Document:

Guarantee

 Exhibit 10.28 
 GUARANTEE 
 Dated December 12, 2011 

Subject to the terms and conditions hereof, KBS STRATEGIC OPPORTUNITY REIT, INC. ( the “Guarantor”) hereby absolutely and
unconditionally guarantees payment of any and all present and future obligations, whether absolute or contingent, payable by KBS SOR CMBS OWNER, LLC (“Obligor”) to WELLS FARGO SECURITIES, LLC (“Beneficiary”) under or in
connection with that certain Master Repurchase Agreement dated as of December 12, 2011 between Beneficiary and Obligor, as amended and supplemented from time to time (the “Agreement”), and any and all amounts due hereunder, as and
when the same shall become due and payable, including without limitation, any obligations of Obligor under any Transaction or for the transfer or termination thereof, whether or not evidenced by a Confirmation (the “Guaranteed Debt”).
Unless otherwise defined or the context otherwise requires, all capitalized terms used herein shall have their respective meanings as defined in the Agreement. 
 Guarantor agrees that its obligations hereunder shall be absolute, irrespective of the validity, regularity or enforceability of this Guarantee or the Guaranteed Debt, the power, authority or capacity of
the Obligor, the absence of any action to enforce this Guarantee or the Guaranteed Debt, the recovery of any judgment against Obligor or any action to enforce the same or to realize upon or to enforce payment of the Guaranteed Debt against
collateral (if any) securing the Guaranteed Debt, or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
 Guarantor waives notice of the acceptance of this Guarantee and of the extension or continuation of the Guaranteed Debt or any part thereof, presentment, protest, notice, demand or action or delinquency
in respect of the Guaranteed Debt or any part thereof, including, without limiting the foregoing, any right to require a proceeding first against Obligor, any other guarantor, any other entity or person obligated in relation to the Guaranteed Debt
or any part thereof, or collateral (if any) securing the same. Guarantor’s obligations hereunder shall not be delayed or restrained upon the commencement of any bankruptcy or insolvency proceedings in relation to Obligor or any of its property
whether or not any collection, enforcement or other action against Obligor or any of its property is stayed or enjoined. If at any time any payment of any portion of the Guaranteed Debt is rescinded or must otherwise be restored or returned upon the
insolvency, bankruptcy or reorganization of Obligor or otherwise, Guarantor’s obligations hereunder in relation to such payment shall be reinstated at such time as though such payment had not been made. 

This Guarantee is a continuing guarantee of payment and will not be discharged except by complete payment of the Guaranteed Debt,
notwithstanding any extensions, waivers, amendments, renewals or any other modifications or indulgences in relation to, or substitutions for, the Guaranteed Debt or any part thereof. Guarantor agrees to make all payments under this Guarantee in the
same currency and manner as provided for in the Agreement, shall have like obligations with respect to those payments as Obligor has under the Agreement. 
 As of the date of this Guarantee, Guarantor hereby makes representations to Beneficiary in relation to this Guarantee in like terms as those made by Obligor under Paragraph 10 of the Agreement, and for
that purpose, Paragraph 10 of the Agreement is hereby incorporated by reference in this Guarantee, mutatis mutandis, with all references in such Paragraph to “this Agreement” being deemed references to “this Guarantee”, and all
references to “it” in such Paragraph being deemed references to Guarantor. 
 Until complete payment of the Guaranteed
Debt, Guarantor shall not exercise any right of subrogation in relation to payments made by Guarantor pursuant to this Guarantee. Guarantor waives any benefit of collateral (if any) which may from time to time secure the Guaranteed Debt or any part
thereof and authorizes Beneficiary to take any action or exercise any remedy in relation thereto without notice to Guarantor. If Beneficiary in its sole discretion elects to give notice of any action in relation to collateral (if any) securing the
Guaranteed Debt or any part thereof, one day’s written notice to Guarantor shall be reasonable notice of any matters contained in such notice. 

  
 1 

 Guarantor shall pay all costs, fees and expenses (including reasonable attorneys’ fees)
incurred by Beneficiary in collecting or enforcing Guarantor’s obligations hereunder. Without limiting the rights of Beneficiary under applicable law, Guarantor authorizes Beneficiary to apply any amounts owing to, or sums standing to the
credit of, Guarantor with any office, branch, subsidiary or affiliate of Beneficiary to the payment when due of any amount owing by Guarantor under this Guarantee. For this purpose, the Beneficiary may convert any such amount or sum into the
currency of the amount owing hereunder at a rate of exchange (including premiums and costs of exchange) at which Beneficiary could purchase the relevant currency on the relevant date acting in good faith. 

No provision of this Guarantee may be amended, supplemented or modified, or any of the terms and provisions hereof waived, except by a
written instrument executed by Guarantor and Beneficiary. Any release of Guarantor under this Guarantee shall be ineffective unless in a writing executed by the Beneficiary. Guarantor’s liability hereunder is independent of any other guarantees
or other obligations at any time in effect in relation to the Guaranteed Debt or any part thereof, and such liability hereunder may be enforced regardless of the existence, validity, enforcement or non-enforcement of any such other guarantees or
obligations. Obligor and Beneficiary may enter into additional Transactions and Confirmations under the Agreement, and subject to the terms of the Agreement may transfer or terminate any Transactions, without notice to or authorization from
Guarantor regardless of Obligor’s then existing financial or other condition. Beneficiary shall have no obligation to disclose or discuss with Guarantor its assessment of the financial condition of Obligor. 

This Guarantee shall bind Guarantor, its successors and assigns; inure to the benefit of Beneficiary, its successors and assigns; and be
governed by the law specified in the Agreement as governing the same. With respect to any suit, action or proceedings relating to this Guarantee, Guarantor hereby submits to the non-exclusive jurisdiction of the courts to which Obligor has submitted
under the Agreement upon the same terms as are contained in the Agreement, and irrevocably consents to service of process given in the same manner provided for notices hereunder, which shall be non-exclusive of any manner of serving process provided
by law. To the extent permitted by applicable law, Guarantor irrevocably waives any and all right to trial by jury in any legal proceeding in connection with this Guarantee. 
 All payments under this Guarantee will be made without any deduction or withholding for or on account of any taxes (other than stamp, registration, documentation, or similar tax) unless such deduction or
withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If Guarantor is so required to deduct or withhold on account of such taxes, then the Guarantor will
(i) promptly notify Beneficiary of such requirement; (ii) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any amount paid by Guarantor
to Beneficiary under clause (iv) below) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Beneficiary; (iii) promptly forward to
Beneficiary an official receipt (or a certified copy), or such other documentation reasonably acceptable to Beneficiary, evidencing such payment to such authorities; and (iv) pay to Beneficiary, in addition to the payment which Beneficiary is
otherwise entitled under this Guarantee, such additional amount as is necessary to ensure that the net amount actually received by Beneficiary (free and clear of any such taxes, whether assessed against Guarantor or Beneficiary) will equal the full
amount Beneficiary would have received had no such deduction or withholding been required. 
 Notices or communications in
respect of this Guarantee shall be addressed to Guarantor at its address provided below and may be given in the same manner and upon the same terms as are contained in the Agreement. 

  
 2 

 IN WITNESS WHEREOF, Guarantor has executed this Guarantee by its duly authorized officer as
of the day first above written. 
  

	
	KBS STRATEGIC OPPORTUNITY REIT, INC.
	
	By: /s/ David E. Snyder
	Name: David E. Snyder
	Title: Chief Financial Officer
	
	620 Newport Center Drive
	Suite 1300
	Newport Beach, CA 92660

  
 3Master Repurchase Agreement

 Exhibit 10.29 

 

			
	

	  	 Master Repurchase Agreement

		  	September 1996 Version

  

			
	Dated as of	  	December 12, 2011
	  

		
	Between:	  	WELLS FARGO BANK, N.A.
	 	  	 
		
	and	  	KBS SOR CMBS OWNER, LLC
	 	  	 

  

	1.	Applicability 

 From time
to time the parties hereto may enter into transactions in which one party (“Seller”) agrees to transfer to the other (“Buyer”) securities or other assets (“Securities”) against the transfer of funds by Buyer, with a
simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise
agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in Annex I hereto and in any other annexes identified herein or therein as applicable hereunder. 

 

	2.	Definitions 

	 	(a)	“Act of Insolvency”, with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its
property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another
seeking such an appointment or election, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such
party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (iii) the
making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such party’s debts as they become due; 

 

	 	(b)	“Additional Purchased Securities”, Securities provided by Seller to Buyer pursuant to Paragraph 4(a) hereof; 

	 	(c)	“Buyer’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained by application of the Buyer’s Margin Percentage to the
Repurchase Price for such Transaction as of such date; 

  

	 	(d)	“Buyer’s Margin Percentage”, with respect to any Transaction as of any date, a percentage (which may be equal to the Seller’s Margin Percentage)
agreed to by Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction;

  

	 	(e)	“Confirmation”, the meaning specified in Paragraph 3(b) hereof; 

 

	 	(f)	“Income”, with respect to any Security at any time, any principal thereof and all interest, dividends or other distributions thereon;

  

	 	(g)	“Margin Deficit”, the meaning specified in Paragraph 4(a) hereof; 

 

	 	(h)	“Margin Excess”, the meaning specified in Paragraph 4(b) hereof; 

 

	 	(i)	“Margin Notice Deadline”, the time agreed to by the parties in the relevant Confirmation, Annex I hereto or otherwise as the deadline for giving notice
requiring same-day satisfaction of margin maintenance obligations as provided in Paragraph 4 hereof (or, in the absence of any such agreement, the deadline for such purposes established in accordance with market practice); 

 

	 	(j)	“Market Value”, with respect to any Securities as of any date, the price for such Securities on such date obtained from a generally recognized source agreed
to by the parties or the most recent closing bid quotation from such a source, plus accrued Income to the extent not included therein (other than any Income credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5
hereof ) as of such date (unless contrary to market practice for such Securities); 

  

	 	(k)	“Price Differential”, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such
Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of
determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction); 

  

	 	(l)	“Pricing Rate”, the per annum percentage rate for determination of the Price Differential; 

 

	 	(m)	“Prime Rate”, the prime rate of U.S. commercial banks as published in The Wall Street Journal (or, if more than one such rate is published, the average of
such rates); 

  

	 	(n)	“Purchase Date”, the date on which Purchased Securities are to be transferred by Seller to Buyer; 

  
 2 • September 1996
• Master Repurchase Agreement 

	 	(o)	“Purchase Price”, (i) on the Purchase Date, the price at which Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter, except
where Buyer and Seller agree otherwise, such price increased by the amount of any cash transferred by Buyer to Seller pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to Paragraph 4(a)
hereof or applied to reduce Seller’s obligations under clause (ii) of Paragraph 5 hereof; 

  

	 	(p)	“Purchased Securities”, the Securities transferred by Seller to Buyer in a Transaction hereunder, and any Securities substituted therefor in accordance with
Paragraph 9 hereof. The term “Purchased Securities” with respect to any Transaction at any time also shall include Additional Purchased Securities delivered pursuant to Paragraph 4(a) hereof and shall exclude Securities returned pursuant
to Paragraph 4(b) hereof; 

  

	 	(q)	“Repurchase Date”, the date on which Seller is to repurchase the Purchased Securities from Buyer, including any date determined by application of the
provisions of Paragraph 3(c) or 11 hereof; 

  

	 	(r)	“Repurchase Price”, the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be
determined in each case (including Transactions terminable upon demand) as the sum of the Purchase Price and the Price Differential as of the date of such determination; 

 

	 	(s)	“Seller’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained by application of the Seller’s Margin Percentage to
the Repurchase Price for such Transaction as of such date; 

  

	 	(t)	“Seller’s Margin Percentage”, with respect to any Transaction as of any date, a percentage (which may be equal to the Buyer’s Margin Percentage)
agreed to by Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction.

  

	3.	Initiation; Confirmation; Termination 

	 	(a)	An agreement to enter into a Transaction may be made orally or in writing at the initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the
Purchased Securities shall be transferred to Buyer or its agent against the transfer of the Purchase Price to an account of Seller. 

  

	 	(b)	 Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shall be agreed, shall promptly deliver to the other party a written
confirmation of each Transaction (a “Confirmation”). The Confirmation shall describe the Purchased Securities (including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase
Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on demand, (iv) the Pricing Rate or Repurchase Price applicable to the Transaction, and (v) any additional terms or conditions of the Transaction not
inconsistent with this Agreement. The Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation relates, unless

  
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September 1996 • Master Repurchase Agreement 

	 	
with respect to the Confirmation specific objection is made promptly after receipt thereof. In the event of any conflict between the terms of such Confirmation and this Agreement, this Agreement
shall prevail. 

  

	 	(c)	In the case of Transactions terminable upon demand, such demand shall be made by Buyer or Seller, no later than such time as is customary in accordance with market
practice, by telephone or otherwise on or prior to the business day on which such termination will be effective. On the date specified in such demand, or on the date fixed for termination in the case of Transactions having a fixed term, termination
of the Transaction will be effected by transfer to Seller or its agent of the Purchased Securities and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant
to Paragraph 5 hereof ) against the transfer of the Repurchase Price to an account of Buyer. 

  

	4.	Margin Maintenance 

	 	(a)	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Buyer is less than the
aggregate Buyer’s Margin Amount for all such Transactions (a “Margin Deficit”), then Buyer may by notice to Seller require Seller in such Transactions, at Seller’s option, to transfer to Buyer cash or additional Securities
reasonably acceptable to Buyer (“Additional Purchased Securities”), so that the cash and aggregate Market Value of the Purchased Securities, including any such Additional Purchased Securities, will thereupon equal or exceed such aggregate
Buyer’s Margin Amount (decreased by the amount of any Margin Deficit as of such date arising from any Transactions in which such Buyer is acting as Seller). 

 

	 	(b)	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Seller exceeds the
aggregate Seller’s Margin Amount for all such Transactions at such time (a “Margin Excess”), then Seller may by notice to Buyer require Buyer in such Transactions, at Buyer’s option, to transfer cash or Purchased Securities to
Seller, so that the aggregate Market Value of the Purchased Securities, after deduction of any such cash or any Purchased Securities so transferred, will thereupon not exceed such aggregate Seller’s Margin Amount (increased by the amount of any
Margin Excess as of such date arising from any Transactions in which such Seller is acting as Buyer). 

  

	 	(c)	If any notice is given by Buyer or Seller under subparagraph (a) or (b) of this Paragraph at or before the Margin Notice Deadline on any business day, the
party receiving such notice shall transfer cash or Additional Purchased Securities as provided in such subparagraph no later than the close of business in the relevant market on such day. If any such notice is given after the Margin Notice Deadline,
the party receiving such notice shall transfer such cash or Securities no later than the close of business in the relevant market on the next business day following such notice. 

 

	 	(d)	Any cash transferred pursuant to this Paragraph shall be attributed to such Transactions as shall be agreed upon by Buyer and Seller. 

  
 4 • September 1996
• Master Repurchase Agreement 

	 	(e)	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer or Seller (or both) under subparagraphs (a) and
(b) of this Paragraph may be exercised only where a Margin Deficit or Margin Excess, as the case may be, exceeds a specified dollar amount or a specified percentage of the Repurchase Prices for such Transactions (which amount or percentage
shall be agreed to by Buyer and Seller prior to entering into any such Transactions). 

  

	 	(f)	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer and Seller under subparagraphs (a) and
(b) of this Paragraph to require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised whenever such a Margin Deficit or Margin Excess exists with respect to any single Transaction hereunder (calculated
without regard to any other Transaction outstanding under this Agreement). 

  

	5.	Income Payments 

 Seller
shall be entitled to receive an amount equal to all Income paid or distributed on or in respect of the Securities that is not otherwise received by Seller, to the full extent it would be so entitled if the Securities had not been sold to Buyer.
Buyer shall, as the parties may agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall reasonably determine in its discretion), on the date such Income is paid or distributed either (i) transfer to or
credit to the account of Seller such Income with respect to any Purchased Securities subject to such Transaction or (ii) with respect to Income paid in cash, apply the Income payment or payments to reduce the amount, if any, to be transferred
to Buyer by Seller upon termination of such Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence (A) to the extent that such action would result in the creation of a Margin Deficit, unless prior
thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if an Event of Default with respect to Seller has occurred and is then continuing at the
time such Income is paid or distributed. 
  

	6.	Security Interest 

Although the parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are
deemed to be loans, Seller shall be deemed to have pledged to Buyer as security for the performance by Seller of its obligations under each such Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the Purchased
Securities with respect to all Transactions hereunder and all Income thereon and other proceeds thereof. 
  

	7.	Payment and Transfer 

Unless otherwise mutually agreed, all transfers of funds hereunder shall be in immediately available funds. All Securities transferred by
one party hereto to the other party (i) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as the party receiving possession may reasonably
request, (ii) shall be transferred on the book-entry system of a Federal Reserve Bank, or (iii) shall be transferred by any other method mutually acceptable to Seller and Buyer. 

  
 5 •
September 1996 • Master Repurchase Agreement 

	8.	Segregation of Purchased Securities 

 To the extent required by applicable law, all Purchased Securities in the possession of Seller shall be segregated from other securities in its possession and shall be identified as subject to this
Agreement. Segregation may be accomplished by appropriate identification on the books and records of the holder, including a financial or securities intermediary or a clearing corporation. All of Seller’s interest in the Purchased Securities
shall pass to Buyer on the Purchase Date and, unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Securities or otherwise selling, transferring,
pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to Paragraph 3, 4 or 11 hereof, or of Buyer’s obligation to credit or pay
Income to, or apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof. 
  

			
		 	  

Required Disclosure for Transactions in Which the Seller

Retains Custody of the Purchased Securities
 Seller is not permitted to substitute other securities for those subject to this Agreement and therefore must keep Buyer’s securities segregated at all times, unless in this Agreement Buyer grants
Seller the right to substitute other securities. If Buyer grants the right to substitute, this means that Buyer’s securities will likely be commingled with Seller’s own securities during the trading day. Buyer is advised that, during any
trading day that Buyer’s securities are commingled with Seller’s securities, they [will]* [may]** be subject to liens granted by Seller to [its clearing bank]* [third parties]** and may be used by Seller for deliveries on other securities
transactions. Whenever the securities are commingled, Seller’s ability to resegregate substitute securities for Buyer will be subject to Seller’s ability to satisfy [the clearing] *[any]** lien or to obtain substitute
securities.
  
 * Language to be used under 17 C.F.R.
ß403.4(e) if Seller is a government securities broker or dealer other than a financial institution.
 ** Language to be
used under 17 C.F.R. ß403.5(d) if Seller is a financial institution.
  

  

	9.	Substitution 

	 	(a)	Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities for any Purchased Securities. Such substitution shall be made by transfer to
Buyer of such other Securities and transfer to Seller of such Purchased Securities. After substitution, the substituted Securities shall be deemed to be Purchased Securities. 

 

	 	(b)	In Transactions in which Seller retains custody of Purchased Securities, the parties expressly agree that Buyer shall be deemed, for purposes of subparagraph
(a) of this Paragraph, to have agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased Securities; provided, however, that such other Securities shall have a Market Value at least equal to the Market
Value of the Purchased Securities for which they are substituted. 

  
 6 • September 1996
• Master Repurchase Agreement 

	10.	Representations 

 Each of
Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary
action to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as principal (or, if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto,
as agent for a disclosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any
governmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and effect and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder
will not violate any law, ordinance, charter, by-law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Buyer and Seller shall each be deemed to repeat
all the foregoing representations made by it. 
  

	11.	Events of Default 

 In the
event that (i) Seller fails to transfer or Buyer fails to purchase Purchased Securities upon the applicable Purchase Date, (ii) Seller fails to repurchase or Buyer fails to transfer Purchased Securities upon the applicable Repurchase Date,
(iii) Seller or Buyer fails to comply with Paragraph 4 hereof, (iv) Buyer fails, after one business day’s notice, to comply with Paragraph 5 hereof, (v) an Act of Insolvency occurs with respect to Seller or Buyer, (vi) any
representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, or (vii) Seller or Buyer shall admit to the other its inability to, or its
intention not to, perform any of its obligations hereunder (each an “Event of Default”): 
  

	 	(a)	The nondefaulting party may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence of an Act of Insolvency), declare an
Event of Default to have occurred hereunder and, upon the exercise or deemed exercise of such option, the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (except that, in the event
that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled). The nondefaulting party shall (except upon the occurrence of an Act of
Insolvency) give notice to the defaulting party of the exercise of such option as promptly as practicable. 

  

	 	(b)	In all Transactions in which the defaulting party is acting as Seller, if the nondefaulting party exercises or is deemed to have exercised the option referred to in
subparagraph (a) of this Paragraph, (i) the defaulting party’s obligations in such Transactions to repurchase all Purchased Securities, at the Repurchase Price therefor on the Repurchase Date deter-mined in accordance with
subparagraph (a) of this Paragraph, shall thereupon become immediately due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by the nondefaulting party and applied to the aggregate unpaid Repurchase
Prices and any other amounts owing by the defaulting party hereunder, and (iii) the defaulting party shall immediately deliver to the nondefaulting party any Purchased Securities subject to such Transactions then in the defaulting party’s
possession or control. 

  
 7 •
September 1996 • Master Repurchase Agreement 

	 	(c)	In all Transactions in which the defaulting party is acting as Buyer, upon tender by the nondefaulting party of payment of the aggregate Repurchase Prices for all such
Transactions, all right, title and interest in and entitlement to all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party, and the defaulting party shall deliver all such Purchased Securities to
the nondefaulting party. 

  

	 	(d)	If the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, the nondefaulting party, without
prior notice to the defaulting party, may: 

  

			
	(i)	 	as to Transactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market (or otherwise in a commercially reasonable manner) at such
price or prices as the nondefaulting party may reasonably deem satisfactory, any or all Purchased Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the
defaulting party hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the defaulting party credit for such Purchased Securities in an amount equal to the price therefor on such
date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder; and

  

			
	(ii)	 	as to Transactions in which the defaulting party is acting as Buyer, (A) immediately purchase, in a recognized market (or otherwise in a commercially reasonable manner) at
such price or prices as the nondefaulting party may reasonably deem satisfactory, securities (“Replacement Securities”) of the same class and amount as any Purchased Securities that are not delivered by the defaulting party to the
nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities, to be deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a generally
recognized source or the most recent closing offer quotation from such a source.

 Unless otherwise provided in Annex I, the parties acknowledge and agree that (1) the
Securities subject to any Transaction hereunder are instruments traded in a recognized market, (2) in the absence of a generally recognized source for prices or bid or offer quotations for any Security, the nondefaulting party may establish the
source therefor in its sole discretion and (3) all prices, bids and offers shall be determined together with accrued Income (except to the extent contrary to market practice with respect to the relevant Securities). 

 

	 	(e)	As to Transactions in which the defaulting party is acting as Buyer, the defaulting party shall be liable to the nondefaulting party for any excess of the price paid
(or deemed paid) by the nondefaulting party for Replacement Securities over the Repurchase Price for the Purchased Securities replaced thereby and for any amounts payable by the defaulting party under Paragraph 5 hereof or otherwise hereunder.

  

	 	(f)	 For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in respect of which the defaulting party is acting as Buyer
shall not 

  
 8 • September 1996
• Master Repurchase Agreement 

	 	
increase above the amount of such Repurchase Price for such Transaction determined as of the date of the exercise or deemed exercise by the nondefaulting party of the option referred to in
sub-paragraph (a) of this Paragraph. 

  

	 	(g)	The defaulting party shall be liable to the nondefaulting party for (i) the amount of all reasonable legal or other expenses incurred by the nondefaulting party in
connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in
connection with or as a result of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction. 

 

	 	(h)	To the extent permitted by applicable law, the defaulting party shall be liable to the non-defaulting party for interest on any amounts owing by the defaulting party
hereunder, from the date the defaulting party becomes liable for such amounts hereunder until such amounts are (i) paid in full by the defaulting party or (ii) satisfied in full by the exercise of the nondefaulting party’s rights
hereunder. Interest on any sum payable by the defaulting party to the nondefaulting party under this Paragraph 11(h) shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate.

  

	 	(i)	The nondefaulting party shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or applicable law.

  

	12.	Single Agreement 

 Buyer
and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and
have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall
constitute a default by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any
other Transactions hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect
of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted. 
  

	13.	Notices and Other Communications 

 Any and all notices, statements, demands or other communications hereunder may be given by a party to the other by mail, facsimile, telegraph, messenger or otherwise to the address specified in Annex II
hereto, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other. All notices, demands and requests hereunder may be made orally, to be confirmed promptly in writing, or by other
communication as specified in the preceding sentence. 

  
 9 •
September 1996 • Master Repurchase Agreement 

	14.	Entire Agreement; Severability 

 This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as
separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 

 

	15.	Non-assignability; Termination 

					
	(a)	 	The rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by either party without the prior written consent of the other
party, and any such assignment without the prior written consent of the other party shall be null and void. Subject to the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their
respective successors and assigns. This Agreement may be terminated by either party upon giving written notice to the other, except that this Agreement shall, notwithstanding such notice, remain applicable to any Transactions then
outstanding.	 	

  

					
	(b)	 	Subparagraph (a) of this Paragraph 15 shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it
under Paragraph 11 hereof.	 	

  

	16.	Governing Law 

 This
Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof. 
  

	17.	No Waivers, Etc. 

 No
express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy
hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure here-from shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without
limitation on any of the foregoing, the failure to give a notice pursuant to Paragraph 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date. 

 

	18.	Use of Employee Plan Assets 

					
	(a)	 	If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) are intended to be used by either party
hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall represent in writing to the other party that the Transaction does not constitute a prohibited
transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.	 	

  
 10 • September 1996
• Master Repurchase Agreement 

 
					
	(b)	 	Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent
available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition.	 	
			
	(c)	 	By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial
statements, there has been no material adverse change in Seller’s financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as
they are issued, so long as it is a Seller in any out-standing Transaction involving a Plan Party.	 	

  

	19.	Intent 

					
	(a)	 	The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the United States Code, as amended
(except insofar as the type of Securities subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of the
United States Code, as amended (except insofar as the type of assets subject to such Transaction would render such definition inapplicable).	  	
			
	(b)	 	It is understood that either party’s right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to
Paragraph 11 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended.	  	
			
	(c)	 	The parties agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as
amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such
Transaction would render such definition inapplicable).	  	
			
	(d)	 	It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act
of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”,
respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA).	  	

  

	20.	Disclosure Relating to Certain Federal Protections 

 The parties acknowledge that they have been advised that: 
  

					
	(a)	 	in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of
the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection	  	

  
 11 •
September 1996 • Master Repurchase Agreement 

					
		 	Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any
Transaction hereunder;	  	
			
	(b)	 	in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the
1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and	  	
			
	(c)	 	in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit
and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable.	  	

  

							
	 WELLS FARGO BANK, N.A.
	  		 	KBS SOR CMBS OWNER, LLC
				
	By: /s/ Authorized Signatory	  		 		  	  By: /s/ Authorized Signatory
	Name: Authorized Signatory	  		 		  	Name:Authorized Signatory
	Title:
                                      	  		 		  	Title:
                                      

 KBS SOR CMBS OWNER, LLC, 
 a Delaware limited liability company 
 By: KBS SOR ACQUISITION X, LLC, 

  a Delaware limited liability company, its sole member 

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

    By: KBS STRATEGIC OPPORTUNITY LIMITED PARTNERSHIP, 

  a Delaware limited partnership, its sole member 
   By: KBS STRATEGIC OPPORTUNITY REIT, INC., 
     a
Maryland corporation, its sole general partner 
     By: /s/ David E. Snyder 

     David E. Snyder, 
      Chief Financial Officer 

    Date: December 12, 2011

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