) approved by Lender in its reasonable discretion. 
 Approved Leasing Expenses: actual out-of-pocket expenses incurred by Borrower and payable to third parties (including leasing commissions payable to Manager pursuant to the terms of the Management
Agreement) in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (i) are (A) specifically approved by Lender in
connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, or
(C) otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease documents and brokerage agreements. 
 Approved Major Lease Leasing Expenses: actual out-of-pocket expenses incurred by Borrower and payable to third parties (including leasing
commissions payable to Manager pursuant to the terms of the Management Agreement) in re-leasing space demised under a Major Lease at the Property pursuant to replacement Leases entered into in accordance with the Loan Documents, including brokerage
commissions and tenant improvements, which expenses (i) are (A) specifically approved by Lender in connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions in
connection with Leases which do not require Lender’s approval under the Loan Documents, or (C) or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease
documents and brokerage agreements. 

 Approved Operating Expenses: during a Cash Management Period, operating expenses incurred
by Borrower which (i) are included in the Approved Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property,
(iii) are for payment of fees and expenses payable to the Manager pursuant to the Management Agreement, or (iv) have been approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed. 
 Available Cash: as of each Payment Date during the continuance of a Cash Management Period, the amount of Rents, if any, remaining in the
Deposit Account after the application of all of the payments required under clauses (i) through (v) of Section 3.11(a) hereof. 
 BMC Software Lease: the lease agreement between Borrower, as landlord, and BMC Software, Inc., as tenant, dated as of June 15, 2006, with respect to premises located in Buildings 3 and 4 at the
Property. 
 BMC Software Lease Special Termination: the surrender, cancellation or termination of the BMC Software Lease (in
whole or in part) by the tenant thereunder as a result of any act, omission, event or occurrence at the Other Property, including, without limitation, Sections 6(e), 13 and 14 of the BMC Software Lease. 
 Business Day: any day other than a Saturday, Sunday or any day on which commercial banks in New York, New York, Houston, Texas or Los
Angeles, California are authorized or required to close. 
 Calculation Date: the last day of each calendar quarter during the
Term. 
 CalSTRS: California State Teachers’ Retirement System, a public entity. 
 Capital Expenses: expenses that are capital in nature or required under GAAP to be capitalized. 
 Cash Management Period: shall commence upon Lender giving written notice to the Clearing Bank of the occurrence of any of the following:
(i) the Stated Maturity Date, (ii) an Event of Default, or (iii) the commencement of a Lease Sweep Period; and shall end upon Lender giving written notice to the Clearing Bank that the sweeping of funds into the Deposit Account may
cease, which notice Lender shall only be required to give if (1) the Loan and all other obligations under the Loan Documents have been repaid in full or (2) the Stated Maturity Date has not occurred and (A) with respect for the
matters described in clause (ii) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing or (B) with respect to the matter described in clause (iii) above, such Lease Sweep Period has
ended. 
 Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor
statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  

 2 

 Control: with respect to any Person, either (i) ownership directly or indirectly of
49% or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by
contract or otherwise. 
 Debt: the unpaid Principal, all interest accrued and unpaid thereon, any Spread Maintenance Premium,
Prepayment Premium and all other sums due to Lender in respect of the Loan or under any Loan Document. 
 Debt Service: with
respect to any particular period, the scheduled Principal (if any) and interest payments due under the Note in such period. 
 Debt
Service Coverage Ratio: as of any date, the ratio calculated by Lender in its good faith determination of (i) the Net Operating Income to (ii) the annualized Debt Service with respect to such period. 
 Default: the occurrence of any event under any Loan Document which, with the giving of notice or passage of time, or both, would be an
Event of Default. 
 Default Rate: a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable
law, or (ii) five percent (5%) above the Interest Rate, compounded monthly. 
 Deposit Bank: Wachovia Bank, National
Association, or such other bank or depository selected by Lender in its discretion. 
 Eligible Account: a separate and
identifiable account from all other funds held by the holding institution that is either (i) an account or accounts (A) maintained with a federal or state-chartered depository institution or trust company which complies with the definition
of Eligible Institution or (B) as to which Lender has received a Rating Comfort Letter from each of the applicable Rating Agencies with respect to holding funds in such account, or (ii) a segregated trust account or accounts maintained
with the corporate trust department of a federal depository institution or state chartered depository institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations §9.10(b),
having in either case corporate trust powers, acting in its fiduciary capacity, and a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authorities. An Eligible Account will not be
evidenced by a certificate of deposit, passbook or other instrument. 
 Eligible Institution: a depository institution insured
by the Federal Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s and F-1+ by Fitch, in the case of accounts in which funds are held for thirty
(30) days or less or, in the case of Letters of Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and
“Aa2” by Moody’s. 
 ERISA: the Employment Retirement Income Security Act of 1974, as amended from time to time,
and the rules and regulations promulgated thereunder. 
  

 3 

 ERISA Affiliate: all members of a controlled group of corporations and all trades and
business (whether or not incorporated) under common control and all other entities which, together with Borrower, are treated as a single employer under any or all of Section 414(b), (c), (m) or (o) of the Code. 
 GAAP: generally accepted accounting principles in the United States of America as of the date of the applicable financial report.

 Governmental Authority: any court, board, agency, commission, office or authority of any nature whatsoever for any
governmental unit (federal, state, county, district, municipal, city or otherwise) now or hereafter in existence. 
 GX Technology
Lease: Lease Agreement dated as of February 25, 2005 by and between BMC Software Texas, L.P., a landlord, and GX Technology Corporation, as tenant, with respect to certain premises in Building 3 at the Property. 
 Initial Advance: the Advance of a portion of Principal in the amount of $82,400,000 made on the date hereof from Lender to Borrower.

 Interest Period: (i) the period from the date hereof through the first day thereafter that is the last day of a
calendar month (the “Initial Interest Period”) and (ii) each period thereafter from the 1st day of each calendar month through the last day of each such 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 Lender exercises its right to change the Payment Date to a New Payment Date in accordance with Section 2.2.5
hereof, then from and after such election, each Interest Period shall be the period from the New Payment Date in each calendar month through the day in the next succeeding calendar month immediately preceding the New Payment Date in such calendar
month. 
 Interest Rate: for any Interest Period, the Spread plus LIBOR for such Interest Period (or, when applicable pursuant
to this Agreement or any other Loan Document, the Default Rate). 
 Leases: all leases and other agreements or arrangements
heretofore or hereafter entered into affecting the use, enjoyment or occupancy of the Property or the Improvements, including any extensions, renewals, modifications or amendments thereof and all additional remainders, reversions and other rights
and estates appurtenant thereunder. 
 Lease Sweep Period: the period which shall commence and end as hereinafter provided.

 A Lease Sweep Period shall commence on the first Payment Date following the occurrence of any of the following: 

(i) the date required under a Major Lease by which the applicable Major Tenant is required to give notice of its exercise of a renewal
option thereunder (and such renewal has not been so exercised, or if such Major Tenant delivers a notice of non-renewal); or 
  

 4 

 (ii) the date that is twelve (12) months prior to the stated expiration date of the
term of any Major Lease (including any renewal terms), unless such Major Lease contains a renewal notice provision at a later date, in which case clause (i) above shall apply; or 
 (iii) any Major Lease is surrendered, cancelled or terminated (in whole or in part) prior to its then current expiration date (or such
earlier date that the subject Major Tenant delivers notice that it intends to exercise any such surrender, cancellation or termination); or 
 (iv) any Major Tenant shall discontinue its business at the entirety of its premises (i.e., “goes dark”) or give notice that it intends to discontinue its business; or 
 (v) the occurrence of a Major Tenant Insolvency Proceeding. 
 Notwithstanding the foregoing, a Lease Sweep Period shall not commence if, after giving effect to such matters, the Debt Service Coverage
Ratio is at least 1.10:1; provided, however, that for purposes of the foregoing, the Debt Service Coverage Ratio shall be calculated without giving credit for any Rent payable under the subject Major Lease (or portion thereof) that gave rise to the
subject Lease Sweep Period. 
 A Lease Sweep Period shall end upon the earlier to occur of (A) the determination by Lender
that sufficient funds have been accumulated in the Rollover Reserve Subaccount to pay for all anticipated expenses in connection with the re-leasing of the space under the applicable Major Lease that gave rise to the subject Lease Sweep Period,
including brokerage commissions and tenant improvements, and any anticipated shortfalls of payments required hereunder during any period of time that Rents are insufficient as a result of down-time or free rent periods, (B) the date that either
(x) the applicable Lease Sweep Rollover Amount (inclusive of any Lease Termination Payments paid by the applicable Major Tenant and deposited into the Rollover Reserve Subaccount) has been accumulated in the Rollover Reserve Subaccount as a
result of the applicable Lease Sweep Period or (y) Borrower delivers to Lender a Rollover Letter of Credit in an amount equal to the applicable Lease Sweep Rollover Amount (less the amount of any Lease Termination Payments paid by the
applicable Major Tenant and deposited into the Rollover Reserve Subaccount) in accordance with Section 3.5.2, or (C) the occurrence of any of the following: 
 (1) with respect to a Lease Sweep Period caused by a matter described in clauses (i), (ii), (iii) or (iv) above, upon the earlier to occur
of (A) the date on which the subject Major Tenant irrevocably exercises its renewal or extension option (or otherwise enters into an extension agreement with Borrower and acceptable to Lender) with respect to all of the space demised under its
Major Lease, and in Lender’s reasonable good faith judgment, sufficient funds have been accumulated in the Rollover Reserve Subaccount (which shall not be more than funds in the amount of $10.00 per square foot of the premises under such Major
Lease (or such lesser amount approved by Lender)) during the continuance of the subject Lease Sweep Period to pay for all anticipated Approved Major Lease Leasing Expenses for such Major Lease and any other anticipated expenses in connection with
such renewal or extension, or (B) the date on which (x)
  

 5 

 all or any portion of the space demised under the subject Major Lease that gave rise to the subject Lease Sweep Period
has been re-leased pursuant to a replacement Lease or replacement Leases approved by Lender (or which do not require Lender’s approval pursuant to Section 5.10), and entered into in accordance with Section 5.10 hereof,
(y) all Approved Major Lease Leasing Expenses (and any other expenses in connection with the re-tenanting of such space) have been paid in full and (z) after giving effect to the Rent that is payable under such replacement Lease(s), the
Property will achieve a Debt Service Coverage Ratio of at least 1.15:1; or 
 (2) with respect to a Lease Sweep Period caused by a matter
described in clause (v) above, if the applicable Major Tenant Insolvency Proceeding has terminated and the applicable Major Lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to Lender. 
 Lease Sweep Rollover Amount: an amount equal to $10 per square foot of the leased premises under a Major Lease (or portion thereof) that
gave rise to the subject Lease Sweep Period. 
 Lease Termination Payments: (i) all fees, penalties, commissions or other
payments made to Borrower in connection with or relating to the rejection, buy-out, termination, surrender or cancellation of any Lease (including in connection with any bankruptcy proceeding), (ii) any security deposits or proceeds of letters
of credit held by Borrower in lieu of cash security deposits, which Borrower is permitted to retain pursuant to the applicable provisions of any Lease and (iii) any payments made to Borrower relating to unamortized tenant improvements and
leasing commissions under any Lease. 
 Leasing Advances: Advances made pursuant to Section 2.9. 
 Legal Requirements: statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities
affecting Borrower, any Loan Document or all or part of the Property or the construction, ownership, use, alteration or operation thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations
relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instrument, either of record or known to Borrower, at any time in force affecting all or part of the Property. 
 Letter of Credit: an irrevocable, unconditional, transferable, clean sight draft letter of credit acceptable to Lender in its reasonable
discretion and to the Rating Agencies (either an evergreen letter of credit or one which does not expire until at least thirty (30) days after the Stated Maturity Date) in favor of Lender and entitling Lender to draw thereon in New York, New
York (or such other location agreed to by Lender), issued by a domestic Approved Bank or the U.S. agency or branch of a foreign Approved Bank, to an applicant/obligor that is an Affiliate of Borrower. 
 LIBOR: with respect to any Interest Period, a floating interest rate per annum (rounded upwards to five decimal places) equal to the rate
for U.S. dollar deposits with one (1) month maturities which appears on Telerate Page 3750 as of 11:00 am, London time on the 
  

 6 

 related Determination Date; provided, however, that if such rate does not appear on Telerate Page 3750,
“LIBOR” shall mean a rate per annum equal to the rate at which U.S. dollar deposits in an amount approximately equal to the Loan, and with one (1) month maturities, are offered in immediately available funds in the London Interbank
Market to the London office of National Westminster Bank, Plc by leading banks in the Eurodollar market at 11:00 a.m., London time. “Telerate Page 3750” means the display designated as “Page 3750” on the Associated
Press-Dow Jones Telerate Service (or such other page as may replace Page 3750 on the Associated Press-Dow Jones Telerate Service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying British Banker’s Association interest settlement rates for U.S. Dollar deposits). Any LIBOR determined on the basis of the rate displayed on Telerate Page 3750 in accordance with the provisions hereof shall be subject
to corrections, if any, made in such rate and displayed by the Associated Press-Dow Jones Telerate Service within one (1) hour of the time when such rate is first displayed by such Service. For purposes hereof,
(i) “Determination Date” shall mean, (A) with respect to the Initial Interest Period, the date which is two (2) Eurodollar Business Days prior to the date hereof and (B) with respect to any other Interest
Period, the date which is two (2) Eurodollar Business Days prior to the fifth (5th) day of the calendar month occurring during such Interest Period; and (ii) “Eurodollar Business Day” shall mean any day other
than a Saturday, Sunday or other day on which banks in the City of London, England are closed for interbank or foreign exchange transactions. 
 Lien: any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference, assignment, security interest or any other encumbrance, charge or transfer of, or any
agreement to enter into or create any of the foregoing, on or affecting all or any part of the Property or any interest therein, or any direct or indirect interest in Borrower or the SPE Party, including any conditional sale or other title retention
agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
 Loan Documents: this Agreement and all other documents, agreements and instruments now or hereafter evidencing, securing or delivered to
Lender in connection with the Loan, including the following, each of which is dated as of the date hereof: (i) the Promissory Note or Promissory Notes made by Borrower to Lender in the aggregate principal amount equal to the Loan (the
“Note”), (ii) the Deed of Trust, Assignment of Leases and Rents and Security Agreement made by Borrower to a trustee, favor of Lender which covers the Property (the “Mortgage”),
(iii) Assignment of Leases and Rents from Borrower to Lender (the “Assignment of Leases”), (iv) Assignment of Agreements, Licenses, Permits and Contracts from Borrower to Lender, (v) the Clearing Account
Agreement (the “Clearing Account Agreement”) among Borrower, Lender, Manager and Clearing Bank, (vi) the Deposit Account Agreement (the “Deposit Account Agreement”) among Borrower, Lender, Manager
and the Deposit Bank, and (vii) the Pledge and Security Agreement executed by TPG/CalSTRS in favor of Lender which creates a security interest in the 100% direct and indirect ownership interest of TPG/CalSTRS in the Other Property Owner; as
each of the foregoing may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, severed, split, supplemented or otherwise modified from time to time (including pursuant to
Section 9.1.8 hereof). 
  

 7 

 Lockout Date: the 12th Payment Date after the closing of the Loan. 
 Major Lease: the BMC Software Lease and the GX Technology Lease. 
 Major Tenant: any tenant under a
Major Lease. 
 Major Tenant Insolvency Proceeding: (A) the admission in writing by any Major Tenant of its inability to
pay its debts generally, or the making of a general assignment for the benefit of creditors, or the instituting by any Major Tenant of any proceeding seeking to adjudicate it insolvent or seeking a liquidation or dissolution, or the taking advantage
by any Major Tenant of any Insolvency Law (as hereinafter defined), or the commencement by any Major Tenant of a case or other proceeding naming it as debtor under any Insolvency Law or the instituting of a case or other proceeding against or with
respect to any Major Tenant under any Insolvency Law or (B) the instituting of any proceeding against or with respect to any Major Tenant seeking liquidation of its assets or the appointment of (or if any Major Tenant shall consent to or
acquiesce in the appointment of) a receiver, liquidator, conservator, trustee or similar official in respect of it or the whole or any substantial part of its properties or assets or the taking of any corporate, partnership or limited liability
company action in furtherance of any of the foregoing. As used herein, the term “Insolvency Law” shall mean Title 11 of the United States Code (11 U.S.C. §§ 101 et seq.) as the same has been or may be
amended or superseded from time to time, or any other applicable domestic or foreign liquidation, conservatorship, bankruptcy, receivership, insolvency, reorganization, or any similar debtor relief laws affecting the rights, remedies, powers,
privileges and benefits of creditors generally. 
 Management Agreement: the management agreement between Borrower and Manager,
pursuant to which Manager is to manage the Property, as same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with Section 5.12 hereof. 
 Manager: TPG-FP Services, L.P., a Texas limited partnership, or any successor, assignee or replacement manager appointed by Borrower in
accordance with Section 5.12 hereof. 
 Master Lease: that certain Lease of even date herewith between Borrower, as
landlord, and TPG/CalSTRS (“Master Lease Tenant”), as tenant, which covers the Master Lease Space. 
 Master
Lease Space: the approximately 200,000 square feet of space of the Improvements, which is currently demised to Master Lease Tenant pursuant to the Master Lease. 
 Material Alteration: any alteration affecting structural elements of the Property the cost of which exceeds $1,000,000; provided, however, that in no event shall (i) any tenant improvement work
performed pursuant to any Lease existing on the date hereof or entered into hereafter in accordance with the provisions of this Agreement, or (ii) alterations performed as part of a Restoration, constitute a Material Alteration. 
 Material Lease: all Leases which individually or in the aggregate with respect to the same tenant and its Affiliates (i) cover more
than 80,000 square feet of the Improvements or (ii) have a gross annual rent of more than twelve percent (12%) of the total annual Rents. The Master Lease is deemed to be a Material Lease. 
  

 8 

 Maturity Date: the date on which the final payment of principal of the Note becomes due and
payable as therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise. 
 Maximum Leasing
Advance Amount: $10,000,000. 
 Minor Lease: any Lease that is not a Material Lease. 
 Net Operating Income: for any period, the actual net operating income of the Property determined on a cash basis of accounting, after
deducting therefrom deposits to (but not withdrawals from) any reserves required under this Agreement, and without taking into account in such calculation of Net Operating Income any non-recurring extraordinary items of income. Notwithstanding
anything to the contrary contained herein, Net Operating Income shall be calculated on a trailing 12-month basis; provided, however, with respect to income from base rent and recoveries under Non-Affiliated Leases (hereinafter defined) at the
Property, such portion of Net Operating Income shall be calculated based upon the monthly base rent and recoveries under all executed Non-Affiliated Leases in place (for which the tenants thereunder have taken occupancy and have commenced the
payment of rent thereunder) for the then current month, multiplied by twelve (12) (i.e., annualizing such income for the then current month, in lieu of using a trailing 12 month basis), without regard to any free rent periods then in effect. As
used herein, “Non-Affiliated Leases” means all Leases with tenants that are not Affiliates of Borrower. Additionally, notwithstanding the foregoing, for the purposes of calculating Net Operating Income during a Lease Sweep
Period, no deduction for deposits to the Rollover Reserve Subaccount shall be taken. 
 Officer’s Certificate: a
certificate delivered to Lender by Borrower which is signed by a senior executive officer of the SPE Party. 
 OP: Thomas
Properties Group, L.P., a Maryland limited partnership. 
 Other Charges: all ground rents, maintenance charges, impositions
other than Taxes, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof.

 Other Loan: the loan being made on the date hereof from Lender to Other Property Owner in the original principal amount of
$121,000,000. 
 Other Pledge Agreement: that certain Pledge and Security Agreement of even date herewith made by TPG/CalSTRS
for the benefit of the holder of the Other Loan, which creates a security interest in the 100% ownership direct and indirect interest of TPG/CalSTRS in Borrower. 
 Other Property: The property known as Buildings 1 and 2 at 2101 CityWest Boulevard, Houston, Texas. 
  

 9 

 Other Property Owner: TPG-2101 CityWest 1 & 2, L.P., a Delaware limited partnership
(the owner of the Other Property). 
 Outside Leasing Advance Date: June 14, 2007 (the “Originally Scheduled
Outside Leasing Advance Date”); provided, however, that Lender in its sole and absolute discretion shall have the right to extend such date for one (1) additional 364 day period (the “Extended Outside Leasing
Advance Date”) by giving written notice of such extension to Borrower. 
 Payment Date: the 1st day of each
calendar month or, upon Lender’s exercise of its right to change the Payment Date in accordance with Section 2.2.5 hereof, 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 August 1, 2006. 
 Permitted Encumbrances:
(i) the Liens created by the Loan Documents, (ii) all Liens and other matters disclosed in the Title Insurance Policy, (iii) Liens, if any, for Taxes or Other Charges not yet due and payable and not delinquent, (iv) any
workers’, mechanics’ or other similar Liens on the Property provided that any such Lien is bonded or discharged within thirty (30) days after Borrower first receives notice of such Lien, (v) Liens created by the Other Pledge
Agreement and (vi) such other title and survey exceptions as Lender approves in writing in Lender’s reasonable discretion. 
 Permitted Transfers: 
 (i) a Lease entered into in accordance with the Loan Documents; 
 (ii) a Permitted Encumbrance; 
 (iii) a
Transfer of the Property in connection with a Condemnation; 
 (iv) provided that no Default or Event of Default shall then exist,
(x) if the Other Pledge Agreement is then outstanding, a Transfer of a direct or indirect interest in Borrower (other than any partnership interest in Borrower and any membership interest in SPE Party encumbered by the Other Pledge Agreement),
or (y) if the Other Pledge Agreement is not then outstanding, a Transfer of a direct or indirect interest in Borrower, other than the partnership interest held by SPE Party, to any Person provided that (A) such Transfer shall not
(x) cause the transferee (other than TPG, the REIT or CalSTRS), together with its Affiliates, to acquire Control of Borrower or the SPE Party or to increase its direct or indirect interest in Borrower or in the SPE Party to an amount which
equals or exceeds forty-nine percent (49%) or (y) result in Borrower or the SPE Party no longer being Controlled (in the sense of clause (ii) of the defined term “Control”) by TPG or the REIT, (B) after giving effect to
such Transfer, TPG or the REIT shall (1) continue to Control Borrower (in the sense of clause (ii) of the defined term “Control”) and (2) directly or indirectly, own at least fifteen percent (15%) of all equity
interests (direct or indirect) in Borrower, (C) if such Transfer would cause the transferee (other than TPG or the REIT or CalSTRS) to increase its direct or indirect interest in Borrower or in the SPE Party to an amount which equals or exceeds
twenty percent (20%), Lender shall have approved in its reasonable discretion such proposed transferee, which approval shall be based upon Lender’s satisfactory determination as to the reputable character and creditworthiness of such proposed

  

 10 

 transferee, as evidenced by credit and background checks performed by Lender and such other financial statements and
other information reasonably requested by Lender, (D) Borrower shall give Lender notice of such Transfer together with copies of all instruments effecting such Transfer not less than ten (10) days prior to the date of such Transfer, and
(E) the legal and financial structure of Borrower and its members and the single purpose nature and bankruptcy remoteness of Borrower and its members after such Transfer, shall satisfy Lender’s then current applicable underwriting criteria
and requirements; 
 (v) provided that no Event of Default shall then exist, a Transfer of interests in TPG in connection with the conversion
of TPG into a real estate investment trust; provided that (A) after giving affect thereto, the REIT continues to (1) Control Borrower (in the sense of clause (ii) of the defined term “Control”) and (2) own at least
fifteen percent (15%) of all equity interests (direct or indirect) in Borrower, (B) such Transfer shall not result in a change of the day to day management and operations of the Property, and (C) Borrower shall give Lender notice of
such Transfer together with copies of all instruments effecting such Transfer at least 30 days prior to the date of such Transfer; or 
 (vi)
(A) the issuance of any securities, options, warrants or other interests in TPG or the REIT or any entity owning an interest in the REIT, (B) the sale or pledge of stock in the TPG or the REIT, provided such stock is listed on the New York
Stock Exchange or such other nationally recognized stock exchange, (C) the merger or consolidation of the REIT or (D) the merger or consolidation of the OP, provided that in the case of each of (C) and (D) above, the surviving
entity shall be the REIT and/or the OP, as applicable, and after giving effect to such merger or consolidation, the surviving entity (the REIT or the OP, as applicable) shall continue to own not less than fifteen percent (15%) of all equity
interests (direct or indirect) in Borrower and, in the case of each of (A), (B), (C) and (D) above, the REIT and/or the OP shall continue to Control (in the sense of clause (ii) of the defined term “Control”) Borrower and
the day to day operations of the Property; ; or 
 (vii) provided that no Default or Event of Default shall then exist, a Transfer of all
limited partnership interests in Borrower and all membership interests in SPE Party to one or more newly formed entities (the “New JV”) owned jointly by TPG/CalSTRS (in an amount of up to fifty-one percent
(51%)) and by the transferee (in an amount of up to forty-nine percent (49%)) (for the purposes of this clause (vii), the “Transferee”) (as more particularly shown on Schedule 4C attached hereto),
provided that: (A) such Transfer shall not result in such Transferee acquiring Control (in the sense of clause (ii) of the defined term “Control”) of Borrower or SPE Party; (B) if such Transfer results in the Transferee
(other than TPG, the REIT or CalSTRS) acquiring a 49% interest in the New JV, such Transfer is first approved by Lender in its reasonable discretion; (C) if such Transfer results in the Transferee (other than TPG, the REIT, or CalSTRS)
acquiring a 20% (or greater) interest in the New JV, Lender shall have approved in its reasonable discretion the Transferee, which approval shall be based upon Lender’s satisfactory determination as to the reputable character and
creditworthiness of the Transferee, as evidenced by credit and background checks performed by Lender and such other financial statements and other information reasonably requested by Lender, (D) if such Transfer results in the Transferee (other
than TPG, the REIT or CalSTRS) acquiring a 49% interest in the New JV, Borrower, at its sole cost and expense, shall have delivered (or caused to be delivered) to Lender and, if such Transfer occurs after a Secondary Market Transaction, the
applicable Rating 
  

 11 

 Agencies, a substantive non-consolidation opinion with respect to Borrower in form and substance reasonably satisfactory
to Lender and the applicable Rating Agencies, (E) Borrower shall have reimbursed Lender for all reasonable expenses incurred by it in connection with such Transfer; (F) if such Transfer results in the Transferee (other than TPG, the REIT
or CalSTRS) acquiring a 49% interest in the New JV, and if such Transfer occurs after a Secondary Market Transaction, Borrower, at its sole cost and expense, shall have delivered (or caused to be delivered) to Lender and the applicable Rating
Agencies, a Rating Comfort Letter; and (G) if the Other Pledge Agreement is then outstanding, the New JV shall execute and deliver to the holder of the Other Loan one or more pledge and security agreement(s) in the same form as the Other Pledge
Agreement, which creates a security interest in the one hundred percent (100%) ownership direct and indirect interest of the New JV in Borrower and SPE Party (such that at all times, if the Other Pledge Agreement is then outstanding, the holder
of the Other Loan will have a first priority Lien on one hundred percent (100%) of the direct and indirect ownership interests in Borrower and SPE Party); or 
 (viii) provided that no Default or Event of Default shall then exist, a Transfer of all limited partnership interests in Borrower and all membership interests in SPE Party to one or more newly formed entities wholly
owned by the OP and CalSTRS (for the purposes of this clause (viii), such newly formed entity or entities are referred to as the “Transferee”) (as more particularly shown on Schedule 4D attached hereto), and from and after
the date of such Permitted Transfer described in this clause (viii), all references in the Loan Documents to “TPG/CalSTRS” shall be deemed to refer to the Transferee, provided that (A) after giving effect to such Transfer, TPG or the
REIT shall continue to Control Borrower and the SPE Party (in the sense of clause (ii) of the defined term “Control”), (B) Borrower, at its sole cost and expense, shall have delivered (or caused to be delivered) to Lender and, if
such Transfer occurs after a Secondary Market Transaction, the applicable Rating Agencies, a substantive non-consolidation opinion with respect to Borrower in form and substance reasonably satisfactory to Lender and the applicable Rating Agencies,
(C) Borrower shall have reimbursed Lender for all reasonable expenses incurred by it in connection with such Transfer, (D) Borrower shall give Lender notice of such Transfer together with copies of all instruments effecting such Transfer
not less than ten (10) days prior to such Transfer, (E) if the Other Pledge Agreement is then outstanding, the Transferee shall execute and deliver to the holder of the Other Loan one or more pledge and security agreement(s) in the same
form as the Other Pledge Agreement, which creates a security interest in the one hundred percent (100%) ownership direct and indirect interest of the Transferee in Borrower and SPE Party (as applicable) (such that at all times, if the Other
Pledge Agreement is then outstanding, the holder of the Other Loan will have a first priority Lien on one hundred percent (100%) of the direct and indirect ownership interests in Borrower and SPE Party), and (F) the Transferee shall assume
the obligations of the Master Lease Tenant and the BMC Space Master Lease Tenant (if applicable) with respect to the Master Lease and the BMC Space Master Lease (if applicable), and TPG/CalSTRS shall be released from such obligations. 
 Person: any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any
other person or entity, and any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
  

 12 

 Plan: (i) an employee benefit or other plan established or maintained by Borrower or
any ERISA Affiliate or to which Borrower or any ERISA Affiliate makes or is obligated to make contributions and (ii) which is subject to Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code. 
 Pledge Agreement: that certain Pledge and Security Agreement of even date herewith made by TPG/CalSTRS for the benefit of Lender, which
creates a security interest in the 100% ownership direct and indirect interest of TPG/CalSTRS in the Other Property Owner. 
 Prepayment Premium: with respect to any repayment or prepayment of Principal (or acceleration of the Loan) after the Lockout Date through and including January 1, 2008, an amount equal to one-half of one percent (0.50%)
of the amount of Principal being repaid or prepaid (or the amount of Principal so accelerated) (and no Prepayment Premium shall be payable with respect to any repayment or prepayment of Principal made after January 1, 2008). 
 Pledge Agreement: that certain Pledge and Security Agreement of even date herewith made by TPG/CalSTRS for the benefit of Lender.

 Property: the parcel of real property and Improvements thereon owned by Borrower and encumbered by the Mortgage; together
with all rights pertaining to such real property and Improvements, and all other collateral for the Loan as more particularly described in the Granting Clauses of the Mortgage and referred to therein as the Trust Property. The Property is known as
Buildings 3 and 4 at 2101 CityWest Boulevard, Houston, Texas and includes all parking facilities and structures serving the Property, including those known as Parking Garages 3 and 4. 
 Rating Agency: each of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”),
Moody’s Investors Service, Inc. (“Moody’s”), and Fitch, Inc., a division of Fitch Ratings Ltd. (“Fitch”) or any other nationally-recognized statistical rating organization to the extent any
of the foregoing have been engaged by Lender or its designee in connection with or in anticipation of any Secondary Market Transaction. 
 Rating Comfort Letter: a letter issued by each of the applicable Rating Agencies which confirms that the taking of the action referenced to therein will not result in any qualification, withdrawal or downgrading of any
existing ratings of Securities created in a Secondary Market Transaction. 
 REA: that certain Declaration of Easements and
Restrictive Covenants dated as of June 14, 2006 by BMC Software Texas, L.P., a Texas limited partnership. 
 REIT: the
resulting real estate investment trust from and after the conversion of TPG into a real estate investment trust pursuant to clause (vi) of the definition of “Permitted Transfer” above. 
 Rents: 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 (including parking revenue), deposits (including 
  

 13 

 security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other payment
and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower, Manager or any of their agents or employees from any and all sources arising from or attributable to the Property 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 Property or rendering of services by Borrower, Manager or any of their agents or employees and proceeds, if any, from business interruption or other loss of income insurance. 
 Servicer: a servicer selected by Lender to service the Loan, including any “master servicer” or “special servicer”
appointed under the terms of any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction. 
 SPE Party: TPG-2101 CityWest 3 & 4 GP, LLC, a Delaware limited liability company. 
 Spread: 1.25%.

 Spread Maintenance Premium: with respect to any payment or prepayment of Principal (or acceleration of the Loan) on or
before the Lockout Date, an amount equal to the product of the following: (A) the amount of such prepayment (or the amount of Principal so accelerated), multiplied by (B) the Spread, multiplied by (C) a fraction (expressed as a
percentage) having a numerator equal to the number of months difference between the First Extended Maturity Date (whether or not the extension option is exercised pursuant to Section 2.8 hereof) and the date such prepayment occurs
(or the next succeeding Payment Date through which interest has been paid by Borrower) and a denominator equal to twelve (12). 
 State: the state in which the Property is located. 
 Stated Maturity Date: July 1, 2008, as the
same may be extended pursuant to Section 2.8 hereof, and as such date may be changed in accordance with Section 2.2.5 hereof. 
 Survey: ALTA/ACSM Land Title Survey by Prejean & Company, Inc., issued under Job. No. 157-7 and 157-7-1, last updated June 12, 2006. 
 Taxes: all real estate and personal property taxes, assessments, water rates or sewer rents, maintenance charges, impositions, vault
charges and license fees, now or hereafter levied or assessed or imposed against all or part of the Property. 
 Term: the
entire term of this Agreement, which shall expire upon repayment in full of the Debt and full performance of each and every obligation to be performed by Borrower pursuant to the Loan Documents. 
 Title Insurance Policy: the ALTA mortgagee title insurance policy in the form acceptable to Lender issued with respect to the Property and
insuring the Lien of the Mortgage. 
 TPG: Thomas Properties Group, Inc., a Delaware corporation. 
  

 14 

 TPG/CalSTRS: TPG/CalSTRS, LLC, a Delaware limited liability company. 
 Transfer: (i) any sale, conveyance, transfer, Lease or assignment, or the entry into any agreement to sell, convey, transfer, lease or
assign, whether by law or otherwise, of, on, in or affecting (x) all or part of the Property (including any legal or beneficial direct or indirect interest therein), (y) any direct or indirect interest in Borrower (including any profit
interest), or (z) any direct or indirect interest in the SPE Party or (ii) any change of Control of Borrower or the SPE Party. For purposes hereof, (i) a Transfer of an interest in Borrower or the SPE Party shall be deemed to include
(A) if Borrower or the SPE Party or controlling shareholder of Borrower or the SPE Party is a corporation, the voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of any corporation directly or
indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock in one or a series of transactions by which an aggregate of more than ten percent (10%) of such corporation’s stock shall be
vested in a party or parties who are not now stockholders or any change in the control of such corporation and (B) if Borrower, the SPE Party or controlling shareholder of Borrower or the SPE Party is a limited or general partnership, joint
venture or limited liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner, joint venturer or member or the transfer of the partnership interest of any general partner, managing partner
or limited partner or the transfer of the interest of any joint venturer or member and (ii) a change of Control of Borrower or the SPE Party shall be deemed to have occurred if (A) there is any change in the identity of any individual or
entity or any group of individuals or entities who have the right, by virtue of any partnership agreement, articles of incorporation, by-laws, articles of organization, operating agreement or any other agreement, with or without taking any formative
action, to cause Borrower (or the SPE Party) to take some action or to prevent, restrict or impede Borrower (or the SPE Party) from taking some action which, in either case, Borrower (or the SPE Party) could take or could refrain from taking were it
not for the rights of such individuals or (B) the individual or entity or group of individuals or entities that Control Borrower (and the SPE Party) as described in clause (A) ever cease to own at least fifteen percent (15%) of all
equity interests (direct or indirect) in Borrower (and the SPE Party). 
 UCC: the Uniform Commercial Code as in
effect in the State or the state in which any of the Cash Management Accounts are located, as the case may be. 
 Welfare Plan:
an employee welfare benefit plan, as defined in Section 3(1) of ERISA. 
 1.2 Index of Other Definitions. The following
terms are defined in the sections or Loan Documents indicated below: 
 “Acceptable Counterparty” - 2.6.1 
 “Annual Budget “ - 6.3.5 
 “Applicable
Taxes” - 2.2.3 
 “Approved Annual Budget “ - 6.3.5 
 “Approved Capital Budget” - 6.3.5 
 “Approved Operating Budget” - 6.3.5 
 “Assignment of Leases” - 1.1 (Definition of Loan Documents) 
  

 15 

 “Award” - 7.3.2 
 “Bankruptcy Proceeding” - 4.7 
 “BMC Space Master Lease” - 5.10.6 
 “BMC Space Master Lease Space” - 5.10.6 
 “BMC Space
Master Lease Tenant” - 5.10.6 
 “Borrower’s Recourse Liabilities” - 10.1 
 “Capital Reserve Subaccount” - 3.4 
 “Cash Collateral
Subaccount” - 3.9 
 “Cash Management Accounts” - 3.10 
 “Casualty” - 7.2.1 
 “Casualty/Condemnation Prepayment” - 2.3.2 
 “Casualty/Condemnation Subaccount” - 3.7 
 “Clearing
Account” - 3.1 
 “Clearing Account Agreement” - 1.1 (Definition of Loan Documents) 
 “Clearing Bank” - 3.1 
 “Condemnation” -
7.3.1 
 “Deposit Account” - 3.1 
 “Deposit Account Agreement” - 1.1 (Definition of Loan Documents) 
 “Determination Date” - 1.1 (Definition of
LIBOR) 
 “Disclosure Document” - 9.1.2 
 “Easements” - 4.14 
 “Environmental Laws” - 4.21 
 “Equipment” - Mortgage 
 “Eurodollar Business Day” - 1.1 (Definition of LIBOR) 

“Event of Default” - 8.1 
 “Exchange Act”
- 9.1.2 
 “Fitch” - 1.1 (Definition of Rating Agency) 
 “First Extended Maturity Date” - 2.8 
 “GCM Group” - 9.1.3 
 “Government Lists” - 5.31 
 “Hazardous
Substances” - 4.21 
 “Improvements” - Mortgage 
 “Indemnified Liabilities” - 5.30 
 “Indemnified Party” - 5.30 
 “Independent Director” - Schedule 5 
 “Initial
Interest Period” - 1.1 (Definition of Interest Period) 
 “Insurance Premiums” - 7.1.2 
 “Insured Casualty” - 7.2.2 
 “Interest Rate
Protection Agreement” - 2.6.1 
 “Issuer” - 9.1.3 
 “Late Payment Charge” - 2.5.3 
 “Lender’s Consultant” - 5.8.1 
 “Liabilities” - 9.1.3 
 “Licenses” - 4.11

 “Loan” - 2.1 
 “Minimum PSF Rent and
Recoveries” - 5.10.5 
  

 16 

 “Minimum BMC Space PSF Rent and Recoveries” - 5.10.5 
 “Moody’s” - 1.1 (Definition of Rating Agency) 
 “Mortgage” - 1.1 (Definition of Loan Documents) 
 “New ML Lease” - 5.10.5 
 “New ML Tenant” - 5.10.5 
 “New BMC Space ML
Lease” - 5.10.6 
 “New BMC Space ML Tenant” - 5.10.6 
 “New Payment Date” - 2.2.5 
 “Note” - 1.1 (Definition of Loan Documents) 
 “Notice” - 6.1 
 “O & M Program” -
5.8.3 
 “OFAC” - 5.31 
 “Operating Expense Subaccount” - 3.6 
 “Patriot Act” - 5.31 
 “Patriot Act Offense” - 5.31 
 “Permitted
Indebtedness” - 5.22 
 “Permitted Investments” - Deposit Account Agreement 
 “Policies” - 7.1.2 
 “Principal” - 2.1

 “Proceeds” - 7.2.2 
 “Proposed
Material Lease” - 5.10.2 
 “Provided Information” - 9.1.1 
 “Qualified Carrier” - 7.1.1 
 “Registration Statement” - 9.1.3 
 “Remedial Work” - 5.8.2 
 “Rent Roll” - 4.16

 “Required Records” - 6.3.6 
 “Restoration” - 7.4.1 
 “Rollover Letter of Credit” - 3.5.2 
 “Rollover Reserve Subaccount” - 3.5 
 “S&P” - 1.1 (Definition of Rating Agency) 
 “Secondary Market Transaction” - 9.1.1 
 “Second Extended Maturity Date” - 2.8 
 “Securities” - 9.1.1 
 “Securities Act” - 9.1.2 
 “Securitization” - 9.1.1 
 “Security Deposit Account” - 3.8 
 “Security Deposit Subaccount” - 3.8 
 “Significant
Casualty” - 7.2.2 
 “Special Purpose Bankruptcy Remote Entity” - 5.13 
 “Springing Recourse Event” - 10.1 
 “Subaccounts” - 3.1 
 “Tax and Insurance Subaccount” - 3.3 
 “Third
Extended Maturity Date” - 2.8 
 “Toxic Mold” - 4.21 
 “Underwriter Group” - 9.1.3 
 “Underwriters” - 9.1.3 
  

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 1.3 Principles of Construction. Unless otherwise specified, (i) all references
to sections and schedules are to those in this Agreement, (ii) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision,
(iii) all definitions are equally applicable to the singular and plural forms of the terms defined, (iv) the word “including” means “including but not limited to,” and (v) accounting terms not specifically defined
herein shall be construed in accordance with GAAP. 
 2. GENERAL LOAN TERMS 
 2.1 The Loan. Subject to and upon the terms and conditions of this Agreement, Lender agrees to make a loan to Borrower (the
“Loan”) in a maximum principal amount of up to $92,400,000 (such amount or such lesser amount thereof as shall have been advanced as of the date in question by Lender to Borrower pursuant to this Agreement, shall be referred
to herein as the “Principal”). The Loan shall be made in a series of Advances and shall consist of: (i) the Initial Advance being made on the date hereof and (ii) Leasing Advances to be made after the date hereof in
a maximum aggregate amount of up to $10,0000,000. Lender’s obligation (if any) to make any Advance after the date hereof is subject to the applicable terms, conditions and limitations set forth in this Agreement. No amount repaid in respect of
the Loan may be re-borrowed. The Loan shall mature on the Stated Maturity Date (subject to the provisions of Section 2.8 below). Borrower acknowledges receipt of the Initial Advance, the proceeds of which are being and shall be used to
(i) acquire the Property, (ii) fund certain of the Subaccounts, and (iii) pay transaction costs. Any excess proceeds may be used for any lawful purpose. 
 2.2 Interest; Monthly Payments. 
 2.2.1 Generally. From and after the date
hereof, interest on the unpaid Principal shall accrue at the Interest Rate and be payable as hereinafter provided. On the date hereof, Borrower shall pay interest on the unpaid Principal from the date hereof through and including June 30, 2006.
On August 1, 2006 and each Payment Date thereafter through and including the Maturity Date, Borrower shall pay interest on the unpaid Principal which has accrued through the last day of the Interest Period immediately preceding such Payment
Date. All accrued and unpaid interest shall be due and payable on the Maturity Date. If the Loan is repaid on any date other than on a Payment Date (whether prior to or after the Stated Maturity Date), Borrower shall also pay interest that would
have accrued on such repaid Principal to but not including the next Payment Date. 
 2.2.2 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. 
 2.2.3 Taxes. Any and all payments by Borrower hereunder and under the other Loan Documents shall be made free and clear of and
without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on Lender’s income, and franchise taxes imposed on Lender by

  

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 the law or regulation of any Governmental Authority (all such non-excluded taxes, levies, imposts, deductions, charges,
withholdings and liabilities being hereinafter referred to in this Section 2.2.3 as “Applicable Taxes”). If Borrower shall be required by law to deduct any Applicable Taxes from or in respect of any sum payable
hereunder to Lender, the following shall apply: (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 2.2.3), Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions and (iii) Borrower shall pay the full amount deducted to the relevant
taxation authority or other authority in accordance with applicable law. Payments pursuant to this Section 2.2.3 shall be made within ten (10) days after the date Lender makes written demand therefor. 
 2.2.4 Breakage Indemnity. Borrower shall indemnify Lender against any loss or expense which Lender may actually sustain or incur in
liquidating or redeploying deposits from third parties acquired to effect or maintain the Loan or any part thereof as a consequence of (i) any payment or prepayment of the Loan or any portion thereof made on a date other than a Payment Date and
(ii) any default in payment or prepayment of the Principal or any part thereof or interest accrued thereon, as and when due and payable (at the date thereof or otherwise, and whether by acceleration or otherwise). Lender shall deliver to
Borrower a statement for any such sums which it is entitled to receive pursuant to this Section 2.2.4, which statement shall be binding and conclusive absent manifest error. Borrower’s obligations under this
Section 2.2.4 are in addition to Borrower’s obligations to pay any Spread Maintenance Premium and Prepayment Premium applicable to a payment or prepayment of Principal. 
 2.2.5 New Payment Date. Lender shall have the right, to be exercised not more than once during the term of the Loan, to change the
Payment Date to a date other than the first day of each month (a “New Payment Date”), on thirty (30) days’ written notice to Borrower; provided, however, that any such change in the Payment Date: (i) shall not
modify the amount of regularly scheduled monthly interest payments, except that the first payment of interest payable on the New Payment Date shall be accompanied by interest at the interest rate herein provided for the period from the Payment Date
in the month in which the New Payment Date first occurs to the New Payment Date, and (ii) shall change the Stated Maturity Date to the New Payment Date occurring in the month set forth in the definition of Stated Maturity Date. 
 2.3 Loan Repayment. 
 2.3.1 Repayment. Borrower shall repay the entire outstanding principal balance of the Note in full on the Maturity Date, together with interest thereon to (but excluding) the date of repayment and any other amounts due
and owing under the Loan Documents. Except during the continuance of an Event of Default, all proceeds of any repayment, including any prepayments of the Loan, shall be applied by Lender as follows in the following order of priority: First,
accrued and unpaid interest at the Interest Rate; Second, to Principal; and Third, to the Prepayment Premium (if applicable) and any other amounts then due and owing under the Loan Documents, including the Spread Maintenance Premium
(if such repayment or prepayment occurs on or prior to the Lockout Date). If prior to the Stated Maturity Date the Debt is accelerated by reason of an Event of Default, then Lender shall be entitled to receive, in addition to the unpaid Principal
and accrued interest and other sums due under the Loan Documents, an 
  

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 amount equal to the Spread Maintenance Premium or Prepayment Premium applicable to such Principal so accelerated. 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 Lender shall elect in Lender’s discretion. 
 2.3.2 Mandatory
Prepayments. The Loan is subject to mandatory prepayment in certain instances of Insured Casualty or Condemnation (each a “Casualty/Condemnation Prepayment”), in the manner and to the extent set forth in
Section 7.4.2 hereof. Each Casualty/Condemnation Prepayment, after deducting Lender’s costs and expenses (including reasonable attorneys’ fees and expenses) in connection with the settlement or collection of the Proceeds or
Award, shall be applied in the same manner as repayments under Section 2.3.1 above, and if such Casualty/Condemnation Payment is made on any date other than a Payment Date, then such Casualty/Condemnation Payment shall include interest
that would have accrued on the Principal prepaid to but not including the next Payment Date. Provided that no Event of Default is continuing, any such mandatory prepayment under this Section 2.3.2 shall be without the payment of the
Spread Maintenance Premium or Prepayment Premium. Notwithstanding anything to the contrary contained herein, each Casualty/Condemnation Prepayment shall be applied in inverse order of maturity and shall not extend or postpone the due dates of the
monthly installments due under the Note or this Agreement, or change the amounts of such installments. 
 2.3.3 Optional
Prepayments. Notwithstanding anything herein or in any other Loan Documents to the contrary, except as the result of an acceleration of the Stated Maturity Date or if expressly provided under Section 2.3.2 hereof, Borrower may
not voluntarily prepay the Loan, in whole or in part, prior to the Lockout Date. At any time subsequent to the Lockout Date, provided no Event of Default has occurred and is continuing, Borrower shall have the right to prepay all or any portion of
the Principal on any Payment Date provided that Borrower gives Lender at least thirty (30) days prior written notice thereof and such prepayment is accompanied by the Prepayment Premium applicable thereto. From and after the occurrence of a
Secondary Market Transaction, if any such prepayment is not made on a Payment Date, Borrower shall also pay interest that would have accrued on such prepaid Principal to but not including the next Payment Date. 
 2.4 Release of Property. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the Debt in
accordance herewith, release or, if requested by Borrower, assign to Borrower’s designee (without any representation or warranty by and without any recourse against Lender whatsoever) the Lien of the Loan Documents if not theretofore released.

 2.5 Payments and Computations. 
 2.5.1 Making of Payments. Each payment by Borrower shall be made in funds settled through the New York Clearing House Interbank Payments System or other funds immediately available to Lender by
3:00 p.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to 
  

 20 

 Borrower. Whenever any such payment shall be stated to be due on a day that is not a Business Day, such payment shall be
made on the first Business Day thereafter. All such payments shall be made irrespective of, and without any deduction, set-off or counterclaim whatsoever and are payable without relief from valuation and appraisement laws and with all costs and
charges incurred in the collection or enforcement thereof, including attorneys’ fees and court costs. 
 2.5.2
Computations. Interest payable under the Loan Documents shall be computed on the basis of the actual number of days elapsed over a 360-day year. 
 2.5.3 Late Payment Charge. If any Principal, interest or other sum due under any Loan Document is not paid by Borrower 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), Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (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 Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Such amount shall be secured by the Loan
Documents. Provided no Event of Default is then continuing, no Late Payment Charge shall apply if adequate funds are available in the Deposit Account for any such Principal, interest or other sums due under any Loan Document and the Deposit Bank
fails to allocate such funds in accordance with the Loan Documents. 
 2.6 Interest Rate Protection Agreements. 
 2.6.1 Interest Rate Protection Agreement. As of the date hereof, Borrower has entered into, made all payments required under, and satisfied
all conditions precedent to the effectiveness of, an interest rate protection agreement that satisfies all of the following conditions (such interest rate protection agreement together with (i) any extension thereof or (ii) any other
interest rate protection agreement entered into pursuant to Section 2.8 hereof, being referred to herein as the “Interest Rate Protection Agreement”): 
 (1) the Interest Rate Protection Agreement is with a financial institution having a long term, unsecured and unsubordinated debt rating of at least
“AA” by S&P and “Aa2” by Moody’s (an “Acceptable Counterparty”); has a term ending no earlier than the Stated Maturity Date; is an interest rate cap in respect of a notional amount not less than
the then current outstanding Principal amount of the Loan that shall have the effect of capping LIBOR at 6.25% per annum through the originally scheduled Stated Maturity Date; and provides that the only obligation of Borrower thereunder is the
making of a single payment upon the execution and delivery thereof. 
 (2) Borrower’s interest in such Interest Rate Protection
Agreement has been assigned to Lender pursuant to documentation reasonably satisfactory to Lender in form and substance, and the counterparty to such Interest Rate Protection Agreement has executed and delivered to Lender an acknowledgment of such
assignment, which acknowledgment includes such counterparty’s agreement to pay directly into the Clearing Account all sums payable by such counterparty pursuant to the Interest Rate Protection Agreement and shall otherwise be reasonably
satisfactory to Lender in form and substance. 
  

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 (3) In connection with an Interest Rate Protection Agreement, Borrower shall obtain and deliver to Lender
an opinion of counsel from counsel (in-house or independent) for the issuer of the Interest Rate Protection Agreement (upon which Lender and its successors and assigns may rely) which shall provide in relevant part, that: (a) the issuer is duly
organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Protection
Agreement; (b) the execution and delivery of the Interest Rate Protection Agreement by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been
and remain duly authorized by all necessary action and do not contravene any provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting
it or its property; (c) all consents, authorizations and approvals required for the execution and delivery by the issuer of the Interest Rate Protection Agreement, and any other agreement which the issuer has executed and delivered pursuant
thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental
authority or regulatory body is required for such execution, delivery or performance; and (d) the Interest Rate Protection Agreement, and any other agreement which the issuer has executed and delivered pursuant thereto, has been duly executed
and delivered by the issuer and constitutes the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (4) In the event of any downgrade, withdrawal or qualification of the rating of the issuer of the Interest Rate Protection Agreement below “AA-” by S&P and “Aa3” by Moody’s, Borrower shall
replace the Interest Rate Protection Agreement with a replacement Interest Rate Protection Agreement from an Acceptable Counterparty (with terms identical to the Interest Rate Protection Agreement being replaced, or otherwise approved by Lender in
its reasonable discretion and the Rating Agencies) not later than thirty (30) days following receipt of notice from Lender or the Servicer of such downgrade, withdrawal or qualification. 
 2.6.2 Execution of Documents. Borrower shall promptly execute and deliver to the counterparty of the Interest Rate Protection Agreement
such confirmations and agreements as may be requested by such counterparty in connection with such Interest Rate Protection Agreement. 
 2.6.3 No Obligation of Lender. Borrower agrees that Lender shall not have any obligation, duty or responsibility to Borrower or any other Person by reason of, or in connection with, any Interest Rate Protection Agreement
(including any duty to provide or arrange any Interest Rate Protection Agreement, to consent to any mortgage or pledge of the Property or any portion thereof as security for Borrower’s performance of its obligations under any Interest Rate
Protection Agreement, or to provide any credit or financial support for the obligations of Borrower or any other Person thereunder or with respect thereto). No Interest Rate Protection Agreement shall alter, impair, restrict, limit or modify in any
respect the obligation of Borrower to pay interest on the Loan as and when the same becomes due and payable in accordance with the provisions of the Loan Documents. 
  

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 2.6.4 Receipts from Interest Rate Protection Agreements. All payments made by the
counterparty to the Interest Rate Protection Agreement shall be deposited into the Clearing Account and applied in the same manner as Rents are applied under Section 3.11. 
 2.7 Fees; Spread Maintenance Premium. 
 2.7.1 Origination Fee. On the date hereof, Borrower shall pay to Lender an origination fee of $462,000. 
 2.7.2
Spread Maintenance Premium/Prepayment Premium. Upon any repayment or prepayment of Principal (including in connection with an acceleration of the Loan) made on or prior to the Lockout Date, Borrower shall pay to Lender on the date of such
repayment or prepayment (or acceleration of the Loan) the Spread Maintenance Premium applicable thereto. Upon any repayment or prepayment of Principal made subsequent to the Lockout Date through and including January 1, 2008, Borrower shall pay
to Lender on the date of such repayment or prepayment the Prepayment Premium applicable thereto. All Spread Maintenance Premium and Prepayment Premium payments hereunder shall be deemed to be earned by Lender upon the funding of the Loan.

 2.8 Extension Options. Borrower shall have the right, at its option, to extend the Term until (i) July 1, 2009
(the “First Extended Maturity Date”); (ii) July 1, 2010 (the “Second Extended Maturity Date”); and (iii) July 1, 2011 (the “Third Extended Maturity Date”),
in each case, by giving notice of such extension to Lender at least 15 days prior to (i) the originally scheduled Stated Maturity Date, in the case of extending the Term until the First Extended Maturity Date, (ii) the First Extended
Maturity Date, in the case of extending the Term until the Second Extended Maturity Date, and (iii) the Second Extended Maturity Date, in the case of extending the Term until the Third Extended Maturity Date. Upon receipt of such request to
extend the Term until the First Extended Maturity Date or the Second Extended Maturity Date or the Third Extended Maturity Date, as the case may be, Lender will promptly confirm to Borrower in writing whether or not the Stated Maturity Date will be
so extended, which extension will be granted upon the satisfaction of the following conditions: 
 (a) no Event of Default exists at the time
such request is made and on the originally scheduled Stated Maturity Date or the First Extended Maturity Date or Second Extended Maturity Date, as applicable; 
 (b) Borrower delivers to Lender an Officer’s Certificate confirming the accuracy of the information contained in clause (a) above; and 
 (c) on or prior to the originally scheduled Stated Maturity Date or the First Extended Maturity Date or Second Extended Maturity Date, as the case may
be, Borrower either (i) extends the term of the Interest Rate Protection Agreement to a date not earlier than the First Extended Maturity Date or the Second Extended Maturity Date or the Third Extended Maturity Date, as applicable, or
(ii) enters into a new interest rate protection agreement which expires no earlier than the First Extended Maturity Date or the Second Extended Maturity Date or the Third 
  

 23 

 Extended Maturity Date, as applicable, and which extension or new agreement is in respect of a notional amount of the
then outstanding Principal and is otherwise on the same terms set forth in Section 2.6.1 and has the effect of capping LIBOR at the greater of (x) 6.25% or (y) the Applicable Capped Rate (hereinafter defined). As used herein, the term
“Applicable Capped Rate” means a per annum rate of interest equal to the then current LIBOR plus 1.25%, provided that Lender has determined that such Applicable Capped Rate, as of (a) the originally scheduled Stated
Maturity Date, with respect to the extension of the Term until the First Extended Maturity Date and (b) the First Extended Maturity Date, with respect to the extension of the Term until the Second Extended Maturity Date and (c) the Second
Extended Maturity Date, with respect to the extension of the Term until the Third Extended Maturity Date (x) when added to the Spread would result in a debt service constant that would permit Borrower to achieve a Debt Service Coverage Ratio of
1.00:1.00. 
 If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have
no obligation to extend the Stated Maturity Date hereunder. 
 2.9 Leasing Advances. 
 2.9.1 Conditions Precedent. Lender shall make Leasing Advances, to be used solely to pay or reimburse Borrower for Approved Leasing Expenses
in connection with Leases entered into after the date hereof for the currently vacant space at the Property and in accordance with Section 5.10, provided the following conditions precedent are satisfied: 
 (a) Lender receives a notice of borrowing for a Leasing Advance in the form of Schedule 6 at least ten (10) Business Days before the
proposed funding; 
 (b) Both at the time Borrower delivers notice to Lender of a borrowing for a Leasing Advance and on the date of the
making of the Leasing Advance, no Default or Event of Default shall be continuing; 
 (c) The representations and warranties made by Borrower
in this Agreement and in the other Loan Documents shall be true and correct in all material respects on and as of the date of the making of the Leasing Advance with the same force and effect as if made on and as of such date; 
 (d) No Leasing Advance shall be made unless the Lease with respect to which the Leasing Advance is being requested has been approved by Lender, if
Lender’s approval is required with respect to such Lease pursuant to the terms and provisions of Section 5.10 hereof, and; 
 (e) There shall be no more than one Leasing Advance during any calendar month; 
 (f) No Leasing Advance shall be made after the
Outside Leasing Advance Date (as the same may be extended by Lender to the Extended Outside Leasing Advance Date (as provided in the defined term “Outside Leasing Advance Date”)); 
  

 24 

 (g) In no event will the aggregate amount of all Leasing Advances previously made by Lender hereunder and
the proposed Leasing Advance exceed the Maximum Leasing Advance Amount; 
 (h) Lender shall have received (i) a notice of title
continuation showing that since the making of the last Advance there has been no change in the state of title to the Property and no survey exceptions with respect to the Property not theretofore approved by Lender, together with other evidence
satisfactory to Lender that no mechanic’s Liens or other Liens have been filed and remain filed with respect to the Property and (ii) an endorsement to the Title Insurance Policy, which endorsement shall have the effect of updating the
date of such Title Insurance Policy to the date of the making of such Leasing Advance; 
 (i) Borrower shall pay on demand all of the
reasonable costs and expenses incurred by Lender (to the extent not covered under clause (j) below), including reasonable attorneys’ fees and expenses, in connection with the proposed Leasing Advance and the approval of the subject
Lease(s) (if approval is required pursuant to the terms of this Agreement) which are the subject of the proposed Leasing Advance; 
 (j) All
fees and expenses payable to Lender, including the fees and expenses referred to in Sections 5.29, to the extent then due and payable, shall have been (or contemporaneously are being) paid in full, and all title premiums and other title
and survey charges shall have been (or contemporaneously are being) paid in full; 
 (k) if the Approved Leasing Expense involves any
construction work (i.e., not “soft costs”), then the following conditions shall have all been satisfied: 
 (i) Lender shall have
received satisfactory evidence that all permits, licenses and approvals required for such work have been obtained and are in full force and effect, or will be timely obtained in a manner reasonably satisfactory to Lender; 
 (ii) If requested by Lender, Lender shall have received such affidavits and certificates as to such matters as Lender may reasonably request, including
certificates of the architect or engineer, if applicable, that all of the work completed has been done substantially in compliance with the plans and specifications and applicable Legal Requirements; 
 (iii) Borrower shall have delivered to Lender lien (conditional or otherwise) waivers executed and delivered by the general contractor and all
subcontractors, materialmen and other Persons requested by Lender for all work for which an Advance has previously been made or for which the Leasing Advance in question is being requested; and 
 (iv) Lender has received from Borrower an Officer’s Certificate: (1) certifying that all capital improvements performed and paid for, in whole
or in part, from the subject Leasing Advance have been completed in a good and workmanlike manner in accordance with all Legal Requirements, and, to the extent applicable, substantially in accordance with the applicable plans and specifications,
(2) stating that each general contractor and architect retained for any work are reputable and licensed or otherwise authorized to do business in the State and have been engaged pursuant to arms’ length agreements entered into on market
terms and conditions and (3) stating that each Person that supplied labor or materials with respect to such capital improvement has been or upon receipt of the requested Leasing Advance will be paid in full for work for which a Leasing Advance
has been made or is being requested; and 
  

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 (l) Borrower’s notice of borrowing for such Leasing Advance is accompanied by (A) an
Officer’s Certificate certifying (v) the amount of funds to be advanced, (1) that such funds will be used only to pay (or reimburse Borrower for) Approved Leasing Expenses and a description thereof, (2) that all outstanding
payables with respect to any tenant improvement work for the applicable tenant (other than those to be paid from the requested disbursement) have been paid in full, (3) that the Approved Leasing Expenses that are the subject of then current
Leasing Advance have not been the subject of a previous Leasing Advance, (4) that all previous Leasing Advances have been used only to pay (or reimburse Borrower for) previously identified Approved Leasing Expenses, and (5) that the
Lease(s) that are the subject of the requested Leasing Advance provides for rental rents and other economic terms that are generally consistent with market terms and conditions for Leases at the Property and its competitive set, and
(B) reasonably detailed supporting documentation as to the amount, necessity and purpose therefor; and 
 (m) On each of the Originally
Scheduled Outside Leasing Advance Date and the Extended Outside Leasing Advance Date (if applicable), if any Leasing Advances made through such date have increased the then outstanding Principal amount of the Loan to an amount greater that then
current notional amount of the Interest Rate Protection Agreement, Borrower shall then either (x) increase the notional amount under the Interest Rate Protection Agreement to an amount equal to the then Principal amount of the Loan (after
giving effect to all Leasing Advances made through the Originally Scheduled Outside Leasing Advance Date and the Extended Outside Leasing Advance Date (if applicable)) or (y) enter into a new interest rate protection agreement, which increased
interest rate protection agreement or new interest rate protection agreement shall have the effect of capping LIBOR at (A) with respect to the increased interest rate protection agreement or new interest rate protection agreement entered into
on the Originally Scheduled Outside Leasing Advance Date, 6.25% and (B) with respect to the increased interest rate protection agreement or new interest rate protection agreement entered into on the Extended Outside Leasing Advance Date (if
applicable), the greater of (I) 6.25% or (II) the Applicable Capped Rate (as defined in Section 2.8 above). 
 2.9.2
Optional Disbursements. 
 (a) If any or all conditions precedent to making a Leasing Advance have not been satisfied on the date
such Advance was requested to be made, Lender may, at its option (i) waive so many of such conditions precedent as it may elect, and/or (ii) disburse only that portion of the requested Leasing Advance for which all of the conditions
precedent have been satisfied. To the extent Lender makes a Leasing Advance for which any of the conditions precedent have not been satisfied, the making of such Leasing Advance shall constitute a waiver of such unsatisfied conditions for such
Leasing Advance (but not for any other Leasing Advance), unless otherwise set forth in a written notice from Lender to Borrower. 
 (b) Upon
the occurrence and during the continuance of an Event of Default, Lender shall have the right (but no obligation) to make any or all Leasing Advances directly to contractors or any other Person to whom payment is due with respect to such Approved
Leasing 
  

 26 

 Expenses (and Lender shall endeavor to provide notice thereof to Borrower). The execution of this Agreement by Borrower
shall, and hereby does, constitute an irrevocable direction and authorization to so disburse such Leasing Advance. No further direction or authorization from Borrower shall be necessary or required for such direct disbursements and all such
disbursements shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrower, regardless of the disposition thereof by the payee. 
 (c) Lender shall have the right (but not the obligation), by its own action (and without any request therefor by Borrower), to disburse to itself (or
retain from) any Leasing Advance amounts to pay interest, fees and any other sums then due and payable to Lender pursuant to the Loan Documents (and Lender shall endeavor to provide notice thereof to Borrower). 
 2.9.3 Funding on the Outside Leasing Advance Date/Leasing Advance Subaccount. On the Outside Leasing Advance Date (as the same may have
been extended by Lender to the Extended Outside Leasing Advance Date, as described in the definition of “Outside Leasing Advance Date”), provided no Default or Event of Default is then continuing, and subject to Borrower’s
satisfaction of conditions (a), (b), (c), (g), (h), (i), (j), (k) and (m) set forth in Section 2.9.1, Lender shall make a Leasing Advance an amount equal to the amount by which the Maximum Leasing Advance Amount exceeds the then
aggregate amount of Leasing Advances theretofore made by Lender (or such lesser amount as may be requested by Borrower). Lender shall cause such amount to be transferred to a Subaccount (the “Leasing Advance Subaccount”).
Lender shall disburse funds held in the Leasing Advance Subaccount to Borrower in accordance with and subject to satisfaction of the same conditions as are applicable to the making of a Leasing Advance as provided in Section 2.9.1 (other than
clause (f) thereof) (and all references in such applicable clauses of Section 2.9.1 to a Leasing Advance shall be deemed to mean the subject requested disbursement from the Leasing Advance Subaccount). 
 2.9.4 Certificates of Occupancy, etc.. Upon the substantial completion of any work that has been the subject of a Leasing Advance, Borrower
shall promptly deliver to Lender a copy of any certificate or certificates required by law to render occupancy of the Improvements legal. 
 3. CASH
MANAGEMENT AND RESERVES 
 3.1 Cash Management Arrangements. Borrower shall cause all Rents to be transmitted directly
by non-residential tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a bank selected by Borrower, which shall at all times be an Eligible Institution (the “Clearing
Bank”) as more fully described in the Clearing Account Agreement. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within three (3) Business Days of
receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a weekly basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be
swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be 

 

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 invested at Borrower’s discretion only in Permitted Investments. Lender will also establish subaccounts of the
Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Deposit Account and any
Subaccount will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. 
 3.2 Intentionally Omitted. 
 3.3 Taxes and Insurance. (a) Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender reasonably estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to
their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates
will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the
Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums
required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower
for such amounts upon presentation of evidence of payment; subject, however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and Insurance Premiums, Lender may do
so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or
into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the
Taxes or Insurance Premiums next coming due, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount. 
 (b) Notwithstanding anything to the contrary contained herein, it is understood and agreed that for so long as Building 4 (which is part of the Property) and Building 1 (which is part of the Other Property) share part
of the same tax lot, the amount to be paid pursuant to clause (i) of subsection (a) above (with respect to Building 4) shall be calculated based on the entirety of such tax lot (inclusive of Building 1); provided, that once Borrower
provides evidence to Lender that Building 4 and Building 1 no longer share a single tax lot, Lender shall promptly return to Borrower any excess amounts then on deposit in the Tax and Insurance Subaccount that have been deposited therein on account
of Building 1. 
 3.4 Capital Expense Reserves. (a) Subject to the provisions of subsection (b) below, Borrower shall
pay to Lender on each Payment Date an amount initially equal to one-twelfth (1/12th) of the product obtained by
multiplying $0.20 by the aggregate number of rentable square feet of space in the Property. Lender will transfer such amounts into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty
(30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4 not 
  

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 more than once every six (6) months (based upon its then current underwriting standards); provided, however
that Lender shall only increase the amount of such monthly contributions if Lender reasonably determines that such increase is necessary to address unanticipated material changes after the date hereof in the anticipated Capital Expenses for the
Property (in which event such reassessment shall be limited to address only such issues). Provided that no Default or Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower,
within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000 provided that (i) such disbursement is for an Approved Capital Expense;
(ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved Capital Expense; and (iii) the request for disbursement is accompanied by
(A) an Officer’s Certificate certifying (1) that such funds will be used to pay or reimburse Borrower for Approved Capital Expenses and a description thereof, (2) that all outstanding trade payables (other than those to be paid
from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been used to pay
the previously identified Approved Capital Expenses, and (B) lien waivers or other evidence of payment satisfactory to Lender, (C) at Lender’s option, with respect to disbursements in excess of $100,000, a title search for the
Property indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Lender and (D) such other evidence as Lender shall reasonably request that the Approved Capital Expenses at the Property to
be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Any such disbursement of more than $10,000 to pay (rather than reimburse) Approved Capital Expenses may, at
Lender’s option, be made by joint check payable to Borrower and the payee on such Approved Capital Expenses. 
 (b) Notwithstanding anything to the
contrary contained in subsection (a) above, Borrower shall not be required to make any payments into the Capital Reserve Subaccount pursuant to subsection (a) above at any time that an Event of Default has not occurred and is continuing.

 3.5 Rollover Reserves 
 3.5.1 General 
 (a) On each Payment Date occurring during the continuance of a Lease Sweep Period (provided no
Cash Management Period is then continuing (other than a Cash Management Period triggered solely as a result of a Lease Sweep Period)), all Available Cash shall be paid to Lender. Lender will transfer such amount into a Subaccount (the
“Rollover Reserve Subaccount”). Borrower shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrower. Provided that no Default or Event of Default has
occurred and is continuing, Lender shall disburse funds held in the Rollover Reserve Subaccount to Borrower, within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in
increments of at least $5,000, provided (i) such disbursement is for an Approved Major Lease Leasing Expense (or any other Approved Leasing Expense if the funds in question are comprised of Lease Termination Payments that have been deposited
into the Rollover Reserve Subaccount on account of any other Lease); (ii) Lender shall have (if it desires) verified (by an inspection conducted at 
  

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 Borrower’s expense) performance of any construction work associated with such Approved Major Lease Leasing Expense
(or any other Approved Leasing Expense if the funds in question are comprised of Lease Termination Payments that have been deposited into the Rollover Reserve Subaccount on account of any other Lease); and (iii) the request for disbursement is
accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used only to pay (or reimburse Borrower for) Approved Major Lease Leasing Expenses (or any other Approved Leasing Expense if the funds in question are
comprised of Lease Termination Payments that have been deposited into the Rollover Reserve Subaccount on account of any other Lease) and a description thereof, (2) that all outstanding trade payables (other than those to be paid from the
requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been used only to pay (or
reimburse Borrower for) the previously identified Approved Major Lease Leasing Expenses (or any other Approved Leasing Expense if the funds in question are comprised of Lease Termination Payments that have been deposited into the Rollover Reserve
Subaccount on account of any other Lease), and (B) reasonably detailed supporting documentation as to the amount, necessity and purpose therefor. Any such disbursement of more than $10,000 to pay (rather than reimburse) Approved Leasing
Expenses may, at Lender’s option, be made by joint check payable to Borrower and the payee of such Approved Major Lease Leasing Expenses (or any other Approved Leasing Expense if the funds in question are comprised of Lease Termination Payments
that have been deposited into the Rollover Reserve Subaccount on account of any other Lease). Provided no Event of Default is continuing, upon the termination of the subject Lease Sweep Period, and Lender’s receipt of satisfactory evidence that
all Approved Major Lease Leasing Expenses incurred in connection therewith (and any other expenses in connection with the re-tenanting of the applicable space) have been paid in full (which evidence may include (i) a letter or certification
from the applicable broker, if any, that all brokerage commissions payable in connection therewith have been paid and (ii) an estoppel certificate executed by each applicable tenant which certifies that all contingencies under such Lease to the
payment of full rent (including Borrower’s contribution to the cost of any tenant improvement work) have been satisfied), any funds (if any) remaining in the Rollover Reserve Subaccount that have been deposited therein as a result of such Lease
Sweep Period shall be disbursed to Borrower; provided, however, if a Cash Management Period is then continuing, then no such funds shall be disbursed to Borrower, and all such funds shall instead be deposited into the Cash Collateral
Subaccount, to be applied in accordance with Section 3.9 hereof. 
 (b) Any Lease Termination Payments and any other funds deposited
into the Rollover Reserve Subaccount from the Security Deposit Subaccount in accordance with Section 3.8 hereof shall be applied, at Lender’s election, towards either (a) subject to the rights of Borrower under the applicable
Lease, rent arrearages under such Lease (or to cure any other tenant default under such Lease), (b) debt service shortfalls that may arise as a result of a termination of such Lease (and Borrower hereby authorizes Lender to disburse to itself
any such amounts without any request therefor by Borrower) or (c) funding any Approved Leasing Expenses (or Approved Major Lease Leasing Expenses, if applicable) which are anticipated to occur in connection with the re-tenanting of the space
under the Lease that was the subject of such termination (in accordance with the terms and conditions of Section 3.5(a) above. 
  

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 3.5.2 Rollover Letter of Credit. Notwithstanding anything to the contrary contained in
Section 3.5.1, at Borrower’s option, Borrower may at any time deliver a Letter of Credit to Lender in an amount equal to the applicable Lease Sweep Rollover Amount (the “Rollover Letter of Credit”), which Rollover
Letter of Credit shall be held by Lender subject to and in accordance with the provisions of this Section 3.5.2. Upon delivery by Borrower to Lender of the Rollover Letter of Credit, any funds that have been deposited into the Rollover Reserve
Subaccount on account of the subject Lease Sweep Period shall be promptly returned to Borrower (and the subject Lease Sweep Period shall terminate). If Borrower fails to timely pay for any Approved Major Lease Leasing Expenses and such failure
continues for ten (10) days after written notice from Lender, Lender shall have the right, but not the obligation, to draw on the Rollover Letter of Credit for purposes of making such payment of Approved Major Lease Leasing Expenses.

 (b) Borrower may request that the Rollover Letter of Credit be drawn upon in increments of at least $50,000 for Approved Major Lease
Leasing Expenses and, within ten (10) days of the delivery of such request (but not more often than once per month), Lender will transfer the amount of the requested funds for Approved Major Lease Leasing Expenses into the Rollover Reserve
Subaccount, which funds will be disbursed to pay for Approved Major Lease Leasing Expenses in accordance with the terms and conditions set forth in Section 3.5.1. 
 (c) The Rollover Letter of Credit delivered under this Section 3.5.2 shall be held by Lender as additional security for the payment of the Debt. Upon the occurrence and during the continuance of an Event of
Default, Lender shall have the right, at its option, to draw on the Rollover Letter of Credit and to either deposit all or any portion of the proceeds therefrom into the Rollover Reserve Subaccount (in which event, any such funds shall be disbursed
to Borrower with respect to Approved Major Lease Leasing Expenses only upon the satisfaction of the requirements for disbursement set forth in Section 3.5.1), or to apply all or any portion of such proceeds to payment of the Debt in such order,
proportion or priority as Lender may determine. Any such application to the Debt, after an Event of Default which remains uncured shall be subject to the Spread Maintenance Premium or Prepayment Premium (as applicable). On the Maturity Date, the
Rollover Letter of Credit may be drawn upon by Lender and applied to any unpaid portion of the Debt. 
 (d) In addition to any other right
Lender may have to draw upon the Rollover Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full the Rollover Letter of Credit: (i) if the Rollover Letter of Credit is an
evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Rollover Letter of Credit will not be renewed and a substitute Rollover Letter of Credit is not provided at least thirty (30) days prior to the date on
which the outstanding Rollover Letter of Credit is scheduled to expire; (ii) if the Rollover Letter of Credit has a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Rollover Letter of
Credit at least thirty (30) days prior to the date on which such Rollover Letter of Credit is scheduled to expire and a substitute Rollover Letter of Credit is not provided at least thirty (30) days prior to the date on which the
outstanding Rollover Letter of Credit is scheduled to expire; (iii) upon receipt of notice from the issuing bank that the Rollover Letter of Credit will be terminated (except if the termination of the Rollover Letter of Credit is permitted
pursuant to the terms of this Agreement or a substitute Rollover Letter of Credit is provided); or (iv) if Lender 
  

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 has received notice that the bank issuing the Rollover Letter of Credit shall cease to be an Approved Bank and Borrower
has not replaced such Rollover Letter of Credit with a Rollover Letter of Credit issued by an Approved Bank within ten (10) Business Days after written notice thereof from Lender to Borrower. Notwithstanding anything to the contrary contained
in the above, Lender is not obligated to draw on the Rollover Letter of Credit upon the happening of an event specified in (i), (ii), (iii) or (iv) above and shall not be liable for any losses sustained by Borrower due to the insolvency of
the bank issuing the Rollover Letter of Credit. 
 (e) Provided no Event of Default is continuing, upon the re-tenanting of all of the space
currently demised under the Major Lease that gave rise to the subject Lease Sweep Period pursuant to one or more replacement Leases approved by Lender and entered into in accordance with Section 5.10 hereof, and Lender’s receipt of
reasonably satisfactory evidence that all Approved Major Lease Leasing Expenses incurred in connection therewith (and any other expenses in connection with the re-tenanting of such space) have been paid in full (which evidence may include,
(i) a letter or certification from the applicable broker, if any, that all brokerage commissions payable in connection therewith have been paid and (ii) an estoppel certificate executed by each applicable tenant which certifies that all
contingencies under such Lease to the payment of full rent (including Borrower’s contribution to the cost of any tenant improvement work) have been satisfied), the Rollover Letter of Credit shall be promptly returned to Borrower. Additionally,
upon Borrower’s delivery to Lender of evidence of payment of any portion of the subject Approved Major Lease Leasing Expenses, then Borrower shall be entitled to reduce the face amount of the Letter of Credit by such amount. 
 3.6 Operating Expense Subaccount. During a Cash Management Period, on each Payment Date, a portion of the Rents that have been deposited
into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month as being necessary for payment of Approved Operating Expenses at
the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”). Provided no Default or Event of Default has occurred and is continuing,
on each Payment Date, Lender shall disburse to Borrower funds from the Operating Expense Subaccount in an amount equal to the monthly amount set forth in the Approved Operating Budget for the month in which such Payment Date occurs as being
necessary for payment of Approved Operating Expenses at the Property for such month (plus any other amounts requested by Borrower for such month for payment of items constituting Approved Operating Expenses, which are not included in the Approved
Operating Budget), which disbursement shall be made without any requirement for any Borrower request therefor or any Officer’s Certificate in connection therewith. 
 3.7 Casualty/Condemnation Subaccount. Borrower shall pay, or cause to be paid, to Lender all Proceeds or Awards due to any Casualty or Condemnation to be transferred to a Subaccount (the
“Casualty/Condemnation Subaccount”) in accordance with the provisions of Article 7 hereof. All amounts in the Casualty/Condemnation Subaccount shall disbursed in accordance with the provisions of
Article 7 hereof. 
 3.8 Security Deposits. Borrower shall keep and hold all security deposits under Leases
in accordance with applicable Legal Requirements and at a separately designated account 
  

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 under Borrower’s control at the Clearing Bank (or in another Eligible Account at an Eligible Institution) (and in
the case of a letter of credit, assigned with full power of attorney and executed sight drafts to Lender) so that the security deposits shall not be commingled with any other funds of Borrower (such account, the “Security Deposit
Account”). After the occurrence of an Event of Default, Borrower shall, upon Lender’s request, if permitted by applicable Legal Requirements, turn over to Lender the security deposits (and any interest theretofore earned thereon)
under Leases, to be held by Lender in a Subaccount (the “Security Deposit Subaccount”) subject to the terms of the Leases. After the occurrence of an Event of Default, Borrower shall also deliver to Lender (for deposit into
the Security Deposit Subaccount) all amounts drawn under any letters of credit held by Borrower in lieu of cash security deposits. Security deposits held in the Security Deposit Subaccount will be released by Lender upon notice from Borrower
together with such evidence as Lender may reasonably request that such security deposit is required to be returned to a tenant pursuant to the terms of a Lease. Any funds in the Security Deposit Subaccount which Borrower is permitted to retain
pursuant to the applicable provisions of any Lease which has expired or has been terminated, cancelled or surrendered shall be paid to Lender and transferred by Lender into the Rollover Reserve Subaccount, to be applied and disbursed in accordance
with the provisions of Section 3.5 hereof. Any letter of credit or other instrument that Borrower receives in lieu of a cash security deposit under any Lease entered into after the date hereof shall (i) be maintained in full force
and effect in the full amount unless replaced by a cash deposit as hereinabove described and (ii) if permitted pursuant to any Legal Requirements, name Lender as payee or mortgagee thereunder (or at Lender’s option, be fully assignable to
Lender). 
 3.9 Cash Collateral Subaccount. If a Cash Management Period shall have commenced (other than a Cash Management
Period triggered solely as a result of a Lease Sweep Period, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management Period, all Available Cash shall be paid to Lender, which
amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) as cash collateral for the Debt. Notwithstanding the foregoing, if a Lease Sweep Period has occurred and is then continuing during
the continuance of any Cash Management Period (other than a Cash Management Period triggered solely as a result of a Lease Sweep Period), Lender shall have the right (but not the obligation) to allocate any funds in the Cash Collateral
Subaccount to the Rollover Reserve Subaccount to be applied in accordance with the terms and conditions of Section 3.5.1 hereof. Notwithstanding anything to the contrary contained herein, if Borrower delivers to Lender an Officer’s
Certificate (with supporting backup) at least three (3) Business Days prior to a Payment Date, stating that, as a result of advance payments of Rent by tenants (during any prior Interest Period), there will be a shortfall in the Deposit Account
necessary to pay amounts specified in Section 3.11(a)(i) through (v) on the applicable Payment Date, then a portion of the funds then being held in the Cash Collateral Subaccount (up to the amount represented by such advance rental
payments) shall be made available to pay such shortfall (and no Event of Default shall exist as a result thereof). Any funds in the Cash Collateral Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination
of such Cash Management Period. Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply all sums then on deposit in the Cash Collateral Subaccount
to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Principal (together with the applicable Spread Maintenance Premium or Prepayment Premium applicable thereto).

  

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 3.10 Grant of Security Interest; Application of Funds. As security for payment of the Debt
and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to
all Rents and in and to all payments to or monies held in the Clearing Account, the Deposit Account, all Subaccounts created pursuant to this Agreement (collectively, the “Cash Management Accounts”). Borrower hereby grants to
Lender a continuing security interest in, and agrees to hold in trust for the benefit of Lender, all Rents in its possession prior to the (i) payment of such Rents to Lender or (ii) deposit of such Rents into the Deposit Account. Borrower
shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC Financing
Statements, except those naming Lender as the secured party, to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC. Upon the occurrence and during the
continuance of an Event of Default, Lender may apply any sums in any Cash Management Account in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment of a receiver and without adversely
affecting the rights of Lender to foreclose the Lien of the Mortgage or exercise its other rights under the Loan Documents. Cash Management Accounts shall not constitute trust funds and may be commingled with other monies held by Lender. All
interest which accrues on the funds in any Cash Management Account (other than the Tax and Insurance Subaccount) shall accrue for the benefit of Borrower and shall be taxable to Borrower and shall be added to and disbursed in the same manner and
under the same conditions as the principal sum on which said interest accrued. Upon repayment in full of the Debt, all remaining funds in the Subaccounts, if any, shall be promptly disbursed to Borrower. 
 3.11 Property Cash Flow Allocation. 
 (a) During any Cash Management Period, all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:

 (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3 hereof;

 (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account
Agreement; 
 (iii) Third, to Lender to pay the interest due on such Payment Date (plus, if applicable, interest at the
Default Rate and all other amounts, other than those described under other clauses of this Section 3.11(a), then due to Lender under the Loan Documents); 
 (iv) Fourth, to make payments into the Capital Reserve Subaccount, if and as required under Section 3.4 hereof; 
  

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 (v) Fifth, to make payments for Approved Operating Expenses as required under
Section 3.6 hereof; 
 (vi) Sixth, provided no Event of Default is then continuing, to make payments in an amount
equal to all remaining Available Cash on such Payment Date into the Rollover Reserve Subaccount in accordance with Section 3.5.1 hereof; and 
 (vii) Lastly, to make payments in an amount equal to all remaining Available Cash on such Payment Date into the Cash Collateral Subaccount in accordance with Section 3.9. 
 (b) The failure of Borrower to make all of the payments required under clauses (i) through (iv) of Section 3.11(a) above in full on
each Payment Date shall constitute an Event of Default under this Agreement; provided, however, if adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate
Subaccounts shall not constitute an Event of Default. Nothing herein, however, shall be construed to restrict Borrower from depositing its own funds (other than Rents) into the Deposit Account in order to fund any of the amounts required under
clauses (i) through (iv) of Section 3.11(a) above (to the extent that the Rents previously deposited into the Deposit Account are insufficient for the same). 
 (c) Notwithstanding anything to the contrary contained in this Section 3.11, after the occurrence and during the continuance of a Default or
an Event of Default, Lender may apply all Rents deposited into the Deposit Account and other proceeds of repayment in such order and in such manner as Lender shall elect. 
 4. REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants to Lender as of the date hereof that,
except to the extent (if any) disclosed on Schedule 2 hereto with reference to a specific Section of this Article 4: 
 4.1 Organization; Special Purpose. Each of Borrower and the SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and
all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the SPE Party is duly qualified to transact business and is in
good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the SPE Party is a Special Purpose Bankruptcy Remote Entity. 
 4.2 Proceedings; Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and performance of the
Loan Documents. The Loan Documents have been duly executed and delivered by Borrower and, to Borrower’s knowledge, constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective
terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to, and Borrower has not asserted, any right of rescission, set-off,
counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable. 
  

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 4.3 No Conflicts. The execution, delivery and performance of the Loan Documents by Borrower
and the transactions contemplated hereby will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien (other than pursuant to the Loan
Documents) upon any of the property of Borrower pursuant to the terms of, any agreement or instrument to which Borrower is a party or by which its property is subject, nor will such action result in any violation of the provisions of any statute or
any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of its properties. Borrower’s rights under the Licenses and the Management Agreement will not be adversely affected by the execution and
delivery of the Loan Documents, Borrower’s performance thereunder, the recordation of the Mortgage, or the exercise of any remedies by Lender. Any consent, approval, authorization, order, registration or qualification of or with any
Governmental Authority required for the execution, delivery and performance by Borrower of the Loan Documents has been obtained and is in full force and effect. 
 4.4 Litigation. There are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened against or affecting Borrower, the SPE Party, the
Manager or the Property, which, if adversely determined, might materially adversely affect the condition (financial or otherwise) or business of Borrower (including the ability of Borrower to carry out its obligations under the Loan Documents), the
SPE Party, Manager or the use, value, condition or ownership of the Property. 
 4.5 Agreements. Borrower is not a party to any
agreement or instrument or subject to any restriction which might adversely affect Borrower or the Property, or Borrower’s business, properties, operations or condition, financial or otherwise. To Borrower’s knowledge, Borrower is not in
default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or the
Property is bound. 
 4.6 Title. Borrower has good, marketable and indefeasible title in fee to the real property and good
title to the balance of the Property, free and clear of all Liens except the Permitted Encumbrances. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under
applicable Legal Requirements in connection with the transfer of the Property to Borrower have been paid. To Borrower’s knowledge, the Mortgage when properly recorded in the appropriate records, together with any UCC Financing Statements
required to be filed in connection therewith, will create (i) a valid, perfected first priority lien on the Borrower’s interest in the Property and (ii) valid and perfected first priority security interests in and to, and perfected
collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. All mortgage, recording, stamp, intangible or other similar taxes
required to be paid by any Person under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents have been paid. The Permitted Encumbrances do
not materially adversely affect the value, operation or use of the Property, or 
  

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 Borrower’s ability to repay the Loan. No Condemnation or other proceeding has been commenced or, to Borrower’s
knowledge, is contemplated with respect to all or part of the Property or for the relocation of roadways providing access to the Property. To Borrower’s knowledge, there are no claims for payment for work, labor or materials affecting the
Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. To Borrower’s knowledge, there are no outstanding options to purchase or rights of first refusal affecting all or any portion
of the Property. To Borrower’s knowledge, the Survey does not fail to reflect any material matter affecting the Property or the title thereto. To Borrower’s knowledge, except as disclosed on the Survey, all of the Improvements included in
determining the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvement on an adjoining property encroaches upon the Property, and no easement or other encumbrance upon the
Property encroaches upon any of the Improvements, except those insured against by the Title Insurance Policy. Except as described on Schedule 2, each parcel comprising the Property is a separate tax lot and is not a portion of any other tax lot that
is not a part of the Property. There are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, or any contemplated improvements to the Property that may result in such special or other
assessments. 
 4.7 No Bankruptcy Filing. Borrower is not contemplating either the filing of a petition by it under any state
or federal bankruptcy or insolvency law or the liquidation of all or a major portion of its property (a “Bankruptcy Proceeding”), and Borrower has no knowledge of any Person contemplating the filing of any such petition
against it. In addition, neither Borrower nor the SPE Party nor any principal nor Affiliate of either has been a party to, or the subject of a Bankruptcy Proceeding for the past seven (7) years. 
 4.8 Full and Accurate Disclosure. No statement of fact made by Borrower in any Loan Documents contains any untrue statement of a material
fact or omits to state any material fact necessary to make statements contained therein not misleading. There is no material fact presently known to Borrower that has not been disclosed to Lender which adversely affects the Property or the business,
operations or condition (financial or otherwise) of Borrower. All financial data, including the statements of cash flow and income and operating expense, that have been delivered to Lender in respect of Borrower and the Property (i) are true,
complete and correct in all material respects, (ii) fairly represent the financial condition of Borrower and the Property as of the date of such reports, and (iii) to the extent prepared by an independent certified public accounting firm,
have been prepared in accordance with GAAP consistently applied throughout the periods covered, except as disclosed therein. Borrower has no contingent liabilities, liabilities for taxes, unusual forward or long-term commitments, unrealized or
anticipated losses from any unfavorable commitments or any liabilities or obligations not expressly permitted by this Agreement. Since the date of such financial statements, there has been no materially adverse change in the financial condition,
operations or business of Borrower or the Property from that set forth in said financial statements. 
 4.9 Tax Filings. To the
extent required, Borrower has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and have paid or made adequate provision for the payment of all federal, state and local taxes,
charges and assessments payable by Borrower. Borrower believes that its tax returns (if any) properly reflect the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments required by the Internal Revenue
Service or other applicable tax authority upon audit. 
  

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 4.10 ERISA; No Plan Assets. As of the date hereof and throughout the Term (i) Borrower
is not and will not be an “employee benefit plan,” as defined in Section 3(3) of ERISA, (ii) none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29
C.F.R. Section 2510.3-101, (iii) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA, and (iv) transactions by or with Borrower are not and will not be subject to (or are
in compliance with) state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans. As of the date hereof, neither Borrower, nor any member of a “controlled group of corporations” (within the meaning
of Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of
ERISA). 
 4.11 Compliance. Borrower and, to Borrower’s knowledge, the Property and the use thereof comply in all material
respects with all applicable Legal Requirements (including with respect to parking and applicable zoning and land use laws, regulations and ordinances). Borrower is not in default or violation of any order, writ, injunction, decree or demand of any
Governmental Authority, the violation of which might materially adversely affect the condition (financial or otherwise) or business of Borrower. The Property is used exclusively for office and other appurtenant and related uses. In the event that
all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or other
ordinances applicable thereto and currently in effect and without the necessity of obtaining any variances or special permits. No legal proceedings are pending or, to the knowledge of Borrower, threatened with respect to the zoning of the Property.
Neither the zoning nor any other right to construct, use or operate the Property is in any way dependent upon or related to any property other than the Property, other than as set forth in the REA. All certifications, permits, licenses and
approvals, including certificates of completion and occupancy permits required for the legal use, occupancy and operation of the Property (collectively, the “Licenses”), have been obtained and are in full force and effect.
The use being made of the Property is in conformity with the certificate of occupancy issued for the Property and all other restrictions, covenants and conditions affecting the Property. 
 4.12 Contracts. There are no service, maintenance or repair contracts affecting the Property that are not terminable on one
(1) month’s notice or less without cause and without penalty or premium. All service, maintenance or repair contracts affecting the Property have been entered into at arms-length in the ordinary course of Borrower’s business and
provide for the payment of fees in amounts and upon terms comparable to existing market rates. 
 4.13 Federal Reserve Regulations;
Investment Company Act. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or
for any other purpose that would be inconsistent with such Regulation U or any other regulation of such Board of Governors, or for any purpose prohibited by Legal Requirements or any Loan Document. Borrower is not (i) an “investment
company” or a company “controlled” by an 
  

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 “investment company,” within the meaning of the Investment Company Act of 1940, as amended; or
(ii) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
 4.14 Easements; Utilities and Public Access. All easements, cross easements, licenses, air rights and rights-of-way or other similar property interests (collectively, “Easements”), if any, necessary for
the full utilization of the Improvements for their intended purposes have been obtained, are described in the Title Insurance Policy and are in full force and effect without default thereunder. The Property has rights of access to public ways and is
served by water, sewer, sanitary sewer and storm drain facilities adequate to service it for its intended uses. Except as disclosed on the Survey, to Borrower’s knowledge, all public utilities necessary or convenient to the full use and
enjoyment of the Property are located in the public right-of-way abutting the Property, and all such utilities are connected so as to serve the Property without passing over other property absent a valid easement. All roads necessary for the use of
the Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities. 
 4.15
Physical Condition. Except as disclosed in the property condition reports delivered to Lender in connection with the Loan dated June, 2006 and prepared by Building Analytics (File No. 106097), to Borrower’s knowledge, the
Property, including all Improvements, parking facilities, systems, Equipment and landscaping, are in good condition, order and repair in all material respects; there exists no structural or other material defect or damages to the Property, whether
latent or otherwise. Borrower has not received notice from any insurance company or bonding company of any defect or inadequacy in the Property, or any part thereof, which would adversely affect its insurability or cause the imposition of
extraordinary premiums or charges thereon or any termination of any policy of insurance or bond. Except as disclosed on the Survey, to Borrower’s knowledge, no portion of the Property is located in an area as identified by the Federal Emergency
Management Agency as an area having special flood hazards. The Improvements have suffered no material casualty or damage which has not been fully repaired and the cost thereof fully paid. 
 4.16 Leases. The rent roll attached hereto as Schedule 3 (the “Rent Roll”) is, to Borrower’s knowledge,
true, complete and correct in all material respects and the Property is not subject to any Leases other than the Leases described in the Rent Roll. To Borrower’s knowledge, except as set forth on the Rent Roll: (i) each Lease is in full
force and effect; (ii) the tenants under the Leases have accepted possession of and are in occupancy of all of their respective demised premises, have commenced the payment of rent under the Leases, and there are no offsets, claims or defenses
to the enforcement thereof; (iii) all rents due and payable under the Leases have been paid and no portion thereof has been paid for any period more than thirty (30) days in advance; (iv) the rent payable under each Lease is the
amount of fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim by the tenant thereunder for an adjustment to the rent; (v) to Borrower’s knowledge, no tenant has made any claim against the landlord under any
Lease which remains outstanding, there are no defaults on the part of the landlord under any Lease, and no event has occurred which, with the giving of notice or passage of time, or both, would constitute such a default; (vi) to Borrower’s
best knowledge, there is no present material default by the tenant under any Lease; (vii) all security deposits under Leases are as set forth on the Rent Roll and are held consistent with Section 3.8 hereof; (viii) Borrower

  

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 is the sole owner of the entire lessor’s interest in each Lease; (ix) each Lease is the valid, binding and
enforceable obligation of the Borrower and the applicable tenant thereunder and (x) no Person has any possessory interest in, or right to occupy, the Property except under the terms of the Lease. None of the Leases contains any option to
purchase or right of first refusal to purchase the Property or any part thereof. Neither the Leases nor the Rents have been assigned or pledged except to Lender, and no other Person has any interest therein except the tenants thereunder. 

4.17 Fraudulent Transfer. Borrower has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or
defraud any creditor, and Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the transactions contemplated by the Loan Documents, the fair saleable value of Borrower’s
assets exceeds and will, immediately following the execution and delivery of the Loan Documents, exceed Borrower’s total probable liabilities, including subordinated, unliquidated, disputed or contingent liabilities, including the maximum
amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the execution and delivery of the Loan Documents will not, constitute unreasonably small capital to
carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debts and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such
debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations of Borrower). 
 4.18
Ownership of Borrower. The sole general partner of Borrower is the SPE Party. The only limited partner of Borrower is TPG/CalSTRS. TPG/CalSTRS is the sole member of the SPE Party. OP is the sole managing member of TPG/CalSTRS and the
owner of twenty-five percent (25%) of the limited liability company interests in TPG/CalSTRS. CalSTRS is the only other member of TPG/CalSTRS and the owner of seventy-five percent (75%) of the limited liability company interests in
TPG/CalSTRS. TPG is the sole general partner and the owner of 46.3% of the partnership interests in the OP. As of the date hereof, the limited partnership interests in Borrower and the OP and the limited liability company interests in the SPE Party
are owned free and clear of all Liens, warrants, options and rights to purchase. Borrower has no obligation to any Person to purchase, repurchase or issue any ownership interest in it. The organizational chart attached hereto as Schedule 4 is
complete and accurate and illustrates all Persons who have a direct or indirect ownership interest in Borrower. 
 4.19 Purchase
Options. Except with respect to the right of first offer granted in the BMC Software Lease, neither the Property nor any part thereof is subject to any purchase options or other similar rights in favor of third parties. 
 4.20 Management Agreement. The Management Agreement is in full force and effect. There is no default, breach or violation existing
thereunder, and no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation thereunder, by either party thereto. 

4.21 Hazardous Substances. Except as expressly disclosed in any environmental report regarding the Property and delivered to Lender in
connection with the Loan, and to 
  

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 Borrower’s knowledge, (i) the Property is not in violation of any Legal Requirement pertaining to or imposing
liability or standards of conduct concerning environmental regulation, contamination or clean-up, including the Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, the Emergency Planning
and Community Right-to-Know Act of 1986, the Hazardous Substances Transportation Act, the Solid Waste Disposal Act, the Clean Water Act, the Clean Air Act, the Toxic Substance Control Act, the Safe Drinking Water Act, the Occupational Safety and
Health Act, any state super-lien and environmental clean-up statutes (including with respect to Toxic Mold), any local law requiring related permits and licenses and all amendments to and regulations in respect of the foregoing laws (collectively,
“Environmental Laws”); (ii) the Property is not subject to any private or governmental Lien or judicial or administrative notice or action or inquiry, investigation or claim relating to hazardous, toxic and/or dangerous
substances, toxic mold or fungus of a type that may pose a risk to human health or the environment or would negatively impact the value of the Property (“Toxic Mold”) or any other substances or materials which are included
under or regulated by Environmental Laws (collectively, “Hazardous Substances”); (iii) to Borrower’s knowledge, no Hazardous Substances are or have been (including the period prior to Borrower’s acquisition of
the Property), discharged, generated, treated, disposed of or stored on, incorporated in, or removed or transported from the Property other than in compliance with all Environmental Laws; (iv) to Borrower’s knowledge, no Hazardous
Substances are present in, on or under any nearby real property which could migrate to or otherwise affect the Property; (v) to Borrower’s knowledge, no Toxic Mold is on or about the Property which requires remediation; (vi) no
underground storage tanks exist on the Property and the Property has never been used as a landfill; and (vii) there have been no environmental investigations, studies, audits, reviews or other analyses conducted by or on behalf of Borrower
which have not been provided to Lender. 
 4.22 Name; Principal Place of Business. Borrower does not use and will not use any
trade name and has not done and will not do business under any name other than its actual name set forth herein. The principal place of business of Borrower is its primary address for notices as set forth in Section 6.1 hereof, and
Borrower has no other place of business. 
 4.23 Other Debt. There is no indebtedness with respect to the Property or any
excess cash flow or any residual interest therein, whether secured or unsecured, other than Permitted Encumbrances and Permitted Indebtedness. 
 4.24 REA. The REA is in full force and effect and neither Borrower nor, to Borrower’s knowledge, any other party to the REA, is in default thereunder, and to the best of Borrower’s knowledge, there are no conditions
which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. The REA has not been modified, amended or supplemented. 
 All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (i) shall survive for so long as any portion of the Debt remains owing to Lender and (ii) shall be deemed to have been relied
upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.21 above shall survive in perpetuity.

  

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 5. COVENANTS 
 Until the end of the Term, Borrower hereby covenants and agrees with Lender that: 
 5.1 Existence. Each of
Borrower and the SPE Party shall (i) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, and franchises, (ii) continue to engage in the business presently conducted by it,
(iii) obtain and maintain all Licenses, and (iv) qualify to do business and remain in good standing under the laws of each jurisdiction, in each case as and to the extent required for the ownership, maintenance, management and operation of
the Property. 
 5.2 Taxes and Other Charges. Borrower shall pay all Taxes and Other Charges as the same become due and
payable, and deliver to Lender receipts for payment or other evidence reasonably satisfactory to Lender that the Taxes and Other Charges have been so paid no later than ten (10) days before they would be delinquent if not paid (provided,
however, that Borrower need not pay such Taxes nor furnish such receipts for payment of Taxes paid by Lender pursuant to Section 3.3 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien against
the Property, and shall promptly pay for all utility services provided to the Property. After prior notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with
due diligence, the amount or validity or application of any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and is continuing, (ii) such proceeding shall suspend the collection of the Taxes or such
Other Charges (or Borrower otherwise pays the same, including with funds from the Tax and Insurance Subaccount), (iii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which
Borrower is subject and shall not constitute a default thereunder, (iv) no part of or interest in the Property will be in danger of being sold, forfeited, terminated, canceled or lost, (v) Borrower shall have furnished such security as may
be required in the proceeding, or as may be requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon, which shall not be more than 125% of the Taxes and Other Charges being
contested (less amounts then being retained in the Tax and Insurance Subaccount to pay such Taxes so contested), and (vi) Borrower shall promptly upon final determination thereof pay the amount of such Taxes or Other Charges, together with all
costs, interest and penalties. Lender may pay over any such security or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established. 
 5.3 Access to Property . Borrower shall permit agents, representatives, consultants and employees of Lender to inspect the Property or any
part thereof at reasonable hours upon reasonable advance notice, subject however to the rights of tenants under any Leases. 
 5.4 Repairs; Maintenance and Compliance; Alterations. 
 5.4.1 Repairs;
Maintenance and Compliance. Borrower shall at all times maintain, preserve and protect all franchises and trade names, and Borrower shall cause the Property to be maintained in a good and safe condition and repair and shall not remove,
demolish or alter the Improvements or Equipment (except for alterations performed in accordance with 
  

 42 

 Section 5.4.2 below and normal replacement of Equipment with Equipment of equivalent value and
functionality). Borrower shall promptly comply with all Legal Requirements and promptly cure any violation of a Legal Requirement. Borrower shall notify Lender in writing within three (3) Business Days after Borrower first receives notice of
any such non-compliance. Borrower shall promptly repair, replace or rebuild any part of the Property that becomes damaged, worn or dilapidated and shall complete and pay for any Improvements at any time in the process of construction or repair.

 5.4.2 Alterations. Borrower may, without Lender’s consent, perform alterations to the Improvements and Equipment
which (i) do not constitute a Material Alteration, (ii) do not adversely affect Borrower’s financial condition or the value or Net Operating Income of the Property and (iii) are in the ordinary course of Borrower’s business.
Borrower shall not perform any Material Alteration without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Lender may, in its sole and absolute discretion,
withhold consent to any alteration the cost of which is reasonably estimated to exceed $2,500,000 or which is likely to result in a decrease of Net Operating Income by two and one-half percent (2.5%) or more for a period of thirty
(30) days or longer. Lender may, as a condition to giving its consent to a Material Alteration, require that Borrower deliver to Lender security for payment of the cost of such Material Alteration in an amount equal to 125% of the amount by
which the cost of the Material Alteration as reasonably estimated by Lender exceeds $2,500,000. Upon substantial completion of the Material Alteration, Borrower shall provide evidence satisfactory to Lender that (i) the Material Alteration was
constructed in accordance with applicable Legal Requirements and substantially in accordance with plans and specifications approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed), (ii) all contractors,
subcontractors, materialmen and professionals who provided work, materials or services in connection with the Material Alteration have been paid in full and have delivered unconditional releases of lien and (iii) all material Licenses necessary
for the use, operation and occupancy of the Material Alteration (other than those which depend on the performance of tenant improvement work) have been issued. Borrower shall reimburse Lender upon demand for all actual out-of-pocket costs and
expenses (including the reasonable fees of any architect, engineer or other professional engaged by Lender) incurred by Lender in reviewing plans and specifications or in making any determinations necessary to implement the provisions of this
Section 5.4.2. 
 5.5 Performance of Other Agreements. Borrower shall observe and perform each and every
term to be observed or performed by it pursuant to the terms of any agreement or instrument affecting or pertaining to the Property, including the Loan Documents. 
 5.6 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to, and permit Lender, at its option, to participate in, any proceedings before any Governmental
Authority which may in any way affect the rights of Lender under any Loan Document. 
 5.7 Further Assurances. Borrower
shall, at Borrower’s sole cost and expense, (i) execute and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect
the collateral at any time securing or intended to secure the Debt and/or for the better and more 
  

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 effective carrying out of the intents and purposes of the Loan Documents, as Lender may reasonably require from time to
time; and (ii) upon Lender’s request therefor given from time to time after the occurrence of any Default or Event of Default pay for (a) reports of UCC, federal tax lien, state tax lien, judgment and pending litigation searches with
respect to Borrower and the SPE Party and (b) searches of title to the Property, each such search to be conducted by search firms reasonably designated by Lender in each of the locations reasonably designated by Lender. 
 5.8 Environmental Matters. 
 5.8.1 Hazardous Substances. So long as Borrower owns or is in possession of the Property, Borrower shall (i) keep the Property in compliance with all Environmental Laws, (ii) promptly notify Lender if Borrower
shall become aware that (A) any Hazardous Substance is on or near the Property, (B) the Property is in violation of any Environmental Laws or (C) any condition on or near the Property shall pose a threat to the health, safety or
welfare of humans and (iii) remove such Hazardous Substances and/or cure such violations and/or remove such threats, as applicable, as required by law (or as shall be required by Lender in the case of removal which is not required by law, but
in response to the reasonable opinion of a licensed hydrogeologist, licensed environmental engineer or other qualified environmental consulting firm engaged by Lender (“Lender’s Consultant”)), promptly after Borrower
becomes aware of same, at Borrower’s sole expense. Nothing herein shall prevent Borrower from recovering such expenses from any other party that may be liable for such removal or cure. 
 5.8.2 Environmental Monitoring. 
 (a) Borrower shall give prompt written notice to Lender of (i) any proceeding or inquiry by any party (including any Governmental Authority) with respect to the presence of any Hazardous Substance on, under, from or about the Property,
(ii) all claims made or threatened by any third party (including any Governmental Authority) against Borrower or the Property or any party occupying the Property relating to any loss or injury resulting from any Hazardous Substance, and
(iii) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Upon
becoming aware of the presence of mold or fungus at the Property, Borrower shall (i) undertake an investigation to identify the source(s) of such mold or fungus and shall develop and implement an appropriate remediation plan to eliminate the
presence of any Toxic Mold, (ii) perform or cause to be performed all acts reasonably necessary for the remediation of any Toxic Mold (including taking any action necessary to clean and disinfect any portions of the Property affected by Toxic
Mold, including providing any necessary moisture control systems at the Property), and (iii) provide evidence reasonably satisfactory to Lender of the foregoing. Borrower shall permit Lender to join and participate in, as a party if it so
elects, any legal or administrative proceedings or other actions initiated with respect to the Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys’ fees and disbursements
incurred by Lender in connection therewith. 
 (b) Upon Lender’s request, at any time and from time to time (which request Lender shall
not make more than once in any 12-month period unless (i) such request is made in connection with a Secondary Market Transaction, or (ii) Lender has a good faith belief that there 
  

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 is a violation of Environmental Laws or a release of Hazardous Substances at the Property), Borrower shall undertake an
inspection or audit of the Property prepared by a licensed hydrogeologist, licensed environmental engineer or qualified environmental consulting firm approved by Lender assessing the presence or absence of Hazardous Substances on, in or near the
Property, and if Lender in its good faith judgment determines that reasonable cause exists for the performance of such environmental inspection or audit, then the cost and expense of such audit or inspection shall be paid by Borrower. Such
inspections and audit may include soil borings and ground water monitoring. If Borrower fails to provide any such inspection or audit within thirty (30) days after such request, Lender may order same, and Borrower hereby grants to Lender and
its employees and agents access to the Property and a license to undertake such inspection or audit. 
 (c) If any environmental site
assessment report prepared in connection with such inspection or audit recommends that an operations and maintenance plan be implemented for any Hazardous Substance, whether such Hazardous Substance existed prior to the ownership of the Property by
Borrower, or presently exists or is reasonably suspected of existing, Borrower shall cause such operations and maintenance plan to be prepared and implemented at its expense upon request of Lender, and with respect to any Toxic Mold, Borrower shall
take all action necessary to clean and disinfect any portions of the Improvements affected by Toxic Mold in or about the Improvements, including providing any necessary moisture control systems at the Property. If any investigation, site monitoring,
containment, cleanup, removal, restoration or other work of any kind is reasonably necessary under an applicable Environmental Law (“Remedial Work”), Borrower shall commence all such Remedial Work within thirty (30) days
after written demand by Lender and thereafter diligently prosecute to completion all such Remedial Work within such period of time as may be required under applicable law. All Remedial Work shall be performed by licensed contractors reasonably
approved in advance by Lender and under the supervision of a consulting engineer reasonably approved by Lender. All costs of such Remedial Work shall be paid by Borrower, including Lender’s reasonable attorneys’ fees and disbursements
incurred in connection with the monitoring or review of such Remedial Work. If Borrower does not timely commence and diligently prosecute to completion the Remedial Work, Lender may (but shall not be obligated to) cause such Remedial Work to be
performed at Borrower’s expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if
commencing such Remedial Work within such time period would result in Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to Lender, is contesting by appropriate
legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work, provided that, (1) Borrower is
permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Property nor any part thereof or interest therein will be sold, forfeited or lost if Borrower fails to promptly
perform the Remedial Work being contested, and if Borrower fails to prevail in contest, Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any
risk of any civil liability for which Borrower has not furnished additional security as provided in 
  

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 clause (4) below, or to any risk of criminal liability, and neither the Property nor any interest therein would be
subject to the imposition of any Lien for which Borrower has not furnished additional security as provided in clause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished to Lender
additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may be reasonably requested by Lender but in no event less than 125%
of the cost of such Remedial Work as estimated by Lender or Lender’s Consultant and any loss or damage that may result from Borrower’s failure to prevail in such contest. 
 (d) Borrower shall not install or permit to be installed on the Property any underground storage tank. 
 (e) Borrower shall diligently take all steps necessary to (i) place the hazardous waste generated and stored at the “Goodyear” facility in
secondary containment and (ii) remove and replace the mold-impacted thermal insulation wrap in the service corridor within the basement of Building 3, each as more particularly described in the recommendations set forth in the Phase I
Environmental Site Assessment dated June 2006 and prepared by BA Environmental (File No. 106097). Upon completion of the foregoing, Borrower shall deliver evidence of the same to Lender. 
 5.8.3 O & M Program. In the event any environmental report delivered to Lender in connection with the Loan recommends the
development of or continued compliance with an operation and maintenance program for the Property (including, without limitation, with respect to the presence of asbestos and/or lead-based paint) (“O & M Program”),
Borrower shall develop (or continue to comply with, as the case may be) such O & M Program and shall, during the term of the Loan, including any extension or renewal thereof, comply in all material respects with the terms and conditions of the O
& M Program. 
 5.9 Title to the Property. Borrower will warrant and defend the title to the Property, and the
validity and priority of all Liens granted or otherwise given to Lender under the Loan Documents, subject only to Permitted Encumbrances, against the claims of all Persons. 
 5.10 Leases. 
 5.10.1 Generally. Upon request, Borrower shall furnish Lender with executed copies of all Leases then in effect. All renewals of Leases (unless provided otherwise by the terms of such Lease) and all proposed
leases shall provide for rental rates and terms comparable to existing local market rates and shall be arm’s length transactions with bona fide, independent third-party tenants. 
 5.10.2 Material Leases. Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of
an existing Material Lease without the prior written consent of Lender, which consent shall not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed. Prior to seeking Lender’s consent to any Material
Lease, Borrower shall deliver to Lender a copy of such proposed lease (a “Proposed Material Lease”) blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall
approve or disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease for which Lender’s approval is required under this Agreement within ten (10) Business Days of the 

 

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 submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed
Material Lease or proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing
Material Leases at any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or
modification of an existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and approved
by Lender in connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that no Event of Default is continuing, if Borrower provides Lender with a written request for approval
(which written request shall specifically refer to this Section 5.10.2 and shall explicitly state that failure by Lender to approve or disapprove within ten (10) Business Days will constitute a deemed approval) and Lender fails to
reject the request in writing delivered to Borrower within ten (10) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease shall be deemed
approved by Lender, and Borrower shall be entitled to enter into such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. 
 5.10.3 Minor Leases. Notwithstanding the provisions of Section 5.10.2 above, provided that no Event of Default is
continuing, renewals, amendments and modifications of existing Leases and proposed leases, shall not be subject to the prior approval of Lender provided (i) the proposed lease would be a Minor Lease or the existing Lease as amended or modified
or the renewal Lease is a Minor Lease, (ii) the proposed lease shall be written substantially in accordance with the standard form of Lease which shall have been approved by Lender, (iii) the Lease as amended or modified or the renewal
Lease or series of leases or proposed lease or series of leases: (a) shall provide for net effective rental rates comparable to existing local market rates, (b) shall have an initial term (exclusive of any renewal options) of not less than
three (3) years (provided, however, the foregoing shall not restrict Borrower’s ability to enter into one or more Leases, covering up to 10% of the aggregate rentable square feet of the Improvements at any one time, with a term of less
than three years) or greater than ten (10) years, (c) shall provide for automatic self-operative subordination to the Mortgage and, at Lender’s option, attornment to Lender, and (d) shall not contain any option to purchase, any
right of first refusal to purchase, any right to terminate (except in the event of the destruction or condemnation of substantially all of the Property), any requirement for a non-disturbance or recognition agreement (other than on Lender’s
then standard form of non-disturbance or recognition agreement), or any other provision which might adversely affect the rights of Lender under the Loan Documents in any material respect. Borrower shall deliver to Lender copies of all Leases which
are entered into pursuant to the preceding sentence together with Borrower’s certification that it has satisfied all of the conditions of the preceding sentence at the time of delivery of the next monthly report required under
Section 6.3.4. 
 5.10.4 Additional Covenants with respect to Leases. Borrower (i) shall observe and
perform the material obligations imposed upon the lessor under the Leases and shall do nothing to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all notices of default that Borrower shall
send or receive under any Lease; 
  

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 (iii) shall enforce, in accordance with commercially reasonable practices for properties similar to the Property,
the terms, covenants and conditions in the Leases to be observed or performed by the lessees, short of termination thereof (except as provided in clause (ix) below); (iv) shall not collect any of the Rents more than one (1) month in
advance (other than security deposits); (v) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (vi) shall not modify any Lease in a manner
inconsistent with the Loan Documents; (vii) shall not convey or transfer or suffer or permit a conveyance or transfer of the Property so as to effect a merger of the estates and rights of, or diminution of the obligations of, lessees under
Leases; (viii) shall not consent to any assignment of or subletting under any Material Lease unless required in accordance with its terms without the prior consent of Lender, which, with respect to a subletting, may not, so long as no Event of
Default is continuing, be unreasonably withheld or delayed (provided that Lender’s consent shall not be required in connection with (i) an assignment if the assigning tenant (and its guarantor, if applicable) remains primarily liable under
the applicable Lease or (ii) a subletting of less than 80,000 square feet); and (ix) shall not cancel or terminate any Lease or accept a surrender thereof (except in the exercise of Borrower’s commercially reasonable judgment in
connection with a tenant default under a Minor Lease or if such a termination or cancellation is a condition to leasing, to another tenant which will pay net effective rental rates comparable to existing local market rates, the space subject to the
Lease being cancelled or terminated) without the prior consent of Lender, which consent shall not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed. 
 5.10.5 Master Lease. Borrower and Master Lease Tenant have entered into the Master Lease, pursuant to which Master Lease
Tenant leases from Borrower the entirety of the Master Lease Space, which Master Lease provides for annual contract rent and recoveries (i.e. the “Rent” and “Additional Rent” (as such terms are defined in the Master Lease)), of
$24 per square foot (on a full service gross lease basis) (the “Minimum PSF Rent and Recoveries”), for a term expiring on June 15, 2009. Notwithstanding the provisions of this Section 5.10.5 to the contrary, Master
Lease Tenant may partially assign or sublet or partially release all or any portion of the Master Lease Space (and Borrower may approve the same), provided (i) such assignment or partial release shall be evidenced by a written
modification or amendment of the Master Lease in accordance with the provisions of this Section 5.10 and Section 13 of the Master Lease, (ii) that any space as to which Master Lease Tenant is released is the subject, in each case, of
a new direct Lease entered into between Borrower and a tenant in accordance with this Section 5.10 (each such tenant a “New ML Tenant” and each such new direct lease, a “New ML Lease”), and
(iii) to the extent that the per square foot contract rent and recoveries under all such New ML Leases is less than the Minimum PSF Rent and Recoveries under the Master Lease, the per square foot contract rent and recoveries under the Master
Lease with respect to the remaining space demised thereunder will be automatically increased or decreased (pursuant to a written modification or amendment of the Master Lease in accordance with the provisions of this Section 5.10.5) to the
extent necessary so that the aggregate contract rent and recoveries payable with respect to the remaining space demised under the Master Lease and all such New ML Leases shall be equal to the Minimum PSF Rent and Recoveries originally payable with
respect to the entirety of the Master Lease Space under the Master Lease. Notwithstanding the foregoing, it is understood that if (i) the Master Lease Tenant seeks a full and complete release from the Master Lease in accordance with this
Section 5.10.5 and (ii) the aggregate per square foot contract rent and recoveries under all New ML Leases is less than the Minimum PSF Rent and Recoveries 
  

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 originally payable with respect to the entirety of the Master Lease Space under the Master Lease, then in no event shall
Borrower release Master Lease Tenant from its remaining tenancy obligations under the Master Lease. Thus, at least a portion of the Master Lease Space must either be (i) subleased or (ii) retained as space leased directly by Master Lease
Tenant under the Master Lease, such that, in either case, Master Lease Tenant shall still be obligated to pay to Borrower, under the Master Lease, (x) the Minimum PSF Rent and Recoveries originally payable with respect to the entirety of the
Master Lease Space under the Master Lease less (y) the aggregate contract rent and recoveries payable with respect to all New ML Leases. Upon termination of the Master Lease, Borrower may enter into direct Leases for all subleased space on the
terms set forth in the subleases. 
 Notwithstanding the foregoing, Borrower may terminate the Master Lease in its entirety upon the Property achieving a
minimum Debt Service Coverage Ratio (calculated without giving effect to rent payable under the Master Lease) of 1.10:1.00. 
 5.10.6
BMC Space Master Lease. In the event that a BMC Software Lease Special Termination occurs, then upon the effective date of such BMC Software Lease Special Termination, Borrower (as landlord) shall enter into a “master
lease” (the “BMC Space Master Lease”) with TPG/CalSTRS (as tenant) (in such capacity, the “BMC Space Master Lease Tenant”), pursuant to which the BMC Space Master Lease Tenant leases from Borrower
the entirety of the space under the BMC Software Lease that has been surrendered, cancelled or terminated as a result of the BMC Software Lease Special Termination (the “BMC Space Master Lease Space”), which BMC Space Master
Lease shall provide for annual per square foot contract rent and recoveries equal to then annual per square foot contract rent and recoveries payable pursuant to the BMC Software Lease (the “BMC Space Minimum PSF Rent and
Recoveries”), for a term expiring on June 30, 2021, and shall otherwise be acceptable to Lender, in Lender’s sole and absolute discretion. Notwithstanding the provisions of this Section 5.10.6 to the contrary, BMC Space
Master Lease Tenant may partially assign or sublet or partially release all or any portion of the BMC Space Master Lease Space (and Borrower may approve the same), provided (i) such assignment or partial release shall be evidenced by a
written modification or amendment of the BMC Space Master Lease in accordance with the provisions of this Section 5.10 and Section 13 of the BMC Space Master Lease, (ii) that any space as to which BMC Space Master Lease Tenant is
released is the subject, in each case, of a new direct Lease entered into between Borrower and a tenant in accordance with this Section 5.10 (each such tenant a “New BMC Space ML Tenant” and each such new direct lease, a
“New BMC Space ML Lease”), (iii) no such New BMC Space ML Lease may be entered into (or approved by Borrower) at any time that comparable vacant space at the Property is otherwise available for leasing (and acceptable to
the proposed New BMC Space ML Tenant), and (iv) to the extent that the per square foot contract rent and recoveries under all such New BMC Space ML Leases is less than the BMC Space Minimum PSF Rent and Recoveries under the BMC Space Master
Lease, the per square foot contract rent and recoveries under the BMC Space Master Lease with respect to the remaining space demised thereunder will be automatically increased or decreased (pursuant to a written modification or amendment of the BMC
Space Master Lease in accordance with the provisions of this Section 5.10.6) to the extent necessary so that the aggregate contract rent and recoveries payable with respect to the remaining space demised under the BMC Space Master Lease and all
such BMC Space New ML Leases shall be equal to the BMC Space Minimum PSF Rent and Recoveries originally payable with respect to the entirety of the BMC 
  

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 Space Master Lease Space under the BMC Space Master Lease. Notwithstanding the foregoing, it is understood that if
(i) the BMC Space Master Lease Tenant seeks a full and complete release from the BMC Space Master Lease in accordance with this Section 5.10.6 and (ii) the aggregate per square foot contract rent and recoveries under all New BMC Space
ML Leases is less than the BMC Space Minimum PSF Rent and Recoveries originally payable with respect to the entirety of the BMC Space Master Lease Space under the BMC Space Master Lease, then in no event shall Borrower release BMC Space Master Lease
Tenant from its remaining tenancy obligations under the Master Lease. Thus, at least a portion of the BMC Space Master Lease Space must either be (i) subleased or (ii) retained as space leased directly by BMC Space Master Lease Tenant
under the BMC Space Master Lease, such that, in either case, BMC Space Master Lease Tenant shall still be obligated to pay to Borrower, under the BMC Space Master Lease, (x) the Minimum PSF Rent and Recoveries originally payable with respect to
the entirety of the BMC Space Master Lease Space under the BMC Space Master Lease less (y) the aggregate contract rent and recoveries payable with respect to all New BMC Space ML Leases. Upon termination of the BMC Space Master Lease, Borrower
may enter into direct Leases for all subleased space on the terms set forth in the subleases. 
 Notwithstanding anything to the contrary contained herein,
nothing in this Agreement shall be deemed to restrict Borrower from entering into the BMC Space Master Lease at any time (even if prior to the occurrence of a BMC Software Lease Special Termination), provided that the commencement date of the BMC
Space Master Lease shall not occur later than the effective date of termination or cancellation or surrender of the BMC Software Lease. 
 Notwithstanding
anything to the contrary contained above, with respect to any New BMC Space ML Lease, the BMC Space Master Lease Tenant shall be responsible for all leasing costs expenses incurred in connection therewith (including tenant improvement work and
brokerage commissions), and the BMC Space Master Lease Tenant may not be released from its obligations under the BMC Space Master Lease (with respect to such New BMC Space ML Lease) until such time that such leasing costs and expenses have been paid
in full. 
 5.11 Estoppel Statement. After request by Lender, Borrower shall within ten (10) days furnish Lender
with a statement addressed to Lender, its successors and assigns, duly acknowledged and certified, setting forth (i) the unpaid Principal, (ii) the Interest Rate, (iii) the date installments of interest and/or Principal were last
paid, (iv) any offsets or defenses to the payment of the Debt, and (v) that the Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification. 
 5.12 Property Management. 
 5.12.1 Management Agreement. Borrower shall (i) cause the Property to be managed pursuant to the Management Agreement; (ii) promptly perform and observe all of the covenants required to
be performed and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its rights thereunder; (iii) promptly notify Lender of any default under the Management Agreement of which it is
aware; (iv) promptly deliver to Lender a copy of each financial statement, capital expenditure plan, and property improvement plan and any other notice, report and estimate received by Borrower under the Management Agreement; and
(v) promptly enforce the performance and observance of all of the 
  

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 covenants required to be performed and observed by Manager under the Management Agreement. Without Lender’s prior
written consent, Borrower shall not (a) surrender, terminate, cancel, extend or renew the Management Agreement or otherwise replace the Manager or enter into any other management agreement (except pursuant to Section 5.12.2 below);
(b) reduce or consent to the reduction of the term of the Management Agreement; (c) increase or consent to the increase of the amount of any charges under the Management Agreement; (d) otherwise modify, change, supplement, alter or
amend in any material respect, or waive or release any of its rights and remedies under, the Management Agreement; or (e) suffer or permit the occurrence and continuance of a default beyond any applicable cure period under the Management
Agreement (or any successor management agreement) if such default permits the Manager to terminate the Management Agreement (or such successor management agreement). 
 5.12.2 Termination of Manager. If (i) an Event of Default shall be continuing, or (ii) Manager is in default under the Management Agreement beyond any applicable notice and cure
periods, or (iii) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to Lender in
Lender’s discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. Borrower’s failure to appoint an acceptable manager within thirty (30) days after Lender’s
request of Borrower to terminate the Management Agreement (as provided above) shall constitute an immediate Event of Default. Borrower may from time to time appoint a successor manager to manage the Property, provided that such successor manager and
Management Agreement shall be approved in writing by Lender in Lender’s discretion and the applicable Rating Agencies (and Lender’s approval may be conditioned upon Borrower delivering a Rating Comfort Letter as to such successor manager
and Management Agreement). If at any time Lender consents to the appointment of a new manager, such new manager and Borrower shall, as a condition of Lender’s consent, execute a consent and subordination of management agreement substantially in
the form of the Consent and Subordination of Manager of even date herewith executed and delivered by Manager to Lender. 
 5.13
Special Purpose Bankruptcy Remote Entity. Each of Borrower and the SPE Party shall at all times be a Special Purpose Bankruptcy Remote Entity. Neither Borrower nor the SPE Party shall directly or indirectly make any change,
amendment or modification to its or such SPE Party’s organizational documents, or otherwise take any action which could result in Borrower or the SPE Party not being a Special Purpose Bankruptcy Remote Entity. A “Special Purpose
Bankruptcy Remote Entity” shall have the meaning set forth on Schedule 5 hereto. 
 5.14 Intentionally
Omitted.  
 5.15 Change in Business or Operation of Property. Borrower shall not purchase or own
any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or
undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in
connection with renovations to the Property). 
  

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 5.16 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim
or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 
 5.17 Affiliate Transactions. Except for the Management Agreement by and between Manager and Borrower, the Master Lease and the BMC Space
Master Lease, Borrower shall not enter into, or be a party to, any transaction with an Affiliate of Borrower or any of the partners of Borrower except in the ordinary course of business and on terms which are fully disclosed to Lender in advance and
are no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s-length transaction with an unrelated third party. 
 5.18 Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any
portion of the Property in any manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior consent of Lender, such consent not to be
unreasonably withheld, conditioned or delayed. 
 5.19 No Joint Assessment. Borrower shall not suffer, permit or
initiate the joint assessment of the Property (i) with any other real property constituting a tax lot separate from the Property, and (ii) with any portion of the Property which may be deemed to constitute personal property, or any other
procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to the Property. 
 5.20 Principal Place of Business. Borrower shall not change its principal place of business or chief executive office without first giving Lender thirty (30) days’ prior notice. 
 5.21 Change of Name, Identity or Structure. Borrower shall not change its name, identity (including its trade name or names) or
Borrower’s corporate, partnership or other structure without notifying Lender of such change in writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Borrower’s structure, without
first obtaining the prior written consent of Lender. Borrower shall execute and deliver to Lender, prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement change required by Lender to
establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower intends
to operate the Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. 
 5.22 Indebtedness. Borrower shall not directly or indirectly create, incur or assume any indebtedness other than (i) the Debt and (ii) unsecured trade payables incurred in the ordinary course of business relating to
the ownership and operation of the Property, which in the case of such unsecured trade payables (A) are not evidenced by a note, (B) do not exceed, at any time, a maximum aggregate amount of two percent (2%) of the original amount of
the Principal and (C) are paid within sixty (60) days of the date incurred (collectively, “Permitted Indebtedness”). 
  

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 5.23 Licenses. Borrower shall not Transfer any License required for the operation of
the Property. 
 5.24 Compliance with Restrictive Covenants, Etc. Borrower will not enter into, modify, waive in any material
respect or release any Easements, restrictive covenants or other Permitted Encumbrances, or suffer, consent to or permit the foregoing, without Lender’s prior written consent, which consent may be granted or denied in Lender’s sole
discretion. 
 5.25 ERISA. 
 (1) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a
non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 
 (2) Borrower shall not permit the
assets of Borrower to become “plan assets,” whether by operation of law or under regulations promulgated under ERISA. 
 (3)
Borrower shall deliver to Lender such certifications or other evidence from time to time throughout the Term, as requested by Lender in its sole discretion, that (A) Borrower is not and does not maintain an “employee benefit plan” as
defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (B) Borrower is not subject to state statutes (or is in compliance with state
statutes) regulating investments and fiduciary obligations with respect to governmental plans; and (C) the assets of Borrower do not constitute “plan assets” within the meaning of 29 C.F.R. Section 2510.3-101. 
 5.26 Prohibited Transfers. Borrower shall not directly or indirectly make, suffer or permit the occurrence of any Transfer other than a
Permitted Transfer. 
 5.27 Liens. Without Lender’s prior written consent, Borrower shall not create, incur, assume,
permit or suffer to exist any Lien on all or any portion of the Property or any direct or indirect legal or beneficial ownership interest in Borrower or the SPE Party, except Liens in favor of Lender and Permitted Encumbrances, unless such Lien is
bonded or discharged within thirty (30) days after Borrower first receives notice of such Lien. 
 5.28 Dissolution.
Borrower shall not (i) to the fullest extent permitted by applicable law, engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (ii) engage in any business activity not related to the
ownership and operation of the Property or (iii) transfer, lease or sell, in one transaction or any combination of transactions, all or substantially all of the property or assets of Borrower except to the extent expressly permitted by the Loan
Documents. 
 5.29 Expenses. Borrower shall reimburse Lender upon receipt of notice for all reasonable out-of-pocket costs and
expenses (including reasonable attorneys’ fees and disbursements) reasonably incurred by Lender in connection with the Loan (or any portion thereof) (but excluding any costs and expenses incurred by Lender due to Lender’s or its
agents’ willful misconduct, gross negligence or breach of its obligations (if any) hereunder), including 
  

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 (i) the preparation, negotiation, execution and delivery of the Loan Documents and the consummation of the
transactions contemplated thereby and all the costs of furnishing all opinions (other than the non-consolidation opinion prepared by Lender’s counsel) by counsel for Borrower; (ii) Borrower’s ongoing performance under and compliance
with the Loan Documents, including confirming compliance with environmental and insurance requirements; (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications of or
under any Loan Document and any other documents or matters requested by Borrower; (iv) filing and recording of any Loan Documents; (v) title insurance, surveys, inspections and appraisals (provided Lender delivers copies of the same to
Borrower); (vi) the creation, perfection or protection of Lender’s Liens in the Property and the Cash Management Accounts (including fees and expenses for title and lien searches, intangibles taxes, personal property taxes, mortgage
recording taxes, due diligence expenses, travel expenses, accounting firm fees, costs of appraisals, environmental reports and Lender’s Consultant, surveys and engineering reports); (vii) enforcing or preserving any rights in response to
third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, the Loan Documents, the Property, or any other security given for the Loan; (viii) fees
charged by Servicer or the Rating Agencies in connection with any modification of the Loan requested by Borrower and (ix) enforcing any obligations of or collecting any payments due from Borrower under any Loan Document or with respect to the
Property or in connection with any refinancing or restructuring of the Loan in the nature of a “work-out”, or any insolvency or bankruptcy proceedings. Notwithstanding anything to the contrary contained herein, it is expressly understood
and agreed that no fees will be charged by Lender or Servicer (other than actual out-of-pocket costs and expenses) in connection with the review or approval of any subordination, non-disturbance and attornment agreement to be obtained from any
tenant(s) at the Property, provided that the same is on Lender’s then standard form. Any costs and expenses due and payable by Borrower hereunder which are not paid by Borrower within ten (10) Business Days after written demand may be paid
from any amounts in the Deposit Account, with notice thereof to Borrower. The obligations and liabilities of Borrower under this Section 5.29 shall survive the Term and the exercise by Lender of any of its rights or remedies under the
Loan Documents, including the acquisition of the Property by foreclosure or a conveyance in lieu of foreclosure. 
 5.30
Indemnity. BORROWER SHALL DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER AND EACH OF ITS AFFILIATES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, INCLUDING THE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, SHAREHOLDERS, PARTICIPANTS,
EMPLOYEES, PROFESSIONALS AND AGENTS OF ANY OF THE FOREGOING (INCLUDING ANY SERVICER) AND EACH OTHER PERSON, IF ANY, WHO CONTROLS LENDER, ITS AFFILIATES OR ANY OF THE FOREGOING (EACH, AN “INDEMNIFIED PARTY”), FROM AND
AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, CLAIMS, COSTS, EXPENSES AND DISBURSEMENTS OF ANY KIND OR NATURE WHATSOEVER (INCLUDING THE REASONABLE FEES AND DISBURSEMENTS OF COUNSEL FOR AN
INDEMNIFIED PARTY IN CONNECTION WITH ANY INVESTIGATIVE, ADMINISTRATIVE OR JUDICIAL PROCEEDING COMMENCED OR THREATENED, WHETHER OR NOT LENDER SHALL BE DESIGNATED A PARTY THERETO, COURT COSTS AND COSTS OF APPEAL AT ALL APPELLATE 
  

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 LEVELS, INVESTIGATION AND LABORATORY FEES, CONSULTANT FEES AND LITIGATION EXPENSES), THAT MAY BE IMPOSED ON, INCURRED
BY, OR ASSERTED AGAINST ANY INDEMNIFIED PARTY (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”) IN ANY MANNER, RELATING TO OR ARISING OUT OF OR BY REASON OF THE LOAN, INCLUDING: (I) ANY BREACH BY BORROWER OF ITS
OBLIGATIONS UNDER, OR ANY MISREPRESENTATION BY BORROWER CONTAINED IN, ANY LOAN DOCUMENT; (II) THE USE OR INTENDED USE OF THE PROCEEDS OF THE LOAN; (III) ANY INFORMATION PROVIDED BY OR ON BEHALF OF BORROWER, OR CONTAINED IN ANY
DOCUMENTATION APPROVED BY BORROWER; (IV) OWNERSHIP OF THE MORTGAGE, THE PROPERTY OR ANY INTEREST THEREIN, OR RECEIPT OF ANY RENTS; (V) ANY ACCIDENT, INJURY TO OR DEATH OF PERSONS OR LOSS OF OR DAMAGE TO PROPERTY OCCURRING IN, ON OR ABOUT
THE PROPERTY OR ON THE ADJOINING SIDEWALKS, CURBS, ADJACENT PROPERTY OR ADJACENT PARKING AREAS, STREETS OR WAYS; (VI) ANY USE, NONUSE OR CONDITION IN, ON OR ABOUT THE PROPERTY OR ON ADJOINING SIDEWALKS, CURBS, ADJACENT PROPERTY OR ADJACENT
PARKING AREAS, STREETS OR WAYS; (VII) PERFORMANCE OF ANY LABOR OR SERVICES OR THE FURNISHING OF ANY MATERIALS OR OTHER PROPERTY IN RESPECT OF THE PROPERTY; (VIII) THE PRESENCE, DISPOSAL, ESCAPE, SEEPAGE, LEAKAGE, SPILLAGE, DISCHARGE,
EMISSION, RELEASE, OR THREATENED RELEASE OF ANY HAZARDOUS SUBSTANCE ON, FROM OR AFFECTING THE PROPERTY; (IX) ANY PERSONAL INJURY (INCLUDING WRONGFUL DEATH) OR PROPERTY DAMAGE (REAL OR PERSONAL) ARISING OUT OF OR RELATED TO SUCH HAZARDOUS
SUBSTANCE; (X) ANY LAWSUIT BROUGHT OR THREATENED, SETTLEMENT REACHED, OR GOVERNMENT ORDER RELATING TO SUCH HAZARDOUS SUBSTANCE; (XI) ANY VIOLATION OF THE ENVIRONMENTAL LAWS WHICH IS BASED UPON OR IN ANY WAY RELATED TO SUCH HAZARDOUS
SUBSTANCE, INCLUDING THE COSTS AND EXPENSES OF ANY REMEDIAL WORK; (XII) ANY FAILURE OF THE PROPERTY TO COMPLY WITH ANY LEGAL REQUIREMENT; (XIII) ANY CLAIM BY BROKERS, FINDERS OR SIMILAR PERSONS CLAIMING TO BE ENTITLED TO A COMMISSION IN
CONNECTION WITH ANY LEASE OR OTHER TRANSACTION INVOLVING THE PROPERTY OR ANY PART THEREOF, OR ANY LIABILITY ASSERTED AGAINST LENDER WITH RESPECT THERETO; AND (XIV) THE CLAIMS OF ANY LESSEE OF ANY PORTION OF THE PROPERTY OR ANY PERSON ACTING
THROUGH OR UNDER ANY LESSEE OR OTHERWISE ARISING UNDER OR AS A CONSEQUENCE OF ANY LEASE, IN ALL CASES, WHETHER OR NOT CAUSED BY, OR ARISING, IN WHOLE OR IN PART, OUT OF COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNIFIED PARTY; PROVIDED,
HOWEVER, THAT BORROWER SHALL NOT HAVE ANY OBLIGATION TO ANY INDEMNIFIED PARTY HEREUNDER TO THE EXTENT THAT IT IS FINALLY JUDICIALLY DETERMINED THAT SUCH INDEMNIFIED LIABILITIES ARISE FROM THE GROSS NEGLIGENCE, ILLEGAL ACTS, FRAUD OR WILLFUL
MISCONDUCT OF SUCH INDEMNIFIED PARTY. ANY AMOUNTS PAYABLE TO ANY INDEMNIFIED PARTY BY REASON OF THE APPLICATION OF THIS PARAGRAPH SHALL BE 
  

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 PAYABLE ON DEMAND AND SHALL BEAR INTEREST AT THE DEFAULT RATE FROM THE DATE LOSS OR DAMAGE IS SUSTAINED BY ANY
INDEMNIFIED PARTY UNTIL PAID. THE OBLIGATIONS AND LIABILITIES OF BORROWER UNDER THIS SECTION 5.30 SHALL SURVIVE THE TERM AND THE EXERCISE BY LENDER OF ANY OF ITS RIGHTS OR REMEDIES UNDER THE LOAN DOCUMENTS, INCLUDING THE ACQUISITION OF
THE PROPERTY BY FORECLOSURE OR A CONVEYANCE IN LIEU OF FORECLOSURE. NOTWITHSTANDING THE FOREGOING, HOWEVER, BORROWER SHALL NOT BE OBLIGATED TO INDEMNIFY ANY INDEMNIFIED PARTY FOR ANY EVENT OR CONDITION, THAT FIRST ARISES ON OR AFTER THE DATE ON
WHICH LENDER (OR ITS TRANSFEREE) ACQUIRES TITLE OR CONTROL OF THE PROPERTY (WHETHER AT FORECLOSURE SALE, CONVEYANCE IN LIEU OF FORECLOSURE OR SIMILAR TRANSFER) OR AFTER A RECEIVER HAS BEEN APPOINTED FOR THE PROPERTY; PROVIDED
THAT BORROWER’S OBLIGATION TO INDEMNIFY THE INDEMNIFIED PARTIES WITH RESPECT TO AN EVENT OR CONDITION SPECIFIED IN CLAUSES (VIII) THROUGH (XI) ABOVE SHALL CONTINUE IN PERPETUITY AFTER LENDER (OR ITS TRANSFEREE) ACQUIRES TITLE OR
CONTROL OF THE PROPERTY UNLESS SUCH SPECIFIED EVENT OR CONDITION OCCURS DURING LENDER’S PERIOD OF OWNERSHIP AND PROVIDED THAT BORROWER SHALL BEAR THE BURDEN OF PROVING THAT SUCH SPECIFIED EVENT OR CONDITION OCCURRED DURING LENDER’S PERIOD
OF OWNERSHIP. 
 5.31 Patriot Act Compliance. (a) Borrower will use its good faith and commercially reasonable efforts
to comply with the Patriot Act (as defined below) and all applicable requirements of governmental authorities having jurisdiction over Borrower and the Property, including those relating to money laundering and terrorism. Lender shall have the right
to audit Borrower’s compliance with the Patriot Act and all applicable requirements of governmental authorities having jurisdiction over Borrower and the Property, including those relating to money laundering and terrorism. In the event that
Borrower fails to comply with the Patriot Act or any such requirements of governmental authorities, then Lender may, at its option (after 10 days prior written notice to Borrower), cause Borrower to comply therewith and any and all reasonable costs
and expenses incurred by Lender in connection therewith shall be secured by the Mortgage and the other Loan Documents and shall be immediately due and payable. For purposes hereof, the term “Patriot Act” means
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

(b) Neither Borrower nor any partner in Borrower or member of such partner nor any owner of a direct or indirect interest in Borrower (other than
shareholders having less than a twenty-five percent (25%) economic interest in TPG) (a) is listed on any Government Lists (as defined below), (b) is a person who has been determined by competent authority to be subject to the
prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive
Orders in respect thereof, (c) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude 
  

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 or for any Patriot Act Offense (as defined below), or (d) is currently under investigation by any governmental
authority for alleged criminal activity. For purposes hereof, the term “Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a
criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (a) the criminal laws against
terrorism; (b) the criminal laws against money laundering, (c) the Bank Secrecy Act, as amended, (d) the Money Laundering Control Act of 1986, as amended, or the (e) Patriot Act. “Patriot Act Offense” also includes the
crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. For purposes hereof, the term “Government Lists” means (i) the Specially Designated Nationals and Blocked Persons Lists
maintained by Office of Foreign Assets Control (“OFAC”), (ii) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC that Lender
notified Borrower in writing is now included in “Governmental Lists”, or (iii) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other government authority or
pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in writing is now included in “Governmental Lists”. 
 5.32 REA. 
 (a) Borrower shall
(i) diligently perform and observe all of the material terms, covenants and conditions of the REA on the part of Borrower to be performed and observed, (ii) promptly notify Lender of any default under the REA and (iii) diligently
enforce all of the material obligations of other parties under the REA. If Borrower shall default in the performance or observance of any term, covenant or condition of the REA on its part to be performed or observed beyond any applicable grace or
cure period, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of their obligations hereunder or under the REA, Lender shall have the
right, but shall be under no obligation, to pay any sums and to perform any act as may be reasonably appropriate to cause all the terms, covenants and conditions of the REA on the part of Borrower to be performed or observed, but such performance by
Lender shall not be deemed a cure of any Default or Event of Default arising by reason of Borrower’s breach of the REA. 
 (b) Borrower
shall not (i) modify any of Sections 3.3, 4.1, 5.1(a), 5.2, 5.3, 8.1, 8.2, 9.1, 11.2, 11.3, 11.4, 11.9 or 11.12 of the REA (and Borrower shall be permitted to modify any other provisions of the REA; provided that the same does not materially
effect any of Lender’s rights under the REA or materially increase any of Borrower’s obligations under the REA), or (ii) terminate the REA, in each case without the express written consent of Lender. Any action taken in violation of
the foregoing without the prior express written consent of Lender shall be void and of no force and effect. 
 6. NOTICES AND REPORTING

 6.1 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan
Document (a “Notice”) shall be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally 
  

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 recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return
receipt requested, postage prepaid, or by facsimile and confirmed by facsimile answer back, in each case addressed as follows (or to such other address or Person as a party shall designate from time to time by notice to the other party): If to
Lender: Greenwich Capital Financial Products, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Mortgage Loan Department, Telecopier (203) 618-2052, with a copy to: Kaye Scholer LLP, 425 Park Avenue, New York, New York 10022,
Attention: Stephen Gliatta, Esq., Telecopier: (212) 836-8689; if to Borrower: c/o Thomas Properties Group, Inc., City National Plaza, 515 South Flower Street, Sixth Floor, Los Angeles, California 90071, Attention: Todd L. Merkle, Telecopier:
(213) 633-4760, with a copy to: Cox Castle & Nicholson, LLP, 2049 Century Park East, 28th Floor, Los
Angeles, California 90067-3284, Attention: Douglas P. Snyder, Telecopier: (310) 277-7889. A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when
delivered or the first attempted delivery on a Business Day; in the case of overnight delivery, upon the first attempted delivery on a Business Day; or in the case of facsimile, upon the confirmation of such facsimile transmission. 
 6.2 Borrower Notices and Deliveries. Borrower shall (a) give prompt written notice to Lender of: (i) any litigation,
governmental proceedings or claims or investigations pending or threatened against Borrower or the SPE Party which might materially adversely affect Borrower’s or the SPE Party’s condition (financial or otherwise) or business or the
Property; (ii) any material adverse change in Borrower’s or the SPE Party’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower has knowledge; and (b) furnish and provide
to Lender: (i) any Securities and Exchange Commission or other public filings, if any, of Borrower, the SPE Party, Manager, or any Affiliate of any of the foregoing within two (2) Business Days of such filing and (ii) all instruments,
documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, reasonably requested, from time to time, by Lender. In addition, after request by
Lender (but no more frequently than twice in any year), Borrower shall furnish to Lender (x) within ten (10) days, a certificate addressed to Lender, its successors and assigns reaffirming all representations and warranties of Borrower set
forth in the Loan Documents as of the date requested by Lender or, to the extent of any changes to any such representations and warranties, so stating such changes, and (y) within thirty (30) days, tenant estoppel certificates addressed to
Lender, its successors and assigns from each tenant at the Property in form and substance reasonably satisfactory to Lender. 
 6.3
Financial Reporting. 
 6.3.1 Bookkeeping. Borrower shall keep on a calendar year basis, in accordance
with GAAP or federal income tax accounting principles, consistently applied, proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense and any services, Equipment or
furnishings provided in connection with the operation of the Property, whether such income or expense is realized by Borrower, Manager or any Affiliate of Borrower. Lender shall have the right from time to time during normal business hours upon
reasonable notice to examine such books, records and accounts at the office of Borrower or other Person maintaining them, and to make such copies or extracts thereof as Lender shall desire. After an Event of Default, Borrower shall pay any costs
incurred by Lender to examine such books, records and accounts, as Lender shall determine to be necessary or appropriate in the protection of Lender’s interest. 
  

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 6.3.2 Annual Reports. Borrower shall furnish to Lender annually, within 120 days
after each calendar year, a complete copy of Borrower’s annual financial statements audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting
firm or other independent certified public accountant) reasonably acceptable to Lender, each in accordance with GAAP or federal income tax accounting principles, consistently applied, and containing balance sheets and statements of profit and loss
for Borrower and the Property in such detail as Lender may request. Each such statement (x) shall be in form and substance satisfactory to Lender, (y) shall set forth the financial condition and the income and expenses for the Property for
the immediately preceding calendar year, including statements of annual Net Operating Income as well as identifying in the footnotes of the financial statements any tenants that account for more than 10% of the reported revenue of the Property and
(z) shall be accompanied by an Officer’s Certificate certifying (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in accordance with GAAP
or federal income tax accounting principles, consistently applied, and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

 6.3.3 Quarterly Reports. Borrower shall furnish to Lender within 45 days after the end of each calendar quarter (as
indicated below) the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or federal income tax accounting principles, consistently applied,
to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income
and expenses and the actual income and expenses for the current month and year-to-date for the Property, together with a detailed explanation of any variances of the greater of (x) $10,000 and (y) ten percent (10%) or more between
budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) to the extent not already
disclosed by operating statements delivered pursuant to this Section 6.3.3, a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report, (vii) rent
rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, term of Lease and date of expiration, (viii) a year-by-year schedule showing the rentable area of the
Improvements and the total base rent attributable to Leases expiring each year. Each such statement shall be accompanied by an Officer’s Certificate certifying (1) that such items are true, correct, accurate, and complete and fairly
present the financial condition and results of the operations of Borrower and the Property in accordance with GAAP or federal income tax accounting principles, consistently applied, (subject to normal year-end adjustments) and (2) whether there
exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it and (ix) during a Cash Management Period, a reconciliation of Operating Expenses identifying
those funds which were disbursed to Borrower from the Operating Expense Subaccount during the prior calendar quarter which have not been used to pay Approved Operating Expenses. 
  

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 6.3.4 Monthly Reports. Prior to the securitization of the Loan, Borrower shall furnish to
Lender within thirty (30) days after the end of each calendar month, the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP or federal
income tax accounting principles, consistently applied, to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) an aged receivables report and
(iii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, term of Lease and date of expiration. Each such statement shall be accompanied by an
Officer’s Certificate certifying (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the Property in accordance with GAAP or federal income
tax accounting principles, consistently applied, (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being
taken to remedy it. 
 6.3.5 Other Reports. Borrower shall furnish to Lender, within ten (10) Business Days after
request, such further detailed information with respect to the operation of the Property and the financial affairs of Borrower, the SPE Party or Manager as may be reasonably requested by Lender or any applicable Rating Agency. 
 6.3.6 Annual Budget. Borrower shall prepare and submit (or shall cause Manager to prepare and submit) to Lender within thirty
(30) days after a Cash Management Period and by November 30th of each year thereafter during the Term
until such Cash Management Period has ended, for approval by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, a proposed pro forma budget for the Property for the succeeding calendar year (the “Annual
Budget”, and each Annual Budget approved (or deemed approved pursuant to the terms of this Section 6.3.6) by Lender is referred to herein as the “Approved Annual Budget”)), and, promptly after
preparation thereof, any revisions to such Annual Budget. Lender’s failure to approve or disapprove any Annual Budget or revision within thirty (30) days after Lender’s receipt thereof shall be deemed to constitute Lender’s
approval thereof. The Annual Budget shall consist of (i) an operating expense budget showing, on a month-by-month basis, in reasonable detail, each line item of the Borrower’s anticipated operating income and operating expenses (on an
accrual basis), including amounts required to establish, maintain and/or increase any monthly payments required hereunder (and once such Annual Budget has been approved (or deemed approved pursuant to the terms of this Section 6.3.6) by
Lender, such operating expense budget shall be referred to herein as the “Approved Operating Budget”), and (ii) a Capital Expense budget showing, on a month-by-month basis, in reasonable detail, each line item of
anticipated Capital Expenses (and once such Annual Budget has been approved (or deemed approved pursuant to the terms of this Section 6.3.6) by Lender, such Capital Expense budget shall be referred to herein as the “Approved
Capital Budget”). Until such time that any Annual Budget has been approved (or deemed to have been approved) by Lender, the prior Approved Annual Budget shall apply for all purposes hereunder (with such adjustments as reasonably
determined by Lender (including increases for any non-discretionary expenses)). 
 6.3.7 Breach. If Borrower fails to
provide to Lender or its designee any of the financial statements, certificates, reports or information (the “Required Records”) required by 
  

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 this Article 6 within thirty (30) days after the date upon which such Required Record is due, Borrower shall
pay to Lender, at Lender’s option and in its discretion, an amount equal to $200.00 per day for each Required Record that is not delivered; provided Lender has given Borrower at least fifteen (15) days prior written notice of such failure.
In addition, thirty (30) days after Borrower’s failure to deliver any Required Records, Lender shall have the option, upon fifteen (15) days prior written notice to Borrower to gain access to Borrower’s books and records and
prepare or have prepared at Borrower’s expense, any Required Records not delivered by Borrower. 
 7. INSURANCE; CASUALTY; AND
CONDEMNATION 
 7.1 Insurance. 
 7.1.1 Coverage. Borrower, at its sole cost, for the mutual benefit of Borrower and Lender, shall obtain and maintain during the Term
the following policies of insurance: 
 (a) Property insurance insuring against loss or damage customarily included under so called “all
risk” or “special form” policies including fire, lightning, vandalism, and malicious mischief, boiler and machinery and, if required by Lender, flood and/or earthquake coverage and subject to subsection (k) below, coverage for
damage or destruction caused by the acts of “Terrorists” (or such policies shall have no exclusion from coverage with respect thereto) and such other insurable hazards as, under good insurance practices, from time to time are insured
against for other property and buildings similar to the premises in nature, use, location, height, and type of construction. Such insurance policy shall also insure for ordinance of law coverage, loss of replacement cost value due to non-conforming
use, costs of demolition and increased cost of construction in amounts satisfactory to Lender. Each such insurance policy shall for all perils other than Tier 1 Wind and flood (i) be in an amount equal to 100% of the then replacement cost of
the Improvements without deduction for physical depreciation, (ii) have deductibles no greater than the lesser of $50,000 or five percent (5%) of Net Operating Income per occurrence (except for earthquake coverage, if required, and
terrorism coverage as described under subsection (k) below, each of which shall have deductibles in an amount satisfactory to Lender), (iii) be paid annually in advance and (iv) be on a replacement cost basis and contain either no
coinsurance or, an Agreed Amount endorsement, and shall cover, without limitation, all tenant improvements and betterments that Borrower is required to insure on a replacement cost basis. Lender shall be named Mortgagee and Loss Payee on a Standard
Mortgagee Endorsement. 
 (b) Flood insurance if any part of the Property is located in an area now or hereafter designated by the Federal
Emergency Management Agency as a Zone “A” & “V” Special Hazard Area, or such other Special Hazard Area if Lender so requires in its sole discretion. Provided such coverage is commercially available for comparable
properties in the same geographic area as the Property, such policy shall be in an amount equal to the lesser of (1) 20% of the insured value of each building comprising the Property or (2) such other amount as is approved by Lender.

 (c) Windstorm insurance if any part of the Property is located in an area now or hereafter designated as a Tier 1 Wind zone. Provided such
coverage is commercially available, such policy shall be in an amount equal to at least $213,400,000 (which represents the original 
  

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 principal amount of the Loan plus the aggregate principal amount of the Other Loan) or such lesser amount as is approved
by Lender, and having deductibles no greater than 5% of total insured value, subject to a $100,000 minimum deductible. In the event that such coverage with respect to Tier 1 Wind is not included as part of the “all risk” property policy
required by this subsection, Borrower shall, nevertheless be required to obtain coverage for windstorm (as stand alone coverage) in an amount equal to $213,400,000 (which represents the original principal amount of the Loan plus the aggregate
principal amount of the Other Loan) or such lesser amount as is approved by Lender; provided that such coverage is commercially available for comparable properties in the same geographic area as the Property. Notwithstanding the foregoing, Lender
agrees that in the event that the Rating Agencies establish criteria for windstorm coverage (relating to properties in the same geographic area as the Property, and secured by loans comparable to the Loan for the securitization market) that require
less coverage than that described above, then Lender agrees that Borrower may avail itself to such lesser coverage, provided the same is reasonably acceptable to Lender. 
 (d) Public liability insurance, including (i) ”Commercial General Liability Insurance”, (ii) ”Owned”, “Hired” and “Non Owned Auto Liability”; and (iii) umbrella
liability coverage for personal injury, bodily injury, death, accident and property damage, such insurance providing in combination no less than containing minimum limits per occurrence of $1,000,000 and $2,000,000 in the aggregate for any policy
year with no deductible or self insured retention; together with at least $50,000,000 excess and/or umbrella liability insurance for any and all claims. The policies described in this subsection shall also include coverage for elevators, escalators,
independent contractors, “Contractual Liability” (covering, to the maximum extent permitted by law, Borrower’s obligation to indemnify Lender as required under this Agreement and the other Loan Documents), “Products” and
“Completed Operations Liability” coverage. Notwithstanding the foregoing, Borrower may elect to convert to a self-insured retention or deductible program for general liability coverage in the future, subject to Lender’s prior
approval, not to be unreasonably withheld, conditioned or delayed; provided, however that the self-insured retention or deductible for general liability coverage is not to exceed $100,000 per occurrence subject to a $500,000 maximum, and this
deductible to be initially funded with a Letter of Credit in the amount of $200,000, held and administrated by the carrier. Once the first $200,000 is exhausted additional Letters of Credit must be continually posted until the $500,000 maximum
deductible is exhausted. 
 (e) Rental loss and/or business interruption insurance (i) with Lender being named as “Lender Loss
Payee”, (ii) in an amount equal to 100% of the projected Rents from the Property during an eighteen (18) month period; and (iii) providing payment for the initial period of restoration followed by an extended period of indemnity
endorsement which provides that after the physical loss to the Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six
(6) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such insurance shall be
increased from time to time during the Term as and when the estimated or actual Rents increase. 
 (f) If the Borrower installs high pressure
boilers at the Property, comprehensive boiler and machinery insurance covering all mechanical and electrical equipment against 
  

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 physical damage, rent loss and improvements loss and covering, without limitation, all tenant improvements and
betterments that Borrower is required to insure pursuant to the leases on a replacement cost basis and in an amount equal to 100% of the full replacement cost of the Equipment on such Property (without any deduction for depreciation). All losses for
resulting damage to building Improvements are to be paid under the Borrower’s manuscripted property policy form. Under the terms and conditions of the current insurance program only damage to Equipment will be paid under the boiler &
machinery policy. 
 (g) Worker’s compensation and disability insurance with respect to any employees of Borrower, as required by any
Legal Requirement. 
 (h) To the extent not covered by the coverage required under Section 7.1.1(a) above, during any period of
repair or restoration, builder’s “all-risk” insurance on the so called completed value basis in an amount equal to not less than the full insurable value of the Property, against such risks (including fire and extended coverage and
collapse of the Improvements to agreed limits) as Lender may reasonably request, in form and substance acceptable to Lender. 
 (i) Ordinance
and Law coverage to compensate for loss of value to the undamaged portion of the Property due to a legal non-conforming use, the cost of demolition and debris removal, and the increased cost of construction, in an amount satisfactory to Lender.

 (j) Such other insurance (including earthquake insurance, mine subsidence insurance and windstorm insurance) as may from time to time be
reasonably required by Lender in order to protect its interests; provided that such coverage is customarily required by institutional lenders originating first mortgage loans for the securitization market for comparable properties in the same
geographic location as the Property. 
 (k) Notwithstanding anything in subsection (a) above to the contrary, Borrower shall be required
to obtain and maintain coverage in its property insurance Policy (or by a separate Policy) against loss or damage by terrorist acts in an amount equal to 100% of the “Full Replacement Cost” of the Property; provided that such coverage is
commercially available. In the event that such coverage with respect to terrorist acts is not included as part of the “all risk” property policy required by subsection (a) above, Borrower shall, nevertheless be required to obtain
coverage for terrorism (as stand alone coverage) in an amount equal to 100% of the “Full Replacement Cost” of the Property; provided that such coverage is available. Notwithstanding the foregoing, with respect to any such stand-alone
policy covering terrorist acts, Borrower shall not be required to pay any Insurance Premiums solely with respect to such terrorism coverage in excess of the Terrorism Premium Cap (hereinafter defined); provided that if the Insurance Premiums payable
with respect to such terrorism coverage exceeds the Terrorism Premium Cap, Lender may, at its option (1) purchase such stand-alone terrorism Policy, with Borrower paying such portion of the Insurance Premiums with respect thereto equal to the
Terrorism Premium Cap and the Lender paying such portion of the Insurance Premiums in excess of the Terrorism Premium Cap or (2) modify the deductible amounts, policy limits and other required policy terms to reduce the Insurance Premiums
payable with respect to such stand-alone terrorism Policy to the Terrorism Premium Cap. As used herein, (i) “Terrorism Premium Cap” means an amount equal to 150% of the aggregate Insurance Premiums payable with respect
to all the insurance coverage under Section 7.1.1(a) above for the last policy year in which coverage for 
  

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 terrorism was included as part of the “all risk” (excluding earthquake, tier 1 wind and Flood insurance)
property policy required by subsection (a) above, adjusted annually by a percentage equal to the increase in the Consumer Price Index (hereinafter defined) and (ii) “Consumer Price Index” means the Consumer Price
Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, New York Metropolitan Statistical Area, All Items (1982-84 = 100), or any successor index thereto, approximately adjusted, and in the
event that the Consumer Price Index is converted to a different standard reference base or otherwise revised, the determination of adjustments provided for herein shall be made with the use of such conversion factor, formula or table for converting
the Consumer Price Index as may be published by the Bureau of Labor Statistics or, if said Bureau shall not publish the same, then with the use of such conversion factor, formula or table as may be published by Prentice-Hall, Inc., or any other
nationally recognized publisher of similar statistical information; and if the Consumer Price Index ceases to be published, and there is no successor thereto (i) such other index as Lender and Borrower shall agree upon in writing or
(ii) if Lender and Borrower cannot agree on a substitute index, such other index, as reasonably selected by Lender. Borrower shall obtain the coverage required under this subsection (k) from a carrier which otherwise satisfies the
rating criteria specified in Section 7.1.2 below (a “Qualified Carrier”) or in the event that such coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated
insurance company providing such coverage. 
 7.1.2 Policies. All policies of insurance (the
“Policies”) required pursuant to Section 7.1.1 above shall (i) be issued by companies approved by Lender and authorized to do business in the State, with a claims paying ability rating of “A-” or
better by S&P (and the equivalent by any other Rating Agency), and a rating of A-:VIII or better in the current Best’s Insurance Reports (provided, however for multi-layered policies, (A) if four (4) or less insurance companies
issue the Policies, then at least 75% of the insurance coverage represented by the Policies must be provided by insurance companies with a claims paying ability rating of “A-” or better by S&P (and the equivalent by any other Rating
Agency), with no carrier below “BBB” (and the equivalent by any other Rating Agency) or (B) if five (5) or more insurance companies issue the Policies, then at least sixty percent (60%) of the insurance coverage represented
by the Policies must be provided by insurance companies with a claims paying ability rating of “A-” or better by S&P (and the equivalent by any other Rating Agency), with no carrier below “BBB” (and the equivalent by any
other Rating Agency), or (C) if thirty (30) or more insurance companies issue the Policies, then at least (60%) of the insurance coverage represented by the Policies must be provided by insurance companies with a claims paying ability
rating of “A-” or better by S&P (and the equivalent by any other Rating Agency), and no other carrier rating below “BBB” by S&P, except that up to (2%) of carriers may have a carrier rating of AM Best’s A- IX or
better, with no S&P rating; (ii) name Lender and its successors and/or assigns as their interest may appear as the mortgagee (in the case of property insurance), loss payee (in the case of business interruption/loss of rents coverage) and
an additional insured (in the case of liability insurance); (iii) contain (in the case of property insurance) a Non-Contributory Standard Mortgagee Clause and a Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the
person to which all payments made by such insurance company shall be paid; (iv) contain a waiver of all subrogation rights against Lender; (v) be assigned and the originals thereof delivered to Lender; or, in lieu of delivering originals
of the Policies, Borrower may, on an annual basis (and upon each renewal of the Policies), deliver Acord evidence of coverages (on Acord certificates acceptable to Lender) as proof of coverage; provided, however, if at, any time,

  

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 Lender requests carrier certified copies of the Policies representing the primary layers of insurance coverage, Borrower
shall deliver such carrier certified copies within ten (10) days of Lender’s request therefor; (vi) contain such provisions as Lender deems reasonably necessary or desirable to protect its interest, including (A) endorsements
providing that neither Borrower, Lender nor any other party shall be a co-insurer under the Policies, (B) that Lender shall receive at least (x) thirty (30) days’ prior written notice of any cancellation of any of the Policies
and (y) ten (10) days’ prior written notice for nonpayment of Insurance Premiums (and Borrower agrees to advise and obtain Lender’s approval for any material changes in the terms and conditions of any Policy, which approval shall
not be unreasonably withheld), (C) providing that Lender is permitted to make payments to effect the continuation of such policy upon notice of cancellation due to non-payment of premiums and (vii) in the event any insurance policy (except
for general public and other liability and workers compensation insurance) shall contain breach of warranty provisions, such policy shall provide that with respect to the interest of Lender, such insurance policy shall not be invalidated by and
shall insure Lender regardless of (A) any act, failure to act or negligence of or violation of warranties, declarations or conditions contained in such policy by any named insured, (B) the occupancy or use of the premises for purposes more
hazardous than permitted by the terms thereof, or (C) any foreclosure or other action or proceeding taken by Lender pursuant to any provision of the Loan Documents. Borrower shall pay the premiums for such Policies (the “Insurance
Premiums”) as the same become due and payable and furnish to Lender evidence of the renewal of each of the Policies together with (unless such Insurance Premiums have been paid by Lender pursuant to Section 3.3 hereof)
receipts for or other evidence of the payment of the Insurance Premiums reasonably satisfactory to Lender. If Borrower does not furnish such evidence and receipts at least ten (10) days prior to the expiration of any expiring Policy, then
Lender may, but shall not be obligated to, procure such insurance and pay the Insurance Premiums therefor, and Borrower shall reimburse Lender for the cost of such Insurance Premiums promptly on demand, with interest accruing at the Default Rate.
Borrower shall deliver to Lender at closing and upon each renewal of the Policies, proof of the insurance coverages required hereunder on Acord certificates acceptable to Lender; provided, however, if at, any time, Lender requests
carrier certified copies of the Policies representing the primary layers of insurance coverage, Borrower shall deliver such carrier certified copies within ten (10) days of Lender’s request therefor. Within thirty (30) days after
request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time, changes in liability laws, changes in
prudent customs and practices, and the like. 
 7.2 Casualty. 
 7.2.1 Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a
“Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available (unless Lender has breached its obligation (if any) to
make such insurance proceeds available pursuant to Section 7.4.1), shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same
character as prior to such damage or destruction. 
 7.2.2 Settlement of Proceeds. If a Casualty covered by any of the Policies
(an “Insured Casualty”) occurs where the loss does not exceed $1,500,000, provided no Default or 
  

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 Default or Event of Default has occurred and is continuing, Borrower may settle and adjust any claim without the prior
consent of Lender; provided such adjustment is carried out in a competent and timely manner, and Borrower is hereby authorized to collect and receipt for the insurance proceeds (the “Proceeds”). In the event of an Insured
Casualty where the loss equals or exceeds $1,500,000 (a “Significant Casualty”), Borrower may settle and adjust any claim with the prior consent of Lender (which consent shall not be unreasonably withheld or delayed) unless
an Event of Default has occurred and is continuing, in which case Lender may, in its sole discretion, settle and adjust any claim without the consent of Borrower and agree with the insurer(s) on the amount to be paid on the loss, and the Proceeds
shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance herewith. If Borrower or any party other than Lender is a payee on any check representing Proceeds with respect to a
Significant Casualty, Borrower shall immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender. During the continuance of an Event of Default, Borrower hereby irrevocably appoints Lender as its
attorney-in-fact, coupled with an interest, to endorse such check payable to the order of Lender. The actual, out-of-pocket expenses incurred by Lender in the settlement, adjustment and collection of the Proceeds shall become part of the Debt and
shall be reimbursed by Borrower to Lender upon demand. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance carrier makes a payment under a property insurance Policy that Borrower proposes be
treated as business or rental interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance carrier as to the purpose of such payment, as between Lender and Borrower, such payment shall not be treated as
business or rental interruption insurance proceeds unless Borrower has demonstrated to Lender’s satisfaction that the remaining net Proceeds that will be received from the property insurance carriers are sufficient to pay 100% of the cost of
fully restoring the Improvements or, if such net Proceeds are to be applied to repay the Debt in accordance with the terms hereof, that such remaining net Proceeds will be sufficient to pay the Debt in full. 
 7.3 Condemnation. 
 7.3.1
Notice; Restoration. Borrower shall promptly give Lender notice of the actual or threatened commencement of any condemnation or eminent domain proceeding affecting the Property (a “Condemnation”) and shall deliver
to Lender copies of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether an Award is available (unless Lender has breached its obligation (if any) to make such
Award available pursuant to Section 7.4.1), shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to the extent practicable to be of at least equal value and of substantially the same
character (and to have the same utility) as prior to such Condemnation. 
 7.3.2 Collection of Award. If a Condemnation occurs
where the award or payment in respect thereof (an “Award”) does not exceed $1,500,000, provided no Event of Default has occurred and is continuing, Borrower may make any compromise, adjustment or settlement in connection with
such Condemnation with the prior consent of Lender, not to be unreasonably withheld, provided such adjustment is carried out in a competent and timely manner, and Borrower is hereby authorized to collect and receipt for the Award. In the event of a
Condemnation where the Award is in excess of $1,500,000, Lender may collect, receive and 
  

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 retain such Award and make any compromise, adjustment or settlement in connection with such Condemnation with the prior
consent of Borrower (unless an Event of Default is continuing, in which case, Borrower’s prior consent shall not be required, and Lender is hereby irrevocably appointed as Borrower’s attorney-in-fact, coupled with an interest, with
exclusive power to take such actions during the continuance of an Event of Default), not to be unreasonably withheld (which shall be deemed consented to if Borrower fails to respond to any request for consent therefor within ten (10) days of
request). Notwithstanding any Condemnation (or any transfer made in lieu of or in anticipation of such Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Loan Documents, and the Debt shall not be
reduced unless and until any Award shall have been actually received and applied by Lender to expenses of collecting the Award and to discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority
but shall be entitled to receive out of the Award interest at the rate or rates provided in the Note. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of such Award, Lender shall have the right, whether or
not a deficiency judgment on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt. Except as provided in this Section 7.3.2, Borrower shall cause any
Award that is payable to Borrower to be paid directly to Lender. Lender shall hold such Award in the Casualty/Condemnation Subaccount and disburse such Award in accordance with the terms hereof. 
 7.4 Application of Proceeds or Award. 
 7.4.1 Application to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than the fifteen percent (15%) of the unpaid Principal; (ii) in the reasonable
judgment of Lender, the Property can be restored within twelve (12) months, and prior to six (6) months before the Stated Maturity Date and prior to the expiration of the rental or business interruption insurance with respect thereto, to
the Property’s pre-existing condition and utility as existed immediately prior to such Insured Casualty or Condemnation and to an economic unit not less valuable and not less useful than the same was immediately prior to the Insured Casualty or
Condemnation, and after such restoration will adequately secure the Debt; (iii) less than (x) thirty percent (30%), in the case of an Insured Casualty or (y) fifteen percent (15%), in the case of a Condemnation, of the rentable area
of the Improvements has been damaged, destroyed or rendered unusable as a result of such Insured Casualty or Condemnation; (iv) Leases demising in the aggregate at least sixty-five percent (65%) of the total rentable space in the Property
and in effect as of the date of the occurrence of such Insured Casualty or Condemnation remain in full force and effect during and after the completion of the Restoration (hereinafter defined); and (v) no Event of Default shall have occurred
and be then continuing, then the Proceeds or the Award, as the case may be (after reimbursement of any expenses incurred by Lender), shall be applied to reimburse Borrower for the cost of restoring, repairing, replacing or rebuilding the Property
(the “Restoration”), in the manner set forth herein. Borrower shall commence and diligently prosecute such Restoration. Notwithstanding the foregoing, in no event shall Lender be obligated to apply the Proceeds or Award to
reimburse Borrower for the cost of Restoration unless, in addition to satisfaction of the foregoing conditions, both (x) Borrower shall pay (and if required by Lender, Borrower shall deposit with Lender in advance) all costs of such Restoration
in excess of the net amount of the Proceeds or the Award made available pursuant to the terms hereof; and (y) Lender shall have 
  

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 received evidence reasonably satisfactory to it that during the period of the Restoration, the Rents (inclusive of
proceeds (if any) from business interruption or other loss of income insurance) will be at least equal to the sum of the operating expenses and Debt Service and other reserve payments required hereunder, as reasonably determined by Lender.

 7.4.2 Application to Debt. Except as provided in Section 7.4.1 above, any Proceeds and/or Award may, at the
option of Lender in its discretion, be applied to the payment of (i) accrued but unpaid interest on the Note, (ii) the unpaid Principal and (iii) other charges due under the Note and/or any of the other Loan Documents, or applied to
reimburse Borrower for the cost of any Restoration, in the manner set forth in Section 7.4.3 below. Any such prepayment of the Loan shall be without any Spread Maintenance Premium or Prepayment Premium, unless an Event of Default has
occurred and is continuing at the time the Proceeds are received from the insurance company or the Award is received from the condemning authority, as the case may be, in which event Borrower shall pay to Lender an additional amount equal to the
Spread Maintenance Premium or Prepayment Premium, if any, that may be required with respect to the amount of the Proceeds or Award applied to the unpaid Principal. 
 7.4.3 Procedure for Application to Restoration. If Borrower is entitled to reimbursement out of the Proceeds or an Award held by Lender, such Proceeds or Award shall be disbursed from time to time from
the Casualty/Condemnation Subaccount upon Lender being furnished with (i) evidence satisfactory to Lender of the estimated cost of completion of the Restoration, (ii) a fixed price or guaranteed maximum cost construction contract for
Restoration satisfactory to Lender, (iii) prior to the commencement of Restoration, all immediately available funds in addition to the Proceeds or Award that in Lender’s judgment are required to complete the proposed Restoration,
(iv) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey, permits, approvals, licenses and such other documents and items as Lender may reasonably require
and approve in Lender’s discretion, and (iv) all plans and specifications for such Restoration, such plans and specifications to be approved by Lender prior to commencement of any work (unless such plans are for rebuilding the Improvements
as they existed prior to the Casualty or Condemnation, in which case no Lender approval shall be required). Lender may, at Borrower’s expense, retain a consultant to review and approve all requests for disbursements, which approval shall also
be a condition precedent to any disbursement. No payment made prior to the final completion of the Restoration shall exceed ninety percent (90%) of the value of the work performed from time to time (until completion of specific trades, which
may be paid in full on completion); funds other than the Proceeds or Award shall be disbursed prior to disbursement of such Proceeds or Award; and at all times, the undisbursed balance of such Proceeds or Award remaining in the hands of Lender,
together with funds deposited for that purpose or irrevocably committed to the satisfaction of Lender by or on behalf of Borrower for that purpose, shall be at least sufficient in the reasonable judgment of Lender to pay for the cost of completion
of the Restoration, free and clear of all Liens or claims for Lien. Provided no Default or Event of Default then exists, any surplus that remains out of the Proceeds held by Lender after payment of such costs of Restoration shall be paid to
Borrower. Any surplus that remains out of the Award received by Lender after payment of such costs of Restoration shall, in the discretion of Lender, be retained by Lender and applied to payment of the Debt (without any Spread Maintenance Premium or
Prepayment Premium or any other prepayment premium or penalty) or returned to Borrower. 
  

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 8. DEFAULTS 
 8.1 Events of Default. An “Event of Default” shall exist with respect to the Loan if any of the following shall occur: 
 (a) any portion of the Debt is not paid when due, or Borrower shall fail to pay when due any payment required under Sections 3.3, 3.4, 3.5, 3.6, 3.7 or
3.9 hereof (provided, however, if during a Cash Management Period, adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate Subaccounts shall not
constitute an Event of Default); 
 (b) any of the Taxes are not paid when due (unless Lender is paying such Taxes pursuant to
Section 3.3 hereof), subject to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof; 
 (c)
the Policies are not kept in full force and effect, or certificates of such insurance are not delivered to Lender upon written request, as required under Section 7.1.2; 
 (d) a Transfer other than a Permitted Transfer occurs; 
 (e) any representation or warranty made by Borrower or in any Loan Document, or by Borrower (or certified by Borrower) in any report, certificate, financial statement or other instrument, agreement or document
furnished by Borrower in connection with any Loan Document, shall be false or misleading in any material respect as of the date the representation or warranty was made; 
 (f) Borrower or the SPE Party shall make an assignment for the benefit of creditors, or shall generally not be paying its debts as they become due; 
 (g) a receiver, liquidator or trustee shall be appointed for Borrower or the SPE Party; or Borrower or the SPE Party shall be adjudicated a bankrupt or
insolvent; or any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or the SPE Party, as the case
may be; or any proceeding for the dissolution or liquidation of Borrower or the SPE Party shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or the SPE
Party, as the case may be, only upon the same not being discharged, stayed or dismissed within sixty (60) days; 
 (h) Borrower breaches
any covenant contained in Section 5.12.1 (a) - (f) hereof which continues for ten (10) days after written notice from Lender; 
 (i) Borrower breaches any covenant contained in Sections 5.13, 5.15, 5.22, 5.25 or 5.28 hereof; 
 (j)
except as expressly permitted hereunder, the alteration, improvement, demolition or removal of all or any portion of the Improvements without the prior written consent of Lender; 
  

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 (k) an Event of Default as defined or described elsewhere in this Agreement or in any other Loan Document
occurs; 
 (l) a default occurs under any term, covenant or provision set forth herein or in any other Loan Document which specifically
contains a notice requirement or grace period and such notice has been given and such grace period has expired without the cure of such default; 
 (m) any of the assumptions contained in any substantive non-consolidation opinion, delivered to Lender by Lender’s counsel in connection with the Loan or otherwise hereunder, were not true and correct as of the date of such opinion or
thereafter became untrue or incorrect in any material respects; 
 (n) a default shall be continuing under any of the other terms, covenants
or conditions of this Agreement or any other Loan Document not otherwise specified in this Section 8.1, for ten (10) days after written notice to Borrower from Lender, in the case of any default which can be cured by the payment of
a sum of money, or for thirty (30) days after written notice from Lender in the case of any other default; provided, however, that if such non-monetary default is susceptible of cure but cannot reasonably be cured within such thirty (30)-day
period, and Borrower shall have commenced to cure such default within such thirty (30)-day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30)-day period shall be extended for an additional period of time
as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, such additional period not to exceed ninety (90) days. 
 8.2 Remedies. 
 8.2.1 Acceleration. Upon the occurrence of an Event of Default
(other than an Event of Default described in paragraph (f) or (g) of Section 8.1 above) and at any time and from time to time thereafter, in addition to any other rights or remedies available to it pursuant to the Loan
Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property; including declaring the Debt to be immediately due
and payable (including unpaid interest), Default Rate interest, Late Payment Charges, Yield Maintenance Premium and any other amounts owing by Borrower), without notice of acceleration, notice of intent to accelerate or any other notice or demand;
and upon any Event of Default described in paragraph (f) or (g) of Section 8.1 above, the Debt (including unpaid interest, Default Rate interest, Late Payment Charges, Yield Maintenance Premium and any other amounts owing by
Borrower) shall immediately and automatically become due and payable, without notice of acceleration, notice of intent to accelerate or any other notice or demand, and Borrower hereby expressly waives any such notice or demand (including notice of
acceleration and notice of intent to accelerate), anything contained in any Loan Document to the contrary notwithstanding. 
 8.2.2
Remedies Cumulative. Upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under the Loan Documents or at law or in equity may be
exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared, or be automatically, due and payable, and whether or not Lender shall have commenced any 
  

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 foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents.
Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine in its discretion, to the fullest extent
permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth in the Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if
an Event of Default is continuing, (i) to the extent permitted by applicable law, Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or
privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property, the Mortgage has been foreclosed, the Property has been sold and/or otherwise realized upon in satisfaction of
the Debt or the Debt has been paid in full. To the extent permitted by applicable law, nothing contained in any Loan Document shall be construed as requiring Lender to resort to any portion of the Property for the satisfaction of any of the Debt in
preference or priority to any other portion, and Lender may seek satisfaction out of the entire Property or any part thereof, in its discretion. 
 8.2.3 Severance. After the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages
and other security documents in such denominations and priorities of payment and liens as Lender shall determine in its discretion for purposes of evidencing and enforcing its rights and remedies. Borrower shall execute and deliver to Lender from
time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to
Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect such severance, Borrower ratifying
all that such attorney shall do by virtue thereof. 
 8.2.4 Delay. No delay or omission to exercise any remedy, right or power
accruing upon an Event of Default, or the granting of any indulgence or compromise by Lender shall impair any such remedy, right or power hereunder or be construed as a waiver thereof, but any such remedy, right or power may be exercised from time
to time and as often as may be deemed expedient. A waiver of one Default or Event of Default shall not be construed to be a waiver of any subsequent Default or Event of Default or to impair any remedy, right or power consequent thereon.
Notwithstanding any other provision of this Agreement, Lender reserves the right to seek a deficiency judgment or preserve a deficiency claim in connection with the foreclosure of the Mortgage to the extent necessary to foreclose on all or any
portion of the Property, the Rents, the Cash Management Accounts or any other collateral, provided that any deficiency judgment obtained by Lender shall be subject to the terms and provisions of Section 10.1 hereof. 
 8.2.5 Lender’s Right to Perform. If Borrower fails to perform any covenant or obligation contained herein and such failure shall
continue for a period of the greater of (a) ten (10) days after Borrower’s receipt of written notice thereof from Lender and (b) any longer notice requirement or grace period (if any) specifically set forth in this Agreement
after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s 
  

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 right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents,
Lender may, but shall have no obligation to, perform, or cause performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to
Lender upon demand and if not paid shall be added to the Debt (and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the
foregoing, Lender shall have no obligation to send notice to Borrower of any such failure. 
 9. SPECIAL PROVISIONS 
 9.1 Sale of Note and Secondary Market Transaction. 
 9.1.1 General; Borrower Cooperation. Lender shall have the right at any time and from time to time (i) to sell or otherwise transfer the Loan or any portion thereof or the Loan Documents or
any interest therein to one or more investors, (ii) to sell participation interests in the Loan to one or more investors or (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled loan
securitization of rated single or multi-class securities (the “Securities”) secured by or evidencing ownership interests in the Note and the Mortgage (each such sale, assignment, participation and/or securitization is
referred to herein as a “Secondary Market Transaction” and the transactions referred to in this subsection (iii) shall be referred to herein as a “Securitization”). In connection with any
Secondary Market Transaction, Borrower shall use all reasonable efforts and cooperate fully and in good faith with Lender and otherwise assist Lender in satisfying the market standards to which Lender customarily adheres or which may be reasonably
required in the marketplace or by the Rating Agencies in connection with any such Secondary Market Transactions, including: (a) to (i) to provide such financial and other information with respect to the Property, Borrower and its
Affiliates, Manager and any tenants of the Property, (ii) provide business plans and budgets relating to the Property and (iii) perform or permit or cause to be performed or permitted such site inspection, appraisals, surveys, market
studies, environmental reviews and reports, engineering reports and other due diligence investigations of the Property, as may be reasonably requested from time to time by Lender or the Rating Agencies or as may be necessary or appropriate in
connection with a Secondary Market Transaction or Exchange Act requirements (the items provided to Lender pursuant to this paragraph (a) being called the “Provided Information”), together, if customary, with appropriate
verification of and/or consents to the Provided Information through letters of auditors or opinions of counsel of independent attorneys acceptable to Lender and the Rating Agencies; (b) cause counsel to render opinions customary in
securitization transactions with respect to the Property, Borrower and its Affiliates, which counsel and opinions shall be reasonably satisfactory to Lender and the Rating Agencies; (c) make such representations and warranties as of the closing
date of any Secondary Market Transaction with respect to the Property, Borrower and the Loan Documents as are customarily provided in such transactions and as may be reasonably requested by Lender or the Rating Agencies and consistent with the facts
covered by such representations and warranties as they exist on the date thereof, including the representations and warranties made in the Loan Documents; (d) provide current certificates of good standing and qualification with respect to
Borrower and the SPE Party from appropriate Governmental Authorities; and (e) execute such amendments to the Loan Documents and Borrower’s organizational documents, as may be reasonably requested by Lender or the Rating Agencies or
otherwise to effect a 
  

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 Secondary Market Transaction, provided that nothing contained in this subsection (e) shall result in an adverse
economic change or a material increase in Borrower’s non-economic obligations in the transaction. Borrower’s cooperation obligations set forth herein shall continue until the Loan has been paid in full. Notwithstanding anything to the
contrary contained in this Section 9.1.1, Borrower shall not be required to incur any out-of-pocket expenses (other than the fees and expenses of Borrower’s attorneys, accountants and consultants) in the performance of its
obligations under this Section 9.1.1. 
 9.1.2 Use of Information. Borrower understands that all or any
portion of the Provided Information and the Required Records may be included in disclosure documents in connection with a Secondary Market Transaction, including a prospectus or private placement memorandum (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as
amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers or other parties relating to the Secondary Market Transaction;
provided that Borrower does not incur any liability as an issuer of securities and is not responsible for any errors or omissions in the statements by Lender or third parties which are inconsistent with the information that has been provided by
Borrower. If the Disclosure Document is required to be revised, Borrower shall cooperate with Lender in updating the Provided Information or Required Records for inclusion or summary in the Disclosure Document or for other use reasonably required in
connection with a Secondary Market Transaction by providing all current information pertaining to Borrower, Manager and the Property necessary to keep the Disclosure Document accurate and complete in all material respects with respect to such
matters. Notwithstanding anything to the contrary contained in this Section 9.1.2, Borrower shall not be required to incur any out-of-pocket expenses (other than the fees and expenses of Borrower’s attorneys, accountants and
consultants) in the performance of its obligations under this Section 9.1.2. 
 9.1.3 Borrower Obligations
Regarding Disclosure Documents. IN CONNECTION WITH A DISCLOSURE DOCUMENT, BORROWER SHALL: (A) IF REQUESTED BY LENDER, CERTIFY IN WRITING THAT BORROWER HAS CAREFULLY EXAMINED THOSE PORTIONS OF SUCH DISCLOSURE DOCUMENT, PERTAINING TO
BORROWER, THE PROPERTY, MANAGER AND THE LOAN, AND THAT SUCH PORTIONS DO NOT CONTAIN ANY UNTRUE STATEMENT OF A MATERIAL FACT OR OMIT TO STATE A MATERIAL FACT NECESSARY IN ORDER TO MAKE THE STATEMENTS MADE, IN THE LIGHT OF THE CIRCUMSTANCES UNDER
WHICH THEY WERE MADE, NOT MISLEADING; AND (B) INDEMNIFY (IN A SEPARATE INSTRUMENT OF INDEMNITY, IF SO REQUESTED BY LENDER) (I) ANY UNDERWRITER, SYNDICATE MEMBER OR PLACEMENT AGENT (COLLECTIVELY, THE
“UNDERWRITERS”) RETAINED BY LENDER OR ITS ISSUING COMPANY AFFILIATE (THE “ISSUER”) IN CONNECTION WITH A SECONDARY MARKET TRANSACTION, (II) LENDER AND (III) THE ISSUER THAT IS
NAMED IN THE DISCLOSURE DOCUMENT OR REGISTRATION STATEMENT RELATING TO A SECONDARY MARKET TRANSACTION (THE “REGISTRATION STATEMENT”), AND EACH OF THE ISSUER’S DIRECTORS, EACH OF ITS OFFICERS WHO HAVE SIGNED THE

  

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 REGISTRATION STATEMENT AND EACH PERSON OR ENTITY WHO CONTROLS THE ISSUER OR THE LENDER WITHIN THE MEANING OF
SECTION 15 OF THE SECURITIES ACT OR SECTION 30 OF THE EXCHANGE ACT (COLLECTIVELY WITHIN (III), THE “GCM GROUP”), AND EACH OF ITS DIRECTORS AND EACH PERSON WHO CONTROLS EACH OF THE UNDERWRITERS, WITHIN THE
MEANING OF SECTION 15 OF THE SECURITIES ACT AND SECTION 20 OF THE EXCHANGE ACT (COLLECTIVELY, THE “UNDERWRITER GROUP”) FOR ANY LOSSES, CLAIMS, DAMAGES OR LIABILITIES (THE
“LIABILITIES”) TO WHICH LENDER, THE GCM GROUP OR THE UNDERWRITER GROUP MAY BECOME SUBJECT (INCLUDING REIMBURSING ALL OF THEM FOR ANY LEGAL OR OTHER EXPENSES ACTUALLY INCURRED IN CONNECTION WITH INVESTIGATING OR
DEFENDING THE LIABILITIES) INSOFAR AS THE LIABILITIES ARISE OUT OF OR ARE BASED UPON ANY UNTRUE STATEMENT OR ALLEGED UNTRUE STATEMENT OF ANY MATERIAL FACT CONTAINED IN ANY OF THE PROVIDED INFORMATION OR IN ANY OF THE APPLICABLE PORTIONS OF SUCH
SECTIONS OF THE DISCLOSURE DOCUMENT APPLICABLE TO BORROWER, MANAGER, OR THE PROPERTY, OR ARISE OUT OF OR ARE BASED UPON THE OMISSION OR ALLEGED OMISSION TO STATE THEREIN A MATERIAL FACT REQUIRED TO BE STATED IN THE APPLICABLE PORTIONS OF SUCH
SECTIONS OR NECESSARY IN ORDER TO MAKE THE STATEMENTS IN THE APPLICABLE PORTIONS OF SUCH SECTIONS IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE, NOT MISLEADING; PROVIDED, HOWEVER, THAT BORROWER SHALL NOT BE REQUIRED TO INDEMNIFY LENDER
FOR ANY LIABILITIES RELATING TO UNTRUE STATEMENTS OR OMISSIONS WHICH BORROWER IDENTIFIED TO LENDER IN WRITING AT THE TIME OF BORROWER’S EXAMINATION OF SUCH DISCLOSURE DOCUMENT. 
 9.1.4 Borrower Indemnity Regarding Filings. IN CONNECTION WITH FILINGS UNDER THE EXCHANGE ACT, BORROWER SHALL (I) INDEMNIFY LENDER, THE
GCM GROUP AND THE UNDERWRITER GROUP FOR ANY LIABILITIES TO WHICH LENDER, THE GCM GROUP OR THE UNDERWRITER GROUP MAY BECOME SUBJECT INSOFAR AS THE LIABILITIES ARISE OUT OF OR ARE BASED UPON THE OMISSION OR ALLEGED OMISSION TO STATE IN THE PROVIDED
INFORMATION A MATERIAL FACT REQUIRED TO BE STATED IN THE PROVIDED INFORMATION IN ORDER TO MAKE THE STATEMENTS IN THE PROVIDED INFORMATION, IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE NOT MISLEADING AND (II) REIMBURSE LENDER, THE
GCM GROUP OR THE UNDERWRITER GROUP FOR ANY LEGAL OR OTHER EXPENSES ACTUALLY INCURRED BY LENDER, GCM GROUP OR THE UNDERWRITER GROUP IN CONNECTION WITH DEFENDING OR INVESTIGATING THE LIABILITIES. 
 9.1.5 Indemnification Procedure. PROMPTLY AFTER RECEIPT BY AN INDEMNIFIED PARTY UNDER SECTION 9.1.3 ABOVE OR SECTION 9.1.4
ABOVE OF NOTICE OF THE COMMENCEMENT OF ANY ACTION FOR WHICH A CLAIM FOR INDEMNIFICATION IS TO BE MADE AGAINST BORROWER, SUCH 
  

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 INDEMNIFIED PARTY SHALL NOTIFY BORROWER IN WRITING OF SUCH COMMENCEMENT, BUT THE OMISSION TO SO NOTIFY BORROWER WILL
NOT RELIEVE BORROWER FROM ANY LIABILITY THAT IT MAY HAVE TO ANY INDEMNIFIED PARTY HEREUNDER EXCEPT TO THE EXTENT THAT FAILURE TO NOTIFY CAUSES PREJUDICE TO BORROWER. IF ANY ACTION IS BROUGHT AGAINST ANY INDEMNIFIED PARTY, AND IT NOTIFIES BORROWER OF
THE COMMENCEMENT THEREOF, BORROWER WILL BE ENTITLED, JOINTLY WITH ANY OTHER INDEMNIFYING PARTY, TO PARTICIPATE THEREIN AND, TO THE EXTENT THAT IT (OR THEY) MAY ELECT BY WRITTEN NOTICE DELIVERED TO THE INDEMNIFIED PARTY PROMPTLY AFTER RECEIVING THE
AFORESAID NOTICE OF COMMENCEMENT, TO ASSUME THE DEFENSE THEREOF WITH COUNSEL SATISFACTORY TO SUCH INDEMNIFIED PARTY IN ITS DISCRETION. AFTER NOTICE FROM BORROWER TO SUCH INDEMNIFIED PARTY UNDER THIS SECTION 9.1.5, BORROWER SHALL NOT BE
RESPONSIBLE FOR ANY LEGAL OR OTHER EXPENSES SUBSEQUENTLY INCURRED BY SUCH INDEMNIFIED PARTY IN CONNECTION WITH THE DEFENSE THEREOF OTHER THAN REASONABLE COSTS OF INVESTIGATION; PROVIDED, HOWEVER, IF THE DEFENDANTS IN ANY SUCH ACTION INCLUDE BOTH
BORROWER AND AN INDEMNIFIED PARTY, AND ANY INDEMNIFIED PARTY SHALL HAVE REASONABLY CONCLUDED THAT THERE ARE ANY LEGAL DEFENSES AVAILABLE TO IT AND/OR OTHER INDEMNIFIED PARTIES THAT ARE DIFFERENT FROM OR ADDITIONAL TO THOSE AVAILABLE TO BORROWER,
THEN THE INDEMNIFIED PARTY OR PARTIES SHALL HAVE THE RIGHT TO SELECT SEPARATE COUNSEL TO ASSERT SUCH LEGAL DEFENSES AND TO OTHERWISE PARTICIPATE IN THE DEFENSE OF SUCH ACTION ON BEHALF OF SUCH INDEMNIFIED PARTY OR PARTIES. BORROWER SHALL NOT BE
LIABLE FOR THE EXPENSES OF MORE THAN ONE SEPARATE COUNSEL UNLESS THERE ARE LEGAL DEFENSES AVAILABLE TO IT THAT ARE DIFFERENT FROM OR ADDITIONAL TO THOSE AVAILABLE TO ANOTHER INDEMNIFIED PARTY. 
 9.1.6 Contribution. IN ORDER TO PROVIDE FOR JUST AND EQUITABLE CONTRIBUTION IN CIRCUMSTANCES IN WHICH THE INDEMNITY AGREEMENT PROVIDED
FOR IN SECTION 9.1.3 ABOVE OR SECTION 9.1.4 ABOVE IS FOR ANY REASON HELD TO BE UNENFORCEABLE BY AN INDEMNIFIED PARTY IN RESPECT OF ANY LIABILITIES (OR ACTION IN RESPECT THEREOF) REFERRED TO THEREIN WHICH WOULD OTHERWISE BE
INDEMNIFIABLE UNDER SECTION 9.1.3 ABOVE OR SECTION 9.1.4 ABOVE, BORROWER SHALL CONTRIBUTE TO THE AMOUNT PAID OR PAYABLE BY THE INDEMNIFIED PARTY AS A RESULT OF SUCH LIABILITIES (OR ACTION IN RESPECT THEREOF); PROVIDED, HOWEVER,
THAT NO PERSON GUILTY OF FRAUDULENT MISREPRESENTATION (WITHIN THE MEANING OF SECTION 11(F) OF THE SECURITIES ACT) SHALL BE ENTITLED TO CONTRIBUTION FROM ANY PERSON NOT GUILTY OF SUCH FRAUDULENT MISREPRESENTATION. IN DETERMINING THE AMOUNT OF
CONTRIBUTION TO WHICH THE RESPECTIVE PARTIES ARE ENTITLED, THE FOLLOWING FACTORS SHALL BE CONSIDERED: (I) THE GCM GROUP’S AND BORROWER’S 
  

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 RELATIVE KNOWLEDGE AND ACCESS TO INFORMATION CONCERNING THE MATTER WITH RESPECT TO WHICH THE CLAIM WAS ASSERTED;
(II) THE OPPORTUNITY TO CORRECT AND PREVENT ANY STATEMENT OR OMISSION; AND (III) ANY OTHER EQUITABLE CONSIDERATIONS APPROPRIATE IN THE CIRCUMSTANCES. LENDER AND BORROWER HEREBY AGREE THAT IT MAY NOT BE EQUITABLE IF THE AMOUNT OF SUCH
CONTRIBUTION WERE DETERMINED BY PRO RATA OR PER CAPITA ALLOCATION. 
 9.1.7 Rating Surveillance. Lender will retain
the Rating Agencies to provide rating surveillance services on Securities. The pro rata expenses of such surveillance will be paid for by Borrower based on the applicable percentage of such expenses determined by dividing the then outstanding
Principal by the then aggregate outstanding amount of the pool created in the Secondary Market Transaction which includes the Loan. 
 9.1.8 Severance of Loan. Lender shall have the right, at any time (whether prior to, in connection with, or after any Secondary Market Transaction), with respect to all or any portion of the Loan, to modify, split
and/or sever all or any portion of the Loan as hereinafter provided. Without limiting the foregoing, Lender may (i) cause the Note and the Mortgage to be split into a first and second mortgage loan, (ii) create one more senior and
subordinate notes (i.e., an A/B or A/B/C structure), (iii) create multiple components of the Note or Notes (and allocate or reallocate the principal balance of the Loan among such components) or (iv) otherwise sever the Loan into
two (2) or more loans secured by mortgages, in each such case, in whatever proportion and whatever priority Lender determines; provided, however, in each such instance the outstanding principal balance of all the Notes evidencing the Loan (or
components of such Notes) immediately after the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates for all such Notes (or
components of such Notes) immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification. If requested by Lender, Borrower (and Borrower’s constituent members, if
applicable) shall execute within seven (7) Business Days after such request, such documentation as Lender may reasonably request to evidence and/or effectuate any such modification or severance. Borrower shall not be required to incur any out
of pocket costs or expenses in connection with the foregoing (other than the fees and expenses of Borrower’s attorneys, accountants and consultants) or to reduce its rights or increase its obligations or decrease its rights in respect of the
Loan (or any portion thereof). Notwithstanding any severance of the Loan into an A/B or A/B/C structure, Lender hereby acknowledges and agrees that Borrower shall only be obligated to obtain any consent and/or approval required under the Loan
Documents from, and deliver any notice, financial reports or other items as required under the Loan Documents to, one (1) Person acting as agent designated by Lender, in its sole discretion. 
 10. MISCELLANEOUS 
 10.1
Exculpation. The Loan is non-recourse to Borrower and its direct and indirect partners, except as expressly provided below. Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to
perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower or against any holder of direct or indirect interests in Borrower, 
  

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 except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or
proceeding to enable Lender to enforce and realize upon its interest and rights under the Loan Documents, or in the Property, the Rents or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as
specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender, and Lender
shall not sue for, seek or demand any deficiency judgment against Borrower or against any holder of direct or indirect interests in Borrower in any such action or proceeding under or by reason of or under or in connection with any Loan Document. The
provisions of this Section 10.1 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any Loan Document; (ii) impair the right of Lender to name Borrower as a party
defendant in any action or suit for foreclosure and sale under the Mortgage; (iii) affect the validity or enforceability of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies of Lender
thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of Leases; (vi) constitute a prohibition against Lender to commence any other appropriate action or
proceeding in order for Lender to fully realize the security granted by the Mortgage or to exercise its remedies against the Property; or (vii) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by
money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including attorneys’ fees and costs reasonably incurred) (but excluding any punitive, consequential or
speculative damages) arising out of or in connection with the following (all such liability and obligation of Borrower for any or all of the following being referred to herein as “Borrower’s Recourse Liabilities”):

 (a) fraud or intentional misrepresentation by Borrower, or the SPE Party in connection with obtaining the Loan; 

(b) intentional physical waste of the Property or any portion thereof by Borrower, the SPE Party or any Affiliate of Borrower or the
SPE Party, or after an Event of Default the removal or disposal by Borrower, the SPE Party or any Affiliate of Borrower or the SPE Party of any portion of the Property without replacement; 
 (c) any Proceeds paid to Borrower or the SPE Party (or any Affiliate of Borrower or the SPE Party) by reason of any Insured Casualty or
any Award received in connection with a Condemnation or other sums or payments attributable to the Property not applied by Borrower in accordance with the provisions of the Loan Documents (except to the extent that Borrower did not have the legal
right, because of a bankruptcy, receivership or similar judicial proceeding, to direct disbursement of such sums or payments); 
 (d) all Rents of the Property received or collected by or on behalf of the Borrower after an Event of Default and not deposited into the Deposit Account or applied to payment of Principal and interest due under the Note, and to the payment
of actual and reasonable operating expenses of the Property, as they become due or payable (except to the extent that such application of such funds is prevented by bankruptcy, receivership, or similar judicial proceeding in which Borrower is
legally prevented from directing the disbursement of such sums); 
  

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 (e) misappropriation by Borrower or the SPE Party (or any Affiliate of Borrower or the
SPE Party) (including failure to turn over to Lender on demand following an Event of Default) of tenant security deposits and rents collected in advance, or of funds held by Borrower for the benefit of another party; 
 (f) the failure to pay Taxes, provided Borrower shall not be liable (A) to the extent funds to pay such amounts are available in the
Tax and Insurance Subaccount and Lender failed to pay same or (B) Rents paid during the tax payment period at issue are insufficient to yield sufficient funds to pay such amounts after the payment of all monthly payments due under the Loan
Documents, insurance premiums and other operating and other expenses of the Property; or 
 (g) the breach of any
representation, warranty, covenant or indemnification in any Loan Document concerning Environmental Laws or Hazardous Substances, including Section 4.21 hereof and Section 5.8 hereof, and clauses (viii) through
(xi) of Section 5.30 hereof. 
 Notwithstanding anything to the contrary in this Agreement or any of the Loan Documents, (A) Lender
shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall
continue to secure all of the Debt in accordance with the Loan Documents, and (B) Lender’s agreement not to pursue personal liability of Borrower as set forth above SHALL BECOME NULL AND VOID and shall be of no further force and effect,
and the Debt shall be fully recourse to Borrower in the event that one or more of the following occurs (each, a “Springing Recourse Event”): (i) an Event of Default described in Section 8.1(d) hereof
shall have occurred or (ii) a breach of the covenants set forth in Section 5.13 hereof, or (iii) the occurrence of any condition or event described in either Section 8.1(f) hereof or Section 8.1(g)
hereof and, with respect to such condition or event described in Section 8.1(g) hereof, either Borrower, the SPE Party or any Person owning an interest (directly or indirectly) in Borrower or the SPE Party consents to, aids,
solicits, supports, or otherwise cooperates or colludes to cause such condition or event or fails to contest such condition or event. 
 10.2 Brokers and Financial Advisors. (a) Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the Loan other than
Eastdil Secured LLC (“Broker”) whose fees shall be paid by Borrower pursuant to a separate agreement. Borrower shall indemnify and hold Lender harmless from and against any and all claims, liabilities, costs and expenses
(including attorneys’ fees, whether incurred in connection with enforcing this indemnity or defending claims of third parties) of any kind in any way relating to or arising from a claim by any Person (including Broker) that such Person acted on
behalf of Borrower in connection with the transactions contemplated herein. The provisions of this Section 10.2 shall survive the expiration and termination of this Agreement and the repayment of the Debt. 
  

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 (b) Notwithstanding anything in Section 10.2(a) above to the contrary, Borrower hereby
acknowledges that (i) at Lender’s sole discretion, Broker may receive further consideration from Lender relating to the Loan or any other matter for which Lender may elect to compensate Broker pursuant to a separate agreement between
Lender and Broker and (ii) Lender shall have no obligation to disclose to Borrower the existence of any such agreement or the amount of any such additional consideration paid or to be paid to Broker whether in connection with the Loan or
otherwise. 
 10.3 Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent
hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction,
the Deposit Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall pay any reasonable fees and expenses of the Servicer (i) in connection with a release of the Property (or any
portion thereof), (ii) from and after a transfer of the Loan to any “master servicer” or “special servicer” for any reason, including without limitation, as a result of a decline in the occupancy level of the Property,
(iii) in connection with an assumption or modification of the Loan, (iv) in connection with the enforcement of the Loan Documents or (v) in connection with any other action or approval taken by Servicer hereunder on behalf of Lender.

 10.4 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as any of the Debt is unpaid or such longer period if
expressly set forth in this Agreement. All Borrower’s covenants and agreements in this Agreement shall inure to the benefit of the respective legal representatives, successors and assigns of Lender. 
 10.5 Lender’s Discretion. Whenever pursuant to this Agreement or any other Loan Document, Lender exercises any right given to
it to approve or disapprove, or consent or withhold consent, or any arrangement or term is to be satisfactory to Lender or is to be in Lender’s discretion, except as otherwise specified herein, the decision of Lender to approve or disapprove,
to consent or withhold consent, or to decide whether arrangements or terms are satisfactory or not satisfactory, or acceptable or unacceptable or in Lender’s discretion shall (except as is otherwise specifically herein provided) be in the sole
discretion of Lender and shall be final and conclusive. 
 10.6 Governing Law. 
 (a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW
YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY, ENFORCEABILITY AND PERFORMANCE, THIS AGREEMENT AND
THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE 
  

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 STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF
AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS CREATED PURSUANT TO THE MORTGAGE AND THE ASSIGNMENT OF LEASES SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH
THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY AND THE ENFORCEABILITY OF ALL LOAN DOCUMENTS AND THE DEBT. TO THE FULLEST EXTENT
PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST BORROWER OR LENDER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, NEW YORK AND BORROWER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER HEREBY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS
IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT ITS ADDRESS AS SET FORTH IN SECTION 6.1 ABOVE, WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY
FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SAID SERVICE OF BORROWER MAILED OR DELIVERED TO THE BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER (UNLESS LOCAL LAW
REQUIRES ANOTHER METHOD OF SERVICE), IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (i) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS ADDRESS AND/OR APPOINTED OR CHANGED AUTHORIZED AGENT HEREUNDER,
AND (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR SERVICE OF PROCESS). 
 10.7 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of
this Agreement or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or
consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower to any other or future notice or demand in the
same, 
  

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 similar or other circumstances. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Loan Document, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise
thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under any Loan Document, Lender
shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under the Loan Documents, or to declare an Event of Default for failure to effect prompt payment of any such other amount. 
 10.8 Trial by Jury. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, BORROWER AND 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 THE LOAN DOCUMENTS, 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 LENDER, 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 IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER. 
 10.9 Headings/Exhibits. The Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Exhibits attached
hereto, are hereby incorporated by reference as a part of the Agreement with the same force and effect as if set forth in the body hereof. 
 10.10 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 10.11 Preferences. Upon the occurrence and continuance of an Event of Default, Lender shall have the continuing and exclusive right
to apply or reverse and reapply any and all payments by Borrower to any portion of the Debt. To the extent Borrower makes a payment to Lender, or Lender receives proceeds of any collateral, which is in whole or part subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds
received, the Debt or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. This provision shall survive the expiration or termination of this
Agreement and the repayment of the Debt. 
 10.12 Waiver of Notice. Borrower shall not be entitled to any
notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or any other 
  

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 Loan Document specifically and expressly requires the giving of notice by Lender to Borrower and except with respect to
matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which no Loan Document
specifically and expressly requires the giving of notice by Lender to Borrower. 
 10.13 Remedies of Borrower. If a claim or
adjudication is made that Lender or any of its agents, including Servicer, has acted unreasonably or unreasonably delayed acting in any case where by law or under any Loan Document, Lender or any such agent, as the case may be, has an obligation to
act reasonably or promptly, Borrower agrees that neither Lender nor its agents, including Servicer, shall be liable for any monetary damages, and Borrower’s sole remedy shall be to commence an action seeking injunctive relief or declaratory
judgment. Any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. Borrower specifically waives any claim against Lender and its agents, including Servicer, with respect
to actions taken by Lender or its agents on Borrower’s behalf. Nothing in this Section 10.13 shall limit Borrower’s remedies against Lender under this Agreement to the extent that both (i) Lender’s breach of this
Agreement arises from the illegal acts, fraud or willful misconduct of Lender and (ii) as a result of such breach, Borrower incurs liability or actual damages to third parties. 
 10.14 Prior Agreements. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE ENTIRE AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 10.15 Offsets, Counterclaims and Defenses. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its
agents, including Servicer, or otherwise offset any obligations to make payments required under the Loan Documents. Any assignee of Lender’s interest in and to the Loan Documents shall take the same free and clear of all offsets, counterclaims
or defenses which Borrower may otherwise have (including with respect to any Future Funding Obligation or any default or dispute relating thereto) against any assignor of such documents, and no such offset, counterclaim or defense shall be
interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents, and any such right to interpose or assert any such offset, counterclaim or defense in any such action or proceeding is hereby expressly
waived by Borrower. 
 10.16 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any
media intended to reach the general public, which refers to the Loan Documents, the Loan, Lender or any member of the GCM Group, a purchaser of the Loan, the Servicer or the trustee in a Secondary Market Transaction, shall be subject to the prior
reasonable written approval of Lender. Additionally, Lender shall not have the right to issue any of the foregoing (other than as permitted under Article 9) without Borrower’s approval, not to be unreasonably, withheld, conditioned or delayed
(and which will be deemed given if no response is given within 3 Business Days following written request). Nothing in this Section 10.16 shall prevent either Borrower or Lender from disclosing or accessing any information otherwise 

 

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 deemed confidential under this paragraph (i) in connection with that party’s enforcement of its rights
hereunder; (ii) pursuant to any legal requirement, any statutory reporting requirement or any accounting or auditing disclosure requirement applicable to Borrower or Lender; (iii) in connection with performance by either party of its
obligations under this Agreement; or (iv) to existing or potential investors, participants or assignees in or of the transaction contemplated by this Agreement or such party’s rights herein. 
 10.17 No Usury. It is agreed that 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) governing the maximum rate or amount of interest payable on the Debt and that this
Section 10.17 shall control every other agreement in the Loan Documents. In furtherance thereof, Borrower and Lender agree that none of the terms and provisions of this Agreement or any other Loan Document shall ever be construed to
create a contract to pay for the use, forbearance or detention of monetary interest at a rate in excess of the maximum interest rate permitted to be charged by applicable law and that Borrower shall never be obligated or required to pay interest
under this Agreement or any other Loan Document at a rate in excess of the maximum interest rate that may be charged under applicable law. 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 and agreement that all amounts charged in excess of the maximum lawful rate shall be
automatically cancelled, ab initio, and 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. 
 10.18 Conflict; Construction of Documents. In the event of any conflict
between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that each is represented by separate counsel in connection with the negotiation and drafting
of the Loan Documents and that the Loan Documents shall not be subject to the principle of construing their meaning against the party that drafted them. 
  

 83 

 10.19 No Third Party Beneficiaries. The Loan Documents are solely for the benefit of Lender
and Borrower and nothing contained in any Loan Document shall be deemed to confer upon anyone other than the Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained therein.

 10.20 Spread Maintenance Premium/Prepayment Premium. Borrower acknowledges that (a) Lender is making the Loan in
consideration of the receipt by Lender of all interest and other benefits intended to be conferred by the Loan Documents and (b) if payments of Principal are made to Lender prior to the Stated Maturity Date, for any reason whatsoever, whether
voluntary, as a result of Lender’s acceleration of the Loan after an Event of Default, by operation of law or otherwise, Lender will not receive all such interest and other benefits and may, in addition, incur costs. For these reasons, and to
induce Lender to make the Loan, Borrower agrees that, except as expressly provided in Article 7 hereof, all prepayments, if any, whether voluntary or involuntary, will be accompanied by the Spread Maintenance Premium or Prepayment
Premium applicable thereto. Such Spread Maintenance Premium or Prepayment Premium shall be required whether payment is made by Borrower, by a Person on behalf of Borrower, or by the purchaser at any foreclosure sale, and may be included in any bid
by Lender at such sale. Borrower further acknowledges that (A) it is a knowledgeable real estate developer and/or investor; (B) it fully understands the effect of the provisions of this Section 10.20, as well as the other
provisions of the Loan Documents; (C) the making of the Loan by Lender at the Interest Rate and other terms set forth in the Loan Documents are sufficient consideration for Borrower’s obligation to pay a Spread Maintenance Premium or
Prepayment Premium (if required); and (D) Lender would not make the Loan on the terms set forth herein without the inclusion of such provisions. Borrower also acknowledges that the provisions of this Agreement limiting the right of prepayment
and providing for the payment of the Spread Maintenance Premium or Prepayment Premium and other charges specified herein were independently negotiated and bargained for, and constitute a specific material part of the consideration given by Borrower
to Lender for the making of the Loan except as expressly permitted hereunder. 
 10.21 Assignment. The Loan, the Note, the Loan
Documents and/or Lender’s rights, title, obligations and interests therein may be assigned by Lender and any of its successors and assigns to any Person at any time in its discretion, in whole or in part, whether by operation of law (pursuant
to a merger or other successor in interest) or otherwise. Upon such assignment, all references to Lender in this Loan Agreement and in any Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or
successor in interest shall thereafter stand in the place of Lender. Except in connection with a Transfer and Assumption, Borrower may not assign its rights, title, interests or obligations under this Loan Agreement or under any of the Loan
Documents. 
 10.22 Future Funding Obligations. Notwithstanding anything to the contrary contained herein (including the
provisions of Sections 9.1.8, 10.19 and 10.21 hereof), the parties acknowledge that the obligations of the Lender hereunder to fund the Additional Advances (the “Future Funding Obligations”) will be solely the
obligation of Greenwich Capital Financial Products, Inc. and, in connection with a Secondary Market Transaction, will not be transferred or assigned to any subsequent holder of the Note (the “Holder”), including the Servicer
and any trust or trustee or substituted or successor trustee established in connection with a Secondary Market Transaction. Greenwich Capital Financial Products, Inc. will have a participation 
  

 84 

 interest in the Note to the extent of any funds advanced pursuant to the Future Funding Obligations. Any funds advanced
pursuant to a Future Funding Obligation shall be owing to Greenwich Capital Financial Products, Inc., but in the event that Borrower has insufficient funds to pay both the Holder and Greenwich Capital Financial Products, Inc., the Holder shall have
a prior right to such payment and a prior lien on the Property. 
 10.23 Certain Additional Rights of Lender. Notwithstanding
anything to the contrary which may be contained in this Agreement, Lender shall have: 
 (i) the right to routinely consult with
Borrower’s management regarding the significant business activities and business and financial developments of Borrower, provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal
of hazardous substances. Consultation meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times; 
 (ii) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower at any time upon reasonable notice;

 (iii) the right, in accordance with the terms of this Agreement, to receive monthly, quarterly and year-end financial reports of
Borrower, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; 
 (iv) the right, in accordance with the terms of this Agreement, to restrict financing to be obtained with respect to the Property so long as any portion of the Debt remains outstanding; 
 (v) the right, in accordance with the terms of this Agreement, to restrict, upon the occurrence of an Event of Default, Borrower’s payments of
management, consulting, director or similar fees to Affiliates of Borrower from the Rents; 
 (vi) the right, in accordance with the terms
of this Agreement (during the continuance of a Cash Management Period), to approve any operating budget and/or capital budget of Borrower; 
 (vii) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any acquisition by Borrower of any other significant property (other than personal property required for the day
to day operation of the Property); 
 (viii) the right, in accordance with the terms of this Agreement, to restrict the transfer of
interests in Borrower held by its partners, and the right to restrict the transfer of interests in such partners, except for any transfer that is a Permitted Transfer. 
 The rights described above may be exercised directly or indirectly by any Person that owns substantially all of the ownership interests in Lender. The provisions of this Section are intended to satisfy the
requirement of management rights for purposes of the Department of Labor “plan assets” regulation 29 C.F.R., Section 2510.3-101. 
  

 85 

 10.24 Set-Off. In addition to any rights and remedies of Lender provided by this Loan Agreement
and by law, upon the occurrence of an Event of Default, Lender shall have the right, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon any amount becoming due and
payable by Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency,
and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender or any Affiliate thereof to or for the credit or the account
of Borrower. Lender agrees promptly to notify Borrower after any such set-off and application made by Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 10.25 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument. 
 [Remainder of Page Intentionally Left Blank]

  

 86 

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

					
	TPG-2101 CITYWEST 3 & 4, L.P., a Delaware limited partnership
		
	By:	 	 TPG-2101 CityWest 3 & 4 GP, LLC, a Delaware
 limited liability company, its General Partner

			
		 	By:	 	  

		 	Name:	 	Todd L. Merkle
		 	Title:	 	Vice President
	
	 GREENWICH CAPITAL FINANCIAL PRODUCTS,
 INC., a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 
 Intentionally Omitted 

 Schedule 2 
 Exceptions to Representations and Warranties 
 1. With respect to the representations contained in Section 412,
the following contracts are not terminable on one (1) month’s notice or less: 
  

	(a)	Otis Elevator; 

  

	(b)	FireTron Inc.; and 

  

	(c)	Mueller Water Conditioning (multiple contracts). 

 2. With respect to the
representations contained in Section 4.6, as of the date to which this Schedule 2 is attached, the parcels comprising the Property are not separate tax lots (a portion of the Property (Building 1) shares a tax lot with a portion of the Other
Property (Building 4). Following the funding of the Loan, Borrower intends to create separate tax lots so that each parcel comprising the Property will be a separate tax lot and each such parcel will not be a portion of any other tax lot that is a
part of the Property. 

 Schedule 3 
 Rent Roll 
 (See Attached) 

 Schedule 4A 
 Organization of Borrower 
 (See Attached) 

 Schedules 4B-D 
 Post-Closing Potential Organization of Borrower 
 (See Attached) 

 Schedule 5 
 Definition of Special Purpose Bankruptcy Remote Entity 
 A “Special Purpose Bankruptcy Remote
Entity” means (x) a limited liability company that is a Single Member Bankruptcy Remote LLC or (y) a corporation, limited partnership or limited liability company which at all times since its formation and at all times
thereafter 
 (i) was and will be organized solely for the purpose of (A) owning and operating the Property or
(B) acting as a general partner of the limited partnership that owns the Property or member of the limited liability company that owns the Property or (C) acting as a general partner or managing member of the Special Purpose Bankruptcy
Remote Entity that is the general partner or managing member of the limited partnership or limited liability company that owns the Property; 
 (ii) has not engaged and will not engage in any business unrelated to (A) the ownership of the Property, (B) acting as general partner of the limited partnership that owns the Property or (C) acting as
a member of the limited liability company that owns the Property, or (D) acting as a general partner or managing member of the Special Purpose Bankruptcy Remote Entity that is the general partner or managing member of the limited partnership or
limited liability company that owns the Property, as applicable; 
 (iii) has not had and will not have any assets other than
those related to the Property or its partnership or limited liability company interest in the limited partnership or limited liability company that owns the Property, or its membership interest in the limited liability company that is the general
partner of the limited partnership that owns the Property, as applicable; 
 (iv) to the fullest extent permitted by law, has
not engaged, sought or consented to and will not engage in, seek or consent to any dissolution, winding up, liquidation, consolidation, merger, asset sale (except as expressly permitted by this Agreement), transfer of partnership or limited
liability company interests or the like, or amendment of its limited partnership agreement, articles of incorporation, articles of organization, certificate of formation or limited liability company agreement (as applicable); 
 (v) if such entity is a limited partnership, has and will have, as its only general partners, Special Purpose Bankruptcy Remote Entities
that are corporations or limited liability companies; 
 (vi) if such entity is a corporation, has and will have at least one
Independent Director, and has not caused or allowed and will not cause or allow the board of directors of such entity to take any action requiring the unanimous affirmative vote of 100% of the members of its board of directors unless all of the
directors and all Independent Directors shall have participated in such vote; 
 (vii) if such entity is a limited liability
company, has and will have at least one member that has been and will be a Special Purpose Bankruptcy Remote Entity that has been and will be a corporation or limited liability company and such corporation or limited liability company is the
managing member of such limited liability company; 
  

 Sch. 5-1 

 (viii) if such entity is a limited liability company, has and will have articles of
organization, a certificate of formation and/or an operating agreement, as applicable, providing that (A) such entity will dissolve only upon the bankruptcy of the managing member, (B) the vote of a majority-in-interest of the remaining
members is sufficient to continue the life of the limited liability company in the event of such bankruptcy of the managing member and (C) if the vote of a majority-in-interest of the remaining members to continue the life of the limited
liability company following the bankruptcy of the managing member is not obtained, the limited liability company may not liquidate the Property without the consent of the applicable Rating Agencies for as long as the Loan is outstanding; 

(ix) has not, and without the unanimous consent of all of its partners, directors or members (including all Independent Directors), as
applicable, will not, with respect to itself or to any other entity in which it has a direct or indirect legal or beneficial ownership interest (A) file, or consent to the filing of, a bankruptcy, insolvency or reorganization petition or
otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally, (B) seek or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator, custodian or any similar official for such entity or for all or any portion of such entity’s properties, (C) make any assignment for the benefit of such entity’s creditors or (D) take any action that might
cause such entity to become insolvent; 
 (x) has remained and will remain solvent and has maintained and will maintain
adequate capital in light of its contemplated business operations, provided, however, the foregoing shall not require the making of any additional capital contributions; 
 (xi) has not failed and will not fail to correct any known misunderstanding regarding the separate identity of such entity; 
 (xii) has maintained and will maintain its accounts, books and records separate from any other Person and will file its own tax returns;

 (xiii) has maintained and will maintain its books, records, resolutions and agreements as official records; 
 (xiv) has not commingled and will not commingle its funds or assets with those of any other Person; 
 (xv) has held and will hold its assets in its own name; 
 (xvi) has conducted and will conduct its business in its name, 
 (xvii) has maintained and will maintain its financial statements, accounting records and other entity documents separate from any other
Person; 
  

 Sch. 5-2 

 (xviii) has paid and will pay its own liabilities, including the salaries of its own
employees, out of its own funds and assets, provided, however, the foregoing shall not require the making of any additional capital contributions; 
 (xix) has observed and will observe all partnership, corporate or limited liability company formalities, as applicable; 
 (xx) has maintained and will maintain an arm’s-length relationship with its Affiliates; 
 (xxi) (a) if such entity owns the Property, has and will have no indebtedness other than the Loan and unsecured trade payables in the ordinary course of business relating to the ownership and operation of Property which (1) do not
exceed, at any time, a maximum amount of 2% of the original amount of the Principal and (2) are paid within sixty (60) days of the date incurred, or (b) if such entity acts as the general partner of a limited partnership which owns
the Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of business relating to acting as general partner of the limited partnership which owns the Property which (1) do not exceed, at any
time, $10,000 and (2) are paid within thirty (30) days of the date incurred, or (c) if such entity acts as a managing member of a limited liability company which owns the Property, has and will have no indebtedness other than
unsecured trade payables in the ordinary course of business relating to acting as a member of the limited liability company which owns the Property which (1) do not exceed, at any time, $10,000 and (2) are paid within thirty (30) days
of the date incurred; 
 (xxii) has not and will not assume or guarantee or become obligated for the debts of any other Person
or hold out its credit as being available to satisfy the obligations of any other Person except for the Loan; 
 (xxiii) has
not and will not acquire obligations or securities of its partners, members or shareholders; 
 (xxiv) has allocated and will
allocate fairly and reasonably shared expenses, including shared office space, and uses separate stationery, invoices and checks; 
 (xxv) except in connection with the Loan, has not pledged and will not pledge its assets for the benefit of any other Person; 
 (xxvi) has held itself out and identified itself and will hold itself out and identify itself as a separate and distinct entity under its own name and not as a division or part of any other Person; 
 (xxvii) has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or
identify its individual assets from those of any other Person; 
 (xxviii) has not made and will not make loans to any Person;

  

 Sch. 5-3 

 (xxix) has not identified and will not identify its partners, members or shareholders, or
any Affiliate of any of them, as a division or part of it; 
 (xxx) has not entered into or been a party to, and will not
enter into or be a party to, any transaction with its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are intrinsically fair and are no less favorable to it than would be obtained in a
comparable arm’s-length transaction with an unrelated third party; 
 (xxxi) has and will have no obligation to indemnify
its partners, officers, directors or members, as the case may be, or has such an obligation that is fully subordinated to the Debt and will not constitute a claim against it if cash flow in excess of the amount required to pay the Debt is
insufficient to pay such obligation; and 
 (xxxii) to the fullest extent permitted by law, will consider the interests of its
creditors in connection with all corporate, partnership or limited liability actions, as applicable. 
 “Independent Director” means
(x) in the case of a Single Member Bankruptcy Remote LLC: a natural person selected by Borrower and reasonably satisfactory to Lender who shall not have been at the time of such individual’s appointment as an Independent Director of the
Single Member Bankruptcy Remote LLC, does not thereafter become while serving as an Independent Director (except pursuant to an express provision in the Single Member Bankruptcy Remote LLC’s limited liability company agreement providing for the
Independent Director to become a Special Member (defined below) upon the sole member of such Single Member Bankruptcy Remote LLC ceasing to be a member in such Single Member Bankruptcy Remote LLC) and shall not have been at any time during the
preceding five (5) years (i) a shareholder/partner/member of, or an officer or employee of, Borrower or any of its shareholders, subsidiaries or Affiliates, (ii) a director (other than as an Independent Director of the Borrower or in
a similar capacity with an Affiliate of the Borrower) of any shareholder, subsidiary or Affiliate of Borrower, (iii) a customer of, or supplier to, Borrower or any of its shareholders, subsidiaries or Affiliates (other than an Independent
Director provided by a company in the business of providing independent directors and other related services), (iv) a Person who Controls any such shareholder, supplier or customer, or (v) a member of the immediate family of any such
shareholder/ director/partner/member, officer, employee, supplier or customer or of any director of Borrower (other than as an Independent Director); and (y) in the case of a corporation, an individual selected by Borrower and reasonably
satisfactory to Lender who shall not have been at the time of such individual’s appointment as a director, does not thereafter become while serving as an Independent Director and shall not have been at any time during the preceding five
(5) years (i) a shareholder/partner/member of, or an officer, employee, consultant, agent or advisor of, Borrower or any of its shareholders, subsidiaries, members or Affiliates, (ii) a director of any shareholder, subsidiary, member,
or Affiliate of Borrower other than Borrower’s general partner or managing member, (iii) a customer of, or supplier to, Borrower or any of its shareholders, subsidiaries or Affiliates that derives more than 10% of its purchases or income
from its activities with Borrower or any Affiliate of Borrower, (iv) a Person who Controls any such shareholder, supplier or customer, or (v) a member of the immediate family (including a grandchild or sibling) of any such
shareholder/director/partner/member, officer, employee, supplier or customer or of any other director of Borrower’s general partner or managing member. 
  

 Sch. 5-4 

 “Single Member Bankruptcy Remote LLC” means a limited liability company organized under the laws
of the State of Delaware which at all times since its formation and at all times thereafter (i) complies with the following clauses of the definition of Special Purpose Bankruptcy Remote Entity above: (i)(A), (ii)(A), (iii), (iv), (ix), (x),
(xi) and (xiii) through (xxxii); (ii) has maintained and will maintain its accounts, books and records separate from any other person; (iii) has and will have a limited liability company agreement which provides that the business
and affairs of Borrower shall be managed by or under the direction of a board of one or more directors designated by Sole Member, and at all times there shall be at least one (1) duly appointed Independent Director on the board of directors,
and the board of directors will not take any action requiring the unanimous affirmative vote of 100% of the members of its board of directors unless, at the time of such action there are at least one (1) member of the board of directors who are
Independent Directors, and all of the directors and all Independent Directors shall have participated in such vote; (iv) has and will have a limited liability company agreement which provides that, as long as any portion of the Debt remains
outstanding, (A) upon the occurrence of any event that causes Sole Member to cease to be a member of Borrower (other than upon continuation of the Borrower without dissolution (x) upon an assignment by Sole Member of all of its limited
liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if
permitted pursuant to the organizational documents of Borrower), the person acting as an Independent Director of Borrower shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of Borrower, automatically
be admitted as a member of Borrower (the “Special Member”) and shall preserve and continue the existence of Borrower without dissolution, (B) no Special Member may resign or transfer its rights as Special Member unless
(x) a successor Special Member has been admitted to Borrower as a Special Member, and (y) such successor Special Member has also accepted its appointment as an Independent Director, provided, however, the Special Member shall automatically
cease to be a member of the Borrower upon the admission to the Borrower of a substitute member and (C) except as expressly permitted pursuant to the terms of this Agreement or the limited liability company agreement of the Borrower, Sole Member
may not resign and no additional member shall be admitted to Borrower; (v) has and will have a limited liability company agreement which provides that, as long as any portion of the Debt remains outstanding, (A) Borrower shall be
dissolved, and its affairs shall be would up only upon the first to occur of the following: (x) the termination of the legal existence of the last remaining member of Borrower or the occurrence of any other event which terminates the continued
membership of the last remaining member of Borrower in Borrower unless the business of Borrower is continued without dissolution in a manner permitted by its limited liability company agreement or the Delaware Limited Liability Company Act (the
“Act”) or (y) the entry of a decree of judicial dissolution under Section 18-802 of the Act; (B) upon the occurrence of any event that causes the last remaining member of Borrower to cease to be a member of
Borrower or that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to
the organizational documents of Borrower, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational 
  

 Sch. 5-5 

 documents of Borrower), to the fullest extent permitted by law, the personal representative of such member shall be
authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in Borrower, agree in writing to continue the existence of Borrower and to the admission of the personal
representative or its nominee or designee, as the case may be, as a substitute member of Borrower, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower; (C) the bankruptcy of Sole
Member or a Special Member shall not cause such member or Special Member, respectively, to cease to be a member of Borrower and upon the occurrence of such an event, the business of Borrower shall continue without dissolution; (D) in the event
of dissolution of Borrower, Borrower shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of Borrower in an orderly manner), and the assets of Borrower shall be applied in the manner, and in
the order of priority, set forth in Section 18-804 of the Act; and (E) to the fullest extent permitted by law, each of Sole Member and the Special Members shall irrevocably waive any right or power that they might have to cause Borrower or
any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of Borrower, to compel any sale of all or any portion of the assets of Borrower pursuant to any applicable law or to file a complaint or
to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of Borrower. 
  

 Sch. 5-6 

 Schedule 6 
 Notice of Leasing Advance 
                     , 200   
 Greenwich Capital Financial Products, Inc. 
 600 Steamboat Road 
 Greenwich, Connecticut 06830 
 Attention: Mortgage Loan Department 
 Ladies and Gentlemen: 
 We refer to the Loan Agreement dated as of June      2006
(as amended or otherwise modified from time to time, the “Loan Agreement”), by and among the undersigned (“Borrower”) and Greenwich Capital Financial Products, Inc. (“Lender”). 
 Capitalized terms used herein without definition shall have the meanings ascribed to them in the Loan Agreement. 
 Borrower hereby gives Lender notice pursuant to Section 2.9 of the Loan Agreement that Borrower requests a Leasing Advance under the Loan Agreement
and, in that connection, sets forth below the information relating to such proposed borrowing (the “Proposed Borrowing”) as required by Article 2 of the Loan Agreement. 
 (i) The aggregate principal amount of the Proposed Borrowing is $            , which,
together with the aggregate principal amount of the Loan outstanding will not exceed the unfunded amount of the Loan. 
 (ii) The Business
Day of the Proposed Borrowing is                     , 200  . 
 (iii) The Leasing Advance should be disbursed to the following account(s): 
  

			
	 Amount
	  	 Wiring Instructions

 The undersigned hereby certifies to Lender that to his/her knowledge as of the date set forth
above, and as of the date of the Proposed Borrowing, (i) no Event of Default has occurred and is continuing; (ii) the requested funds will be used only to pay (or reimburse Borrower for) the Approved Leasing Expenses described on the
schedule attached hereto, (iii) all outstanding payables with respect to any tenant improvement work for the applicable tenant (other than those to be paid from the requested disbursement) have been paid in full, (iv) the Approved Leasing
Expenses that are the subject of the requested disbursement have not been the subject of a previous Leasing Advance, (v) all previous Leasing Advances have been used only to pay (or reimburse Borrower for) previously identified Approved Leasing
Expenses, and (vi) that the Lease(s) that are the subject of the requested Leasing Advance provides for rental rents and other economic terms that are generally consistent with market terms and conditions for Leases at the Property and its
competitive set. 
             Very truly yours, 

 

 Sch. 6-1Loan Agreement 515/555 Flower Associates and Greenwich Capital Financial

 Exhibit 10.34 
 LOAN AGREEMENT 
 Dated as of July 17, 2006 
 by and among 
 515/555 FLOWER ASSOCIATES, LLC 
 as Borrower, 
 CITIGROUP GLOBAL MARKETS REALTY
CORP. 
 as Agent, 
 LASALLE BANK
NATIONAL ASSOCIATION 
 as Collateral Agent 
 and 
 Each Lender Signatory hereto 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I.     CERTAIN DEFINITIONS
	  	1
	 Section 1.1.
	  	Definitions	  	1
		
	 ARTICLE II.     GENERAL TERMS
	  	30
	 Section 2.1.
	  	The Loan	  	30
	 Section 2.2.
	  	Use of Proceeds	  	30
	 Section 2.3.
	  	Security for the Loan	  	30
	 Section 2.4.
	  	Borrower’s Note	  	31
	 Section 2.5.
	  	Principal and Interest; Exit Fee	  	31
	 Section 2.6.
	  	Voluntary Prepayment	  	32
	 Section 2.7.
	  	Mandatory Prepayment; Capital Events; Certain Transfers	  	32
	 Section 2.8.
	  	Application of Payments After Event of Default	  	33
	 Section 2.9.
	  	Method and Place of Payment From the Collection Account to Agent	  	33
	 Section 2.10.
	  	Taxes	  	34
	 Section 2.11.
	  	Release of Collateral	  	34
	 Section 2.12.
	  	Central Cash Management	  	34
	 Section 2.13.
	  	Reserve Account	  	40
	 Section 2.14.
	  	Additional Provisions Relating to the Collection Account and the Reserve Account	  	44
	 Section 2.15.
	  	Security Agreement	  	45
	 Section 2.16.
	  	Mortgage Recording Taxes	  	47
	 Section 2.17.
	  	Extension Option	  	48
	 Section 2.18.
	  	General Collateral Agent Provisions	  	49
		
	 ARTICLE III.     CONDITIONS PRECEDENT
	  	52
	 Section 3.1.
	  	Conditions Precedent to Closing	  	52
	 Section 3.2.
	  	Execution and Delivery of Agreement	  	57
		
	 ARTICLE IV.     REPRESENTATIONS AND WARRANTIES
	  	57
	 Section 4.1.
	  	Representations and Warranties as to Borrower	  	57
	 Section 4.2.
	  	Representations and Warranties as to the Mortgaged Property	  	61
	 Section 4.3.
	  	Survival of Representations	  	65
		
	 ARTICLE V.     AFFIRMATIVE COVENANTS
	  	65
	 Section 5.1.
	  	Affirmative Covenants	  	65
		
	 ARTICLE VI.     NEGATIVE COVENANTS
	  	91
	 Section 6.1.
	  	Negative Covenants	  	91
		
	 ARTICLE VII.     EVENT OF DEFAULT
	  	94
	 Section 7.1.
	  	Event of Default	  	94
	 Section 7.2.
	  	Remedies	  	95
	 Section 7.3.
	  	Remedies Cumulative	  	96
	 Section 7.4.
	  	Default Administration Fee	  	96
	 Section 7.5.
	  	Curative Advances	  	97

  

 i 

					
	 ARTICLE VIII.     MISCELLANEOUS
	  	97
	 Section 8.1.
	  	Survival	  	97
	 Section 8.2.
	  	Agent’s Discretion	  	97
	 Section 8.3.
	  	Governing Law	  	97
	 Section 8.4.
	  	Modification, Waiver in Writing	  	98
	 Section 8.5.
	  	Delay Not a Waiver	  	98
	 Section 8.6.
	  	Notices	  	98
	 Section 8.7.
	  	TRIAL BY JURY	  	99
	 Section 8.8.
	  	Headings	  	99
	 Section 8.9.
	  	Assignment	  	99
	 Section 8.10.
	  	Severability	  	100
	 Section 8.11.
	  	Preferences	  	100
	 Section 8.12.
	  	Waiver of Notice	  	100
	 Section 8.13.
	  	Failure to Consent	  	100
	 Section 8.14.
	  	Schedules Incorporated	  	101
	 Section 8.15.
	  	Offsets, Counterclaims and Defenses	  	101
	 Section 8.16.
	  	No Joint Venture or Partnership	  	101
	 Section 8.17.
	  	Waiver of Marshalling of Assets Defense	  	101
	 Section 8.18.
	  	Waiver of Counterclaim	  	101
	 Section 8.19.
	  	Conflict; Construction of Documents	  	101
	 Section 8.20.
	  	Brokers and Financial Advisors	  	101
	 Section 8.21.
	  	Counterparts	  	102
	 Section 8.22.
	  	Estoppel Certificates	  	102
	 Section 8.23.
	  	Payment of Expenses	  	102
	 Section 8.24.
	  	Non-Recourse	  	102
		
	 ARTICLE IX.     THE AGENT
	  	105
	 Section 9.1.
	  	Appointment, Powers and Immunities	  	105
	 Section 9.2.
	  	Reliance by Agent	  	105
	 Section 9.3.
	  	Defaults	  	105
	 Section 9.4.
	  	Rights as a Lender	  	106
	 Section 9.5.
	  	Indemnification	  	106
	 Section 9.6.
	  	Non-Reliance on Agent and Other Lenders	  	106
	 Section 9.7.
	  	Failure to Act	  	107
	 Section 9.8.
	  	Resignation of Agent	  	107
	 Section 9.9.
	  	Agency Fee	  	107
	 Section 9.10.
	  	Consents under Loan Documents	  	107
	 Section 9.11.
	  	Notices, Reports and Other Communications	  	107

 SCHEDULES 
  

					
	 1
	  	–	  	Affiliate Transactions as of Closing
	 2
	  	–	  	Operations and Maintenance Plan

  

 ii 

 LOAN AGREEMENT 
 THIS LOAN AGREEMENT, made as of July 17, 2006, is by and among 515/555 FLOWER ASSOCIATES, LLC, a Delaware limited liability company, having an address at c/o Thomas Properties
Group, LLC, 515 South Flower Street, Sixth Floor, Los Angeles, California 90071 (“Borrower”); each of the financial institutions signatory hereto that is identified as a “Lender” on the signature pages hereto or
that, pursuant to Section 8.9 hereof, shall become a “Lender” hereunder (individually, a “Lender”, and collectively, the “Lenders”); CITIGROUP
GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 11th Floor, New York, New York 10013 as agent for the Lenders (in such capacity together
with its successors in such capacity, the “Agent”); and LASALLE BANK NATIONAL ASSOCIATION, a national banking association,
having an address at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60603, as a “bank” (as defined in Section 9-102(a)(8) of the UCC), as a “securities intermediary” (as defined in
Section 8-102(a)(14) of the UCC) and as collateral agent for the Lenders (as used herein, “Collateral Agent” shall refer to LaSalle Bank National Association in each such capacity as the context requires together with
any successor thereto). 
 RECITALS 
 WHEREAS, Borrower desires to obtain from the initial Lender the Loan in an amount equal to the Loan Amount (each as hereinafter defined) to refinance the Mortgaged Property (as hereinafter defined) and to pay certain
other fees and expenses; 
 WHEREAS, the initial Lender is unwilling to make the Loan unless Borrower and Guarantor join in the execution and
delivery of this Agreement, the Note and the Loan Documents (each as hereinafter defined) to which each of them is a party which shall establish the terms and conditions of, and provide security for, the Loan; 
 WHEREAS, Borrower has agreed to establish certain accounts and to grant to the Agent on behalf of, and for the benefit of, the Lenders, a security
interest therein upon the terms and conditions of the security agreement set forth in Section 2.15; and 
 WHEREAS, LaSalle Bank
National Association, in its capacity as collateral agent, bank and securities intermediary is willing to join in this Agreement in such capacities. 
 NOW, THEREFORE, in consideration of the making of the Loan by the Lenders and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby
covenant, agree, represent and warrant as follows: 
 ARTICLE I. 
 CERTAIN DEFINITIONS 
 Section 1.1. Definitions. For all purposes of this Agreement:
(1) the capitalized terms defined in this Article 1 have the meanings assigned to them in this Article 1 and include the plural as well as the singular; (2) all accounting terms have the meanings assigned to them in
accordance with GAAP (as hereinafter defined); (3) the words “herein”, “hereof”, and “hereunder” and other 

  

 1 

 
words of similar import refer to this Agreement as a whole and not to any particular Article, Section, or other subdivision; and (4) the following terms
have the following meanings: 
 “Accepted Practices” means such customary practices as commercial mortgage collateral
agents or banks would follow in the normal course of their business in performing administrative and custodial duties with respect to collateral which is generally similar to the Account Collateral; provided, however, that
“Accepted Practices” shall not be deemed to include any custodial practices now followed by Collateral Agent for any such collateral held for its own account to the extent that such practices are more stringent than the practices
followed by commercial mortgage collateral agents or banks generally. 
 “Account Collateral” has the meaning set
forth in Section 2.15(a) hereof. 
 “Accounts” means all accounts (as defined in the relevant UCC), now
owned or hereafter acquired by Borrower, and arising out of or in connection with, the operation of the Mortgaged Property and all other accounts described in the Management Agreement and all present and future accounts receivable, inventory
accounts, chattel paper, notes, insurance policies, Instruments, Documents or other rights to payment and all forms of obligations owing at any time to Borrower thereunder, whether now existing or hereafter created or otherwise acquired by or on
behalf of Borrower, and all Proceeds thereof and all liens, security interests, guaranties, remedies, privileges and other rights pertaining thereto, and all rights and remedies of any kind forming the subject matter of any of the foregoing.

 “Adjusted Operating Expenses” means, as of any date of calculation, the Operating Expenses with respect to the
Mortgaged Property during the most recent twelve (12) month period for which such information was furnished to the Agent pursuant to Section 2.12(e)(v) hereof, as the same are adjusted by Agent as necessary to reflect 
 (1) expenses for management fees equal to the greater of actual management fees and 3.00% of Gross Revenues, and 
 (2) material increases in future Operating Expenses and increases in over-all actual Operating Expenses from amounts set forth in the
Operating Budget as reasonably determined by the Agent. 
 “Adjusted Operating Revenue” means, as of any date of
calculation, the sum of (A) the Operating Revenues reasonably projected by Borrower to be received with respect to the Mortgaged Property on a pro forma basis based upon the current annualized rent roll reflecting the base rent portion of the
Rents and recoveries due pursuant to Leases which are currently paying and (B) any other income deemed recurring by Agent (which shall exclude interest income) with respect to the Mortgaged Property during the most recent twelve (12) month
period for which such information was furnished to the Agent pursuant to Section 2.12(e)(v) hereof, as the same are adjusted by the Agent as necessary 
 (i) to reflect a reduction of above market Rents to market as reasonably determined by the Agent, and 
  

 2 

 (ii) to exclude Rents and recoveries attributable to space that the Agent reasonably
believes will become vacant or to space occupied by any tenant that the Agent reasonably believes will suffer a material credit impairment during such period. 
 “Adjusted Property Net Cash Flow” for the Mortgaged Property, as of any date of calculation, shall mean the amount by which Adjusted Operating Revenues at such date exceeds Adjusted Operating
Expenses at such date. 
 “Affiliate” of any specified Person means any other Person controlling or controlled by or
under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities or other beneficial interests, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
 “Agent” has the meaning provided in the first paragraph of this Agreement. 
 “Agreement” means this Loan Agreement, together with the Schedules and Exhibits hereto, as the same may from time to time
hereafter be modified, supplemented or amended. 
 “Appraisal” means an appraisal with respect to the Mortgaged
Property prepared by an Appraiser in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, in compliance with the requirements of Title 11 of the Financial Institution Reform, Recovery and Enforcement
Act and utilizing customary valuation methods such as the income, sales/market or cost approaches. 
 “Appraiser”
means a nationally recognized MAI appraiser selected by Borrower and reasonably approved by the Agent. 
 “Assignment of Rents and
Leases” means, with respect to the Mortgaged Property, an Assignment of Rents and Leases, dated as of the Closing Date, granted by Borrower to Agent for the benefit of the Lenders with respect to the Leases, as same may thereafter from
time to time be supplemented, amended, modified or extended by one or more agreements supplemental thereto. 
 “Basic Carrying
Costs” means the following costs with respect to the Mortgaged Property: (i) Impositions and (ii) insurance premiums for policies of insurance required to be maintained by Borrower pursuant to this Agreement or the other Loan
Documents. 
 “Base CPI” means the Consumer Price Index for the calendar month immediately preceding the calendar
month in which the Closing Date occurs. 
 “Borrower” has the meaning provided in the first paragraph of this
Agreement. 
 “Borrower’s Operating Account” shall mean an account established by Borrower into which
disbursements from the Other Property Expenses Account are made, at a financial institution selected by Borrower and reasonably acceptable to Lender (initially City National Bank). 
  

 3 

 “Business Day” means any day other than a Saturday, a Sunday or a day on which
commercial banks in the State of New York, California or Illinois are authorized or obligated by law, governmental decree or executive order to be closed. When used with respect to an Interest Determination Date, “Business Day”
shall mean any day other than a Saturday, a Sunday or a day on which banks in London, England are closed for interbank or foreign exchange transactions. 
 “CALSTRS” means the California State Teachers’ Retirement System. 
 “Capital Budget” means Borrower’s $112,795,560 budget of Capital Improvement Costs for the Renovation of the Mortgaged Property (of which $64,912,537 remains to be completed, subject to confirmation by
Construction Consultant), in the form approved by Junior Mezzanine Lender on the Closing Date, together with such amendments to such budget as may be approved by Junior Mezzanine Lender in accordance with the Junior Mezzanine Loan Agreement.

 “Capital Event” means any transfer, sale, assignment, conveyance, liquidation, disposition (other than a Taking)
or refinancing of the Mortgaged Property and “Capital Events” shall have a meaning correlative to the foregoing. 
 “Capital Event Proceeds” means any cash proceeds of a Capital Event received by Borrower net of any cash prorations, adjustments and credits with respect to such Capital Event and net of reasonable third-party
expenses paid in connection with such Capital Event. 
 “Capital Improvement Costs” means costs incurred or to be
incurred in connection with replacements and capital repairs made to the Mortgaged Property (including direct and indirect costs as stipulated under the Capital Budget approved by Junior Mezzanine Lender). 
 “Cash Flow Sweep Account” has the meaning set forth in Section 2.13(c) hereof. 
 “Chattel Paper” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under
all “chattel paper” as defined in the UCC (whether tangible chattel paper or electronic chattel paper). 
 “Closing
Date” means the date of the funding of the Loan. 
 “Code” means the Internal Revenue Code of 1986, as
amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
 “Collateral” means, collectively, the Land, Improvements, Leases, Rents, Personalty, and all Proceeds, and (to the full extent
assignable) Permits, which is or hereafter may become subject to a Lien in favor of the Agent on behalf of the Lenders as security for the Loan (whether pursuant to the Mortgage, any other Loan Document or otherwise), all whether 

  

 4 

 
now owned or hereafter acquired and all other property which is or hereafter may become subject to a Lien in favor of the Agent on behalf of the Lenders as
security for the Loan and including all property of any kind described as part of the Mortgaged Property under the Mortgage. 
 “Collateral Agent” has the meaning specified in the introductory paragraph of this Agreement. 
 “Collateral Assignment of Hedge” means the Collateral Assignment of Hedge, dated as of the applicable date and executed by Borrower, the Agent and the hedge counterparty. 
 “Collateral Security Instrument” means any right, document or instrument, other than the Mortgage, given as security for the
Loan, including, without limitation, the Assignment of Rents and Leases, the Collateral Assignment of Hedge, the Note Pledge Agreement and the Contract Assignment. 
 “Collection Account” has the meaning set forth in Section 2.12(a) hereof. 
 “Collection Period” means, with respect to any Payment Date, the period commencing on and including the eleventh (11th) day in the month preceding the month in which such Payment Date occurs through and
including the tenth (10th) day in the month in which such Payment Date occurs; provided, however, that in the case of the first Payment Date, the “Collection Period” shall commence on the Closing Date. 
 “Condemnation Proceeds” means, in the event of a Taking with respect to the Mortgaged Property, the proceeds in respect of such
Taking less any reasonable third party out-of-pocket expenses incurred in collecting such proceeds. 
 “Construction
Consultant” means Inspection and Valuation International, Inc., a New York corporation, or such other construction consultant as Junior Mezzanine Lender shall select. 
 “Consumer Price Index” means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the
United States Department of Labor, in the area where the Mortgaged Property is located, All Items (1982-84 = 100), or any successor index thereto, appropriately adjusted and if such Consumer Price Index ceases to be published and there is no
successor thereto, such other index as Agent and Borrower shall mutually agree upon. 
 “Contingent Obligation”
means, as used in the definition of Other Borrowings, without duplication, any obligation of Borrower guaranteeing any indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly. Without limiting the generality of the foregoing, the term “Contingent Obligation” shall include any obligation of Borrower:

 (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor; 

 

 5 

 (ii) to advance or supply funds (x) for the purchase or payment of any such primary
obligation or (y) to maintain working capital or equity capital of the primary obligor; 
 (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; or 
 (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof. 
 The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming Borrower is required to perform thereunder) as determined by Agent in good faith. 
 “Contract Assignment” means, with respect to the Mortgaged Property, the Assignment of Contracts, Licenses, Permits, Agreements,
Warranties and Approvals, dated as of the Closing Date and executed by Borrower. 
 “Contracts” means the Management
Agreement and all other agreements to which Borrower is a party or which are assigned to Borrower by the Manager in the Management Agreement and which are executed in connection with the construction, operation and management of the Mortgaged
Property (including, without limitation, agreements for the sale, lease or exchange of goods or other property and/or the performance of services by it, in each case whether now in existence or hereafter arising or acquired) as any such agreements
have been or may be from time to time amended, supplemented or otherwise modified. 
 “Debt Service Coverage Test”
means, as of any date of calculation with respect to the Mortgaged Property, a test which shall be satisfied if the Adjusted Property Net Cash Flow at such date is at least equal to the product of 1.20 and the Loan Debt Service at such date. The
Debt Service Coverage Test shall be calculated no less than monthly by the Agent based upon the Adjusted Property Net Cash Flow computed quarterly by the Agent from the most recent Quarterly Statement delivered by Borrower. If on any given
calculation date, (a) the Debt Service Coverage Test has been satisfied and the Debt Service Coverage Test was not satisfied on the immediately preceding calculation date, or (b) the Debt Service Coverage Test has not been satisfied and
the Debt Service Coverage Test was satisfied on the immediately preceding calculation date, then the Agent shall promptly inform Collateral Agent and Borrower of such satisfaction or non-satisfaction. 
 “Deed of Trust Trustee” means the trustee under the Mortgage that constitutes a “deed of trust” under applicable law.

 “Default” means the occurrence of any event which, but for the giving of notice or the passage of time, or both,
would be an Event of Default. 
  

 6 

 “Default Administration Fee” means an amount equal to the product of
(x) 0.5% and (y) the Principal Indebtedness as of the date the Default Administration Fee becomes payable; provided, however, that if prior to the expiration of the Default Refinance Period, Borrower fully repays the
Indebtedness, then the amount of the Default Administration Fee shall be reduced by the amount of the Exit Fee, regardless of whether payment of the Exit Fee is waived by Agent hereunder. 
 “Default Rate” means the per annum interest rate equal to the lesser of (a) 5.0% per annum in excess of the rate
otherwise applicable hereunder and (b) the maximum rate allowable by applicable law. 
 “Default Refinance
Period” means the period that commences as of the date the Default Administration Fee becomes payable hereunder, and ends on the date that is ninety (90) days thereafter; provided, however, that if Borrower has not fully repaid the
Indebtedness on or prior to such ninetieth (90th) day, but Borrower has used commercially reasonable and diligent efforts to obtain a refinance loan, and delivers to Agent, on or before such ninetieth (90th) day, a fully-executed copy of a
binding loan commitment from a bank or other bona fide commercial lender pursuant to which such bank or commercial lender has committed to make a loan to Borrower in an amount that is no less than the then-outstanding Indebtedness, then the Default
Refinance Period shall be extended by thirty (30) days. 
 “Deficient Amount” has the meaning set forth in
Section 5.1(x)(iv)(B). 
 “Demand Note” shall mean that certain Demand Note, dated of even date herewith,
executed by TPG/CALSTRS to Guarantor, in the original principal amount of $15,000,000, payable upon demand from Guarantor to TPG/CALSTRS, in the event that Guarantor defaults in its payment obligations under the Guaranty of Non-Recourse Obligations.

 “Deposit Account” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired,
in, to and under all “deposit accounts” as defined in the UCC. 
 “Disclosure Certificate” has the meaning
set forth in Section 5.1(w). 
 “Disclosure Documents” has the meaning set forth in
Section 5.1(w). 
 “Documents” means all of Borrower’s right, title and interest, whether now owned
or hereafter acquired, in, to and under all “documents” as defined in the UCC (whether negotiable or non-negotiable) or other receipts covering, evidencing or representing goods. 
 “Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that is:
(i) an account maintained with a federal or state chartered depository institution or trust company whose (1) commercial paper, short-term debt obligations or other short-term deposits are rated by the Rating Agencies not less than
“A-1”(or the equivalent), if the deposits are to be held in the account for thirty (30) days or less or (2) long-term unsecured debt obligations are rated at least “AA-” (or the equivalent), if the deposits are to be
held in the account more than thirty (30) days or (ii) a segregated trust account maintained with the corporate trust department of a federal or state chartered depository institution or trust company subject to regulations regarding
fiduciary funds on deposit similar to 

  

 7 

 
Title 12 of the Code of Federal Regulations Section 9.10(b) which, in either case, has corporate trust powers, acting in its fiduciary capacity. An
Eligible Account shall not be evidenced by a certificate of deposit, passbook, other instrument or any other physical indicia of ownership. Following a downgrade, withdrawal, qualification or suspension of such institution’s rating, each
account must promptly (and in any case within not more than thirty (30) calendar days) be moved to a qualifying institution or to one or more segregated trust accounts in the trust department of such institution, if permitted. Notwithstanding
the foregoing, an account maintained with City National Bank shall be deemed an “Eligible Account” for so long as the following conditions are satisfied: (A) the commercial paper, short-term debt obligations or other short-term
deposits of City National Bank are rated by the Rating Agencies not less than “A-2”(or the equivalent), if the deposits are to be held in the account for thirty (30) days or less, and (B) the long-term unsecured debt obligations
of City National Bank are rated at least “BBB” (or the equivalent), if the deposits are to be held in the account more than thirty (30) days. 
 “Engineer” means an Independent engineer selected by Borrower and reasonably approved by Agent. 
 “Engineering Report” means the structural engineering reports with respect to the Mortgaged Property prepared by an Engineer and delivered to Agent in connection with the Loan and any
amendments or supplements thereto delivered to Agent. 
 “Environmental Auditor” means an Independent environmental
auditor selected by Borrower and reasonably approved by Agent. 
 “Environmental Claim” means any notice,
notification, request for information, claim, administrative, regulatory or judicial action, suit, judgment, demand or other written communication (whether written or oral) by any Person or Governmental Authority alleging or asserting liability with
respect to Borrower or the Mortgaged Property (whether for damages, contribution, indemnification, cost recovery, compensation, injunctive relief, investigatory, response, remedial or cleanup costs, damages to natural resources, personal injuries,
fines or penalties) arising out of, based on or resulting from (i) the presence, Use or Release into the environment of any Hazardous Substance at any location (whether or not owned, managed or operated by Borrower) that affects Borrower or the
Mortgaged Property, (ii) any fact, circumstance, condition or occurrence forming the basis of any violation, or alleged violation, of any Environmental Law or (iii) any alleged injury or threat of injury to human health, safety or the
environment. 
 “Environmental Indemnity Agreement” means the Environmental Indemnity Agreement dated as of the
Closing Date, from Borrower and the Guarantor, as indemnitor, to the Lenders, Agent and Collateral Agent, as indemnitees. 
 “Environmental Laws” means any and all present and future federal, state or local laws, statutes, ordinances, rules or regulations, or any judicial interpretation thereof, any judicial or administrative orders,
decrees or judgments thereunder issued by a Governmental Authority, and any permits, approvals, licenses, registrations, filings and authorizations, in each case as now or hereafter in effect, relating to the environment, human health or safety, or
the Release or threatened Release of Hazardous Substances or otherwise relating to the Use of Hazardous Substances. 
  

 8 

 “Environmental Reports” means a “Phase I Environmental Site Assessment”
(and, if such Phase I Environmental Site Assessment identifies any recognized environmental conditions requiring further investigation, a “Phase II Environment Site Assessment” with respect to such recognized environmental conditions) as
referred to in the ASTM Standards on Environmental Site Assessments for Commercial Real Estate, E 1527-2000 and an asbestos inspection report, with respect to the Mortgaged Property, prepared by an Environmental Auditor and delivered to Agent and
any amendments or supplements thereto delivered to Agent. 
 “EO13224” has the meaning set forth in
Section 4.1(v) hereof. 
 “Equipment” means all of Borrower’s right, title and interest, whether now
owned or hereafter acquired, in, to and under (i) all “equipment” as defined in the UCC, and (ii) all of the following (regardless of how classified under the UCC): all building materials, construction materials, personal
property constituting furniture, fittings, appliances, apparatus, leasehold improvements, machinery, devices, interior improvements, appurtenances, equipment, plant, furnishings, fixtures, computers, electronic data processing equipment,
telecommunications equipment and other fixed assets now owned or hereafter acquired by Borrower, and all Proceeds of (i) and (ii) and as well as all additions to, substitutions for, replacements of or accessions to any of the items recited
as aforesaid and all attachments, components, parts (including spare parts) and accessories, whether installed thereon or affixed thereto, all regardless of whether the same are located on such Mortgaged Property or are located elsewhere (including,
without limitation, in warehouses or other storage facilities or in the possession of or on the premises of a bailee, vendor or manufacturer) for purposes of manufacture, storage, fabrication or transportation and all extensions and replacements to,
and proceeds of, any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof,
supplemental thereto or substituted therefor. 
 “ERISA Affiliate” means any corporation or trade or business that is
a member of any group of organizations (i) described in Section 414(b) or (c) of the Code of which Borrower is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and
Section 412(c)(11) of the Code and the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Borrower is a member. 
 “Event of Default” has the meaning set forth in Section 7.1 hereof. 
 “Exit Fee” means 0.25% of the Loan Amount, which amount shall be due and payable upon the earlier to occur of full repayment of
the Loan and the Maturity Date (whether by acceleration or otherwise); provided, however, that notwithstanding the foregoing, in the 

  

 9 

 
event the initial Lender provides the funds for a refinancing of the Loan in an amount no less than $300,000,000, then the Exit Fee shall be waived.

 “Expense Deposit” means $100,000. 
 “Extension Conditions,” “Extension Fee,” “Extension Notice,” and “Extension Option” have the respective meanings set forth in
Section 2.17(a) hereof. 
 “Fee Letter” means the letter dated the date hereof entered into between
Borrower and the Collateral Agent, with respect to the fees of the Collateral Agent under this Agreement. 
 “Final Maturity
Date” and “First Extended Maturity Date” have the respective meanings set forth in Section 2.17(a) hereof. 
 “Fiscal Year” means the 12-month period ending on December 31st of each year (or, in the case of the first fiscal year, such shorter period from the Closing Date through such date) or such
other fiscal year of Borrower as Borrower may select from time to time with the prior consent of Agent. 
 “Fund” has
the meaning set forth in the definition of “Permitted Investments”. 
 “GAAP” means generally accepted
accounting principles as required by the National Council for Real Estate Fiduciaries in the United States of America as of the date of the applicable financial report. 
 “General Intangibles” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) all “general intangibles” as defined
in the relevant UCC, now owned or hereafter acquired by Borrower and (ii) all of the following (regardless of how characterized): all agreements, covenants, restrictions or encumbrances affecting the Mortgaged Property or any part thereof.

 “Governmental Authority” means any national or federal government, any state, regional, local or other political
subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Gross Revenue” means, for any period, the total dollar amount of all income and receipts received by, or for the account of,
Borrower in the ordinary course of business with respect to the Mortgaged Property, but excluding Loss Proceeds (other than the proceeds of business interruption insurance or the proceeds of a temporary Taking in lieu of Rents). 
 “Guarantor” means 505 Flower Associates, LLC, a Delaware limited liability company. 
 “Guaranty of Non-Recourse Obligations” means, with respect to the Loan, the Guaranty of Non-Recourse Obligations guaranteeing the
exceptions to the nonrecourse 

  

 10 

 
provisions of the Loan Documents for which liability is retained as described in Section 8.24 hereof from the Guarantor to the Agent for the
benefit of the Lenders. 
 “Hazardous Substance” means, collectively, (i) any petroleum or petroleum products or
waste oils, explosives, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls (“PCBs”), lead in drinking water, lead-based paint and radon, (ii) any chemicals or other materials or
substances which are now or hereafter become defined as or included in the definitions of “hazardous substances”, “hazardous wastes”, “hazardous materials”, “extremely hazardous wastes”, “restricted
hazardous wastes”, “toxic substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import under any Environmental Law and (iii) any other chemical or any other hazardous
material or substance, exposure to which is now or hereafter prohibited, limited or regulated under any Environmental Law. 
 “Impositions” means all taxes (including, without limitation, all real estate, ad valorem, sales (including those imposed on lease rentals), use, single business, gross receipts, value added, intangible transaction
privilege, privilege or license or similar taxes), assessments (including, without limitation, all assessments for public improvements or benefits, whether or not commenced or completed within the term of the Loan), ground rents, water, sewer or
other rents and charges, excises, levies, governmental fees (including, without limitation, license, permit, inspection, authorization and similar fees), and all other governmental charges, in each case whether general or special, ordinary or
extraordinary, foreseen or unforeseen, in respect of the Mortgaged Property (including all interest and penalties thereon), accruing during or in respect of the term hereof and which may be assessed against or imposed on or in respect of or be a
Lien upon (1) Borrower (including, without limitation, all income, franchise, single business or other taxes imposed on Borrower for the privilege of doing business in the jurisdiction in which the Mortgaged Property, or any other collateral
delivered or pledged to Agent in connection with the Loan, is located) or Lenders, or (2) the Mortgaged Property, or any other collateral delivered or pledged to Lenders in connection with the Loan, or any part thereof or any Rents therefrom or
any estate, right, title or interest therein, or (3) any occupancy, operation, use or possession of, or sales from, or activity conducted on, or in connection with the Mortgaged Property or the leasing or use of the Mortgaged Property or any
part thereof, or the acquisition or financing of the acquisition of the Mortgaged Property by Borrower. 
 “Improvements” means all buildings, structures, fixtures and improvements now or hereafter owned by Borrower of every nature whatsoever situated on any Land constituting part of the Mortgaged Property (including,
without limitation, all gas and electric fixtures, radiators, heaters, engines and machinery, boilers, ranges, elevators and motors, plumbing and heating fixtures, carpeting and other floor coverings, water heaters, awnings and storm sashes, and
cleaning apparatus which are or shall be affixed to the Land or said buildings, structures or improvements and including any additions, enlargements, extensions, modifications, repairs or replacements thereto). 
 “Indebtedness” means the Principal Indebtedness, together with all other obligations and liabilities due or to become due to the
Lenders pursuant hereto, under the Note or in accordance with any of the other Loan Documents, and all other amounts, sums and expenses paid by or payable to the Lenders hereunder or pursuant to the Note or any of the other Loan Documents.

  

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 “Indemnified Parties” has the meaning set forth in Section 5.1(i).

 “Independent” means, when used with respect to any Person, a Person that (i) does not have any direct
financial interest or any material indirect financial interest in Borrower or in any Affiliate of Borrower, and (ii) is not connected with Borrower or any Affiliate of Borrower as an officer, employee, trustee, partner, director or person
performing similar functions. 
 “Index Maturity” has the meaning set forth in the definition of LIBOR. 

“Instruments” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and
under all “instruments” as defined in the UCC. 
 “Insurance Escrow Account” has the meaning set forth in
Section 2.13(b). 
 “Insurance Premiums” has the meaning set forth in Section 5.1(x)(iii).

 “Insurance Proceeds” means, in the event of a casualty with respect to the Mortgaged Property, the proceeds
received under any insurance policy applicable thereto. 
 “Insurance Requirements” means all material terms of any
insurance policy required pursuant to this Agreement or the Mortgage and all material regulations, rules and other requirements of the National Board of Fire Underwriters or such other body exercising similar functions applicable to or affecting the
Mortgaged Property or any part thereof or any use or condition thereof. 
 “Insured Casualty” has the meaning set
forth in Section 5.1(x)(iv)(B). 
 “Intellectual Property” means all of Borrower’s right, title and
interest, whether now owned or hereafter acquired, in, to and under the trademark licenses, trademarks, rights in intellectual property, trade names, service marks and copyrights, copyright licenses, patents, patent licenses or the license to use
intellectual property such as computer software owned or licensed by Borrower or other proprietary business information relating to Borrower’s policies, procedures, manuals and trade secrets. 
 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of the applicable date, by and among the Agent on behalf of
the Lenders, Senior Mezzanine Lender and Junior Mezzanine Lender and/or the Intercreditor Agreement, dated as of the applicable date, between Senior Mezzanine Lender and Junior Mezzanine Lender. 
 “Interest Accrual Period” means, in connection with the calculation of interest accrued with respect to any Payment Date, the
period commencing on and including the eleventh (11th) day in the month preceding the month in which such Payment Date occurs through and including the tenth (10th) day in the month in which such Payment Date occurs; provided,
however, that the first Interest Accrual Period for the Loan shall commence on the Closing Date. 
  

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 “Interest Determination Date” means, in connection with the calculation of
interest to accrue for any Interest Accrual Period, the second Business Day preceding the fifteenth (15th) day of the month in which such Interest Accrual Period commences; provided, however, that the first Interest Determination
Date for the Loan shall be the second Business Day preceding the Closing Date. 
 “Interested Parties” has the
meaning set forth in Section 5.1(w). 
 “Interest Reserve Account” has the meaning set forth in
Section 2.13(d). 
 “Inventory” means all of Borrower’s right, title and interest, whether now owned
or hereafter acquired, in, to and under all “inventory” as defined in the UCC and shall include all Documents representing the same. 
 “Investment Property” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under all “investment property” as defined in the UCC. 
 “Junior Mezzanine Borrower” means 515/555 Flower Junior Mezzanine Associates, LLC, a Delaware limited liability company.

 “Junior Mezzanine Lender” means Citigroup Global Markets Realty Corp., a New York corporation, and its successors
and assigns. 
 “Junior Mezzanine Loan” means the loan made pursuant to the Junior Mezzanine Loan Agreement.

 “Junior Mezzanine Loan Account” means such account at such bank as Junior Mezzanine Lender shall notify in writing
to Borrower, Collateral Agent and the Agent. 
 “Junior Mezzanine Loan Agreement” means the Loan Agreement, dated as
of the date hereof, by and between Junior Mezzanine Borrower and Junior Mezzanine Lender. 
 “Junior Mezzanine Loan Market
Constant” means, at any date of calculation, the higher of (a) the annual interest rate on the Junior Mezzanine Loan for the Interest Accrual Period in which such date occurs, and (b) 8.0%. 
 “Junior Mezzanine Loan Principal Indebtedness” has the meaning given to the term “Principal Indebtedness” in the Junior
Mezzanine Loan Agreement. 
 “Land” has the meaning provided in the Mortgage. 
 “Leases” means all leases, subleases, lettings, occupancy agreements, tenancies and licenses by Borrower as landlord of the
Mortgaged Property or any part thereof now or hereafter entered into, and all amendments, extensions, renewals and guarantees thereof, and all security therefor. 
  

 13 

 “Leasing Budget” means Borrower’s $146,720,081 budget of Leasing Commissions
and TI Costs for the Renovation of the Mortgaged Property (of which $84,724,348 remains to be completed, subject to confirmation by Construction Consultant), in the form approved by Junior Mezzanine Lender on the Closing Date, together with such
amendments to such budget as may be approved by Junior Mezzanine Lender in accordance with the Junior Mezzanine Loan Agreement. 
 “Leasing Commissions” means leasing commissions incurred by Borrower in connection with leasing the Mortgaged Property or any portion thereof (including renewals of existing Leases). 
 “Legal Requirements” means all governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and
injunctions of Governmental Authorities (including, without limitation, Environmental Laws) affecting Borrower or the Mortgaged Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof (whether now
or hereafter enacted and in force), and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, at any time in force affecting the
Mortgaged Property or any part thereof (including, without limitation, any which may (i) require repairs, modifications or alterations in or to the Mortgaged Property or any part thereof, or (ii) in any way limit the use and enjoyment
thereof). 
 “Lender” has the meaning provided in the first paragraph of this Agreement. 
 “Letter of Credit Rights” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to
and under all “letter of credit rights” as defined in the UCC. 
 “LIBOR” means the rate per annum
calculated as set forth below: 
 (i) On each Interest Determination Date, LIBOR will be determined on the basis of the
offered rate for deposits of not less than U.S. $1,000,000 for a period of one month (the “Index Maturity”), commencing on such Interest Determination Date, which appears on Dow Jones Market Service (formerly Telerate) Page
3750 as of 11:00 a.m., London time (or such other page as may replace the Dow Jones Market Service (formerly Telerate) Page on that service for the purposes of displaying London interbank offered rates of major banks). If no such offered rate
appears, LIBOR with respect to the relevant Interest Accrual Period will be determined as described in (ii) below. 
 (ii) With respect to an Interest Determination Date on which no such offered rate appears on Dow Jones Market Service (formerly Telerate) Page 3750 as described in (i) above, LIBOR shall be the arithmetic mean, expressed as a
percentage, of the offered rates for deposits in U.S. dollars for the Index Maturity which appears on the Reuters Screen LIBO Page as of 11:00 a.m., London time, on such date. If, in turn, such rate is not displayed on the Reuters Screen LIBO Page
at such time, then LIBOR for such date will be obtained from the preceding Business Day for which the Reuters Screen LIBO Page displayed a rate for the Index Maturity. 
  

 14 

 (iii) If on any Interest Determination Date, Agent is required but unable to determine
LIBOR in the manner provided in paragraphs (i) and (ii) above, LIBOR for the next Interest Accrual Period shall be determined from such financial reporting service as Agent shall reasonably determine and use with respect to its other loan
facilities on which interest is determined based on LIBOR. 
 All percentages resulting from any calculations of LIBOR referred to in this Agreement will be
carried out to five decimal places and all U.S. dollar amounts used in or resulting from such calculations will be rounded upwards to the nearest cent. 
 “Lien” means any mortgage, deed of trust, lien (statutory or other), pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting Borrower or the
Mortgaged Property or any portion thereof, or any interest therein (including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
and mechanic’s, materialmen’s and other similar liens and encumbrances). 
 “Loan” means the loan made by
Agent to Borrower pursuant to the terms of this Agreement. 
 “Loan Amount” means an amount equal to $420,000,000.

 “Loan Debt Service” means, at any date of calculation, the sum of (i) the product of the Market Constant at
such date and the Principal Indebtedness at such date, plus (ii) the product of the Senior Mezzanine Loan Market Constant at such date and the Senior Mezzanine Loan Principal Indebtedness at such date, plus (iii) the product of the Junior
Mezzanine Loan Market Constant at such date and the Junior Mezzanine Loan Principal Indebtedness at such date. 
 “Loan
Documents” means this Agreement, the Note, the Contract Assignment, the Manager’s Subordination, the Mortgage, the Assignment of Rents and Leases, the Environmental Indemnity Agreement, the Guaranty of Non-Recourse Obligations, the
Collateral Assignment of Hedge, the Note Pledge Agreement, the Local Deposit Bank Agreements and all other agreements, instruments, certificates and documents delivered by or on behalf of Borrower or an Affiliate of Borrower to evidence or secure
the Loan as same may be amended or modified from time to time. 
 “Loan to Value Test” means a test that shall be
satisfied if (a) the sum of (i) the outstanding Principal Indebtedness plus (ii) the outstanding Senior Mezzanine Loan Principal Indebtedness is less than 75% of the value of the Mortgaged Property as determined by the Lender in its
sole discretion; and (b) the sum of (i) the outstanding Principal Indebtedness plus (ii) the outstanding Senior Mezzanine Loan Principal Indebtedness plus (iii) the outstanding Junior Mezzanine Loan Principal Indebtedness is less
than 80% of the value of the Mortgaged Property as determined by the Lender in its sole discretion. 
 “Local Collection
Account” has the meaning set forth in Section 2.12(a). 
 “Local Deposit Bank” has the
meaning set forth in Section 2.12(a). 
  

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 “Local Deposit Bank Agreements” means the various account agreements, executed by
Borrower, Agent and the Local Deposit Bank, governing the control and disposition of funds held in the Local Collection Account, the Parking Collection Account, the Security Deposit Account and Borrower’s Operating Account. 
 “Loss Proceeds” means Condemnation Proceeds and/or Insurance Proceeds. 
 “Losses” has the meaning set forth in Section 5.1(j). 
 “Management Agreement” means with respect to the Mortgaged Property, the Management Agreement entered into between Borrower and
the Manager, or in such other form as may be reasonably approved by the Agent, as such agreement may be amended, modified or supplemented and in effect from time to time. 
 “Manager” means Thomas Development Partners, L.P., a California limited partnership. 
 “Manager’s Subordination” means, with respect to the Mortgaged Property, the Manager’s Consent and Subordination of Management Agreement, executed by the Manager, Borrower and the Agent, dated as of the
Closing Date. 
 “Market Constant” means, at any date of calculation, the higher of (a) the annual interest rate
on the Loan for the Interest Accrual Period in which such date occurs, and (b) 8.0%. 
 “Material Adverse
Effect” means a material adverse effect upon (i) the business operations, properties, assets or condition (financial or otherwise) of Borrower, (ii) the ability of Borrower to perform, or of Agent to enforce, any of the Loan
Documents or (iii) the aggregate value of the Mortgaged Property. 
 “Maturity Date” means the earlier of
(a) the Original Maturity Date, or if Borrower exercises the Extension Option pursuant to Section 2.17, the First Extended Maturity Date or the Final Maturity Date, as applicable, or (b) such earlier date on which the entire
Loan is required to be paid in full, by acceleration or otherwise under this Agreement or any of the other Loan Documents. 
 “Minimum CALSTRS Ownership Percentage” means 30%. 
 “Money” means all of
Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) all “money” as defined in the UCC and (ii) all moneys, cash, or other items of legal tender generated from the use or
operation of the Mortgaged Property. 
 “Monthly Property Expenses” means, with respect to any Payment Date, an
amount equal to not less than 100% and up to 125% of the monthly Property Expenses projected by Borrower to be incurred during the applicable period commencing on such Payment Date and ending on the next Payment Date as set forth in the Operating
Budget for the applicable Fiscal Year; provided, however, that the Agent’s prior written consent shall be required for any amount greater than 125% of the projected monthly amount in such Operating Budget for Property Expenses.

  

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 “Monthly Statement” has the meaning provided in Section 2.12(d).

 “Mortgage” means, with respect to the Mortgaged Property, a first priority Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing, dated as of the Closing Date, granted by Borrower to or for the benefit of Deed of Trust Trustee for the benefit of Agent with respect to the Mortgaged Property as security for the Loan, as same may
thereafter from time to time be supplemented, amended, modified or extended by one or more agreements supplemental thereto. 
 “Mortgaged Property” means, at any time, the Land, the Improvements, the Personalty, the Leases and the Rents, and all rights, titles, interests and estates appurtenant thereto, encumbered by, and more particularly
described in, the Mortgage. 
 “Multiemployer Plan” means a multiemployer plan defined as such in Section 3(37)
of ERISA and which is covered by Title IV of ERISA (i) to which contributions have been, or were required to have been made by Borrower or any ERISA Affiliate or (ii) with respect to which Borrower could reasonably be expected to incur
liability. 
 “Net Proceeds” means either (x) the purchase price (at foreclosure or otherwise) actually received
by Agent from a third party purchaser with respect to the Mortgaged Property, as a result of the exercise by Agent of its rights, powers, privileges and other remedies after the occurrence of an Event of Default or (y) in the event that Agent
(or its nominee) or a Lender is the purchaser at foreclosure of the Mortgaged Property, the higher of (i) the amount of Agent’s or such Lender’s credit bid or (ii) such amount as shall be determined in accordance with applicable
law, and in either case minus all reasonable third party, out of pocket costs and expenses (including, without limitation, all attorneys’ fees and disbursements and any brokerage fees, if applicable) incurred by Agent (and its nominee, if
applicable) or such Lender in connection with the exercise of such remedies; provided, however, that such costs and expenses shall not be deducted to the extent such amounts previously have been added to the Indebtedness in accordance
with the terms of the Loan Documents or applicable law. 
 “Note” means the promissory note made by Borrower to
initial Lender pursuant to this Agreement, as such note may be modified, amended, supplemented or extended. 
 “Note Pledge
Agreement” means the Note Pledge Agreement, dated as of the date hereof, executed by Guarantor, Agent, Senior Mezzanine Lender and Junior Mezzanine Lender. 
 “OFAC” has the meaning set forth in Section 4.1(v) hereof. 
 “Officer’s Certificate” means a certificate delivered to Agent by Borrower which is signed by an authorized officer of Borrower. 
 “On-going Leasing Costs/TI Costs Account” has the meaning set forth in Section 2.13(a). 
  

 17 

 “Operating Budget” means, with respect to any Fiscal Year, the operating budget
for the Mortgaged Property reflecting Borrower’s projections of Gross Revenues and Property Expenses for the Mortgaged Property for such Fiscal Year on an annual and monthly basis and submitted by Borrower to Agent in accordance with the
provisions of Section 5.1(r)(vi). 
 “Operating Expenses” means, for any period of calculation, all
expenditures incurred and required to be expensed under GAAP during such period in connection with the ownership, operation, maintenance, repair and/or leasing of the Mortgaged Property. Notwithstanding the foregoing, Operating Expenses shall not
include (a) Capital Improvement Costs, (b) any extraordinary items (unless Agent and Borrower approve of the inclusion of such items as Operating Expenses), (c) depreciation, amortization and other non-cash charges or (d) any
payments of principal or interest on the Indebtedness or otherwise payable to the holder of the Indebtedness. Operating Expenses shall be calculated on the accrual basis of accounting. 
 “Operating Revenues” means, for any period, all regular ongoing income during such period from the operation of the Mortgaged
Property that, in accordance with GAAP, is included in annual financial statements as operating income. Notwithstanding the foregoing, Operating Revenues shall not include (a) any Loss Proceeds (other than business interruption proceeds or
Condemnation Proceeds in connection with a temporary Taking and, in either case, only to the extent allocable to such period or other applicable reporting period), (b) any proceeds resulting from the sale, exchange, transfer, financing or
refinancing of the Mortgaged Property, (c) any Rent attributable to a Lease either more than one month prior to the date on which the actual payment of Rent is required to be made thereunder, (d) any interest income from any source, or
(e) any other extraordinary items as reasonably determined by Agent. Operating Revenues shall be calculated on the accrual basis of accounting. 
 “Organizational Agreements” means the Certificate of Formation of Borrower, dated as of April 12, 2004, and the Amended and Restated Limited Liability Company Agreement of Borrower, dated
as of July 17, 2006, in each case, as amended or restated from time to time. 
 “Original Maturity Date” means
July 17, 2008. 
 “Origination Fee” means a fee in the amount of $2,100,000 (representing 0.50% of the Loan
Amount) payable to Agent on the Closing Date. 
 “Other Borrowings” means, with respect to Borrower, without
duplication (but not including the Indebtedness or any interest rate protection agreement entered into pursuant hereto) (i) all indebtedness of Borrower for borrowed money, (ii) all indebtedness of Borrower evidenced by a note, bond,
debenture or similar instrument, (iii) the face amount of all letters of credit issued for the account of Borrower and, without duplication, all unreimbursed amounts drawn thereunder, and obligations evidenced by bankers’ acceptances,
(iv) all indebtedness of Borrower secured by a Lien on any property owned by Borrower (whether or not such indebtedness has been assumed), (v) all Contingent Obligations of Borrower, (vi) liabilities and obligations for the payment of
money relating to a capitalized lease obligation or sale/leaseback obligation, (vii) liabilities and obligations representing the balance deferred and unpaid of the 

  

 18 

 
purchase price of any property or services, except those incurred in the ordinary course of Borrower’s business that would constitute ordinarily a trade
payable to trade creditors, and (viii) all payment obligations of Borrower under any interest rate protection agreement (including, without limitation, any interest rate swaps, caps, floors, collars or similar agreements) and similar
agreements. 
 “Other Property Expenses Account” has the meaning provided in Section 2.13(b). 

“Parking Collection Account” has the meaning set forth in Section 2.12(a). 
 “Payment Date” has the meaning provided in Section 2.5(a). 
 “Payment Date Statement” has the meaning provided in Section 2.12(d). 
 “Payment Intangibles” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and
under all “payment intangibles” as defined in the UCC. 
 “PBGC” means the Pension Benefit Guaranty
Corporation established under ERISA, or any successor thereto. 
 “Permits” means all licenses, permits, variances
and certificates required by Legal Requirements to be obtained by Borrower and used in connection with the ownership, operation, use or occupancy of the Mortgaged Property (including, without limitation, business licenses, state health department
licenses, licenses to conduct business and all such other permits, licenses and rights, obtained from any Governmental Authority or private Person concerning ownership, operation, use or occupancy of the Mortgaged Property). 
 “Permitted Encumbrances” means, with respect to the Mortgaged Property, collectively, (i) the Lien created by the Mortgage,
or any other Loan Documents of record, (ii) all Liens and other matters disclosed on the Title Insurance Policy concerning the Mortgaged Property, (iii) Liens, if any, for Impositions imposed by any Governmental Authority not yet
delinquent or being contested in good faith and by appropriate proceedings in accordance with the Mortgage, (iv) mechanic’s or materialmen’s Liens, if any, being contested in good faith and by appropriate proceedings in accordance
with the Mortgage, provided that no foreclosure has been commenced by the lien claimant, (v) rights of existing and future tenants and residents as tenants only pursuant to Leases, and (vi) Liens for public utilities, which Liens and
encumbrances referred to in clauses (i)-(vi) above do not materially and adversely affect (1) the ability of Borrower to pay in full the Principal Indebtedness and interest thereon in a timely manner or (2) the use of the Mortgaged
Property for the use currently being made thereof, the operation of the Mortgaged Property as currently being operated or the value of the Mortgaged Property. 
 “Permitted Intercreditor Transfer” means (x) the encumbrance, pledging, and hypothecation of and granting of a security interest in the ownership interests (including, but not limited to,
equity, voting and/or beneficial ownership interests) in Borrower to Senior Mezzanine Lender in connection with the Senior Mezzanine Loan, or in Senior Mezzanine Borrower to 

  

 19 

 
Junior Mezzanine Lender in connection with the Junior Mezzanine Loan, or (y) any conveyance, assignment, sale or other disposition (directly or
indirectly) of such ownership interests in Borrower or Senior Mezzanine Borrower effectuated in connection with a foreclosure on such pledge and hypothecation referred to in clause (x) (or sale in lieu thereof) or other exercise of remedies by
Senior Mezzanine Lender or Junior Mezzanine Lender carried out pursuant to and in accordance with the Intercreditor Agreement and any subsequent conveyance, assignment, sale or other disposition (directly or indirectly) of such ownership interests
in Borrower or Senior Mezzanine Borrower which conforms to the requirements of the Intercreditor Agreement. 
 “Permitted
Investments” shall mean to the extent available from Agent or Agent’s servicer for deposits in the Collection Account or Reserve Account, any one or more of the following obligations or securities acquired at a purchase price of
not greater than par, including those issued by a servicer of the Loan, the trustee under any securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the
date on which the funds used to acquire such investment are required to be used under this Agreement and meeting one of the appropriate standards set forth below: 
 (a) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or
instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home
Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation
certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the
investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) be rated “AAA” or the equivalent by each of the Rating Agencies, (iii) if
rated by S&P, must not have an “r” highlighter affixed to their rating, (iv) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, and (v) such investments must not be subject to liquidation prior to their maturity; 
 (b) Federal Housing Administration debentures; 
 (c) obligations of the following
United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National
Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (i) have a predetermined
fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such
interest rate must be tied to a single 

  

 20 

 
interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to
liquidation prior to their maturity; 
 (d) federal funds, unsecured certificates of deposit, time deposits,
bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated
by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must
be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 
 (e) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’
acceptances with maturities of not more than 365 days and issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by
each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not,
in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of
interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity;

 (f) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if
not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal
of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (i) have a predetermined
fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such
interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 
  

 21 

 (g) commercial paper (including both non-interest-bearing discount obligations and
interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all
Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial,
or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must
be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 
 (h) units of taxable money market funds, with maturities of not more than 365 days and which funds are regulated investment
companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by
all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the
initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 
 (i) any other
security, obligation or investment which has been approved as a Permitted Investment in writing by (i) Agent and (ii) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or
investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only
interest payments, (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of one hundred twenty percent (120%) of the
yield to maturity at par of such underlying investment or (C) such obligation or security has a remaining term to maturity in excess of one (1) year. 
 “Permitted Transfer” means (a) any Permitted Intercreditor Transfer or (b) any conveyance, assignment or sale or other disposition (and not a mortgaging, encumbrance, pledging,
hypothecation, or granting of a security interest)(directly or indirectly) of the voting and beneficial ownership interests in Borrower following which (1) CALSTRS owns (directly or indirectly) the Minimum CALSTRS Ownership Percentage or more
of such voting and beneficial ownership interests in Borrower and (2) Thomas Properties Group, Inc. controls the operations and management of Borrower; provided, that if any such Transfer referred to above which takes the form of a
Transfer of the equity ownership interests in Borrower either (i) is to a 

  

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transferee which (collectively amongst itself and its Affiliates that own such equity ownership interests) acquires (directly or indirectly) a greater than
49% ownership interest in Borrower, or which acquires control over the operations and management of Borrower, or (ii) results in CALSTRS owning (directly or indirectly) less than 60% of the voting and beneficial ownership interests in Borrower,
Senior Mezzanine Borrower or Junior Mezzanine Borrower, then such Transfer shall not be permitted unless Borrower delivers to the Agent (1) a substantive non-consolidation opinion in form and substance acceptable to the Agent and the Rating
Agencies and (2) if the Loan has been included in a Secondary Market Transaction in which Securities are issued, a Rating Confirmation. Notwithstanding anything herein to the contrary, other than a Permitted Intercreditor Transfer, a Transfer
of the direct equity ownership interest of Senior Mezzanine Borrower in Borrower shall not be a Permitted Transfer, and a Transfer of the direct equity ownership interest of Junior Mezzanine Borrower in Senior Mezzanine Borrower shall not be a
Permitted Transfer. 
 “Person” means any individual, corporation, limited liability company, partnership, joint
venture, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 “Personalty” means all right, title and interest of Borrower in and to all Equipment, Inventory, Accounts, General Intangibles,
Instruments, Investment Property, Receivables, Pledged Accounts, Deposit Accounts, Contracts and Intellectual Property and all other personal property as defined in the relevant UCC, now owned or hereafter acquired by Borrower and now or hereafter
affixed to, placed upon, used in connection with, arising from or otherwise related to the Mortgaged Property or which may be used in or relating to the planning, development, financing or operation of such Mortgaged Property, including, without
limitation, furniture, furnishings, equipment, machinery, money, insurance proceeds, accounts, contract rights, trademarks, goodwill, chattel paper, documents, trade names, licenses and/or franchise agreements, rights of Borrower under leases of
fixtures or other personal property or equipment, inventory, all refundable, returnable or reimbursable fees, deposits or other funds or evidences of credit or indebtedness deposited by or on behalf of Borrower with any governmental authorities,
boards, corporations, providers of utility services, public or private, including specifically, but without limitation, all refundable, returnable or reimbursable tap fees, utility deposits, commitment fees and development costs. 
 “Plan” means an employee benefit or other plan, other than a Multiemployer Plan, that is covered by Title IV of ERISA or
Section 302 of ERISA or Section 412 of the Code, and (i) was established or maintained by Borrower or any ERISA Affiliate during the five year period ended prior to the date of this Agreement or to which Borrower or any ERISA
Affiliate makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement, been required to make contributions or (ii) with respect to which Borrower could reasonably be expected to incur liability.

 “Pledged Accounts” means the Collection Account and the Reserve Account and any successor accounts thereto.

 “Policies” has the meaning provided in Section 5.1(x)(iii). 
  

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 “Principal Indebtedness” means the principal amount of the Loan outstanding as
adjusted by each increase (including for advances made by Lenders to protect the Collateral), or decrease in such principal amount of the Loan outstanding, whether as a result of prepayment or otherwise, from time to time. 
 “Proceeds” shall have the meaning given in the UCC and, in any event, shall include, without limitation, all of Borrower’s
right, title and interest in and to proceeds, product, offspring, rents, profits or receipts, in whatever form, arising from the Collateral. 
 “Prohibited Person” has the meaning provided in Section 4.1(v). 
 “Property
Expenses” means, with respect to the Mortgaged Property, the following costs and expenses but only, in the case of costs and expenses in respect of goods and services, to the extent that they (x) are paid to Persons who are
generally in the business of providing such goods and services, (y) are customary for the types of goods or services provided in the geographical area in which such goods or services are provided and (z) do not constitute Capital
Improvement Costs: 
 (i) Impositions; 
 (ii) insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to
this Agreement or the other Loan Documents; 
 (iii) the cost of all electricity, oil, gas, water, steam, heat, ventilation,
air conditioning and any other energy, utility or similar item and overtime services with respect to the Mortgaged Property; 
 (iv) payments required under service contracts (including, without limitation, service contracts for heating, ventilation and air conditioning systems, elevators, landscape maintenance, pest extermination, security, furniture, trash
removal, answering service and credit checks); 
 (v) wages, benefits, payroll taxes, uniforms, the cost of cleaning supplies,
insurance costs and all related expenses for on-site maintenance personnel (including, without limitation, housekeeping employees, porters and general repair, maintenance and security employees), whether hired by Borrower, Manager, Collateral Agent
or any other Person; 
 (vi) costs required in connection with the enforcement of any Lease (including, without limitation,
reasonable attorneys’ fees, charges for lock changes and storage and moving expenses for furniture, fixtures and equipment); 
 (vii) advertising and rent-up expenses (including, without limitation, leasing services, tenant rent concessions, promotions for existing and prospective tenants, banners and signs); 
 (viii) out-of-pocket cleaning, maintenance and repair expenses; 
  

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 (ix) any expense the total cost of which is passed through to tenants pursuant to
executed Leases; 
 (x) legal, accounting, auditing and other professional fees and expenses incurred in connection with the
ownership, leasing and operation of the Mortgaged Property (including, without limitation, collection costs and expenses); 
 (xi) permits, licenses and registration fees and costs; 
 (xii) any expense necessary in order to prevent a breach
under a Lease; 
 (xiii) any expense necessary in order to prevent or cure a violation of any Legal Requirement (including
Environmental Law), regulation, code or ordinance; 
 (xiv) costs and expenses of any appraisals, valuations, surveys,
inspections, environmental assessments or market studies; 
 (xv) costs and expenses of security and security systems provided
to and/or installed and maintained with respect to the Mortgaged Property; 
 (xvi) costs of title, UCC, litigation and other
searches and costs of maintaining the Lien of the Mortgage thereon and the security interest in any related Collateral; 
 (xvii) fees and expenses of property managers contracted with by Borrower to perform management, administrative, payroll or other services in connection with the operation of the Mortgaged Property (including, without limitation, the fees
and expenses owed to Manager under the Management Agreement); 
 (xviii) any other costs and expenses contemplated by the
Operating Budget and customarily incurred in connection with operating properties similar in type and character to the Mortgaged Property; and 
 (xix) any other category of property expense that is customary for a property of the type and size as the Mortgaged Property and is reasonably approved by Agent on behalf of the Lenders. 
 “Qualified Interest Rate Cap Provider” means an interest rate cap counterparty whose long-term debt obligations or counterparty
rating are rated by the Rating Agencies not lower than “A+” (or the equivalent). 
 “Quarterly
Statement” has the meaning provided in Section 2.12(e). 
 “Rating Agencies” means at least
two of Fitch, Inc., Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services (or, if a Secondary Market Transaction has occurred in which Securities have been issued, each of the foregoing that rated such
Securities). 
 “Rating Confirmation” means the written confirmation of the Rating Agencies that a proposed action
shall not, in and of itself, result in the downgrading, withdrawal or 

  

 25 

 
qualification of the then-current ratings assigned to any of the Securities issued in connection with a Secondary Market Transaction. 
 “Real Estate Taxes Escrow Account” has the meaning provided in Section 2.13(b). 
 “Receivables” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under
(i) any Accounts, Chattel Paper, Instruments, Payment Intangibles, Letter of Credit Rights, Documents, insurance policies, drafts, bills of exchange, trade acceptances, notes or other indebtedness owing to Borrower from whatever source arising,
(ii) to the extent not otherwise included above, (a) all income, Rents, issues, profits, revenues, deposits and other benefits from the Mortgaged Property and (b) all receivables 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 property or rendering of services by Borrower or any operator or manager of the Mortgaged Property or other commercial
space located at the Mortgaged Property or acquired from others (including, without limiting the generality of the foregoing, from rental of space, halls, stores, and offices, and deposits securing reservations of such space, exhibit or sales space
of every kind, license, lease, sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales of merchandise, service charges, vending machine sales and proceeds, if any, from business
interruption or other loss of income insurance, (iii) all of the books and records (whether in tangible, electronic or other form) now or hereafter maintained by or on behalf of Mortgagor in connection with the operation of the Mortgaged
Property or in connection with any of the foregoing and (iv) all Supporting Obligations and all liens and security interests securing any of the foregoing and all other rights, privileges and remedies relating to any of the foregoing.

 “Release” means any active or passive release, spill, emission, leaking, pumping, injection, deposit, disposal,
discharge, dispersal, leaching or migration into the indoor or outdoor environment (including, without limitation, the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata).

 “Remedial Work” has the meaning set forth in Section 5.1(d)(i). 
 “Renovation” means the general upgrade of the Mortgaged Property, the upgrades of the plaza level at the Mortgaged Property
(including level A-lobby and level B-retail), and the conversion of plaza level C to parking. 
 “Rentable Square
Footage” means 2,648,920 square feet (or such other amount of square feet as to which Borrower and the Agent shall mutually agree). 
 “Rents” means all income, rents, issues, profits, revenues (including all oil and gas or other mineral royalties and bonuses), deposits (other than utility and security deposits) and other benefits from the Mortgaged
Property. 
 “Replacement Reserve Account” has the meaning set forth in Section 2.13(a). 
  

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 “Reserve Account” means the Replacement Reserve Account, the On-going Leasing
Costs/TI Costs Account, the Real Estate Taxes Escrow Account, the Insurance Escrow Account, the Other Property Expenses Account, the Interest Reserve Account and the Cash Flow Sweep Account, collectively, and any successor accounts to any of the
foregoing. 
 “Resizing Event” has the meaning set forth in Section 5.1(w). 
 “Secondary Market Transaction” has the meaning set forth in Section 5.1(w). 
 “Securities” means mortgage pass-through certificates or other securities issued in a Secondary Market Transaction and evidencing
a beneficial interest in or secured in whole or in part by the Loan in a rated or unrated public offering or private placement. 
 “Security Deposit Account” has the meaning set forth in Section 2.12(a)(i). 
 “Seismic Study” means a study of the degree of seismic activity in the area in which the Mortgaged Property is located (including the probable maximum loss in the event an earthquake were to occur) prepared by an
Engineer and delivered to Agent in connection with the Loan and any amendments or supplements thereto delivered to Agent. 
 “Senior Mezzanine Borrower” means 515/555 Flower Mezzanine Associates, LLC, a Delaware limited liability company, or its successor in interest. 
 “Senior Mezzanine Lender” means Citigroup Global Markets Realty Corp., a New York corporation, and its permitted assigns.

 “Senior Mezzanine Loan” means the loan made pursuant to the Senior Mezzanine Loan Agreement. 
 “Senior Mezzanine Loan Account” means such account at such bank as Senior Mezzanine Lender shall notify in writing to Borrower,
Collateral Agent and the Agent. 
 “Senior Mezzanine Loan Agreement” means the Loan Agreement, dated as of the date
hereof, by and between Senior Mezzanine Borrower and Senior Mezzanine Lender. 
 “Senior Mezzanine Loan Market
Constant” means, at any date of calculation, the higher of (a) the annual interest rate on the Senior Mezzanine Loan for the Interest Accrual Period in which such date occurs, and (b) 8.0%. 
 “Senior Mezzanine Loan Principal Indebtedness” has the meaning given to the term “Principal Indebtedness” in the Senior
Mezzanine Loan Agreement. 
 “Senior Mezzanine Note” means the Promissory Note, dated as of the date hereof, made by
Senior Mezzanine Borrower to the order of Senior Mezzanine Lender, evidencing the Senior Mezzanine Loan. 
 “Single-Purpose
Entity” means a Person, other than an individual, which (i) is formed or organized under the laws of a state of the United States or the District of Columbia 

  

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solely for the purpose of acquiring and directly holding an ownership interest in the Mortgaged Property, (ii) does not engage in any business unrelated
to the Mortgaged Property, (iii) does not have any assets other than those related to its interest in the Mortgaged Property or any indebtedness other than as permitted by this Agreement, the Mortgage or the other Loan Documents, (iv) has
its own separate books and records and has its own accounts, in each case which are separate and apart from the books and records and accounts of any other Person, (v) is subject to all of the limitations on powers set forth in the
Organizational Agreement of Borrower as of the Closing Date, (vi) holds itself out as being a Person separate and apart from any other Person and (vii) has, or is controlled, directly or indirectly, by a Person that has, at least one
independent director that is not an employee, officer, director, or paid consultant of any Affiliate of such Person or of any principal or officer of such Person. 
 “Supporting Obligations” means all of Borrower’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) all “supporting obligations” as
defined in the UCC and (ii) any other guarantee, letter of credit, secondary obligation, right or privilege that supports or pertains to any of the Mortgaged Property. 
 “Survey” means a certified ALTA/ACSM survey of the Mortgaged Property prepared by a registered Independent surveyor, containing
the form of survey or certification provided to Borrower by the Agent and in form and content satisfactory to the Agent and the company issuing the Title Insurance Policy for the Mortgaged Property. 
 “Taking” means a taking or voluntary conveyance during the term hereof of all or part of the Mortgaged Property, or any interest
therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority affecting the Mortgaged Property or any portion thereof whether or not the
same shall have actually been commenced. 
 “Terrorism Premium Cap” means, during any given calendar month, the
product of $1,400,000, multiplied by a fraction, the numerator of which is the Consumer Price Index for the immediately preceding calendar month, and the denominator of which is the Base CPI. 
 “TI Costs” means tenant improvement costs and allowances incurred by Borrower in connection with renewing existing Leases or
executing new Leases for space located in the Mortgaged Property. 
 “Title Insurance Policy” means a
mortgagee’s title insurance policy or policies (i) issued by one or more title companies reasonably satisfactory to Agent which policy or policies shall be in form ALTA 1992 (with waiver of arbitration provisions) (with co-insurance or
reinsurance as Agent may require reasonably satisfactory to Agent), naming Agent as the insured party for benefit of the Lenders, (ii) insuring the Mortgage as being a first and prior lien upon the Mortgaged Property, (iii) showing no
encumbrances against the Mortgaged Property (whether junior or superior to the Mortgage) which are not acceptable to Agent other than Permitted Encumbrances, (iv) in an amount acceptable to Agent (but not more than the Loan Amount), and
(v) otherwise in form and content reasonably acceptable to Agent. Such Title Insurance Policy shall include the following endorsements or affirmative coverages in form and 

  

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substance reasonably acceptable to Agent, to the extent available in the jurisdiction in which the Land is located: variable rate endorsement; survey
endorsement; comprehensive endorsement; zoning (ALTA 3.1 with parking added) endorsement; first loss, last dollar and tie-in endorsement; access coverage; separate tax parcel coverage; contiguity (if applicable) coverage; and such other endorsements
as Agent shall reasonably require in order to provide insurance against specific risks identified by Agent in connection with the Mortgaged Property. 
 “TPG/CALSTRS” means TPG/CALSTRS, LLC, a Delaware limited liability company. 
 “Transaction” means the transactions contemplated by the Loan Documents. 
 “Transaction
Costs” means all costs and expenses paid or payable by Borrower relating to the Transaction (including, without limitation, appraisal fees, legal fees and accounting fees and the costs and expenses described in
Section 8.23). 
 “Transfer” means the conveyance, assignment, sale, mortgaging, encumbrance (other than
a Permitted Encumbrance), pledging, hypothecation, granting of a security interest in, granting of options with respect to, or other disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether
or not for consideration or of record) all or any portion of any legal or beneficial interest (a) in all or any portion of the Mortgaged Property; or (b) in the stock, partnership interests, membership interests or other ownership
interests in Borrower, and shall also include, without limitation to the foregoing, the following: an installment sales agreement wherein Borrower agrees to sell the Mortgaged Property or any part thereof or any interest therein for a price to be
paid in installments; an agreement by Borrower leasing all or a substantial part of the Mortgaged Property to one or more Persons pursuant to a single or related transactions, or a sale, assignment or other transfer of, or the grant of a security
interest in, Borrower’s right, title and interest in and to any Leases or any Rent; and any instrument subjecting the Mortgaged Property to a condominium regime or transferring ownership to a cooperative corporation. 
 “TRIA” means the Terrorism Risk Insurance Act of 2002. 
 “Treasury Rate” means the yield on the U.S. Treasury issue (primary issue) with a maturity date closest to, but not later than,
the tenth anniversary of the date on which such rate is calculated with such yield being based on the bid price for such issue as reasonably determined by the Agent. 
 “UCC” means with respect to any Collateral, the Uniform Commercial Code as in effect from time to time in the State of New York; provided, that if by reason of mandatory provisions of
law, the perfection or the effect of perfection or non-perfection or priority of the security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New
York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or priority. Wherever this agreement
refers to terms as defined in the UCC, if such term is defined in more than one Article of the UCC, the definition in Article 9 of the UCC shall control. 
  

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 “UCC Searches” has the meaning set forth in Section 3.1(v) hereof.

 “Use” means, with respect to any Hazardous Substance, the generation, manufacture, processing, distribution,
handling, use, treatment, recycling or storage of such Hazardous Substance or transportation of such Hazardous Substance in connection with or affecting Borrower or the Mortgaged Property. 
 “Welfare Plan” means an employee welfare benefit plan as defined in Section 3(1) of ERISA established or maintained by
Borrower or any ERISA Affiliate or with respect to which Borrower or any ERISA Affiliate has an obligation to make contributions and covers any current or former employee of Borrower or any ERISA Affiliate. 
 ARTICLE II. 
 GENERAL TERMS

 Section 2.1. The Loan. 
 (a)
Subject to the terms and conditions of this Agreement, the Lenders shall lend to Borrower on the Closing Date the Loan Amount. The proceeds of the Loan shall be used solely for the purposes identified in Section 2.2 hereof. On the
Closing Date, upon the satisfaction of the conditions set forth in Section 3.1, the Agent shall wire immediately available funds to an account designated by Borrower in an amount equal to (x) the Loan Amount, less (y) the sum
of (i) the Origination Fee, (ii) the deposits to the Interest Reserve Account, the Real Estate Taxes Escrow Account and the Insurance Escrow Account required to be funded from Loan proceeds pursuant to Section 2.13, and
(iii) the out-of-pocket expenses incurred by Agent in connection with the origination and funding of the Loan in excess of the Expense Deposit (including, but not limited to the reasonable fees and expenses of Agent’s and Collateral
Agent’s counsel). 
 (b) The Loan shall constitute one general obligation of Borrower to Lenders and shall be secured by the security
interest in and Liens granted upon all of the Collateral, and by all other security interests and Liens at any time or times hereafter granted by Borrower to Agent or to Collateral Agent on behalf of Lenders as security for the Loan. 
 Section 2.2. Use of Proceeds. Proceeds of the Loan shall be used only for the following purposes: (a) to refinance the Mortgaged Property, (b) to pay to
Agent the Origination Fee, (c) to make the required deposits to the Interest Reserve Account, the Real Estate Taxes Escrow Account and the Insurance Escrow Account, (d) to pay Transaction Costs (including the reasonable out of pocket
expenses incurred by Lenders in connection with the origination and funding of the Loan) and (e) to pay to counsel to each of Collateral Agent and the Agent their respective reasonable fees, expenses and disbursements. If any Loan proceeds
remain after application thereof as set forth in the preceding sentence, such excess proceeds may be used for the general corporate purposes of Borrower (including an equity cash out to the Borrower’s principals). 
 Section 2.3. Security for the Loan. The Note and Borrower’s obligations hereunder and under all other Loan Documents shall be secured by (a) Liens upon
the Mortgaged Property pursuant to the Mortgage, (b) the Contract Assignment, (c) the Manager’s Subordination, (d) the Assignment of Leases and Rents, (e) the Collateral Assignment of Hedge, (f) the Note Pledge
Agreement, and (g) all other security interests and Liens granted in this Agreement and in the other Loan Documents. 
  

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 Section 2.4. Borrower’s Note. Borrower’s obligation to pay the principal of and interest on the Loan and
all other amounts due under the Loan Documents shall be evidenced initially by the Note, duly executed and delivered by Borrower on the Closing Date. The Note shall be payable as to principal, interest and all other amounts due under the Loan
Documents, as specified in this Agreement, with a final maturity on the Maturity Date. The initial Lender shall have the right to have the Note subdivided, by exchange for promissory notes of lesser denominations in the form of the initial Note,
upon written request to Borrower and, in such event, Borrower shall promptly execute additional or replacement Notes. At no time shall the aggregate original principal amount of the Note (or of such replacement Notes) exceed the Loan Amount.

 Section 2.5. Principal and Interest; Exit Fee. 
 (a) Borrower shall pay to Agent interest on the Principal Indebtedness of the Loan from the Closing Date through the end of the Interest Accrual Period following or during which the Loan is paid in full at the
interest rate provided below in this Section 2.5. Interest on the Loan shall accrue on the Principal Indebtedness commencing on the Closing Date and shall be payable in arrears on the eleventh (11th) day of the month following the
month in which the Closing Date occurs and on the eleventh (11th) day of each and every month thereafter until such time as the Loan shall be repaid in full, unless, in any such case, such day is not a Business Day, in which event such interest
shall be payable on the first Business Day following such date (such date for any particular month, the “Payment Date”). The Agent and the Collateral Agent shall calculate LIBOR on each Interest Determination Date for the
related Interest Accrual Period and promptly communicate to Borrower such rate for such period. The entire outstanding Principal Indebtedness of the Loan and the Note, together with all accrued but unpaid interest thereon and all other amounts due
under the Loan Documents (including, without limitation, the Exit Fee), shall be due and payable by Borrower to the Lenders on the Maturity Date. In addition, in the event that the Maturity Date occurs on a day other than a Payment Date, then on the
Maturity Date, Borrower shall be required to pay to Lenders the amount of interest that would have accrued on the Principal Indebtedness from the day after the Maturity Date through and including the last day of the Interest Accrual Period in which
the Maturity Date occurred, as if the Principal Indebtedness was not repaid on the Maturity Date. Interest shall be computed on the basis of a 360 day year and the actual number of days elapsed. 
 (b) For the initial Interest Accrual Period, the Principal Indebtedness shall bear interest at a rate per annum equal to 6.71875%. For each Interest
Accrual Period thereafter, the Principal Indebtedness shall bear interest at a rate per annum equal to the sum of (x) LIBOR determined as of the Interest Determination Date for such Interest Accrual Period plus (y) 1.35%. 
 (c) Borrower shall make principal payments on the Loan on each Payment Date in an amount equal to the amount, if any, required to be paid pursuant to
clause fourth of Section 2.12(b). 
  

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 (d) While an Event of Default has occurred and is continuing, Borrower shall pay to Agent interest at the
Default Rate on any amount owing to the Lenders not paid when due until such amount is paid in full. 
 (e) On the Payment Date on which the
Borrower pays the outstanding Principal Indebtedness in whole, the Borrower shall pay to the Lender the Exit Fee. 
 Section 2.6. Voluntary
Prepayment. 
 (a) Borrower may not voluntarily prepay the Loan on or before July 17, 2007. Thereafter, Borrower may voluntarily
prepay the Loan in whole or in part on any Payment Date; provided, however, that, any such prepayment shall be accompanied by an amount representing all accrued interest on the portion of the Loan being prepaid and other amounts then
due under the Loan Documents (including, without limitation, the Exit Fee); and provided further that any such prepayment shall be paid concurrently with a prepayment by Senior Mezzanine Borrower in reduction of the Senior Mezzanine Loan in a pro
rata amount based upon the face amounts of the Note and the Senior Mezzanine Note. 
 (b) In the event of any such voluntary prepayment,
Borrower shall give Agent written notice (or telephonic notice promptly confirmed in writing) of its intent to prepay, which notice shall be given at least thirty (30) days’ prior to the date upon which prepayment is to be made and shall
specify the Payment Date on which such prepayment is to be made and the amount of such prepayment (which shall not be less than $1,000,000). If any such notice is given, the amount specified in such notice shall be due and payable on the Payment
Date specified therein (unless such notice is revoked by Borrower prior to the date specified therein in which event Borrower shall immediately reimburse Agent for any out-of-pocket costs incurred in connection with the giving of such notice and its
revocation). 
 Section 2.7. Mandatory Prepayment; Capital Events; Certain Transfers. 
 (a) Borrower shall not effect a Capital Event with respect to the Mortgaged Property on or before July 17, 2007. Thereafter, Borrower may effect a
Capital Event with respect to the Mortgaged Property on any Business Day on the condition that the Capital Event Proceeds, or such portion thereof required to fully repay the Indebtedness (and, if necessary, any contributions from the principals of
Borrower necessary to make the payments required hereunder), are deposited in the Collection Account and applied on the date of deposit in the Collection Account to repay the Indebtedness in full (including (1) all accrued interest on the
Principal Indebtedness through the end of the Interest Accrual Period during which such deposit occurs, (2) the Exit Fee and (3) other amounts then due under the Loan Documents). Notwithstanding, the foregoing, Borrower may effect a
Transfer (other than a Capital Event of a Mortgaged Property as provided in this Section 2.7(a) or a Permitted Transfer), provided (1) if the Loan has not been included in a Secondary Market Transaction in which Securities are
issued, Borrower obtains the prior written consent of the Agent or (2) if the Loan has been included in a Secondary Market Transaction in which Securities were issued, Borrower shall have delivered to the Agent a Rating Confirmation and
(3) Borrower pays all reasonable out-of-pocket expenses incurred by the Agent in connection with the transaction. 
  

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 (b) Except as otherwise provided in Section 2.12(f) in the event Loss Proceeds are required
to be made available for restoration pursuant to Section 5.1(x) of this Agreement and excluding Loss Proceeds which Borrower is obligated to turn over to tenants or other third persons pursuant to applicable law, in the event of a
casualty or a Taking of the Mortgaged Property, in whole or in part, Borrower shall cause all such Loss Proceeds otherwise payable with respect to the Mortgaged Property to be deposited directly into the Collection Account in accordance with
Section 2.12(a)(iii) and shall on the Payment Date occurring immediately following the receipt of such Loss Proceeds, apply such portion of Loss Proceeds solely to make the payments required pursuant to clause fourth of
Section 2.12(b) of this Agreement. 
 (c) Upon payment or prepayment of the Loan in full, Borrower shall pay to the Lenders, in
addition to the amounts specified in Section 2.6, Section 2.7 and Section 2.12, as applicable, all other amounts then due and payable to the Lenders pursuant to the Loan Documents. 
 Section 2.8. Application of Payments After Event of Default. All proceeds relating to any repayments of the Loan after the Collateral Agent shall have received
written notice of the occurrence of an Event of Default shall be applied by Agent, in Agent’s sole discretion, to amounts then outstanding under this Agreement (including, without limitation, any unpaid fees of the Collateral Agent payable
pursuant to the Fee Letter and any reasonable out-of-pocket costs and expenses of Collateral Agent and the Lenders, in that order, reimbursable pursuant to the terms of this Agreement arising as a result of such repayment; any accrued and unpaid
interest then payable with respect to the Loan or the portion thereof being repaid; any accrued and unpaid Exit Fee in respect of any such Principal Indebtedness being repaid; the Principal Indebtedness or the portion thereof being repaid; and any
other sums then due and payable to or for the benefit of Agent pursuant to this Agreement or any other Loan Document(s)). 
 Section 2.9. Method and Place
of Payment From the Collection Account to Agent. 
 (a) Except as otherwise specifically provided herein, all payments and prepayments
under this Agreement and the Note shall be made to Agent not later than 2:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States of America by wire transfer in federal or other immediately available
funds to its account at J.P. Morgan Chase Bank, New York, New York (ABA No. 021-000-021, Account No. 066-612-187, Reference: City National Bank Plaza) and Agent shall disburse such payments to the Person entitled thereto on the Business
Day of receipt of such payments (or the next Business Day if the payments are received after 2:00 p.m., New York City time on such Business Day) to the account designated by such Person in writing to Agent from time to time. Any funds received by
Agent after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Agent shall notify Borrower in writing of any changes in the account to which payments are to be made. All payments made by
Borrower hereunder, or by Borrower under the other Loan Documents, shall be made irrespective of, and without any deduction for, any set-offs or counterclaims. 
 (b) Except to the extent otherwise provided herein, (i) each payment or prepayment of principal of the Loan by Borrower shall be made to Agent for the account of the Lenders pro rata in accordance with the
respective unpaid portion of the Loan held by such Lenders and (ii)

  

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each payment of interest on the Loan by Borrower shall be made to Agent for the account of the Lenders pro rata in accordance with the amounts of interest on
the portion of the Loan held by such Lenders then due and payable to the respective Lenders. 
 Section 2.10. Taxes. All payments made by Borrower
under the Note and this Agreement to or for the benefit of Lenders shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges,
fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (other than taxes imposed on the income of the Lenders). 
 Section 2.11. Release of Collateral. 
 (a) Notwithstanding any other provision of this Agreement or
any other Loan Document, upon the occurrence of a Capital Event with respect to the Mortgaged Property as described in Section 2.7(a) hereof, Agent, on behalf of the Lenders, shall, simultaneously with such Capital Event, release of record the
Lien of the Mortgage and UCC-1 financing statements and any other Liens in favor of the Lenders relating to the Mortgaged Property or the portion thereof affected by such Capital Event provided, however, that the Agent shall not be required to
release its Lien unless the Proceeds (or the requisite portion thereof) of such Capital Event are paid to Agent in full satisfaction of the Indebtedness as required hereunder. 
 (b) In the event Borrower satisfies the outstanding Indebtedness in full, Agent and, at the written direction of Agent, Collateral Agent shall withdraw
and hold uninvested for Borrower in an Eligible Account at LaSalle Bank National Association from the Business Day immediately preceding the date upon which the release of funds is to be made to Borrower and release on the date on which the
outstanding Indebtedness is repaid in full any and all amounts then on deposit in the Reserve Account and/or the Collection Account to Borrower. Upon repayment of the Loan and all other amounts due hereunder and under the Loan Documents in full in
accordance with the terms hereof and thereof, the Lenders shall, promptly after such payment, release or cause to be released all Liens with respect to all Collateral (including, without limitation, terminating the tenant direction letters delivered
pursuant to Section 2.12(a)) or, to the extent necessary to facilitate future savings of mortgage tax in states that impose mortgage taxes, assign such Liens to Borrower’s new lender(s), provided that any such assignments shall be
without recourse, representation, or warranty of any kind, except that Agent and each Lender shall represent and warrant (1) the then outstanding amount of the Principal Indebtedness and (2) that such Liens have not been previously
assigned by Agent or any Lender. 
 Section 2.12. Central Cash Management. 
 (a) Collection Account, Local Collection Account, Parking Collection Account and Security Deposit Account; Deposits to and Withdrawals from Collection
Account, Local Collection Account, Parking Collection Account and Security Deposit Account. 
 (i) On or before the
Closing Date, Borrower shall have established and shall maintain with a financial institution acceptable to the Agent in its sole reasonable discretion (a “Local Deposit Bank”), a local collection account for the Mortgaged
Property (a “Local  

  

 34 

 
Collection Account”), a Parking Collection Account for the Mortgaged Property (a “Parking Collection Account”),
and a security deposit account for the Mortgaged Property (the “Security Deposit Account”). Each such Account shall be an Eligible Account with a separate and unique identification number and entitled “Citigroup Global
Markets Realty Corp., as agent for 515/555 Flower Associates, LLC.” On or before the Closing Date, Borrower shall have caused the Local Deposit Bank to deliver to Agent on behalf of the Lenders the Local Deposit Bank Agreements in form and
substance acceptable to Agent (A) acknowledging Agent’s security interest in and sole dominion and control over the Local Collection Account and the Parking Collection Account, and (B) acknowledging Agent’s security interest in
the Security Deposit Account and Borrower’s Operating Account, and right, upon the occurrence and during the continuance of an Event of Default, to assert sole dominion and control over the Security Deposit Account and Borrower’s Operating
Account. If any Lease requires that Borrower not commingle the security deposit given by the tenant thereunder with any other funds, then Borrower shall establish and maintain a separate security deposit account for each such Lease in accordance
with the foregoing account requirements, all of which security deposit accounts shall be referred to herein, collectively, as the “Security Deposit Account.” On or before the Closing Date, Borrower shall establish and
maintain with the Collateral Agent a collection account (the “Collection Account”), which shall be an Eligible Account with a separate and unique identification number and entitled “Citigroup Global Markets Realty Corp.
as Agent, as secured party from 515/555 Flower Associates, LLC pursuant to a Loan Agreement dated as of July 17, 2006 among 515/555 Flower Associates, LLC, Citigroup Global Markets Realty Corp. as Agent and LaSalle Bank National Association as
Collateral Agent.” On or before the Closing Date, Borrower shall have delivered to each tenant under a Lease an irrevocable direction letter in a form approved by Agent requiring the tenant to pay all Rents and Money received from Accounts or
under Leases and derived from the Mortgaged Property and Proceeds thereof owed to Borrower directly to the Local Collection Account. Borrower shall provide to Agent proof of such delivery. In addition, Borrower shall deliver an irrevocable direction
letter in such form to each tenant under a new Lease entered into after the date hereof prior to the commencement of such Lease. If a tenant under a Lease forwards such Rents, Money or Proceeds to Borrower rather than directly to the Local
Collection Account, Borrower shall (i) deliver an additional irrevocable direction letter to the tenant and make other commercially reasonable efforts to cause the tenant to forward such Rents, Money or Proceeds directly to the Local Collateral
Account and (ii) immediately deposit or cause the Manager to deposit in the Local Collection Account such Rents, Money or Proceeds. At all times during this Agreement, Borrower shall deposit or cause Manager to deposit in the Security Deposit
Account all security deposits received from tenants at the applicable Mortgaged Property, by no later than the Business Day following the collection and receipt thereof. At all times during this Agreement, Borrower shall deposit or cause Manager or
Borrower’s parking operator to deposit in the Parking Collection Account all Gross Revenues from the Mortgaged Property allocable to parking fees and expenses. The Local Deposit Bank shall perform clearing house services with respect to the
Local Collection Account and the Parking Collection Account. Subject to Section 2.12(a)(ii), Borrower shall sweep or cause to be swept on each Business Day during a calendar month all Money on deposit in the Local Collection Account and
the Parking Collection Account to the Collection Account. So long as no Event of Default shall have occurred and be continuing, Borrower and Manager shall be permitted on a monthly basis with the prior written approval of the Agent to make
withdrawals from the Security Deposit Account for the payment, application or return of security 

  

 35 

 
deposits in accordance with the Leases. Borrower shall not have any right to withdraw Money from the Local Collection Account, the Parking Collection
Account, the Collection Account or the Security Deposit Account (except for security deposits as described above), which shall be under the sole dominion and control and the “control” within the meaning of Sections 9-104 and 9-106 of
the UCC, of the Agent. Any such Rents, Money or Proceeds held by Borrower or the Manager prior to deposit into the Collection Account shall be held in trust for the benefit of the Agent and the Lenders. 
 (ii) In the event that Agent has notified the Collateral Agent and Borrower that an Event of Default has occurred and is continuing,

 (A) all Rents and Money received from Accounts or under Leases and derived from the Mortgaged Property and all Proceeds
thereof shall be payable to Agent for the account of Lenders or as otherwise directed by Agent on behalf of Lenders (provided that such direction shall not result in the nonpayment of any outstanding fees payable to the Collateral Agent pursuant to
the Fee Letter), 
 (B) Agent on behalf of the Lenders shall make deposits, or cause deposits to be made, of such Rents, Money
and Proceeds directly to the Collection Account, and Borrower shall cooperate (and shall cause the Manager to cooperate) with Agent on behalf of the Lenders in the making of such deposits or causing such deposits to be made, 
 (C) Borrower shall not have any right to make or direct any withdrawals from the Collection Account or the Reserve Account without the
prior written consent of Agent on behalf of the Lenders, and 
 (D) proceeds on deposit in the Collection Account and the
Reserve Account may be applied by Collateral Agent on behalf of the Lenders for the payment of the Indebtedness pursuant to Section 2.8 of this Agreement. 
 (iii) So long as no Event of Default shall have occurred and be continuing, Borrower shall deposit in the Collection Account: (a) as
and when required by Section 2.7(b), Loss Proceeds received by Borrower and (b) simultaneously with the consummation of any Capital Event, the Capital Event Proceeds resulting from such Capital Event and any contributions from
Borrower’s principals required by Section 2.7(a) in connection with such Capital Event. 
 (b) Distribution of Cash.
So long as the Collateral Agent shall not have received written notice from Agent on behalf of the Lenders that an Event of Default has occurred and is continuing, the Collateral Agent shall hold uninvested for Borrower or the Lenders in an Eligible
Account at LaSalle Bank National Association, the funds on deposit in the Collection Account as of the close of business on the Business Day immediately preceding each Payment Date to such Payment Date and shall apply such funds on such Payment
Date, in each case to the extent of the amounts set forth in the related Payment Date Statement delivered by the Collateral Agent, as follows: 
 first, to the Real Estate Taxes Escrow Account and the Insurance Escrow Account, in that order, in the respective amounts required to be deposited therein as described in Section 2.13(b);

  

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 second, to Agent for the payment of the interest then due and payable on the Note
with respect to the related Interest Accrual Period; 
 third, to Agent for the payment of the Exit Fee and the
Extension Fee, if any, then due and payable; 
 fourth, to Agent for the payment of the Principal Indebtedness in an
amount equal to any amount to which the Agent is then entitled pursuant to Sections 2.7(a) or 2.7(b) of this Agreement; 
 fifth, to the payment to the Collateral Agent of its fees then due and payable pursuant to the Fee Letter; 
 sixth, to the Other Property Expenses Account in the amount, if any, required (or permitted) to be deposited therein as described in Section 2.13(b); 
 seventh, to the Replacement Reserve Account and the On-going Leasing Costs/TI Costs Account in that order, in the respective
amounts, if any, required to be deposited therein as described in Section 2.13(a); 
 eighth, to the
payment of any outstanding indemnification payment to which an Indemnified Party is then entitled pursuant to Sections 5.1(i) and 5.1(j), and any other amounts then due and payable to Agent pursuant to this Agreement and the other
Loan Documents which are not paid from applications under clauses first through seventh above; 
 ninth, to the Senior Mezzanine Loan Account, in the amount of interest payments and any other amounts required to be paid pursuant to the Senior Mezzanine Loan Agreement (including, without limitation, the fees incurred by Senior
Mezzanine Lender in connection with amendments or endorsements to Senior Mezzanine Lender’s Eagle 9 insurance policy) on such Payment Date; 
 tenth, to the Junior Mezzanine Loan Account, in the amount of interest payments and any other amounts required to be paid pursuant to the Junior Mezzanine Loan Agreement (including, without limitation, the fees
and expenses of the Construction Consultant, and fees incurred by Junior Mezzanine Lender in connection with amendments or endorsements to Junior Mezzanine Lender’s Eagle 9 insurance policy) on such Payment Date; 
 eleventh, if the Agent shall have notified Borrower in writing that the Debt Service Coverage Test has not been satisfied, then all
remaining available funds, if any, shall be distributed to the Cash Flow Sweep Account until the date that the Debt Service Coverage Test has been satisfied; and 
  

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 twelfth, if all remaining available funds are not on such Payment Date being
distributed to the Cash Flow Sweep Account pursuant to clause eleventh above, then all remaining available funds, if any, shall be distributed to Borrower. 
 Any payment made to Senior Mezzanine Lender or to the Senior Mezzanine Loan Account above shall be deemed to be a distribution in such amount by Borrower to Senior Mezzanine Borrower. Any payment made to Junior
Mezzanine Lender or to the Junior Mezzanine Loan Account above shall be deemed to be a distribution in such amount by Borrower to Senior Mezzanine Borrower and a distribution in such amount by Senior Mezzanine Borrower to Junior Mezzanine Borrower.

 (c) Permitted Investments. Borrower shall, or shall direct Collateral Agent in writing to, invest and reinvest any balance in the
Collection Account, from time to time in Permitted Investments; provided, however, that 
 (i) maturity of the
Permitted Investments on deposit therein shall be at the discretion of Borrower, but in any event no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn therefrom pursuant to
Section 2.12(a) or 2.12(b) of this Agreement, 
 (ii) Collateral Agent has received written notice from
Agent that an Event of Default has occurred and is continuing Borrower shall not have any right to direct investment of the balance in the Collection Account, 
 (iii) such Permitted Investments shall be held in the name of Collateral Agent and shall be credited to the Collection Account, and

 (iv) no written investment direction is provided to Collateral Agent by Borrower, Collateral Agent shall invest any balance
in the Collection Account in an investment of the type described in clause (vii) of the definition of Permitted Investments. 
 Agent, the Lenders and
Collateral Agent shall have no liability for any loss in investments of funds in the Collection Account that are invested in Permitted Investments (unless, in the case of Collateral Agent, invested contrary to Borrower’s or Agent’s written
direction) and no such loss shall affect Borrower’s obligation to fund, or liability for funding, the Collection Account. All interest paid or other earnings on the Permitted Investments of funds deposited into the Collection Account made
hereunder shall be deposited into the Collection Account. Borrower shall include all earnings on the Collection Account as income of Borrower for federal and applicable state tax purposes. 
 (d) Monthly and Payment Date Statements. With respect to each Collection Period, Collateral Agent shall prepare and deliver, or shall cause to be
prepared and delivered, to Agent a statement no later than ten (10) Business Days after the end of such Collection Period setting forth the aggregate deposits to and withdrawals from the Collection Account and each account of the Reserve
Account and the opening and closing balances in such accounts (collectively, the “Monthly Statement”). With respect to each Payment Date and the related Collection Period and Interest Accrual Period, Collateral Agent shall
prepare and deliver, or shall cause to be prepared and delivered to Borrower and Agent, a statement (each, a “Payment Date  

  

 38 

 
Statement”) no later than the Business Day prior to such Payment Date with respect to each of the items below, setting forth the
following: 
 (i) the aggregate deposits to the Collection Account during the related Collection Period for each type of
deposit under this Agreement and the opening and closing balances in the Collection Account; 
 (ii) the amount of interest
then due and payable on the Note with respect to the Interest Accrual Period (including the applicable number of days and interest rate which were applied in determining such amount); 
 (iii) the amount of the Exit Fee and Extension Fee, if any, then due and payable; 
 (iv) the amount of the fees of the Collateral Agent and any expenses payable to the Collateral Agent and any outstanding indemnification
payment to which an Indemnified Party is then entitled under this Agreement, in each case, at a reasonable and market rate; 
 (v) the following information with respect to the Principal Indebtedness in a format reasonably acceptable to Agent: (1) the Principal Indebtedness as of the preceding Payment Date, (2) any principal payable to the Lenders
pursuant to Sections 2.6, 2.7 or 2.12 on such Payment Date, and (3) the Principal Indebtedness on the current Payment Date (taking into account such payments); and 
 (vi) the amount withdrawn from or remitted to each account of the Reserve Account in accordance with Sections 2.12 and
2.13 and the amount remitted to Borrower. 
 (e) Quarterly Statements. No later than thirty (30) days following the end of
each of the months of December, March, June, and September, beginning with the month ending at June 30, 2006, Borrower shall prepare and deliver to the Agent and the Collateral Agent a statement (each a “Quarterly
Statement”) in hard copy and on diskette and/or a copy through electronic mail, in form and substance reasonably satisfactory to Agent, setting forth with respect to the Mortgaged Property, 
 (i) a cash flow report detailing the Operating Revenues and the Operating Expenses, in each case on a trailing twelve month basis,

 (ii) a rent roll dated as of the last day of such quarter identifying each of the Leases by the term, suite number,
rentable square feet, rental and other charges required to be paid, any rental concessions or base stops, any defaults thereunder and any other information reasonably required by Lender; 
 (iii) a management report (including leasing updates and leasing prospects and Renovation progress) and an actual vacancy level for the
Mortgaged Property (expressing the level as a percentage) for the most recent date available, 
 (iv) year-to-date operating
statements and capital expense reports prepared for each calendar month during each such quarter, each of which shall include an itemization of actual (not pro forma) operating expenses and capital expenditures during the applicable period; and

  

 39 

 (v) a comparison of the budgeted income and expenses with the actual income and expenses
for such month and year to date, together with a detailed explanation of any variances between budgeted and actual amounts that are in excess of the greater of: (1) $10,000, and (2) ten percent (10%) or more for each line item
therein. 
 (f) Loss Proceeds. In the event of a casualty or Taking with respect to the Mortgaged Property, unless pursuant to
Section 5.1(x) of this Agreement or applicable law, the Loss Proceeds are to be made available to Borrower for restoration or to the tenants, all of Borrower’s interest in Loss Proceeds shall be paid directly to the Collection
Account to satisfy the requirements of Section 2.7(b). If the Loss Proceeds are to be made available for restoration pursuant to this Agreement or to the tenants pursuant to applicable law, such Loss Proceeds shall be held by the
Collateral Agent in a segregated interest-bearing Eligible Account in the name of the Collateral Agent on behalf of the Lenders to be opened by the Collateral Agent within three (3) Business Days after the Collateral Agent receives written
notice of the necessity therefor from the Agent, to be withdrawn by the Collateral Agent and held uninvested in a LaSalle Bank National Association account from the Business Day immediately preceding the date upon which payment to Borrower or to the
tenants is to be made to such payment date for delivery to Borrower or to the tenants from time to time to pay restoration costs pursuant to a schedule reasonably acceptable to Agent and Borrower. Funds on deposit in any such account opened by the
Collateral Agent shall be invested in Permitted Investments in the same manner and subject to the same restrictions as set forth in Section 2.12(c) with respect to the Collection Account (except that the maturity shall be not later than
as necessary to satisfy the schedule referred to in the preceding sentence). If any Loss Proceeds are received by Borrower, such Loss Proceeds shall be received in trust for the Lenders, shall be segregated from other funds of Borrower, and shall be
forthwith paid to Collateral Agent to the extent necessary to comply with this Agreement. 
 (g) Collateral Agent’s Reliance.
Collateral Agent may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and reasonably believed by it to be genuine and to have been signed or presented by the
proper party or parties. Collateral Agent may rely on written notice from Agent as to the occurrence and continuance of an Event of Default, without further written notice by the Lenders to the contrary. 
 Section 2.13. Reserve Account. 
 (a) Replacement
Reserve Account and On-going Leasing Costs/TI Costs Account. 
 (i) On or before the Closing Date, Borrower shall
establish and maintain with the Collateral Agent two separate accounts for Capital Improvement Costs, replacement reserves, Leasing Commissions and TI Costs, each of which shall be an Eligible Account and shall have the same title as the Collection
Account, for the benefit of the Lenders until the Loan is paid in full. The two accounts shall be designated the Replacement Reserve Account (the “Replacement Reserve Account”) and the On-going Leasing Costs/TI Costs Account
(the “On- going 

  

 40 

 
Leasing Costs/TI Costs Account”). On each Payment Date after the initial Payment Date as of which Borrower shall have satisfied the Debt
Service Coverage Test, the Agent shall have the right to instruct the Collateral Agent in writing to deposit from the Collection Account (or if the Agent has so instructed the Collateral Agent but the funds for such deposit are not available
pursuant to Section 2.12(b), Borrower shall make a deposit of Borrower’s funds sourced from equity capital contributions) in the Replacement Reserve Account, an amount acceptable to the Agent (which shall not exceed one-twelfth
(1/12th) of the product of $0.25 and the Rentable Square Footage of the Mortgaged Property) and in the On-Going
Leasing Costs/TI Costs Account, an amount acceptable to the Agent (which shall not exceed one-twelfth (1/12th) of the product of $1.50 and the Rentable Square Footage of the Mortgaged Property.) 
 (ii) Any and all
Moneys remitted to the Replacement Reserve Account, together with any Permitted Investments in which such Moneys are or will be invested or reinvested during the term of this Agreement, shall be held in the Replacement Reserve Account (A) to be
withdrawn by Collateral Agent upon written request by Borrower made not more than once each month in an amount not less than $50,000 and held uninvested for Borrower or the Lenders in an Eligible Account at LaSalle Bank National Association from the
close of business on the Business Day immediately preceding the date upon which payment is to be made to Borrower to such date, and either applied to pay directly, or deposited into Borrower’s Operating Account to pay or to reimburse Borrower
for, replacement reserve costs reasonably determined by Borrower or (B) for purposes otherwise requested by Borrower and reasonably approved by the Agent in writing. 
 (iii) Any and all Moneys remitted to the On-going Leasing Costs/TI Costs Account, together with any Permitted Investments in which such
Moneys are or will be invested or reinvested during the term of this Agreement, shall be held in the On-going Leasing Costs/TI Costs Account (A) to be withdrawn by Collateral Agent upon written request by Borrower made not more than once each
month in an amount not less than $50,000 and held uninvested for Borrower or the Lenders in an Eligible Account at LaSalle Bank National Association from the close of business on the Business Day immediately preceding the date upon which payment is
to be made to Borrower to such date, and either applied to pay directly, or deposited into Borrower’s Operating Account to pay or to reimburse Borrower for, Leasing Commissions and TI Costs incurred in connection with leasing activities
relating to the Mortgaged Property after the Closing Date specified by Borrower in a written request delivered to Collateral Agent and the Agent or (B) for purposes otherwise requested by Borrower and reasonably approved by the Agent in
writing. 
 (iv) Not less than three (3) Business Days prior to the date on which Borrower desires to withdraw funds on
deposit in the Replacement Reserve Account or On-going Leasing Costs/TI Costs Account, in whole or in part, Borrower shall provide the Agent with written notice (with a copy to Collateral Agent) of such request (including therein a statement of the
purpose for the withdrawal and in the case of a reimbursement of Borrower, evidence that the related costs have been paid). 
 (b) Real
Estate Taxes Escrow Account, Insurance Escrow Account, Other Property Expenses Account and Borrower’s Operating Account. On or before the Closing Date, Borrower shall establish and maintain with the Collateral Agent three separate accounts
for Property 

  

 41 

 
Expenses, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of the Lenders until the Loan is
paid in full. The three accounts shall be designated the Real Estate Taxes Escrow Account (the “Real Estate Taxes Escrow Account”), the Insurance Escrow Account (the “Insurance Escrow Account”) and the
Other Property Expenses Account (the “Other Property Expenses Account”). On or before the Closing Date, Borrower shall establish and maintain the Borrower’s Operating Account with a separate and unique identification
number and entitled in the same name as the Collection Account. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $3,044,680 in the Real Estate Taxes Escrow Account and $2,302,574 in the Insurance Escrow Account.
Collateral Agent shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), Borrower shall make a deposit of Borrower’s funds sourced from equity capital
contributions), 
 (1) with respect to each Payment Date, an amount equal to the Impositions portion of Monthly Property
Expenses in the Real Estate Taxes Escrow Account, 
 (2) with respect to each Payment Date, an amount equal to the portion of
Monthly Property Expenses equal to insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement or the other Loan Documents in the Insurance Escrow Account and

 (3) with respect to any Payment Date as of which remaining available funds are not being remitted to Borrower pursuant to
clause twelfth of Section 2.12(b), the remainder of the Monthly Property Expenses in the Other Property Expenses Account. 
 Any
and all Moneys remitted to the Real Estate Taxes Escrow Account, Insurance Escrow Account or Other Property Expenses Account together with any Permitted Investments in which such Moneys are or will be invested or reinvested during the terms of this
Agreement, shall be held in the Real Estate Taxes Escrow Account, Insurance Escrow Account or Other Property Expenses Account, to be withdrawn and disbursed as provided below. 
 On each Payment Date on which funds are deposited in the Other Property Expenses Account as described above, Collateral Agent shall disburse into Borrower’s Operating Account funds from the Other Property
Expenses Account in an amount equal to the Property Expenses set forth in the Operating Budget that are currently due to be paid and not previously paid or reimbursed; provided that such disbursement shall be conditioned upon the receipt by
Collateral Agent, prior to such Payment Date, of an Officer’s Certificate certifying that the most recent disbursement from the Other Property Expenses Account to Borrower’s Operating Account has been used by Borrower in accordance with
this Agreement and the other Loan Documents, together with a copy of Borrower’s check register supporting such Officer’s Certificate. If there are any Property Expenses that are not set forth on the Operating Budget but that have been
approved by the Agent in writing, such approval not to be unreasonably withheld, Borrower may, prior to the Payment Date, make a written request to Collateral Agent and Agent to increase the disbursement being made from the Other Property Expenses
Account on the ensuing Payment Date to cover such unbudgeted items. In the event Borrower is entitled to the release of funds from the Other Property Expenses Account following the delivery of written confirmation from the Agent that the Debt
Service Coverage Test has been satisfied, Lenders and the Collateral 

  

 42 

 
Agent (upon receipt of written notice thereof from the Agent) shall release any and all amounts on deposit in the Other Property Expenses Account to
Borrower’s Operating Account on the Business Day on which Borrower satisfies such test. 
 Funds from the Real Estate Taxes Escrow Account and Insurance
Escrow Account shall be withdrawn by the Collateral Agent upon written request of Borrower delivered to Agent and Collateral Agent. Such written request by Borrower shall include copies of bills or invoices for Impositions and insurance premiums
toward which such funds are to be applied. The funds shall be withdrawn and held uninvested for Borrower or the Lenders in an Eligible Account at LaSalle Bank National Association from the close of business on the Business Day immediately preceding
the date upon which direct payment is to be made to such date, and applied directly by Collateral Agent to pay (x) any Impositions (in the case of the Real Estate Taxes Escrow Account), or (y) any insurance premiums for policies of
insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement or the other Loan Documents (in the case of the Insurance Escrow Account). 
 (c) Cash Flow Sweep Account. On or before the Closing Date, Borrower shall establish and maintain with the Collateral Agent an account designated
the Cash Flow Sweep Account (the “Cash Flow Sweep Account”) which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of the Lenders until the Loan is paid in full. On any
Payment Date as of which the Debt Service Coverage Test has not been satisfied, Agent shall deposit or cause to be deposited in the Cash Flow Sweep Account the remaining available funds pursuant to clause eleventh of
Section 2.12(b). Any and all Moneys remitted to the Cash Flow Sweep Account, together with any Permitted Investments in which such Moneys are or will be invested or reinvested during the term of this Agreement, shall be held in the Cash
Flow Sweep Account, to be withdrawn by Collateral Agent and held uninvested for Borrower or the Lenders in an Eligible Account at LaSalle Bank National Association from the Business Day immediately preceding the date upon which payment is to be made
to such date, and applied to pay interest on the Loan, the Senior Mezzanine Loan or the Junior Mezzanine Loan then due and payable in the event sufficient funds are not available in the Collection Account and the Interest Reserve Account to make
such payment. Upon Agent’s receipt of evidence satisfactory to Agent that the Debt Service Coverage Test has been satisfied, and provided that no Default or Event of Default has occurred and is continuing, Agent shall disburse all funds held in
the Cash Flow Sweep Account to Borrower’s Operating Account. 
 (d) Interest Reserve Account. On or before the Closing Date,
Borrower shall establish and maintain with the Collateral Agent an account designated the Interest Reserve Account (the “Interest Reserve Account”), which shall be an Eligible Account and shall have the same title as the
Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $30,000,000 in the Interest Reserve Account. Any and all Moneys remitted to the Interest
Reserve Account, together with any Permitted Investments in which such Moneys are or will be invested or reinvested during the term of this Agreement, shall be held in the Interest Reserve Account, to be withdrawn by Collateral Agent upon written
request of Borrower, Senior Mezzanine Borrower or Junior Mezzanine Borrower, as applicable, and held uninvested for Borrower or the Lenders in an Eligible Account at LaSalle Bank National Association from the close of business on the Business Day
immediately preceding the date upon which payment is to be made to such date, 

  

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and applied on a Payment Date to pay interest then due and payable on the Loan in the event sufficient funds are not available in the Collection Account on
such Payment Date to make such payment, or to pay interest then due and payable on the Senior Mezzanine Loan in the event sufficient funds are not available in the Senior Mezzanine Loan Account on such Payment Date to make such payment, or to pay
interest then due and payable on the Junior Mezzanine Loan in the event sufficient funds are not available in the Junior Mezzanine Loan Account on such Payment Date to make such payment. 
 (e) Investment of Funds. All or a portion of any Moneys in the Reserve Account shall be invested and reinvested, so long as Collateral Agent has
not received written notice from Agent that an Event of Default has occurred and is continuing, by Collateral Agent in accordance with written instructions delivered by Borrower, or after Collateral Agent has received written notice from Agent that
an Event of Default has occurred and is continuing, by Agent, in one or more Permitted Investments. If no written investment direction is provided to Collateral Agent by Borrower, Collateral Agent shall invest such Moneys in an investment of the
type described in clause (vii) of the definition of Permitted Investments. Agent, the Lenders and Collateral Agent shall have no liability for any loss in investments of funds in the Reserve Account that are invested in Permitted Investments
(unless, in the case of Collateral Agent, invested contrary to Borrower’s or Agent’s written direction) and no such loss shall affect Borrower’s obligation to fund, or liability for funding, the Reserve Account. So long as an Event of
Default has not occurred and is not continuing, all such Permitted Investments shall be made in the name of Collateral Agent on behalf of the Lenders or as otherwise directed by Agent. Agent shall cause all income or other gain from investments of
Money held in the Reserve Account to be deposited in such respective account of the Reserve Account immediately upon receipt and any loss resulting from such investments shall be charged to such respective account of the Reserve Account. Unless and
until title to the funds therein shall have vested in any Person other than Borrower, Borrower shall include all such income or gain on any account of the Reserve Account as income of Borrower for federal and applicable state tax purposes.

 (f) Event of Default. After Collateral Agent has received written notice from Agent that an Event of Default has occurred and is
continuing, Borrower shall not be permitted to make any withdrawal(s) from the Reserve Account and Collateral Agent at the written direction of Agent may liquidate any Permitted Investments of the amount on deposit in such account, withdraw and hold
the proceeds of such liquidation uninvested for Lenders in a LaSalle Bank National Association account from the Business Day immediately preceding the date such funds are to be used and use such amount on deposit in the Reserve Account on the
succeeding Business Day to make payments on account of the Loan in accordance with the priorities set forth in Section 2.8. 
 Section 2.14. Additional Provisions Relating to the Collection Account and the Reserve Account. 
 (a)
The Collateral Agent covenants and agrees that: (i) all securities or other property underlying any financial assets credited to any Pledged Account shall be registered in the name of the Collateral Agent, indorsed to the Collateral Agent or
indorsed in blank or credited to another securities account maintained in the name of the Collateral Agent and in no case will any financial asset credited to any Pledged Account be registered in the name of Borrower, payable 

  

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to the order of Borrower or specially indorsed to Borrower except to the extent the foregoing have been specially indorsed to the Collateral Agent or in
blank; and (ii) all Permitted Investments and all other property delivered to the Collateral Agent pursuant to this Agreement will be promptly credited to one of the Pledged Accounts. 
 (b) The Collateral Agent hereby agrees that each item of property (whether investment property, financial asset, security, instrument, cash or otherwise)
credited to any Pledged Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC. 
 (c) If at any time the Collateral Agent shall receive from the Agent an entitlement order (i.e. an order directing transfer or redemption of any financial asset relating to a Pledged Account) or any instruction (within the meaning of
Section 9-104 of the UCC) originated by the Agent (i.e. an instruction directing the disposition of funds in a Pledged Account), the Collateral Agent shall comply with such entitlement order or instruction without further consent by Borrower or
any other Person. 
 (d) Regardless of any provision in any other agreement, for purposes of the UCC, with respect to each Pledged Account,
New York shall be deemed to be the bank’s jurisdiction (within the meaning of Section 9-304 of the UCC) and the securities intermediary’s jurisdiction (within the meaning of Section 8-110 of the UCC). The Pledged Accounts shall
be governed by the laws of the State of New York. 
 (e) Except for the claims and interest of the Agent and of Borrower in the Pledged
Accounts, the Collateral Agent represents and warrants that it does not know of any Lien on or claim to, or interest in, any Pledged Account or in any “financial asset” (as defined in Section 8-102(a) of the UCC) credited thereto. If
any Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Pledged Accounts or in any financial asset carried therein, the Collateral Agent
will promptly notify the Agent and Borrower thereof. 
 Section 2.15. Security Agreement. 
 (a) Pledge of Account. To secure the full and punctual payment and performance of all of the Indebtedness, Borrower hereby assigns, conveys,
pledges and transfers to the Agent on behalf of the Lenders as secured party, and grants Agent on behalf of the Lenders a first and continuing security interest in and to, the following property, whether now owned or existing or hereafter acquired
or arising and regardless of where located (collectively, the “Account Collateral”): 
 (i) all of
Borrower’s right, title and interest in Borrower’s Operating Account, the Local Collection Account, the Parking Collection Account, the Security Deposit Account, and the Pledged Accounts and all Money and Permitted Investments, if any,
from time to time deposited or held in Borrower’s Operating Account, the Local Collection Account, the Parking Collection Account, the Security Deposit Account, and the Pledged Accounts or purchased with funds or assets on deposit in
Borrower’s Operating Account, the Local Collection Account, the Parking Collection Account, the Security Deposit Account, and the Pledged Accounts; 
  

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 (ii) all of Borrower’s right, title and interest in interest, dividends, Money,
Instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any of the foregoing until such time as such items are disbursed from Borrower’s Operating Account, the Local
Collection Account, the Parking Collection Account, the Security Deposit Account, and the Pledged Accounts; and 
 (iii) to
the extent not covered by clause (i) or (ii) above, all Borrower’s right, title and interest in Proceeds of any or all of the foregoing until such time as such items are disbursed from Borrower’s Operating Account,
the Local Collection Account, the Parking Collection Account, the Security Deposit Account and the Pledged Accounts. 
 (b) Covenants.
So long as any portion of the Indebtedness is outstanding, Borrower shall not open (or permit Collateral Agent to open) any account other than the Local Collection Account, the Parking Collection Account or the Collection Account for the deposit of
Rents or Money received from Accounts or under Leases and derived from the Mortgaged Property and all Proceeds to pay amounts owing hereunder, other than any account for amounts required by law to be segregated by Borrower. Borrower shall not have
any right to withdraw Money from any Reserve Account, which shall be under the sole dominion and control, and the “control” within the meaning of Sections 9-104 and 9-106 of the UCC, of the Agent. Agent, Borrower and Collateral Agent agree
that Collateral Agent will comply with instructions originated by Agent directing disposition of the funds in each Reserve Account and the Collection Account without further consent by Borrower. The Account Collateral shall be subject to such
applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any other banking authority or Governmental Authority, as may now or hereafter be in effect, and to the rules, regulations and procedures
of Collateral Agent relating to demand deposit accounts generally from time to time in effect. 
 (c) Financing Statements; Further
Assurances. Borrower hereby authorizes the filing of any financing statements or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing offices as the Agent may determine, in its sole
discretion, are necessary or advisable to perfect the security interest granted to the Agent in connection herewith. Such financing statements may describe the collateral in the same manner as described in any security agreement or pledge agreement
entered into by the parties in connection herewith or may contain an indication or description of collateral that describes such property in any other manner as the Agent may determine, in its sole discretion, is necessary, advisable or prudent to
ensure the perfection of the security interest in the collateral granted to the Agent in connection herewith, including, without limitation, describing such property as “all assets” or “all personal property” whether now owned or
hereafter acquired. From time to time, at the expense of Borrower, Borrower shall promptly execute and deliver all further instruments, and take all further action, that Agent may reasonably request, in order to continue the perfection and
protection of the pledge and security interest granted or purported to be granted hereby. 
 (d) Transfers and Other Liens. Borrower
shall not sell or otherwise dispose of any of the Account Collateral other than pursuant to the terms of this Agreement and the other Loan Documents, or create or permit to exist any Lien upon or with respect to all or any of the Account Collateral,
except for the Lien granted to Agent, and the rights of the institution acting as Agent, under or as contemplated by this Agreement. 
  

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 (e) No Waiver. Every right and remedy granted to Agent under this Agreement or by law may be
exercised by Agent at any time and from time to time, and as often as Agent may deem it expedient. Any and all of Agent’s rights with respect to the pledge of and security interest in the Account Collateral granted hereunder shall continue
unimpaired, and to the extent permitted by law, Borrower shall be and remain obligated in accordance with the terms hereof, notwithstanding (i) any proceeding of Borrower under the United States Bankruptcy Code or any bankruptcy, insolvency or
reorganization laws or statutes of any state, (ii) the release or substitution of Account Collateral at any time, or of any rights or interests therein or (iii) any delay, extension of time, renewal, compromise or other indulgence granted
by Agent in the event of any Default with respect to the Account Collateral or otherwise hereunder. No delay or extension of time by Agent in exercising any power of sale, option or other right or remedy hereunder, and no notice or demand which may
be given to or made upon Borrower by Agent, shall constitute a waiver thereof, or limit, impair or prejudice Agent’s right, without notice or demand, to take any action against Borrower or to exercise any other power of sale, option or any
other right or remedy. 
 (f) Agent Appointed Attorney-In-Fact. Borrower hereby irrevocably constitutes and appoints Agent as
Borrower’s true and lawful attorney-in-fact, with full power of substitution, at any time after the occurrence and during the continuation of an Event of Default, to execute, acknowledge and deliver any instruments and to exercise and enforce
every right, power, remedy, option and privilege of Borrower with respect to the Account Collateral, and do in the name, place and stead of Borrower, all such acts, things and deeds for and on behalf of and in the name of Borrower with respect to
the Account Collateral, which Borrower could or might do or which Agent may deem necessary or desirable to more fully vest in Agent the rights and remedies provided for herein with respect to the Account Collateral and to accomplish the purposes of
this Agreement. The foregoing powers of attorney are irrevocable and coupled with an interest and shall terminate upon repayment of the Indebtedness in full. 
 (g) Continuing Security Interest; Termination. This Section 2.15 shall create a continuing pledge of and security interest in the Account Collateral and shall remain in full force and effect until
payment in full by Borrower of the Indebtedness. Upon payment in full by Borrower of the Indebtedness, Agent shall return to Borrower such of the Account Collateral as shall not have been applied pursuant to the terms hereof, and shall execute such
instruments and documents as may be reasonably requested by Borrower to evidence such termination and the release of the pledge and lien hereof. 
 (h) Right of Set-off. Collateral Agent waives any and all rights it may have at law or otherwise to set off or make any claim against the Account Collateral, except, with respect to any checks returned for insufficient funds, and the
payment of Collateral Agent’s fees and expenses due under this Agreement (including reasonable attorney fees and disbursements) for the maintenance of the Account Collateral. 
 Section 2.16. Mortgage Recording Taxes. The Lien to be created by the Mortgage is intended to encumber the Mortgaged Property to the full extent of the Loan Amount. On the Closing Date, Borrower shall have paid
all state, county and municipal recording and all other taxes imposed upon the execution and recordation of the Mortgage, if any. 
  

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 Section 2.17. Extension Option. 
 (a) Borrower shall have the option (each, an “Extension Option”), to extend the Maturity Date of the Note from the Original Maturity Date to the Payment Date in July, 2009 (the
“First Extended Maturity Date”), and from the First Extended Maturity Date to the Payment Date in July, 2010 (the “Final Maturity Date”), upon satisfaction of each of the following conditions (the
“Extension Conditions”): 
 (i) Borrower shall have given written notice (each, an
“Extension Notice”) to the Agent and Collateral Agent not less than sixty (60) days prior to the Original Maturity Date or the First Extended Maturity Date, as applicable, of its election to exercise the first or the
second Extension Option, as the case may be; 
 (ii) no Default or Event of Default shall have occurred and be continuing on
the Original Maturity Date or the First Extended Maturity Date, as applicable; 
 (iii) Agent shall have determined that the
Loan to Value Test is satisfied; 
 (iv) Borrower shall have paid to the Agent for the benefit of the Lenders on the First
Extended Maturity Date a fee in connection with an extension to the Final Maturity Date equal to the product of 0.125% and the Principal Indebtedness as of the First Extended Maturity Date (taking into account any principal payments made on the
First Extended Maturity Date) (such fee, an “Extension Fee”) (i.e., no Extension Fee shall be due and payable on the Original Maturity Date in connection with an extension to the First Extended Maturity Date); and 

(v) Borrower shall have purchased an interest rate cap for the term of the extension (or renewed the existing interest rate cap for
such period) in each case from or with a Qualified Interest Rate Cap Provider, with a notional amount equal to the outstanding Principal Indebtedness and a strike rate equal to 5.50% and pursuant to documentation acceptable to the Agent and
delivered to the Agent a fully executed Collateral Assignment of Hedge. 
 (b) In the event Borrower has timely given the Extension Notice
for the first or second Extension Option to Agent, Agent shall be required to notify Borrower by not later than the penultimate Payment Date prior to the Original Maturity Date or the First Extended Maturity Date, as applicable, of Borrower’s
compliance or non-compliance with the Loan to Value Test. Borrower may make a voluntary prepayment of the Loan on the Original Maturity Date or the First Extended Maturity Date, as applicable, in order to be in compliance with the Loan to Value Test
on such date (including from equity capital contributions from its principals). 
 If Agent notifies Borrower that the Loan to Value Test has not been
satisfied, and Borrower believes that Agent’s determination of the value of the Property in connection with such calculation is incorrect, then within five (5) Business Days after Agent notifies Borrower that the Loan to Value Test has not
been satisfied, Borrower may notify Agent in writing (a “Dispute Notice”). If Borrower does not send a Dispute Notice within said five (5) Business Day period, Borrower shall be deemed to have agreed that Agent’s
valuation of the Property for purposes of the Loan to Value Test is correct. If Borrower does send a Dispute Notice within said five (5) Business Day period, then such dispute shall be resolved as set forth in this paragraph. Within three
(3) Business Days following Agent’s receipt of such Dispute Notice from Borrower, each 

  

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of Agent and Borrower shall retain, at Borrower’s sole cost and expense, an independent MAI appraiser with at least five (5) years experience in
appraising properties similar to such Property in Los Angeles, California (the “Initial Appraisers”), to appraise the Property, which appraisals shall be completed within twenty (20) days after each such Initial
Appraisers’ retention. If the two appraisals vary by less than five percent (5%), the value of such Property for purposes of the Loan to Value Test shall be deemed to be the average of the two appraisals. If the two appraisals vary by more than
five percent (5%), then the Initial Appraisers shall choose a third independent MAI appraiser with at least five (5) years experience in appraising properties similar to the Property in Los Angeles, California, within three (3) Business
Days of either party’s request to do so, which third appraiser shall render its opinion of the value of the Property within fifteen (15) days of being retained. The cost of such third appraiser shall be borne by Borrower. If a third
appraiser is so retained, the value of the Property for purposes of the Loan to Value Test shall be deemed to be the average of the two appraisals closest in value. If Borrower fails to retain an Initial Appraiser within three (3) Business Days
following Agent’s receipt of the Dispute Notice, then the value of the Property for purposes of the Loan to Value Test shall be deemed to be the value initially determined by Lender. In any of the foregoing cases, the determination of the value
of such Property for purposes of the Loan to Value Test so made shall be conclusive and binding on Agent and Borrower. 
 (c) Borrower may
revoke any Extension Notice by written notice (or telephonic notice promptly confirmed in writing) to the Agent on behalf of the Lenders and to the Collateral Agent on or prior to the tenth (10th) Business Day prior to the Original Maturity
Date or the First Extended Maturity Date, as applicable; provided, however, that Borrower shall pay the reasonable out-of-pocket costs incurred by the Agent and Collateral Agent in connection with the giving of any Extension Notice and
its revocation. If the term of the Loan is extended pursuant to the provisions of this Section 2.17, then all the other terms and conditions of the Loan Documents shall remain in full force and effect and unmodified. 
 Section 2.18. General Collateral Agent Provisions. 
 (a) Appointment. The Lenders hereby designate and appoint LaSalle Bank National Association as Collateral Agent on behalf of the Lenders under this Agreement, and authorize LaSalle Bank National Association, as Collateral Agent for
the Lenders, to take such actions on their behalf under the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to Collateral Agent by the terms of this Agreement, together with such other
powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with the Lenders, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Collateral Agent. 
 (b) Collateral Agent’s Right to Perform. If an Event of Default shall have occurred and be continuing, then Collateral Agent may, but shall
have no obligation to, itself perform, or cause performance of, such covenant or obligation giving rise to such Event of Default. The reasonable fees and expenses of Collateral Agent incurred in connection therewith shall be payable by Borrower to
Collateral Agent upon demand, which obligation shall be secured by all Collateral. 
  

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 (c) Standard of Care. Beyond the observance of Accepted Practices and the exercise of reasonable
care in the custody or disbursements thereof, Collateral Agent shall not have any duty as to any Account Collateral or any income thereon in its possession or control or in the possession or control of any agents for, or of Collateral Agent, or the
preservation of rights against any Person or otherwise with respect thereto. Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Account Collateral in its possession if the Account Collateral is accorded
treatment in accordance with the Accepted Practices. 
 (d) Exculpatory Provisions. Neither Collateral Agent nor any of its officers,
directors, employees, agents, attorneys, attorneys-in-fact or Affiliates shall be responsible in any manner to the Lenders for any recitals, statements, representations or warranties made by Borrower or any officer thereof contained in this
Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by Collateral Agent under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, the Note or any other Loan Document or for any failure of Borrower to perform its obligations hereunder or thereunder. Collateral Agent shall not be under any
obligation to the Lenders to ascertain or to inquire as to the agreements contained in, or conditions of, this Loan Agreement or any other Loan Document, or to inspect the properties, books or records of Borrower. Collateral Agent shall not be
required to take any discretionary actions hereunder except at the written direction of Borrower or Agent, it being understood and agreed that Collateral Agent’s duties hereunder shall be wholly ministerial in nature and that Collateral Agent
shall not be responsible for calculating any financial ratios or generating any reports (other than the Monthly Statement) for the Lenders or Borrower. In connection with any discretionary action which Borrower is permitted hereunder to direct
Collateral Agent to take, if Collateral Agent shall follow Agent’s directions and not Borrower’s directions, it shall have no liability to Borrower (or to any other Person) for following any such directions of Agent and for not following
such directions of Borrower (if expressly permitted herein). Collateral Agent shall not be under any obligation or duty to perform any act which, in Collateral Agent’s sole reasonable judgment, could involve it in expense or liability or to
institute or defend any suit in respect hereof, or to advance any of its own monies, unless Agent or Borrower, as the case may be, shall have offered to Collateral Agent reasonable security or indemnity against such expense, liability, suit or
advance. 
 (e) Indemnification. Borrower shall indemnify and hold Collateral Agent, and its agents, attorneys, employees and officers
harmless from and against any loss, cost or damage (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Collateral Agent in connection with the transactions contemplated hereby, but excluding any such loss,
cost or damage arising as a result of Collateral Agent’s failure to adopt and follow Accepted Practices, gross negligence, bad faith, willful misconduct or violation of applicable law. The indemnification set forth in this paragraph shall
survive the satisfaction and payment of the Indebtedness and the termination of this Agreement. 
  

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 (f) Collateral Agent’s Reliance. Collateral Agent shall be entitled to rely, and shall be
fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, fax, electronic mail message, telex or teletype message, statement, order or other document reasonably believed by it to be
genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel and other experts selected in good faith by Collateral Agent. Collateral Agent may deem and treat the payee of
the Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with Collateral Agent. Collateral Agent shall be fully justified in failing or refusing to take any action
under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of Agent as it deems appropriate or it shall first be indemnified to its satisfaction by Agent against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Provided that Collateral Agent acts in accordance with Accepted Practices, Collateral Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement in accordance with a request of Agent, and such request and any action taken or failure to act pursuant thereto shall be binding upon Agent and all future holders of the Note. All requests to Collateral Agent for wire
transfers of funds, for transfers between accounts established pursuant to this Agreement or any other transfer not specifically described in this Agreement shall be in writing. 
 (g) Notice of Default. Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless Collateral Agent has received written notice from Agent referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. Collateral Agent shall take such
action with respect to such Default or Event of Default as shall be directed by Agent, including any action under this Agreement. 
 (h)
Non-Reliance on Collateral Agent. Neither Collateral Agent nor any of its officers, directors, employees, agents, attorneys, attorneys-in-fact or Affiliates has made any representations or warranties to the Lenders and no act by Collateral
Agent hereinafter taken (including any review of the affairs of Borrower) shall be deemed to constitute any representation or warranty by Collateral Agent to the Lenders. Except for notices, reports and other documents expressly required to be
furnished to Agent by Collateral Agent hereunder, Collateral Agent shall not have any duty or responsibility to provide the Lenders with any credit or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of Borrower which may come into the possession of Collateral Agent or any of its officers, directors, employees, agents, attorneys, attorneys-in-fact or Affiliates. 
 (i) Removal and Resignation. Collateral Agent shall have the right to resign as collateral agent hereunder and Agent shall have the right to
remove Collateral Agent as collateral agent hereunder, in each case upon thirty (30) days’ written notice to the other parties to this Agreement. In the event of such resignation or removal, Agent shall appoint a successor Collateral Agent
with the consent of Borrower (such consent not to be unreasonably withheld or delayed), or at Agent’s option in Agent’s sole and absolute discretion Agent may assume and perform the rights and obligations of Collateral Agent. No such
removal of or resignation by Collateral Agent shall become effective until a successor Collateral Agent shall have accepted 

  

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such appointment (or Agent shall have determined to designate itself as Collateral Agent) and executed an instrument by which it shall have assumed all of
the rights and obligations of Collateral Agent hereunder. If no such successor Collateral Agent is appointed within sixty (60) days (or, if fees payable under the Fee Letter have not been paid, thirty (30) days) after receipt of the
resigning Collateral Agent’s notice of resignation or removal, the resigning Collateral Agent may petition a court for the appointment of a successor Collateral Agent unless Agent elects, in its sole and absolute discretion, to assume the
rights and obligations of Collateral Agent itself. In connection with any removal of or resignation by Collateral Agent, (A) the removed or resigning Collateral Agent shall (1) duly assign, transfer and deliver to the successor Collateral
Agent this Agreement and all Money and Permitted Investments held by it hereunder, (2) execute such financing statements and other instruments as may be necessary to assign to the successor Collateral Agent the security interest existing in
favor of the retiring Collateral Agent hereunder, and to otherwise give effect to such succession and (3) take such other actions as may be reasonably required by Borrower, Agent or the successor Collateral Agent in connection with the
foregoing and (B) the successor Collateral Agent shall establish in its name, as agent for the Lenders, as secured party, the Collection Account and Reserve Account as Borrower is required to maintain pursuant to the terms of this Agreement.

 (j) Individual Capacity. Collateral Agent and its Affiliates may make loans to, accept deposits from and generally engage in any
kind of business with Borrower or any Affiliate, as though Collateral Agent were not Collateral Agent hereunder, or under the other Loan Documents. 
 ARTICLE III. 
 CONDITIONS PRECEDENT 
 Section 3.1. Conditions Precedent to Closing. The obligation of the initial Lender to make the Loan is subject to the satisfaction by Borrower (and Guarantor, where applicable) or waiver by Agent and initial
Lender of the following conditions no later than the Closing Date: 
 (a) Loan Agreement. Borrower, Collateral Agent, Agent and
initial Lender shall have executed and delivered this Agreement. Agent shall have received the fully-executed Local Deposit Bank Agreements. 
 (b) Note. Borrower shall have executed and delivered to initial Lender the Note. 
 (c) Environmental Indemnity Agreement;
Guaranty of Non-Recourse Obligations; Interest Rate Cap. Borrower and Guarantor shall have executed and delivered the Environmental Indemnity Agreement to the Agent for benefit of the Lenders. Guarantor shall have executed and delivered the
Guaranty of Non-Recourse Obligations. Borrower shall have delivered to the Agent the interest rate cap in a form acceptable to the Agent from a Qualified Interest Rate Cap Provider with a notional amount equal to the Loan Amount and a strike rate
equal to 5.50% and the fully executed Collateral Assignment of Hedge. 
 (d) Opinions of Counsel. The initial Lender and Collateral
Agent shall have received from counsel to Borrower and Guarantor legal opinions in form and substance acceptable to Agent, with respect to corporate matters and with respect to substantive non-consolidation of 

  

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Senior Mezzanine Borrower, Junior Mezzanine Borrower, Manager and TPG/CALSTRS, on the one hand, and Borrower on the other, in the event of the bankruptcy of
Senior Mezzanine Borrower, Junior Mezzanine Borrower, Manager or TPG/CALSTRS. Such legal opinions shall be addressed to Agent and its successors and assigns, dated the Closing Date, and in form and substance reasonably satisfactory to Agent and its
counsel. 
 (e) Organizational Documents. The initial Lender shall have received with respect to each of Borrower and the Guarantor
its certificate of formation or certificate of incorporation, as applicable, as amended, modified or supplemented to the Closing Date, as filed with the Secretary of State in the jurisdiction of organization and in effect on the Closing Date and
certified to be true, correct and complete by the appropriate Secretary of State as of a date not more than ten (10) days prior to the Closing Date, together with, if available, a good standing certificate from such Secretary of State and, for
Borrower only, a good standing certificate from the Secretaries of State (or the equivalent thereof) of each other State in which Borrower is required to be qualified to transact business. 
 (f) Certified Resolutions, etc. The initial Lender shall have received a certificate of each of Borrower and the Guarantor dated the Closing Date,
certifying (i) the names and true signatures of its incumbent officers authorized to sign the Loan Documents to which Borrower or Guarantor is a party, (ii) the Organizational Agreements of Borrower as in effect on the Closing Date,
(iii) the resolutions of Borrower and the Guarantor, approving and authorizing the execution, delivery and performance of the Loan Documents to which it is a party, and (iv) that there have been no changes in any Organizational Agreement
since the date of execution or preparation thereof. 
 (g) Additional Matters. The Agent shall have received such other certificates,
opinions, documents and instruments relating to the Loan as may have been reasonably requested by Agent. All corporate and other organizational proceedings, all other documents (including, without limitation, all documents referred to herein and not
appearing as exhibits hereto) and all legal matters in connection with the Loan shall be reasonably satisfactory in form and substance to Agent. 
 (h) Transaction Costs. Borrower shall have paid all Transaction Costs for which bills have been submitted in accordance with the provisions of Section 8.23. 
 (i) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on the Closing Date. 
 (j) No Injunction. No law or regulation shall have been adopted, no order, judgment or decree of any Governmental Authority shall have been
issued, and no litigation shall be pending or threatened, which in the good faith judgment of the initial Lender would enjoin, prohibit or restrain, or impose or result in the imposition of any material adverse condition upon, the making or
repayment of the Loan or the consummation of the Transaction. 
 (k) Representations and Warranties. The representations and
warranties herein and in the other Loan Documents shall be true and correct in all material respects on the Closing Date. 
  

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 (l) Survey; Appraisal. Agent shall have received the Survey and the Appraisal with respect to the
Mortgaged Property, which shall be in form and substance reasonably satisfactory to Agent. 
 (m) Engineering Report; Seismic Study;
Operations and Maintenance Plan. Agent shall have received each of the Engineering Report, the Seismic Study and an asbestos “operations and maintenance” plan with respect to the Mortgaged Property prepared by an Engineer, which
Engineering Report shall be reasonably acceptable to Agent. 
 (n) Environmental Matters. Agent shall have received an Environmental
Report prepared by an Environmental Auditor with respect to the Mortgaged Property, which Environmental Report shall be reasonably acceptable to Agent. 
 (o) Financial Information. Agent shall have received reasonably acceptable financial information relating to the Mortgaged Property. Such information shall include the following, to the extent reasonably
available: 
 (i) operating statements for the current year (including actual to date information, an annual budget and
trailing twelve month data in hard copy and on diskette) and for not less than the three preceding years (including tenant improvements costs, leasing commissions, capital reserves, major repairs, replacement items and occupancy rates in hard copy
and on diskette); 
 (ii) copies of Leases with respect to the tenants of the Mortgaged Property, a copy of the standard lease
form, if any, and tenant lease abstracts, if available; 
 (iii) current property rent roll data on a tenant by tenant basis
in hard copy (including name, square footage, lease term, expiration date, renewal options, base rent per square foot, sales volume psf (if applicable), percentage rent terms (if applicable), additional rent clauses (including stops, offsets, and
other special provisions), escalation clauses for increase in operating expense, maintenance, insurance, real estate taxes and utilities, assignment, sublet and cancellation provisions and purchase options); 
 (iv) current real estate tax bills and historical real estate tax bills of record for the Mortgaged Property for not less than the three
preceding years; 
 (v) insurance certificates indicating the type and amount of coverage; and 
 (vi) the most recent annual financial statements and unaudited quarterly financial statements. 
 The annual financial statements relating to the Mortgaged Property shall be either (x) audited by a “Big Four” accounting firm or another firm of
certified public accountants reasonably acceptable to Agent or (y) done in accordance with agreed upon procedures reasonably acceptable to Agent to be performed by a “Big Four” accounting firm or another firm of certified public
accountants reasonably acceptable to Agent to create similar information. 
  

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 (p) Capital Budget; Leasing Budget; Operating Budget; Personal Financial Statement. Agent shall
have received the Capital Budget and the Leasing Budget which shall have been approved by Junior Mezzanine Lender. Agent shall have received Operating Budget for the Mortgaged Property for the following twelve months which is acceptable to the
Agent. The Agent shall have received the financial statements of Guarantor, which shall be acceptable to the Agent. 
 (q) Site
Inspection. Borrower shall have provided to Agent the opportunity to perform, or cause to be performed on its behalf, an on-site due diligence review of the Mortgaged Property to be refinanced with the Loan which inspection is satisfactory to
Agent in its sole discretion. 
 (r) Mortgaged Property Documents. 
 (i) Mortgage; Assignment of Rents and Leases. Borrower shall have executed and delivered to Agent the Mortgage and the Assignment
of Rents and Leases with respect to the Mortgaged Property and such Mortgage and Assignment of Rents and Leases shall have been filed of record in the appropriate filing office in the jurisdiction in which the Mortgaged Property is located or
irrevocably delivered to a title agent for such recordation. 
 (ii) Financing Statements. Borrower shall have executed
and delivered to Agent all financing statements required by Agent pursuant hereto and such financing statements shall have been filed of record in the appropriate filing offices in each of the appropriate jurisdictions or irrevocably delivered to a
title agent for such recordation. 
 (iii) Management Agreement and Manager’s Subordination. With respect to the
Mortgaged Property, Agent shall have received the executed Management Agreement and the Manager shall have executed and delivered the Manager’s Subordination to Agent. 
 (iv) Contract Assignment. With respect to the Mortgaged Property, Borrower shall have executed and delivered to Agent a Contract
Assignment with respect to the Mortgaged Property. 
 (s) Opinions of Counsel. Agent shall have received from counsel to Borrower its
legal opinion in form and substance satisfactory to Agent, as to the enforceability of the Mortgage and Assignment of Rents and Leases, perfection of Liens and security interests and other matters referred to therein. The legal opinions will be
addressed to Agent and Lenders and their successors and assigns, dated the Closing Date, and in form and substance reasonably satisfactory to Agent and its counsel. 
 (t) Insurance. Agent shall have received certificates of insurance demonstrating insurance coverage in respect of the Mortgaged Property of types, in amounts, with insurers and otherwise in compliance with the
terms, provisions and conditions set forth in this Agreement. Such certificates shall indicate that Agent is a named additional insured and shall contain a loss payee endorsement in favor of Agent with respect to the property policies required to be
maintained under this Agreement. 
  

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 (u) Title Insurance Policy. Agent shall have received an unconditional commitment (in form and
substance reasonably satisfactory to Agent) to issue the Title Insurance Policy covering the Mortgaged Property with an amount of insurance reasonably acceptable to Agent up to maximum coverage equal to the Loan Amount. 
 (v) Lien Search Reports. Agent shall have received satisfactory reports of UCC (collectively, the “UCC Searches”), tax
lien, judgment and litigation searches and title updates conducted by the companies issuing the Title Insurance Policy with respect to the Collateral, Borrower and each member of Borrower, such searches to be conducted in each of the locations
required by Agent. 
 (w) Consents, Licenses, Approvals, etc. Agent shall have received copies of all consents, licenses and
approvals, if any, required in connection with the execution, delivery and performance by Borrower and Collateral Agent, and the validity and enforceability, of the Loan Documents, and such consents, licenses and approvals shall be in full force and
effect. 
 (x) Additional Real Estate Matters. Agent shall have received such other real estate related certificates and documentation
relating to the Mortgaged Property as Agent may have reasonably requested. Such documentation shall include the following as requested by Agent and to the extent reasonably available: 
 (i) certificates of occupancy issued by the appropriate Governmental Authority of the jurisdiction in which the Mortgaged Property is
located reflecting, and consistent with, the use of the Mortgaged Property as of the Closing Date; 
 (ii) letters from the
appropriate local Governmental Authority of the jurisdiction in which the Mortgaged Property is located, certifying that the Mortgaged Property is in compliance with all applicable zoning laws, rules and regulations, or a zoning endorsement to the
applicable Title Insurance Policy with respect to the Mortgaged Property or an opinion of zoning counsel to such effect or a report from The Planning and Zoning Resources Corporation acceptable to the Agent; 
 (iii) abstracts of all Leases in effect at the Mortgaged Property and copies of such of the Leases as Agent may request (in addition to
the copies delivered above); 
 (iv) estoppel certificates in form and substance acceptable to Agent in respect of all major
tenants, representing no less than 75% of all currently leased space at the Mortgaged Property; and 
 (v) graphics (including
interior and exterior photographs, rental brochures and a competitive properties map) as required by Agent. 
 (y) Closing Statement.
The Agent and Borrower shall have agreed upon a detailed closing statement from Borrower in a form reasonably acceptable to the Agent, which includes a complete description of Borrower’s sources and uses of funds on the Closing Date.

 (z) Loan to Value Test. The Agent shall have determined that the Loan to Value Test is satisfied. 
  

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 Section 3.2. Execution and Delivery of Agreement. The execution and delivery of this Agreement by each party to
this Agreement shall be deemed to constitute the satisfaction or waiver of the conditions set forth in Section 3.1. 
 ARTICLE
IV. 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Representations and Warranties as to Borrower. Borrower represents and warrants that, as of the Closing Date: 
 (a) Organization. Borrower (i) is a duly organized and validly existing limited liability company in good standing under the laws of the State of Delaware, (ii) has the requisite power and authority to own its properties
(including, without limitation, the Mortgaged Property) and to carry on its business as now being conducted and is qualified to do business in the jurisdiction in which the Mortgaged Property is located, and (iii) has the requisite power to
execute and deliver, and perform its obligations under, this Agreement, the Note and all of the other Loan Documents to which it is a party. 
 (b) Authorization; No Conflict; Consents and Approvals. The execution and delivery by Borrower of this Agreement, the Note and each of the other Loan Documents, Borrower’s performance of its obligations hereunder and thereunder
and the creation of the security interests and liens provided for in this Agreement and the other Loan Documents to which it is a party (i) have been duly authorized by all requisite limited liability company action on the part of Borrower,
(ii) will not violate any provision of any Legal Requirements, any order of any court or other Governmental Authority, the Organizational Agreement or any indenture or agreement or other instrument to which Borrower is a party or by which
Borrower is bound, and (iii) will not be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or result in the creation or imposition of any Lien of any nature whatsoever upon the
Mortgaged Property pursuant to, any such indenture or material agreement or instrument other than the Loan Documents. Other than those obtained or filed on or prior to the Closing Date, Borrower is not required to obtain any consent, approval or
authorization from, or to file any declaration or statement with, any Governmental Authority or other agency in connection with or as a condition to the execution, delivery or performance of this Agreement, the Note or the other Loan Documents
executed and delivered by Borrower. 
 (c) Enforceability. This Agreement, the Note and each other Loan Document executed by Borrower
in connection with the Loan (including, without limitation, any Collateral Security Instrument), is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject to bankruptcy, insolvency,
and other limitations on creditors’ rights generally and to equitable principles. This Agreement, the Note and such other Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower (including the
defense of usury), and Borrower has not asserted any right of rescission, set-off, counterclaim or defense with respect thereto. 
 (d)
Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending and served or, to the best knowledge of Borrower, threatened against Borrower or any Collateral,
which actions, suits or 

  

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proceedings, if determined against Borrower or such Collateral, are reasonably likely to result in a Material Adverse Effect. 
 (e) Agreements. Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any agreement or instrument to which it is a party or by which Borrower or any Collateral is bound which is reasonably likely to have a Material Adverse Effect. Borrower is not a party to any agreement or instrument or subject to any
restriction that is reasonably likely to have a Material Adverse Effect. 
 (f) No Bankruptcy Filing. Borrower is not contemplating
either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property. To the best knowledge of Borrower, no Person is contemplating the filing of any
such petition against it. 
 (g) Solvency. Giving effect to the transactions contemplated hereby, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities (including, without limitation, subordinated, unliquidated, disputed and contingent liabilities). The fair saleable value
of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities (including the maximum amount of its contingent liabilities on its debts as such debts become absolute and
matured). Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does
not believe that it will, incur debts and liabilities (including, without limitation, contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or
in respect of obligations of Borrower). 
 (h) Other Debt. Borrower has not borrowed or received other debt financing whether
unsecured or secured by the Mortgaged Property or any part thereof. 
 (i) Full and Accurate Disclosure. No statement of fact made by
or on behalf of Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. To the best
knowledge of Borrower, there is no fact that has not been disclosed to Agent that is likely to result in a Material Adverse Effect, including without limitation, the terms and conditions of the purchase and sale agreement pursuant to which Borrower
acquired the Mortgaged Property. 
 (j) Financial Information. All financial statements and other data concerning Borrower and the
Mortgaged Property that has been delivered by or on behalf of Borrower to Agent is true, complete and correct in all material respects and has been prepared in accordance with GAAP. Since the delivery of such data, except as otherwise disclosed in
writing to Agent, there has been no change in the financial position of Borrower or the Mortgaged Property, or in the results of operations of Borrower, which change results or is reasonably likely to result in a Material Adverse Effect. Borrower
has not incurred any obligation or liability, contingent or 

  

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otherwise, not reflected in such financial data, which is likely to have a Material Adverse Effect upon its business operations or the Mortgaged Property.

 (k) Investment Company Act; Public Utility Holding Company Act. Borrower is not (i) an “investment company” or a
company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended, (ii) a “holding company” or a “subsidiary company” of a “holding company”
or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or (iii) subject to any other federal or state law or
regulation which purports to restrict or regulate its ability to borrow money in accordance with this Agreement. 
 (l) Compliance.
Borrower is in compliance with all applicable Legal Requirements, except for noncompliance that is not reasonably likely to have a Material Adverse Effect. Borrower is not in default or violation of any order, writ, injunction, decree or demand of
any Governmental Authority except for defaults or violations which are not reasonably likely to have a Material Adverse Effect. 
 (m) Use
of Proceeds; Margin Regulations. Borrower will use the proceeds of the Loan for the purposes described in Section 2.2. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin
stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any
purposes prohibited by Legal Requirements. 
 (n) Single-Purpose Entity. 
 (i) Borrower at all times since its formation has been a duly formed and existing limited liability company under the laws of the State of
its formation and a Single-Purpose Entity. 
 (ii) Borrower at all times since its formation has complied with the provisions
of its Organizational Agreement since such agreement was executed and delivered and the laws of the State of Delaware relating to limited liability companies. 
 (iii) All customary formalities regarding the limited liability company existence of Borrower have been observed at all times since the
Organizational Agreement was executed and delivered. 
 (iv) Borrower has at all times since it began maintaining such items
accurately maintained its financial statements, accounting records and other limited liability company documents separate from those of its members, Affiliates of its members and any other Person. Borrower has not at any time since its formation
commingled its assets with those of its members, any Affiliates of its members, or any other Person. Borrower has at all times since establishing its own bank accounts accurately maintained its own bank accounts and separate books of account.

 (v) Borrower has at all times since receiving funds paid its own liabilities from its own separate assets. 
  

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 (vi) Borrower has at all times since its formation identified itself in all dealings with
the public, under its own name and as a separate and distinct entity. Borrower has not at any time since its formation identified itself as being a division or a part of any other entity. Borrower has not at any time since its formation identified
its members or any Affiliates of its members as being a division or part of Borrower. 
 (vii) Borrower is as of the date
hereof adequately capitalized in light of the nature of its business. 
 (viii) Borrower has not at any time since its
formation assumed or guaranteed the liabilities of its members (or any predecessor entity), any Affiliates of its members, or any other Persons, except for liabilities relating to the Collateral. Borrower has not at any time since its
formation acquired obligations or securities of its members (or any predecessor entity), or any Affiliates of its members or any other Person. Borrower has not at any time since its formation pledged its assets for the benefit of any other
entity (other than the Agent) or made loans or advances to its members (or any predecessor entity), or any Affiliates of its members or any other Person. 
 (ix) Borrower has not at any time since its formation entered into and was not a party to any transaction with its members (or any
predecessor entity) or any Affiliates of its members, except for in the ordinary course of business of Borrower on terms which are no less favorable to Borrower than would be obtained in a comparable arm’s length transaction with an unrelated
third party (other than in connection with the execution by Borrower and Manager of the Management Agreement). 
 (o) No Defaults. No
Default or Event of Default exists under or with respect to any Loan Document. 
 (p) Plans and Welfare Plans. The assets of Borrower
are not treated as “plan assets” under regulations currently promulgated under ERISA. Each Plan, and, to the best knowledge of Borrower, each Multiemployer Plan, is in compliance in all material respects with, and has been administered in
all material respects in compliance with, its terms and the applicable provisions of ERISA, the Code and any other federal or state law, and no event or condition has occurred and is continuing as to which Borrower would be under an obligation to
furnish a report to Lender under Section 5.1(u)(i). Other than an application for a favorable determination letter with respect to a Plan, there are no pending issues or claims before the Internal Revenue Service, the United States
Department of Labor or any court of competent jurisdiction related to any Plan or Welfare Plan. No event has occurred, and there exists no condition or set of circumstances, in connection with any Plan or Welfare Plan under which Borrower or, to the
best knowledge of Borrower, any ERISA Affiliate, directly or indirectly (through an indemnification agreement or otherwise), is reasonably likely to be subject to any material risk of liability under Section 409 or 502(i) of ERISA or
Section 4975 of the Code. No Welfare Plan provides or will provide benefits, including, without limitation, death or medical benefits (whether or not insured) with respect to any current or former employee of Borrower, or, to the best knowledge
of Borrower, any ERISA Affiliate beyond his or her retirement or other termination of service other than (i) coverage mandated by applicable law, (ii) death or disability benefits that have been fully provided for by fully paid up
insurance or (iii) severance benefits. 
  

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 (q) Additional Borrower UCC Information. Borrower’s organizational identification number is
3789285 and the full legal name of Borrower is as set forth on the signature pages hereof and Borrower has not done in the last five (5) years, and does not do, business under any other name (including any trade-name or fictitious business
name). 
 (r) Not Foreign Person. Borrower is not a “foreign person” within the meaning of § 1445(f)(3) of the
Code. 
 (s) Labor Matters. Borrower is not a party to any collective bargaining agreements. 
 (t) Pre-Closing Date Activities. Borrower has not conducted any business or other activity on or prior to the Closing Date, other than in
connection with the acquisition, management and ownership of the Mortgaged Property. 
 (u) No Bankruptcies or Criminal Proceedings
Involving Borrower or Related Parties. No bankruptcy, insolvency, reorganization or comparable proceedings have ever been instituted by or against Borrower, any Affiliate of Borrower, Guarantor or any individual or entity owning, with his, her
or its family members, 20% or more of the direct, or indirect beneficial ownership interests in Borrower (each such Guarantor, individual, or entity being herein referred to as a “Principal”), and no such proceeding is now
pending or contemplated. None of Borrower, any Principal, or to Borrower’s knowledge, any other individual or entity directly or indirectly owning or controlling, or the family members of which own or control, any direct or indirect beneficial
ownership interest in Borrower or in the Manager or asset manager for the Mortgaged Property, have been charged, indicted or convicted, or are currently under the threat of charge, indictment or conviction, for any felony or crime punishable by
imprisonment. 
 (v) No Prohibited Persons. Neither Borrower, nor Guarantor nor any of their respective officers, directors,
shareholders, partners, members or Affiliates, if applicable (including, without limitation, the indirect holders of equity interests in Borrower) is or will be an entity or person: (i) that is listed in the Annex to, or is otherwise subject to
the provisions of Executive Order 13224 issued on September 24, 2001 (“EO13224”); (ii) whose name appears on the United States Treasury Department’s Office of Foreign Assets Control
(“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website,
http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports “terrorism”, as that term is defined in EO13224; or (iv) who is otherwise affiliated with any entity or person listed above (any and all
parties or persons described in clauses (i) through (iv) above are herein referred to as a “Prohibited Person”). 
 Section
4.2. Representations and Warranties as to the Mortgaged Property. Borrower hereby represents and warrants to the Agent that, as to the Mortgaged Property and the Mortgage, as of the Closing Date: 
 (a) Title to the Mortgaged Property. Borrower owns good, marketable and insurable fee simple title to the applicable Land, free and clear of all
Liens, other than the Permitted Encumbrances applicable to the Land. Borrower owns the other Mortgaged Property free and clear of any and all Liens, other than Permitted Encumbrances. There are no outstanding options to purchase or rights of first
refusal or restrictions on transferability affecting such Mortgaged Property. 
  

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 (b) Utilities and Public Access. The Mortgaged Property has adequate rights of access to public
ways and is served by water, electric, sewer, sanitary sewer and storm drain facilities. All public utilities necessary to the continued use and enjoyment of the Mortgaged Property as presently used and enjoyed are located in the public right-of-way
abutting the premises, and all such utilities are connected so as to serve the Mortgaged Property without passing over other property except for land or easement areas of or available to the utility company providing such utility service. All roads
necessary for the full utilization of the Mortgaged Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities or are the subject of access easements for the benefit of the Mortgaged
Property. 
 (c) Condemnation. No Taking has been commenced or, to the best of Borrower’s knowledge, is contemplated with respect
to all or any portion of the Mortgaged Property or for the relocation of roadways providing access to the Mortgaged Property. 
 (d)
Compliance. The Mortgaged Property is in compliance with all applicable Legal Requirements (including, without limitation, building and zoning ordinances and codes) and all applicable Insurance Requirements, except for noncompliance which is
not reasonably likely to have a Material Adverse Effect. 
 (e) Environmental Compliance. Except for matters set forth in the
Environmental Reports delivered to Agent in connection with the Loan (true, correct and complete copies of which have been provided to Agent by Borrower): 
 (i) Borrower is in full compliance with all applicable Environmental Laws (which compliance includes, but is not limited to, the possession by Borrower or the Manager of all environmental, health and safety permits,
licenses and other governmental authorizations required in connection with the ownership and operation of the Mortgaged Property under all Environmental Laws), except for noncompliance which is not reasonably likely to have a Material Adverse
Effect. 
 (ii) There is no Environmental Claim pending or, to the actual knowledge of Borrower, threatened, and no penalties
arising under Environmental Laws have been assessed, against Borrower or the Manager or, to the actual knowledge of Borrower, against any Person whose liability for any Environmental Claim Borrower or the Manager has or may have retained or assumed
either contractually or by operation of law, and no investigation or review is pending or, to the actual knowledge of Borrower, threatened by any Governmental Authority, citizens group, employee or other Person with respect to any alleged failure by
Borrower or the Manager or the Mortgaged Property to have any environmental, health or safety permit, license or other authorization required under, or to otherwise comply with, any Environmental Law or with respect to any alleged liability of
Borrower or the Manager for any Use or Release of any Hazardous Substances. 
  

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 (iii) There are no present and, to the best of Borrower’s knowledge, there have been
no past Releases of any Hazardous Substance that are reasonably likely to form the basis of any Environmental Claim against Borrower, the Manager or against any Person whose liability for any Environmental Claim Borrower or the Manager has or may
have retained or assumed either contractually or by operation of law. 
 (iv) Without limiting the generality of the
foregoing, there is not present at, on, in or under the Mortgaged Property, PCB-containing equipment, asbestos or asbestos containing materials, underground storage tanks or surface impoundments for Hazardous Substances, lead in drinking water
(except in concentrations that comply with all Environmental Laws), or lead based paint, the presence of which is reasonably likely to result in a Material Adverse Effect. 
 (v) No liens are presently recorded with the appropriate land records under or pursuant to any Environmental Law with respect to the
Mortgaged Property and no Governmental Authority has been taking or, to the actual knowledge of Borrower, is in the process of taking any action that could subject the Mortgaged Property to Liens under any Environmental Law. 
 (vi) There have been no environmental investigations, studies, audits, reviews or other analyses conducted by or that are in the
possession of Borrower in relation to the Mortgaged Property which have not been made available to the Agent. 
 (f) Mortgage and Other
Liens. The Mortgage creates a valid and enforceable first priority Lien on the Mortgaged Property described therein, as security for the repayment of the Indebtedness, subject only to the Permitted Encumbrances applicable to the Mortgaged
Property. This Agreement creates a valid and enforceable first priority Lien on all Account Collateral. Each Collateral Security Instrument establishes and creates a valid, subsisting and enforceable Lien on and a security interest in, or claim to,
the rights and property described therein. All property covered by any Collateral Security Instrument in which a security interest can be perfected by the filing of a financing statement is subject to a UCC financing statement filed and/or recorded,
as appropriate (or irrevocably delivered to an agent for such recordation or filing) in all places necessary to perfect a valid first priority Lien with respect to the rights and property that are the subject of such Collateral Security Instrument
to the extent governed by the UCC. 
 (g) Assessments. There are no pending nor, to the best knowledge of Borrower, proposed special
or other assessments for public improvements or otherwise affecting the Mortgaged Property, nor are there any contemplated improvements to the Mortgaged Property that may result in such special or other assessments. 
 (h) No Joint Assessment; Separate Lots. Borrower has not suffered, permitted or initiated the joint assessment of the Mortgaged Property
(i) with any other real property constituting a separate tax lot, and (ii) with any portion of the Mortgaged Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be
levied against such personal property shall be assessed or levied or charged to the Mortgaged Property as a single lien. The Mortgaged Property is comprised of one or more 

  

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parcels, each of which constitutes a separate tax lot and none of which constitutes a portion of any other tax lot. 
 (i) No Prior Assignment. The Agent is the collateral assignee of Borrower’s interest under the Leases. There are no prior assignments of the
Leases or any portion of the Rent due and payable or to become due and payable which are presently outstanding. 
 (j) Permits;
Certificate of Occupancy. Borrower has obtained all Permits necessary to the use and operation of the Mortgaged Property except where the failure to obtain such Permits is not reasonably likely to have a Material Adverse Effect. The use being
made of the Mortgaged Property is in conformity with the certificate of occupancy and/or such Permits for the Mortgaged Property and any other restrictions, covenants or conditions affecting the Mortgaged Property. 
 (k) Flood Zone. Except as shown on the Survey, the Mortgaged Property described therein is not located in a flood hazard area as defined by the
Federal Insurance Administration. 
 (l) Physical Condition. Except as set forth in the Engineering Report, to the best knowledge of
Borrower, the Mortgaged Property is free of structural defects and all building systems contained therein are in good working order subject to ordinary wear and tear. 
 (m) Security Deposits. Borrower and the Manager are in compliance with all Legal Requirements relating to all security deposits with respect to the Mortgaged Property, except where the failure to comply is not
reasonably likely to result in a Material Adverse Effect. 
 (n) Intellectual Property. All material Intellectual Property that
Borrower owns or has pending, or under which it is licensed, are in good standing and uncontested. There is no right under any Intellectual Property necessary to the business of Borrower as presently conducted or as Borrower contemplates conducting
its business. Borrower has not infringed, is not infringing, and has not received notice of infringement with respect to asserted Intellectual Property of others. There is no infringement by others of material Intellectual Property of Borrower.

 (o) No Encroachments. Except as shown on the Survey, to the best knowledge of Borrower, (i) all of the Improvements which were
included in determining the appraised value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, (ii) no improvements on adjoining properties encroach upon the Mortgaged Property,
(iii) no easements or other encumbrances upon the Mortgaged Property encroach upon any of the Improvements, so as to materially and adversely affect the value or marketability of the Mortgaged Property and (iv) all of the Improvements
comply with all material requirements of any applicable zoning and subdivision laws and ordinances. 
 (p) Management Agreement. The
Management Agreement is in full force and effect. There is no default, breach or violation existing thereunder by Borrower or, to the best knowledge of Borrower, any other party thereto and no event (other than payments due but not yet delinquent)
which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach or violation by Borrower or, to the best 

  

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knowledge of Borrower, any other party thereunder or entitle Borrower or, to the best knowledge of Borrower, any other party thereto to terminate any such
agreement. 
 (q) Leases. The Mortgaged Property is not subject to any Leases other than the Leases described in the rent roll
delivered to Agent in connection with the making of the Loan. No person has any possessory interest in the Mortgaged Property or right to occupy the same except under and pursuant to the provisions of the Leases. The current Leases are in full force
and effect and there are no defaults thereunder by either party and no conditions which with the passage of time and/or notice would constitute defaults thereunder, except for such defaults as are not reasonably likely to result in a Material
Adverse Effect. 
 Section 4.3. Survival of Representations. Borrower agrees that (i) all of the representations and warranties of Borrower set
forth in Section 4.1 and 4.2 and in the other Loan Documents delivered on the Closing Date are made as of the Closing Date, and (ii) all representations and warranties made by Borrower shall survive the delivery of the Note
and making of the Loan and continue for so long as any amount remains owing to the Lenders under this Agreement, the Note or any of the other Loan Documents; provided, however, that the representations set forth in
Section 4.2(e) shall survive in perpetuity. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents shall be deemed to have been relied upon by the Lenders and Collateral Agent
notwithstanding any investigation heretofore or hereafter made by the Lenders and Collateral Agent or on their behalf. 
 ARTICLE V.

 AFFIRMATIVE COVENANTS 
 Section 5.1.
Affirmative Covenants. Borrower covenants and agrees that, from the date hereof and until payment in full of the Indebtedness: 
 (a)
Existence; Compliance with Legal Requirements: Insurance. Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence as a limited liability company, rights, licenses, Permits
and franchises necessary for the conduct of its business and comply with all Legal Requirements and Insurance Requirements applicable to it and the Mortgaged Property, except for such non-compliance which is not reasonably likely to result in a
Material Adverse Effect. Borrower shall at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property necessary for the continued conduct of its business and keep the Mortgaged Property in
good repair, working order and condition, except for reasonable wear and use (and except for casualty losses as to which other provisions hereof shall govern), and from time to time make, or cause to be made, all reasonably necessary repairs,
renewals, replacements, betterments and improvements thereto. Borrower shall or shall cause its tenants to keep the Mortgaged Property insured at all times, by financially sound and reputable insurers, to such extent and against such risks, and
maintain liability and such other insurance, as more fully provided in this Agreement, and otherwise perform and comply with all obligations of Borrower under the Mortgage. 
 (b) Basic Carrying Costs and Other Claims. Borrower shall pay and discharge all Impositions, as well as all lawful claims for labor, materials and
supplies or otherwise when due and payable all as more fully provided in, and subject to any rights to contest contained in, the 

  

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Mortgage. Borrower shall pay all Basic Carrying Costs with respect to Borrower and the Mortgaged Property in accordance with the provisions of the Mortgage
and this Agreement, subject, however, to Borrower’s rights to contest payment of Impositions in accordance with the Mortgage. Borrower’s obligation to pay Basic Carrying Costs pursuant to this Agreement shall include, to the extent
permitted by applicable law, Impositions resulting from future changes in law which impose upon a Lender an obligation to pay any property taxes on the Mortgaged Property or other Impositions. Borrower shall (x) pay its trade payables within
forty-five (45) days from the date such trade payables are incurred and (y) not permit its trade payables to exceed 2% of the Principal Indebtedness. 
 (c) Litigation. Borrower shall give prompt written notice to Agent of any litigation or governmental proceedings pending or threatened (in writing) against Borrower, or the Mortgaged Property which is
reasonably likely to have a Material Adverse Effect. 
 (d) Environmental Remediation. 
 (i) If any investigation, site monitoring, cleanup, removal, restoration or other remedial work of any kind or nature is required pursuant
to an order or directive of any Governmental Authority or under any applicable Environmental Law, because of or in connection with the current or future presence, suspected presence, Release or suspected Release of a Hazardous Substance on, under or
from the Mortgaged Property or any portion thereof (collectively, the “Remedial Work”), Borrower shall promptly commence and diligently prosecute to completion all such Remedial Work, and shall conduct such Remedial Work in
accordance with the National Contingency Plan promulgated under the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., if applicable, and in accordance with other applicable Environmental Laws.
In all events, such Remedial Work shall be commenced within such period of time as required under any applicable Environmental Law; provided, however, that Borrower shall not be required to commence such Remedial Work within the above
specified time periods: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time periods would result in Borrower or such Remedial Work violating any Environmental Law or
(z) if Borrower, at its expense and after prior notice to Agent, is contesting by appropriate legal, administrative or other proceedings conducted in good faith and with due diligence the need to perform Remedial Work, as long as
(1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Mortgaged Property nor any part thereof or interest therein shall be sold, forfeited or lost
if Borrower does not perform the Remedial Work being contested, and Borrower would have the opportunity to do so, in the event of Borrower’s failure to prevail in the contest, (3) the Lenders would not, by virtue of such permitted contest,
be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or to any risk of criminal liability, and neither the Mortgaged Property nor any interest therein
would be subject to the imposition of any lien for which Borrower has not furnished additional security as provided in clause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished
to the Agent additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may be reasonably requested by the Agent. 

 

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 (ii) If requested by the Agent, all Remedial Work under clause (i) above
shall be performed by contractors, and under the supervision of a consulting Engineer, each approved in advance by the Agent which approval shall not be unreasonably withheld or delayed. Borrower shall pay all costs and expenses reasonably incurred
in connection with such Remedial Work. If Borrower does not timely commence and diligently prosecute to completion the Remedial Work, the Agent may (but shall not be obligated to), upon 30 days prior written notice to Borrower of its intention to do
so, cause such Remedial Work to be performed. Borrower shall pay or reimburse the Agent on demand for all expenses (including reasonable attorneys’ fees and disbursements, but excluding internal overhead, administrative and similar costs of the
Lenders) reasonably relating to or incurred by the Agent in connection with monitoring, reviewing or performing any Remedial Work in accordance herewith. 
 (iii) Borrower shall not commence any Remedial Work under clause (i) above, nor enter into any settlement agreement, consent decree or other compromise relating to any Hazardous Substances or Environmental
Laws without providing notice to the Agent as provided in Section 5.1(f). Notwithstanding the foregoing, if the presence or threatened presence of Hazardous Substances on, under, about or emanating from the Mortgaged Property poses an
immediate threat to the health, safety or welfare of any Person or the environment, or is of such a nature that an immediate response is necessary or required under applicable Environmental Law, Borrower may complete all necessary Remedial Work. In
such events, Borrower shall notify Agent as soon as practicable and, in any event, within three Business Days, of any action taken. 
 (e)
Environmental Matters: Inspection. 
 (i) Borrower shall not permit a Hazardous Substance to be present on, under or to
emanate from the Mortgaged Property, or migrate from adjoining property controlled by Borrower onto or into the Mortgaged Property, except under conditions permitted by applicable Environmental Laws and, in the event that such Hazardous Substances
are present on, under or emanate from the Mortgaged Property, or migrate onto or into the Mortgaged Property, Borrower shall cause the removal or remediation of such Hazardous Substances, in accordance with this Agreement and Environmental Laws
(including, where applicable, the National Contingency Plan promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42, U.S.C. § 9601 et seq. ), either on its own behalf or by causing a tenant or
other party primarily at fault to perform such removal and remediation. Borrower shall use commercially reasonable efforts to prevent, and to seek the remediation of, any migration of Hazardous Substances onto or into the Mortgaged Property from any
adjoining property. 
 (ii) Upon reasonable prior written notice, the Agent shall have the right, except as otherwise provided
under Leases, at all reasonable times during normal business hours to enter upon and inspect all or any portion of the Mortgaged Property, provided that such inspections shall not unreasonably interfere with the operation or the tenants,
residents or occupants of the Mortgaged Property. If the Agent has reasonable grounds to suspect that Remedial Work may be required, the Agent shall notify Borrower and, thereafter, may select a consulting Engineer to conduct and prepare reports of
such inspections (with notice to Borrower prior to the commencement of such inspection). Borrower shall be given a reasonable opportunity to review any reports, data and other documents or materials reviewed or prepared 

  

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by the Engineer, and to submit comments and suggested revisions or rebuttals to same. The inspection rights granted to the Agent in this
Section 5.1(e) shall be in addition to, and not in limitation of, any other inspection rights granted to the Agent in this Agreement, and shall expressly include the right (if the Agent reasonably suspects that Remedial Work may be
required) to conduct soil borings, establish ground water monitoring wells and conduct other customary environmental tests, assessments and audits. 
 (iii) Borrower agrees to bear and shall pay or reimburse the Lenders on demand for all sums advanced and reasonable expenses incurred (including reasonable attorneys’ fees and disbursements, but excluding
internal overhead, administrative and similar costs of the Lenders) reasonably relating to, or incurred by Lenders in connection with, the inspections and reports described in this Section 5.1(e) (to the extent such inspections and
reports relate to the Mortgaged Property) in the following situations: 
 (x) If the Agent has reasonable grounds to believe,
at the time any such inspection is ordered, that there exists an occurrence or condition that could lead to an Environmental Claim; 
 (y) If any such inspection reveals an occurrence or condition that is reasonably likely to lead to an Environmental Claim; or 
 (z) If an Event of Default with respect to the Mortgaged Property exists at the time any such inspection is ordered, and such Event of Default relates to any representation, covenant or other obligation pertaining to
Hazardous Substances, Environmental Laws or any other environmental matter. 
 (iv) Attached hereto as Schedule 2 is a
true, correct and complete copy of the operations and maintenance plan to operate and maintain the Mortgaged Property in compliance with Environmental Laws and in such a manner as to minimize the risks posed by such Hazardous Substances (including
asbestos) as may exist at the Mortgaged Property (the “O&M Plan”). Borrower shall at all times diligently implement the O&M Plan. The O&M Plan and its implementation shall be in all respects satisfactory to Agent
in its reasonable discretion. 
 (f) Environmental Notices. Borrower shall promptly provide notice to Agent of: 
 (i) any Environmental Claim asserted by any Governmental Authority with respect to any Hazardous Substance on, in, under or emanating from
the Mortgaged Property, which might involve remediation cost or liability greater than $25,000; 
 (ii) any proceeding,
investigation or inquiry commenced or threatened in writing by any Governmental Authority, against Borrower, with respect to the presence, suspected presence, Release or threatened Release of Hazardous Substances from or onto, in or under any
property not owned by Borrower (including, without limitation, proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended, 42 U.S.C. §9601, et seq.), which might involve remediation cost or
liability greater than $25,000; 
 (iii) all Environmental Claims asserted or threatened against Borrower, against any other
party occupying the Mortgaged Property or any portion thereof which become known 

  

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to Borrower or against the Mortgaged Property, which might involve remediation cost or liability greater than $25,000; 
 (iv) the discovery by Borrower of any occurrence or condition on the Mortgaged Property or on any real property adjoining or in the
vicinity of the Mortgaged Property which could involve remediation cost or liability greater than $25,000; 
 (v) the
commencement or completion of any Remedial Work; and 
 (vi) any of the foregoing clauses (i) – (v) that a
tenant notifies to Borrower under a Lease with respect to such tenant. 
 (g) Copies of Notices. Borrower shall transmit to the Agent
copies of any citations, orders, notices or other written communications received from any Person and any notices, reports or other written communications submitted to any Governmental Authority with respect to the matters described in
Section 5.1(f). 
 (h) Environmental Claims. The Agent may join and participate in, as a party if the Agent so determines,
any legal or administrative proceeding or action concerning the Mortgaged Property or any portion thereof under any Environmental Law, if, in the Agent’s reasonable judgment, the interests of the Lenders shall not be adequately protected by
Borrower; provided, however, that the Lenders shall not participate in day-to-day decision making with respect to environmental compliance. Borrower shall pay or reimburse the Lenders on demand for all reasonable sums advanced and
reasonable expenses incurred (including reasonable attorneys’ fees and disbursements, but excluding internal overhead, administrative and similar costs of the Lenders) by the Lenders in connection with any such action or proceeding. 

(i) Environmental Indemnification. Borrower shall indemnify, reimburse, defend, and hold harmless the Agent, each Lender, the Collateral Agent
and each of its respective parents, subsidiaries, Affiliates, shareholders, directors, officers, employees, representatives, agents, successors, assigns and attorneys (collectively, the “Indemnified Parties”) for, from, and
against all demands, claims, actions or causes of action, assessments, losses, damages, liabilities, costs and expenses (including, without limitation, interest, penalties, reasonable attorneys’ fees, disbursements and expenses, and reasonable
consultants’ fees, disbursements and expenses (but excluding internal overhead, administrative, lost opportunity and similar costs of the Lenders and the Collateral Agent)), asserted against, resulting to, imposed on, or incurred by any
Indemnified Party, directly or indirectly, in connection with any of the following (except to the extent same are directly and solely caused by the gross negligence or willful misconduct of any Indemnified Party and except that any Indemnified Party
shall not be indemnified against claims resulting from actions taken or events occurring with respect to the Mortgaged Property after the Agent forecloses its Lien or security interest upon the Mortgaged Property or accepts a deed in lieu of
foreclosure or is a so-called “mortgagee-in-possession” unless and to the extent such indemnification relates to any of the following which occurred while Borrower owned the Mortgaged Property): 
 (i) events, circumstances, or conditions which form the reasonable basis for an Environmental Claim; 
  

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 (ii) any pollution or threat to human health or the environment that is related in any
way to Borrower’s or any previous owner’s or operator’s management, use, control, ownership or operation of the Mortgaged Property (including, without limitation, all on-site and off-site activities involving Hazardous Substances),
and whether occurring, existing or arising prior to or from and after the date hereof, and whether or not the pollution or threat to human health or the environment is described in the Environmental Reports; 
 (iii) any Environmental Claim against any Person whose liability for such Environmental Claim Borrower has or may have assumed or retained
either contractually or by operation of law; or 
 (iv) the breach of any representation, warranty or covenant set forth in
Section 4.2(e) and Sections 5.1(d) through 5.1(i), inclusive. 
 The provisions of and undertakings and indemnification set
forth in this Section 5.1(i) shall survive the satisfaction and payment of the Indebtedness and termination of this Agreement. 
 (j) General Indemnity. 
 (i) Borrower shall, at its sole cost and expense, protect, defend, indemnify,
release and hold harmless the Indemnified Parties for, from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), administrative and judicial actions and proceedings, obligations, debts, damages,
losses, costs, expenses, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, and litigation costs, of whatever kind or nature and whether or not incurred in connection with any judicial or administrative
proceedings (including, but not limited to, reasonable attorneys’ fees and other reasonable costs of defense) (the “Losses”) imposed upon or incurred by or asserted against any Indemnified Parties (except to the extent
same are directly and solely caused by the gross negligence or willful misconduct of any Indemnified Party) and directly or indirectly arising out of or in any way relating to any one or more of the following: 
 (A) ownership of the Note, any of the other Loan Documents or the Mortgaged Property or any interest therein or receipt of any Rents or
Accounts; 
 (B) any untrue statement of any material fact contained in any information concerning Borrower, the Mortgaged
Property or the Loan or the omission to state therein a material fact required to be stated in such information or necessary in order to make the statements in such information or in light of the circumstances under which they were made not
misleading; 
 (C) any and all lawful action that may be taken and is taken by the Lender in connection with the enforcement
of the provisions of this Agreement, the Note or any of the other Loan Documents, whether or not suit is filed in connection with same, or in connection with Borrower or any Affiliate of Borrower becoming a party to a voluntary or involuntary
federal or state bankruptcy, insolvency or similar proceeding; 
  

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 (D) any accident, injury to or death of persons or loss of or damage to property
occurring in, on or about the Mortgaged Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; 
 (E) any use, nonuse or condition in, on or about the Mortgaged Property or any part thereof or on the adjoining sidewalks, curbs, adjacent
property or adjacent parking areas, streets or ways; 
 (F) any failure on the part of Borrower to perform or be in compliance
with any of the terms of this Agreement or any of the other Loan Documents; 
 (G) performance of any labor or services or the
furnishing of any materials or other property in respect of the Mortgaged Property or any part thereof pursuant to provisions of this Agreement; 
 (H) the failure of Borrower to file timely with the Internal Revenue Service an accurate Form 1099-B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be
required in connection with this Agreement; 
 (I) any failure of the Mortgaged Property to be in compliance with any Legal
Requirement; 
 (J) the enforcement by any Indemnified Party of the provisions of this Section 5.1(j); and

 (K) any and all claims and demands whatsoever which may be asserted against the Lenders by reason of any alleged
obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease. 
 Any amounts payable to
an Indemnified Party by reason of the application of this Section 5.1(j)(i) shall become due and payable ten (10) days after written demand and shall bear interest at the Default Rate from the tenth (10th) day after demand
until paid. 
 (ii) Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any of the Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording of this
Agreement, the Note or any of the other Loan Documents. 
 (iii) Borrower shall, at its sole cost and expense, protect,
defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses
incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in the Lender’s reasonable discretion) that the
Indemnified Parties may incur, directly or indirectly, as a result of a default under Borrower’s covenants with respect to ERISA and employee benefits plans contained herein. 
  

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 (iv) Promptly after receipt by an Indemnified Party under this Section 5.1(j)
of notice of the making of any claim or the commencement of any action, such Indemnified Party shall, if a claim in respect thereof is to be made by such Indemnified Party against Borrower under this Section 5.1(j), notify Borrower in
writing, but the omission so to notify Borrower will not relieve Borrower from any liability which it may have to any Indemnified Party under this Section 5.1(j) or otherwise unless and to the extent that Borrower did not otherwise
possess knowledge of such claim or action and such failure resulted in the forfeiture by Borrower of substantial rights and defenses. In case any such claim is made or action is brought against any Indemnified Party and such Indemnified Party seeks
or intends to seek indemnity from Borrower, Borrower will be entitled to participate in, and, to the extent that it may wish, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party; and, upon receipt of notice
from Borrower to such Indemnified Party of its election so to assume the defense of such claim or action and only upon approval by the Indemnified Party of such counsel (such approval not to be unreasonably withheld or delayed), Borrower will not be
liable to such Indemnified Party under this Section 5.1(j) for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof. Notwithstanding the preceding sentence, each Indemnified
Party will be entitled to employ counsel separate from such counsel for Borrower and from any other party in such action if such Indemnified Party reasonably determines that a conflict of interest exists which makes representation by counsel chosen
by Borrower not advisable. In such event, Borrower shall pay the reasonable fees and disbursements of such separate counsel, subject to reimbursement of such costs if the Indemnified Party requiring such separate counsel is found not to be entitled
to the indemnity protection of this Section 5.1(j). Borrower shall not, without the prior written consent of an Indemnified Party, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not such Indemnified Party is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an
unconditional release of each Indemnified Party from all liability arising out of such claim, action, suit or proceeding. Each Indemnified Party shall not enter into a settlement of or consent to the entry of any judgment with respect to any action,
claim, suit or proceeding as to which an Indemnified Party would be entitled to indemnification hereunder without the prior written consent of Borrower. 
 The provisions of and undertakings and indemnification set forth in this Section 5.1(j) shall survive the satisfaction and payment of the Indebtedness and termination of this Agreement. 
 (k) Access to Mortgaged Property. Borrower shall permit agents, representatives and employees of the Agent to inspect the Mortgaged Property or
any part thereof at such reasonable times as may be requested by Agent upon reasonable advance written notice, subject, however, to the rights of Borrower and of the tenants of the Mortgaged Property. 
 (l) Notice of Default. Borrower shall promptly advise Agent in writing of any change in Borrower’s condition, financial or otherwise, that is
reasonably likely to have a Material Adverse Effect, or of the occurrence of any Default or Event of Default. 
 (m) Cooperate in Legal
Proceedings. Except with respect to any claim by Borrower, Senior Mezzanine Borrower, Junior Mezzanine Borrower, the Guarantor or any of their 

  

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Affiliates against the Agent or any Lender, Borrower shall reasonably cooperate with Agent with respect to any proceedings before any Governmental Authority
that are reasonably likely to in any way materially affect the rights of the Lenders hereunder or any rights obtained by the Lenders under any of the Loan Documents and, in connection therewith, shall not prohibit Agent, at its election, from
participating in any such proceedings. 
 (n) Perform Loan Documents. Borrower shall observe, perform and satisfy all the terms,
provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Loan Documents. 
 (o) Insurance Benefits. Borrower shall reasonably cooperate with Agent in obtaining for the Lenders the benefits of any Insurance Proceeds
lawfully or equitably payable to Borrower or Lenders in connection with the Mortgaged Property. Agent shall be reimbursed for any expenses reasonably incurred in connection therewith (including reasonable attorneys’ fees and disbursements, but
excluding internal overhead, administrative and similar costs of Agent) out of such Insurance Proceeds, all as more specifically provided in this Agreement. 
 (p) Further Assurances. Borrower shall, at Borrower’s sole cost and expense: 
 (i) upon Agent’s reasonable request therefor given from time to time, pay for (a) reports of UCC, tax lien, judgment and litigation searches with respect to Borrower, and (b) searches of title to the Mortgaged Property, each
such search to be conducted by search firms designated by Agent in each of the locations designated by Agent; 
 (ii) furnish
to Agent all instruments, documents, certificates, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished pursuant to the terms of the Loan Documents;

 (iii) execute and deliver to Agent such documents, instruments, certificates, assignments and other writings, and do such
other acts necessary, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Note, as Agent may reasonably require (including, without limitation, tenant estoppel certificates, an amended or replacement
Mortgage, UCC financing statements or Collateral Security Instruments); and 
 (iv) do and execute all and such further lawful
and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Agent shall reasonably require from time to time. 
 (q) Management of Mortgaged Property. 
 (i) The Mortgaged Property shall be managed at all times by the Manager or another manager reasonably satisfactory to Agent, pursuant to a Management Agreement. Any such manager may be an Affiliate of Borrower,
provided that: (a) the terms and conditions of such manager’s engagement are at arm’s length, reasonable, competitive and customary in the applicable marketplace; and (b) Agent has approved such manager and such terms, which
approval shall not be unreasonably withheld or delayed. Borrower shall cause the manager of 

  

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the Mortgaged Property to agree that such manager’s management agreement is subject and subordinate in all respects to the Lien of the Mortgage. A
Management Agreement may be terminated (1) by Borrower at any time in accordance with the provisions of such Management Agreement so long as a successor manager as specified below shall have been appointed and such successor manager has
(i) entered into a Management Agreement, subject to any modifications approved by Agent, which approval shall not be unreasonably denied, conditioned or delayed, and (ii) has executed and delivered the Manager’s Subordination to
Agent, and (2) by Agent upon thirty (30) days’ prior written notice to Borrower and the Manager (a) upon the occurrence and continuation of an Event of Default or (b) if the Manager commits any act which would permit
termination under the Management Agreement (subject to any applicable notice, grace and cure periods provided in the Management Agreement) or (c) if a change of majority control occurs with respect to the Manager. Borrower may from time to time
appoint a successor manager to manage the Mortgaged Property with Agent’s prior written consent, such consent not to be unreasonably withheld. Notwithstanding the foregoing, any successor manager selected hereunder by Agent or Borrower to
manage the Mortgaged Property shall be a reputable management company having substantial experience in the management of real property of a similar type, size and quality in the state in which the Mortgaged Property is located. Notwithstanding
anything herein to the contrary, if the Loan has been included in a Secondary Market Transaction in which Securities are issued, neither the Agent or Borrower shall appoint a successor or replacement manager, without first having obtained a Rating
Confirmation. Borrower further covenants and agrees that any manager of Mortgaged Property shall at all times while any Indebtedness is outstanding maintain worker’s compensation insurance as required by Governmental Authorities. 
 (ii) Borrower further covenants and agrees that the Mortgaged Property shall be operated pursuant to the Management Agreement and that
Borrower shall: (w) promptly perform and/or observe all of the material covenants and agreements required to be performed and observed by it under the Management Agreement and do all things reasonably necessary to preserve and to keep
unimpaired its material rights thereunder; (x) promptly notify the Agent of any material default under the Management Agreement of which it is aware; (y) promptly deliver to the Agent a copy of each financial statement, business plan,
capital expenditures plan, notice and report received by it under the Management Agreement, including, but not limited to, financial statements; and (z) promptly enforce the performance and observance of the covenants and agreements required to
be performed and/or observed by the Manager under the Management Agreement. 
 (r) Financial Reporting. 
 (i) Borrower shall keep and maintain or shall cause to be kept and maintained on a Fiscal Year basis in accordance with GAAP consistently
applied, books, records and accounts reflecting in reasonable detail all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Mortgaged Property and ownership of the Mortgaged Property and
in connection with any services, equipment or furnishings provided in connection with the operation of the Mortgaged Property, whether such income or expense may be realized by Borrower or by any other Person whatsoever. Agent shall have the right
from time to time at all times during normal business hours upon reasonable prior written notice to Borrower to examine such books, records and accounts at the office of Borrower or 

  

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other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Agent shall desire. During the continuation of an
Event of Default (including, without limitation, an Event of Default resulting from the failure of the Borrower to deliver any of the financial information required to be delivered pursuant to this Section 5.1(r)), Borrower shall pay any
reasonable costs and expenses incurred by Agent to examine Borrower’s accounting records, as Agent shall reasonably determine to be necessary or appropriate in the protection of the Lenders’ interest. 
 (ii) Borrower shall furnish to Agent annually, within ninety (90) days following the end of each Fiscal Year, a complete copy of
TPG/CALSTRS’ financial statements audited by a “Big Four” accounting firm or such other Independent certified public accountant acceptable to Agent in accordance with GAAP consistently applied covering TPG/CALSTRS’ financial
position and results of operations, for such Fiscal Year and containing a statement of revenues and expenses, a statement of assets and liabilities and a statement of TPG/CALSTRS’ equity, all of which shall be in form and substance reasonably
acceptable to Agent. Such audited financial statements shall include a supplementary schedule presenting a condensed consolidating statement of revenues and expenses and a statement of assets and liabilities of TPG/CALSTRS, and shall include the
statement of revenues and expenses and statement of assets and liabilities of Borrower. Agent shall have the right from time to time to review and consult with respect to the auditing procedures used in the preparation of such annual financial
statements. Together with TPG/CALSTRS’ annual financial statements, Borrower shall furnish to Agent an Officer’s Certificate certifying as of the date thereof (x) that the annual financial statements present fairly in all material
respects the results of operations and financial condition of TPG/CALSTRS all in accordance with GAAP consistently applied, and (y) whether there exists an Event of Default or Default, and if such Event of Default or Default exists, the nature
thereof, the period of time it has existed and the action then being taken to remedy same. 
 (iii) Borrower shall furnish to
Agent, within sixty (60) days following the end of each Fiscal Year quarter true, complete and correct quarterly unaudited financial statements prepared with respect to Borrower for the fiscal quarter then ended, accompanied by an
Officer’s Certificate certifying that such financial statements are true, complete and correct. 
 (iv) Borrower shall
furnish to Agent, within fifteen (15) Business Days after request, such further information with respect to the operation of the Mortgaged Property and the financial affairs of Borrower as may be reasonably requested by Agent, including all
business plans prepared for Borrower. 
 (v) Borrower shall furnish to Agent, within fifteen (15) Business Days after
request, such further information regarding any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA as may be reasonably requested by Agent in writing. 
 (vi) At least thirty (30) days prior to the end of each of Borrower’s Fiscal Years, Borrower shall submit or cause to be
submitted to Agent for its approval, such approval not to be unreasonably withheld or delayed, an Operating Budget for the next Fiscal Year for the Mortgaged Property. Until so approved by Agent for the subsequent Fiscal Year, the Operating Budget
approved by Agent for the preceding Fiscal Year shall remain in effect for purposes of 

  

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Section 2.12; provided, that for so long as such prior Operating Budget remains in effect, amounts set forth in the prior Operating Budget
with respect to Property Expenses shall be deemed increased on a percentage basis by an amount equal to the greater of (x) actual increases then known to Borrower and (y) the increase in the Consumer Price Index (expressed as a percentage)
as measured over the calendar year that the prior Operating Budget was in effect. No more often that once per fiscal quarter, Borrower may submit an amendment to an Operating Budget during the Fiscal Year covered by such Operating Budget. If Agent
does not respond to Borrower’s request for approval of a new or amended Operating Budget within ten (10) days after Agent’s receipt of such request, Borrower may send a second request for approval. Such second request shall contain on
the face thereof, in large, bold and otherwise conspicuous font, the following notice: “TIME SENSITIVE BUDGET APPROVAL REQUEST. AGENT’S FAILURE TO RESPOND TO THIS REQUEST WITHIN TEN (10) DAYS AFTER AGENT’S RECEIPT OF THE SAME
SHALL BE DEEMED AN APPROVAL BY AGENT.” Provided that Borrower’s second request contains the above notice, Agent’s failure to respond to such request within ten (10) days after receipt of such second notice shall be deemed an
approval by Agent. 
 (s) Operation of Mortgaged Property. Borrower shall cause the operation of the Mortgaged Property to be
conducted at all times in a manner consistent with at least the level of operation of the Mortgaged Property as of the Closing Date, including, without limitation, the following: 
 (i) to maintain or cause to be maintained the standard of the Mortgaged Property at all times at a level not lower than that maintained by
prudent managers of similar facilities or land in the region where the Mortgaged Property is located; 
 (ii) to operate or
cause to be operated the Mortgaged Property in a prudent manner in compliance in all material respects with applicable Legal Requirements and Insurance Requirements relating thereto and maintain or cause to be maintained all licenses, Permits and
any other agreements necessary for the continued use and operation of the Mortgaged Property; and 
 (iii) to maintain or
cause to be maintained sufficient Inventory and Equipment of types and quantities at the Mortgaged Property to enable Borrower to operate the Mortgaged Property and to comply in all material respects with all Leases affecting the Mortgaged Property.

 (t) Single-Purpose Entity. 
 (i) Borrower at all times will continue to be a duly formed and validly existing limited liability company under the laws of the State of its formation and a Single-Purpose Entity. 
 (ii) Borrower shall at all times comply with the provisions of its Organizational Agreement and the laws of the State of its formation
relating to limited liability companies. 
 (iii) Borrower shall observe all customary formalities regarding its existence.

  

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 (iv) Borrower shall accurately maintain its financial statements, accounting records and
other limited liability company documents separate from those of its members, Affiliates of its members and any other Person. Borrower shall not commingle its assets with those of its members, any Affiliates of its members, or any other Person.
Borrower shall continue to accurately maintain its own bank accounts and separate books of account. 
 (v) Borrower shall
continue to pay its own liabilities from its own separate assets. 
 (vi) Borrower shall continue to identify itself in all
dealings with the public, under its own name or trade names and as a separate and distinct entity. Borrower shall not identify itself as being a division or a part of any other entity. Borrower shall not identify its members or any Affiliates of its
members as being a division or part of Borrower. 
 (vii) Borrower shall continue to be adequately capitalized in light of the
nature of its business. 
 (viii) Borrower shall not assume or guarantee the liabilities of its members (or any predecessor
entity), any Affiliates of its members or any other Persons, except for liabilities relating to the Mortgaged Property. Borrower shall not acquire obligations or securities of its members (or any predecessor entity), or any Affiliates of its members
or any other Persons. Except for the Liens granted pursuant to the Loan Documents, Borrower shall not pledge its assets for the benefit of any other Person (other than the Agent) or make loans or advances to its members (or any predecessor entity),
or any Affiliates of its members or any other Persons. 
 (ix) Borrower shall not enter into or be a party to any transaction
with its members (or any predecessor corporation, partnership or limited liability company) or any Affiliates of its members, except for in the ordinary course of business on terms which are no less favorable to Borrower than would be obtained in a
comparable arm’s length transaction with an unrelated third party (other than in connection with the execution by Borrower and the Manager of the Management Agreement). 
 (u) ERISA. Borrower shall deliver to Agent as soon as possible, and in any event within ten days after Borrower knows or has reason to believe
that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, an Officer’s Certificate setting forth details respecting such event or condition and the action, if any, that Borrower
or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by Borrower or an ERISA Affiliate with respect to such event or condition): 
 (i) any reportable event, as defined in Section 4043(b) of ERISA and the regulations issued thereunder, with respect to a Plan, as to
which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of
Section 412 of the Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a
reportable event regardless of the issuance of any waivers in 

  

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accordance with Section 412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan; 
 (ii) the distribution under Section 4041(c) of ERISA of a notice of intent to terminate any Plan or any action taken by Borrower or
an ERISA Affiliate to terminate any Plan; 
 (iii) the institution by PBGC of proceedings under Section 4042 of ERISA for
the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by Borrower or any ERISA Affiliate of Borrower of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such
Multiemployer Plan; 
 (iv) the complete or partial withdrawal from a Multiemployer Plan by Borrower or any ERISA Affiliate of
Borrower that results in material liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by Borrower or any ERISA Affiliate of Borrower of notice
from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA; 
 (v) the institution of a proceeding by a fiduciary of any Multiemployer Plan against Borrower or any ERISA Affiliate of Borrower to
enforce Section 515 of ERISA, which proceeding is not dismissed within thirty (30) days; 
 (vi) the adoption of an
amendment to any Plan that, pursuant to Section 401(a)(29) of the Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if Borrower or an ERISA Affiliate of Borrower fails to
timely provide security to the Plan in accordance with the provisions of said Sections; and 
 (vii) the imposition of a lien
or a security interest in connection with a Plan. 
 (v) Reserved. 
 (w) Secondary Market Transaction. 
 (i) Borrower acknowledges that Agent and its successors and assigns may (A) sell the Loan to one or more investors as a whole loan, (B) participate the Loan to one or more investors, (C) deposit the
Loan with a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or (D) otherwise sell the Loan or interest therein to investors (the transactions referred to in clauses (A)
through (D) above are hereinafter each referred to as a “Secondary Market Transaction”). Borrower shall cooperate with Agent in attempting to effect or effecting any such Secondary Market Transaction and shall
cooperate in attempting to implement or implementing all requirements imposed by any Rating Agency involved in any Secondary Market Transaction, including but not limited to, 
 (A) providing Agent an estoppel certificate and such information, legal opinions and documents (including updated non-consolidation
opinions) relating to Borrower, the Guarantor, Senior Mezzanine Borrower, Junior Mezzanine Borrower, the Mortgaged Property and any tenants of the Mortgaged Property as Agent or the Rating Agencies or other Interested Parties (as defined below), may
reasonably request in connection with such Secondary 

  

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Market Transaction, including, without limitation, updated financial information, appraisals, market studies, environmental reviews (Phase I’s and, if
appropriate, Phase II’s), Mortgaged Property condition reports and other due diligence investigations together with appropriate verification of such updated information and reports through letters of auditors and consultants, as of the closing
date of the Secondary Market Transaction, 
 (B) amending the Loan Documents and Organizational Agreement of Borrower,
updating and/or restating officer’s certificates, title insurance and other closing items, and providing updated representations and warranties in Loan Documents and such additional representations and warranties as may be required by Agent or
the Rating Agencies, (including, without limitation, amending Section 5.1(z)(ii) of this Agreement to establish the size of proposed Lease which requires the prior written consent of the Agent, provided such threshold shall not be more
restrictive to Borrower than the standard set forth in the Senior Mezzanine Loan Agreement or the Junior Mezzanine Loan Agreement), 
 (C) participating in bank, investors and Rating Agencies’ meetings if requested by Agent, 
 (D) upon
Agent’s request, amending the Loan Documents (and updating and/or restating officer’s certificates, title insurance and other closing items in connection therewith) to divide the Loan into a first and a second mortgage loan, or into a one
or more loans secured by mortgages and by ownership interests in Borrower in whatever proportion Agent determines, which separated loans may have different interest rates and amortization schedules (but with aggregated financial terms which are
equivalent to that of the Loan prior to such separation, including, so long as an Event of Default has not occurred and is not continuing, a ratable allocation of prepayments among the Loan components) and thereafter to engage in separate Secondary
Market Transactions with respect to all or any part of the indebtedness and loan documentation, and 
 (E) reviewing the
offering documents relating to any Secondary Market Transaction to ensure that all information concerning Borrower, the Guarantor, the Mortgaged Property, and the Loan is correct, and certifying to the accuracy thereof. 
 (ii) Borrower covenants and agrees that in connection with any Secondary Market Transaction, upon Agent’s request, Borrower shall
deliver one or more new component notes to replace the original note or modify the original note to reflect multiple components of the Loan or create one or more mezzanine loans (including amending Borrower’s organizational structure to provide
for one or more mezzanine borrowers) (each a “Resizing Event”). Agent agrees that such new notes or modified note or mezzanine notes shall immediately after the Resizing Event have the same initial weighted average coupon as
the original note prior to such Resizing Event, notwithstanding that such new notes or modified note or mezzanine notes or may, in connection with the application of principal to such new notes or modified note or mezzanine notes, subsequently cause
the weighted average spread of such new notes or modified note or mezzanine notes to change and apply principal, interest rates and amortization of the Loan between such new components and/or mezzanine loans in a manner specified by Agent in its
sole discretion such that the pricing and marketability of the Securities and the size of each class of Securities and the rating assigned to each such class by the Rating Agencies shall 

  

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provide the most favorable rating levels and achieve the optimum bond execution for the Loan. In connection with any Resizing Event, Borrower covenants and
agrees to modify the cash management provisions of this Agreement and/or resize the interest rate cap agreement with respect to the newly created components and/or mezzanine loans. 
 (iii) Agent shall be permitted to share all such information with the investment banking firms, Rating Agencies, accounting firms, law
firms and other third-party advisory firms and trustees, purchasers, transferees, assignees, trustees, servicers and actual or potential investors involved with the Loan and the Loan Documents or the applicable Secondary Market Transaction
(collectively, “Interested Parties”). Lender and all of the aforesaid Interested Parties shall be entitled to rely on the information supplied by, or on behalf of, Borrower. Lender may publicize the existence of the Loan in
connection with its marketing for a Secondary Market Transaction or otherwise as part of its business development. Borrower shall provide such reasonable access to the Mortgaged Property and personnel of the Manager and of Borrower’s
constituent members and the business and operations of all of the foregoing as Lender or other Interested Parties may request in connection with any such Secondary Market Transaction. Borrower understands that any such information may be
incorporated into any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering documents for any Secondary Market Transaction. Without limiting the foregoing, Borrower and Guarantor shall provide in
connection with each of (A) a preliminary and a final private placement memorandum or (B) a preliminary and final prospectus or prospectus supplement, as applicable (the documents referred to in the foregoing clauses (A) and (B),
collectively, the “Disclosure Documents”), an agreement certifying that Borrower and Guarantor have examined such Disclosure Documents specified by Agent and that each such Disclosure Document, as it relates to Borrower,
Guarantor, any Affiliates, the Mortgaged Property and Manager, does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which
they were made, not misleading (a “Disclosure Certificate”). Borrower and Guarantor shall indemnify, defend, protect and hold harmless Agent, each Lender, its Affiliates, directors, employees, agents and each Person, if any,
who controls Agent, such Lender or any such Affiliate within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities Exchange Act of 1934, and any other placement agent or underwriter with respect to any
Secondary Market Transaction from and against any losses, claims, damages, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements) that arise out of or are based upon any untrue statement of
any material fact contained in any Disclosure Certificate or other information or documents furnished by Borrower, Guarantor or their Affiliates or in any representation or warranty of any Borrower contained herein or in the other Loan Documents or
arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in such information or necessary in order to make the statements in such information not materially misleading. In any Secondary
Market Transaction, Agent may transfer its obligations under this Loan Agreement and under the other Loan Documents (or may transfer the portion thereof corresponding to the transferred portion of the Indebtedness), and thereafter Agent shall be
relieved of any obligations hereunder and under the other Loan Documents arising after the date of said transfer with respect to the transferred interest. Each transferee investor shall become a “Lender” hereunder. The holders from time to
time of the Loan and/or any other interest of the “Lender” under this Loan Agreement and the other Loan Documents may from time to time enter into one or more co-lender or similar 

  

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agreements in their discretion. Borrower acknowledges and agrees that such agreements, as the same may from time to time be amended, modified or restated,
may govern the exercise of the powers and discretionary authority of the Agent hereunder and under the other Loan Documents, but Borrower shall be entitled to rely upon any actions taken by Agent or the designated servicer(s) or agent(s) for Agent,
whether or not within the scope of its power and authority under such other agreements. The Agent shall be responsible for the payment of the reasonable out-of-pocket expenses incurred by the Borrower in complying with this
Section 5.1(w). 
 (x) Insurance. 
 (i) Borrower, at its sole cost and expense, shall keep the Improvements and Equipment insured (including, but not limited to, any period
of renovation, alteration and/or construction) during the term of the Loan with the coverage and in the amounts required under this Agreement for the mutual benefit of Borrower and Agent against loss or damage by fire, lightning, wind and such other
perils as are customarily included in a standard “all-risk” form and against loss or damage by other risks and hazards covered by a standard extended coverage insurance policy (including, without limitation, riot and civil commotion,
vandalism, malicious mischief and such other coverages as may be reasonably required by Agent on the special form (also known as an all risk form)). Such insurance shall be in an amount (i) equal to at least the greater of then full replacement
cost of the Improvements and Equipment (exclusive of the cost of foundations and footings), without deduction for physical depreciation and the outstanding Principal Indebtedness, and (ii) such that the insurer would not deem Borrower a
co-insurer under said policies. The policies of insurance carried in accordance with this Section 5.1(x) shall contain the “Replacement Cost Endorsement” with a no co-insurance provision. If terrorism coverage is excluded on an
“all-risk” basis, then Borrower shall obtain coverage for “certified acts of terrorism” (as defined in TRIA) and “fire following” by endorsement to such policy or by a separate policy in the standalone terrorism market.
Such terrorism coverage shall be in an amount equal to the lesser of (A) the sum of the Principal Indebtedness, the Senior Mezzanine Loan Principal Indebtedness and the Junior Mezzanine Loan Principal Indebtedness, and (B) the amount of
terrorism insurance coverage that Borrower can purchase (using reasonably diligent efforts) for an annual premium equal to the Terrorism Premium Cap. If terrorism coverage is obtained, in whole or in part, through a blanket policy, then, with
respect to the blanket policy, the premium to be used in determining the amount of coverage that is required under clause (B) above shall be the portion of such blanket policy premium allocable to the Mortgaged Property as reasonably
determined by Borrower (and reasonably approved by Lender). By way of example, if Borrower has $250 million of terrorism insurance coverage on the Mortgaged Property carried under a blanket insurance policy with an insurance premium equal to
$750,000 per year (of which $350,000 is allocable to the Mortgaged Property as reasonably determined by Borrower (and reasonably approved by Lender)), then although it may cost Borrower an additional $450,000 to purchase the full amount of terrorism
insurance required under clause (A) above, because of the limitation under clause (B) above, Borrower would only be required to expend an additional $425,000 to obtain whatever additional terrorism insurance is available for
that premium. Notwithstanding the foregoing, Agent shall not unreasonably withhold its consent to reductions in the stated amounts and types of coverage required to be maintained by Borrower hereunder if such levels of coverage or types of insurance
(A) are not available at commercially reasonable rates (except for terrorism coverage, for which Borrower agrees that premiums for terrorism coverage not in excess of the Terrorism Premium Cap are commercially reasonable), 

  

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and (B) are not at the time commonly maintained for properties similar to the Mortgaged Property and located in or around the region in which the
Mortgaged Property is located. 
 (ii) Borrower, at its sole cost and expense, for the mutual benefit of Borrower and Agent,
shall also obtain and maintain or cause to be obtained and maintained during the entire term of the Loan the following policies of insurance: 
 (A) flood insurance, if any part of the Mortgaged Property is located in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made
available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (and any amendment or successor act thereto) in an amount at least equal to the maximum limit of
coverage available with respect to the Improvements and Equipment under said Act; 
 (B) Comprehensive General Liability or
Commercial General Liability insurance, including a broad form comprehensive general liability endorsement and coverage for broad form property damage, contractual damages, personal injuries (including death resulting therefrom) and a liquor
liability endorsement if liquor is sold by Borrower on the Mortgaged Property, containing minimum limits of liability of $1 million for both injury to or death of a person and for property damage per occurrence and $2 million in the aggregate for
the Mortgaged Property, and such other liability insurance reasonably requested by Agent; in addition, at least $75 million excess and/or umbrella liability insurance shall be obtained and maintained for any and all claims, including all legal
liability imposed upon Borrower and all court costs and attorneys’ fees incurred in connection with the ownership, operation and maintenance of the Mortgaged Property; 
 (C) business interruption insurance (including rental value) in an annual aggregate amount equal to the estimated gross revenues from the
Leases of the Mortgaged Property (including, without limitation, the loss of all Rents and additional Rents payable by all of the lessees under the Leases (whether or not such Leases are terminable in the event of a fire or casualty)), such
insurance to cover losses for a period of the longer of (x) one year (or, if the Loan has been included in a Secondary Market Transaction in which Securities are issued and the Rating Agencies so require, eighteen (18) months) after the
date of the fire or casualty in question or (y) the period from the time of loss until all repairs are fully completed with reasonable diligence and dispatch, plus an extended period of indemnity commencing at the time repairs are completed for
a period of not less than 180 days and to be increased or decreased, as applicable, from time to time during the term of the Loan if, and when, the gross revenues from the Leases of the Mortgaged Property materially increase or decrease, as
applicable (including, without limitation, increases from new Leases and renewal Leases entered into in accordance with the terms of this Agreement), to reflect all increased Rent and increased additional Rent payable by all of the lessees under
such renewal Leases and all Rent and additional Rent payable by all of the lessees under such new Leases; 
 (D) insurance
against loss or damage from (x) leakage of sprinkler systems and (y) explosion of steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus now or hereafter installed in
the 

  

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Improvements (without exclusion for explosions), covering all boilers or other pressure vessels, machinery and equipment located in, on, or about the
Improvements; coverage is required in an amount at least equal to the full replacement cost of such equipment and the building or buildings housing same and shall extend to electrical equipment, sprinkler systems, heating and air conditioning
equipment, refrigeration equipment and piping; 
 (E) worker’s compensation insurance coverage (in amounts not less than
the statutory minimums for all persons employed by Borrower or its tenants at the Mortgaged Property and in compliance with all other requirements of applicable local, state and federal law) and “Employers Liability” insurance in an amount
not less than $1,000,000; 
 (F) during any period of repair or restoration, builder’s “all risk” insurance in
an amount equal to not less than the full insurable value of the Mortgaged Property against such risks (including, without limitation, fire and extended coverage and collapse of the Improvements to agreed limits) as Agent may request, in form and
substance acceptable to Agent; 
 (G) ordinance or law coverage to compensate for the cost of demolition, increased cost of
construction, and loss to any undamaged portions of the Improvements, if the current use of the Mortgaged Property or the Improvements themselves are or become “nonconforming” pursuant to the applicable zoning regulations, or full
rebuildability following casualty is otherwise not permitted under such zoning regulations; 
 (H) if required by Agent as a
result of the Mortgaged Property being located in an area with a high degree of seismic activity, earthquake damage insurance; and 
 (I) such other insurance as may from time to time be reasonably required by Agent in order to protect its interests with respect to the Loan and the Mortgaged Property and to conform such requirements to then current standards for a
Secondary Market Transaction in which Securities are issued. 
 (iii) All policies of insurance (the
“Policies”) required pursuant to this Section 5.1(x): 
 (A) shall be issued by an insurer
approved by Agent which has a claims paying ability rating of not less than “A-” (or the equivalent) by Rating Agencies satisfactory to Agent (one of which shall be Standard & Poor’s Ratings Group) and A-:VII or better as to
claims paying ability by AM Best; provided, however, that as respects the Property insurance program, a minimum of 60% of the policy limits will be provided by carriers rated not less than “A-” (with no rating less then
“BBB” unless an exception is consented to by Lender with such consent not to be unreasonably withheld, 
 (B) shall
name Agent as an additional insured and contain a standard noncontributory mortgagee clause and a Agent’s Loss Payable Endorsement, or their equivalents, naming Agent (and/or such other party as may be designated by Agent) as the party to which
all payments made by such insurance company shall be paid, 
  

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 (C) shall be maintained throughout the term of the Loan without cost to Agent,

 (D) shall contain such provisions as Agent deems reasonably necessary or desirable to protect its interest (including,
without limitation, endorsements providing that neither Borrower, Agent nor any other party shall be a co-insurer under said Policies and that Borrower shall endeavor to provide at least thirty (30) days prior written notice of any
modification, reduction or cancellation), 
 (E) shall contain a waiver of subrogation against Agent, 
 (F) shall be for a term of not less than one year, 
 (G) shall be issued by an insurer licensed in the state in which the Mortgaged Property is located, 
 (H) shall provide that Agent may, but shall not be obligated to, make premium payments to prevent any cancellation, endorsement,
alteration or reissuance, and such payments shall be accepted by the insurer to prevent same, and 
 (I) shall be reasonably
satisfactory in form and substance to Agent and reasonably approved by Agent as to amounts, form, risk coverage, deductibles, loss payees and insureds to the extent not otherwise specified in this Section 5.1(x). 
 Copies of said Policies, certified as true and correct by Borrower, or insurance certificates thereof, shall be delivered to Agent. At the expiration of
each of the Policies, Borrower shall deliver to Agent satisfactory evidence of the renewal of each Policy as soon as possible. The insurance coverage required under this Section 5.1(x) may be effected under a blanket policy or policies
covering the Mortgaged Property and other property and assets not constituting a part of the Collateral; provided that any such blanket policy shall provide at least the same amount and form of protection as would a separate policy insuring
the Mortgaged Property individually, which amount shall not be less than the amount required pursuant to this Section 5.1(x) and which shall in any case comply in all other respects with the requirements of this
Section 5.1(x). Upon demand therefor, Borrower shall reimburse Agent for all of Agent’s or its designee’s reasonable costs and expenses incurred in obtaining any or all of the Policies or otherwise causing the compliance with
the terms and provisions of this Section 5.1(x), including (without limitation) obtaining updated flood hazard certificates and replacement of any so-called “forced placed” insurance coverages to the extent Borrower was
required to obtain and maintain any such Policy or Policies hereunder and failed to do so. Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same become due and payable and shall furnish to
Agent evidence of the renewal of each of the Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Agent (provided, however, that Borrower is not required to
furnish such evidence of payment to Agent in the event that such Insurance Premiums have been paid by Agent or the Collateral Agent). If Borrower does not furnish such evidence and receipts, then Agent may procure, but shall not be obligated to

  

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procure, such insurance and pay the Insurance Premiums therefor, and Borrower agrees to reimburse Agent for the cost of such Insurance Premiums promptly on
demand. Within thirty (30) days after request by Agent, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Agent, based on then industry-standard amounts of coverage then being
obtained by prudent owners of properties similar to the Mortgaged Property in the same applicable market region as the Mortgaged Property. Borrower shall give Agent prompt written notice if Borrower receives from any insurer any written notification
or threat of any actions or proceedings regarding the non-compliance or non-conformity of the Mortgaged Property with any insurance requirements. 
 (iv) If the Mortgaged Property shall be damaged or destroyed, in whole or in part, by fire or other casualty, Borrower shall give prompt notice thereof to Agent. 
 (A) In case of loss covered by Policies, Agent may either (a) jointly with a Borrower settle and adjust any claim and agree with the
insurance company or companies on the amount to be paid on the loss or (b) allow Borrower to agree with the insurance company or companies on the amount to be paid upon the loss; provided, that Borrower may settle and adjust losses
aggregating not in excess of $50,000, agree with the insurance company or companies on the amount to be paid upon the loss and collect and receipt for any such Insurance Proceeds; provided, further, that if (x) at the time of the
settlement of such claim an Event of Default has occurred and is continuing or (y) the Agent and Borrower are unable to agree upon a joint settlement or (z) the Agent disapproves of Borrower’s proposed settlement with the insurance
company, then Agent shall settle and adjust such claim without the consent of Borrower. In any such case Agent shall and is hereby authorized to collect and receipt for any such Insurance Proceeds subject to and to the extent provided for in this
Agreement. The reasonable out-of-pocket expenses incurred by Agent in the adjustment and collection of Insurance Proceeds shall become part of the Indebtedness and be secured by the Mortgage and shall be reimbursed by Borrower to Agent upon demand
therefor. 
 (B) In the event of any insured damage to or destruction of the Mortgaged Property or any part thereof (herein
called an “Insured Casualty”) where the aggregate amount of the loss, as reasonably determined by an Independent insurance adjuster, is less than ten percent (10%) of the Principal Indebtedness, and if, in the reasonable
judgment of Agent, the Mortgaged Property can be restored by not later than the first to occur of (a) twelve (12) months of settlement of the claim and (b) the expiration of the business interruption insurance and , in any case, not
later than six (6) months prior to the Maturity Date to an economic unit not less materially valuable (including an assessment of the impact of the termination of any Leases due to such Insured Casualty) and not less useful than the same was prior
to the Insured Casualty, or if Agent otherwise elects to allow a Borrower to restore the Mortgaged Property, then, if no Event of Default shall have occurred and be continuing, the Insurance Proceeds (after reimbursement of any reasonable
out-of-pocket expenses incurred by Agent in connection with the collection of any applicable Insurance Proceeds) shall be made available to reimburse Borrower for the cost of restoring, repairing, replacing or rebuilding the Mortgaged Property or
part thereof subject to the Insured Casualty, as provided for below. Borrower hereby covenants and agrees to commence and diligently to prosecute such restoring, repairing, replacing or rebuilding. Borrower shall pay all out-of-pocket costs (and if
required by 

  

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Agent, Borrower shall deposit the total thereof with Agent in advance) of such restoring, repairing, replacing or rebuilding in excess of the Insurance
Proceeds made available pursuant to the terms hereof (the “Deficient Amount”). 
 (C) Except as
provided above, the Insurance Proceeds collected upon any Insured Casualty shall, at the option of Agent in its sole discretion, be applied to the payment of the Indebtedness as provided in Section 2.7(b) of this Agreement or applied to
the cost of restoring, repairing, replacing or rebuilding the affected Mortgaged Property or part thereof subject to the Insured Casualty, in the manner set forth below. 
 (D) In the event that Insurance Proceeds (after reimbursement of any reasonable expenses incurred by Agent in connection with the
collection of any applicable Insurance Proceeds), if any, shall be made available to Borrower for the restoring, repairing, replacing or rebuilding of any portion of the affected Mortgaged Property, Borrower covenants to restore, repair, replace or
rebuild the same to be of at least comparable value as prior to such damage or destruction, all to be effected in accordance with Legal Requirements and plans and specifications approved in advance by Agent, such approval not to be unreasonably
withheld or delayed. 
 (E) In the event Borrower is entitled to reimbursement out of Insurance Proceeds, such proceeds shall
be held in an Eligible Account as provided in Section 2.12(f) and disbursed from time to time as the restoration progresses upon Agent being furnished with (1) evidence reasonably satisfactory to it (which evidence may include
inspection(s) of the work performed) that the restoration, repair, replacement and rebuilding covered by the disbursement has been completed in accordance with plans and specifications approved by Agent, (2) evidence reasonably satisfactory to
it of the estimated cost of completion of the restoration, repair, replacement and rebuilding, (3) funds, or, at Agent’s option, assurances reasonably satisfactory to Agent that such funds are available and sufficient in addition to the
Insurance Proceeds to complete the proposed restoration, repair, replacement and rebuilding, and (4) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds and other
evidences of cost, payment and performance of the foregoing repair, restoration, replacement or rebuilding as Agent may reasonably require and approve. Agent may, in any event, require that all plans and specifications for such restoration, repair,
replacement and rebuilding be submitted to and reasonably approved by Agent prior to commencement of work. Agent may retain a construction consultant to inspect such work and review Borrower’s request for payments and Borrower shall, on demand
by Agent, reimburse Agent for the reasonable fees and disbursements of such consultant. No payment made prior to the final completion of the restoration, repair, replacement and rebuilding shall exceed ninety percent (90%) of the hard
construction costs value of the work performed from time to time (except for restoration work on a trade by trade basis or on an hourly basis for professional services in which event, payment may be made in full upon the completion of such work);
funds other than Insurance Proceeds shall be disbursed prior to disbursement of such proceeds; and, at all times, the undisbursed balance of such proceeds remaining in the accounts of Agent, together with funds deposited for that purpose or
irrevocably committed to the repayment of Agent by or on behalf of Borrower for that purpose, shall be at least sufficient in the reasonable judgment of Agent to pay for the cost of completion of the restoration, repair, replacement or rebuilding,
free and clear of all liens or claims for lien, except for Permitted Encumbrances. Any surplus which may remain out of 

  

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Insurance Proceeds held by Agent after payment of such costs of restoration, repair, replacement or rebuilding shall be paid to Borrower so long as no Event
of Default has occurred and is continuing. 
 (v) Borrower shall not carry separate insurance, concurrent in kind or form or
contributing in the event of loss, with any insurance required under this Agreement that would be considered “co-insurance” or adversely affect the ability to collect under a policy of insurance required hereunder. 
 (y) Condemnation. 
 (i) Borrower shall promptly give Agent written notice of the actual or threatened commencement of any proceeding for a Taking and shall deliver to Agent copies of any and all papers served in connection with such proceedings. Agent is
hereby irrevocably appointed as Borrower’s attorney-in-fact, coupled with an interest, with exclusive power to collect, receive and retain any Condemnation Proceeds for said Taking. With respect to any compromise or settlement in connection
with such proceeding, Agent shall jointly with Borrower compromise and reach settlement unless at the time of such Taking an Event of Default has occurred and is continuing and the Indebtedness has been accelerated, in which event Agent shall
compromise and reach settlement without the consent of Borrower. Notwithstanding the foregoing provisions of this Section 5.1(y), Borrower is authorized to negotiate, compromise and settle, without participation by Agent, Condemnation
Proceeds of up to $1,000,000 in connection with any Taking. Notwithstanding any Taking, Borrower shall continue to pay the Indebtedness at the time and in the manner provided for in this Agreement and the other Loan Documents and the Indebtedness
shall not be reduced except in accordance therewith. 
 (ii) Borrower shall cause the Condemnation Proceeds to be paid
directly to the Collection Account as provided in Section 2.7(b) of this Agreement. Agent may, in its sole discretion, apply any such Condemnation Proceeds to the reduction or discharge of the Indebtedness (whether or not then due and
payable). 
 (iii) With respect to a Taking in part, which shall mean any Taking which does not render the affected Mortgaged
Property physically or economically unsuitable in the reasonable judgment of Agent for the use to which it was devoted prior to the Taking, Borrower shall cause the Condemnation Proceeds to be paid to Agent as described above or deposited into the
applicable account pursuant to the provisions of this Agreement, to be applied to the cost of repairing, replacing, restoring or rebuilding the affected Mortgaged Property as follows: 
 (A) Provided that Condemnation Proceeds shall be made available to Borrower for the restoring, repairing, replacing or rebuilding of the
affected Mortgaged Property, Borrower hereby covenants to restore, repair, replace or rebuild the same to be of at least comparable value and, to the extent commercially practicable, of substantially the same character as prior to the Taking, all to
be effected in accordance with applicable law and plans and specifications reasonably approved in advance by Agent. Borrower shall pay all costs (and if required by Agent, Borrower shall deposit the total thereof with Agent in advance) of such
restoring, repairing, replacing or rebuilding in excess of the Condemnation Proceeds made available pursuant to the terms hereof. 
  

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 (B) The Condemnation Proceeds held by Agent shall be held in an Eligible Account as
provided in Section 2.12(f) and disbursed from time to time as the restoration progresses upon Agent being furnished with (1) evidence reasonably satisfactory to it (which evidence may include inspection(s) of the work performed)
that the restoration, repair, replacement and rebuilding covered by the disbursement has been completed in accordance with plans and specifications approved by Agent, (2) evidence reasonably satisfactory to it of the estimated cost of
completion of the restoration, repair, replacement and rebuilding, (3) funds, or, at Agent’s option, assurances satisfactory to Agent that such funds are available and sufficient in addition to the Condemnation Proceeds to complete the
proposed restoration, repair, replacement and rebuilding, and (4) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds and other evidences of cost, payment and performance
of the foregoing repair, restoration, replacement or rebuilding as Agent may reasonably require and approve. Agent may, in any event, require that all plans and specifications for such restoration, repair, replacement and rebuilding be submitted to
and reasonably approved by Agent prior to commencement of work. Agent may retain a construction consultant to inspect such work and review any request by Borrower for payments and Borrower shall, on demand by Agent, reimburse Agent for the
reasonable fees and disbursements of such consultant. No payment made prior to the final completion of the restoration, repair, replacement and rebuilding shall exceed ninety percent (90%) of the hard construction costs value of the
construction work performed from time to time (except for restoration work on a trade by trade basis or on an hourly basis for professional services in which event, payment may be made in full upon the completion of such work); funds other than
Condemnation Proceeds shall be disbursed prior to disbursement of such proceeds; and at all times, the undisbursed balance of such proceeds remaining in the hands of Agent, together with funds deposited for that purpose or irrevocably committed to
the repayment of Agent by or on behalf of Borrower for that purpose, shall be at least sufficient in the reasonable judgment of Agent to pay for the cost of completion of the restoration, repair, replacement or rebuilding, free and clear of all
liens or claims for lien. Any surplus which may remain out of Condemnation Proceeds held by Agent after payment of such costs of restoration, repair, replacement or rebuilding shall be paid to Borrower so long as no Event of Default has occurred and
is continuing. 
 (C) If the affected Mortgaged Property is sold, through foreclosure or otherwise, prior to the receipt by
Agent of any such Condemnation Proceeds to which it is entitled hereunder, Agent shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to have reserved in any foreclosure decree a right
to receive said award or payment, or a portion thereof sufficient to pay the Indebtedness. In no case shall any such application reduce or postpone any payments otherwise required pursuant to this Agreement, other than the final payment on the Note.

 (z) Leases and Rents. 
 (i) Borrower absolutely and unconditionally assigns to Agent, Borrower’s right, title and interest in all current and future Leases and Rents as collateral for the Loan, it being intended by Borrower that this
assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment to Agent shall not be construed to bind Agent to the performance of any of the covenants, conditions or provisions contained in

  

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any such Lease or otherwise impose any obligation upon Agent. Borrower shall execute and deliver to Agent such additional instruments, in form and substance
reasonably satisfactory to Agent, as may hereafter be reasonably requested in writing by Agent to further evidence and confirm such assignment. Nevertheless, subject to the terms of this Section 5.1(z), Agent grants to Borrower a license
to lease, own, maintain, operate and manage the Mortgaged Property and to collect, use and apply the Rent, which license is revocable only upon the occurrence and during the continuance of an Event of Default under this Agreement. Any portion of the
Rents held by Borrower shall be held in trust for the benefit of Agent for use in the payment of the Indebtedness. Upon the occurrence of an Event of Default and during the continuance thereof, the license granted to Borrower herein shall
automatically be revoked, and Agent shall immediately be entitled to possession of all Rents, whether or not Agent enters upon or takes control of the Mortgaged Property. Agent is hereby granted and assigned by Borrower the right, at its option,
upon revocation of the license granted herein, to enter upon the Mortgaged Property in person, by agent or by court-appointed receiver to collect the Rents. Any Rents collected after the revocation of the license shall be applied toward payment of
the Indebtedness as set forth in Section 2.8 hereof. 
 (ii) All Leases entered into by Borrower shall provide for
rental rates comparable to then-existing local market rates and terms and conditions commercially reasonable and consistent with then-prevailing local market terms and conditions for similar type properties. With respect to any Lease for more than
100,000 square feet of the Mortgaged Property, Borrower shall not enter into such Lease, unless Borrower shall have obtained the prior written consent of the Agent and, if the Loan has been included in a Secondary Market Transaction in which
Securities were issued, a Rating Confirmation. Borrower shall furnish Agent with (1) detailed term sheets in advance in the case of any Leases, modifications, amendments or renewals for which Agent’s consent is required and (2) in the
case of any other Leases, executed copies of such Leases upon written request. All renewals or amendments or modifications of Leases that do not satisfy the requirements of the first sentence of this Section 5.1(z)(ii) shall be subject
to the prior approval of Agent. All Leases shall be written on the standard lease form previously approved by Agent which form shall not be materially changed without Agent’s prior written consent which consent shall not be unreasonably
withheld. All Leases executed after the date hereof shall provide that they are subordinate to the Mortgage, and that the lessee agrees to attorn to Agent. Borrower, 
 (A) shall observe and perform all of the material obligations imposed upon the lessor under the Leases and shall not do or permit to be
done anything to materially impair the value of the Leases as security for the Indebtedness; 
 (B) shall promptly send copies
to Agent of all written notices of default which Borrower shall send or receive thereunder; 
 (C) shall enforce all of the
material terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed and shall effect a termination or diminution of the obligations of tenants under leases, only in a manner that a
prudent owner of a similar property to the Mortgaged Property would enforce such terms covenants and conditions or effect such termination or diminution in the ordinary course of business; 
  

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 (D) shall not collect any of the Rents more than one (1) month in advance;

 (E) shall not execute any other assignment of lessor’s interest in the Leases or Rents; and 
 (F) shall not convey or transfer or suffer or permit a conveyance or transfer of the Mortgaged Property or of any interest therein so as
to effect a merger of the estates and rights of, or a termination or diminution of the obligations of, lessees thereunder. 
 (iii) Borrower shall deposit security deposits of lessees which are turned over to or for the benefit of Borrower or otherwise collected by or on behalf of Borrower, into an Eligible Account with the same name as the Collection Account and
shall not commingle such funds with any other funds of Borrower. Any bond or other instrument which Borrower is permitted to hold in lieu of cash security deposits under any applicable Legal Requirements shall be maintained in full force and effect
unless replaced by cash deposits as hereinabove described, shall, if permitted pursuant to Legal Requirements, name Agent as payee or mortgagee thereunder (or at Agent’s option, be fully assignable to Agent) and shall, in all respects, comply
with any applicable Legal Requirements and otherwise be reasonably satisfactory to Agent. Borrower shall, upon request, provide Agent with evidence reasonably satisfactory to Agent of Borrower’s compliance with the foregoing. Upon the
occurrence and during the continuance of any Event of Default, Borrower shall, upon Agent’s request, if permitted by any applicable Legal Requirements, turn over to Agent the security deposits (and any interest theretofore earned thereon) with
respect to all or any portion of the Mortgaged Property, to be held by Agent subject to the terms of the Leases. 
 (aa) Maintenance of
Mortgaged Property. Borrower shall cause the Mortgaged Property to be maintained in a good and safe condition and repair, subject to wear and tear and damage caused by casualty or condemnation. The Improvements and the Equipment shall not be
removed, demolished or altered (except for normal replacement of the Equipment, Improvements contemplated in an approved Operating Budget or pursuant to Leases in effect from time to time or for removals, demolition or alterations that cost up to
$1,000,000) without the consent of the Agent which consent shall not be unreasonably withheld. Except with respect to an Insured Casualty which shall be governed by the terms and conditions provided herein, Borrower shall, or shall cause any tenants
obligated under their respective Leases to, promptly repair, replace or rebuild any part of the Mortgaged Property that becomes damaged, worn or dilapidated except where the failure to do so is not reasonably likely to have a Material Adverse
Effect. Borrower shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not initiate, join in, or consent to any change in any private restrictive covenant, zoning law or other
public or private restriction, limiting or defining the uses which may be made of the Mortgaged Property or any part thereof which can be reasonably likely to result in a Material Adverse Effect without consent of the Agent. If under applicable
zoning provisions the use of all or any portion of the Mortgaged Property is or shall become a nonconforming use, Borrower will not cause or permit such nonconforming use to be discontinued or abandoned if such discontinuance of abandonment would
cause such nonconforming use to no longer be permitted without the express written consent of the Agent. Borrower shall not (i) change the use of the Land in any material respect, (ii) permit or suffer to 

  

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occur any waste on or to the Mortgaged Property or to any portion thereof or (iii) take any steps whatsoever to convert the Mortgaged Property, or any
portion thereof, to a condominium or cooperative form of management. 
 (bb) Taxes on Security. Borrower shall pay all taxes, charges,
filing, registration and recording fees, excises and levies payable with respect to the Note or the Lien created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on Agent or any Lender or Collateral
Agent. If there shall be enacted any law (1) deducting the Loan from the value of the Collateral for the purpose of taxation, (2) affecting Agent’s Lien on the Collateral or (3) changing existing laws of taxation of mortgages,
deeds of trust, security deeds, or debts secured by realty, or changing the manner of collecting any such taxes, Borrower shall promptly pay to Agent, on demand, all taxes, costs and charges for which Agent is or may be liable as a result thereof;
provided, however, if such payment would be prohibited by law or would render the Loan usurious, then instead of collecting such payment, Agent may declare all amounts owing under the Loan Documents to be immediately due and payable.

 (cc) Qualified Interest Rate Cap Provider. If the rating of a Qualified Interest Rate Cap Provider that has provided an interest
rate cap which Borrower pledges to the Agent pursuant to the Collateral Assignment of Hedge falls below the rating criteria specified in the definition of a Qualified Interest Rate Cap Provider, then within ten (10) Business Days following
written request from Agent, the Borrower shall deliver to Agent a replacement interest rate cap satisfying all of the criteria set forth in Section 3.1 (as of the Closing Date) or Section 2.17 (as of any date the maturity of
the Loan is extended), as applicable. 
 ARTICLE VI. 
 NEGATIVE COVENANTS 
 Section 6.1. Negative Covenants. Borrower covenants and agrees that, until payment in
full of the Indebtedness, it will not do, directly or indirectly, any of the following unless Agent consents thereto in writing: 
 (a)
Liens on the Mortgaged Property. Incur, create, assume, become or be liable in any manner with respect to, or permit to exist, except as permitted by the Mortgage, any Lien with respect to the Mortgaged Property, except: (i) Liens in
favor of the Lenders and (ii) the Permitted Encumbrances. 
 (b) Ownership and Transfer. Except as expressly permitted by or
pursuant to this Agreement or the other Loan Documents, own any property of any kind other than the Mortgaged Property, or Transfer the Mortgaged Property or any portion thereof. 
 (c) Other Borrowings. Incur, create, assume, become or be liable in any manner with respect to Other Borrowings. 
 (d) Dissolution; Merger or Consolidation. Dissolve, terminate, liquidate, merge with or consolidate into another Person. 
  

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 (e) Change In Business. Cease to be a Single-Purpose Entity, or make any material change in the
scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. 
 (f) Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to Borrower by any Person, except for adequate consideration or in the ordinary course of Borrower’s business.

 (g) Affiliate Transactions. Except as listed on Schedule 1, enter into, or be a party to, any transaction with an Affiliate
of Borrower, except in the ordinary course of business and on terms which are fully disclosed to Agent in advance and which are no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s length transaction with
an unrelated third party (other than the Management Agreement). 
 (h) Creation of Easements. Except as expressly permitted by or
pursuant to the Mortgage or this Agreement, create, or permit the Mortgaged Property or any part thereof to become subject to, any easement, license or restrictive covenant, other than a Permitted Encumbrance, provided, that the consent of Agent
shall not be unreasonably withheld or delayed to the extent that any such easement, license or restrictive covenant is reasonably necessary for the continued use, enjoyment, access to or operation of the applicable Mortgaged Property. 
 (i) Misapplication of Funds. Distribute any Rents or Moneys received from Accounts in violation of the provisions of Section 2.12, or
fail to pledge any security deposit to Agent, or misappropriate any security deposit or portion thereof. 
 (j) Certain Restrictions.
Enter into any agreement that expressly restricts the ability of Borrower to enter into amendments, modifications or waivers of any of the Loan Documents. 
 (k) Assignment of Licenses and Permits. Assign or transfer any of its interest in any Permits pertaining to the Mortgaged Property, or assign, transfer or remove or permit any other Person to assign, transfer
or remove any records pertaining to the Mortgaged Property. 
 (l) Place of Organization. Change its jurisdiction of organization,
creation or formation, as applicable, without giving Agent at least fifteen (15) days’ prior written notice thereof and promptly providing Agent such information as Agent may reasonably request in connection therewith. 
 (m) Leases. Enter into, amend or cancel Leases, except as permitted by or pursuant to or would not result in a violation of this Agreement.

 (n) Management Agreement. Except in accordance with this Agreement, (i) terminate or cancel the Management Agreement,
(ii) consent to either the reduction of the term of or the assignment of the Management Agreement, (iii) increase or consent to the increase of the amount of any charges under the Management Agreement, or (iv) otherwise modify,
change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement in any material respect. 
  

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 (o) Plans and Welfare Plans. Knowingly engage in or permit any transaction in connection with
which Borrower or any ERISA Affiliate could be subject to either a material civil penalty or tax assessed pursuant to Section 502(i) or 502(1) of ERISA or Section 4975 of the Code, permit any Welfare Plan to provide benefits, including
without limitation, medical benefits (whether or not insured), with respect to any current or former employee of Borrower beyond his or her retirement or other termination of service other than (i) coverage mandated by applicable law,
(ii) death or disability benefits that have been fully provided for by paid up insurance or otherwise or (iii) severance benefits (unless such coverage is provided after notification of and with the reasonable approval of Agent), permit
the assets of Borrower to become “plan assets”, whether by operation of law or under regulations promulgated under ERISA or adopt, amend (except as may be required by applicable law) or increase the amount of any benefit or amount payable
under, or permit any ERISA Affiliate to adopt, amend (except as may be required by applicable law) or increase the amount of any benefit or amount payable under, any Plan or Welfare Plan, except for normal increases in the ordinary course of
business consistent with past practice that, in the aggregate, do not result in a material increase in benefits expense to Borrower or any ERISA Affiliate. 
 (p) Transfer of Ownership Interests. Permit any Transfer of a direct or indirect ownership interest or voting right in Borrower (other than a Permitted Transfer). 
 (q) Equipment and Inventory. Except pursuant to the Management Agreement, permit any Equipment owned by Borrower to be removed at any time from
the Mortgaged Property unless the removed item is consumed or sold in the usual and customary course of business, removed temporarily for maintenance and repair or, if removed permanently, replaced by an article of equivalent suitability and not
materially less value, owned by Borrower free and clear of any Lien. 
 (r) [Intentionally Omitted] 
 (s) Management Fees. Pay Borrower or any Affiliate of Borrower any management fees with respect to the Mortgaged Property except as contemplated
by the Management Agreement. 
 (t) Modification of Interest Rate Cap Agreement. Amend, modify, cancel or terminate any interest rate
cap entered into by Borrower pursuant to this Agreement or permit same to be amended, modified, cancelled or terminated; provided, however, that Borrower shall have the right to extend the term of any such interest rate cap. 
 (u) Prohibited Persons. With respect to Borrower, Guarantor and any of their respective officers, directors, shareholders, partners, members or
Affiliates, if applicable (including, without limitation, the indirect holders of equity interests in Borrower): (i) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not limited to, the
making or receiving of any contribution of funds, goods, or services, to or for the benefit of a Prohibited Person; or (ii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in EO13224. 
  

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 ARTICLE VII. 
 EVENT OF DEFAULT 
 Section 7.1. Event of Default. The occurrence of one or more of the following events shall
be an “Event of Default” hereunder: 
 (a) if on any Payment Date Borrower fails to pay any accrued and unpaid
interest on the Loan then due and payable in accordance with the provisions hereof; 
 (b) if Borrower fails (a) to pay (1) the
outstanding Indebtedness on the Maturity Date or (2) the fees and expenses then due and payable to Collateral Agent pursuant to the Fee Letter on any Payment Date or (b) to deposit into the Collection Account, the amount required pursuant
to Sections 2.7(a) or 2.7(b), respectively; 
 (c) if Borrower fails to make any required deposit to a Reserve Account or
to pay any other amount payable pursuant to this Agreement or any other Loan Document when due and payable in accordance with the provisions hereof or thereof, as the case may be, and such failure continues for ten (10) days after Agent
delivers written notice thereof to Borrower; 
 (d) if any representation or warranty made herein or in any other Loan Document, or in any
report, certificate, financial statement or other Instrument, agreement or document furnished by Borrower in connection with this Agreement, the Note or any other Loan Document executed and delivered by any Borrower shall be false as of the date
such representation or warranty was made (or if such representation or warranty relates to an earlier date, then as of such earlier date); 
 (e) if Borrower or Guarantor makes an assignment for the benefit of creditors; 
 (f) if a receiver, liquidator or trustee shall be
appointed for Borrower or Guarantor or if Borrower or Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law,
shall be filed by or against, consented to, or acquiesced in by, Borrower or Guarantor, or if any proceeding for the dissolution or liquidation of Borrower or Guarantor shall be instituted; provided, however, that if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Borrower or Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days, or if Borrower or Guarantor shall generally not be paying its
debts as they become due; 
 (g) if Borrower attempts to delegate its obligations or assign its rights under this Agreement, any of the other
Loan Documents or any interest herein or therein, or if any Transfer occurs other than in accordance with or as permitted under this Agreement, and such delegation or assignment of rights or impermissible Transfer continues or is not corrected for
five (5) Business Days after Lender delivers written notice thereof to Borrower; 
 (h) if any provision of the Organizational Agreement
affecting the purpose for which Borrower is formed is amended or modified in any material respect which is reasonably likely to adversely affect the Lenders, Agent or Collateral Agent, or if Borrower fails to perform or 

  

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enforce the provisions of the Organizational Agreement and such failure has a Material Adverse Effect or attempts to dissolve Borrower without Agent’s
consent; 
 (i) if an Event of Default as defined or described in the Note or any other Loan Document occurs, whether as to Borrower or the
Mortgaged Property or any portion thereof; 
 (j) if any of the assumptions made with respect to Borrower and its Affiliates in that certain
substantive non-consolidation opinion letter of even date herewith delivered by Fulbright & Jaworski L.L.P. in connection with the Loan is not true and correct in all material respects; 
 (k) if Borrower fails to maintain any insurance required to be maintained pursuant to Section 5.1(x) hereof; 
 (l) if, without the prior written consent of Agent, the Demand Note shall be terminated or cancelled, or otherwise modified, changed, supplemented,
altered or amended, or if Guarantor shall waive or release any of its rights or remedies under the Demand Note; or 
 (m) if Borrower shall
fail to perform any of the terms, covenants or conditions of this Agreement, the Note, the Mortgage or the other Loan Documents, other than as specifically otherwise referred to above in this definition of “Event of Default,” for ten
(10) days after notice to Borrower from Agent or its successors or assigns, in the case of any Default which can be cured by the payment of a sum of money (other than Events of Default pursuant to Sections 7.1(a) and 7.1(b)
above as to which the grace period, if any, set forth therein is applicable), or for thirty (30) days after notice from Agent or its successors or assigns, in the case of any other Default (unless a longer notice period is otherwise provided
herein or in such other Loan Document); provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and Borrower shall have commenced to cure such
Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for an additional sixty (60) days; 
 then, upon the occurrence of any such Event of Default and at any time thereafter, Agent or Collateral Agent or its successors or assigns, may, in addition to any other
rights or remedies available to it pursuant to this Agreement and the other Loan Documents, or at law or in equity, take such action, without further notice or demand, as Agent on behalf of the Lenders or its successors or assigns, deems advisable
to protect and enforce its rights against Borrower and in and to all or any portion of the Collateral (including, without limitation, declaring the entire Indebtedness to be immediately due and payable) and may enforce or avail itself of any or all
rights or remedies provided in the Loan Documents against Borrower and/or the Collateral (including, without limitation, all rights or remedies available at law or in equity). 
 Section 7.2. Remedies. 
 (a) Upon the occurrence of an Event of Default, all or any one or more of
the rights, powers, or other remedies available to Agent or Collateral Agent or the Lenders against Borrower under this Agreement or any of the other Loan Documents executed by or with respect to Borrower, or at law or in equity may be exercised by
Lenders at any time and from time to time, whether or not all or any portion of the Indebtedness shall be declared due and payable, and 

  

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whether or not Agent shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan
Documents with respect to all or any portion of the Collateral. Any such actions taken by Agent or Collateral Agent shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in
such order as Agent may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Agent and the Lenders permitted by law, equity or contract or as set forth
herein or in the other Loan Documents. 
 (b) In the event of the foreclosure or other action by Agent or Collateral Agent to enforce
Agent’s remedies in connection with all or any portion of the Collateral, Agent shall apply all Net Proceeds received to repay the Indebtedness in accordance with Section 2.8, the Indebtedness shall be reduced to the extent of such
Net Proceeds and the remaining portion of the Indebtedness shall remain outstanding and secured by the Loan Documents, it being understood and agreed by Borrower that Borrower is liable for the repayment of all the Indebtedness; provided,
however, that the Note shall be deemed to have been accelerated only to the extent of the Net Proceeds actually received by Agent with respect to the Collateral and applied in reduction of the Indebtedness evidenced by the Note in accordance
with the provisions of this Agreement, after payment by Borrower of all Transaction Costs and costs of enforcement. 
 (c) Upon and during
the continuation of an Event of Default, the Agent shall have the right, but not the obligation, with respect to any and all bankruptcy proceedings that are now or hereafter commenced in connection with the Mortgaged Property, to (i) vote to
accept or reject any plans of reorganization, (ii) vote in any election of a trustee, (iii) elect the treatment of secured claims as specified in Section 1111(b) of the Bankruptcy Code, and (iv) make any other decisions
requested of holders of claims or interests that Borrower would have had the right to do in such bankruptcy proceedings in the absence of an Event of Default. 
 Section 7.3. Remedies Cumulative. The rights, powers and remedies of Agent, Collateral Agent, or any Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Agent, Collateral Agent
or any Lender may have against Borrower pursuant to this Agreement or the other Loan Documents executed by or with respect to Borrower, or existing at law or in equity or otherwise. Agent or any Lender’s rights, powers and remedies may be
pursued singly, concurrently or otherwise, at such time and in such order as Agent may determine in Agent’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such
remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of any Default or Event of Default shall not be construed to
be a waiver of any subsequent Default or Event of Default or to impair any remedy, right or power consequent thereon. Notwithstanding any other provision of this Agreement, Agent for the benefit of the Lenders reserves the right to seek a deficiency
judgment or preserve a deficiency claim, in connection with the foreclosure of the Mortgage on the Mortgaged Property, to the extent necessary to foreclose on other parts of the Collateral. 
 Section 7.4. Default Administration Fee. At any time after the occurrence of an Event of Default and the acceleration of the Indebtedness, as reimbursement and
compensation for the additional internal expenditures, administrative expenses, fees and other costs associated with 

  

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actions to be taken in connection with such Event of Default, and regardless of whether Agent shall have commenced the exercise of any remedies pursuant to
Section 7.2, the Default Administration Fee shall be payable by Borrower to Agent upon demand. 
 Section 7.5. Curative Advances. If any
Event of Default occurs and is not cured by Borrower after notice from the Agent, then Agent or Collateral Agent may expend such sums as either shall reasonably deem appropriate to cure or attempt to cure such Event of Default. Borrower shall
immediately repay all such sums so advanced, which sums shall immediately become part of the Indebtedness, bear interest at the Default Rate from the date advanced until the date repaid, and be secured by all Collateral. 
 ARTICLE VIII. 
 MISCELLANEOUS

 Section 8.1. Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the execution and delivery of this Agreement, the making by the initial Lender of the Loan hereunder and the execution and delivery by Borrower to the initial Lender of the Loan Documents, and shall continue
in full force and effect so long as any portion of the Indebtedness is outstanding and unpaid. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party.
All covenants, promises and agreements in this Agreement contained, by or on behalf of Borrower, shall inure to the benefit of the respective successors and assigns of Agent and each Lender. Nothing in this Agreement or in any other Loan Document,
express or implied, shall give to any Person other than the parties and the holder of the Note and the other Loan Documents, and their legal representatives, successors and assigns, any benefit or any legal or equitable right, remedy or claim
hereunder. 
 Section 8.2. Agent’s Discretion. Whenever pursuant to this Agreement, Agent exercises any right given to it to approve or
disapprove, or any arrangement or term is to be satisfactory to Agent, the decision of Agent to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein
provided) be in the sole discretion of Agent and shall be final and conclusive. 
 Section 8.3. Governing Law. 
 (a) This Agreement was negotiated in New York and made by the initial Lender and accepted by Borrower in the State of New York, and the proceeds of the
Note delivered pursuant hereto were disbursed from New York, which State the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby, and in all respects (including, without limitation, matters
of construction, validity, performance, and maximum permissible rates of interest), this Agreement and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York applicable to
contracts made and performed in such State and any applicable law of the United States of America. 
  

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 (b) Any legal suit, action or proceeding against the Lenders or Borrower arising out of or relating to
this Agreement may be instituted in any federal or state court in New York, New York. Borrower hereby (i) irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum, and (ii) irrevocably submits to the jurisdiction of any such court in
any such suit, action or proceeding. Borrower does hereby designate and appoint Corporation Services Company, whose address is 80 State Street, Albany, New York 12207-2543, as Borrower’s authorized agent to accept and acknowledge on its behalf
service of any and all process which may be served in any such suit, action or proceeding in any federal or state court in New York, New York, and agrees that service of process upon said agent at said address (or at such other office in the State
of New York as may be designated by Borrower from time to time in accordance with the terms hereof) with a copy to Borrower at its principal executive offices, and written notice of said service of Borrower mailed or delivered to Borrower in the
manner provided herein shall be deemed in every respect effective service of process upon Borrower, in any such suit, action or proceeding in the State of New York. Borrower (i) shall give prompt notice to Agent of any change in address of its
authorized agent hereunder, (ii) may at any time and from time to time designate a substitute authorized agent with an office in New York, New York (which office shall be designated as the address for service of process), and (iii) shall
promptly designate such a substitute if its authorized agent ceases to have an office in New York, New York or is dissolved without leaving a successor. 
 Section 8.4. Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement or any other Loan Document, or consent or waiver referred to in any Loan
Document or consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the
specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.

 Section 8.5. Delay Not a Waiver. Neither any failure nor any delay on the part of Agent or any Lender in insisting upon strict performance of any
term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a
single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under
this Agreement, the Note or any other Loan Document, Agent and each Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or
to declare a default for failure to effect prompt payment of any such other amount. 
 Section 8.6. Notices. All notices, consents, approvals and
requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, or
(b) expedited prepaid delivery service, either commercial or United States Postal 

  

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Service, with proof of attempted delivery, and by facsimile transmission, addressed if to Lender at its address set forth on the first page hereof,
Attention: Christopher J. Albano, if to Collateral Agent at its address set forth on the first page hereof, Attention: Thomas F. Quinlan, Jr., and if to Borrower at its addresses set forth on the first page hereof, Attention: John R. Sischo, or at
such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 8.6. A notice shall be deemed to have
been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or three Business Days after mailing; or in the case of expedited prepaid delivery and facsimile transmission, on the
Business Day after the same was sent. A party receiving a notice which does not comply with the technical requirements for notice under this Section 8.6 may elect to waive any deficiencies and treat the notice as having been properly given.

 Section 8.7. TRIAL BY JURY. BORROWER, TO THE FULLEST EXTENT THAT IT MAY LAWFULLY DO SO, WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING,
INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT, THE NOTE OR THE OTHER LOAN DOCUMENTS. 
 Section
8.8. Headings. The Article and Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 8.9. Assignment. 
 (a) Borrower may not sell,
assign or transfer any interest in the Loan Documents, or any portion of the foregoing (including, without limitation, Borrower’s rights, title, interests, remedies, powers and duties hereunder and thereunder) without Agent’s prior written
consent. Each Lender shall have the right to assign or participate this Agreement and/or its interest in any of the other Loan Documents and the obligations hereunder to any Person. In the event of an assignment by any Lender, (a) the assignee
shall have, to the extent of such assignment, the same rights, benefits and obligations as it would have if it were an original “Lender” hereunder; (b) the assignee shall be deemed for all purposes to be a “Lender”
hereunder; and (c) upon any such substitution of Lender, a replacement or addition “Lender signature page” shall be executed by the new Lender and attached to this Agreement and thereupon become a part of this Agreement. After the
effectiveness of any assignment, the new Lender shall provide notice to Borrower of the identity, address and other pertinent information pertaining to the new Lender. Notwithstanding anything in this Agreement to the contrary, after an assignment
by any Lender, the “Lender” (prior to such assignment) shall continue to have the benefits of any rights or indemnifications and shall continue to have the obligations contained herein which such Lender had during the period such party was
a “Lender” hereunder. 
 (b) The Agent may from time to time elect to enter into a servicing agreement with a servicer, pursuant to
which the servicer shall be appointed to service and administer the Loan and the Account Collateral in accordance with the terms hereof and to exercise any and all other rights of the Lenders with respect to the Loan as set forth in such servicing
agreement. The Agent shall promptly notify the Borrower if the Agent shall elect to appoint or change the 

  

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servicer, and all notices and other communications from the Borrower to the Agent shall be delivered to the servicer with a copy concurrently delivered to
the Agent, and any notice, direction or other communication from the servicer to the Borrower shall have the same force and effect as a notice, direction or communication from the Agent. The parties hereto acknowledge and agree that the servicer
shall be a third party beneficiary to this Agreement and the other Loan Documents. 
 Section 8.10. Severability. Wherever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 Section 8.11.
Preferences. Agent and the Lenders shall have no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of the obligations of Borrower pursuant to this Agreement, the Note or any other
Loan Document. The Lenders shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder, provided that such application or reapplication is
performed by the Lenders in accordance with the terms of this Agreement or any other applicable Loan Document. To the extent Borrower makes a payment or payments to Agent or any Lender for Borrower’s benefit, which payment or proceeds or any
part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Agent or such
Lender. 
 Section 8.12. Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Agent, any Lender or Collateral
Agent except with respect to matters for which this Agreement or another Loan Document specifically and expressly provides for the giving of notice by Agent, such Lender and/or Collateral Agent to Borrower and except with respect to matters for
which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Except for notices required by applicable Legal Requirements that are not waivable by Borrower under such applicable Legal Requirements,
Borrower hereby expressly waives the right to receive any notice from Agent, any Lender and Collateral Agent with respect to any matter for which this Agreement or the other Loan Documents does not specifically and expressly provide for the giving
of notice by Agent or such Lender or Collateral Agent to Borrower. 
 Section 8.13. Failure to Consent. If Borrower shall seek the approval by or
consent of Agent or the Lenders hereunder or under the Note, or any of the other Loan Documents, and Agent or the Lenders shall fail or refuse to give such consent or approval, then Borrower shall not be entitled to any damages for any withholding
or delay of such approval or consent by Agent or the Lenders, it being intended that Borrower’s sole remedy shall be to bring an action for an injunction or specific performance. 
  

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 Section 8.14. Schedules Incorporated. The information set forth on the cover, heading and recitals hereof, and the
Schedules attached hereto, are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
 Section
8.15. Offsets, Counterclaims and Defenses. Any assignee of any Lender’s interest in and to this Agreement and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to
this Agreement and the other Loan Documents which Borrower may otherwise have against any assignor or this Agreement and the other Loan Documents. No such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or
proceeding brought by any such assignee upon this Agreement or upon any other Loan Document. Any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by
Borrower. 
 Section 8.16. No Joint Venture or Partnership. Borrower, Agent and each Lender intend that the relationship created hereunder be solely
that of borrower and lender. Nothing herein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and any Lender nor to grant any Lender any interest in the Collateral other than that
of secured party, mortgagee or lender. 
 Section 8.17. Waiver of Marshalling of Assets Defense. To the fullest extent Borrower may legally do so,
Borrower waives all rights to a marshalling of the assets of Borrower, and others with interests in Borrower, and of the Collateral, or to a sale in inverse order of alienation in the event of foreclosure of the interests hereby created, and agrees
not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the
right of any Lender under the Loan Documents to a sale of any Collateral for the collection of the Indebtedness without any prior or different resort for collection, or the right of any Lender to the payment of the Indebtedness out of the Net
Proceeds of the Collateral in preference to every other claimant whatsoever. 
 Section 8.18. Waiver of Counterclaim. To the extent permitted by
applicable law, Borrower hereby waives the right to assert a counterclaim, other than compulsory counterclaim, in any action or proceeding brought against it by Agent or its agents. 
 Section 8.19. Conflict; Construction of Documents. In the event of any conflict between the provisions of this Agreement and the provisions of any of the other Loan Documents, the provisions of this Agreement
shall prevail. The parties hereto acknowledge that they were represented by counsel in connection with the negotiation and drafting of the Loan Documents and that the Loan Documents shall not be subject to the principle of construing their meaning
against the party that drafted same. 
 Section 8.20. Brokers and Financial Advisors. Borrower and the initial Lender hereby represent that they have
dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement (other than Secured Capital Corp, whose fees and expenses shall be paid exclusively by
Borrower). Borrower and initial Lender hereby agree to indemnify and hold the other and Collateral Agent 

  

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harmless from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to or arising from a claim by any other Person
that such Person acted on behalf of the indemnifying party in connection with the transactions contemplated herein. The provisions of this Section 8.20 shall survive the expiration and termination of this Agreement and the repayment of
the Indebtedness. 
 Section 8.21. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 Section 8.22. Estoppel Certificates. Agent,
Borrower and each Lender hereby agree at any time and from time to time upon not less than fifteen (15) days prior written notice by Borrower or such Lender to execute, acknowledge and deliver to the party specified in such notice, a statement,
in writing, certifying that this Agreement is unmodified and in full force and effect (or if there have been modifications, that the same, as modified, is in full force and effect and stating the modifications hereto), and stating whether or not, to
the knowledge of such certifying party, any Default or Event of Default has occurred and is then continuing, and, if so, specifying each such Default or Event of Default; provided, however, that it shall be a condition precedent to any
Lender’s obligation to deliver the statement pursuant to this Section 8.22, that such Lender shall have received, together with Borrower’s request for such statement, an Officer’s Certificate stating that, to the knowledge
of Borrower, no Default or Event of Default exists as of the date of such certificate (or specifying such Default or Event of Default). 
 Section 8.23.
Payment of Expenses. Borrower shall pay all Transaction Costs, which shall include, without limitation, (a) reasonable out-of-pocket costs and expenses of Agent in connection with (i) the negotiation, preparation, execution and
delivery of the Loan Documents and the documents and instruments referred to therein; (ii) the creation, perfection or protection of Lenders’ Liens in the Collateral (including, without limitation, fees and expenses for title and lien
searches or amended or replacement Mortgages, UCC financing statements or Collateral Security Instruments, title insurance premiums and filing and recording fees, third party due diligence expenses for the Mortgaged Property plus travel expenses,
accounting firm fees, costs of the Appraisals, Environmental Reports (and an environmental consultant), and the Engineering Reports and costs and fees incurred in connection with arranging, setting up, servicing and maintaining the Account
Collateral); (iii) the negotiation, preparation, execution and delivery of any amendment, waiver, restructuring or consent relating to any of the Loan Documents, and (iv) the preservation of rights under and enforcement of the Loan
Documents and the documents and instruments referred to therein, including any communications or discussions relating to any action that Borrower shall from time to time request Agent to take, as well as any restructuring or rescheduling of the
Indebtedness, (b) the reasonable fees, expenses and other charges of counsel to Agent in connection with all of the foregoing, (c) all reasonable fees and expenses of each of the servicer appointed pursuant to Section 8.9(b)
and Collateral Agent and its respective counsel and (d) Agent’s (or, where reasonably deemed necessary by Agent, any other Lender’s) reasonable out-of-pocket travel expenses in connection with site visits to the Mortgaged Property.

 Section 8.24. Non-Recourse. Anything contained herein, in the Note or in any other Loan Document to the contrary notwithstanding, no recourse shall
be had for the payment of the 

  

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principal or interest on the Loan or for any other Indebtedness, obligation or liability hereunder or under any other Loan Document or for any claim based
hereon or thereon or otherwise in respect hereof or thereof against (i) any agent, contractor, director, officer, member, consultant, manager, stockholder, subscriber to capital stock, incorporator, beneficiary, participant, trustee or advisor
of Borrower, or any partner or member therein; (ii) any legal representative, heir, estate, successor or assign of any thereof; (iii) any corporation (or any officer, director, employee or shareholder thereof), limited liability company
(or member thereof), partnership (or any partner thereof), individual or entity to which any ownership interest in Borrower shall have been directly or indirectly transferred; (iv) any purchaser of any asset of Borrower; or (v) any other
Person (except Borrower), for any deficiency or other sum owing with respect to the Note or any other Indebtedness, obligation or liability or arising under this Agreement or any Loan Document. It is understood that neither the Note nor any other
Indebtedness, obligation or liability under or with respect to this Agreement and any other Loan Document may be enforced against any Person described in clauses (i) through (v) above; provided, however, that
the foregoing provisions of this paragraph shall not: 
 (A) prevent recourse to Borrower, the assets of Borrower, the
Mortgaged Property or any other instrument or document which is pledged by Borrower to the Lenders pursuant to the Loan Documents, including all Collateral; 
 (B) have any applicability whatsoever to the collateral pledged pursuant to the Collateral Security Instruments, or limit the liability of
Guarantor under the Guaranty of Non-Recourse Obligations; or 
 (C) constitute a waiver, release or discharge of any
indebtedness or obligation evidenced by the Note or secured by the Loan Documents, and the same shall continue until paid or discharged in full; or 
 (D) prevent recourse to Borrower and, to the extent provided in the Guaranty of Non-Recourse Obligations, Guarantor and their respective assets for repayment of the Indebtedness, and the Indebtedness shall be fully
recourse to Borrower and, to the extent provided in the Guaranty of Non-Recourse Obligations, the Guarantor, in the event that any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or
state law, shall be filed (A) by Borrower or (B) against Borrower with the consent or acquiescence of Borrower or Guarantor or their respective Affiliates; or 
 (E) prevent recourse to Borrower and, to the extent provided in the Guaranty of Non-Recourse Obligations, Guarantor and their respective
assets, and Borrower and, to the extent provided in the Guaranty of Non-Recourse Obligations, Guarantor shall be fully and personally liable, for any loss, costs, liability, damage or expense suffered or incurred by Agent or any Indemnified Party
related to or arising from: 
 (1) any fraud, misappropriation or misapplication of funds (including Loss Proceeds or Rents)
committed by or on behalf of Borrower in contravention of the Loan Documents, or intentional misrepresentation contained in any Loan Documents or report furnished pursuant to any Loan Document; 
  

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 (2) any Transfer in violation of the terms of the Loan Documents; 
 (3) violation of any of the terms, covenants and conditions to maintain Borrower as a Single Purpose Entity; 
 (4) additional financing obtained by Borrower (whether secured or unsecured) in violation of the terms of the Loan Documents; 

(5) actual physical waste to the Mortgaged Property; 
 (6) breach of any representation, warranty or covenant in this Agreement or the Environmental Indemnity Agreement, concerning
Environmental Laws and Hazardous Substances; 
 (7) any security deposits received by Borrower or Manager from tenants not
being properly applied, returned to tenants when due or delivered to Agent, a receiver or a purchaser of the Mortgaged Property in the event of a foreclosure sale upon such Person taking possession of the Mortgaged Property; 
 (8) any Legal Requirement mandating the forfeiture by Borrower of the Collateral or any portion thereof because of the conduct or
purported conduct of criminal activity by Borrower or any Affiliate in connection therewith; 
 (9) if any Lien is voluntarily
placed on the Collateral or any portion thereof in contravention of the Loan Documents and such Lien is not discharged and removed within ten (10) days after notice; 
 (10) Borrower or any Affiliate contesting or in any way interfering with, directly or indirectly (collectively, a
“Contest”), any foreclosure action or sale commenced by Agent or with any other enforcement of Agent’s rights, powers or remedies under any of the Loan Documents or under any document evidencing, securing or otherwise
relating to any of the Collateral (whether by making any motion, bringing any counterclaim, claiming any defense, seeking any injunction or other restraint, commencing any action seeking to consolidate any such foreclosure or other enforcement with
any other action, or otherwise) (except this clause (10) shall not apply if Borrower or such Affiliate successfully asserts a Contest and obtains a final non-appealable order as to same); 
 (11) the cost of enforcement of any of Agent’s rights or remedies hereunder or under any of the other Loan Documents, or costs
incurred in any bankruptcy or similar proceeding which may be brought by or against Borrower, or any pledgor or Guarantor; or 
 (12) the failure to pay Impositions assessed against the Mortgaged Property to the extent there was sufficient funds available to pay the same, or the failure to maintain insurance as required under the Loan Documents, or the failure to pay
any deductible amount in respect of any insurance maintained in respect of the Mortgaged Property, or the failure to pay and discharge any mechanic’s or materialmen’s Liens against the Mortgaged Property to the extent there was sufficient
funds available to pay and discharge the same or the 

  

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work relating to such Liens was not approved by Agent in writing or permitted by the Loan Documents or the failure to pay brokerage commissions. 

ARTICLE IX. 
 THE AGENT

 Section 9.1. Appointment, Powers and Immunities. Each Lender hereby irrevocably appoints and authorizes Agent to act as its agent hereunder and
under the other Loan Documents with such powers as are specifically delegated to Agent by the terms of this Agreement and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Agent (which term as used in
this sentence and in Section 9.5 and the first sentence of Section 9.6 hereof shall include reference to its Affiliates and its own and its Affiliates’ officers, directors, employees and agents): (a) shall have no
duties or responsibilities to the Lenders except those expressly set forth in this Agreement and in the other Loan Documents, and shall not by reason of this Agreement or any other Loan Document be a trustee for any Lender; (b) shall not be
responsible to the Lenders for any recitals, statements, representations or warranties contained in this Agreement or in any other Loan Document, or in any certificate or other document referred to or provided for in, or received by any of them
under, this Agreement or any other Loan Document, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or any other document referred to or provided for herein or therein
or for any failure by Borrower, or any other Person to perform any of their obligations hereunder or thereunder; (c) shall not be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Loan
Document; and (d) shall not be responsible to the Lenders for any action taken or omitted to be taken by it hereunder or under any other Loan Document or under any other document or instrument referred to or provided for herein or therein or in
connection herewith or therewith, except for its own gross negligence or willful misconduct. Agent may employ agents and attorneys-in-fact and shall not be responsible to the Lenders for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith. 
 Section 9.2. Reliance by Agent. Agent shall be entitled to rely upon any certification, notice or
other communication (including, without limitation, any thereof by telephone, facsimile transmission, telex, electronic mail, or cable) believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or
Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by Agent in good faith. As to any matters not expressly provided for by this Agreement or any other Loan Document, Agent shall in all cases
be fully protected in acting, or in refraining from acting, hereunder or thereunder in accordance with the instructions given by all of the Lenders, and such instructions of such Lenders and any action taken or failure to act pursuant thereto shall
be binding on all of the Lenders. 
 Section 9.3. Defaults. Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or
Event of Default unless Agent has received written notice from a Lender or Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that Agent receives such a notice of the occurrence of a
Default or Event of Default, Agent shall give prompt notice thereof to the Lenders. Agent shall (subject to Section 9.7 hereof) take such action with respect to such Default or Event of Default as shall be directed by 

  

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all Lenders, provided that, unless and until Agent shall have received such directions, Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Lenders except to the extent that this Agreement expressly requires that such action be taken, or not
be taken, only with the consent or upon the authorization of all of the Lenders. 
 Section 9.4. Rights as a Lender. With respect to the Loan made by
it, Agent in its capacity as a Lender hereunder shall have the same rights and powers hereunder as any other Lender and may exercise the same as though it were not acting as Agent, and the term “Lender” or “Lenders” shall, unless
the context otherwise indicates, include Agent in its individual capacity. Agent and its affiliates may (without having to account therefor to any Lender) lend money to, make investments in and generally engage in any kind of business with Borrower
or any of their Affiliates as if it were not acting as Agent, and Agent and its Affiliates may accept fees and other consideration from Borrower or such Affiliate for services in connection with this Agreement or otherwise without having to account
for the same to the Lenders. 
 Section 9.5. Indemnification. The Lenders agree to indemnify Agent (to the extent not reimbursed by Borrower, but
without limiting the obligations of Borrower under the Loan Documents) ratably in accordance with their respective interests in the Loan, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against Agent (including by any Lender) arising out of or by reason of any investigation in or in any way relating to or arising out of this
Agreement or any other Loan Document or any other documents contemplated by or referred to herein or therein or the Transaction (including, without limitation, the costs and expenses that Borrower is obligated to pay under the Loan Documents, but
excluding, unless a Default or Event of Default has occurred and is continuing, normal administrative costs and expenses incident to the performance of its agency duties hereunder) or the enforcement of any of the terms hereof or thereof or of any
such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the party to be indemnified. 
 Section 9.6. Non-Reliance on Agent and Other Lenders. Each Lender agrees and acknowledges that it has, independently and without reliance on Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and its own decision to enter into this Agreement and that it will, independently and without reliance upon Agent or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document. Agent shall not be
required to keep itself informed as to the performance or observance by Borrower of this Agreement or any of the other Loan Documents or to inspect the properties or books of Borrower or any of their Affiliates. Except for notices, reports and other
documents and information expressly required to be furnished to the Lenders by Agent hereunder, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition or
business of Borrower or any of their Affiliates that may come into the possession of Agent or any of its Affiliates. 
  

 106 

 Section 9.7. Failure to Act. Except for action expressly required of Agent hereunder and under the other Loan
Documents, Agent shall in all cases be fully justified in failing or refusing to act hereunder and thereunder unless it shall receive further assurances to its satisfaction from the Lenders of their indemnification obligations under
Section 9.5 hereof against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. 
 Section 9.8. Resignation of Agent. Subject to the appointment and acceptance of a successor Agent as provided below, Agent may resign upon giving notice thereof to the Lenders; provided, however, that such resignation
shall not be effective until such time as the successor Agent is in place and shall deliver written notice of such appointment to Borrower. Upon any such resignation, the Lenders shall have the right to appoint a successor Agent. If no successor
Agent shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders appoint a successor
Agent, that shall be a sophisticated financial institution. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article 9 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 
 Section 9.9. Agency Fee. Each Lender
will pay to Agent an agency fee as may be agreed upon between such Lender and Agent. Borrower shall not be liable for the payment of such fee. 
 Section
9.10. Consents under Loan Documents. Agent may consent to any modification, supplement or waiver under any of the Loan Documents, provided that, without the prior consent of each Lender, Agent shall not release any Collateral or
otherwise terminate any Lien under any Loan Document providing for collateral security, or agree to additional obligations being secured by such collateral security (unless the Lien for such additional obligations shall be junior to the Lien in
favor of the Obligations), except that no such consent shall be required, and Agent is hereby authorized, to release any Lien covering Collateral that is the subject of a disposition permitted hereunder. 
 Section 9.11. Notices, Reports and Other Communications. Agent shall provide, at its expense, copies of each notice, report, document, correspondence or other
written communication delivered to Agent by Borrower or any Affiliate of Borrower pursuant to any Loan Document, to each Lender identified in such notice, report, document, correspondence or other written communication or reasonably determined by
Agent to be entitled thereto or affected thereby, as soon as practicable after Agent’s receipt thereof. 
 [SIGNATURES FOLLOW ON NEXT
PAGE] 
  

 107 

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

			
	AGENT AND INITIAL LENDER:
	
	CITIGROUP GLOBAL MARKETS REALTY CORP.,
	 a New York corporation

		
	By:	 	  
	 Name:
	 	  
	 Title:
	 	  

  

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

		
	By:	 	  
		 	 John R. Sischo

		 	 Vice President

 COLLATERAL AGENT: 
 LASALLE BANK NATIONAL ASSOCIATION, 
 a national banking
association (as Collateral Agent for the Lenders only) 
  

			
	By:	 	  
		 	 Rachel M. Kahsen

		 	 Assistant Vice President

  

 Signature Page 1 

 SCHEDULE 1 
 Affiliate Transactions as of Closing 
  

 Schedule 1 

 SCHEDULE 2 
 Operations and Maintenance Plan 
  

 Schedule 2

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