Document:

Exhibit

Exhibit 10.8
ASSUMPTION AND JOINDER AGREEMENT
This ASSUMPTION AND JOINDER AGREEMENT, dated as of September 16, 2015 (this "Joinder Agreement"), is made by KBSIII VILLAGE CENTER STATION, LLC, a Delaware limited liability company (the "Additional Borrower"), each of the other Borrowers party to the Loan Agreement referred to below, and U.S. Bank National Association, a national banking association, as administrative agent for the Lenders party to the Loan Agreement referred to below ("Agent") and the Lenders described below.
RECITALS
A.    Reference is made to that certain Amended and Restated Loan Agreement dated as of March 10, 2014 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the "Loan Agreement"), among KBSIII DOMAIN GATEWAY, LLC, KBSIII 1550 WEST MCEWEN DRIVE, LLC, KBSIII 155 NORTH 400 WEST, LLC, and KBSIII TOWER AT LAKE CAROLYN, LLC, each a Delaware limited liability company (collectively, "Initial Borrowers"), and each other New Borrower that has become a Borrower under the Loan Agreement, each lender from time to time a party hereto (individually, a "Lender" and collectively, the "Lenders"), and Agent, as modified by (i) that certain First Modification Agreement (Long Form) dated as of June 19, 2015 (the "First Modification Agreement") among Initial Borrowers, KBSIII PARK PLACE VILLAGE, LLC, a Delaware limited liability company (collectively with Initial Borrowers, "Existing Borrowers"), Agent and Lenders, and (ii) that certain Second Modification and Additional Advance Agreement (Long Form) dated as of even date herewith (the "Second Modification Agreement") by and among Existing Borrowers and Additional Borrower (collectively, "Borrowers").  Any capitalized term used and not defined in this Joinder Agreement shall have the meaning given to such term in the Loan Agreement.  This Joinder Agreement is a "Joinder Agreement" described in the Loan Agreement.
B.    The Additional Borrower is a New Borrower which is owned, directly or indirectly, by Guarantor.
C.    Pursuant to Section 7.21 of the Loan Agreement, Existing Borrowers and the Additional Borrower have requested that certain real property owned by the Additional Borrower (the "Additional Property") more particularly described on Exhibit A attached hereto be included in the Borrowing Base Value and Borrowing Base Amount as an Additional Property.  The Additional Property Improvements include an office property located in Greenwood Village, Colorado on 3.2 acres of land totaling approximately 234,915 rentable square feet.  The Cost Basis of the Additional Property is $77,000,000.00.  The U.S. EIN of Additional Borrower is 47-3906901.
D.    As of the date hereof and prior to giving effect to the Second Modification Agreement, (i) the Committed Amount of the Loan is $200,000,000, and (ii) the Loan is evidenced by those certain Promissory Notes in the original aggregate principal amount of $200,000,000.00, each made by Existing Borrowers in favor of a Lender (collectively, the "Existing Notes").

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E.    Substantially concurrently with the execution of this Joinder Agreement, Borrowers, Agent and the Lenders are entering into the Second Modification Agreement pursuant to which Borrowers, Agent and the Lenders have agreed to modify the Loan Agreement and the other Loan Documents to, among other things, increase the Committed Amount of the Loan in the amount of $55,000,000.00 (the "Additional Advance") to $255,000,000, subject to the terms and conditions set forth in the Second Modification Agreement.  In connection therewith, Borrowers are executing that certain Promissory Note dated as of even date herewith in the amount of $55,000,000.00 to the order of JPMorgan Chase Bank, N.A. (the "Additional Note", and collectively with the Existing Notes, the "Notes").  The Additional Note shall constitute a "Note" as defined in the Loan Agreement.  
F.    As one of the conditions to the admission of the Additional Property as an Additional Property, the parties hereto are executing this Joinder Agreement.
NOW, THEREFORE, in consideration of the foregoing Recitals and the terms, covenants, and conditions of this Joinder Agreement, the receipt of which and sufficiency of which are hereby acknowledged, the Additional Borrower, Existing Borrowers, Agent and Lenders agree as follows:
1.Joinder as Borrower; Additional Property as a Property.  The Additional Borrower assumes and agrees to be bound by all of the terms, obligations, covenants, representations, warranties and conditions of the Loan Agreement, the Notes, the Fee Letter, the Environmental Indemnity, jointly and severally with the other Persons comprising the Borrowers, and assumes and agrees to be bound thereby, and shall be deemed to be a party thereto, as a Borrower and Indemnitor (as defined in the Environmental Indemnity), as if the Additional Borrower had originally executed the Loan Agreement, the Notes, the Fee Letter and the Environmental Indemnity.  The Additional Borrower hereby agrees (i) that the Additional Property shall constitute a Property for all purposes under the Loan Agreement, Environmental Indemnity and the other Loan Documents and (ii) to execute and deliver such additional documents as Agent may reasonably require, including a Deed of Trust.  
2.    Consent And Acceptance.  Existing Borrowers, Agent, Lenders and Guarantor (by its signature to the consent attached hereto) hereby consent to the assumption of the Loan Agreement, the Notes, the Fee Letter, and the Environmental Indemnity and the Obligations by the Additional Borrower and agree and acknowledge that after the date of this Joinder Agreement, (i) the Additional Borrower shall be a "Borrower" and (ii) the Additional Property shall be one of the "Properties" for all purposes of the Loan Agreement, the Notes, the Fee Letter and the Environmental Indemnity and each of the other Loan Documents, including for purposes of the indemnity provided to Agent and Lenders by each of the Borrowers (including Additional Borrower upon execution of this Joinder Agreement) under the Environmental Indemnity.  Each of the undersigned hereby acknowledges that Agent has approved an initial Borrowing Base Amount allocable to the Additional Property of $49,822,000.00 (notwithstanding any requirement of the Loan Documents to the contrary (including, without limitation, under the definition of Borrowing Base Amount set forth in the Loan Agreement)).   

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3.    Ownership of Additional Borrower.  The Additional Borrower and each other Borrower represent and warrant to Lenders and Agent that the Additional Borrower is wholly-owned, directly or indirectly, by Properties REIT.
4.    Legal Status; Organizational Documents.  The Additional Borrower represents and warrants to Agent and each Lender that (i) true, correct and accurate copies of all of the organizational documents of the Additional Borrower have been delivered to Agent, (ii) Additional Borrower is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and is duly registered and qualified to transact business in, and is in good standing under the laws of, the state in which the Additional Property it owns is located, and has all power, authority, consents, authorizations, and, to Additional Borrower's knowledge, permits and licenses necessary to carry on its business, to construct, equip, own and operate such Additional Property and to execute, deliver and perform this Joinder Agreement and the other Loan Documents, (iii) all consents of the members of Additional Borrower necessary to authorize the execution, delivery and performance of this Joinder Agreement and of the other Loan Documents which have been or are to be executed by and on behalf of Additional Borrower have been duly obtained and are in full force and effect; this Joinder Agreement and such other Loan Documents have been duly authorized, executed and delivered by and on behalf of Additional Borrower so as to constitute this Joinder Agreement and such other Loan Documents the valid and binding obligations of Additional Borrower, enforceable in accordance with their terms, and (iv) Additional Borrower has complied with all applicable assumed and/or fictitious name requirements of the state in which it is organized and of the state in which the Additional Property it owns is located, if different.
5.    No Default; Compliance with Loan Agreement.  The Additional Borrower and each other Borrower covenant, represent and warrant to Agent and each Lender that:
(a)    Additional Borrower owns fee title to the Additional Property, does not own any other property other than the Additional Property, and has satisfied the other requirements set forth in Section 7.21(b) of the Loan Agreement. 
(b)    To the best of Additional Borrower's knowledge, the Additional Property is free from all Hazardous Substances (as defined in the Environmental Indemnity) except as disclosed in that certain Phase I Environmental Site Assessment prepared by Ramboll Environ US Corporation dated as of April, 2015 (Project No. 04-5242IE), in the form disclosed to Agent as of the date of the recordation of a Deed of Trust against the Additional Property.
(c)    To the best of Additional Borrower's knowledge, the Additional Property and all related personal property is free and clear of all liens, charges and encumbrances other than Permitted Encumbrances or except as otherwise agreed by Agent in writing.
(d)    Except as otherwise disclosed to Agent in writing, each of the representations and warranties made by Borrowers pursuant to the Loan Agreement, including, without limitation, those set forth in Article IV therein, are true and correct in all material respects with regard to the Additional Borrower.

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(e)    No Event of Default, or event which, with notice or lapse of time or both, could become an Event of Default, has occurred and is continuing under any Loan Document.
(f)    Additional Borrower has been afforded the opportunity to read this Joinder Agreement, the Loan Agreement, the Notes, the Fee Letter, and the Environmental Indemnity carefully and to review such documents with an attorney of Additional Borrower's choice before signing this Joinder Agreement.  Additional Borrower acknowledges having read and understood the meaning and effect of this Joinder Agreement, the Loan Agreement, the Notes, the Fee Letter, and the Environmental Indemnity before signing this Joinder Agreement and understands it shall thereafter be bound by the Loan Documents and liable for all Obligations owing by Borrowers under the Loan Documents.
6.    Counterparts; Joint Borrower Provisions.  This Joinder Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which when taken together shall constitute one and the same instrument.  Section 7.19 of the Loan Agreement (the joint borrower provisions) is by this reference hereby incorporated herein in its entirety.  
7.    Governing Law.  The validity, enforcement, and interpretation of this Joinder Agreement, shall for all purposes be governed by and construed in accordance with the laws of the State of California and applicable United States federal law, and is intended to be performed in accordance with, and only to the extent permitted by, such laws.  To the maximum extent permitted by applicable law, Additional Borrower hereby waives any right to a trial by jury in any action relating to the Loan and/or the Loan Documents.
8.    Limited Recourse Provision.  Section 7.25 of the Loan Agreement (the limited recourse provisions) is by this reference hereby incorporated herein in its entirety.  
[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, this Joinder Agreement is executed as of the date first above written.
ADDITIONAL BORROWERS:
KBSIII VILLAGE CENTER STATION, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION XXIII, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation, its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

S-1

EXISTING BORROWERS:
KBSIII DOMAIN GATEWAY, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION I, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation, its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

KBSIII 1550 WEST MCEWEN DRIVE, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION IV, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation, its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

S-2

KBSIII 155 NORTH 400 WEST, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION V, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation, 
its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

KBSIII TOWER AT LAKE CAROLYN, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION VI, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, 
INC., a Maryland corporation, 
its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

S-3

KBSIII PARK PLACE VILLAGE, LLC,
a Delaware limited liability company
By:   KBSIII REIT ACQUISITION XXII, LLC,
a Delaware limited liability company,
its sole member
By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:   KBS REAL ESTATE INVESTMENT TRUST III, 
INC.,
a Maryland corporation, 
its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

S-4

AGENT:

U.S. BANK NATIONAL ASSOCIATION,
a national banking association,
as Administrative Agent

	
		
	By:
	/s/ Adrian B. Montero

	Name:
	Adrian B. Montero

	Title:
	Senior Vice President

LENDERS:

U.S. BANK NATIONAL ASSOCIATION,
a national banking association
	
		
	By:
	/s/ Adrian B. Montero

	Name:
	Adrian B. Montero

	Title:
	Senior Vice President

MUFG UNION BANK, N.A.,
a national banking association
	
		
	By:
	/s/ Nancy Dal Bello

	Name:
	Nancy Dal Bello

	Title:
	Director

FIFTH THIRD BANK
	
		
	By:
	/s/ Matthew Rodgers

	Name:
	Matthew Rodgers

	Title:
	VP

REGIONS BANK

	
		
	By:
	/s/ Michael R. Mellott

	Name:
	Michael R. Mellot

	Title:
	Director

S-5

JP MORGAN CHASE BANK, N.A.
	
		
	By:
	/s/ Mark A. Muller

	Name:
	Mark A. Muller

	Title:
	Authorized Officer

S-6

CONSENT OF GUARANTOR:
    
KBS REIT PROPERTIES III, LLC, a Delaware limited liability company ("Guarantor"), hereby (i) consents to the terms, conditions and provisions of the foregoing Joinder Agreement and the transactions contemplated by such Joinder Agreement, including, without limitation, the admission of the Additional Borrower as a Borrower under the Loan Agreement and the other Loan Documents, and the assumption of the Obligations by the Additional Borrower, and (ii) reaffirms the full force and effectiveness of that certain Amended and Restated Repayment Guaranty, dated as of March 10, 2014, executed by Guarantor in favor of Agent, as amended by (a) the First Modification Agreement dated as of June 19, 2015 among Agent, the Lenders and the Existing Borrowers, and (b) the Second Modification Agreement dated as of September 16, 2015 among Agent, the Lenders and the Borrowers.  
KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company

By:    KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation
its general partner
	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

EXHIBIT A
TO JOINDER AGREEMENT

That certain real property located in the County of Arapahoe, State of Colorado and more particularly described as follows:
PARCEL ONE:
LOT 2, CERTIFIED SURVEY MAP OF GREENWOOD PLAZA SOUTH FILING NO. 11, RECORDED JUNE 23, 2008 AT RECEPTION NO. B8071501 OF THE ARAPAHOE COUNTY, COLORADO REAL ESTATE RECORDS, COUNTY OF ARAPAHOE, STATE OF COLORADO.
PARCEL TWO:
BENEFICIAL EASEMENTS AS DESCRIBED IN EASEMENT AGREEMENT (PLAZA ENCROACHMENT) BY AND BETWEEN PROPERTY COLORADO OBJLW ONE CORPORATION, AN OREGON CORPORATION AND SHEA COLORADO, LLC, A COLORADO LIMITED LIABILITY COMPANY, RECORDED APRIL 14, 2008 AT RECEPTION NO. B8042826 OF THE ARAPAHOE COUNTY, COLORADO REAL ESTATE RECORDS.
PARCEL THREE:
NON-EXCLUSIVE EASEMENT FOR COMMON ACCESS AND UTILITIES, AS MORE PARTICULARLY DESCRIBED IN THE RECIPROCAL ACCESS EASEMENT (VCS PHASES I AND II) RECORDED SEPTEMBER 11, 2012 AT RECEPTION NO. D2101493, COUNTY OF ARAPAHOE, STATE OF COLORADO.

A-1Exhibit

Exhibit 10.9

	
						
	ELECTRONICALLY RECORDED
	2015149809
	 

	 
	TRV
	9
	

	PGS
	 

	 
	 
	 
	 
	 

	RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
	 
	 
	 

	 
	 
	 
	 

	Sheppard, Mullin, Richter & Hampton LLP
650 Town Center Drive, 4th Floor
Costa Mesa, California  92626
Attention:  David J. D'Amour, Esquire
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	THIS SPACE ABOVE FOR RECORDER'S USE

SECOND MODIFICATION AND ADDITIONAL ADVANCE AGREEMENT 
(Short Form – Domain Gateway) 
This SECOND MODIFICATION AND ADDITIONAL ADVANCE AGREEMENT (Short Form – Domain Gateway) (this "Agreement") is dated as of September 16, 2015, by and between KBSIII DOMAIN GATEWAY, LLC, a Delaware limited liability company ("Trustor") and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as administrative agent (in such capacity, "Agent") for the lenders from time to time party to the Loan Agreement described below (the "Lenders").  This Agreement is made with reference to the following facts:
RECITALS
A.    Agent, the Lenders, Trustor and KBSIII PARK PLACE VILLAGE, LLC, KBSIII 155 NORTH 400 WEST, LLC, KBSIII 1550 WEST MCEWEN DRIVE, LLC, and KBSIII TOWER AT LAKE CAROLYN, LLC, each a Delaware limited liability company (collectively with Trustor, "Existing Borrowers," and together with any new "Borrowers" becoming party to the Loan Agreement from time to time, including without limitation Additional Borrower (as defined below), "Borrowers") entered into that certain Amended and Restated Loan Agreement dated as of March 10, 2014 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the "Loan Agreement").  Pursuant to the Loan Agreement, Lenders made a loan to the Existing Borrowers in the original maximum principal amount of Two Hundred Million and No/100 Dollars ($200,000,000.00) (the "Loan"), consisting of a Revolving Portion and a Non-Revolving Portion (as such terms are defined in the Loan Agreement).  Subject to the satisfaction of the conditions set forth in Section 7.20 of the Loan Agreement, the Loan is subject to increase up to an aggregate principal amount of up to Three Hundred Fifty Million and No/100 Dollars ($350,000,000.00).  Capitalized terms used in this Agreement and not defined shall have the meanings assigned to such terms in the Loan Agreement. 
B.    The Loan is evidenced by those certain Promissory Notes in the original aggregate principal amount of $200,000,000.00, each made by Existing Borrowers in favor of a Lender (collectively, the "Existing Notes").

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C.    As of the date of this Agreement, subject to the terms of Recital E and Section 2 of the Long Form Agreement (as defined below) and prior to giving effect to the Long Form Agreement and the Additional Advance described below, the Committed Amount is $200,000,000.00 and the Principal Balance is $135,000,000.00.  
D.    The obligations of Existing Borrowers under the Existing Notes and the Loan Agreement are secured by, among other things, that certain Amended and Restated Deed of Trust (With Assignment of Leases and Rents, Security Agreement and Fixture Filing) (Domain Gateway) recorded as Instrument No. 2014036078 in the Official Records of Travis County, Texas (the "Official Records") on March 14, 2014, as amended by that certain First Modification Agreement (Short Form – Domain Gateway) dated as of June 19, 2015 and recorded as Instrument No. 2015099543 in the Official Records on June 24, 2015 (as amended, the "Senior Deed of Trust").  The Senior Deed of Trust encumbers the property described on Exhibit A hereto (the "Property").
E.    Concurrently with entering into this Agreement, Borrowers, Agent and Lenders are entering into that certain Second Modification and Additional Advance Agreement (Long Form) of even date herewith (the "Long Form Agreement") pursuant to which Lenders are making the Additional Advance described below and the Committed Amount of the Loan is being increased to Two Hundred Fifty-Five Million and No/100 Dollars ($255,000,000.00) as more fully set forth in the Long Form Agreement.  In connection therewith, (i) KBSIII VILLAGE CENTER STATION, LLC, a Delaware limited liability company ("Additional Borrower") is becoming a "Borrower" under the Loan Agreement and the other Loan Documents pursuant to that certain Assumption and Joinder Agreement dated as of even date herewith by and among Borrowers, Agent and the Lenders, (ii) the Village Center Property (as defined in the Long Form Agreement) is being added as an Additional Property securing the Loan pursuant to that certain Deed of Trust (With Assignment of Leases and Rents, Security Agreement and Fixture Filing) (Village Center) dated as of even date herewith by Additional Borrower, as trustor, to the Public Trustee of the County of Arapahoe, Colorado, as trustee, for the benefit of Agent, as beneficiary (the "Village Center Deed of Trust") to be recorded in the official records of Arapahoe County, Colorado, and (iii) Borrowers are executing that certain Promissory Note dated as of even date herewith in the amount of $55,000,000.00 to the order of JPMorgan Chase Bank, N.A. (collectively with the Existing Notes, the "Notes").  
F.    In connection therewith, Trustor is executing that certain Junior Deed of Trust (With Assignment of Leases and Rents, Security Agreement and Fixture Filing) (Domain Gateway) of even date herewith in favor of Agent, as beneficiary (the "Junior Deed of Trust").  The Junior Deed of Trust shall encumber the Property upon the recordation thereof in the Official Records.
G.    As used herein, the term "Loan Documents" shall mean the Loan Agreement, the Senior Deed of Trust, the Village Center Deed of Trust, the Junior Deed of Trust, the Notes, and the other "Loan Documents" described in the Loan Agreement and the Long Form Agreement.  This Agreement and the Long Form Agreement also shall constitute Loan Documents.

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AGREEMENT
NOW, THEREFORE, with reference to the foregoing Recitals and information, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent and Trustor hereby agree as follows:
1.The recitals set forth above are incorporated herein by this reference. 
2.The Long Form Agreement is incorporated in this Agreement by reference, as though set forth in full herein.  Among other things, the Long Form Agreement increases the Committed Amount of the Loan and makes certain other changes, as more fully set forth therein.
3.On and subject to the terms and conditions of the Long Form Agreement, Agent and Lenders have agreed to extend to Borrowers an additional advance in the amount of $55,000,000.00 (the "Additional Advance") as more particularly described in the Long Form Agreement and, in connection therewith, to increase the Committed Amount of the Loan from $200,000,000.00 to $255,000,000.00 (the "Increased Committed Amount"), which shall be evidenced by the Notes and shall be allocated to the Revolving Portion and the Non-Revolving Portion as more particularly described in the Long Form Agreement.  For the avoidance of doubt, after the disbursement of the Additional Advance and as of the date hereof, the Committed Amount shall be $255,000,000.00.  Notwithstanding the foregoing, nothing herein or in the Long Form Agreement shall increase or otherwise affect the limitation on the maximum principal indebtedness secured by the Senior Deed of Trust (as set forth in paragraph (a) of the "FOR THE PURPOSE OF SECURING" section thereof), which such limitation shall continue in full force and effect.
4.    The Senior Deed of Trust is hereby cross-defaulted with the Junior Deed of Trust and the Village Center Deed of Trust such that the occurrence of any "Event of Default" under the Junior Deed of Trust or the Village Center Deed of Trust shall constitute an "Event of Default" under the Senior Deed of Trust.  
5.    Any provisions in the Senior Deed of Trust prohibiting Trustor from further encumbering the Property are hereby waived by Agent and the Lenders solely to the extent required to permit Trustor to execute the Junior Deed of Trust and to permit such Junior Deed of Trust to be recorded, in a lien priority position junior and subordinate only to the Senior Deed of Trust, in the Official Records substantially concurrently herewith.  Agent hereby acknowledges and agrees that the execution and recordation of such Junior Deed of Trust shall not constitute an "Event of Default" under the Senior Deed of Trust, notwithstanding anything to the contrary set forth therein.  
6.    All references in the Senior Deed of Trust to the "Deeds of Trust" shall include, without limitation, the Village Center Deed of Trust and the Texas Property Junior Deeds of Trust (as defined in the Long Form Agreement).
7.    All references in the Loan Documents to the Senior Deed of Trust shall be deemed to refer to the Senior Deed of Trust as amended by this Agreement.  All references in the Senior Deed of Trust to any Loan Document shall be deemed to refer to such Loan Document as modified hereby, and by the Long Form Agreement.

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8.    This Agreement shall be governed by the laws of the State of Texas, without regard to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America.  
9.    This Agreement may be executed and recorded in any number of counterparts, all of which shall be considered one and the same instrument.  The original, executed signature and acknowledgement pages of exact copies of this Agreement may be attached to one of such copies to form one document.
10.    Section 7.25 of the Loan Agreement (the limited recourse provisions) is by this reference hereby incorporated in its entirety.
THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN 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 BETWEEN THE PARTIES.
[SIGNATURES TO FOLLOW]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.
U.S. BANK NATIONAL ASSOCIATION, a national banking association

	
		
	By:
	/s/ Adrian B. Montero

	Name:
	Adrian B. Montero

	Title:
	Senior Vice President

S-1

Acknowledgment

"TRUSTOR"

KBSIII DOMAIN GATEWAY, LLC,
a Delaware limited liability company

By:   KBSIII REIT ACQUISITION I, LLC,
a Delaware limited liability company,
its sole member

By:   KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member

By:   KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member

By:   KBS REAL ESTATE INVESTMENT
TRUST III, INC.,
a Maryland corporation,
its general partner

	
		
	By:
	/s/ Charles J. Schreiber, Jr.,

	 
	Charles J. Schreiber, Jr.,

	 
	Chief Executive Officer 

S-2

EXHIBIT A
LEGAL DESCRIPTION 
That certain real property located in Travis County, Texas, more particularly described as follows:
TRACT 1, PARCEL A: 
Lot 3A, RREEF DOMAIN BLOCK V SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat thereof, recorded under Document No. 201100200 of the Official Public Records of Travis County, Texas.  
TRACT 1, PARCEL B:
Leasehold Estate created by that certain Parking Ground Lease, dated April 9, 2009, executed by and between RREEF Domain LP, a Texas limited partnership, as Lessor, and Domain Gateway I, LP, a Texas limited partnership, as Lessee, as amended by that certain First Amendment to Parking Ground Lease, dated August 19, 2011, executed by and between RREEF Domain LP, a Texas limited partnership, as Lessor, and Domain Gateway I, LP, a Texas limited partnership, as Lessee, and further amended by that certain Second Amendment to Parking Ground Lease, dated September 29, 2011, executed by and between RREEF Domain LP, a Texas limited partnership, as Lessor, and Domain Gateway I, LP, a Texas limited partnership, as Lessee, evidenced by Memorandum of Lease recorded under Document No. 2011142878, as modified, affected or amended by Assignment and Assumption of Lessee’s Interest in Ground lease (Domain Gateway) dated September 29, 2011, by and between Domain Gateway I, LP, Assignor, to KBSIII Domain Gateway, LLC, Assignee, recorded in Document No. 2011143153,  of the Official Public Records of Travis County, Texas, in and to that certain tract or parcel of land containing 4.218 acres, more or less, being a portion of Lot 2A, RREEF DOMAIN BLOCK V SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat thereof recorded under Document No. 201100200 of the Official Public Records of Travis County, Texas.
TRACT 2:  EASEMENT ESTATE ONLY for the benefit of Tract 1 as created and described in that certain Amended and Restated Declaration of Covenants, Conditions and Restrictions for “The Domain” recorded on July 24, 2007 under Document No. 2007136702 as amended by instruments recorded under Documents Nos. 2007137333, 2007138719 and 2008106205, and as further amended by instrument recorded under Document No. 2007210778 of the Official Public Records of Travis County, Texas.
TRACT 3:   EASEMENT ESTATE ONLY for the benefit of Tract 1 as created and described in that certain First Amended and Restated Joint Use Access Agreement dated February 12, 2009, recorded on March 3, 2009 under Document No. 2009032626 of the Official Public Records of Travis County, Texas.
TRACT 4: :   EASEMENT ESTATE ONLY for the benefit of Tract 1 as created and described in that certain Declaration of Easements and Restrictive Covenant Regarding Unified Development and Maintenance of Drainage Facilities recorded on November 20, 2007 under Document No. 2007210778 of the Official Public Records of Travis County, Texas.

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