Document:

Amended and Restated Participation Agreement

 Exhibit 10.98 
  

 AMENDED AND RESTATED 
 PARTICIPATION AGREEMENT 
 Dated as of June 28, 2007 
 by and among 
 AIG Annuity Insurance Company

 (Participation A-1 Holder), 
 KBS Tribeca Summit, LLC 
 (Participation A-2 Holder), 
 AIG Mortgage Capital, LLC 
 (Participation IO A-1 Holder), and 
 KBS Tribeca Summit, LLC 
 (Participation IO A-2
Holder) 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	Definitions; Conflicts	  	3
			
		  	Form of Participations; Administration of the Mortgage Loan	  	15
			
		  	Payments Prior to a Material Event of Default	  	19
			
		  	Payments Following a Material Event of Default	  	19
			
		  	Workout	  	22
			
		  	Collection Accounts; Payment Procedure	  	22
			
		  	Limitation on Liability	  	23
			
		  	Purchase of Participation A-1 by the Participation A-2 Holder	  	23
			
		  	Representations of the Participation A-1 Holder	  	25
			
		  	Representations of the Participation A-2 Holder, the Participation IO A-1 and Participation IO A-2 Holder	  	25
			
	 11.
	  	Independent Analyses of the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder; Financial Statements Etc.	  	26
			
		  	No Creation of a Partnership or Exclusive Purchase Right	  	27
			
		  	Not a Security	  	27
			
	 14.
	  	Transfer of Participations	  	27
			
		  	Financing of Participation A-2	  	28
			
		  	Other Business Activities of the Holders	  	31
			
	 17.
	  	Certain Powers of the Participation A-1 Holder	  	31
			
	 18.
	  	Certain Consent Rights of the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder	  	33
			
		  	Governing Law; Waiver of Jury Trial	  	36
			
		  	Modifications	  	36
			
		  	Successors and Assigns; Third Party Beneficiaries	  	36
			
		  	Counterparts	  	36
			
		  	Captions	  	36
			
		  	Notices	  	36
			
		  	Custody of Mortgage Loan Documents	  	36
			
	 26.
	  	Withholding Taxes	  	36
			
		  	Waiver	  	38
			
		  	Registration of Participations	  	38
			
	 29.
	  	Future Funding Obligations	  	38

 THIS AMENDED AND RESTATED PARTICIPATION AGREEMENT (the “Agreement”), dated as of
June 28, 2007, by and among AIG Annuity Insurance Company, a Texas corporation (“AIG Annuity”), as the initial holder of Participation A-1 (the “Initial Participation A-1 Holder”), KBS Tribeca Summit, LLC, a
Delaware limited liability company (“KBS”), as the initial holder of Participation A-2 (the “Initial Participation A-2 Holder”), AIG Mortgage Capital, LLC, a Delaware limited liability company
(“AIGMC”), as the initial holder of Participation IO A-1 (the “Initial Participation IO A-1 Holder”), and KBS, as the initial holder of Participation IO A-2 (the “Initial Participation IO A-2
Holder”). 
 W I T N E S S E T H: 
 WHEREAS, AIG Annuity has originated three related mortgage loans, i.e., (i) a senior mortgage loan in the principal amount of $62,500,000.00 (the “Senior Loan”), (ii) a building mortgage loan in the maximum
principal amount of up to $37,912,500.00 (the “Building Loan”), and (iii) a project mortgage loan in the principal amount of $2,835,618.00 (the “Project Loan”; the Senior Loan, the Building Loan and the Project
Loan being collectively referred to herein as, the “Mortgage Loan”) to 415 Greenwich Fee Owner, LLC, a Delaware limited liability company (the “Mortgage Loan Borrower” or the “Mortgagor”), secured,
inter alia, by one or more mortgages (collectively, the “Mortgage”) encumbering the real property known as Tribeca Summit located at 415 Greenwich Street in New York City (the “Mortgaged Property”) as more
particularly described in the attached Mortgage Loan Schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”); 
 WHEREAS, as of the date hereof, all of the principal amount of the Senior Loan has been advanced, $28,803,242.00 of the maximum principal amount of the Building Loan has been advanced, and all of the principal amount of the Project Loan has
been advanced, for an aggregate principal amount of $94,138,860.00 advanced under the Mortgage Loan as of the date hereof; 
 WHEREAS, the
terms of the Mortgage Loan provide for additional advances of up to $11,786,049.00 to be advanced (of which $2,676,791 has been advanced as of the date hereof) by the lender to the Mortgage Loan Borrower (the obligation to make such future advances,
the “Future Funding Obligations”), and such portion of the Mortgage Loan is defined and described in the Mortgage Loan Documents (as defined below) as “Tranche B”; 
 WHEREAS, two mezzanine loans were previously made to affiliates of the Mortgage Loan Borrower as follows: (i) a senior mezzanine loan made by
SunAmerica Life Insurance Company (“SunAmerica”) in the maximum principal amount of up to $25,000,000.00 ($23,260,956.76 of which amount has been advanced as of the date hereof and the remaining amount will be advanced in accordance
with the terms of such senior mezzanine loan) and (ii) a junior mezzanine loan made by AIGMC and subsequently transferred to KBS in the original maximum principal amount of up to $15,896,000, which junior mezzanine loan is being modified on the
date hereof to increase the maximum principal amount thereof by $31,224,130.67 to a maximum principal amount of up to $47,120,130.67, all of which amount has been advanced as of the date hereof (such mezzanine loans collectively referred to herein
as the “Existing Mezzanine Loan”); 

 WHEREAS, AIG Annuity and AIGMC entered into that certain Participation Agreement, dated as of May 1,
2007 (the “Original Participation Agreement”) creating certain participation interests in the Mortgage Loan; 
 WHEREAS,
pursuant to the Original Participation Agreement, AIG Annuity created (i) a participation interest in the Mortgage Loan (“Participation A-1”) in respect of seventy-five percent (75%) of the principal amount of the Mortgage
Loan and (ii) a participation interest in the Mortgage Loan (“Participation A-2”) in respect of twenty-five percent (25%) of the principal amount of the Mortgage Loan, in both cases representing such specified percentage
of both (x) the principal amount of the Mortgage Loan that has been advanced as of the date hereof and (y) the Future Funding Obligations; 
 WHEREAS, pursuant to the Original Participation Agreement, AIG Annuity created (i) an interest-only participation in the Mortgage Loan in respect of a notional amount equal to seventy-five percent (75%) of
the aggregate principal amount of the Mortgage Loan (“Participation IO A-1”) and (ii) an interest-only participation in the Mortgage Loan in respect of a notional amount equal to twenty-five percent (25%) of the aggregate
principal amount of the Mortgage Loan (“Participation IO A-2”); 
 WHEREAS, pursuant to the Original Participation
Agreement, AIG Annuity sold to AIGMC, and AIGMC purchased from AIG Annuity, the Participation A-2, the Participation IO A-1 and the Participation IO A-2; 
 WHEREAS, AIGMC wishes to sell to KBS, and KBS wishes to purchase from AIGMC, the Participation A-2 and the Participation IO A-2; 
 WHEREAS, AIG Annuity wishes to retain for its own account the Participation A-1; 
 WHEREAS, AIGMC wishes to
retain for its own account the Participation IO A-1; 
 WHEREAS, AIG Annuity and AIGMC now wish to amend and restate the Original
Participation Agreement; and 
 WHEREAS, the parties hereto desire to enter into this Agreement to amend and restate the Original
Participation Agreement, to set forth their understanding with respect to the rights of Participation A-1, Participation A-2, Participation IO A-1, and Participation IO A-2, and for certain other matters, all as hereinafter set forth. 
  

 -2- 

 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto mutually
agree that the Original Participation Agreement is amended and restated in its entirety as follows: 
 1. Definitions; Conflicts.
References to a “Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals of this Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below
unless the context clearly requires otherwise. 
 “Accepted Construction Lender Practices” shall have the meaning assigned
to such term in Section 29 hereof. 
 “Affiliate” shall mean with respect to any specified Person, (a) any
other Person controlling or controlled by or under common control with such specified Person (each a “Common Control Party”), (b) any other Person owning, directly or indirectly, ten percent (10%) or more of the beneficial
interests in such Person or (c) any other Person in which such Person or a Common Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise, and
the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent” shall
mean the Participation A-1 Holder or such Person to whom the Participation A-1 Holder from time to time delegates its duties and obligations hereunder regarding the administering and servicing of the Mortgage Loan, except for such duties and
obligations in respect of the Mortgage Loan during any period of time during which the Mortgage Loan is a Specially Serviced Loan. 
 “Agent Agreement” shall mean the servicing or other agreement pursuant to which the Participation A–1 Holder designates and retains a Person to serve as Agent, as such agreement may be amended from time to time.

 “Agent Office” shall mean the designated office of the Agent, which office at the date of this Agreement is located at
the address set forth in Exhibit B hereto, which is the address to which notices to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to the Participation A-1 Holder
and each of the other Holders. 
 “Agreement” shall mean this Participation Agreement, the exhibits and schedules hereto and
all amendments hereof and supplements hereto. 
 “Approved Plan” shall have the meaning assigned to such term in
Section 30. 
 “Business Day” or “business day” shall mean any day other than a Saturday, a
Sunday or a legal holiday on which commercial banks are not open for general business in the State of New York. 
 “CDO Asset
Manager” with respect to any Securitization Vehicle that is a CDO, shall mean the entity that is responsible for managing or administering the underlying assets of such Securitization Vehicle or, if applicable, the assets of any Intervening
Trust Vehicle (including, without limitation, the right to exercise any consent and control rights available to the Participation A-1 Holder, the Participation IO A-1 Holder, the Participation A-2 Holder or the Participation IO A-2 Holder).

  

 -3- 

 “Code” shall mean the Internal Revenue Code of 1986, as amended, by applicable temporary
or final regulations of the U.S. Department of Treasury issued thereunder. 
 “Control” shall mean the ownership, directly
or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled by,” “controlling” and “under common control with” shall have the respective correlative meaning thereto. 

“Condominium Documents” shall have the meaning set forth in the Mortgage Loan Documents. 
 “Condominium License” shall mean any parking license, storage bin license or other license to use any of the amenities now or hereafter
offered at the Mortgaged Property. 
 “Condominium Unit” shall have the meaning set forth for the term “Unit” in
the Loan Agreement. 
 “Defaulted Mortgage Loan A-1 Purchase Price” shall mean (without duplication) the sum of (a) the
Participation A-1 Principal Balance, (b) accrued and unpaid interest on the Participation A-1 Principal Balance at the Participation A-1 Interest Rate, up to (but excluding) the date of purchase and if such date of purchase is not a Payment
Date, up to (but excluding) the Payment Date next succeeding the date of purchase, provided payment is made in good funds by 11:00 a.m. New York local time and (c) any unreimbursed Protective Advances and interest thereon at the
Participation A-1 Protective Advance Interest Rate. In determining the Defaulted Mortgage Loan Purchase Price, amounts payable by the Mortgage Loan Borrower as a Prepayment Premium or Extension Fee and the value of such amounts shall not be included
unless the Participation A-2 Holder or an Affiliate of the Participation A-2 Holder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower at the time that the repurchase option pursuant to Section 8 of this
Agreement is triggered. 
 “Defaulted Mortgage Loan A-2 Purchase Price” shall mean (without duplication) the sum of
(a) the Participation A-2 Principal Balance, (b) accrued and unpaid interest on the Participation A-2 Principal Balance at the Participation A-2 Interest Rate, up to (but excluding) the date of purchase and if such date of purchase is not
a Payment Date, up to (but excluding) the Payment Date next succeeding the date of purchase, provided payment is made in good funds by 11:00 a.m. New York local time and (c) any unreimbursed Protective Advances and interest thereon at
the Participation A-2 Protective Advance Interest Rate. In determining the Defaulted Mortgage Loan Purchase Price, amounts payable by the Mortgage Loan Borrower as a Prepayment Premium or Extension Fee and the value of such amounts shall not be
included unless the Participation A-1 Holder or an Affiliate of the Participation A-1 Holder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower at the time that the repurchase option pursuant to Section 8 of this
Agreement is triggered. 
  

 -4- 

 “Defaulting Future Funding Lender” shall have the meaning set forth in
Section 29(d). 
 “Eligibility Requirements” shall mean, with respect to any Person, that such Person
(i) has total assets (in name or under management) in excess of $600,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity of $200,000,000 and (ii) is
regularly engaged in the business of making or owning commercial real estate loans or operating commercial mortgage properties. 
 “Event of Default” shall mean an “Event of Default” as defined in the Loan Agreement. 
 “Extension Fee” shall mean any “extension fee” payable by the Mortgage Loan Borrower pursuant to the Loan Agreement in connection with the exercise of any extension option thereunder. 
 “First Mezzanine Lender” shall have the meaning set forth in the Intercreditor Agreement. 
 “First Mezzanine Loan” shall have the meaning set forth in the Intercreditor Agreement. 
 “Fitch” shall mean Fitch Ratings and its successors in interest. 
 “Future Funding Advance” means any advance made by a Future Funding Lender in respect of the Future Funding Obligations. 
 “Future Funding Lender Default Obligation” shall have the meaning set forth in Section 29(d). 
 “Future Funding Lenders” shall mean, collectively, the Initial Participation A-1 Holder and the Initial Participation A-2 Holder, and
any permitted transferees of any of the Future Funding Obligations pursuant to Section 14 hereof. “Future Funding Lender” shall mean one of the Future Funding Lenders. 
 “Future Funding Obligations” shall have the meaning assigned to such term in the recitals. 
 “Future Funding Obligations Percentage” shall mean, for any Future Funding Lender, as of any date, the ratio of the portion of the
Future Funding Obligations held by such Future Funding Lender to the aggregate amount of all of the Future Funding Obligations. 
 “Guarantor” shall mean, collectively, Joel Silver, an individual having an
address c/o Heritage Partners, LLC, 155 East 55th Street, Suite 6D, New York, New York 10022 and Ethan Eldon, an
individual having an address c/o Heritage Partners, LLC, 1350 Broadway, Suite 612, New York, New York 10018. 
  

 -5- 

 “Holder” shall mean any of the Participation A-1 Holder, the Participation A-2 Holder,
the Participation IO A-1 Holder and the Participation IO A-2 Holder. 
 “Initial Participation A-1 Holder” shall mean AIG
Annuity Insurance Company, a Texas corporation. 
 “Initial Participation A-2 Holder” shall mean KBS Tribeca Summit, LLC, a
Delaware limited liability company. 
 “Initial Participation IO A-1 Holder” shall mean AIG Mortgage Capital, LLC, a
Delaware limited liability company. 
 “Initial Participation IO A-2 Holder” shall mean KBS Tribeca Summit, LLC, a Delaware
limited liability company. 
 “Intercreditor Agreement” means that certain Amended and Restated Intercreditor Agreement,
dated as of May 1, 2007, entered into between AIG Annuity, as lender under the Mortgage Loan, and each Mezzanine Lender under the Mezzanine Loan. 
 “Intervening Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity which holds Participation A-2 as collateral securing (in whole or in part)
any obligation or security held by such Securitization Vehicle as collateral for the CDO. 
 “LIBOR” shall have meaning
ascribed to the term “LIBOR Rate” in the Mortgage Loan Documents. 
 “Liquidation Proceeds” shall mean all cash
amounts (other than insurance proceeds and condemnation awards) received in connection with (i) the full or partial liquidation of the Mortgaged Property or other collateral constituting security for the Mortgage Loan, through trustee’s
sale, foreclosure sale, the sale of the Mortgaged Property after acquisition of the Mortgaged Property by or on behalf of the Holders pursuant to foreclosure or deed-in-lieu of foreclosure or otherwise, (ii) the purchase of the Mortgage Loan by
any Mezzanine Lender pursuant to the Intercreditor Agreement or (iii) any judgment obtained by or on behalf of the Holders against Mortgagor or any guarantor of the Mortgage Loan. 
 “Loan Agreement” shall mean, collectively, those certain senior, building and project loan agreements entered into between the Mortgage
Loan Borrower and AIG Annuity relating to the Mortgage Loan. 
 “Loan Coordination Agreement” shall mean the Amended and
Restated Loan Coordination Agreement dated as of May 1, 2007, among AIG Annuity, as Senior Loan Lender, SunAmerica, as First Mezzanine Lender, KBS, as Second Mezzanine Lender, 415 Greenwich Fee Owner LLC, as Mortgage Loan Borrower,
415 Greenwich Senior Mezzanine Owner LLC, as First Mezzanine Borrower, 415 Greenwich Mezzanine Owner LLC, as Second Mezzanine Borrower and SunAmerica, as Administrative Agent. 
 “Loan Pledgee” shall have the meaning assigned to such term in Section 15. 
  

 -6- 

 “Management Agreement” shall have the meaning assigned to such term in
Section 30. 
 “Maturity Date” shall have the meaning assigned to such term in Exhibit A.

 “Mezzanine Borrower” shall mean the borrower under a Mezzanine Loan. 
 “Mezzanine Lender” shall mean the lender under a Mezzanine Loan. 
 “Mezzanine Loan” shall mean the Existing Mezzanine Loan or any other loan to direct or indirect owners of the Mortgage Loan Borrower
which is secured by a pledge of the equity interest in the Mortgage Loan Borrower or its direct or indirect owners and subject to the Intercreditor Agreement. 
 “Midland” shall mean Midland Loan Services, Inc. 
 “Monetary Default”
shall have the meaning assigned to such term in Section 18(h). 
 “Monthly Payment” shall mean the monthly debt
service payment of scheduled principal and/or interest (but excluding default interest) due and payable in accordance with the terms of the Mortgage Loan Documents. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. and its successors in interest. 
 “Mortgage” shall have the meaning assigned to such term in the recitals. 
 “Mortgage Interest
Rate” shall mean the “Mortgage Interest Rate” set forth in the Mortgage Loan Schedule. 
 “Mortgage Loan”
shall have the meaning assigned to such term in the recitals. 
 “Mortgage Loan Borrower” shall have the meaning assigned to
such term in the recitals. 
 “Mortgage Loan Borrower Related Parties” shall have the meaning assigned to such term in
Section 16. 
 “Mortgage Loan Documents” shall mean the Mortgage, the Loan Agreement, the Mortgage Note, and all
other documents evidencing or securing the Mortgage Loan. 
 “Mortgage Loan Principal Balance” shall mean, at any date of
determination, the principal balance of the Mortgage Note evidencing the Mortgage Loan. 
 “Mortgage Loan Schedule” shall
mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth certain information regarding the Mortgage Loan and the principal terms for Participation A-1, Participation A-2, Participation IO A-1 and
Participation IO A-2. 
  

 -7- 

 “Mortgage Note” shall mean those certain promissory notes collectively evidencing the
Mortgage Loan. 
 “Mortgaged Property” shall have the meaning assigned to such term in the recitals. 
 “Mortgagor” shall have the meaning assigned to such term in the recitals. 
 “Non-Exempt Person” shall have the meaning assigned to such term in Section 26 hereof. 
 “Original Participation Agreement” shall have the meaning assigned to such term in the recitals. 
 “Par Purchase Price” shall mean the aggregate amount of the following (without duplication): (i) the outstanding principal amount
of the Mortgage Loan, (ii) all accrued and unpaid interest on such outstanding principal amount (including, without limitation, any default interest), (ii) all late charges, prepayment fees or prepayment premiums, and yield maintenance
premiums due under the Mortgage Loan Documents, (iii) any unreimbursed Protective Advances, together with interest thereon at the Reimbursement Rate, (iv) all costs and expenses incurred by or behalf of the Holders in enforcing the
Mortgage Loan Documents (including, without limitation, reasonable legal fees and expenses) and (v) all other amounts due under the Mortgage Loan Documents; provided, however, that in the event that the Mortgaged Property is REO Property, the
Par Purchase Price shall be equal to the greater of (x) the fair market value of such REO Property, based upon a recent appraisal meeting the criteria for a Required Appraisal, and (y) the aggregate amounts described in the preceding
clauses (i), (ii), (iii), (iv) and (v). 
 “Participation” means any of Participation A-1, Participation A-2,
Participation IO A-1 or Participation IO A-2. 
 “Participation A-1” shall have the meaning assigned to such term in the
recitals. 
 “Participation A-1 Default Interest Rate” shall mean the “Participation A-1 Default Interest Rate”
set forth in the Mortgage Loan Schedule. 
 “Participation A-1 Holder” shall mean the Initial Participation A-1 Holder or
any subsequent holder of Participation A-1. 
 “Participation A-1 Holder Repurchase Notice” shall have the meaning assigned
to such term in Section 8. 
 “Participation A-1 Interest Rate” shall mean the “Participation A-1 Interest
Rate” set forth in the Mortgage Loan Schedule. 
 “Participation A-1 Percentage Interest” shall mean, as of any date,
the ratio of the Participation A-1 Principal Balance to the Mortgage Loan Principal Balance. 
  

 -8- 

 “Participation A-1 Principal Balance” shall mean, at any time of determination, the
“Initial Participation A-1 Principal Balance” set forth in the Mortgage Loan Schedule, plus any Future Funding Advances actually made by the Participation A-1 Holder less any payments of principal thereon received by the Participation A-1
Holder and any reductions in such amount pursuant to Section 5. 
 “Participation A-1 Protective Advances Interest
Rate” shall mean the “Participation A-1 Protective Advances Interest Rate” set forth in the Mortgage Loan Schedule. 
 “Participation A-1 Tranche B Portion” shall mean the product of (i) the aggregate amount of Tranche B multiplied by (ii) Participation A-1’s Future Funding Obligations Percentage. 
 “Participation A-2” shall have the meaning assigned to such term in the recitals. 
 “Participation A-2 Default Interest Rate” shall mean the “Participation A-2 Default Interest Rate” set forth in the Mortgage
Loan Schedule. 
 “Participation A-2 Holder” shall mean the Initial Participation A-2 Holder or any subsequent holder of
Participation A-2. 
 “Participation A-2 Holder Repurchase Notice” shall have the meaning assigned to such term in
Section 8. 
 “Participation A-2 Interest Rate” shall mean the “Participation A-2 Interest Rate” set
forth in the Mortgage Loan Schedule. 
 “Participation A-2 Percentage Interest” shall mean, as of any date, the ratio of the
Participation A-2 Principal Balance to the Mortgage Loan Principal Balance. 
 “Participation A-2 Principal Balance” shall
mean at any time of determination, the “Initial Participation A-2 Principal Balance” set forth in the Mortgage Loan Schedule, plus any Future Funding Advances actually made by the Participation A-2 Holder less any payments of principal
thereon received by the Participation A-2 Holder and any reductions in such amount pursuant to Section 5. 
 “Participation A-2 Protective Advances Interest Rate” shall mean the “Participation A-2 Protective Advances Interest Rate” set forth in the Mortgage Loan Schedule. 
 “Participation A-2 Tranche B Portion” shall mean the product of (i) the aggregate amount of Tranche B multiplied by
(ii) Participation A-2’s Future Funding Obligations Percentage. 
 “Participation IO A-1” shall have the meaning
assigned such term in the recitals. 
 “Participation IO A-1 Holder” shall mean the Initial Participation IO A-1 Holder or
any subsequent holder of Participation IO A-1. 
  

 -9- 

 “Participation IO A-1 Interest Rate” shall mean the “Participation IO A-1 Interest
Rate” set forth in the Mortgage Loan Schedule. 
 “Participation IO A-1 Notional Amount” shall mean, as of any date of
determination, an amount equal to the then outstanding Participation A-1 Principal Balance. 
 “Participation IO A-2” shall
have the meaning assigned such term in the recitals. 
 “Participation IO A-2 Holder” shall mean the Initial Participation
IO A-2 Holder or any subsequent holder of Participation IO A-2. 
 “Participation IO A-2 Interest Rate” shall mean the
“Participation IO A-2 Interest Rate” set forth in the Mortgage Loan Schedule. 
 “Participation IO A-2 Notional
Amount” shall mean, as of any date of determination, an amount equal to the then outstanding Participation A-2 Principal Balance. 
 “Participation Register” shall have the meaning assigned to such term in Section 28 hereof. 
 “Payment Date” shall mean the monthly payment date set forth in the Mortgage Loan Documents. 
 “Penalty
Charges” shall mean any amounts actually collected on the Mortgage Loan from the Mortgage Loan Borrower that represent late payment charges, other than a Prepayment Premium or default interest. 
 “Percentage Interest” shall mean, with respect to the Participation A-1 Holder, the Participation A-1 Percentage Interest and with
respect to the Participation A-2 Holder, the Participation A-2 Percentage Interest. 
 “Permitted Fund Manager” means any
Person that on the date of determination is (i)(a) approved by the Rating Agencies (for purposes of this Agreement) as a “Permitted Fund Manager,” as evidenced by a Rating Agency Confirmation, (b) one of the entities listed on
Exhibit C, or the successor-in-interest thereto or a Person Controlling, Controlled by or under Common Control with, any such entity, or any other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, or (c) an entity that is otherwise a Qualified Transferee under clauses (a), (b), (c) or (d) of the definition thereof, (ii) investing through a fund with committed
capital of at least $250,000,000 and (iii) not subject to a proceeding or other action, whether voluntary or involuntary, of any case under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or
relief of debtors. 
 “Person” means any individual, sole proprietorship, corporation, general partnership, limited
partnership, limited liability company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision
thereof) endowment fund or any other form of entity. 
  

 -10- 

 “Pledge” shall have the meaning assigned to such term in Section 15.

 “Prepayment” shall mean any payment of principal made by the Mortgage Loan Borrower with respect to the Mortgage Loan
which is received in advance of its scheduled Maturity Date, whether made by reason of a casualty or condemnation, due to the acceleration of the maturity of the Mortgage Loan, in connection with the sale of a Condominium Unit or otherwise.

 “Prepayment Premium” shall mean any prepayment premium, yield maintenance premium or similar fee required to be paid in
connection with a Prepayment of the Mortgage Loan. 
 “Principal Balance of the Mortgage Loan” shall mean the
“Principal Balance” of the Mortgage Loan set forth in the Mortgage Loan Schedule, plus any Future Funding Advances actually made by Participation A-1 Holder and the Participation A-2 Holder in accordance with the provisions of this
Agreement less any payments of principal thereon received by the Participation A-1 Holder and the Participation A-2 Holder and any reductions in such amount pursuant to Section 5. 
 “Property Manager” shall have the meaning assigned to such term in Section 30. 
 “Protective Advance” shall mean (i) an advance by Participation A-1 Holder or Participation A-2 Holder to fund any Shortfall or any
monthly payment advance, (ii) an advance by Participation A-1 Holder or Participation A-2 Holder for the purposes of avoiding an imminent threat to the existence or priority of any lien created under the Mortgage Loan Documents, or an imminent
threat to all or any portion of the Mortgaged Property or any other collateral for the Mortgage Loan or to public health and safety arising out of the use or maintenance of all or any portion of the Mortgage Property or any such other collateral,
including, without limitation, advances (A) to pay or discharge real estate taxes within two (2) business days prior to the date that such real estate taxes become delinquent, (B) to pay insurance premiums not earlier than ten
(10) days prior to the date that the applicable policy may be cancelled for non-payment of the insurance premium, (C) to pay the cost of emergency repairs to protect the Mortgaged Property or such other collateral from imminent or likely
damage or to minimize such imminent or likely damages, or to minimize harm to individuals or the property of third Persons, or (D) to pay any amount or perform any obligation that Mortgage Loan Borrower has failed to pay or perform in
accordance with the Mortgage Loan Documents and that, if unpaid or unperformed, might result in a material adverse effect on the Mortgaged Property or any such other collateral or a lien on the Mortgaged Property or any such other collateral,
(iii) an advance by Participation A-1 Holder or Participation A-2 Holder to pay any other property advance or other servicing advance in respect of any default by Mortgage Loan Borrower under any of the Mortgage Loan Documents or (iv) an
advance required to be made by the Participation A-1 Holder and the Participation A-2 Holder pursuant to Section 30 regarding expenses for REO Property. For the avoidance of doubt, Protective Advances shall not be added to or be deemed
part of the either the Participation A-1 Principal Balance or the Participation A-2 Principal Balance. 
  

 -11- 

 “Protective Advance Percentage Interest” shall mean, (i) with respect to the
Participation A-1 Holder, the fraction, expressed as a percentage, the numerator of which is the aggregate outstanding amount of all Protective Advances made by Participation A-1 Holder and the denominator of which is the aggregate outstanding
amount of all Protective Advances made by the Participation A-1 Holder and the Participation A-2 Holder, and (ii) with respect to the Participation A-2 Holder, the fraction, expressed as a percentage, the numerator of which is the aggregate
outstanding amount of all Protective Advances made by Participation A-2 Holder and the denominator of which is the aggregate outstanding amount of all Protective Advances made by the Participation A-1 Holder and the Participation A-2 Holder.

 “Qualified Conduit Lender” shall mean a commercial paper conduit program (a “Conduit”) as to which the
following conditions are satisfied: 
 (i) the terms of the loan (a “Conduit Inventory Loan”) made by the
Conduit to any Holder require the Conduit to maintain a third party (a “Conduit Credit Enhancer”) to provide credit enhancement; 
 (ii) the Conduit Credit Enhancer is a Qualified Transferee that is not the Mortgage Loan Borrower or an Affiliate thereof; 
 (iii) such Holder pledges its interest in such Holder’s Participation to the Conduit as collateral for the Conduit Inventory Loan; and 
 (iv) the Conduit Credit Enhancer and the Conduit agree that, if the such Holder defaults under the Conduit Inventory Loan, or if the
Conduit is unable to refinance its outstanding commercial paper even if there is no default by the such Holder, the Conduit Credit Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such
Holder’s interest in such Holder’s Participation to the Conduit Credit Enhancer; and unless the Conduit is in fact then a Qualified Transferee, the Conduit will not without obtaining a Rating Agency Confirmation from each Rating Agency
have any greater right to acquire the interests in such Holder’s Participation pledged by such Holder, by foreclosure or otherwise, than would any other purchaser that is not a Qualified Transferee at a foreclosure sale conducted by a Loan
Pledgee. 
 “Qualified Transferee” shall mean one or more of the following: 
 (a) a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation,
pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such Person referred to in this clause (a) satisfies the Eligibility Requirements; 
 (b) an investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (b)
satisfies the Eligibility Requirements; 
  

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 (c) an institution substantially similar to any of the foregoing entities described in
clauses (a) or (b) that satisfies the Eligibility Requirements; 
 (d) any entity Controlled by any of the entities
described in clauses (a), (b) or (c) above; 
 (e) a Qualified Trustee (or in the case of a CDO, a single
purpose bankruptcy-remote entity that contemporaneously pledges its interest in any Participation to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized debt obligations
(“CDO”) secured by, or (C) a financing through an “owner trust” of, such Participation (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more classes of
securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies; (2) in the case of a Securitization Vehicle that is not a CDO, the special servicer for such Securitization Vehicle
has the Required Special Servicer Rating at the time of Transfer (such entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Participation in accordance with servicing arrangements for
the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a
Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager that is a Qualified Transferee, are each a Qualified Transferee under
clauses (a), (b), (c) or (d) of this definition; 
 (f) an investment fund, limited liability company,
limited partnership or general partnership where a Permitted Fund Manager acts as the general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or
more entities that are otherwise Qualified Transferees under clauses (a), (b), (c) or (d) of this definition; 
 (g) the Initial Participation A-1 Holder and its Affiliates; or 
 (h) the Initial Participation A-2 Holder
and its Affiliates. 
 “Qualified Trustee” shall mean (i) a corporation, national bank, national banking association or
a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred, having a combined capital and surplus of at
least $100,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term senior unsecured debt is rated in
either of the then in effect top two rating categories of each of the Rating Agencies. 
 “Rating Agencies” shall mean
S&P, Moody’s and Fitch or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating agency designated by the Participation A-1 Holder.

  

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 “Realized Principal Loss” shall mean any reduction in the Mortgage Loan Principal
Balance that does not result in an accompanying payment of principal to any of the Holders, which may result from, but is not limited to, one of the following circumstances: (i) the cancellation or forgiveness of any portion of the Mortgage
Loan Principal Balance in connection with a bankruptcy or similar proceeding or a modification or amendment of the Mortgage Loan granted by the Participation A-1 Holder and the Participation A-2 Holder in accordance with the terms of this Agreement;
or (ii) a reduction in the mortgage interest rate in connection with a bankruptcy or similar proceeding involving the related Mortgage Loan Borrower or a modification or amendment of the Mortgage Loan agreed to by the Participation A-1 Holder
and the Participation A-2 Holder in accordance with the terms of this Agreement, that as a result of the application of Section 5, results in the application of principal to pay interest to one or more Holders (each such Realized
Principal Loss described in this clause (ii) shall be deemed to have been incurred on the Payment Date for each affected Monthly Payment). 
 “Redirection Notice” shall have the meaning assigned to such term in Section 15. 
 “Reimbursement Rate” shall mean the Participation A-1 Default Interest Rate. 
 “REMIC” shall mean
a real estate mortgage investment conduit within the meaning of Section 860D(a) of the Code. 
 “REO Property” shall
mean the Mortgaged Property (or any portion thereof) as acquired on behalf and in the name of Participation A-1 Holder for the benefit of Participation A-1 Holder and Participation A-2 Holder, through foreclosure, acceptance of a deed-in-lieu of
foreclosure or otherwise. 
 “Repurchase Date” shall have the meaning assigned to such term in Section 8.

 “Repurchase Option Event” shall have the meaning assigned to such term in Section 8. 
 “Repurchase Option Notice” shall have the meaning assigned to such term in Section 8. 
 “Required Appraisal” shall mean an appraisal of the Mortgaged Property or REO Property, as applicable, from an independent appraiser
selected by the Participation A-1 Holder, which appraisal shall be prepared in accordance with 12 C.F.R. Sections 225.61 et seq. and conducted in accordance with the standards of the Appraisal Foundation and the Appraisal Institute.

 “Required Special Servicer Rating” shall mean (i) in the case of Fitch, a rating of “CSS2,” (ii) in
the case of S&P, such special servicer is on the S&P Select Servicer List as a U.S. Commercial Mortgage Special Servicer and (iii) in the case of Moody’s, such special servicer is acting as special servicer in a commercial mortgage
loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities. 
  

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 “S&P” shall mean Standard & Poor’s Ratings Services, a Division of The
McGraw-Hill Companies, Inc., and its successors in interest. 
 “Second Mezzanine Loan” shall have the meaning set forth in
the Intercreditor Agreement. 
 “Senior Junior Loan Purchase Price” shall have the meaning set forth in the Intercreditor
Agreement. 
 “Servicing Standard” shall have the meaning set forth in Section 2(j). 
 “Shortfall” shall have the meaning ascribed to such term in the Mortgage Loan Agreement. 
 “Specially Serviced Loan” shall mean the Mortgage Loan (i) during the existence of a monetary or material non-monetary default
under the Mortgage Loan Documents and (ii) following the occurrence of an Event of Default. 
 “Taxes” shall have the
meaning assigned to such term in Section 26 hereof. 
 “Tranche B” shall have the meaning assigned to such term
in the recitals. 
 “Transfer” shall mean (i) if the term “Transfer” is used as noun, any assignment, pledge,
conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise, or (ii) if the term
“Transfer” is used as a verb, to assign, pledge, convey, sell, transfer, mortgage, encumber, grant a security interest in, issue a participation interest in, or to otherwise dispose, either directly or indirectly, by operation of law or
otherwise. 
 “Unanimous Consent” shall mean the consent or approval of all of the Holders. 
 “Unanimous Decisions” shall have the meaning set forth in Section 18(b) hereof. “Unanimous Decision” shall
mean one of the Unanimous Decisions. 
 2. Form of Participations; Administration of the Mortgage Loan. 
 (a) Initial Participation A-1 Holder hereby confirms the creation and establishment of Participation A-1, Participation A-2, Participation IO A-1 and
Participation IO A-2 on the terms and conditions set forth in the Original Participation Agreement as modified by this Agreement. 
 (b)
Participation A-1 shall be evidenced by one or more definitive certificates substantially in the form of Exhibit D hereto. On the date hereof, on the terms and conditions set forth herein, AIG Annuity hereby confirms the issuance of the
Participation A-1 to the Initial Participation A-1 Holder and the Initial Participation A-1 Holder hereby confirms the acquisition of Participation A-1 from AIG Annuity in accordance with the terms and conditions set forth in the Original
Participation Agreement as modified herein. The Initial Participation A-1 Holder shall continue to be deemed the owner of Participation A-1. The certificate evidencing 

  

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Participation A-1 that was issued to AIG Annuity pursuant to the Original Participation Agreement shall continue to evidence Participation A-1, provided that
the references in such certificate to “Participation Agreement” shall be deemed to be references to this Agreement. 
 (c)
Participation A-2 shall be evidenced by one or more definitive certificates substantially in the form of Exhibit E hereto. On the date hereof, on the terms and conditions set forth herein, (i) AIG Annuity hereby confirms the issuance of
the Participation A-2 to AIGMC and AIGMC hereby confirms the acquisition of the Participation A-2 from AIG Annuity in accordance with the provisions of the Original Participation Agreement, and (ii) AIGMC shall sell to KBS, as the Initial
Participation A-2 Holder, and KBS, as the Initial Participation A-2 Holder, shall acquire from AIGMC, Participation A-2, and the certificate evidencing Participation A-2 that was issued to AIGMC pursuant to the Original Participation Agreement shall
be reissued (and amended and restated) by AIG Annuity to KBS, as the Initial Participation A-2 Holder hereunder, in substantially the form of Exhibit E hereto, all in accordance with the terms and conditions set forth herein. Thereafter the
Initial Participation A-2 Holder shall be deemed the owner of Participation A-2 
 (d) Participation IO A-1 shall be evidenced by one or
more definitive certificates substantially in the form of Exhibit F hereto. On the date hereof, on the terms and conditions set forth herein, AIG Annuity hereby confirms the issuance of the Participation IO A-1 to the Initial
Participation IO A-1 Holder and the Initial Participation IO A-1 Holder hereby confirms the acquisition of the Participation IO A-1 from AIG Annuity in accordance with the terms and conditions set forth in the Original Participation
Agreement as modified herein. The Initial Participation IO A-1 Holder shall continue to be deemed the owner of Participation IO A-1. The certificate evidencing Participation IO A-1 that was issued to AIGMC pursuant to the Original Participation
Agreement shall continue to evidence Participation IO A-1, provided that the references in such certificate to “Participation Agreement” shall be deemed to be references to this Agreement. 
 (e) Participation IO A-2 shall be evidenced by one or more definitive certificates substantially in the form of Exhibit G hereto. On the
date hereof, on the terms and conditions set forth herein, (i) AIG Annuity hereby confirms the issuance of the Participation IO A-2 to AIGMC and AIGMC hereby confirms the acquisition of the Participation IO A-2 from AIG Annuity in
accordance with the provisions of the Original Participation Agreement, and (ii) AIGMC shall sell to KBS, as the Initial Participation IO A-2 Holder, and KBS, as the Initial Participation IO A-2 Holder, shall acquire from AIGMC,
Participation IO A-2, and the certificate evidencing the Participation IO A-2 shall be reissued (and amended and restated) by AIG Annuity to KBS, as the Initial Participation IO A-2 Holder hereunder, in substantially the form of Exhibit
G hereto, all in accordance with the terms and conditions set forth herein. Thereafter, the Initial Participation IO A-2 Holder shall be deemed the owner of Participation IO A-2. 
 (f) Participation A-1 and the right of the Participation A-1 Holder to receive payments with respect to Participation A-1 shall, subject to the
provisions of this Agreement, at all times (including, without limitation, subsequent to the filing of any bankruptcy, insolvency or similar proceedings with respect to the Mortgage Loan Borrower, Mezzanine Borrower or any guarantor) be pari
passu with Participation A-2, Participation IO A-1 and Participation IO A-2 and the rights of the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder to receive payments of interest, principal and other
amounts with respect to Participation A-2, Participation IO A-1 or Participation IO A-2, as applicable. 
  

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 (g) Participation A-2 and the right of the Participation A-2 Holder to receive payments with respect to
Participation A-2 shall, subject to the provisions of this Agreement, at all times (including, without limitation, subsequent to the filing of any bankruptcy, insolvency or similar proceedings with respect to the Mortgage Loan Borrower, Mezzanine
Borrower or any guarantor) be pari passu with Participation A-1, Participation IO A-1 and Participation IO A-2 and the rights of the Participation A-1 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder to receive
payments of interest, principal and other amounts with respect to Participation A-1, Participation IO A-1 or Participation IO A-2, as applicable. 
 (h) Participation IO A-1 and the right of the Participation IO A-1 Holder to receive payments with respect to Participation IO A-1 shall, subject to the provisions of this Agreement, at all times (including, without
limitation, subsequent to the filing of any bankruptcy, insolvency or similar proceeding with respect to the Mortgage Loan Borrower, Mezzanine Borrower or any guarantor) be pari passu with Participation A-1, Participation A-2, and
Participation IO A-2 and the rights of the Participation A-1 Holder, the Participation A-2 Holder and the Participation IO A-2 Holder to receive payments of interest with respect to Participation A-1, Participation A-2, Participation IO A-2, as
applicable. 
 (i) Participation IO A-2 and the right of the Participation IO A-2 Holder to receive payments with respect to
Participation IO A-2 shall, subject to the provisions of this Agreement, at all times (including, without limitation, subsequent to the filing of any bankruptcy, insolvency or similar proceeding with respect to the Mortgage Loan Borrower,
Mezzanine Borrower or any guarantor) be pari passu with Participation A-1, Participation A-2, and Participation IO A-1 and the rights of the Participation A-1 Holder, the Participation A-2 Holder and the Participation IO A-1 Holder to receive
payments of interest with respect to Participation A-1, Participation A-2, Participation IO A-1, as applicable. 
 (j) From and after the
date hereof, administration of the Mortgage Loan shall be governed by this Agreement and subject to the Intercreditor Agreement and the Loan Coordination Agreement. The Agent shall service, administer and enforce the Mortgage Loan and the Mortgage
Loan Documents in accordance with the Agent’s usual practices in the ordinary course of its business and in accordance with the Mortgage Loan Documents and the terms of this Agreement and shall exercise the same care (the “Servicing
Standard”), in servicing, administering and enforcing the Mortgage Loan and realizing on the Mortgaged Property and the other collateral for the Mortgage Loan (i) as the Agent customarily exercises, in good faith, in similar commercial
loan transactions entered into solely for its own account, and (ii) as is consistent with the same care, skill and diligence as is normal and usual for other large, institutional lenders in connection with servicing, administering and enforcing
of loans and realizing upon collateral similar in size, type and complexity to the Mortgage Loan and the Mortgaged Property, but in any event, taking into account the interests of the Participation A-1 Holder, the Participation A-2 Holder, the
Participation IO A-1 Holder and the Participation IO A-2 Holder (so long as any such Holder is not the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower), with a view to maximizing the realization for all such Holders as a
collective whole. The Agent may consult with legal counsel and other experts selected by the 

  

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Agent with due care and shall not be liable for actions reasonably taken or, omitted to be taken, in good faith in accordance with the advice of such experts
so long as such action or omission does not violate another provision of this Agreement and such action taken or omitted to be taken does not constitute fraud, willful misconduct or gross negligence. The Agent shall not incur any liability under
this Agreement by acting upon any notice, consent or other instrument which the Agent in good faith reasonably believes to be genuine and signed by the proper party. If Participation A-1 Holder is acting as the Agent, then the Agent shall not
receive any fee or other compensation for acting as agent for the Holders or for its services or the performance of its obligations hereunder or under the Loan Documents. The Holders acknowledge and agree that Participation A-1 Holder may from time
to time delegate to an Agent the duties and obligations of the Participation A-1 Holder hereunder regarding the administering and servicing of the Mortgage Loan, except for such duties and obligations in respect of the Mortgage Loan during any
period of time during which the Mortgage Loan is a Specially Serviced Loan. If Participation A-1 Holder has delegated its duties and obligations hereunder in respect of servicing and administering the Mortgage Loan to Midland or another Agent, then
such Agent shall receive a fee or other compensation pursuant to its servicing or other agreement with Participation A-1 Holder, which fee or other compensation shall be paid by Mortgage Loan Borrower, except as otherwise provided herein.
Notwithstanding the foregoing provisions of this Section 2(j), each Holder acknowledges that, if with respect to any matter in respect of the servicing, administering or enforcing of the Mortgage Loan, the interests of one or more of the
Holders are not consistent with the interests of the other Holder or Holders, then the Agent may, with respect to such matter, exercise or omit to exercise any rights that the Agent may have hereunder in a manner that may be adverse to the interests
one or more of the Holders, and the Agent shall have no liability whatsoever to the Holders in connection with the exercise by the Agent of any rights or by the omission of the Agent to exercise any of such rights, except with respect to losses
actually suffered due to the gross negligence, willful misconduct or breach of this Agreement by the Agent. 
 (k) The Holders acknowledge
that the Agent is to comply with this Agreement and the Mortgage Loan Documents in the servicing of the Mortgage Loan. 
 (l) The Holders
acknowledge that rights and obligations of the Holders hereunder are subject to the Intercreditor Agreement and the Loan Coordination Agreement. 
 (m) As of the date hereof, Participation A-1 Holder has, pursuant to a separate written servicing agreement between an Affiliate of Participation A-1 Holder and Midland, delegated to Midland all of the duties and obligations hereunder of
Participation A-1 Holder regarding the administration and servicing of the Mortgage Loan, other than such duties and obligations in respect of Mortgage Loan during any period of time during which the Mortgage Loan is a Specially Serviced Loan. In
accordance with such delegation, Midland shall act as the Agent hereunder. Notwithstanding the immediately preceding sentence, however, Participation A-1 Holder may from time to time designate a different Person to serve as the Agent pursuant to a
similar delegation. Each Holder hereby acknowledges such delegation of such duties and obligations to Midland and agrees that Participation A-1 Holder shall not have any responsibility or liability for any such delegated duty or obligation.
Notwithstanding anything to the contrary contained herein, the duties, rights and obligations of Midland as Agent hereunder are subject to and limited by the Amended and Restated Interim Servicing Agreement (the “Midland Servicing

  

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Agreement”), dated as of June 9, 2006 by and among AIG Global Investment Corp., Midland and certain other parties set forth on Schedule B
attached thereto. If the duties of Midland under the Midland Servicing Agreement are terminated with respect to the Mortgage Loan for any reason, Midland’s duties and obligations hereunder shall be simultaneously terminated. Such termination
shall be without prejudice to any rights of Midland hereunder or under the Midland Servicing Agreement which may have accrued through the date of termination. For the avoidance of doubt, the Midland Servicing Agreement shall constitute the Agent
Agreement for Midland as Agent hereunder. 
 3. Payments. Subject to Section 29(d) and Section 30(g) hereof,
all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, proceeds from the sale of a Condominium Unit or the grant of a Condominium License, a
balloon payment, Liquidation Proceeds, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain or funds provided by a Mezzanine
Lender as a protective advance, or any amounts derived from the sale or operation of REO Property that are not included the foregoing items (other than (x) proceeds, awards or settlements to be applied to the restoration or repair of the
Mortgaged Property or any amounts to be released to the Mortgage Loan Borrower in accordance with the Mortgage Loan Documents, (y) amounts collected on the Mortgage Loan or related REO Property that are required to be deposited into reserves or
escrows pursuant to the Mortgage Loan Documents or that are required to pay any servicing or other fees to the Agent (but only to the extent not paid pursuant to the provisions below) or that are reimbursement of costs and expenses, and
(z) amounts collected as Penalty Charges, which amounts shall be paid to or retained by the Agent as additional compensation) (all such amounts (except for the amounts described in the immediately preceding parenthetical clause) being
collectively referred to herein as “Collection Amounts”) shall be applied in the following order of priority (and payments shall be made at such times as are required pursuant to the applicable Agent Agreement): 
 (a) first, from the portions of the Collection Amounts allocable under the Mortgage Loan Documents as payments of interest on Protective Advances,
on a pro rata and pari passu basis (1) to the Participation A-1 Holder, in an amount equal to the accrued and unpaid interest on the Protective Advances made by Participation A-1 Holder at the Participation A-1 Protective Advance
Interest Rate, and (2) to the Participation A-2 Holder, in an amount equal to the accrued and unpaid interest on the Protective Advances made by Participation A-2 Holder at the Participation A-2 Protective Advance Interest Rate, such pro
rata basis to be in accordance with their respective Protective Advance Percentage Interests; 
 (b) second, from the portions of
the Collection Amounts allocable under the Mortgage Loan Documents as repayments of Protective Advances, on a pro rata and pari passu basis (1) to the Participation A-1 Holder, in an amount equal to its pro rata portion of
such portions of the Collection Amounts (based on the Protective Advance Percentage Interests), and (2) to the Participation A-2 Holder, in an amount equal to its pro rata portion of such portions of the Collection Amounts (based on the
Protective Advance Percentage Interests), such pro rata basis to be in accordance with their respective Protective Advance Percentage Interests; 
  

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 (c) third, from the portions of the Collection Amounts allocable under the Mortgage Loan Documents
as payments of default interest in excess of the interest paid in accordance with clause (e) of this Section 3, to the extent actually paid by the Mortgage Loan Borrower, shall be paid to the Participation A-1 Holder and the
Participation A-2 Holder on a pro rata basis in accordance with their respective Percentage Interests; 
 (d) fourth, from the
portions of the Collection Amounts allocable as payments of accrued and unpaid interest, on a pro rata and pari passu basis (1) to the Participation A-1 Holder, in an amount equal to the accrued and unpaid interest on the
Participation A-1 Principal Balance at the Participation A-1 Interest Rate, (2) to the Participation A-2 Holder, in an amount equal to the accrued and unpaid interest on the Participation A-2 Principal Balance at the Participation A-2 Interest
Rate, (3) to the Participation IO A-1 Holder, in an amount equal to the accrued and unpaid interest on the Participation IO A-1 Notional Amount at the Participation IO A-1 Interest Rate, and (4) to the Participation IO A-2 Holder, in an
amount equal to the accrued and unpaid interest on the Participation IO A-2 Notional Amount at the Participation IO A-2 Interest Rate (with such pro rata allocation to be based on such amounts payable to the Participation A-1 Holder, the
Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder); 
 (e) fifth, from the portions of the
Collection Amounts allocable as payments of principal, on a pro rata and pari passu basis (1) to the Participation A-1 Holder, in an amount equal to its pro rata portion of such portions of the Collection Amounts (based on
the Participation A-1 Principal Balance and the Participation A-2 Principal Balance), to be applied in reduction of the Participation A-1 Principal Balance and (2) to the Participation A-2 Holder, in an amount equal to its pro rata
portion of such portions of the Collection Amounts (based on the Participation A-1 Principal Balance and the Participation A-2 Principal Balance), to be applied in reduction of the Participation A-2 Principal Balance; 
 (f) sixth, pro rata (based on the amounts described in clauses (i) through (iv) that follow (and the derivation of
the 0.4667 and 0.5333 multipliers used below being set forth on Exhibit I hereto)): (i) to the Participation A-1 Holder, in an amount equal to its share of any Prepayment Premium actually received in respect of Tranche B, such share to
be determined by multiplying the total Prepayment Premium payable on all of Tranche B by (x) 0.4667 and (y) a fraction, the numerator of which is the aggregate amount of the Participant A-1 Tranche B Portion and the denominator of which is
the aggregate amount of Tranche B; (ii) to the Participation A-2 Holder, in an amount equal to its share of any Prepayment Premium actually received in respect of Tranche B, such share to be determined by multiplying the total Prepayment
Premium payable on all of Tranche B by (x) 0.4667 and (y) a fraction, the numerator of which is the aggregate amount of the Participant A-2 Tranche B Portion and the denominator of which is the aggregate amount of Tranche B; (iii) to
the Participation IO A-1 Holder, in an amount equal to its share of any Prepayment Premium actually received in respect of Tranche B, such share to be determined by multiplying the total Prepayment Premium payable on all of the Tranche B by
(x) 0.5333 and (y) a fraction, the numerator of which is the aggregate amount of the Participant A-1 Tranche B Portion and the denominator of which is the aggregate amount of Tranche B; and (iv) to the Participation IO A-2 Holder, in
an amount equal to its share of any Prepayment Premium actually received in respect of Tranche B, such share to be determined by multiplying the total Prepayment Premium payable on all of Tranche B by (x) 0.5333 and (y) a fraction, the
numerator of which is the aggregate amount of the Participant A-2 Tranche B Portion and the denominator of which is the aggregate amount of Tranche B; 
  

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 (g) seventh, pro rata (based on the amounts described in clauses (i) through
(iv) that follow (and the derivation of the 0.5185 and 0.4815 multipliers used below being set forth on Exhibit I hereto)): (i) to the Participation A-1 Holder, in an amount equal to its share of any Prepayment Premium
actually received in respect of the Mortgage Loan (except for Tranche B), such share to be determined by multiplying the total Prepayment Premium payable on the Mortgage Loan (except for Tranche B) by (x) 0.5185 and (y) a fraction, the
numerator of which is the Participation A-1 Principal Balance (except for the Participant A-1 Tranche B Portion) and the denominator of which is the Mortgage Loan Principal Balance (except for Tranche B); (ii) to the Participation A-2 Holder,
in an amount equal to its share of any Prepayment Premium actually received in respect of the Mortgage Loan (except for Tranche B), such share to be determined by multiplying the total Prepayment Premium payable on the Mortgage Loan (except for
Tranche B) by (x) 0.5185 and (y) a fraction, the numerator of which is the Participation A-2 Principal Balance (except for the Participant A-2 Tranche B Portion) and the denominator of which is the Mortgage Loan Principal Balance (except
for Tranche B); (iii) to the Participation IO A-1 Holder, in an amount equal to its share of any Prepayment Premium actually received in respect of the Mortgage Loan (except for Tranche B), such share to be determined by multiplying the total
Prepayment Premium payable on the Mortgage Loan (except for Tranche B) by (x) 0.4815 and (y) a fraction, the numerator of which is the Participation IO A-1 Notional Amount (except for the Participant A-1 Tranche B Portion) and the
denominator of which is the Mortgage Loan Principal Balance (except for Tranche B); and (iv) to the Participation IO A-2 Holder, in an amount equal to its share of any Prepayment Premium actually received in respect of the Mortgage Loan (except
for Tranche B), such share to be determined by multiplying the total Prepayment Premium payable on the Mortgage Loan (except for Tranche B) by (x) 0.4815 and (y) a fraction, the numerator of which is the Participation IO A-2 Notional
Amount (except for the Participant A-2 Tranche B Portion) and the denominator of which is the Mortgage Loan Principal Balance (except for Tranche B); 
 (h) eighth, to the Participation A-1 Holder and the Participation A-2 Holder, pro rata (based on the Participation A-1 Principal Balance and the Participation A-2 Principal Balance), in an amount
equal to any Extension Fees actually received with respect to the Mortgage Loan; and 
 (i) ninth, if any excess amount is paid by the
Mortgage Loan Borrower and is not required to be returned to the Mortgage Loan Borrower or to a party other than a Holder under the Mortgage Loan Documents, and not otherwise applied in accordance with the foregoing clauses (a) through
(h) of this Section 3, or if the Mortgaged Property has become REO Property, there is any amount remaining that is not applied in accordance with the foregoing clauses (a) through (h) of this
Section 3, then such remaining amount shall be paid to the Participation A-1 Holder and the Participation A-2 Holder, pro rata (based on the Participation A-1 Principal Balance and the Participation A-2 Principal Balance).

 For the avoidance of doubt, if the Mortgaged Property becomes REO Property, the proceeds from the sale of the Condominium Units shall be
applied as provided in clauses (a) through (h) of this Section 3 as if the allocations pursuant to the Mortgage Loan Documents were still applicable. 
  

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 4. Intentionally Omitted. 
 5. Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of Sections 17 and 18
of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Agent, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan Principal
Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal on the Mortgage Loan, or any Protective Advances or any other amounts payable under the Mortgage Loan Documents, are waived, reduced
or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, other than an extension of the maturity date, all payments to the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO
A-1 Holder and the Participation IO A-2 Holder pursuant to Section 3, as applicable, shall be made as though such workout did not occur, with the payment terms of Participation A-1, Participation A-2, Participation IO A-1 and
Participation IO A-2 remaining the same as they are on the date hereof, and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan shall be borne in the case of interest, pro rata, by the
Participation A-1 Holder (up to the amount of interest accrued on the Participation A-1 Principal Balance at Participation A-1 Interest Rate), the Participation A-2 Holder (up to the amount of interest accrued on the Participation A-2 Principal
Balance at Participation A-2 Interest Rate), the Participation IO A-1 Holder (up to the amount of interest accrued on the Participation IO A-1 Notional Amount at the Participation IO A-1 Interest Rate), and the Participation IO A-2 Holder (up to the
amount of interest accrued on the Participation IO A-2 Notional Amount at the Participation IO A-2 Interest Rate) and in the case of principal, pro rata, by the Participation A-1 Holder and the Participation A-2 Holder. 
 6. Certain Payment Procedures. If Agent holding or having distributed any amount received or collected in respect of Participation A-1,
Participation A-2, Participation IO A-1 or Participation IO A-2 determines, or a court of competent jurisdiction orders, at any time that any amount received or collected in respect of Participation A-1, Participation A-2 , Participation IO A-1 or
Participation IO A-2 must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Mortgage Loan Borrower or paid to the Participation A-1 Holder, the Participation A-2 Holder, the Participation
IO A-1 Holder or the Participation IO A-2 Holder, or any Agent or paid to any other Person, then, notwithstanding any other provision of this Agreement, the Agent shall not be required to distribute any portion thereof to the Participation A-1
Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, as applicable, and the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2
Holder, as applicable, shall promptly on demand repay to the Agent the portion thereof, if any, which shall have been theretofore distributed to the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the
Participation IO A-2 Holder, as applicable, together with interest thereon at such rate, if any, as Agent shall be required to pay to the Mortgage Loan Borrower, the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1
Holder or the Participation IO A-2 Holder, any such Agent 

  

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or such other Person with respect thereto. Each of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the
Participation IO A-2 Holder, agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to the Agent. The Agent
shall have the right to offset any amounts due hereunder this paragraph from the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, as applicable, with respect to the Mortgage
Loan against any future payments due to the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, as applicable, under the Mortgage Loan, provided, that the obligations of
the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder under this Section 6 are separate and distinct obligations from one another and in no event shall the Agent
enforce the obligations of any Holder against any other Holder. The obligations of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder under this Section 6
constitute absolute, unconditional and continuing obligations and any such Agent shall be deemed a third party beneficiary of these provisions. 
 7. Limitation on Liability. None of the Holders shall have any liability to any other Holder with respect to such other Holder’s Participation, except with respect to losses actually suffered due to the gross negligence, willful
misconduct or breach of this Agreement on the part of such Holder; provided, however that the Future Funding Lenders shall have the liabilities enumerated herein. The Agent shall not have any liability to any Holder with respect to such
Holder’s Participation, except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of the Agent. Without limiting the foregoing provisions of this
Section 7, under no circumstances shall the Agent have any liability arising from any action or inaction to the extent directed by Holders exercising their voting rights hereunder or as a result of any failure by Holders to reach a
unanimous decision where a unanimous decision is required as a condition to the Agent’s taking a specified action hereunder. 
 8.
Purchase of Participation A-1 by the Participation A-2 Holder; Purchase of Participation A-2 by the Participation A-1 Holder. 
 (a)
In the event that (a) any payment of principal or interest on the Mortgage Loan becomes ninety (90) or more days delinquent, (b) the Mortgage Loan has been accelerated, (c) the Principal Balance of the Mortgage Loan is not paid
at maturity, (d) the Mortgage Loan Borrower files a petition for bankruptcy, (e) the failure of the Holders to provide Unanimous Consent to a Unanimous Decision or (f) the Mortgage Loan Borrower shall have failed to satisfy a
condition for a Future Funding Advance and, pursuant to Section 29(c) hereof, the waiver of such condition requires the approval of all of the Future Funding Lenders, and all of the Future Funding Lenders have not granted such approval
(each such event, a “Repurchase Option Event”), then the Agent shall provide notice (a “Repurchase Option Notice”) to Participant A-1 Holder and Participant A-2 Holder of the occurrence of a Repurchase Option Event.

  

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 (b) Following the receipt of a Repurchase Option Notice, the Participation A-2 Holder shall have the
right, prior to any other party, but subject to the Intercreditor Agreement and the provisions of Section 8(c) hereof, to purchase Participation A-1 on the following terms and conditions: (i) Participation A-2 Holder shall exercise
such purchase right by written notice to the Participation A-1 Holder (a “Participation A-2 Holder Repurchase Notice”), given within ninety (90) days following the delivery to the Participation A-2 Holder of the Repurchase
Option Notice, (ii) Participation A-2 Holder shall purchase all (but not part) of Participation A-1 at the Defaulted Mortgage Loan A-1 Purchase Price, (iii) upon the delivery of written notice thereof to the Participation A-1 Holder, the
Participation A-1 Holder shall sell (and the Participation A-2 Holder shall purchase) Participation A-1 at the Defaulted Mortgage Loan A-1 Purchase Price, on a date (the “Repurchase Date”) not less than ten (10) business days
nor more than twenty (20) days after the date of the Participation A-2 Holder Repurchase Notice (but in any event not more than ninety (90) days after delivery to the Participation A-2 Holder of the Repurchase Option Notice), as shall be
established by the Participation A-1 Holder and reasonably acceptable to Participation A-2 Holder, (iv) on the Repurchase Date, the Participation A-2 Holder shall also pay all out-of-pocket costs and expenses of the Participation A-1 Holder in
connection with such purchase, (v) the Defaulted Mortgage Loan A-1 Purchase Price shall be calculated by the Participation A-1 Holder three (3) business days prior to the Repurchase Date and shall, absent manifest error, be binding upon
the Participation A-1 Holder and the Participation A-2 Holder (although Participation A-1 Holder shall provide, solely for informational purposes, reasonably detailed supporting details and backup documentation for such calculation), and
(vi) if Participation A-1 Holder and the First Mezzanine Lender are the same Person or Affiliates of each other, Participation A-2 Holder shall cause (A) the Second Mezzanine Lender to exercise its rights under the Intercreditor Agreement
to purchase the First Mezzanine Loan for the Senior Junior Loan Purchase Price and in accordance with the other terms and conditions set forth in the Intercreditor Agreement for the purchase by the Second Mezzanine Lender of the First Mezzanine Loan
and (B) the closing of such purchase of the First Mezzanine Loan to occur simultaneously with the purchase hereunder of the Participation A-1 by Participation A-2 Holder; provided, however, that if, pursuant to the Intercreditor Agreement, the
Second Mezzanine Lender does not then have the right to so purchase the First Mezzanine Loan, then Participation A-1 Holder shall cause the First Mezzanine Lender to consent in writing to such purchase and shall cause First Mezzanine Lender to
consummate such purchase notwithstanding the provisions of the Intercreditor Agreement. 
 (c) Notwithstanding the provisions of
Section 8(b) hereof, following receipt of a Repurchase Option Notice or a Participation A-2 Holder Repurchase Notice, the Participation A-1 Holder shall have the right, prior to any other party, to purchase Participation A-2 on the
following terms and conditions: (i) Participation A-1 Holder shall exercise such purchase right by written notice to the Participation A-2 Holder (a “Participation A-1 Holder Repurchase Notice”), given within ninety
(90) days following the delivery to the Participation A-1 Holder of the Repurchase Option Notice or, if Participation A-2 Holder delivers a Participation A-2 Holder Repurchase Notice, within seven (7) business days following receipt by
Participation A-1 Holder of such Participation A-2 Holder Repurchase Notice, (ii) Participation A-1 Holder shall purchase all (but not part) of Participation A-2 at the Defaulted Mortgage Loan A-2 Purchase Price, (iii) upon the delivery of
written notice thereof to the Participation A-2 Holder, the Participation A-2 Holder shall sell (and the Participation A-1 Holder shall purchase) Participation A-2 at the Defaulted Mortgage Loan A-2 Purchase Price, on a date (the 

  

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“Repurchase Date”) not less than five (5) business days nor more than ten (10) business days after the date of the Participation
A-1 Holder Repurchase Notice (but in any event not more than ninety (90) days after delivery to the Participation A-1 Holder of the Repurchase Option Notice), as shall be established by the Participation A-2 Holder and reasonably acceptable to
Participation A-1 Holder, (iv) on the Repurchase Date, the Participation A-1 Holder shall also pay all out-of-pocket costs and expenses of the Participation A-2 Holder in connection with such purchase, and (v) the Defaulted Mortgage Loan
A-2 Purchase Price shall be calculated by the Participation A-1 Holder three (3) business days prior to the Repurchase Date and shall, absent manifest error, be binding upon the Participation A-1 Holder and the Participation A-2 Holder
(although Participation A-1 Holder shall provide, solely for informational purposes, reasonably detailed supporting details and backup documentation for such calculation). 
 (d) The foregoing options to purchase Participation A-1 or Participation A-2 shall terminate when the Mortgaged Property becomes REO Property.

 (e) Notwithstanding any such purchase of Participation A-1 or Participation A-2, Participation IO A-1 and Participation IO A-2 shall
remain outstanding and this Agreement shall remain in effect. 
 9. Representations of the Participation A-1 Holder. The Participation
A-1 Holder represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene the Participation A-1 Holder’s
charter or any law or contractual restriction binding upon the Participation A-1 Holder, and that this Agreement is the legal, valid and binding obligation of the Participation A-1 Holder enforceable against it in accordance with its terms. The
Participation A-1 Holder further represents and warrants that, as of the date of this Agreement: (i) set forth on Exhibit J attached hereto is a complete list of all of the Mortgage Loan Documents that evidence or secure the Mortgage
Loan, (ii) subject to this Agreement, the Participation A-1 Holder is the sole owner of the Mortgage Loan and the Mortgage Loan Documents, and that the Mortgage Loan and the Mortgage Loan Documents have not been mortgaged, pledged, encumbered
or assigned, and (iii) to the actual knowledge of the Participation A-1 Holder, the information set forth on Exhibit A to this Agreement is true, complete and correct in all material respects. 
 10. Representations of the Participation A-2 Holder, the Participation IO A-1 and Participation IO A-2 Holder. The Participation A-2 Holder, the
Participation IO A-1 Holder and the Participation IO A-2 Holder each acknowledge that such Holder is acquiring its Participation for its own account in the ordinary course of its business and no other Holder shall have any liability or
responsibility to such Holder except as expressly provided herein or for actions that are taken or omitted to be taken by such other Holder that constitute gross negligence or willful misconduct or that constitute a breach of this Agreement. The
Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder each represent and warrant that the execution, delivery and performance of this Agreement is within their corporate powers, has been duly authorized by all
necessary corporate action, and does not contravene such Holder’s charter or any law or contractual restriction binding upon such Holder, and that this Agreement is the legal, valid and binding obligation of such Holder enforceable against such
Holder in accordance with its terms. Participation A-2 Holder further represents and warrants that it is a Qualified Transferee. 
  

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 11. Independent Analyses of the Participation A-2 Holder, the Participation IO A-1 Holder and the
Participation IO A-2 Holder; Financial Statements Etc. 
 (a) The Participation A-2 Holder, the Participation IO A-1 Holder and the
Participation IO A-2 Holder acknowledge that such Holder has, independently and without reliance upon any other Holder and based on such documents and information as such Holder has deemed appropriate, made such Holder’s own credit analysis and
decision to purchase its Participation. The Participation A-2 Holder, the Participation IO A-1 Holder and Participation IO A-2 Holder hereby acknowledge that no other Holder shall have any responsibility for (i) the collectability of the
Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan,
(iii) the validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage Loan Borrower or Guarantor. The Participation A-2 Holder, the
Participation IO A-1 Holder and the Participation IO A-2 Holder assume all risk of loss in connection with their respective Participation for reasons other than gross negligence, willful misconduct or breach of this Agreement by another Holder. The
Participation A-2 Holder, the Participation IO A-1 Holder and Participation IO A-2 Holder acknowledge that the Mortgage Loan is subject to the Intercreditor Agreement. 
 (b) Upon written request of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder to the Participation A-1 Holder, the Agent shall, at the sole
cost of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, as applicable, provide such Holder with copies of each financial statement and notice delivered by or to the
Agent or the Participation A-1 Holder pursuant to or in respect of the terms of the Mortgage Loan Documents. Subject to the terms of the Mortgage Loan Documents, upon the reasonable request of the Participation A-1 Holder, the Participation A-2
Holder, the Participation IO A-1 Holder or the Participation IO A-2 Holder, the Agent shall also deliver to such Holder copies of any other documents relating to the Mortgage Loan, including, without limitation, property inspection reports and loan
servicing statements and reports, all at the sole cost of the requesting Holder. In no event shall the Agent or Participation A-1 Holder be obligated to provide to the Participation A-2 Holder, the Participation IO A-1 Holder or the Participation IO
A-2 Holder, any information that the Agent or the Participation A-1 Holder concludes in its sole but good faith determination is confidential or which the Agent or the Participation A-1 Holder believes to be of a proprietary or sensitive nature. All
such statements, notices, reports and other documents may be delivered in electronic form and at no cost and expense to the requesting Holder to extent that same are delivered to the requesting Holder in electronic form. In addition to the foregoing
provisions of this Section 11(b), and subject to Section 9.05 of the Agent Agreement with Midland in effect as of the date of this Agreement, each Holder shall, at its sole cost and expense and with its own employees and upon reasonable
prior written notice to Agent, be permitted to review and inspect the Agent’s books and records maintained in respect of the Mortgage Loan. 
  

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 12. No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement,
and no action taken pursuant hereto shall be deemed to constitute the Holders of the Participations a partnership, association, joint venture or other entity. Each Holder shall have no obligation whatsoever to offer to any other Holder the
opportunity to purchase notes or interests relating to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to any other Holder, the opportunity to purchase notes or interests in any future mortgage
loans or future mezzanine loans originated by such Holder or its Affiliates, such offer shall be at such purchase price and interest rate as the offering Holder chooses, in its sole and absolute discretion. 
 13. Not a Security. None of Participation A-1, Participation A-2, Participation IO A-1 or Participation IO A-2 shall be deemed to be a security
within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. 
 14. Transfer of Participations.

 (a) Each of the Participation A-1 Holder and Participation A-2 Holder may Transfer all or any portions of its respective Participation to
a Qualified Transferee; provided, however, that any portion of the Future Funding Obligations may not be Transferred except as set forth in Section 14(c). Any such transferee must assume in writing the obligations of the
Participation A-1 Holder or Participation A-2 Holder, as the case may be (the “Transferring Holder”) hereunder and agree to be bound by the terms and provisions hereof. Such proposed transferee shall also remake each of the
representations and warranties contained herein for the benefit of the other Holders. Notwithstanding the foregoing, the Transferring Holder may not Transfer all or any portion of its respective Participation to the Mortgage Loan Borrower or an
Affiliate thereof without the prior written consent of the other Holders. 
 (b) Prior to any Transfer of a Participation by a Transferring
Holder, such Transferring Holder shall provide to the Participation A-1 Holder, if the Transferring Holder is Participation A-2 Holder, or the Participation A-2 Holder, if the Transferring Holder is Participation A-1 Holder, a certification that
such Transfer will be made in accordance with this Section 14, such certification to include the name and contact information of the Qualified Transferee. 
 (c) Each of the Participation A-1 Holder and the Participation A-2 Holder shall have the right to transfer all (but not part) of its portion of the Future Funding Obligations to any Person (a) that is a Qualified
Transferee and has a long-term unsecured debt rating of “A” or better by the Rating Agencies, or (b) that is a Qualified Transferee whose portion of the Future Funding Obligations is backed or guaranteed in writing (substantially in
the form attached hereto as Exhibit H) by a party that has a long-term unsecured debt rating of “A” or better by the Rating Agencies. No other transfer of any portion of the Future Funding Obligations by the Participation A-1 Holder
or the Participation A-2 Holder or its successors shall be permitted. Notwithstanding the foregoing, the Future Funding Obligations may not be Transferred to the Mortgage Loan Borrower or any Affiliate thereof without the prior written consent of
all the Holders. Any Transfer of the Future Funding Obligations or portions thereof as permitted in this Section 14(c) shall be subject to the following restrictions (i) the transferring Future Funding 

  

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Lender pays all reasonable out-of-pocket costs and expenses of the other Holders, (ii) all such Transfers shall be made upon at least seven
(7) days’ prior written notice to the Holders, and (iii) a transferee shall (x) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable portion, as the case may be, of the obligations of
the transferring Future Funding Lender hereunder with respect to the Future Funding Obligations from and after the date of such assignment, (y) agree in writing to be bound by this Agreement and (z) assume the obligations of the
transferring Future Funding Lender under the Mortgage Loan Documents for the benefit of the Mortgage Loan Borrower. Upon the consummation of a Transfer of the Future Funding Obligations or portions thereof, the transferring Person shall be released
from all liability arising under this Agreement with respect to the Future Funding Obligations or the portion thereof that was the subject of such Transfer, for the period after the effective date of such Transfer. 
 (d) For the avoidance of doubt, notwithstanding any Transfer of Participation A-1 or Participation A-2 in accordance with the foregoing provisions of
this Section 14, each of Participation A-1 and Participation A-2 shall be and remain a pari passu interest in the Mortgage Loan in the respects set forth in this Agreement. 
 (e) The Participation IO A-1 Holder may, from time to time in its sole discretion, Transfer all or any of Participation IO A-1 or any interest therein to
any Person that is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act of 1933, as amended, and is not the Mortgage Loan Borrower or an Affiliate thereof. 
 (f) The Participation IO A-2 Holder may, from time to time in its sole discretion, Transfer all or any of Participation IO A-2 or any interest therein to
any Person that is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act of 1933, as amended, and is not the Mortgage Loan Borrower or an Affiliate thereof. 
 15. Financing of Participations. 
 (a) Notwithstanding any other provision hereof but subject to the transfer restrictions relating to the Future Funding Obligations set forth herein, the Participation A-1 Holder consents to the pledge by Participation A-2 Holder or
Participation IO A-2 Holder, or any other financing arrangement with respect to Participation A-2 or Participation IO A-2, as may be applicable (a “Pledge”), including without limitation, a financing arrangement in the nature
of a repurchase agreement of Participation A-2 or Participation IO A-2, as may be applicable, to any entity (other than the Mortgage Loan Borrower or an Affiliate thereof) that has extended a credit facility to the Participation A-2 Holder
or the Participation IO A-2 Holder, as may be applicable, that is (i) a Qualified Transferee, (ii) a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency,
on the terms and conditions set forth in this Section 15 or (iii) a Qualified Conduit Lender (such entity, a “Loan Pledgee”). Upon written notice by the Participation A-2 Holder or the Participation IO A-2
Holder, as may be applicable, to the Agent that the Pledge has been effected, the Agent shall acknowledge receipt of such notice and thereafter agrees: (a) that no amendment, modification, waiver or termination of this Agreement shall be
effective against Loan Pledgee without the written consent of Loan Pledgee, which consent shall not be unreasonably withheld; (b) that the Agent shall give to Loan Pledgee such estoppel certificate(s) as Loan Pledgee shall reasonably 

  

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request (provided that copies of any such estoppel certificate(s) shall be in form and substance reasonably satisfactory to the Agent and at the
expense of the Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable); (c) that the Agent shall give to Loan Pledgee copies of any default notice simultaneously with the giving of same to the Participation A-2 Holder
or the Participation IO A-2 Holder, as may be applicable; and (d) that, upon written notice (a “Redirection Notice”) to the Agent by Loan Pledgee that the Participation A-2 Holder or the Participation IO A-2 Holder, as may
be applicable, is in default, beyond applicable cure periods, under the obligations to the Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, to Loan Pledgee pursuant to the applicable credit agreement or
repurchase agreement, as applicable, between the Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, and Loan Pledgee (which notice need not be joined in or confirmed by the Participation A-2 Holder or the
Participation IO A-2 Holder, as may be applicable), and until such Redirection Notice is withdrawn or rescinded by Loan Pledgee, the Agent shall remit to Loan Pledgee and not to the Participation A-2 Holder or the Participation IO A-2 Holder,
as may be applicable, any payments that the Agent would otherwise be obligated to pay to the Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, from time to time pursuant to this Agreement. 
 The Participation A-2 Holder and the Participation IO A-2 Holder hereby unconditionally and absolutely release the Agent from any liability to the
Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, on account of the Agent’s compliance with any Redirection Notice reasonably believed by the Agent to have been delivered by Loan Pledgee. Loan Pledgee shall
be permitted to fully exercise its rights and remedies against the Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, and realize on any and all collateral granted by the Participation A-2 Holder or the
Participation IO A-2 Holder, as may be applicable, Loan Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law; provided that a Loan Pledgee which is not a Qualified Transferee may
not take title to such collateral unless it has received consent from the Agent, which consent shall not be unreasonably withheld or delayed. In such event, the Agent shall recognize such Loan Pledgee (and any transferee which is also a Qualified
Transferee at any foreclosure or similar sale held by Loan Pledgee or any transfer in lieu of such foreclosure), and its successors and assigns which are Qualified Transferees, as the successor to the rights, remedies and obligations of
Participation A-2 Holder or Participation IO A-2 Holder, as may be applicable, under this Agreement and the Mortgage Loan Documents and any such Loan Pledgee or Qualified Transferee shall assume in the writing the obligations of the
Participation A-2 Holder or the Participation IO A-2 Holder, as may be applicable, hereunder accruing from and after the date that such Loan Pledgee or Qualified Transferee succeeds to the rights of the Participation A-2 Holder or the
Participation IO A-2 Holder, as may be applicable, by foreclosure or otherwise and agrees to be bound by the terms and provisions hereof. The rights of Loan Pledgee under this Section 15 shall remain effective unless and until Loan
Pledgee shall have notified the Agent in writing that its interest in the Participation A-2 or the Participation IO A-2, as may be applicable, has terminated. 
 (b) Notwithstanding any other provision hereof but subject to the transfer restrictions relating to the Future Funding Obligations set forth herein, the Participation A-2 Holder consents to the pledge by the
Participation A-1 Holder or the Participation IO A-1 Holder, or any other financing arrangement with respect to Participation A-1 or the Participation 

  

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IO A-1 Holder, as may be applicable (a “Pledge”), including without limitation, a financing arrangement in the nature of a repurchase
agreement of Participation A-1 or the Participation IO A-1 Holder, as may be applicable, to any entity (other than the Mortgage Loan Borrower or an Affiliate thereof) that has extended a credit facility to the Participation A-1 Holder or
the Participation IO A-1 Holder, as may be applicable, that is (i) a Qualified Transferee, (ii) a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency, on
the terms and conditions set forth in this Section 15 or (iii) a Qualified Conduit Lender (such entity, a “Loan Pledgee”). Upon written notice by the Participation A-1 Holder or the Participation IO A-1 Holder,
as may be applicable, to the Agent that the Pledge has been effected, the Agent shall acknowledge receipt of such notice and thereafter agrees: (a) that no amendment, modification, waiver or termination of this Agreement shall be effective
against Loan Pledgee without the written consent of Loan Pledgee, which consent shall not be unreasonably withheld; (b) that the Agent shall give to Loan Pledgee such estoppel certificate(s) as Loan Pledgee shall reasonably request
(provided that copies of any such estoppel certificate(s) shall be in form and substance reasonably satisfactory to the Agent and at the expense of the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable);
(c) that the Agent shall give to Loan Pledgee copies of any default notice simultaneously with the giving of same to the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable; and (d) that, upon written notice
(a “Redirection Notice”) to the Agent by Loan Pledgee that the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, is in default, beyond applicable cure periods, under the obligations of
Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, to Loan Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the Participation A-1 Holder or the
Participation IO A-1 Holder, as may be applicable, and Loan Pledgee (which notice need not be joined in or confirmed by the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable), and until such Redirection Notice is
withdrawn or rescinded by Loan Pledgee, the Agent shall remit to Loan Pledgee and not to the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, any payments that the Agent would otherwise be obligated to pay to
the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, from time to time pursuant to this Agreement. 
 The Participation A-1 Holder and the Participation IO A-1 Holder hereby unconditionally and absolutely release the Agent from any liability to the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, on
account of the Agent’s compliance with any Redirection Notice reasonably believed by the Agent to have been delivered by Loan Pledgee. Loan Pledgee shall be permitted to fully exercise its rights and remedies against the Participation A-1
Holder or the Participation IO A-1 Holder, as may be applicable, and realize on any and all collateral granted by the Participation A-1 Holder or the Participation IO A-1 Holder, as may be applicable, to Loan Pledgee (and accept an assignment
in lieu of foreclosure as to such collateral), in accordance with applicable law; provided that a Loan Pledgee which is not a Qualified Transferee may not take title to such collateral unless it has received consent from the Agent, which
consent shall not be unreasonably withheld or delayed. In such event, the Agent shall recognize such Loan Pledgee (and any transferee which is also a Qualified Transferee at any foreclosure or similar sale held by Loan Pledgee or any transfer in
lieu of such foreclosure), and its successors and assigns which are Qualified Transferees, as the successor to the rights, remedies and obligations of the Participation A-1 Holder or the 

  

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Participation IO A-1 Holder, as may be applicable, under this Agreement and the Mortgage Loan Documents and any such Loan Pledgee or Qualified Transferee
shall assume in the writing the obligations of the Participation A-1 Holder hereunder accruing from and after the date that such Loan Pledgee or Qualified Transferee succeeds to the rights of the Participation A-1 Holder or the
Participation IO A-1 Holder, as may be applicable, by foreclosure or otherwise and agrees to be bound by the terms and provisions hereof. The rights of Loan Pledgee under this Section 15 shall remain effective unless and until Loan
Pledgee shall have notified the Agent in writing that its interest in the Participation A-1 or the Participation IO A-1, as may be applicable, has terminated. 
 16. Other Business Activities of the Holders. Each Holder acknowledges that each other Holder may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Affiliate of
the Mortgage Loan Borrower (“Mortgage Loan Borrower Related Parties”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely and
without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect. 
 17. Certain
Powers of the Participation A-1 Holder. 
 (a) Subject to Section 2(j), Sections 18, Section 29 and
Section 30 of this Agreement, and except as otherwise provided in this Agreement, the Participation A-1 Holder (or any Agent acting on behalf of the Participation A-1 Holder (but only to the extent of the administration and servicing of
the Mortgage Loan (except during any time periods during which the Mortgage Loan is a Specially Serviced Loan) in accordance with the applicable Agent Agreement) shall have the sole and exclusive authority with respect to the administration of the
Mortgage Loan and the exercise of rights and remedies with respect to the Mortgage Loan, including, without limitation, the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent
to any action or failure to act by the Mortgage Loan Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage Loan (except for the claims in respect of the Participation A-2) in any bankruptcy,
insolvency or other similar proceedings, (iv) determine whether Mortgage Loan Borrower has satisfied the conditions set forth in the Mortgage Loan Documents for all or any portion of any requested advance of the Future Funding Obligations and
the actual amount of any advance of the Future Funding Obligations, and to waive any such conditions in respect of any request for an advance of the Future Funding Obligations, (v) determine the amount of any payment of interest (including,
without limitation any default interest), late charges, prepayment premiums, yield maintenance payments, extension fees, net sales proceeds from the sale of Condominium Units, net proceeds from the grant of a Condominium License, and reserve fund
payments for taxes, insurance premiums and other amounts required to be made by or on behalf Mortgage Loan Borrower, (vi) determine whether there exists, and the amount of, any “Shortfall” (as defined in the Mortgage Loan Documents),
(vii) determine whether or not to make, and the amount of, any Protective Advance and (viii) to take legal action to enforce or protect the Holders’ interests with respect to the Mortgage Loan or to refrain from exercising any powers
or rights under the Mortgage Loan Documents, including the right at any time to call or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or 

  

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institute any foreclosure action, and subject to the terms and conditions of this Agreement, including, without limitation, Section 18 hereof,
the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder shall have no voting, consent or other rights whatsoever with respect to the administration of, or exercise of their rights and remedies with respect
to, the Mortgage Loan by the Participation A-1 Holder (or any Agent acting on behalf of the Participation A-1 Holder in accordance with the terms of the applicable Agent Agreement). Except as otherwise provided in this Agreement, the Participation
A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder agree that they shall have no right to, and hereby presently and irrevocably assign and convey to the Participation A-1 Holder ( or any such Agent), the rights, if any,
that each of the Participation A-2 Holder, the Participation IO A-1 Holder and Participation IO A-2 Holder has to, (A) call or cause the Participation A-1 Holder (or any such Agent) to call an Event of Default under the Mortgage Loan, or
(B) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Participation A-1 Holder (or any such Agent) to file any bankruptcy petition against the Mortgage
Loan Borrower. Subject to the terms and conditions of this Agreement, the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder shall, from time to time, execute such documents as the Participation A-1 Holder
(or any such Agent) shall reasonably require to evidence such assignment with respect to the rights described in clause (iii) of the first sentence in this Section 17(a). Subject to Section 18, the Participation
A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder each acknowledge that Participation A-1 Holder (or any such Agent) may in its sole discretion exercise, or omit to exercise, any rights that the Participation A-1 Holder
may have under this Agreement in a manner that may be adverse to the interests of the Participation A-2 Holder, the Participation IO A-1 Holder and Participation IO A-2 Holder and that Participation A-1 Holder (or any such Agent) shall have no
liability whatsoever to the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder, other than as set forth in Section 2(j) and Section 7 hereof, in connection with exercise of rights by
the Participation A-1 Holder or any omission by the Participation A-1 Holder to exercise such rights. Participation A-1 Holder (and any such Agent) shall not have any fiduciary duty to the Participation A-2 Holder, the Participation IO A-1 Holder or
the Participation IO A-2 Holder in connection with the administration of the Mortgage Loan. 
 (b) The Participation A-1 Holder (and any
Agent acting on its behalf) may rely on the advice of legal counsel, accountants and other experts (including, without limitation, those retained by the Mortgage Loan Borrower) and upon any written communication or telephone conversation which the
Participation A-1 Holder (or any such Agent) believes to be genuine and correct or to have been signed, sent or made by the proper Person. 
 (c) Each of the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder) acknowledges that the Participation A-1 Holder (or any Agent acting on its behalf) may exercise, or omit to exercise, any rights
that the Participation A-1 Holder (or any Agent acting on its behalf) may have under this Agreement (subject to the Servicing Standard) in a manner that may be adverse to the interests of the Participation A-2 Holder, the Participation IO A-1 Holder
or the Participation IO A-2 Holder and that except as otherwise set forth herein the Participation A-1 Holder (or any Agent acting on its behalf) shall have no liability whatsoever to the Participation A-2 Holder, the Participation IO A-1 Holder or
the Participation IO A-2 Holder in connection with the exercise by the Participation A-1 Holder (or any Agent acting on its behalf) of rights or any omission by the Participation A-1 Holder (or any Agent acting on its behalf) to exercise such rights
taken or made in accordance with the terms hereof. 
  

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 18. Certain Consent Rights of the Participation A-2 Holder, the Participation IO A-1 Holder and the
Participation IO A-2 Holder. 
 (a) Notwithstanding the provisions of Section 17 of this Agreement, the Participation A-1
Holder (and any Agent acting on its behalf), on matters other than those requiring Unanimous Consent pursuant to Section 18(b) of this Agreement, shall consult with Participation A-2 Holder, the Participation IO A-1 Holder and the
Participation IO A-2 Holder at any time upon any such Holder’s reasonable request concerning the Mortgage Loan, the Mortgage Loan Borrower and the Mortgaged Property. Such consultation shall not, however, be deemed to constitute any right of
approval or consent or to limit the authority granted to the Participant A-1 Holder in Section 17 of this Agreement. 
 (b)
Notwithstanding the provisions of Section 17 of this Agreement, the Participation A-1 Holder (and any Agent acting on its behalf) may not, without Unanimous Consent, take any of the following actions (“Unanimous
Decisions”): 
 (i) any material modification or waiver of a monetary term of the Mortgage Loan or the Mortgage Loan
Documents and any modification of, or waiver with respect to, the Mortgage Loan or the Mortgage Loan Documents that would result in the extension of the maturity date or extended maturity date thereof, a reduction in the interest rate borne thereby
or the monthly debt service payment or extension fee payable thereon or a deferral or a forgiveness of interest on or principal of the Mortgage Loan or a modification or waiver of any other monetary term of the Mortgage Loan or the Mortgage Loan
Documents relating to the timing or amount of any payment of principal or interest (other than default interest) or any other material sums due and payable under the Mortgage Loan Documents or a modification or waiver of any provision of the
Mortgage Loan or the Mortgage Loan Documents that restricts the Mortgage Loan Borrower or its equity owners from incurring additional indebtedness, any consent to the placement of additional liens encumbering the Mortgaged Property or the direct or
indirect ownership interests in Borrower or to the incurring of additional indebtedness at any level or tier of direct or indirect ownership interests in Borrower, or any modification or waiver with respect to the obligation to fund all Shortfalls
(as defined in the Mortgage Loan Documents), to deposit or maintain reserves or escrows or to the amounts required to be deposited therein or any establishment of additional material reserves not expressly provided for in the Mortgage Loan Documents
on the date hereof; 
 (ii) except as expressly set forth herein, any modification of, or waiver with respect to, the Mortgage
Loan that would result in a discounted pay-off of the Mortgage Loan (as compared to the amount owed in accordance with the Mortgage Loan Documents); 
  

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 (iii) any proposed or actual sale of the Mortgaged Property (other than in connection
with the sale of Units (as defined in the Mortgage Loan documents) for less than the Par Purchase Price; 
 (iv) any
substitution or release of the Mortgaged Property or any other collateral for the Mortgage Loan (other than in connection with the sale of Condominium Units and other than in accordance with the terms of, or upon satisfaction of, the Mortgage Loan);

 (v) any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan;

 (vi) any release of the Mortgage Loan Borrower or Guarantor from liability with respect to the Mortgage Loan or any waiver
of any of the material obligations of Guarantor under any guaranty or indemnity agreement given by Borrower or Guarantor in connection with the Mortgage Loan; 
 (vii) any acceptance of an assumption agreement releasing the Mortgage Loan Borrower or Guarantor from liability under the Mortgage Loan;

 (viii) any increase of the principal amount of the Mortgage Loan (other than the making of (A) any Protective Advance
that the Participation A-1 Holder is permitted to determine to make pursuant to Section 29(a) or (B) any Future Funding Advance); 
 (ix) the making of any Protective Advance that the Participation A-1 Holder is not permitted to determine to make pursuant to Section 29(a); 
 (x) grant Borrower approval or consent for any amendment or modification of any of the Condominium Documents; 
 (xi) any amendment or modification of the terms of this Agreement, the Intercreditor Agreement or the Loan Coordination Agreement;

 (xii) any waiver in respect of the Mortgage Loan under the Intercreditor Agreement or the Loan Coordination Agreement; or

 (xiii) any decision under Section 30 that requires the consent or approval of both the Participation A-1 Holder
and the Participation A-2 Holder. 
 (c) Each request by Participation A-1 Holder (or any Agent acting at the direction of Participation A-1
Holder) to another Holder for consent or approval to a Unanimous Decision shall be made in writing by a notice in capitalized, bold faced 14 point type containing the following statement at the top of the first page: “THIS IS A REQUEST FOR
CONSENT OR APPROVAL FOR A UNANIMOUS DECISION UNDER SECTION 18 OF THE PARTICIPATION AGREEMENT IN RESPECT OF 415 GREENWICH STREET, NEW YORK, NEW YORK. IF THE HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED REQUEST FOR CONSENT OR APPROVAL FOR A
UNANIMOUS DECISION WITHIN TEN (10) DAYS, THEN THE HOLDER SHALL BE DEEMED TO HAVE 

  

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APPROVED OR CONSENTED TO THE UNANIMOUS DECISION, THE PARTICIPATION A-1 HOLDER (OR THE AGENT ACTING ON ITS BEHALF), AS THE CASE MAY BE, MAY TAKE OR PERFORM
THE REQUESTED UNANIMOUS DECISION,” If the Holder fails to either approve or reject the Unanimous Decision Action within such ten (10) day period after receipt of such notice (approval or rejection by notice by facsimile on the same day
being acceptable), then such Holder shall be deemed to have disapproved such request for such Unanimous Decision and the Participation A-1 Holder (or any Agent acting at the direction of Participation A-1 Holder) may not take or perform the
requested Unanimous Decision; provided that, in the event that the Participation A-1 Holder (or any Agent acting at the direction of Participation A-1 Holder) determines in accordance with the Servicing Standard that immediate action is
necessary to protect the interests of the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2 Holder (as a collective whole), the Participation A-1 Holder (or such Agent acting at the
direction of Participation A-1 Holder) may take any such action without waiting for the response of the Holder; and provided, further, that, upon the request of the Holder during the ten (10) day period referred to above, the
Participation A-1 Holder (or such Agent acting at the direction of Participation A-1 Holder) shall consult with such Holder regarding its views as to the proposed action (but may, in its sole discretion, reject any advice or direction from such
Holder). 
 (d) The Agent shall notify the other Holders within five business days after the Participation A-1 Holder or the Agent receives
or obtains notice that the Mortgaged Property or the Mortgage Loan Borrower is subject to any bankruptcy or insolvency proceeding. 
 (e) The
Agent shall notify the other Holders of any release or substitution of collateral for the Mortgage Loan even if such release or substitution is in accordance with the Mortgage Loan. 
 (f) The Participation A-1 Holder and the Agent will have no liability to the other Holders for any action taken, or for refraining from the taking of any
action, in good faith pursuant to this Agreement, or for errors in judgment, even if same is adverse to the interest of the other Holders; provided, however, that the Participation A-1 Holder and the Agent will not be protected against
any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations or duties. 
 (g) The Agent shall provide the Participation A-1 Holder, the Participation A-2 Holder, the Participation IO A-1 Holder and the Participation IO A-2
Holder with a copy of any notice or report required to be delivered (upon request or otherwise) by such party to the Participation A-1 Holder or the Agent. 
 (h) Upon determining that an “Event of Default” has occurred under any of the Mortgage Loan Documents, the Agent shall promptly notify each Holder of such Event of Default. 
  

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 19. Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND THE RESPECTIVE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF RELATING TO THIS AGREEMENT. 
 20. Modifications. This
Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. 
 21.
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Agent is an intended third-party beneficiary of this
Agreement, and, to the extent expressly provided in Section 15, each Loan Pledgee is an intended third-party beneficiary of this Agreement. Except as provided in Section 6 and the preceding sentence, none of the provisions of
this Agreement shall be for the benefit of or enforceable by any Person not a party hereto. 
 22. Counterparts. This Agreement may be
executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument. 
 23.
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any
consideration in the construction of this Agreement. 
 24. Notices. All notices required hereunder shall be given by
(i) telephone (confirmed in writing) or shall be in writing and personally delivered, (ii) sent by facsimile transmission if the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges
prepaid), (iii) reputable overnight delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid, return receipt requested, and addressed to the respective parties at their addresses set forth on
Exhibit B hereto, or at such other address as any party shall hereafter inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt. 
 25. Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents will be held by the Participation A-1 Holder on behalf
of all of the Holders. 
 26. Withholding Taxes. 
 (a) If the Agent or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to any Holder with respect to the Mortgage Loan as a result of such
Holder constituting a Non-Exempt Person, the Agent shall be entitled to effect such deduction and withholding with respect to the interest of 

  

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such Holder in such payment (all withheld amounts being deemed paid to such Holder), provided that Agent shall furnish such Holder with a statement
setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction
in which such Holder is subject to tax. 
 (b) Each Holder shall and hereby agrees to indemnify Agent against and hold Agent harmless from
and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of Agent to withhold Taxes from payment made to such Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Holder in connection with the obligation of Agent to withhold Taxes from payments made to such Holder, it being expressly understood and agreed that (i) Agent shall be absolutely and
unconditionally entitled to accept any such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any
inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such Holder, shall, upon request of Agent and at its sole cost and expense, defend any claim or action relating to the foregoing indemnification
using counsel selected by the Agent. For the avoidance of doubt, no Holder shall be required to indemnify Agent for any matter under this subparagraph (b) that relates to any other Holder. 
 (c) Each Holder represents severally, as to itself only, to the Agent (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person
and that neither the Agent nor the Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to such representing Holder with respect to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously with
the execution of this Agreement and from time to time as necessary during the term of this Agreement, each Holder shall deliver to the Agent evidence satisfactory to the Agent substantiating that it is not a Non-Exempt Person and that the Agent is
not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if any Holder is created or organized under the laws
of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Agent an Internal Revenue Service Form W-9 and (ii) if any Holder is not created or organized
under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from
sources within the United States, such Holder shall satisfy the requirements of the preceding sentence by furnishing to the Agent Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as
may be required from time to time, duly executed by such Holder, as evidence of the exemption of such Holder from the withholding of United States tax with respect thereto. The Agent shall not be obligated to make any payment hereunder to any Holder
or otherwise until such Holder shall have furnished to the Agent the requested forms, certificates, statements or documents. 
 For purposes
of this Section 26, (i) “Non-Exempt Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for the relevant year such duly-executed form(s) or
statement(s) which may, from time to time, be 

  

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prescribed by law and which, pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of
such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Agent to make such payments free of any obligation or liability for withholding; and
(ii) “Taxes” shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other
political subdivision thereof or therein. 
 27. Waiver. Participation A-2 Holder, Participation IO A-1 Holder and Participation IO
A-2 Holder each expressly and irrevocably waives for itself and any Person claiming through or under such Holder any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions
of any similar law which purports to give a junior loan participant the right to initiate any loan enforcement or foreclosure proceedings. 
 28. Registration of Participations. The Agent shall keep or cause to be kept at the Agent Office books (the “Participation Register”) for the registration and transfer of each Participation. The Participation
Register shall contain the name and address of the holder of each Participation and the name and address of any transferee of each Participation, together with wire instructions for such holder or transferee, of which the Agent has received notice,
and the form of a copy of any written assumption agreement referred to in Section 14(a), shall be registered in the Participation Register. The Person in whose name a Participation is so registered shall be deemed and treated as the sole
owner and holder thereof for all purposes of this Agreement. Any transfer of a Participation (or any portion thereof) hereunder shall be recorded on the Participation Register. If requested by any assignee of a Participation (or a portion thereof),
one or more definitive certificates substantially in the form of Exhibit D, Exhibit E, Exhibit F or Exhibit G hereto, as may be applicable, shall be issued by the Agent to such assignee. If, subsequent to the issuance of
any Participation Certificate(s) in accordance with the terms of this Section 28, any Holder effects a Transfer in accordance with Section 14 hereof, at the written request of the transferring Holder (or any transferee of all
or any portion of the applicable Participation), the Agent, within ten (10) Business Days after the requesting Holder’s written request therefor, shall issue to the requesting Person and to such transferee(s) one (1) or more
substitute certificates (each, in substantially the form annexed hereto as Exhibit D, Exhibit E, Exhibit F or Exhibit G , as may be applicable), reflecting the ownership interest of such Person(s), and the applicable
Holder shall reimburse the Agent for the Agent’s reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by the Agent in connection with the terms of this Section 28. Upon
request of any Holder, the Agent shall provide to such Holder the names and addresses of any other Holder. 
 29. Future Funding
Obligations. 
 (a) Funding Specified Advances. All future fundings to be made under the Future Funding Obligations and all
Protective Advances shall be the sole responsibility of the Future Funding Lenders and shall be made in accordance with the Mortgage Loan Agreement (in respect of Future Funding Advances) and this Agreement (with respect to Future Funding Advances
and Protective Advances). The Future Funding Lenders hereby agree to take all action 

  

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in connection with the exercise of its rights and obligations in respect of the Future Funding Advances and Protective Advances to be made pursuant to
Sections 29(a), 29(b) or 29(c), and Section 30, including, without limitation, the review of a Mortgage Loan Borrower request for a Future Funding Advance, the approval of a Future Funding Advance and the waiver of
any conditions precedent to a Future Funding Advance, in a manner consistent with customary and usual standards of practice of prudent institutional construction loan lenders servicing and administering construction loans for third parties or for
their own account (the “Accepted Construction Lender Practices”). Notwithstanding the foregoing provisions of this Section 29(a), however, so long as Participation A-1 Holder is a Future Funding Lender, then
Participation A-1 Holder shall have the sole right, on behalf of all of the Future Funding Lenders, to determine (x) whether Mortgage Loan Borrower has satisfied the conditions set forth in the Mortgage Loan Documents for all or any portion of
any requested Future Funding Advance and the actual amount of any Future Funding Advance and (y) whether to make, and the amount of, any Protective Advance (provided, however, that, as a condition to the making of such Protective Advance,
(A) the Mortgage Loan Documents provide that Mortgage Loan Borrower is required to reimburse the Future Funding Lenders for such Protective Advance or that such Protective Advance shall be secured by the liens of the Mortgage Loan Documents on
the Mortgaged Property or (B) the Future Funding Lenders are entitled by applicable law to obtain reimbursement from the Mortgage Loan Borrower or from the Mortgaged Property for such Protective Advance; provided, further, however, that the
immediately preceding proviso clause shall not be applicable to Protective Advances required to be made pursuant to Section 30), and any such determination by Participation A-1 Holder shall be binding on all of the Future Funding
Lenders. The transfer of the Future Funding Obligations may only be made in accordance with the provisions of Section 14. 
 (b)
Advance Conditions Met. In the event that the Participation A-1 Holder or, if the Participation A-1 Holder is not a Future Funding Lender, the Future Funding Lenders have determined (x) that all conditions under the terms of the Loan
Agreement for a Future Funding Advance under the Future Funding Obligations have been met by the Mortgage Loan Borrower or (y) to make a Protective Advance, then the Future Funding Lender shall be required to fund such Future Funding Advance or
Protective Advance in accordance with the terms of the Loan Agreement and this Agreement and shall not require the consent of the Participation IO A-1 Holder, the Participation IO A-2 Holder or any other Holder that is not a Future Funding Lender to
fund such Future Funding Advance or Protective Advance. The procedures for funding any such Future Funding Advance are as follows: 
 (i) On or before noon (New York City time) on each date required for a Future Funding Advance or a Protective Advance, each Future Funding Lender shall deposit with the Agent or such other party as the Agent may direct by wire transfer, in
accordance with wire transfer instructions provided by the Agent to such Future Funding Lender, such Lender’s Future Funding Obligations Percentage of such Future Funding Advance or Protective Advance. 
 (ii) The Agent shall provide each Future Funding Lender with notice of each such Future Funding Advance or such Protective Advance not
later than noon (New York City time) two (2) business days prior to the proposed date of such advance. Each such notice of a Future Funding Advance or a Protective Advance shall include a specification 

  

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of the date of such proposed Future Funding Advance or Protective Advance (which shall be a business day) and the amount of such proposed Future Funding
Advance or Protective Advance, and portions of Mortgage Loan Borrower’s request for such proposed advance that summarize or otherwise describe, in pertinent part, the nature of such request for any such Future Funding Advance. 
 (iii) Unless any Future Funding Lender shall have notified the Agent in writing prior to the date of any Future Funding Advance or any
Protective Advance that such Future Funding Lender will not make available its Future Funding Obligations Percentage of such Future Funding Advance or Protective Advance, the Agent and the Participation A-1 Holder may assume that such Future Funding
Lender has made the appropriate amount available in accordance with the Mortgage Loan Documents and this Agreement, and the Participation A-1 Holder may (but shall not be obligated to), in reliance upon such assumption, make available to or for the
benefit of the Mortgage Loan Borrower a corresponding amount or to expend a corresponding amount in respect of a Protective Advance. If any Future Funding Lender fails to make available its Future Funding Obligations Percentage of any Future Funding
Advance or such Protective Advance, then the Participation A-1 Holder shall have the rights and remedies provided in this Agreement, including, without limitation, the rights and remedies provided under this Agreement and at law or in equity.

 (iv) If the Participation A-1 Holder is not a Future Funding Lender, then the rights of the Participation A-1 Holder in the
preceding paragraph (iii) shall be held and performed by the Future Funding Lender that has the greatest Future Funding Obligations Percentage. 
 (c) Advance Conditions Not Met. In the event that the Mortgage Loan Borrower shall have failed to satisfy a condition for a Future Funding Advance, the Participation A-1 Holder may determine to waive such
condition and to require the Future Funding Lenders to fund such Future Funding Advance notwithstanding the failed condition, except that, if the Participation A-1 Holder is no longer a Future Funding Lender, the waiver of any of the following
conditions shall require the approval of all of the Future Funding Lenders: 
 (i) the Mortgage Loan Borrower has failed to
invest sufficient equity in the project being constructed at the Mortgaged Property such that there exists an unfunded Shortfall in excess of $10,000,000 (i.e., the project is “out of balance” by more than $10,000,000); 

(ii) the project being constructed at the Mortgaged Property is not being constructed substantially in accordance with approved plans
and specifications in any material respect (except for change orders permitted by the Mortgage Loan Documents without the lender’s consent) or is being constructed in any manner which materially increases the time required to complete the
project; or 
 (iii) the existence of an Event of Default under the Mortgage Loan Documents. 
  

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 With respect to clause (ii) above, the following factors shall be considered in determining
whether a deviation from approved plans and specifications is “material”: (a) a reduction in income from or proceeds of sale of the Mortgaged Property and (b) an increase in cost or budget of the project; provided,
however, that any increase in cost or budget of the project being constructed at the Mortgaged Property that would not constitute a Unanimous Decision and therefore would not require an approval of the Future Funding Lenders pursuant to
Section 18 shall not be deemed “material” for the purposes of this Section 29. 
 (d) Defaulting Future
Funding Lender. If a Future Funding Lender (a “Defaulting Future Funding Lender”) defaults in making its portion of any Future Funding Advance or any Protective Advance payable by such Future Funding Lender hereunder, the amount
of such portion, together with interest thereon at the Default Rate from the date such amount was due until repaid (such sum and interest thereon as aforesaid referred to, collectively, as the “Future Funding Lender Default
Obligation”) shall be payable by the Defaulting Future Funding Lender (a) to any Future Funding Lender(s) that elect, at its or their sole option (and with no obligation to do so), to fund the amount which the Defaulting Future Funding
Lender failed to fund or (b) to any other Holder that, under the terms of this Agreement, is entitled to reimbursement from the Defaulting Future Funding Lender for the amounts advanced or expended. Notwithstanding any provision hereof to the
contrary, until such time as a Defaulting Future Funding Lender has repaid the Future Funding Lender Default Obligation in full, all amounts which would otherwise be distributed to the Future Funding Defaulting Lender shall instead be applied first
to repay the Future Funding Lender Default Obligation (to be applied first to interest at the Default Rate and then to principal) until the Future Funding Lender Default Obligation has been repaid in full (whether by such application or by cure by
the Defaulting Future Funding Lender), whereupon such Future Funding Lender shall no longer be a Defaulting Future Funding Lender. Any interest collected from or on behalf of the Mortgage Loan Borrower on account of principal advanced by any Future
Funding Lender(s) on behalf of a Defaulting Future Funding Lender shall be paid to the Future Funding Lender(s) that made such advance and shall be credited against the Defaulting Future Funding Lender’s obligation to pay interest on the amount
advanced at the Default Rate. In addition to the foregoing, a Defaulting Future Funding Lender shall have no rights whatsoever under Section 18, whether in respect of consultation with Participation A-1 Holder or to approve or consent to
a Unanimous Decision or otherwise. The provisions of this Section 29(d) shall apply and be effective regardless of whether an Event of Default occurs and is then continuing, and notwithstanding (i) any other provision of this
Agreement to the contrary, (ii) any instructions of the Mortgage Loan Borrower as to its desired application of payments (except that application of payments shall be consistent with and subject to the provisions of the Mortgage Loan Documents)
or (iii) the suspension of such Defaulting Future Funding Lender’s right to vote, approve or consent on matters that are Unanimous Decisions. Any amounts to be paid to such Future Funding Defaulting Lender in a court of competent
jurisdiction shall be withheld or setoff against, and applied to, as necessary in order to recover the Future Funding Lender Default Obligation and, to the extent such recovery would not fully compensate the Future Funding Lenders and the other
Holders for the breach of this Agreement by the Defaulting Future Funding Lender, to collect damages. In addition, the Defaulting Future Funding Lender shall indemnify, defend and hold the Participation A-1 Holder and each of the other Future
Funding Lenders and the other Holders harmless from and against any and all claims, actions, liabilities, damages, costs and expenses (including, without limitation, attorneys’ fees and expense), plus interest thereon at the Default Rate, for
funds 

  

 -41- 

 
advanced by the Participation A-1 Holder or any other Future Funding Lender or any other Holder on account of the Defaulting Future Funding Lender or any
other damages such entities may sustain or incur by reason of or as a direct consequence of the Defaulting Future Funding Lender’s failure or refusal to abide by its obligations under this Agreement. 
 30. Ownership of REO Property. 
 (a)
If all or any portion of the Mortgaged Property becomes REO Property, whether through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise, the Mortgaged Property or such portion thereof shall be acquired on behalf and in the name
of the Participation A-1 Holder for the benefit of the Participation A-1 Holder and the Participation A-2 Holder. Unless the Participation A-1 Holder and the Participation A-2 Holder agree otherwise, the REO Property shall be operated, maintained,
managed and disposed of as provided in this Section 30. 
 (b) If the construction of the REO Property has not been completed,
such construction shall be completed in accordance with the plans and specifications described in the Mortgage Loan Documents. Following the completion of such construction, the REO Property shall be owned and operated as multi-family facility and
condominium with a view towards selling the Condominium Units. 
 (c) Prior to acquiring title to the REO Property, the Participation A-1
Holder and the Participation A-2 Holder shall consult with each other and shall agree upon an independent site property manager, experienced in the construction, operation and sale of multi-family condominium facilities similar to the REO Property
(the “Property Manager”). Participation A-1 Holder shall retain the Property Manager to complete the construction of and operate the REO Property, and sell the Condominium Units, on behalf of the Participation A-1 Holder and the
Participation A-2 Holder pursuant to a property management agreement acceptable to the Participation A-1 Holder and the Participation A-2 Holder (the “Management Agreement”), and shall supervise the Property Manager in a manner
consistent with prudent institutional investment practices. 
 (d) Not later than forty-five (45) days following the acquisition of
title to the REO Property, Participation A-1 Holder shall prepare and present for approval, with the assistance of the Property Manager, a proposed business plan, construction budgets and operating budget, without guaranty, representation or
warranty that the goals of any such business plan or budgets will in fact be met, which shall, at a minimum, set forth in reasonable detail and otherwise in form and substance acceptable to the Participation A-1 Holder and the Participation A-2
Holder, estimated costs to complete construction, estimated sales and marketing expenses, proposed sale prices for the Condominium Units, estimated gross sales proceeds from the sale of the Condominium Units, estimated net sales proceeds from the
sale of the Condominium Units, estimated gross operating revenues, estimated operating expenses, estimated net operating income or net operating loss, and a cash flow forecast. 
 (e) Not later than ninety (90) days prior to the end of each calendar year (or as soon as reasonably possible if title to the REO Property is
acquired during the last quarter of any calendar year), the Participation A-1 Holder shall cause the Property Manager to prepare and 

  

 -42- 

 
present for approval a proposed business plan and construction and operating budgets for the REO Property including estimates covering the following two
(2) years, containing the same type of information as required in the initial business plan and construction and operating budgets as provided in Section 30(d), and, if applicable, a comparison of actual sales and operating results
for the REO Property for the calendar year then ending to the estimates set forth in the prior year’s budgets for such calendar year. Once approved, to the extent that the Management Agreement does not require otherwise, the Property Manager
shall construct, operate and maintain the Property, and continue sales of Condominium Units, in accordance with the approved business plan and operating and construction budgets (collectively, the “Approved Plan”), and the Property
Manager shall be authorized to make expenditures and pay expenses in accordance with the Approved Plan. 
 (f) Not later than the twentieth (20th) day of each calendar month (or other
accounting period, if so provided in the Management Agreement), the Participation A-1 Holder shall submit, with the assistance of the Property Manager, with respect to the immediately previous calendar month, the following reports for the REO
Property: (i) construction progress report, (ii) a Condominium Unit sales report, (iii) a monthly and year-to-date profit and loss statement, (iv) a monthly and year-to-date statement of cash flows, (v) a balance sheet and
(vi) any other reports reasonably requested by the Participation A-1 Holder and the Participation A-2 Holder. The Participation A-1 Holder shall, no later than ninety (90) days following the end of each calendar year, with respect to such
calendar year, submit to the Participation A-1 Holder and the Participation A-2 Holder (i) a construction progress report, (ii) a Condominium Unit sales report, (iii) a profit and loss statement, (iv) a balance sheet and
(v) any other information as either the Participation A-1 Holder or the Participation A-2 Holder shall reasonably request, which statements shall be audited by a certified public accountant designated by the Participation A-1 Holder and
reasonably acceptable to the Participation A-2 Holder. 
 (g) If the construction, operating, sales and marketing and other expenses incurred
in accordance with the Approved Plan or the Management Agreement or the approval of the Participation A-1 Holder and the Participation A-2 Holder are in excess of the gross sales proceeds and gross sales revenues, the amounts necessary to pay such
excess shall be paid by the Participation A-1 Holder and the Participation A-2 Holder as Protective Advances in accordance with Section 29. Cash flow, net of construction, operating and sales and marketing expenses, and reserves for
construction and operating expenses, shall be distributed in accordance with Section 3 hereof. 
 (h) From and after the
acquisition of title to the REO Property by the Participation A-1 Holder for the benefit of the Participation A-1 Holder and the Participation A-2 Holder, the Participation A-1 Holder shall obtain property and liability insurance for the REO
Property with the same coverage and for amounts not less than those required under the Mortgage Loan Documents, naming each of the Participation A-1 Holder and the Participation A-2 Holder as an insured or additional insured, and the Participation
A-1 Holder shall furnish the Participation A-2 Holder with an original certificate of insurance, and if requested, the Participation A-1 Holder shall either furnish copies of the insurance policies to the Participation A-2 Holder at the costs and
expense of the Participation A-2 Holder or shall make such policies available for review by the Participation A-2 Holder. All insurance policies shall provide that coverage may not be canceled, modified or amended without first giving both the
Participation 

  

 -43- 

 
A-1 Holder and the Participation A-2 Holder at least thirty (30) days prior written notice thereof. The Participation A-1 Holder shall have the right to
adjust, settle and compromise insurance claims and condemnation awards, without the consent of the Participation A-2 Holder. Except as stated above in this Section 30(h), the Participation A-1 Holder and the Participation A-2 Holder
shall consult with each other and agree on the settlement and use of insurance proceeds and condemnation awards. If the Participation A-1 Holder and the Participation A-2 Holder are unable to agree, such awards and proceeds shall be deposited into
an escrow account to be used towards the restoration or repair of the REO Property to a condition as near as possible to its condition immediately preceding the casualty or condemnation, with periodic releases from escrow as reconstruction
progresses in accordance with the requirements and procedures used by the Participation A-1 Holder for construction loans for similar properties. 
 (i) The Participation A-1 Holder shall cause the Property Manager to sell the Condominium Units in accordance with the Condominium Documents, as amended as deemed necessary or desirable by the Participation A-1 Holder, or pursuant to new
Condominium Documents prepared by the Participation A-1 Holder, with a view to towards maximizing the net sales proceeds to the Participation A-1 Holder and the Participation A-2 Holder. The REO Property may be sold as a whole in accordance with
sale terms approved by both the Participation A-1 Holder and the Participation A-2 Holder. Without limiting the immediately preceding sentence, if either the Participation A-1 Holder or the Participation A-2 Holder receives an offer to purchase all
or any part of the REO Property from any third party, such Holder shall promptly send notice thereof, including, without limitation, the third party making such offer and the name and identity of the proposed purchaser. 
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -44- 

 IN WITNESS WHEREOF, each of the Initial Participation A-1 Holder, the Initial Participation A-2 Holder
and the Initial Participation IO Holder has caused this Agreement to be duly executed as of the day and year first above written. 
  

			
	 AIG ANNUITY INSURANCE COMPANY, a Texas corporation, as Initial Participation A-1 Holder

		
	By:	 	AIG Global Investment Corp., a New Jersey corporation, as its investment adviser
		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:
	
	 AIG MORTGAGE CAPITAL, LLC, a Delaware limited liability company, as Initial Participation IO A-1 Holder

		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:

 Signature Page 
 [Participation Agreement] 

									
	 KBS TRIBECA SUMMIT, LLC, a Delaware limited liability company, as Initial Participation A-2 Holder

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

			
		 	By:	 	KBS Limited Partnership, a Delaware limited partnership, its sole member
				
		 		 	By:	 	 KBS Real Estate Investment Trust, Inc.,
 a
Maryland corporation, general partner

					
		 		 		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		 		 		 	Name: Charles J. Schreiber, Jr.
		 		 		 		 	Title: Chief Executive Officer
	
	 KBS TRIBECA SUMMIT, LLC, a Delaware limited liability company, as Initial Participation IO A-2 Holder

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

			
		 	By:	 	KBS Limited Partnership, a Delaware limited partnership, its sole member
				
		 		 	By:	 	 KBS Real Estate Investment Trust, Inc.,
 a
Maryland corporation, general partner

					
		 		 		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		 		 		 	Name: Charles J. Schreiber, Jr.
		 		 		 		 	Title: Chief Executive Officer

 Signature Page 
 [Participation Agreement] 

 ACCEPTANCE OF DELEGATION 
 Midland Loan Services, Inc. (“Midland”) hereby executes this Agreement in order to acknowledge and accept the delegation by Participation A-1 Holder to Midland of all of the duties and obligations under this
Agreement of Participation A-1 Holder regarding the administration and servicing of the Mortgage Loan, other than such duties and obligations in respect of the Mortgage Loan during any period of time during which the Mortgage Loan is a Specially
Serviced Loan. Without limiting the immediately preceding sentence, Midland specifically acknowledges and accepts the delegation of duties and obligations under Sections 18(d), 18(e), 18(g) and 18(h), Section 26 and
Section 28 of this Agreement. Notwithstanding anything to the contrary contained herein, the duties, rights and obligations of Midland are subject to and limited by the Amended and Restated Interim Servicing Agreement, dated as of
June 9, 2006 by and among AIG Global Investment Corp., Midland and certain other parties set forth on Schedule B attached thereto. If the duties of Midland under such Servicing Agreement are terminated with respect to the Mortgage Loan for any
reason, Midland’s duties and obligations hereunder shall be simultaneously terminated. Such termination shall be without prejudice to any rights of Midland hereunder or under such Servicing Agreement which may have accrued through the date of
termination. 
  

			
	 MIDLAND LOAN SERVICES, INC.,
 a Delaware
corporation

		
	By:	 	/s/ Authorized Signatory
	Name:	 	
	Title:Senior Loan Amended and Restated Mortgage, Assignment of Leases and Rents

 Exhibit 10.99 
  

 415 GREENWICH FEE OWNER LLC, a Delaware limited liability company, as mortgagor 
 (Mortgagor) 
 to 

AIG ANNUITY INSURANCE COMPANY, a Texas corporation, as mortgagee 
 (Mortgagee) 
  

 AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES 
 AND RENTS AND SECURITY AGREEMENT

 (Senior Loan) 
  

  

			
	Dated:	  	As of May 1, 2007
		
	Location:	  	 415 Greenwich Street
 New York, New York
 Section: 1
 Lot: 5
 Block: 215

		
	County:	  	New York County
	
	 PREPARED BY AND UPON
 RECORDATION RETURN
TO:

	
	 Katten Muchin Rosenman LLP
 575 Madison
Avenue
 New York, New York 10022
 Attention: Andrew L. Jagoda,
Esq.

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1 – GRANTS OF SECURITY
			
	 Section 1.1
	  	Property Mortgaged	  	3
	 Section 1.2
	  	Assignment of Rents	  	6
	 Section 1.3
	  	Security Agreement	  	6
	 Section 1.4
	  	Fixture Filing	  	7
	 Section 1.5
	  	Pledges of Monies Held	  	7
	
	ARTICLE 2 – DEBT AND OBLIGATIONS SECURED
			
	 Section 2.1
	  	Debt	  	7
	 Section 2.2
	  	Other Obligations	  	7
	 Section 2.3
	  	Debt and Other Obligations	  	8
	
	ARTICLE 3 – MORTGAGOR COVENANTS
			
	 Section 3.1
	  	Payment of Debt	  	8
	 Section 3.2
	  	Incorporation by Reference	  	8
	 Section 3.3
	  	Insurance	  	8
	 Section 3.4
	  	Maintenance of Property	  	8
	 Section 3.5
	  	Waste	  	9
	 Section 3.6
	  	Payment for Labor and Materials	  	9
	 Section 3.7
	  	Performance of Other Agreements	  	9
	 Section 3.8
	  	Change of Name, Identity or Structure	  	9
	
	ARTICLE 4 – OBLIGATIONS AND RELIANCES
			
	 Section 4.1
	  	Relationship of Mortgagor and Mortgagee	  	10
	 Section 4.2
	  	No Reliance on Mortgagee	  	10
	 Section 4.3
	  	No Mortgagee Obligations	  	10
	 Section 4.4
	  	Reliance	  	10
	
	ARTICLE 5 – FURTHER ASSURANCES
			
	 Section 5.1
	  	Recording of Security Instrument, Etc.	  	11
	 Section 5.2
	  	Further Acts, Etc.	  	11
	 Section 5.3
	  	Changes in Tax, Debt, Credit and Documentary Stamp Laws	  	12
	 Section 5.4
	  	Splitting of Mortgage	  	12
	 Section 5.5
	  	Replacement Documents	  	13

  

 -i- 

					
	
	ARTICLE 6 – DUE ON SALE/ENCUMBRANCE
			
	 Section 6.1
	  	Mortgagee Reliance	  	13
	 Section 6.2
	  	No Transfer	  	13
	 Section 6.3
	  	Transfer Defined	  	13
	 Section 6.4
	  	Mortgagee’s Rights	  	14
	
	ARTICLE 7 – RIGHTS AND REMEDIES UPON DEFAULT
			
	 Section 7.1
	  	Remedies	  	14
	 Section 7.2
	  	Application of Proceeds	  	17
	 Section 7.3
	  	Right to Cure Defaults	  	17
	 Section 7.4
	  	Actions and Proceedings	  	17
	 Section 7.5
	  	Recovery of Sums Required to be Paid	  	17
	 Section 7.6
	  	Examination of Books and Records	  	17
	 Section 7.7
	  	Other Rights, Etc.	  	18
	 Section 7.8
	  	Right to Release Any Portion of the Property	  	18
	 Section 7.9
	  	Intentionally Reserved	  	19
	 Section 7.10
	  	Right of Entry	  	19
	
	ARTICLE 8 – RESERVED
	
	ARTICLE 9 – INDEMNIFICATION
			
	 Section 9.1
	  	General Indemnification	  	19
	 Section 9.2
	  	Mortgage and/or Intangible Tax	  	20
	 Section 9.3
	  	ERISA Indemnification	  	20
	 Section 9.4
	  	RESERVED	  	20
	 Section 9.5
	  	Duty to Defend; Attorneys’ Fees and Other Fees and Expenses	  	20
	
	ARTICLE 10 – WAIVERS
			
	 Section 10.1
	  	Waiver of Counterclaim	  	21
	 Section 10.2
	  	Marshalling and Other Matters	  	21
	 Section 10.3
	  	Waiver of Notice	  	21
	 Section 10.4
	  	Waiver of Statute of Limitations	  	21
	 Section 10.5
	  	Survival	  	22

  

 -ii- 

					
	
	ARTICLE 11 – INTENTIONALLY OMITTED
	
	ARTICLE 12 – NOTICES
	
	ARTICLE 13 – APPLICABLE LAW
			
	 Section 13.1
	  	GOVERNING LAW	  	22
	 Section 13.2
	  	Usury Laws	  	24
	 Section 13.3
	  	Provisions Subject to Applicable Law	  	24
	
	ARTICLE 14 – DEFINITIONS
	
	ARTICLE 15 – MISCELLANEOUS PROVISIONS
			
	 Section 15.1
	  	No Oral Change	  	24
	 Section 15.2
	  	Successors and Assigns	  	25
	 Section 15.3
	  	Inapplicable Provisions	  	25
	 Section 15.4
	  	Headings, etc.	  	25
	 Section 15.5
	  	Number and Gender	  	25
	 Section 15.6
	  	Subrogation	  	25
	 Section 15.7
	  	Entire Agreement	  	25
	 Section 15.8
	  	Limitation on Mortgagee’s Responsibility	  	25
	 Section 15.9
	  	Senior Loan Agreement	  	26
	 Section 15.10
	  	Exculpation	  	26
	
	ARTICLE 16 – STATE-SPECIFIC PROVISIONS
			
	 Section 16.1
	  	Principles of Construction	  	26
	 Section 16.2
	  	Commercial Property	  	26
	 Section 16.3
	  	Maximum Debt Secured	  	26
	 Section 16.4
	  	Insurance Proceeds	  	27
	 Section 16.5
	  	Trust Fund	  	27
	 Section 16.6
	  	Section 291f Agreement	  	27
	 Section 16.7
	  	Power of Sale	  	27
	 Section 16.8
	  	Assignment of Mortgage	  	27

 EXHIBIT A – LEGAL DESCRIPTION 
 SCHEDULE I – SCHEDULE OF MORTGAGES 
  

 -iii- 

 AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS 
 AND SECURITY AGREEMENT 
 (Senior Loan)

 THIS AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY
AGREEMENT (this “Security Instrument”) is made as of this 1st day of May, 2007, between
415 GREENWICH FEE OWNER LLC, a Delaware limited liability company, having its principal place of business at 155 East 55th Street, Suite 6D, New York, New York 10022, as mortgagor (“Mortgagor”) and AIG ANNUITY INSURANCE COMPANY, a Texas corporation, having an address at 1999 Avenue of the Stars, 38th Floor, Century
City, Los Angeles, California 90067-6022, as mortgagee (“Mortgagee”). 
 This Security Instrument amends, restates
and supersedes in its entirety the Original AIG Senior Loan Mortgage (as hereinafter defined), which Original AIG Senior Mortgage Loan consolidated, amended and restated the mortgages described on the Schedule of Mortgages attached hereto as
Schedule I and made a part hereof, each of which are now held by Mortgagee (the “Existing Mortgages”) and form a single lien in the principal sum of $62,500,000.00 pursuant to the terms hereof; provided, however, that
indemnification provisions and other provisions that are intended to survive shall not be so superseded. 
 W I T
N E S S E T H: 
 WHEREAS, on February 28, 2006, CORUS Bank, N.A., a national
association (“CORUS”), assigned to AIG Mortgage Capital, LLC, a Delaware limited liability company (“AIG Mortgage”), and AIG Mortgage assumed from CORUS, all of CORUS’ rights and obligations under
the documents executed and delivered in connection with a senior loan made by CORUS to Mortgagor (collectively, the “CORUS Loan Documents”); 
 WHEREAS, in connection with such assignment and assumption, Mortgagor and AIG Mortgage agreed to amend and restate the CORUS Loan Documents, which amendment and restatement reflected, among other things, a senior loan
in the principal amount of $62,500,000.00 (the “Original AIG Senior Loan”); 
 WHEREAS, in connection with such
amendment and restatement of the CORUS Loan Documents, Mortgagor and AIG Mortgage entered into that certain Senior Loan Agreement dated as of February 28, 2006, between Mortgagor and AIG Mortgage, as amended (as amended, the
“Original AIG Senior Loan Agreement”); 
 WHEREAS, the Original AIG Senior Loan was evidenced by that certain
Consolidated, Amended and Restated Promissory Note (Senior Loan) dated February 28, 2006, made by Mortgagor in favor of AIG Mortgage (the “Original AIG Senior Loan Note”) and secured by, among other things, that certain
Consolidated, Amended and Restated Mortgage, Assignment of Leases and Rents and Security Agreement (Senior Loan) dated as of February 28, 2006, made by Mortgagor in favor of AIG Mortgage (the “Original AIG Senior Loan
Mortgage”; the Original AIG Senior Loan Agreement, the Original AIG Senior Loan Note, the Original AIG Senior Loan Mortgage and all other documents executed and delivered in connection with the Original AIG Building Loan, collectively,
the “Original AIG Senior Loan Documents”); 

 WHEREAS, AIG Mortgage sold the Original AIG Senior Loan to Greenwich Capital Financial Products, Inc., a
Delaware corporation (“GCFP”), but retained an interest-only participation in the Original AIG Senior Loan; 
 WHEREAS, GCFP created three participation interests in the Original AIG Building Loan, which participation interests were held by AIG Mortgage, American International Group, Inc., a Delaware corporation (“American
International”), and GCFP; 
 WHEREAS, GCFP subsequently sold its participation interest to Greenwich Capital Commercial Funding
Corp., a Delaware corporation, which in turn transferred such participation interest to LaSalle Bank National Association, in its capacity as the securitization trustee under a pooling and servicing agreement (“LaSalle”);

 WHEREAS, pursuant to those certain assignments dated of even date herewith made by each of AIG Mortgage, American International, and
Lasalle to Lender, each of AIG Mortgage, American International and LaSalle have assigned to Lender all of its respective rights and interests in and to such entities under the Original AIG Senior Loan Documents; 
 WHEREAS, Mortgagee and Mortgagor have agreed to amend and restate the Original AIG Senior Loan Mortgage and the other Original AIG Senior Loan Documents,
which amendment and restatement shall reflect, among other things, a senior loan (the “Senior Loan”) in the principal sum of SIXTY-TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($62,500,000.00); 
 WHEREAS, Mortgagor and Mortgagee desire to modify and restate the terms, covenants and conditions of the Original AIG Senior Loan Mortgage in their
entirety and in accordance with the terms and conditions set forth herein; 
 WHEREAS, this Security Instrument is given to secure the Senior
Loan pursuant to that certain Amended and Restated Senior Loan Agreement dated as of the date hereof between Mortgagor and Mortgagee (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the
“Senior Loan Agreement”) and evidenced by that certain Amended and Restated Promissory Note in the aggregate principal amount of the Senior Loan, dated the date hereof, made by Mortgagor to Mortgagee (such Consolidated,
Amended and Restated Promissory Note, together with all extensions, renewals, replacements, restatements or modifications thereof being hereinafter collectively referred to as the “Senior Loan Note”); 
 WHEREAS, Mortgagor desires to secure the payment of the Debt and the performance of all of its obligations under the Senior Loan Note, the Senior Loan
Agreement and the other Senior Loan Documents (as defined below); and 
 WHEREAS, this Security Instrument is given pursuant to the Senior
Loan Agreement, and payment, fulfillment, and performance by Mortgagor of its obligations thereunder and under the other Senior Loan Documents are secured hereby, and each and every term and provision of the Senior Loan Agreement and the Senior Loan
Note, including the rights, remedies, 

  

 -2- 

 
obligations, covenants, conditions, agreements, indemnities, representations and warranties of the parties therein, are hereby incorporated by reference
herein as though set forth in full and shall be considered a part of this Security Instrument (the Senior Loan Agreement, the Senior Loan Note, this Security Instrument, that certain Amended and Restated Assignment of Leases and Rents (Senior Loan)
of even date herewith made by Mortgagor in favor of Mortgagee (the “Assignment of Leases”) and all other documents evidencing or securing the Debt or delivered in connection with the making of the Senior Loan, as the same may
be amended from time to time, are hereinafter referred to collectively as the “Senior Loan Documents”). 
 NOW
THEREFORE, the terms of the Original AIG Senior Loan Mortgage are hereby amended, restated and superseded in their entirety, as follows: 
 ARTICLE 1 – GRANTS OF SECURITY 
 Section 1.1 Property Mortgaged. Mortgagor does hereby irrevocably mortgage, grant,
bargain, sell, pledge, assign, warrant, transfer and convey to Mortgagee and its successors and assigns the following property, rights, interests and estates now owned, or hereafter acquired by Mortgagor (collectively, the
“Property”): 
 (a) Land. The real property described in Exhibit A attached hereto and made a part
hereof (the “Land”); 
 (b) Additional Land. All additional lands, estates and development rights hereafter
acquired by Mortgagor for use in connection with the Land and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the lien of this
Security Instrument; 
 (c) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications,
repairs, replacements and improvements now or hereafter erected or located on the Land (collectively, the “Improvements”); 
 (d) Easements. All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates,
rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion and
reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, dower and rights of
dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto;

 (e) Equipment. All “equipment,” as such term is defined in Article 9 of the Uniform Commercial Code (as hereinafter
defined), now owned or hereafter acquired by Mortgagor, which is used at or in connection with the Improvements or the Land or is located thereon or therein (including, but not limited to, all building materials, machinery, equipment 

  

 -3- 

 
and other personal property not yet incorporated into the Improvements, whether stored at the Land or at locations other than the Land, and all machinery,
equipment, furnishings, and electronic data-processing and other office equipment, in each case now owned or hereafter acquired by Mortgagor, and any and all additions, substitutions and replacements of any of the foregoing), together with all
attachments, components, parts, equipment and accessories installed thereon or affixed thereto and together with all bills of lading, warehouse receipts, delivery receipts or other documents of title to any of the foregoing (collectively, the
“Equipment”). Notwithstanding the foregoing, Equipment shall not include any property belonging to Tenants under Leases or owners of Units except to the extent that Mortgagor shall have any right or interest therein;

 (f) Fixtures. All Equipment now owned, or the ownership of which is hereafter acquired, by Mortgagor which is so related to the
Land and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all building or construction materials intended
for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or
used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing
apparatuses and equipment, heating, ventilating, plumbing, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security
systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with
others, and, if owned jointly, to the extent of Mortgagor’s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other
structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof (collectively, the “Fixtures”). Notwithstanding the foregoing,
“Fixtures” shall not include any property which Tenants are entitled to remove pursuant to leases except to the extent that Mortgagor shall have any right or interest therein; 
 (g) Personal Property. All furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances, general intangibles, contract
rights, accounts, accounts receivable, franchises, licenses, certificates and permits, and all other inventory and personal property of any kind or character whatsoever (as defined in and subject to the provisions of the Uniform Commercial Code as
hereinafter defined), other than Fixtures, which are now or hereafter owned by Mortgagor and which are located within or about the Land and the Improvements, together with all accessories, replacements and substitutions thereto or therefor and the
proceeds thereof (collectively, the “Personal Property”), and the right, title and interest of Mortgagor in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform
Commercial Code, as adopted and enacted by the state or states where any of the Property is located (the “Uniform Commercial Code”), superior in lien to the lien of this Security Instrument and all proceeds and products of
the above; 
  

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 (h) Leases and Rents. All leases and other agreements affecting the use, enjoyment or occupancy of
the Land and the Improvements heretofore or hereafter entered into, whether before or after the filing by or against Mortgagor of any petition for relief under 11 U.S.C. §101 et seq., as the same may be amended from time to time
(the “Bankruptcy Code”) (collectively, the “Leases”) and all right, title and interest of Mortgagor, its successors and assigns therein and thereunder, including, without limitation, cash or securities
deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the
Improvements whether paid or accruing before or after the filing by or against Mortgagor of any petition for relief under the Bankruptcy Code (collectively, the “Rents”) and all proceeds from the sale or other disposition of
the Leases and the right to receive and apply the Rents to the payment of the Debt; 
 (i) Condemnation Awards. All awards or
payments, including interest thereon, which may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of
the exercise of the right), or for a change of grade, or for any other injury to or decrease in the value of the Property; 
 (j)
Insurance Proceeds. All proceeds in respect of the Property under any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in
lieu thereof, for damage to the Property; 
 (k) Tax Certiorari. All refunds, rebates or credits in connection with reduction in real
estate taxes and assessments charged against the Property as a result of tax certiorari or any applications or proceedings for reduction; 
 (l) Rights. The right, in the name and on behalf of Mortgagor, to appear in and defend any action or proceeding brought with respect to the Property and to commence any action or proceeding to protect the interest of Mortgagee in the
Property; 
 (m) Agreements. All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans,
specifications and other documents, now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or
respecting any business or activity conducted on the Land and any part thereof and all right, title and interest of Mortgagor therein and thereunder, including, without limitation, the right, upon the happening and during the continuance of any
Event of Default hereunder, to receive and collect any sums payable to Mortgagor thereunder; 
 (n) Trademarks. All tradenames,
trademarks, internet websites, servicemarks, logos, copyrights, goodwill, books and records and all other general intangibles relating to or used in connection with the operation of the Property; 
  

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 (o) Proceeds. All proceeds of any of the foregoing, including, without limitation, proceeds of
insurance and condemnation awards, whether cash, liquidation or other claims or otherwise; and 
 (p) Other Rights. Any and all other
rights of Mortgagor in and to the items set forth in Subsections (a) through (o) above. 
 AND without limiting any of the other
provisions of this Security Instrument, to the extent permitted by applicable law, Mortgagor expressly grants to Mortgagee, as secured party, a security interest in the portion of the Property which is or may be subject to the provisions of the
Uniform Commercial Code which are applicable to secured transactions; it being understood and agreed that the Improvements and Fixtures are part and parcel of the Land (the Land, the Improvements and the Fixtures collectively referred to as the
“Real Property”) appropriated to the use thereof and, whether affixed or annexed to the Real Property or not, shall for the purposes of this Security Instrument be deemed conclusively to be real estate and mortgaged hereby.

 Section 1.2 Assignment of Rents. Mortgagor hereby absolutely and unconditionally assigns to Mortgagee all of Mortgagor’s
right, title and interest in and to all current and future Leases and Rents; it being intended by Mortgagor that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to
the terms of the Assignment of Leases and Section 7.1(h) of this Security Instrument, Mortgagee grants to Mortgagor a revocable license to collect, receive, use and enjoy the Rents. Mortgagor shall hold the Rents, or a portion thereof
sufficient to discharge all current sums due on the Debt, for use in the payment of such sums. 
 Section 1.3 Security Agreement. This
Security Instrument is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible
or intangible in nature, of Mortgagor in the Property. By executing and delivering this Security Instrument, Mortgagor hereby grants to Mortgagee, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the
Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the
Property so subject to the Uniform Commercial Code being called the “Collateral”). If an Event of Default shall occur and be continuing, Mortgagee, in addition to any other rights and remedies which it may have, shall have
and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of
the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee after the occurrence and during the continuance of
an Event of Default, Mortgagor shall, at its expense, assemble the Collateral and make it available to Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand
any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the 

  

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Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Mortgagee with
respect to the Collateral sent to Mortgagor in accordance with the provisions hereof at least ten (10) Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Mortgagor. The
proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Mortgagee to the payment of the Debt in such priority and proportions as Mortgagee in its discretion shall deem
proper. The principal place of business of Mortgagor (Debtor) is as set forth on page one hereof and the address of Mortgagee (Secured Party) is as set forth on page one hereof. 
 Section 1.4 Fixture Filing. Certain of the Property is or will become “fixtures” (as that term is defined in the Uniform Commercial
Code) on the Land, described or referred to in this Security Instrument, and this Security Instrument, upon being filed for record in the real estate records of the city or county wherein such fixtures are situated, shall operate also as a financing
statement filed as a fixture filing in accordance with the applicable provisions of said Uniform Commercial Code upon such of the Property that is or may become fixtures. 
 Section 1.5 Pledges of Monies Held. Mortgagor hereby pledges to Mortgagee any and all monies now or hereafter held by Mortgagee or on behalf of Mortgagee in connection with the Senior Loan, including, without
limitation, any sums deposited in the Accounts (as defined in the Reserve and Security Agreement) and Net Proceeds, as additional security for the Obligations until expended or applied as provided in this Security Instrument. 
 CONDITIONS TO GRANT 
 TO HAVE AND TO HOLD the
above granted and described Property unto and to the use and benefit of Mortgagee and its successors and assigns, forever; 
 PROVIDED,
HOWEVER, these presents are upon the express condition that, if Mortgagor shall pay to Mortgagee the Debt at the time and in the manner provided in the Senior Loan Note, the Senior Loan Agreement, this Security Instrument and the other Senior Loan
Documents, shall perform the Other Obligations as set forth in this Security Instrument and shall fully abide by and comply with each and every covenant and condition set forth herein and in the Senior Loan Note, the Senior Loan Agreement and the
other Senior Loan Documents, these presents and the estate hereby granted shall cease, terminate and be void, or, at Mortgagor’s request and expense, shall be assigned by Lender to a new lender designated by Mortgagor or its successors and
assigns; provided, however, that Mortgagor’s obligation to indemnify and hold harmless Mortgagee pursuant to the provisions hereof shall survive any such payment or release. 
 ARTICLE 2 – DEBT AND OBLIGATIONS SECURED 
 Section 2.1 Debt. This Security
Instrument and the grants, assignments and transfers made in Article 1 are given for the purpose of securing the Debt. 
 Section 2.2
Other Obligations. This Security Instrument and the grants, assignments and transfers made in Article 1 are also given for the purpose of securing the following (the “Other Obligations”): 
 (a) the performance of all other obligations of Mortgagor contained herein; 
  

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 (b) the performance of each obligation of Mortgagor contained in the Senior Loan Agreement and any other
Senior Loan Document; and 
 (c) the performance of each obligation of Mortgagor contained in any renewal, extension, amendment,
modification, consolidation, change of, or substitution or replacement for, all or any part of the Senior Loan Note, the Senior Loan Agreement or any other Senior Loan Document. 
 Section 2.3 Debt and Other Obligations. Mortgagor’s obligations for the payment of the Debt and the performance of the Other Obligations
shall be referred to collectively herein as the “Obligations.” 
 ARTICLE 3 – MORTGAGOR COVENANTS 
 Mortgagor covenants and agrees that: 
 Section 3.1 Payment of Debt. Mortgagor will pay the Debt at the time and in the manner provided in the Senior Loan Agreement, the Senior Loan Note and this Security Instrument. 
 Section 3.2 Incorporation by Reference. All the covenants, conditions and agreements contained in (a) the Senior Loan Agreement, (b) the
Senior Loan Note and (c) all and any of the other Senior Loan Documents, are hereby made a part of this Security Instrument to the same extent and with the same force as if fully set forth herein. 
 Section 3.3 Insurance. Mortgagor shall obtain and maintain, or cause to be maintained, in full force and effect at all times insurance with
respect to Mortgagor and the Property as required pursuant to the Senior Loan Agreement. 
 Section 3.4 Maintenance of Property.
Mortgagor shall cause the Property to be maintained in a good and safe condition and repair. The Improvements, the Fixtures, the Equipment and the Personal Property shall not be removed, demolished or materially altered (except in connection with
the construction of the Improvements in accordance with the terms of the Building Loan Agreement, as otherwise contemplated in the Loan Documents or for normal replacement of the Fixtures, the Equipment or the Personal Property, tenant finish and
refurbishment of the Improvements) without the consent of Mortgagee, not to be unreasonably withheld, conditioned or delayed. Except as otherwise provided in the Condominium Documents, Mortgagor shall promptly repair, replace or rebuild any part of
the Property which may be destroyed by any Casualty or become damaged, worn or dilapidated or which may be affected by any Condemnation in accordance with the terms of the Senior Loan Agreement, and shall complete and pay for any structure at any
time in the process of construction or repair on the Land. 
  

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 Section 3.5 Waste. Mortgagor shall not commit or knowingly suffer any actual physical waste of the
Property or make any change in the contemplated use of the Property which will in any way materially increase the risk of fire or other hazard arising out of the operation of the Property, or take any action that might invalidate or allow the
cancellation of any Policy, or do or permit to be done thereon anything that may in any way materially impair the value of the Property or the security of this Security Instrument. Mortgagor will not, without the prior written consent of Mortgagee,
permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the Land, regardless of the depth thereof or the method of mining or extraction thereof. 
 Section 3.6 Payment for Labor and Materials. (a) Subject to Section 3.6(b) hereof, Mortgagor will promptly pay when due all bills and
costs for labor, materials, and specifically fabricated materials (“Labor and Material Costs”) incurred in connection with the Property and never permit to exist beyond the due date thereof in respect of the Property or any
part thereof any lien or security interest, even though inferior to the liens and the security interests hereof, and in any event never permit to be created or exist in respect of the Property or any part thereof any other or additional lien or
security interest other than the liens or security interests hereof and of the other Senior Loan Documents and Senior Loan Documents, except for the Permitted Encumbrances. 
 (a) After prior written notice to Mortgagee, Mortgagor, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted
in good faith and with due diligence, the amount or validity or application in whole or in part of any of the Labor and Material Costs, provided that (i) no Event of Default has occurred and is continuing under the Senior Loan Agreement, the
Senior Loan Note, this Security Instrument or any of the other Senior Loan Documents, (ii) Mortgagor is permitted to do so under the provisions of any other mortgage, deed of trust or deed to secure debt affecting the Property, (iii) such
proceeding shall suspend the collection of the Labor and Material Costs from Mortgagor and from the Property or Mortgagor shall have paid or bonded all of the Labor and Material Costs under protest, (iv) such proceeding shall be permitted under
and shall be conducted in accordance with the provisions of any other instrument to which Mortgagor is subject and shall not constitute a default thereunder, (v) neither the Property nor any part thereof or interest therein will be in danger of
being sold, forfeited, terminated, canceled or lost, and (vi) Mortgagor shall have furnished the security as may be required in the proceeding, or as may be reasonably requested by Mortgagee, to insure the payment of any contested Labor and
Material Costs, together with all interest and penalties thereon. 
 Section 3.7 Performance of Other Agreements. Mortgagor shall
observe and perform each and every term, covenant and provision to be observed or performed by Mortgagor pursuant to the Senior Loan Agreement, any other Senior Loan Document and any other agreement of Mortgagor or recorded instrument affecting or
pertaining to the Property and any amendments, modifications or changes thereto. 
 Section 3.8 Change of Name, Identity or Structure.
Mortgagor shall not change Mortgagor’s name, identity (including its trade name or names) or, if not an individual, Mortgagor’s corporate, partnership or other structure without first (a) notifying Mortgagee of such change in writing
at least thirty (30) days prior to the effective date of such change, (b) taking all reasonable action required by Mortgagee for the purpose of perfecting or protecting the Lien and security interest of Mortgagee and (c) in the case
of a change in Mortgagor’s 

  

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structure, without first obtaining the prior written consent of Mortgagee but only to the extent required under the Senior Loan Agreement. Mortgagor shall
promptly notify Mortgagee in writing of any change in its organizational identification number. If Mortgagor does not now have an organizational identification number and later obtains one, Mortgagor shall promptly notify Mortgagee in writing of
such organizational identification number. Mortgagor shall execute and deliver to Mortgagee, prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement change reasonably required by
Mortgagee to establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Mortgagee, Mortgagor shall execute a certificate in form reasonably satisfactory to Mortgagee listing the trade names
under which Mortgagor intends to operate the Property, and representing and warranting that Mortgagor does business under no other trade name with respect to the Property. 
 ARTICLE 4 – OBLIGATIONS AND RELIANCES 
 Section 4.1 Relationship of Mortgagor and Mortgagee. The
relationship between Mortgagor, on the one hand, and Mortgagee, on the other, is solely that of debtor and creditor, and Mortgagee has no fiduciary or other special relationship with Mortgagor, and no term or condition of any of the Senior Loan
Agreement, the Senior Loan Note, this Security Instrument and the other Senior Loan Documents shall be construed so as to deem the relationship between Mortgagor, on the one hand, and Mortgagee, on the other, to be other than that of debtor and
creditor. 
 Section 4.2 No Reliance on Mortgagee. The general partners, members, and/or principals of Mortgagor are experienced in
the ownership and operation of properties similar to the Property, and Mortgagor and Mortgagee are relying solely upon such expertise and business plan in connection with the ownership and operation of the Property. Mortgagor is not relying on
Mortgagee’s expertise, business acumen or advice in connection with the Property. 
 Section 4.3 No Mortgagee Obligations.
(a) Notwithstanding the provisions of Subsections 1.1(h) and (m) or Section 1.2, Mortgagee is not undertaking the performance of (i) any obligations under the Leases; or (ii) any obligations with respect to any
other agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses or other documents. 
 (a) By accepting or
approving anything required to be observed, performed or fulfilled or to be given to Mortgagee pursuant to this Security Instrument, the Senior Loan Agreement, the Senior Loan Note or the other Senior Loan Documents, including, without limitation,
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, the
legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Mortgagee. 
 Section 4.4 Reliance. Mortgagor recognizes and acknowledges that in accepting the Senior Loan Agreement, the Senior Loan Note, this Security Instrument and the other Senior Loan Documents, Mortgagee is
expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in Section 3.1 of the Senior Loan 

  

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Agreement without any obligation to investigate the Property and notwithstanding any investigation of the Property by Mortgagee; that such reliance existed
on the part of Mortgagee prior to the date hereof, that the warranties and representations are a material inducement to Mortgagee in making the Senior Loan; and that Mortgagee would not be willing to make the Senior Loan and accept this Security
Instrument in the absence of the warranties and representations as set forth in Section 3.1 of the Senior Loan Agreement. 
 ARTICLE 5
– FURTHER ASSURANCES 
 Section 5.1 Recording of Security Instrument, Etc. Mortgagor forthwith upon the execution and delivery of
this Security Instrument and thereafter, from time to time, will cause this Security Instrument and any of the other Senior Loan Documents creating a lien or security interest or evidencing the lien hereof upon the Property and each instrument of
further assurance to be filed, registered or recorded in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect and perfect the lien or security interest hereof upon, and the
interest of Mortgagee in, the Property. Mortgagor will pay all taxes, filing, registration or recording fees, and all reasonable out of pocket expenses incident to the preparation, execution, acknowledgment and/or recording of the Senior Loan Note,
this Security Instrument, the other Senior Loan Documents, any Senior Loan Note, deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property and any instrument of further assurance, and any modification or
amendment of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of this Security Instrument, any deed of trust or
mortgage supplemental hereto, any security instrument with respect to the Property or any instrument of further assurance, and any modification or amendment of the foregoing documents, except where prohibited by law so to do. 
 Section 5.2 Further Acts, Etc. Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver
all and every such further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Mortgagee shall, from time to time, reasonably require, for the better assuring, conveying, assigning,
transferring, and confirming unto Mortgagee the property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or which Mortgagor may
be or may hereafter become bound to convey or assign to Mortgagee, or for carrying out the intention or facilitating the performance of the terms of this Security Instrument or for filing, registering or recording this Security Instrument, or for
complying with all applicable Legal Requirements in all material respects. Mortgagor, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Mortgagee to execute in the name of Mortgagor or
without the signature of Mortgagor to the extent Mortgagee may lawfully do so, one or more financing statements (including, without limitation, initial financing statements and amendments thereto and continuation statements) with or without the
signature of Mortgagor as authorized by applicable law, to evidence more effectively the security interest of Mortgagee in the Property. Mortgagor also ratifies its authorization for Mortgagee to have filed any like initial financing statements,
amendments thereto and continuation statements, if filed prior to the date of this Security Instrument. Upon the occurrence and during the continuance of 

  

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an Event of Default, Mortgagor grants to Mortgagee an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting any
and all rights and remedies available to Mortgagee at law and in equity, including without limitation such rights and remedies available to Mortgagee pursuant to this Section 5.2. To the extent not prohibited by applicable law, Mortgagor
hereby ratifies all acts Mortgagee has lawfully done in the past or shall lawfully do or cause to be done in the future by virtue of such power of attorney. 
 Section 5.3 Changes in Tax, Debt, Credit and Documentary Stamp Laws. (a) If any law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the
Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Mortgagee’s interest in the Property (other than Excluded Taxes), Mortgagor will pay the tax (other than Excluded Taxes), with interest
and penalties thereon, if any. If Mortgagee is advised by counsel chosen by it that the payment of tax by Mortgagor would be unlawful or taxable to Mortgagee or unenforceable or provide the basis for a defense of usury then, absent manifest error
with respect to such conclusion, Mortgagee shall have the option by written notice of not less than one hundred twenty (120) days to declare the Debt due and payable and Mortgagor will repay the same within ninety (90) days thereafter or
such longer period as may be permitted by applicable law (and upon payment of such fees, costs and expenses as shall be provided in the Senior Loan Agreement but without any prepayment premium or penalty). 
 (a) Mortgagor will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed
against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Security Instrument or the Debt. If such
claim, credit or deduction shall be required by law, Mortgagee shall have the option, by written notice of not less than one hundred twenty (120) days, to declare the Debt due and payable and Mortgagor will repay the same within ninety
(90) days thereafter or such longer period as may be permitted by applicable law (and upon payment of such fees, costs and expenses as shall be provided in the Senior Loan Agreement but without any prepayment premium or penalty). 
 (b) If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be
affixed to the Senior Loan Note, this Security Instrument, or any of the other Senior Loan Documents or impose any other tax or charge on the same, Mortgagor will pay for the same, with interest and penalties thereon, if any. 
 Section 5.4 Splitting of Mortgage. This Security Instrument and the Senior Loan Note shall, at any time until the same shall be fully paid and
satisfied, at the sole election of Mortgagee, be split or divided into two or more Senior Loan Notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that
end, subject to the terms of the Senior Loan Agreement, Mortgagor, upon written request of Mortgagee, shall execute, acknowledge and deliver to Mortgagee and/or its designee or designees substitute Senior Loan Notes and security instruments provided
that (i) the aggregate principal amount of the substitute Senior Loan Notes is not more than the then unpaid principal amount of the Senior Loan Note, and (ii) the weighted average interest rate of 

  

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all such component notes on the date created shall equal the interest rate which was applicable to the Loan immediately prior to the creation of the
component notes and (iv) the other terms, provisions and clauses of each of the component notes shall be identical in substance and substantially similar in form to those contained herein and in the Senior Loan Note, and such other documents
and instruments as may be reasonably required by Mortgagee; provided, however, that such modification, new notes or new provisions, when considered in the aggregate with all other Loan Documents, shall result in no economic change and no more than a
de minimis adverse change to Mortgagor with respect to any other provision of the Loan or increase Mortgagor’s obligations or liabilities (to more than a de minimis extent) or decrease Mortgagor’s rights (to more than a de
minimis extent) or expand Mortgagor’s representations or warranties under the Loan Documents (to more than a de minimis extent). Upon execution and delivery by Mortgagor of component Notes, Mortgagee agrees to deliver the original
Senior Loan Note to Mortgagor. 
 Section 5.5 Replacement Documents. Upon receipt of an affidavit of an officer of Mortgagee, in form
reasonably acceptable to Mortgagor, as to the loss, theft, destruction or mutilation of the Senior Loan Note or any other Senior Loan Document which is not of public record, and, in the case of any such mutilation, upon surrender and cancellation of
such Senior Loan Note or other Senior Loan Document, Mortgagor will issue, in lieu thereof, at no cost or expense to Mortgagor other than internal, administrative costs, a replacement Senior Loan Note or other Senior Loan Document, dated the date of
such lost, stolen, destroyed or mutilated Senior Loan Note or other Senior Loan Document in the same principal amount thereof and otherwise of like tenor. 
 ARTICLE 6 – DUE ON SALE/ENCUMBRANCE 
 Section 6.1 Mortgagee Reliance. Mortgagor acknowledges
that Mortgagee has examined and relied on the experience of Mortgagor and its general partners, members and principals in owning and operating properties such as the Property in agreeing to make the Senior Loan , and will continue to rely on
Mortgagor’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Mortgagor acknowledges that Mortgagee has a valid interest in
maintaining the value of the Property so as to ensure that, should Mortgagor default in the repayment of the Debt or the performance of the Other Obligations, Mortgagee can recover the Debt by a sale of the Property. 
 Section 6.2 No Transfer. Mortgagor shall not permit or suffer any Transfer to occur, unless permitted by the Senior Loan Agreement or unless
Mortgagee shall consent thereto in writing. As set forth in the Senior Loan Agreement, the Mezzanine Loan and security therefor is a Permitted Transfer. 
 Section 6.3 Transfer Defined. As used in this Article 6 “Transfer” shall mean any voluntary or involuntary sale by operation of law or otherwise, conveyance, mortgage, grant, bargain,
encumbrance, pledge, assignment, or transfer of: (a) all or any part of the Property or any estate or interest therein including, but not limited to, (i) an installment sales agreement wherein Mortgagor agrees to sell the Property or any
part thereof for a price to be paid in installments, (ii) an agreement by Mortgagor leasing all or a substantial part of the Property for 

  

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other than actual occupancy by a space tenant thereunder and its affiliates or (iii) a sale, assignment or other transfer of, or the grant of a security
interest in, Mortgagor’s right, title and interest in and to any Leases or any Rents; (b) any ownership interest in (i) Mortgagor or any owner of any interest in Mortgagor or (ii) any indemnitor or guarantor of any Obligations or
(iii) any corporation, partnership, limited liability company, trust or other entity owning, directly or indirectly, any interest in Mortgagor or any indemnitor or guarantor of any Obligations; or (c) the control of, or the right or power
to control, directly or indirectly, the day-to-day management and operations of the Property. 
 Section 6.4 Mortgagee’s Rights.
Without obligating Mortgagee to grant any consent under Section 6.2 hereof which Mortgagee may grant or withhold in its sole discretion, Mortgagee reserves the right to condition the consent required hereunder upon (a) a modification of
the terms hereof and of the Senior Loan Agreement, the Senior Loan Note or the other Senior Loan Documents; (b) an assumption of the Senior Loan Agreement, the Senior Loan Note, this Security Instrument and the other Senior Loan Documents as so
modified by the proposed transferee; (c) payment of all of Mortgagee’s actual out of pocket expenses incurred in connection with such transfer; (d) following a Securitization, the confirmation in writing by the applicable Rating
Agencies that the proposed transfer will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned in connection with any Securitization; (e) the delivery of a
nonconsolidation opinion reflecting the proposed transfer satisfactory in form and substance to Mortgagee; (f) the proposed transferee’s continued compliance with the representations and covenants set forth in Sections 3.1.24 and 4.2.11 of
the Senior Loan Agreement; (g) the delivery of evidence satisfactory to Mortgagee that the single purpose nature and bankruptcy remoteness of Mortgagor, its shareholders, partners or members, as the case may be, following such transfers are in
accordance with the standards of the Rating Agencies; (h) the proposed transferee’s ability to satisfy Mortgagee’s then-current underwriting standards; or (i) such other conditions as Mortgagee shall determine in its reasonable
discretion to be in the interest of Mortgagee, including, without limitation, the creditworthiness, reputation and qualifications of the transferee with respect to the Senior Loan and the Property. Mortgagee shall not be required to demonstrate any
actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon a Transfer without Mortgagee’s consent unless otherwise permitted under the Senior Loan Agreement. This
provision shall apply to every Transfer, other than any Transfer permitted pursuant to the Senior Loan Agreement, regardless of whether voluntary or not, or whether or not Mortgagee has consented to any previous Transfer. 
 ARTICLE 7 – RIGHTS AND REMEDIES UPON DEFAULT 
 Section 7.1 Remedies. Upon the occurrence and during the continuance of any Event of Default, Mortgagor agrees that Mortgagee may take such action, without notice or demand, as it deems advisable to protect and enforce its rights
against Mortgagor and in and to the Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Mortgagee may determine, in its sole discretion, without
impairing or otherwise affecting the other rights and remedies of Mortgagee: 
 (a) declare the entire unpaid Debt to be immediately due and
payable; 
  

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 (b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Security
Instrument under any applicable provision of law, in which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; 
 (c) with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial
foreclosure of this Security Instrument for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Security Instrument for the balance of the Debt not then due, unimpaired and without loss of
priority; 
 (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of
Mortgagor therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by
law; 
 (e) institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained
herein, in the Senior Loan Senior Loan Note, the Senior Loan Agreement or in the other Senior Loan Documents; 
 (f) recover judgment on the
Senior Loan Note either before, during or after any proceedings for the enforcement of this Security Instrument or the other Senior Loan Documents; 
 (g) apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Mortgagor, any
guarantor, indemnitor with respect to the Senior Loan or of any Person liable for the payment of the Debt; 
 (h) the license granted to
Mortgagor under Section 1.2 hereof shall automatically be revoked and Mortgagee may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess Mortgagor and its agents and servants
therefrom, without liability for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and Mortgagor agrees to surrender possession
of the Property and of such books, records and accounts to Mortgagee upon demand, and thereupon Mortgagee may (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and
conduct the business thereat; (ii) complete any construction on the Property in such manner and form as Mortgagee deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on the Property;
(iv) exercise all rights and powers of Mortgagor with respect to the Property, whether in the name of Mortgagor or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and
demand, sue for, collect and receive all Rents of the Property and every part thereof; (v) require Mortgagor to pay monthly in advance to Mortgagee, or any receiver appointed to collect the Rents, the fair and reasonable rental value for the
use and occupation of such part of the Property as may be occupied by Mortgagor; (vi) require Mortgagor to vacate and 

  

 -15- 

 
surrender possession of the Property to Mortgagee or to such receiver and, in default thereof, Mortgagor may be evicted by summary proceedings or otherwise;
and (vii) apply the receipts from the Property to the payment of the Debt, in such order, priority and proportions as Mortgagee shall deem appropriate in its sole discretion after deducting therefrom all expenses (including reasonable
attorneys’ fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, insurance and other expenses in connection with the Property; 
 (i) exercise any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the
generality of the foregoing: (i) the right to take possession of the Fixtures, the Equipment and the Personal Property, or any part thereof, and to take such other measures as Mortgagee may deem reasonably necessary for the care, protection and
preservation of the Fixtures, the Equipment and the Personal Property, and (ii) request Mortgagor at its expense to assemble the Fixtures, the Equipment and the Personal Property and make it available to Mortgagee at a convenient place
acceptable to Mortgagee. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures, the Equipment and/or the Personal Property sent to Mortgagor in accordance with the provisions hereof at least fifteen
(15) days prior to such action, shall constitute commercially reasonable notice to Mortgagor; 
 (j) apply any sums then deposited or
held in escrow or otherwise by or on behalf of Mortgagee in accordance with the terms of the Senior Loan Agreement, this Security Instrument or any other Senior Loan Document to the payment of the following items in any order in its sole discretion:

 (i) Taxes and Other Charges; 
 (ii) Insurance Premiums; 
 (iii) Interest on the unpaid principal balance of the Senior Loan
Note; 
 (iv) Amortization of the unpaid principal balance of the Senior Loan Note; 
 (v) All other sums payable pursuant to the Senior Loan Note, the Senior Loan Agreement, this Security Instrument and the other Senior Loan
Documents, including without limitation advances made by Mortgagee pursuant to the terms of this Security Instrument; 
 (k) pursue such
other remedies as Mortgagee may have under applicable law; or 
 (l) apply the undisbursed balance of any Net Proceeds Deficiency deposit,
together with interest thereon, to the payment of the Debt in such order, priority and proportions as Mortgagee shall deem to be appropriate in its discretion. 
 In the event of a sale, by foreclosure, power of sale or otherwise, of less than all of the Property, this Security Instrument shall continue as a lien and security interest on the remaining portion of the Property unimpaired and without
loss of priority. 
  

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 Section 7.2 Application of Proceeds. The purchase money, proceeds and avails of any disposition of
the Property, and or any part thereof, or any other sums collected by Mortgagee pursuant to the Senior Loan Note, this Security Instrument or the other Senior Loan Documents, may be applied by Mortgagee to the payment of the Debt in such priority
and proportions as Mortgagee in its discretion shall deem proper. 
 Section 7.3 Right to Cure Defaults. Upon the occurrence and
during the continuance of any Event of Default, Mortgagee may, but without any obligation to do so and without notice to or demand on Mortgagor and without releasing Mortgagor from any obligation hereunder, make or do the same in such manner and to
such extent as Mortgagee may deem necessary to protect the security hereof. Mortgagee is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or
after the occurrence of an Event of Default and during the continuance thereof to foreclose this Security Instrument or collect the Debt, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law),
with interest as provided in this Section 7.3, shall constitute a portion of the Debt and shall be due and payable to Mortgagee upon demand. All such costs and expenses incurred by Mortgagee in remedying such Event of Default or in
appearing in, defending, or bringing any such action or proceeding shall bear interest at the Default Rate, for the period after notice from Mortgagee that such cost or expense was incurred to the date of payment to Mortgagee. All such costs and
expenses incurred by Mortgagee together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by this Security Instrument and the other Senior Loan Documents and shall be immediately
due and payable upon demand by Mortgagee therefor. 
 Section 7.4 Actions and Proceedings. Subject to the terms of the Senior Loan
Agreement, during an Event of Default Mortgagee has the right upon notice to Borrower, to appear in and defend any action or proceeding brought with respect to the Property and to bring any action or proceeding, in the name and on behalf of
Mortgagor, which Mortgagee, in its reasonable discretion, decides should be brought to protect its interest in the Property. 
 Section 7.5
Recovery of Sums Required to be Paid. Mortgagee shall have the right from time to time to take action to recover any sum or sums which constitute a part of the Debt as the same become due, without regard to whether or not the balance of the
Debt shall be due, and without prejudice to the right of Mortgagee thereafter to bring an action of foreclosure, or any other action, for any Event of Default by Mortgagor existing at the time such earlier action was commenced. 
 Section 7.6 Examination of Books and Records. Subject to the rights of Tenants, and owners of Units, if any, at reasonable times and upon
reasonable prior written notice to Mortgagor, Mortgagee, its agents, accountants and attorneys shall have the right to examine the records, books, management and other papers of Mortgagor which reflect upon its financial condition, at the Property
or at any office regularly maintained by Mortgagor where the books and records are located. Mortgagee and its agents shall have the right to make copies and extracts from the foregoing records and other papers. In addition, at reasonable times and
upon reasonable prior written notice to Mortgagor, Mortgagee, its agents, accountants and attorneys shall have the right to examine and audit the books and records of Mortgagor pertaining to the 

  

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income, expenses and operation of the Property during reasonable business hours at any office of Mortgagor where the books and records are located; provided
that any such examination or audit shall be performed by Mortgagee at its sole cost and expense, unless any such examination or audit is performed at any time that an Event of Default has occurred and remains uncured, in which event, Mortgagor shall
be responsible for all of Mortgagee’s reasonable out-of-pocket costs and expenses relating to such examination or audit. This Section 7.6 shall apply throughout the term of the Senior Loan Note and without regard to whether an Event
of Default has occurred or is continuing. 
 Section 7.7 Other Rights, Etc. (a) The failure of Mortgagee to insist upon strict
performance of any term hereof shall not be deemed to be a waiver of any term of this Security Instrument. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (i) the failure of Mortgagee to comply with any
request of Mortgagor or any guarantor or indemnitor with respect to the Senior Loan to take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Senior Loan Note or the other Senior Loan
Documents, (ii) the release, regardless of consideration, of the whole or any part of the Property, or of any Person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Mortgagee extending the time of
payment or otherwise modifying or supplementing the terms of the Senior Loan Note, this Security Instrument or the other Senior Loan Documents. 
 (a) It is agreed that the risk of loss or damage to the Property is on Mortgagor, and Mortgagee shall have no liability whatsoever for decline in value of the Property, for failure to maintain the Policies, or for failure to determine
whether insurance in force is adequate as to the amount of risks insured. Possession by Mortgagee shall not be deemed an election of judicial relief, if any such possession is requested or obtained, with respect to any Property or collateral not in
Mortgagee’s possession. 
 (b) Mortgagee may resort for the payment of the Debt to any other security held by Mortgagee in such order
and manner as Mortgagee, in its discretion, may elect. Mortgagee may take action to recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Mortgagee thereafter to foreclose this Security
Instrument. The rights of Mortgagee under this Security Instrument shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any
one provision herein to the exclusion of any other provision. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity.

 Section 7.8 Right to Release Any Portion of the Property. Mortgagee may release any portion of the Property for such consideration
as Mortgagee may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this Security Instrument, or improving the position of any subordinate lienholder with respect thereto, except to the
extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Mortgagee for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Mortgagee
may require without being accountable for so doing to any other lienholder. This Security Instrument shall continue as a lien and security interest in the remaining portion of the Property. 
  

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 Section 7.9 Intentionally Reserved. 
 Section 7.10 Right of Entry. Upon reasonable notice to Mortgagor, Mortgagee and its agents shall have the right to enter and inspect the Property
at all reasonable times, during business hours, subject to the rights of Tenants under Leases and owners of Units, if any, and the Condominium Documents. 
 ARTICLE 8 – RESERVED 
 ARTICLE 9 – INDEMNIFICATION 
 Section 9.1 General Indemnification. Mortgagor shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Parties from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, actual out-of-pocket expenses, diminutions in value,
fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and unforeseeable consequential damages, of whatever kind or nature (including but not limited to reasonable attorneys’ fees
and other costs of defense) (collectively, the “Losses”) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the
following, unless solely caused by the gross negligence or willful misconduct of Mortgagee or to the extent that such Losses relate to the Property and arise after title to the Property has been transferred by foreclosure or deed in lieu of
foreclosure: (a) ownership of this Security Instrument, the Property or any interest therein or receipt of any Rents; (b) any amendment to, or restructuring of, the Debt, the Building Loan Note, the Building Loan Agreement, this Security
Instrument, or any other Building Loan Documents; (c) any and all lawful action that may be taken by Mortgagee in connection with the enforcement of the provisions of this Security Instrument or the Senior Loan Agreement or the Senior Loan Note
or any of the other Senior Loan Documents, whether or not suit is filed in connection with same, or in connection with Mortgagor, any guarantor or indemnitor and/or any partner, joint venturer or shareholder thereof becoming a party to a voluntary
or involuntary federal or state bankruptcy, insolvency or similar proceeding; (d) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or any part thereof or on the adjoining
sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways, (e) any use, nonuse or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (f) any failure on the part of Mortgagor to perform or be in compliance with any of the terms of this Security Instrument; (g) performance of any labor or services or the furnishing of any materials or other property in
respect of the Property or any part thereof; (h) the failure of any person to file timely with the Internal Revenue Service an accurate Form 1099-B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions,
which may be required in connection with this Security Instrument, or to supply a copy thereof in a timely fashion (following receipt of a written request therefor) to the recipient of the proceeds of the transaction 

  

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in connection with which this Security Instrument is made; (i) any failure of the Property to be in compliance with any Legal Requirements; (j) the
enforcement by any Indemnified Party of the provisions of this Article 9; (k) any and all 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 Lease; (l) the payment of any commission, charge or brokerage fee to anyone claiming through Mortgagor which may be payable in connection with the funding of the Senior Loan;
or (m) any misrepresentation made by Mortgagor in this Security Instrument or any other Senior Loan Document. Any amounts payable to Mortgagee by reason of the application of this Section 9.1 shall become immediately due and payable
and shall bear interest at the Default Rate from the date loss or damage is sustained by Mortgagee until paid. For purposes of this Article 9, the term “Indemnified Parties” means Mortgagee, each participant in the Loan,
any Person who is or will have been involved in the servicing of the Senior Loan secured hereby, any Person in whose name the encumbrance created by this Security Instrument is or will have been recorded, persons and entities who hold or acquire or
will have held a full or partial interest in the Senior Loan secured hereby (including, but not limited to, investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the
Senior Loan secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants,
successors and assigns of any and all of the foregoing (including but not limited to any other Person who holds or acquires or will have held a participation or other full or partial interest in the Senior Loan, whether during the term of the Senior
Loan or as a part of or following a foreclosure of the Senior Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Mortgagee’s or any Indemnified Parties’ assets
and business). 
 Section 9.2 Mortgage and/or Intangible Tax. Mortgagor shall, at its sole cost and expense, protect, defend,
indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and arising out of or in any way relating to any tax on the making and/or
recording of this Security Instrument, the Senior Loan Note or any of the other Senior Loan Documents, but excluding any income, franchise, branch profits or other similar taxes. 
 Section 9.3 ERISA Indemnification. Mortgagor shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Parties from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or
in the sale of a prohibited Senior Loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in Mortgagee’s sole discretion) that Mortgagee may incur, directly or indirectly, as a result of a
default under Sections 3.1.8 and 4.2.11 of the Senior Loan Agreement. 
 Section 9.4 RESERVED. 
 Section 9.5 Duty to Defend; Attorneys’ Fees and Other Fees and Expenses. Upon written request by any Indemnified Party, Mortgagor shall
defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and 

  

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other professionals selected by Mortgagor and approved by the Indemnified Parties, which approval shall not be unreasonably withheld, conditioned or delayed.
Notwithstanding the foregoing, if the defendants in any such claim or proceeding include both Mortgagor and any Indemnified Party and Mortgagor and such Indemnified Party shall have reasonably concluded that there are any legal defenses available to
it and/or other Indemnified Parties that are different from or additional to those available to Mortgagor, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the
defense of such action on behalf of such Indemnified Party, provided that no compromise or settlement shall be entered without Mortgagor’s consent, which consent shall not be unreasonably withheld, conditioned or delayed. Within ten
(10) Business Days of demand, Mortgagor shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable out-of-pocket fees and disbursements of attorneys, engineers,
environmental consultants, laboratories and other professionals in connection therewith. 
 ARTICLE 10 – WAIVERS 
 Section 10.1 Waiver of Counterclaim. To the extent permitted by applicable law, Mortgagor hereby waives the right to assert a counterclaim, other
than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Mortgagee arising out of or in any way connected with this Security Instrument, the Senior Loan Agreement, the Senior Loan Note, any of the other Senior
Loan Documents, or the Obligations. 
 Section 10.2 Marshalling and Other Matters. To the extent permitted by applicable law,
Mortgagor hereby waives the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part thereof or
any interest therein. Further, to the extent permitted by applicable law, Mortgagor hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Security Instrument on behalf of Mortgagor, and
on behalf of each and every Person acquiring any interest in or title to the Property subsequent to the date of this Security Instrument and on behalf of all Persons to the extent permitted by applicable law. 
 Section 10.3 Waiver of Notice. To the extent permitted by applicable law, Mortgagor shall not be entitled to any notices of any nature whatsoever
from Mortgagee except with respect to matters for which this Security Instrument, the Senior Loan Agreement or any of the other Senior Loan Documents specifically and expressly provides for the giving of notice by Mortgagee to Mortgagor and except
with respect to matters for which Mortgagee is required by applicable law to give notice, and Mortgagor hereby expressly waives the right to receive any notice from Mortgagee with respect to any matter for which this Security Instrument, the Senior
Loan Agreement or any of the other Senior Loan Documents does not specifically and expressly provide for the giving of notice by Mortgagee to Mortgagor. 
 Section 10.4 Waiver of Statute of Limitations. To the extent permitted by applicable law, Mortgagor hereby expressly waives and releases to the fullest extent permitted by law, the pleading of any statute of
limitations as a defense to payment of the Debt or performance of its Other Obligations. 
  

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 Section 10.5 Survival. The indemnifications made pursuant to Section 9.3 herein and
subject to the terms of the Environmental Indemnity, the representations and warranties, covenants, and other obligations arising under the Environmental Indemnity, shall continue indefinitely in full force and effect and shall survive and shall in
no way be impaired by: any satisfaction or other termination of this Security Instrument, any assignment or other transfer of all or any portion of this Security Instrument or Mortgagee’s interest in the Property (but, in such case, shall
benefit both Indemnified Parties and any assignee or transferee), any exercise of Mortgagee’s rights and remedies pursuant hereto including but not limited to foreclosure or acceptance of a deed in lieu of foreclosure, any exercise of any
rights and remedies pursuant to the Senior Loan Agreement, the Senior Loan Note or any of the other Senior Loan Documents, any transfer of all or any portion of the Property (whether by Mortgagor or by Mortgagee following foreclosure or acceptance
of a deed in lieu of foreclosure or at any other time), any amendment to this Security Instrument, the Senior Loan Agreement, the Senior Loan Note or the other Senior Loan Documents, and any act or omission that might otherwise be construed as a
release or discharge of Mortgagor from the obligations pursuant hereto. 
 ARTICLE 11 – INTENTIONALLY OMITTED 
 ARTICLE 12 – NOTICES 
 All notices or
other written communications hereunder shall be delivered in accordance with Section 10.6 of the Senior Loan Agreement. 
 ARTICLE 13
– APPLICABLE LAW 
 Section 13.1 GOVERNING LAW. (A) THIS SECURITY INSTRUMENT WAS NEGOTIATED IN THE STATE OF NEW
YORK, AND MADE BY MORTGAGOR AND ACCEPTED BY MORTGAGEE IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE SENIOR LOAN NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE
PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY INSTRUMENT AND THE OBLIGATIONS ARISING
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER SENIOR LOAN DOCUMENTS WITH RESPECT TO THE PROPERTY SHALL BE
GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST 

  

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EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL SENIOR LOAN
DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, MORTGAGOR, AND BY ITS ACCEPTANCE HEREOF, MORTGAGEE, HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS SECURITY INSTRUMENT OR THE OTHER SENIOR LOAN DOCUMENTS, AND THIS SECURITY INSTRUMENT AND THE OTHER SENIOR LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST
MORTGAGEE OR MORTGAGOR ARISING OUT OF OR RELATING TO THIS SECURITY INSTRUMENT MAY AT MORTGAGEE’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND MORTGAGOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF MORTGAGEE AND MORTGAGOR HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. MORTGAGOR DOES HEREBY DESIGNATE AND APPOINT: 
 Stroock & Stroock & Lavan LLP 
 180 Maiden Lane 
 New York, New York 10038 
 Attn: Karen Scanna, Esq. 
 Tel: 212-806-6010 
 Fax: 212-806-6006 
 AS ITS
AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO MORTGAGOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON MORTGAGOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE
OF NEW YORK. MORTGAGOR (I) SHALL GIVE PROMPT NOTICE TO MORTGAGEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW
YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS
DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  

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 Section 13.2 Usury Laws. Notwithstanding anything to the contrary, (a) all agreements and
communications between Mortgagor and Mortgagee are hereby and shall automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by Mortgagee shall never exceed the maximum
lawful rate or amount, (b) in calculating whether any interest exceeds the lawful maximum, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Mortgagor to
Mortgagee, and (c) if through any contingency or event, Mortgagee receives or is deemed to receive interest in excess of the lawful maximum, any such excess shall be deemed to have been applied toward payment of the principal of any and all
then outstanding indebtedness of Mortgagor to Mortgagee, or if there is no such indebtedness, shall immediately be returned to Mortgagor. 
 Section 13.3 Provisions Subject to Applicable Law. All rights, powers and remedies provided in this Security Instrument may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law
and are intended to be limited to the extent necessary so that they will not render this Security Instrument invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law. If any term of this
Security Instrument or any application thereof shall be invalid or unenforceable, the remainder of this Security Instrument and any other application of the term shall not be affected thereby. 
 ARTICLE 14 – DEFINITIONS 
 All capitalized terms not defined herein shall have the
respective meanings set forth in the Senior Loan Agreement. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Security Instrument may be used interchangeably in singular or
plural form and the word “Mortgagor” shall mean “each Mortgagor and any subsequent owner or owners of the Property or any part thereof or any interest therein,” the word “Mortgagee” shall
mean “Mortgagee and any successor under the Senior Loan Agreement and each and any subsequent holder(s) of the Senior Loan Note or any part thereof,” the word “Senior Loan Note” shall mean “the Senior Loan Note
and any other evidence of indebtedness secured by this Security Instrument,” the word “Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’
fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at
the pre-trial, trial and appellate levels incurred or paid by Mortgagee in protecting its interest in the Property, the Leases and the Rents and enforcing its rights hereunder. 
 ARTICLE 15 – MISCELLANEOUS PROVISIONS 
 Section 15.1 No Oral Change. This
Security Instrument, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 
  

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 Section 15.2 Successors and Assigns. This Security Instrument shall be binding upon and inure to
the benefit of Mortgagor and Mortgagee and their respective successors and assigns forever. 
 Section 15.3 Inapplicable Provisions.
If any term, covenant or condition of the Senior Loan Agreement, the Senior Loan Note or this Security Instrument is held to be invalid, illegal or unenforceable in any respect, the Senior Loan Agreement, the Senior Loan Note and this Security
Instrument shall be construed without such provision. 
 Section 15.4 Headings, etc. The headings and captions of various Sections of
this Security Instrument are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 Section 15.5 Number and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 
 Section 15.6 Subrogation. If any
or all of the proceeds of the Senior Loan Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Mortgagee shall be subrogated to all of the rights,
claims, liens, titles, and interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in
full force and effect in favor of Mortgagee and are merged with the lien and security interest created herein as cumulative security for the repayment of the Debt, the performance and discharge of Mortgagor’s obligations hereunder, under the
Senior Loan Agreement, the Senior Loan Note and the other Senior Loan Documents and the performance and discharge of the Other Obligations. 
 Section 15.7 Entire Agreement. The Senior Loan Note, the Senior Loan Agreement, this Security Instrument and the other Senior Loan Documents constitute the entire understanding and agreement between Mortgagor and Mortgagee with
respect to the transactions arising in connection with the Debt and supersede all prior written or oral understandings and agreements between Mortgagor and Mortgagee with respect thereto. Mortgagor hereby acknowledges that, except as incorporated in
writing in the Senior Loan Note, the Senior Loan Agreement, this Security Instrument and the other Loan Documents, there are not, and were not, and no persons are or were authorized by Mortgagee to make, any representations, understandings,
stipulations, agreements or promises, oral or written, with respect to the transaction which is the subject of the Senior Loan Note, the Senior Loan Agreement, this Security Instrument and the other Senior Loan Documents. 
 Section 15.8 Limitation on Mortgagee’s Responsibility. No provision of this Security Instrument shall operate to place any obligation or
liability for the control, care, management or repair of the Property upon Mortgagee, nor shall it operate to make Mortgagee 

  

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responsible or liable for any waste committed on the Property by the tenants or any other Person, or for any dangerous or defective condition of the
Property, or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger. Nothing herein contained shall be construed as constituting Mortgagee a
“mortgagee in possession.” 
 Section 15.9 Senior Loan Agreement. This Security Instrument is made pursuant to a Senior Loan
Agreement between the Mortgagor and Mortgagee bearing even date herewith, and this Security Instrument is subject to all of the provisions of the Senior Loan Agreement including, without limitation, the provisions thereof entitling Mortgagee to
declare the entire indebtedness secured hereby to be immediately due and payable, all of which provisions are incorporated herein with the same force and with like effect as if they were fully set forth herein at length and made a part hereof. In
the event of any inconsistency or conflict between the terms of this Security Instrument and the terms of the Senior Loan Agreement, the terms of the Senior Loan Agreement shall govern and control. 
 Section 15.10 Exculpation. Section 10.24 and Section 10.28 of the Senior Loan Agreement are incorporated herein by reference with the
same force and effect as if set forth herein in their entirety. 
 Section 15.11 Counterparts. This Security Instrument may be
executed in two or more counterparts which together shall constitute one integrated document. 
 Section 15.12 Amendment and
Restatement. This Security Instrument amends, restates and supersedes in its entirety the Original AIG Senior Loan Mortgage, which Original AIG Senior Loan Mortgage shall be null and void and of no further force or effect upon the recording of
this Security Instrument in the Office of the City Register of the City of New York. 
 ARTICLE 16 – STATE-SPECIFIC PROVISIONS

 Section 16.1 Principles of Construction. In the event of any inconsistencies between the terms and conditions of this Article 16
and the other terms and conditions of this Security Instrument, the terms and conditions of this Article 16 shall control and be binding. 
 Section 16.2 Commercial Property. Mortgagor represents that this Security Instrument does not encumber real property principally improved or to be improved by one or more structures containing in the aggregate not more than six
residential dwelling units, each having its own separate cooking facilities. 
 Section 16.3 Maximum Debt Secured. Notwithstanding
anything contained herein to the contrary, the maximum amount of principal indebtedness secured by this Security Instrument at execution or which under any contingency may become secured hereby at any time hereafter is $62,500,000.00 plus all
amounts expended by Mortgagee, after default by the Mortgagor hereunder, to enforce, defend and/or maintain the lien of this Security Instrument or to protect the Property encumbered hereby, or the value thereof, including, without limitation, all
amounts in respect of insurance premiums and all real estates taxes, charges or assessments imposed by law upon the Property (other than Excluded Taxes), or any other amount, cost or charge to which the Mortgagee may become subrogated upon payment
as a result of Mortgagor’s failure to pay as required by the terms of this Security Instrument plus all accrued but unpaid interest on the obligations secured hereby. 
  

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 Section 16.4 Insurance Proceeds. In the event of any conflict, inconsistency or ambiguity between
the provisions of Section 3.3 hereof and the provisions of subsection 4 of Section 254 of the Real Property Law of New York covering the insurance of buildings against loss by fire, the provisions of Section 3.3 hereof shall control.

 Section 16.5 Trust Fund. Pursuant to Section 13 of the lien law of New York, Mortgagor shall receive the advances secured
hereby and shall hold the right to receive such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply such advances first to the payment of the cost of any such improvement on the Property
before using any part of the total of the same for any other purpose. 
 Section 16.6 Section 291f Agreement. (a) Mortgagor
hereby covenants and agrees with the Mortgagee that, except as otherwise set forth in the Senior Loan Agreement, without the written consent of the Mortgagee first had and obtained, Mortgagor will not accept any surrender, cancellation, abridgment
or modification of any of the terms, covenants and conditions of any Lease, and will not accept prepayments of installments of rent to become due thereunder for more than one (1) month in advance, except to the extent that such cancellation,
abridgment, modification or prepayment is presently expressly permitted to a Tenant under the provisions of its respective Lease. 
 (a) This
Security Instrument is intended to be, and shall operate as, the agreement described in Section 291-f of the Real Property Law of the State of New York and shall be entitled to the benefits afforded thereby. Mortgagor shall (unless such notice
is contained in such Tenant’s Lease) deliver notice of this Security Instrument in form and substance acceptable to Lender, to all present and future holders of any interest in any Lease, by assignment or otherwise, and shall take such other
action as may now or hereafter be reasonably required to afford Mortgagee the full protections and benefits of Section 291-f. Mortgagor shall request the recipient of any such notice to acknowledge the receipt thereof. 
 Section 16.7 Power of Sale. In addition to any other remedies provided to Mortgagee hereunder, pursuant to the Senior Loan Agreement or the other
Loan Documents, upon the occurrence and continuation of an Event of Default, to the extent permitted by applicable law, Lender may sell or offer for sale the Property in such portions, order and parcels as Lender may determine, with or without
having first taken possession of same, in accordance with the terms and provisions of Article 14 of the New York Real Property Actions and Proceedings Law. 
 Section 16.8 Assignment of Mortgage. Upon payment in full of the Debt by Mortgagor in accordance with the terms of the Senior Loan Agreement and the other Loan Documents, this Security Instrument shall upon
written request by Mortgagor to Mortgagee be assigned (without recourse, covenant or warranty of any nature, express or implied, except as to the principal amount then outstanding and that there has been no other assignment of this Security
Instrument) to any new lender designated by Mortgagor or terminated of record; 

  

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provided that (i) Mortgagor shall have reimbursed Mortgagee for all of its reasonable out of pocket costs, including, but not limited to, legal costs
and expenses incurred in connection with any such assignment, (ii) Mortgagor shall have caused the delivery of an executed statement of Oath under Section 275 of the New York Real Property Law and (iii) Mortgagor shall have provided
such other information and documents which a prudent mortgagee would reasonably require to effectuate such assignment. Mortgagee shall not be responsible for any mortgage recording taxes, recording fees or other charges payable in connection with
any such assignment. 
 [NO FURTHER TEXT ON THIS PAGE] 
  

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 IN WITNESS WHEREOF, this Security Instrument has been executed by Mortgagor and Mortgagee as of the day
and year first above written. 
  

			
	MORTGAGOR:
	
	 415 GREENWICH FEE OWNER LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Joel Silver
		 	Name: Joel Silver
		 	Title: Vice President

  

					
	
	MORTGAGEE:
	
	 AIG ANNUITY INSURANCE COMPANY,
 a
Texas corporation

		
	By:	 	AIG Global Investment Corp., a New Jersey corporation, its investment adviser
			
		 	By:	 	/s/ Authorized Signatory
		 		 	Name:
		 		 	Title:

 Signature Page 
 [Amended and Restated Mortgage - Senior Loan] 

			
	STATE OF NEW YORK	  	)
		  	ss:
	COUNTY OF NEW YORK	  	)

 On the 1st day of May, 2007, before me, the undersigned, personally appeared Joel Silver, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person on behalf of which the
individual acted, executed the instrument. 
  

	
	
	/s/ Authorized Signatory
	Signature & office of individual taking the acknowledgement

 [Acknowledgment on behalf of Mortgagor] 

			
	STATE OF NEW YORK	  	)
		  	ss:
	COUNTY OF NEW YORK	  	)

 On the 1st day of May, 2007, before me, the undersigned, personally appeared
                                    , personally known to me
or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the
individual, or the person on behalf of which the individual acted, executed the instrument. 
  

	
	
	/s/ Authorized Signatory
	Signature & office of individual taking the acknowledgement

 [Acknowledgment on behalf of Mortgagee]

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