Document:

Loan Agreement

 Exhibit 10.14 
  

			
	

	 	Loan No. AC-TX-MM-10-001-001

 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (this “Agreement”) is
entered into as of February 24, 2010, by and among Wells VAF – Parkway at Oak Hill, LLC, a Delaware limited liability company (“Borrower”), and A10 Capital, LLC, a Delaware limited liability company
(“Lender”), on the following terms and conditions. 
 R E C I T A L S 
 A.        Lender intends to make a loan to Borrower in the principal amount of
$6,900,000.00, to be disbursed as follows: (i) Lender will disburse the aggregate principal amount of $4,400,000.00 at funding, as follows: $1,004,703.12 will be disbursed in accordance with a closing statement approved by Borrower and Lender,
$746,159.88 will be deposited in escrow pursuant to and governed by an Escrow Agreement between Borrower and Lender, and $2,649,137.00 will be deposited in the Account as defined in Section 2.2 of this Agreement for purposes stated therein; and
(ii) a principal amount of up to $2,500,000.00 will remain undisbursed committed funds, available for disbursement hereunder for purposes of funding potential future leasing commissions and tenant improvements relating to the Real Property
described below. 
 B.        Lender is willing to make the loan to
Borrower solely under the terms and conditions specified in this Agreement and in the Loan Documents. 
 A G R E E M E N T

 NOW, THEREFORE, for and in consideration of the approval and making of a loan by Lender to Borrower,
which includes proceeds necessary for tenant improvements, Borrower and Lender hereby agree as follows: 
 ARTICLE 1 

 DEFINITIONS 
 As used herein, the following words and terms shall have the following meanings when used in this Agreement: 
 “Account” means the Account as defined in Section 2.2. 
 “Advance” means a disbursement of funds from the Loan Fund or the Account, made to Borrower or on Borrower’s behalf for Tenant Improvements, on a multiple advance basis under
the terms and conditions of this Agreement. 
 “Agreement” means this Loan Agreement,
as may be amended or modified from time to time, together with all exhibits and schedules attached to this Loan Agreement from time to time. 
  

 LOAN AGREEMENT - 1 

 “Architect’s Contract” means the
architect’s contract between Borrower and the architect for the Project. 
 “Borrower” means Wells VAF – Parkway at Oak Hill, LLC, a Delaware limited liability company, and its successors and assigns. 
 “Carveout Guaranty” means that certain Nonrecourse Carveout Guaranty dated of even date herewith, executed by Guarantor in favor of Lender, as the same may
hereafter be amended or restated. 
 “Completion Date” means the date of completion as
set forth in each Construction Contract. 
 “Construction Contract” means each contract
between Borrower and Contractor, and any subcontracts with subcontractors, materialmen, laborers, or any other person or entity for performance of work on the Project or the delivery of materials to the Project. 
 “Contractor” means the general contractor for each Project. 
 “Event of Default” has the meaning ascribed to such term in Article 10 of this Agreement.

 “Guarantor” means Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited
liability company. 
 “Guaranty” means that certain Conditional Terminating Guaranty
dated of even date herewith, executed by Guarantor in favor of Lender, as the same may hereafter be amended or restated. 
 “Hazardous Materials” has the meaning ascribed to such term in the Indemnity. 
 “Improvements” means all buildings, structures, facilities, fixtures, additions, and other improvements, now or at any time hereafter situated, placed or constructed upon the Real
Property. 
 “Indebtedness” has the meaning ascribed to such term in the Mortgage.

 “Indemnity” means that certain Environmental Indemnity Agreement dated of even date
herewith, executed by Borrower and Guarantor, in favor of Lender, as the same may hereafter be amended or restated. 
 “Intercreditor Agreement” means that certain Intercreditor Agreement dated of even date herewith, by and between Bank of America, N.A. and Lender, as the same may hereafter be amended or restated. 
 “Lender” means A10 Capital, LLC, a Delaware limited liability company, its successors and
assigns. 
  

 LOAN AGREEMENT - 2 

 “Loan” means the loan or loans made to Borrower
under this Agreement and the Loan Documents. 
 “Loan Documents” mean (1) the
Note, (2) this Agreement, (3) the Mortgage, (4) the Indemnity, (5) UCC financing statements, (6) the Guaranty, (7) the Carveout Guaranty, (8) the Intercreditor Agreement, (9) such assignments of management
agreements, contracts and other rights as may be required by Lender, (10) all other documents now or hereafter executed by Borrower, Guarantor, or any other person or entity, to evidence or secure the payment of the Indebtedness or the
performance of the Obligations, and (11) all modifications, restatements, extensions, renewals and replacements of the foregoing. 
 “Loan Fund” means the funds deposited in the Account and the undisbursed proceeds of the Loan under this Agreement together with any equity funds or other deposits required from
Borrower under this Agreement. 
 “Mortgage” means that certain Deed of Trust With
Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith, from Borrower, as grantor, to Peter S. Graf, an individual, as trustee, for the benefit of Lender, as beneficiary, together with all modifications,
restatements, extensions, renewals and replacements thereof. 
 “Mortgaged Property”
has the meaning ascribed to such term in the Mortgage. 
 “Note” means that certain
Promissory Note dated of even date herewith, in the original principal amount of $6,900,000.00, executed by Borrower and payable to Lender, together with all modifications, restatements, extensions, renewals and replacements thereof. 
 “Obligations” has the meaning ascribed to such term in the Mortgage. 
 “Plans and Specifications” mean all plans, specifications, shop drawings, and other technical
descriptions prepared for construction, repair or alteration of the Project, which have been submitted to and approved by Lender in writing, together with all amendments, modifications and additions thereof as may be approved by Lender in writing.

 “Project” means (as to each lease agreement entered into between Borrower, as
landlord, and a third party tenant, for a portion of any building or structure currently located on the Real Property) the construction and completion of future Tenant Improvements and leasing commissions, installation of equipment and fixtures,
landscaping, and all other work necessary to complete the Tenant Improvements as required under each such lease agreement, and make them usable for their intended purpose(s). 
 “Project Documents” mean the Plans and Specifications, all studies, data and drawings relating to the Project, whether prepared by or for Borrower, the
Construction Contract, the Architect’s Contract, and all other contracts and agreements relating to the Project or the construction of the Improvements. 
 “Real Property” means the real property located at 4801 Southwest Parkway, Austin, TX 78735, as further described in Exhibit “A” attached
hereto and incorporated herein

  

 LOAN AGREEMENT - 3 

 
by this reference, together with any greater estate therein which may be hereafter acquired by Borrower. 
 “Tenant Improvements” means any and all leasing commissions paid in connection with any executed lease of the Real Property and any and all improvements made
to the currently existing Improvements as required of Borrower under any executed lease of all or any portion of the Real Property subject to the following limitations: 
  

	 	i.	 Tenant Improvements for tenant, Wells Fargo Bank, N.A. shall not exceed in the aggregate $1,695,760.00 (the “WF TI/LC Funds);

  

	 	ii.	 Tenant Improvements for tenant, Surveying and Mapping, Inc. shall not exceed in the aggregate $953,377.00 (the “SAM TI/LC
Funds”); and 

  

	 	iii.	 Tenant Improvements for the remainder of the space of the Improvements shall not exceed in the aggregate $2,500,000.00 (the “Vacant Space
TI/LC Funds”). 

 “UCC” has the meaning ascribed to such
term in the Mortgage. 
 Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such
terms in the Mortgage. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Unless specifically stated to the contrary, all references to dollar amounts shall mean
amounts in lawful money of the United States of America. The Recitals set forth above are material, true and correct and are incorporated by this reference into this Agreement as though fully set forth herein. 
 ARTICLE 2 
 LOAN; USE OF PROCEEDS; DEPOSIT OF FUNDS 
 Section 2.1    Borrower hereby agrees that a portion of the Loan proceeds shall be used solely for Tenant Improvements to and leasing commissions associated with the Improvements already constructed on the
Real Property. Such Tenant Improvements and leasing commissions shall be approved by Lender, in its sole and absolute discretion, prior to Borrower commencing any Tenant Improvements or payment of any leasing commissions. Lender shall in no way be
obligated to make any Advances with respect to any Tenant Improvements or leasing commissions not approved by Lender in its sole and absolute discretion. 
 Section 2.2    On the funding date of the Loan and from the initial Advance under the Loan, Borrower will direct Lender to deposit the WF TI/LC Funds and the SAM TI/LC
Funds in the total sum of $2,649,137.00, in an account in the name of Lender at a financial institution of Lender’s choice (the “Account”), with Borrower assuming all risk of loss. All amounts disbursed by Lender for
deposit in the Account shall be deemed disbursements of the Loan and shall begin bearing interest at the rate applicable to the Loan immediately upon deposit into the Account, even though such sums may not be disbursed on behalf of Borrower until a
later date (or applied to the Loan following the occurrence of an Event of Default under the Loan Documents executed in connection with the Loan). Borrower hereby agrees that it shall have no

  

 LOAN AGREEMENT - 4 

 
right to direct the investment of the Account, withdraw from the Account, close the Account, or otherwise control the Account in any way. The funds in the Account shall be invested by Lender
(such investments are referred to as the “Investments”), with any interest accruing thereon as a result of the Investments to be paid to Lender. Lender shall have no liability whatsoever for the loss of any funds in the
Account as a result of the failure of an investment or an institution into which the funds in the Account have been placed. Subject to all the terms of this Agreement, all subsequent Advances in connection with the Tenant Improvements for the
tenant, Wells Fargo Bank, N.A., and in connection with the Tenant Improvements for the tenant, Surveying and Mapping, Inc., shall be drawn from the Account. 
 Section 2.3      Borrower hereby assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and
interest in any and all funds deposited in the Account as additional security for all of Borrower’s obligations under the Loan and the other Loan Documents, and all amendments, extensions, or renewals of all such documents, whether now existing
or hereafter arising. Borrower instructs and directs Lender as follows: 
 a.        All securities or other property in the form of an instrument or security underlying any financial asset credited to the Account shall, as applicable, be registered in the name of Lender,
endorsed to Lender or in blank or credited to another securities account maintained in the name of Lender, and in no case shall any financial asset credited to the Account be registered in the name of Borrower, payable to the order of Borrower or
specially endorsed to Borrower, except to the extent the foregoing have been specially endorsed to Lender in blank; 
 b.        All financial assets and funds held by or delivered to Lender pursuant to this Agreement shall be promptly credited to the Account; 
 c.        The Account shall be an account to which financial assets and funds are
or may be credited; and 
 d.        Each item of property (whether
investment property, a financial asset, a security, an instrument, cash, funds in the Account, or Investments) credited to the Account shall be treated as a “financial asset” (within the meaning of Section 8-102(i) of the UCC).

 ARTICLE 3 
 NO CONSTRUCTION PRIOR TO RECORDING OF MORTGAGE 
 Borrower
shall not permit any work or materials to be furnished in connection with the Project until (A) the Loan Documents are fully executed; (B) the Mortgage has been duly recorded and the security interest of Lender in the Mortgaged Property
has been duly perfected; and (C) Lender has been provided evidence, satisfactory to Lender, that Borrower has obtained all insurance required under the Mortgage and this Agreement and that Lender’s liens on the Mortgaged Property are valid
perfected first liens, subject only to such exceptions, if any, acceptable to Lender. 
  

 LOAN AGREEMENT - 5 

 ARTICLE 4 
 CONDITIONS PRECEDENT TO EACH ADVANCE 
 Lender’s obligation to make each Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction, in its sole and absolute discretion, of all of the conditions set forth in this Agreement, the Mortgage,
and in any other Loan Documents. 
 Section 4.1          Approval of Contractors, Subcontractors, and Materialmen. Lender shall have approved a list of all contractors employed in connection with the
construction of the Tenant Improvements for the Project, showing the name, address, and telephone number of each contractor, a general description of the nature of the work to be done, the labor and materials to be supplied, the names of
materialmen, if known, and the approximate dollar value of the labor, work, or materials with respect to each contractor or materialman. Lender shall have the right to communicate with any person to verify the facts disclosed by the list or by any
application for any Advance, or for any other purpose. 
 Section 4.2          Plans, Specifications and Permits. Lender shall have received and accepted a complete set of written Plans and Specifications setting forth all
proposed Tenant Improvements for the Project, and Borrower shall have furnished to Lender copies of all permits and requisite approvals of any governmental body necessary for the construction and use of the Project. 
 Section 4.3          Architect’s and Construction
Contracts. Borrower shall have furnished in form and substance satisfactory to Lender an executed copy of the Architect’s Contract and an executed copy of the Construction Contract. Prior to commencement of any Project, Borrower shall have
executed a Collateral Assignment of Contracts provided by Lender assigning to Lender all Project Documents. 
 Section 4.4          Budget and Schedule of Estimated Advances. Lender shall have approved detailed budget and cash flow projections of total Project costs and a schedule
of the estimated amount and time of disbursements of each Advance. 
 Section 4.5          Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly
authorizing the consummation of the Project. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender, in its sole discretion, may require. 
 Section 4.6          Bond. If requested by Lender,
Borrower shall have furnished a performance and payment bond in an amount equal to 100% of the amount of the Construction Contract, as well as a materialmen’s and mechanics’ payment bond, with such riders and supplements as Lender may
require, each in form and substance satisfactory to Lender, naming Contractor as principal and Lender as an additional oblige, and each in the form required by the laws of the State of Texas. 
 Section 4.7          Assignment of Project Documents.
Borrower shall have assigned to Lender, in form and substance satisfactory to Lender, the Project Documents. 
  

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 Section 4.8          Survey. If requested by Lender, Borrower shall have furnished to Lender a survey of recent date, prepared and certified by a qualified surveyor and
providing that following construction of the Tenant Improvements in accordance with the Plans and Specifications, the Improvements shall lie wholly within the boundaries of the Real Property without encroachment or violation of any zoning
ordinances, building codes or regulations, or setback requirements, together with such other information as Lender in its sole discretion may require. 
 Section 4.9          Title Insurance. Borrower shall have provided to Lender a TLTA extended coverage loan policy of title insurance,
with such endorsements as Lender may require, issued by a title insurance company acceptable to Lender and in a form, amount, and content satisfactory to Lender, insuring that Lender’s Mortgage is a valid first lien on the Real Property, free
and clear of all defects, liens, encumbrances, and exceptions except those specifically accepted by Lender in writing. If requested by Lender, Borrower shall provide to Lender, at Borrower’s expense, a T-3 endorsement (or such other endorsement
as Lender may require) to said loan policy concurrent with each Advance, insuring the lien free completion of all Improvements completed on the Real Property as of the date of issuance of such endorsement. 
 Section 4.10          Insurance. Borrower shall have
delivered to Lender the following insurance policies or evidence thereof: (a) a builders risk (course of construction) insurance policy with extended coverage covering the Improvements, issued in an amount and by a company acceptable to
Lender, and containing a lender’s loss payable or other endorsement satisfactory to Lender insuring Lender as mortgagee, together with such other endorsements as may be required by Lender, including stipulations that coverages will not be
cancelled or diminished without at least thirty (30) days prior written notice to Lender, (b) Contractor’s general liability insurance, public liability and workmen’s compensation insurance policies; and (c) all other
insurance required by this Agreement, the Mortgage, and any other Loan Documents. 
 Section 4.11          Workers’ Compensation Coverage. Provide to Lender a certificate of insurance evidencing Contractor’s compliance with all applicable
workers’ compensation laws and regulations with regard to all work performed on the Project. 
 Section 4.12          Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in
this Agreement or any other Loan Documents. 
 Section 4.13          Satisfactory Construction. All work usually done at the stage of construction for which disbursement is requested shall have been done in a good and
workmanlike manner and all materials and fixtures usually furnished and installed at that stage of construction shall have been furnished and installed, all in compliance with the Plans and Specifications. Borrower shall also have furnished to
Lender such proof as Lender may require to establish the progress of the work, compliance with applicable laws, freedom of the Mortgaged Property from liens, and the basis for the requested Advance. 
 Section 4.14          Certification. Borrower shall
have furnished to Lender a certification by an engineer, architect, or other qualified inspector acceptable to Lender that the

  

 LOAN AGREEMENT - 7 

 
construction of the Tenant Improvements has complied and will continue to comply with all applicable statutes, ordinances, codes, regulations, and similar requirements. 
 Section 4.15          Project Review. Lender shall
have reviewed, at Borrower’s cost, the Project Documents and such other documents as may be required by Lender in its sole discretion. Lender shall have received written confirmation prior to each Advance from a construction progress inspector
retained by Lender, at Borrower’s expense, affirming the information provided to Lender by Borrower or its agents pursuant to this Article 4. 
 Section 4.16          Lien Waivers. Borrower shall have obtained and attached to each application for an Advance, including the Advance
to cover final payment to Contractor, executed acknowledgments of payment of all sums due and releases of contractor’s, mechanic’s and materialmen’s liens, satisfactory to Lender, from any party having lien rights, which
acknowledgements of payment and releases of liens shall cover all work, labor, equipment, materials done, supplied, performed, or furnished prior to such application for an Advance. 
 Section 4.17          No Event of Default. There shall
not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any other Loan Document. 
 Section 4.18          Affidavit of Commencement. Borrower and Contractor shall jointly file an Affidavit of Commencement with the
county clerk of the county in which the Real Property is located not later than the 30th day after the date of actual commencement of construction of the Tenant Improvements or delivery of materials to the Real Property. Such affidavit shall contain
the information required by §53.124(c) of the Texas Property Code, shall not be filed prior to approval thereof in writing by Lender and shall in no event be filed showing a date of commencement of construction which is prior to the filing of
the Mortgage with the county clerk of the county where the Real Property is located. 
 ARTICLE 5 
 ADVANCES FROM THE LOAN FUND 
 Section 5.1          Application for Advances. Each application shall be stated on a standard AIA payment request form or other form
approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. With regard to the WF TI/LC Funds and the SAM TI/LC Funds, such requests and Advances shall be in increments of not less than
$150,000.00. With regard to the Vacant Space TI/LC Funds, such requests and Advances shall (a) be in increments of not less than $250,000.00 and (b) not exceed the aggregate amount of $39.09 per square foot. Borrower shall apply only for
disbursement with respect to work actually done by Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such
application, Borrower is in compliance with all of the provisions of this Agreement and the Loan Documents. If Lender determines, in its sole and absolute discretion that all terms and conditions for the Advance are met, Lender shall make the
Advance, less ten percent (10%) of such amount as retainage, within seven (7) business days of approval of the request. Lender shall not be obligated to make more than one (1) Advance every thirty (30) days per Tenant Improvement
project. 
  

 LOAN AGREEMENT - 8 

 Section 5.2          Payments. At the sole option of Lender, Advances may be paid in the joint names of Borrower and Contractor, subcontractor(s), or supplier(s) in
payment of sums due under the Construction Contract. At its sole option, Lender may directly pay Contractor and any subcontractors or other parties the sums due under the Construction Contract. Borrower appoints Lender as its attorney-in-fact to
make such payments. This power shall be deemed coupled with an interest, shall be irrevocable, and shall survive an Event of Default under this Agreement. 
 Section 5.3          Projected Cost Overruns. If Lender at any time determines in its sole discretion that the
amount in the Loan Fund is insufficient, or will be insufficient, to fully complete and pay for in full the Project, then within ten (10) days after receipt of a written request from Lender, Borrower shall deposit in the Loan Fund an amount
equal to the deficiency as determined by Lender. The judgment and determination of Lender under this Section 5.3 shall be final and conclusive. Lender shall have no further obligation to disburse any Loan proceeds until Borrower has deposited
in the Loan Fund the deficiency amount as determined by Lender, and Borrower agrees that any such amounts deposited in the Loan Fund by Borrower shall be disbursed prior to any Loan proceeds. 
 Section 5.4          Final Payment to Contractor. Upon
completion of the Project and fulfillment of the Construction Contract to the satisfaction of Lender, and provided sufficient Loan proceeds are available in the Loan Fund, Lender shall make an Advance to cover the final payment due to Contractor
upon satisfaction of the following: 
   a.  Delivery to Lender of a T-3
endorsement to the TLTA loan policy of title insurance. 
   b.  Delivery of
endorsements eliminating the mechanic’s lien exception and pending disbursements language in the TLTA loan policy of title policy. 
   c.  Delivery of such other endorsements to the TLTA loan policy of title insurance as may be required by Lender in its sole discretion. 
   d.  A period of thirty (30) days shall have elapsed after the later of
(i) the date of completion of construction of the Tenant Improvements or (ii) the date of filing with the county clerk of the county where the Real Property is located of an Affidavit of Completion by Borrower meeting the requirements of
§53.106 of the Texas Property Code, provided that a copy of said affidavit is sent to the parties and within the time periods required by said §53.106. 
 Construction shall not be deemed complete for purposes of the final Advance unless and until Lender shall have received all of the following: 
   a.  Evidence satisfactory to Lender that all work under the Construction Contract
requiring inspection by any governmental authority with jurisdiction has been duly inspected and approved by such authority, that a certificate of occupancy has been issued, and that all parties performing work have been paid, or will be paid, for
such work; 
  

 LOAN AGREEMENT - 9 

   b.  A certification by an engineer,
architect, or other qualified inspector acceptable to Lender that the Tenant Improvements have been completed substantially in accordance with the Plans and Specifications and the Construction Contract, that direct connection has been made to all
utilities set forth in the Plans and Specifications, and that the Project is ready for occupancy; 
   c.  Written confirmation from a construction progress inspector retained by Lender, at Borrower’s expense, affirming the information provided to Lender pursuant to subparagraphs a. and b. above; 

  d.  Acceptance of the completed Tenant Improvements by Lender and Borrower;

   e.  Acceptance and occupancy of the completed Tenant Improvements by
the respective tenant. 
 Section 5.5          Construction Default. If Borrower fails in any respect to comply with the provisions of this Agreement or any other Loan Documents, or if construction
ceases before completion of the Project regardless of the reason, Lender, at its option, may refuse to make further Advances, may accelerate the Indebtedness under the terms of the Note and other Loan Documents, and without thereby impairing any of
its rights, power, or privileges, may enter into possession of the Project’s construction site and perform or cause to be performed any and all work and labor necessary to complete the Improvements substantially in accordance with the Plans and
Specifications. 
 ARTICLE 6 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Borrower hereby
represents, warrants and covenants to Lender, as of the date of this Agreement, as of the date of each Advance, as of the date of any renewal, extension or modification of the Loan, and at all times any Indebtedness exists, all of the
representations, warranties and covenants contained in the Mortgage and other Loan Documents as if fully set forth herein. Borrower further represents, warrants and covenants to Lender, as of the date of this Agreement, as of the date of each
Advance, as of the date of any renewal, extension or modification of the Loan, and at all times any Indebtedness exists, as follows: 
 Section 6.1          Project Costs. The Project costs are true and accurate estimates of the costs necessary to complete the Tenant
Improvements in a good and workmanlike manner according to the Plans and Specifications presented by Borrower to Lender, and Borrower shall take all steps necessary to prevent the actual cost of the Tenant Improvements from exceeding the Project
costs. 
 Section 6.2          Compliance with
Governing Authorities. Borrower has examined and is familiar with all the easements, covenants, conditions, restrictions, reservations, building laws, regulations, zoning ordinances, and federal, state, and local requirements affecting the
Project. The Project will at all times and in all respects conform to and comply with the requirements of such easements, covenants, conditions, restrictions, reservations, building laws, regulations, zoning ordinances, and federal, state, and local
requirements. 
  

 LOAN AGREEMENT - 10 

 Section 6.3          Insurance Reports. Borrower shall furnish to Lender, upon Lender’s request, reports on each existing insurance policy required pursuant to this
Agreement and the Mortgage, showing such information as Lender may reasonably request, including, without limitation, the following: (i) the name of the insurer, (ii) the risks insured; (iii) the amount of the policy; (iv) the
properties insured; (v) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (vi) the expiration date of the policy. 
 Section 6.4          Construction of the Project.
Borrower shall cause the Tenant Improvements to be constructed and equipped in a diligent and orderly manner and in strict accordance with the Plans and Specifications approved by Lender, the Construction Contract, and all applicable laws,
ordinances, codes, regulations, and rights of adjoining or concurrent property owners. 
 Section 6.5          Defects. Upon demand by Lender, Borrower shall promptly correct any defect in the Tenant Improvements or any departure from the Plans and
Specifications not approved by Lender in writing before further work shall be done upon the portion of the Improvements affected. 
 Section 6.6          Project Claims and Litigation. Borrower shall promptly inform Lender of (a) all material adverse changes in
the financial condition of Contractor; (b) any litigation and claims, actual or threatened, affecting the Project or Contractor, which could materially affect the successful completion of the Project or the ability of Contractor to complete the
Project as agreed; (c) any condition or event which constitutes an Event of Default; and (d) any condition or event which constitutes a breach or default under any Project Documents related to the Project. 
 Section 6.7          Payment of Claims and Removal of
Liens. Borrower shall (a) cause all claims for labor done and materials and services furnished in connection with the Tenant Improvements to be fully paid and discharged in a timely manner, (b) diligently file or procure the filing of
a valid notice or affidavit of completion of the Tenant Improvements, or such comparable document as may be permitted under applicable lien laws, (c) diligently file or procure the filing of a notice of cessation, or such comparable document as
may be permitted under applicable lien laws, upon the happening of cessation of labor on the Tenant Improvements for a continuous period of thirty (30) days or more, and (d) take all reasonable steps necessary to remove all claims of liens
against the Mortgaged Property or any part thereof, or any rights or interests appurtenant to the Mortgaged Property. Upon Lender’s request, Borrower shall make such demands or claims upon or against laborers, materialmen, subcontractors, or
other persons who have furnished or claim to have furnished labor, services, or materials in connection with the Tenant Improvements, which demands or claims shall under the laws of the State of Texas require diligent assertions of lien claims upon
penalty of loss or waiver thereof. Borrower shall, within ten (10) days after the filing of any claim of lien that is disputed or contested by Borrower, provide Lender with a surety bond issued by a surety acceptable to Lender sufficient to
release the claim of lien or deposit with Lender an amount satisfactory to Lender for the possibility that the contest will be unsuccessful. If Borrower fails to remove any lien on the Mortgaged Property or provide a bond or deposit pursuant to this

  

 LOAN AGREEMENT - 11 

 
provision, Lender may pay such lien, or may contest the validity of the lien, and Borrower shall pay all costs and expenses of such contest, including Lender’s reasonably attorneys’
fees. 
 Section 6.8          Modification of
Contract. Borrower shall not make or permit to be made any modification of the Project Documents, other than minor changes involving no extra cost, without Lender’s prior written consent. 
 Section 6.9          Survival of Representations, Warranties
and Covenants. Borrower understands and agrees that in extending Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement, the Mortgage, or in any certificate or other instrument delivered
by Borrower to Lender under this Agreement or the Loan Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of each Advance from the
Loan Fund and delivery to Lender of the Loan Documents shall be continuing in nature, shall be deemed made and redated by Borrower as of the date each Advance is made, and shall remain in full force and effect until such time as the Indebtedness
shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur. 
 ARTICLE 7 
 GENERAL PROJECT PROVISIONS 
 Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall comply with the following
provisions relating to the construction and completion of the Project: 
 Section 7.1          Change Orders. All requests for changes in the Plans and Specifications, except for changes which are less than $10,000.00 or 5% of any individual
line item in the construction budget, must be in writing, signed by Borrower and the architect, and delivered to Lender for its approval. Borrower shall not permit the performance of any work pursuant to any change order or modification of the
Construction Contract or any subcontract without the written approval of Lender. Borrower shall obtain any required permits or authorizations from governmental authorities having jurisdiction before approving or requesting a new change order.

 Section 7.2          Purchase of Materials;
Conditional Sales Contracts. No materials, equipment, fixtures, or articles of personal property placed in or incorporated into the Project, shall be purchased or installed under any security agreement or other agreement whereby the seller
reserves or purports to reserve title or the right of removal or repossession, or the right to consider such items as personal property after their incorporation into the Project, unless otherwise authorized by Lender in writing. 
 Section 7.3          Lender’s Right of Entry and
Inspection. Lender and its agents shall have at all times the right of entry and free access to the Mortgaged Property and the right to inspect all work done, labor performed, and materials furnished with respect to the Project. Lender shall
have unrestricted access to and the right to copy all records, accounting books, contracts, subcontracts, bills, statements, vouchers, and supporting documents of Borrower relating in any way to the Project. 
  

 LOAN AGREEMENT - 12 

 Section 7.4          Lender’s Right to Stop Work. If Lender in good faith determines that any work or materials do not conform to the approved Plans and
Specifications or sound building practices, or otherwise depart from any of the requirements of this Agreement, Lender may require the work to be stopped and withhold disbursements until the matter is corrected. In such event, Borrower shall
promptly correct the work to Lender’s satisfaction. No such action by Lender will affect Borrower’s obligation to complete the Tenant Improvements on or before the Completion Date. Lender is under no duty to supervise or inspect the
construction or examine any books and records. Any inspection or examination by Lender is for the sole purpose of protecting Lender’s security and preserving Lender’s rights under this Agreement. No default of Borrower will be waived by
any inspection by Lender. In no event will any inspection by Lender be a representation that there has been or will be compliance with the Plans and Specifications or that the construction is free from defective materials or workmanship. 

Section 7.5          Limitation of Responsibility.
The making of any Advance by Lender shall not constitute or be interpreted as either (A) an approval or acceptance by Lender of the work done through the date of the Advance, or (B) a representation or indemnity by Lender to any party
against any deficiency or defect in the work or against any breach of any contract. Inspections and approvals of the Plans and Specifications, the Tenant Improvements, the workmanship and materials used in the Tenant Improvements, and the exercise
of any other right of inspection, approval, or inquiry granted to Lender in this Agreement are acknowledged to be solely for the protection of Lender’s interests, and under no circumstances shall they be construed to impose any responsibility
or liability of any nature whatsoever on Lender to any party. Neither Borrower nor any contractor, subcontractor, materialman, laborer, or any other person shall rely, or have any right to rely, upon Lender’s determination of the
appropriateness of any Advance. No disbursement or approval by Lender shall constitute a representation by Lender as to the nature of the Project, its construction, or its intended use for Borrower or for any other person, nor shall it constitute an
indemnity by Lender to Borrower or to any other person against any deficiency or defects in the Project or against any breach of any contract. 
 Section 7.6          Cessation of Advances. Lender shall have no obligation to make Advances or to disburse Loan proceeds under this
Agreement or under any other Loan Documents upon the occurrence of any Event of Default. 
 ARTICLE 8 
 DEFAULT 
 Any failure by Borrower or any Guarantor to perform, observe or comply with any of the terms, conditions, agreements, covenants or provisions of this Agreement (including, but not limited to, failure to
construct the Tenant Improvements in accordance with the Project Documents) or any other Loan Documents, shall constitute an “Event of Default” hereunder. 
 ARTICLE 9 
 REMEDIES 
 Upon the occurrence of any Event of Default and at any time thereafter, Lender may, at its option, but without any
obligation to do so, and in addition to any other right Lender without

  

 LOAN AGREEMENT - 13 

 
notice to Borrower may have, exercise any or all of the following rights, remedies and recourses, without notice to Borrower: 
 a.    institute appropriate proceedings to enforce the performance of this Agreement; 
 b.    withhold further disbursement of the Loan Fund; 
 c.    expend funds necessary to remedy the Event of Default; 
 d.    take possession of the Mortgaged Property and continue construction of the Project; 

e.    exercise any other right or remedy which it has under the Note or Loan Documents, or which is
otherwise available at law or in equity or by statute; 
 f.    setoff against and/or use
the funds in the Account (or any portion thereof) for any purpose, including, without limitation (i) payment of any Indebtedness secured by the Note, any other Loan Documents and this Agreement, including, without limitation, principal
prepayments and the prepayment premium applicable to such prepayment (as applicable); (ii) reimbursement of Lender for all losses and expenses (including, without limitation, reasonable legal fees and disbursements) suffered or incurred by
Lender as a result of such default; or (iii) payment of any amount expended in exercising all rights and remedies available to Lender at law or in equity or under this Agreement or under the Loan Documents. 
 Borrower consents to such actions by Lender without any further instructions or consents from Borrower. Borrower consents to, authorizes,
and directs Lender to comply with any “entitlement orders” within the meaning of Section 8-102(h) of the Uniform Commercial Code (the “UCC”) regarding any funds held in the Account, without any further action
or consent by Borrower. Provided, however, that a setoff by Lender or use of any funds in the Account by Lender shall not, under any circumstances, be deemed a cure of an Event of Default, and, after the occurrence of an Event of
Default and a setoff by Lender or use of the funds in the Account by Lender, Borrower shall continue to be in default and Lender shall be entitled to exercise all rights and remedies available to Lender upon the occurrence of such Event of Default.
Nothing in this Agreement or the other Loan Documents shall obligate Lender to apply all or any portion of the funds in the Account on account of any default by Borrower or to repayment of the Indebtedness secured by the Loan Documents or in any
specific order of priority. 
 ARTICLE 10 
 COMPLETION OF IMPROVEMENTS BY LENDER 
 If Lender takes
possession of the Mortgaged Property, it may take any and all actions necessary in its judgment to complete construction of the Tenant Improvements, including, but not limited to, making changes in the Plans and Specifications, work, or materials
and entering into, modifying or terminating any Project Documents, subject to Lender’s right at any time to discontinue any work without liability. If Lender elects to complete the Tenant Improvements, it will not assume any liability to
Borrower or to any other Person for completing the Tenant Improvements or for the manner or quality of construction of the Tenant Improvements, and

  

 LOAN AGREEMENT - 14 

 
Borrower expressly waives any such liability. Borrower irrevocably appoints Lender as its attorney-in-fact, with full power of substitution, to complete the Tenant Improvements, at Lender’s
option, either in Borrower’s name or in its own name. In any event, all sums expended by Lender in completing construction of the Tenant Improvements will be considered to have been disbursed to Borrower and will be secured by the Mortgaged
Property. Any such sums that cause the principal amount of the Loan to exceed the face amount of the Note will be considered to be an additional Loan to Borrower, bearing interest at the rate set forth in the Note and being secured by the Mortgaged
Property. For these purposes, Borrower assigns to Lender all of its right, title and interest in and to the Project Documents; provided, however, Lender will not have any obligation under the Project Documents unless Lender expressly
hereafter agrees in writing to assume such obligations. Upon the occurrence of an Event of Default, Lender will have the right to exercise any rights of Borrower under the Project Documents. Except as may be prohibited by applicable law, all of
Lender’s rights and remedies, whether evidenced by this Agreement or by any other writing, shall be cumulative and may be exercised singularly or concurrently. 
 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.1          Amendments and Waivers;
References. No amendment or waiver of any provision of this Agreement shall be effective unless in writing and signed by the party against whom enforcement is sought. This Agreement and the other Loan Documents shall not be executed, entered
into, altered, amended or modified by electronic means. Any reference to a Loan Document, whether in this Agreement or in any other Loan Document, shall be deemed to be a reference to such Loan Document as it may hereafter from time to time be
amended, modified, supplemented and restated in accordance with the terms hereof. 
 Section 11.2          Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s reasonable costs and expenses, including Lender’s
attorneys’ fees and legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the reasonable costs and expenses (i) in
connection with each Advance and (ii) with any enforcement of this Agreement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed
by the court. 
 Section 11.3          Authority to File Notices. Borrower appoints and designates Lender as its attorney-in-fact to file for record any notice that Lender deems necessary
to protect its interest under this Agreement. This power shall be deemed coupled with an interest and shall be irrevocable while any sum or performance remains due and owing under any of the Loan Documents. 
 Section 11.4          Caption Headings. The article and
section titles set forth in this Agreement are inserted for convenience of reference only and shall in no way alter, modify or define, or be used in construing, the text of such articles or sections. 
  

 LOAN AGREEMENT - 15 

 Section 11.5          Governing Law. This Agreement and all other Loan Documents are being executed and delivered, and are intended to be performed, in the State of Idaho,
and the laws of the State of Idaho shall govern the rights and duties of the parties hereto and the validity, construction, enforcement and interpretation of this Agreement and the Loan Documents (without giving effect to principles of conflicts of
law), except to the extent otherwise specified in this Agreement or any of the Loan Documents. 
 Section 11.6          No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by
Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s
right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, shall constitute a waiver of any of Lender’s rights or
of any of Borrower’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 
 Section 11.7          Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, such provision
shall be fully severable; the Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part thereof; the remaining provisions thereof shall remain in full effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance therefrom; and in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of the Agreement a provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible to be legal, valid and enforceable. 
 Section 11.8          Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Lender and Borrower and their respective successors and
assigns. Borrower shall not, without the prior written consent of Lender, assign any rights, duties or obligations hereunder. 
 Section 11.9          Time is of the Essence. Time is of the essence in the performance of this Agreement. 
 Section 11.10          Jury Waiver. TO THE MAXIMUM
EXTENT PERMITTED BY LAW, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY RELATING TO THE LOAN OR THE
MORTGAGED PROPERTY (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THE NOTE, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, AND ANY CLAIM OR DEFENSE ASSERTING

  

 LOAN AGREEMENT - 16 

 
THAT THE NOTE, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THE NOTE, THIS
AGREEMENT AND THE LOAN DOCUMENTS. 
 [The remainder of this page is intentionally left blank.] 
  

 LOAN AGREEMENT - 17 

 BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT
AND BORROWER AGREES TO ITS TERMS. THIS AGREEMENT IS DATED FEBRUARY 24, 2010. 
  

							
	 BORROWER:

	
	 Wells VAF – Parkway at Oak Hill, LLC,

	 a Delaware limited liability company

	 By:
	 	 Wells Mid-Horizon Value-Added Fund I, LLC,

		 	 a Georgia limited liability company, its sole Member

		 	 By:
	 	 Wells Investment Management Company, LLC,

		 		 	 a Georgia limited liability company, its Manager

				
		 		 	 By:
	 	 /s/ Kevin A. Hoover

		 		 		 	 Kevin A. Hoover, President

	
	 LENDER:

	
	 A10 Capital, LLC,

	 a Delaware limited liability company

		
	 By:
	 	 /s/ Dale Conder

		 	 Dale Conder, Chief Risk Officer

  

 LOAN AGREEMENT - 18 

 EXHIBIT “A” 
 Legal Description of Real Property 
 TRACT 1: 
 Lot 1, Block “A”, OAK HILL TECHNOLOGY PARK SUBDIVISION
SECTION IV, a subdivision in Travis County, Texas, according to the map or plat thereof recorded under Document No. 200300035 of the Official Public Records of Travis County, Texas, being more particularly described by metes and bounds
shown on Schedule 1 attached hereto and made a part hereof. 
 TRACT 2: 
 Being all of that certain 4.678 acre tract of land, more or less, the same being all of Lot 1, Block “A”, OAK HILL TECHNOLOGY PARK
SUBDIVISION SECTION III, a subdivision in Travis County, Texas, according to the map or plat thereof recorded under Document No. 200300034 of the Official Public Records of Travis County, Texas; said 4.678 acres of land being more
particularly described by metes and bounds shown on Schedule 2 attached hereto and made a part hereof. 
 TRACT 3:

 Non-exclusive easement estate created in that certain Joint Access and Easement Agreement dated October 27, 2005, by
and between Champion Partners Group, Ltd. and AAW Oak Hill, Ltd., recorded in Document No. 2005209114, Official Public Records, Travis County, Texas, being over and across that certain 0.336 acre portion of Lots 1 and 2, Block
“A”, OAK HILL TECHNOLOGY PARK SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat thereof, recorded under Document No. 200000208 of the Official Public Records of Travis County, Texas; said
0.336 acres being more particularly described by metes and bounds shown on Schedule 3 attached hereto and made a part hereof. 
 Parkway at Oak Hill 
 4801 Southwest Parkway 
 Austin, Texas 
  

 LOAN AGREEMENT - 19 

 SCHEDULE 1 
 Tract 1 – Metes and Bounds Legal Description 
  

			
	 TRACT I - 17.676 ACRES
 OAK HILL TECHNOLOGY PARK
 SECTION IV
	  	 FN NO. 08-574 (KWA),
 SEPTEMBER 15, 2008
 BPI JOB NO. 2019-01.92

 DESCRIPTION 
 OF A 17.676 ACRE TRACT OF LAND OUT OF THE
THOMAS ANDERSON SURVEY NO. 17, SITUATED IN TRAVIS COUNTY, TEXAS, BEING ALL OF LOT 1, BLOCK “A”, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION IV, A SUBDIVISION OF RECORD IN DOCUMENT NO. 200300035 OF THE OFFICIAL PUBLIC RECORDS OF TRAVIS
COUNTY, TEXAS; SAID 17.676 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
 COMMENCING at a 1/2
inch iron rod found in the northerly right-of-way line of U.S. Highway 290 for the southwesterly corner of Lot 1, Block “A” Oak Hill Technology Park Subdivision, of record in Document No. 200000208 of said Official Public Records,
being the southeasterly corner of Resubdivision of Lot 1-A Block “A” Oak Hill Industrial Park Section Two, a subdivision of record in Book 77, Page 11 of the Plat Records of Travis County, Texas; 
 THENCE, N29°38’00”E, leaving the northerly line of U.S. Highway 290, along the westerly line, of said Lot 1 and Lot 2, Block
“A” of said Oak Hill Technology Park Subdivision, being the easterly line of said Resubdivision of Lot 1-A, and a portion of the easterly line of Oak Hill Industrial Park Section Two, a subdivision of record in Book 76, Page 142 of said
Plat Records, a distance of 712.97 feet to a 1/2 inch iron rod found for the POINT OF BEGINNING hereof, being an angle point in the westerly line of said Lot 1; 
 THENCE, N29°38’00”E, along a portion of the westerly line of said Lot 1, being a portion of the easterly line of said Oak Hill Industrial Park Section Two, a distance of 378.82 feet to an
iron pipe found, for an angle point in the westerly line of said Lot 1, being the most easterly corner of said Oak Hill Industrial Park Section Two; 
 THENCE, continuing along the westerly line of said Lot 1, the following two (2) courses and distances: 
  

	1)	 N59°40’29”W, along the northerly line of said Oak Hill Industrial Park Section Two, a distance of 3.01.12 feet to an iron pipe found
in the easterly line of Lot 2, Block “A” Murphey Subdivision, a subdivision of record in Document No. 200600209 of said Official Public Records, for an angle point hereof; 

  

	2)	 N29°34’26”E, along the easterly line of said Lot 2 and Lot 4, Block “A” of said Murphey Subdivision, a distance of 622.21
feet to a 1/2 inch iron rod found in the southerly right-of way-line of Southwest Parkway (R.O.W. varies), being the northeasterly corner of said Lot 4 and the northwesterly corner of said Lot 1, for the northwesterly corner hereof;

 FN 08-574 (KWA) 
 SEPTEMBER 15, 2008 
 PAGE 2 OF 3 
  

 THENCE, along the southerly line of Southwest Parkway and the northerly line of said Lot
1, the following two (2) courses and distances: 
  

	1)	 S59°43’00”E, a distance of 654.69 feet to a 1/2 inch iron rod found for an angle point; 

  

	2)	 S59°48’00”E, a distance of 147.39 feet to a 1/2 inch iron rod found for. the northeasterly corner of said Lot 1 and hereof, being the
northwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III; 

 THENCE, S29°38’00”W, leaving the southerly line of Southwest Parkway, along the easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV, passing an iron pipe found for the common
westerly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and that certain 5.34 acre tract of land conveyed to South Austin Marine, Inc., by deed of record in Volume 7993, Page 207 of said Real Property
Records, at a distance of 635.36 feet, and. continuing for a total distance of 1185.40 feet to a 1/2 inch, iron rod found for an. angle point hereof, being the northeasterly corner of that certain 1.102 acre tract conveyed to Joseph J. Hajjar by
Deed of Record in Volume 12120, Page 1918 of said Real Property Records; 
 THENCE, N59°46’29”W, leaving the
westerly line of said 5.34 acres, along a portion of the easterly line of said Lot 1, Block “A” Oak Hill Technology Park-Subdivision Section IV and hereof, being the northerly line of said 1.102 acres, a distance of 147.39 feet to an iron
pipe found, for the northwesterly corner of said 1.102 acre tract and an angle point hereof; 
 THENCE, along the westerly line
of said 1.102 acre tract, being a portion of the easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, the following three (3) courses and distances: 
  

	1)	 S29o39’50”W, a distance of 136.85 feet to a 1/2 inch iron rod found for an angle point;

  

	2)	 S89°58’21”W, a distance of 24.28 feet to a 1/2 inch iron rod found for an angle point; 

  

	3)	 S29°59’38”W, a distance of 199.64 feet to a 1/2 inch iron rod found in the northerly line of U.S. Highway 290 (R.O.W. varies) for the
southeasterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being the southwesterly corner of said 1.102 acre tract; 

 FN 08-574 (KWA) 
 SEPTEMBER 15, 2008 
 PAGE 3 OF 3 
  

 THENCE, N88o09’05”W, along the northerly line of U.S. Highway 290, being the southerly line of said Lot 1,
Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, a distance of 92.12 feet to a 1/2 inch iron rod found for the southwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and
hereof; 
 THENCE, N24°38’24,”E, leaving the northerly line of U.S. Highway 290, along a portion of the westerly
line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being a portion of the easterly line of Lot 1 of said Oak Hill Technology Park Subdivision, a distance of 41.61 feet to a 1/2 inch iron rod found for
an angle point in the westerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof; 
 THENCE, N29°38’00”E, continuing along the westerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being a portion of the easterly line of Lot 1 and a portion of the easterly
line of Lot 2 of said Oak Hill Technology Park Subdivision, a distance of 538.08 feet to a 1/2 inch iron rod found for an angle point of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, being the
northeasterly corner of said Lot 2, Oak Hill Technology Park Subdivision; 
 THENCE, N60°22’00”W, along a portion
of the westerly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV and hereof, a distance of 245.35 feet to the POINT OF BEGINNING containing an area of 17,676 acres (769,977 sq. ft.) of land, more or less,
within these metes and bounds. 
 BEARING BASIS: THE BASIS OF BEARING OF THE DESCRIPTION HEREIN IS THE SOUTHEASTERLY LINE OF THE
RESUBDIVISION OF LOT 1-A, BLOCK A, OAK HILL INDUSTRIAL PARK SECTION TWO, AS RECORDED IN BOOK 77, PAGE 11 AND THE SOUTHEASTERLY LINE OF OAK HILL INDUSTRIAL PARK SECTION TWO AS RECORDED IN BOOK 76, PAGE 142, BOTH OF THE PLAT RECORDS OF TRAVIS COUNTY,
TEXAS. 
 I, MARK J. JEZISEK, A REGISTERED PROFESSIONAL LAND SURVEYOR, DO HEREBY CERTIFY THAT THE PROPERTY DESCRIBED HEREIN WAS
DETERMINED BY A SURVEY MADE ON THE GROUND UNDER MY DIRECTION AND SUPERVISION. A LAND TITLE SURVEY WAS PREPARED TO ACCOMPANY THIS FIELDNOTE DESCRIPTION. 
  

			
	 BURY & PARTNERS, INC.
 ENGINEERS-SURVEYORS
 221 WEST SIXTH STREET, STE. 600
 AUSTIN TEXAS
	 	

 SCHEDULE 2 
 Tract 2 – Metes and Bounds Legal Description 
  

			
	 TRACT II - 4.678 ACRES
 OAK HILL TECHNOLOGY PARK
 SECTION III
	 	 FN NO. 08-575(KWA)
 SEPTEMBER 15, 2008
 BPI JOB NO. 2019-01.92

 DESCRIPTION 
 OF A
4.678 ACRE TRACT OF LAND OUT OF THE THOMAS ANDERSON SURVEY NO. 17, SITUATED IN TRAVIS COUNTY, TEXAS, BEING ALL OF LOT 1, BLOCK “A”, OAK HILL TECHNOLOGY PARK SUBDIVISION SECTION III, A SUBDIVISION OF RECORD IN DOCUMENT NO. 200300034 OF THE
OFFICIAL PUBLIC RECORDS OF TRAVIS COUNTY, TEXAS; SAID 4.678 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
 BEGINNING at a 1/2 inch iron rod found in the southerly right-of-way line of Southwest Parkway (R.O.W. varies) for the northwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park
Subdivision Section III, being the northeasterly corner of Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV, a subdivision of record in Document No. 200300035 of said Official Public Records; 
 THENCE, S59°14’26”E, along the southerly line of Southwest Parkway,” being the northerly line of said Lot 1, Block
“A” Oak Hill Technology Park Subdivision Section III, a distance of 322.35 feet to a 1/2 inch iron rod with BPI cap found, being the northeasterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III;

 THENCE, leaving the southerly line of Southwest Parkway, along the easterly line of said Lot 1, Block “A” Oak Hill
Technology Park Subdivision Section III, being a portion of the westerly line of Boston 290 Office Park Section Two-A, a subdivision of record in Volume 100, Pages 58-59 of said Plat Records, the following two (2) courses and distances:

  

	1)	 S29°38’19”W, a distance of 341.51 feet to an iron pipe found for an angle point; 

  

	2)	 S29°33’06”W, a distance of 287.35 feet to a 1/2 inch iron rod found for the common easterly corner of said Lot 1, Block “A”
Oak Hill Technology Park Subdivision Section III and that certain 5.34 acre tract of land conveyed to South Austin Marine, Inc., by deed of record in Volume 7993, Page 207 of said Real Property Records, being the southeasterly corner hereof;

 THENCE, N60°23’40”W, leaving the westerly line of said Boston 290 Office Park Section Two-A,
along the common line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and said 5.34 acre tract, being the southerly line hereof, a distance of 322.66 feet to an iron pipe found in the easterly line of said Lot 1,
Block “A” Oak Hill Technology. Park Subdivision Section IV being the southwesterly corner of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section III and the northwesterly corner of said 5.34 acre tract; 

 FN 08-575 (KWA) 
 SEPTEMBER 15, 2008 
 PAGE 2 OF 2 
  

 THENCE, N29°38’00”E, along the westerly line of said Lot 1, Block “A” Oak Hill
Technology Park Subdivision Section III, being a portion of the easterly line of said Lot 1, Block “A” Oak Hill Technology Park Subdivision Section IV, a distance of 635.36 feet to POINT OF BEGINNING containing an area of 4.678 acres
(203,764 sq. ft.) of land, more or less, within these metes and bounds. 
 BEARING BASIS: THE BASIS OF BEARING OF THE
DESCRIPTION HEREIN IS THE SOUTHEASTERLY LINE OF THE RESUBDIVISION OF LOT 1-A, BLOCK A, OAK HILL INDUSTRIAL PARK SECTION TWO, AS RECORDED IN BOOK 77, PAGE 11 AND THE SOUTHEASTERLY LINE OF OAK HILL INDUSTRIAL PARK SECTION TWO AS RECORDED IN BOOK 76,
PAGE 142, BOTH OF THE PLAT RECORDS OF TRAVIS COUNTY, TEXAS. 
 I, MARK J. JEZISEK, A REGISTERED PROFESSIONAL LAND SURVEYOR, DO
HEREBY CERTIFY THAT THE PROPERTY DESCRIBED HEREIN WAS DETERMINED BY A SURVEY MADE ON THE GROUND UNDER MY DIRECTION AND SUPERVISION. A LAND TITLE SURVEY WAS PREPARED TO ACCOMPANY THIS FIELDNOTE DESCRIPTION. 
  

			
	 BURY & PARTNERS, INC.
 ENGINEERS–SURVEYORS
 221 WEST SIXTH STREET, SUITE 600
 AUSTIN, TEXAS 78701
	 	

 SCHEDULE 3 
 Tract 3 – Metes and Bounds Legal Description 
  

			
	 TRACT III - 0.336 ACRES
 LOT 1
& LOT 2, BLOCK “A”
 OAK HILL TECHNOLOGY PARK
	 	 FN NO. 08-576(KWA)
 SEPTEMBER 15, 2008
 BPI NO. 2019-01.92

 DESCRIPTION 
 OF A
0.336 ACRE TRACT OF LAND SITUATED IN TRAVIS COUNTY, TEXAS, BEING A PORTION OF LOT 1 AND LOT 2, BLOCK “A”, OAK HILL TECHNOLOGY PARK SUBDIVISION, OF RECORD IN DOCUMENT NO. 200000208, OF THE OFFICIAL PUBLIC RECORDS OF TRAVIS COUNTY, TEXAS;
SAID LOT 1 AND LOT 2, BLOCK “A” HAVING BEEN CONVEYED TO AAW OAK HILL, LTD. BY THE DEED OF RECORD IN DOCUMENT NO. 2000150953, OF SAID OFFICIAL PUBLIC RECORDS OF TRAVIS COUNTY, TEXAS; SAID 0.336 ACRE BEING MORE PARTICULARLY DESCRIBED BY
METES AND BOUNDS AS FOLLOWS: 
 BEGINNING at a 1/2 inch iron rod found in the northerly line of U.S. Highway 290 West. (R.O.W.
varies), being the southeasterly corner of said Lot 1, Block “A”, and the southwesterly corner of Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, of record in Document No. 200300035 of said Official Public
Records, for the southeasterly corner hereof, from which a 1/2 inch iron rod found for the southeasterly corner of said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV and the southwesterly corner of that certain 1.102
acre tract described in the deed to Joseph J. Hajjar, by the deed of record in Volume 12020, Page 19.18, of the Real Property Records of Travis County, Texas bears S88°09’05”E, a distance of 92.12 feet; 
 THENCE, N88°09’05”W, along the northerly line of U.S. Highway 290 West, being a portion of the southerly
line of Said Lot l, Block “A” Oak Hill Technology Park Subdivision, for the southerly line hereof, a distance of 27.12 feet to a calculated point for the southwesterly corner hereof, from which a 1/2 inch iron rod with cap set for a point
of curvature on said northerly line of U.S. Highway 290 West bears N88o09’05”W, a distance of 106.20 feet; 
 THENCE, leaving said northerly
line of U.S. Highway 290 West, over and across Lot 1 and Lot 2, Block “A” of said Oak Hill Technology Park Subdivision, along the westerly, line hereof, the following two(2) courses and distances; 
  

	1)	 N24°38’24”E, a distance of 53.20 feet to a calculated point; 

  

	2)	 N29°38’00”E, a distance of 539.17 feet to a calculated point for the northwesterly corner hereof, being in the line common to the
northerly line of said Lot 2, Block “A”, Oak Hill Technology Park Subdivision and a southerly line of said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, from which a 1/2 inch iron rod set for the
common westerly corner of said Lot 2, Block “A”, Oak Hill Technology Park Subdivision and said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV bears N60°22’00”W, a distance of 220.35 feet;

 FN 08-576 (KWA) 
 SEPTEMBER 15, 2008 
 PAGE 2 OF 2 
  

 THENCE, S60°22’00”E, along the line common to the northerly line of said
Lot 2, Block “A”, Oak Hill Technology Park Subdivision and a southerly line of said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, a distance of 25.00 feet to a 1/2 inch iron rod set for the northeasterly
corner of said Lot 2, Block “A” and an interior ell corner for said Lot 1, Block “A”, Oak Hill Technology Park Subdivision Section IV, for the northeasterly corner hereof; 
 THENCE, along the easterly line of Lot 1 and Lot 2, Block “A” of said Oak Hill Technology Park Subdivision, same being a westerly line of said Lot 1, Block “A”,
Oak Hill Technology Park Subdivision Section IV, for the easterly line hereof, the following two (2) courses and distances: 
  

	1)	 S29°38’00”W, passing at a distance of 373.10 feet a 1/2 inch iron rod found for the easterly common corner of Lot 1 and Lot 2, Block
“A” of said Oak Hill Technology Park Subdivision, continuing for a total distance of 538.08 feet to a 1/2 inch iron rod set for an angle point; 

  

	2)	 S24°38’24”W, a distance of 41.61 feet to the POINT OF BEGINNING, containing an area of 0.336 acre (14,651 sq. ft.) of land more or
less, within these metes and bounds. 

  

			
	 BURY & PARTNERS, INC.
 ENGINEERS–SURVEYORS
 221 WEST SIXTH STREET, STE. 600
 AUSTIN, TEXAS 78701Promissory Note

			
	

	  	Exhibit 10.15

  

			
	$6,900,000.00	  	February 24, 2010

 PROMISSORY NOTE 
 FOR VALUE RECEIVED, Wells VAF – Parkway at Oak Hill, LLC, a
Delaware limited liability company (“Borrower”), hereby unconditionally promises and agrees to pay to the order of A10 Capital, LLC, a Delaware limited liability company (“Lender”),
at 950 W. Bannock Street, Suite 950, Boise, Idaho 83702, or such other address as the holder hereof may, from time to time designate in writing, in lawful money of the United States of America, the principal sum of up to SIX MILLION
NINE HUNDRED THOUSAND AND NO/100 DOLLARS ($6,900,000.00) (the “Loan”), with interest accruing on the unpaid principal sum owing thereunder at the Interest Rate (as hereinafter defined), or at the Default Rate (as hereinafter
defined) as hereinafter provided. 
 The interest rate to be applied to the unpaid principal balance of this
Note shall be calculated at the initial rate of 9.105% per annum (the “Interest Rate”). The Interest Rate shall be reset two (2) Business Days prior to the first day of each month (the “Rate Determination
Date”) based on increases or decreases in the One Month London Interbank Offered Rate (LIBOR) as published by Bloomberg.com (the “Index”). On each Rate Determination Date, the Interest Rate shall be increased or
decreased to equal the sum of (i) the Index plus (ii) 8.875%, and Borrower’s payment will be increased or decreased to reflect the then applicable Interest Rate and required monthly payment. If the Index becomes unavailable
during the term of this Loan, Lender may designate a substitute index to be effective immediately upon notice to Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change, if any, will be
effective for the interest accrual period commencing on the first day of the month immediately following the Rate Determination Date. NOTICE: Notwithstanding the foregoing, under no circumstances will the interest rate on this Note be (1) less
than 8.875% per annum, which shall be the minimum Interest Rate under this Note, or (2) more than the maximum rate allowed by applicable law. 
 Upon the occurrence of any Event of Default, the Loan shall bear interest at the rate of 4% above the Interest Rate (the “Default Rate”). 
 Interest owing for each month shall be computed on the basis of a fraction, the denominator of which is three hundred sixty
(360) and the numerator of which is the actual number of days elapsed from the first day of such month (or, for the initial advance, from the date of such advance) to the last day in the calendar month immediately prior to the date such monthly
interest payment is due. Any principal payments shall be applied to the Loan balance as and when actually received. After entry of a judgment on this Note, interest shall continue to accrue in accordance with the terms of this Note at the higher of
the Default Rate or the applicable legal rate. 
 The Loan shall mature on March 1, 2013 or the first
Business Day thereafter (the “Maturity Date”). The term of the Loan shall be the period from the date of this Note through the Maturity Date (the “Loan Term”). 
  

 PROMISSORY NOTE - 1 

 The Loan shall be payable as follows: 
 (1)      Interest; Monthly Payments.    Commencing on
April 1, 2010, and continuing on the first Business Day of each month thereafter (each a “Monthly Payment Date”), until the Maturity Date, Borrower shall make consecutive monthly payments of interest only in arrears at
the Interest Rate based on the Index as of the Rate Determination Date as more particularly set forth above. 
 (2)      Principal and Other Amounts.  On the Maturity Date, Borrower shall pay to Lender all outstanding principal, accrued and unpaid interest up to and including the Maturity Date,
fees and any other amounts due under this Note and the Loan Documents (as defined below). Any principal paid with regard to the Loan after March 1, 2012 shall be subject to the prepayment premium set forth in paragraph (3)(iii) below,
including, but not limited to, principal paid on the Maturity Date. 
 (3)      Prepayment.  Borrower shall have the right to make, and Lender shall accept, voluntary prepayment of the Loan, whether in whole or in part, at any time prior to the Maturity Date, upon
not less than thirty (30) days’ prior written notice to Lender. Provided, however: 
   (i)     if the Loan is prepaid at any time on or before September 1, 2010, whether such prepayment is voluntary or due to Lender accelerating the amounts due hereunder, Lender shall be deemed to
have earned, and Borrower shall pay as a prepayment premium, an amount equal to 2% of the principal amount being prepaid; 
   (ii)    if the Loan is prepaid at any time after September 1, 2010 and on or before March 1, 2012, no prepayment premium shall be due and owing; and 

  (iii)  upon payment of any principal under the Loan, whether in whole or in part, at any time
after March 1, 2012, whether such prepayment is voluntary or due to Lender accelerating the amounts due hereunder, Lender shall be deemed to have earned, and Borrower shall pay as a prepayment premium, an amount equal to 1% of the principal
amount being paid. 
 In the event of a prepayment, Lender may calculate the charges under this Section based
upon the date of prepayment or the date of acceleration or the date of a bankruptcy by Borrower, at Lender’s sole and absolute discretion. 
 (4)      Commerce Note.    In the event the indebtedness evidenced by the Commerce Note (defined below) is not paid in full on the same date that
the Loan is paid in full (whether by prepayment, voluntarily or involuntarily, or on the Maturity Date), Borrower shall pay to Lender on the date the Loan is paid in full an amount equal to $1,000,000, to be applied by Lender against the outstanding
principal amount of the Commerce Note, and Borrower’s obligations hereunder shall not be satisfied in full until compliance herewith. 
 (5)      Late Charges.    If Borrower fails to pay any installment of interest or principal on the date on which the same is due, or if any amounts
hereunder are accelerated by Lender due to the terms hereof, Borrower shall pay to Lender a late charge on such past-due or

  

 PROMISSORY NOTE - 2 

 
accelerated amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. The
foregoing late charge is intended to compensate Lender for the expenses incident to handling any such late payment or accelerated amounts and for the losses incurred by Lender as a result of such late payment or acceleration. Borrower agrees that,
considering all of the circumstances existing on the date this Note is executed, the late charge represents a reasonable estimate of the costs and losses Lender will incur by reason of late payment or acceleration. Borrower and Lender further agree
that proof of actual losses would be costly, inconvenient, impracticable and extremely difficult to fix. Acceptance of the late charge shall not constitute a waiver of the default arising from the overdue installment, and shall not prevent Lender
from exercising any other rights or remedies available to Lender. 
 All payments made by Borrower to Lender
under this Note or any other Loan Document shall be made by Automated Clearing House (“ACH”), electronic funds transfer or other immediately available funds on the Monthly Payment Date; provided, however, no
principal payments or other amounts (other than the required monthly payment hereunder) payable to Lender under the Loan Documents will be made through ACH. 
 All payments received by Lender under this Note shall be applied to the following, in such order as Lender may elect, in its sole discretion: (a) to any fees and expenses due to
Lender under this Note or any Loan Document; (b) to any Default Rate interest and late charges; (c) to accrued and unpaid interest; (d) to amounts owed under any reserves or escrows required by Lender; and (e) to the principal
sum and other amounts due under this Note or any Loan Document. 
 This Note is secured by (i) a Deed of
Trust With Assignment of Leases and Rents, Security Agreement and Fixture Filing of even date herewith (the “Mortgage”) and other security documents and documents being executed and delivered concurrently with the execution
and delivery of this Note (collectively, the “Loan Documents”), and (ii) a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing of even date herewith, from Wells VAF – 330 Commerce
Street, LLC, a Delaware limited liability company, as grantor, to William L. Rosenberg, as trustee, for the benefit of Lender, as beneficiary, and other security documents and documents executed and delivered concurrently with the execution and
delivery of that certain Promissory Note of even date herewith, executed by Wells VAF – 330 Commerce Street, LLC, a Delaware limited liability company, as borrower, payable to Lender, as lender, in the original principal amount of $5,000,000.00
(the “Commerce Note”). Capitalized terms not defined herein shall have the meanings set forth in the Loan Documents. 
 Lender, at Lender’s election, may declare the outstanding principal of this Note and the interest accrued hereon to be immediately due and payable without notice or demand, upon the occurrence of any
of the following events: (1) Borrower fails to pay on or before the date due, any amount payable under this Note; or (2) any other Event of Default shall have occurred under any other Loan Document. In addition to the rights and remedies
provided herein, Lender may exercise any other right or remedy in any other document, instrument or agreement evidencing, securing or otherwise relating to the indebtedness evidenced hereby in accordance with the terms thereof, or under applicable
law, either simultaneously or in such order as Lender shall deem in its best interest,

  

 PROMISSORY NOTE - 3 

 
all of which rights and remedies shall be cumulative, and may be exercised concurrently, consecutively or in such order as Lender may elect in its sole and absolute discretion. 
 Borrower, co-makers, sureties, endorsers and guarantors, and each of them, expressly waive demand and presentment for
payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to accelerate the maturity hereof, notice of the acceleration of the maturity hereof, bringing of suit and diligence in taking any action to collect
amounts called for hereunder and in the handling of securities at any time existing in connection herewith; such parties are and shall be jointly, severally, directly and primarily liable for the payment of all sums owing and to be owing hereon,
regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder or in connection with any right, lien, interest or property at any and all times had or existing as security for
all sums due hereunder and under any other Loan Document. 
 It is the intention of the parties hereto to
conform strictly to applicable usury laws. Accordingly, all agreements between Borrower and Lender with respect to the Loan are hereby expressly limited so that in no event, whether by reason of acceleration of maturity or otherwise, shall the
amount paid or agreed to be paid to Lender or charged by Lender for the use, forbearance or detention of the money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the Loan would be usurious under applicable law, then,
notwithstanding anything to the contrary in the Loan Documents: (1) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, taken, reserved, charged or received under the Loan Documents shall
under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited on the Note by the holder thereof (or, if the Note has been paid in full, refunded to Borrower); and (2) if maturity is
accelerated by reason of an election by Lender, or in the event of any prepayment, then any consideration which constitutes interest may never include more than the maximum amount allowed by applicable law. In such case, excess interest, if any,
provided for in the Loan Documents or otherwise, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread from the date of advance until payment in full so that the actual rate of interest is uniform through the
term hereof. If such amortization, proration, allocation and spreading is not permitted under applicable law, then such excess interest shall be canceled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall
be credited on the Note (or, if the Note has been paid in full, refunded to Borrower). The terms and provisions of this paragraph shall control and supersede every other provision of the Loan Documents. 
 Time is of the essence with respect to all of Borrower’s obligations under this Note and the Loan Documents.

 This Note shall be binding upon and inure to the benefit of Lender and Borrower and the respective successors
and assigns of Lender and Borrower, provided that neither Borrower nor any Grantor Party shall, without the prior written consent of Lender, assign any rights, duties or obligations hereunder. 
 All provisions of the Loan Documents shall apply with equal effect to each and all promissory notes and amendments thereof
hereinafter executed which in whole or in part

  

 PROMISSORY NOTE - 4 

 
represent a renewal, extension, increase or rearrangement of the Loan. For portfolio management purposes, at any time during the term of the Loan, Lender may seek or obtain participants in the
Loan, and may elect to divide the Loan into two or more separate loans evidenced by separate promissory notes so long as the payment and other obligations of Borrower are not effectively increased or otherwise modified. Borrower agrees to cooperate
with Lender and to execute such documents as Lender reasonably may request to effect such division of the Loan. Borrower shall be required to pay all costs actually incurred by Lender in connection with the foregoing. 
 No course of dealing on the part of Lender, its officers, employees, consultants or agents, nor any failure or delay by
Lender with respect to exercising any right, power or privilege of Lender under any of the Loan Documents, shall operate as a waiver thereof. 
 Rights and remedies of Lender under the Loan Documents shall be cumulative, and the exercise or partial exercise of any such right or remedy shall not preclude the exercise of any other right or remedy.

 TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR
WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY RELATING TO THE LOAN OR THE MORTGAGED PROPERTY (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS
NOTE OR ANY OTHER LOAN DOCUMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS NOTE OR ANY OTHER LOAN DOCUMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THIS NOTE AND THE
LOAN DOCUMENTS. 
 BORROWER SUBMITS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE
STATE OF IDAHO FOR THE DETERMINATION OF ANY CONTROVERSY ARISING UNDER OR IN CONNECTION WITH THIS NOTE OR THE OTHER LOAN DOCUMENTS, AND BORROWER AND EACH GRANTOR PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT, OR OTHER PROCESS IN AN ACTION
IN ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF IDAHO AND AGREES THAT ALL SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED. BORROWER HEREBY CONSENTS TO VENUE IN ADA COUNTY, IDAHO, AND IRREVOCABLY WAIVES
ANY OBJECTION TO VENUE IN ADA COUNTY, IDAHO. 
  

 PROMISSORY NOTE - 5 

 This Note and the Loan Documents are being executed and delivered, and are
intended to be performed, in the State of Idaho and the laws of the State of Idaho, without reference to its conflicts of law principles, shall govern the rights and duties of the parties hereto and the validity, construction, enforcement and
interpretation of this Note and the Loan Documents, except to the extent otherwise specified in any of the Loan Documents. 
 [The remainder of this page is intentionally left blank.] 
  

 PROMISSORY NOTE - 6 

 IN WITNESS WHEREOF, Borrower has executed this Note as of the date
first written above. 
  

													
		 		 	Wells VAF – Parkway at Oak Hill, LLC,
		 		 	a Delaware limited liability company
		 		 	By:	 	Wells Mid-Horizon Value-Added Fund I, LLC,
		 		 		 	a Georgia limited liability company,
		 		 		 	its sole Member
		 		 		 	By:	 	Wells Investment Management Company, LLC,
		 		 		 		 	 a Georgia limited liability company,
 its Manager

						
		 		 		 		 	By:	 	/s/ Kevin A. Hoover
		 		 		 		 		 	Kevin A. Hoover, President

  

					
	 STATE OF Georgia
	  	     §
	  	
		  	     §
	  	
	 COUNTY OF Gwinnett
	  	     §
	  	

 This instrument was acknowledged before me on February 17th, 2010, by Kevin A. Hoover, the President of Wells Investment
Management Company, LLC, a Georgia limited liability company, on behalf of said limited liability company, in its capacity as Manager of Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited liability company, on behalf of said
limited liability company, in its capacity as sole Member of Wells VAF – Parkway at Oak Hill, LLC, a Delaware limited liability company, on behalf of said limited liability company. 
  

					
		 		 	             /s/ L A Hunt

		 		 	 Notary Public, State of Georgia

		 		 	 Name:       L A Hunt

		 		 	 My commission expires: 6/10/10

  

 PROMISSORY NOTE - 7 

			
	

	  	Loan No. AC-TX-MM-10-001-001

  
 ALLONGE 
 This allonge endorsement is attached to, and forms a part of, the Promissory Note, dated as of February 24, 2010, in the stated principal amount of $6,900,000.00, executed by Wells VAF –
Parkway at Oak Hill, LLC, a Delaware limited liability company, payable to the order of A10 Capital, LLC, a Delaware limited liability company. 
 Pay to the order of Wells Fargo Foothill, LLC, a Delaware limited liability company, as Agent. 
  

			
	 A10 Capital, LLC,

	 a Delaware limited liability company

	
	 By: /s/ Dale Conder

		 	 Dale Conder, Chief Risk Officer

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