Document:

Mortgage and Security Agreement, made as of May 31, 2007

 EXHIBIT 10.80 

 

					
	

	 	 Prepared by, Record and Return to:
 Neal, Gerber & Eisenberg LLP
 Two North LaSalle Street

Suite 2200
 Chicago, IL 60602-3801

Attention: John R. Grier
	  	

	 	  	 FRED BUCHOLZ
 DUPAGE COUNTY RECORDER
 JUN. 08,
2007            RHSP        3:20 PM
 OTHER                      10 – 17 – 111 – 009

80 PAGES            R2007 – 107262

 MORTGAGE AND SECURITY AGREEMENT 

ARGONNE BRIDGE, LLC, 
 AND 
 JES ARGONNE BRIDGE, LLC 

Jointly and severally, as tenants in common 
 MORTGAGOR 
 AND 

PRUDENTIAL MORTGAGE CAPITAL COMPANY, LLC, 
 MORTGAGEE 
 DATED: AS OF MAY 31, 2007 

THIS INSTRUMENT AFFECTS REAL AND PERSONAL PROPERTY SITUATED IN THE STATE OF ILLINOIS, COUNTY OF DUPAGE, KNOWN AS AND BY STREET ADDRESS 10330 ARGONNE
WOODS DRIVE, WOODRIDGE, ILLINOIS. 
 THIS INSTRUMENT IS TO BE FILED AND INDEXED IN THE REAL ESTATE RECORDS 

AND IS ALSO TO BE INDEXED IN THE INDEX OF FINANCING STATEMENTS UNDER 

THE NAMES OF MORTGAGOR, AS “DEBTOR”, AND MORTGAGEE, AS “SECURED 

PARTY”. 

Loan No. 6107248 
 019954.0520 
  
  

FRED BUCHOLZ         R2007-107262         DUPAGE COUNTY RECORDER

 THIS MORTGAGE AND SECURITY AGREEMENT (this “Mortgage”)
is made as of May 31, 2007, by ARGONNE BRIDGE, LLC, an Illinois limited liability company (“ARGONNE”) and JES ARGONNE BRIDGE, LLC, a Delaware limited liability company (“JES”; JES and Argonne,
collectively, “Mortgagor”), having an address at 233 South Wacker Drive, Suite 350, Chicago, Illinois 60606, in favor of PRUDENTIAL MORTGAGE CAPITAL COMPANY, LLC, a Delaware limited liability company
(“Mortgagee”), having an address at 100 Mulberry Street, Gateway Center 4, 8th Floor, Newark, New Jersey 07102. 
 W I T N E S S E T H: 

THAT FOR AND IN CONSIDERATION OF THE SUM OF TEN AND NO/100 DOLLARS ($10.00), AND OTHER VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, MORTGAGOR HEREBY IRREVOCABLY MORTGAGES, GRANTS, BARGAINS, SELLS, CONVEYS, TRANSFERS, WARRANTS, PLEDGES, SETS OVER AND ASSIGNS, AND GRANTS A SECURITY INTEREST, TO MORTGAGEE, ITS SUCCESSORS AND ASSIGNS, in
all of Mortgagor’s estate, right, title and interest in, to and under any and all of the following described property, whether now owned or hereafter acquired (collectively, the “Property”): 

A. All that certain real property situated at City of Woodridge, County of DuPage, State of Illinois, more particularly described on
Exhibit A attached hereto and incorporated herein by this reference (the “Land”), together with all of the easements, rights, privileges, franchises, tenements, hereditaments and appurtenances now or hereafter
thereunto belonging or in any way appertaining and all of the estate, right, title, interest, claim and demand whatsoever of Mortgagor therein or thereto, either at law or in equity, in possession or in expectancy, now or hereafter acquired;

 B. All structures, buildings and improvements of every kind and description now or at any time hereafter located or placed on
the Land (the “Improvements”; the Land and the Improvements are collectively, the “Real Estate”); 
 C. All furniture, furnishings, fixtures, goods, equipment, inventory or personal property owned by Mortgagor and now or hereafter located in or on, attached to or used in and about the Real Estate,
including, but not limited to, all machines, engines, boilers, dynamos, elevators, stokers, tanks, cabinets, awnings, screens, shades, blinds, carpets, draperies, lawn mowers, and all appliances, plumbing, heating, air conditioning, lighting,
ventilating, refrigerating, disposal and incinerating equipment, and all fixtures and appurtenances thereto, and such other goods and chattels and personal property owned by Mortgagor as are now or hereafter used or furnished in operating the Real
Estate, or the activities conducted therein, and all building materials and equipment hereafter situated on or about the Real Estate, and all warranties and guaranties relating thereto, and all additions thereto and substitutions and replacements
therefor (exclusive of any of the foregoing owned or leased by tenants of space in the Improvements); 
 D. All easements,
rights-of-way, strips and gores of land, vaults, streets, ways, alleys, passages, sewer rights, air rights and other development rights now or hereafter located on the Real Estate or under or above the same or any part or parcel thereof, and all
estates, rights, titles, interests, tenements, hereditaments and appurtenances, reversions and remainders whatsoever, in 

 
any way belonging, relating or appertaining to the Real Estate or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter
acquired by Mortgagor; 
 E. All water, ditches, wells, reservoirs and drains and all water, ditch, well, reservoir and drainage
rights which are appurtenant to, located on, under or above or used in connection with the Real Estate, or any part thereof, whether now existing or hereafter created or acquired, together with (i) all utilities, utility commitments, utility
capacity, capital recovery charges, impact fees and other fees paid in connection with same, (ii) reimbursements or other rights pertaining to utility or utility services provided to the Land and/or Improvements and (iii) the present or
future use or availability of waste water capacity, or other utility facilities to the extent same pertain to or benefit the Land and/or Improvements, including, without limitation, all reservations of or commitments or letters covering any such use
in the future; 
 F. All minerals, crops, timber, trees, shrubs, flowers and landscaping features now or hereafter located on,
under or above the Real Estate; 
 G. All cash funds, deposit accounts and other rights and evidence of rights to cash, now or
hereafter created or held by Mortgagee pursuant to this Mortgage or any other of the Loan Documents (as hereinafter defined), including, without limitation, all funds now or hereafter on deposit in the Impound Account, the Replacement Reserve and,
as defined in Exhibit C, the Leasing Reserve, the Goodyear Rent Reserve and the Prepaid Rent Reserve (each as hereafter defined); 
 H. All leases (including, without limitation, oil, gas and mineral leases), licenses, concessions and occupancy agreements of all or any part of the Real Estate now or hereafter entered into, as same may
be amended (each, and including, without limitation, Major Leases, as defined below, a “Lease” and collectively, “Leases”) whether written or oral and all rents, royalties, issues, profits, revenue, income, funds,
proceeds, lease termination fees, receipts and other benefits (collectively, the “Rents and Profits”) of the Real Estate or in any other way relating to the Real Estate, now or hereafter arising from the use or enjoyment of
all or any portion thereof or from any present or future Lease or other agreement pertaining thereto or arising from any of the Contracts (as hereinafter defined) or any of the General Intangibles (as hereinafter defined) and all cash or securities
deposited to secure performance by the tenants, lessees, occupants or licensees, as applicable under leases (each, a “Tenant” and collectively, the “Tenants”), of their obligations under any such Leases,
whether said cash or securities are to be held until the expiration of the terms of said Leases, or applied to one or more of the installments of rent coming due prior to the expiration of said terms, subject to, however, the provisions contained in
Section 1.11 hereinbelow; 
 I. All contracts and agreements now or hereafter entered into or otherwise effective,
covering or otherwise relating to all or any part of the Real Estate, as same may be amended (collectively, the “Contracts”) and all revenue, income and other benefits thereof, including, without limitation, management
agreements, license agreements, service contracts, maintenance contracts, equipment leases, personal property leases and any contracts or documents relating to construction on any part of the Real Estate or the Improvements (including, but not
limited to, plans, drawings, surveys, tests, reports, bonds and governmental approvals) or to the management or operation of any part of the Real Estate or the Improvements. (Any contract 

  
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materially affecting the use, operation or construction of, or production of income in connection with the Property, as determined by Mortgagee, is referred to as a “Material
Contract”). 
 J. All present and future monetary deposits given to any public or private utility with respect
to utility services furnished to any part of the Real Estate; 
 K. All present and future funds, accounts, instruments,
accounts receivable, documents, causes of action, claims, general intangibles (including, without limitation, trademarks, trade names, servicemarks and symbols now or hereafter used in connection with any part of the Real Estate, all names by which
the Real Estate may be operated or known, all rights to carry on business under such names, and all rights, interest and privileges which Mortgagor has or may have as developer or declarant under any covenants, restrictions or declarations now or
hereafter relating to the Real Estate) and all notes or chattel paper, now or hereafter arising from or by virtue of any transactions related to the Real Estate or otherwise related to the Real Estate (collectively, the “General
Intangibles”); 
 L. To the extent assignable, all water taps, sewer taps, certificates of occupancy, permits,
licenses, franchises, certificates, consents, approvals and other rights and privileges now existing or hereafter obtained in connection with the Real Estate and all present and future warranties and guaranties relating to the Improvements or to any
equipment, fixtures, furniture, furnishings, personal property or components of any of the foregoing now or hereafter located or installed on the Real Estate; 
 M. All building materials, supplies and equipment now or hereafter placed in or on the Real Estate and all architectural renderings, models, drawings, plans, specifications, studies and data now or
hereafter relating to the Real Estate; 
 N. All insurance policies or binders now or hereafter relating to the Property,
including, without limitation, all proceeds, awards and unearned premiums thereon; 
 O. All proceeds, products, substitutions
and accessions (including, without limitation, claims and demands therefor) of the conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims, including, without limitation, all proceeds of insurance and
condemnation awards and all refunds, rebates or credits of any taxes or assessments levied against all or any portion of the Property whether as a result of tax certiorari or other proceedings or applications; and 

P. All other or greater rights and interests of every nature in the Real Estate and in the possession or use thereof and income
therefrom, whether now owned or hereafter acquired by Mortgagor. 
 Q. The tenancy in common interests of each entity comprising
Mortgagor and all of their rights in, to, and under the TIC Agreement (as hereinafter defined) and any property management agreement related thereto, including, without limitation, a right of first refusal arising under Section 363(i) of the
Bankruptcy Code. 

  
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 FOR THE PURPOSES OF SECURING: 

(1) The indebtedness evidenced by that certain promissory note (such promissory note, together with any and all renewals,
modifications, consolidations and extensions thereof, is hereinafter referred to as the “Note”) of even date with this Mortgage and having a stated maturity date of June 5, 2017, made by Mortgagor payable to the order of
Mortgagee in the original principal amount of Six Million One Hundred Fifty Thousand and 00/100 Dollars ($6,150,000.00), together with interest as therein provided; 

(2) The full and prompt payment and performance of all of the provisions, agreements, covenants and obligations herein
contained and contained in any other agreements, documents or instruments now or hereafter evidencing, securing, guarantying or otherwise relating to the Debt (as hereinafter defined), including, but not limited to, the Indemnity and Guaranty
Agreement and the Hazardous Substances Indemnity Agreement (as such terms are hereinafter defined) (the Note, this Mortgage, and such other agreements, documents and instruments, together with any and all renewals, amendments, extensions and
modifications thereof, are hereinafter collectively referred to as the “Loan Documents”) and the payment of all other sums herein or therein covenanted to be paid; 

(3) Any and all additional advances made by Mortgagee in accordance with the Loan Documents to protect or preserve the
Property or the lien or security interest created hereby on the Property, or for taxes, assessments or insurance premiums as hereinafter provided or for performance of any of Mortgagor’s obligations hereunder or under the other Loan Documents
or for any other purpose provided herein or in the other Loan Documents (whether or not the original Mortgagor remains the owner of the Property at the time of such advances); and 

(4) Any and all other indebtedness now owing or which may hereafter be owing by Mortgagor to Mortgagee, including, without
limitation, all prepayment fees, however and whenever incurred or evidenced, whether express or implied, direct or indirect, absolute or contingent, or due or to become due, and all renewals, modifications, consolidations, replacements and
extensions thereof. 
 (All of the sums referred to in Paragraphs (1) through (4), above, are herein sometimes referred to
as the “indebtedness secured hereby”, the “secured indebtedness” or the “Debt”). 

TO HAVE AND TO HOLD the Property unto Mortgagee, its successors and assigns forever, for the purposes and uses herein set forth, and
Mortgagor does hereby bind itself, its successors and assigns, to WARRANT AND FOREVER DEFEND the title to the Property, subject only to the Permitted Exceptions (as hereinafter defined). 

PROVIDED, HOWEVER, that if the principal and interest and all other sums due or to become due under the Note and the other Loan
Documents, including, without limitation, any prepayment fees required pursuant to the terms of the Note, shall have been paid at the time and in the manner stipulated therein and all other sums payable hereunder and all other Debt shall have been
paid and all other covenants contained in the Loan Documents shall have been performed, then, in such case, this Mortgage shall be satisfied and the estate, right, title and 

  
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interest of Mortgagee in the Property shall cease, and upon payment to Mortgagee of all costs and expenses incurred for the preparation of the release hereinafter referenced and all recording
costs if allowed by law, Mortgagee shall release this Mortgage and the other recorded Loan Documents and the lien hereof and thereof by proper instrument. 
 ARTICLE I 
 COVENANTS OF MORTGAGOR 

For the purpose of further securing the Debt and for the protection of the security of this Mortgage, for so long as the Debt or any part
thereof remains unpaid, Mortgagor represents, warrants, covenants and agrees as follows: 
 Section 1.1 Representations,
Warranties and Covenants of Mortgagor. Mortgagor, for itself and its successors and assigns, does hereby represent, warrant and covenant to and with Mortgagee, its successors and assigns, that: 

(a) Organization and Existence. Mortgagor is duly organized and validly existing as a limited liability company in
good standing under the laws of the State of Illinois (as to Argonne) or Delaware (as to JES) and in all other jurisdictions in which Mortgagor is transacting business. Mortgagor has the power and authority to execute, deliver and perform the
obligations imposed on it under the Loan Documents and to consummate the transactions contemplated by the Loan Documents. 
 (b) Authorization. Mortgagor has taken all necessary action for the authorization of the borrowing on account of the loan secured hereby (“the Loan”), and for the execution,
delivery and performance of the Loan Documents, including, without limitation, the constituents of each entity comprising Mortgagor whose approval is required by the terms of their relevant organizational documents have duly approved the
transactions contemplated by the Loan Documents and have authorized execution and delivery thereof by the respective signatories. No other consent by any local, state or federal agency is required in connection with the execution and delivery of the
Loan Documents. 
 (c) Valid Execution and Delivery. All of the Loan Documents requiring execution by
Mortgagor have been duly and validly executed and delivered by Mortgagor. 
 (d) Enforceability. All of
the Loan Documents constitute valid, legal and binding obligations of Mortgagor and are fully enforceable against Mortgagor in accordance with their terms by Mortgagee and its successors, transferees and assigns, subject only to bankruptcy laws and
general principles of equity. 
 (e) No Defenses. The Note, this Mortgage and the other Loan Documents are
not subject to any right of rescission, set-off, counterclaim or defense, nor would the operation of any of the terms of the Note, this Mortgage or any of the other Loan Documents, or the exercise of any right thereunder, render this Mortgage
unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury. 

  
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 (f) Defense of Usury. Mortgagor knows of no facts that would support
a claim of usury to defeat or avoid its obligation to repay the principal of, interest on, and other sums or amounts due and payable under, the Loan Documents. 
 (g) No Conflict/Violation of Law. The execution, delivery and performance of the Loan Documents by Mortgagor will not cause or constitute a default under or conflict with the organizational
documents of Mortgagor, any guarantor of any of Mortgagor’s obligations under the Loan Documents or any shareholder, general partner or managing member of Mortgagor or any guarantor of any of Mortgagor’s obligations under the Loan
Documents. The execution, delivery and performance of the obligations imposed on Mortgagor under the Loan Documents will not cause Mortgagor to be in default, including after due notice or lapse of time or both, under the provisions of any
agreement, judgment or order to which Mortgagor is a party or by which Mortgagor is bound. 
 (h) Compliance
with Applicable Laws and Regulations. The Property, including, but not limited to, its use, complies with, and shall remain in compliance with, all applicable statutes, rules, regulations, ordinances and private covenants now or hereafter
relating to the ownership, construction, use or operation of the Property, including, but not limited to, all applicable statutes, rules and regulations pertaining to requirements for equal opportunity, anti-discrimination, fair housing,
environmental protection, zoning, subdivision, flood, health, environmental and land use. The Improvements comply with, and shall remain in compliance with, applicable health, fire and building codes. There is no evidence of any illegal activities
relating to controlled substances on the Property. All certifications, permits, licenses and approvals, and all franchises, patents, copyrights, trademarks and trade names, including, without limitation, certificates of completion and occupancy
permits required for the legal use, occupancy and operation of the Property as currently in use, are in Mortgagor’s possession and are in full force and effect. All of the Improvements comply with all requirements of any applicable zoning and
subdivision laws and ordinances. 
 (i) Consents Obtained. All consents, approvals, authorizations, orders
or filings with any court or governmental agency or body, if any, required for the execution, delivery and performance of the Loan Documents by Mortgagor have been obtained or made. 

(j) No Litigation. There are no pending or threatened judicial, governmental, administrative, mediation or
arbitration actions, suits or proceedings, arbitrations or governmental investigations against the Property, Mortgagor, any general partner, member or shareholder of Mortgagor, or any guarantor of any of Mortgagor’s obligations under the Loan
Documents, an adverse outcome of which would materially impair either the value of the Property or Mortgagor’s ability to perform its covenants and obligations under the Note, the Mortgage and the other Loan Documents. Without limiting the
foregoing, Mortgagor has disclosed to Mortgagee in writing the pendency of certain lawsuits. 
 (k) Title.
Mortgagor has good, marketable and indefeasible fee simple title to the Property, subject only to those matters expressly listed as exceptions or subordinate matters in the title insurance policy insuring the lien of this Mortgage (the
“Title Policy”) and which Mortgagee has agreed to accept, and excepting therefrom all pre-printed and/or standard exceptions (the “Permitted Exceptions”). The possession of the Property has been peaceful and
undisturbed and title thereto has not been disputed or questioned to the best of Mortgagor’s 

  
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knowledge. Further, Mortgagor has full power and lawful authority to grant, bargain, sell, convey, assign, transfer, encumber and mortgage its interest in the Property in the manner and form
hereby done or intended. Mortgagor will preserve its interest in and title to the Property and will forever warrant and defend the same to Mortgagee against any and all claims whatsoever and will forever warrant and defend the validity and priority
of the lien and security interest created herein against the claims of all persons and parties whomsoever, subject to the Permitted Exceptions. The foregoing warranty of title shall survive the foreclosure of this Mortgage and shall inure to the
benefit of and be enforceable by Mortgagee in the event Mortgagee acquires title to the Property pursuant to any foreclosure. 
 (l) Permitted Exceptions. The Permitted Exceptions do not and will not materially interfere with the security of this Mortgage or materially and adversely affect (1) the ability of Mortgagor
to generate income from the Property sufficient to pay in full the principal and interest on the Note and otherwise service the Loan evidenced by the Note in a timely manner or (2) the use of the Property for the use currently being made
thereof, the operation of the Property as currently being operated or the value of the Property. 
 (m) First
Lien. Upon the execution by Mortgagor and the recording of this Mortgage, and upon the execution and filing of UCC-1 financing statements or amendments thereto, Mortgagee will have a valid first lien on the Property and a valid security interest
in all personal property secured hereby, subject to no liens, charges or encumbrances other than the Permitted Exceptions. 
 (n) ERISA. Mortgagor has made and shall continue to make all required contributions to all employee benefit plans, if any, and Mortgagor has no knowledge of any material liability which has been
incurred by Mortgagor which remains unsatisfied for any taxes or penalties with respect to any employee benefit plan or any multi-employer plan, and each such plan has been administered in compliance with its terms and the applicable provisions of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and any other federal or state law. 
 (o) Contingent Liabilities. Mortgagor has no known material contingent liabilities. 
 (p) No Other Obligations. Mortgagor has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Mortgagor is a party
or by which Mortgagor or the Property is otherwise bound, other than obligations incurred in the ordinary course of the operation of the Property and other than obligations under this Mortgage and the other Loan Documents. 

(q) Fraudulent Conveyance. Mortgagor (1) has not entered into the Loan or any Loan Document with the actual
intent to hinder, delay, or defraud any creditor and (2) received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Mortgagor’s assets exceed and
will, immediately following the execution and delivery of the Loan Documents, exceed Mortgagor’s total liabilities, including, without limitation, subordinated, unliquidated, disputed or contingent liabilities. The fair saleable value of
Mortgagor’s assets is and will, immediately following the execution and delivery of the Loan Documents, be greater than Mortgagor’s 

  
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probable liabilities, including the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Mortgagor’s assets do not and, immediately following
the execution and delivery of the Loan Documents, will not constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Mortgagor does not intend to, and does not believe that it will, incur debts and
liabilities (including, without limitation, contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations of Mortgagor).

 (r) Investment Company Act. Mortgagor is not (1) an “investment company” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (2) a “holding company” or a “subsidiary company” of a “holding company” or an
“affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (3) subject to any other federal or state law or regulation
which purports to restrict or regulate its ability to borrow money. 
 (s) Access/Utilities. The Property
has adequate rights of access to public ways and is served by adequate gas, electric, cable, telephone, water, storm sewer, sanitary sewer and storm drain facilities. All public utilities (including, but not limited to, the foregoing) necessary to
the continued use, enjoyment, occupancy, operation and disposition of the Property as presently used and enjoyed are located in the public right-of-way or in easement areas insured by the Title Policy abutting the Property, and all such utilities
are connected so as to serve the Property without passing over other property (other than in said insured easement areas). All streets, roads, highways, bridges and waterways necessary for access to and full use, occupancy, operation and disposition
of the Real Estate and the Improvements have been completed, have been publicly dedicated and accepted by the appropriate municipal authority and are open and provide public ingress and egress to the Real Estate and the Improvements, or are the
subject of irrevocable, perpetual access easements without condition or cost to Mortgagor and which easements are for the benefit of the Property and subject to the approval of Mortgagee. 

(t) Taxes Paid. Mortgagor has filed all federal, state, county and municipal tax returns required to have been
filed by Mortgagor, and has paid such returns pursuant to such returns or pursuant to any notice of assessment received by Mortgagor, and Mortgagor has no knowledge of any basis for additional assessment with respect to such taxes. Further, the
Property is free from delinquent water charges, sewer rents, taxes and assessments. Mortgagor and the Property are free from any past due obligations for sales and payroll taxes. 

(u) Single Tax Lot. The Real Estate consists of a single lot or multiple tax lots; no portion of said tax lot(s)
covers property other than the Real Estate and no portion of the Real Estate lies in any other tax lot. 
 (v)
Special Assessments. Except as disclosed in the title insurance policy, there are no pending or, to the knowledge of Mortgagor, proposed special or other assessments for public improvements or otherwise affecting the Property, nor, to the
knowledge of Mortgagor, are there any contemplated improvements to the Property that may result in such special or other assessments. 

  
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 (w) Flood Zone. The Property is not located in a flood hazard area as
defined by the Federal Insurance Administration. 
 (x) Seismic Exposure. The Property is not located in
Zone 3 or Zone 4 of the “Seismic Zone Map of the U.S.”. 
 (y) Misstatements of Fact. No
statement of fact made in the Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no fact presently known to Mortgagor
which has not been disclosed which materially and adversely affects, nor as far as Mortgagor can foresee, might materially and adversely affect the business, operations or condition (financial or otherwise) of the representing party. 

(z) Condition of Improvements. The Property is free and clear of any damage that would materially and adversely
affect its value and, without limiting the foregoing, the Property has not been damaged by fire, water, flood, wind, accident or other cause of loss or casualty, and any previous damage to the Property has been fully restored. To the best of
Mortgagor’s knowledge after diligent inquiry, the Improvements are structurally sound, in good repair and free and clear of any defects in materials and workmanship and have been constructed and installed in substantial compliance with the
plans and specifications relating thereto. All major building systems located within the Improvements, including, without limitation, the heating and air conditioning systems and the electrical and plumbing systems, are in good working order and
condition. 
 (aa) No Insolvency or Judgment. Neither Mortgagor, nor any guarantor of any of
Mortgagor’s obligations under the Loan Documents is currently (a) the subject of or a party to any completed or pending bankruptcy, reorganization or insolvency proceeding or (b) the subject of any judgment unsatisfied of record or
docketed in any court of the state in which the Property is located or in any other court located in the United States. The Loan will not render Mortgagor nor any shareholder, general partner or member of Mortgagor insolvent. As used in this
Mortgage, the term “insolvent” means that the sum total of all of an entity’s liabilities (whether secured or unsecured, contingent or fixed, or liquidated or unliquidated) is in excess of the value of all such entity’s
non-exempt assets, i.e., all of the assets of the entity that are available to satisfy claims of creditors. 

(bb) No Condemnation. No part of any property subject to the Mortgage has been taken in condemnation or any like
proceeding, which part would constitute a material portion of the Property or would otherwise impair the value of the Property, the Mortgage or the Loan or the usefulness of such property for the purposes contemplated by the loan application
relating to the Loan (the “Loan Application”), nor is any proceeding pending or to Mortgagor’s knowledge, threatened or known to be contemplated for the partial or total condemnation or taking of the Property.

 (cc) No Labor or Materialmen Claims. All parties furnishing labor and materials have been paid in full
and, except for such liens or claims insured against by the policy of title insurance to be issued in connection with the Loan, there are no mechanics, laborers or materialmen’s liens or claims outstanding for work, labor or materials affecting
the Property, whether prior to, equal with or subordinate to the lien of this Mortgage. 

  
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 (dd) No Purchase Options. No tenant, person, party, firm, corporation
or other entity has an option to purchase all or any interest in or portion of the Property or has a right of first offer or refusal or similar right with respect to the Property or any interest therein or portion thereof. 

(ee) Leases. 
 (1) Mortgagor has delivered to Mortgagee a true, correct and complete schedule (the “Rent Roll”) of all Leases affecting the Property as of the date hereof, which accurately and
completely sets forth in all material respects for each such Lease, the following: the name of the Tenant, the Lease expiration date, extension and renewal provisions, the base rent payable, the security deposit held thereunder, and any other
material provisions of such Lease. 
 (2) Each Lease constitutes the legal, valid and binding obligation of
Mortgagor and, to the best of Mortgagor’s knowledge and belief, is enforceable against the Tenant thereof. No default exists, or with the passing of time or the giving of notice or both would exist, under any Lease which would, in the
aggregate, have a material adverse effect on Mortgagor or the Property. 
 (3) No Tenant under any Lease has, as
of the date hereof, paid rent more than thirty (30) days in advance, and the rents under such Leases have not been waived, released, or otherwise discharged or compromised. 

(4) All work to be performed by Mortgagor under the Leases has been substantially performed, all contributions to be made
by Mortgagor to the Tenants thereunder have been made and all other conditions precedent to each such Tenant’s obligations thereunder have been satisfied. 
 (5) Each Tenant under a Lease has entered into occupancy of the demised premises. 
 (6) Mortgagor has delivered to Mortgagee true, correct and complete copies of all Leases described in the Rent Roll. 

(7) To the best of Mortgagor’s knowledge and belief, each Tenant is free from bankruptcy, reorganization or
arrangement proceedings or a general assignment for the benefit of creditors. 
 (8) No Lease provides any party
with the right to obtain a lien or encumbrance upon the Property superior to the lien of this Mortgage. 
 (9) No
person or entity has any possessory interest in the Property or right to occupy the same except under and pursuant to the provisions of the Leases. 
 (10) As of the date hereof, (i) Mortgagor is the owner and holder of the landlord’s interest under each Lease; (ii) there are no prior assignments of any Lease or any portion of the Rents
and Profits, which assignments are presently outstanding; (iii) the 

  
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Leases are on the standard form of lease approved by Mortgagee and have not been modified or amended, except as disclosed to Mortgagee in writing; (iv) each Lease is in full force and
effect; (v) neither Mortgagor nor to Mortgagor’s knowledge, any tenant under any Lease is in default under any of the terms, covenants or provisions of any Lease, and Mortgagor knows of no event which, but for the passage of time or the
giving of notice or both, would constitute an event of default under any Lease; (vi) there are no offsets or defenses to the payment of any portion of the Rents and Profits and (vii) all Rents and Profits due and payable under each Lease
have been paid in full and no said Rents and Profits have been paid more than one (1) month in advance of the due date thereof. 
 (ff) Appraisal. All requirements and conditions of the appraisal of the Property submitted to Mortgagee as part of the Loan Application, upon which the value of the Property was conditioned, have
been fully satisfied. 
 (gg) Boundary Lines. All of the Improvements which were included in determining
the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining properties encroach upon the Property, and no easements or other encumbrances upon the Property
encroach upon any of the Improvements, so as to affect the value or marketability of the Property except those which are insured against by title insurance. 
 (hh) Survey. The survey of the Property delivered to Mortgagee in connection with this Mortgage, has been performed by a duly licensed surveyor or registered professional engineer in the
jurisdiction in which the Property is situated, is certified to Mortgagee, its successors and assigns, and the title insurance company, and is in accordance with the most current minimum standards for title surveys as determined by the American Land
Title Association, with the signature and seal of a licensed engineer or surveyor affixed thereto, and to Mortgagor’s knowledge after diligent inquiry, all curb cuts, driveways and traffic signals shown on the survey delivered to Mortgagee are
existing and have been fully approved by the appropriate governmental authority. 
 (ii) Forfeiture. There
has not been and shall never be committed by Mortgagor or to Mortgagor’s knowledge, any other person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any state or
local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Mortgagor’s obligations under any of the Loan Documents. 

(jj) No Broker. No financial advisors, brokers, underwriters, placement agents, agents or finders have been dealt
with by Mortgagor in connection with the Loan other than HSA Commercial Real Estate, whose fees have been paid by Mortgagor pursuant to separate agreement. 
 (kk) Conviction of Criminal Acts. Neither Mortgagor, nor any guarantor of any of Mortgagor’s obligations under the Loan Documents (x) has ever been convicted of a crime, or (y) is
currently the subject of any pending or threatened criminal investigation or proceeding. 

  
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 (ll) Security Agreement. There are no security agreements or
financing statements affecting any of the Property other than (i) as disclosed in writing by Mortgagor to Mortgagee prior to the date hereof and (ii) the security agreements and financing statements created in favor of Mortgagee.

 (mm) Homestead. The Property forms no part of any property owned, used or claimed by Mortgagor as a
residence or business homestead and is not exempt from forced sale under the laws of the State in which the Real Estate is located. Mortgagor hereby disclaims and renounces each and every claim to all or any portion of the Property as a homestead.

 (nn) Contracts. Mortgagor has delivered to Mortgagee true, correct and complete copies of all
Contracts; each Contract constitutes the legal, valid and binding obligation of Mortgagor and, to the best of Mortgagor’s knowledge and belief, is enforceable against all other parties thereto; no default exists, or with the passing of time or
the giving of notice or both would exist, under any Material Contract; and no Contract provides any party with the right to obtain a lien or encumbrance upon the Property superior to the lien of this Mortgage. Mortgagee shall have the right to
approve (such right of approval (if exercised) not to be unreasonably withheld) each Material Contract, and in connection therewith, Mortgagor shall deliver to Mortgagee final drafts of each Material Contract not less than fourteen (14) days
prior to its execution. 
 (oo) Foreign Person. Mortgagor is not a “foreign person” within the
meaning of §1443(f)(3) of the Internal Revenue Code of 1986, as amended, and the related Treasury Department Regulations, including, but not limited to, temporary regulations. 

(pp) Omissions. To the best of Mortgagor’s knowledge, all reports, certificates, affidavits, statements and
other data furnished to Mortgagee by or on behalf of Mortgagor or any guarantor or indemnitor in connection with the Loan are true and correct in all material respects and do not omit to state any fact or circumstance necessary to make the
statements therein not misleading. 
 (qq) Mortgagor shall not distribute to its shareholders, members, partners
or any other person or entity, directly or indirectly, any Rents and Profits at any time to the extent that same are reasonably anticipated to be needed for the maintenance of the Real Estate or for other Real Estate related expenses or for the
payment of reasonably anticipated amounts to become due under the Loan Documents (“Necessary Property Receipts”). 
 Section 1.2 Defense of Title. If, while this Mortgage is in force, the title to the Property or the interest of Mortgagee therein shall be the subject, directly or indirectly, of any action at
law or in equity, or be attached directly or indirectly, or endangered, clouded or adversely affected in any manner, Mortgagor, at Mortgagor’s expense, shall take all necessary and proper steps for the defense of said title or interest,
including, but not limited to, the employment of counsel approved by Mortgagee, the prosecution or defense of litigation, and the compromise or discharge of claims made against said title or interest. Notwithstanding the foregoing, in the event that
Mortgagee determines that Mortgagor is not adequately performing its obligations under this Section, Mortgagee may, without limiting or waiving any other rights or remedies of Mortgagee hereunder, take such steps with respect thereto as Mortgagee
shall 

  
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reasonably deem necessary or proper, and any and all costs and expenses incurred by Mortgagee in connection therewith, together with interest thereon at the Default Rate (as defined in the Note)
from the date incurred by Mortgagee until actually paid by Mortgagor, shall be immediately paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. 

Section 1.3 Performance of Obligations. Mortgagor shall pay when due the principal of and the interest on the Debt in
accordance with the terms of the Note and the other Loan Documents. Mortgagor shall also pay all charges, fees and other sums required to be paid by Mortgagor as provided in the Loan Documents, in accordance with the terms of the Loan Documents and
shall observe, perform and discharge all obligations, covenants and agreements to be observed, performed or discharged by Mortgagor set forth in the Loan Documents in accordance with their terms. Further, Mortgagor shall promptly and strictly
perform and comply in all material respects with all covenants, conditions, obligations and prohibitions required of Mortgagor in connection with any other document or instrument affecting title to the Property, or any part thereof, regardless of
whether such document or instrument is superior or subordinate to this Mortgage. 
 Section 1.4 Insurance. Mortgagor
shall, at Mortgagor’s expense, maintain in force and effect on the Property at all times while this Mortgage continues in effect the following insurance: 
 (a) Insurance against loss or damage to the Property by fire, windstorm, tornado and hail and against loss and damage by such other, further and additional risks as may be now or hereafter embraced by an
“all-risk” or “special form” form of insurance policy. The amount of such insurance shall be not less than one hundred percent (100%) of the full replacement cost (insurable value) of the Improvements (as established by an
MAI appraisal), without reduction for depreciation. The determination of the replacement cost amount shall be adjusted annually to comply with the requirements of the insurer issuing such coverage or, at Mortgagee’s election, by reference to
such indices, appraisals or information as Mortgagee determines in its reasonable discretion in order to reflect increased value due to inflation. Absent such annual adjustment, each policy shall contain inflation guard coverage insuring that the
policy limit will be increased over time to reflect the effect of inflation. Full replacement cost, as used herein, means, with respect to the Improvements, the cost of replacing the Improvements without regard to deduction for depreciation,
exclusive of the cost of excavations, foundations and footings below the lowest basement floor. Mortgagor shall also maintain insurance against loss or damage to furniture, furnishings, fixtures, equipment and other items (whether personalty or
fixtures) included in the Property and owned by Mortgagor from time to time, to the extent applicable, in the amount of the cost of replacing the same, in each case, with inflation guard coverage to reflect the effect of inflation, or annual
valuation. Each policy or policies shall contain a replacement cost endorsement and either an agreed amount endorsement (to avoid the operation of any co-insurance provisions) or a waiver of any co-insurance provisions, all subject to
Mortgagee’s approval. The maximum deductible shall be $25,000.00. 
 (b) Commercial General Liability
Insurance against claims for personal injury, bodily injury, death and property damage occurring on, in or about the Property in amounts not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate plus

  
 13 

 
umbrella coverage in an amount not less than $2,000,000.00. During any construction on the Property, Mortgagor’s general contractor for such construction shall also provide the insurance
required in this Subsection (b). Mortgagee hereby retains the right to periodically review the amount of said liability insurance being maintained by Mortgagor and to require an increase in the amount of said liability insurance should Mortgagee
deem an increase to be reasonably prudent under then existing circumstances. 
 (c) Boiler and machinery
insurance is required if steam boilers or other pressure-fired vessels are in operation at the Property. Minimum liability coverage per accident must equal the greater of the replacement cost (insurable value) of the Improvements housing such boiler
or pressure-fired machinery or $2,000,000.00. If one or more large HVAC units is in operation at the Property, “Systems Breakdowns” coverage shall be required, as determined by Mortgagee. Minimum liability coverage per accident must equal
the value of such unit(s). 
 (d) If the Improvements or any part thereof are situated in an area now or
subsequently designated by the Federal Emergency Management Agency (“FEMA”) as a special flood hazard area (Zone A or Zone V), flood insurance in an amount equal to the lesser of (i) the minimum amount required, under the terms
of coverage, to compensate for any damage or loss on a replacement basis (or the unpaid balance of the Debt if replacement cost coverage is not available for the type of building insured) or (ii) the maximum insurance available under the
appropriate National Flood Insurance Administration program. The maximum deductible shall be $3,000.00 per building or a higher minimum amount as required by FEMA or other applicable law. 

(e) During the period of any construction, renovation or alteration of the Improvements which exceeds the lesser of 10% of
the principal amount of the Note or $500,000.00, at Mortgagee’s request, a completed value, “All Risk” Builder’s Risk form, or “Course of Construction” insurance policy in non-reporting form with replacement cost and no
co-insurance, in an amount approved by Mortgagee, may be required. During the period of any construction of any addition to the existing Improvements, a completed value, “All Risk” Builder’s Risk form or “Course of
Construction” insurance policy in non-reporting form, in an amount approved by Mortgagee, shall be required. 
 (f) When required by applicable law, ordinance or other regulation, Worker’s Compensation and Employer’s Liability Insurance covering all persons subject to the workers’ compensation laws
of the state in which the Property is located. 
 (g) Business income (loss of rents) insurance in amounts
sufficient to compensate Mortgagor for all Rents and Profits or income during a period of not less than twelve (12) months. The amount of coverage shall be adjusted annually to reflect the Rents and Profits or income payable during the
succeeding twelve (12) month period. 
 (h) Such other insurance on the Property or on any replacements or
substitutions thereof or additions thereto as may from time to time be required by Mortgagee against other insurable hazards or casualties which at the time are commonly insured against in the case of property similarly situated, including, without
limitation, sinkhole, mine subsidence, 

  
 14 

 
earthquake and environmental and law and ordinance insurance, due regard being given to the height and type of buildings, their construction, location, use and occupancy. 

(i) All such insurance shall (i) be with insurers fully licensed and authorized to do business in the state within
which the Property is located and which insurers, unless otherwise approved in writing by Mortgagee, shall have and maintain a rating of at least “BBB” or higher from Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies (“Standard & Poor’s”); (ii) contain the complete address of the Real Estate (or a complete legal description); (iii) be for terms of at least one (1) year with
premium prepaid; (iv) be subject to the approval of Mortgagee (which approval shall not be unreasonably withheld) as to insurance companies, amounts, content, forms of policies, method by which premiums are paid and expiration dates;
(v) contain deductibles which do not exceed $10,000.00 (except that (x) the deductible with respect to the policy described in clause (a) above shall not exceed $25,000.00; (y) there shall be no deductible with respect to the
policies described in (b), above, unless otherwise approved by Mortgagee and (z) the deductible with respect to the policy described in clause (d), above, shall not exceed $3,000.00); and (vi) include a standard, non-contributory,
mortgagee clause naming: 
 Prudential Mortgage Capital Company, LLC, its successors and assigns 

as their interest may appear 
 c/o Prudential Asset Resources 
 Attn: Insurance Department 

2200 Ross Avenue, Suite 4900E 
 Dallas, Texas 75201 
 as an additional insured under all liability insurance policies, (b) as
the first mortgagee on all property insurance policies and (c) as the loss payee on all loss of rents or loss of business income insurance policies. 
 Mortgagor shall, as of the date hereof, deliver to Mortgagee (a) evidence that said insurance policies have been prepaid as required above and (b) original certificates of insurance signed by an
authorized agent of the applicable insurance companies and upon Mortgagee’s request, certified copies of such insurance policies evidencing such insurance satisfactory to Mortgagee. Mortgagor shall renew all such insurance and deliver to
Mortgagee certificates and, upon request of Mortgagee, certified copies of policies evidencing such renewals at least thirty (30) days before any such insurance shall expire. Mortgagor further agrees that each such insurance policy:
(i) shall provide for at least thirty (30) days’ prior written notice to Mortgagee prior to (x) any policy reduction, cancellation or termination for any reason and (y) any modification thereof which affects the interest of
Mortgagee; (ii) shall contain an endorsement or agreement by the insurer that any loss shall be payable to Mortgagee in accordance with the terms of such policy notwithstanding any act or negligence of Mortgagor which might otherwise result in
forfeiture of such insurance; (iii) shall waive all rights of subrogation against Mortgagee; (iv) in the event that the Real Estate or the Improvements constitutes a legal nonconforming use under applicable building, zoning or land use
laws or ordinances, shall include an ordinance or law coverage endorsement which will contain Coverage A: “Loss Due to Operation of Law” (with a minimum liability limit equal to Replacement Cost With Agreed Value Endorsement), Coverage B:
“Demolition Cost” and Coverage C: “Increased Cost of Construction” coverages; and (v) may be in the form of a blanket policy provided that, in the 

  
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event that any such coverage is provided in the form of a blanket policy, Mortgagor hereby acknowledges and agrees that failure to pay any portion of the premium therefor which is not allocable
to the Property or by any other action not relating to the Property which would otherwise permit the issuer thereof to cancel the coverage thereof, would require the Property to be insured by a separate, single-property policy. The blanket policy
must properly identify and fully protect the Property as if a separate policy were issued for 100% of Replacement Cost at the time of loss and otherwise meet all of Mortgagee’s applicable insurance requirements set forth in this
Section 1.4. The delivery to Mortgagee of the insurance policies or the certificates of insurance as provided above shall constitute an assignment of all proceeds payable under such insurance policies relating to the Property by
Mortgagor to Mortgagee as further security for the Debt. In the event of foreclosure of this Mortgage, or other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Mortgagor in and to
all proceeds payable under such policies then in force concerning the Property shall thereupon vest in the purchaser at such foreclosure, or in Mortgagee or other transferee in the event of such other transfer of title. Approval of any insurance by
Mortgagee shall not be a representation of the solvency of any insurer or the sufficiency of any amount of insurance. In the event Mortgagor fails to provide, maintain, keep in force or deliver and furnish to Mortgagee the policies of insurance
required by this Mortgage or evidence of their renewal as required herein, Mortgagee may, but shall not be obligated to, procure such insurance and Mortgagor shall pay all amounts advanced by Mortgagee therefor, together with interest thereon at the
Default Rate from and after the date advanced by Mortgagee until actually repaid by Mortgagor, promptly upon demand by Mortgagee. Any amounts so advanced by Mortgagee, together with interest thereon, shall be secured by this Mortgage and by all of
the other Loan Documents securing all or any part of the Debt. Mortgagee shall not be responsible for nor incur any liability for the insolvency of the insurer or other failure of the insurer to perform, even though Mortgagee has caused the
insurance to be placed with the insurer after failure of Mortgagor to furnish such insurance. Mortgagor shall not obtain insurance for the Property in addition to that required by Mortgagee without the prior written consent of Mortgagee, which
consent will not be unreasonably withheld provided that (i) Mortgagee is a named insured on such insurance, (ii) Mortgagee receives complete copies of all policies evidencing such insurance, and (iii) such insurance complies with all
of the applicable requirements set forth herein. To the extent that at any time Mortgagee agrees to accept (a) insurance in amounts less than that which is required by the foregoing provisions of this Section 1.4 or
(b) insurance from an insurer that is rated less than that which is required by the foregoing provisions of this Section 1.4, Mortgagee may terminate its waiver and reassert the aforesaid minimum coverage amounts and rating
requirements upon any renewal of any insurance coverage or at any time if (x) the coverage provided under such policies is reduced or (y) the rating of any insurer is reduced or (z) Mortgagee determines that any other material adverse
event has occurred with respect to the financial condition of such insurer. 
 Section 1.5 Payment of Taxes.
Mortgagor shall pay or cause to be paid, except to the extent provision is actually made therefor pursuant to Section 1.6 of this Mortgage, all taxes and assessments which are or may become a lien on the Property or which are assessed
against or imposed upon the Property. Mortgagor shall furnish Mortgagee with receipts (or if receipts are not immediately available, with copies of canceled checks evidencing payment with receipts to follow promptly after they become available)
showing payment of such taxes and assessments at least fifteen (15) days prior to the applicable delinquency date therefor. Notwithstanding the foregoing, Mortgagor may in good faith, by appropriate proceedings and upon notice to

  
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Mortgagee, contest the validity, applicability or amount of any asserted tax or assessment so long as (a) such contest is diligently pursued, (b) Mortgagee determines, in its subjective
opinion, that such contest suspends the obligation to pay the tax and that nonpayment of such tax or assessment will not result in the sale, loss, forfeiture or diminution of the Property or any part thereof or any interest of Mortgagee therein, and
(c) prior to the earlier of the commencement of such contest or the delinquency date of the asserted tax or assessment, Mortgagor deposits in the Impound Account (as hereinafter defined) an amount determined by Mortgagee to be adequate to cover
the payment of such tax or assessment and a reasonable additional sum to cover possible interest, costs and penalties; provided, however, that Mortgagor shall promptly cause to be paid any amount adjudged by a court of competent jurisdiction to be
due, with all interest, costs and penalties thereon, promptly after such judgment becomes final; and provided, further, that in any event each such contest shall be concluded, the taxes, assessments, interest, costs and penalties shall be paid prior
to the date any writ or order is issued under which the Property may be sold, lost or forfeited. 
 Section 1.6 Tax and
Insurance Impound Account. Mortgagor shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Mortgagee for payment of real estate taxes and assessments
and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Mortgagor shall deposit in the Impound Account an amount determined by Mortgagee to be necessary to ensure that there will be on deposit
with Mortgagee an amount which, when added to the monthly payments subsequently required to be deposited with Mortgagee hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with
Mortgagee in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by
which Mortgagor is required by law to pay same, and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and
continuing thereafter on each monthly payment date under the Note, Mortgagor shall pay to Mortgagee, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount
equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and
payable on insurance policies which Mortgagor is required to maintain hereunder, each as reasonably estimated and determined by Mortgagee. So long as no Event of Default (as defined in Section 2.1) has occurred and no event has occurred
or failed to occur which with the passage of time, the giving of notice, or both, would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Mortgagee in the Impound Account to pay said
taxes, assessments and insurance premiums before the same become delinquent. Mortgagor shall be responsible for ensuring the receipt by Mortgagee, at least thirty (30) days prior to the respective due date for payment thereof, of all bills,
invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Mortgagee shall pay the governmental authority or other party entitled thereto directly
to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Mortgagee shall be entitled to rely on any bill, statement or estimate procured from the appropriate public office or
insurance company or agent without any inquiry into the accuracy of such bill, statement or 

  
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estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. The Impound
Account shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Mortgagee’s option and in Mortgagee’s discretion, may either be held in a separate account or be commingled by
Mortgagee with the general funds of Mortgagee. No interest on the funds contained in the Impound Account, if any, shall be paid by Mortgagee to Mortgagor, unless required by applicable law. Notwithstanding the foregoing, Mortgagee hereby waives
monthly deposits to the Impound Account so long as there is no Event of Default under the Loan Documents and such taxes, assessments and insurance premiums are timely paid and Mortgagee is furnished evidence thereof as required above. 

Section 1.7 Intentionally Deleted. 
 Section 1.8 Replacement Reserve; Security Interest in Reserves. 
 (a) As additional security for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a repair reserve (the “Replacement Reserve”)
with Mortgagee for payment of certain non-recurring types of costs and expenses incurred by Mortgagor for interior and exterior work to the Property, including, without limitation, performance of work to the roofs, chimneys, gutters, downspouts,
paving, curbs, driveways, ramps, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, elevators and mechanical and HVAC equipment (collectively, the “Repairs”) provided such costs and expenses are
incurred for repairs (i) not incurred for ordinary wear and tear at the Property and (ii) categorized under generally accepted accounting principles as a capital expense and not as an operating expense. Commencing on the first monthly
Payment Date under the Note and continuing thereafter on each and every monthly Payment Date under the Note, Mortgagor shall pay Mortgagee, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid
and performed, a deposit to the Replacement Reserve in an amount equal to $620.00 per month. Notwithstanding the foregoing, Mortgagee hereby waives monthly deposits to the Replacement Reserve so long as there is no Event of Default under the Loan
Documents and the Property is being well maintained based on Mortgagee’s annual inspections of the Property as discussed below. So long as no Default or Event of Default has occurred and is continuing, all sums in the Replacement Reserve shall
be held by Mortgagee in the Replacement Reserve to pay the costs and expenses of the Repairs. So long as no Default or Event of Default has occurred and is continuing, Mortgagee shall from time to time, to the extent funds are available for such
purpose in the Replacement Reserve, disburse to Mortgagor the amount incurred and paid by Mortgagor in performing such Repairs within ten (10) days following: (a) the receipt by Mortgagee of a written request from Mortgagor for
disbursement from the Replacement Reserve and a certification by Mortgagor in the form attached hereto as Exhibit B that the applicable item of Repair has been completed; (b) the delivery to Mortgagee of paid invoices, receipts or other
evidence reasonably satisfactory to Mortgagee, verifying the cost and payment of performing the Repairs; (c) for disbursement requests in excess of $20,000.00, the delivery to Mortgagee of affidavits, lien waivers or other evidence reasonably
satisfactory to Mortgagee showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Property have been paid all
amounts due for labor and materials furnished to the Property; (d) for disbursement requests in excess of 

  
 18 

 
$20,000.00, delivery to Mortgagee of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Mortgagee (the “Work Inspector”)
describing the completed Repairs and verifying the completion of the Repairs and the value of the completed Repairs; and (e) for disbursement requests in excess of $20,000.00, delivery to Mortgagee of a new (or amended) certificate of
occupancy for the portion of the Improvements covered by such Repairs, if said new (or amended) certificate of occupancy is required by law, or evidence reasonably acceptable to Mortgagee that no new (or amended) certificate of occupancy is
required. Mortgagee shall not be required to make advances from the Replacement Reserve more frequently than once in any ninety (90) day period. In making any payment from the Replacement Reserve, Mortgagee shall be entitled to rely on such
request from Mortgagor without any inquiry into the accuracy, validity or contestability of any such amount. Mortgagee, at Mortgagor’s expense, may make or cause to be made during the term of this Mortgage an annual inspection at the Property
to determine the need, as determined by Mortgagee in its reasonable judgment, for further Repairs of the Property. In addition, Mortgagee, at Mortgagor’s expense, may make or cause to be made, Property inspections at such other times as
Mortgagee shall elect to (i) inspect Repairs or (ii) examine Property conditions following an emergency or a Default. In the event that such inspection reveals that further Repairs of the Property or other work is required, Mortgagee shall
provide Mortgagor with a written description of the required Repairs or other work and Mortgagor shall complete such Repairs or other work to the reasonable satisfaction of Mortgagee within ninety (90) days after the receipt of such description
from Mortgagee, or such later date as may be approved by Mortgagee in its reasonable discretion. The Replacement Reserve shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at
Mortgagee’s option and in Mortgagee’s discretion, may either be held in a separate account or be commingled by Mortgagee with the general funds of Mortgagee. Interest on the funds contained in the Replacement Reserve shall be credited to
Mortgagor pursuant to Section 4.31 hereof. 
 (b) As additional security for the payment and
performance by Mortgagor of all duties, responsibilities and obligations under the Note and the other Loan Documents, Mortgagor hereby unconditionally and irrevocably assigns, conveys, pledges, mortgages, transfers, delivers, deposits, sets over and
confirms unto Mortgagee, and hereby grants to Mortgagee a security interest in (i) the Impound Account, the Replacement Reserve and, as defined in Exhibit C, the Leasing Reserve, the Goodyear Rent Reserve, the Prepaid Rent Reserve and
any other reserve or escrow account established, pursuant to the terms hereof or of any other Loan Documents (collectively, the “Reserves”), (ii) the accounts into which the Reserves have been deposited, (iii) all
insurance of said accounts, (iv) all accounts, contract rights and general intangibles or other rights and interests pertaining thereto, (v) all sums now or hereafter therein or represented thereby, (vi) all replacements,
substitutions or proceeds thereof, (vii) all instruments and documents now or hereafter evidencing the Reserves or such accounts, (viii) all powers, options, rights, privileges and immunities pertaining to the Reserves (including the right
to make withdrawals therefrom), and (ix) all proceeds of the foregoing. Mortgagor hereby authorizes and consents to the account into which the Reserves have been deposited being held in Mortgagee’s name or the name of any entity servicing
the Note for Mortgagee and hereby acknowledges and agrees, that Mortgagee, or at Mortgagee’s election, such servicing agent, shall have exclusive control over said account. Notice of the assignment and security interest granted to Mortgagee
herein may be delivered by Mortgagee at any time to the financial institution wherein the Reserves have been established, and Mortgagee, or such servicing entity, shall have 

  
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possession of all passbooks or other evidences of such accounts. Mortgagor hereby assumes all risk of loss with respect to amounts on deposit in the Reserves. Mortgagor hereby knowingly,
voluntarily and intentionally stipulates, acknowledges and agrees that the advancement of the funds from the Reserves as set forth herein is at Mortgagor’s direction and is not the exercise by Mortgagee of any right of set-off or other remedy
upon a Default or an Event of Default, Mortgagor hereby waives all right to withdraw funds from the Reserves. If an Event of Default shall occur hereunder or under any other of the Loan Documents, then Mortgagee may, without notice or demand on
Mortgagor, at its option: (A) withdraw any or all of the funds (including, without limitation, interest) then remaining in the Reserves and apply the same, after deducting all costs and expenses of safekeeping, collection and delivery
(including, but not limited to, reasonable attorneys’ fees, costs and expenses) to the Debt or any other obligations of Mortgagor under the other Loan Documents in such manner or as Mortgagee shall deem appropriate in its sole discretion, and
the excess, if any, shall be paid to Mortgagor, (B) exercise any and all rights and remedies of a secured party under any applicable Uniform Commercial Code, and/or (C) exercise any other remedies available at law or in equity. No such use
or application of the funds contained in the Reserves shall be deemed to cure any Default or Event of Default hereunder or under the other Loan Documents. 
 (c) The Reserves shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Mortgagee’s option and in Mortgagee’s discretion, may
either be held in a separate account or be commingled by Mortgagee with the general funds of Mortgagee. The Reserves are solely for the protection of Mortgagee and entail no responsibility on Mortgagee’s part beyond the payment of the
respective items for which they are held following receipt of bills, invoices or statements therefor in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. Upon assignment of this Mortgage by
Mortgagee, any funds in the Reserves shall be turned over to the assignee and any responsibility of Mortgagee, as assignor, with respect thereto shall terminate. If the funds in the applicable Reserve shall exceed the amount of payments actually
applied by Mortgagee for the purposes and items for which the applicable Reserve is held, such excess may be credited by Mortgagee on subsequent payments to be made hereunder or, at the option of Mortgagee, refunded to Mortgagor. If, however, the
applicable Reserve shall not contain sufficient funds to pay the sums required by the dates on which such sums are required to be on deposit in such account, Mortgagor shall, within ten (10) days after receipt of written notice thereof, deposit
with Mortgagee the full amount of any such deficiency. If Mortgagor shall fail to deposit with Mortgagee the full amount of such deficiency as provided above, Mortgagee shall have the option, but not the obligation, to make such deposit, and all
amounts so deposited by Mortgagee, together with interest thereon at the Default Rate from the date so deposited by Mortgagee until actually paid by Mortgagor, shall be immediately paid by Mortgagor on demand and shall be secured by this Mortgage
and by all of the other Loan Documents securing all or any part of the Debt. If there is an Event of Default under this Mortgage, Mortgagee may, but shall not be obligated, to apply at any time the balance then remaining in any or all of the
Reserves against the Debt in whatever order Mortgagee shall subjectively determine. No such application of any or all of the Reserves shall be deemed to cure any Event of Default. Upon full payment of the Debt in accordance with its terms or at such
earlier time as Mortgagee may elect, the balance of any or all of the Reserves then in Mortgagee’s possession, together with interest credited thereon, if any, pursuant to Section 4.31 hereof, shall be paid over to Mortgagor and no
other party shall have any right or claim thereto. 

  
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 Section 1.9 Casualty and Condemnation. 

(a) Mortgagor shall give Mortgagee prompt written notice of the occurrence of any casualty affecting, or the institution
of any proceedings for eminent domain or for the condemnation of, the Property or any portion thereof. All insurance proceeds on the Property, and all causes of action, claims, compensation, awards and recoveries for any damage, condemnation or
taking of all or any part of the Property or for any damage or injury to it for any loss or diminution in value of the Property, are hereby assigned to and shall be paid to Mortgagee. Mortgagee may participate in any suits or proceedings relating to
any such proceeds, causes of action, claims, compensation, awards or recoveries, and Mortgagee is hereby authorized, in its own name or in Mortgagor’s name, to adjust any loss covered by insurance or any condemnation claim or cause of action,
and to settle or compromise any claim or cause of action in connection therewith, and Mortgagor shall from time to time deliver to Mortgagee any instruments required to permit such participation; provided, however, that so long as no Default or
Event of Default shall have occurred and be continuing, Mortgagee shall not have the right to participate in the adjustment of any loss which is not in excess of the lesser of (i) five percent (5%) of the then outstanding principal balance
of the Note and (ii) $150,000.00. Insurance proceeds coming into possession of Mortgagee shall not be deemed trust funds and Mortgagee shall have the option in its sole discretion to apply any insurance proceeds it may receive pursuant hereto
to the payment of the Debt or to allow all or a portion of such proceeds to be used for the restoration of the Property. In the event any such insurance proceeds shall be used to reduce the Debt, Mortgagee shall apply any sums received by it under
this Section first to the payment of all of its costs and expenses (including, but not limited to, reasonable legal fees and disbursements) incurred in obtaining those sums. 

(b) In the event that less than fifty percent (50%) of the Improvements located on the Real Estate have been
destroyed, or in the event that less than twenty-five percent (25%) of the Real Estate is taken, then if and so long as: 
 (1) no Default or Event of Default is then continuing hereunder or under any of the other Loan Documents; and 
 (2) the Property can, in Mortgagee’s judgment, with diligent restoration or repair, be returned to a condition at least equal to the condition thereof that existed prior to the casualty or partial
taking causing the loss or damage by the earlier to occur of (i) six (6) months after the receipt of insurance proceeds or condemnation awards by either Mortgagor or Mortgagee, and (ii) six (6) months prior to the stated maturity
date of the Note; and 
 (3) all necessary governmental approvals can be obtained to allow the rebuilding and
re-occupancy of the Property as described in Section 1.9(b)(2) above; and 
 (4) there are sufficient
sums available (through insurance proceeds or condemnation awards and contributions by Mortgagor, the full amount of which shall, at Mortgagee’s option, have been deposited with Mortgagee) for such restoration or repair (including, without
limitation, for any costs and expenses of Mortgagee to be incurred in administering said restoration or repair) and for payment of principal and interest to become due and payable under the Note during such restoration or repair; and 

  
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 (5) the economic feasibility of the Improvements after such restoration or
repair will be such that income from their operation is reasonably anticipated to be sufficient to pay operating expenses of the Property and debt service on the Debt in full with the same coverage ratio considered by Mortgagee in its determination
to make the Loan, including, but not limited to, an assessment of the impact of the termination of any Leases due to such casualty or condemnation; and 
 (6) in the event that the insurance proceeds or condemnation awards received as a result of such casualty or partial taking exceed the lesser of (i) five percent (5%) of the then outstanding
principal balance of the Note and (ii) $150,000.00, Mortgagor shall have delivered to Mortgagee, at Mortgagor’s sole cost and expense, an appraisal report in form and substance satisfactory to Mortgagee appraising the value of the Property
as proposed to be restored or repaired to be not less than the appraised value of the Property considered by Mortgagee in its determination to make the Loan; and 

(7) Mortgagor so elects by written notice delivered to Mortgagee within five (5) days after settlement of the
aforesaid insurance or condemnation claim; 
 then, Mortgagee shall, solely for the purposes of such restoration or repair,
advance so much of the remainder of such sums as may be required for such restoration or repair, and any funds deposited by Mortgagor therefor, to Mortgagor in the manner and upon such terms and conditions as would be required by a prudent
construction lender, including, but not limited to, the prior approval by Mortgagee of plans and specifications, contractors and form of construction contracts and the furnishing to Mortgagee of permits, bonds, lien waivers, invoices, receipts and
affidavits from contractors and subcontractors, in form and substance satisfactory to Mortgagee in its discretion, with any remainder being applied by Mortgagee for payment of the Debt in whatever order Mortgagee directs in its absolute discretion.

 (c) In all other cases, namely, in the event that fifty percent (50%) or more of the Improvements located
on the Real Estate have been destroyed or twenty-five percent (25%) or more of the Real Estate is taken or Mortgagor does not elect to restore or repair the Property pursuant to clause (b) above or otherwise fails to meet the requirements
of clause (b) above, then, in any of such events, Mortgagee shall elect, in Mortgagee’s sole and absolute discretion and without regard to the adequacy of Mortgagee’s security, to do either of the following: (1) accelerate the
maturity date of the Note and declare any or all of the Debt to be immediately due and payable and apply the remainder of such sums received pursuant to this Section to the payment of the Debt in whatever order Mortgagee directs in its absolute
discretion, with any remainder being paid to Mortgagor, or (2) notwithstanding that Mortgagor may have elected not to restore or repair the Property pursuant to the provisions of Section 1.9(b)(7), above, require Mortgagor to
restore or repair the Property in the manner and upon such terms and conditions as would be required by a prudent construction lender, including, but not limited to, the deposit by Mortgagor with Mortgagee, within thirty (30) days after demand
therefor, of any deficiency reasonably determined by Mortgagee to be necessary in order to assure the availability of sufficient funds to pay for such restoration or repair, including, but not limited to, Mortgagee’s costs and expenses to be
incurred in connection therewith, the prior approval by Mortgagee of plans and specifications, contractors and form of construction contracts and the furnishing to Mortgagee of permits, bonds, lien waivers, invoices, receipts and affidavits from

  
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contractors and subcontractors, in form and substance satisfactory to Mortgagee in its discretion, and apply the remainder of such sums toward such restoration and repair, with any balance
thereafter remaining being applied by Mortgagee for payment of the Debt in whatever order Mortgagee directs in its absolute discretion. 
 Any reduction in the Debt resulting from Mortgagee’s application of any sums received by it hereunder shall take effect only when Mortgagee actually receives such sums and elects to apply such sums
to the Debt and, in any event, the unpaid portion of the Debt shall remain in full force and effect and Mortgagor shall not be excused in the payment thereof. Partial payments received by Mortgagee, as described in the preceding sentence, shall be
applied first to the final payment due under the Note and thereafter to installments due under the Note in the inverse order of their due date. If Mortgagor elects as provided above or Mortgagee directs Mortgagor to restore or repair the Property
after the occurrence of a casualty or partial taking of the Property as provided above, Mortgagor shall promptly and diligently, at Mortgagor’s sole cost and expense and regardless of whether the insurance proceeds or condemnation award, as
appropriate, shall be sufficient for the purpose, restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to such casualty or partial taking in accordance with the foregoing
provisions and Mortgagor shall pay to Mortgagee all costs and expenses of Mortgagee incurred in administering said rebuilding, restoration or repair, provided that Mortgagee makes such proceeds or award available for such purpose. Mortgagor agrees
to execute and deliver from time to time such further instruments as may be requested by Mortgagee to confirm the foregoing assignment to Mortgagee of any award, damage award or recovery, insurance proceeds, payment or other compensation. Mortgagee
is hereby irrevocably constituted and appointed the attorney-in-fact of Mortgagor (which power of attorney shall be irrevocable so long as any portion of the Debt is outstanding, shall be deemed coupled with an interest, shall survive the voluntary
or involuntary dissolution of Mortgagor and shall not be affected by any disability or incapacity suffered by Mortgagor subsequent to the date hereof), with full power of substitution, subject to the terms of this Section 1.9, to settle
for, collect and receive any such awards, damages, insurance proceeds, payments or other compensation from the parties or authorities making the same, to appear in and prosecute any proceedings therefor and to give receipts and acquittances
therefor. 
 Section 1.10 Mechanics’ Liens. Mortgagor shall pay when due all claims and demands of mechanics,
materialmen, laborers and others for any work performed or materials delivered for the Real Estate or the Improvements; provided, however, that, Mortgagor shall have the right to contest in good faith any such claim or demand, so long as it does so
diligently, by appropriate proceedings and without prejudice to Mortgagee and provided that neither the Property nor any interest therein would be in any danger of sale, loss or forfeiture as a result of such proceeding or contest. In the event
Mortgagor shall contest any such claim or demand, Mortgagor shall promptly notify Mortgagee of such contest and thereafter shall, upon Mortgagee’s request, promptly provide a bond, cash deposit or other security satisfactory to Mortgagee to
protect Mortgagee’s interest and security should the contest be unsuccessful. If Mortgagor shall fail to immediately discharge or provide security against any such claim or demand as aforesaid, Mortgagee may do so and any and all expenses
incurred by Mortgagee, together with interest thereon at the Default Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be immediately paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the
other Loan Documents securing all or any part of the Debt. 

  
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 Section 1.11 Leases, Rents and Profits. As additional and collateral security
for the payment of the Debt and cumulative of any and all rights and remedies herein provided for, Mortgagor hereby absolutely and presently assigns to Mortgagee all existing and future Leases and Rents and Profits. Mortgagor hereby grants to
Mortgagee the sole, exclusive and immediate right, without taking possession of the Property, to demand, collect (by suit or otherwise), receive and give valid and sufficient receipts for any and all of said Rents and Profits, for which purpose
Mortgagor does hereby irrevocably make, constitute and appoint Mortgagee its attorney-in-fact with full power to appoint substitutes or a trustee to accomplish such purpose (which power of attorney shall be irrevocable so long as any portion of the
Debt is outstanding, shall be deemed to be coupled with an interest, shall survive the voluntary or involuntary dissolution of Mortgagor and shall not be affected by any disability or incapacity suffered by Mortgagor subsequent to the date hereof).
Mortgagee shall be without liability for any loss which may arise from a failure or inability to collect Rents and Profits, proceeds or other payments. However, until the occurrence of an Event of Default, Mortgagor shall have a license to collect,
receive, use apply and distribute the Rents and Profits subject to the other terms and conditions of the Loan Documents and Profits when due and prepayments thereof for not more than one (1) month prior to the due date thereof. Upon the
occurrence of an Event of Default, Mortgagor’s license shall automatically terminate without notice to Mortgagor and Mortgagee may thereafter, without taking possession of the Property, collect the Rents and Profits itself or by an agent or
receiver. From and after the termination of such license, Mortgagor shall be the agent of Mortgagee in collection of the Rents and Profits and all of the Rents and Profits so collected by Mortgagor shall be held in trust by Mortgagor for the sole
and exclusive benefit of Mortgagee and Mortgagor shall, within one (1) business day after receipt of any Rents and Profits, pay the same to Mortgagee to be applied by Mortgagee as hereinafter set forth. Neither the demand for or collection of
Rents and Profits by Mortgagee nor the exercise of Mortgagee’s rights as assignee of the Leases shall constitute an assumption by Mortgagee of any obligations under any Lease or other agreement relating thereto. Mortgagee is obligated to
account only for such Rents and Profits as are actually collected or received by Mortgagee. Mortgagor irrevocably agrees and consents that the respective payors of the Rents and Profits shall, upon demand and notice from Mortgagee of an Event of
Default, pay said Rents and Profits to Mortgagee without liability to determine the actual existence of any Event of Default claimed by Mortgagee. Mortgagor hereby waives any right, claim or demand which Mortgagor may now or hereafter have against
any such payor by reason of such payment of Rents and Profits to Mortgagee, and any such payment shall discharge such payor’s obligation to make such payment to Mortgagor. All Rents and Profits collected or received by Mortgagee may be applied
against all expenses of collection, including, without limitation, reasonable attorneys’ fees, against costs of operation and management of the Property and against the Debt, in whatever order or priority as to any of the items so mentioned as
Mortgagee directs in its sole subjective discretion and without regard to the adequacy of its security. Neither the exercise by Mortgagee of any rights under this Section nor the application of any Rents and Profits to the Debt shall cure or be
deemed a waiver of any Default or Event of Default. The assignment of Leases and of Rents and Profits hereinabove granted shall continue in full force and effect during any period of foreclosure or redemption with respect to the Property. As
additional security for the indebtedness secured hereby, Mortgagor has executed an Assignment of Leases and Rents dated of even date herewith (as same may be hereafter amended, consolidated or modified from time to time, the
“Assignment”) in favor of Mortgagee covering all of the right, title and interest of Mortgagor, as landlord, lessor or licensor, in and to any Leases. All rights and remedies granted to Mortgagee under the

  
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Assignment shall be in addition to and cumulative of all rights and remedies granted to Mortgagee hereunder. 
 Section 1.12 Leases and Licenses. 
 (a) Subject to
Section 1.12(d) below, prior to execution of any Leases of space in the Improvements or otherwise at the Property after the date hereof, Mortgagor shall submit to Mortgagee, for Mortgagee’s prior approval, which approval shall not
be unreasonably withheld, a copy of the form lease Mortgagor plans to use in leasing space in the Improvements. All Leases of space in the Improvements or otherwise at the Property shall be on terms consistent with the terms for similar leases in
the market area of the Real Estate, shall provide for free rent only if the same is consistent with prevailing market conditions and shall provide for market rents then prevailing in the market area of the Real Estate. Such Leases shall also provide
for security deposits in reasonable amounts consistent with prevailing market conditions. Mortgagor shall also submit to Mortgagee for Mortgagee’s approval (which approval shall not be unreasonably withheld, and shall be deemed approved after
fifteen (15) business days, provided such request is made in the same manner as set forth in subparagraph (d) below), prior to the execution thereof, any proposed Lease of the Improvements or any portion thereof that differs materially and
adversely from the aforementioned form Lease. Mortgagor shall not execute any Lease for all or a substantial portion of the Property, except for an actual occupancy by the lessee or licensee thereunder, and shall at all times promptly and faithfully
perform, or cause to be performed, in all material respects, all of the covenants, conditions and agreements contained in all Leases with respect to the Property, now or hereafter existing, on the part of the landlord, lessor or licensor thereunder
to be kept and performed. Mortgagor shall promptly send to Mortgagee copies of all notices of default which Mortgagor shall send or receive under any Lease. Mortgagor shall furnish to Mortgagee, upon request from time to time, a copy of each Lease
and upon Mortgage’s request, Mortgagor shall use reasonable efforts to obtain an estoppel certificate from the tenant under each Lease (provided that Mortgagor shall not be required to deliver such certificates more frequently than twice in any
calendar year). Mortgagor shall furnish to Mortgagee, within ten (10) days after a request by Mortgagee to do so, but in any event no later than ten (10) days after the end of each calendar quarter, a current Rent Roll certified by
Mortgagor as being true and correct containing the names of all Tenants, the terms of their respective Leases, the spaces occupied and the rentals or fees payable thereunder and the amount of each Tenant’s security deposit. Mortgagor
(i) shall not do or suffer to be done any act, or omit to take any action, that might result in a default by the landlord, lessor or licensor under any such Lease or allow the Tenant thereunder to withhold payment of rent or cancel or terminate
same; (ii) shall not further assign any such Lease or the Rents or Profits; (iii) shall enforce, short of termination, the performance and observance of each and every material condition and covenant of each of the parties under such
Leases; (iv) shall not anticipate, discount, release, waive, compromise or otherwise discharge any rent payable under any of the Leases; and (v) shall not consent to any assignment of or subletting under any Lease not in accordance with
its terms, unless Mortgagor is not entitled to withhold its consent under the terms of such Lease. With respect to Leases not covered under subparagraph (d), below, Mortgagor shall not, without the prior written consent of Mortgagee in each instance
(which consent shall not be unreasonably withheld), modify any of the Leases (including, but not limited to, any guaranty, letter of credit or other credit support thereof) or terminate or accept the surrender of any Leases, or waive or release any
other party from the performance or observance 

  
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of any obligation or condition under such Leases except in the normal course of business in a manner which is consistent with sound and customary leasing and management practices for similar
properties in the community in which the Property is located. Mortgagor shall not permit the prepayment of any rents under any of the Leases for more than one (1) month prior to the due date thereof. 

(b) Each Lease executed after the date hereof affecting any of the Real Estate or the Improvements must provide, in a
manner approved by Mortgagee, that such Lease is subject and subordinate to this Mortgage and that the Tenant, will recognize as its landlord, lessor or licensor, as applicable, and attorn to any person succeeding to the interest of Mortgagor under
such Lease upon any foreclosure of this Mortgage or deed in lieu of foreclosure. Each such Lease shall also provide that, upon request of said successor-in-interest, the Tenant shall execute and deliver an instrument or instruments confirming its
attornment as provided for in this Section; provided, however, that neither Mortgagee nor any successor-in-interest shall be bound by any payment of rent for more than one (1) month in advance, or any amendment or modification of said Lease
made without the express written consent of Mortgagee or said successor-in-interest. 
 (c) Upon the occurrence
of an Event of Default under this Mortgage, whether before or after the whole principal sum secured hereby is declared to be immediately due or whether before or after the institution of legal proceedings to foreclose this Mortgage, forthwith, upon
demand of Mortgagee, Mortgagor shall surrender to Mortgagee and Mortgagee shall be entitled to take, actual possession of the Property or any part thereof personally, or by its agent or attorneys. In such event, Mortgagee shall have, and Mortgagor
hereby gives and grants to Mortgagee, the right, power and authority to make and enter into Leases with respect to the Property or portions thereof for such rents and for such periods of occupancy and upon conditions and provisions as Mortgagee may
deem desirable in its sole discretion, and Mortgagor expressly acknowledges and agrees that the term of any such Lease may extend beyond the date of any foreclosure sale of the Property, it being the intention of Mortgagor that in such event
Mortgagee shall be deemed to be and shall be the attorney-in-fact of Mortgagor for the purpose of making and entering into Leases of parts or portions of the Property for the rents and upon the terms, conditions and provisions deemed desirable to
Mortgagee in its sole discretion and with like effect as if such Leases had been made by Mortgagor as the owner in fee simple of the Property free and clear of any conditions or limitations established by this Mortgage. The power and authority
hereby given and granted by Mortgagor to Mortgagee shall be deemed to be coupled with an interest, shall not be revocable by Mortgagor so long as any portion of the Debt is outstanding, shall survive the voluntary or involuntary dissolution of
Mortgagor and shall not be affected by any disability or incapacity suffered by Mortgagor subsequent to the date hereof. In connection with any action taken by Mortgagee pursuant to this Section, Mortgagee shall not be liable for any loss sustained
by Mortgagor resulting from any failure to let the Property, or any part thereof, or from any other act or omission of Mortgagee in managing the Property, nor shall Mortgagee be obligated to perform or discharge any obligation, duty or liability
under any Lease covering the Property or any part thereof or under or by reason of this instrument or the exercise of rights or remedies hereunder. Mortgagor shall, and does hereby, indemnify Mortgagee for, and hold Mortgagee harmless from, any and
all claims, actions, demands, liabilities, loss or damage which may or might be incurred by Mortgagee under any such Lease or under this Mortgage or by the exercise of rights or remedies hereunder and from any and all

  
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claims and demands whatsoever which may be asserted against Mortgagee by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or
agreements contained in any such Lease other than those finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of Mortgagee. Should Mortgagee incur any such liability, the
amount thereof, including, without limitation, costs, expenses and reasonable attorneys’ fees, together with interest thereon at the Default Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be immediately due and
payable to Mortgagee by Mortgagor on demand and shall be secured hereby and by all of the other Loan Documents securing all or any part of the Debt. Nothing in this Section shall impose on Mortgagee any duty, obligation or responsibility for the
control, care, management or repair of the Property, or for the carrying out of any of the terms and conditions of any such Lease, nor shall it operate to make Mortgagee responsible or liable for any waste committed on the Property by the Tenants or
by any other parties or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property. Mortgagor hereby assents to, ratifies and confirms any and all actions of Mortgagee
with respect to the Property taken under this Section. 
 (d) Mortgagor covenants and agrees that, with the
exception of lease amendments entered into solely to reflect the exercise by a tenant of a right set forth in any Lease which has predetermined terms contained in the Lease; it shall not enter into, modify, waive or release any party from the
performance or observance of any material obligation or condition, or terminate or accept the surrender, of any Lease (including, but not limited to, any guaranty, letter of credit or other credit support thereof) (each of the foregoing
circumstances being a “Material Lease Event”) which (x) affects fifteen percent (15%) or more of the gross leasable area of the Improvements or (y) affects 12,500 square feet or more of the Property or (z) has a term of
more than ten (10) years (each of (x), (y) and (z) being a “Major Lease”), without the prior written approval of Mortgagee in each instance, which approval shall not be unreasonably withheld. Each request for approval shall
be made in writing to Mortgagee (and any loan servicer specified from time to time by Mortgagee) and shall include the following in all capital, bold and block letters: 
 “THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN 15 BUSINESS DAYS OF RECEIPT. FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.” 

In addition, Mortgagor shall include with each request the following items, as applicable: (i) such biographical and financial information about the
proposed Tenant as Mortgagee may require in conjunction with its review, (ii) a copy of the proposed form of Lease or modification, and (iii) a summary of the material terms of such proposed Lease or modification (including, without
limitation, rental terms and the term of the proposed lease or modification and any options). It is acknowledged that Mortgagee intends to include (as applicable) among its criteria for approval the following: (i) such Lease or modification
shall be with a bona-fide arm’s-length Tenant; (ii) such Lease or modification shall not contain any rental or other concessions which are not then customary and reasonable for similar properties and leases in the market area of the
Property; (iii) such Lease or modification shall provide that the Tenant pays for its expenses; (iv) the rental shall be at least at the market rate then prevailing for similar properties and leases in the market areas of the Property; and
(v) such Lease shall contain subordination and attornment provisions 

  
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in form and content acceptable to Mortgagee. Failure of Mortgagee to approve or disapprove a Material Lease Event within fifteen (15) business days after receipt of such written request and
all documents and information required by Mortgagee, shall be deemed approval, provided that the written request for approval specifically mentioned the same as required above. Notwithstanding anything herein to the contrary, except as provided in
Subsection (a) above, Mortgagor shall not be required to obtain Mortgagee’s consent to any Material Lease Event that does not pertain to a Major Lease. In all events, and without limiting the foregoing, any new or modified Lease and any
consent, waiver or release by Mortgagor with respect to any Lease and any Lease termination or acceptance of surrender by Mortgagor, must be consistent with sound and customary leasing and management practices. Without limiting the foregoing, any
new or modified Lease for fifty percent (50%) or more of the leasable area of the Improvements shall contain a provision whereby the tenant thereunder agrees to provide financial statements reasonably acceptable to Mortgagee upon
Mortgagee’s periodic request therefor. 
 (e) All security deposits of tenants, whether held in cash or in
any other form, shall not be commingled with any other funds of Mortgagor or any other person and, if cash, shall be deposited by Mortgagor at such commercial or savings bank or banks, or otherwise held in compliance with applicable law, as may be
reasonably satisfactory to Mortgagee. Any bond or other instrument which Mortgagor holds or shall hold in lieu of cash security deposits shall be maintained in full force and effect unless replaced by cash deposits; shall be issued by an institution
reasonably satisfactory to Mortgagee; shall, if permitted pursuant to any applicable legal requirements, name Mortgagee as payee or mortgagee thereunder or, at Mortgagee’s option, be assigned or fully assignable to Mortgagee; and shall, in all
respects, comply with any applicable legal requirements and otherwise be reasonably satisfactory to Mortgagee. Mortgagor shall, upon request, provide Mortgagee with evidence reasonably satisfactory to Mortgagee of Mortgagor’s compliance with
the foregoing. Upon an Event of Default, Mortgagor shall, immediately upon Mortgagee’s request (if permitted by applicable law), deliver and, if applicable, assign to Mortgagee the security deposits (and any interest previously earned thereon
and not disbursed to the person(s) lawfully entitled to receive same) with respect to all portions of the Property, to be held by Mortgagee subject to the terms of the Leases. 
 Section 1.13 Alienation and Further Encumbrances. 
 (a)
Mortgagor acknowledges that Mortgagee has relied upon the principals of Mortgagor and their experience in owning and operating the Property and properties similar to the Property in connection with the closing of the Loan evidenced by the Note.
Accordingly, except as specifically allowed hereinbelow in this Section and notwithstanding anything to the contrary contained in Section 4.6 hereof, in the event that the Property or any part thereof or interest therein or direct or
indirect interest in Mortgagor shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants of space in the Improvements in accordance with the provisions of Section 1.12 hereof), assigned, pledged, mortgaged,
further encumbered or otherwise transferred, or Mortgagor shall be divested of its title to the Property or any interest therein, in any manner or way, whether voluntarily or involuntarily (each of the foregoing being a “Transfer”),
without, in each instance, the prior written consent of Mortgagee being first obtained, which consent may be withheld in Mortgagee’s sole discretion, and receipt by Mortgagee of confirmation that there will be no

  
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Adverse Rating Impact (as defined below), then, the same shall constitute an Event of Default hereunder and Mortgagee shall have the right, at its option, to declare any or all of the Debt,
irrespective of the maturity date specified in the Note, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in Article III hereof. If such acceleration is during any period when a prepayment fee is
payable pursuant to the provisions set forth in the Note, then, in addition to all of the foregoing, such prepayment fee shall also then be immediately due and payable to the same end as though Mortgagor were prepaying the entire Debt on the date of
such acceleration. For the purposes of this Section each of the following shall be deemed to be a Transfer: (i) in the event either Mortgagor or any of its shareholders, general partners or members is a corporation or trust, the direct or
indirect sale, conveyance, transfer or disposition, alienation, hypothecation, or encumbering of more than 10% of the issued and outstanding capital stock of Mortgagor or any of its general partners or members or of the beneficial interest of such
trust (or the issuance of new shares of capital stock in Mortgagor or any of its shareholders, general partners or members so that immediately after such issuance, in one or a series of transactions, the total capital stock then issued and
outstanding is more than 110% of the total immediately prior to such issuance); (ii) in the event Mortgagor or any shareholder, general partner or managing member of Mortgagor is a limited or general partnership, a joint venture or a limited
liability company, a change of any general partner, joint venturer, limited liability company manager or managing member or a change in the ownership interests in any general partner, joint venturer, limited liability company manager or managing
member, either voluntarily, involuntarily or otherwise, or the sale, conveyance, transfer, disposition, alienation, hypothecation or encumbering of all or any portion of the interest of any shareholder, general partner, joint venturer, limited
liability company manager or managing member in Mortgagor or such shareholder, general partner, joint venturer, limited liability company manager or managing member (whether in the form of a beneficial or ownership interest or in the form of a power
of direction, control or management, or otherwise); and (iii) any change or transfer in respect of the Property or any interest therein, or any direct or indirect change or transfer in Mortgagor or any interest therein, resulting in any change
in the management or control of Mortgagor or the Property. Notwithstanding the foregoing, however, each of the following transfers shall be permitted without Mortgagee’s consent except as expressly set forth (and will not constitute an Event of
Default): (i) direct and indirect limited partnership and non-managing membership interests in or shares of Mortgagor or in any shareholder, general partner, member or in any managing member of Mortgagor so long as following such transfer, the
persons responsible for the management and/or control of the Property and/or Mortgagor remain in legal, beneficial and actual control and management of the Property, (ii) any involuntary transfer or change in a limited liability company manager
or member caused by the death of Mortgagor or any direct and indirect general partner, shareholder, joint venturer, member, manager or beneficial owner of a trust, so long as Mortgagor is reconstituted, if required, following such death and so long
as those persons responsible for the control and/or management of the Property and/or Mortgagor remain unchanged as a result of such death, or any replacement control and/or management is approved in writing by Mortgagee in each instance, and
(iii) gifts for estate planning purposes of any individual’s interests in Mortgagor or in any of Mortgagor’s direct and indirect shareholders, general partners, members or joint venturers to the spouse or any lineal descendant of such
individual, or to a trust for the benefit of any one or more of such individual, spouse or lineal descendant, so long as Mortgagor is reconstituted, if required, following such gift and so long as those persons responsible for the control and/or
management of the Property and/or Mortgagor remain unchanged following such 

  
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gift, or any replacement control and/or management is approved in writing by Mortgagee in each instance. Notwithstanding any provision in this Mortgage to the contrary (except for the immediately
following grammatical sentence), unless approved by Mortgagee in advance in writing and in each instance and subject to receipt by Mortgagee of confirmation that there will be no Adverse Rating Impact (as defined below), there shall not be permitted
any (A) Transfer in one or more related transactions of a forty-nine percent (49%) or greater direct or indirect interest in Mortgagor or any successive partner, member or limited liability company manager thereof or (B) any direct or
indirect change in the management or control of Mortgagor or any shareholder, general partner, managing member or limited liability company manager. Notwithstanding anything in this Section 1.13 to the contrary, the following Transfers,
with respect to the original Mortgagor only, are permitted without Mortgagee’s consent (and will not constitute an Event of Default) so long as Melissa S. Pielet, John E. Shaffer, Ronald Frain and Robert E. Smietana (each a “Key
Guarantor” and collectively, the “Key Guarantors”) continue to be responsible for the management and control of Mortgagor (i.e. said Key Guarantors are Board Members (as defined in the Mortgagor’s operating agreement) or, if
there are fewer than five Board Members, three of the four Key Guarantors continue to be responsible for the management and control of Mortgagor (i.e. three of the four Key Guarantors are Board Members): (i) transfers of direct and indirect
limited partnership and membership interests in or shares of Mortgagor or in any shareholder, general partner, member or in any managing member of Mortgagor, (ii) any involuntary transfer of direct or indirect interests in Mortgagor caused by
the death, incapacity, removal or resignation of any direct or indirect partner, shareholder, joint venturer, member, manager or beneficial owner of a trust, with a direct or indirect interest in Mortgagor, (iii) gifts for estate planning
purposes of any individual’s interests in Mortgagor or in any of Mortgagor’s direct and indirect shareholders, general partners, members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the
benefit of any one or more of such individual, spouse or lineal descendant, (iv) transfers among the persons responsible for the control and/or management of Mortgagor. 

(b) Notwithstanding the foregoing provisions of this Section, Mortgagee shall consent to three sales, conveyances or
transfers of the Property in its entirety (hereinafter, individually, each a “Sale”) to any person or entity provided that each of the following terms and conditions are satisfied for each such Sale: 

(1) No Default or Event of Default is then continuing hereunder or under any of the other Loan Documents; 

(2) Mortgagor gives Mortgagee written notice of the terms of such prospective Sale not less than sixty (60) days
before the date on which such Sale is scheduled to close and, concurrently therewith, gives Mortgagee all such information concerning the proposed transferee of the Property (hereinafter, “Buyer”) as Mortgagee would
require in evaluating an initial extension of credit to a borrower and pays to Mortgagee a non-refundable application fee in the amount of $1,500.00. Mortgagee shall have the right to approve or disapprove the proposed Buyer. (In no event may the
Buyer be a non-United States entity.) In determining whether to give or withhold its approval of the proposed Buyer, Mortgagee shall consider the Buyer’s and its principals’ experience and track record in owning and operating facilities
similar to the Property, the Buyer’s and its principals’ financial strength, the Buyer’s and its principals’ general business standing and the Buyer’s and its principals’ relationships and

  
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experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Mortgagee’s agreement to consider the foregoing factors in
determining whether to give or withhold such approval, such approval shall be given or withheld based on what Mortgagee determines to be commercially reasonable in Mortgagee’s sole discretion and, if given, may be given subject to such
conditions as Mortgagee may deem appropriate; 
 (3) Mortgagor pays Mortgagee, concurrently with the closing of
such Sale, a non-refundable assumption fee of the following applicable percentages of the unpaid principal balance of the Note together with all out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees, and
rating agency fees (including, but not limited to, rating agency counsel fees), incurred by Mortgagee or otherwise payable in connection with the Sale and the assumption (the applicable percentages for said assumption fee are as follows: four tenths
percent (.4%) for the first Sale; six tenths percent (.6%) for the second Sale; and eight tenths percent (.8%) for the third Sale). 
 (4) The Buyer assumes and agrees to pay the Debt subject to the provisions of Section 4.27 hereof and, prior to or concurrently with the closing of such Sale, the Buyer executes, without any
cost or expense to Mortgagee, such documents and agreements as Mortgagee shall reasonably require to evidence and effectuate said assumption, including an assumption of the obligations of Mortgagor under the Loan Documents, and delivers such legal
opinions as Mortgagee may reasonably require; 
 (5) A party or parties associated with the Buyer approved by
Mortgagee in its sole discretion assumes the obligations of the current indemnitors under their guaranty or indemnity agreement and such party or parties associated with the Buyer executes, without any cost or expense to Mortgagee, a new guaranty or
indemnity agreement in substantially the same form as that delivered by the current indemnitors and delivers such legal opinions as Mortgagee may reasonably require in form and substance, and from a firm, acceptable to Mortgagee; 

(6) Mortgagor and the Buyer execute, without any cost or expense to Mortgagee, new financing statements or financing
statement amendments and any additional documents reasonably requested by Mortgagee; 
 (7) Mortgagor delivers to
Mortgagee, without any cost or expense to Mortgagee, such endorsements to Mortgagee’s title insurance policy, hazard insurance policy endorsements or certificates and other similar materials as Mortgagee may deem necessary at the time of the
Sale, all in form and substance satisfactory to Mortgagee, including, without limitation, an endorsement or endorsements to Mortgagee’s title insurance policy insuring the lien of this Mortgage, extending the effective date of such policy to
the date of execution and delivery (or, if later, of recording) of the assumption agreement referenced above in subparagraph (4) of this Section, with no additional exceptions added to such policy, and insuring that fee simple title to the
Property is vested in the Buyer; 
 (8) Mortgagor executes and delivers to Mortgagee, without any cost or expense
to Mortgagee, a release of Mortgagee, its officers, directors, employees and agents, from all claims and liability relating to the transactions evidenced by the Loan 

  
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Documents, through and including the date of the closing of the Sale, which agreement shall be in form and substance satisfactory to Mortgagee and shall be binding upon the Buyer; 

(9) Subject to the provisions of Section 4.27 hereof, such Sale is not construed so as to relieve Mortgagor of
any personal liability under the Note or any of the other Loan Documents for any acts or events occurring or obligations due to be performed prior to or simultaneously with the closing of such Sale, whether or not same is discovered prior or
subsequent to the closing of such Sale, and Mortgagor executes, without any cost or expense to Mortgagee, such documents and agreements as Mortgagee shall reasonably require to evidence and effectuate the ratification of said personal liability.
Mortgagor shall be released from and relieved of any personal liability under the Note and all of the other Loan Documents for any acts or events occurring or obligations due to be performed after the closing of such Sale which are not caused by or
arising out of any acts or events occurring or obligations due to be performed prior to or simultaneously with the closing of such Sale; 
 (10) Such Sale is not construed so as to relieve any current indemnitor of its obligations under any guaranty or indemnity agreement for any acts or events occurring or obligations due to be performed
prior to or simultaneously with the closing of such Sale, and each such current indemnitor executes, without any cost or expense to Mortgagee, such documents and agreements as Mortgagee shall reasonably require to evidence and effectuate the
ratification of each such guaranty and indemnity agreement. Each such current indemnitor shall be released from and relieved of any of its obligations under any guaranty or indemnity agreement executed in connection with the Loan for any acts or
events occurring or obligations due to be performed after the closing of such Sale which are not caused by or arising out of any acts or events occurring or obligations due to be performed prior to or simultaneously with the closing of such Sale,
and a party or parties acceptable to Mortgagee and associated with the Buyer, as applicable, shall execute, without any cost or expense to Mortgagee, a new guaranty or indemnity agreement in substantially the same form as that delivered by the
current indemnitors; 
 (11) The Buyer shall furnish, if the Buyer is a corporation, partnership, limited
liability company, or other entity, all appropriate documents evidencing the Buyer’s capacity and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include certified copies of all
documents relating to the organization and formation of the Buyer and of the entities, if any, which are general partners, shareholders or managing members of the Buyer. The Buyer and such constituent general partners, managing members or
shareholders of Buyer (as the case may be), as Mortgagee shall require, shall be special purpose, “bankruptcy remote” entities, whose formation documents shall be approved by counsel to Mortgagee; 

(12) The Mortgagee must receive confirmation from the rating agencies rating the Secondary Market Transaction (as
hereinafter defined) that the Sale will not result in a downgrade, qualification or withdrawal of the ratings (collectively, an “Adverse Rating Impact”) of the securities issued in connection with the Secondary Market
Transaction. In the event the Secondary Market Transaction has not yet occurred, Mortgagee shall, in its sole discretion, determine if the Sale may have resulted in an Adverse Rating Impact had the Secondary Market Transaction occurred; and

  
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 (13) Mortgagee’s reasonable determination that any change in the
property tax assessment of the Real Estate and/or the Improvements resulting from the proposed Sale, will not materially and adversely affect the debt service coverage for the Loan, as determined by Mortgagee. 

Section 1.14 Payment of Utilities, Assessments, Charges, Etc. Mortgagor shall pay when due all utility charges which are
incurred by Mortgagor or which may become a charge or lien against any portion of the Property for gas, electricity, water and sewer services furnished to the Real Estate and/or the Improvements and all other assessments or charges of a similar
nature, or assessments payable pursuant to any restrictive covenants, whether public or private, affecting the Real Estate and/or the Improvements or any portion thereof, whether or not such assessments or charges are or may become liens thereon.

 Section 1.15 Access Privileges and Inspections. Mortgagee and the agents, representatives and employees of
Mortgagee shall, subject to the rights of Tenants, have full and free access to the Real Estate and the Improvements and any other location where books and records concerning the Property are kept at all reasonable times and, except in the event of
an emergency, upon reasonable notice (which notice may be telephonic), for the purposes of inspecting the Property and of examining, copying and making extracts from the books and records of Mortgagor relating to the Property. Mortgagor shall lend
assistance to all such agents, representatives and employees of Mortgagee. 
 Section 1.16 Waste; Alteration of
Improvements. Mortgagor shall not commit, suffer or permit any waste on the Property nor take any actions that might invalidate any insurance carried on the Property. Mortgagor shall maintain the Property in good condition and repair. No part of
the Improvements may be removed, demolished or materially altered, without the prior written consent of Mortgagee, except in connection with Leases entered into in compliance with this Mortgage and for which Mortgagor’s consent is not required
as landlord under such Leases. Without the prior written consent of Mortgagee, Mortgagor shall not commence construction of any improvements on the Real Estate other than improvements required for the maintenance or repair of the Property, except in
connection with Leases entered into in compliance with this Mortgage and for which Mortgagor’s consent is not required as landlord under such Leases. 
 Section 1.17 Zoning. Without the prior written consent of Mortgagee, Mortgagor shall not seek, make, suffer, consent to or acquiesce in any change in the zoning or conditions of use of the
Real Estate or the Improvements. Mortgagor shall comply with and make all payments required under the provisions of any covenants, conditions or restrictions affecting the Real Estate or the Improvements. Mortgagor shall comply with all existing and
future requirements of all governmental authorities having jurisdiction over the Property. Mortgagor shall keep all licenses, permits, franchises and other approvals necessary for the operation of the Property in full force and effect. Mortgagor
shall operate the Property as an industrial/office building (with some general office uses) for so long as the Debt is outstanding. If, under applicable zoning provisions, the use of all or any part of the Real Estate or the Improvements is or
becomes a nonconforming use, Mortgagor shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Mortgagee. Without limiting the foregoing, in no event shall Mortgagor take any action that would reduce
or impair either (a) the number of parking spaces at the Property or (b) the access to the Property from adjacent roads. Further, without Mortgagee’s prior written consent, Mortgagor shall not file or subject any part of the

  
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Real Estate or the Improvements to any declaration of condominium or co-operative or convert any part of the Real Estate or the Improvements to a condominium, co-operative or other form of
multiple ownership and governance. 
 Section 1.18 Financial Statements and Books and Records. Mortgagor shall keep
accurate books and records of account of the Property and its own financial affairs sufficient to permit the preparation of financial statements therefrom in accordance with a method of real estate accounting consistently applied and on a basis
consistent with the financial statements previously submitted to Mortgagee in connection with underwriting the Loan. Mortgagee and its duly authorized representatives shall have the right to examine, copy and audit Mortgagor’s records and books
of account at all reasonable times. So long as this Mortgage continues in effect, Mortgagor shall provide to Mortgagee, in addition to any other financial statements required hereunder or under any of the other Loan Documents, the following
financial statements and information, all of which must be certified to Mortgagee as being true, complete and correct by Mortgagor or the person or entity to which they pertain, as applicable, be prepared in accordance with a method of real estate
accounting consistently applied and on a basis consistent with the financial statements previously submitted to Mortgagee in connection with underwriting the Loan: 

(a) copies of all tax returns filed by Mortgagor, within thirty (30) days after the date of filing; 

(b) monthly operating statements and rent rolls for the Property and, if applicable, sales reports for retail space on the
Property (provided that such sales reports are available from the retail tenants on the Property), within twenty (20) days after the end of each month until the later to occur of (i) a Secondary Market Transaction (as defined in
Section 1.19, below) and (ii) the twelve (12) month anniversary of the date hereof; 
 (c)
quarterly operating statements and rent rolls for the Property, certified as true, correct and complete by Mortgagor within thirty (30) days after the end of each calendar quarter; 

(d) annual balance sheets together with a statement of income and expenses for the Property and annual financial
statements for Mortgagor, each general partner or managing member in Mortgagor, and each indemnitor and guarantor under any indemnity or guaranty executed in connection with the Loan, and a statement of changes in financial position for Mortgagor,
all of which shall be in reasonable detail and certified as true, correct and complete by Mortgagor and delivered to Mortgagee within ninety (90) days after the end of each fiscal year; and 

(e) such other information with respect to the Property, Mortgagor, the principals or general partners or members in
Mortgagor, and each indemnitor and guarantor under any indemnity or guaranty executed in connection with the Loan, which may be reasonably requested from time to time by Mortgagee, within a reasonable time after the applicable request. 

If any of the aforementioned items are not furnished to Mortgagee within the applicable time periods or Mortgagee is dissatisfied with the contents of
any of the foregoing and has notified 

  
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Mortgagor of its dissatisfaction, in addition to any other rights and remedies of Mortgagee contained herein, Mortgagee shall have the right to charge Mortgagor a late fee (if any of the
aforementioned items are delivered more than thirty (30) days beyond the applicable due date therefor), and Mortgagee shall have the right, but not the obligation, to obtain the same by means of an audit by an independent certified public
accountant selected by Mortgagee, in which event Mortgagor agrees to pay, or to reimburse Mortgagee for, any expense of such audit and further agrees to provide all necessary information to said accountant and to otherwise cooperate in the making of
such audit. 
 Section 1.19 Further Documentation. 

(a) Mortgagor shall, on the request of Mortgagee and at the expense of Mortgagor: (1) promptly correct any defect,
error or omission which may be discovered in the contents of this Mortgage or in the contents of any of the other Loan Documents; (2) promptly execute, acknowledge, deliver and record or file such further instruments (including, without
limitation, further mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements and assignments of rents or leases) and promptly do such further acts as may be necessary, desirable or proper to carry
out more effectively the purposes of this Mortgage and the other Loan Documents and to subject to the liens and security interests hereof and thereof any property intended by the terms hereof and thereof to be covered hereby and thereby, including
specifically, but without limitation, any renewals, additions, substitutions, replacements or appurtenances to the Property; (3) promptly execute, acknowledge, deliver, procure and record or file any document or instrument (including
specifically, without limitation, any financing statement) deemed advisable by Mortgagee to protect, continue or perfect the liens or the security interests hereunder against the rights or interests of third persons; and (4) promptly furnish to
Mortgagee, upon Mortgagee’s request, a duly acknowledged written statement and estoppel certificate addressed to such party or parties as directed by Mortgagee and in form and substance supplied by Mortgagee, setting forth all amounts due under
the Note, stating whether any Default or Event of Default has occurred hereunder, stating whether any offsets or defenses exist against the Debt and containing such other matters as Mortgagee may reasonably require. 

(b) Mortgagor acknowledges that Mortgagee and its successors and assigns may effectuate a Secondary Market Transaction
(defined below). Mortgagor shall cooperate in good faith with Mortgagee in effecting any such Secondary Market Transaction and in implementing all requirements imposed by any rating agency involved in any Secondary Market Transaction including,
without limitation, all structural or other changes to the Debt, modifications to any documents evidencing or securing the Loan; provided, however, that (except as may be required under Section 1.19(a)), Mortgagor shall not be required
to modify any documents evidencing or securing the Debt which would modify (A) the interest rate payable under the Note, (B) the stated maturity of the Note, (C) the amortization of principal of the Note, or (D) any other
material economic term of the Debt. Mortgagor shall provide such information, and documents relating to Mortgagor, any guarantor or indemnitor, the Property and any tenants of the Improvements as Mortgagee may reasonably request in connection with
such Secondary Market Transaction. Mortgagor shall make available to Mortgagee all information concerning its business and operations that Mortgagee may reasonably request. Mortgagee shall be permitted to share all such information with the
investment banking firms, rating agencies, 

  
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accounting firms, law firms and other third-party advisory firms involved with the Loan Documents or the applicable Secondary Market Transaction. It is understood that the information provided by
Mortgagor to Mortgagee may ultimately be incorporated into the offering documents for the Secondary Market Transaction and thus various investors may also see some or all of the information. Mortgagee and all of the aforesaid third-party advisors
and professional firms shall be entitled to rely on the information supplied by, or on behalf of, Mortgagor, and Mortgagor indemnifies and holds Mortgagee harmless hereunder as to any and all losses, claims, damages or liabilities that arise out of
or are based upon any untrue statement or alleged untrue statement of any material fact contained in such information or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in such
information or necessary in order to make the statements in such information, or in light of the circumstances under which they were made, not misleading. Mortgagee may publicize the existence of the Debt in connection with its marketing for a
Secondary Market Transaction or otherwise as part of its business development. For purposes hereof, a “Secondary Market Transaction” shall be (a) any sale of the Mortgage, Note and other Loan Documents to one or more investors
as a whole loan; (b) a participation of the Debt to one or more investors; (c) any deposit of the Mortgage, Note and other Loan Documents with a trust or other entity which may sell certificates or other instruments to investors evidencing
an ownership interest in the assets of such trust or other entity; or (d) any other sale or transfer of the Debt or any interest therein to one or more investors. 
 Section 1.20 Payment of Costs; Reimbursement to Mortgagee. Mortgagor shall pay all costs and expenses of every character incurred in connection with the closing of the loan evidenced by the
Note and secured hereby or otherwise attributable or chargeable to Mortgagor as the owner of the Property, including, without limitation, appraisal fees, recording fees, documentary, stamp, mortgage or intangible taxes, brokerage fees and
commissions, title policy premiums and title search fees, uniform commercial code/tax lien/litigation search fees, escrow fees and reasonable attorneys’ fees. If Mortgagor defaults in any such payment, which default is not cured within any
applicable grace or cure period, Mortgagee may pay the same and Mortgagor shall reimburse Mortgagee on demand for all such costs and expenses incurred or paid by Mortgagee, together with such interest thereon at the Default Rate from and after the
date of Mortgagee’s making such payment until reimbursement thereof by Mortgagor. Any such sums disbursed by Mortgagee, together with such interest thereon, shall be additional indebtedness of Mortgagor secured by this Mortgage and by all of
the other Loan Documents securing all or any part of the Debt. Further, Mortgagor shall promptly notify Mortgagee in writing of any litigation or threatened litigation affecting the Property, or any other demand or claim which, if enforced, could
impair or threaten to impair Mortgagee’s security hereunder. Without limiting or waiving any other rights and remedies of Mortgagee hereunder, if Mortgagor fails to perform any of its covenants or agreements contained in this Mortgage or in any
of the other Loan Documents and such failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind (including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor
relief proceeding) is commenced which might affect Mortgagee’s interest in the Property or Mortgagee’s right to enforce its security, then Mortgagee may, at its option, with or without notice to Mortgagor, make any appearances, disburse
any sums and take any actions as may be necessary or desirable to protect or enforce the security of this Mortgage or to remedy the failure of Mortgagor to perform its covenants and agreements (without, however, waiving any default of Mortgagor).
Mortgagor agrees to pay on 

  
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demand all expenses of Mortgagee incurred with respect to the foregoing (including, but not limited to, reasonable fees and disbursements of counsel), together with interest thereon at the
Default Rate from and after the date on which Mortgagee incurs such expenses until reimbursement thereof by Mortgagor. Any such expenses so incurred by Mortgagee, together with interest thereon as provided above, shall be additional indebtedness of
Mortgagor secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. The necessity for any such actions and of the amounts to be paid shall be determined by Mortgagee in its reasonable discretion. Mortgagee
is hereby empowered to enter and to authorize others to enter upon the Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Mortgagor or any person
in possession holding under Mortgagor. Mortgagor hereby acknowledges and agrees that the remedies set forth in this Section 1.20 shall be exercisable by Mortgagee, and any and all payments made or costs or expenses incurred by Mortgagee
in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Mortgagor with interest thereon at the Default Rate, notwithstanding the fact that such remedies were exercised and such payments made and costs
incurred by Mortgagee after the filing by Mortgagor of a voluntary case or the filing against Mortgagor of an involuntary case pursuant to or within the meaning of the Bankruptcy Reform Act of 1978, as amended, Title 11 U.S.C., or after any similar
action pursuant to any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter, in effect, which may be or become applicable to Mortgagor, Mortgagee, any guarantor or
indemnitor, the Debt or any of the Loan Documents. Mortgagor hereby indemnifies and holds Mortgagee harmless from and against all loss, cost and expenses with respect to any Event of Default hereof, any liens (i.e., judgments, mechanics’ and
materialmen’s liens, or otherwise), charges and encumbrances filed against the Property, and from any claims and demands for damages or injury, including claims for property damage, personal injury or wrongful death, arising out of or in
connection with any accident or fire or other casualty on the Real Estate or the Improvements or any nuisance made or suffered thereon (except that which is due to Mortgagee’s gross negligence or willful misconduct as finally determined by a
court of competent jurisdiction), including, without limitation, in any case, reasonable attorneys’ fees, costs and expenses as aforesaid, whether at pretrial, trial or appellate level, and such indemnity shall survive payment in full of the
Debt. This Section shall not be construed to require Mortgagee to incur any expenses, make any appearances or take any actions. 

Section 1.21 Security Interest. This Mortgage is also intended to encumber and create a security interest in, and Mortgagor
hereby grants to Mortgagee a security interest in all sums on deposit with Mortgagee pursuant to the provisions of this Mortgage, including, but not limited to, Sections 1.6, 1.7, 1.8 and Exhibit C hereof or any other Section hereof,
or any of the other Loan Documents and all fixtures, chattels, accounts, equipment, inventory, contract rights, general intangibles and other personal property included within the Property, all renewals, replacements of any of the aforementioned
items, or articles in substitution therefor or in addition thereto or the proceeds thereof (said property is hereinafter referred to collectively as the “Collateral”), whether or not the same shall be attached to the Real
Estate or the Improvements in any manner. It is hereby agreed that to the extent permitted by law, all of the foregoing property is to be deemed and held to be a part of and affixed to the Real Estate and the Improvements. The foregoing security
interest shall also cover Mortgagor’s leasehold interest in any of the foregoing property which is leased by Mortgagor. Notwithstanding the foregoing, all of the foregoing 

  
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property shall be owned by Mortgagor and no leasing or installment sales or other financing or title retention agreement in connection therewith shall be permitted without the prior written
approval of Mortgagee. Mortgagor shall, from time to time upon the request of Mortgagee, supply Mortgagee with a current inventory of all of the property in which Mortgagee is granted a security interest hereunder, in such detail as Mortgagee may
require. Mortgagor shall promptly replace all of the Collateral subject to the lien or security interest of this Mortgage when worn or obsolete with Collateral comparable to the worn out or obsolete Collateral when new (unless such Collateral is of
minimal value and is no longer required for the operation of the Real Estate) and will not, without the prior written consent of Mortgagee, remove from the Real Estate or the Improvements any of the Collateral subject to the lien or security
interest of this Mortgage except such as is replaced by an article of equal suitability and value as above provided (unless such Collateral is of minimal value and is no longer required for the operation of the Real Estate), owned by Mortgagor free
and clear of any lien or security interest except that created by this Mortgage and the other Loan Documents. All of the Collateral shall be kept at the location of the Real Estate except as otherwise required by the terms of the Loan Documents.
Mortgagor shall not use any of the Collateral in violation of any applicable statute, ordinance or insurance policy. 

Section 1.22 Security Agreement. This Mortgage constitutes a security agreement between Mortgagor and Mortgagee with respect
to the Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other rights and remedies of Mortgagee hereunder, Mortgagee shall have all of the rights and remedies of a secured party under any applicable
Uniform Commercial Code. “Uniform Commercial Code” means the Uniform Commercial Code as now or hereafter in effect in the state where the Real Estate is located; provided that, in the event that, by reason of mandatory provisions of law,
any or all of the attachment, perfection or priority of, or remedies with respect to, the Mortgagee’s security interest in any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than such
state, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or
remedies and for purposes of definitions related to such provisions. Mortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if
appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the
perfection of the lien or security interest created hereby. Mortgagor hereby authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements with or without the
signature of Mortgagor as authorized by applicable law, as applicable to all or part of the Collateral. For purposes of such filings, Mortgagor agrees to furnish any information requested by the Mortgagee promptly upon request therefor by Mortgagee.
Mortgagor also ratifies its authorization for the Mortgagee to have filed any like initial financing statements, amendments thereto or continuation statements, if filed prior to the date of this Mortgage. Except with respect to Rents and Profits to
the extent specifically provided herein or in the Assignment to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other
property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver 

  
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the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational
structure, residence, state of incorporation, state of organization or state of formation or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any
Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at Mortgagee’s election. Any disposition of the
Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing
for sale, selling or the like (including, without limitation, Mortgagee’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Rate from the date incurred by Mortgagee until actually paid by
Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagee shall have the right to enter upon the Real Estate and the Improvements or
any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble
such property and make it available to Mortgagee at the Real Estate, or at a place designated by Mortgagee. If notice is required by law, Mortgagee shall give Mortgagor at least ten (10) days’ prior written notice of the time and place of
any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such notice is sent to Mortgagor, as the same is provided for the mailing of
notices herein, it is hereby deemed that such notice shall be and is reasonable notice to Mortgagor. No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a
recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in
Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to
or in substitution for the rights and remedies available to Mortgagee pursuant to any applicable Uniform Commercial Code: 
 (a) In the event of a foreclosure sale, the Collateral may, at the option of Mortgagee, be sold as a whole or in parts, as determined by Mortgagee in its sole discretion; and 

(b) It shall not be necessary that Mortgagee take possession of the aforementioned Collateral, or any part thereof, prior
to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, or any part thereof, be present at the location of such sale; and 

(c) Mortgagee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to
any sale held by Mortgagee, including the sending of notices and the conduct of the sale, but in the name and on behalf of Mortgagee. 

  
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 The name and address of Mortgagor (as Debtor under any applicable Uniform Commercial Code) are: 

Argonne Bridge, LLC 
 JES Argonne Bridge, LLC 
 233 South Wacker Drive, Suite 350 

Chicago, Illinois 60606 
 The
name and address of Mortgagee (as Secured Party under any applicable Uniform Commercial Code) are: 
 Prudential Mortgage Capital
Company, LLC 
 100 Mulberry Street 
 Gateway Center Four, 8th Floor 
 Newark, New Jersey 07102 

Section 1.23 Easements and Rights-of-Way. Mortgagor shall not grant any easement or right-of-way with respect to all or any
portion of the Real Estate or the Improvements without the prior written consent of Mortgagee. The purchaser at any foreclosure sale hereunder may, at its discretion, disaffirm any easement or right-of-way granted in violation of any of the
provisions of this Mortgage and may take immediate possession of the Property free from, and despite the terms of, such grant of easement or right-of-way. If Mortgagee consents to the grant of an easement or right-of-way, Mortgagee agrees to grant
such consent provided that Mortgagee is paid a standard review fee together with all other expenses, including, without limitation, reasonable attorneys’ fees, incurred by Mortgagee in the review of Mortgagor’s request and in the
preparation of documents effecting the subordination. 
 Section 1.24 Compliance with Laws. Mortgagor shall at all
times comply with all statutes, ordinances, orders, regulations and other governmental or quasi-governmental requirements and private covenants now or hereafter relating to the ownership, construction, use or operation of the Property, including,
but not limited to, those concerning employment and compensation of persons engaged in operation and maintenance of the Property and any environmental or ecological requirements, even if such compliance shall require structural changes to the
Property; provided, however, that Mortgagor may, upon providing Mortgagee with security satisfactory to Mortgagee, proceed diligently and in good faith to contest the validity or applicability of any such statute, ordinance, regulation or
requirement so long as during such contest the Property shall not be subject to any lien, charge, fine or other liability and shall not be in danger of being forfeited, lost or closed. Mortgagor shall not use or occupy, or allow the use or occupancy
of, the Property in any manner which violates any Lease of or any other agreement applicable to the Property or any applicable law, rule, regulation or order or which constitutes a public or private nuisance or which makes void, voidable or
cancelable, or increases the premium of, any insurance then in force with respect thereto. 
 Section 1.25 Additional
Taxes. In the event of the enactment after this date of any law of the state where the Property is located or of any other governmental entity deducting from the value of the Property for the purpose of taxation any lien or security interest
thereon, or imposing upon Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Mortgagor, or changing in any way the laws relating to the

  
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taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the beneficiary, mortgagee or secured party in
the property covered thereby, or the manner of collection of such taxes, so as to adversely affect this Mortgage, the Debt or Mortgagee, then, and in any such event, Mortgagor, upon demand by Mortgagee, shall pay such taxes, assessments, charges or
liens, or reimburse Mortgagee therefor; provided, however, that if in the opinion of counsel for Mortgagee (a) it might be unlawful to require Mortgagor to make such payment, or (b) the making of such payment might result in the imposition
of interest beyond the maximum amount permitted by law, then and in either such event, Mortgagee may elect, by notice in writing given to Mortgagor, to declare all of the Debt to be and become due and payable in full thirty (30) days from the
giving of such notice. 
 Section 1.26 The Debt. It is understood and agreed that this Mortgage shall secure payment
of not only the indebtedness evidenced by the Note but also any and all substitutions, replacements, renewals and extensions of the Note, any and all indebtedness and obligations arising pursuant to the terms hereof and any and all indebtedness and
obligations arising pursuant to the terms of any of the other Loan Documents, all of which indebtedness is equally secured with and has the same priority as any amounts advanced as of the date hereof. It is agreed that any future advances made by
Mortgagee to or for the benefit of Mortgagor from time to time under this Mortgage or the other Loan Documents and whether or not such advances are obligatory or are made at the option of Mortgagee, or otherwise, made for any purpose and all
interest accruing thereon, shall be equally secured by this Mortgage and shall have the same priority as all amounts, if any, advanced as of the date hereof and shall be subject to all of the terms and provisions of this Mortgage. 

Section 1.27 Mortgagor’s Waivers. To the full extent permitted by law, Mortgagor agrees that Mortgagor shall not at any
time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any appraisement, valuation, stay, moratorium or extension, or any law now or hereafter in force providing for the reinstatement of
the Debt prior to any sale of the Property to be made pursuant to any provisions contained herein or prior to the entering of any decree, judgment or order of any court of competent jurisdiction, or any right under any statute to redeem all or any
part of the Property so sold. Mortgagor, for Mortgagor and Mortgagor’s successors and assigns, and for any and all persons ever claiming any interest in the Property, to the full extent permitted by law, hereby knowingly, intentionally and
voluntarily, with and upon the advice of competent counsel: (a) waives, releases, relinquishes and forever forgoes all rights of valuation, appraisement, stay of execution, reinstatement and notice of election or intention to mature or declare
due the Debt (except such notices as are specifically provided for herein or in the other Loan Documents); (b) waives, releases, relinquishes and forever forgoes all right to a marshalling of the assets of Mortgagor, including the Property, to
a sale in the inverse order of alienation, or to direct the order in which any of the Property shall be sold in the event of foreclosure of the liens and security interests hereby created and agrees that any court having jurisdiction to foreclose
such liens and security interests may order the Property sold as an entirety; and (c) waives, releases, relinquishes and forever forgoes all rights and periods of redemption provided under applicable law. To the full extent permitted by law,
Mortgagor shall not have or assert any right under any statute or rule of law pertaining to the exemption of homestead or other exemption under any federal, state or local law now or hereafter in effect, the administration of estates of decedents or
other matters whatever to defeat, reduce or affect the right of Mortgagee under the terms of this Mortgage to a 

  
 41 

 
sale of the Property, for the collection of the Debt without any prior or different resort for collection, or the right of Mortgagee under the terms of this Mortgage to the payment of the Debt
out of the proceeds of sale of the Property in preference to every other claimant whatever. Furthermore, Mortgagor hereby knowingly, intentionally and voluntarily, with and upon the advice of competent counsel, waives, releases, relinquishes and
forever forgoes all present and future statutes of limitations as a defense to any action to enforce the provisions of this Mortgage or to collect any of the Debt to the fullest extent permitted by law. Mortgagor covenants and agrees that upon the
commencement of a voluntary or involuntary bankruptcy proceeding by or against Mortgagor, Mortgagor shall not seek a supplemental stay or otherwise shall not seek pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Reform Act of
1978, as amended, or any other debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit
the ability of Mortgagee to enforce any rights of Mortgagee against any guarantor or indemnitor of the secured obligations or any other party liable with respect thereto by virtue of any indemnity, guaranty or otherwise. 

Section 1.28 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 

(a) MORTGAGOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE
ADVICE OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN THE STATE IN WHICH THE PROPERTY IS LOCATED OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THE NOTE, THIS MORTGAGE OR ANY OTHER OF THE LOAN
DOCUMENTS, (ii) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION PRESIDING OVER THE COUNTY IN WHICH THE PROPERTY IS LOCATED, (iii) SUBMITS TO THE JURISDICTION OF SUCH
COURTS, AND, (iv) TO THE FULLEST EXTENT PERMITTED BY LAW, AGREES THAT IT WILL NOT BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF MORTGAGEE TO BRING ANY ACTION, SUIT OR PROCEEDING IN ANY
OTHER FORUM). MORTGAGOR FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO MORTGAGOR AT THE ADDRESS FOR NOTICES
DESCRIBED IN SECTION 4.5 HEREOF, AND CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN EVERY RESPECT VALID AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR EFFECTIVENESS OF PROCESS SERVED IN ANY OTHER MANNER
PERMITTED BY LAW). 
 (b) MORTGAGEE AND MORTGAGOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT OR ANY CONDUCT,
ACT OR OMISSION OF MORTGAGEE OR MORTGAGOR, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, 

  
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MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH MORTGAGEE OR MORTGAGOR, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 

Section 1.29 Contractual Statute of Limitations; Attorney in Fact Provisions. 

(a) Mortgagor hereby agrees that any claim or cause of action by Mortgagor against Mortgagee, or any of Mortgagee’s
directors, officers, employees, agents, accountants or attorneys, based upon, arising from or relating to the indebtedness secured hereby, or any other matter, cause or thing whatsoever, whether or not relating thereto, occurred, done, omitted or
suffered to be done by Mortgagee or by Mortgagee’s directors, officers, employees, agents, accountants or attorneys, whether sounding in contract or in tort or otherwise, shall be barred unless asserted by Mortgagor by the commencement of an
action or proceeding in a court of competent jurisdiction by the filing of a complaint within one (1) year after Mortgagor first acquires or reasonably should have acquired knowledge of the first act, occurrence or omission upon which such
claim or cause of action, or any part thereof, is based and service of a summons and complaint on an officer of Mortgagee or any other person authorized to accept service of process on behalf of Mortgagee, within thirty (30) days thereafter.
Mortgagor agrees that such one (1) year period of time is reasonable and sufficient time for a borrower to investigate and act upon any such claim or cause of action. The one (1) year period provided herein shall not be waived, tolled or
extended except by the specific written agreement of Mortgagee. This provision shall survive any termination of this Mortgage or any of the other Loan Documents. 

(b) With respect to any provision of this Mortgage or any other Loan Document whereby Mortgagor grants to Mortgagee a
power-of-attorney, provided no Default or Event of Default has occurred under this Mortgage, Mortgagee shall first give Mortgagor written notice at least three (3) days prior to acting under such power, which notice shall demand that Mortgagor
first take the proposed action within such period and advising Mortgagor that if it fails to do so, Mortgagee will so act under the power; provided, however, that, in the event that a Default or an Event of Default has occurred, or if necessary to
prevent imminent death, serious injury, damage, loss, forfeiture or diminution in value to the Property or any surrounding property or to prevent any adverse affect on Mortgagee’s interest in the Property, Mortgagee may act immediately and
without first giving such notice. In such event, Mortgagee will give Mortgagor notice of such action as soon thereafter as reasonably practical. 
 Section 1.30 Management. The management of the Property shall be by either: (a) Mortgagor or an entity affiliated with Mortgagor approved by Mortgagee for so long as Mortgagor or said
affiliated entity is managing the Property in a first class manner; or (b) a professional property management company approved by Mortgagee. Such management by an affiliated entity or a professional property management company shall be pursuant
to a written agreement approved by Mortgagee. The maximum base management fee under the management agreement for the Property shall be 4% of the Property’s gross collected income. In no event shall any manager be removed or replaced or the
terms of any management agreement modified or amended in any material respect without the prior written consent of Mortgagee, which consent shall not be unreasonably withheld. After an Event of Default or a default under any management contract then
in effect, which default is not cured within any applicable grace or cure period, Mortgagee shall have the right to terminate, or to direct Mortgagor to terminate, such management contract upon thirty (30) days’ notice and to retain, or to
direct Mortgagor to 

  
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retain, a new management agent approved by Mortgagee. All Rents and Profits generated by or derived from the Property shall first be utilized solely for current expenses directly attributable to
the ownership and operation of the Property, including, without limitation, current expenses relating to Mortgagor’s liabilities and obligations with respect to this Mortgage and the other Loan Documents, and none of the Rents and Profits
generated by or derived from the Property shall be diverted by Mortgagor and utilized for any other purposes unless all such current expenses attributable to the ownership and operation of the Property have been fully paid and satisfied. It shall be
a condition of Mortgagee’s consent to any management agreement, whether with an affiliate of Mortgagor or otherwise, that such manager enter into an agreement with Mortgagee whereby the manager acknowledges and agrees to the aforesaid rights of
Mortgagee and as to such other matters as Mortgagee may reasonably require. 
 Section 1.31 Hazardous Waste and Other
Substances. 
 (a) Mortgagor hereby represents and warrants to Mortgagee that except as may be shown in that
certain Phase I Environmental Site Assessment delivered to Mortgagee in connection with making the Loan (the “Environmental Report”), as of the date hereof: (i) to Mortgagor’s knowledge, information and belief, none
of Mortgagor nor the Property nor any Tenant at the Real Estate nor the operations conducted thereon is in direct or indirect violation of or otherwise exposed to any liability under any local, state or federal law, rule or regulation or common law
duty pertaining to human health, natural resources or the environment, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. §9601 et seq. and 40 CFR §302.1
et seq.) (“CERCLA”), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. §6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. §1251 et seq.
and 40 CFR §116.1 et seq.), the Clean Air Act (42 U.S.C. §7401 et seq.), the Emergency Planning and Community-Right-to-Know Act (42 U.S.C. §11001 et seq.), the Endangered Species Act (16
U.S.C. §1531 et seq.), the Toxic Substances Control Act (15 U.S.C. §2601 et seq.), the Occupational Safety and Health Act (29 U.S.C. §651 et seq.”). those relating to lead based paint,
and the Hazardous Materials Transportation Act (49 U.S.C. §1801 et seq.), and the regulations promulgated pursuant to said laws, all as amended from time to time (collectively, the “Environmental Law” or
“Environmental Laws”) or otherwise exposed to any liability under any Environmental Law relating to or affecting the Property, whether or not used by or within the control of Mortgagor; (ii) to Mortgagor’s
knowledge, information and belief after diligent inquiry, no hazardous, toxic or harmful substances, wastes, materials, pollutants, or contaminants (including, without limitation, asbestos or asbestos-containing materials, polychlorinated biphenyls,
petroleum or petroleum products or byproducts, flammable explosives, radioactive materials, paint containing more than 0.5% lead by dry weight (“Lead Based Paint”), infectious substances, radon gas or raw materials which
include hazardous constituents) or Microbial Matter (hereinafter defined) or any other substances or materials which are included under or regulated by Environmental Laws (collectively, “Hazardous Substances”) are located on,
in or under or have been handled, generated, stored, processed or disposed of on or released or discharged from the Property (including underground contamination), except for those substances used by Mortgagor or any Tenant in the ordinary course of
their respective businesses and in compliance with all Environmental Laws and where such use could not reasonably be expected to give rise to liability under Environmental Laws; (iii) the Property is not subject to any private or governmental
lien or judicial or administrative notice or action relating to Hazardous Substances; 

  
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(iv) there is no pending, nor, to Mortgagor’s knowledge, information or belief, threatened litigation arising under Environmental Laws affecting Mortgagor or the Property; to
Mortgagor’s knowledge after diligent inquiry, there are no and have been no existing or closed underground storage tanks or other underground storage receptacles for Hazardous Substances or landfills or dumps on the Property; (v) Mortgagor
has received no notice of, and to Mortgagor’s knowledge and belief after diligent inquiry, there exists no investigation, action, proceeding or claim by any agency, authority or unit of government or by any third party which could result in any
liability, penalty, sanction or judgment under any Environmental Laws with respect to any condition, use or operation of the Property, nor does Mortgagor know of any basis for an investigation, action, proceeding or claim; (vi) Mortgagor has
received no notice of and, to Mortgagor’s knowledge and belief, there has been no claim by any party that any use, operation or condition of the Property has caused any nuisance or any other liability or adverse condition on any other property,
nor does Mortgagor know of any basis for such a claim; and (vii) to Mortgagor’s knowledge, after diligent inquiry radon is not present at the Property in excess or in violation, of any applicable thresholds or standards or in amounts that
require disclosure under applicable law to any tenant or occupant of or invitee to the Property or to any governmental agency or the general public. “Microbial Matter” shall mean the presence of fungi or bacterial matter which
reproduces through the release of spores or the splitting of cells, including, but not limited to, mold, mildew and viruses, whether or not such Microbial Matter is living. 

(b) Mortgagor has not received nor to Mortgagor’s knowledge, information and belief after diligent inquiry has there
been issued, any notice, notification, demand, request for information, citation, summons, or order in any way relating to any actual, alleged or potential violation or liability arising under Environmental Laws. 

(c) Neither the Property, nor to the best of Mortgagor’s knowledge, information and belief, any property to which
Mortgagor has, in connection with the maintenance or operation of the Property, directly or indirectly transported or arranged for the transportation of any Hazardous Substances is listed or, to the best of Mortgagor’s knowledge, information
and belief, proposed for listing on the National Priorities List promulgated pursuant to CERCLA, on CERCLIS (as defined in CERCLA) or on any similar federal or state list of sites requiring environmental investigation or clean-up. 

(d) Mortgagor shall comply with all applicable Environmental Laws. Mortgagor shall keep or cause the Property to be kept
free from Hazardous Substances (except those substances used by Mortgagor or any Tenant in the ordinary course of their respective businesses in compliance with all Environmental Laws and where such use could not reasonably be expected to give rise
to liability under Environmental Laws) and in compliance with all Environmental Laws. Mortgagor shall not install or use any underground storage tanks, shall expressly prohibit the use, generation, handling, storage, production, processing and
disposal of Hazardous Substances by all Tenants in quantities or conditions that would violate or give rise to any obligation to take remedial or other action under any applicable Environmental Laws. Without limiting the generality of the foregoing,
during the term of this Mortgage, Mortgagor shall not install in the Improvements or permit to be installed in the Improvements any asbestos or asbestos-containing material. 

(e) Mortgagor shall promptly notify Mortgagee if Mortgagor shall become aware of (i) the actual or potential
existence of any Hazardous Substances on the 

  
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Property other than those occurring in the ordinary course of Mortgagor’s or any Tenant’s business which do not violate, or would not otherwise give rise to liability under
Environmental Laws, (ii) any direct or indirect violation of, or other exposure to liability under, any Environmental Laws, (iii) any lien, action or notice affecting the Property or Mortgagor resulting from any violation or alleged
violation of or liability or alleged liability under any Environmental Laws, (iv) the institution of any investigation, inquiry or proceeding concerning Mortgagor or the Property pursuant to any Environmental Laws or otherwise relating to
Hazardous Substances, or (v) the discovery of any occurrence, condition or state of facts which would render any representation or warranty contained in this Section 1.31 incorrect in any respect if made at the time of such
discovery. Immediately upon receipt of same, Mortgagor, shall deliver to Mortgagee copies of any and all requests for information, complaints, citations, summonses, orders, notices, reports, permits, applications or other communications, documents
or instruments in any way relating to any actual, alleged or potential violation or liability of any nature whatsoever arising under the Environmental Laws and relating to the Property or to Mortgagor. Mortgagor shall remedy or cause to be remedied
in a timely manner (and in any event within the time period permitted by applicable Environmental Laws) any violation of Environmental Laws or any condition that could give rise to liability under Environmental Laws. Without limiting the foregoing,
Mortgagor shall, promptly (on its own initiative or if required by Mortgagee) and regardless of the source of the contamination or threat to the environment or human health, at its own cost and expense, take all actions as shall be necessary or
prudent, for the clean-up of any and all portions of the Property or other affected property, including, without limitation, all investigative, monitoring, removal, containment and remedial actions in accordance with all applicable Environmental
Laws (and in all events in a manner satisfactory to Mortgagee) and shall further pay or cause to be paid, at no expense to Mortgagee, all clean-up, administrative and enforcement costs of applicable governmental agencies which may be asserted
against the Property. In the event Mortgagor fails to do so, Mortgagee may, but shall not be obligated to, cause the Property or other affected property to be freed from any Hazardous Substances or otherwise brought into conformance with
Environmental Laws and any and all costs and expenses incurred by Mortgagee in connection therewith, together with interest thereon at the Default Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be immediately paid
by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagor hereby grants to Mortgagee and its agents and employees access to the Property and a license to
remove any items deemed by Mortgagee to be Hazardous Substances and to do all things Mortgagee shall deem necessary to bring the Property into conformance with Environmental Laws. 

(f) Mortgagor covenants and agrees, at Mortgagor’s sole cost and expense, to indemnify, defend (at trial and
appellate levels, and with attorneys, consultants and experts acceptable to Mortgagee), and hold Mortgagee harmless from and against any and all liens, damages (including, without limitation, punitive or exemplary damages), losses, liabilities
(including, without limitation, strict liability), obligations, settlement payments, penalties, fines, assessments, citations, directives, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or expenses of any
kind or of any nature whatsoever (including, without limitation, reasonable attorneys’, consultants’ and experts’ fees and disbursements actually incurred in investigating, defending, settling or prosecuting any claim, litigation or
proceeding) which may at any time be imposed upon, incurred by or asserted or awarded against Mortgagee or the Property, and arising directly or indirectly from or out of: (i) 

  
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any violation or alleged violation of, or liability or alleged liability under, any Environmental Law; (ii) the presence, release or threat of release of or exposure to any Hazardous
Substances on, in, under or affecting all or any portion of the Property or any surrounding areas, regardless of whether or not caused by or within the control of Mortgagor; (iii) any transport, treatment, recycling, storage, disposal or
arrangement therefor of Hazardous Substances whether on the Property, originating from the Property, or otherwise associated with Mortgagor or any operations conducted on the Property at any time; (iv) the failure by Mortgagor to comply fully
with the terms and conditions of this Section 1.31; (v) the breach of any representation or warranty contained in this Section 1.31; (vi) the enforcement of this Section 1.31, including, without
limitation, the cost of assessment, investigation, containment, removal and/or remediation of any and all Hazardous Substances from all or any portion of the Property or any surrounding areas, the cost of any actions taken in response to the
presence, release or threat of release of any Hazardous Substances on, in, under or affecting any portion of the Property or any surrounding areas to prevent or minimize such release or threat of release so that it does not migrate or otherwise
cause or threaten danger to present or future public health, safety, welfare or the environment, and costs incurred to comply with the Environmental Laws in connection with all or any portion of the Property or any surrounding areas. The indemnity
set forth in this Section 1.31 shall also include any diminution in the value of the security afforded by the Property or any future reduction in the sales price of the Property by reason of any matter set forth in this
Section 1.31. The foregoing indemnity shall specifically not include any such costs relating to Hazardous Substances which are initially placed on, in or under the Property after foreclosure or other taking of title to the Property by
Mortgagee or its successor or assigns. Mortgagee’s rights under this Section shall survive payment in full of the Debt, taking of title to the Property by Mortgagee or its successors or assigns and foreclosure of this Mortgage, and shall be in
addition to all other rights of Mortgagee under this Mortgage, the Note and the other Loan Documents. 
 (g) Upon
Mortgagee’s request, at any time after the occurrence of an Event of Default or at such other time as Mortgagee has reasonable grounds to believe that Hazardous Substances are or have been released, stored or disposed of on or around the
Property in violation of this Section 1.31 or that the Property may be in violation of the Environmental Laws, Mortgagor shall perform or cause to be performed, at Mortgagor’s sole cost and expense and in scope, form and substance
satisfactory to Mortgagee, an inspection or audit of the Property prepared by a hydrogeologist or environmental engineer or other appropriate consultant approved by Mortgagee indicating the presence or absence of Hazardous Substances on the
Property, the compliance or non-compliance status of the Property and the operations conducted thereon with applicable Environmental Laws, or an inspection or audit of the Property prepared by an engineering or consulting firm approved by Mortgagee
indicating the presence or absence of friable asbestos or substances containing asbestos, lead or Lead Based Paint on the Property. If Mortgagor fails to provide reports of such inspection or audit within thirty (30) days after such request,
Mortgagee may order the same, and Mortgagor hereby grants to Mortgagee and its employees and agents access to the Property and an irrevocable license to undertake such inspection or audit. The cost of such inspection or audit, together with interest
thereon at the Default Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be immediately due and payable to Mortgagee by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents
securing all or any part of the Debt. 

  
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 (h) Reference is made to that certain Hazardous Substances Indemnity
Agreement of even date herewith by and among Mortgagor, Melissa Pielet, Robert E. Smietana, Ronald Frain, Timothy J. Luby, Carl M. Manofsky and John E. Shaffer (such individuals, each a “Guarantor” and collectively, the
“Guarantors”) and Mortgagee (as hereafter amended from time to time, the “Hazardous Indemnity Agreement”). The provisions of this Mortgage and the Hazardous Indemnity Agreement shall be read together
to maximize the coverage with respect to the subject matter thereof, as determined by Mortgagee. 
 (i) Mortgagor
agrees that if it has been, or if at any time hereafter it is, determined that the Property contains either Lead Based Paint or Microbial Matter, on or before thirty (30) days following (i) the date hereof, if such determination was made
prior to the date hereof or (ii) such determination, if such determination is hereafter made, as applicable, Mortgagor shall, at its sole cost and expense, develop and implement, and thereafter diligently and continuously carry out (or cause to
be developed and implemented and thereafter diligently and continually to be carried out), an operations, abatement and maintenance plan for the Lead Based Paint or Microbial Matter, as applicable, on or at the Property, which plans shall be
prepared by an expert, and be in form, scope and substance, acceptable to Mortgagee (together with any Lead Based Paint Report or Microbial Matter Report, as applicable, an “O&M Plan”). (If an O&M Plan has been prepared
prior to the date hereof, Mortgagor agrees to diligently and continually carry out (or cause to be carried out) the provisions thereof.) Compliance with the O&M Plan shall require or be deemed to require, without limitation, the proper
preparation and maintenance of all records, papers and forms required under the Environmental Laws. 
 Section 1.32
Indemnification; Subrogation. 
 (a) Mortgagor shall indemnify, defend and hold Mortgagee harmless
against, (i) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Property or the Debt, and (ii) any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs
and expenses (including, but not limited to, Mortgagee’s reasonable attorneys’ fees and expenses, together with reasonable appellate counsel fees, if any, and expenses) of whatever kind or nature which may be asserted against, imposed on
or incurred by Mortgagee in connection with the Debt, this Mortgage, the Property, or any part thereof, or the exercise by Mortgagee of any rights or remedies granted to it under this Mortgage; provided, however, that nothing herein shall be
construed to obligate Mortgagor to indemnify, defend and hold harmless Mortgagee from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses enacted against, imposed on or incurred by
Mortgagee by reason of Mortgagee’s willful misconduct or gross negligence. 
 (b) If Mortgagee is made a
party defendant to any litigation or any claim is threatened or brought against Mortgagee concerning the Debt, this Mortgage, the Property, or any part thereof, or any interest therein, or the construction, maintenance, operation or occupancy or use
thereof, then Mortgagor shall indemnify, defend and hold Mortgagee harmless from and against all liability by reason of said litigation or claims, including, but not limited to, reasonable attorneys’ fees and expenses (together with reasonable
appellate counsel fees and expenses, if any) incurred by Mortgagee in any such litigation or claim, whether or not any such litigation or claim is prosecuted to judgment; provided, however, that nothing herein shall be construed to obligate
Mortgagor to indemnify, defend and hold harmless Mortgagee from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, 

  
 48 

 
suits, costs and expenses enacted against, imposed on or incurred by Mortgagee by reason of Mortgagee’s willful misconduct or gross negligence. If Mortgagee commences an action against
Mortgagor to enforce any of the terms hereof or of any of the other Loan Documents or to prosecute any breach by Mortgagor of any of the terms hereof or of any of the other Loan Documents or to recover any sum secured hereby, Mortgagor shall pay to
Mortgagee its reasonable attorneys’ fees and expenses (together with reasonable appellate counsel’s fees and costs). The right to such attorneys’ fees and expenses shall be deemed to have accrued on the commencement of such action,
and shall be enforceable whether or not such action is prosecuted to judgment. If Mortgagor breaches any term of this Mortgage, Mortgagee may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of such
engagement following any breach by Mortgagor, Mortgagor shall pay Mortgagee reasonable attorneys’ fees and expenses incurred by Mortgagee, whether or not an action is actually commenced against Mortgagor by reason of such breach. All references
to “attorneys” in this Subsection and elsewhere in this Mortgage shall include, without limitation, any attorney or law firm engaged by Mortgagee and Mortgagee’s in-house counsel, and all references to “fees and expenses” in
this Subsection and elsewhere in this Mortgage shall include, without limitation, any reasonable fees of such attorney or law firm and reasonable appellate counsel fees, if applicable and any allocation charges and allocation costs of
Mortgagee’s in-house counsel. 
 (c) A waiver of subrogation shall be obtained by Mortgagor from its
insurance carrier and, consequently, Mortgagor waives any and all right to claim or recover against Mortgagee, its officers, employees, agents and representatives, for loss of or damage to Mortgagor, the Property, Mortgagor’s property or the
property of others under Mortgagor’s control from any cause insured against or required to be insured against by the provisions of this Mortgage. 
 Section 1.33 Covenants with Respect to Indebtedness, Operations and Fundamental Changes of Mortgagor. Mortgagor hereby represents, warrants and covenants, as of the date hereof and until such
time as the Debt is paid in full, that Mortgagor: 
 (a) has not engaged, shall not engage and will not engage,
either directly or indirectly, in any business other than the ownership, management and operation of the Property; 
 (b) has not owned and shall not own any asset other than (i) the Property, and (ii) incidental personal property necessary for the operation of the Property; 

(c) shall not liquidate or dissolve (or suffer any liquidation or dissolution), or enter into any transaction of merger or
consolidation or acquire by purchase or otherwise all or substantially all the business or assets of, or any stock or other evidence of beneficial ownership of any entity nor has Mortgagor heretofore done any of the foregoing, other than purchasing
the Property; 
 (d) has not incurred and shall not incur any debt, secured or unsecured, direct or contingent
(including, but not limited to, guaranteeing any obligation), other than (i) the prior loan being refinanced by this Loan, (ii) the Debt, and (iii) advances or trade payables or accrued expenses incurred in the ordinary course of
business of operating the Property not outstanding for more than sixty (60) days from the date incurred with trade creditors and in an 

  
 49 

 
amount not to exceed two (2%) percent of the outstanding principal balance of the Note in the aggregate (provided that such 2% limitation shall instead be $350,000 in the aggregate with
respect to advances or trade payables or accrued expenses related to build-out of tenant space at the Property); and no debt will be secured; 
 (e) shall not, nor shall any members thereof, as applicable, amend, modify or otherwise change Mortgagor’s partnership certificate, partnership agreement, articles of incorporation, by-laws,
operating agreement, articles of organization, or other formation agreement or document, as applicable, in any material term or manner, or in a manner which adversely affects Mortgagor’s existence as a single purpose bankruptcy remote entity,
nor has any such action heretofore been taken, except as required by Mortgagee; 
 (f) if Mortgagor maintains an
office or telephone or facsimile number, it shall maintain (and has continuously maintained) its principal executive office and telephone and facsimile numbers separate from that of any Affiliate of same and shall conspicuously identify (and has
continuously identified) such office and numbers as its own or shall allocate (and has continuously allocated) by written agreement fairly and reasonably any rent, overhead and expenses for shared office space. Additionally, the Mortgagor shall use
(and has continuously used) its own separate stationery, invoices and checks which reflects its separate address, telephone number and facsimile number as applicable; 

(g) shall maintain (and has continuously maintained) correct and complete financial statements, accounts, books and
records and other entity documents separate from those of any Affiliate of same or any other person or entity. Mortgagor shall prepare unaudited quarterly and annual financial statements, and the Mortgagor’s financial statements shall
substantially comply with generally accepted accounting principles or as otherwise provided in this Mortgage; 

(h) shall maintain (and has continuously maintained) its own separate bank accounts, payroll and correct, complete and
separate books of account; 
 (i) shall file or cause to be filed its own separate tax returns (and has
continuously done so in the past); 
 (j) shall hold itself out to the public (including any of its
Affiliates’ creditors) under the Mortgagor’s own name and as a separate and distinct entity and not as a department, division or otherwise of any Affiliate of same (and has continuously done so in the past); 

(k) shall observe all customary formalities regarding the existence of the Mortgagor, including holding meetings and
maintaining current and accurate minute books separate from those of any Affiliate of same (and has continuously done so in the past); 
 (1) has held and shall continue to hold title to its assets in its own name and act solely in its own name and through its own duly authorized officers and agents. No Affiliate of same shall be appointed
or act as agent of the Mortgagor, other than, as applicable, a property manager and/or leasing agent with respect to the Property; 

  
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 (m) shall make (and has made) investments in the name of the Mortgagor
directly by the Mortgagor or on its behalf by brokers engaged and paid by the Mortgagor or its agents; 
 (n)
shall not guarantee, pledge or assume or hold itself out or permit itself to be held out as having guaranteed, pledged or assumed any liabilities or obligations of any members or any Affiliate of the Mortgagor (nor has it previously so acted), nor
shall it make any loan, except as required by Mortgagee to the extent provided in the Loan Documents; 
 (o) has
at all times been and intends to remain solvent; 
 (p) shall separately identify, maintain and segregate its
assets (and has continuously done so in the past). Mortgagor’s assets have always been and shall continue at all times to be held by or on behalf of Mortgagor and if held on behalf of the Mortgagor by another entity, have at all times been kept
and shall at all times be kept identifiable (in accordance with customary usages) as assets owned by the Mortgagor. This restriction requires, among other things, that (i) Mortgagor funds shall be deposited or invested in the Mortgagor’s
name, (ii) Mortgagor funds shall not be commingled with the funds of any Affiliate of same or other person or entity, (iii) Mortgagor shall maintain all accounts in its own name and with its own tax identification number, separate from
those of any Affiliate of same or other person or entity, and (iv) Mortgagor funds shall be used only for the business of the Mortgagor; 
 (q) shall maintain (and has continuously maintained) its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate of
same or other person or entity; 
 (r) shall pay or cause to be paid its own liabilities and expenses of any
kind, including but not limited to salaries of its employees, only out of its own separate funds and assets (and has continuously done so in the past) and Mortgagor has continuously maintained and shall continue to maintain a sufficient number of
employees in light of its operations; 
 (s) has at all times been and intends to remain adequately capitalized
to engage in the transactions contemplated at its formation; 
 (t) shall not do any act which would make it
impossible to carry on the ordinary business of Mortgagor; 
 (u) shall reflect (and has continuously reflected)
the Mortgagor’s ownership interest in all data and records (including computer records) used by the Mortgagor or any Affiliate of same in the collection and administration of any loan made by Mortgagor; 

(v) shall not invest (and has not at any time invested) any of Mortgagor’s funds in securities issued by, nor shall
Mortgagor acquire (nor has Mortgagor acquired) the indebtedness or obligation of, any Affiliate of same; 
 (w)
shall maintain (and has continuously maintained) an arm’s length relationship with each of its Affiliates and may enter (and has entered) into contracts or transact (and has transacted) business with its Affiliates only on commercially
reasonable terms that are 

  
 51 

 
no less favorable to Mortgagor than is obtainable in the market from a person or entity that is not an Affiliate of same; 

(x) shall correct any misunderstanding that is known by Mortgagor regarding its name or separate identity (and has
continuously done so in the past); and 
 (y) shall not, without the prior written vote of one hundred percent
(100%) of its members institute proceedings to be adjudicated bankrupt or insolvent; or consent to the institution of bankruptcy or insolvency proceedings against it; or file a petition seeking, or consent to, reorganization or relief under any
applicable federal or state law relating to bankruptcy; or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of Mortgagor or a substantial part of Mortgagor’s property; or make any
assignment for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due or declare or effectuate a moritorium on payments of its obligation; or take any action in furtherance of any such action, nor
has any of the foregoing heretofore occurred. 
 “Affiliate” for purposes of Sections 1.33 and
1.34 means any person or entity which directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with a specified person or entity. For purposes hereof, the terms “control”,
“controlled”, or “controlling” with respect to a specified person or entity shall include, without limitation, (i) the ownership, control or power to vote ten percent (10%) or more of (x) the outstanding shares of
any class of voting securities or (y) beneficial interests, of any such person or entity, as the case may be, directly or indirectly, or acting through one or more persons or entities, (ii) the control in any manner over such person or
entity or the election of more than one director or trustee (or persons exercising similar functions) of such person or entity, or (iii) the power to exercise, directly or indirectly, control over the management or policies of such person or
entity. 
 Section 1.34 OFAC Lists. That (i) no Related Entity is (and to Mortgagor’s knowledge, no other
Person holding any legal or beneficial interest whatsoever in Mortgagor or Guarantor, directly or indirectly, is) included in, owned by, Controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind
to, or otherwise associated with any of the Persons referred to or described in any list of persons, entities, and governments issued by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) pursuant
to Executive Order 13224 – Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism, as amended (“Executive Order 13224”), or any similar list issued by OFAC or any other
department or agency of the United States of America (collectively, the “OFAC Lists”), and (ii) none of the Related Entities are Controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any
kind to, or otherwise associated with any of the Persons referred to or described in any list of persons, entities, and governments issued by OFAC pursuant to Executive Order 13224, or any other OFAC Lists. “Related Entity” shall mean
Mortgagor, Guarantor, or any general partner or managing member of Mortgagor or Guarantor, and any other Affiliate of Mortgagor or Guarantor which directly or indirectly owns any legal or beneficial interest in Mortgagor. 

  
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 Section 1.35 Compliance With Anti-Terrorism Regulations. 

(a) Mortgagor hereby covenants and agrees that (i) no Related Entity will be included in, owned by, Controlled by,
act for or on behalf of, provide assistance, support, sponsorship, or services of any kind to, or otherwise associate with any of the Persons referred to or described in any list of persons, entities, and governments issued by OFAC pursuant to
Executive Order 13224 or any other OFAC Lists, and (ii) none of the Related Entities will be Controlled by, act for or on behalf of, provide assistance, support, sponsorship, or services of any kind to, or otherwise associate with any of the
Persons referred to or described in any list of persons, entities, and governments issued by OFAC pursuant to Executive Order 13224, or any other OFAC Lists. 
 (b) Mortgagor hereby covenants and agrees that it will comply at all times with the requirements of Executive Order 13224; the International Emergency Economic Powers Act, 50 U.S.C. Sections 1701-06; the
United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56; the Iraqi Sanctions Act, Pub. L. 101-513, 104 Stat. 2047-55; the United Nations Participation Act, 22 U.S.C.
Section 287c; the Antiterrorism and Effective Death Penalty Act, (enacting 8 U.S.C. Section 219, 18 U.S.C. Section 2332d, and 18 U.S.C. Section 2339b); the International Security and Development Cooperation Act, 22 U.S.C.
Section 2349 aa-9; the Terrorism Sanctions Regulations, 31 C.F.R. Part 595; the Terrorism List Governments Sanctions Regulations, 31 C.F.R. Part 596; and the Foreign Terrorist Organizations Sanctions Regulations, 31 C.F.R. Part 597 and any
similar laws or regulation currently in force or hereafter enacted (collectively, the “Anti-Terrorism Regulations”). 
 (c) Mortgagor hereby covenants and agrees that if it becomes aware or receives any notice that any Related Entity is named on any of the OFAC Lists (such occurrence, an “OFAC Violation”),
Mortgagor will immediately (i) give notice to Mortgagee of such OFAC Violation, and (ii) comply with all Laws applicable to such OFAC Violation (regardless of whether the party included on any of the OFAC Lists is located within the
jurisdiction of the United States of America), including, without limitation, the Anti-Terrorism Regulations, and Mortgagor hereby authorizes and consents to Mortgagee’s taking any and all steps Mortgagee deems necessary, in its sole
discretion, to comply with all Laws applicable to any such OFAC Violation, including, without limitation, the requirements of the Anti-Terrorism Regulations (including the “freezing” and/or “blocking” of assets). 

(d) Upon Mortgagee’s request from time to time during the term of the Loan, Mortgagor agrees to deliver a
certification confirming that the representations and warranties set forth in Section 1.34 above remain true and correct as of the date of such certificate and confirming Mortgagor’s compliance with this Section 1.35. 

  
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 ARTICLE II 
 EVENTS OF DEFAULT 
 Section 2.1 Events of Default. The occurrence of
any of the following events (each an “Event of Default”) shall be an Event of Default hereunder: 
 (a) Mortgagor fails to punctually perform any covenant, agreement, obligation, term or condition hereof, or under the Note or in any other Loan Document which requires payment of any money to Mortgagee at
the time when due or within any applicable grace period set forth herein or therein, or if no time or grace period is set forth herein or therein, then within five (5) days of the date such payment is due (except that no grace period or notice
period is provided for the payment of interest only or principal and interest, as applicable, due under the Note, including without limitation on the Maturity Date), or following demand if there is no due date. 

(b) Mortgagor fails to punctually perform any material covenant, agreement, obligation, term or condition under any oral
or written Material Contract by the earlier of: (i) the date for performance required under the Material Contract or (ii) ten (10) days prior to the expiration of any notice or grace period afforded to Mortgagor in respect of the
Material Contract. 
 (c) Mortgagor fails to provide insurance as required by Section 1.4 hereof or
fails to perform any covenant, agreement, obligation, term or condition set forth in Sections 1.5, 1.15, 1.16, 1.31, 1.33, or Exhibit C hereof. 

(d) Mortgagor fails to perform any other covenant, agreement, obligation, term or condition set forth herein other than
those otherwise described in this Section 2.1 and, to the extent such failure or default is susceptible of being cured, the continuance of such failure or default for thirty (30) days after written notice thereof from Mortgagee to
Mortgagor; provided, however, that if such default is susceptible of cure but such cure cannot be accomplished with reasonable diligence within said period of time, and if Mortgagor commences to cure such default promptly after receipt of notice
thereof from Mortgagee, and thereafter prosecutes the curing of such default with reasonable diligence, such period of time shall be extended for such period of time as may be necessary to cure such default with reasonable diligence, but not to
exceed an additional sixty (60) days. 
 (e) Any representation or warranty made (i) herein in the loan
commitment from Mortgagee relating to the Loan (the “Loan Commitment”), in any of the other Loan Documents by Mortgagor or by any principal, general partner, manager or member in or of Mortgagor or in any indemnity or
guaranty executed in connection with the Loan by any indemnitor or guarantor, or (ii) in the Loan Application, is determined by Mortgagee to have been false or misleading in any material respect, or to have contained a material omission, at the
time made. 
 (f) There shall be a sale, conveyance, disposition, alienation, hypothecation, leasing, assignment,
pledge, mortgage, granting of a security interest in or other transfer or further encumbrancing of the Property, Mortgagor or its shareholders, general 

  
 54 

 
partners or members, or any portion thereof or any interest therein in violation of, or otherwise there shall be a violation of, Section 1.13 hereof. 

(g) An Event of Default or a default occurs under any of the other Loan Documents which has not been cured within any
applicable grace or cure period therein provided. 
 (h) Mortgagor, any general partner or managing member in
Mortgagor or any indemnitor or guarantor under any indemnity or guaranty executed in connection with the Debt becomes insolvent, or makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors, or files a petition in
bankruptcy, or is voluntarily adjudicated insolvent or bankrupt or admits in writing the inability to pay debts as they mature, or petitions or applies to any tribunal for, or consents to or fails to contest the appointment of, a receiver, trustee,
custodian or similar officer for Mortgagor, for any such general partner or managing member of Mortgagor or for any such indemnitor or guarantor or for a substantial part of the assets of Mortgagor, of any such general partner or managing member of
Mortgagor or of any such indemnitor or guarantor, or commences any case, proceeding or other action under any bankruptcy, reorganization, arrangement, readjustment or debt, dissolution or liquidation law or statute of any jurisdiction, whether now
or hereafter in effect; provided, however, that if any or more of the foregoing events (each a “Guarantor Insolvency Event”) occurs with respect to any Guarantor (such Guarantor being the subject of such Guarantor Insolvency
Event, an “Unacceptable Guarantor”) and Mortgagor causes, within thirty (30) days of such event(s), a substitute guarantor or indemnitor approved by Mortgagee in its sole discretion (a “Approved
Guarantor”) to execute such guaranties or indemnities as had been executed by the Unacceptable Guarantor in connection with the Debt, then the Guarantor Insolvency Event shall not, in and of itself, constitute an Event of Default
hereunder; provided further that if a Guarantor Insolvency Event occurs with respect to any Guarantor, then for so long as the Guarantors who have not been the subject of either a Guarantor Insolvency Event or Guarantor Type II Insolvency Event (as
defined below) maintain a combined net worth of at least $7,000,000.00, the occurrence of such Guarantor Insolvency Event shall not, in and of itself, constitute an Event of Default hereunder. 

(i) A petition is filed or any case, proceeding or other action is commenced against Mortgagor, against any general
partner or managing member of Mortgagor or against any indemnitor or guarantor under any indemnity or guaranty executed in connection with the Debt seeking to have an order for relief entered against it as debtor or seeking reorganization,
arrangement, adjustment, liquidation, dissolution or composition of it or its debts or other relief under any law relating to bankruptcy, insolvency, arrangement, reorganization, receivership or other debtor relief under any law or statute of any
jurisdiction whether now or hereafter in effect, or a court of competent jurisdiction enters an order for relief against Mortgagor, against any managing member or general partner of Mortgagor or against any indemnitor or guarantor under any
indemnity or guaranty executed in connection with the Debt, as debtor, or an order, judgment or decree is entered appointing, with or without the consent of Mortgagor, of any such managing member or general partner of Mortgagor or of any such
indemnitor or guarantor, a receiver, trustee, custodian or similar officer for Mortgagor, for any such managing member or general partner of Mortgagor or for any such indemnitor or guarantor, or for any substantial part of any of the properties of
Mortgagor, of any such managing member 

  
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or general partner of Mortgagor or of any such indemnitor or guarantor, (any of the foregoing events occurring with respect to any Guarantor being hereinafter referred to as a “Guarantor
Type II Insolvency Event”), and if any such event shall occur, such petition, case, proceeding, action, order, judgment or decree shall not be dismissed within sixty (60) days after being commenced; provided that if a Guarantor
Type II Insolvency Event occurs with respect to any Guarantor, then for so long as the Guarantors who have not been the subject of either a Guarantor Type II Insolvency Event or Guarantor Insolvency Event maintain a combined net worth of at least
$7,000,000.00 the occurrence of such Guarantor Insolvency Event shall not, in and of itself, constitute an Event of Default hereunder. 
 (j) The Property or any part thereof is taken on execution or other process of law in any action against Mortgagor. 
 (k) Mortgagor abandons all or a portion of the Property. 
 (1) The
holder of any lien or security interest on the Property (without implying the consent of Mortgagee to the existence or creation of any such lien or security interest), whether superior or subordinate to this Mortgage or any of the other Loan
Documents, declares a default and such default is not cured within any applicable grace or cure period set forth in the applicable document or such holder institutes foreclosure or other proceedings for the enforcement of its remedies thereunder.

 (m) The Property, or any part thereof, is subjected to actual or threatened waste or to removal, demolition or
material alteration so that the value of the Property is materially diminished thereby and Mortgagee determines (in its subjective determination) that it is not adequately protected from any loss, damage or risk associated therewith. 

(n) Any dissolution, termination, partial or complete liquidation, merger or consolidation of Mortgagor. 

(o) Mortgagor defaults under any Major Lease, and such default continues beyond any applicable notice or cure period
thereunder. 
 (p) Mortgagor distributes Necessary Property Receipts in contravention of this Mortgage.

 (q) If any default under Section 1.34 (OFAC Rep) or 1.35 (OFAC Covenant) hereof occurs. 

ARTICLE III 

REMEDIES 

Section 3.1 Remedies Available. If there shall occur an Event of Default under this Mortgage, then this Mortgage is subject
to foreclosure as provided by law and Mortgagee may, at its option and by or through a trustee, nominee, assignee or otherwise, to the fullest extent permitted by law, exercise any or all of the following rights, remedies and recourses, either
successively or concurrently: 

  
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 (a) Acceleration. Accelerate the maturity date of the Note and
declare any or all of the Debt to be immediately due and payable without any presentment, demand, protest, notice, or action of any kind whatever (each of which is hereby expressly waived by Mortgagor), whereupon the same shall become immediately
due and payable. Upon any such acceleration, payment of such accelerated amount shall constitute a prepayment of the principal balance of the Note and any applicable prepayment fee provided for in the Note shall then be immediately due and payable.

 (b) Entry on the Property. Either in person or by agent, with or without bringing any action or
proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, without force or with such force as is permitted by law and without notice or
process or with such notice or process as is required by law, unless such notice and process is waivable, in which case Mortgagor hereby waives such notice and process, and do any and all acts and perform any and all work which may be desirable or
necessary in Mortgagee’s judgment to complete any unfinished construction on the Real Estate, to preserve the value, marketability or rentability of the Property, to increase the income therefrom, to manage and operate the Property or to
protect the security hereof and all sums expended by Mortgagee therefor, together with interest thereon at the Default Interest Rate, shall be immediately due and payable to Mortgagee by Mortgagor on demand and shall be secured hereby and by all of
the other Loan Documents securing all or any part of the Debt. 
 (c) Collect Rents and Profits. With or
without taking possession of the Property, sue or otherwise collect the Rents and Profits, including those past due and unpaid. 
 (d) Appointment of Receiver. Upon, or at any time prior or after, initiating the exercise of any power of sale, instituting any judicial foreclosure or instituting any other foreclosure of the
liens and security interests provided for herein or any other legal proceedings hereunder, make application to a court of competent jurisdiction for appointment of a receiver for all or any part of the Property, as a matter of strict right and
without notice to Mortgagor and without regard to the adequacy of the Property for the repayment of the Debt or the solvency of Mortgagor or any person or persons liable for the payment of the Debt, and Mortgagor does hereby irrevocably consent to
such appointment, waives any and all notices of and defenses to such appointment and agrees not to oppose any application therefor by Mortgagee, but nothing herein is to be construed to deprive Mortgagee of any other right, remedy or privilege
Mortgagee may now have under the law to have a receiver appointed, provided, however, that the appointment of such receiver, trustee or other appointee by virtue of any court order, statute or regulation shall not impair or in any manner prejudice
the rights of Mortgagee to receive payment of the Rents and Profits pursuant to other terms and provisions hereof. Any such receiver shall have all of the usual powers and duties of receivers in similar cases, including, without limitation, the full
power to hold, develop, rent, lease, manage, maintain, operate and otherwise use or permit the use of the Property upon such terms and conditions as said receiver may deem to be prudent and reasonable under the circumstances as more fully set forth
in Section 3.3 below. Such receivership shall, at the option of Mortgagee, continue until full payment of all of the Debt or until title to the Property shall have passed by foreclosure sale under this Mortgage or deed in lieu of
foreclosure. 

  
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 (e) Foreclosure. Immediately commence an action to foreclose this
Mortgage or to specifically enforce its provisions with respect to all or any portion of the Debt pursuant to the statutes in such case made and provided, and sell the Property or cause the Property to be sold in accordance with the requirements and
procedures provided by said statutes in a single parcel or in several parcels at the option of Mortgagee. 
 (1) In the event
foreclosure proceedings are instituted by Mortgagee, all expenses incident to such proceedings, including, but not limited to, reasonable attorneys’ fees and costs, shall be paid by Mortgagor and secured by this Mortgage and by all of the other
Loan Documents securing all or any part of the Debt. The Debt and all other obligations secured by this Mortgage, including, without limitation, interest at the Default Rate (as defined in the Note), any prepayment charge, fee or premium required to
be paid under the Note in order to prepay principal (to the extent permitted by applicable law), reasonable attorneys’ fees and any other amounts due and unpaid to Mortgagee under the Loan Documents, may be bid by Mortgagee in the event of a
foreclosure sale hereunder. In the event of a judicial sale pursuant to a foreclosure decree, it is understood and agreed that Mortgagee or its assigns may become the purchaser of the Property or any part thereof. 

(2) Mortgagee may, by following the procedures and satisfying the requirements prescribed by applicable law, foreclose on only a portion
of the Property and, in such event, said foreclosure shall not affect the lien of this Mortgage on the remaining portion of the Property. 
 (f) Judicial Remedies. Proceed by suit or suits, at law or in equity, instituted by or on behalf of Mortgagee, to enforce the payment of the Debt or the other obligations of Mortgagor hereunder or
pursuant to the Loan Documents, to foreclose the liens and security interests of this Mortgage as against all or any part of the Property, and to have all or any part of the Property sold under the judgment or decree of a court of competent
jurisdiction. This remedy shall be cumulative of any other non-judicial remedies available to Mortgagee with respect to the Loan Documents. Proceeding with the request or receiving a judgment for legal relief shall not be or be deemed to be an
election of remedies or bar any available non-judicial remedy of Mortgagee. 
 (g) Other. Exercise any
other right or remedy available hereunder, under any of the other Loan Documents or at law or in equity. 
 Section 3.2
Application of Proceeds. To the fullest extent permitted by law, the proceeds of any sale under this Mortgage shall be applied, to the extent funds are so available, to the following items in such order as Mortgagee in its discretion may
determine: 
 (a) To payment of the costs, expenses and fees of taking possession of the Property, and of
holding, operating, maintaining, using, leasing, repairing, improving, marketing and selling the same and of otherwise enforcing Mortgagee’s right and remedies hereunder and under the other Loan Documents, including, but not limited to,
receivers’ fees, court costs, attorneys’, accountants’, appraisers’, managers’ and other professional fees, title charges and transfer taxes. 

  
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 (b) To payment of all sums expended by Mortgagee under the terms of any of
the Loan Documents and not yet repaid, together with interest on such sums at the Default Interest Rate. 
 (c)
To payment of the Debt and all other obligations secured by this Mortgage, including, without limitation, interest at the Default Rate and, to the extent permitted by applicable law, any prepayment fee, charge or premium required to be paid under
the Note in order to prepay principal, in any order that Mortgagee chooses in its sole discretion. 
 The remainder, if any, of
such funds shall be disbursed to Mortgagor or to the person or persons legally entitled thereto. 
 Section 3.3 Right
and Authority of Receiver or Mortgagee in the Event of Default; Power of Attorney. Upon the occurrence of an Event of Default which is not cured within any applicable grace or cure period, and entry upon the Property pursuant to
Section 3.1(b) hereof or appointment of a receiver pursuant to Section 3.1(d) hereof, and under such terms and conditions as may be prudent and reasonable under the circumstances in Mortgagee’s or the receiver’s
sole discretion, all at Mortgagor’s expense, Mortgagee or said receiver, or such other persons or entities as they shall hire, direct or engage, as the case may be, may do or permit one or more of the following, successively or concurrently:
(a) enter upon and take possession and control of any and all of the Property; (b) take and maintain possession of all documents, books, records, papers and accounts relating to the Property; (c) exclude Mortgagor and its agents,
servants and employees wholly from the Property; (d) manage and operate the Property; (e) preserve and maintain the Property; (f) make repairs and alterations to the Property; (g) complete any construction or repair of the
Improvements, with such changes, additions or modifications of the plans and specifications or intended disposition and use of the Improvements as Mortgagee may in its sole discretion deem appropriate or desirable to place the Property in such
condition as will, in Mortgagee’s sole discretion, make it or any part thereof readily marketable or rentable; (h) conduct a marketing or leasing program with respect to the Property, or employ a marketing or leasing agent or agents to do
so, directed to the leasing or sale of the Property under such terms and conditions as Mortgagee may in its sole discretion deem appropriate or desirable; (i) employ such contractors, subcontractors, materialmen, architects, engineers,
consultants, managers, brokers, marketing agents, or other employees, agents, independent contractors or professionals, as Mortgagee may in its sole discretion deem appropriate or desirable to implement and effectuate the rights and powers herein
granted; (j) execute and deliver, in the name of Mortgagee as attorney-in-fact and agent of Mortgagor or in its own name as Mortgagee, such documents and instruments as are necessary or appropriate to consummate authorized transactions;
(k) enter into such leases, whether of real or personal property, or tenancy agreements, under such terms and conditions as Mortgagee may in its sole discretion deem appropriate or desirable; (1) collect and receive the Rents and Profits
from the Property; (m) eject Tenants or repossess personal property, as provided by law, for breaches of the conditions of their Leases; (n) sue for unpaid Rents and Profits, payments, income or proceeds in the name of Mortgagor or
Mortgagee; (o) maintain actions in forcible entry and detainer, ejectment for possession and actions in distress for rent; (p) compromise or give acquittance for Rents and Profits, payments, income or proceeds that may become due;
(q) delegate or assign any and all rights and powers given to Mortgagee by this Mortgage; and (r) do any acts which Mortgagee in its sole discretion deems appropriate or desirable to protect the security hereof and use such

  
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measures, legal or equitable, as Mortgagee may in its sole discretion deem appropriate or desirable to implement and effectuate the provisions of this Mortgage. This Mortgage shall constitute a
direction to and full authority to any Tenant, lessee, or other third party who has heretofore dealt or contracted or may hereafter deal or contract with Mortgagor or Mortgagee, at the request of Mortgagee, to pay all amounts owing under any Lease,
contract, concession, license or other agreement to Mortgagee without proof of the Event of Default relied upon. Any such Tenant, lessee or third party is hereby irrevocably authorized to rely upon and comply with (and shall be fully protected by
Mortgagor in so doing) any request, notice or demand by Mortgagee for the payment to Mortgagee of any Rents and Profits or other sums which may be or thereafter become due under its Lease, contract, concession, license or other agreement, or for the
performance of any undertakings under any such Lease, contract, concession, license or other agreement, and shall have no right or duty to inquire whether any Event of Default under this Mortgage or any default under any of the other Loan Documents
has actually occurred or is then existing. Mortgagor hereby constitutes and appoints Mortgagee, its assignees, successors, transferees and nominees, as Mortgagor’s true and lawful attorney-in-fact and agent, with full power of substitution in
the Property, in Mortgagor’s name, place and stead, to do or permit any one or more of the foregoing described rights, remedies, powers and authorities, successively or concurrently, and said power of attorney shall be deemed a power coupled
with an interest and irrevocable so long as any portion of the Debt is outstanding. Any money advanced by Mortgagee in connection with any action taken under this Section 3.3, together with interest thereon at the Default Rate from the
date of making such advancement by Mortgagee until actually paid by Mortgagor, shall be a demand obligation owing by Mortgagor to Mortgagee and shall be secured by this Mortgage and by every other instrument securing the Debt. 

Section 3.4 Occupancy After Foreclosure. In the event there is a foreclosure sale hereunder and at the time of such sale,
Mortgagor or Mortgagor’s representatives, successors or assigns, or any other persons claiming any interest in the Property by, through or under Mortgagor (except tenants of space in the Improvements subject to Leases entered into prior to the
date hereof), are occupying or using the Property, or any part thereof, then, to the extent not prohibited by applicable law, each and all shall, at the option of Mortgagee or the purchaser at such sale, as the case may be, immediately become the
tenant of the purchaser at such sale, which tenancy shall be a tenancy from day-to-day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the Property occupied or used, such rental to be due
daily to the purchaser. Further, to the extent permitted by applicable law, in the event the tenant fails to surrender possession of the Property upon the termination of such tenancy, the purchaser shall be entitled to institute and maintain an
action for unlawful detainer of the Property in the appropriate court of the county in which the Real Estate is located. 

Section 3.5 Notice to Account Debtors. Mortgagee may, at any time after an Event of Default hereunder, notify the account
debtors and obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Mortgagor included in the Property to pay Mortgagee directly. Mortgagor shall at any time or from time to time upon the request of
Mortgagee provide to Mortgagee a current list of all such account debtors and obligors and their addresses. 
 Section 3.6
Cumulative Remedies. All remedies contained in this Mortgage are cumulative and Mortgagee shall also have all other remedies provided at law and in equity or in 

  
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any other Loan Documents. Such remedies may be pursued separately, successively or concurrently at the sole subjective direction of Mortgagee and may be exercised in any order and as often as
occasion therefor shall arise. No act of Mortgagee shall be construed as an election to proceed under any particular provisions of this Mortgage to the exclusion of any other provision of this Mortgage or as an election of remedies to the exclusion
of any other remedy which may then or thereafter be available to Mortgagee. No delay or failure by Mortgagee to exercise any right or remedy under this Mortgage shall be construed to be a waiver of that right or remedy or of any Default or Event of
Default. Mortgagee may exercise any one or more of its rights and remedies at its option without regard to the adequacy of its security. 
 Section 3.7 Payment of Expenses. Mortgagor shall pay on demand all of Mortgagee’s expenses incurred in any efforts to enforce any terms of this Mortgage, whether or not any lawsuit is
filed and whether or not foreclosure is commenced but not completed, including, but not limited to, reasonable legal fees and disbursements, foreclosure costs and title charges, together with interest thereon from and after the date incurred by
Mortgagee until actually paid by Mortgagor at the Default Interest Rate, and the same shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. 

ARTICLE IV 

MISCELLANEOUS TERMS AND CONDITIONS 
 Section 4.1 Time of Essence. Time is of the essence with respect to all provisions of this Mortgage. 
 Section 4.2 Release of Mortgage. If all of the Debt be paid, then and in that event only, all rights under this Mortgage, except for those provisions hereof which by their terms survive, shall
terminate and the Property shall become wholly clear of the liens, security interests, conveyances and assignments evidenced hereby, which shall be released of record by Mortgagee in due form at Mortgagor’s cost. No release of this Mortgage or
the lien hereof shall be valid unless executed by Mortgagee. 
 Section 4.3 Certain Rights of Mortgagee. Without
affecting Mortgagor’s liability for the payment of any of the Debt, Mortgagee may from time to time and without notice to Mortgagor: (a) release any person liable for the payment of the Debt; (b) extend or modify (in a manner
favorable to Mortgagor) the terms of payment of the Debt; (c) accept additional real or personal property of any kind as security or alter, substitute or release any property securing the Debt; (d) recover any part of the Property;
(e) consent in writing to the making of any subdivision map or plat thereof; (f) join in granting any easement therein; or (g) join in any extension agreement of this Mortgage or any agreement subordinating the lien hereof.

 Section 4.4 Waiver of Certain Defenses. No action for the enforcement of the lien hereof or of any provision
hereof shall be subject to any defense which would not be good and available to the party interposing the same in an action at law upon the Note or any of the other Loan Documents. 

Section 4.5 Notices. All notices, demands, requests or other communications to be sent by one party to the other hereunder or
required by law shall be in writing and shall be 

  
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deemed to have been validly given or served by delivery of the same in person to the intended addressee, or by depositing the same with Federal Express or another reputable private courier
service for next business day delivery, or by depositing the same in the United States mail, postage prepaid, registered or certified mail, return receipt requested, in any event addressed to the intended addressee at its address set forth on the
first page of this Mortgage or at such other address as may be designated by such party as herein provided. All notices, demands and requests to be sent to Mortgagee shall be addressed to the attention of the Capital Markets Group - Conduit Loan
Program. All notices, demands and requests shall be effective upon such personal delivery, or one (1) business day after being deposited with the private courier service, or two (2) business days after being deposited in the United States
mail as required above. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice, demand or request sent. By giving to the
other party hereto at least fifteen (15) days’ prior written notice thereof in accordance with the provisions hereof, the parties hereto shall have the right from time to time to change their respective addresses and each shall have the
right to specify as its address any other address within the United States of America. 
 Section 4.6 Successors and
Assigns; Joint and Several Liability. The terms, provisions, indemnities, covenants and conditions hereof shall be binding upon Mortgagor and the successors and assigns of Mortgagor, including all successors in interest of Mortgagor in and to
all or any part of the Property, and shall inure to the benefit of Mortgagee, its directors, officers, shareholders, employees and agents and their respective successors and assigns and shall constitute covenants running with the land. All
references in this Mortgage to Mortgagor or Mortgagee shall be deemed to include all such parties’ successors and assigns, and the term “Mortgagee” as used herein shall also mean and refer to any lawful holder or owner,
including pledgees and participants, of any of the Debt. If Mortgagor consists of more than one person or entity, each is jointly and severally liable to perform the obligations of Mortgagor, and all representations, warranties, covenants and
agreements made by Mortgagor are joint and several. 
 Section 4.7 Severability. A determination that any provision
of this Mortgage is unenforceable or invalid shall not affect the enforceability or validity of any other provision, and any determination that the application of any provision of this Mortgage to any person or circumstance is illegal or
unenforceable shall not affect the enforceability or validity of such provision as it may apply to any other persons or circumstances. 
 Section 4.8 Gender. Within this Mortgage, words of any gender shall be held and construed to include any other gender, and words in the singular shall be held and construed to include the
plural, and vice versa, unless the context otherwise requires. 
 Section 4.9 Waiver: Discontinuance of Proceedings.
Mortgagee may waive any single Default or Event of Default by Mortgagor hereunder without waiving any other prior or subsequent Default or Event of Default. Mortgagee may remedy any Default or Event of Default by Mortgagor hereunder without waiving
the Default Event of Default remedied. Neither the failure by Mortgagee to exercise, nor the delay by Mortgagee in exercising, any right, power or remedy upon any Default or Event of Default by Mortgagor hereunder shall be construed as a waiver of
such Default or Event of Default or as a waiver of the right to exercise any such right, power or remedy at a later date. No single or partial exercise by Mortgagee of any right, power or remedy hereunder shall exhaust the same or shall preclude any
other or further exercise 

  
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thereof, and every such right, power or remedy hereunder may be exercised at any time and from time to time. No modification or waiver of any provision hereof nor consent to any departure by
Mortgagor therefrom shall in any event be effective unless the same shall be in writing and signed by Mortgagee, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose given. No notice to nor
demand on Mortgagor in any case shall of itself entitle Mortgagor to any other or further notice or demand in similar or other circumstances. Acceptance by Mortgagee of any payment in an amount less than the amount then due on any of the Debt shall
be deemed an acceptance on account only and shall not in any way affect the existence of a Default or an Event of Default hereunder. In case Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted hereunder or under the
other Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, Mortgagee shall have the unqualified right to do so and, in such an event, Mortgagor and Mortgagee shall be restored to their former positions with
respect to the Debt, the Loan Documents, the Property and otherwise, and the rights, remedies, recourses and powers of Mortgagee shall continue as if the same had never been invoked. 

Section 4.10 Section Headings. The headings of the sections and paragraphs of this Mortgage are for convenience of reference
only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. 

Section 4.11 GOVERNING LAW. THIS MORTGAGE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH
THE REAL ESTATE IS LOCATED; PROVIDED THAT TO THE EXTENT ANY OF SUCH LAWS MAY NOW OR HEREAFTER BE PREEMPTED BY FEDERAL LAW, SUCH FEDERAL LAW SHALL SO GOVERN AND BE CONTROLLING; AND PROVIDED FURTHER THAT THE LAWS OF THE STATE IN WHICH THE REAL ESTATE
IS LOCATED SHALL GOVERN AS TO THE CREATION, PRIORITY AND ENFORCEMENT OF LIENS AND SECURITY INTERESTS IN PROPERTY LOCATED IN SUCH STATE. 
 Section 4.12 Counting of Days. The term “days” when used herein shall mean calendar days. If any time period ends on a Saturday, Sunday or holiday officially recognized by the state
within which the Real Estate is located, the period shall be deemed to end on the next succeeding business day. The term “business day” when used herein shall mean any day other than a Saturday, a Sunday, a legal holiday or other day on
which commercial banks in the state in which the Real Estate is located are authorized or required by law to close. All references in this Mortgage to a “day” or “date” shall be to a calendar day unless specifically referenced as
a business day. 
 Section 4.13 Relationship of the Parties. The relationship between Mortgagor and Mortgagee is
that of a borrower and a lender only and neither of those parties is, nor shall it hold itself out to be, the agent, employee, joint venturer or partner of the other party. 
 Section 4.14 Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior
encumbrance against the Property, such proceeds have been advanced by Mortgagee at Mortgagor’s request and Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens,
security interests, charges or 

  
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encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released. 
 Section 4.15 Unsecured Portion of Indebtedness. If any part of the Debt cannot be lawfully secured by this Mortgage or if any part of the Property cannot be lawfully subject to the lien and
security interest hereof to the full extent of such indebtedness, then all payments made shall be applied on said indebtedness first in discharge of that portion thereof which is unsecured by this Mortgage. 

Section 4.16 Cross Default. An Event of Default hereunder shall be a default under each of the other Loan Documents.

 Section 4.17 Interest After Sale. In the event the Property or any part thereof shall be sold upon foreclosure as
provided hereunder, to the extent permitted by law, the sum for which the same shall have been sold shall, for purposes of redemption (pursuant to the laws of the state in which the Property is located), bear interest at the Default Interest Rate.

 Section 4.18 Inconsistency with Other Loan Documents. In the event of any inconsistency between the provisions
hereof and the provisions in any of the other Loan Documents, it is intended that the provisions selected by Mortgagee in its sole subjective discretion shall be controlling. 
 Section 4.19 Construction of this Document. This document may be construed as a mortgage, security deed, deed of trust, chattel mortgage, conveyance, assignment, security agreement, pledge,
financing statement, hypothecation or contract, or any one or more of the foregoing, in order to fully effectuate the liens and security interests created hereby and the purposes and agreements herein set forth. 

Section 4.20 No Merger. It is the desire and intention of the parties hereto that this Mortgage and the lien hereof do not
merge in fee simple title to the Property. It is hereby understood and agreed that should Mortgagee acquire any additional or other interests in or to the Property or the ownership thereof, then, unless a contrary intent is manifested by Mortgagee
as evidenced by an appropriate document duly recorded, this Mortgage and the lien hereof shall not merge in such other or additional interests in or to the Property, toward the end that this Mortgage may be foreclosed as if owned by a stranger to
said other or additional interests. 
 Section 4.21 Rights With Respect to Junior Encumbrances. Any person or entity
purporting to have or to take a junior mortgage or other lien upon the Property or any interest therein shall be subject to the rights of Mortgagee to amend, modify, increase, vary, alter or supplement this Mortgage, the Note or any of the other
Loan Documents, and to extend the maturity date of the Debt and to increase the amount of the Debt and to waive or forebear the exercise of any of its rights and remedies hereunder or under any of the other Loan Documents and to release any
collateral or security for the Debt, in each and every case without obtaining the consent of the holder of such junior lien and without the lien or security interest of this Mortgage losing its priority over the rights of any such junior lien.

 Section 4.22 Mortgagee May File Proofs of Claim. In the case of any receivership, insolvency, bankruptcy,
reorganization, arrangement, adjustment, composition or other 

  
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proceedings affecting Mortgagor or the principals, general partners or managing members in Mortgagor, or their respective creditors or property, Mortgagee, to the extent permitted by law, shall
be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of Mortgagee allowed in such proceedings for the entire secured Debt at the date of the institution of such proceedings and for
any additional amount which may become due and payable by Mortgagor hereunder after such date. 
 Section 4.23 Fixture
Filing. This Mortgage shall be effective from the date of its recording as a financing statement filed as a fixture filing with respect to all goods constituting part of the Property which are or are to become fixtures. This Mortgage shall also
be effective as a financing statement covering minerals or the like (including, but not limited to, oil and gas) and is to be filed of record in the real estate records of the county where the Property is located. The mailing address of Mortgagor
and the address of Mortgagee from which information concerning the security interest may be obtained are set forth in Section 1.22 hereof. 
 Section 4.24 After-Acquired Property. All property acquired by Mortgagor after the date of this Mortgage which by the terms of this Mortgage shall be subject to the lien and the security
interest created hereby, shall immediately upon the acquisition thereof by Mortgagor and without further mortgage, conveyance or assignment become subject to the lien and security interest created by this Mortgage. Nevertheless, Mortgagor shall
execute, acknowledge, deliver and record or file, as appropriate, all and every such further mortgages, security agreements, financing statements, assignments and assurances, as Mortgagee shall require for accomplishing the purposes of this
Mortgage. 
 Section 4.25 No Representation. By accepting delivery of any item required to be observed, performed or
fulfilled or to be given to Mortgagee pursuant to the Loan Documents, including, but not limited to, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance policy,
Mortgagee shall not be deemed to have warranted, consented to, or affirmed the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance of delivery thereof shall not be or
constitute any warranty, consent or affirmation with respect thereto by Mortgagee. 
 Section 4.26 Counterparts.
This Mortgage may be executed in any number of counterparts, each of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as if
all parties hereto had signed the same signature page. Any signature page of this Mortgage may be detached from any counterpart of this Mortgage without impairing the legal effect of any signatures thereon and may be attached to another counterpart
of this Mortgage identical in form hereto but having attached to it one or more additional signature pages. 
 Section 4.27
Personal Liability. Notwithstanding anything to the contrary contained in this Mortgage, the personal liability of Mortgagor and its officers, directors, general partners, managers, members or principals for the Debt and for the performance
of the other agreements, covenants and obligations contained herein and in the other Loan Documents shall be limited to the extent identified or otherwise set forth in Section 2.04 of the Note. 

  
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 Section 4.28 Recording and Filing. Mortgagor will cause the Loan Documents and
all amendments and supplements thereto and substitutions therefor to be recorded, filed, re-recorded and re-filed in such manner and in such places as Mortgagee shall reasonably request, and will pay on demand all such recording, filing,
re-recording and re-filing taxes, fees and other charges. Mortgagor shall reimburse Mortgagee, or its servicing agent, for the costs incurred in obtaining a tax service company to verify the status of payment of taxes and assessments on the
Property. 
 Section 4.29 Entire Agreement and Modifications. This Mortgage and the other Loan Documents contain the
entire agreements between the parties relating to the subject matter hereof and thereof and all prior agreements relative hereto and thereto which are not contained herein or therein are terminated. This Mortgage and the other Loan Documents may not
be amended, revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by the party against which enforcement of the amendment, revision, waiver, discharge, release or termination is asserted.
Any alleged amendment, revision, waiver, discharge, release or termination which is not so documented shall not be effective as to any party. 
 Section 4.30 Maximum Interest. The provisions of this Mortgage and of all agreements between Mortgagor and Mortgagee, whether now existing or hereafter arising and whether written or oral, are
hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand or acceleration of the maturity of the Note or otherwise, shall the amount paid, or agreed to be paid (“Interest”), to
Mortgagee for the use, forbearance or retention of the money loaned under the Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, performance or fulfillment of any provision hereof or of any
agreement between Mortgagor and Mortgagee shall, at the time performance or fulfillment of such provision shall be due, exceed the limit for Interest prescribed by law or otherwise transcend the limit of validity prescribed by applicable law, then,
ipso facto, the obligation to be performed or fulfilled shall be reduced to such limit, and if, from any circumstance whatsoever, Mortgagee shall ever receive anything of value deemed Interest by applicable law in excess of the maximum lawful
amount, an amount equal to any excessive Interest shall be applied to the reduction of the principal balance owing under the Note (without liability for any prepayment fee or charge) in the inverse order of its maturity (whether or not then due) or,
at the option of Mortgagee, be paid over to Mortgagor, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest) paid or agreed to be paid to Mortgagee shall, to the extent permitted by applicable
law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal balance of the Note so that the Interest thereon for such full period will not exceed the maximum amount permitted by applicable law.
This Section will control all agreements between Mortgagor and Mortgagee. 
 Section 4.31 Interest On Reserves.
Funds in the Replacement Reserve, the Prepaid Rent Reserve and in the Leasing Reserve shall be credited with interest at a rate equal to the average interest rate of money market accounts offered by banks located in 25 cities and/or metropolitan
areas as published in the Bank Rate Monitor (referred to therein as the “Bank 25 average”), as determined and reset by Mortgagee on a monthly basis, or if such Bank 25 average is no longer available, based on some similar interest
rate indicator customarily used by Mortgagee or its servicing agent as a standard upon which to base interest payment credits on 

  
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reserves, which interest rate may not be the highest interest rate then available. Interest shall be computed based on the daily outstanding balance in each such Reserve. Such interest shall be
calculated on a simple, non-compounded interest basis based solely on contributions made by the Mortgagor to each such Reserve. All interest credited on amounts contributed to each such Reserve shall be retained by Mortgagee and added to the balance
in each such Reserve and shall be disbursed for payment of the items for which other funds in each such Reserve are to be disbursed. Mortgagor will deposit the Reserves with a bank with which it has a banking relationship (and which may be an
affiliate of Mortgagee), and Mortgagee may receive certain cash and non-cash benefits relating both to the Reserves as well as other deposits provided by Mortgagee to the bank. Except to the extent of the interest to be credited in connection with
the Replacement Reserve, the Prepaid Rent Reserve and the Leasing Reserve as described above, Mortgagee will retain all such benefits and will have no obligations to report them or to pay any portion thereof to Mortgagor. 

Section 4.32 Further Stipulations. Exhibits A, B and C are attached hereto and made a part hereof, and shall, in the
event of any conflict between such Exhibits and any of the other provisions of this Mortgage, be deemed to control. 

Section 4.33 Secondary Market. Mortgagee may sell, transfer and deliver all or portions of, or interests in, the Loan
Documents and/or the Loan to one or more investors in the secondary mortgage market. At any time and from time to time on or after the date hereof, Mortgagee may retain or assign from time to time some or all of the responsibility for servicing the
Loan or may delegate some or all of such responsibility and/or obligations to a servicer (as same may be changed from time to time, the “Servicer”), including, but not limited to, any subservicer or master servicer, on behalf of the
investors or the holder or holders of the Note. All references to Mortgagee herein shall refer to and include, without limitation, any such Servicer, to the extent applicable. 
 Section 4.34 State Specific Provisions. In the event of a conflict between the terms and conditions of this section and the other terms and conditions of this Mortgage, the following terms and
conditions shall control: 
 (1) Notwithstanding the provisions of Section 3.1 of this Mortgage, any
foreclosure of all or any portion of the lien of this Mortgage shall be in accordance with the Illinois Mortgage Foreclosure Act, 735 ICLS 5/15-1101 et seq., as from time to time amended (the “Act”). 

(2) This Mortgage is given to secure not only existing indebtedness but also future advances (whether obligatory or to be
made at the option of Mortgagee, or otherwise) made by Mortgagee, to the same extent as if such future advances were made on the date of the execution of this Mortgage. The total amount of indebtedness that may be so secured may decrease or increase
from time to time, but all indebtedness secured hereby shall in no event exceed an amount equal to two (2) times the original principal amount of the Note, as stated above. 

(3) The maturity date of the Note is June 5, 2017. 

  
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 (4) Waiver of Rights of Redemption. Mortgagor acknowledges that the
transaction of which this Mortgage is a part is a transaction which does not include either agricultural real estate (as defined in Section 15-1201 of the Act) or residential real estate (as defined in Section 15-1219 of the Act), and to
the fullest extent permitted by law, Mortgagor hereby voluntarily and knowingly waives its rights to reinstatement and redemption as allowed under Section 15-1601(b) of the Act, and to the full extent permitted by law, the benefits of all
present and future valuation, appraisement, homestead, exemption, stay, redemption and moratorium law, under any state or federal law. 
 Section 4.35 Tenant-In-Common Provisions. 
 (a) TIC
Agreement. Each party obligated hereunder as “Mortgagor” shall be a party to an agreement of co-tenancy (the “TIC Agreement”), the form of which shall have been delivered to, and approved by, Mortgagee prior to the
date hereof. Each Mortgagor shall cause the TIC Agreement to remain in full force and effect at all times until payment in full of the Loan. It shall constitute an Event of Default hereunder (i) if the TIC Agreement shall not be in full force
and effect as a binding agreement among all owners of the Property, or (ii) if the TIC Agreement shall be amended, canceled, modified or terminated, or any party shall be admitted thereto, in each case without the prior written consent of
Mortgagee. 
 (b) Notice Owner. Each person or entity constituting Mortgagor hereby acknowledges that it
would be difficult for Mortgagee to administer the Loan if a single party (the “Notice Owner”) were not designated to give and receive all notices required to be given to or received from Mortgagor under the Loan Documents.
Therefore, each Mortgagor designates Argonne as the “Notice Owner”, and agrees that (a) all notices required to be given to Mortgagor hereunder shall be given to Notice Owner at the address shown for Notice Owner on the first
page of this Mortgage or at such other address of which notice shall have been given to Mortgagee pursuant to Section 4.4 hereof; (b) except for notices from a Mortgagor as to a matter personal to such Mortgagor (i.e., those matters
involving such Mortgagor and not involving either the Property or any other Mortgagor), all notices to Mortgagee from Mortgagor shall be given solely by the Notice Owner, and Mortgagee is hereby authorized to act in reliance thereon;
(c) Mortgagee shall be authorized to deal exclusively with Notice Owner with respect to matters involving the obligations of Mortgagor under the Loan Documents, without consultation with or notice to any other party comprising Mortgagor; and
(d) Mortgagee shall not be required to accept notice from any party comprising Mortgagor other than the Notice Owner, except for a notice from all Mortgagors other than Argonne designating another party comprising Mortgagor as the Notice Owner;
any Notice Owner shall be subject to the approval of Mortgagee, which approval may be conditioned, in part, upon (i) demonstration to Mortgagee’s satisfaction that such Notice Owner has experience in owning and operating properties
comparable to the Property and, (ii) if a Secondary Market Transaction shall have occurred, Mortgagee’s receipt of a confirmation from the Rating Agency with respect to the designation of the Notice Owner. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 68 

 IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the date first above
written. 
  

			
	MORTGAGOR:
	
	 ARGONNE BRIDGE, LLC,
 an Illinois limited liability company

		
	By:	 	/s/ John E. Shaffer
		 	John E. Shaffer,
		 	Member of the Board of Managers

  

			
		
	By:	 	/s/ Robert E. Smietana
		 	Robert E. Smietana,
		 	Member of the Board of Managers

  

			
		
	By:	 	/s/ Melissa S. Pielet
		 	Melissa S. Pielet,
		 	Member of the Board of Managers

  

			
		
	By:	 	/s/ Ronald T. Frain
		 	Ronald T. Frain,
		 	Member of the Board of Managers

  

			
	 JES ARGONNE BRIDGE, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ John E. Shaffer
		 	John E. Shaffer, Manager

					
	 STATE OF ILLINOIS
	  	)	  	
		  	) SS.	  	
	COUNTY OF Cook	  	)	  	

 I, Wendy Prince, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY
that John E. Shaffer, personally known to me to be a Member of the Board of Managers of Argonne Bridge, LLC, an Illinois limited liability company, and personally known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he signed and delivered said instrument as a Member of the Board of Managers of said company, as his free and voluntary act, and as the free and voluntary act of said company,
for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 7th day of May, 2007. 

 

	
	
	/s/ Wendy Prince
	Notary Public

			
		
	My Commission Expires:	 	

					
	 STATE OF ILLINOIS
	  	)	  	
		  	) SS.	  	
	COUNTY OF Cook	  	)	  	

 I, Wendy Prince, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY
that Robert E. Smietana, personally known to me to be a Member of the Board of Managers of Argonne Bridge, LLC, an Illinois limited liability company, and personally known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he signed and delivered said instrument as a Member of the Board of Managers of said company, as his free and voluntary act, and as the free and voluntary act of said company,
for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 7th day of May, 2007. 

 

	
	
	/s/ Wendy Prince
	Notary Public

			
		
	My Commission Expires:	 	

			
	STATE OF ILLINOIS	  	)
		  	) SS.
	 COUNTY OF Cook
	  	)

 I, Wendy Prince, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY
that Melissa S. Pielet, personally known to me to be a Member of the Board of Managers of Argonne Bridge, LLC, an Illinois limited liability company, and personally known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that she signed and delivered said instrument as a Member of the Board of Managers of said company, as her free and voluntary act, and as the free and voluntary act of said company,
for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 7th day of May, 2007. 

	
	
	/s/ Wendy Prince
	Notary Public

			
		
	My Commission Expires:	 	

			
	STATE OF ILLINOIS	  	)
		  	) SS.
	 COUNTY OF Cook
	  	)

 I, Wendy Prince, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY
that Ronald T. Frain, personally known to me to be a Member of the Board of Managers of Argonne Bridge, LLC, an Illinois limited liability company, and personally known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he signed and delivered said instrument as a Member of the Board of Managers of said company, as his free and voluntary act, and as the free and voluntary act of said company,
for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 7th day of May, 2007. 

	
	
	/s/ Wendy Prince
	Notary Public

			
		
	My Commission Expires:	 	

			
	STATE OF ILLINOIS	  	)
		  	) SS.
	 COUNTY OF Cook
	  	)

 I, Wendy Prince, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY
that John E. Shaffer, personally known to me to be a Manager of JES Argonne Bridge, LLC, an Illinois limited liability company, and personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me
this day in person and acknowledged that he signed and delivered said instrument as the Manager of said company, as his free and voluntary act, and as the free and voluntary act of said company, for the uses and purposes therein set forth.

 GIVEN under my hand and notarial seal this 7th day of May, 2007. 

	
	
	/s/ Wendy Prince
	Notary Public

			
		
	My Commission Expires:	 	

 EXHIBIT A 
 PROPERTY DESCRIPTION 

  
 A-1

 Argonne Bridge 
 Woodridge, IL (DuPage County) 
 EXHIBIT A  

Legal Description 

PARCEL 1: 
 LOT 1 AND OUTLOT A IN AMENDED FINAL
PLAT OF SUBDIVISION OF MAPLE POINT BUSINESS PARK, WOODRIDGE, ILLINOIS, BEING A SUBDIVISION OF PART OF THE NORTHWEST QUARTER OF SECTION 17, TOWNSHIP 37 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
RECORDED AUGUST 27, 2003 AS DOCUMENT R2003-338035, IN DU PAGE COUNTY, ILLINOIS. 
 PARCEL 2: 

EASEMENT FOR THE BENEFIT OF PARCEL 1 FOR INGRESS, EGRESS AND PUBLIC UTILITIES AS RESERVED IN DOCUMENTS R2001-203868, R2001-203869, R2003-338035 AND
R2003-338036 
 10330 Argonne Woods Drive 
 Woodridge, Illinois 60517 
 Tax Parcel Nos. 10-17-111-009 and 10-17-111-008 

 EXHIBIT B 
 MORTGAGOR’S CERTIFICATE 
 The undersigned is the
                                     of ARGONNE BRIDGE,
LLC, an Illinois limited liability company and JES ARGONNE BRIDGE, LLC, a Delaware limited liability company (colletively, the “Mortgagor”) and has made due investigation as to the matters hereinafter set forth and does
hereby certify the following to induce PRUDENTIAL MORTGAGE CAPITAL COMPANY, LLC and its successors and assigns, (collectively, “Mortgagee”) to advance the aggregate sum of
$                                     (the
“Disbursement”) from [the Leasing Reserve], [the Replacement Reserve] to Mortgagor pursuant to the terms of that certain Mortgage and Security Agreement, dated as of March     , 2007, between
Mortgagee and Mortgagor (together with any amendments, modifications, supplements and replacements thereof or therefor, the “Mortgage”), pursuant to that certain Disbursement request which is being submitted to Mortgagee.
(Capitalized terms used and not otherwise defined shall have the respective meanings given to them in the Mortgage.) 
 1. To
Mortgagor’s knowledge, no Default exists under the Mortgage or under any of the other Loan Documents. 
 2. The
[Repairs] [Leasing Costs] relative to the Disbursement have been delivered or provided to Mortgagor and are properly, completely and permanently installed on or about the Property or otherwise properly completed, as applicable. 

3. All of the statements, invoices, receipts and information delivered in connection with the Disbursement request being submitted to
Mortgagee in connection herewith are true and correct as of the date hereof, and the amount requested in said Disbursement request accurately reflects the precise amounts due and payable during the period covered by such Disbursement request. All of
the funds to be received pursuant to such Disbursement request shall be used solely for the purpose of reimbursing Mortgagor for items previously paid. 
 4. Nothing has occurred subsequent to the date of the Mortgage which has or may result in the creation of any lien, charge or encumbrance upon the Real Estate or the Improvements or any part thereof, or
anything affixed thereto or used in connection therewith, or which has or may substantially and adversely impair the ability of Mortgagor to make any payments of principal and interest on the Note or the ability of Mortgagor to meet its obligations
under the Mortgage. 
 5. None of the labor, materials, overhead or other items of expense specified in the Disbursement request
submitted herewith has previously been the basis of any Disbursement request by Mortgagor or any payment by Mortgagee and, when added to all sums previously disbursed by Mortgagee on account of the [Repairs] [Leasing Costs], do not exceed the
costs of all [Repairs] [Leasing Costs] services completed, installed and/or delivered, as applicable, to the date of that certificate. 
 6. To Mortgagor’s knowledge, the amount remaining in the [Account] allocated to the payment of items on the [Repairs] [Leasing Costs] will be sufficient to pay in

  
 B-1

 
full the entire remaining cost of [Repairs] [Leasing Costs] required to be completed in accordance with the Mortgage. 

7. All work required permits and approvals required to complete the work which work is now in process or was previously completed have
been obtained. 
 8. All terms and conditions relating to the Disbursement request as set forth in the Mortgage have been
satisfied in full. 
  

			
	By:	 	 
		
	Date:	 	 

  
 B-2

 EXHIBIT C 
 Additional Stipulations 
 1. Leasing Reserve. As additional security
for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a reserve (the “Leasing Reserve”) with Mortgagee, and with respect thereto, hereby grants Mortgagee a security interest
therein, for payment of leasing commissions not exceeding the then current market rate and tenant improvement costs or allowances therefor incurred by Mortgagor in connection with re-leasing the Property pursuant to extensions of Leases or new
Leases approved, or deemed approved, by Mortgagee and otherwise meeting the terms and conditions set forth in this section (collectively, the “Leasing Costs”). On even date herewith, Mortagor has paid $235,000 into the Leasing
Reserve by depositing such amount with Mortgagee. Mortgagee shall make disbursements from the Leasing Reserve for Leasing Costs incurred by Mortgagor with respect to new leases and renewal leases of space at the Property, provided that (i) no
Event of Default exists under the Loan Documents; (ii) no more than the amount paid or incurred by Mortgagor in performing such Leasing Costs shall be reimbursed; (iii) Leasing Costs which consist of commissions payable to brokers shall
not be affiliated with Mortgagor (other than HSA Commercial, Inc.); (iv) shall have been paid by Mortgagor and in any event shall not be reimbursed at a rate greater than the then-current market rate; and (v) funds shall be disbursed only
with respect to space for which there is a fully executed lease with a tenant acceptable to Mortgagee, which Lease shall be approved by Mortgagee if required by the Loan Documents, shall be for a term of at least 5 years (unless otherwise approved
by Mortgagee) and provide for not less than a market rent. In the event a lease has a term of less than 5 years, the Leasing Costs which would otherwise be reimbursed for such Lease shall be reduced by 20% for each year or portion thereof that the
lease term is less than 5 years. 
 Disbursement shall occur following: (a) the receipt by Mortgagee of a written request
from Mortgagor for disbursement from the Leasing Reserve and a certification by Mortgagor in the form annexed as Exhibit B that (i) the Leasing Costs consist of commissions payable to brokers at a rate not greater than the then-current
market rate and that such leasing commissions have been paid by Mortgagor, and (ii) for Leasing Costs consisting of amounts required to be expended pursuant to the relevant Lease for tenant improvement or related costs or allowances therefor,
said Leasing Costs have been incurred and paid for and the tenant under such Lease has taken possession of its demised premises and has begun to pay rent under its Lease subject to the expiration of any and all free rent, credit and similar periods,
(b) satisfaction by Mortgagor (as reasonably determined by Mortgagee), with respect to requests for disbursements from the Leasing Reserve, of the disbursement conditions set forth above and in Section 1.8(a) of the Mortgage. In
making any payment from the Leasing Reserve, Mortgagee shall be entitled to rely on such request from Mortgagor without any inquiry into the accuracy, validity or contestability of any such amount. Interest on the funds contained in the Leasing
Reserve shall be payable in accordance with Section 4.31 hereof. Mortgagee at Mortgagor’s cost and expense shall have the right to inspect the work performed hereunder as a condition to Mortgagee’s release of the Leasing
Reserve. 
 2. Prepaid Rent Reserve. Contemporaneously with the execution hereof, Mortgagor has established with
Mortgagee a reserve in the amount of $59,153.15 (the “Prepaid 

  
 C-1

 
Rent Reserve”), by depositing such amount with Mortgagee and with respect thereto, hereby grants Mortgagee a security interest therein. The Prepaid Rent Reserve relates to rent
prepaid by Midwest Office Interiors, Inc. through November 30, 2007. So long as no default hereunder or under the other Loan Documents has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the
Prepaid Reserve, credit on behalf of Mortgagor the sum of $11,830.63 to be applied to the Monthly Payment Amount (as defined on the Note) commencing on July 5, 2007 and continuing on the
5th day of each month thereafter until the funds in the
Prepaid Rent Reserve have been fully disbursed. 
 3. Goodyear Rent Reserve. Contemporaneously with the execution hereof,
Mortgagor has established with Mortgagee a reserve in the amount of $19,262.00 (the “Goodyear Rent Reserve”), by depositing such amount with Mortgagee and with respect thereto, hereby grants Mortgagee a security interest therein. So
long as no default hereunder or under the other Loan Documents has occurred and is continuing, Mortgagee shall pay to Mortgagor all sums in the Goodyear Rent Reserve at such time as the tenant under the Lease with Goodyear Tire & Rubber
Company is in full occupancy of its premises, open for business and paying full contractual rent under its Lease, with all free rent periods having expired. No interest shall be payable on sums in the Goodyear Rent Reserve. 

4. Mortgagor hereby grants to Mortgagee, as additional security for payment of the Debt, a security interest in the Leasing Reserve, the
Goodyear Rent Reserve and the Prepaid Rent Reserve. The Leasing Reserve, the Goodyear Rent Reserve and the Prepaid Rent Reserve shall not, unless otherwise explicitly required by applicable law, be deemed to be escrow or trust funds, but at
Mortgagee’s option and in Mortgagee’s discretion, may either be held in a separate account or be commingled by Mortgagee with the general funds of Mortgagee. 

  
 C-2Agreement of Limited Partnership of IIT North American Industrial Fund I Limited

 EXHIBIT 10.81 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 

IIT NORTH AMERICAN INDUSTRIAL FUND I LIMITED PARTNERSHIP 

  
 i 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	 ARTICLE 1 AFFIRMATION, NAME, PLACE OF BUSINESS, TERM, AND PARTNERS
	  	 	1	  
	 1.1
	 	Formation of Partnership; Certificate of Limited Partnership	  	 	1	  
	 1.2
	 	Name and Offices	  	 	1	  
	 1.3
	 	Term	  	 	2	  
	 1.4
	 	Registered Office and Agent	  	 	2	  
	 1.5
	 	Certificate of Limited Partnership	  	 	2	  
	 1.6
	 	Partners	  	 	2	  
	 ARTICLE 2 PURPOSES AND OBJECTIVES
	  	 	3	  
	 2.1
	 	Purposes	  	 	3	  
	 2.2
	 	Overview	  	 	3	  
	 2.3
	 	Financing	  	 	3	  
	 ARTICLE 3 EXECUTIVE COMMITTEE
	  	 	3	  
	 3.1
	 	Composition	  	 	3	  
	 3.2
	 	Role of Executive Committee	  	 	3	  
	 3.3
	 	Meetings	  	 	4	  
	 ARTICLE 4 INVESTMENTS; CAPITAL CONTRIBUTIONS
	  	 	5	  
	 4.1
	 	Process for Investments: Investment Period; Diligence; Recommendation and Approval	  	 	5	  
	 4.2
	 	Percentage Interests; Interests	  	 	6	  
	 4.3
	 	Capital Contributions	  	 	6	  
	 4.4
	 	Treatment of Defaulting Partner	  	 	8	  
	 4.5
	 	Capital Accounts	  	 	9	  
	 4.6
	 	No Interest on, or Right to Return of Capital Contributions or Capital Account	  	 	10	  
	 4.7
	 	Cash Contributions	  	 	10	  
	 ARTICLE 5 DISTRIBUTIONS AND ALLOCATIONS
	  	 	10	  
	 5.1
	 	Defined Terms	  	 	10	  
	 5.2
	 	Distributions	  	 	10	  
	 5.3
	 	Timing of Distributions	  	 	10	  
	 5.4
	 	Tax Allocations	  	 	11	  
	 5.5
	 	No Violations	  	 	11	  
	 5.6
	 	Withholding	  	 	11	  
	 ARTICLE 6 MANAGEMENT AND EXPENSES
	  	 	12	  
	 6.1
	 	Management	  	 	12	  
	 6.2
	 	Restrictions on Authority of the General Partner	  	 	13	  
	 6.3
	 	Duties and Obligations of the General Partner	  	 	13	  
	 6.4
	 	Fees; Expenses	  	 	16	  
	 6.5
	 	Permitted Other Activities	  	 	17	  
	 6.6
	 	Presentation of Investments	  	 	18	  
	 6.7
	 	Limitations on Liability; Indemnification	  	 	18	  
	 6.8
	 	Designation of Tax Matters Partner	  	 	19	  
	 6.9
	 	Prohibited Payments	  	 	21	  
	 ARTICLE 7 WITHDRAWAL AND REMOVAL OF GENERAL PARTNER
	  	 	21	  
	 7.1
	 	Voluntary Withdrawal	  	 	21	  
	 7.2
	 	Bankruptcy or Dissolution of the General Partner	  	 	21	  
	 7.3
	 	Liability of Withdrawn General Partner	  	 	22	  
	 7.4
	 	Removal of General Partner for Cause	  	 	22	  
	 ARTICLE 8 TRANSFER OF INTERESTS
	  	 	22	  
	 8.1
	 	Assignments	  	 	22	  
	 8.2
	 	Admission of Assignees as Substituted Partners	  	 	25	  
	 ARTICLE 9 Buy-Sell Right; Forced Sale
	  	 	25	  

  
 ii 

							
	 9.1
	 	Buy-Sell Right	  	 	25	  
	 9.2
	 	Forced Sale of Property	  	 	28	  
	 ARTICLE 10 DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP
	  	 	28	  
	 10.1
	 	Events Causing Dissolution	  	 	28	  
	 10.2
	 	Liquidation	  	 	29	  
	 10.3
	 	Constructive Termination	  	 	30	  
	 ARTICLE 11 BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS, ETC.
	  	 	30	  
	 11.1
	 	Books and Records	  	 	31	  
	 11.2
	 	Accounting and Fiscal Year	  	 	32	  
	 11.3
	 	Bank Accounts and Investments	  	 	32	  
	 11.4
	 	Tax Depreciation and Elections	  	 	32	  
	 11.5
	 	Interim Closing of the Books	  	 	32	  
	 11.6
	 	Information from Limited Partners	  	 	32	  
	 ARTICLE 12 MISCELLANEOUS
	  	 	33	  
	 12.1
	 	Remedies	  	 	33	  
	 12.2
	 	Notice	  	 	33	  
	 12.3
	 	Appointment of General Partner as Attorney-in-Fact	  	 	33	  
	 12.4
	 	Amendments	  	 	33	  
	 12.5
	 	Entire Agreement	  	 	34	  
	 12.6
	 	Successors	  	 	34	  
	 12.7
	 	Representations and Warranties of the General Partner	  	 	34	  
	 12.8
	 	Meaning of Certain Terms	  	 	35	  
	 12.9
	 	Counterparts	  	 	35	  
	 12.10
	 	Confidentiality	  	 	35	  
	 12.11
	 	Applicable Law	  	 	35	  
	 12.12
	 	Waiver of Jury Trial	  	 	35	  
	 12.13
	 	Venue	  	 	36	  
	 12.14
	 	Limitation on Benefits	  	 	36	  

  
 iii

 Definitions 
 The following capitalized terms used in this Agreement are defined in the sections indicated below: 
  

			
	 3NET Capital Call
	 	Section 4.3(d)(iii)
	 3NET Funding Request
	 	Section 4.3(d)(iii)
	 3NET Limited Partner
	 	Introduction
	 3NET Representative
	 	Section 3.3(c)
	 Acceptance Notice
	 	Section 9.1(a)
	 Accepted Price
	 	Section 9.1(a)
	 Acquisition Date
	 	Section 2.2(b)(i)
	 Act
	 	Recitals
	 Additional Capital Contributions
	 	Section 4.3(c)
	 Additional Rotation Property
	 	Section 6.6(b)
	 Agreement
	 	Introduction
	 Applicable Vehicles
	 	Section 6.6(a)
	 Approval of the Executive Committee
	 	Section 3.2
	 Approved
	 	Section 3.2
	 Approved Investment
	 	Section 4.1(b)
	 Approved Partnership Budget
	 	Section 6.2(c)
	 Baseball Arbitration
	 	Section 9.1(a)
	 Business Day
	 	Section 4.1(d)
	 Buy-Sell Deposit
	 	Section 9.1(b)
	 Buy-Sell Notice
	 	Section 9.1(a)
	 Buy-Sell Tax Opinion
	 	Section 9.1(f)
	 Capital Account
	 	Section 4.5
	 Capital Call Notice
	 	Section 4.3(d)
	 Capital Contributions
	 	Section 4.3(c)
	 Carried Interest Distributions
	 	Section 5.1(a)
	 Cash Available for Distribution
	 	Section 5.1b)
	 Cause Notice
	 	Section 7.4(b)
	 Cause
	 	Section 7.4(a)
	 Certificate of Limited Partnership
	 	Recitals
	 Closing Date
	 	Section 9.1(c)
	 Code
	 	Section 2.2(c)
	 Confidential Information
	 	Section 12.10
	 Contributing Partner
	 	Section 4.4(b)
	 Core Investment
	 	Section 2.2(b)(ii)
	 Core Investment IRR
	 	Section 2.2(b)(iii)
	 CPR
	 	Section 7.4(b)
	 Cumulative 8% Internal Rate of Return Amount
	 	Section 5.1(c)
	 Cumulative 10% Internal Rate of Return Amount
	 	Section 5.1(d)
	 Cumulative 13% Internal Rate of Return Amount
	 	Section 5.1(e)
	 Cure Date
	 	Section 4.4(c)
	 Deadlock Event
	 	Section 3.2
	 Default Date
	 	Section 4.4(c)
	 Default Period
	 	Section 4.4(c)
	 Defaulting Partner
	 	Section 4.4(a)
	 Dilution Option
	 	Section 8.1(e)
	 Disputed Issue
	 	Section 7.4(b)
	 EC Indemnitee
	 	Section 6.7(c)
	 Executive Committee
	 	Section 3.1
	 Executive Officer
	 	Section 7.4(a)(ii)
	 Exemption
	 	Section 5.6(b)
	 Fiscal Year
	 	Section 11.2
	 Force Majeure Event
	 	Section 7.4(a)(i)

  

  
 iv 

			
	 General Partner
	 	Introduction
	 GP Fees
	 	Section 6.4(a)
	 GP Indemnitee
	 	Section 6.7(b)
	 IIT
	 	Introduction
	 IIT Board
	 	Section 7.4(a)(iv)
	 IIT Change of Control
	 	Section 7.4(a)(iv)
	 IIT Limited Partner
	 	Introduction
	 IIT OpCo
	 	Introduction
	 IIT Partners
	 	Introduction
	 IIT REIT Listing Transaction
	 	Section 7.4(a)(iv)
	 Indebtedness
	 	Section 2.2(b) (iv)
	 Indemnification Amounts
	 	Section 4.3(c)
	 Indemnitee
	 	Section 6.7(b)
	 Initial Capital Contributions
	 	Section 4.3(b)
	 Initial Investment Brief
	 	Section 4.1(c)
	 Initial Offering Partner
	 	Section 9.1(a)
	 Initial Proposal
	 	Section 9.1(a)
	 Interest
	 	Section 4.2(b)
	 Investment Entity
	 	Section 2.2(c)
	 Investment Entity Board
	 	Section 2.2(c)
	 Investment Memorandum
	 	Section 4.1(c)
	 Investment Period
	 	Section 4.1(a)
	 IRS
	 	Section 6.8(b)
	 Key Man Event
	 	Section 6.1
	 Key Person
	 	Section 6.1
	 Limited Partner
	 	Introduction
	 Limited Partners
	 	Introduction
	 Losses
	 	Section 6.7(b)
	 LP Indemnitee
	 	Section 6.7(c)
	 Major Decision
	 	Section 6.2
	 Material Adverse Effect
	 	Section 7.4(a)(i)
	 Non-Transfer Option
	 	Section 8.1(d)(ii)
	 Offer
	 	Section 8.1(c)
	 Offer Period
	 	Section 8.1(c)
	 Offered Price
	 	Section 9.1(a)
	 Offeree Partners
	 	Section 8.1(c)
	 Offering Partner
	 	Section 8.1(c)
	 Organizational Documents
	 	Section 2.2(c)
	 Oversight Party
	 	Section 7.4(b)
	 Partner
	 	Introduction
	 Partners
	 	Introduction
	 Partnership
	 	Introduction
	 Partnership Expenses
	 	Section 6.4(c)
	 Percentage Interests
	 	Section 4.2(a)
	 Permitted Costs
	 	Section 4.3(a)
	 Portfolio
	 	Section 2.2(a)(i)
	 Portfolio Liquidation
	 	Section 9.1(a)
	 Pre-Sale Distribution Option
	 	Section 2.2(d)
	 Preservation Costs
	 	Section 4.3(c)(v)
	 Primary Markets
	 	Section 2.2(a)(i)
	 Proposed Investments
	 	Section 4.1(b)
	 Purchasing Partner
	 	Section 9.1(a)
	 Removal Date Value
	 	Section 7.4(c)
	 Requesting Partner
	 	Section 7.4(b)
	 Responding Partner
	 	Section 9.1(a)
	 Responding Proposal
	 	Section 9.1(a)
	 Response Period
	 	Section 9.1(a)

  
 v 

			
	 Revolving Credit Facility
	 	Section 2.3(d)
	 SEC
	 	Section 9.1(a)
	 Securities Act
	 	Section 8.1(b)(i)
	 Selling Partner
	 	Section 9.1(a)
	 Shortfall Loan
	 	Section 4.4(b)(ii)
	 Substitute General Partner List
	 	Section 7.4(d)
	 Tag Along Offer Terms
	 	Section 8.1(d)(i)
	 Tag Along Option
	 	Section 8.1(d)(ii)
	 Tag Along Purchaser
	 	Section 8.1(d)(i)
	 Tag Along Transfer
	 	Section 8.1(d)
	 Target Commitment
	 	Section 4.1(a)(iii)
	 Tax Matters Partner
	 	Section 6.8(a)
	 Term
	 	Section 1.3
	 Transfer
	 	Section 8.1(a)
	 Transferee
	 	Section 8.1(a)
	 Trigger Date
	 	Section 8.1(b)
	 Trigger Notice
	 	Section 9.1(f)
	 Triggering Partner
	 	Section 9.1(a)
	 Unfunded Amount
	 	Section 4.4(a)
	 Value Add Investment
	 	Section 2.2(b)(vi)
	 Value Add Investment IRR
	 	Section 2.2(b)(vii)
	 Willful Bad Acts
	 	Section 7.4(a)(iii)

  
 vi 

			
	 EXHIBIT A
	 	Capital Accounts; Allocation Rules
	 EXHIBIT B
	 	Primary Markets
	 EXHIBIT C
	 	Target Investment Characteristics
	 EXHIBIT D
	 	GP Fees
	 EXHIBIT E
	 	Substitute General Partner List
	 EXHIBIT F
	 	CPR Arbitration
	 EXHIBIT G
	 	Form of Investment Entity Charter
	 EXHIBIT H
	 	Form of Investment Entity Bylaws
	 EXHIBIT I
	 	Form of Certification
	 EXHIBIT J
	 	Reporting Requirements
	 EXHIBIT K
	 	Objectives
	 EXHIBIT L
	 	Certain Defined Terms and Distributions
	 EXHIBIT M
	 	Restrictions on Authority
	 EXHIBIT N
	 	Presentation of Investments
	 EXHIBIT O
	 	Cause

  
 vii

 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 IIT
North American Industrial Fund I Limited Partnership 
 THIS AGREEMENT OF LIMITED PARTNERSHIP (this
“Agreement”) of IIT North American Industrial Fund I Limited Partnership (the “Partnership”) is made and entered into as of August 18, 2011, by and among: (a) IIT North American Industrial Fund I GP LLC, a
Delaware limited liability company, as general partner (the “General Partner”), which is a subsidiary of Industrial Income Operating Partnership LP (“IIT OpCo”), which in turn is a subsidiary of Industrial Income
Trust, Inc. (“IIT”); (b) IIT North American Industrial Fund I Limited Partner LLC, a Delaware limited liability company which is a subsidiary of IIT OpCo, as a limited partner (the “IIT Limited Partner”;
collectively with the General Partner, the “IIT Partners”); and (c) 3NET Indy Investments Inc., a Canadian corporation, as a limited partner (the “3NET Limited Partner”). The 3NET Limited Partner and the IIT
Limited Partner, shall each be referred to herein individually as a “Limited Partner” and collectively as the “Limited Partners” and the Limited Partners and General Partner, each shall be referred to herein
individually as a “Partner” and collectively as the “Partners.” 
 RECITALS 

WHEREAS, on August 18, 2011, the General Partner executed a Certificate of Limited Partnership (the “Certificate of Limited
Partnership”) forming the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act (6 Del. C. §§ 17-101 et seq.) (as amended from time to time, the “Act”) and
filed such certificate among the partnership records of the State of Delaware on August 18, 2011; 
 WHEREAS, the Partners
desire to enter into this Agreement for the purposes set forth herein. 
 NOW, THEREFORE, for and in consideration of the mutual
covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged hereby, the Partners agree as follows: 
 ARTICLE 1 
 AFFIRMATION, NAME, PLACE OF BUSINESS, TERM, AND PARTNERS

 1.1 Formation of Partnership; Certificate of Limited Partnership. The Partners hereby: 

(a) acknowledge the formation of the Partnership as a limited partnership pursuant to the Act and ratify and approve the
filing of the Certificate of Limited Partnership with the Secretary of State of the State of Delaware; 
 (b)
confirm and agree to their status as partners of the Partnership; and 
 (c) execute this Agreement for the
purposes of organizing the Partnership and establishing the rights, duties and relationship of the Partners. 
 1.2 Name and Offices. The name of the Partnership is and shall be “IIT North American Industrial Fund I Limited Partnership”. The principal offices of the Partnership shall be located at
518 17th Street, 17th Floor, Denver, Colorado 80202, or at such other place or places as
the General Partner may from time to time determine, provided that the General Partner shall give the other Partners notification thereof not later than thirty (30) days after the effective date of such change of

 
address and, if required, shall amend the Certificate of Limited Partnership in accordance with the requirements of the Act. 

1.3 Term. The term of the Partnership (the “Term”) commenced as of the date that the Certificate of Limited
Partnership was filed with the Secretary of State of the State of Delaware and shall continue until August 31, 2019 or such other date as may be established by Approval of the Executive Committee. Notwithstanding the foregoing, if no
Investments have been made prior to December 31, 2011, the Term shall expire on such date. Upon expiration of the Term, the Partnership shall be dissolved and its affairs wound up in accordance with Article X hereof, and the dissolution
of the entire Portfolio will be effected through the sale by the Partnership of its shares of stock or shares of beneficial interest in the then existing Investment Entities unless otherwise approved by unanimous written consent of the Partners.

 1.4 Registered Office and Agent. The address of the registered agent for service of process on the Partnership in the
State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, and the Partnership’s registered agent at such address is Corporation Service Company. The General Partner may, from time to time, appoint a new
registered agent for the Partnership. 
 1.5 Certificate of Limited Partnership. The General Partner, in accordance with
the Act, promptly shall file with the Secretary of State of the State of Delaware any amendment to the Certificate of Limited Partnership required by the Act. If the laws of any jurisdiction in which the Partnership transacts business so require,
the General Partner also shall file with the appropriate office in that jurisdiction a copy of the Certificate of Limited Partnership and any other documents necessary for the Partnership to qualify to transact business in such jurisdiction. The
General Partner further agrees to execute, acknowledge and cause to be filed, in the place or places and in the manner prescribed by law, any amendments to the Certificate of Limited Partnership as may be required, either by the Act, by the laws of
a jurisdiction in which the Partnership transacts business or by this Agreement, to reflect changes in the information contained therein or otherwise to comply with the requirements of law for the continuation, preservation and operation of the
Partnership as a limited partnership under the Act, and the Limited Partners shall join in the execution and delivery of such certificates or documents, as reasonably necessary to comply with the Act or other applicable law. 

1.6 Partners. 
 (a) The names and addresses of the Partners, together with their respective Initial Capital Contributions, Capital Accounts and Percentage Interests, each as of the date hereof, are set forth on
Schedule 1. 
 (b) No direct interests in the General Partner shall be owned by a Person
(i) designated by the U.S. Treasury Department’s Office of Foreign Assets Control as a “specially designated or blocked person” or (ii) described in Section 1 of U.S. Executive Order 13224 issued on September 23,
2001. 
 (c) Except as otherwise provided herein, the Limited Partners shall be the sole limited partners of the
Partnership. 
 (d) Notwithstanding any provision to the contrary contained in this Agreement or in any
agreement, document or instrument contemplated hereby, (i) no member of the Executive Committee is or shall at any time be admitted as or otherwise be a general partner of the Partnership, whether by agreement, estoppel or otherwise,
(ii) no Limited Partner is or shall at any time be admitted as or otherwise be a general partner of the Partnership, whether by agreement, estoppel or otherwise and (iii) as used in this Agreement, the term “General Partner”
shall not 

  
 2 

 
include any member of the Executive Committee or any Limited Partner, except, in each case, as expressly permitted by the terms of this Agreement. In the event that any provision of this
Agreement or any other agreement, document or instrument contemplated hereby is inconsistent with or contrary to the terms of this Section 1.6(d), the terms of this Section 1.6(d) shall control. 

ARTICLE 2 

PURPOSES AND OBJECTIVES 
 2.1 Purposes. The purposes of the Partnership are to acquire, own, use, operate, manage, finance, sell, lease, sublease, exchange or otherwise dispose of selected industrial-type properties
in the United States (indirectly, through the Investment Entities) and engage in any other activities related or incidental thereto, in each case in accordance with this Agreement. 

2.2 Overview. The Partners have set forth the objectives of the Partnership in Exhibit K, which is incorporated by
reference and attached hereto; all references herein to Section 2.2 shall be referred to Exhibit K. 

2.3 Financing. The Partnership will seek: (a) financing with a loan-to-value ratio of up to sixty-five percent
(65%) for each Investment and for the Portfolio taken as a whole; (b) non-recourse financing pooling and cross-collateralizing Investments; (c) a subscription credit facility secured and guaranteed by the Partners based on an equity
amount for Investments Approved by the Executive Committee, and/or (d) Partnership-level financing, including a secured revolving credit facility in the name of the Partnership, cross-collateralized by all of the Properties owned by the
Investment Entities (a “Revolving Credit Facility”); in each case, it being acknowledged and agreed that any such financing is subject to the Approval of the Executive Committee, each member acting in its sole discretion.

 ARTICLE 3 
 EXECUTIVE COMMITTEE 
 3.1 Composition. The Partnership shall have an
executive committee of the Partnership (the “Executive Committee”) selected by the Limited Partners and the General Partner as provided herein. At all times during the Term, the Executive Committee shall be comprised of three
(3) members consisting of: (a) one (1) representative appointed by each Limited Partner and (b) one (1) representative appointed by the General Partner. To the fullest extent permitted by law, each member of the Executive
Committee shall be entitled to consider only such interests and factors as it desires, including the Limited Partners’ interests, and shall have no fiduciary duty or other duty or obligation to give any consideration to any interest of, or
factors affecting, any other Person. In the event of the resignation or death of a member of the Executive Committee, the Partner that so appointed such member shall designate a successor to such member by written notice to all Partners. Any Partner
also shall have the right to replace its representative on the Executive Committee by giving written notice of the removal of such representative to all Partners, together with its appointment of a replacement therefor. Executive Committee members
shall be entitled to reimbursement from the Partnership for their reasonable travel expenses and other reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Executive Committee but shall not be entitled to
any fees, remuneration or other reimbursements from the Partnership or any of the Partners. 
 3.2 Role of Executive
Committee. The unanimous consent of members of the Executive Committee constituting a quorum (the “Approval of the Executive Committee” or “Approval”; 

  
 3 

 
and, with respect to the Investment Entity Board, “Approval” shall mean the unanimous consent of members of the Investment Entity Board constituting a quorum as set forth in the
applicable Organizational Documents) shall be required with respect to any Proposed Investment, all Major Decisions, as more specifically set forth in Section 6.2, and such other matters as are prescribed herein as requiring the Approval
of the Executive Committee. Any failure of the members (or the members constituting a quorum) of the Executive Committee to unanimously agree on any matter requiring its Approval hereunder shall constitute a “Deadlock Event.”

 3.3 Meetings. 
 (a) General. Any Executive Committee meetings held in person shall be held in the Denver, Colorado metropolitan area except as otherwise Approved by the Executive Committee (either in advance of or
at such meeting); provided, however, in the case of meetings held by telephone conference or similar means pursuant to Section 3.3(e), no participant need be in the Denver, Colorado metropolitan area. 

(b) Nature of Meetings. The General Partner shall give notice to each member of the Executive Committee of each
meeting, including the time, place and purpose of such meeting. Notice of each such meeting shall be sent by overnight delivery, personal delivery, telecopier, telegraph, cable, wireless or other form of electronic communication to each Limited
Partner and each Executive Committee member, addressed to him or her at the last address provided by the member or Limited Partner to the General Partner for such purpose, at least five (5) days before the day on which such meeting is to be
held, except as otherwise provided herein. Such notice need not be given to any Executive Committee member who in fact attends such meeting. A written waiver of notice delivered to the General Partner, whether before or after the time of the meeting
stated therein, shall be deemed equivalent to notice. 
 (c) Quorum. Except as set forth below, at all
meetings of the Executive Committee at which a Major Decision is to be considered, the presence of the member appointed by 3NET Limited Partner (the “3NET Representative”) and at least one (1) member appointed by either of the
IIT Partners shall constitute a quorum for the transaction of business. At any duly called meeting of the Executive Committee at which a Major Decision is to be considered, if a quorum shall not be present solely as a result of the failure of the
3NET Representative to attend, the General Partner may call a second meeting to consider such matter (and if the matter involves those items described in Sections 6.2(o) and (p), such second meeting may be called by the General Partner
on twenty-four (24) hours notice) and if the 3NET Representative fails to attend such second meeting, such meeting may nevertheless take place and the 3NET Representative shall be deemed to have voted against any Major Decision proposed at such
subsequently held meeting, in which case a Deadlock Event shall be deemed to occur. 
 (d) Action Without a
Meeting. Any action of the Executive Committee may be taken without a meeting of the Executive Committee, without prior notice and without a vote, if a consent in writing, setting forth the action to be so taken, shall be signed by all of the
Executive Committee members. The 3NET Representative shall be entitled to require the General Partner to circulate a written consent to the Executive Committee in lieu of meeting, provided that, if the General Partner promptly delivers such written
consent to the 3NET Representative and the 3NET Representative fails to execute and return such written consent within the time periods prescribed for any such meeting as set forth above, the 3NET Representative shall be deemed to have voted against
any Major Decision described in such written consent, in which case a Deadlock Event shall be deemed to occur. 

(e) Telephone Participation. Any member of the Executive Committee may participate in a meeting of the Executive
Committee by means of conference telephone or similar 

  
 4 

 
communications equipment by means of which all persons participating in the meeting may talk with and hear one another. 

(f) Rules. The Executive Committee may adopt such other rules of procedure governing its meetings, communications
and actions as it deems necessary, appropriate or helpful. 
 ARTICLE 4 

INVESTMENTS; CAPITAL CONTRIBUTIONS 
 4.1 Process for Investments: Investment Period; Diligence; Recommendation and Approval. 
 (a) The General Partner shall use commercially reasonable efforts to identify industrial-type properties that meet the investment objectives set out in Section 2.2(a) for potential acquisition
by the Partnership commencing on the date hereof and continuing for a period (the “Investment Period”) ending on the earliest to occur of: (i) December 31, 2013; (ii) the two (2) year anniversary after the
closing of the Partnership’s first
(1st) Investment; and (iii) the date upon which
the Partners have made aggregate Capital Contributions equal to Six Hundred Twelve Million Dollars ($612,000,000) (the “Target Commitment”). 
 (b) The General Partner shall, from time to time during the Investment Period, recommend to the Executive Committee industrial-type properties for proposed investment by the Partnership and the business
and legal structure therefor, including the structure of any proposed Indebtedness (“Proposed Investments”). The Approval of the Executive Committee shall be required for any Proposed Investment. Each Proposed Investment which is
Approved by the Executive Committee hereinafter is referred to as an “Approved Investment.” 

(c) Not less than five (5) days, excluding any days upon which banks in New York, New York are closed for normal
business (“Business Days”), prior to a meeting of the Executive Committee at which a Proposed Investment will be considered for those Proposed Investments with acquisition costs equal to or less than Forty Million Dollars
($40,000,000) and not less than ten (10) Business Days for Proposed Investments in excess of such amount, the General Partner shall present a written initial investment brief (the “Initial Investment Brief”) to the Executive
Committee for such Proposed Investment. Such Initial Investment Brief shall include: (i) a property/transaction summary; (ii) a leasing status and rent roll; (iii) a location and market summary; (iv) cash flow projections and
assumptions; (v) an estimate of the proposed Indebtedness to be incurred in connection with the Proposed Investment; (vi) for any proposed Value Add Investment, the estimated GP Fees categorized as “Development/Construction Fees”
on Exhibit D hereof, and (vii) the aggregate Capital Contributions required to acquire the Proposed Investment. Thereafter, but not less than three (3) Business Days prior to the applicable meeting of the Executive Committee,
the General Partner shall present a written investment memorandum (the “Investment Memorandum”) to the Executive Committee containing the information previously provided in the Initial Investment Brief (updated if applicable) and a
due diligence report on the Proposed Investment containing reasonably sufficient detail which should allow the Executive Committee to make an informed and reasoned decision as to whether to proceed with the acquisition or not. From time to time, the
Executive Committee may amend the criteria for the underwriting and due diligence process and the content and format for presentation to the Executive Committee of Initial Investment Brief and Investment Memoranda prepared by the General Partner.

 (d) For each of the first four (4) potential Investments of any amount and for each potential Investment
in excess of Forty Million Dollars ($40,000,000) thereafter, the General Partner shall involve the 3NET Representative on a regular and on-going basis in the totality of the 

  
 5 

 
underwriting and diligence evaluation prior to presenting a final Investment Memorandum of the Proposed Investment for the Approval of the Executive Committee. Following closing on the fourth
(4th) Investment, for each potential Investment of
less than Forty Million Dollars ($40,000,000), the General Partner will more generally update the 3NET Representative during the underwriting and diligence process and present the Initial Investment Brief and the final Investment Memorandum for the
Approval of the Executive Committee; provided that nothing herein shall relieve the General Partner from preparing and presenting the Initial Investment Brief or the Investment Memorandum in accordance with, and within the time limits set forth in,
Section 4.1(c). 
 (e) For the avoidance of doubt, and notwithstanding anything in this
Section 4.1 or this Agreement to the contrary, (i) no member of the Executive Committee shall have any obligation to cast an affirmative vote to Approve any Proposed Investment at any time during the Term, (ii) the General
Partner’s obligation to present potential Investments to the Partnership shall be limited to and shall terminate at the expiration of the Investment Period, without notice to or from, or act by, or on the part of, any party or as otherwise
described in Section 6.6, and (iii) if the GP Fees that are included in an Initial Investment Brief or Investment Memorandum are consistent with Exhibit D hereof, then any rejection of such GP Fees shall be deemed a
rejection of the applicable Proposed Investment. 
 4.2 Percentage Interests; Interests. 

(a) Percentage Interests. The Partners will fund Capital Contributions and pay their shares of expenses as required
under this Agreement in proportion to their respective “Percentage Interests”, which for each Partner, shall equal the percentage determined by dividing each Partner’s Capital Contributions to the Partnership by the aggregate
Capital Contributions made by all of the Partners to the Partnership (as may be adjusted pursuant to the terms hereof, including Section 4.4(b)(ii)(B)). The Percentage Interests of the Partners as of the date of this Agreement are set
forth on Schedule 1 attached hereto, which may be revised from time to time by the General Partner (without the consent of the Limited Partners) to reflect the then applicable Percentage Interests of the Partners. Except as otherwise
provided under this Agreement, the respective Percentage Interests of the Partners also shall constitute the respective voting interests of the Partners for any votes of the Partners required or permitted under the Act or this Agreement with regard
to any matter specifically requiring a vote of the Partners under this Agreement. 
 (b) Interests. As
referred to herein, a Partner’s “Interest” means the entire interest of a Partner in the Partnership at any particular time, including, without limitation, the right of such Partner to any and all rights and benefits to which a
Partner may be entitled as provided in this Agreement, together with the obligations of such Partner to comply with all the terms and provisions of this Agreement. The General Partner and the Limited Partners hereto are hereby issued their
respective Interests. 
 4.3 Capital Contributions. 

(a) Initial Capital Contributions. Upon execution of this Agreement, the Partners made Capital Contributions to the
Partnership (collectively, the “Initial Capital Contributions”) which shall be deemed to equal the amounts set forth on Schedule 1, and such amounts are hereby credited to the applicable Partners’ respective Capital
Accounts. 
 (b) Capital Contributions for Approved Investments. During the Investment Period, the
Partners shall be obligated to fund, pro rata based on their Percentage Interests: (i) any Capital Contributions required in order to fund the closing of acquisitions of new Approved Investments that occur during the Investment Period
(exclusive of amounts allocated to such acquisitions that are included in the Initial Capital Contributions); and (ii) with respect to any Approved Investment that is Approved by the Executive Committee during the Investment Period

  
 6 

 
but not consummated as of the end of the Investment Period, the Partners shall make any Capital Contribution required in order to fund the closing of the acquisition of such Approved Investment,
provided such closing occurs within one hundred eighty (180) days after the expiration of the Investment Period (or such longer period as Approved by the Executive Committee). 

(c) Additional Capital Contributions. Except to the extent already included in Capital Contributions made pursuant
to Sections 4.3(a) or (b) above, the Partners shall be obligated to fund, pro rata based on their Percentage Interests, only the following Capital Contributions: 

(i) any Capital Contributions required (A) pursuant to the Approved Partnership Budget (or, in the absence of an
Approved Partnership Budget, the prior year’s Approved Partnership Budget in effect, modified as described in Section 6.2(c)); and (B) without duplication, in order to fund any capital contributions required to be made to an
Investment Entity pursuant to any applicable budget approved by the Investment Entity Board of such Investment Entity; 
 (ii) any Capital Contributions that are Approved by the Executive Committee; 
 (iii) any Capital Contributions required in order to fund the payment of any GP Fees to the General Partner pursuant to Section 6.4(a) for activities that have been Approved by the Executive
Committee that are not specifically included in the Approved Partnership Budget; 
 (iv) any Capital
Contributions required in order to fund amounts paid or payable to lenders under guarantees made by the Partnership to such lenders pursuant to any guarantee relating to any Indebtedness, which guarantee is Approved by the Executive Committee
pursuant to Section 6.2(o) (to the extent that, after taking into account any existing cash reserves of the Partnership and the Investment Entities, the Partnership has insufficient funds to pay the required amounts), but only to the
extent that the events giving rise to such payments were not caused by and did not result from any Willful Bad Act or gross negligence of the General Partner or any GP Indemnitee; 

(v) any Capital Contributions required in order to fund such amounts which the General Partner reasonably and in good
faith determines (after taking into account any existing cash reserves of the Partnership or the Investment Entities, as applicable) are necessary to fund the payment of debt service obligations with respect to any Indebtedness secured by any
Investment or other assets of the Partnership or an Investment Entity (pursuant to a financing previously Approved by the Executive Committee or the applicable Investment Entity Board and provided that the fair value of any such Investment or assets
securing such Indebtedness is not less than one-hundred and ten percent (110%) of the outstanding amount of such Indebtedness), real estate taxes, utility costs, insurance premiums, and/or other costs or expenses reasonably necessary to prevent
imminent and material damage or to prevent impending health, life or safety emergencies (all such costs, collectively “Preservation Costs”); and 

(vi) any Capital Contributions required in order to fund (A) a variance in the aggregate amount of all operating
expenditures incurred by any Investment Entity in any calendar year, provided that the aggregate amount of all Capital Contributions that can be made in any calendar year pursuant to this Section 4.3(c)(vi)(A) with respect to any
Investment Entity shall not exceed, in the aggregate, the threshold described in Section 6.2(d)(i); and (B) a variance in the aggregate 

  
 7 

 
amount of all capital expenditures incurred by any Investment Entity in any calendar year, provided that the aggregate amount of all Capital Contributions that can be made in any calendar year
pursuant to this Section 4.3(c)(vi)(B) with respect to any Investment Entity shall not exceed, in the aggregate, the threshold described in Section 6.2(d)(ii). 

(d) Capital Call Notices. With respect to each Capital Contribution to be made by the Partners pursuant to this
Agreement, including following the Approval of an Approved Investment, the General Partner shall issue a written capital call notice (a “Capital Call Notice”) to each Partner setting forth: (i) the total amount of equity to be
contributed by the Partners to the Partnership; (ii) the amount that each Partner must contribute, which shall be the product of the Capital Contribution and such Partner’s Percentage Interest; and (iii) the date on which such Capital
Contribution must be made, which date shall not be less than five (5) Business Days following the date of such notice; provided, however, that, notwithstanding anything in this Agreement to the contrary, in the event that the General Partner
fails to promptly (and in any event within two (2) Business Days) issue a Capital Call Notice pursuant to this Section 4.3(d) with respect to the funding of any Preservation Costs identified in a written request from the 3NET
Limited Partner (a “3NET Funding Request”) that the General Partner issue such a Capital Call Notice, the 3NET Limited Partner shall be entitled to issue a Capital Call Notice for the Preservation Costs identified in the 3NET
Funding Request (a “3NET Capital Call”) and in such event the Partners shall make such Capital Contribution set out in the 3NET Capital Call pro rata based on their Percentage Interests. If the Capital Call Notice is issued with
respect to an Approved Investment, the total amount of equity to be contributed by the Partners will include the amount of third party acquisition costs incurred with respect to such Approved Investment. By the date specified by the General Partner
(or, to the extent permitted pursuant to this Section 4.3(d), the 3NET Limited Partner) in the applicable Capital Call Notice, each Partner shall be required to fund its Capital Contributions with respect thereto as required by this
Agreement. If any transaction for which Capital Contributions are funded is terminated, then so long as, and to the extent that, the Partnership no longer is liable in connection therewith, such Capital Contributions shall be returned to the
Partners within ten (10) Business Days following the effective date of such termination. The General Partner shall hold each Partner’s Capital Contribution in trust until all Partners have made their respective capital contributions or a
Partner is deemed to be a Defaulting Partner pursuant to Section 4.4. 
 4.4 Treatment of Defaulting
Partner. 
 (a) Default. If any Partner fails to fund any Capital Contribution required hereunder,
within the period set forth in the applicable Capital Call Notice, such Partner shall be considered a “Defaulting Partner.” A Partner that has become a Defaulting Partner shall not be entitled to any additional period in which to
cure the default and pay its required Capital Contribution. The portion of such Capital Contribution that such Defaulting Partner was required to make and did not actually fund shall be referred to herein as the “Unfunded Amount.”

 (b) Remedies Generally. If, and to the extent, a Defaulting Partner fails to fund any Capital
Contribution required hereunder, each of the other Partners that has fully funded its required Capital Contribution that is not an affiliate of the Defaulting Partner (each, a “Contributing Partner”), shall have the right, without
obligation, either to: 
 (i) require the General Partner (or the 3NET Limited Partner, in the case of a 3NET
Capital Call) to (and the General Partner shall) revoke or revise the Capital Call Notice, whereupon any Capital Contributions paid by the Contributing Partner pursuant to such Capital Call Notice shall be returned to it within ten
(10) Business Days following such Partner’s election of this and shall be treated for all purposes of this Agreement as never having been made (and no default shall be deemed to have occurred), in which event the Executive Committee shall
reconsider 

  
 8 

 
the needs of the Partnership for additional capital and the General Partner may issue a new capital call following such reconsideration with the Approval of the Executive Committee; or

 (ii) in addition to making its own Capital Contribution then due, the Contributing Partner may (but shall not
be obligated to) fund the Unfunded Amount by making an additional cash payment to the Partnership of the amount thereof, which shall be treated as a loan to the Defaulting Partner in such amount (each, a “Shortfall Loan”), the
proceeds of which shall be deemed to have been used by the Defaulting Partner to make a Capital Contribution. 

(iii) A Contributing Partner that elects to fund the Unfunded Amount by a Shortfall Loan shall notify the General Partner
and the Defaulting Partner in writing of this election, whereupon such Shortfall Loan shall accrue interest at the rate of twenty percent (20%) per annum, compounded annually and shall have a term coterminous with the Term of the Partnership. A
Shortfall Loan may be repaid, with all accrued and unpaid interest thereon, at any time, by a Defaulting Partner and if, and to the extent, not so repaid, distributions that otherwise would be made to the Defaulting Partner under
Section 5.2 shall instead be paid to the Contributing Partner and applied first to interest accrued and unpaid on such Shortfall Loan and second to outstanding principal on such Shortfall Loan until all such outstanding amounts are
repaid; provided, however, that for purposes of Section 5.2, such amounts will be treated as if they had been distributed to the Defaulting Partner. A Shortfall Loan shall not be treated as a Capital Contribution by the Contributing
Partner. Each Partner shall have the right to assign its right to make a Shortfall Loan to an affiliate. 
 (c)
Default Date and Default Period. Subject to Section 4.4(b)(i), the day that a Partner becomes a Defaulting Partner shall be referred to herein as the “Default Date”. If any of the Contributing Partners elect the
remedy set forth in Section 4.4(b)(ii), the Defaulting Partner shall be deemed to have cured the default at such time as the Contributing Partner(s) (or its affiliate, as applicable) actually receive full repayment of their Shortfall
Loans (the “Cure Date” being the date on which the Contributing Partner receives full repayment of the Shortfall Loan and the period from the Default Date until the Cure Date (if applicable), the “Default Period”).

 (d) Termination of Rights. The following rights of a Defaulting Partner under this Agreement shall
terminate on the Default Date and shall only be reinstated on the Cure Date, if applicable: (A) the right of first opportunity in connection with a Transfer by the Contributing Partner pursuant to Section 8.1(c), (B) the right
to tag-along to a Transfer by the Contributing Partner pursuant to Section 8.1(d), (C) the right to deliver a Buy-Sell Notice pursuant to Section 9.1(a), or (D) the right to deliver a Trigger Notice pursuant to
Section 9.1(f). If the 3NET Limited Partner is the Defaulting Partner, the General Partner shall have no further obligation to present to the Partnership potential investments pursuant to Section 6.6. If either IIT Partner is
the Defaulting Partner and the General Partner is an affiliate of the IIT Limited Partner, the General Partner may be removed for Cause pursuant to Section 7.4(a)(vi); provided, however, such removal shall be permitted only prior to a
Cure Date. 
 (e) Exclusion from the Executive Committee. On the third (3rd) Default Date for a Defaulting Partner (including in such
number any Default Dates for any Partner that is an affiliate of the Defaulting Partner), any members of the Executive Committee appointed by such Defaulting Partner, or by any other Partner that is an affiliate of such Defaulting Partner, shall no
longer be entitled to participate in any way in the affairs of the Executive Committee. 
 4.5 Capital Accounts. The
Capital Contributions of each Partner shall be credited to such Partner’s “Capital Account.” A Partner’s Capital Account also shall be credited with the amount of income and gain of the Partnership allocable to the Partner
under Section 5.4, and 

  
 9 

 
Exhibit A attached hereto (including any income and gain exempt from tax), and shall be debited with (a) such Partner’s share of all Partnership distributions and
(b) the amount of losses and deductions allocated to such Partner under Section 5.4, and Exhibit A attached hereto (including any income and gain exempt from tax). Capital Accounts shall be maintained and adjusted in
accordance with the provisions of Section 1.704-1(b)(2)(iv) of the Treasury Regulations and the more detailed rules set forth in Exhibit A attached hereto. A Partner shall be considered to have only one Capital Account. Any
permitted transferee (pursuant to the terms hereof) of all or any portion of an Interest shall succeed to the portion of the Capital Account relating to the Interest transferred. 

4.6 No Interest on, or Right to Return of Capital Contributions or Capital Account. No
Partner shall be entitled to receive any interest on its Capital Contributions or its outstanding Capital Account balance. Except upon the dissolution and termination of the Partnership to the extent provided herein, or as otherwise specifically
provided in this Agreement, no Partner shall have the right to demand or to receive the return of all or any part of its Capital Contribution or its Capital Account. 
 4.7 Cash Contributions. All Capital Contributions to the Partnership by the Partners shall be in cash denominated in U.S. dollars. 

ARTICLE 5 

DISTRIBUTIONS AND ALLOCATIONS 
 5.1 Defined Terms. For purposes of Article 5, the Partners have set forth certain terms and definitions in Exhibit L, which is incorporated by reference and attached hereto; all
references herein to Section 5.1 shall be referred to Section 5.1 in Exhibit L. 
 5.2
Distributions. The Partners have set forth the terms of Distribution in Exhibit L, which is incorporated by reference and attached hereto; all references herein to Section 5.2 shall be referred to Section 5.2 in
Exhibit L. 
 5.3 Timing of Distributions. 

(a) Quarterly Distributions. For purposes of Section 5.2, Cash Available for Distribution (other than
proceeds from a sale, exchange or other disposition of assets or from a refinancing or other borrowing) shall be distributed at least quarterly within sixty (60) days after the end of each fiscal quarter. Cash Available for Distribution also
may be distributed at such other time or times as the General Partner may decide in anticipation of the quarterly-end determination thereof, and any such distributions shall be subject to quarterly-end adjustment based on the amount of Cash
Available for Distribution ultimately determined to be available for distribution with respect to such quarter. 

(b) Sales Proceeds and Refinancing Proceeds. For purposes of Section 5.2, Cash Available for
Distribution derived from a sale, exchange or other disposition of assets (including condemnation proceeds) or from a refinancing or other borrowing shall be distributed within ten (10) Business Days following receipt of such proceeds by the
Partnership. 
 (c) Sale of All or Substantially All Assets. Cash Available for Distribution derived from
the sale of all or substantially all of the assets of the Partnership (or of all of the Investment Entities) will be distributed to the Partners as provided in Section 10.2(a). 

  
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 5.4 Tax Allocations. All items of income, gain, deduction and loss of the Partnership
shall be allocated among the Partners in accordance with the provisions of Exhibit A attached hereto. 
 5.5 No
Violations. Notwithstanding anything in this Agreement to the contrary, the Partnership shall make no distribution that violates the Act. 
 5.6 Withholding. 
 (a) Requirements. The Partnership
shall comply with withholding requirements under United States federal, state and local law and shall remit amounts withheld to, and file required forms with, the applicable jurisdictions. To the extent the Partnership is required to withhold and
pay over any amounts to any authority with respect to distributions or allocations to any Partner, the amount withheld shall be treated as a distribution to that Partner in the amount of the withholding. In the event of any claimed over-withholding,
Partners shall be limited to an action against the applicable jurisdiction. If the amount withheld was not withheld from actual distributions, the Partnership may, at its option, (i) require the Partner to reimburse the Partnership for such
withholding or (ii) reduce any subsequent distributions by the amount of such withholding. Each Partner agrees to furnish the Partnership with any representations and forms as shall reasonably be requested by the Partnership to assist it in
determining the extent of, and in fulfilling, its withholding obligations. Each Partner will indemnify the General Partner and the Partnership against any losses and liabilities (including, without limitation, interest and penalties) related to any
withholding obligations with respect to allocations or distributions made to it by the Partnership other than amounts resulting from the Partnership’s failure to timely pay over any amounts withheld or to timely file any returns. 

(b) Exemptions. The Partnership will use commercially reasonable efforts to minimize or eliminate any withholding
tax imposed by any jurisdiction on any amounts distributable by the Partnership to the Partners, including under Sections 1471 and 1472 of the Code. The General Partner shall reasonably assist each Partner to obtain any exemption, exclusion, credit
or refund associated with the taxation (including, without limitation, withholding tax) of any amounts distributable to the Partner (“Exemption”) for which the Partnership or the Partner qualifies. In addition, the General Partner
shall reasonably cooperate with and assist each Partner in obtaining available information for the Partner to make filings, applications or elections to obtain the Exemption. If, and to the extent, reasonably requested in writing by a Partner, and
at the expense of the requesting Partner, the General Partner shall cause such filings, applications or elections to be prepared and filed on the Partner’s behalf with respect to Exemptions from withholding or other tax arising out of the
Partner’s Interest. The General Partner acknowledges that, absent a change in law or the administrative or judicial interpretation thereof, it does not intend to withhold under Sections 1445 and 1446 of the Code with respect to the 3NET Limited
Partner’s share of any gains from the disposition of a “United States real property holding corporation” as defined under Section 897 of the Code; provided that the 3NET Limited Partner then qualifies for exemption from tax under
Section 892(a)(1) of the Code, the 3NET Limited Partner provides the Partnership with any necessary forms to avoid such withholding and the 3NET Limited Partner does not own fifty percent (50%) or more of the Partnership during the taxable
year of the Partnership to which such withholding relates. 
 (c) Withholding Notices. The Partnership
shall (i) give notice to a Partner seven (7) days prior to any withholding to any taxing authority on behalf of the Partner, and (ii) within such seven-day period, give the Partner the opportunity to provide such applicable
forms, information returns or other documentation, in form and substance satisfactory to the General Partner in its reasonable discretion, to establish an exemption from withholding with respect to the Partner under the laws of the applicable taxing
jurisdiction, provided that such documentation shall be provided to the General Partner no later than two (2) Business Days prior to the date that 

  
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withholding would otherwise be required. Notwithstanding the foregoing, nothing herein shall prevent the Partnership from withholding on any distributions in respect of a Partner if the General
Partner determines in its reasonable discretion that withholding is required under applicable law. 
 ARTICLE 6

 MANAGEMENT AND EXPENSES 
 6.1 Management. The general day-to-day activities of the Partnership shall be conducted by the General Partner. Subject to Section 6.2, the General Partner may appoint, contract or
otherwise deal with any Person, including its affiliates, that the General Partner deems reasonably necessary or appropriate for the conduct of the business and affairs of the Partnership. During the Term, Dwight Merriman shall be designated as the
“Key Person” and shall devote substantially all of his business time to the day-to-day operations and affairs of IIT. If Dwight Merriman ceases to so devote his time (a “Key Man Event”), the IIT Partners may
designate as a substitute Key Person,(x) any of James Mulvihill, John Blumberg or Evan Zucker (on a permanent or interim basis), or (y) any other person, subject to the approval of the 3NET Limited Partner (which shall not be unreasonably
withheld, conditioned or delayed if the proposed replacement has substantially similar or greater experience in acquiring and managing industrial properties in the United States as Dwight Merriman). If the IIT Partners fail to designate a permitted
or approved replacement Key Man within sixty (60) days after a Key Man Event, a Deadlock Event shall be deemed to have occurred. 
 (b) General Authority Vested in General Partner. Subject to the restrictions and limitations set out in this Agreement (including the rights of the Executive Committee as described in
Section 6.2 with respect to Major Decisions) and in the non-waivable provisions of the Act, the General Partner (x) shall have the exclusive right and power to manage the Partnership on a day-to-day basis, conduct the business and
affairs of the Partnership, and to do all things necessary or desirable to carry on the business of the Partnership in accordance with the provisions of this Agreement and applicable law (with the provisions of this Agreement controlling over
applicable law to the fullest extent permitted at law), and (y) is hereby authorized to take any action of any kind and to do anything and everything it reasonably deems necessary or appropriate in accordance therewith, including, without
limitation, to undertake any of the following on behalf of the Partnership: 
 (i) execute, deliver and perform
any and all agreements, contracts, documents, certifications and instruments necessary or convenient in connection with the acquisition, development, financing, management, maintenance, operation, sale, exchange, leasing or other disposition of the
Partnership’s properties and assets; 
 (ii) borrow money and issue evidences of indebtedness necessary,
convenient, or incidental to the accomplishment of the purposes of the Partnership; provided, however, that in connection with the borrowing of money on a nonrecourse basis, no lender shall be granted or acquire, at any time as a result of making
such a loan, any direct or indirect interest in the profits, capital or property of the Partnership other than as a secured creditor; 
 (iii) engage in any kind of activity and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to the accomplishment of, the purposes and objectives of the
Partnership, as may be lawfully carried on or performed by a limited partnership under the laws of the State of Delaware, and in each state where the Partnership has been qualified to do business; and 

  
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 (iv) take such actions (including, without limitation, amending this
Agreement) or decline to take such actions as the General Partner determines in its sole discretion are advisable or necessary, based upon advice of counsel to the Partnership, (A) to preserve the tax status of the Partnership as a partnership
for Federal income tax purposes and the tax status of the Investment Entities as real estate investment trusts for U.S. federal income tax purposes within the meaning of Section 856 of the Code and to avoid the imposition of tax on any
Investment Entity pursuant to Section 857(b) or Section 4891 of the Code, or (B) to conform this Agreement to either (I) the Act, or (II) provisions of the Code or the Treasury Regulations relating to taxation of partners and
partnerships and real estate investment trusts, including, without limitation, any changes thereto. 
 (c)
Role of Limited Partners. Except to the extent provided in this Agreement, the Limited Partners shall not participate in or have any control whatsoever over the Partnership’s business or have any authority or right to act for or bind the
Partnership. The authority to conduct the business of the Partnership shall be exercised only by the General Partner. The Limited Partners hereby consent to the exercise by the General Partner of the powers conferred on it by this Agreement, subject
to the restrictions and limitations set forth in this Agreement or the Act. 
 (d) Reliance Upon
Certificate. Any Person dealing with the Partnership or the General Partner may rely upon a certificate signed on behalf of the General Partner, thereunto duly authorized, as to: 

(i) the identity of the General Partner or the Limited Partners; 

(ii) the existence or non-existence of any fact or facts which constitute a condition precedent to the acts by the General
Partner or in any other manner germane to the affairs of the Partnership; 
 (iii) the persons who are authorized
to execute and deliver any instrument or document of the Partnership; and 
 (iv) any act or failure to act by
the Partnership or as to any other matter whatsoever involving the Partnership or any Partner. 
 6.2
Restrictions on Authority of the General Partner. The Partners have set forth certain restrictions on the authority of the General Partner in Exhibit M, which is incorporated by reference and
attached hereto; all references herein to Section 6.2 shall be referred to Exhibit M. 
 6.3
Duties and Obligations of the General Partner. 
 (a) Duties. The
General Partner shall act in good faith to take all action which may be reasonably necessary or appropriate for the acquisition, development, maintenance, preservation, management and operation of the properties and assets of the Partnership in
accordance with the provisions of this Agreement and applicable laws and regulations, it being understood and agreed, however, that the General Partner may contract with third parties or its affiliates for the direct performance of the general
day-to-day management and operational services for the Partnership, the costs of which shall be paid by the General Partner pursuant to Section 6.4(b), provided that the General Partner shall not be required to perform any other services
outside of the scope of this Agreement unless the expense related thereto is included in an Approved Partnership Budget. The General Partner’s duties shall consist of the following: 

  
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 (i) using commercially reasonable efforts to maximize Cash Available for
Distribution in a manner consistent with the General Partner’s rights and obligations under this Agreement; 

(ii) keeping the Executive Committee informed on a regular basis of the material financial, operational and physical
condition of the Investments; 
 (iii) preparing annual budgets, annual hold/sell analysis and annual business
plans for the Partnership and the Investment Entities; 
 (iv) overseeing third-party property management
arrangements, leasing and project or construction management activities (where applicable) for the Investments and selecting property management and leasing agents (where applicable) on behalf of the Investment Entities; 

(v) monitoring and supervising the performance by the Partnership and each Investment Entity of its respective obligations
pursuant to all contracts to which the Partnership or any Investment Entity is a party or bound by; 
 (vi)
overseeing and participating as required with negotiating, entering into, monitoring and enforcing, leases on behalf of the Investment Entities; 
 (vii) coordinating annual valuations of the Partnership’s Investments in accordance with the reasonable requirements of the 3NET Limited Partner; 

(viii) if the Executive Committee has Approved the acquisition of an Investment, using commercially reasonable efforts to
consummate such acquisition, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction; 
 (ix) monitoring market conditions and advising the Executive Committee at such times as it believes it is appropriate to dispose of an Investment or a portion thereof (through the sale of the relevant
Investment Entity); 
 (x) if the Executive Committee has Approved the disposal of an Investment,
(A) preparing market analysis to assist in determining the asking price, preparing a confidential memorandum concerning the Investment to be disposed of and coordinating the marketing of the Investment; and (B) once a purchaser has been
identified, using commercially reasonable efforts to consummate such disposal, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction; 

(xi) preparing and submitting proposals for any expansion, redevelopment, or renovation of any Investment when and as it
deems reasonably appropriate; 
 (xii) overseeing third party development and construction management activities
(where applicable); 
 (xiii) performing quarterly and annual reporting pursuant to Section 11.1 for
the Partnership and the Investment Entities and coordinating the auditing of the annual consolidated financial statement of the Partnership and the Investment Entities; 

  
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 (xiv) monitoring market conditions and advising the Executive Committee at
such times as it believes it is appropriate to finance or refinance an Investment Entity or Investment or a portion thereof when and as it deems reasonably appropriate; 

(xv) if the Executive Committee has Approved a financing or refinancing, identifying potential sources of financing and
using commercially reasonable efforts to consummate such financing, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction and thereafter taking commercially reasonable steps
to comply with the terms of such Indebtedness; 
 (xvi) performing cash management in accordance with
Section 11.3 and distributing Distributable Cash pursuant to the terms of this Agreement; 
 (xvii)
using commercially reasonable efforts to obtain and maintain all operating licenses and permits on behalf of the Partnership or the Investment Entities which are necessary or advisable for the conduct of the business of the Partnership; 

(xviii) performing any and all such other services of a general asset management nature that are reasonably deemed to be
in the best interests of Partnership or an Investment Entity; and 
 (xix) using commercially reasonable efforts
to enable each Investment Entity to qualify as a “real estate investment trust” for U.S. federal income tax purposes within the meaning of section 856 of the Code. 

(b) Partnership Budget. No later than November 1 of each year, the General Partner shall prepare and submit to
the Executive Committee, for its consideration and approval as a Major Decision pursuant to Section 6.2(c), a draft annual budget for the Partnership for the forthcoming calendar year, together with all assumptions, supporting materials,
financial and other information and explanations about the operations of the Partnerships and the Investment Entities reasonably necessary to allow the Executive Committee to make an informed decision about the draft budget, including historical and
expected operating revenues and expenses and historical and expected capital expenditures and projected operating income and expenses and capital expenditures for any Investments and Approved Investments (collectively, the “Supporting
Materials”). The General Partner shall provide any additional information reasonably requested by the Executive Committee in connection with the budget review process promptly following such request and the Executive Committee shall have
reasonable access during normal business hours of the General Partner to the General Partner’s management personnel to obtain and discuss such information. On December 1 of each year, after delivery of the draft annual budget (or such
other date Approved by the Executive Committee), the General Partner shall call a meeting of the Executive Committee for the purpose of considering and approving such draft annual budget. The General Partner shall consider in good faith, but without
any obligation to make, any suggested changes and adjustments to the draft annual budget proposed by any member of the Executive Committee (other than changes that are inconsistent with the manner in which GP Fees are computed in accordance with
Exhibit D), and if any changes are made by the General Partner to the draft annual budget prior to its approval, the General Partner shall submit a revised annual budget to the Executive Committee for its consideration and approval as a Major
Decision pursuant to Section 6.2(c), together with any new, additional or updated Supporting Materials (not previously provided) that are reasonably necessary for the Executive Committee to make an informed decision about the revised
draft annual budget. If the Executive Committee rejects the draft annual budget for any calendar year that is submitted to it for approval as a Major Decision pursuant to Section 6.2(c), then not later than fifteen (15) Business

  
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Days after such rejection, the General Partner shall prepare and submit to the Executive Committee, for its consideration and approval as a Major Decision pursuant to Section 6.2(c),
either the same or a revised draft of the annual budget for such year, incorporating any such changes the General Partner elects to make based upon its good faith consideration of any feedback and comments provided on the prior draft annual budget
by a member of the Executive Committee to the General Partner (other than changes that are inconsistent with the manner in which GP Fees are computed in accordance with Exhibit D). In the event that the General Partner fails to submit to the
Executive Committee for its consideration and approval as a Major Decision pursuant to Section 6.2(c), within the time periods required by this Section 6.3(b), either (i) an initial draft of an annual budget in respect
of any calendar year, or (ii) if the Executive Committee rejects a draft annual budget for any calendar year, a revised draft of the annual budget for such year, then, in each case, notwithstanding anything in this Agreement to the contrary, a
Deadlock Event shall be deemed to have occurred and shall continue to exist until such time as a General Partner shall submits an initial draft of an annual budget or a revised annual budget, as applicable, to the Executive Committee for its
consideration and approval as a Major Decision pursuant to Section 6.2(c). Upon the Approval of the draft budget by the Executive Committee pursuant to Section 6.2(c), it shall become the Approved Partnership Budget for all
purposes under this Agreement and shall supersede any prior Approved Partnership Budget. 
 (c) Filings.
The General Partner shall take such action as may be necessary or appropriate in order to form or qualify the Partnership under the laws of any jurisdiction in which the Partnership is doing business or owns property or in which such formation or
qualification is necessary in order to protect the limited liability of each Limited Partner or in order to continue in effect such formation or qualification. If required by law, the General Partner shall file or cause to be filed for recordation
in the office of the appropriate authorities of the State of Delaware, and in the proper office or offices in each other jurisdiction in which the Partnership is formed or qualified, such certificates (including, without limitation, limited
partnership and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction or as are necessary to reflect the identity of the Partners and the amounts of their
respective Capital Contributions. 
 (d) Partnership Tax Returns. The General Partner shall prepare or
cause to be prepared and shall file on or before the due date (or any extension thereof) any Federal, state or local tax returns required to be filed by the Partnership. 

(e) Limitations on Liability of General Partner. The General Partner shall have no liability hereunder, and shall
not be in breach of its obligations hereunder, if the General Partner is unable to take any action or perform any duty which would otherwise be required hereunder to the extent that (i) such inability to act was caused by the action or failure
to act of the Limited Partners that are not affiliates of the General Partner or (ii) such inability to act resulted from a lack of available funds (provided the General Partner has issued Capital Call Notices for such funds in accordance with
Article 4). 
 6.4 Fees; Expenses. 

(a) Fees. The General Partner shall receive the various fees (the “GP Fees”) as compensation for
providing services in managing the activities of the Partnership specifically enumerated in Section 6.3(a) (or where applicable providing such services to the Investment Entities) pursuant to and as and when set forth on Exhibit
D attached hereto; provided, however, the General Partner may direct the Partnership to pay any of such GP Fees directly to a third party or affiliate. 
 (b) General Partner Expenses. Subject to Section 6.4(c), the General Partner shall be responsible for all the overhead expenses of performing the duties as described in

  
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Section 6.3(a), including compensation for its employees, rent, utilities and other general internal expenses. The costs of forming the Partnership shall be funded by the Partners,
pro rata, in accordance with their respective Percentage Interests. 
 (c) Expenses of the Partnership.
The Partnership (or the Investment Entities, as applicable) shall bear all expenses in any Fiscal Year other than those expressly related to the duties of the General Partner for which it receives the GP Fees pursuant to Section 6.4(a)
immediately above, including third party expenses relating to the performance of those duties described in clauses (vii), (xiii) and (xix) of Section 6.3(a) and expenses associated with any transactions
outside the Partnership’s (or the Investment Entities’) general day-to-day operations, such as any financing transactions, sales of assets, mergers, acquisitions and the like (such as accounting, engineering, consulting, brokerage,
financing and legal costs and expenses), and including, without limitation, construction, repairs, replacements, the preparation of financial statements, property-level audits, annual valuations, tax returns and K-1s and tax compliance activities
for the Investment Entities (collectively, “Partnership Expenses”); provided, however, that a reasonable allocation of the internal time of employees of the General Partner or its affiliates for coordinating annual valuations, tax
and REIT compliance activities, financing activities and the preparation of IFRS reporting packages or reconciliations (if requested by the 3NET Limited Partner) shall be deemed to be Partnership Expenses to the extent such expenses are included in
the Approved Partnership Budget or otherwise Approved by the Executive Committee, it being understood that the General Partner shall have no obligation to oversee the foregoing activities unless there exists an Approved Partnership Budget for the
internal time of employees of the General Partner or its affiliates performing the same; provided, further, that if the General Partner is not obliged to oversee the foregoing activities, notwithstanding anything else in this Agreement to the
contrary, by providing notice in writing to the General Partner, the 3NET Limited Partner shall be entitled to require the General Partner to engage a third party selected by the 3NET Limited Partner to provide such oversight services to the
Partnership on terms that are approved in writing by the 3NET Limited Partner, and such engagement shall be at the expense of the Partnership, instead of the General Partner providing such services to the Partnership. The IIT Partners shall be
entitled to approve the engagement of the third party selected by the 3NET Limited Partner to provide such oversight services to the Partnership, provided that the IIT Partners shall not unreasonably delay, withhold or condition such approval (it
being further understood and agreed that, if the cost to the Partnership of the third party performing such oversight services is equal to or lower than the cost to the Partnership of the General Partner performing such oversight services, then
(A) the General Partner will have the right to match the cost proposal offered by the third party and provide such oversight services to the Partnership on the same price, terms and conditions offered by such third party, such right to match
must be exercised by the General Partner providing to the 3NET Limited Partner written notice of acceptance of such engagement within five (5) Business Day after receiving from the IIT Limited Partner written notice of the proposed terms of the
engagement of such third party, and (B) if the General Partner fails to provide such notice of acceptance within such time period, then the General Partner shall deemed to have irrevocably waived such right to match with respect to the proposed
service provider and the IIT Partners shall be deemed to have approved the engagement of the third party selected by the 3NET Limited Partner to provide such oversight services to the Partnership on terms no less favorable to the Partnership than
the terms presented above). The General Partner shall cooperate with any such third party that is retained to provide such oversight services. 
 6.5 Permitted Other Activities. Subject to Section 6.6, any Partner may engage independently or with others in other business ventures of every nature and description. Except as
otherwise expressly provided herein, nothing in this Agreement shall be deemed to prohibit any affiliate of a Partner from dealing, or otherwise engaging in business, with persons transacting business with the Partnership or an Investment Entity or
from providing services relating to the purchase, sale, financing, management, development, operation, leasing or disposition of industrial-type facilities and receiving compensation therefor, even if competitive with the business of the

  
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Partnership or the Investment Entities. Except to the extent provided for under this Agreement, no Partner shall have any right by virtue of this Agreement or the relationship created hereby in
or to such other ventures or activities or to the income or proceeds derived therefrom, even if competitive with the business of the Partnership hereunder or any of the Investment Entities. 

6.6 Presentation of Investments. The Partners have set forth certain terms relating to the presentation of Investments in
Exhibit N, which is incorporated by reference and attached hereto; all references herein to Section 6.6 shall be referred to Exhibit N. 
 6.7 Limitations on Liability; Indemnification. 

(a) Extent of Liability. Except as otherwise described in the Act, the Limited Partners shall not be liable for any
debts, liabilities, contracts or any other obligations of the Partnership. Except as otherwise described in the Act or this Agreement, each Limited Partner has no liability in excess its share of the Partnership’s assets and undistributed
profits. No Limited Partner shall be required to lend any funds to the Partnership or to pay to the Partnership, any Partner or any creditor of the Partnership any portion or all of any negative balance of such Limited Partner’s Capital
Account. None of the members of the Executive Committee shall be liable for any losses sustained or liabilities incurred as a result of any act or omission of any of such persons. 

(b) Indemnification by the Partnership of the General Partner. The Partnership shall indemnify and hold harmless
the General Partner and its affiliates and their respective partners, officers, directors, employees and controlling Persons (individually, in each case, a “GP Indemnitee”) to the fullest extent permitted by law from and against any
and all losses, claims, demands, costs, damages, liabilities (joint or several), expenses of any nature (including reasonable attorneys’ fees and disbursements), judgments, fines, penalties, interest, settlements and other amounts arising from
any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, including, without limitation, any of the foregoing relating to any guaranties of Indebtedness of the Partnership or the Investment
Entities (“Losses”), in which the GP Indemnitee may be involved or threatened to be involved as a party or otherwise, arising out of or incidental or relating to the business or activities of the Partnership or relating to this
Agreement, provided that such Losses did not involve, as to the General Partner or any GP Indemnitee (i) Willful Bad Acts or (ii) gross negligence. The termination of any action, suit or proceeding other than by a settlement or judgment on
the merits or a conviction (for example, termination by a plea of nolo contendere or its equivalent) shall not, in and of itself, create a presumption that the General Partner’s conduct did constitute Willful Bad Acts or gross negligence (where
applicable). 
 (c) Indemnification by the General Partner. The General Partner shall indemnify and hold
harmless the Partnership (or, without duplication, the Limited Partners and the Investment Entities) and each of their respective officers, directors, employees, controlling Persons and affiliates (individually, in each case, an “LP
Indemnitee”) and the members of the Executive Committee (and the equivalent members of the boards of the Investment Entities) (each an “EC Indemnitee” and, collectively with the LP Indemnitees and the GP Indemnitees, the
“Indemnitees”) to the fullest extent permitted by law from and against any and all Losses arising out of Willful Bad Acts or gross negligence by the General Partner or any GP Indemnitee. 

(d) Indemnification of Limited Partners and Executive Committee by the Partnership. To the extent that
Section 6.7(c) (i) is not applicable, or (ii) if applicable, is not sufficient to cover all Losses arising out of Willful Bad Acts or gross negligence by the General Partner or any GP Indemnitee, the Partnership shall indemnify
and hold harmless the LP Indemnitees and EC Indemnitees to the fullest extent permitted by law from and against any and all Losses arising out of their role as limited partners of the Partnership or members of the Executive

  
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Committee, respectively, except to the extent such Losses are a result of the Willful Bad Acts of any such LP Indemnitee or EC Indemnitee. 

(e) Defense Costs. Expenses incurred by any of the Indemnitees in defending any claim, demand, action, suit or
proceeding subject to Sections 6.7(b) and (d), from time to time, upon request by the Indemnitee shall be advanced by the Partnership prior to the settlement or judgment of such claim, demand, action, suit or proceeding upon receipt by
the Partnership of an undertaking by or on behalf of the Indemnitee to repay such amount promptly, with interest calculated at the rate equal to two (2) percentage points above the “Federal Short-Term Rate” as defined in
Section 1274(d)(1)(c)(i) of the Code, as amended (or any successor to such section) or the maximum rate permitted under applicable law, whichever is less, calculated upon the outstanding principal balance of such amount, if it shall be
determined in a judicial proceeding or a binding arbitration that such Indemnitee is not entitled to be indemnified pursuant to this Agreement 
 (f) Priority. The payment by the Partnership of any amounts pursuant to Sections 6.7(b) and (d) shall be first made from any existing cash reserves of the Partnership or the
Investment Entities, as applicable. 
 (g) Non-Exclusive Rights. The rights provided by Sections
6.7(b), (c) and (d), shall be in addition to any other rights to which an Indemnitee may be entitled under any agreement in writing or as a matter of law or equity shall continue as to an Indemnitee who has ceased to serve in
such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee, and shall survive the termination of this Agreement. 

(h) Insurance. The General Partner shall cause the Investment Entities to be covered by such property, casualty,
general liability and environmental insurance in connection with the business or activities of the Partnership hereunder and the Investment Entities that a reasonable and prudent owner and operator would maintain with regard to similar properties in
similar circumstances, it being understood and agreed that the coverage, amount and scope of the insurance program currently being administered by an affiliate of IIT shall be deemed to satisfy the foregoing standard for so long as such program
applies to the Partnership and the Investment Entities. Each insurance policy shall name as additional insureds the Partnership, the General Partner, the members of the Executive Committee and such other persons as the General Partner shall
determine. The cost of any such insurance shall be an expense of the Partnership for purposes of Section 6.4. Notwithstanding the foregoing, fidelity bonds or insurance, or errors and omissions insurance, or other insurance not falling
within the first sentence hereof, shall be obtained and maintained on behalf of the General Partner at the General Partner’s expense unless otherwise Approved by the Executive Committee. 

(i) No Disqualification. An Indemnitee shall not be denied indemnification in whole or in part under this
Section 6.7 or otherwise by reason of the fact that the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 (j) No Third Party Rights. The provisions of this Section 6.7 are for the benefit of the
Indemnitees and shall not be deemed to create any rights for the benefit of any other persons. 
 (k) Third
Party Opinions. In discharging its obligations under this Agreement, the General Partner may obtain an opinion, appraisal or examination by independent counsel, appraiser, accountant or other expert, if appropriate, upon which the General
Partner and the members of the Executive Committee shall be entitled to rely, to the extent reasonable, for matters within the expertise of the person or entity providing or rendering the same. 

6.8 Designation of Tax Matters Partner. 

  
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 (a) Designation. The General Partner shall designate a person (which
may be the General Partner) to act as the “Tax Matters Partner” of the Partnership, as provided in Treasury Regulations pursuant to Section 6231 of the Code. Each Partner hereby (i) approves of General Partner’s
authority to make such designation and (ii) agrees to execute, certify, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be deemed necessary or appropriate to evidence same. 

(b) Information to be Supplied to IRS. To the extent and in the manner provided by applicable Code sections and
Treasury Regulations thereunder, the Tax Matters Partner shall furnish the name, address, profits interest and taxpayer identification number of each Partner (or assignee) to the Internal Revenue Service (the “IRS”). 

(c) IRS Proceedings. To the extent and in the manner provided by applicable Code sections and Treasury Regulations
thereunder, the Tax Matters Partner shall inform each Partner of administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings
being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”). In addition, upon receipt by the Tax Matters Partner of any written notice, request, inquiry or statement of a material
nature from the IRS in connection with an examination of the Partnership involving a potential income tax liability for any of the Partners, the Tax Matters Partner shall promptly send each Partner a copy of the documents so received. If the Tax
Matters Partner intends to respond in writing to any such documents received from the IRS, the Tax Matters Partner shall provide a copy of its proposed response to all other Partners at least ten (10) days before such response is to be
submitted to the IRS and shall consider in good faith any comments received from other Partners with respect to such proposed response. 
 (d) Authorized Actions of Tax Matters Partner. The Tax Matters Partner is authorized: 
 (i) with the Approval of the Executive Committee, to enter into any settlement with the IRS with respect to any tax audit or judicial review, and in the settlement agreement the Tax Matters Partner may
expressly state that such agreement shall bind all Partners except that such settlement agreement shall not bind any Partner (A) who (within the time prescribed pursuant to the Code and Treasury Regulations thereunder) files a statement with
the IRS providing that the Tax Matters Partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (B) who is a “notice partner” (as defined in Section 6231 of the Code) or a member of a
“notice group” (as defined in Section 6223(b)(2)); 
 (ii) if a notice of a final administrative
adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the Tax Matters Partner, with the Approval of the Executive Committee, to seek judicial
review of such final adjustment, including the filing of a petition for readjustment with the Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which
the Partnership’s principal place of business is located; 
 (iii) with the Approval of the Executive
Committee, to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such
request; 

  
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 (iv) with the Approval of the Executive Committee, to enter into an
agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

(v) to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial
review proceeding to the extent permitted by applicable law or regulations or this Agreement. 
 (e)
Indemnification of Tax Matters Partner. Notwithstanding any other provision of this Agreement (but subject to Section 6.7 of this Agreement), the Partnership shall indemnify, and reimburse, to the fullest extent permitted by law,
the Tax Matters Partner for all Losses incurred in connection with any tax audit or judicial review proceeding with respect to the tax liability of the Partners, if the Tax Matters Partner’s conduct did not constitute a Willful Bad Act or gross
negligence. 
 (f) Discretion of Tax Matters Partner. Except as expressly set forth herein, the taking of
any action and the incurring of any expense by the Tax Matters Partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole discretion of the Tax Matters Partner and the provisions on limitations of
liability of the General Partner and indemnification set forth in Section 6.7 of this Agreement shall be fully applicable to the Tax Matters Partner in its capacity as such. 

6.9 Prohibited Payments. The General Partner shall not knowingly (a) make any payment or transfer anything of value with the
intent, or which has the purpose or effect of, engaging in commercial bribery, or acceptance of or acquiescence in kickbacks or other unlawful or improper means of obtaining or retaining business and not promise, offer, or (b) give to a
government official, directly or indirectly, any money or anything else of value, for the government official himself or herself or another person or entity, in order to influence that government official to act or refrain from acting in the
exercise of his or her official duties, in both cases, in relation to the business of the Partnership or the Investment Entities. 
 ARTICLE 7 
 WITHDRAWAL AND REMOVAL OF GENERAL PARTNER 

7.1 Voluntary Withdrawal. Except as otherwise provided in Article 8, the General Partner shall not have the right (but
shall have the power) to retire or withdraw voluntarily from the Partnership, and any withdrawal in violation hereof shall constitute a breach of this Agreement and shall be subject to the provisions of Section 7.3. Prior to any
voluntary withdrawal from the Partnership, the General Partner shall give the Limited Partners notice of its intention to withdraw at least ninety (90) days in advance of such withdrawal, and the IIT Limited Partner may appoint a substitute
general partner which is an affiliate of the IIT Limited Partner. If a substitute general partner is so appointed, it shall be admitted immediately prior to the withdrawal of the General Partner and shall continue the business of the Partnership
without dissolution. 
 7.2 Bankruptcy or Dissolution of the General Partner. In the event
of the bankruptcy of the General Partner or other events that cause the General Partner to cease to be a general partner under Sections 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act, the General Partner shall cease to be the
general partner of the Partnership and its Interest shall terminate; provided, however, that such termination shall not affect any rights or liabilities of the General Partner which matured prior to such event, or the value, if any, at the time of
such event of the Interest of the General Partner. 

  
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 7.3 Liability of Withdrawn General Partner. If the General
Partner shall cease to be general partner of the Partnership, it shall be and remain liable for all obligations and liabilities incurred by it as general partner prior to the time such withdrawal shall have become effective, but it shall be free of
any obligation or liability incurred on account of the activities of the Partnership from and after the time such withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability
arising from any withdrawal from the Partnership in violation of this Agreement. 
 7.4 Removal of General Partner for
Cause. The Partners have set forth certain terms relating to the Removal of the General Partner in Exhibit O, which is incorporated by reference and attached hereto; all references herein to Section 7.4 shall be
referred to Exhibit O. 
 ARTICLE 8 
 TRANSFER OF INTERESTS 
 8.1 Assignments. 

(a) Restriction of Assignments. No Partner shall, directly or indirectly, sell, assign, pledge, hypothecate,
transfer by gift, exchange or otherwise dispose of or encumber its Interests by operation of law or otherwise (all of the foregoing being referred to hereinafter as a “Transfer”, but excluding from the definition of Transfer any IIT
REIT Listing Transaction), except in accordance with this Section 8.1 and pursuant to the Dilution Option set out in Section 2.2(d). Any such assignment and the rights of the assignee with respect to the assigned Interest
shall be subject to Section 8.2. Any Transfer made in contravention of this Agreement shall be null and void and the transferee (the “Transferee”) shall receive no right, title or interest in or to any Interests as a
result of such Transfer made in violation of this Agreement. In addition, any Transfer otherwise permitted by this Agreement shall be null and void unless (i) the Transferee agrees to adopt and be bound by the terms of this Agreement and other
relevant documents as if the Transferee had been an original party hereto and (ii) the Transfer would not result in any violation of the ownership limitations set forth in the organizational documents of each Investment Entity intended to
preserve the qualification of such Investment Entity as a real estate investment trust for U.S. federal income tax purposes within the meaning of Section 856 of the Code. The parties acknowledge that a transfer or issuance of any interests in
IIT or IIT OpCo shall not constitute a Transfer for the purposes of this Agreement; provided that such a transfer may still constitute an IIT Change of Control pursuant to Section 7.4(a)(iv). 

(b) Permitted Assignments. A Partner may Transfer all (but not part) of its Interest, at any
time, (i) to an affiliate of such Partner, or (ii) from and after the second (2nd) anniversary of the completion of the Partnership’s most recent Investment (the “Trigger Date”), to any third party other than a Canadian government entity (subject to
Sections 8.1(c) and (d)); provided, however, that any Transfer shall be, subject, in all events, to the following limitations: 
 (i) No Transfer of any Interest may be made if, in the opinion of legal counsel to the Partnership, such assignment would require filing of a registration statement under the Securities Act of 1933, as
amended (the “Securities Act”) or would otherwise violate any Federal or state securities or Blue Sky laws (including any investment suitability standards) or regulations applicable to the Partnership or the Interests; 

(ii) No Transfer on any date of an Interest may be made if, in the opinion of legal counsel for the Partnership, it would
be effectuated through an “established 

  
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securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code; 

(iii) No Transfer of any Interest may be made if, in the opinion of legal counsel for the Partnership, it likely would
cause any Investment Entity to no longer qualify as a real estate investment trust or would subject any Investment Entity to any additional taxes under Section 857 or Section 4981 of the Code; and 

(iv) No Transfer of any Interest may be made to a Transferee unless the Transferee is an Accredited Investor, as that term
is defined in Rule 501 of Regulation D of the Securities Act, as certified to the satisfaction of the Partnership. 
 (c) Rights of First Opportunity. If any Partner should desire to Transfer its Interest (which may be Transferred in whole but not in part) other than a Transfer to an affiliate of such Partner,
such Partner (the “Offering Partner”) first shall submit to all of the other Partners (the “Offeree Partners”) a binding written offer (the “Offer”) to sell such Interest to the Offeree Partners.
The Offer shall include the price of the Interest and any other terms of the proposed Transfer and shall continue to be a binding offer to sell until the earlier of (i) the date the Offer is expressly rejected by the Offeree Partners or
(ii) the expiration of a period of thirty (30) days (the “Offer Period”) after receipt of the Offer by the Offeree Partners. If the Offeree Partners desire to accept the Offer, the Offeree Partners shall notify the
Offering Partner in writing prior to the expiration of the Offer Period and shall proceed to close the purchase within sixty (60) days after such notification of the Offer. If more than one Offeree Partner shall have accepted the Offer within
the Offer Period, then the Interests shall be allocated among such Offeree Partners as they may agree or, if they fail to agree, then in proportion to their respective Percentage Shares at the time of such purchase. 

At the expiration of the Offer Period, if the Offeree Partners have not accepted the Offer, the Offering Partner may Transfer the
Interest (in whole, but not in part) subject to the Offer to any Transferee (but subject to the Offeree’s continuing rights to participate in a Tag Along Transfer) for a period of one hundred and twenty (120) days after the Offer Period.
If no such sale is made by the Offering Partner within such one hundred and twenty (120) day period, the restrictions set forth in this Section 8.1(c) thereafter shall continue to apply to the offered Interest, and no Interests
thereafter shall be subject to a Transfer by the Offering Partner without again first complying with all the provisions of this Agreement. 
 (d) Tag-Along Right. Subject to the foregoing, after the expiration of the Offer Period, if none of the Offeree Partners have accepted the Offer and the Offering Partner should desire to Transfer
its Interest (which may be Transferred in whole but not in part) to a Transferee, other than a Transfer to an affiliate of such Partner, if the Offering Partner wishes to Transfer its Interest to any Person (other than an affiliate of such Offering
Partner), (a “Tag Along Transfer”), the Offering Partner shall comply with the requirements of this Section 8.1(d). 
 (i) Prior to undertaking a Tag Along Transfer, the Offering Partner shall provide written notice to the Offeree Partners, which notice shall set forth (A) all of the material terms and conditions,
including consideration pursuant to which it proposes to make such Tag Along Transfer (the “Tag Along Offer Terms”) and (B) the identity of, and information concerning, the Person (the “Tag Along Purchaser”) to
whom it proposes to make such Tag Along Transfer. 
 (ii) Within ten (10) days after delivery of an
effective Tag Along Notice, each Offeree Partner shall give written notice to the Offering Partner that (A) such Offeree Partner elects to transfer its Interest to the Tag Along Purchaser on the Tag Along Offer Terms (the “Tag Along
Option”) or (B) such Offeree Partner elects not 

  
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to transfer its Interest to the Tag Along Purchaser (the “Non-Transfer Option”). An Offeree Partner shall be conclusively deemed to have elected the Non-Transfer Option if it
fails to give written notice of its election of either of the above-described options within such ten (10) day period. Notwithstanding the foregoing, if the Tag Along Notice is delivered simultaneously with or within twenty (20) days after
an Offer is distributed to the Partners pursuant to Section 8.1(c), the time periods for notices and responses under Section 8.1(c) shall govern, as applicable. 

(iii) If an Offeree Partner elects or is deemed to have elected the Non-Transfer Option, the Offering Partner shall be
permitted to make the Tag Along Transfer alone, so long as such Tag Along Transfer takes place within one hundred and twenty (120) days of the Tag Along Notice and is otherwise in accordance with Section 8.1. 

(iv) If an Offeree Partner elects the Tag Along Option, the Offering Partner shall not make the Tag Along Transfer to the
Tag Along Purchaser unless such Tag Along Purchaser acquires, simultaneously with its acquisition of such Offeree Partner’s Interest, the Interest of such Offering Partner at a purchase price equal to (i) the purchase price for Offering
Partner’s Interest multiplied by (ii) a fraction the numerator of which is the Offeree’s Percentage Interest and the denominator of which is the total Percentage Interests to be transferred. Notwithstanding the foregoing, the
aggregate reasonable and customary expenses of the Partners incurred in connection with the transfer of their Interests (including, without limitation, any reasonable attorneys’ fees and expenses and any brokerage fees) shall be paid (or
reimbursed) out of the aggregate purchase price paid to the transferring Partners. 
 (v) If an Offeree Partner
shall exercise the Tag Along Option, such Offeree Partner shall take all actions reasonably necessary to cause its Interest to be transferred to the Tag Along Purchaser, such actions to include, without limitation, executing a contract of sale if
requested to do so by the Tag Along Purchaser (which contract shall be no more onerous to the Offeree Partner than the contract of sale executed by the Offering Partner) and complying with the terms thereof. 

(e) Successors to a Limited Partner. If a Limited Partner becomes bankrupt, the trustee or receiver of the estate,
shall have all of the rights of such Limited Partner solely for the purpose of settling or managing the estate and such power as the bankrupt Limited Partner possessed to assign all or any part of the Interest and to join with the assignee thereof
in satisfying conditions precedent to such assignee becoming a substituted Limited Partner. The bankruptcy of a Limited Partner in and of itself shall not dissolve the Partnership or cause any successor to such Limited Partner to become a
substituted Limited Partner. 
 (f) Recognition of Assignment. The Partnership will not recognize for any
purpose any assignment of any Interest unless (i) there shall have been filed with the Partnership a duly executed and acknowledged counterpart of the instrument making such assignment signed by both the assignor and the assignee and such
instrument evidences, inter alia, the written acceptance by the assignee of all of the terms and provisions of this Agreement and represents that such assignment was made in accordance with all applicable laws and regulations
(including investment suitability standards) and (ii) the General Partner (or any replacement therefor) has determined that such an assignment is permitted under this Article 8. Irrespective of whether or not any successor to a Partner
or a purported assignee of a Partner’s Interest hereunder provides the aforesaid instruments, any such Person shall be bound by the terms and provisions of this Agreement. As a condition to any voluntary assignment of an Interest, the General
Partner (or any replacement therefor) may require that the assignor or the assignee of the Interest or their respective 

  
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representatives provide to the Partnership information that is reasonably requested by counsel to the Partnership to enable such counsel to determine that such assignment is not prohibited by
this Article 8. 
 (g) Continued Obligations. In no event shall a permitted Transfer be deemed to
relieve the Partners who transfer their Interests from their obligations and liabilities under this Agreement, including, without limitation, their obligations with respect to Capital Contributions. 

8.2 Admission of Assignees as Substituted Partners. 

(a) Requirements for Admission. No assignee of a Partner’s Interest, whether or not such assignment is
permitted under Section 8.1, shall be entitled to become a substituted Partner unless: 
 (i) the
assignee shall have agreed in writing to be bound by and shall have accepted, adopted and approved in writing all of the terms and provisions of this Agreement, as the same may have been amended, and executed a power of attorney similar to the power
of attorney granted in this Agreement; and 
 (ii) the assignee shall pay or obligate itself to pay all
reasonable expenses incurred in connection with his admission as a substituted Partner. 
 (b) Effect of
Assignment. If a Partner assigns all of its Interest in accordance with the provisions of this Article 8, it shall cease to be a partner of the Partnership as of the date that such assignment is given effect by the Partnership in
accordance with the terms of this Article 8. A purported assignment of an Interest not in accordance with the provisions of this Article 8 shall not be given effect for any purpose. 

(c) Rights of Assignee. Any person who is a permitted assignee of any of the Interest of a Partner in accordance
with the terms of this Article 8, but who does not become a substituted Partner shall be entitled to all the rights of an assignee of a limited partner interest under the Act, including the right to receive distributions from the Partnership
and the share of net profits, gain, net losses, loss and any specially allocated items attributable to the Interests assigned to such person, but shall not be deemed to be the owner of an Interest for any other purpose under this Agreement. In the
event any such person desires to make a further assignment of any such Interests, such person shall be subject to all the provisions of this Article 8 to the same extent and in the same manner as a Partner. 

(d) Notification of Assignment. If a Partner assigns or exchanges all or any portion of its Interest, it must
notify the Partnership of such assignment or exchange. Such notification must be in writing and must be given within fifteen (15) days after the assignment or exchange. Such notification must include the names and addresses of the transferor
and transferee, the taxpayer identification numbers of the transferor and the transferee, the date of the assignment or exchange and any other information required by the Partnership. 

ARTICLE 9 

Buy-Sell Right; Forced Sale 
 9.1 Buy-Sell Right. 
 (a) Buy-Sell Notice. At any
time after the Trigger Date, either Limited Partner (which in the case of the IIT Limited Partner, shall be deemed to include the General Partner for all 

  
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purposes of this Article 9) (the “Triggering Partner”) may initiate the procedures of this Section 9.1 (the “Baseball Arbitration”) by
delivery of a written notice (a “Buy-Sell Notice”) to the other Limited Partner stating that the Triggering Partner desires to cause the Partnership to liquidate all of the Partnership’s Investments (a “Portfolio
Liquidation”). Notwithstanding anything herein to the contrary, if IIT has commenced a bona fide, good faith IIT REIT Listing Transaction, the IIT Partners may, one-time only, delay (up to no more than ninety (90) days) any Portfolio
Liquidation or Baseball Arbitration triggered by the 3NET Limited Partner; provided, however, if IIT has filed an offering document with the Securities and Exchange Commission (the “SEC”), such 90-day period may be extended for up
to three (3) additional separate one-month periods as long as IIT is diligently responding to comments from the SEC at the time of each such extension. 
 Thereafter, the Limited Partners shall confer to determine if either Limited Partner desires to acquire the Interest of the other on terms acceptable to both. If either or both Limited Partners desire to
acquire the other’s Interest and they do not agree on a purchase price therefor, a Limited Partner (the “Initial Offering Partner”) desiring to acquire the Interest of the other Limited Partner (the “Responding
Partner”) shall deliver an “Initial Proposal” setting forth the gross purchase price and the price for each one percent (1%) Percentage Interest at which the Initial Offering Partner would purchase the Interest of the
Responding Partner (the “Offered Price”). Until the date which is ten (10) days after receipt of a Initial Proposal (the “Response Period”), the Responding Partner may deliver a written notice to the Initial
Offering Partner after electing either to (A) accept the offer to sell its Interest to the Initial Offering Partner at the Offered Price (an “Acceptance Notice”) or (B) propose a higher value per Percentage Interest to
acquire the Initial Offering Partner’s Interest (the “Responding Proposal”). If the Responding Partner makes a Responding Proposal, the Initial Offering Partner either may (X) accept the Responding Proposal, or
(Y) propose a higher value per Percentage Interest for the Interest of the Responding Partner within ten (10) days after receipt of the Responding Proposal. The foregoing process shall continue until a Limited Partner accepts a proposal to
sell its Interests (the “Selling Partner”) to the other (the “Purchasing Partner”) at the price set forth in the applicable Acceptance Notice (the “Accepted Price”). A failure to respond during the
initial or any subsequent Response Period shall be deemed to constitute an Acceptance Notice. If neither Limited Partner desires to purchase the Interest of the other, the General Partner shall undertake a Portfolio Liquidation pursuant to
Section 9.2. 
 (b) Deposit. Within three (3) Business Days after receipt of an
Acceptance Notice, the Purchasing Partner shall deposit in immediately available funds to a national title insurance company reasonably acceptable to the Selling Partner an amount equal to five percent (5%) of the Accepted Price (the
“Buy-Sell Deposit”). The Buy-Sell Deposit shall be nonrefundable to the Purchasing Partner (except in the event of a material default of the Selling Partner in performing its closing obligations pursuant to
Section 9.1(c)). 
 (c) Closing. The Closing of the sale of Interest to the Purchasing Partner
pursuant to this Section 9.1 shall be held on the date that is sixty (60) days after the delivery of the Acceptance Notice (the “Closing Date”). The closing shall be completed through a customary closing escrow, and
the Accepted Price shall be paid by wire transfer of immediately available federal funds. The Selling Partner shall convey to the Purchasing Partner or its designee good and marketable title to its Interest, free and clear of all liens and
encumbrances. 
 (d) Brokerage. No brokerage fees or commissions shall be payable by the Partnership in
connection with any purchase pursuant to this Section 9.1, and each Partner shall indemnify and hold harmless the Partnership and the other Partner from and against any such claims made based upon the actions of such Partner, including
any fees and expenses in defending any such claims. 
 (e) Adjustments and Closing Costs. In connection
with any sale made pursuant to this Section 9.1: 

  
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 (i) the Purchasing Partner shall pay all fees and costs customarily paid by
purchasers of companies that own and operate real property in the jurisdiction where the Investments are located, including title fees, recording costs, recording and transfer taxes, as applicable; 

(ii) the Selling Partner shall pay all fees and costs customarily paid by sellers of companies that own and operate real
property in the jurisdiction in which the Investments are located; 
 (iii) the Selling Partner and Purchasing
Partner each shall pay its own legal fees; 
 (iv) the Purchasing Partner and the Selling Partner shall adjust
the purchase price to reflect all adjustments customarily made in connection with the sale of companies that own and operate real estate; and 
 (v) for purposes of applying the provisions of this Section 9.1(e) to Section 9.1(f) in the event of a sale of less than all of the Investment Entities, the Partnership shall be
deemed to be the Selling Partner. 
 (vi) In the event of a dispute with respect to any of the adjustments and
prorations to be made pursuant to this Section 9.1(e), each of the Purchasing Partner and the Responding Partner shall submit to an arbitrator and to the other Partner, in accordance with a procedure to be established by the arbitrator,
its assessment of the adjustments and prorations. The arbitrator shall be limited to awarding only one or the other of the two adjustment proposals submitted. The decision of the arbitrator shall be final and binding on the Purchasing Partner and
the Selling Partner. 
 (f) Baseball Arbitration as a Remedy. Notwithstanding anything to the contrary in
this Agreement: 
 (i) if at any time there is a Deadlock Event with respect to the Partnership or an Investment
Entity (as applicable), either Limited Partner may, by delivering written notice to the other within thirty (30) days after the occurrence of such Deadlock Event, trigger the Baseball Arbitration of this Section 9.1: (i) in the
case of a Deadlock Event with respect to not more than two Investment Entities, for the sale of the Investment Entities to which the Deadlock Event related only; or (ii) in the case of a Deadlock Event with respect to the Partnership, if a
Deadlock then exists for three (3) or more Investment Entities or upon the occurrence of the third Deadlock Event, for the sale of all of the Investment Entities; provided, however, in the event that any Investment that would otherwise be
purchased, directly or indirectly, by the Purchasing Partner from the Partnership pursuant to foregoing provisions of this Section 9.1(f)(i) is encumbered by the terms of any pooled Indebtedness, then: (A) if the terms of such
Indebtedness permit the borrower(s) to obtain from the lender(s) the release of such Investment from such Indebtedness, then the Partnership shall (or shall cause any Investment Entities not being purchased by the Purchasing Partner pursuant to this
Section 9.1(f)(i) to) bear the cost of, or otherwise pay to the lender(s), any premium on such Indebtedness that is required to be paid by the borrower(s) to the lender(s) pursuant to the terms of such Indebtedness in order to secure the
release by the lender(s) of such Investment from such Indebtedness; provided, further, however, that the Purchasing Partner and the Partnership shall bear pro-rata any prepayment penalty that is required to be paid to the lender(s) in order to
secure such release; and (B) if the terms of such 

  
 27 

 
Indebtedness do not permit the borrower(s) to obtain from the lender(s) the release of such Investment from such Indebtedness, then the Deadlock Event shall be deemed to apply with respect to all
Investment Entities that hold Investments that are encumbered by such pooled Indebtedness such that the Purchasing Partner shall be required to directly or indirectly assume the entire amount of such pooled Indebtedness as part of the purchase of
such Investment Entities. 
 (ii) if at any time the 3NET Limited Partner delivers a Cause Notice pursuant to
Section 7.4, during the period from the date of delivery of such Cause Notice up to and including (but not later than) thirty (30) days after a final decision of the arbitrators, either the IIT Partners or the 3NET Limited Partner
may, by delivering written notice to the other Partners, trigger the Baseball Arbitration of this Section 9.1 with respect to the sale of all of the Investment Entities, 

(iii)(any notice delivered pursuant to Section 9.1(f), a “Trigger Notice”). 

(iv) Notwithstanding the foregoing, if the Trigger Notice relates to an Investment Entity which has held an Investment for
less than two (2) years at the time any Trigger Notice relating to such Investment is delivered and if the 3NET Limited Partner is the party that delivers such Trigger Notice, unless the 3NET Limited Partner concurrently delivers to the IIT
Partners a legal opinion from experienced and reputable counsel that a transfer of such Investment “should” not at such time expose either or both of the IIT Partners to “prohibited transactions” tax within the meaning of
Section 857 of the Code (a “Buy-Sell Tax Opinion”), such Investment shall not be the subject of the Baseball Arbitration process described in this Section 9.1. 

(g) Disposition Fee. Notwithstanding the provisions of Exhibit D, if the 3NET Limited Partner
initiates a Baseball Arbitration which results in the transfer of Interests as described in this Section 9.1 or the sale of all or substantially all of the Partnership’s Investments pursuant to Section 9.2, in each case,
to any person other than the General Partner or any affiliate of the General Partner, the General Partner shall be entitled to a one percent (1%) disposition fee based on the then current value of the shares of the Investment Entities
(exclusive of any such shares of any Investment Entity excluded from such transaction) as further described in Section 2.2(d). 
 9.2 Forced Sale of Property. If neither Limited Partner desires to purchase the Interest of the other after a Buy-Sell Notice is delivered, the General Partner, on behalf of the Partnership, shall
promptly retain a commercial broker or brokers and deliver to the Limited Partners an outline of the proposed marketing plan for the sale of the Portfolio (through a sale of the shares in the Investment Entities). The General Partner shall have the
right on behalf of the Partnership and without the further consent of the Executive Committee or the Limited Partners to engage a broker or brokers to proceed with the marketing and sale of the Partnership Investments (through a sale of the shares
of the Investment Entities) in a commercially reasonable manner. 
 ARTICLE 10 

DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP 
 10.1 Events Causing Dissolution. 
 (a)
Events. The Partnership shall be dissolved and its affairs wound up on the first to occur of the following events: 
 (i) the bankruptcy of the Partnership; 

  
 28 

 (ii) the withdrawal (whether or not in accordance with this Agreement) or
removal of the General Partner or assignment of all of the general partner Interest of the General Partner, unless there is, at the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the
Partnership pursuant to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to Section 7.4(e); 
 (iii) the bankruptcy of the General Partner, unless there is, at the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the Partnership pursuant
to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to Section 7.4(e); 
 (iv) the occurrence of any event listed in Sections 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act where the General Partner shall cease to be a general partner unless there is, at
the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the Partnership pursuant to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to
Section 7.4(e); or 
 (v) the sale or other disposition of all or substantially all of the property
of the Partnership; 
 (vi) at the time there is no limited partner, except that the Partnership is not dissolved
and is not required to be wound up if (A) within ninety (90) days after the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner, the General Partner and the personal representative of the
last remaining limited partner agree, in writing, to continue the business of the Partnership and to the admission of such personal representative or its nominee or designee to the Partnership as a limited partner, effective as of the occurrence of
the event that caused the last remaining limited partner to cease to be a limited partner or (B) within ninety (90) days after the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner, a
Person is admitted to the Partnership as a limited partner by the General Partner (and the General Partner is hereby authorized to effect such admission), effective as of the occurrence of the event that caused the last remaining limited partner to
cease to be a limited partner; or 
 (vii) the expiration of the Term. 

Dissolution of the Partnership shall be effective on the day on which the event occurs giving rise to the dissolution. The
Partnership shall not terminate until the assets of the Partnership shall have been liquidated as provided in Section 10.2 and all proceeds therefrom have been collected. Notwithstanding the dissolution of the Partnership, prior to the
termination of the Partnership, as aforesaid, the business of the Partnership and the affairs of the Partners as such, shall continue to be governed by this Agreement. 

(b) No Liability for Return of Capital Contributions. The Partners shall look solely to the assets of the
Partnership for all distributions with respect to the Partnership and their Capital Contributions thereto, and shall have no recourse therefor (upon dissolution or otherwise) against the General Partner or the Limited Partners. 

10.2 Liquidation. 

  
 29 

 (a) Liquidating Trustee. Upon dissolution of the Partnership, the
General Partner (or if the dissolution is caused by the occurrence of an event described in Section 10.1(a)(ii), (iii) or (iv)), then a person that may be designated as “liquidating trustee” by the Limited
Partners, which “liquidating trustee” shall have all of the powers of the General Partner under this Agreement for purposes of liquidating and winding up the affairs of the Partnership) (the term “General Partner” as used in this
Section 10.2 shall be deemed to mean the “liquidating trustee” where appropriate) shall liquidate the assets of the Partnership and the proceeds of such liquidation shall be applied and distributed in accordance with the Act in
the following order of priority: 
 (i) to the payment of the expenses of the liquidation; 

(ii) in satisfaction of Partnership debt and all other liabilities of the Partnership (whether by payment or making
reasonable provision for payment thereof) owing to creditors of the Partnership other than Partners (including former Partners) who are creditors; 
 (iii) in satisfaction of any liabilities of the Partnership (whether by payment or making reasonable provision for payment thereof) owing to Partners (including former Partners) who are creditors of the
Partnership; and 
 (iv) to the Partners, in accordance with Section 5.2. 

(b) Deferred Liquidation. Notwithstanding the foregoing, except in the case of sales pursuant to Article 9
hereof, if the General Partner determines that an immediate sale of all or part of the Partnership assets would cause undue loss to the Partners, the General Partner (with the Approval of the Executive Committee), in order to avoid such loss, after
having given notification to the Limited Partners, to the extent not then prohibited by the limited partnership act of any jurisdiction in which the Partnership is then formed or qualified and applicable in the circumstances, may defer liquidation
of and withhold from distribution for a reasonable time (subject to any time limits imposed by the Approval of the Executive Committee) any assets of the Partnership except those necessary to satisfy the Partnership’s debts and obligations,
provided that the liquidation shall be carried out in conformity with the timing requirements of Section 1.704-1(b)(2)(ii)(b) of the Treasury Regulations. 
 (c) In-Kind Distributions. The Partnership shall not be permitted to make any in-kind distributions except if Approved by the Executive Committee. At least ten (10) Business Days prior to any
proposed in-kind distribution of assets, the General Partner shall notify the Limited Partners that it intends to make such a distribution, which notice shall specify the assets intended to be included within such distribution. The valuation of any
assets proposed to be distributed in-kind must be approved by Approval of the Executive Committee. 
 (d)
Completion of Winding Up. The General Partner shall cause the liquidation and distribution of all the Partnership’s assets and shall cause the cancellation of the Partnership’s certificate of limited partnership upon completion of
winding up the business of the Partnership. 
 10.3 Constructive Termination. In the event that the Partnership
terminates by reason of Section 708(b)(1)(B) of the Code, but no event of dissolution has occurred under Section 10.1 of this Agreement, the tax consequences shall be determined by applying the Treasury Regulations promulgated under
Section 708 of the Code. 
 ARTICLE 11 
 BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS, ETC. 

  
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 11.1 Books and Records. 

(a) Maintenance. The books and records of the Partnership shall be maintained by the General Partner (or other
person appointed for such purpose by the General Partner) in accordance with applicable law at the principal office of the Partnership and shall be available for examination at such location by any Partner or such Partner’s duly authorized
representatives at any and all reasonable times during normal business hours for any purpose. 
 (b) Right to
Inspect. The Limited Partners and their duly authorized representatives shall have the right, at reasonable times and at their own expense, upon prior written notice to the General Partner (which notice shall be given a reasonable length of time
in advance in light of the scope of such request, and in no event less than five (5) Business Days in advance), for any purpose, (i) to have true and full information regarding the status of the business and financial condition of the
Partnership as is possessed by the General Partner; (ii) to inspect and copy the books of the Partnership and other reasonably available records and information as is possessed by the General Partner concerning the operation of the Partnership,
including copies of the Federal, state and local income tax returns of the Partnership and any appraisal reports obtained by the Partnership; (iii) to have a current list of the name and last known business, residence or mailing address of each
Partner mailed to the Limited Partners or representatives; (iv) to have true and full information regarding the amount of cash and a description and statement of the value of any property or services contributed to the Partnership as of the
date upon which each Partner became a Partner; and (v) to have a copy of this Agreement, the Certificate of Limited Partnership and all amendments or certificates of amendment, as the case may be, thereto, together with copies of any powers of
attorney pursuant to which any such amendment or certificate of amendment has been executed. 
 (c)
Reports. 
 (i) Quarterly Reports. As soon as reasonably practical but in no event later than
forty-five (45) days after the end of each of the first three (3) fiscal quarters, and as soon as reasonably practical but in no event later than seventy-five (75) days after the end of the last fiscal quarter of each Fiscal Year, the
General Partner shall cause to be prepared and distributed to each Limited Partner a report summarizing, on both a consolidated and an entity-by-entity basis, the results of the Investments for that quarter and from inception of the Partnership
through the end of that quarter. Such reports for the Limited Partners shall include, on both a consolidated and an entity-by-entity basis, the amount of capital invested and other payments (which shall be shown separately) made by each Limited
Partner pursuant to this Agreement and the amounts paid to each Limited Partner through the end of the quarter (showing both the return on, and the return of, capital), and such other information set forth on Exhibit J attached hereto.
The report issued following the last fiscal quarter of each calendar year, which report shall cover such year in its entirety, shall have been audited by an independent certified public accounting firm selected by the General Partner and Approved by
the Executive Committee. 
 (ii) Other Reports. The General Partner shall cause to be prepared and
distributed to each Limited Partner, the information set forth on Exhibit J attached hereto within the time periods specified therein (if applicable). 

(d) Schedules K-1. The General Partner shall cause Schedules K-1 to IRS Form 1065 with respect to the Partnership
to be prepared and delivered annually by April 1 to the Partners. 

  
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 11.2 Accounting and Fiscal Year. The books of the Partnership will be
kept on the accrual basis of accounting and will be kept consistent with US generally accepted accounting principles and, if requested by the 3NET Limited Partner, the General Partner shall provide the 3NET Limited Partner with an IFRS reporting
package or reconciliation, at the Partnership’s expense. The Partnership will report its operations for tax purposes using the accrual method. The “Fiscal Year” of the Partnership shall end December 31 in each year.

 11.3 Bank Accounts and Investments.  

(a) The bank accounts of the Partnership shall be maintained in such banking institutions as the General Partner shall
reasonably determine (which institutions shall not be the General Partner or any of its affiliates), and withdrawals shall be made only in the regular course of Partnership business in accordance with this Agreement on such signature or signatures
as the General Partner may determine. All deposits and other funds not needed in the operation of the business or not yet invested may be invested in U.S. government securities, securities issued or guaranteed by U.S. government agencies, securities
issued or guaranteed by states or municipalities, certificates of deposit and time or demand deposits in commercial banks, savings and loan association deposits or bankers’ acceptances. The funds of the Partnership shall not be commingled with
the funds of any other person (including the General Partner or any affiliate of the General Partner). 
 (b) The
General Partner shall have no liability to the Partnership or any Partner for any loss sustained by the Partnership as a result of the bankruptcy, receivership, insolvency or other economic failure of any bank, savings and loan institution, other
depository of funds or entity to or with which funds of the Partnership have been deposited or invested pursuant to Section 11.3(a), except to the extent that the choice of such entity was a result of a Willful Bad Act or the gross
negligence of the General Partner, provided that it shall not be considered Willful Bad Act or gross negligence of the General Partner if the General Partner deposits or invests the Partnership’s funds in a United States federal or state
chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country,
acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $1,000,000,000 and which bank or its holding company has a short term commercial paper rating and a long term debt rating of at least A 2 or the equivalent
by S&P or at least P 2 or the equivalent by Moody’s. 
 11.4 Tax Depreciation and Elections.

 (a) Depreciation Method. With respect to all depreciable assets of the Partnership, the General Partner
shall elect to use such depreciation method for Federal tax purposes as it deems appropriate and in the best interests of the Partners generally. 
 (b) Section 754 Election. The General Partner may make an election under Section 754 of the Code and such other tax elections under Federal, state or local law as it may from time to time
deem necessary or appropriate. 
 11.5 Interim Closing of the Books. There shall be an interim
closing of the books of account of the Partnership (i) at any time a taxable year of the Partnership ends pursuant to the Code, and (ii) at such other times as the General Partner shall determine are required by good accounting practice or
may be appropriate under the circumstances. 
 11.6 Information from Limited Partners. Each Limited
Partner shall, within fifteen (15) days of a written request by the General Partner, furnish to the General Partner such information or 

  
 32 

 
execute such forms or certificates as the General Partner shall reasonably require for the purpose of complying with Federal, state or other tax or legal requirements. 

ARTICLE 12 

MISCELLANEOUS 
 12.1 Remedies. If any one or more of the provisions, covenants and/or agreements set forth in this Agreement shall have been breached by any party hereto, the party or parties entitled to the
benefit of such covenants or agreements may avail themselves of the express remedies set forth in this Agreement or any other remedy available pursuant to law or equity with respect to such breaches. No single or partial assertion or exercise of any
such right, power or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof. Notwithstanding anything to the contrary in this Agreement (including, without limitation, the provisions of Sections 6.7 and
6.8), no Person shall be entitled to recover (or be indemnified for) any Losses which are special, punitive, indirect, or consequential in nature. 
 12.2 Notice. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person sent by
personal delivery, recognized overnight delivery service, or telecopied or sent by electronic mail (in either such case, with a duplicate copy mailed or sent by personal delivery or overnight courier), addressed to such party at the address set
forth on Schedule 1 or such other address as may hereafter be designated in writing by the addressee to the addressor. All such notices, requests, consents and communications shall be deemed to have been received on the date of
such delivery (or refusal thereof). 
 12.3 Appointment of General Partner as Attorney-in-Fact.

 (a) Power of Attorney. The Limited Partners, including, without limitation, each Substituted Limited
Partner, irrevocably constitute and appoint the General Partner (and the Tax Matters Partner, to the extent applicable) as its true and lawful attorney-in-fact with full power and authority in the name, place and stead of the Limited Partners to
execute, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or appropriate to carry out the provisions of this Agreement. 

(b) Power Coupled With an Interest. The appointment by the Limited Partners of the General Partner (and the Tax
Matters Partner, to the extent applicable) and the aforesaid officers of the General Partner (and the Tax Matters Partner, to the extent applicable) as attorney-in-fact shall be deemed to be a power coupled with an interest, in recognition of the
fact that each of the Partners under this Agreement will be relying upon the power of the General Partner to act as contemplated by this Agreement in any filing and other action by it on behalf of the Partnership, and shall survive, and not be
affected by, the subsequent bankruptcy, death, incapacity, disability, adjudication of incompetence or insanity or dissolution of any person hereby giving such power and the transfer or assignment of all or any part of the Interest of such person;
provided, however, that in the event of a permitted transfer by a Limited Partner of all of its Interest, the foregoing power of attorney of a transferor Partner shall survive such transfer only until such time as the transferee shall have been
admitted to the Partnership as a Substituted Limited Partner and all required documents and instruments shall have been duly executed, filed and recorded to effect such substitution. 

12.4 Amendments. 

  
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 (a) Agreement to be Bound. Each Limited Partner, each Substituted
Limited Partner, the General Partner and any successor General Partner, whether or not such Person becomes a signatory hereof, shall be deemed, solely by reason of having become a Partner, to have adopted and to have agreed to be bound by all the
provisions of this Agreement. Without limiting the foregoing, each Limited Partner, Substituted Limited Partner and any successor General Partner shall take any action requested by the General Partner (including, without limitation, executing this
Agreement or such other instrument or instruments as the General Partner reasonably shall determine) to reflect such Person’s adoption of, and agreement to be bound by all the provisions of, this Agreement. 

(b) Permitted Amendments. In addition to the amendments otherwise authorized herein, amendments may be made to this
Agreement from time to time by the General Partner with the consent of the Limited Partners holding, in the aggregate, at least seventy-five percent (75%) of the Percentage Interests, provided that any such amendment which would adversely
impact the rights or obligations of a specific Limited Partner (other than a Defaulting Partner) rather than the Limited Partners as a whole shall require the affirmative vote of such affected Limited Partner. 

(c) Amendment Upon Withdrawal of General Partner. If this Agreement shall be amended to reflect the withdrawal,
removal, bankruptcy, assignment of all of the general partner Interest of the General Partner or any event described in Section 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act where the General Partner shall cease to be a
general partner of the Partnership when the business of the Partnership is being continued, such amendment shall be signed by the withdrawing General Partner (and the General Partner hereby agrees to do so) and by the successor General Partner.

 (d) Required Filings. In making any amendments, there shall be prepared and filed for recordation by
the General Partner such documents and certificates as shall be required to be prepared and filed, no such filing being required solely by reason of this Agreement, under the Act and under the laws of the other jurisdictions under the laws of which
the Partnership is then formed or qualified. 
 12.5 Entire Agreement. This Agreement and the other writings
referred to herein or delivered pursuant hereto which form a part hereof contain the entire agreement among the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or understandings with respect
thereto. 
 12.6 Successors. This Agreement shall bind and inure to the benefit of each of the parties and the respective
successors of each of the parties. 
 12.7 Representations and Warranties of the General Partner. 

(a) Authorization. By executing this Agreement, the General Partner hereby represents and warrants to each of the
other parties to this Agreement that it is authorized and qualified to enter into and to perform fully all of its obligations arising under this Agreement and the person signing this Agreement on behalf of the General Partner has been duly
authorized by such entity to do so. 
 (b) Limited Liability Company. The General Partner represents and
warrants by executing this Agreement that it is a limited liability company organized and in good standing under the laws of the State of Delaware. 
 (c) Survival. The foregoing representations and warranties shall be true and correct in all respects on and as of the date of this Agreement and shall survive such date. 

  
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 12.8 Meaning of Certain Terms. As used in this Agreement, the term
“person” means any individual, corporation, partnership, limited liability company, estate, trust or other legal entity any individual, partnership, corporation, trust or other legal entity; “affiliate” or
“person affiliated with” means, when used with reference to a specified person, any person that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with the
specified person; the terms “control”, “controlled by”, and “under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a person, whether through ownership of voting equity interests, by contract or otherwise; and “unrelated third party” means, when used with reference to a specified person, a person who is not an
“affiliate” of or “person affiliated with” the specified person. 
 12.9 Counterparts. This Agreement
may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. This Agreement may be delivered by one or more parties by
facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. 

12.10 Confidentiality. Each Partner agrees to keep the terms of this Agreement and all materials, information and agreements
exchanged between the Partners or received by the Partners in connection with this Agreement, including the terms hereof (collectively, the “Confidential Information”), confidential and not to disclose, deliver or otherwise make the
same or any copy (or any draft thereof) available to any person, except to the extent that (a) the disclosure or delivery of the Confidential Information is made to representatives, agents, employees, legal counsel, accountants, auditors,
financial or other advisors, or other Persons, in each case, who need to know such information to perform any duty or function or as reasonably necessary for such person to carry out its ongoing operations (including to potential investors and
financing providers); (b) the Confidential Information may generally become available to the public or become circulated to the public through no fault of the disclosing Partner; (c) the Confidential Information was known on a
non-confidential basis prior to its disclosure in connection with this Agreement; (d) the information was independently developed without reference to the Confidential Information, or (e) the disclosure of the Confidential Information is
required by applicable law or regulation (including, without limitation, United States securities laws); provided that any Person to whom the Confidential Information is disclosed or delivered by a Partner pursuant to clause (a) above shall
have been advised of the confidential nature of such information by the disclosing Partner and the disclosing Partner shall be responsible for any breach of this Section 12.10 by such Person. Each Partner shall be entitled to make a
public announcement regarding the consummation of the acquisition, disposition or financing of an Investment, provided that such public announcement shall not include the name or any other information that may reveal the identity of any affiliate of
the 3NET Limited Partner, including its ultimate parent company, without the prior written consent of the 3NET Limited Partner. 

12.11 Applicable Law. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement,
the rights and obligations of the parties hereto, and any claims and disputes relating thereto shall be subjected to and governed by the Act and the other laws of the State of Delaware as applied to agreements among Delaware residents to be entered
into and performed entirely within the State of Delaware, and such laws shall govern all aspects of this Agreement, including, without limitation, the limited partnership aspects of this Agreement. 

12.12 Waiver of Jury Trial. The parties hereby expressly waive the right to a trial by jury in any action or proceeding brought by
or against any of them relating to this Agreement or the transactions contemplated hereby. 

  
 35 

 12.13 Venue. Each of the parties hereby submits to the exclusive jurisdiction of any
state or federal court sitting in Delaware in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding shall be heard and determined in such court. Each party also agrees
not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety
or other security that might be required of any other party with respect thereto. 
 12.14 Limitation on Benefits. The
covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto and their respective successors, heirs, executors, administrators, legal representatives and
permitted assigns. 
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	GENERAL PARTNER
	
	IIT North American Industrial Fund I GP LLC, a Delaware limited liability company, its general partner
	
	    By: IIT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
	
	        By: Industrial Income Operating Partnership LP, a Delaware limited partnership, its sole member
	
	            By: Industrial Income Trust Inc., a Maryland corporation, its general partner
		
	By:	 	/s/ DWIGHT L. MERRIMAN III
	Name:	 	Dwight L. Merriman
	Title:	 	Chief Executive Officer

 
			
	IIT LIMITED PARTNER
	
	IIT North American Industrial Fund I Limited Partner LLC, a Delaware limited liability company, its general partner
	
	    By: IIT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
	
	        By: Industrial Income Operating Partnership LP, a Delaware limited partnership, its sole member
	
	            By: Industrial Income Trust Inc., a Maryland corporation, its general partner
		
	By:	 	/s/ DWIGHT L. MERRIMAN III
	Name:	 	Dwight L. Merriman
	Title:	 	Chief Executive Officer

 
			
	3NET LIMITED PARTNER
	
	3NET Indy Investments Inc.
		
	By:	 	/s/ JEROME FOULON
	Name:	 	Jerome Foulon
	Title:	 	Vice President
		
	By:	 	/s/ PIERRE GIBEAULT
	Name:	 	Pierre Gibeault
	Title:	 	Vice President

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