Document:

Exhibit

FIRST AMENDMENT TO LOAN DOCUMENTS
THIS FIRST AMENDMENT TO LOAN DOCUMENTS (this “Agreement”) is executed effective as of September 28, 2015 (the “Effective Date”), by and among CJUF II STRATUS BLOCK 21 LLC, a Delaware limited liability company (“Borrower”), STRATUS PROPERTIES INC., a Delaware corporation (“Guarantor”), and BANK OF AMERICA, N.A., a national banking association (“Administrative Agent”), as administrative agent on behalf of and for the benefit of the Lenders, and the Lenders.  Capitalized terms used herein, but not otherwise defined herein, shall have the meaning given to such term in the Loan Agreement.
W I T N E S S E T H:
WHEREAS, Lender made available a $100,000,000.00 loan (the “Loan”) to Borrower pursuant to that certain Term Loan Agreement dated as of September 30, 2013 (the “Loan Agreement”) by and between Borrower, Administrative Agent and Lenders, as evidenced by that certain Promissory Note dated September 30, 2013 (the “Note”) executed by Borrower and payable to the order of Bank of America, N.A., as lender in the original principal amount of $100,000,000.00;
WHEREAS, the Loan is secured in part by that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated September 30, 2013 (the “Mortgage”) executed by Borrower to Administrative Agent covering property more particularly described therein, (the “Property”) recorded as Document Number 2013180523 in the Official Public Records of Travis County, Texas;
WHEREAS, Borrower has requested that, among other things, Lenders increase the Loan to $130,000,000.00; and
WHEREAS, Lenders have agreed to such request, subject to the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, Borrower, Administrative Agent and Lenders hereby covenant and agree as follows:
ARTICLE I -  AMENDMENTS
Section 1.1.    Loan Increase.  The Loan is hereby increased to $130,000,000.00 and in that regard, the Loan Agreement, the Mortgage, and all of the other Loan Documents are hereby modified and amended to reflect the amount of the Loan is $130,000,000.00.
Section 1.2.    Note.  Concurrently with the execution of this Agreement, Borrower is executing and delivering to Administrative Agent, that certain Amended and Restated Promissory Note in the principal amount of $130,000,000.00 (the “New Note”) to evidence the increase in the Loan.  All references to the Note or Notes in the Loan Documents shall mean the New Note.  The New Note shall be, and hereby is, one of the Loan Documents.
Section 1.3.    Maturity Date.  As stated in the New Note, the Maturity Date has been extended to September 28, 2020.
Section 1.4.    Permitted Transfer.  Administrative Agent and Lenders hereby acknowledge and permit (a) the acquisition by Stratus Properties Inc. (“Stratus”) of the interests of Canyon-Johnson Urban Fund

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II, L.P., a Delaware limited partnership (“Canyon”) in Borrower pursuant to the terms of Section 4.13 of Borrower’s Amended and Restated Operating Agreement and (b) in connection with such acquisition, the change in Borrower’s name to Stratus Block 21, L.L.C., and the closure of the City National Bank Account as reflected on Schedule 13 attached hereto.  In connection with such transfer, Administrative Agent and Lenders hereby release Canyon of all its obligations under the Guaranty and the Environmental Agreement.  Stratus hereby acknowledges the terms of this Agreement, including the release of Canyon as a Guarantor, and acknowledges that Stratus remains fully liable for all obligations pursuant to the Guaranty and the Environmental Agreement.  In connection with Borrower’s name change, within thirty (30) days of the date of this Agreement, Borrower shall deliver to Administrative Agent (i) a name change certification, and (ii) state registration documentation for the updated name (the “Name Change Due Diligence”).  Once Administrative Agent has received and approved the Name Change Due Diligence, (A) for all purposes of the Loan and the Loan Documents, Borrower’s name shall be Stratus Block 21, L.L.C., (B) a UCC-3 shall be recorded to evidence such name change, and (C) the organizational chart attached as Schedule 11 to the Loan Agreement is hereby deleted and replaced with the organizational chart attached hereto as Schedule 11.
Section 1.5.    Defined Terms.  The following terms set forth in Schedule 1 to the Loan Agreement are hereby amended and restated in their entirety as follows:
“FF&E Reserve Account” means account no. ***********9903 at Administrative Agent into which the deposits required pursuant to Section 2.3(c) of this Agreement are to be made.

“Guarantor” means Stratus and its heirs, personal representatives, successors and assigns.

“Loan Amount” means One Hundred Thirty Million and No/100 Dollars ($130,000,000.00).

“Note” means the Amended and Restated Promissory Note in an amount equal to the Loan Amount, made by Borrower to the order of Bank of America, N.A., as the same may from time to time be extended, amended, restated, supplemented or otherwise modified.

“Office Leasing Reserve Account” means account no. ***********9916 at Administrative Agent, into which the deposits required pursuant to Section 2.3(c) of this Agreement are to be made.

“Reserve Accounts” means, collectively, the Office Leasing Reserve Account and the FF&E Reserve Account, as applicable.

“Reserve Funds” means, collectively, Office Leasing Reserve Funds and FF&E Reserve Funds.

Section 1.6.    Tax and Insurance Reserve Fund.  Section 2.3(b) of the Loan Agreement is hereby deleted.  Borrower shall no longer be obligated to deposit funds into the Tax and Insurance Reserve Fund.  Amounts currently held in the Tax and Insurance Reserve Fund shall be returned to Borrower.
Section 1.7.    Accounts.

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(a)    Security Interest.  Borrower hereby assigns and pledges to Administrative Agent, for the benefit of the Lenders, and grants Administrative Agent, for the benefit of the Lenders, a first priority security interest in and lien on, as security for the Obligations (i) all of Borrower’s deposit accounts related to the Property and, to the extent within Borrower’s Control, the businesses of Service Company LLC and Show Bureau LLC, including, without limitation, (A) the Owner’s Remittance Account, (B) the Cash Sweep Account, (C) any Borrower’s Deposit Account now existing or hereafter established, (D) the Reserve Accounts, and (E) all other operating accounts, any reserve or escrow accounts (subject to and limited by the rights of Hotel Manager pursuant to the Hotel Management Agreement and the subordination, non-disturbance and attornment agreement between Hotel Manager and Administrative Agent with respect to the “Operating Account”, the “Reserve Fund” and the “Payroll Account” as defined in the Hotel Management Agreement to the extent maintained by Hotel Manager) other than the Comerica Operating Account and the City National Bank Account reflected on Schedule 13 attached hereto, any accounts from which Borrower may from time to time authorize Administrative Agent or Swap Counterparty to debit payments due on the Loan and any Swap Contracts, and any lockbox, cash management or other account into which tenants are required from time to time to pay rent (all accounts referred to above, the “Pledged Accounts”), (ii) all amounts or Investment Property held in or credited to the Pledged Accounts, and (iii) any proceeds thereof.  The foregoing notwithstanding, the Pledged Accounts do not include the Comerica Operating Account or the City National Bank Account reflected on Schedule 13 attached hereto.
(b)    Control.  Such security interest shall be perfected by virtue of Administrative Agent’s “control” of the Pledged Accounts in accordance with Section 9.104 of the Uniform Commercial Code of the State of Texas.  Administrative Agent shall have all of the rights and remedies available to a secured party under the Uniform Commercial Code of the State of Texas, in addition to all other rights and remedies available to Administrative Agent under the Loan Documents or otherwise.  
(c)    Negative Pledge.  Borrower shall not further pledge, assign or grant any security interest in the Pledged Accounts or the funds (except to the extent funds are distributed out of the Pledged Accounts in accordance with the Loan Agreement) or Investment Property deposited therein or permit any Lien to attach thereto, except for the security interest in favor of Administrative Agent, for the benefit of the Lenders, or any levy to be made thereon, or any UCC financing statements, except those naming Administrative Agent as the secured party, to be filed with respect thereto. Borrower shall maintain the security interest created hereby as a first priority perfected security interest and will defend the right, title and interest of Administrative Agent in and to the Pledged Accounts and the funds and Investment Property therein against the claims and demands of all Persons whomsoever (other than Lenders).
(d)    Restricted Accounts.  Borrower shall not be entitled to withdraw funds from the Reserve Accounts or the Borrower’s Deposit Account (the “Restricted Accounts”) without Administrative Agent’s written consent (which may be by e-mail).  So long as no Event of Default exists, Administrative Agent shall grant its consent Borrower’s withdrawal of funds on deposit in the Restricted Accounts as follows:
(i)    with respect to the Reserve Accounts, only for the purposes, and subject to the terms and conditions, set forth in Schedule 2 to the Loan Agreement, to the extent funds are available on deposit in the applicable Reserve Account for such purposes; and
(ii)    with respect to the Borrower’s Deposit Account, only for the purposes, and subject to the terms and conditions, set forth in Section 4.6 of the Loan Agreement, to the extent funds are available on deposit in the Borrower’s Deposit Account for such purpose.

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Such consent shall be granted by Administrative Agent within a reasonable time after delivery by Borrower of a draw request acceptable to Administrative Agent, together with the documents and information required by the applicable provisions the Loan Agreement.  Administrative Agent may require a site inspection of the Property in order to verify completion of all requirements prior to consenting to any withdrawal of funds from any Restricted Account.  In consenting to any payment from a Restricted Account, Administrative Agent shall be entitled to rely on any bill, statement or estimate procured from the appropriate public office, consultant, engineer, contractor or insurance company or agent without any inquiry into the accuracy, validity, enforceability or contestability of any cost, expense, commission, assessment, lien or title or claim thereof.  
(e)    Cash Sweep Account.  Borrower shall not be entitled to withdraw funds from the Cash Sweep Account without Administrative Agent’s written consent (which may be by e-mail).  Administrative Agent shall only be required to consent to Borrower’s withdrawal of funds from the Cash Sweep Account upon satisfaction of the conditions set forth in Section 5 of Schedule 7 to the Loan Agreement to the extent funds are available on deposit in the Cash Sweep Account.
(f)    Schedule 13.  The accounts chart attached as Schedule 13 to the Loan Agreement is hereby deleted and replaced with the accounts chart attached hereto as Schedule 13.
Section 1.8.    Schedule 7.  Schedule 7 of the Loan Agreement is hereby amended as follows:
(a)    The first sentence of Section 1 of Schedule 7 is hereby amended and restated as follows:  “Borrower shall maintain a Debt Service Coverage Ratio as of any Determination Date of at least 1.20 to 1.00.”
(b)    The first sentence of Section 2 of Schedule 7 is amended and restated to read as follows:  “If the Debt Service Coverage Ratio is less than 1.20 to 1.00, then Administrative Agent shall implement a Cash Sweep.”  The third sentence of Section 2 of Schedule 7 is amended and restated to read as follows:  “Commencing on the first Determination Date upon which Borrower provides to Administrative Agent financial statements showing a Debt Service Coverage Ratio of less than 1.20 to 1.00, Borrower shall deposit into the Cash Sweep Account all Excess Cash Flow received in any calendar month on or before the fifth (5th) day of the second month thereafter (except with respect to the Excess Cash Flow for the initial 3-month period preceding the Determination Date, which shall be deposited concurrently with the provision of the quarterly financial statements described above).”
(c)    The first sentence of Section 3 of Schedule 7 is hereby amended and restated to read as follows:  “If the Debt Service Coverage Ratio is less than 1.20 to 1.00 following two (2) consecutive Determination Dates, Borrower shall, within thirty (30) days after such second (2nd) Determination Date, prepay such principal amount as is required to achieve a Debt Service Coverage Ratio of 1.35 to 1.00 (redetermined as of such second (2nd) Determination Date and giving effect to said prepayment) and shall satisfy any conditions to prepayment.”
(d)    Section 5 of Schedule 7 is hereby amended and restated in its entirety to read as follows:  “At such time as Borrower achieves a Debt Service Coverage Ratio of at least 1.35 to 1.00 for two (2) consecutive Determination Dates, the Cash Sweep will terminate and, provided no Event of Default exists, any funds held in the Cash Sweep Account will be released to Borrower.”
Section 1.9.    Schedule 8.  Schedule 8 of the Loan Agreement is hereby deleted and replaced with Schedule 8 attached hereto.

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Section 1.10.    Permitted Mezzanine Debt.  Administrative Agent and Lenders hereby agree that Borrower may obtain mezzanine financing subject to the following conditions:  (a) no Default or Event of Default exists, (b) the proposed mezzanine loan shall not be secured by any collateral of the Loan and the mezzanine lender shall enter into an intercreditor agreement with Borrower, Administrative Agent and the Lenders in form and substance acceptable to Administrative Agent; (c) the amount of the mezzanine debt does not exceed to lesser of (i) $40,000,000.00, (ii) an amount, that when added to the Loan Amount, causes the Loan to Value Ratio to equal 85%, and (iii) an amount, that when added to the Loan Amount, causes the Aggregate Debt Service Coverage Ratio to be less than 1.00 to 1.00.  As used herein, “Loan-to-Value Ratio” means the aggregate of the Loan Amount and the proposed amount of the mezzanine loan divided by the appraised “As-Is” value of the Property.  The appraised “As-Is” value of the Property shall be based upon an appraisal prepared by a third-party appraiser acceptable to, and engaged directly by, Administrative Agent.  The appraisal shall be satisfactory to Administrative Agent in all respects, as reviewed, adjusted and approved by Administrative Agent.  As used herein, “Aggregate Debt Service Coverage Ratio” means, as of any Determination Date, for the applicable Calculation Period the ratio, as determined by Administrative Agent (which determination shall be conclusive absent manifest error), of Net Operating Income to Aggregate Debt Service.  As used herein, “Aggregate Debt Service” means the payments of principal and interest that would have been payable under a hypothetical loan in the amount of the aggregate of the Loan Amount and the proposed amount of the mezzanine loan during the Calculation Period, assuming (i) an interest rate equal to the Aggregate Assumed Interest Rate, and (ii) amortization of the aggregate principal indebtedness over a thirty (30) year amortization period.  As used herein, “Aggregate Assumed Interest Rate” means the greatest of:  (i) the actual borrowing rate of the Loan, (ii) the annual yield payable on the last day of the applicable Calculation Period on ten (10) year United States Treasury obligations in amounts approximately the outstanding principal balance of the Loan at the inception of the Calculation Period plus two hundred fifty (250) basis points per annum, and (iii) six and one-quarter percent (6.25%) per annum.
ARTICLE II -    CONDITIONS
Section 2.1.    Conditions to Closing.  As a condition to the closing of this Agreement, all of the following shall have been satisfied:
(a)    Borrower and Guarantor shall have executed and delivered to Administrative Agent this Agreement; 
(b)    Borrower shall have executed and delivered to Administrative Agent that certain First Amendment of Deed of Trust;
(c)    Borrower shall have executed and delivered to Administrative Agent the New Note;
(d)    Borrower shall have paid to Administrative Agent the commitment fee in the amount of $325,000.00;
(e)    Borrower shall have delivered (or shall cause to be delivered) to Administrative Agent, a commitment for mortgagee title insurance policy reflecting the increased amount of the Loan and otherwise in form acceptable to Administrative Agent together with evidence that the premium for issuance of a mortgagee title insurance policy in accordance therewith is being paid by Borrower at closing;

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(f)    Borrower shall have delivered to Administrative Agent the authority documents of Borrower and Guarantor required by Administrative Agent, as well as an opinion letter of counsel as to the authority of Borrower and Guarantor and the enforceability of the Loan Documents;
(g)    Borrower and Guarantor shall execute and deliver such other documents as may be necessary or as may be required, in the opinion of counsel to Administrative Agent, to effect the transactions contemplated hereby and continue the liens and/or security interests under the Loan, as modified by this Agreement; and
(h)    Borrower shall provide evidence satisfactory to Administrative Agent that Borrower is in compliance with all insurance requirements under the Loan Documents.
ARTICLE III -    MISCELLANEOUS
Section 3.1.    Default.  If any indebtedness, covenant, agreement or condition in this Agreement or in any other Loan Document, including, without limitation, the New Note and First Amendment of Deed of Trust is not fully and timely paid, performed, observed or kept, and such failure continues beyond any notice, cure or grace period specified in the Loan Agreement or such other Loan Document, such failure shall constitute a Default under the Loan Agreement and the Loan Documents.
Section 3.2.    Payment of Expenses.  Borrower agrees to pay to Lender the reasonable attorneys’ fees and expenses of Administrative Agent’s counsel and other expenses incurred by Administrative Agent in connection with this Agreement.
Section 3.3.    Binding Agreement.  This Agreement shall be binding upon, and shall inure to the benefit of, the parties’ respective representatives, successors and assigns.
Section 3.4.    Ratification.  Except as otherwise expressly modified by this Agreement, all terms and provisions of the Loan Agreement and the other Loan Documents, including, without limitation, any and all representations and warranties contained therein, shall remain unchanged and hereby are ratified and confirmed and shall be and shall remain in full force and effect, enforceable in accordance with their terms.
Section 3.5.    No Defenses.  Borrower by its execution of this Agreement, hereby declares that it has no set-offs, counterclaims, defenses or other causes of action against Administrative Agent or any Lender arising out of the Loan, the modification of the Loan, any documents mentioned herein or otherwise; and, to the extent any such setoffs, counterclaims, defenses or other causes of action may exist as of the Effective Date, whether known or unknown, such items are hereby waived by Borrower.
Section 3.6.    Further Assurances.  The parties hereto shall execute such other documents as may be necessary or as may be required, in the opinion of counsel to Administrative Agent, to effect the transactions contemplated hereby and the liens and/or security interests of all other collateral instruments, as modified by this Agreement.  Borrower also agrees to provide to Administrative Agent such other documents and instruments as Administrative Agent reasonably may request in connection with the modification of the Loan effected hereby.
Section 3.7.    Usury Savings Clause.  Notwithstanding anything to the contrary contained in any Loan Document, the interest and fees paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non‐usurious interest permitted by applicable Law (the “Maximum Rate”).  If any Lender shall receive interest or a fee in an amount that exceeds the Maximum Rate, the excessive interest 

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or fee shall be applied to the outstanding principal balance of the Indebtedness or, if it exceeds the unpaid principal, refunded to Borrower.  In determining whether the interest or a fee contracted for, charged, or received by any Lender exceeds the Maximum Rate, such person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Loan.
Section 3.8.    Non‐Waiver of Events of Default.  Except as specifically provided herein, neither this Agreement nor any other document executed in connection herewith constitutes or shall be deemed (a) a waiver of, or consent by Administrative Agent or Lenders to, any default or event of default which may exist or hereafter occur under any of the Loan Documents, (b) a waiver by Administrative Agent or Lenders 
of any of Borrower’s obligations under the Loan Documents, or (c) a waiver by Administrative Agent or Lenders of any rights, offsets, claims, or other causes of action that Administrative Agent or Lenders may have against Borrower.
Section 3.9.    Enforceability.  In the event the enforceability or validity of any portion of this Agreement, the Loan Agreement or any of the other Loan Documents is challenged or questioned, such provision shall be construed in accordance with, and shall be governed by, applicable federal law or the law of the State of Texas, whichever may be applicable.
Section 3.10.    Counterparts.  This Agreement may be executed in several counterparts, all of which are identical, each of which shall be deemed an original, and all of which counterparts together shall constitute one and the same instrument, it being understood and agreed that the signature pages may be detached from one or more of such counterparts and combined with the signature pages from any other counterpart in order that one or more fully executed originals may be assembled.
Section 3.11.    Choice of Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, EXCEPT TO THE EXTENT FEDERAL LAWS PREEMPT THE LAWS OF THE STATE OF TEXAS.
Section 3.12.    Entire Agreement.  This Agreement, together with the other Loan Documents, contain the entire agreements between the parties relating to the subject matter hereof and thereof.  This Agreement and the other Loan Documents may be amended, revised, waived, discharged, released or terminated only by a written instrument or instruments, executed by the party against which enforcement of the amendment, revision, waiver, discharge, release or termination is asserted.  Any alleged amendment, revision, waiver, discharge, release or termination which is not so documented shall not be effective as to any party.
Section 3.13.    Release of Claims.  For valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower on behalf of itself and on behalf of its respective successors, assigns, partners, and agents, and the members, directors, shareholders, officers and directors of its partners (collectively, “Releasors”), hereby irrevocably and unconditionally release and forever discharge Administrative Agent and each Lender and its successors, assigns, agents, officers, employees, representatives, attorneys, and affiliates, and all persons acting by, through, under, or in concert with any of the aforesaid persons or entities (collectively, “Released Parties”), or any of them, from and against any and all causes of action, suits, debts, liens, obligations, liabilities, claims, demands, damages, judgments, losses, orders, penalties, costs and expenses including, without limitation, attorneys’ fees, of any kind or nature whatsoever, known or unknown, suspected or unsuspected, fixed or contingent, liquidated or unliquidated, which any of the Releasors now have, own, hold, or claim to have, own, or 

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hold, or at any time heretofore have had, owned, held or claimed to have had, owned, or held against any of the Released Parties arising from, based upon, or related to, whether directly or indirectly (collectively, “Claims”): (i) the Loan; (ii) the Loan Documents; (iii) any and all other agreements, documents or instruments referenced herein or in the Loan Documents or related hereto or thereto; (iv) any defenses as to the enforcement of the Loan Documents; (v) any act, omission, negligence or breach of duty by Administrative Agent or any Lender regarding the Loan, excluding acts, omissions or negligence resulting from Lender’s willful misconduct or gross negligence; or (vi) any theory of lender liability regarding the Loan. 
Section 3.14.    Representations and Warranties of Borrower.  Borrower and Guarantor each hereby represent and warrant to Administrative Agent and each Lender that (a) such party has the power and authority to execute and deliver this Agreement, the New Note, and the First Amendment of Deed of Trust and perform its obligations hereunder and thereunder, and the execution, delivery and performance of this Agreement, the New Note, and the First Amendment of Deed of Trust have been duly authorized by all requisite action by such party, (b) this Agreement, the New Note and the First Amendment of Deed of Trust 
have been duly executed and delivered by such party, (c) to the best of such party’s knowledge, no action of, or filing with, any tribunal is required to authorize, or is otherwise required in connection with, the execution, delivery and performance by such party of this Agreement, the New Note, and the First Amendment of Deed of Trust, except those that have been made or obtained on or before the date of this Agreement, (d) the Loan Documents, as amended by this Agreement, are valid and binding upon such party and are enforceable against such party in accordance with their terms, subject to Debtor Relief Laws, (e) the execution, delivery and performance by such party of this Agreement does not require the consent of any other person or entity, except those that have been made or obtained on or before the date of this Agreement and, to the best of such party’s  knowledge, will not constitute a violation of any laws or material agreement or understanding to which such party is a party or by which such party is bound, and (f) as of the date hereof neither Borrower or Guarantor are in default under any of the Loan Documents.
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL LOAN AGREEMENT BETWEEN THE PARTIES RELATED TO THE SUBJECT MATTER HEREIN CONTAINED 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.
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IN WITNESS WHEREOF, this Agreement is executed effective as of the date first written above.
BORROWER:
CJUF II STRATUS BLOCK 21 LLC, 
a Delaware limited liability company
By:    Stratus Block 21 Investments, L.P., 
    a Texas limited partnership, Manager
By:    Stratus Block 21 Investments, GP, L.L.C., 
        a Texas limited liability company, General Partner
By: /s/ Erin D. Pickens 
        Name:    Erin D. Pickens 
        Title:    Sr. Vice President

GUARANTOR:

STRATUS PROPERTIES, INC.,
a Delaware corporation

By: /s/ Erin D. Pickens
Name: Erin D. Pickens
Title: Senior Vice-President

ADMINISTRATIVE AGENT AND LENDER:

BANK OF AMERICA, N.A.,
a national banking association

By: /s/ Jeff Hendricks
Name: Jeff Hendricks
Title: Senior Vice President

FIRST AMENDMENT TO LOAN DOCUMENTS (W Hotel Austin)    Signature PageExhibit

AMENDED AND RESTATED PROMISSORY NOTE
$130,000,000.00    September 28, 2015
FOR VALUE RECEIVED, CJUF II Stratus Block 21 LLC, a Delaware limited liability company (“Borrower”), hereby unconditionally promises to pay to the order of Bank of America, N.A., a national banking association, as administrative agent for the lenders from time to time party to the Loan Agreement as hereinafter defined (as more particularly defined in the Loan Agreement, “Administrative Agent”), without offset, in immediately available funds in lawful money of the United States of America, at Administrative Agent’s Office, the principal sum of One Hundred Thirty Million and 00/100 Dollars ($130,000,000) (or the unpaid balance of all principal advanced against this Note (as hereinafter defined), if that amount is less), together with interest on the unpaid principal balance of this Note from day to day outstanding as hereinafter provided.
Section 1Payment Schedule and Maturity Date. Beginning on October 5, 2015 (such initial date and each subsequent date, the “Payment Date”), the principal of this Note shall be due and payable in monthly installments on the fifth (5th) day of each month and each succeeding month thereafter, in an amount specified on the amortization schedule attached hereto as Exhibit A. In addition to the foregoing payment of principal on this Note, accrued and unpaid interest on this Note shall be due and payable in arrears on the fifth (5th) day of each month commencing on October 5, 2015, for the period commencing on the first day of the immediately preceding calendar month and ending on the last day of the immediately preceding calendar month, until all principal and accrued interest owing on this Note shall have been fully paid and satisfied. The entire principal balance of this Note then unpaid, together with all accrued and unpaid interest and all other amounts payable hereunder and under the other Loan Documents, shall be due and payable in full on the Maturity Date (as hereinafter defined), the final maturity of this Note. Interest shall accrue hereunder from the date principal is first advanced on the principal balance of the Loan from day to day outstanding.
Section 2    Intentionally Deleted.
Section 3    Security. The security for this Note includes a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated September 30, 2013 (as amended from time to time), by Borrower for the benefit of Administrative Agent, conveying and encumbering certain real and personal property more particularly described therein.
Section 4    Interest Rate.
(a)    Interest Rates. Subject to Section 18, the Principal Debt (as hereinafter defined) from day to day outstanding which is not past due shall bear interest at a fluctuating rate of interest per annum equal to the LIBOR Daily Floating Rate (as hereinafter defined) for that day plus two hundred thirty-five (235) basis points, except as specifically described in Sections 4(c) and 5. For the avoidance of doubt, the maximum rate of interest hereunder shall not exceed the maximum lawful rate permitted by applicable law.
(b)    Computations and Determinations. All interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed. Administrative Agent shall

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determine each interest rate applicable to the Principal Debt in accordance with this Note and its determination thereof shall be conclusive in the absence of manifest error. The books and records of Administrative Agent shall be conclusive evidence, in the absence of manifest error, of all sums owing to Lender from time to time under this Note, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents.
(c)    Unavailability of Rate. Administrative Agent may notify Borrower in writing if the London Interbank Offered Rate is not available, or if Administrative Agent determines that no adequate basis exists for determining the LIBOR Daily Floating Rate, or that the LIBOR Daily Floating Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the Principal Debt by reason of increased Compliance Costs (as defined in Section 4(d) below), or that any applicable Law, or any request or directive (whether or not having the force of law) of any Tribunal (as hereinafter defined), or compliance therewith by any Lender, prohibits or restricts or makes impossible the making or maintaining of the Principal Debt at the LIBOR Daily Floating Rate or the charging of interest on the Principal Debt at the LIBOR Daily Floating Rate. If Administrative Agent so notifies Borrower, then until Administrative Agent notifies Borrower that the circumstances giving rise to such suspension no longer exist, the Principal Debt shall automatically bear interest at the Base Rate (as hereinafter defined).
(d)    Increased Cost and Reduced Return. Subject to Section 8.7(g) of the Loan Agreement, if at any time after the date hereof, any Lender (which shall include, for purposes of this Section 4(d), any corporation controlling any Lender) determines that any Change in Law (as defined in the Loan Agreement) or other adoption or modification of any applicable Law or the enforcement or interpretation thereof regarding taxation, such Lender’s required levels of reserves, deposits, insurance or capital (including any allocation of capital requirements or conditions), or similar requirements, or any interpretation or administration thereof by any Tribunal or compliance by such Lender with any of such requirements, has or would have the effect of (a) increasing such Lender’s costs related to its Pro Rata Share of the Indebtedness (as hereinafter defined), or (b) reducing the yield or rate of return of such Lender on its Pro Rata Share of the Indebtedness, to a level below that which such Lender could have achieved but for the adoption or modification of any such requirements (collectively, “Compliance Costs”), Borrower shall, within fifteen (15) days of any request by Administrative Agent, pay to such Lender such additional amounts as (in such Lender’s sole judgment, after good faith and reasonable computation) will compensate such Lender for such Compliance Costs of such Lender; provided that the imposition of such Compliance Costs is generally consistent with such Lender’s treatment of similar financings. No failure by Administrative Agent to immediately demand payment of any additional Compliance Costs payable hereunder shall constitute a waiver of Administrative Agent’s or any Lender’s right to demand payment of any such amounts at any subsequent time. Nothing herein contained shall be construed or shall so operate as to require Borrower to pay any interest, fees, costs or charges greater than is permitted by applicable Law.
Section 5    Default Rate. Subject to Section 18, after the occurrence of an Event of Default, Administrative Agent, in Administrative Agent’s sole discretion and without notice or demand, may raise the rate of interest accruing on the outstanding principal balance of this Note by three hundred (300) basis points above the rate of interest otherwise applicable (“Default Rate”), independent of whether Administrative Agent elects to accelerate the outstanding principal balance

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of this Note. For the avoidance of doubt, the maximum rate of interest hereunder shall not exceed the maximum lawful rate permitted by applicable law.
Section 6    Definitions.
(a)    In addition to other terms defined herein, as used herein the following terms shall have the meanings indicated, unless the context otherwise requires:
“Base Rate” means, on any day, a fluctuating rate per annum equal to the sum of (a) one hundred and fifty (150) basis points plus (b) the higher of (i) the Federal Funds Rate plus fifty (50) basis points or (ii) the rate of interest in effect for such day as publicly announced by Bank of America as its Prime Rate (as defined below).
“Indebtedness” means any and all of the indebtedness to Lenders evidenced, governed or secured by or arising under this Note or any other Loan Documents.
“LIBOR Daily Floating Rate” means, for any day, a fluctuating rate of interest per annum equal to the London Interbank Offered Rate or a successor thereto as approved by Administrative Agent, as published by Reuters (or other commercially available source providing quotations of the London Interbank Offered Rate as selected by Bank of America from time to time) at approximately 11:00 a.m., London time determined two (2) London Banking Days (as hereinafter defined) prior to such date for U.S. Dollar deposits being delivered in the London interbank eurodollar market for a term of one month commencing that day, as adjusted from time to time in Administrative Agent’s sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs.
“Loan Agreement” means that certain Term Loan Agreement dated as of September 30, 2013 by and among Borrower, Administrative Agent and the lenders party thereto from time to time, as the same may be renewed, extended, increased, amended, replaced, restated, replaced, supplemented or otherwise modified from time to time in accordance with its terms.
“London Banking Day” means a day on which banks in London are open for business and dealing in offshore dollars.
“Maturity Date” means September 28, 2020, as it may be earlier accelerated in accordance with the terms and provisions of this Note or the other Loan Documents.
“Note” means this promissory note, and any renewals, extensions, amendments or supplements hereof.
“Prime Rate” means a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such Prime Rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

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“Principal Debt” means the aggregate unpaid principal balance of this Note at the time in question.
“Tribunal” means any applicable state, commonwealth, federal, foreign, territorial or other court or governmental department, commission, board, bureau, district, authority, agency, central bank, or instrumentality, or any arbitration authority.
(b)    All other capitalized terms used herein but not defined shall have the meaning as set forth in the Loan Agreement.
Section 7    Prepayment.
(a)    Borrower may prepay the principal balance of this Note, in full at any time or in part from time to time, provided that: (i) Administrative Agent shall have actually received from Borrower prior irrevocable written notice (the “Prepayment Notice”) of Borrower’s intent to prepay, the amount of principal which will be prepaid (the “Prepaid Principal”), and the date on which the prepayment will be made; (ii) each prepayment shall be in the amount of $1,000 or a larger integral multiple of $1,000 (unless the prepayment retires the outstanding balance of this Note in full); and (iii) each prepayment shall be in the amount of 100% of the Prepaid Principal, plus accrued unpaid interest thereon to the date of prepayment, plus any other sums which have become due to Administrative Agent and Lenders under the Loan Documents on or before the date of prepayment but have not been paid.
(b)    Within fifteen (15) days after request by Administrative Agent (or at the time of any prepayment), Borrower shall pay to Administrative Agent such amount or amounts as will compensate Lenders for any loss, cost, expense, penalty, claim or liability, including any loss incurred in obtaining, prepaying, liquidating or employing deposits or other funds from third parties and any loss of revenue, profit or yield, as determined by each Lender in its judgment reasonably exercised (together, “Consequential Loss”) incurred by any Lender with respect to the LIBOR Daily Floating Rate as a result of: (i) the failure of Borrower to make any payment on the date or in the amount specified in any Prepayment Notice from Borrower to Administrative Agent; or (ii) the payment or prepayment of any amount on a date other than the date such amount is required or permitted to be paid or prepaid. Borrower agrees to pay all Consequential Loss upon any prepayment of all or any portion of the Principal Debt, whether voluntary or involuntary, whether effected by a credit bid at foreclosure, or whether by reason of acceleration upon an Event of Default or upon any transfer or conveyance of any right, title or interest in the Property giving Administrative Agent the right to accelerate the maturity of this Note as provided in the Mortgage or the other Loan Documents. Notwithstanding the foregoing, the amount of the Consequential Loss shall never be less than zero or greater than is permitted by applicable Law. Administrative Agent shall provide a written notice to Borrower setting forth in detail each applicable Lender’s determination of any Consequential Loss, which notice shall be conclusive and binding in the absence of manifest error. Administrative Agent and Lenders reserve the right to provide interim calculations of such Consequential Loss in any notice of default or notice of sale for information purposes, but the exact amount of such Consequential Loss shall be calculated only upon the actual prepayment of all or any portion of the Principal Debt as described herein. The Consequential Loss shall be included in the total indebtedness secured by the Mortgage for all purposes, including in connection with a foreclosure sale. 

AMENDED AND RESTATED PROMISSORY NOTE (CJUF II Stratus) – Page 4

Administrative Agent may include the amount of the Consequential Loss in any credit bid Administrative Agent may make at a foreclosure sale. No Lender shall have any obligation to purchase, sell and/or match funds in connection with the funding or maintaining of the Loan or any portion thereof. The obligations of Borrower under this Section shall survive any termination of the Loan Documents and payment of this Note and shall not be waived by any delay by Administrative Agent or any Lender in seeking such compensation.
Section 8    Late Charges. If Borrower shall fail to make any payment under the terms of this Note (other than the payment due at maturity or acceleration) within fifteen (15) days after the date such payment is due, Borrower shall pay to Administrative Agent on demand a late shall not be construed as in any way extending the due date of any payment. The late charge is imposed for the purpose of defraying the expenses of Administrative Agent and Lenders incident to handling such delinquent payment. This charge shall be in addition to, and not in lieu of, any other amount that Administrative Agent or any Lender may be entitled to receive or action that Administrative Agent or any Lender may be authorized to take as a result of such late payment.
Section 9    Certain Provisions Regarding Payments. All payments made under this Note shall be applied, to the extent thereof, to late charges, to accrued but unpaid interest, to unpaid principal then due, and to any other sums due and unpaid to Administrative Agent and Lenders under the Loan Documents, in such manner and order as Administrative Agent may elect in its sole discretion, any instructions from Borrower or anyone else to the contrary notwithstanding. Remittances shall be made without offset, demand, counterclaim, deduction, or recoupment (each of which is hereby waived) and shall be accepted subject to the condition that any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance by Administrative Agent of any payment in an amount less than the amount then due on any indebtedness shall be deemed an acceptance on account only, notwithstanding any notation on or accompanying such partial payment to the contrary, and shall not in any way (a) waive or excuse the existence of an Event of Default (as hereinafter defined), (b) waive, impair or extinguish any right or remedy available to Administrative Agent or Lenders hereunder or under the other Loan Documents, or (c) waive the requirement of punctual payment and performance or constitute a novation in any respect. Payments received after 2:00 p.m. shall be deemed to be received on, and shall be posted as of, the following Banking Day. Whenever any payment under this Note or any other Loan Document falls due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day.
Section 10        Events of Default. The occurrence of any Event of Default under the Loan Agreement shall constitute an “Event of Default” under this Note.
Section 11    Remedies. Following and during the continuance of an Event of Default, Administrative Agent may at any time thereafter exercise any one or more of the following rights, powers and remedies:
(a)    Administrative Agent may accelerate the Maturity Date and declare the unpaid principal balance and accrued but unpaid interest on this Note, and all other amounts payable hereunder and under the other Loan Documents, at once due and payable, and upon such declaration the same shall at once be due and payable.

AMENDED AND RESTATED PROMISSORY NOTE (CJUF II Stratus) – Page 5

(b)    Administrative Agent may (and may direct any Lender to) set off the amount due against any and all accounts, credits, money, securities or other property now or hereafter on deposit with, held by or in the possession of Administrative Agent or any Lender to the credit or for the account of Borrower, or pledged to Administrative Agent, without notice to or the consent of Borrower.
(c)    Administrative Agent may exercise any of its other rights, powers and remedies under the Loan Documents or at law or in equity.
Section 12    Remedies Cumulative. All of the rights and remedies of Administrative Agent and Lenders under this Note and the other Loan Documents are cumulative of each other and of any and all other rights at law or in equity, and the exercise by Administrative Agent or any Lender of any one or more of such rights and remedies shall not preclude the simultaneous or later exercise by Administrative Agent or any Lender of any or all such other rights and remedies. No single or partial exercise of any right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and from time to time. No failure by Administrative Agent or any Lender to exercise, nor delay in exercising, any right or remedy shall operate as a waiver of such right or remedy or as a waiver of any Event of Default.
Section 13    Costs and Expenses of Enforcement. Borrower agrees to pay to Administrative Agent on demand all costs and expenses incurred by Administrative Agent and Lenders in seeking to collect this Note or to enforce any of Administrative Agent’s and Lenders’ rights and remedies under the Loan Documents, including court costs and reasonable attorneys’ fees and expenses, whether or not suit is filed hereon, or whether in connection with arbitration, judicial reference, bankruptcy, insolvency or appeal.
Section 14    Service of Process. Borrower with its filing in Texas of an application for registration certificate to transact business in Texas on July 30, 2007, has designated and appointed William H. Armstrong III, 212 Lavaca, Suite 300, Austin, Texas 78701 as Borrower’s authorized agent to accept and acknowledge on Borrower’s behalf service of any and all process that may be served in any suit, action, or proceeding instituted in connection with this Note and the other Loan Documents in any state or federal court sitting in the State of Texas or any federal court sitting in the state in which any of the Property is located. If such agent shall cease so to act, Borrower shall irrevocably designate and appoint without delay another such agent in the State of Texas satisfactory to Administrative Agent and shall promptly deliver to Administrative Agent evidence in writing of such agent’s acceptance of such appointment and its agreement that such appointment shall be irrevocable.
Borrower hereby consents to process being served in any suit, action, or proceeding instituted in connection with this Note and the other Loan Documents by (a) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to Borrower and (b) serving a copy thereof upon the agent, if any, hereinabove designated and appointed by Borrower as Borrower’s agent for service of process. Borrower irrevocably agrees that such service shall be deemed to be service of process upon Borrower in any such suit, action, or proceeding. Nothing in this Note shall affect the right of Administrative Agent to serve process in any manner otherwise permitted by law and nothing in this Note or any other Loan Document 

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will limit the right of Administrative Agent otherwise to bring proceedings against Borrower in the courts of any jurisdiction or jurisdictions.
Section 15    Heirs, Successors and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the heirs, devisees, representatives, successors and assigns of the parties. The foregoing sentence shall not be construed to permit Borrower to assign the Loan except as otherwise permitted under the Loan Documents.
Section 16    General Provisions. Time is of the essence with respect to Borrower’s obligations under this Note. Borrower hereby severally (a) waive demand, presentment for payment, notice of dishonor and of nonpayment, protest, notice of protest, notice of intent to accelerate, notice of acceleration and all other notices (except any notices which are specifically required by this Note or any other Loan Document), filing of suit and diligence in collecting this Note or enforcing any of the security herefor; (b) agree to any substitution, subordination, exchange or release of any such security or the release of any party primarily or secondarily liable hereon; (c) agree that Administrative Agent and Lenders shall not be required first to institute suit or exhaust its remedies hereon against Borrower or others liable or to become liable hereon or to perfect or enforce its rights against them or any security herefor; (d) consent to any extensions or postponements of time of payment of this Note for any period or periods of time and to any partial payments, before or after maturity, and to any other indulgences with respect hereto, without notice thereof to any of them; and (e) submit (and waive all rights to object) to non-exclusive personal jurisdiction of any state or federal court sitting in the State of Texas for the enforcement of any and all obligations under this Note and the other Loan Documents; (f) waive the benefit of all homestead and similar exemptions as to this Note; (g) agrees that its liability under this Note shall not be affected or impaired by any determination that any title, security interest or lien taken by Administrative Agent or any Lender to secure this Note is invalid or unperfected; and (h) hereby subordinate to the Loan and the Loan Documents any and all rights against Borrower and any security for the payment of this Note, whether by subrogation, agreement or otherwise, until this Note is paid in full. A determination that any provision of this Note is unenforceable or invalid shall not affect the enforceability or validity of any other provision and the determination that the application of any provision of this Note to any person or circumstance is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances. This Note may not be amended except in a writing specifically intended for such purpose and executed by the party against whom enforcement of the amendment is sought. Captions and headings in this Note are for convenience only and shall be disregarded in construing it. This Note and its validity, enforcement and interpretation shall be governed by the laws of the State of Texas (without regard to any principles of conflicts of laws) and applicable United States federal law. Whenever a time of day is referred to herein, unless otherwise specified such time shall be Central Time. The words “include” and “including” shall be interpreted as if followed by the words “without limitation.”
Section 17    Notices; Time. All notices, requests, consents, approvals or demands required or permitted by this Note to be given by any party to any other party hereunder shall be in writing and shall be given in accordance with Section 8.6 of the Loan Agreement.
Section 18    No Usury. It is expressly stipulated and agreed to be the intent of Borrower, Administrative Agent and Lenders at all times to comply with applicable state law or applicable

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United States federal law (to the extent that it permits Administrative Agent and Lenders to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this Section shall control every other covenant and agreement in this Note and the other Loan Documents. If applicable state or federal law should at any time be judicially interpreted so as to render usurious any amount called for under this Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Administrative Agent’s exercise of the option to accelerate the Maturity Date, or permitted by applicable law, then it is Administrative Agent’s and Lenders’ express intent that all excess amounts theretofore collected by Administrative Agent and Lenders shall be credited on the principal balance of this Note and all other indebtedness secured by the Mortgage, and the provisions of this Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Administrative Agent and Lenders 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 Loan does not exceed the maximum lawful rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.
Section 19    Amended and Restated Promissory Note. The indebtedness evidenced by this Note amends, restates and renews, but does not constitute a novation of, the indebtedness evidenced by that certain Promissory Note dated September 30, 2013 by Borrower in favor of Bank of America, N.A., in the principal amount of $100,000,000.00
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.
[Signature on following page]

AMENDED AND RESTATED PROMISSORY NOTE (CJUF II Stratus) – Page 8

IN WITNESS WHEREOF, Borrower had duly executed this Note as of the date first above written.
BORROWER:

CJUF II STRATUS BLOCK 21 LLC,
a Delaware limited liability company

By:    Stratus Block 21 Investments, L.P.,
                         a Texas limited partnership, Manager

By:    Stratus Block 21 Investments, GP, L.L.C.,
a Texas limited liability company,
General Partner

By:      /s/ Erin D. Pickens        
Name: Erin D. Pickens
Title: Sr. Vice President

AMENDED AND RESTATED PROMISSORY NOTE (CJUF II Stratus) – Signature Page 

Exhibit A
AMORTIZATION SCHEDULE
Exhibit A
AMORTIZATION SCHEDULE
	
		
	Month
	Amortization Payment Amount Per Month

	October 5, 2015 – September 5, 2016
	$159,800

	October 5, 2016 – September 5, 2017
	$168,000

	October 5, 2017 – September 5, 2018
	$176,600

	October 5, 2018 – September 5, 2019
	$185,600

	October 5, 2019 – September 5, 2020
	$195,100

AMENDED AND RESTATED PROMISSORY NOTE (CJUF II Stratus) – Exhibit A

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