Document:

Form of Promissory Note

 Exhibit 10.26 

PROMISSORY NOTE A-[    ] 
  

			
	$[            ]	 	San Diego, California
		 	June [    ], 2005

FOR VALUE RECEIVED,
[                    ], a
[                    ], having an address at
[                    ] (“Borrower”), as maker, hereby unconditionally promises to pay to the order of COLUMN FINANCIAL,
INC., a Delaware corporation, having an address at 11 Madison Avenue, New York, New York 10010 (together with its successors and assigns, “Lender”) or at such other place as the holder hereof may from time to time designate in
writing, the aggregate principal sum of [            ] DOLLARS ($[            ]), in lawful money of the United
States of America, with interest thereon to be computed from the date of this Note at the Applicable Interest Rate (defined below), and to be paid in installments as follows: 

ARTICLE 1: PAYMENT TERMS 

(a) A payment on the date hereof on account of all interest that will accrue on the principal amount of the Loan from and after the date
hereof through and including the [        ] ([    ]) day of June, 2005; 

(b) A payment (the “Monthly Payment”) equal to the amount of interest which has accrued during the preceding Interest
Accrual Period (defined below) computed at the Applicable Interest Rate (defined below) on the [        ] ([    ]) day of August, 2005 and on the
[        ] ([    ]) day of each calendar month thereafter (each such date to be hereinafter referred to as a “Monthly Payment Date”) up to and
including the [        ] ([    ]) day of June, 2015, with each Monthly Payment to be applied to the payment of interest which has accrued during the preceding Interest Accrual
Period; 
 (c) The balance of the principal sum and all interest thereon shall be due and payable on July
[    ], 2015 (the “Maturity Date”). 
 (d) Interest on the principal sum of this
Note shall be calculated by multiplying the actual number of days elapsed in the period for which interest is being calculated by a daily rate based on a 360-day year. 

(e) As used herein, the term “Interest Accrual Period” shall mean (i) for the first such period, the period
beginning on the date hereof and ending on (but including) the [        ] ([    ]) day of July, 2005, and (ii) with respect subsequent period beginning with the period
immediately following the period described in subsection (i) above, the period beginning on the [        ] ([    ]) day of each calendar month during the term hereof and
ending on (but including) the [        ] ([    ]) day of the following calendar month. 

(f) 

 ARTICLE 2: INTEREST 

The term “Applicable Interest Rate” for the purposes hereof and each other Loan Document shall mean an interest rate
equal to 4.9256% per annum. 
 ARTICLE 3: DEFAULT AND ACCELERATION 

(a) The whole of the principal sum of this Note and the Other Note (defined below), (b) interest, default interest, late charges and
other sums, as provided in this Note, the Other Note, the Security Instrument or the Other Security Documents (defined below), (c) all other monies agreed or provided to be paid by Borrower in this Note, the Other Note, the Security Instrument
or the Other Security Documents, (d) all sums advanced pursuant to the provisions of the Security Instrument to protect and preserve the Property (defined below) and the lien and the security interest created thereby, and (e) all
reasonable sums advanced and costs and expenses incurred by Lender pursuant to the provisions of this Note, the Other Note, the Security Instrument or the Other Security Documents in connection with the Debt (defined below) or any part thereof, any
renewal, extension or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender (all the sums referred to in (a) through
(e) above shall collectively be referred to as the “Debt”) shall without notice become immediately due and payable at the option of Lender if (i) any payment required in this Note or the Other Note is not paid on or before
the date the same is due, or (ii) Borrower commits any other default, and fails to cure same prior to the expiration of any applicable notice and grace periods, herein or under the terms of the Security Instrument or any of the Other Security
Documents (collectively, an “Event of Default”). 
 ARTICLE 4: DEFAULT INTEREST 

Borrower does hereby agree that upon the occurrence of an Event of Default, Lender shall be entitled to receive and Borrower shall pay
interest on the entire unpaid principal sum at a rate equal to the lesser of (a) four percent (4%) plus the Applicable Interest Rate and (b) the maximum interest rate which Borrower may by law pay (the “Default
Rate”). The Default Rate shall be computed from the occurrence of the Event of Default until the earlier of the date upon which the Event of Default is cured or waived or the date upon which the Debt is paid in full. Interest calculated at
the Default Rate shall be added to the Debt, and shall be deemed secured by the Security Instrument. This clause, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any
other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding the foregoing, in the event Borrower becomes liable for interest at the Default Rate under this Article 4 due to the occurrence of an Event
of Default which cannot reasonably be cured by Borrower and which, in Lender’s good faith, reasonable determination, (i) was not committed intentionally and knowingly by Borrower to circumvent the requirements of this Note, the Security
Instrument, and/or the other Loan Documents, and (ii) does not have a Material Adverse Effect (as defined in the Security Instrument), Borrower shall only be liable for interest at such Default Rate for a period not to exceed six
(6) months unless Lender is in the process of actively pursuing a foreclosure action (or non-judicial foreclosure) as a result of such Event of Default. 

 ARTICLE 5: PREPAYMENT; DEFEASANCE 

Except as otherwise expressly permitted by this Article 5, no voluntary prepayments, whether in whole or in part, of the Loan or any
other amount at any time due and owing under this Note or the Other Note can be made by Borrower or any other Person without the express written consent of Lender. 

(a) Lockout Period. Borrower has no right to make, and Lender shall have no obligation to accept, any voluntary prepayment,
whether in whole or in part, of the Loan during the Lockout Period (defined below). Notwithstanding the foregoing, if either (i) Lender, in its sole and absolute discretion, accepts a full or partial voluntary prepayment during the Lockout
Period or (ii) there is an involuntary prepayment during the Lockout Period, then, in either case, Borrower shall, in addition to any portion of the Loan prepaid (together with all interest accrued and unpaid thereon), pay to Lender a
prepayment premium in an amount calculated in accordance with subsection (c) below. The term “Lockout Period” shall mean the period commencing on the date hereof and ending on the Monthly Payment Date first occurring after the
date which is six (6) months prior to the Maturity Date. 
 (b) Defeasance. 

(i) Notwithstanding any provisions of this Article 5 to the contrary, including, without limitation, subsection
(a) of this Article 5, at any time other than during a REMIC Prohibition Period (defined below), Borrower may cause the release of the Property from the lien of the Security Instrument and the other Loan Documents (and, subject to
Borrower’s satisfaction of clause (iii) under this subsection (b), a release of Borrower and Indemnitor (as defined in that certain Indemnity Agreement dated as of the date hereof among Borrower, American Assets, Inc. and Lender (the
“Indemnity Agreement”)) from any further liability or obligation under this Note, the Security Instrument or the Other Security Documents other than a liability or obligation in connection with a provision of this Note, the Security
Instrument or Other Security Document which expressly states that it is to survive termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Security
Instrument upon the satisfaction of the following conditions: 
 (A) no Event of Default shall exist under any of
the Loan Documents; 
 (B) not less than sixty (60) (or such shorter period as may be agreed to by Lender in
its reasonable discretion) (but not more than ninety (90)) days prior written notice shall be given to Lender specifying a date on which the Defeasance Collateral (as hereinafter defined) is to be delivered (the “Release
Date”), such date being on a Monthly Payment Date; provided, however, that Borrower shall have the right (i) to cancel such notice by providing Lender with notice of cancellation ten (10) days prior to the scheduled Release Date,
or (ii) to extend the 
  

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scheduled Release Date until the next Monthly Payment Date; provided that in each case, Borrower shall pay all of Lender’s costs and expenses incurred as a result of such cancellation or
extension; 
 (C) all accrued and unpaid interest and all other sums due under this Note, the Other Note, the
Security Instrument and under the Other Security Documents up to the Release Date, including, without limitation, all reasonable fees, costs and expenses incurred by Lender and its agents in connection with such release (including, without
limitation, legal fees and expenses for the review and preparation of the Defeasance Security Agreement (as hereinafter defined) and of the other materials described in subsection (b)(i)(D) below and any related documentation, and any servicing
fees, Rating Agency (as defined in the Security Instrument) fees or other reasonable costs related to such release), shall be paid in full on or prior to the Release Date; 

(D) Borrower shall deliver to Lender on or prior to the Release Date: 

(1) a pledge and security agreement, in form and substance satisfactory to a prudent lender, creating a first priority
security interest in favor of Lender in the Defeasance Collateral (the “Defeasance Security Agreement”), which shall provide, among other things, that any excess amounts received by Lender from the Defeasance Collateral over the
amounts payable by Borrower on a given Monthly Payment Date, which excess amounts are not required to cover all or any portion of amounts payable on a future Monthly Payment Date, shall be refunded to Borrower (which may be the original Borrower
hereunder provided Successor Borrower affirmatively assigns such receivable rights in writing to such original Borrower) promptly after each such Monthly Payment Date; 

(2) direct non-callable obligations of the United States of America or other obligations which are “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (to the extent the applicable Rating Agencies rating the Securities have confirmed in writing that the same will not cause a downgrade, withdrawal or
qualification of the initial, or, if higher, then applicable ratings of the Securities) that provide for payments prior and as close as possible to (but in no event later than) all successive Monthly Payment Dates occurring after the Release Date,
with each such payment being equal to or greater than the amount of the corresponding Monthly Payment required to be paid under this Note and the Other Note (including all amounts due on the Maturity Date) for the balance of the term hereof (the
“Defeasance Collateral”), each of which shall be duly endorsed by the holder thereof as directed by Lender or accompanied by a written instrument of transfer in form and substance wholly satisfactory to Lender in its sole discretion
(including, without limitation, such certificates, documents and instruments as may be required by the depository institution holding such securities or the issuer thereof, as the case may be, to effectuate book-entry

  

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transfers and pledges through the book-entry facilities of such institution) in order to perfect upon the delivery of the Defeasance Security Agreement the first priority security interest
therein in favor of Lender in conformity with all applicable state and federal laws governing granting of such security interests; 

(3) a certificate of Borrower certifying that all of the requirements set forth in this subsection (b)(i) have been
satisfied; 
 (4) one or more opinions of counsel for Borrower in form and substance and delivered by counsel
which would be satisfactory to a prudent lender stating, among other things, that (i) Lender has a perfected first priority security interest in the Defeasance Collateral and that the Defeasance Security Agreement is enforceable against
Borrower in accordance with its terms, (ii) in the event of a bankruptcy proceeding or similar occurrence with respect to Borrower, none of the Defeasance Collateral nor any proceeds thereof will be property of Borrower’s estate under
Section 541 of the U.S. Bankruptcy Code or any similar statute and the grant of security interest therein to Lender should not constitute an avoidable preference under Section 547 of the U.S. Bankruptcy Code or applicable state law,
(iii) the release of the lien of the Security Instrument and the pledge of Defeasance Collateral will not directly or indirectly result in or cause any “real estate mortgage investment conduit” within the meaning of Section 860D
of the Internal Revenue Code that holds this Note and the Other Note (a “REMIC Trust”) to fail to maintain its status as a REMIC Trust and (iv) the defeasance will not cause any REMIC Trust to be an “investment
company” under the Investment Company Act of 1940; 
 (5) a certificate in form and scope acceptable to
Lender in its sole discretion from an Acceptable Accountant (defined below) certifying that the Defeasance Collateral will generate amounts sufficient to make all payments of principal and interest due under this Note and the Other Note (including
the scheduled outstanding principal balance of the Loan due on the Maturity Date). The term “Acceptable Accountant” shall mean a “Big Four” accounting firm or other independent certified public accountant acceptable to
Lender; and 
 (6) such other certificates, documents and instruments as Lender may reasonably require; and

 (E) in the event the Loan is held by a REMIC Trust, Lender has received written confirmation from each Rating
Agency rating any Securities (as defined in the Security Instrument) that substitution of the Defeasance Collateral will not result in a downgrade, withdrawal, or qualification of the ratings then assigned to any of the Securities. 

 

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 (ii) Upon compliance with the requirements of subsection (b)(i), the
Property shall be released from the lien of the Security Instrument and the Other Security Documents, and the Defeasance Collateral shall constitute the sole collateral which shall secure this Note and the Other Note and all other obligations under
the Loan Documents. Lender will, at Borrower’s expense, execute and deliver any agreements reasonably requested by Borrower to release the lien of the Security Instrument and the Other Security Documents from the Property and will, subject to
Borrower’s satisfaction of clause (iii) under this subsection (b), cause a release of Borrower and Indemnitor from any further liability or obligation under this Note, the Security Instrument or the Other Security Documents other than a
liability or obligation in connection with a provision of this Note, the Security Instrument or Other Security Document which expressly states that it is to survive termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise
of any power of sale, or delivery of a deed in lieu of foreclosure of the Security Instrument. 
 (iii) Upon the
release of the Property in accordance with this subsection (b), Borrower shall assign all its obligations and rights under this Note and the Other Note, together with the pledged Defeasance Collateral, to a successor entity designated and approved
by Lender in its reasonable discretion (“Successor Borrower”). Successor Borrower shall execute an assignment and assumption agreement (the “Defeasance Assumption Agreement”) in form and substance satisfactory to
Lender in its sole and absolute discretion pursuant to which it shall assume Borrower’s obligations under this Note, the Other Note and the Defeasance Security Agreement. As conditions to such assignment and assumption, Borrower shall
(A) deliver to Lender one or more opinions of counsel in form and substance and delivered by counsel which would be satisfactory to a prudent Lender stating, among other things, that such Defeasance Assumption Agreement is enforceable against
Borrower and the Successor Borrower in accordance with its terms and that this Note, the Other Note, the Defeasance Security Agreement and the other Loan Documents, as so assigned and assumed, are enforceable against the Successor Borrower in
accordance with their respective terms, and opining to such other matters relating to Successor Borrower and its organizational structure as Lender may reasonably require, and (B) pay all fees, costs and expenses incurred by Lender or its
agents in connection with such assignment and assumption (including, without limitation, legal fees and expenses and for the review of the proposed transferee and the preparation of the assignment and assumption agreement and related certificates,
documents and instruments and any fees payable to any Rating Agencies and their counsel in connection with the issuance of the confirmation referred to in subsection (b)(i)(E) above). Upon such assignment and assumption, Borrower and Indemnitor
shall be relieved of their obligations under this Note, under the Other Note, under the other Loan Documents and under the Defeasance Security Agreement, except for any liability or obligation in connection with a provision of this Note, the Other
Note, the Security Instrument or any Other Security Document which expressly states that it is to survive termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of
foreclosure of the Security Instrument. 
 (iv) For purposes of this Article 5, “REMIC Prohibition
Period” means the period commencing on the date hereof and ending on the earlier to occur of (i) the first 

 

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Monthly Payment Date occurring after the second anniversary of the “startup day” within the meaning of Section 860G(a)(9) of the Code of any REMIC Trust that holds this Note and
the Other Note and (ii) the first Monthly Payment date occurring after the fourth anniversary of the date hereof. In no event shall Lender have any obligation to notify Borrower that a REMIC Prohibition Period is in effect with respect to the
Loan, except that Lender shall notify Borrower if any REMIC Prohibition Period is in effect with respect to the Loan after receiving any notice described in subsection (b)(i)(B); provided, however, that the failure of Lender to so notify Borrower
shall not impose any liability on Lender or grant Borrower any right to defease the Loan during any such REMIC Prohibition Period. 

(c) Involuntary Prepayment During the Lockout Period. During the Lockout Period, in the event of any involuntary prepayment of the
Loan or any other amount under this Note, whether in whole or in part, in connection with or following Lender’s acceleration of this Note and the Other Note or otherwise, and whether the Security Instrument is satisfied or released by
foreclosure (whether by power of sale or judicial proceeding), deed in lieu of foreclosure or by any other means, including, without limitation, repayment of the Loan by Borrower or any other Person pursuant to any statutory or common law right of
redemption, Borrower shall, in addition to any portion of the principal balance of the Loan prepaid (together with all interest accrued and unpaid thereon and in the event the prepayment is made on a date other than a Monthly Payment Date, a sum
equal to the amount of interest which would have accrued under this Note and the Other Note on the amount of such prepayment if such prepayment had occurred on the next Monthly Payment Date), pay to Lender a prepayment premium in an amount equal to
the Yield Maintenance Premium (hereafter defined). As used above, the term “Yield Maintenance Premium” shall mean an amount equal to the greater of (i) 1% of the principal amount of the Loan being prepaid and (ii) an
amount equal to the excess of (A) the sum of the present values of a series of payments payable at the times and in the amounts equal to the debt service payments (including, but not limited to the principal and interest payable on the Maturity
Date) which would have been scheduled to be payable relative to the principal amount of the Loan being prepaid after the date of such tender under the Loan had the Notes not been prepaid, with each such payment discounted to its present value at the
date of such tender at the rate which when compounded monthly is equivalent to the Prepayment Rate (as hereinafter defined), over (B) the principal amount of the Loan being prepaid. The term “Prepayment Rate” shall mean the
bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the Prepayment Rate Determination Date (hereinafter defined) has a remaining term to maturity closest to, but not exceeding, the remaining term to the
Maturity Date, as most recently published in the “Treasury Bonds, Notes and Bills” section in The Wall Street Journal as of the date of the related tender of payment. If more than one issue of United States Treasury Securities has the
remaining term to the Maturity Date referred to above, the “Prepayment Rate” shall be the yield on the United States Treasury Security most recently issued as of such date. The term “Prepayment Rate Determination
Date” shall mean the date which is five (5) Business Days prior to the prepayment date. The rate so published shall control absent manifest error. If the publication of the Prepayment Rate in The Wall Street Journal is discontinued,
Lender shall determine the Prepayment Rate on the basis of “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such
other publication or statistical guide as Lender may reasonably select. 
  

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 (d) Insurance and Condemnation Proceeds; Excess Interest. Notwithstanding any other
provision herein to the contrary, and provided no Event of Default exists, Borrower shall not be required to pay any prepayment premium in connection with any prepayment occurring solely as a result of (i) the application of insurance proceeds
or condemnation proceeds pursuant to the terms of the Loan Documents, (ii) the application of any interest in excess of the maximum rate permitted by applicable law to the reduction of the Loan, or (iii) the exercise by Lender of any other
right under the Loan Documents to apply an amount received by Lender to the principal balance of this Note or the Other Note, other than any exercise in connection with an Event of Default, which shall be controlled by the preceding paragraph (c).

 (e) Intentionally Omitted. 

(f) Limitation on Partial Prepayments. In no event shall Lender have any obligation to accept a partial prepayment. 

(g) Prepayment and Defeasance of this Note and the Other Note. Notwithstanding anything to the contrary contained herein, any
defeasance or prepayment permitted hereunder and consummated in accordance with the terms and conditions contained herein must occur simultaneously with a defeasance or prepayment permitted by (and consummated in accordance with the applicable terms
and conditions of) the Other Note. Lender shall have no obligation to accept any payment or defeasance of this Note in accordance with the terms and provisions of this Note unless the Other Note is simultaneously prepaid or defeased, as applicable,
in accordance with the terms and conditions of the Other Note. 
 ARTICLE 6: SECURITY 

This Note is secured by the Security Instrument and the Other Security Documents. The term “Security Instrument” as used
in this Note and the Other Note shall mean the Deed of Trust and Security Agreement dated as of the date hereof given by Borrower (among others) to Lender covering the fee simple estate of Borrower in certain premises located in Monterey,
California, and other property, as more particularly described therein (collectively, the “Property”) and intended to be duly recorded in the county in which the Property is located. The term “Other Security
Documents” as used in this Note shall mean all and any of the documents other than this Note, the Other Note or the Security Instrument now or hereafter executed by Borrower and/or others and by or in favor of Lender, which wholly or
partially secure or guarantee payment of this Note. Whenever used, the singular number shall include the plural, the plural number shall include the singular, and the words “Lender” and “Borrower” shall include their respective
successors, assigns, heirs, executors and administrators. The term “Other Note” as used herein shall refer, individually or collectively (as the context requires), to each Individual Note (as defined in the Security Instrument)
other than this Note. Lender by acceptance of this Note hereby agrees to pursue its remedies under each Note executed by Borrower jointly and in a manner which is not more detrimental to Borrower than if Borrower executed only one Note. 

All of the terms, covenants and conditions contained in the Other Note, the Security Instrument and the Other Security Documents are
hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. 
  

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 ARTICLE 7: SAVINGS CLAUSE 

This Note is subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal
balance due hereunder at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms
of this Note, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to
Lender for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount
of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. 

ARTICLE 8: LATE CHARGE 

If any monthly installment of principal and interest payable under this Note is not paid on the date on which it was due, Borrower shall
pay to Lender upon demand an amount equal to the lesser of two and one half percent (2.5%) of the unpaid sum or the maximum amount permitted by applicable law to defray the expenses incurred by Lender in handling and processing the delinquent
payment and to compensate Lender for the loss of the use of the delinquent payment and the amount shall be secured by the Security Instrument and the Other Security Documents. 

ARTICLE 9: NO ORAL CHANGE 

This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the
part of Borrower or Lender, 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. 

ARTICLE 10: JOINT AND SEVERAL LIABILITY 

If there is more than one Borrower, the obligations and liabilities of each such person or party shall be joint and several. 

ARTICLE 11: WAIVERS 

Except as otherwise provided herein, in the Other Note, in the Security Instrument, or in the Other Security Documents, Borrower and all
others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, protest and notice of protest and non-payment and all other notices of any kind. No release
of any security for the Debt or extension of time for payment of this Note or any installment hereof or the Other Note or any installment thereof, and no alteration, amendment or waiver of any provision of this Note, the Other Note, the Security
Instrument or the Other Security Documents made by agreement between Lender or any other person or party 
  

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shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other person or entity who may become liable for the payment of all or any
part of the Debt, under this Note, the Other Note, the Security Instrument or the Other Security Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further
action without further notice or demand as provided for in this Note, the Other Note, the Security Instrument or the Other Security Documents. If Borrower is a partnership, the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the individuals comprising the partnership. If Borrower is a corporation, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the shareholders comprising, or the
officers and directors relating to, the corporation. If Borrower is a limited liability company, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the members comprising, or the managers,
officers or agents relating to, the limited liability company. The term “Borrower”, as used herein, shall include any alternate or successor partnership, corporation, limited liability company or other entity or person to the Borrower
named herein, but any predecessor partnership (and their partners), corporation, limited liability company, other entity or person shall not thereby be released from any liability except as otherwise provided in the Security Instrument or Other
Security Documents. Nothing in this Article 11 shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership which may be set forth in the Security Instrument or any Other Security
Document. 
 ARTICLE 12: INTENTIONALLY OMITTED 

ARTICLE 13: WAIVER OF TRIAL BY JURY 

BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THIS NOTE AND THE OTHER NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THIS NOTE AND THE OTHER NOTE, THIS NOTE, THE OTHER NOTE THE SECURITY INSTRUMENT
OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 

ARTICLE 14: EXCULPATION 

(a) Notwithstanding any contrary provisions contained herein or in the Other Note, the Security Instrument or the Other Security
Documents (other than a provision herein or therein which expressly states that it is intended to override any exculpatory provisions of this Note or the Other Note), Lender shall not enforce the liability and obligation of Borrower, to perform and
observe the obligations contained in this Note, the Other Note, the Security Instrument or the Other Security Documents by any action or proceeding wherein a money judgment shall be sought against Borrower or any partner or member of Borrower,
except that Lender may bring a foreclosure action (where no deficiency judgment is sought against Borrower or any partner or member of Borrower), an action for specific performance or any 

 

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other appropriate action or proceeding to enable Lender to enforce and realize upon this Note, the Other Note, the Security Instrument, the Other Security Documents, and the interests in the
Property; and any other collateral given to Lender pursuant to the Security Instrument and the Other Security Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall not be
enforceable against Borrower (or any partner or member of Borrower) except to the extent of Borrower’s interest in the Property and in any other collateral given to Lender as security, and Lender, by accepting this Note, the Security Instrument
and the Other Security Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower (or any partner or member of Borrower) in any such action or proceeding, under or by reason of or in connection with this
Note, the Other Note, the Security Instrument or the Other Security Documents. The provisions of this paragraph shall not, however, (1) constitute a waiver, release or impairment of any obligation evidenced or secured by this Note, the Other
Note, the Security Instrument or the Other Security Documents; (2) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Security Instrument, where Lender is required to do so
in order to properly pursue such action (and subject to the above-described prohibition on suing for, seeking or demanding any deficiency judgment); (3) affect the validity or enforceability of any guaranty or indemnity made in connection with
this Note, the Other Note, the Security Instrument or the Other Security Documents; (4) impair the right of Lender to obtain the appointment of a receiver; (5) impair the enforcement of any assignment; or (6) constitute a waiver of
the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any losses suffered by Lender arising out of the following: 

(i) fraud or intentional misrepresentation by Borrower in connection with this Note, the Other Note, the Security
Instrument or the Other Security Documents; 
 (ii) any material inaccuracy, error or omission contained in the
rent roll of the Property certified to by Borrower in that certain Borrower’s Certification executed in connection with the Loan 

(iii) the failure of Borrower or Sponsor to remedy (after thirty (30) days notice thereof from Lender referencing
this provision) any failure to provide financial information when and as required by the Security Instrument; 

(iv) Willful Misconduct (as defined below) of Borrower in connection with Borrower’s operation of the Property. As
used herein, the term “Willful Misconduct” shall mean, and refer to, any affirmative act by Borrower (1) during the existence of any event which, with the passage or time, the giving of notice, or both would constitute an Event
of Default, or (2) that is the cause of such Event of Default which, in either case, is undertaken by Borrower with the express intention of causing waste or physical damage to the Property and that actually results in physical damage or waste
to the Property; 
 (v) the breach of provisions in this Note, the Other Note, the Security Instrument or the
Other Security Documents concerning Environmental Laws and Hazardous Substances and any indemnification of Lender with respect thereto in any document; 
  

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 (vi) the removal or disposal of any portion of the Property by Borrower
after the occurrence and during the continuance of an Event of Default under this Note, the Other Note, the Security Instrument or the Other Security Documents; 

(vii) the misapplication or conversion by Borrower of (A) any insurance proceeds paid by reason of any loss, damage
or destruction to the Property, (B) any awards or other amounts received in connection with the condemnation of all or a portion of the Property, or (C) any Rents (other than as permitted by the Cash Management Agreement) after the
occurrence and during the continuance of an Event of Default under this Note, the Other Note, the Security Instrument or the Other Security Documents; 

(viii) any security deposits collected with respect to the Property which are not delivered to Lender upon a foreclosure
of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases prior to such foreclosure or action in lieu thereof; 

(ix) the violation by Borrower of the representations or covenants contained in Section 4.3 of the Security
Instrument; 
 (x) any matters set forth in Section 13.4 of the Security Instrument; or 

(xi) Borrower’s failure to make any required deposit to the Escrow Fund as required pursuant to the Security
Instrument. 
 (b) Notwithstanding anything to the contrary in this Note, the Other Note, the Security Instrument or the Other
Security Documents, the agreement of Lender not to pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Debt shall be fully recourse to Borrower in the
event that: (A) the first full Monthly Payment is not paid when due; (B) a Prohibited Transfer (as defined in the Security Instrument) occurs in violation of Article 8 of the Security Instrument; (C) an Event of Default occurs and is
continuing and the Remediation Completion has not yet occurred (provided, that, (I) Borrower shall only be liable under this subsection (C) to the extent that, as of the date of the applicable Event of Default, either (1) the
Environmental Insurance is no longer in place or (2) less than two (2) years remain of the term of the Environmental Insurance and (II) Borrower’s liability under this subsection (C) shall not exceed $10,000,000); and/or
(D) if (I) an involuntary petition (other than the collusive involuntary petitions described in the following clause (II)) is filed against Borrower under the U.S. Bankruptcy Code or any other federal or state bankruptcy or insolvency law
(collectively, the “Insolvency Laws”) and is not dismissed within one hundred twenty (120) days of the filing thereof, or (II) Borrower files or consents to the filing against Borrower of a petition, voluntary or involuntary,
under applicable Insolvency Laws, or any partner, member or equivalent person of Borrower, or any person acting in concert with Borrower or any of the foregoing persons, files or joins in the filing against Borrower of an involuntary petition under
applicable Insolvency Laws. 
 (c) Nothing herein shall be deemed to be a waiver of any right which Lender may have under
Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with
this Note, the Security Instrument or the Other Security Documents. 
  

 12 

 ARTICLE 15: AUTHORITY 

Borrower (and the undersigned representative of Borrower, if any) represents that Borrower has full power, authority and legal right to
execute and deliver this Note, the Other Note, the Security Instrument and the Other Security Documents and that this Note, the Other Note, the Security Instrument and the Other Security Documents constitute valid and binding obligations of
Borrower, except as may be limited by (i) bankruptcy, insolvency or other similar laws affecting the rights of creditors generally and (ii) general principles of equity. 

ARTICLE 16: APPLICABLE LAW 

This Note shall be deemed to be a contract entered into pursuant to the laws of the State of California and shall in all respects be
governed, construed, applied and enforced in accordance with the laws of the State of California and applicable laws of the United States of America. 

ARTICLE 17: SERVICE OF PROCESS 

(a) Borrower will maintain a place of business or an agent for service of process in San Diego, California and give prompt notice to
Lender of the address of such place of business and of the name and address of any new agent appointed by it, as appropriate. Borrower further agrees that the failure of its agent for service of process to give it notice of any service of process
will not impair or affect the validity of such service or of any judgment based thereon. If, despite the foregoing, there is for any reason no agent for service of process of Borrower available to be served, and if it at that time has no place of
business in San Diego, California then Borrower irrevocably consents to service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to the first paragraph hereof. 

(b) Borrower initially designates John W. Chamberlain, with offices on the date hereof at 11455 El Camino Real, Suite 200, San Diego,
California 92130, to receive for and on behalf of Borrower service of process with respect to this Note and the other Loan Documents. 

ARTICLE 18: COUNSEL FEES 

In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security therefor,
Borrower also agrees to pay all reasonable fees and expenses of Lender, including, without limitation, reasonable attorney’s fees for the services of such counsel whether or not suit be brought. 

ARTICLE 19: NOTICES 

All notices or other written communications to Borrower or Lender hereunder shall be deemed to have been properly given (i) upon
delivery, if delivered in person with receipt acknowledged by the recipient thereof, (ii) one (1) Business Day after having been deposited for overnight delivery with any reputable overnight courier service, or (iii) three
(3) Business Days after having been deposited in any post office or mail depository regularly maintained by the 

 

 13 

 
U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed to Borrower or Lender at their addresses set forth in the Security Instrument or
addressed as such party may from time to time designate by written notice to the other parties. Either party by notice to the other may designate additional or different addresses for subsequent notices or communications. 

ARTICLE 20: MISCELLANEOUS 

Except as otherwise specified herein (or in the Other Note, the Security Instrument or the Other Security Documents), wherever pursuant
to this Note (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender, the decision of
Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Lender, shall be in the reasonable determination of Lender applied in good faith. All
approvals of or waivers by Lender in respect of any of the terms, conditions or requirements of this Note must be in writing. No waiver with respect to any condition, breach or other matter shall extend to or be taken in any manner whatsoever to
affect any other condition, breach or matter or affect Lender’s rights resulting therefrom. Whenever any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day, the due date
thereof shall be deemed to be the immediately succeeding Business Day, provided, however, with respect to the balloon payment due hereunder on the Maturity Date, if the Maturity Date does not occur on a Business Day, the Maturity Date shall be
deemed to occur on the immediately preceding Business Day. 
 ARTICLE 21: DEFINITIONS 

All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Security Instrument and the
Other Security Documents. 
 [NO FURTHER TEXT ON THIS PAGE] 

 

 14 

 IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first
above written. 
  

			
	BORROWER:
	
	[                           
 ], a
[                                        ]

		
	By:	 	  

		 	Name:
		 	Title:

 ADDENDUM TO NOTE 

BY SIGNING BELOW, BORROWER EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS THAT, PURSUANT TO THE TERMS OF THIS NOTE, BORROWER HAS AGREED THAT IT HAS NO RIGHT TO
PREPAY THIS NOTE PRIOR TO THE MATURITY DATE (EXCEPT AS EXPRESSLY SET FORTH TO THE CONTRARY HEREIN) OR IN THE SECURITY INSTRUMENT, AND THAT IT SHALL BE LIABLE FOR THE PAYMENT OF THE PREPAYMENT PREMIUM FOR PREPAYMENT OF THIS NOTE UPON ACCELERATION OF
THIS NOTE IN ACCORDANCE WITH ITS TERMS EXCEPT AS EXPRESSLY SET FORTH IN THE HEREIN OR IN THE SECURITY INSTRUMENT. FURTHER, BY SIGNING BELOW, BORROWER WAIVES ANY RIGHTS IT MAY HAVE UNDER SECTION 2954.10 OF THE CALIFORNIA CIVIL CODE, OR ANY SUCCESSOR
STATUTE, AND EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS THAT LENDER HAS MADE THE LOAN IN RELIANCE ON THE AGREEMENTS AND WAIVER OF BORROWER AND THAT LENDER WOULD NOT HAVE MADE THE LOAN WITHOUT SUCH AGREEMENTS AND WAIVER OF BORROWER. 

[NO FURTHER TEXT ON THIS PAGE] 

 IN WITNESS WHEREOF, Borrower has duly executed this Addendum to Note as of the day
and year first above written. 
  

			
	[                           
 ], a
[                                        ]

		
	By:	 	  

		 	Name:
		 	Title:Loan Agreement

 Exhibit 10.27 

LOAN NO. 59227 

SERVICING NO. 3206596 

LOAN AGREEMENT 

Dated as of August 5, 2005 

Between 
 FIRST
STATES INVESTORS 239, LLC, 
 as Borrower 

and 
 BANK OF
AMERICA, N.A., 
 as Lender 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		  	ARTICLE 1	  	
		  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	
			
	Section 1.1.	  	 Definitions
	  	1
	Section 1.2.	  	 Principles of Construction
	  	16
			
		  	ARTICLE 2	  	
		  	GENERAL TERMS	  	
			
	Section 2.1.	  	 Loan Commitment; Disbursement to Borrower
	  	17
	Section 2.2.	  	 Loan Payments
	  	17
	Section 2.3.	  	 Late Payment Charge
	  	19
	Section 2.4.	  	 Prepayment; Defeasance
	  	19
	Section 2.5.	  	 Payments after Default
	  	23
	Section 2.6.	  	 Usury Savings
	  	24
			
		  	ARTICLE 3	  	
		  	CONDITIONS PRECEDENT	  	
			
	Section 3.1.	  	 Representations and Warranties; Compliance with Conditions
	  	24
	Section 3.2.	  	 Delivery of Loan Documents; Title Insurance; Reports; Leases
	  	25
	Section 3.3.	  	 Related Documents
	  	26
	Section 3.4.	  	 Organizational Documents
	  	26
	Section 3.5.	  	 Opinions of Borrower’s Counsel
	  	26
	Section 3.6.	  	 Annual Budget
	  	26
	Section 3.7.	  	 Taxes and Other Charges
	  	26
	Section 3.8.	  	 Completion of Proceedings
	  	27
	Section 3.9.	  	 Payments
	  	27
	Section 3.10.	  	 Transaction Costs
	  	27
	Section 3.11.	  	 No Material Adverse Change
	  	27
	Section 3.12.	  	 Leases and Rent Roll
	  	27
	Section 3.13.	  	 Tenant Estoppels
	  	28
	Section 3.14.	  	 REA Estoppels
	  	28
	Section 3.15.	  	 Subordination and Attornment
	  	28
	Section 3.16.	  	 Tax Lot
	  	28
	Section 3.17.	  	 Property Condition and Seismic Reports
	  	28
	Section 3.18.	  	 Management Agreement
	  	28
	Section 3.19.	  	 Appraisal
	  	28
	Section 3.20.	  	 Financial Statements
	  	28
	Section 3.21.	  	 Intentionally Omitted
	  	28
	Section 3.22.	  	 Further Documents
	  	29

  

 -i- 

					
			
		  	ARTICLE 4	  	
		  	REPRESENTATIONS AND WARRANTIES	  	
			
	Section 4.1.	  	 Organization
	  	29
	Section 4.2.	  	 Status of Borrower
	  	29
	Section 4.3.	  	 Validity of Documents
	  	29
	Section 4.4.	  	 No Conflicts
	  	30
	Section 4.5.	  	 Litigation
	  	30
	Section 4.6.	  	 Agreements
	  	30
	Section 4.7.	  	 Solvency
	  	30
	Section 4.8.	  	 Full and Accurate Disclosure
	  	31
	Section 4.9.	  	 No Plan Assets
	  	31
	Section 4.10.	  	 Not a Foreign Person
	  	31
	Section 4.11.	  	 Enforceability
	  	32
	Section 4.12.	  	 Business Purposes
	  	32
	Section 4.13.	  	 Compliance
	  	32
	Section 4.14.	  	 Financial Information
	  	32
	Section 4.15.	  	 Condemnation
	  	33
	Section 4.16.	  	 Utilities and Public Access; Parking
	  	33
	Section 4.17.	  	 Separate Lots
	  	33
	Section 4.18.	  	 Assessments
	  	33
	Section 4.19.	  	 Insurance
	  	33
	Section 4.20.	  	 Use of Property
	  	33
	Section 4.21.	  	 Certificate of Occupancy; Licenses
	  	33
	Section 4.22.	  	 Flood Zone
	  	34
	Section 4.23.	  	 Physical Condition
	  	34
	Section 4.24.	  	 Boundaries; Survey
	  	34
	Section 4.25.	  	 Leases and Rent Roll
	  	34
	Section 4.26.	  	 Filing and Recording Taxes
	  	35
	Section 4.27.	  	 Management Agreement
	  	35
	Section 4.28.	  	 Illegal Activity
	  	35
	Section 4.29.	  	 Construction Expenses
	  	35
	Section 4.30.	  	 Personal Property
	  	36
	Section 4.31.	  	 Taxes
	  	36
	Section 4.32.	  	 Permitted Encumbrances
	  	36
	Section 4.33.	  	 Federal Reserve Regulations
	  	36
	Section 4.34.	  	 Investment Company Act
	  	36
	Section 4.35.	  	 Reciprocal Easement Agreements
	  	36
	Section 4.36.	  	 No Change in Facts or Circumstances; Disclosure
	  	37
	Section 4.37.	  	 Intellectual Property
	  	37
	Section 4.38.	  	 Compliance with Anti-Terrorism Laws
	  	38
	Section 4.39.	  	 Patriot Act
	  	38
	Section 4.40.	  	 Survival
	  	38
			
		  	ARTICLE 5	  	
		  	BORROWER COVENANTS	  	
			
	Section 5.1.	  	 Existence; Compliance with Legal Requirements
	  	39
	Section 5.2.	  	 Maintenance and Use of Property
	  	39
	Section 5.3.	  	 Waste
	  	39

  

 -ii- 

					
	Section 5.4.	  	 Taxes and Other Charges
	  	40
	Section 5.5.	  	 Litigation
	  	40
	Section 5.6.	  	 Access to Property
	  	40
	Section 5.7.	  	 Notice of Default
	  	41
	Section 5.8.	  	 Cooperate in Legal Proceedings
	  	41
	Section 5.9.	  	 Performance by Borrower
	  	41
	Section 5.10.	  	 Awards; Insurance Proceeds
	  	41
	Section 5.11.	  	 Financial Reporting
	  	41
	Section 5.12.	  	 Estoppel Statement
	  	46
	Section 5.13.	  	 Leasing Matters
	  	46
	Section 5.14.	  	 Property Management
	  	47
	Section 5.15.	  	 Liens
	  	48
	Section 5.16.	  	 Debt Cancellation
	  	48
	Section 5.17.	  	 Zoning
	  	48
	Section 5.18.	  	 ERISA
	  	49
	Section 5.19.	  	 No Joint Assessment
	  	49
	Section 5.20.	  	 Reciprocal Easement Agreements
	  	49
	Section 5.21.	  	 Alterations
	  	49
			
		  	ARTICLE 6	  	
		  	ENTITY COVENANTS	  	
			
	Section 6.1.	  	 Single Purpose Entity/Separateness
	  	50
	Section 6.2.	  	 Change of Name, Identity or Structure
	  	53
	Section 6.3.	  	 Business and Operations
	  	53
	Section 6.4.	  	 Independent Director
	  	54
			
		  	ARTICLE 7	  	
		  	NO SALE OR ENCUMBRANCE	  	
			
	Section 7.1.	  	 Transfer Definitions
	  	54
	Section 7.2.	  	 No Sale/Encumbrance
	  	55
	Section 7.3.	  	 Permitted Transfers
	  	55
	Section 7.4.	  	 Lender’s Rights
	  	56
	Section 7.5.	  	 Assumption
	  	57
			
		  	ARTICLE 8	  	
		  	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	
			
	Section 8.1.	  	 Insurance
	  	59
	Section 8.2.	  	 Casualty
	  	63
	Section 8.3.	  	 Condemnation
	  	64
	Section 8.4.	  	 Restoration
	  	64
			
		  	ARTICLE 9	  	
		  	RESERVE FUNDS	  	
			
	Section 9.1.	  	 Required Repairs
	  	68
	Section 9.2.	  	 Replacements
	  	68

  

 -iii- 

					
	Section 9.3.	  	 Termination Fee Deposits
	  	69
	Section 9.4.	  	 Required Work
	  	69
	Section 9.5.	  	 Release of Reserve Funds
	  	71
	Section 9.6.	  	 Tax and Insurance Reserve Funds
	  	73
	Section 9.7.	  	 Intentionally Omitted
	  	74
	Section 9.8.	  	 Intentionally Omitted
	  	74
	Section 9.9.	  	 Reserve Funds Generally
	  	74
			
		  	ARTICLE 10	  	
		  	CASH MANAGEMENT	  	
			
	Section 10.1.	  	 Lockbox Account and Cash Management Account
	  	77
	Section 10.2.	  	 Deposits and Withdrawals
	  	78
	Section 10.3.	  	 Security Interest
	  	81
			
		  	ARTICLE 11	  	
		  	EVENTS OF DEFAULT; REMEDIES	  	
			
	Section 11.1.	  	 Event of Default
	  	82
	Section 11.2.	  	 Remedies
	  	84
			
		  	ARTICLE 12	  	
		  	ENVIRONMENTAL PROVISIONS	  	
			
	Section 12.1.	  	 Environmental Representations and Warranties
	  	84
	Section 12.2.	  	 Environmental Covenants
	  	85
	Section 12.3.	  	 Lender’s Rights
	  	86
	Section 12.4.	  	 Operations and Maintenance Programs
	  	86
	Section 12.5.	  	 Environmental Definitions
	  	86
			
		  	ARTICLE 13	  	
		  	SECONDARY MARKET	  	
			
	Section 13.1.	  	 Transfer of Loan
	  	87
	Section 13.2.	  	 Delegation of Servicing
	  	87
	Section 13.3.	  	 Dissemination of Information
	  	87
	Section 13.4.	  	 Cooperation
	  	88
	Section 13.5.	  	 Securitization Indemnification
	  	89
			
		  	ARTICLE 14	  	
		  	INDEMNIFICATIONS	  	
			
	Section 14.1.	  	 General Indemnification
	  	92
	Section 14.2.	  	 Mortgage and Intangible Tax Indemnification
	  	92
	Section 14.3.	  	 ERISA Indemnification
	  	93
	Section 14.4.	  	 Survival
	  	93

  

 -iv- 

					
			
		  	ARTICLE 15	  	
		  	EXCULPATION	  	
			
	Section 15.1.	  	 Exculpation
	  	93
			
		  	ARTICLE 16	  	
		  	NOTICES	  	
			
	Section 16.1.	  	 Notices
	  	95
			
		  	ARTICLE 17	  	
		  	FURTHER ASSURANCES	  	
			
	Section 17.1.	  	 Replacement Documents
	  	97
	Section 17.2.	  	 Recording of Mortgage, etc
	  	97
	Section 17.3.	  	 Further Acts, etc
	  	97
	Section 17.4.	  	 Changes in Tax, Debt, Credit and Documentary Stamp Laws
	  	98
	Section 17.5.	  	 Expenses
	  	98
			
		  	ARTICLE 18	  	
		  	WAIVERS	  	
			
	Section 18.1.	  	 Remedies Cumulative; Waivers
	  	99
	Section 18.2.	  	 Modification, Waiver in Writing
	  	99
	Section 18.3.	  	 Delay Not a Waiver
	  	99
	Section 18.4.	  	 Trial by Jury
	  	100
	Section 18.5.	  	 Waiver of Notice
	  	100
	Section 18.6.	  	 Remedies of Borrower
	  	100
	Section 18.7.	  	 Waiver of Marshalling of Assets
	  	101
	Section 18.8.	  	 Waiver of Statute of Limitations
	  	101
	Section 18.9.	  	 Waiver of Counterclaim
	  	101
	Section 18.10.	  	 Gradsky Waivers
	  	101
			
		  	ARTICLE 19	  	
		  	GOVERNING LAW	  	
			
	Section 19.1.	  	 Choice of Law
	  	102
	Section 19.2.	  	 Severability
	  	102
	Section 19.3.	  	 Preferences
	  	102
			
		  	ARTICLE 20	  	
		  	MISCELLANEOUS	  	
			
	Section 20.1.	  	 Survival
	  	103
	Section 20.2.	  	 Lender’s Discretion
	  	103
	Section 20.3.	  	 Headings
	  	103
	Section 20.4.	  	 Cost of Enforcement
	  	103
	Section 20.5.	  	 Schedules Incorporated
	  	103
	Section 20.6.	  	 Offsets, Counterclaims and Defenses
	  	104

  

 -v- 

					
	Section 20.7.	  	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	104
	Section 20.8.	  	 Publicity
	  	105
	Section 20.9.	  	 Conflict; Construction of Documents; Reliance
	  	105
	Section 20.10.	  	 Entire Agreement
	  	105

 EXHIBIT A - Annual Budget 

EXHIBIT B - Borrower Equity Ownership Structure 

EXHIBIT C - Form of Assignment of Management Agreement 

EXHIBIT D - Existing Operations and Maintenance Program 

SCHEDULE I - Required Repairs 
 SCHEDULE II -
Replacements 
  

 -vi- 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of August 5, 2005 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), between BANK OF AMERICA, N.A., a national banking association, having an address at 214 North Tryon Street, Charlotte, North Carolina 28255 (together with its successors and/or assigns,
“Lender”) and FIRST STATES INVESTORS 239, LLC, a Delaware limited liability company having an address at c/o American Financial Realty Trust, 680 Old York Road, Suite 200, Jenkintown, Pennsylvania 19046 (together with its successors
and/or assigns, “Borrower”). 
 RECITALS: 

Borrower desires to obtain the Loan (defined below) from Lender. 

Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (defined below). 
 In consideration of the making of the Loan by Lender and the covenants, agreements,
representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE 1 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1. Definitions. 

For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent:

 “Acceptable Accountant” shall mean a “Big Four” accounting firm or other independent
certified public accountant reasonably acceptable to Lender. 
 “Account Collateral” shall mean
(i) the Accounts, and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in the Accounts; (ii) any and all amounts in or credited to the Accounts invested in Permitted Investments;
(iii) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and (iv) to the extent not covered by clauses
(i)—(iii) above, all “proceeds” (as defined under the UCC as in effect in the State in which the Accounts are located) of any or all of the foregoing. 

“Accounts” shall mean the Lockbox Account, the Cash Management Account, the Tax and Insurance Reserve Account,
the Replacement Reserve Account, the Leasing Reserve Account and any other account or sub-account established by this Agreement, the Mortgage, or the other Loan Documents. 

“Accrued Interest” shall have the meaning set forth in Section 2.2(g) hereof. 

“Acquired Property” shall have the meaning set forth in Section 5.11(c)(i)(A) hereof. 

 “Acquired Property Statements” shall have the meaning set forth in
Section 5.11(c)(i)(A) hereof. 
 “Act” shall have the meaning set forth in Section 6.1(c).

 “Acts of Terror” shall have the meaning set forth in Section 8.1(a) hereof. 

“Actual Operating Expenses” shall mean, with respect to a given period of time, the portion of Operating Expenses
actually payable with respect to the operation of the Property. 
 “Additional Replacement” shall have
the meaning set forth in Section 9.5(g) hereof. 
 “Affiliate” shall mean, as to any Person, any
other Person that, directly or indirectly, is in control of, is controlled by or is under common control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 

“Affiliated Loans” shall mean a loan made by Lender to a parent, subsidiary or such other entity affiliated with
Borrower or Borrower Principal. 
 “Affiliated Manager” shall have the meaning set forth in
Section 7.1 hereof. 
 “AFRT” shall mean American Financial Realty Trust, a Maryland real estate
investment trust. 
 “Agreed Terrorism Premium” shall mean the market-based cost per annum of
stand-alone coverage for casualty events resulting from Acts of Terror that is agreed upon between Borrower and Lender as of the Closing Date to be $76,204, as increased over time by five percent (5%) per annum. 

“ALTA” shall mean American Land Title Association, or any successor thereto. 

“Alteration Threshold” means $250,000.00. 

“Annual Budget” shall mean the operating budget, including all planned capital expenditures, for the Property
approved by Lender in accordance with Section 5.11(a)(iv) hereof for the applicable calendar year or other period. 

“Anticipated Prepayment Date” means October 1, 2015. 

“Assignment of Agreements” shall mean that certain Assignment of Agreements, Permits and Contracts, dated the
date hereof, executed by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Assignment of Management Agreement” shall mean any Assignment and Subordination of Management Agreement in the
form attached hereto as Exhibit C among Lender, Borrower and the relevant Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

 

 -2- 

 “Award” shall mean any compensation paid by any Governmental
Authority in connection with a Condemnation in respect of all or any part of the Property. 
 “Borrower
Principal” shall mean First States Group, L.P., a Delaware limited partnership. 
 “Borrower Principal
Obligations” shall have the meaning set forth in Section 18.10(c) hereof. 
 “Business
Day” shall mean a day on which Lender is open for the conduct of substantially all of its banking business at its office in the city in which the Note is payable (excluding Saturdays and Sundays). 

“Business Interruption Proceeds” shall mean any and all proceeds of the insurance coverage required under
Section 8.1(a)(iii) hereof. 
 “Cash Management Account” shall have the meaning set forth in
Section 10.1(a) hereof. 
 “Casualty” shall have the meaning set forth in Section 8.2.

 “Certified Coverage” shall mean the scope of coverage afforded by and described in TRIA. 

“Closing Date” shall mean the date of the funding of the Loan. 

“Control” shall have the meaning set forth in Section 7.1 hereof. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result, in lieu or
in anticipation, of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the
Property or any part thereof. 
 “Condemnation Proceeds” shall have the meaning set forth in
Section 8.4(b) 
 “Creditors Rights Laws” shall mean with respect to any Person any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or
debtors. 
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this
Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage or any other Loan Document. 

“Debt Service” shall mean, with respect to any particular period of time, scheduled principal and/or interest
payments under the Note. 
 “Default” shall mean the occurrence of any event hereunder or under any
other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  

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 “Default Rate” shall mean, with respect to the Loan, a rate per
annum equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) five percent (5%) above the Note Rate. 

“Defeasance Collateral” shall have the meaning set forth in Section 2.4(b)(i)(D)(2) hereof. 

“Defeasance Security Agreement” shall have the meaning set forth in Section 2.4(b)(i)(D)(2) hereof.

 “Disclosure Document” shall have the meaning set forth in Section 13.5 hereof. 

“Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding
institution that is either (a) an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or
accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a federally chartered depository institution or trust company
acting in its fiduciary capacity is subject to the regulations regarding adversary funds on deposit therein under 12 CFR §9.10(b), and in the case of a state chartered depository institution or trust company, is subject to regulations
substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a
certificate of deposit, passbook or other instrument. 
 “Eligible Institution” shall mean a depository
institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1” by S&P, “P-1” by Moody’s and
“F-1” by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which
are rated at least “AA-” by Fitch and S&P (or “A-” by S&P, if such depository’s short term unsecured debt rating is at least “A-1” by S&P) and “Aa2” by Moody’s). Notwithstanding the
foregoing, prior to a Securitization, Bank of America, N.A. shall be an Eligible Institution. 
 “Embargoed
Person” shall mean any person identified by OFAC or any other Person with whom a Person resident in the United States of America may not conduct business or transactions by prohibition of federal law or Executive Order of the President
of the United States of America. 
 “Environmental Indemnity” shall mean that certain Environmental
Indemnity Agreement, dated as of the date hereof, executed by Borrower and Borrower Principal in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “Environmental Law” shall have the meaning set forth in Section 12.5 hereof. 

 

 -4- 

 “Environmental Liens” shall have the meaning set forth in
Section 12.5 hereof. 
 “Environmental Report” shall have the meaning set forth in
Section 12.5 hereof. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time and any successor statutes thereto and applicable regulations issued pursuant thereto in temporary or final form. 

“Event of Default” shall have the meaning set forth in Section 11.1 hereof. 

“Excess Cash” shall have the meaning set forth in Section 10.2(c)(ix) hereof. 

“Exchange Act” shall mean the Securities and Exchange Act of 1934, as amended. 

“Exchange Act Filing” shall have the meaning set forth in Section 5.11(c) hereof. 

“Extraordinary Expense” shall mean an operating expense or capital expenditure with respect to the Property that
(i) is not set forth on the Annual Budget and (ii) is not subject to payment by withdrawals from the Replacement Reserve Account. Borrower shall deliver promptly to Lender a reasonably detailed explanation of such proposed Extraordinary
Expense for the approval of Lender. 
 “FFIC” means Fireman’s Fund Insurance Company. 

“FFIC Lease” means collectively, (i) the Amended and Restated Lease Agreement for San Marin I by and between
777 San Marin Associates, L.P. and FFIC, dated November 4, 1992, (ii) the Lease Agreement for San Marin II and III by and between 775/779 San Marin Associates, L.P. and FFIC, dated November 4, 1992, (iii) the First Amendment of
Lease (San Marin I) between Borrower and FFIC, dated August 5, 2005, and (iv) the First Amendment of Lease (San Marin II and III) between Borrower and FFIC, dated August 5, 2005. 

“Fitch” shall mean Fitch, Inc. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the
applicable financial report. 
 “Governmental Authority” shall mean any court, board, agency,
department, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state, county, municipal, city, town, special district or otherwise) whether now or hereafter in existence. 

“Hazardous Materials” shall have the meaning set forth in Section 12.5 hereof. 

“Improvements” shall have the meaning set forth in the granting clause of the Mortgage. 

 

 -5- 

 “Indemnified Parties” shall mean (a) Lender, (b) any prior
owner or holder of the Loan or Participations in the Loan, (c) any servicer or prior servicer of the Loan, (d) any Investor or any prior Investor in any Securities, (e) any trustees, custodians or other fiduciaries who hold or who
have held a full or partial interest in the Loan for the benefit of any Investor or other third party, (f) any receiver or other fiduciary appointed in a foreclosure or other Creditors Rights Laws proceeding, (g) any officers, directors,
shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors, affiliates or subsidiaries of any and all of the foregoing, and (h) the heirs, legal representatives, successors and assigns of any and
all of the foregoing (including, without limitation, any successors by merger, consolidation or acquisition of all or a substantial portion of the Indemnified Parties’ assets and business), in all cases whether during the term of the Loan or as
part of or following a foreclosure of the Mortgage. 
 “Independent Director” shall have the meaning set
forth in Section 6.4(a). 
 “Initial Note Rate” shall have the meaning set forth in the definition
of “Note Rate” hereunder. 
 “Insurance Premiums” shall have the meaning set forth in
Section 8.1 hereof. 
 “Insurance Proceeds” shall have the meaning set forth in Section 8.4(b)
hereof. 
 “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended, as it may
be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Investor” shall have the meaning set forth in Section 13.3 hereof. 

“Issuer Group” shall have the meaning set forth in Section 13.5(b) hereof. 

“Issuer Person” shall have the meaning set forth in Section 13.5(b) hereof. 

“Lease” shall have the meaning set forth in the Mortgage. 

“Leasing Reserve Account” shall have the meaning set forth in Section 9.3 hereof. 

“Leasing Reserve Fund” shall have the meaning set forth in Section 9.3 hereof. 

“Leasing Reserve Monthly Deposit” shall have the meaning set forth in Section 9.3 hereof. 

“Legal Requirements” shall mean all statutes, laws, rules, orders, regulations, ordinances, judgments, decrees
and injunctions of Governmental Authorities affecting the Property or any part thereof, or the construction, use, alteration or operation thereof, whether now or hereafter enacted and in force, and all permits, licenses, authorizations and
regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting the

  

 -6- 

 
Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way
limit the use and enjoyment thereof. 
 “Lien” shall mean any mortgage, deed of trust, lien, pledge,
hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“LLC Agreement” shall have the meaning set forth in Section 6.1(c). 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgage, the Environmental Indemnity,
any Assignment of Management Agreement, Assignment of Agreements, the Lockbox Agreement, and any and all other documents, agreements and certificates executed and/or delivered in connection with the Loan, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Lockbox” shall mean the post office
address maintained by Lockbox Bank on behalf of Borrower and Lender pursuant to the terms of the Lockbox Agreement and to which Borrower shall direct all Rents and other income from the Property be sent pursuant to the Tenant Direction Letters.

 “Lockbox Account” shall have the meaning set forth in Section 10.1(a) hereof. 

“Lockbox Agreement” shall mean that certain agreement, if any, by and among Borrower, Lender and Lockbox Bank, in
form and substance satisfactory to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Lockbox Account to the
extent a Lockbox Account is established pursuant to Section 10.1(a) hereof. 
 “Lockbox Bank” shall
mean Wachovia Bank, National Association or any successor Eligible Institution approved or appointed by Lender acting as Lockbox Bank under the Lockbox Agreement. 

“Lockout Period” shall mean the period commencing on the date hereof and ending on the Anticipated Prepayment
Date. 
 “Losses” shall mean any and all claims, suits, liabilities (including, without limitation,
strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to legal fees and
other costs of defense). 
 “Major Lease” shall mean as to the Property (i) any Lease which,
individually or when aggregated with all other leases at the Property with the same Tenant or 
  

 -7- 

 
its Affiliate, either (A) accounts for ten percent (10%) or more of the Property’s aggregate Net Operating Income, or (B) demises 25,000 square feet or more of the
Property’s gross leasable area, (ii) any Lease which contains any option, offer, right of first refusal or other similar entitlement to acquire all or any portion of the Property, or (iii) any instrument guaranteeing or providing
credit support for any Lease meeting the requirements of (i) or (ii) above. 
 “Management
Agreement” shall mean any management agreement entered into by and between Borrower and Manager and acceptable to Lender, pursuant to which Manager is to provide management and other services with respect to the Property, as the same
may be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms of this Agreement. 

“Manager” shall mean First States Management Corp., L.P., a Delaware limited partnership, or such other entity
selected as the manager of the Property in accordance with the terms of this Agreement. 
 “Maturity
Date” shall mean the Anticipated Prepayment Date; provided, however, that in the event that the Debt is not paid in full on the Anticipated Prepayment Date, the Maturity Date shall automatically be extended, as of the Anticipated
Prepayment Date, to October 15, 2018. 
 “Maximum Legal Rate” shall mean the maximum nonusurious
interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state
or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 

“Member” shall have the meaning set forth in Section 6.1(c). 

“Mold” shall have the meaning set forth in Section 12.5 hereof. 

“Monthly Payment Amount” shall mean the monthly payment of interest and principal due on each Scheduled Payment
Date as set forth in Section 2.2(b) hereof. 
 “Moody’s” shall mean Moody’s Investor
Services, Inc. 
 “Mortgage” shall mean that certain first priority Deed of Trust, Assignment of Leases
and Rents, Security Agreement and Fixture Filing, dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time. 
 “Net Operating Income” shall mean, with respect to any period of time, the amount
obtained by subtracting Operating Expenses from Operating Income, as such amount may be adjusted by Lender in its good faith discretion based on Lender’s underwriting standards, including without limitation, adjustments for vacancy allowance.

 “Net Proceeds” shall have the meaning set forth in Section 8.4(b) hereof. 

“Net Proceeds Deficiency” shall have the meaning set forth in Section 8.4(b)(vi) hereof. 

 

 -8- 

 “Non-Certified Coverage” shall mean Terrorism Coverage, which such
coverage (i) is not limited by TRIA or such other applicable laws, rules, or regulations, and (ii) shall cover both foreign or domestic Acts of Terror. 

“Note” shall mean that certain promissory note of even date herewith in the principal amount of $190,687,500.00,
made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note Rate” shall mean (a) from the date hereof through but not including the Anticipated Prepayment Date,
an interest rate equal to five and five hundred forty-seven thousand eight hundred fifty-one millionths percent (5.547851 %) per annum (the “Initial Note Rate”), and (b) from the Anticipated Prepayment Date through and
including the date the Debt is paid in full, an interest rate per annum equal to the sum of (i) the Initial Note Rate plus (ii) five percent (5%) (the “Revised Note Rate”). 

“OFAC” shall have the meaning set forth in Section 4.38 hereof. 

“Offering Document Date” shall have the meaning set forth in Section 5.11(c)(i)(D) hereof. 

“Operating Expenses” shall mean, with respect to any period of time, the total of all expenses actually paid or
payable, computed in accordance with GAAP, of whatever kind relating to the operation, maintenance and management of the Property, including, without limitation, utilities, ordinary repairs and maintenance, Insurance Premiums, license fees, Taxes
and Other Charges, advertising expenses, payroll and related taxes, computer processing charges, management fees equal to the greater of 4% of the Operating Income and the management fees actually payable under the Management Agreement for such
period of time, operational equipment or other lease payments as approved by Lender, normalized capital expenditures equal to $213,099 per annum, normalized tenant improvement costs equal to $455,499 per annum and normalized leasing commissions
equal to $482,647 per annum, but specifically excluding depreciation and amortization, income taxes, Debt Service, any incentive fees due under the Management Agreement, any item of expense that in accordance with GAAP should be capitalized, any
item of expense that would otherwise be covered by the provisions hereof but which is paid by any Tenant under such Tenant’s Lease or other agreement, and deposits into the Reserve Accounts. 

“Operating Income” shall mean, with respect to any period of time, all income, computed in accordance with GAAP,
derived from the ownership and operation of the Property from whatever source, including, without limitation, Rents, utility charges, escalations, forfeited security deposits, interest on credit accounts, service fees or charges, license fees,
parking fees, rent concessions or credits, and other required pass-throughs but specifically excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds and
uncollectible accounts, sales of furniture, fixtures and equipment, interest income from any source other than the escrow accounts, Reserve Accounts or other accounts required pursuant to the Loan Documents, Insurance Proceeds (other than business
interruption or other loss of income insurance), Awards, percentage rents, unforfeited security deposits, utility and other similar deposits, income from tenants not paying rent, income from tenants in bankruptcy, non-recurring or extraordinary
income, including, without limitation lease termination payments, and any disbursements to Borrower from the Reserve Funds. 
  

 -9- 

 “Other Charges” shall mean all ground rents, maintenance charges,
impositions other than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the
Property or any part thereof. 
 “Participations” shall have the meaning set forth in Section 13.1
hereof. 
 “Patriot Act” shall have the meaning set forth in Section 4.38 hereof. 

“Permitted Encumbrances” shall mean collectively, (a) the Lien and security interests created by the Loan
Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent, and (d) such other title and survey
exceptions as Lender has approved or may approve in writing in Lender’s sole discretion. 
 “Permitted
Investments” shall mean to the extent available from Lender or Lender’s servicer for deposits in the Reserve Accounts and the Lockbox Account, any one or more of the following obligations or securities acquired at a purchase price
of not greater than par, including those issued by a servicer of the Loan, the trustee under any securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to
the date on which the funds used to acquire such investment are required to be used under this Agreement and meeting one of the appropriate standards set forth below: 

(a) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any
agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the
Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed
participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the
investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) be rated “AAA” or the equivalent by each of the Rating Agencies, (iii) if rated by
S&P, must not have an “r” highlighter affixed to their rating, (iv) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (v) such investments must not be subject to liquidation prior to their maturity; 

(b) Federal Housing Administration debentures; 

(c) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt
obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and
the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this 
  

 -10- 

 
clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed
to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such
investments must not be subject to liquidation prior to their maturity; 
 (d) federal funds, unsecured
certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category
by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would
not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest,
such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 

(e) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or
bankers’ acceptances with maturities of not more than 365 days and issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating
category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment
would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest,
such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 

(f) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of
the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied
to a single 
  

 -11- 

 
interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity;

 (g) commercial paper (including both non-interest-bearing discount obligations and interest-bearing
obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies,
rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher,
then current ratings assigned to the Securities) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that
cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate
index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 

(h) units of taxable money market funds, with maturities of not more than 365 days and which funds are regulated
investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of
the initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 
 (i)
any other security, obligation or investment which has been approved as a Permitted Investment in writing by (i) Lender and (ii) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation
or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 

provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a
right to receive only interest payments, (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of one hundred twenty percent
(120%) of the yield to maturity at par of such underlying investment or (C) such obligation or security has a remaining term to maturity in excess of one (1) year. 

“Permitted Transferee” shall mean any of the following entities: 

(i) a pension fund, pension trust or pension account that immediately prior to such transfer has total real estate assets
with a market value of at least $600,000,000; 
  

 -12- 

 (ii) a pension fund advisor who (a) immediately prior to such transfer
controls, directly and/or indirectly, at least $600,000,000 of real estate assets (exclusive of the Property), and (b) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (i) of this
definition; 
 (iii) an insurance company which is subject to supervision by the insurance commissioner, or a
similar official or agency, of a state or territory of the United States (including the District of Columbia) (i) with a net worth, determined as of a date no more than six (6) months prior to the date of the transfer, of at least
$600,000,000, and (ii) who, immediately prior to such transfer, controls, directly and/or indirectly, real estate assets of at least $600,000,000 (exclusive of the Property); 

(iv) an association organized under the banking laws of the United States or any state or territory of the United States
(including the District of Columbia) (i) with a combined capital and surplus of at least $600,000,000, and (ii) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $600,000,000
(exclusive of the Property); or 
 (v) any entity (a) (x) with an “investment grade rating”
from each of the Rating Agencies or (y) who owns and operates at least 10 first-class office buildings totaling at least five million square feet in major metropolitan markets (exclusive of the Property), (b) who has a net worth,
determined as of a date no more than six (6) months prior to the date of such transfer, of at least $600,000,000 (exclusive of the Property) and (c) who, immediately prior to such transfer, controls, directly and/or indirectly, real estate
assets with a total market value of at least $600,000,000 (exclusive of the Property). 
 “Person” shall
mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary
acting in such capacity on behalf of any of the foregoing. 
 “Personal Property” shall have the meaning
set forth in the granting clause of the Mortgage. 
 “Policies” shall have the meaning set forth in
Section 8.1 hereof. 
 “Prohibited Transfer” shall have the meaning set forth in Section 7.2
hereof. 
 “Property” shall mean the parcel of real property, the Improvements thereon and all Personal
Property owned by Borrower and encumbered by the Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clause of the Mortgage and referred to therein as the
“Property”. 
 “Property Condition Report” shall mean a report prepared by a company
satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion. 
  

 -13- 

 “Provided Information” shall have the meaning set forth in
Section 13.4(a) hereof. 
 “Qualified Manager” shall mean Manager or a reputable and experienced
professional management organization, in each case, (a) which manages, together with its affiliates, at least ten (10) first class office buildings totaling at least 3,500,000 square feet of gross leasable area, exclusive of the Property
and (b) approved by Lender, which approval shall not have been unreasonably withheld and for which Lender shall have received (i) written confirmation from the Rating Agencies that the employment of such manager will not result in a
downgrade, withdrawal or qualification of the initial, or if higher, then current ratings issued in connection with a Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization, and
(ii) with respect to any Affiliated Manager, a revised substantive non- consolidation opinion if one was delivered in connection with the closing of the Loan. 

“Rating Agencies” shall mean each of S&P, Moody’s and Fitch, or any other nationally-recognized
statistical rating agency which has been approved by Lender. 
 “REA” shall mean any construction,
operation and reciprocal easement agreement or similar agreement (including any separate agreement or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting the Property or portion thereof.

 “Release” shall have the meaning set forth in Section 12.5 hereof. 

“REMIC Prohibition Period” shall have the meaning set forth in Section 2.4(b)(iv) hereof. 

“REMIC Trust” shall mean a “real estate mortgage investment conduit” (within the meaning of
Section 860D, or applicable successor provisions, of the Code) that holds the Note. 
 “Rent Roll”
shall have the meaning set forth in Section 4.25 hereof. 
 “Rents” shall have the meaning set
forth in the Mortgage. 
 “Replacement Reserve Account” shall have the meaning set forth in
Section 9.2(b) hereof. 
 “Replacement Reserve Funds” shall have the meaning set forth in
Section 9.2(b) hereof. 
 “Replacement Reserve Monthly Deposit” shall have the meaning set forth in
Section 9.2(b) hereof. 
 “Replacements” shall have the meaning set forth in Section 9.2(a)
hereof. 
 “Required Work” shall have the meaning set forth in Section 9.4 hereof. 

“Reserve Accounts” shall mean the Tax and Insurance Reserve Account, the Replacement Reserve Account, Leasing
Reserve Account, or any other escrow account established by the Loan Documents. 
  

 -14- 

 “Reserve Funds” shall mean the Tax and Insurance Reserve Funds, the
Replacement Reserve Funds, Leasing Reserve Funds, or any other escrow funds established by the Loan Documents. 

“Restoration” shall mean, following the occurrence of a Casualty or a Condemnation which is of a type
necessitating the repair of the Property, the completion of the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be
reasonably approved by Lender. 
 “Restoration Consultant” shall have the meaning set forth in
Section 8.4(b)(iii) hereof. 
 “Restoration Retainage” shall have the meaning set forth in
Section 8.4(b)(iv) hereof. 
 “Restricted Party” shall have the meaning set forth in
Section 7.1 hereof. 
 “Revised Note Rate” shall have the meaning set forth in the definition of
“Note Rate” hereunder. 
 “Sale or Pledge” shall have the meaning set forth in
Section 7.1 hereof. 
 “Scheduled Payment Date” shall have the meaning set forth in
Section 2.2(b) hereof. 
 “Securities” shall have the meaning set forth in Section 13.1
hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Securities Liabilities” shall have the meaning set forth in Section 13.5 hereof. 

“Securitization” shall have the meaning set forth in Section 13.1 hereof. 

“Special Member” shall have the meaning set forth in Section 6.1(c). 

“Standard Statements” shall have the meaning set forth in Section 5.11(c)(i)(A) hereof. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. 
 “State” shall mean the state in which the Property or any part thereof is located. 

“Substitute Lease” shall mean a triple net lease for the entire Property entered into by Borrower, with the prior
written consent of Lender, with a Substitute Tenant. 
 “Substitute Tenant” shall mean a tenant of
similar creditworthiness to FFIC and otherwise acceptable to Lender. 
  

 -15- 

 “Successor Borrower” shall have the meaning set forth in
Section 2.4(b)(iii) hereof. 
 “Tax and Insurance Reserve Funds” shall have the meaning set forth
in Section 9.6 hereof. 
 “Tax and Insurance Reserve Account” shall have the meaning set forth in
Section 9.6 hereof. 
 “Taxes” shall mean all real estate and personal property taxes, assessments,
water rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof. 

“Tenant” shall mean any Person leasing, subleasing or otherwise occupying any portion of the Property under a
Lease or other occupancy agreement with Borrower. 
 “Tenant Direction Letter” shall have the meaning
set forth in Section 10.2(a)(i) hereof. 
 “Termination Fee Deposit” shall have the meaning set
forth in Section 9.3(b). 
 “Title Insurance Policy” shall mean that certain ALTA mortgagee title
insurance policy issued with respect to the Property and insuring the lien of the Mortgage. 

“Transferee” shall have the meaning set forth in Section 7.5 hereof. 

“TRIA” shall mean the Terrorism Risk Insurance Act of 2002, as the same may be extended from time to time.

 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as
in effect in the State where the applicable Property is located. 
 “Underwriter Group” shall have the
meaning set forth in Section 13.5(b) hereof. 
 Section 1.2. Principles of Construction. 

All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of
the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to
both the singular and plural forms of the terms so defined. 
  

 -16- 

 ARTICLE 2 

GENERAL TERMS 

Section 2.1. Loan Commitment; Disbursement to Borrower. 

(a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the
Loan on the Closing Date. 
 (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount
borrowed and repaid in respect of the Loan may not be reborrowed. 
 (c) The Loan shall be evidenced by the Note and secured by
the Mortgage and the other Loan Documents. 
 (d) Borrower shall use the proceeds of the Loan to (i) pay certain costs in
connection with the financing of the Property, (ii) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein, if any, (iii) pay costs and expenses incurred in connection with the closing of the Loan, as
approved by Lender, (iv) fund any working capital requirements of the Property, and (v) distribute the balance, if any, to its members. 

Section 2.2. Loan Payments. 

(a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate
produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. 

(b) Borrower hereby agrees to pay sums due under the Note as follows: An initial payment of $793,429.29 is due on the Closing Date for
interest from the Closing Date through and including the last day of the month in which the Closing Date occurs. Thereafter, except as may be adjusted in accordance with the last sentence of Section 2.2(c), consecutive monthly installments of
principal and interest in an amount equal $1,111,000.97 shall be payable pursuant to the terms of Section 2.2(d) (the “Monthly Payment Amount”) on the first (1st) day of each month beginning on October 1, 2005 (each a
“Scheduled Payment Date”) until the entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on the Maturity Date. 

(c) The Monthly Payment Amount shall mean the amount of interest and principal which would be due in order to fully amortize the
principal amount of the Loan, over an amortization term of 28.5 years assuming an annual interest rate equal to the Note Rate, computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty
(30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the purpose of
determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall accrue on the outstanding principal amount of the Loan as provided in Section 2.2(a) above. Borrower understands and acknowledges that such interest
accrual requirement results in more interest accruing on the Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to
compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth 

 

 -17- 

 
above. Following any partial prepayment occurring solely as a result of the application of Insurance Proceeds or Awards pursuant to the terms of this Agreement, Lender may, in its sole and
absolute discretion, adjust the Monthly Payment Amount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity
Date. 
 (d) Each payment by Borrower hereunder or under the Note shall be payable at P.O. Box 65585, Charlotte, North Carolina
28265-0585, or by wire transfer to Bank of America, N.A., ABA #111000025, Account #4782779943 for credit to CMSG, Loan #59227, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to
Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first
Business Day preceding such scheduled due date. 
 (e) Prior to the occurrence of an Event of Default, all monthly payments made
as scheduled under this Agreement and the Note prior to the Anticipated Prepayment Date shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All
voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the
Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence and during the continuance of an
Event of Default, any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid to Lender in connection with the Loan, in such
manner and order as Lender may elect in its sole and absolute discretion. 
 (f) All payments made by Borrower hereunder or
under the Note or the other Loan Documents shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims. 

(g) From and after the Anticipated Prepayment Date, interest in excess of the Initial Note Rate shall accrue and be added to the Debt and
shall earn interest at the Revised Note Rate to the extent permitted by applicable law (“Accrued Interest”). All of the unpaid principal balance of the Note, including, without limitation, any Accrued Interest, shall be due and
payable on the Maturity Date. 
 (h) Provided no Event of Default has occurred, from and after the Anticipated Prepayment Date
(i) each Monthly Payment Amount made as scheduled herein shall be applied first to the payment of interest computed at the Initial Note Rate, and the balance toward the reduction of the principal amount of the Note, and (ii) each payment
of Excess Cash made as required herein shall be applied first to the reduction of the principal amount of the Note until paid in full, and the balance to Accrued Interest until paid in full. 

(i) Nothing in this Article 2 shall limit, reduce or otherwise affect Borrower’s obligations to make payments of the Monthly
Payment Amount, payments to the Reserve Accounts and payments of other amounts due hereunder and under the other Loan Documents, whether or not Rents are available to make such payments. 

 

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 Section 2.3. Late Payment Charge. 

If any principal or interest payment is not paid by Borrower on or before the date after the same is due, Borrower shall pay to Lender
upon demand an amount equal to the lesser of four percent (4%) of such unpaid sum or the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to
compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the other Loan Documents to the extent permitted by applicable law. 

Section 2.4. Prepayment; Defeasance. 

Except as otherwise expressly permitted by this Section 2.4 no voluntary prepayments, whether in whole or in part, of the Loan or
any other amount at any time due and owing under the Note can be made by Borrower or any other Person without the express written consent of Lender. 

(a) Lockout Period. Borrower has no right to make, and Lender shall have no obligation to accept, any voluntary prepayment,
whether in whole or in part, of the Loan during the Lockout Period. Notwithstanding the foregoing, if either (i) Lender, in its sole and absolute discretion, accepts a full or partial voluntary prepayment during the Lockout Period or
(ii) there is an involuntary prepayment during the Lockout Period, then, in either case, Borrower shall, in addition to any portion of the Loan prepaid (together with all interest accrued and unpaid thereon), pay to Lender a prepayment premium
in an amount calculated in accordance with Section 2.4(c) hereof. 
 (b) Defeasance. 

(i) Notwithstanding any provisions of this Section 2.4 to the contrary, including, without limitation, subsection
(a) of this Section 2.4, at any time prior to the Anticipated Prepayment Date, other than during a REMIC Prohibition Period, Borrower may cause the release of the Property from the lien of the Mortgage and the other Loan Documents upon the
satisfaction of the following conditions: 
 (A) no default shall exist under any of the Loan Documents;

 (B) not less than sixty (60) (but not more than ninety (90)) days prior written notice shall be
given to Lender specifying a date on which the Defeasance Collateral (as hereinafter defined) is to be delivered (the “Release Date”), such date being on a Scheduled Payment Date; provided, however, that Borrower shall have the right
(i) to cancel such notice by providing Lender with notice of cancellation ten (10) days prior to the scheduled Release Date, or (ii) to extend the scheduled Release Date until the next Scheduled Payment Date; provided that in each
case, Borrower shall pay all of Lender’s costs and expenses incurred as a result of such cancellation or extension; 

(C) all accrued and unpaid interest and all other sums due under the Note, this Agreement and under the other Loan
Documents up to the Release Date, including, without limitation, all fees, costs and expenses incurred by Lender and its agents in connection with such release (including, without limitation, legal fees and expenses for the review and preparation of
the 
  

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Defeasance Security Agreement (as hereinafter defined) and of the other materials described in Section 2.4(b)(i)(D) below and any related documentation, and any servicing fees, Rating Agency
fees or other costs related to such release), shall be paid in full on or prior to the Release Date; 
 (D)
Borrower shall deliver to Lender on or prior to the Release Date: 
 (1) a pledge and security agreement, in
form and substance satisfactory to a prudent lender, creating a first priority security interest in favor of Lender in the Defeasance Collateral, as defined herein (the “Defeasance Security Agreement”), which shall provide, among other
things, that any excess amounts received by Lender from the Defeasance Collateral over the amounts payable by Borrower on a given Scheduled Payment Date, which excess amounts are not required to cover all or any portion of amounts payable on a
future Scheduled Payment Date, shall be refunded to Borrower promptly after each such Scheduled Payment Date; 

(2) direct non-callable obligations of the United States of America or other obligations which are “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, to the extent the applicable Rating Agencies rating the Securities have confirmed in writing will not cause a downgrade, withdrawal or qualification
of the initial, or, if higher, then applicable ratings of the Securities, that provide for payments prior and as close as possible to (but in no event later than) all successive Scheduled Payment Dates occurring after the Release Date, with each
such payment being equal to or greater than the amount of the corresponding Monthly Payment Amount required to be paid under this Agreement and the Note (including all amounts due on the Maturity Date) for the balance of the term hereof (the
“Defeasance Collateral”), each of which shall be duly endorsed by the holder thereof as directed by Lender or accompanied by a written instrument of transfer in form and substance wholly satisfactory to Lender in its sole discretion
(including, without limitation, such certificates, documents and instruments as may be required by the depository institution holding such securities or the issuer thereof, as the case may be, to effectuate book- entry transfers and pledges through
the book-entry facilities of such institution) in order to perfect upon the delivery of the Defeasance Security Agreement the first priority security interest therein in favor of Lender in conformity with all applicable state and federal laws
governing granting of such security interests; 
 (3) a certificate of Borrower certifying that all of the
requirements set forth in this Section 2.4(b)(i) have been satisfied; 
 (4) one or more opinions of
counsel for Borrower in form and substance and delivered by counsel which would be satisfactory to a prudent lender stating, among other things, that (i) Lender has a perfected first priority security interest in the Defeasance Collateral

  

 -20- 

 
and that the Defeasance Security Agreement is enforceable against Borrower in accordance with its terms, (ii) in the event of a bankruptcy proceeding or similar occurrence with respect to
Borrower, none of the Defeasance Collateral nor any proceeds thereof will be property of Borrower’s estate under Section 541 of the U.S. Bankruptcy Code or any similar statute and the grant of security interest therein to Lender shall not
constitute an avoidable preference under Section 547 of the U.S. Bankruptcy Code or applicable state law, (iii) the release of the lien of the Mortgage and the pledge of Defeasance Collateral will not directly or indirectly result in or
cause any REMIC Trust that then holds the Note to fail to maintain its status as a REMIC Trust and (iv) the defeasance will not cause any REMIC Trust to be an “investment company” under the Investment Company Act of 1940; 

(5) a certificate in form and scope reasonably acceptable to Lender from an Acceptable Accountant certifying that the
Defeasance Collateral will generate amounts sufficient to make all payments of principal and interest due under the Note (including the scheduled outstanding principal balance of the Loan due on the Maturity Date); and 

(6) such other certificates, documents and instruments as Lender may in its sole discretion require; and 

(E) in the event the Loan is held by a REMIC Trust, Lender has received written confirmation from any Rating Agency rating
any Securities that substitution of the Defeasance Collateral will not result in a downgrade, withdrawal, or qualification of the ratings then assigned to any of the Securities. 

(ii) Upon compliance with the requirements of Section 2.4(b)(i), the Property shall be released from the lien of the
Mortgage and the other Loan Documents, and the Defeasance Collateral shall constitute collateral which shall secure the Note and all other obligations under the Loan Documents. Lender will, at Borrower’s expense, execute and deliver any
agreements reasonably requested by Borrower to release the lien of the Mortgage and the other Loan Documents from the Property. 

(iii) Upon the release of the Property in accordance with this Section 2.4(b), Borrower shall (at Lender’s sole
and absolute discretion) assign all its obligations and rights under the Note, together with the pledged Defeasance Collateral, to a successor entity designated by Borrower and approved by Lender in its reasonable discretion (“Successor
Borrower”). Successor Borrower shall execute an assignment and assumption agreement in form and substance satisfactory to Lender in its sole and absolute discretion pursuant to which it shall assume Borrower’s obligations under the Note
and the Defeasance Security Agreement. As conditions to such assignment and assumption, Borrower shall (A) deliver to Lender one or more opinions of counsel in form and substance and delivered by counsel which would be satisfactory to a prudent
Lender stating, among other things, that such assignment and assumption agreement is enforceable against Borrower and the Successor Borrower in accordance with its terms and that the Note, the Defeasance Security Agreement and

  

 -21- 

 
the other Loan Documents, as so assigned and assumed, are enforceable against the Successor Borrower in accordance with their respective terms, and opining to such other matters relating to
Successor Borrower and its organizational structure as Lender may reasonably require, and (B) pay all fees, costs and expenses incurred by Lender or its agents in connection with such assignment and assumption (including, without limitation,
legal fees and expenses and for the review of the proposed transferee and the preparation of the assignment and assumption agreement and related certificates, documents and instruments and any fees payable to any Rating Agencies and their counsel in
connection with the issuance of the confirmation referred to in subsection (b)(i)(E) above). Upon such assignment and assumption, Borrower shall be relieved of its obligations hereunder, under the Note, under the other Loan Documents and under the
Defeasance Security Agreement, except as expressly set forth in the assignment and assumption agreement. 
 (iv)
For purposes of this Section 2.4, “REMIC Prohibition Period” means the earlier to occur of (A) two-year period commencing with the “startup day” within the meaning of Section 860G(a)(9) of the Code of any REMIC
Trust that holds the Note and (B) the period commencing on the date hereof and ending on the date which is three (3) years after the first Scheduled Payment Date following the date hereof. In no event shall Lender have any obligation to
notify Borrower that a REMIC Prohibition Period is in effect with respect to the Loan, except that Lender shall notify Borrower if any REMIC Prohibition Period is in effect with respect to the Loan after receiving any notice described in
Section 2.4(b)(i)(B); provided, however, that the failure of Lender to so notify Borrower shall not impose any liability on Lender or grant Borrower any right to defease the Loan during any such REMIC Prohibition Period. 

(c) Involuntary Prepayment During the Lockout Period. During the Lockout Period, in the event of any involuntary prepayment of the
Loan or any other amount under the Note, whether in whole or in part, in connection with or following Lender’s acceleration of the Note or otherwise, and whether the Mortgage is satisfied or released by foreclosure (whether by power of sale or
judicial proceeding), deed in lieu of foreclosure or by any other means, including, without limitation, repayment of the Loan by Borrower or any other Person pursuant to any statutory or common law right of redemption, Borrower shall, in addition to
any portion of the principal balance of the Loan prepaid (together with all interest accrued and unpaid thereon and in the event the prepayment is made on a date other than a Scheduled Payment Date, a sum equal to the amount of interest which would
have accrued under the Note on the amount of such prepayment if such prepayment had occurred on the next Scheduled Payment Date), pay to Lender a prepayment premium in an amount calculated in accordance with this Section 2.4(c). Such prepayment
premium shall be in an amount equal to the greater of: 
 (i) 1% of the portion of the Loan being prepaid; or

 (ii) the product obtained by multiplying: 

(A) the portion of the Loan being prepaid, times; 

(B) the difference obtained by subtracting (I) the Yield Rate from (II) the Note Rate, times; 

 

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 (C) the present value factor calculated using the following formula:

  

			
	 1-(1+r)-n
	 	
	r	 	
	r =	 	Yield Rate
	n =	 	 the number of years and any fraction

thereof, remaining between the date the

prepayment is made and the Maturity Date
 of the
Note.

 As used herein, “Yield Rate” means the yield rate for the 4.125% U.S. Treasury Security due
May 15, 2015, as reported in The Wall Street Journal on the fifth Business Day preceding the Prepayment Calculation Date. If the Yield Rate is not published for the such U.S. Treasury Security, then the “Yield Rate” shall mean the
yield rate for the nearest equivalent U.S. Treasury Security (as selected at Lender’s sole and absolute discretion) as reported in The Wall Street Journal on the fifth Business Day preceding the Prepayment Calculation Date. If the publication
of such Yield Rate in The Wall Street Journal is discontinued, Lender shall determine such Yield Rate from another source selected by Lender in Lender’s sole and absolute discretion. The “Prepayment Calculation Date” shall mean, as
applicable, the date on which (i) Lender applies any partial prepayment to the reduction of the outstanding principal amount the Note, in the case of a voluntary partial prepayment which is accepted by Lender, (ii) Lender accelerates the
Loan, in the case of a prepayment resulting from acceleration, or (iii) Lender applies funds held under any Reserve Account, in the case of a prepayment resulting from such an application (other than in connection with acceleration of the
Loan). 
 (d) Insurance and Condemnation Proceeds; Excess Interest. Notwithstanding any other provision herein to the
contrary, and provided no Event of Default exists, Borrower shall not be required to pay any prepayment premium in connection with any prepayment occurring solely as a result of (i) the application of Insurance Proceeds or Condemnation Proceeds
pursuant to the terms of the Loan Documents, or (ii) the application of any interest in excess of the maximum rate permitted by applicable law to the reduction of the Loan. 

(e) After the Anticipated Prepayment Date, (x) prepayment of the Debt shall be permitted in whole or in part at any time without
payment of any penalty or premium; provided that any prepayment that occurs on a date that is not a Scheduled Payment Date shall also include interest due through the end of the related monthly interest period on the portion prepaid and (y) all
excess amounts remaining on deposit in the Cash Management Account after the payment of items (i) through and including (viii) of Section 10.2 hereof shall be applied to prepay the outstanding Debt without payment of any penalty or
premium. 
 Section 2.5. Payments after Default. 

Upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the Loan and, to
the extent permitted by law, overdue interest and other amounts due in respect of the Loan, (a) shall accrue at the Default Rate, and (b) Lender shall be entitled to receive and Borrower shall pay to Lender all cash flow from the Property
in accordance with the terms of the Cash Management Agreement, 
  

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such amount to be applied by Lender to the payment of the Debt in such order as Lender shall determine in its sole discretion, including, without limitation, alternating applications thereof
between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the earlier of (i) the actual receipt and collection of the Debt (or that portion thereof that is then due) and
(ii) the cure of such Event of Default. To the extent permitted by applicable law, interest at the Default Rate shall be added to the Debt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Mortgage. This
paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default; the acceptance of any
payment from Borrower shall not be deemed to cure or constitute a waiver of any Event of Default; and Lender retains its rights under this Agreement to accelerate and to continue to demand payment of the Debt upon the happening of and during the
continuance any Event of Default, despite any payment by Borrower to Lender. 
 Section 2.6. Usury Savings.

 This Agreement and the Note are subject to the express condition that at no time shall Borrower be obligated or required to
pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Note Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to
the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for
the use, forbearance, or detention of the sums due under the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or
amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

ARTICLE 3 

CONDITIONS PRECEDENT 

The obligation of Lender to make the Loan hereunder is subject to the fulfillment by Borrower or waiver by Lender of the following
conditions precedent no later than the Closing Date. 
 Section 3.1. Representations and Warranties; Compliance with
Conditions. 
 The representations and warranties of Borrower contained in this Agreement and the other Loan Documents
shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of such date, and Lender shall have determined that no Default or an Event of Default shall have occurred and be continuing
nor will any Default or Event of Default occur immediately following the Closing Date; and Borrower shall be in compliance in all material respects with all terms and conditions set forth in this Agreement and in each other Loan Document on its part
to be observed or performed. 
  

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 Section 3.2. Delivery of Loan Documents; Title Insurance; Reports;
Leases. 
 (a) Mortgage, Loan Agreement and Note. Lender shall have received from Borrower a fully executed and
acknowledged counterpart of the Mortgage and evidence that counterparts of the Mortgage and Uniform Commercial Code financing statements have been delivered to the title company for recording, in the reasonable judgment of Lender, so as to
effectively create upon such recording valid and enforceable Liens upon the Property, of the requisite priority, in favor of Lender (or such other trustee as may be required or desired under local law), subject only to the Permitted Encumbrances and
such other Liens as are permitted pursuant to the Loan Documents. Lender shall have also received from Borrower fully executed counterparts of the Environmental Indemnity, this Agreement, the Note and Assignment of Management Agreement, if
applicable, and all other Loan Documents. 
 (b) Title Insurance. Lender shall have received a Title Insurance Policy
issued by a title company acceptable to Lender and dated as of the Closing Date, with reinsurance and direct access agreements acceptable to Lender. Such Title Insurance Policy shall (i) provide coverage in the amount of the Loan,
(ii) insure Lender that the Mortgage creates a valid lien on the Property of the requisite priority, free and clear of all exceptions from coverage other than Permitted Encumbrances and standard exceptions and exclusions from coverage (as
modified by the terms of any endorsements), (iii) contain such endorsements and affirmative coverages as Lender may reasonably request, to the extent available in the State, and (iv) name Lender as the insured. The Title Insurance Policy
shall be assignable. Lender also shall have received evidence that all premiums in respect of such Title Insurance Policy have been paid. 

(c) Survey. Lender shall have received a current title survey for the Property, certified to the title company and Lender and
their successors and assigns, in form and content reasonably satisfactory to Lender and prepared by a professional and properly licensed land surveyor satisfactory to Lender and licensed to practice surveying in the State and prepared in accordance
with the 1999 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys. The survey shall meet the classification of an “Urban Survey” and the following additional items from the list of “Optional Survey Responsibilities
and Specifications” (Table A) should be added to each survey: 2, 3, 4, 6, 7(a), 7(b)(i), 8, 9, 10, 11(a) (as to utilities and surface matters only) and 13 (and other Table A items as Lender may reasonably require). Such survey shall reflect the
same legal description contained in the Title Insurance Policy referred to in subsection (b) above and shall include, among other things, a metes and bounds description of the real property comprising part of the Property reasonably
satisfactory to Lender. The surveyor’s seal shall be affixed to the survey and the surveyor shall provide a certification for each survey in form and substance acceptable to Lender. 

(d) Insurance. To the extent that FFIC is not self- insuring pursuant to the terms of the FFIC Lease, Lender shall have received
copies of the Policies required hereunder, reasonably satisfactory to Lender, and evidence of the payment of all Insurance Premiums payable for the existing policy period. 

(e) Environmental Reports. Lender shall have received an Environmental Report in respect of the Property satisfactory to Lender.

  

 -25- 

 (f) Zoning/Building Code. Lender shall have received evidence of compliance with
zoning and building ordinances and codes, including, without limitation, required certificates of occupancy, reasonably acceptable to Lender. 

(g) Encumbrances. Borrower shall have taken or caused to be taken such actions in such a manner so that Lender has a valid and
perfected first Lien as of the Closing Date on the Property, subject only to applicable Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents, and Lender shall have received satisfactory evidence thereof.

 (h) Lien Searches. Borrower shall have delivered to Lender certified search results pertaining to the Borrower,
Borrower Principal and such other Persons or the sole member of Borrower as reasonably required by Lender for state and federal tax liens, bankruptcy, judgment, litigation and state and local UCC filings 

Section 3.3. Related Documents. 

Each additional document not specifically referenced herein, but relating to the transactions contemplated herein, shall have been duly
authorized, executed and delivered by all parties thereto and, at Lender’s written request, Lender shall have received and approved certified copies thereof. 

Section 3.4. Organizational Documents. 

On or before the Closing Date, Borrower shall deliver or cause to be delivered to Lender (a) copies certified by Borrower of all
organizational documentation related to Borrower, the sole member of Borrower and Borrower Principal which must be reasonably acceptable to Lender and (b) such other evidence of the formation, structure, existence, good standing and/or
qualification to do business of the Borrower, the sole member of Borrower and Borrower Principal, as Lender may reasonably request, including, without limitation, good standing or existence certificates, qualifications to do business in the
appropriate jurisdictions, resolutions authorizing the entering into of the Loan and incumbency certificates as may be requested by Lender. 

Section 3.5. Opinions of Borrower’s Counsel. 

Lender shall have received opinions of Borrower’s counsel (a) with respect to non-consolidation issues, (b) with respect
to Delaware single member limited liability companies, and (c) with respect to due execution, authority, enforceability of the Loan Documents and such other matters as Lender may require, all such opinions in form, scope and substance
reasonably satisfactory to Lender and Lender’s counsel. 
 Section 3.6. Annual Budget. 

Borrower shall have delivered, and Lender shall have approved, the Annual Budget for the current fiscal year, a copy of which is attached
as Exhibit A hereto. 
 Section 3.7. Taxes and Other Charges. 

Borrower shall have paid all Taxes and Other Charges (including any in arrears) (except such as are being contested in good faith and
pursuant to the terms and provisions hereof) relating to the Property, which amounts may be funded with proceeds of the Loan. 
  

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 Section 3.8. Completion of Proceedings. 

All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Agreement and other
Loan Documents and all documents incidental thereto shall be reasonably satisfactory in form and substance to Lender, and Lender shall have received all such counterpart originals or certified copies of such documents as Lender may reasonably
request. 
 Section 3.9. Payments. 

All payments, deposits or escrows required to be made or established by Borrower under this Agreement, the Note and the other Loan
Documents on or before the Closing Date shall have been paid. 
 Section 3.10. Transaction Costs. 

Except as otherwise expressly provided herein, Borrower shall have paid or reimbursed Lender for all out of pocket expenses in connection
with the underwriting, negotiation, Securitization (subject to the limitation in Section 13.4 hereof) and closing of the Loan, including title insurance premiums and other title company charges; recording, registration, filing and similar fees,
taxes and charges; transfer, mortgage, deed, stamp or documentary taxes or similar fees or charges; costs of third-party reports, including without limitation, environmental studies, credit reports, seismic reports, engineer’s reports,
appraisals and surveys; underwriting and origination expenses; Securitization expenses (subject to the limitation in Section 13.4 hereof); and all actual, reasonable legal fees and expenses charged by counsel to Lender. 

Section 3.11. No Material Adverse Change. 

There shall have been no material adverse change in the financial condition or business condition of the Property, Borrower, Borrower
Principal, the sole member of Borrower, Manager or any other person or party contributing to the operating income and operations of the Property since the date of the most recent financial statements and/or other information delivered to Lender. The
income and expenses of the Property, the occupancy and leases thereof, and all other features of the transaction shall be as represented to Lender without material adverse change. Neither Borrower nor Borrower Principal, the sole member of Borrower
or Affiliated Manager shall be the subject of any bankruptcy, reorganization, or insolvency proceeding. 
 Section 3.12.
Leases and Rent Roll. 
 Lender shall have received copies of all Leases affecting the Property, including, without
limitation, the FFIC Lease, which shall be reasonably satisfactory in form and substance to Lender. Lender shall have received a current certified rent roll of the Property, reasonably satisfactory in form and substance to Lender. 

 

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 Section 3.13. Tenant Estoppels. 

Borrower shall have delivered to Lender an executed tenant estoppel letter, which shall be in form and substance previously submitted to
and approved by Lender, from FFIC for the FFIC Lease which reflects that the annual base rent shall be $18,816,633.00 as set forth in the FFIC Lease. 

Section 3.14. REA Estoppels. 

If there are any material REAs affecting the Property, Borrower shall have delivered to Lender an executed REA estoppel letter, which
shall be in form and substance satisfactory to Lender, from each party to any REA for the Property. With respect to any non-material REAs, Borrower shall use commercially reasonable efforts to deliver to Lender REA estoppel letters as soon as
practical. 
 Section 3.15. Subordination and Attornment. 

Borrower shall have delivered to Lender an executed subordination, non- disturbance and attornment agreement from FFIC in the form
required under the FFIC Lease. 
 Section 3.16. Tax Lot. 

Lender shall have received evidence that the Property constitutes one (1) or more separate tax lots, which evidence shall be
reasonably satisfactory in form and substance to Lender. 
 Section 3.17. Property Condition and Seismic
Reports. 
 Lender shall have received a Property Condition Report and a seismic report, if applicable, with respect to
the Property, both of which reports shall be reasonably satisfactory in form and substance to Lender. 
 Section 3.18.
Management Agreement. 
 Lender shall have received a certified copy of the Management Agreement with respect to the
Property which shall be satisfactory in form and substance to Lender. 
 Section 3.19. Appraisal. 

Lender shall have received an appraisal (FIRREA and USPAP) of the Property, which shall be satisfactory in form and substance to Lender.

 Section 3.20. Financial Statements. 

Lender shall have received financial statements and related information in form and substance satisfactory to Lender. 

Section 3.21. Intentionally Omitted. 
  

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 Section 3.22. Further Documents. 

Lender or its counsel shall have received such other and further approvals, opinions, documents and information as Lender or its counsel
may have reasonably requested including the Loan Documents in form and substance reasonably satisfactory to Lender and its counsel. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

Borrower and, where specifically indicated, Borrower Principal represents and warrants to Lender as of the Closing Date that: 

Section 4.1. Organization. 

Borrower and Borrower Principal (when not an individual) (a) has been duly formed and is validly existing and in good standing with
requisite power and authority to own its properties and to transact the businesses in which it is now engaged, (b) is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in
connection with its properties, businesses and operations, (c) possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is
now engaged, and the sole business of Borrower is the ownership, management and operation of the Property, and (d) in the case of Borrower, has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant,
transfer and convey the Property pursuant to the terms of the Loan Documents, and in the case of Borrower and Borrower Principal, has full power, authority and legal right to keep and observe all of the terms of the Loan Documents to which it is a
party. Borrower and Borrower Principal represent and warrant that the chart attached hereto as Exhibit B sets forth an accurate listing of the direct and indirect owners of the equity interests in Borrower, the sole member of Borrower and
Borrower Principal (when not an individual). 
 Section 4.2. Status of Borrower. 

Borrower’s exact legal name is correctly set forth on the first page of this Agreement, on the Mortgage and on any UCC-1 Financing
Statements filed in connection with the Loan. Borrower is an organization of the type specified on the first page of this Agreement. Borrower is incorporated in or organized under the laws of the state of Delaware. Borrower’s principal place of
business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium of recording, including software, writings, plans, specifications and schematics,
has been for the preceding four months (or, if less, the entire period of the existence of Borrower) the address of Borrower set forth on the first page of this Agreement. Borrower’s organizational identification number, if any, assigned by the
state of incorporation or organization is 3991779. 
 Section 4.3. Validity of Documents. 

Borrower and Borrower Principal have taken all necessary action to authorize the execution, delivery and performance of this Agreement
and the other Loan Documents to which they are parties. This Agreement and such other Loan Documents have been duly 

 

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executed and delivered by or on behalf of Borrower and Borrower Principal and constitute the legal, valid and binding obligations of Borrower and Borrower Principal enforceable against Borrower
and Borrower Principal in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
 Section 4.4. No
Conflicts. 
 The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and
Borrower Principal will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan
Documents) upon any of the property or assets of Borrower or Borrower Principal pursuant to the terms of any agreement or instrument to which Borrower or Borrower Principal is a party or by which any of Borrower’s or Borrower Principal’s
property or assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or Borrower Principal or any of
Borrower’s or Borrower Principal’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Borrower
or Borrower Principal of this Agreement or any of the other Loan Documents has been obtained and is in full force and effect. 

Section 4.5. Litigation. 

There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or, to
Borrower’s or Borrower Principal’s knowledge, threatened against or affecting Borrower, Borrower Principal, Manager or the Property, which actions, suits or proceedings, if determined against Borrower, Borrower Principal, Manager or the
Property, would materially adversely affect the condition (financial or otherwise) or business of Borrower or Borrower Principal or the condition or ownership of the Property. 

Section 4.6. Agreements. 

Borrower is not a party to any agreement or instrument or subject to any restriction which would materially and adversely affect Borrower
or the Property, or Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property is bound. Borrower has no material financial obligation under any agreement or instrument to which Borrower is a party or by
which Borrower or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Property and (b) obligations under the Loan Documents. 

Section 4.7. Solvency. 

Borrower and Borrower Principal have (a) not entered into the transaction or executed the Note, this Agreement or any other Loan
Documents with the actual intent to 
  

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hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under such Loan Documents. Giving effect to the Loan, the fair saleable
value of the assets of Borrower and Borrower Principal exceeds and will, immediately following the making of the Loan, exceed the total liabilities of Borrower and Borrower Principal, including, without limitation, subordinated, unliquidated,
disputed and contingent liabilities. No petition in bankruptcy has been filed against Borrower, Borrower Principal, the sole member of Borrower or Affiliated Manager in the last ten (10) years, and neither Borrower nor Borrower Principal, the
sole member of Borrower or Affiliated Manager in the last ten (10) years has made an assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws. Neither Borrower nor Borrower Principal, the sole member of Borrower
or Affiliated Manager is contemplating either the filing of a petition by it under any Creditors Rights Laws or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person
contemplating the filing of any such petition against Borrower or Borrower Principal, the sole member of Borrower or Affiliated Manager. 

Section 4.8. Full and Accurate Disclosure. 

No statement of fact made by or on behalf of Borrower or Borrower Principal in this Agreement or in any of the other Loan Documents or in
any other document or certificate delivered by or on behalf of Borrower or Borrower Principal contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not
misleading. There is no material fact presently known to Borrower or Borrower Principal which has not been disclosed to Lender which adversely affects, nor as far as Borrower or Borrower Principal can reasonably foresee, might adversely affect, the
Property or the business, operations or condition (financial or otherwise) of Borrower or Borrower Principal. 

Section 4.9. No Plan Assets. 

Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of
the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning
of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of
ERISA or Section 4975 of the Internal Revenue Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement. 

Section 4.10. Not a Foreign Person. 

Neither Borrower nor Borrower Principal is a foreign corporation, foreign partnership, foreign trust, foreign estate or nonresident alien
or a disregarded entity owned by any of them (as those terms are defined in the Internal Revenue Code of 1986), and if requested by Lender, Borrower or Borrower Principal will so certify (or in the case of a disregarded entity, its owner will
certify) to Lender or a person designated by Lender under penalties of perjury to the accuracy of this representation, and will provide in such certification such additional information as Lender may reasonably request. 

 

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 Section 4.11. Enforceability. 

The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower, including the defense of
usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, subject to the qualifications set forth in Section 4.3 hereof, and neither Borrower nor
Borrower Principal has asserted any right of rescission, set-off, counterclaim or defense with respect thereto. No Default or Event of Default exists under or with respect to any Loan Document. 

Section 4.12. Business Purposes. 

The Loan is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes.

 Section 4.13. Compliance. 

Except as expressly disclosed by Borrower to Lender in writing in connection with the closing of the Loan, Borrower and the Property, and
the use and operation thereof, comply in all material respects with all Legal Requirements, including, without limitation, building and zoning ordinances and codes and the Americans with Disabilities Act. To Borrower’s knowledge, Borrower is
not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority and Borrower has received no written notice of any such default or violation. There has not been committed by Borrower or, to Borrower’s
knowledge, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in
performance of Borrower’s obligations under any of the Loan Documents. 
 Section 4.14. Financial
Information. 
 All financial data, including, without limitation, the balance sheets, statements of cash flow,
statements of income and operating expense and rent rolls, that have been delivered to Lender in respect of Borrower, Borrower Principal and/or the Property (a) are true, complete and correct in all material respects, (b) accurately
represent in all material respects the financial condition of Borrower, Borrower Principal or the Property, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting
firm, have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or
anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a material adverse effect on the Property or the current and/or intended operation thereof, except as referred to or reflected in said
financial statements. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of Borrower or Borrower Principal from that set forth in said financial statements.

  

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 Section 4.15. Condemnation. 

No Condemnation or other proceeding has been commenced or, to Borrower’s best knowledge, is threatened or contemplated with respect
to all or any portion of the Property or for the relocation of roadways providing access to the Property. 

Section 4.16. Utilities and Public Access; Parking. 

The Property has adequate rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities
adequate to service the Property for full utilization of the Property for its intended uses. All public utilities necessary to the full use and enjoyment of the Property as currently used and enjoyed are located either in the public right-of- way
abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the Title Insurance Policy. All roads
necessary for the use of the Property for its current purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. The Property has, or is served by, parking to the extent required to comply with all Legal
Requirements. 
 Section 4.17. Separate Lots. 

The Property is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land
or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Property or any portion thereof. 

Section 4.18. Assessments. 

To Borrower’s knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise
affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments. 

Section 4.19. Insurance. 

Borrower has obtained and has delivered to Lender certified copies of all Policies or, to the extent such Policies are not available as
of the Closing Date, certificates of insurance with respect to all such Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made under any of the Policies, and to
Borrower’s knowledge, no Person, including Borrower, has done, by act or omission, anything which would impair the coverage of any of the Policies. 

Section 4.20. Use of Property. 

The Property is used exclusively for commercial office purposes and other appurtenant and related uses. 

Section 4.21. Certificate of Occupancy; Licenses. 

All certifications, permits, licenses and approvals, including, without limitation, certificates of completion or occupancy and any
applicable liquor license required for the legal use, occupancy and operation of the Property for the purpose intended herein, 

 

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have been obtained and are valid and in full force and effect. Borrower shall keep and maintain (or cause to be kept and maintained) all licenses necessary for the operation of the Property for
the purpose intended herein. The use being made of the Property is in conformity with the final certificate of occupancy (or compliance, if applicable) and any other permits or licenses issued for the Property. 

Section 4.22. Flood Zone. 

None of the Improvements on the Property are located in an area identified by the Federal Emergency Management Agency as an area having
special flood hazards, or, if any portion of the Improvements is located within such area, Borrower has obtained the insurance prescribed in Section 8.1(a)(i). 

Section 4.23. Physical Condition. 

Except as set forth in the Property Condition Report, to Borrower’s knowledge, the Property, including, without limitation, all
buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and
all structural components, are in good condition, order and repair in all material respects. Except as set forth in the Property Condition Report, to Borrower’s knowledge, there exists no structural or other material defects or damages in the
Property, as a result of a Casualty or otherwise, and whether latent or otherwise. Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which, to
Borrower’s knowledge, would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or the termination or threatened termination of any policy of insurance or bond. 

Section 4.24. Boundaries; Survey. 

To Borrower’s knowledge, (a) none of the Improvements which were included in determining the appraised value of the Property
lie outside the boundaries and building restriction lines of the Property to any material extent, and (b) no improvements on adjoining properties encroach upon the Property and no easements or other encumbrances upon the Property encroach upon
any of the Improvements so as to materially affect the value or marketability of the Property. To Borrower’s knowledge, the Survey for the Property delivered to Lender in connection with this Agreement has been prepared in accordance with the
provisions of Section 3.2(c) hereof, and to the knowledge of Borrower does not fail to reflect any material matter affecting the Property or the title thereto. 

Section 4.25. Leases and Rent Roll. 

Borrower has delivered to Lender a true, correct and complete rent roll for the Property (a “Rent Roll”) which includes all
Leases affecting the Property (including schedules for all executed Leases for Tenants not yet in occupancy or under which the rent commencement date has not occurred). Except as set forth in the Rent Roll (as same has been updated by written notice
thereof to Lender) and estoppel certificates delivered to Lender on or prior to the Closing Date: (a) each Lease is in full force and effect; (b) the premises demised under the Leases have been completed and the Tenants under the Leases
have accepted possession of and are in occupancy of all of their respective demised premises; 
  

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(c) the Tenants under the Leases have commenced the payment of rent under the Leases, there are no offsets, claims or defenses to the enforcement thereof, and Borrower has no monetary obligations
to any Tenant under any Lease; (d) all Rents due and payable under the Leases have been paid and no portion thereof has been paid for any period more than thirty (30) days in advance; (e) the rent payable under each Lease is the
amount of fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim by the Tenant thereunder for an offset or adjustment to the rent; (f) no Tenant has made any written claim of a material default against the landlord
under any Lease which remains outstanding nor has Borrower or Manager received, by telephonic, in-person, e-mail or other communication, any notice of a material default under any Lease; (g) to Borrower’s knowledge there is no present
material default by the Tenant under any Lease; (h) all security deposits under the Leases have been collected by Borrower; (i) Borrower is the sole owner of the entire landlord’s interest in each Lease; (j) each Lease is the
valid, binding and enforceable obligation of Borrower and the applicable Tenant thereunder and there are no agreements with the Tenants under the Leases other than as expressly set forth in the Leases; (k) no Person has any possessory interest
in, or right to occupy, the Property or any portion thereof except under the terms of a Lease; (l) none of the Leases contains any option or offer to purchase or right of first refusal to purchase the Property or any part thereof;
(m) neither the Leases nor the Rents have been assigned, pledged or hypothecated except to Lender, and no other Person has any interest therein except the Tenants thereunder; and (n) no conditions exist which now give any Tenant or party
the right to “go dark” pursuant to the provision of its Lease and/or the REA. 
 Section 4.26. Filing and
Recording Taxes. 
 All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any
Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have
been paid or will be paid, and, under current Legal Requirements, the Mortgage is enforceable in accordance with its terms by Lender (or any subsequent holder thereof). 

Section 4.27. Management Agreement. 

The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and, to Borrower’s
knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. No management fees under the Management Agreement are accrued and unpaid. 

Section 4.28. Illegal Activity. 

No portion of the Property has been or will be purchased with proceeds of any illegal activity, and no part of the proceeds of the Loan
will be used in connection with any illegal activity. 
 Section 4.29. Construction Expenses. 

All costs and expenses of any and all labor, materials, supplies and equipment used in the construction maintenance or repair of the
Improvements have been paid in full. To Borrower’s knowledge, there are no claims for payment for work, labor or materials affecting the Property which are or may become a lien prior to, or of equal priority with, the Liens created by the Loan
Documents. 
  

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 Section 4.30. Personal Property. 

Borrower has paid in full for, and is the owner of, all Personal Property (other than tenants’ property) used in connection with the
operation of the Property, free and clear of any and all security interests, liens or encumbrances, except for Permitted Encumbrances and the Lien and security interest created by the Loan Documents. 

Section 4.31. Taxes. 

Borrower and Borrower Principal have filed all federal, state, county, municipal, and city income, personal property and other tax
returns required to have been filed by them and have paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by them. Neither Borrower nor Borrower Principal knows of any basis
for any additional assessment in respect of any such taxes and related liabilities for prior years. 
 Section 4.32.
Permitted Encumbrances. 
 None of the Permitted Encumbrances, individually or in the aggregate, materially
interferes with the benefits of the security intended to be provided by the Loan Documents, materially and adversely affects the value of the Property, impairs the use or the operation of the Property or impairs Borrower’s ability to pay its
obligations in a timely manner. 
 Section 4.33. Federal Reserve Regulations. 

Borrower will use the proceeds of the Loan for the purposes set forth in Section 2.1(d) hereof and not for any illegal activity. No
part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be
inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or prohibited by the terms and conditions of this Agreement or the other Loan Documents. 

Section 4.34. Investment Company Act. 

Borrower is not (a) an “investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or
a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow
money. 
 Section 4.35. Reciprocal Easement Agreements. 

(a) Neither Borrower, nor, to Borrower’s knowledge, any other party to the REA is currently in default (nor has any notice been
given or received with respect to an alleged or current default) under any of the terms and conditions of the REA, and the REA remains unmodified and in full force and effect; 

 

 -36- 

 (b) All easements granted pursuant to the REA which were to have survived the site
preparation and completion of construction (to the extent that the same has been completed), remain in full force and effect and have not been released, terminated, extinguished or discharged by agreement or otherwise; 

(c) All sums due and owing by Borrower to the other parties to the REA (or by the other parties to the REA to the Borrower) pursuant to
the terms of the REA, including without limitation, all sums, charges, fees, assessments, costs, and expenses in connection with any taxes, site preparation and construction, non-shareholder contributions, and common area and other property
management activities have been paid, are current, and no lien has attached on the Property (or threat thereof been made) for failure to pay any of the foregoing; 

(d) The terms, conditions, covenants, uses and restrictions contained in the REA do not conflict in any manner with any terms,
conditions, covenants, uses and restrictions contained in any Lease or in any agreement between Borrower and occupant of any peripheral parcel, including without limitation, conditions and restrictions with respect to kiosk placement, tenant
restrictions (type, location or exclusivity), sale of certain goods or services, and/or other use restrictions; and 
 (e) The
terms, conditions, covenants, uses and restrictions contained in each Lease do not conflict in any manner with any terms, conditions, covenants, uses and restrictions contained in the REA, any other Lease or in any agreement between Borrower and
occupant of any peripheral parcel, including without limitation, conditions and restrictions with respect to kiosk placement, tenant restrictions (type, location or exclusivity), sale of certain goods or services, and/or other use restrictions.

 Section 4.36. No Change in Facts or Circumstances; Disclosure. 

All information submitted by Borrower or its agents to Lender and in all financial statements, rent rolls, reports, certificates and
other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are accurate, complete and correct in all material respects.
There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or
might materially and adversely affect the Property or the business operations or the financial condition of Borrower. Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any
representation or warranty made herein to be materially misleading. 
 Section 4.37. Intellectual Property.

 All trademarks, trade names and service marks necessary to the business of Borrower as presently conducted or as Borrower
contemplates conducting its business are in good standing and, to the extent of Borrower’s actual knowledge, uncontested. Borrower has not infringed, is not infringing, and has not received notice of infringement with respect to asserted
trademarks, trade names and service marks of others. To Borrower’s knowledge, there is no infringement by others of trademarks, trade names and service marks of Borrower. 

 

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 Section 4.38. Compliance with Anti-Terrorism Laws. 

None of Borrower, Borrower Principal or any Person who Controls Borrower or Borrower Principal currently is identified by the Office of
Foreign Assets Control, Department of the Treasury (“OFAC”) or otherwise qualifies as a Embargoed Person, and Borrower has implemented procedures to ensure that no Person who now or hereafter owns a direct or indirect equity
interest in Borrower is an Embargoed Person or is Controlled by an Embargoed Person. None of Borrower or Borrower Principal is in violation of any applicable law relating to anti money laundering or antiterrorism, including, without limitation,
those related to transacting business with Embargoed Persons or the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the
related regulations issued thereunder, including temporary regulations (collectively, as the same may be amended from time to time, the “Patriot Act”). To the best of Borrower’s knowledge, no tenant at the Property is currently
identified by OFAC or otherwise qualifies as an Embargoed Person, or is owned or Controlled by an Embargoed Person. Borrower has determined that Manager has implemented procedures approved by Borrower to ensure that no tenant at the Property is
currently identified by OFAC or otherwise qualifies as an Embargoed Person, or is owned or Controlled by an Embargoed Person. 

Section 4.39. Patriot Act. 

Neither Borrower nor Borrower Principal shall (a) be or become subject at any time to any law, regulation, or list of any government
agency (including, without limitation, the list maintained by OFAC and accessible through the OFAC website) that prohibits or limits any lender from making any advance or extension of credit to Borrower or from otherwise conducting business with
Borrower and Borrower Principal, or (b) fail to provide documentary and other evidence of Borrower’s identity as may be requested by any lender at any time to enable any lender to verify Borrower’s identity or to comply with any
applicable law or regulation, including, without limitation, the Patriot Act. In addition, Borrower hereby agrees to provide to Lender any additional information that Lender deems necessary from time to time in order to ensure compliance with all
applicable laws concerning money laundering and similar activities. 
 Section 4.40. Survival. 

Borrower agrees that, unless expressly provided otherwise, all of the representations and warranties of Borrower set forth in this
Article 4 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All representations, warranties, covenants and agreements made in this Agreement or in the other
Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 
  

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 ARTICLE 5 

BORROWER COVENANTS 

From the date hereof and until repayment of the Debt in full and performance in full of all obligations of Borrower under the Loan
Documents or the earlier release of the Lien of the Mortgage (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Lender that: 

Section 5.1. Existence; Compliance with Legal Requirements. 

(a) Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence,
rights, licenses, permits and franchises and comply with all Legal Requirements applicable to it and the Property. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording any Governmental Authority
the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower shall at all times maintain, preserve and protect all franchises and trade
names used in connection with the operation of the Property. 
 (b) After prior written notice to Lender, Borrower, at its own
expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the Legal Requirements affecting the Property, provided that (i) no Default or Event of Default has occurred and is
continuing; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower or the Property is subject and shall not constitute a default thereunder; (iii) neither
the Property, any part thereof or interest therein, any of the tenants or occupants thereof, nor Borrower shall be affected in any material adverse way as a result of such proceeding; (iv) non-compliance with the Legal Requirements shall not
impose civil or criminal liability on Borrower or Lender; (v) Borrower shall have furnished the security as may be required in the proceeding or by Lender to ensure compliance by Borrower with the Legal Requirements; and (vi) Borrower
shall have furnished to Lender all other items reasonably requested by Lender. 
 Section 5.2. Maintenance and Use of
Property. 
 Borrower shall cause the Property to be maintained in a good and safe condition and repair. The
Improvements and the Personal Property shall not be removed, demolished or other than in accordance with the provisions of Section 5.21, materially altered (except for tenant improvements required under a Lease and normal replacement of the
Personal Property) without the prior written consent of Lender. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming use to be
discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender. 

Section 5.3. Waste. 

Borrower shall not commit or suffer any waste of the Property or make any change in the 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 give cause for cancellation of any Policy, or do or permit to be done thereon anything that may in any way
impair the value of the Property or the security for the Loan. Borrower will not, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the
subsurface of the Property, regardless of the depth thereof or the method of mining or extraction thereof. 
  

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 Section 5.4. Taxes and Other Charges. 

(a) Borrower shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part
thereof as the same become due and payable; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 9.6 hereof. Borrower shall furnish to
Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent (provided, however, that Borrower is not required to furnish such receipts for payment of Taxes as long as Borrower complies with
the terms and conditions set forth in Section 9.6 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against the Property, and shall
promptly pay for all utility services provided to the Property. 
 (b) After prior written notice to Lender, Borrower, 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 Taxes or Other Charges, provided that (i) no
Default or Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a
default thereunder and such proceeding shall be conducted in accordance with all applicable Legal Requirements; (iii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled
or lost; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding
shall suspend the collection of such contested Taxes or Other Charges from the Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or deliver to Lender such reserve deposits as may be requested by
Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon (unless Borrower has paid all of the Taxes or Other Charges under protest). Lender may pay over any such cash deposit or part thereof
held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in danger of being sold, forfeited,
terminated, canceled or lost or there shall be any danger of the Lien of the Mortgage being primed by any related Lien. 

Section 5.5. Litigation. 

Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing
against Borrower which might materially adversely affect Borrower’s condition (financial or otherwise) or business or the Property. 

Section 5.6. Access to Property. 

Subject to the rights of Tenants under Leases, Borrower shall permit agents, representatives and employees of Lender to inspect the
Property or any part thereof at reasonable hours upon reasonable advance notice. 
  

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 Section 5.7. Notice of Default. 

Borrower shall promptly advise Lender of any material adverse change in the condition (financial or otherwise) of Borrower, Borrower
Principal or the Property or of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

Section 5.8. Cooperate in Legal Proceedings. 

Borrower shall at Borrower’s expense cooperate fully with Lender with respect to any proceedings before any court, board or other
Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such
proceedings. 
 Section 5.9. Performance by Borrower. 

Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed
by Borrower under this Agreement and the other Loan Documents and any other agreement or instrument affecting or pertaining to the Property and any amendments, modifications or changes thereto. 

Section 5.10. Awards; Insurance Proceeds. 

Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably
payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable, actual attorneys’ fees and disbursements, and the payment by Borrower of the expense of an
appraisal on behalf of Lender in case of a Casualty or Condemnation affecting the Property or any part thereof) out of such Awards or Insurance Proceeds. 

Section 5.11. Financial Reporting. 

(a) Borrower and Borrower Principal shall keep adequate books and records of account in accordance with GAAP, or in accordance with other
methods acceptable to Lender in its sole discretion, consistently applied and shall furnish to Lender in a form reasonably satisfactory to Lender: 

(i) to the extent that the FFIC Lease is no longer in full force and effect, monthly certified rent rolls signed and dated
by Borrower, detailing the names of all Tenants of the Improvements, the portion of Improvements (in terms of square footage) occupied by each Tenant, the base rent, additional rent and any other charges payable under each Lease (including annual
store sales required to be reported by Tenant under any Lease), and the term of each Lease, including the commencement and expiration dates and any tenant extension, expansion or renewal options, the extent to which any Tenant is in default under
any Lease, and any other information as is reasonably required by Lender, within forty-five (45) days after the end of each calendar month, forty-five (45) days after the end of each fiscal quarter or one hundred twenty (120) days
after the close of each fiscal year of Borrower, as applicable; 
  

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 (ii) quarterly and annual (and prior to a Securitization, at the request of
Lender, monthly), operating statements of the Property, prepared and certified by Borrower in the form required by Lender (with the annual operating statement prepared and audited by an Acceptable Accountant), detailing the revenues received, the
expenses incurred and the net operating income before and after debt service (principal and interest) and major capital improvements for the period of calculation and containing appropriate year-to-date information, within forty-five (45) days
after the end of each calendar month, forty-five (45) days after the end of each fiscal quarter or one hundred twenty (120) days after the close of each fiscal year of Borrower, as applicable; 

(iii) quarterly and annual balance sheets and profit and loss statements and annual statements of cash flows of Borrower
and Borrower Principal in the form required by Lender (and in accordance with any SEC requirements, Section S-X of the Securities Act of 1933, as amended, if applicable) (with the annual financial statements prepared and audited by an Acceptable
Accountant), within forty-five (45) days after the end of each fiscal quarter or one hundred twenty (120) days after the close of each fiscal year of Borrower and Borrower Principal, as applicable, as the case may be; 

(iv) the annual 10-K financial statements of Borrower Principal; and 

(v) an Annual Budget not later than thirty (30) days prior to the commencement of each fiscal year of Borrower in
form reasonably satisfactory to Lender. In the event that Lender objects to a proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower
a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after
receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this subsection until Lender approves the Annual Budget. Until
such time that Lender approves a proposed Annual Budget, which approval shall not be unreasonably withheld, conditioned or delayed, the most recent Annual Budget shall apply; provided that, such approved Annual Budget shall be adjusted to reflect
actual increases in Taxes, Insurance Premiums, utilities expenses and expenses under the Management Agreement. 
 (b) Upon
request from Lender, Borrower shall promptly furnish to Lender: 
 (i) a property management report for the
Property, showing the number of inquiries made and/or rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Lender, in reasonable detail and certified by Borrower
under penalty of perjury to be true and complete, but no more frequently than quarterly; 
 (ii) an accounting of
all security deposits held in connection with any Lease of any part of the Property, including the name and identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which
such security deposits are held and the name of the 
  

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Person to contact at such financial institution, along with any authority or release necessary for Lender to obtain information regarding such accounts directly from such financial institutions;
and 
 (iii) a report of all letters of credit provided by any Tenant in connection with any Lease of any part of
the Property, including the account numbers of such letters of credit, the names and addresses of the financial institutions that issued such letters of credit and the names of the Persons to contact at such financial institutions, along with any
authority or release necessary for Lender to obtain information regarding such letters of credit directly from such financial institutions. 

(c) Borrower shall comply with the following: 

(i) If requested by Lender, Borrower shall provide Lender, promptly upon request, with the following financial statements
if, at the time a Disclosure Document is being prepared for a Securitization, it is expected that the principal amount of the Loan when combined with the principal amount of any Affiliated Loans at the time of Securitization may, or if the principal
amount of the Loan when combined with the principal amount of any Affiliated Loans at any time during which the Loan and any Affiliated Loans are included in a Securitization does, equal or exceed 20% of the aggregate principal amount of all
mortgage loans included or expected to be included, as applicable, in the Securitization: 
 (A) A balance sheet
with respect to the Property for the two most recent fiscal years, meeting the requirements of Section 210.3-01 of Regulation S-X of the Securities Act and statements of income and statements of cash flows with respect to the Property for the
three most recent fiscal years, meeting the requirements of Section 210.3-02 of Regulation S-X, and, to the extent that such balance sheet is more than 135 days old as of the date of the document in which such financial statements are included,
interim financial statements of the Property meeting the requirements of Section 210.3-01 and 210.3-02 of Regulation S-X (all of such financial statements, collectively, the “Standard Statements”); provided, however, that with respect
to a Property (other than properties that are hotels, nursing homes, or other properties that would be deemed to constitute a business and not real estate under Regulation S-X or other legal requirements) that has been acquired by Borrower from an
unaffiliated third party (such Property, “Acquired Property”), as to which the other conditions set forth in Section 210.3-14 of Regulation S-X for provision of financial statements in accordance with such Section have been met, in
lieu of the Standard Statements otherwise required by this section, Borrower shall instead provide the financial statements required by such Section 210.3-14 of Regulation S-X (“Acquired Property Statements”). 

(B) Not later than forty-five (45) days after the end of each fiscal quarter following the date hereof, a balance
sheet of the Property as of the end of such fiscal quarter, meeting the requirements of Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of the Property for the period commencing following the last day
of the most recent fiscal year and ending on the date of such balance sheet and for the corresponding period of the most recent fiscal year, meeting the requirements 

 

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of Section 210.3-02 of Regulation S-X (provided, that if for such corresponding period of the most recent fiscal year Acquired Property Statements were permitted to be provided hereunder
pursuant to subsection (i) above, Borrower shall instead provide Acquired Property Statements for such corresponding period). 

(C) Not later than 120 days after the end of each fiscal year following the date hereof, a balance sheet of the Property
as of the end of such fiscal year, meeting the requirements of Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of the Property for such fiscal year, meeting the requirements of Section 210.3-02 of
Regulation S-X. 
 (D) Within ten Business Days after notice from Lender in connection with the Securitization of
this Loan, such additional financial statements, such that, as of the date (each an “Offering Document Date”) of each Disclosure Document, Borrower shall have provided Lender with all financial statements as described in subsection (f)(i)
above; provided that the fiscal year and interim periods for which such financial statements shall be provided shall be determined as of such Offering Document Date. 

(ii) If requested by Lender, Borrower shall provide Lender, promptly upon request, with summaries of the financial
statements referred to in Section 5.11(c) hereof if, at the time a Disclosure Document is being prepared for a Securitization, it is expected that the principal amount of the Loan and any Affiliated Loans at the time of Securitization may, or
if the principal amount of the Loan and any Affiliated Loans at any time during which the Loan and any Affiliated Loans are included in a Securitization does, equal or exceed 10% (but is less than 20%) of the aggregate principal amount of all
mortgage loans included or expected to be included, as applicable, in a Securitization. Such summaries shall meet the requirements for “summarized financial information,” as defined in Section 210.1-02(bb) of Regulation S-X, or such
other requirements as may be determined to be necessary or appropriate by Lender. 
 (iii) All financial
statements provided by Borrower hereunder pursuant to Section 5.11(c)(i) and (ii) hereof shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation S-X and other applicable legal requirements. All financial
statements referred to in Section 5.11(c)(i)(A) and (C) above shall be audited by Acceptable Accountants in accordance with Regulation S-X and all other applicable legal requirements, shall be accompanied by the manually executed report of
the independent accountants thereon, which report shall meet the requirements of Regulation S-X and all other applicable legal requirements, and shall be further accompanied by a manually executed written consent of the Acceptable Accountants, in
form and substance acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such Acceptable Accountants and the reference to such Acceptable Accountants
as “experts” in any Disclosure Document and Exchange Act Filing (as defined below), all of which shall be provided at the same time as the related financial statements are required to be provided. All financial statements (audited or
unaudited) provided by Borrower under this Section 5.11 shall be certified by the chief financial officer or administrative member of Borrower, which certification shall state that such financial statements meet the requirements set forth in
the first sentence of this Section 5.11 (c)(iii). 
  

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 (iv) If requested by Lender, Borrower shall provide Lender, promptly upon
request, with any other or additional financial statements, or financial, statistical or operating information, as Lender shall determine to be required pursuant to Regulation S- X or any amendment, modification or replacement thereto or other legal
requirements in connection with any Disclosure Document or any filing under or pursuant to the Exchange Act in connection with or relating to a Securitization (hereinafter an “Exchange Act Filing”) or as shall otherwise be reasonably
requested by Lender. 
 (v) In the event Lender determines, in connection with a Securitization, that the
financial statements required in order to comply with Regulation S-X or other legal requirements are other than as provided herein, then notwithstanding the provisions of Section 5.11(c) hereof, Lender may request, and Borrower shall promptly
provide, such combination of Acquired Property Statement and/or Standard Statements or such other financial statements as Lender determines to be necessary or appropriate for such compliance. 

(vi) Any reports, statements or other information required to be delivered under this Agreement shall be delivered in
paper form and in the event that Lender requires financial statements in connection with subsection (c) above because the Loan when combined with the principal amount of any Affiliated Loans equal or exceed 20% of the aggregate principal amount
of all mortgage loans included in a Securitization (defined below), Borrower shall deliver such reports, statements and other information (A) on a diskette, and (B) if requested by Lender and within the capabilities of Borrower’s data
systems without change or modification thereto, in electronic form and prepared using Microsoft Word for Windows or WordPerfect for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files).

 (d) Borrower and Borrower Principal shall furnish Lender with such other additional financial or management information
(including state and federal tax returns) as may, from time to time, be reasonably required by Lender in form and substance satisfactory to Lender (including, without limitation, any financial reports required to be delivered by any Tenant or any
guarantor of any Lease pursuant to the terms of such Lease), and shall furnish to Lender and its agents convenient facilities for the examination and audit of any such books and records. 

(e) Without limiting any other rights available to Lender under this Loan Agreement or any of the other Loan Documents, in the event
Borrower shall fail to timely furnish Lender any financial document or statement in accordance with this Section 5.11, Borrower shall promptly pay to Lender a non-refundable charge in the amount of $250.00 for each such failure. The payment of
such amount shall not be construed to relieve Borrower of any Event of Default hereunder arising from such failure. 
 (f) All
items requiring the certification of Borrower shall, except where Borrower is an individual, require a certificate executed by the general partner, managing member or chief executive officer of Borrower, as applicable (and the same rules shall apply
to any sole shareholder, general partner or managing member which is not an individual). 
  

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 Section 5.12. Estoppel Statement. 

(a) After request by Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and
certified, setting forth (i) the amount of the original principal amount of the Note, (ii) the rate of interest on the Note, (iii) the unpaid principal amount of the Note, (iv) the date installments of interest and/or principal
were last paid, (v) any offsets or defenses to the payment of the Debt, if any, and (vi) that the Note, this Agreement, the Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if
modified, giving particulars of such modification. 
 (b) Borrower shall use commercially reasonable efforts to deliver to
Lender, promptly upon request, duly executed estoppel certificates from any one or more Tenants as required by Lender attesting to such facts regarding the related Lease as Lender may require, including, but not limited to attestations that each
Lease covered thereby is in full force and effect with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one month in advance, except as security, and that the Tenant claims no defense or offset against
the full and timely performance of its obligations under the Lease. 
 Section 5.13. Leasing Matters.

 (a) Borrower may enter into a proposed Lease (including the renewal or extension of an existing Lease (a “Renewal
Lease”)) without the prior written consent of Lender, provided such proposed Lease or Renewal Lease (i) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality
of the tenant) as of the date such Lease is executed by Borrower (unless, in the case of a Renewal Lease, the rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original Lease), (ii) is
an arm’s- length transaction with a bona fide, independent third party tenant, (iii) does not have a materially adverse effect on the value of the Property taken as a whole, (iv) is subject and subordinate to the Mortgage and the
Tenant thereunder agrees to attorn to Lender and Lender agrees not to disturb such Tenant as long as such Tenant is not in default under its Lease, (v) does not contain any option, offer, right of first refusal, or other similar right to
acquire all or any portion of the Property; provided, however, that to the extent that Borrower enters into a Renewal Lease with FFIC, such Renewal Lease may contain the same right of first refusal appearing in the FFIC Lease, (vi) has a base
term of less than fifteen (15) years including options to renew, (vii) has no rent credits, free rents or concessions granted thereunder not consistent with local market rates and terms, and (viii) is written on the standard form of
lease approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed. All proposed Leases which do not satisfy the requirements set forth in this subsection shall be subject to the prior approval of Lender and its
counsel, at Borrower’s expense. Borrower shall promptly deliver to Lender copies of all Leases which are entered into pursuant to this subsection together with Borrower’s certification that it has satisfied all of the conditions of this
Section. 
 (b) Borrower (i) shall observe and perform all the obligations imposed upon the landlord under the Leases and
shall not do or permit to be done anything to impair the value of any of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all notices of default which Borrower shall send or receive thereunder; (iii) shall
enforce all of the material terms, covenants and conditions contained in the Leases upon the 
  

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part of the tenant thereunder to be observed or performed; (iv) shall not collect any of the Rents more than one (1) month in advance (except security deposits shall not be deemed Rents
collected in advance); (v) shall not execute any other assignment of the landlord’s interest in any of the Leases or the Rents; and (vi) shall not consent to any assignment of or subletting under any Leases not in accordance with
their terms, without the prior written consent of Lender. 
 (c) Borrower may, without the prior written consent of Lender,
amend, modify or waive the provisions of any Lease or terminate, reduce Rents under, accept a surrender of space under, or shorten the term of, any Lease (including any guaranty, letter of credit or other credit support with respect thereto)
provided that such action (taking into account, in the case of a termination, reduction in rent, surrender of space or shortening of term, the planned alternative use of the affected space) does not have a materially adverse effect on the value of
the Property taken as a whole, and provided that such Lease, as amended, modified or waived, is otherwise in compliance with the requirements of this Agreement and any subordination agreement binding upon Lender with respect to such Lease. A
termination of a Lease with a tenant who is in default beyond applicable notice and grace periods shall not be considered an action which has a materially adverse effect on the value of the Property taken as a whole. Any amendment, modification,
waiver, termination, rent reduction, space surrender or term shortening which does not satisfy the requirements set forth in this subsection shall be subject to the prior approval of Lender (not to be unreasonably withheld or delayed) and its
counsel, at Borrower’s expense. Borrower shall promptly deliver to Lender copies of amendments, modifications and waivers which are entered into pursuant to this subsection together with Borrower’s certification that it has satisfied all
of the conditions of this subsection. 
 (d) Notwithstanding anything contained herein to the contrary, Borrower shall not,
without the prior written consent of Lender, enter into, renew, extend, amend, modify, waive any material provisions of, terminate, reduce Rents under, accept a surrender of space under, or shorten the term of any Major Lease (other than extensions
and renewals pursuant to options set forth in such Major Lease). 
 Section 5.14. Property Management.

 (a) In the event that the FFIC Lease is no longer in full force and effect, the Property shall be managed by a Qualified
Manager pursuant to a Management Agreement. 
 (b) Borrower shall (i) promptly perform and observe all of the covenants
required to be performed and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under the Management Agreement
of which it is aware; (iii) promptly deliver to Lender a copy of any notice of default or other material notice received by Borrower under the Management Agreement; (iv) promptly give notice to Lender of any notice or information that
Borrower receives which indicates that the Manager is terminating the Management Agreement or that the Manager is otherwise discontinuing its management of the Property; and (v) promptly enforce the performance and observance of all of the
covenants required to be performed and observed by Manager under the Management Agreement. Notwithstanding the foregoing, Borrower shall not be permitted to pay the Manager a management fee in excess of five percent (5%) of the gross revenues
of the Property under the Management Agreement for the Property, unless and until Borrower has 
  

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paid to Lender all amounts then due and owing by Borrower under the Loan Documents. Borrower shall execute and deliver to Lender an Assignment of Management Agreement simultaneously with the
execution of any Management Agreement, and to the extent that any Manager under any Management Agreement is an Affiliated Manager, Borrower shall deliver to Lender a revised substantive non-consolidation opinion with respect to such Affiliated
Manager. 
 (c) If at any time, (i) Manager shall become insolvent or a debtor in a bankruptcy proceeding; (ii) an
Event of Default has occurred and is continuing and Lender has accelerated the Debt; or (iii) a default by Manager has occurred and is continuing under the Management Agreement beyond any notice and cure period provided in the Management
Agreement, Borrower shall, at the request of Lender, terminate the Management Agreement upon thirty (30) days prior notice to Manager and replace Manager with a Qualified Manager approved by Lender on terms and conditions satisfactory to
Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. 

(d) (intentionally deleted). 

(e) Borrower shall not, without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or
delayed): (i) surrender, terminate or cancel the Management Agreement or otherwise replace Manager or enter into any other management agreement with respect to the Property; (ii) reduce or consent to the reduction of the term of the
Management Agreement; (iii) increase or consent to the increase of the amount of any charges under the Management Agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies
under, the Management Agreement in any material respect. In the event that Borrower engages or replaces Manager at any time during the term of Loan pursuant to this subsection, such Manager shall be a Qualified Manager. 

Section 5.15. Liens. 

Subject to Borrower’s right to contest same pursuant to the terms of the Mortgage, Borrower shall not, without the prior written
consent of Lender, create, incur, assume or suffer to exist any Lien on any portion of the Property or permit any such action to be taken, except Permitted Encumbrances. 

Section 5.16. Debt Cancellation. 

Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith)
owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 

Section 5.17. Zoning. 

Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or seek any variance under any
existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non- conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without
the prior written consent of Lender. 
  

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 Section 5.18. ERISA. 

(a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the
exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the
term of the Loan, as requested by Lender in its sole discretion, that (i) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a
“governmental plan” within the meaning of Section 3(3) of ERISA; (ii) Borrower is not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (iii) one or more of
the following circumstances is true: 
 (A) Equity interests in Borrower are publicly offered securities, within
the meaning of 29 C.F.R. §2510.3-101(b)(2); 
 (B) Less than twenty-five percent (25%) of each
outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 

(C) Borrower qualifies as an “operating company” or a “real estate operating company” within the
meaning of 29 C.F.R. §2510.3-101(c) or (e). 
 Section 5.19. No Joint Assessment. 

Borrower shall not suffer, permit or initiate the joint assessment of the Property with (a) any other real property constituting a
tax lot separate from the Property, or (b) any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied against such personal property shall be
assessed or levied or charged to the Property. 
 Section 5.20. Reciprocal Easement Agreements. 

Borrower shall not enter into, terminate or modify any REA without Lender’s prior written consent, which consent shall not be
unreasonably withheld, conditioned or delayed. Borrower shall enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained in the REA. 

Section 5.21. Alterations. 

Lender’s prior approval shall be required in connection with any alterations to any Improvements, exclusive of alterations to tenant
spaces required under any Lease, (a) that may have a material adverse effect on the Property, (b) that are structural in nature or (c) that, together with any other alterations undertaken at the same time (including any related
alterations, improvements or replacements), are reasonably anticipated to have a cost in excess of the Alteration Threshold. If the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements shall at any
time exceed the Alteration Threshold, Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (i) cash,
(ii) direct non-callable obligations of the United States of America 
  

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or other obligations which are “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, to the extent acceptable to the applicable
Rating Agencies, (iii) other securities acceptable to Lender and the Rating Agencies, or (iv) a completion bond, provided that such completion bond is acceptable to the Lender and the Rating Agencies. Such security shall be in an amount
equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements over the Alteration Threshold. 

ARTICLE 6 

ENTITY COVENANTS 

Section 6.1. Single Purpose Entity/Separateness. 

Until the Debt has been paid in full, Borrower represents, warrants and covenants as follows: 

(a) Borrower has not and will not: 

(i) engage in any business or activity other than the ownership, operation and maintenance of the Property, and activities
incidental thereto; 
 (ii) acquire or own any assets other than (A) the Property, and (B) such
incidental Personal Property as may be necessary for the operation of the Property; 
 (iii) to the fullest
extent permitted by law, merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure; 

(iv) fail to observe all organizational formalities, or fail to preserve its existence as an entity duly organized,
validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or formation, or amend, modify, terminate or fail to comply with the provisions of its organizational documents;

 (v) own any subsidiary, or make any investment in, any Person; 

(vi) commingle its assets with the assets of any other Person, or permit any Affiliate or constituent party independent
access to its bank accounts; 
 (vii) incur any debt, secured or unsecured, direct or contingent (including
guaranteeing any obligation), other than (A) the Debt, (B) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such indebtedness is (1) unsecured, (2) not evidenced by a
note, (3) on commercially reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or (C) financing leases and purchase money indebtedness incurred
in the ordinary course of business relating to Personal Property on commercially reasonable terms and conditions; provided however, the aggregate amount of the indebtedness described in (B) and (C) shall not exceed at any time three
percent (3%) of the outstanding principal amount of the Note; 
  

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 (viii) fail to maintain its records, books of account, bank accounts,
financial statements, accounting records and other entity documents separate and apart from those of any other Person; except that Borrower’s financial position, assets, liabilities, net worth and operating results may be included in the
consolidated financial statements of an Affiliate; 
 (ix) enter into any contract or agreement with any general
partner, member, shareholder, principal, guarantor of the obligations of Borrower, or any Affiliate of the foregoing, except upon terms and conditions that are intrinsically fair, commercially reasonable and substantially similar to those that would
be available on an arm’s-length basis with unaffiliated third parties; 
 (x) maintain its assets in such a
manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 

(xi) assume or guaranty the debts of any other Person, hold itself out to be responsible for the debts of any other
Person, or otherwise pledge its assets for the benefit of any other Person or hold out its credit as being available to satisfy the obligations of any other Person; 

(xii) make any loans or advances to any Person; 

(xiii) fail to file its own tax returns or files a consolidated federal income tax return with any Person (unless
prohibited or required, as the case may be, by applicable Legal Requirements), except to the extent the Borrower is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law;

 (xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other
Person or to conduct its business solely in its own name or fail to correct any known misunderstanding regarding its separate identity; 

(xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations, provided that there are sufficient funds from the operation of the Property to do so; 

(xvi) if it is a partnership or limited liability company, without the unanimous written consent of all of its partners or
members, as applicable, and the written consent of 100% of the directors of Borrower, including, without limitation, each Independent Director, (a) file or consent to the filing of any petition, either voluntary or involuntary, to take
advantage of any Creditors Rights Laws, (b) seek or consent to the appointment of a receiver, liquidator or any similar official, (c) take any action that might cause such entity to become insolvent, or (d) make an assignment for the
benefit of creditors; 
 (xvii) fail to allocate shared expenses (including, without limitation, shared office
space and services performed by an employee of an Affiliate) among the Persons sharing such expenses and to use separate stationery, invoices and checks; 
  

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 (xviii) fail to remain solvent or pay its own liabilities (including,
without limitation, salaries of its own employees) only from its own funds, provided that there are sufficient funds from the operation of the Property to do so; 

(xix) acquire obligations or securities of its partners, members, shareholders or other affiliates, as applicable;

 (xx) violate or cause to be violated the assumptions made with respect to Borrower, Manager (if applicable)
and their respective direct and/or indirect owners in any opinion letter pertaining to substantive consolidation delivered to Lender in connection with the Loan; or 

(xxi) fail to maintain a sufficient number of employees in light of its contemplated business operations. 

(b) Prior to the withdrawal or the disassociation of the sole member of Borrower from Borrower, Borrower shall immediately appoint a new
sole member and, if an opinion letter pertaining to substantive consolidation was required at closing, deliver a new opinion letter acceptable to Lender and the Rating Agencies with respect to the new sole member and its equity owners. 

(c) In the event Borrower is a single member Delaware limited liability company, the limited liability company agreement of Borrower (the
“LLC Agreement”) shall provide that (i) upon the occurrence of any event that causes the sole member of Borrower (“Member”) to cease to be the member of Borrower (other than (A) upon an assignment by
Member of all of its limited liability company interest in Borrower and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of
Borrower in accordance with the terms of the Loan Documents and the LLC Agreement), any person acting as Independent Director of Borrower shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of
Borrower, automatically be admitted to Borrower (“Special Member”) and shall continue Borrower without dissolution and (ii) Special Member may not resign from Borrower or transfer its rights as Special Member unless (A) a
successor Special Member has been admitted to Borrower as Special Member in accordance with requirements of Delaware law and (B) such successor Special Member has also accepted its appointment as an Independent Director. The LLC Agreement shall
further provide that (i) Special Member shall automatically cease to be a member of Borrower upon the admission to Borrower of a substitute Member, (ii) Special Member shall be a member of Borrower that has no interest in the profits,
losses and capital of Borrower and has no right to receive any distributions of Borrower assets, (iii) pursuant to Section 18-301 of the Delaware Limited Liability Company Act (the “Act”), Special Member shall not be
required to make any capital contributions to Borrower and shall not receive a limited liability company interest in Borrower, (iv) Special Member, in its capacity as Special Member, may not bind Borrower and (v) except as required by any
mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Borrower, including, without limitation, the merger,
consolidation or conversion of Borrower; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Director, to vote on such matters required by the Loan Documents or the LLC Agreement. In
order to implement the admission to Borrower of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower as Special Member, Special Member shall not be a member of Borrower. 

 

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 Upon the occurrence of any event that causes the Member to cease to be a member of Borrower,
to the fullest extent permitted by law, the personal representative of Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in Borrower, agree in writing (i) to continue
Borrower and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower, effective as of the occurrence of the event that terminated the continued membership of Member
of Borrower in Borrower. Any action initiated by or brought against Member or Special Member under any Creditors Rights Laws shall not cause Member or Special Member to cease to be a member of Borrower and upon the occurrence of such an event, the
business of Borrower shall continue without dissolution. The LLC Agreement shall provide that each of Member and Special Member waives any right it might have to agree in writing to dissolve Borrower upon the occurrence of any action initiated by or
brought against Member or Special Member under any Creditors Rights Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of Borrower. 

Section 6.2. Change of Name, Identity or Structure. 

Borrower shall not change or permit to be changed (a) Borrower’s name, (b) Borrower’s identity (including its trade
name or names), (c) Borrower’s principal place of business set forth on the first page of this Agreement, (d) the corporate, partnership or other organizational structure of Borrower, the sole member of Borrower, or Borrower
Principal, (e) Borrower’s state of organization, or (f) Borrower’s organizational identification number, without in each case notifying Lender of such change in writing at least thirty (30) days prior to the effective date
of such change and, in the case of a change in Borrower’s structure, without first obtaining the prior written consent of Lender. In addition, Borrower shall not change or permit to be changed any organizational documents of Borrower or the
sole member of Borrower if such change would adversely impact the covenants set forth in Section 6.1 and Section 6.4 hereof. Borrower authorizes Lender to file any financing statement or financing statement amendment required by Lender to
establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower intends
to operate the Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. If Borrower does not now have an organizational identification number and later obtains one, or if the
organizational identification number assigned to Borrower subsequently changes, Borrower shall promptly notify Lender of such organizational identification number or change. 

Section 6.3. Business and Operations. 

Borrower will qualify to do business and will remain in good standing under the laws of the State as and to the extent the same are
required for the ownership, maintenance, management and operation of the Property. 
  

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 Section 6.4. Independent Director. 

(a) The organizational documents of Borrower shall provide that at all times there shall be, and Borrower shall cause there to be, at
least two duly appointed members of the board of directors (each an “Independent Director”) of Borrower reasonably satisfactory to Lender each of whom are not at the time of such individual’s initial appointment, and shall not
have been at any time during the preceding five (5) years, and shall not be at any time while serving as a manager of Borrower, either (i) a shareholder (or other equity owner) of, or an officer, director, partner, manager, member (other
than as a Special Member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Borrower, the sole member of Borrower or any of their respective shareholders, partners, members, subsidiaries or
affiliates; (ii) a customer or creditor of, or supplier to, Borrower or any of its respective shareholders, partners, members, subsidiaries or affiliates who derives any of its purchases or revenue from its activities with Borrower or the sole
member of Borrower or any Affiliate of any of them; (iii) a Person who Controls or is under common Control with any such shareholder, officer, director, partner, manager, member, employee, supplier, creditor or customer; or (iv) a member
of the immediate family of any such shareholder, officer, director, partner, manager, member, employee, supplier, creditor or customer. 

(b) The organizational documents of Borrower shall provide that the board of directors of Borrower shall not take any action which, under
the terms of any certificate of incorporation, by-laws or equivalent organizational documents, as applicable, or any voting trust agreement with respect to any common stock, requires an unanimous vote of the board of directors of Borrower unless at
the time of such action there shall be at least two members of the board of directors who are Independent Directors. Borrower will not, without the unanimous written consent of its board of managers including each Independent Director, (i) file
or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable Creditors Rights Laws; (ii) seek or consent to the appointment of a receiver, liquidator or any similar official; (iii) take any
action that might cause such entity to become insolvent; or (iv) make an assignment for the benefit of creditors. 

ARTICLE 7 

NO SALE OR ENCUMBRANCE 

Section 7.1. Transfer Definitions. 

For purposes of this Article 7 an “Affiliated Manager” shall mean any managing agent with respect to the Property in
which Borrower, Borrower Principal, the sole member of Borrower or any affiliate of such entities has, directly or indirectly, any legal, beneficial or economic interest; “Control” shall mean the power to direct the management and
policies of a Restricted Party, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise; “Restricted Party” shall mean Borrower, Borrower Principal, the sole
member of Borrower, any Affiliated Manager, or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of Borrower, Borrower Principal, the sole member of Borrower, any Affiliated Manager or any
non-member manager; and a “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other transfer or disposition
of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest. 

 

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 Section 7.2. No Sale/Encumbrance. 

(a) Borrower shall not cause or permit a Sale or Pledge of the Property or any part thereof or any legal or beneficial interest therein
nor permit a Sale or Pledge of an interest in any Restricted Party (in each case, a “Prohibited Transfer”), other than pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of
Section 5.13, without the prior written consent of Lender. 
 (b) A Prohibited Transfer shall include, but not be limited
to, (i) an installment sales agreement wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of the Property for other than
actual occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a
corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (iv) if a Restricted Party is a limited or general partnership or joint
venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership
interests or the creation or issuance of new partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager
(or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or any profits or proceeds relating to such membership interest; (vi) if a Restricted Party is a trust or nominee trust, any merger,
consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of Manager (including, without limitation,
an Affiliated Manager) other than in accordance with Section 5.14. 
 Section 7.3. Permitted Transfers.

 (a) Notwithstanding the provisions of Section 7.2 hereof, Lender’s prior written consent shall not be required (nor
shall an processing fee or assumption fee be payable) with respect to (i) transfers of direct or indirect ownership interests in Borrower, provided that (A) no default under the Loan Documents shall exist, (B) Lender shall have
received thirty (30) days prior written notice of such transfer (unless such transfer results from devise, descent or operation of law upon the death or demise of a direct or indirect holder of ownership interests in Borrower), (C) after
taking into account all prior transfers that occur hereunder, no such transfer shall pertain to more than 49% of the direct and/or indirect ownership interests in Borrower or result in the proposed transferee owning, directly and/or indirectly, more
than 49% of the ownership interests in Borrower (except with respect to transfers to an Affiliate which was included in the substantive non-consolidation opinion delivered to Lender at closing or for which a new acceptable substantive
non-consolidation opinion has been delivered to Lender), (D) Lender shall have received evidence that the single-purpose, bankruptcy remote nature of Borrower shall remain in accordance with rating agency standards, (E) Borrower Principal
shall, directly and/or indirectly, own at least a 5 1 % interest in Borrower and Control Borrower and (F) the Property shall continue to be managed by a Qualified Manager and (ii) the (A) transfer by any shareholder of its shares
in AFRT or the causing or permitting of its interest in AFRT to be redeemed or (B) transfer by any limited partner of Borrower Principal of its limited partnership interest in Borrower Principal or causing or permitting of its limited
partnership interest in Borrower Principal to 
  

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be redeemed, in each case provided that the common shares of AFRT remain traded on the New York Stock Exchange and that any such transfer or redemption in connection with a merger, consolidation
or reorganization of AFRT or Borrower Principal where AFRT or Borrower Principal will not be the surviving entity shall be subject to Section 7.3(b) hereof. 

(b) Any transfer of the direct and/or indirect interests in Borrower, Borrower Principal or AFRT other than as permitted above shall
require the consent of Lender, which may be granted in its sole and absolute discretion; provided, that in the event that all or any portion of the Debt is subject to a Securitization, Lender’s consent shall not be required in connection with a
merger, consolidation or reorganization of AFRT or Borrower Principal where AFRT or Borrower Principal shall not be the surviving entity, if (i) Borrower shall have delivered to Lender an additional substantive, non-consolidation opinion in
form and substance satisfactory to Lender and (ii) either (A) Lender shall have received written confirmation from each of the Rating Agencies that the transfer shall not result in any adverse ratings affect upon any certificates issued or
to be issued in connection with a Securitization or (B) the surviving party following such merger, consolidation or reorganization (1) has a net worth of $500,000,000 or more (exclusive of the Property), (2) has total assets of
$1,500,000,000 or more (exclusive of the Property) and (3) has a substantial portion of its business involving the ownership and operation of institutional office and related properties, as reasonably determined by Lender and the Rating
Agencies. 
 Section 7.4. Lender’s Rights. 

Lender reserves the right to condition the consent to a Prohibited Transfer requested hereunder upon (a) a modification of the terms
hereof and an assumption of the Note and the other Loan Documents as so modified by the proposed Prohibited Transfer, (b) receipt of payment of a transfer fee equal to one half percent (0.5%) of the outstanding principal balance of the Loan and
all of Lender’s expenses incurred in connection with such Prohibited Transfer, (c) receipt of written confirmation from the Rating Agencies that the Prohibited Transfer will not result in a downgrade, withdrawal or qualification of the
initial, or if higher, then current ratings issued in connection with a Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization, (d) the proposed transferee’s continued
compliance with the covenants set forth in this Agreement (including, without limitation, the covenants in Article 6) and the other Loan Documents, (e) if following such Prohibited Transfer the property manager that is managing the Property
prior to such Prohibited Transfer will not continue to be the property manager of the Property, a new manager for the Property and a new management agreement satisfactory to Lender, and (f) the satisfaction of such other conditions and/or legal
opinions as Lender shall determine in its sole discretion to be in the interest of Lender. All expenses incurred by Lender shall be payable by Borrower whether or not Lender consents to the Prohibited Transfer. Lender 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 Prohibited Transfer made without Lender’s consent. This provision shall apply to each
and every Prohibited Transfer, whether or not Lender has consented to any previous Prohibited Transfer. In the event an opinion letter pertaining to substantive consolidation was delivered to Lender and the Rating Agencies in connection with the
closing of the Loan, and if any Sale or Pledge permitted under this Article 7 results in any Person and its Affiliates owning in excess of forty-nine percent (49%) of the ownership interests in a Restricted Party, Borrower shall, prior to such
transfer, and in addition to any other requirement for Lender consent contained herein, deliver a revised opinion letter 

 

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pertaining to substantive consolidation to Lender reflecting such Prohibited Transfer, which opinion shall be in form, scope and substance acceptable in all respects to Lender and the Rating
Agencies. 
 Section 7.5. Assumption. 

(a) Notwithstanding the foregoing provisions of this Article 7, following the date which is six (6) months from the Closing Date,
Lender shall not unreasonably withhold consent to a transfer of the Property in its entirety to, and the related assumption of the Loan by, any Person (a “Transferee”) provided that each of the following terms and conditions are
satisfied: 
 (i) no Default or Event of Default has occurred and is continuing; 

(ii) Borrower shall have (A) delivered written notice to Lender of the terms of such prospective transfer not less
than forty- five (45) days before the date on which such transfer is scheduled to close and, concurrently therewith, at Borrower’s expense, all such information concerning the proposed Transferee as Lender shall reasonably require,
including, without limitation, (1) acceptable credit and financial information about the proposed Transferee and the ownership of such Transferee and (2) evidence that the Property shall continue to be managed by a Qualified Manager and
(B) concurrently with the delivery of such notice, paid to Lender a non-refundable processing fee in the amount of $15,000.00. Lender shall have the right to approve or disapprove the proposed transfer based on its then current underwriting and
credit requirements for similar loans secured by similar properties which loans are sold in the secondary market, such approval not to be unreasonably withheld, conditioned or delayed. In determining whether to give or withhold its approval of the
proposed transfer, Lender shall consider the experience and track record of Transferee and its principals in owning and operating facilities similar to the Property, the financial strength of Transferee and its principals, the general business
standing of Transferee and its principals and Transferee’s and its principals’ relationships and experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Lender’s
agreement to consider the foregoing factors in determining whether to give or withhold such approval, such approval shall be given or withheld based on what Lender determines to be commercially reasonable and, if given, may be given subject to such
conditions as Lender may deem reasonably appropriate; 
 (iii) Borrower shall have paid to Lender, (A) upon
assumption approval, a non refundable assumption fee in an amount equal to one half percent (0.5 %) of the then outstanding principal balance of the Note, and (B) concurrently with the closing of such transfer, all reasonable out-of-pocket
costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with the transfer; 

(iv) (A) Transferee shall have assumed and agreed to pay the Debt as and when due subject to the provisions of Article 15
hereof and, prior to or concurrently with the closing of such transfer, Transferee and its constituent partners, members or shareholders as Lender may require, shall have executed, without any cost or expense to Lender, such documents, certificates
and agreements as Lender shall reasonably require to evidence and effectuate said assumption and (B) if required by Lender, a Person affiliated with Transferee and acceptable to Lender shall have assumed the

  

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obligations of Borrower Principal under the Loan Documents with respect to all acts and events occurring or arising after the transfer of the Property pursuant to this Section 7.5;

 (v) Borrower and Transferee, without any cost to Lender, shall furnish any information requested by Lender for
the preparation of, and shall authorize Lender to file, new financing statements and financing statement amendments and other documents to the fullest extent permitted by applicable law, and shall execute any additional documents reasonably
requested by Lender; 
 (vi) Borrower shall have delivered to Lender, without any cost or expense to Lender, such
endorsements to Lender’s Title Insurance Policy insuring that fee simple or leasehold title to the Property, as applicable, is vested in Transferee (subject to Permitted Encumbrances), hazard insurance endorsements or certificates and other
similar materials as Lender may deem necessary at the time of the transfer, all in form and substance satisfactory to Lender; 

(vii) Transferee shall have furnished to Lender, if Transferee is a corporation, partnership, limited liability company or
other entity, all appropriate papers evidencing Transferee’s organization and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include certified copies of all documents relating to
the organization and formation of Transferee and of the entities, if any, which are partners or members of Transferee. Transferee and such constituent partners, members or shareholders of Transferee (as the case may be), as Lender shall require,
shall comply with the covenants set forth in Article 6 hereof; 
 (viii) Transferee shall assume the obligations
of Borrower under any Management Agreement or provide a new management agreement with a new manager which meets with the requirements of Section 5.14 hereof and shall assign to Lender as additional security such new management agreement;

 (ix) Transferee shall furnish an opinion of counsel satisfactory to Lender and its counsel (A) that
Transferee’s formation documents provide for the matters described in subparagraph (vii) above, (B) that the assumption of the Debt has been duly authorized, executed and delivered, and that the Note, the Mortgage, this Agreement, the
assumption agreement and the other Loan Documents are valid, binding and enforceable against Transferee in accordance with their terms, (C) that Transferee and any entity which is a controlling stockholder, member or general partner of
Transferee, have been duly organized, and are in existence and good standing, and (D) with respect to such other matters as Lender may reasonably request; 

(x) Lender shall have received confirmation in writing from each of the Rating Agencies that rate the Securities to the
effect that the transfer will not result in a qualification, downgrade or withdrawal of any rating initially assigned or to be assigned to the Securities; 

(xi) Borrower’s obligations under the contract of sale pursuant to which the transfer is proposed to occur shall
expressly be subject to the satisfaction of the terms and conditions of this Section 7.5; and 
  

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 (xii) Transferee shall, prior to such transfer, deliver a substantive
non-consolidation opinion to Lender, which opinion shall be in form, scope and substance acceptable in all respects to Lender and the Rating Agencies; 

Notwithstanding the foregoing provisions of this Section 7.5(a), in no event shall Lender consent to any transfer or assumption
occurring prior to the end of the twelfth (12th) full
calendar month following the Closing Date, if the consideration to be paid to Borrower by the proposed Transferee, as determined by Lender, is less than the appraised value of the Property, as determined in connection with Lender’s underwriting
of the Loan. 
 (b) Notwithstanding the foregoing provisions of this Article 7, including subsection (a) above, in
connection with a one-time transfer of the Property to, and the simultaneous assumption of the Debt by, an entity meeting the requirements of Article 6 hereof and wholly owned and controlled by a Permitted Transferee, Lender’s consent shall not
be required in connection therewith; provided, however, that (i) no default under the Loan Documents shall have occurred and be continuing, (ii) Borrower shall have paid all reasonable out-of-pocket costs and expenses incurred by Lender in
connection with the transfer and assumption (such amounts shall not include the assumption fee under Section 7.5(a)(iii) hereof), (iii) Lender shall have received such documents, certificates and legal opinions as it may reasonably
request, including, without limitation, an acceptable substantive non-consolidation opinion, and (iv) the Property shall continue to be managed by a Qualified Manager reasonably acceptable to Lender and acceptable to the Rating Agencies.

 (c) A consent by Lender with respect to a transfer of the Property in its entirety to, and the related assumption of the Loan
by, a Transferee pursuant to this Section 7.5 shall not be construed to be a waiver of the right of Lender to consent to any subsequent Sale or Pledge of the Property. Upon the transfer of the Property pursuant to this Section 7.5,
Borrower and Borrower Principal shall be relieved of all liability under the Loan Documents for acts, events, conditions, or circumstances occurring or arising after the date of such transfer, except to the extent that such acts, events, conditions,
or circumstances are the proximate result of acts, events, conditions, or circumstances that existed prior to the date of such transfer, whether or not discovered prior or subsequent to the date of such transfer. 

ARTICLE 8 

INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

Section 8.1. Insurance. 

(a) Borrower shall obtain and maintain, or cause to be maintained, at all times insurance for Borrower and the Property providing at
least the following coverages: 
 (i) comprehensive “special causes of loss” form of insurance (or its
equivalent) on the Improvements and the Personal Property (A) in an amount equal to not less than one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value
(exclusive of costs of excavations, foundations, underground utilities and footings); (B) written on a replacement cost basis and containing either an agreed amount endorsement with respect to the Improvements and Personal Property or a waiver
of all co- insurance provisions; (C) providing for no deductible in excess of $10,000 for all such insurance coverage, except that the deductible for flood insurance may not exceed $50,000 and the deductible for earthquake insurance may not
exceed $25,000; (D) at all times 
  

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insuring against at least those hazards that are commonly insured against under a “special causes of loss” form of policy, as the same shall exist on the date hereof, and together with
any increase in the scope of coverage provided under such form after the date hereof; and (E) if any of the Improvements or the use of the Property shall at any time constitute legal non- conforming structures or uses, providing coverage for
contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements and containing an “Ordinance or Law Coverage” or “Enforcement” endorsement. In addition, Borrower shall
obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a “special flood hazard area” designated by the Federal Emergency Management Agency, flood hazard insurance in an amount equal to the
maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended; and (z) earthquake insurance in
amounts and in form and substance reasonably satisfactory to Lender, provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the special causes of loss form required under this subsection (i);

 (ii) commercial general liability insurance against claims for personal injury, bodily injury, death or
property damage occurring upon, in or about the Property, with such insurance (A) to be on the so-called “occurrence” form with a general aggregate limit of not less than $2,000,000 and a per occurrence limit of not less than
$1,000,000; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards:
(1) premises and operations; (2) products and completed operations; (3) independent contractors; (4) blanket contractual liability; and (5) contractual liability covering the indemnities contained in Article 12 and Article
14 hereof to the extent the same is available; 
 (iii) loss of rents insurance or business income insurance, as
applicable, (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above; and (C) which provides that after the physical loss to the Improvements and
Personal Property occurs, the loss of rents or income, as applicable, will be insured until completion of Restoration or the expiration of twenty-four (24) months, whichever first occurs, and notwithstanding that the policy may expire prior to
the end of such period; and (D) which contains an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured
until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and
notwithstanding that the policy may expire prior to the end of such period. The amount of such loss of rents or business income insurance, as applicable, shall be determined prior to the date hereof and at least once each year thereafter based on
Borrower’s reasonable estimate of the gross income from the Property for the succeeding period of coverage required above. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the
obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall 

 

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be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note, this Agreement and the other
Loan Documents except to the extent such amounts are actually paid out of the proceeds of such loss of rents or business income insurance, as applicable; 

(iv) at all times during which structural construction, repairs or alterations are being made with respect to the
Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial
general liability insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called Builder’s Risk Completed Value form (1) on a non-reporting basis, (2) against “special causes of
loss” insured against pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co- insurance provisions; 

(v) workers’ compensation, subject to the statutory limits of the State, and employer’s liability insurance in
respect of any work or operations on or about the Property, or in connection with the Property or its operation (if applicable); 

(vi) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on
terms consistent with the commercial property insurance policy required under subsection (i) above; 
 (vii)
excess liability insurance in an amount not less than $50,000,000 per occurrence on terms consistent with the commercial general liability insurance required under subsection (ii) above; and 

(viii) upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as
Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located, provided,
however, such other insurance shall be limited to the maximum amount of coverage that Borrower can obtain by paying an annual premium that is twenty percent (20%) of the Borrower’s premium for the insurance maintained pursuant to clauses
(i) through (vii) above. 
 The Policies required to be maintained pursuant to clauses (i) through
(viii) above shall not contain exclusions for acts of terrorism or similar acts of sabotage (with respect to either Certified Coverage or Non-Certified Coverage), but may exclude acts of war and nuclear, chemical and biological acts
(“Acts of Terror”), or alternatively, Borrower shall have obtained and shall maintain throughout the term of Loan affirmative coverage thereunder insuring against Acts of Terror satisfactory to Lender in all respects and in the
amounts and subject to the deductibles described in Sections 8.1(a)(i) and 8.1(a)(iii) above (the “Terrorism Coverage”). Notwithstanding anything to the contrary contained herein, (i) if, after the Closing Date and at the
expiration of any applicable Policy, it is no longer customary for Qualified Insurers insuring properties similar to the Property to (1) exclude acts of war and/or nuclear, chemical and/or biological acts, the Borrower shall obtain and maintain
Terrorism Coverage without each of such referenced exclusions which are no longer customarily excluded by such Qualified Insurers and (2) exclude Acts of Terror from such 

 

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Policies, then Borrower shall obtain and maintain said Policies without said exclusion and (ii) in the event that TRIA is no longer in effect, the Terrorism Coverage for acts similar to acts
included within the Certified Coverage under TRIA shall be maintained in the amount of full replacement cost and business income as provided in this Section 8.1. Notwithstanding the requirement in this Section 8.1(a) for coverage against
Acts of Terror for the full replacement cost and required business interruption amount, Borrower shall not be required to spend per annum more than 250% of the Agreed Terrorism Premium for such coverage. 

(b) All insurance provided for in Section 8.1(a) shall be obtained under valid and enforceable policies (collectively, the
“Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially
sound and responsible insurance companies authorized to do business in the State and meeting the following syndicate carrier ratings requirements: (i) if 5 or more members, (A) at least 60% of coverage (and 100% of first layer) shall be
provided by carriers having a claims paying ability rating of “A” or better by two Rating Agencies (including S&P) and (B) of the remaining 40% of coverage, (1) 30% shall be provided by carriers having a claims paying ability
rating of “BBB” or better by 2 Rating Agencies (including S&P) and (2) the bottom 10% shall be provided by carriers having a general policy rating of “A” or better and a financial class of “XII” or better by
A.M. Best, or (ii) if 4 or fewer members, (A) at least 75% of coverage (and 100% of first layer) shall be provided by carriers having a claims paying ability rating of “A” or better by 2 Rating Agencies (including S&P) and
(B) of the remaining 25% of coverage, (1) 15% shall be provided by carriers having a claims paying ability rating of “BBB” or better by 2 Rating Agencies (including S&P) and (2) the bottom 10% shall be provided by
carriers having a general policy rating of “A” or better and a financial class of “XII” or better by A.M. Best. The Policies described in Section 8.1(a) and all insurance policies maintained by FFIC pursuant to the FFIC
Lease shall designate Lender and its successors and assigns as additional insureds, mortgagees and/or loss payee as deemed appropriate by Lender. To the extent such Policies are not available as of the Closing Date, Borrower shall deliver to Lender
prior to the Closing Date an Acord 28 or similar certificate of insurance evidencing the coverages and amounts required hereunder and, upon request of Lender as soon as available after the Closing Date, certified copies of all Policies. Not less
than five (5) days prior to the expiration dates of any insurance coverage in place with respect to the Property, Borrower shall deliver to Lender an Acord 28 or similar certificate, accompanied by evidence satisfactory to Lender of payment of
the premiums due in connection therewith (the “Insurance Premiums”), and, as soon as available thereafter, certified copies of all renewal Policies. 

(c) Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder
and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 8.1(a). 

(d) All Policies provided for or contemplated by Section 8.1(a), except for the Policy referenced in Section 8.1(a)(v), shall
name Borrower as the insured and Lender as the additional insured, as its interests may appear, and in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a so-called New York standard non-contributing
mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 
  

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 (e) All Policies provided for in Section 8.1(a) shall contain clauses or endorsements
to the effect that: 
 (i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or
other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is
concerned; 
 (ii) the Policies shall not be materially changed (other than to increase the coverage provided
thereby) or canceled by the insurer without at least thirty (30) days’ (ten (10) days’ in the case of non-payment of premium) prior written notice to Lender and any other party named therein as an additional insured; 

(iii) the issuers thereof shall give written notice to Lender if the Policies have not been renewed thirty (30) days
prior to its expiration; and 
 (iv) Lender shall not be liable for any Insurance Premiums thereon or subject to
any assessments thereunder. 
 (f) If at any time Lender is in receipt of written evidence that all insurance required hereunder
is not in full force and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, obtaining such insurance coverage as
Lender in its sole discretion deems appropriate. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured
by the Mortgage and shall bear interest at the Default Rate. 
 (g) Notwithstanding the foregoing provisions of this
Section 8.1, so long as (i) the FFIC Lease is in full force and effect with no material defaults existing thereunder and (ii) FFIC has elected to self- insure pursuant to the terms and provisions of the FFIC Lease and is in compliance
therewith, Borrower shall not be required to procure and maintain the insurance coverage otherwise required pursuant to this Section 8.1. 

Section 8.2. Casualty. 

If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower
shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the Restoration of the Property in accordance with Section 8.4, provided that Lender makes any Net Proceeds available pursuant to
Section 8.4. Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. Borrower shall adjust all claims
for Insurance Proceeds in consultation with, and approval of, Lender; provided, however, if an Event of Default has occurred and is continuing, Lender shall have the exclusive right to participate in the adjustment of all claims for Insurance
Proceeds. 
  

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 Section 8.3. Condemnation. 

Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of the
Property of which Borrower has knowledge and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all
instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of
any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including but not limited to any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall
continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of
expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided
herein or in the Note. If the Property or any portion thereof is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the Property and otherwise comply with the provisions of Section 8.4,
provided that Lender makes any Net Proceeds available pursuant to Section 8.4. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency
judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

Section 8.4. Restoration. 

The following provisions shall apply in connection with the Restoration of the Property: 

(a) If the Net Proceeds shall be less than $300,000 and the costs of completing the Restoration shall be less than $300,000, the Net
Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 8.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily
complete with due diligence the Restoration in accordance with the terms of this Agreement. 
 (b) If the Net Proceeds are equal
to or greater than $300,000 or the costs of completing the Restoration are equal to or greater than $300,000, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 8.4. The term
“Net Proceeds” for purposes of this Section 8.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 8.1(a)(i), (iv), (vi) and (viii) as a result of a Casualty,
after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting the same (“Insurance Proceeds”), or (ii) the net amount of the Award as a result of a
Condemnation, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting the same (“Condemnation Proceeds”), whichever the case may be. 

 

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 (i) Unless the terms of the FFIC Lease require that the Net Proceeds be used
for the Restoration of the Property, the Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions are met: 

(A) no Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Net Proceeds are Insurance Proceeds, less than thirty percent (30%) of the total floor area
of the Improvements on the Property has been damaged, destroyed or rendered unusable as a result of a Casualty and the amount of damage does not exceed thirty percent (30%) of the Property’s fair market value immediately prior to the
occurrence of such Casualty, or (2) in the event the Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting the Property is taken, such land is located along the perimeter or periphery of the Property,
and less than fifteen percent (15%) of the aggregate floor area of the Improvements is taken and the taking does not exceed fifteen percent (15%) of the Property’s fair market value immediately prior to the occurrence of such taking;

 (C) Leases covering in the aggregate at least seventy-five percent (75%) of the total rentable space in
the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, and each Major Lease in effect as of such date shall remain in full force
and effect during and after the completion of the Restoration without abatement of rent beyond the time required for Restoration; 

(D) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than ninety
(90) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

(E) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest
under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of the insurance coverage referred to in Section 8.1(a)(iii)
above; 
 (F) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur
of (1) six (6) months prior to the Maturity Date, (2) the earliest date required for such completion under the terms of any Leases or material agreements affecting the Property, (3) such time as may be required under applicable
zoning law, ordinance, rule or regulation, or (4) the expiration of the insurance coverage referred to in Section 8.1(a)(iii); 

(G) the Property and the use thereof after the Restoration will be in compliance with and permitted under all Legal
Requirements; 
 (H) the Restoration shall be done and completed by Borrower in an expeditious and diligent
fashion and in compliance with all applicable Legal Requirements; 
  

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 (I) such Casualty or Condemnation, as applicable, does not result in the
loss of access to the Property or the Improvements; 
 (J) Borrower shall deliver, or cause to be delivered, to
Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be acceptable to Lender; and 

(K) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s reasonable judgment to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be held
by Lender until disbursements commence, and, until disbursed in accordance with the provisions of this Section 8.4, shall constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds shall be
disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all the conditions precedent to such advance, including those set forth in
Section 8.4(b)(i), have been satisfied, (B) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the related Restoration item have
been paid for in full, and (C) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which
have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. Notwithstanding the foregoing,
Business Interruption Proceeds shall be controlled by Lender at all times, shall not be subject to the provisions of this Section 8.4 and shall be used solely for the payment of the obligations under the Loan Documents, including the payment of
Actual Operating Expenses 
 (iii) All plans and specifications required in connection with the Restoration
shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Restoration Consultant”). Lender shall have the use of the plans and specifications and all
permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts in excess of $300,000 under which they have
been engaged, shall be subject to prior review and acceptance by Lender and the Restoration Consultant. All costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration, including, without
limitation, reasonable counsel fees and disbursements and the Restoration Consultant’s fees, shall be paid by Borrower. 

(iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the
costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Restoration Consultant, minus the Restoration Retainage. The term “Restoration Retainage” shall mean an amount equal to ten percent
(10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Restoration Consultant, until the 

 

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Restoration has been completed. The Restoration Retainage shall be reduced to five percent (5%) of the costs incurred upon receipt by Lender of satisfactory evidence that fifty percent
(50%) of the Restoration has been completed. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 8.4(b), be less than the amount actually held back by Borrower from
contractors, subcontractors and materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Restoration Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of
this Section 8.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of the
Restoration have been paid in full or will be paid in full out of the Restoration Retainage; provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or materialman
engaged in the Restoration as of the date upon which the Restoration Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the
provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or
materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Mortgage and
evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with
respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make
disbursements of the Net Proceeds more frequently than once every calendar month. 
 (vi) If at any time the Net
Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in consultation with the Restoration Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Restoration Consultant to be
incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency
deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this
Section 8.4(b) shall constitute additional security for the Debt and other obligations under the Loan Documents. 

(vii) The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited
with Lender after the Restoration Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 8.4(b), and the receipt by Lender of evidence satisfactory to Lender that all costs
incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents.

  

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 (c) All Net Proceeds not required (i) to be made available for the Restoration or
(ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 8.4(b)(vii) may (x) be retained and applied by Lender toward the payment of the Debt whether or not then due and payable in such order, priority and
proportions as Lender in its sole discretion shall deem proper, or, (y) at the sole discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes and upon such conditions as Lender shall designate. If,
pursuant to this Section 8.4, Lender shall receive and retain Net Proceeds, (i) the lien of the Mortgage shall be reduced only by the amount thereof received and retained by Lender and actually applied by Lender in reduction of the Debt;
and (ii) notwithstanding any other provisions hereof, Borrower shall not be required to repair or restore the portion of the Property affected by such Casualty or Condemnation to the condition or character the Property was in immediately prior
to such Casualty or Condemnation so long as no Event of Default exists, but Borrower shall be required to remove all debris with respect to the portion of the Property not required to be restored in a manner that is safe and is not dangerous to
health or other property and is in compliance with all applicable laws. 
 (d) In the event of foreclosure of the Mortgage, or
other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force concerning the Property and all proceeds payable thereunder shall thereupon
vest in the purchaser at such foreclosure, Lender or other transferee in the event of such other transfer of title. 
 ARTICLE
9 
 RESERVE FUNDS 

Section 9.1. Required Repairs. 

Borrower shall use its best efforts to cause FFIC to complete the repairs and improvements to the Property set forth on Schedule I and as
more particularly described in the Property Condition Report prepared in connection with the closing of the Loan in a good and workmanlike manner on or before the date that is twelve (12) months from the date hereof. 

Section 9.2. Replacements. 

(a) On an ongoing basis throughout the term of the Loan, Borrower shall make, or shall cause FFIC to make, to the extent FFIC is required
to do so under the FFIC Lease, capital repairs, replacements and improvements necessary to keep the Property in good order and repair and in a good marketable condition or prevent deterioration of the Property, including, but not limited to, those
repairs, replacements and improvements more particularly described in (i) the Property Condition Report prepared in connection with the closing of the Loan and (ii) Schedule II attached hereto (collectively, the
“Replacements”). Borrower shall complete, or shall cause FFIC to complete, to the extent FFIC is required to maintain the physical condition of the Property under the FFIC Lease, all Replacements in a good and workmanlike manner as
soon as commercially reasonable after commencing to make each such Replacement. 
  

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 (b) Borrower shall establish on the date hereof an Eligible Account with Lender or
Lender’s agent to fund the Replacements (the “Replacement Reserve Account”) into which Borrower shall deposit $1,657.44 (the “Replacement Reserve Monthly Deposit”) into the Replacement Reserve Account on each
Scheduled Payment Date. Amounts so deposited shall hereinafter be referred to as “Replacement Reserve Funds.” Lender may, in its reasonable discretion, adjust the Replacement Reserve Monthly Deposit from time to time to an amount
sufficient to maintain the proper maintenance and operation of the Property. In the event Lender shall at any time increase the Replacement Reserve Monthly Deposit, Borrower may, at its election, request that Lender obtain, at the sole cost and
expense of Borrower, a Property Condition Report prepared by an engineer selected by Lender in its reasonable discretion, in which case the Replacement Reserve Monthly Deposit shall be adjusted by Lender based on the results of such report, provided
that in no event shall such amounts be reduced below the initial amount of the Replacement Reserve Monthly Deposit set forth in herein. Notwithstanding the foregoing, provided that (x) the FFIC Lease or Substitute Lease obligates FFIC or
Substitute Tenant to maintain the physical condition of the Property in good and marketable condition and (y) the FFIC Lease or Substitute Lease remains in full force and effect with no material defaults thereunder, then Borrower shall not be
required to make Replacement Reserve Monthly Deposits other than for those items that are not the responsibility of FFIC or Substitute Tenant under the FFIC Lease or the Substitute Lease, as applicable. 

Section 9.3. Termination Fee Deposits. 

Borrower shall deposit with Lender into an Eligible Account established with Lender or Lender’s agent to fund Tenant Improvements
and Leasing Commissions (the “Leasing Reserve Account”) any sum or termination fee payable to Borrower in connection with any early termination option contained in its respective lease of space at the Property (the
“Termination Fee Deposit”) on the date of Borrower’s receipt thereof. Amounts so deposited shall hereinafter be referred to as the “Leasing Reserve Funds.” 

Section 9.4. Required Work. 

Borrower shall diligently pursue all Replacements (the “Required Work”) to completion in accordance with the following
requirements: 
 (a) Lender reserves the right, at its option, to approve all contracts or work orders with materialmen,
mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Required Work to the extent such contracts or work orders exceed $50,000. Upon Lender’s request, Borrower shall assign any
contract or subcontract to Lender. 
 (b) In the event Lender determines in its reasonable discretion that any Required Work is
not being or has not been performed in a workmanlike or timely manner, and such failure continues for thirty (30) days after Borrower receives written notice from Lender, Lender shall have the option to withhold disbursement for such
unsatisfactory Required Work and to proceed under existing contracts or to contract with third parties to complete such Required Work and to apply the Replacement Reserve Funds, as applicable, toward the labor and materials necessary to complete
such Required Work, without providing any prior notice to Borrower and to exercise any and all other remedies available to Lender upon the occurrence and during the continuance of an Event of Default hereunder. 

 

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 (c) In order to facilitate Lender’s completion of the Required Work, Borrower grants
Lender the right to enter onto the Property and perform any and all work and labor necessary to complete the Required Work and/or employ watchmen to protect the Property from damage. All sums so expended by Lender, to the extent not from the Reserve
Funds, shall be deemed to have been advanced under the Loan to Borrower and secured by the Mortgage. For this purpose Borrower constitutes and appoints Lender its true and lawful attorney- in- fact with full power of substitution to complete or
undertake the Required Work in the name of Borrower to the extent permitted pursuant to Section 9.4(b). Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. Borrower empowers said attorney- in-
fact as follows: (i) to use any of the Reserve Funds for the purpose of making or completing the Required Work; (ii) to make such additions, changes and corrections to the Required Work as shall be necessary or desirable to complete the
Required Work; (iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes; (iv) to pay, settle or compromise all existing bills and claims which are or may become Liens
against the Property, or as may be necessary or desirable for the completion of the Required Work, or for clearance of title; (v) to execute all applications and certificates in the name of Borrower which may be required by any of the contract
documents; (vi) to prosecute and defend all actions or proceedings in connection with the Property or the rehabilitation and repair of the Property; and (vii) to do any and every act which Borrower might do on its own behalf to fulfill the
terms of this Agreement. 
 (d) Nothing in this Section 9.4 shall: (i) make Lender responsible for making or
completing the Required Work; (ii) require Lender to expend funds in addition to the Reserve Funds to make or complete any Required Work; (iii) obligate Lender to proceed with the Required Work; or (iv) obligate Lender to demand from
Borrower additional sums to make or complete any Required Work. 
 (e) Borrower shall permit Lender and Lender’s agents and
representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties performing Required Work pursuant to this Section 9.4 to enter onto the Property during normal business hours (subject to the
rights of tenants under their Leases) to inspect the progress of any Required Work and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Required Work which are or may be kept at the Property,
and to complete any Required Work made pursuant to this Section 9.4. Borrower shall cause all contractors and subcontractors to cooperate with Lender and Lender’s representatives or such other persons described above in connection with
inspections described in this Section 9.4 or the completion of Required Work pursuant to this Section 9.4. 
 (f)
Lender may, to the extent any Required Work would reasonably require an inspection of the Property, inspect the Property at Borrower’s expense prior to making a disbursement of the Reserve Funds in order to verify completion of the Required
Work for which reimbursement is sought. Borrower shall pay Lender a reasonable inspection fee not exceeding $250.00 for each such inspection. Lender may require that such inspection be conducted by an appropriate independent qualified professional
selected by Lender and/or may require a copy of a certificate of completion by an independent qualified professional acceptable to Lender prior to the disbursement of the Reserve Funds. Borrower shall pay the expense of the inspection as required
hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. 
  

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 (g) The Required Work and all materials, equipment, fixtures, or any other item comprising a
part of any Required Work shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialman’s or other Liens (except for Permitted Encumbrances). 

(h) Before each disbursement of the Reserve Funds, Lender may require Borrower to provide Lender with a search of title to the Property
effective to the date of the disbursement, which search shows that no mechanic’s or materialmen’s or other Liens of any nature have been placed against the Property since the date of recordation of the Mortgage and that title to the
Property is free and clear of all Liens (except for Permitted Encumbrances). 
 (i) All Required Work shall comply with all
Legal Requirements and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters. 

(j) Borrower hereby collaterally assigns to Lender all rights and claims Borrower may have against all Persons supplying labor or
materials in connection with the Required Work; provided, however, that Lender may not pursue any such rights or claims unless an Event of Default has occurred and remains uncured. 

Section 9.5. Release of Reserve Funds. 

(a) Upon written request from Borrower and satisfaction of the requirements set forth in this Section 9.5, Lender shall disburse to
Borrower amounts from (i) the Replacement Reserve Account to the extent necessary to reimburse Borrower for the actual costs of any approved Replacements, or (ii) the Leasing Reserve Account to the extent necessary to reimburse Borrower
for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with Leases entered into in accordance with the Loan Documents or those Leases entered into with FFIC, provided that (A) such Leasing Commissions are
reasonable and customary for properties similar to the Property and the portion of the Property leased for which such Leasing Commissions are due, and (B) the amount of such Leasing Commissions are determined pursuant to arm’s- length
transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate of Borrower. Notwithstanding
the preceding sentence, in no event shall Lender be required to (x) disburse funds from any of the Reserve Accounts if an Event of Default exists, or (y) disburse funds from the Replacement Reserve Account to reimburse Borrower for the
costs of routine repairs or maintenance to the Property or for costs which are to be reimbursed from funds held for Tenant Improvements and Leasing Commissions. 

(b) With each request for disbursement, Borrower shall certify in writing to Lender that all Required Work has been performed in
accordance with all Legal Requirements and that all such Required Work has been completed lien free and paid for in full or will be paid for in full upon disbursement of the requested funds. In addition, each request for disbursement in excess of
$50,000 shall be on a form provided or approved by Lender and shall (i) include copies of invoices for all items or materials purchased and all labor or services provided, (ii) specify (A) the Required Work for which the disbursement
is requested, (B) the quantity and price of each item purchased, if the Required Work includes the purchase or replacement of specific items, (C) the price of all materials (grouped by type

  

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or category) used in any Required Work other than the purchase or replacement of specific items, and (D) the cost of all contracted labor or other services applicable to each Required Work
for which such request for disbursement is made, (iii) if requested by Lender, conditional lien waivers from each contractor, supplier, materialman, mechanic or subcontractor with respect to the completion of its work or delivery of its
materials, and (iv) include, if such request for disbursement is in connection with Tenant Improvements, a certificate from the Tenant(s) for which the Tenant Improvements have been performed stating that such Tenant Improvements have been
completed in a manner satisfactory and acceptable to such Tenant(s) and (unless disbursement is requested pursuant to Section 9.5(d)), such Tenant(s) has accepted the premises demised under the applicable Lease(s), and containing such other
information as Lender may require, in form and substance reasonably satisfactory to Lender, and/or if such request for disbursement is in connection with Leasing Commissions, a certificate from the leasing agent that no further sums are due to it in
connection with the applicable Lease]. Except as provided in Section 9.5(d), each request for disbursement shall be made only after completion of the Replacement or Tenant Improvement (or the portion thereof completed in accordance with
Section 9.5(d)), or the full performance by the leasing agent of its obligations (in the case of Leasing Commissions), as applicable, for which disbursement is requested. Borrower shall provide Lender evidence satisfactory to Lender in its
reasonable judgment of such completion or performance. 
 (c) Any lien waiver delivered hereunder shall conform to all Legal
Requirements and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current disbursement
request. In the case of Leasing Commissions, payment shall be made to any leasing agent to which a Leasing Commission is due in the amount of invoices submitted by such leasing agent, provided all of the other conditions for disbursements for such
Leasing Commissions are satisfied in the judgment of Lender. 
 (d) If (i) the cost of any item of Required Work exceeds
$50,000, (ii) the contractor performing such Required Work requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for disbursement from the
Reserve Accounts may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of work, (B) the materials for which the request is made are on site at
the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, and (D) in the case of a Replacement, funds remaining in the Replacement Reserve
Account are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required. 
 (e)
Borrower shall not make a request for, nor shall Lender have any obligation to make, any disbursement from any Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) in any amount less
than the lesser of (i) $10,000 or (ii) the total cost of the Required Work or Leasing Commission for which the disbursement is requested. 

(f) Intentionally Omitted. 

(g) In the event any Borrower requests a disbursement from the Replacement Reserve Account to pay for or to reimburse Borrower for the
actual cost of labor or materials used in connection with repairs or improvements other than the 
  

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Replacements specified in the Property Condition Report prepared in connection with the closing of the Loan (an “Additional Replacement”), Borrower shall disclose in writing to Lender
the reason why funds in the Replacement Reserve Account should be used to pay for such Additional Replacement. If Lender determines, in the exercise of Lender’s reasonable judgment, that (i) such Additional Replacement is of the type
intended to be covered by the Replacement Reserve Account, (ii) costs for such Additional Replacement are reasonable, (iii) the funds in the Replacement Reserve Account are sufficient to pay for such Additional Replacement and all other
Replacements for the Property specified in the Property Condition Report, and (iv) all other conditions for disbursement under this Agreement have been met, Lender may disburse funds from the Replacement Reserve Account. 

(h) Lender’s disbursement of any Reserve Funds or other acknowledgment of completion of any Required Work in a manner satisfactory
to Lender shall not be deemed a certification or warranty by Lender to any Person that the Required Work has been completed in accordance with Legal Requirements. 

(i) If the funds in any Reserve Account should exceed the amount of payments actually applied by Lender for the purposes of the account,
Lender in its sole discretion shall either return any excess to Borrower or credit such excess against future payments to be made to that Reserve Account. If at any time Lender reasonably determines that the Reserve Funds are not or will not be
sufficient to make the required payments, Lender shall notify Borrower of such determination and Borrower shall pay to Lender any amount necessary to make up the deficiency within ten (10) Business Days after notice from Lender to Borrower
requesting payment thereof. 
 (j) The insufficiency of any balance in any of the Reserve Accounts shall not relieve Borrower
from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents. 
 (k) Intentionally Omitted.

 (l) Upon payment in full of the Debt, Lender shall return all amounts remaining on deposit, if any, in the Replacement
Reserve Account, if any, to Borrower or the Person shown on Lender’s records as being the owner of the Property and no other party shall have any right or claim thereto. 

(m) Upon the earlier to occur of (i) the completion of all Tenant Improvements and the full performance by the leasing agent of its
obligations with respect to any Leasing Commissions, as verified by Lender in its reasonable discretion, or (ii) the payment in full of the Debt, all amounts remaining on deposit, if any, in the Leasing Reserve Account shall be returned to
Borrower or the Person shown on Lender’s records as being the owner of the Property and no other party shall have any right or claim thereto. 

Section 9.6. Tax and Insurance Reserve Funds. 

(a) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent sufficient to discharge
Borrower’s obligations for the payment of Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof (the “Tax and Insurance Reserve Account”) into which Borrower shall deposit on each Scheduled
Payment Date (a) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender 

 

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sufficient funds to pay all such Taxes at least thirty (30) days prior to the earlier of (i) the date that the same will become delinquent and (ii) the date that additional charges
or interest will accrue due to the non-payment thereof, and (b) except to the extent Lender has waived the insurance escrow because the insurance required hereunder is maintained under a blanket insurance Policy acceptable to Lender in
accordance with Section 8.1(c), one-twelfth of the Insurance Premiums that Lender estimates will be payable during the next ensuing twelve (12) months for the renewal of the coverage afforded by the Policies upon the expiration thereof or
such higher amount necessary to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and (b) above hereinafter called the
“Tax and Insurance Reserve Funds”). Lender will apply the Tax and Insurance Reserve Funds to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.4 and Section 8.1 hereof. In
making any disbursement from the Tax and Insurance Reserve Account, Lender may do so according to any bill, statement or estimate procured from the appropriate public office or tax lien service (with respect to Taxes) or insurer or agent (with
respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and Insurance Reserve
Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be
made to the Tax and Insurance Reserve Account. In allocating any such excess, Lender may deal with the person shown on Lender’s records as being the owner of the Property. Upon payment in full of the Debt, lender shall return any amount
remaining in the Tax and Insurance Reserve Account to Borrower or the person shown on Lender’s records as being the owner of the Property and no other party shall have any right or claim thereto. If at any time Lender reasonably determines that
the Tax and Insurance Reserve Funds are not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall pay to Lender any
amount necessary to make up the deficiency within ten (10) Business Days after notice from Lender to Borrower requesting payment thereof. 

(b) Notwithstanding the foregoing, (i) for so long as (A) the FFIC Lease obligates FFIC to pay the real estate taxes directly
to the governmental authority and (B) the FFIC Lease remains in full force and effect with no material defaults thereunder, then Borrower shall not be required to make reserve deposits for real estate taxes and (ii) for so long as
(A) the FFIC Lease obligates FFIC to maintain and pay for acceptable insurance coverage directly to the applicable insurer (or FFIC is self-insuring pursuant to the FFIC Lease)) and (B) the FFIC Lease remains in full force and effect with
no material defaults thereunder, then Borrower shall not be required to make reserve deposits for insurance premiums. 

Section 9.7. Intentionally Omitted. 

Section 9.8. Intentionally Omitted. 

Section 9.9. Reserve Funds Generally. 

(a) (i) Except for the Replacement Reserve Account, no earnings or interest on the Reserve Accounts shall be payable to Borrower. Neither
Lender nor any loan servicer that at any time holds or maintains such non-interest-bearing Reserve Accounts shall have any obligation to keep or maintain such Reserve Accounts or any funds deposited

  

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therein in interest-bearing accounts. If Lender or any such loan servicer elects in its sole and absolute discretion to keep or maintain any non-interest-bearing Reserve Account or any funds
deposited therein in an interest-bearing account, the account shall be an Eligible Account and (A) such funds shall not be invested except in Permitted Investments, and (B) all interest earned or accrued thereon shall be for the account of
and be retained by Lender or such loan servicer. 
 (ii) Funds deposited in the Replacement Reserve Account shall
be held in an interest-bearing business savings account and interest shall be credited to Borrower. In no event shall Lender or any loan servicer that at any time holds or maintains the Replacement Reserve Account be required to select any
particular interest-bearing account or the account that yields the highest rate of interest, provided that selection of the account shall be consistent with the general standards at the time being utilized by Lender or the loan servicer, as
applicable, in establishing similar accounts for loans of comparable type. All such interest shall be and become part of the Replacement Reserve Account and shall be disbursed in accordance with Section 9.5 above; provided, however, that Lender
may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest on Replacement Reserve Funds as the income of Borrower (and, if
Borrower is a partnership or other pass-through entity, the partners, members or beneficiaries of Borrower, as the case may be), and shall be the owner of the Replacement Reserve Funds for federal and applicable state and local tax purposes, except
to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein. 

(b) Borrower grants to Lender a first-priority perfected security interest in, and assigns and pledges to Lender, each of the Reserve
Accounts and any and all Reserve Funds now or hereafter deposited in the Reserve Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Accounts and the Reserve Funds shall constitute
additional security for the Debt. The provisions of this Section 9.9 are intended to give Lender or any subsequent holder of the Loan “control” of the Reserve Accounts within the meaning of the UCC. 

(c) The Reserve Accounts and any and all Reserve Funds now or hereafter deposited in the Reserve Accounts shall be subject to the
exclusive dominion and control of Lender, which shall hold the Reserve Accounts and any or all Reserve Funds now or hereafter deposited in the Reserve Accounts subject to the terms and conditions of this Agreement. Borrower shall have no right of
withdrawal from the Reserve Accounts or any other right or power with respect to the Reserve Accounts or any or all of the Reserve Funds now or hereafter deposited in the Reserve Accounts, except as expressly provided in this Agreement. 

(d) Lender shall furnish or cause to be furnished to Borrower, without charge, an annual accounting of each Reserve Account in the normal
format of Lender or its loan servicer, showing credits and debits to such Reserve Account and the purpose for which each debit to each Reserve Account was made. 

(e) As long as no Event of Default has occurred and is continuing, Lender shall make disbursements from the Reserve Accounts in
accordance with this Agreement. All such disbursements shall be deemed to have been expressly pre-authorized by Borrower, 
  

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and shall not be deemed to constitute the exercise by Lender of any remedies against Borrower unless an Event of Default has occurred and is continuing and Lender has expressly stated in writing
its intent to proceed to exercise its remedies as a secured party, pledgee or lienholder with respect to the Reserve Accounts. 

(f) If any Event of Default occurs, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve Accounts
until the earlier to occur of (i) the date on which such Event of Default is cured to Lender’s satisfaction, or (ii) the payment in full of the Debt. In addition, at Lender’s election, Borrower shall lose all of its rights to
receive interest on the Replacement Reserve Account during the occurrence and continuance of an Event of Default. Upon the occurrence and during the continuance of any Event of Default, Lender may exercise any or all of its rights and remedies as a
secured party, pledgee and lienholder with respect to the Reserve Accounts. Without limitation of the foregoing, upon the occurrence and during the continuance of any Event of Default, Lender may use and disburse the Reserve Funds (or any portion
thereof) for any of the following purposes: (A) repayment of the Debt, including, but not limited to, principal prepayments and the prepayment premium applicable to such full or partial prepayment (as applicable); (B) reimbursement of
Lender for all losses, fees, costs and expenses (including, without limitation, reasonable legal fees) suffered or incurred by Lender as a result of such Event of Default; (C) payment of any amount expended in exercising any or all rights and
remedies available to Lender at law or in equity or under this Agreement or under any of the other Loan Documents; (D) payment of any item from any of the Reserve Accounts as required or permitted under this Agreement; or (E) any other
purpose permitted by applicable law; provided, however, that any such application of funds shall not cure or be deemed to cure any Event of Default. Without limiting any other provisions hereof, each of the remedial actions described in the
immediately preceding sentence shall be deemed to be a commercially reasonable exercise of Lender’s rights and remedies as a secured party with respect to the Reserve Funds and shall not in any event be deemed to constitute a setoff or a
foreclosure of a statutory banker’s lien. Nothing in this Agreement shall obligate Lender to apply all or any portion of the Reserve Funds to effect a cure of any Event of Default, or to pay the Debt, or in any specific order of priority. The
exercise of any or all of Lender’s rights and remedies under this Agreement or under any of the other Loan Documents shall not in any way prejudice or affect Lender’s right to initiate and complete a foreclosure under the Mortgage.

 (g) The Reserve Funds shall not constitute escrow or trust funds and may be commingled with other monies held by Lender.
Notwithstanding anything else herein to the contrary, Lender may commingle in one or more Eligible Accounts any and all funds controlled by Lender, including, without limitation, funds pledged in favor of Lender by other borrowers, whether for the
same purposes as the Reserve Accounts or otherwise. Without limiting any other provisions of this Agreement or any other Loan Document, the Reserve Accounts may be established and held in such name or names as Lender or its loan servicer, as agent
for Lender, shall deem appropriate, including, without limitation, in the name of Lender or such loan servicer as agent for Lender. In the case of any Reserve Account which is held in a commingled account, Lender or its loan servicer, as applicable,
shall maintain records sufficient to enable it to determine at all times which portion of such account is related to the Loan. The Reserve Accounts are solely for the protection of Lender. With respect to the Reserve Accounts, Lender shall have no
responsibility beyond the allowance of due credit for the sums actually received by Lender or beyond the reimbursement or payment of the costs and expenses for which such accounts were established in accordance with their terms. Upon assignment of
the Loan by Lender, any Reserve Funds shall be turned over to 
  

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the assignee and any responsibility of Lender as assignor shall terminate. The requirements of this Agreement concerning Reserve Accounts in no way supersede, limit or waive any other rights or
obligations of the parties under any of the Loan Documents or under applicable law. 
 (h) Borrower shall not, without obtaining
the prior written consent of Lender, further pledge, assign or grant any security interest in the Reserve Accounts or the Reserve Funds deposited therein or permit any Lien to attach thereto, except for the security interest granted in this
Section 9.9, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 

(i) Borrower will maintain the security interest created by this Section 9.9 as a first priority perfected security interest and
will defend the right, title and interest of Lender in and to the Reserve Accounts and the Reserve Funds against the claims and demands of all Persons whomsoever. At any time and from time to time, upon the written request of Lender, and at the sole
expense of Borrower, Borrower will promptly and duly execute and deliver such further instruments and documents and will take such further actions as Lender reasonably may request for the purpose of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted. 
 ARTICLE 10 

CASH MANAGEMENT 

Section 10.1. Lockbox Account and Cash Management Account. 

(a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, (i) pursuant to
the Lockbox Agreement, an Eligible Account into which Borrower shall, and shall cause Manager to, deposit or cause to be deposited, all Rents and other revenue from the Property (such account, all funds at any time on deposit therein and any
proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Lockbox Account”), and (ii) an Eligible Account into which funds in the Lockbox Account shall be transferred pursuant to
the terms of Section 10.2(b) hereof, named “First States Investors 239, LLC for the benefit of Bank of America N.A.”, with account number 12354-65879 (such account, the sub-accounts thereof, all funds at any time on deposit therein
and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Cash Management Account”); provided, however, that so long as the FFIC Lease remains in full force and effect with no
material defaults thereunder, then (x) Borrower need not establish or maintain the Lockbox Account and (y) the deposits required pursuant to subsection (i) of this Section 10.1(a) shall be made directly to the Cash Management
Account. In the event that the FFIC Lease is terminated or a material default thereunder has occurred and is continuing beyond any grace period set forth in the FFIC Lease, upon request by Lender, Borrower shall establish and maintain the Lockbox
Account as provided herein within thirty (30) calendar days of Lender’s request. 
 (b) The Lockbox Account and Cash
Management Account shall each be in the name of Borrower for the benefit of Lender, provided that Borrower shall be the owner of all funds on deposit in such accounts for federal and applicable state and local tax purposes (except to the extent
Lender retains any interest earned on the Cash Management Account for its own account following the occurrence and during the continuance of an Event of Default). Sums on deposit in the Cash Management Account shall not be invested except in such

  

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Permitted Investments as determined and directed by Lender and all income earned thereon shall be the income of Borrower and be applied to and become part of the Cash Management Account, to be
disbursed in accordance with this Article 10. Neither Lockbox Bank nor Lender shall have any liability for any loss resulting from the investment of funds in Permitted Investments in accordance with the terms and conditions of this Agreement.

 (c) The Lockbox Account and Cash Management Account shall be subject to the exclusive dominion and control of Lender and,
except as otherwise expressly provided herein, and as long as the Loan (or any portion thereof) is outstanding, neither Borrower, Manager nor any other party claiming on behalf of, or through, Borrower or Manager, shall have any right of withdrawal
therefrom or any other right or power with respect thereto. 
 (d) Borrower agrees to pay the customary fees and expenses of
Lockbox Bank (incurred in connection with maintaining the Lockbox Account) and Lender (incurred in connection with maintaining the Lockbox Account) and any successors thereto in connection with the maintenance of the Lockbox Account, as separately
agreed by them from time to time. 
 (e) Lender shall be responsible for the performance only of such duties with respect to the
Cash Management Account as are specifically set forth herein, and no duty shall be implied from any provision hereof. Lender shall not be under any obligation or duty to perform any act which would involve it in expense or liability or to institute
or defend any suit in respect hereof, or to advance any of its own monies. Borrower shall indemnify and hold Lender and its directors, employees, officers and agents harmless from and against any loss, cost or damage (including, without limitation,
reasonable attorneys’ fees and disbursements) incurred by such parties in connection with the Cash Management Account other than such as result from the gross negligence or willful misconduct of Lender or intentional nonperformance by Lender of
its obligations under this Agreement. 
 Section 10.2. Deposits and Withdrawals. 

(a) Borrower represents, warrants and covenants that: 

(i) Concurrently with the execution of this Agreement with respect to all Leases existing on the date hereof, and
concurrently with the execution of any new Lease with respect to any new Lease, Borrower shall notify and advise each Tenant under each Lease (whether such Lease is presently effective or executed after the date hereof) to send directly to the Cash
Management Account (or if the Lockbox Account has been established pursuant to Section 10.1(a) hereof, to the Lockbox Account) all payments of Rents or any other item payable under such Leases pursuant to an instruction letter, including the
wiring instructions for the Cash Management Account (or the Lockbox Account, as applicable) appearing in such letter, in the form of Exhibit E attached hereto (a “Tenant Direction Letter”). If Borrower fails to provide any
such notice (and without prejudice to Lender’s rights with respect to such default), Lender shall have the right, and Borrower hereby grants to Lender a power of attorney (which power of attorney shall be coupled with an interest and
irrevocable so long as any portion of the Debt remains outstanding), to sign and deliver a Tenant Direction Letter; 

(ii) Borrower shall, and shall cause Manager to, instruct all Persons that maintain open accounts with Borrower or Manager
with respect to the Property or 
  

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with whom Borrower or Manager does business on an “accounts receivable” basis with respect to the Property to deliver all payments due under such accounts to the Lockbox. Neither
Borrower nor Manager shall direct any such Person to make payments due under such accounts in any other manner; 

(iii) All Rents or other income from the Property shall (A) be deemed additional security for payment of the Debt and
shall be held in trust for the benefit, and as the property, of Lender, (B) not be commingled with any other funds or property of Borrower or Manager, and (C) if received by Borrower or Manager notwithstanding the delivery of a Tenant
Direction Letter, be deposited in the Lockbox Account within one (1) Business Day of receipt; 
 (iv)
Without the prior written consent of Lender, so long as any portion of the Debt remains outstanding, neither Borrower nor Manager shall terminate, amend, revoke or modify any Tenant Direction Letter in any manner whatsoever or direct or cause any
Tenant to pay any amount in any manner other than as provided in the related Tenant Direction Letter; and 
 (v)
So long as any portion of the Debt remains outstanding, neither Borrower, Manager nor any other Person shall open or maintain any accounts other than the Lockbox Account into which revenues from the ownership and operation of the Property are
deposited. The foregoing shall not prohibit Borrower from utilizing one or more separate accounts for the disbursement or retention of funds that have been transferred to Borrower pursuant to the express terms of this Agreement. 

(b) Borrower hereby irrevocably authorizes Lender to transfer, or cause to be transferred, and Lender shall transfer, on each Business
Day by wire transfer or other method of transfer mutually agreeable to Lockbox Bank and Lender of immediately available funds, all collected and available balances in the Lockbox Account to the Cash Management Account to be held until disbursed by
Lender pursuant to Section 10.2(c). 
 (c) on each Scheduled Payment Date (and if such day is not a Business Day, then the
immediately preceding day which is a Business Day) commencing the month during which the first Scheduled Payment Date occurs, Borrower hereby irrevocably authorizes Lender to withdraw or allocate to the sub-accounts of the Cash Management Account,
as the case may be, amounts received in the Cash Management Account, in each case to the extent that sufficient funds remain therefor: 

(i) first, funds sufficient to pay the monthly deposits to the Tax and Insurance Reserve Account, if applicable,
shall be allocated to the Tax and Insurance Reserve Account to be held and disbursed in accordance with Section 9.6; 

(ii) second, funds sufficient to pay the Monthly Payment Amount shall be withdrawn and paid to Lender; 

(iii) third, funds sufficient to pay the Actual Operating Expenses of the Property pursuant to the Annual Budget,
to the extent not paid by FFIC pursuant to the FFIC Lease; 
  

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 (iv) fourth, funds sufficient to pay the Replacement Reserve Monthly
Deposit, if applicable, shall be allocated to the Replacement Reserve Account to be held and disbursed in accordance with Section 9.5; 

(v) fifth, funds sufficient to pay any interest accruing at the Default Rate, late payment charges, if any, and any
other sums due and payable to Lender under any of the Loan Documents, shall be withdrawn and paid to Lender and applied against such items; 

(vi) sixth, funds sufficient to pay Lockbox Bank for all costs and expenses incurred by Lockbox Bank in connection
with the maintenance and administration of the Lockbox Account; 
 (vii) seventh, funds sufficient to pay
capital expenses of the Property pursuant to the Annual Budget, to the extent not paid by FFIC pursuant to the FFIC Lease; 

(viii) eighth, funds sufficient to pay Extraordinary Expenses approved by Lender; 

(ix) ninth, (A) prior to the Anticipated Prepayment Date, funds in an amount equal to the balance (if any)
remaining on deposit in the Cash Management Account after the foregoing withdrawals and allocations shall be transferred to Borrower’s Account or (B) on or subsequent to the Anticipated Prepayment Date, such balance of funds
(“Excess Cash”) shall be applied by Lender to prepay the Debt in accordance with Section 2.2(h) hereof. Such prepayments pursuant to this Section 10.2(c)(ix)(B) shall be made without payment of any premium or penalty.

 (d) Notwithstanding anything to the contrary herein, Borrower acknowledges that Borrower is responsible for monitoring the
sufficiency of funds deposited in the Cash Management Account and that Borrower is liable for any deficiency in available funds, irrespective of whether Borrower has received any account statement, notice or demand from Lender or Lender’s
servicer. If the amount on deposit in the Cash Management Account is insufficient to make all of the withdrawals and allocations described in Section 10.2(c)(i) through (viii) above, Borrower shall deposit such deficiency into the Cash
Management Account within five (5) days (provided that such five day period shall not constitute a grace period for any default or Event of Default under this Agreement or any other Loan Document based on a failure to satisfy any monetary
obligation provided in any Loan Document). 
 (e) If an Event of Default shall have occurred and be continuing, Borrower hereby
irrevocably authorizes Lender to make any and all withdrawals from the Lockbox Account and Cash Management Account and transfers between any of the Reserve Accounts as Lender shall determine in Lender’s sole and absolute discretion and Lender
may use all funds contained in any such accounts for any purpose, including but not limited to repayment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw
and apply funds as stated herein shall be in addition to all other rights and remedies provided to Lender under this Agreement, the Note, the Mortgage and the other Loan Documents. 

 

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 Section 10.3. Security Interest. 

(a) To secure the full and punctual payment of the Debt and performance of all obligations of Borrower now or hereafter existing under
this Agreement and the other Loan Documents, Borrower hereby grants to Lender a first-priority perfected security interest in each of the Accounts and the Account Collateral. Furthermore, Borrower shall not, without obtaining the prior written
consent of Lender, further pledge, assign or grant any security interest in any of the foregoing or permit any Lien to attach thereto or any levy to be made thereon or any UCC Financing Statements to be filed with respect thereto. Borrower will
maintain the security interest created by this Section 10.3(a) as a first priority perfected security interest and will defend the right, title and interest of Lender in and to each of the Accounts and the Account Collateral against the claims
and demands of all Persons whomsoever. 
 (b) Borrower authorizes Lender to file any financing statement or statements required
by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein in connection with the Lockbox Account and Cash Management Account. Borrower agrees that at any time and from time to time, at the
expense of Borrower, Borrower will promptly and duly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Lender may reasonably request, in order to perfect and protect
any security interest granted or purported to be granted hereby (including, without limitation, any security interest in and to any Permitted Investments) or to enable Lender to exercise and enforce its rights and remedies hereunder. 

(c) Upon the occurrence of an Event of Default, Lender may exercise any or all of its rights and remedies as a secured party, pledgee and
lienholder with respect to the Accounts and the Account Collateral. Without limitation of the foregoing, upon any Event of Default, Lender may use the Accounts and the Account Collateral for any of the following purposes: (A) repayment of the
Debt, including, but not limited to, principal prepayments and the prepayment premium applicable to such full or partial prepayment (as applicable); (B) reimbursement of Lender for all losses, fees, costs and expenses (including, without
limitation, reasonable legal fees) suffered or incurred by Lender as a result of such Event of Default; (C) payment of any amount expended in exercising any or all rights and remedies available to Lender at law or in equity or under this
Agreement or under any of the other Loan Documents; (D) payment of any item as required or permitted under this Agreement; or (E) any other purpose permitted by applicable law; provided, however, that any such application of funds shall
not cure or be deemed to cure any Event of Default. Without limiting any other provisions hereof, each of the remedial actions described in the immediately preceding sentence shall be deemed to be a commercially reasonable exercise of Lender’s
rights and remedies as a secured party with respect to the Accounts and the Account Collateral and shall not in any event be deemed to constitute a setoff or a foreclosure of a statutory banker’s lien. Nothing in this Agreement shall obligate
Lender to apply all or any portion of the Accounts and the Account Collateral to effect a cure of any Event of Default, or to pay the Debt, or in any specific order of priority. The exercise of any or all of Lender’s rights and remedies under
this Agreement or under any of the other Loan Documents shall not in any way prejudice or affect Lender’s right to initiate and complete a foreclosure under the Mortgage. 

(d) Definitions. Notwithstanding anything to the contrary contained herein, For purposes of this Article 10 only, Business Day shall mean
a day on which Lender 
  

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and Lockbox Bank are both open for the conduct of substantially all of their respective banking business at the office in the city in which the Note is payable, with respect to Lender and at the
office in the city where the Lockbox Account is maintained, with respect to Lockbox Bank (in both instances, excluding Saturdays and Sundays). 

ARTICLE 11 

EVENTS OF DEFAULT; REMEDIES 

Section 11.1. Event of Default. 

The occurrence of any one or more of the following events shall constitute an “Event of Default”: 

(a) if any portion of the Debt is not paid on or prior to the date the same is due or if the entire Debt is not paid on or before the
Maturity Date; provided, however, Borrower shall not be in default so long as there is sufficient money in the Cash Management Account for payment of all amounts then due and payable (including any deposits into Reserve Accounts) and Lender’s
access to such money has not been constrained or constricted in any manner; 
 (b) except as otherwise expressly provided in the
Loan Documents, if any of the Taxes or Other Charges are not paid when the same are due and payable, unless there is sufficient money in the Tax and Insurance Reserve Account for payment of amounts then due and payable and Lender’s access to
such money has not been constrained or restricted in any manner; 
 (c) if (i) the Policies are not kept in full force and
effect, (ii) the Acord 28 (or similar) certificate is not delivered to Lender in accordance with Section 8.1 or (iii) certified copies of the Policies are not delivered to Lender upon request, provided such copies are available;

 (d) if Borrower breaches any covenant with respect to itself contained in Article 6 or any covenant contained in Article 7
hereof; 
 (e) if any representation or warranty of, or with respect to, Borrower, Borrower Principal, the sole member of
Borrower, or any member, general partner, principal or beneficial owner of any of the foregoing, made herein, in any other Loan Document, or in any certificate, report, financial statement or other instrument or document furnished to Lender at the
time of the closing of the Loan or during the term of the Loan shall have been false or misleading in any material respect when made; 

(f) if (i) Borrower, or any managing member or general partner of Borrower, Borrower Principal, or the sole member of Borrower shall
commence any case, proceeding or other action (A) under any Creditors Rights Laws, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Borrower, any managing member or general partner of Borrower, Borrower Principal, or
the sole member of Borrower shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Borrower, any managing member or general partner of Borrower, Borrower Principal, or the sole member of
Borrower any case, proceeding or other action of a 
  

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nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or
unbonded for a period of sixty (60) days; or (iii) there shall be commenced against Borrower, any managing member or general partner of Borrower, Borrower Principal, or the sole member of Borrower any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or
stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) Borrower, any managing member or general partner of Borrower, Borrower Principal, or the sole member of Borrower shall take any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) Borrower, any managing member or general partner of Borrower, Borrower Principal, or the sole member
of Borrower shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(g) if Borrower shall be in default beyond applicable notice and grace periods under any other mortgage, deed of trust, deed to secure
debt or other security agreement covering any part of the Property, whether it be superior or junior in lien to the Mortgage; 

(h) if the Property becomes subject to any mechanic’s, materialman’s or other Lien other than a Lien for any Taxes or Other
Charges not then due and payable and the Lien shall remain undischarged of record (by payment, bonding or otherwise) for a period of thirty (30) days; 

(i) if any federal tax lien is filed against Borrower, any member or general partner of Borrower, Borrower Principal, or the sole member
of Borrower or the Property and same is not discharged of record within thirty (30) days after same is filed; 
 (j) if a
judgment is filed against the Borrower in excess of $10,000 which is not vacated or discharged within 30 days; 
 (k) if any
default occurs under any guaranty or indemnity executed in connection herewith and such default continues after the expiration of applicable grace periods, if any; 

(l) if Borrower shall permit any event within its control to occur that would cause any REA to terminate without notice or action by any
party thereto or would entitle any party to terminate any REA and the term thereof by giving notice to Borrower; or any REA shall be surrendered, terminated or canceled for any reason or under any circumstance whatsoever except as provided for in
such REA; or any term of any REA shall be modified or supplemented without Lender’s prior written consent; or Borrower shall fail, within ten (10) Business Days after written demand by Lender, to exercise its option to renew or extend the
term of any REA or shall fail or neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to such REA except as provided for in such REA; or 

(m) if Borrower shall continue to be in default under any other term, covenant or condition of this Agreement or any of the Loan
Documents for more than ten (10) days after Borrower’s receipt of written notice from Lender in the case of any default which can be cured by the payment of a sum of money or for thirty (30) days after receipt of

  

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written notice from Lender in the case of any other default, provided that if such default cannot reasonably be cured within such thirty (30) day period and Borrower shall have commenced to
cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall require Borrower in the exercise of due
diligence to cure such default, it being agreed that no such extension shall be for a period in excess of sixty (60) days. 

Section 11.2. Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in
Section 11.1(f) above) and at any time thereafter Lender may, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or
demand, that Lender deems advisable to protect and enforce its rights against Borrower and in the Property, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all
rights or remedies provided in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in Section 11.1(f) above, the Debt
and all other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything
contained herein or in any other Loan Document to the contrary notwithstanding. 
 (b) Upon the occurrence and during the
continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other
action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively,
together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity
or contract or as set forth herein or in the other Loan Documents. 
 ARTICLE 12 

ENVIRONMENTAL PROVISIONS 

Section 12.1. Environmental Representations and Warranties. 

Borrower represents and warrants, based upon an Environmental Report of the Property and information that Borrower knows that:
(a) there are no Hazardous Materials or underground storage tanks in, on, or under the Property, except those that are both (i) in compliance with Environmental Laws and with permits issued pursuant thereto (if such permits are required),
if any, and (ii) either (A) in the case of Hazardous Materials, in amounts not in excess of that necessary to operate the Property for the purposes set forth herein or (B) fully disclosed to and approved by Lender in writing pursuant
to an Environmental Report; (b) there are no past, present or threatened Releases of Hazardous 
  

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Materials in violation of any Environmental Law or which would require remediation by a Governmental Authority in, on, under or from the Property except as described in the Environmental Report;
(c) there is no threat of any Release of Hazardous Materials migrating to the Property except as described in the Environmental Report; (d) there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant
thereto, in connection with the Property except as described in the Environmental Report; (e) Borrower does not know of, and has not received, any written or oral notice or other communication from any Person relating to Hazardous Materials in,
on, under or from the Property; (f) the Property is free of Mold; and (g) Borrower has truthfully and fully provided to Lender, in writing, any and all information relating to environmental conditions in, on, under or from the Property
known to Borrower or contained in Borrower’s files and records, including but not limited to any reports relating to Hazardous Materials in, on, under or migrating to or from the Property and/or to the environmental condition of or the presence
of Mold at the Property. 
 Section 12.2. Environmental Covenants. 

Borrower covenants and agrees that so long as Borrower owns, manages, is in possession of, or otherwise controls the operation of the
Property: (a) all uses and operations on or of the Property, whether by Borrower or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous
Materials in, on, under or from the Property; (c) there shall be no Hazardous Materials in, on, or under the Property, except those that are both (i) in compliance with all Environmental Laws and with permits issued pursuant thereto, if
and to the extent required, and (ii) (A) in amounts not in excess of that necessary to operate the Property for the purposes set forth herein or (B) fully disclosed to and approved by Lender in writing or (C) with respect to
Mold, not in a condition, location, or of a type which may pose a risk to human health or safety or the environment or which may result in damage to or would adversely affect or impair the value or marketability of the Property; (d) Borrower
shall keep the Property free and clear of all Environmental Liens; (e) Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to Section 12.4 below, including but not limited to providing
all relevant information and making knowledgeable persons available for interviews; (f) Borrower shall, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions in connection
with the Property, pursuant to any reasonable written request of Lender, upon Lender’s reasonable belief that the Property is not in full compliance with all Environmental Laws, and share with Lender the reports and other results thereof, and
Lender and other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (g) Borrower shall keep the Property free of Mold; and (h) Borrower shall, at its sole cost and expense, comply with all reasonable
written requests of Lender to (i) reasonably effectuate remediation of any Hazardous Materials in, on, under or from the Property; and (ii) comply with any Environmental Law; (i) Borrower shall not allow any tenant or other user of
the Property to violate any Environmental Law; and (j) Borrower shall immediately notify Lender in writing after it has become aware of (A) any presence or Release or threatened Release of Hazardous Materials in, on, under, from or
migrating towards the Property; (B) any non-compliance with any Environmental Laws related in any way to the Property; (C) any actual or potential Environmental Lien against the Property; (D) any required or proposed remediation of
environmental conditions relating to the Property; and (E) any written or oral notice or other communication of which Borrower becomes aware from any source whatsoever (including but not limited to a Governmental Authority) relating in any way
to Hazardous Materials. Any failure of Borrower to perform its obligations pursuant to this Section 12.2 shall constitute bad faith waste with respect to the Property. 

 

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 Section 12.3. Lender’s Rights. 

Lender and any other Person designated by Lender, including but not limited to any representative of a Governmental Authority, and any
environmental consultant, and any receiver appointed by any court of competent jurisdiction, shall have the right, but not the obligation, to enter upon the Property at all reasonable times to assess any and all aspects of the environmental
condition of the Property and its use, including but not limited to conducting any environmental assessment or audit (the scope of which shall be determined in Lender’s sole discretion) and taking samples of soil, groundwater or other water,
air, or building materials, and conducting other invasive testing. Borrower shall cooperate with and provide access to Lender and any such person or entity designated by Lender. 

Section 12.4. Operations and Maintenance Programs. 

Borrower shall comply with the operations and maintenance program attached hereto as Exhibit D and, if recommended by the
Environmental Report or any other environmental assessment or audit of the Property, Borrower shall establish and comply with any other operations and maintenance program with respect to the Property, in form and substance reasonably acceptable to
Lender, prepared by an environmental consultant reasonably acceptable to Lender, which program shall address any asbestos-containing material or lead based paint that may now or in the future be detected at or on the Property. Without limiting the
generality of the preceding sentence, Lender may require (a) periodic notices or reports to Lender in form, substance and at such intervals as Lender may specify, (b) an amendment to such operations and maintenance program to address
changing circumstances, laws or other matters, (c) at Borrower’s sole expense, supplemental examination of the Property by consultants specified by Lender, (d) access to the Property by Lender, its agents or servicer, to review and
assess the environmental condition of the Property and Borrower’s compliance with any operations and maintenance program, and (e) variation of the operations and maintenance program in response to the reports provided by any such
consultants. 
 Section 12.5. Environmental Definitions. 

“Environmental Law” means any present and future federal, state and local laws, statutes, ordinances, rules,
regulations, standards, policies and other government directives or requirements, as well as common law, including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act and the Resource Conservation and Recovery
Act, that apply to Borrower or the Property and relate to Hazardous Materials or protection of human health or the environment. “Environmental Liens” means all Liens and other encumbrances imposed pursuant to any Environmental Law,
whether due to any act or omission of Borrower or any other Person. “Environmental Report” means the written reports resulting from the environmental site assessments of the Property delivered to Lender in connection with the Loan.
“Hazardous Materials” shall mean petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and
compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials in any form that is or could become friable; underground or above-ground storage tanks, whether empty or containing any substance; any substance the
presence 
  

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of which on the Property is prohibited by any federal, state or local authority; any substance that requires special handling; and any other material or substance now or in the future defined as
a “hazardous substance,” “hazardous material”, “hazardous waste”, “toxic substance”, “toxic pollutant”, “contaminant”, or “pollutant” within the meaning of any Environmental Law.
“Mold” shall mean any mold, fungi, bacterial or microbial matter present at or in the Property, including, without limitation, building materials which is in a condition, location or a type which may pose a risk to human health or
safety or the environment, may result in damage to or would adversely affect or impair the value or marketability of the Property. “Release” of any Hazardous Materials includes but is not limited to any release, deposit, discharge,
emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Materials. 

ARTICLE 13 

SECONDARY MARKET 

Section 13.1. Transfer of Loan. 

Lender may, at any time, sell, transfer or assign the Loan Documents, or grant participations therein (“Participations”)
or syndicate the Loan (“Syndication”) or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (“Securities”) (a
Syndication or the issuance of Participations and/or Securities, a “Securitization”). Lender may separate the Debt into two or more separate notes (or components) that correspond to one or more traunches of the
certificates/securities created in a Securitization. Such notes (or components) may be assigned different interest rates, so long as the initial weighted average of such interest rates equals the Note Rate as of the Closing Date. 

Section 13.2. Delegation of Servicing. 

At the option of Lender, the Loan may be serviced by a servicer/trustee selected by Lender and Lender may delegate all or any portion of
its responsibilities under this Agreement and the other Loan Documents to such servicer/trustee pursuant to a servicing agreement between Lender and such servicer/trustee. Bank of America, N.A. acknowledges its current intention to (a) service
the Loan upon closing, (b) enter into satisfactory documentation upon a Securitization involving the Loan to act as the primary servicer and (c) endeavor to remain the primary servicer throughout the term of the Loan. 

Section 13.3. Dissemination of Information. 

Lender may forward to each purchaser, transferee, assignee, or servicer of, and each participant, or investor in, the Loan, or any
Participations and/or Securities or any of their respective successors (collectively, the “Investor”) or any Rating Agency rating the Loan, or any Participations and/or Securities, each prospective Investor, and any organization
maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information which Lender now has or may hereafter acquire relating to the Debt and to Borrower, any managing member or general partner thereof,
Borrower Principal, the sole member of Borrower and the Property, including financial statements, whether furnished by Borrower or otherwise, as Lender determines necessary or desirable. Borrower irrevocably waives any and all rights it may have
under applicable Legal Requirements to prohibit such disclosure, including but not limited to any right of privacy. 
  

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 Section 13.4. Cooperation. 

At the request of the holder of the Note and, to the extent not already required to be provided by Borrower under this Agreement,
Borrower and Borrower Principal shall use reasonable efforts to provide information not in the possession of the holder of the Note in order to satisfy the market standards to which the holder of the Note customarily adheres or which may be
reasonably required in the marketplace or by the Rating Agencies in connection with such sales or transfers, including, without limitation, to: 

(a) promptly provide updated financial, budget and other information with respect to the Property, Borrower, Borrower Principal and
Manager and provide modifications and/or updates to the appraisals, market studies, environmental reviews and reports (Phase I reports and, if appropriate, Phase II reports) and engineering reports of the Property obtained in connection with the
making of the Loan (all of the foregoing being referred to as the “Provided Information”), together, if customary, with appropriate verification and/or consents of the Provided Information through letters of auditors or opinions of
counsel of independent attorneys acceptable to Lender and the Rating Agencies; 
 (b) make changes to the organizational
documents of Borrower, the sole member of Borrower and their respective principals; 
 (c) at Borrower’s expense, cause
counsel to render or update existing opinion letters as to enforceability and non-consolidation, and a 10b-5 comfort letter, which may be relied upon by the holder of the Note, the Rating Agencies and their respective counsel, which shall be dated
as of the closing date of the Securitization; 
 (d) permit site inspections, appraisals, market studies and other due diligence
investigations of the Property, as may be reasonably requested by the holder of the Note or the Rating Agencies or as may be necessary or appropriate in connection with the Securitization; 

(e) make the representations and warranties with respect to the Property, Borrower, Borrower Principal and the Loan Documents as are made
in the Loan Documents and such other representations and warranties as may be reasonably requested by the holder of the Note or the Rating Agencies; 

(f) execute such amendments to the Loan Documents as may be reasonably requested by the holder of the Note or the Rating Agencies or
otherwise to effect the Securitization including, without limitation, bifurcation of the Loan into two or more components and/or separate notes and/or creating a senior/subordinate note structure; provided, however, that Borrower shall not be
required to modify or amend any Loan Document if such modification or amendment would (i) change the interest rate, the stated maturity or the amortization of principal set forth in the Note, except in connection with a bifurcation of the Loan
which may result in varying fixed interest rates and amortization schedules, but which shall have the same initial weighted average coupon of the original Note, or (ii) in the reasonable judgment of Borrower, modify or amend any other material
economic term of the Loan, or (iii) in the reasonable judgment of Borrower, materially increase Borrower’s obligations, or materially decrease Borrower’s rights, and liabilities under the Loan Documents; 

 

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 (g) deliver to Lender and/or any Rating Agency, (i) one or more certificates executed
by an officer of the Borrower certifying as to the accuracy, as of the closing date of the Securitization, of all representations made by Borrower in the Loan Documents as of the Closing Date in all relevant jurisdictions or, if such representations
are no longer accurate, certifying as to what modifications to the representations would be required to make such representations accurate as of the closing date of the Securitization, and (ii) certificates of the relevant Governmental
Authorities in all relevant jurisdictions indicating the good standing and qualification of Borrower as of the date of the closing date of the Securitization; 

(h) have reasonably appropriate personnel (including senior management of Borrower and/or Borrower Principal) participate in a bank
meeting and/or presentation for the Rating Agencies or Investors; and 
 (i) cooperate with and assist Lender in obtaining
ratings of the Securities from two (2) or more of the Rating Agencies. 
 All reasonable third party costs and expenses
incurred by Borrower and Borrower Principal in connection with Borrower’s and Borrower Principal’s complying with requests made under this Section 13.4 shall be paid by Borrower and Borrower Principal and all third party costs and
expenses incurred by Lender in connection with Borrower’s and Borrower Principal’s complying with requests made under this Section 13.4 (including, without limitation, the fees and expenses of the Rating Agencies) shall be paid by
Lender; provided, however, that the reasonable out-of-pocket costs and expenses incurred by Borrower and Borrower’s Principal to third parties under this Section 13.4 shall not exceed $25,000 in the aggregate, and all such reasonable
out-of-pocket costs and expenses incurred by Borrower and Borrower’s Principal to third parties under this Section 13.4 in excess of $25,000 shall be paid by Lender. 

In the event that Borrower requests any consent or approval hereunder and the provisions of this Agreement or any Loan Documents require
the receipt of written confirmation from each Rating Agency with respect to the rating on the Securities, or, in accordance with the terms of the transaction documents relating to a Securitization, such a rating confirmation is required in order for
the consent of Lender to be given, Borrower shall pay all of the costs and expenses of Lender, Lender’s servicer and each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency as a condition
to the delivery of such confirmation. 
 Section 13.5. Securitization Indemnification. 

(a) Borrower and Borrower Principal understand that certain of the Provided Information may be included in disclosure documents in
connection with the Securitization, including, without limitation, a prospectus, prospectus supplement, offering memorandum or private placement memorandum (each, a “Disclosure Document”) and may also be included in filings with the
Securities and Exchange Commission pursuant to the Securities Act or the Exchange Act, or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization.
In the event that the Disclosure Document is required to be revised prior to the sale of all Securities, Borrower and Borrower Principal will cooperate with the holder of the Note in updating the Disclosure Document by providing all current
information necessary to keep the Disclosure Document accurate and complete in all material respects. 
  

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 (b) Borrower and Borrower Principal agree to provide in connection with each of (i) a
preliminary and a final offering memorandum or private placement memorandum or similar document (including any Investor or Rating Agency “term sheets” or presentations relating to the Property and/or the Loan) or (ii) a preliminary
and final prospectus or prospectus supplement, as applicable, an indemnification certificate (A) certifying that Borrower and Borrower Principal have carefully examined such memorandum or prospectus or other document (including any Investor or
Rating Agency “term sheets” or presentations relating to the Property and/or the Loan), as applicable, including without limitation, the sections entitled “Special Considerations,” and/or “Risk Factors,” and
“Certain Legal Aspects of the Mortgage Loan,” or similar sections, and all sections relating to Borrower, Borrower Principal, Manager, their Affiliates, the Loan, the Loan Documents and the Property, and any risks or special considerations
relating thereto, and that, to the best of Borrower’s knowledge, such sections (and any other sections reasonably requested) do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 13.5, Lender hereunder shall include its officers and directors) and the Affiliate of
Lender that (i) has filed the registration statement, if any, relating to the Securitization and/or (ii) which is acting as issuer, depositor, sponsor and/or a similar capacity with respect to the Securitization (any Person described in
(i) or (ii), an “Issuer Person”), and each director and officer of any Issuer Person, and each Person or entity who controls any Issuer Person within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act (collectively, the “Issuer Group”), and each Person which is acting as an underwriter, manager, placement agent, initial purchaser or similar capacity with respect to the Securitization, each of its directors and
officers and each Person who controls any such Person within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any Losses to which Lender, the
Issuer Group or the Underwriter Group may become subject insofar as the Losses arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in such sections (including any Investor or Rating Agency
“term sheets” or presentations relating to the Property and/or the Loan) or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in such sections (including any Investor or
Rating Agency “term sheets” or presentations relating to the Property and/or the Loan) or necessary in order to make the statements in such sections (including any Investor or Rating Agency “term sheets” or presentations relating
to the Property and/or the Loan) or in light of the circumstances under which they were made, not misleading (collectively the “Securities Liabilities”) and (C) agreeing to reimburse Lender, the Issuer Group and the Underwriter
Group for any legal or other expenses reasonably incurred by Lender and Issuer Group in connection with investigating or defending the Securities Liabilities; provided, however, that Borrower will be liable in any such case under clauses (B) or
(C) above only to the extent that any such Securities Liabilities arise out of or is based upon any such untrue statement or omission made therein in reliance upon and in conformity with information furnished to Lender or any member of the
Issuer Group or Underwriter Group by or on behalf of Borrower or Borrower Principal in connection with the preparation of the memorandum or prospectus or other document (including any Investor or Rating Agency “term sheets” or
presentations relating to the Property and/or the Loan) or in connection with the underwriting of the Loan, including, without limitation, financial statements of Borrower or Borrower Principal, operating statements, rent rolls, environmental site
assessment reports and Property condition reports with respect to the Property. This indemnity agreement will be in addition to any liability which Borrower and Borrower Principal may otherwise have. Moreover, the

  

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indemnification provided for in Clauses (B) and (C) above shall be effective whether or not an indemnification certificate described in (A) above is provided and shall be
applicable based on information previously provided by Borrower and Borrower Principal or their Affiliates if Borrower or Borrower Principal do not provide the indemnification certificate. 

(c) In connection with filings under the Exchange Act or any information provided to holders of Securities on an ongoing basis, Borrower
and Borrower Principal agree to indemnify (i) Lender, the Issuer Group and the Underwriter Group for Losses to which Lender, the Issuer Group or the Underwriter Group may become subject insofar as the Securities Liabilities arise out of or are
based upon the omission or alleged omission to state in the Provided Information a material fact required to be stated in the Provided Information in order to make the statements in the Provided Information, in light of the circumstances under which
they were made not misleading and (ii) reimburse Lender, the Issuer Group or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, the Issuer Group or the Underwriter Group in connection with defending or
investigating the Securities Liabilities. 
 (d) Promptly after receipt by an indemnified party under this Section 13.5 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 13.5, notify the indemnifying party in writing of the commencement thereof, but
the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the
indemnifying party. In the event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to
participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably
satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this Section 13.5 the indemnifying party shall be responsible for any reasonable legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the 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 the indemnifying party, the indemnified party or parties 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 or parties. The indemnifying party shall not be liable for the expenses of more than
one such separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another indemnified party. 

(e) In order to provide for just and equitable contribution in circumstances in which the indemnity agreements provided for in
Section 13.5(c) or Section 13.5(d) is or are for any reason held to be unenforceable by an indemnified party in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise
be indemnifiable under Section 13.5(c) or Section 13.5(d), the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such 

 

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losses, claims, damages or liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following factors shall be
considered: (i) the indemnified party’s, Borrower’s and Borrower Principal’s relative knowledge and access to information concerning the matter with respect to which claim was asserted; (ii) the opportunity to correct and
prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender, Borrower and Borrower Principal hereby agree that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation. 
 (f) The liabilities and obligations of Borrower, Borrower Principal and
Lender under this Section 13.5 shall survive the satisfaction of this Agreement and the satisfaction and discharge of the Debt. 

ARTICLE 14 

INDEMNIFICATIONS 

Section 14.1. General Indemnification. 

Borrower shall indemnify, defend 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 directly or indirectly arising out of or in any way relating to any one or more of the following: (a) 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; (b) 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; (c) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (d) any
failure of the Property to be in compliance with any applicable Legal Requirements; (e) any and all claims and demands whatsoever which may be asserted against Lender 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; (f) the holding or investing of the Reserve Accounts or the performance of the Required Work or Additional Replacements, or (g) the payment of any commission,
charge or brokerage fee to anyone which may be payable in connection with the funding of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to any Indemnified Party
hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold harmless set forth in
the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by Lender. 
 Section 14.2. Mortgage and Intangible Tax Indemnification. 

Borrower 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 directly or 
  

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indirectly arising out of or in any way relating to any tax on the making and/or recording of the Mortgage, the Note or any of the other Loan Documents, but excluding any income, franchise or
other similar taxes. 
 Section 14.3. ERISA Indemnification. 

Borrower 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
loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Section 4.9 or
Section 5.18 of this Agreement. 
 Section 14.4. Survival. 

The obligations and liabilities of Borrower under this Article 14 shall fully survive indefinitely notwithstanding any termination,
satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Mortgage. 

ARTICLE 15 

EXCULPATION 

Section 15.1. Exculpation. 

(a) Except as otherwise provided herein or in the other Loan Documents, Lender shall not enforce the liability and obligation of Borrower
or Borrower Principal, as applicable, to perform and observe the obligations contained herein or in the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower or Borrower Principal, except that
Lender may bring a foreclosure action, action for specific performance or other appropriate action or proceeding to enable Lender to enforce and realize upon this Agreement, the Note, the Mortgage and the other Loan Documents, and the interest in
the Property, the Rents and any other collateral given to Lender created by this Agreement, the Note, the Mortgage and the other Loan Documents; provided, however, that any judgment in any such action or proceeding shall be enforceable against
Borrower or Borrower Principal, as applicable, only to the extent of Borrower’s or Borrower Principal’s interest in the Property, in the Rents and in any other collateral given to Lender. Lender, by accepting this Agreement, the Note, the
Mortgage and the other Loan Documents, agrees that it shall not, except as otherwise provided in this Section 15.1, sue for, seek or demand any deficiency judgment against Borrower or Borrower Principal in any such action or proceeding, under
or by reason of or under or in connection with this Agreement, the Note, the Mortgage or the other Loan Documents. The provisions of this Section 15.1 shall not, however, (i) constitute a waiver, release or impairment of any obligation
evidenced or secured by this Agreement, the Note, the Mortgage or the other Loan Documents; (ii) impair the right of Lender to name Borrower or Borrower Principal as a party defendant in any action or suit for judicial foreclosure and sale
under this Agreement and the Mortgage; (iii) affect the validity or enforceability of any indemnity (including, without limitation, those contained in the Environmental Indemnity and Section 13.5 and Article 14 of this Agreement),
guaranty, master lease or similar instrument made in connection with this 
  

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Agreement, the Note, the Mortgage and the other Loan Documents; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the assignment of
leases provisions contained in the Mortgage; or (vi) impair the right of Lender to obtain a deficiency judgment or other judgment on the Note against Borrower or Borrower Principal if necessary to obtain any Insurance Proceeds or Awards to
which Lender would otherwise be entitled under this Agreement; provided however, Lender shall only enforce such judgment to the extent of the Insurance Proceeds and/or Awards. 

(b) Notwithstanding the provisions of this Section 15.1 to the contrary, Borrower and Borrower Principal shall be personally liable
to Lender on a joint and several basis for Losses to Lender due to: 
 (i) fraud or intentional
misrepresentation by Borrower, Borrower Principal or any other Affiliate of Borrower or Borrower Principal or any agent of any of them, in connection with the execution and the delivery of this Agreement, the Note, the Mortgage, any of the other
Loan Documents, or any certificate, report, financial statement or other instrument or document furnished to Lender at the time of the closing of the Loan or during the term of the Loan; 

(ii) after an Event of Default, Borrower’s misapplication or misappropriation of Rents received by Borrower;

 (iii) Borrower’s misapplication or misappropriation of tenant security deposits or Rents collected in
advance; 
 (iv) the misapplication or the misappropriation of Insurance Proceeds or Awards; 

(v) Borrower’s failure to pay Taxes, Other Charges (except to the extent that sums sufficient to pay such amounts
have been deposited in escrow with Lender pursuant to the terms hereof and there exists no impediment to Lender’s utilization thereof), charges for labor or materials or other charges that can create liens on the Property beyond any applicable
notice and cure periods specified herein; 
 (vi) Borrower’s failure to return or to reimburse Lender for
all Personal Property taken from the Property by or on behalf of Borrower and not replaced with Personal Property of the same utility and of the same or greater value; 

(vii) any act of actual waste, arson, gross negligence or willful misconduct by Borrower, any principal, Affiliate, member
or general partner thereof or by Borrower Principal, any principal, Affiliate, member or general partner thereof; or 

(viii) Borrower’s failure following the occurrence and during the continuance of any Event of Default to deliver to
Lender upon demand all Rents and books and records relating to the Property. 
 (c) Notwithstanding the foregoing, the agreement
of Lender not to pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Debt shall be fully recourse to Borrower and Borrower Principal on a joint and
several basis in the event (i) of a breach by Borrower, Borrower Principal of any of the covenants set forth in Article 6 hereof, to the extent that (A)

 

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such breach is considered by a court as a factor in the court’s finding for the substantive consolidation of Borrower with Borrower Principal or any other Person or (B) as a result
thereof, Lender suffers any material damage, cost, liability or expense (including reasonable attorneys’ fees and disbursements, whether or not litigation has commenced); provided, however, that in the absence of an actual consolidation,
recourse may be had only to the extent of losses incurred for its failure to comply with such covenants, (ii) of a breach of any of the covenants set forth in Article 7 hereof, (iii) Borrower, the sole member of Borrower, Borrower
Principal or any Affiliate, officer, director, or representative which controls, directly or indirectly, Borrower, the sole member of Borrower, or Borrower Principal files, or joins in the filing of, a voluntary or an involuntary petition against
Borrower under any Creditors Rights Laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (iv) Borrower files an answer consenting to or otherwise acquiescing in or
joining in any involuntary petition filed against it, by any other Person under any Creditors Rights Laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; or (v) any Affiliate, officer,
director, or representative which controls Borrower consents to or acquiesces in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of the Property. 

(d) Nothing herein shall be deemed to be a waiver of any right which Lender may have under Section 506(a), 506(b), 1111(b) or any
other provision of the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Mortgage or to require that all collateral shall continue to secure all of the indebtedness owing to Lender in accordance with this
Agreement, the Note, the Mortgage or the other Loan Documents. 
 (e) Subject to the terms of the Environmental Indemnity, upon
payment in full of the Loan, Borrower Principal shall be relieved of its obligations under this Article 15. 
 ARTICLE 16 

 NOTICES 

Section 16.1. Notices. 

All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing
and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) expedited prepaid overnight delivery service, either commercial or United
States Postal Service, with proof of attempted delivery, or by (c) telecopier (with answer back acknowledged provided an additional notice is given pursuant to subsection (b) above), addressed as follows (or at such other address and
Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 

 

			
	If to Lender:	  	 Bank of America, N.A.
 Capital
Markets Servicing Group
 900 West Trade Street, Suite 650

		  	 Mail Code: NC1-026-06-01

Charlotte, North Carolina 28255
 Attn: Servicing
Manager

		  	 Telephone No: (866) 531-0957

Facsimile No.: (704) 317-4501

  

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	With a copy to:	  	 Cadwalader, Wickersham & Taft LLP

227 West Trade Street, Suite 2400
 Charlotte,
North Carolina 28202

		  	 Attention: James P. Carroll, Esq.

Telephone No.: (704) 348-5100
 Facsimile No.:
(704) 348-5200

		
	If to Borrower:	  	 First States Investors 239, LLC

c/o American Financial Realty Trust
 680 Old York
Road, Suite 200

		  	 Jenkintown, Pennsylvania 19046

Attention: Operations
 Telephone No. (215)
887-2280

		  	Facsimile No.: (215) 887-9856
		
	With a copy to:	  	 American Financial Realty Trust

680 Old York Road, Suite 200
 Jenkintown,
Pennsylvania 19046

		  	 Attention: General Counsel

Telephone No.: (215) 887-2280
 Facsimile No.:
(215) 887-9856

		
	If to Borrower	  	
	Principal:	  	 First States Group, L.P.
 c/o
American Financial Realty Trust
 680 Old York Road, Suite 200

		  	 Jenkintown, Pennsylvania 19046

Attention: Operations
 Telephone No.: (215)
887-2280

		  	Facsimile No.: (215) 887-9856
		
	With a copy to:	  	 American Financial Realty Trust

680 Old York Road, Suite 200
 Jenkintown,
Pennsylvania 19046

		  	 Attention: General Counsel

Telephone No.: (215) 887-2280
 Facsimile No.:
(215) 887-9856

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the
case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day. 

 

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 ARTICLE 17 

FURTHER ASSURANCES 

Section 17.1. Replacement Documents. 

Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of the Note or any other Loan
Document which is not of public record: (i) with respect to any Loan Document other than the Note, Borrower will issue, in lieu thereof, a replacement of such other Loan Document, dated the date of such lost, stolen, destroyed or mutilated Loan
Document in the same principal amount thereof and otherwise of like tenor and (ii) with respect to the Note, (a) Borrower will execute a reaffirmation of the Debt as evidenced by such Note acknowledging that Lender has informed Borrower
that the Note was lost, stolen destroyed or mutilated and that such Debt continues to be an obligation and liability of the Borrower as set forth in the Note, a copy of which shall be attached to such reaffirmation and (b) if requested by
Lender, Borrower will execute a replacement note and Lender or Lender’s custodian (at Lender’s option) shall provide to Borrower Lender’s (or Lender’s custodian’s) then standard form of lost note affidavit and indemnity,
which such form shall be reasonably acceptable to Borrower. 
 Section 17.2. Recording of Mortgage, etc. 

 Borrower forthwith upon the execution and delivery of the Mortgage and thereafter, from time to time, will cause the Mortgage
and any of the other 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 Lender in, the Property. Borrower will pay all taxes, filing, registration or
recording fees, and all expenses incident to the preparation, execution, acknowledgment and/or recording of the Note, the Mortgage, the other Loan Documents, any 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 the Mortgage, 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 17.3. Further Acts, etc. 

Borrower will, at the cost of Borrower, and without expense to Lender, do, execute, acknowledge and deliver all and every further acts,
deeds, conveyances, deeds of trust, mortgages, assignments, security agreements, control agreements, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably require, for the better assuring, conveying,
assigning, transferring, and confirming unto Lender 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
Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the performance of the terms of this Agreement or for filing, registering or recording the Mortgage, or for complying with
all Legal Requirements. Borrower hereby authorizes Lender to file one or more financing statements 
  

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and financing statement amendments to evidence more effectively, perfect and maintain the priority of the security interest of Lender in the Property. Borrower grants to Lender an irrevocable
power of attorney coupled with an interest for the purpose of exercising and perfecting any and all rights and remedies available to Lender at law and in equity, including without limitation, such rights and remedies available to Lender pursuant to
this Section 17.3. 
 Section 17.4. Changes in Tax, Debt, Credit and Documentary Stamp Laws. 

(a) If any law is enacted or adopted or amended after the date of this Agreement 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 Lender’s interest in the Property, Borrower will pay the tax, with interest and penalties thereon, if any. If Lender is advised by counsel chosen
by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less than one hundred twenty (120) days to
declare the Debt immediately due and payable. 
 (b) Borrower 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 the Mortgage or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the option, by written notice of not less than one hundred twenty (120) days, to declare the Debt immediately due
and payable. 
 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 Note, the Mortgage, or any of the other Loan Documents or impose any other tax or charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any. 

Section 17.5. Expenses. 

Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for
all reasonable costs and expenses (including reasonable, actual attorneys’ fees and disbursements and the allocated costs of internal legal services and all actual disbursements of internal counsel) reasonably incurred by Lender in accordance
with this Agreement in connection with (a) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of
furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (b) Borrower’s
ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without
limitation, confirming compliance with environmental and insurance requirements; (c) following a request by Borrower, Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other
Loan Documents on its part to be performed or complied with after the Closing Date; (d) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the
other Loan 
  

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Documents and any other documents or matters requested by Lender; (e) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (f) the
filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender
pursuant to this Agreement and the other Loan Documents; (g) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or
affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (h) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan
Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings;
provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. 

ARTICLE 18 

WAIVERS 

Section 18.1. Remedies Cumulative; Waivers. 

The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy
which Lender may have against Borrower or Borrower Principal pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or
otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall
be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a
waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

Section 18.2. Modification, Waiver in Writing. 

No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any
other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective
only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other
circumstances. 
 Section 18.3. Delay Not a Waiver. 

Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or
agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any 

 

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other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of
any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have
waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 18.4. Trial by Jury. 

BORROWER, BORROWER PRINCIPAL AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, BORROWER PRINCIPAL AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF LENDER, BORROWER
PRINCIPAL AND BORROWER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER, BORROWER PRINCIPAL AND LENDER. 

Section 18.5. Waiver of Notice. 

Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this
Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the
giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by
Lender to Borrower. 
 Section 18.6. Remedies of Borrower. 

In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any
case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary
damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be
determined by an action seeking declaratory judgment. Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment. 

 

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 Section 18.7. Waiver of Marshalling of Assets. 

To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the
assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead
exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different
resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 

Section 18.8. Waiver of Statute of Limitations. 

Borrower 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. 
 Section 18.9. Waiver of Counterclaim.

 Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or
proceeding brought against it by Lender or its agents. 
 Section 18.10. Gradsky Waivers. 

Borrower and Borrower Principal, as applicable, hereby waive each of the following: 

(a) Any rights of Borrower Principal of subrogation, reimbursement, indemnification, and/or contribution against Borrower or any other
person or entity, and any other rights and defenses that are or may become available to Borrower Principal or any other person or entity by reasons of Sections 2787-2855, inclusive of the California Civil Code; 

(b) Any rights or defenses that may be available by reason of any election of remedies by Lender (including, without limitation, any such
election which in any manner impairs, effects, reduces, releases, destroys or extinguishes Borrower Principal’s subrogation rights, rights to proceed against Borrower for reimbursement, or any other rights of Borrower Principal to proceed
against any other person, entity or security, including but not limited to any defense based upon an election of remedies by Lender under the provisions of Section 580(d) of the California Code of Civil Procedure or any similar law of
California or of any other State or of the United Sates); and 
 (c) Any rights or defenses Borrower Principal may have because
its obligations under this Agreement (the “Borrower Principal Obligations”) are secured by real property or any estate for years. These rights or defenses include, but are not limited to, any rights or defenses that are based upon,
directly or indirectly, the application of Section 580(a), Section 580(b), Section 580(d) or Section 726 of the California Code of Civil Procedure to the Borrower Principal Obligations. 

 

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 The provisions of this subsection (c) mean, among other things: 

(y) Lender may collect from Borrower Principal without first foreclosing on any real or personal property collateral pledged by Borrower
for the Debt; and 
 (z) If Lender forecloses on a real property pledged by Borrower: 

(1) The Borrower Principal Obligations shall not be reduced by the price for which the collateral sold at the foreclosure
sale or the value of the collateral at the time of the sale. 
 (2) Lender may collect from Borrower Principal
even if Lender, by foreclosing on the real property collateral, has destroyed any right of Borrower Principal to collect from Borrower. Further, the provisions of this Agreement constitute an unconditional and irrevocable waiver of any rights and
defenses Borrower Principal may have because Borrower’s obligations are secured by real property. These rights and defenses, include, but are not limited to, any rights or defenses based upon Section 580(a), Section 580(b),
Section 580(d) or Section 726 of the California Code of Civil Procedure. 
 ARTICLE 19 

GOVERNING LAW 

Section 19.1. Choice of Law. 

This Agreement shall be deemed to be a contract entered into pursuant to the laws of the State of New York and shall in all respects be
governed, construed, applied and enforced in accordance with the laws of the State of New York, provided however, (a) that with respect to the creation, perfection, priority and enforcement of any Lien created by the Loan Documents, and the
determination of deficiency judgments, the laws of the state where the Property is located shall apply, and (b) with respect to the security interest in each of the Reserve Accounts, the Cash Management Account and the Lockbox Account, the laws
of the state where each such account is located shall apply. 
 Section 19.2. Severability. 

Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement. 
 Section 19.3. Preferences. 

Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of
the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be
repaid to a trustee, receiver or any other party under any Creditors Rights Laws, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be
satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 
  

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 ARTICLE 20 

MISCELLANEOUS 

Section 20.1. Survival. 

This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly
set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises
and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 20.2. Lender’s Discretion. 

Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be
satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender
and shall be final and conclusive. 
 Section 20.3. Headings. 

The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose. 
 Section 20.4. Cost of Enforcement. 

 In the event (a) that the Mortgage is foreclosed in whole or in part, (b) of the bankruptcy, insolvency,
rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, or (c) Lender exercises any of its other
remedies under this Agreement or any of the other Loan Documents, Borrower shall be chargeable with and agrees to pay all costs of collection and defense, including attorneys’ fees and costs, incurred by Lender or Borrower in connection
therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 

Section 20.5. Schedules Incorporated. 

The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body
hereof. 
  

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 Section 20.6. Offsets, Counterclaims and Defenses. 

Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear
of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in
any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.

 Section 20.7. No Joint Venture or Partnership; No Third Party Beneficiaries. 

(a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and
lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee,
beneficiary or lender. 
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and
the other parties thereto and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower and the other parties thereto any right to insist upon or to enforce the performance
or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to
require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be
deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 

(c) The general partners, members, principals and (if Borrower is a trust) beneficial owners of Borrower are experienced in the ownership
and operation of properties similar to the Property, and Borrower and Lender are relying solely upon such expertise and business plan in connection with the ownership and operation of the Property. Borrower is not relying on Lender’s expertise,
business acumen or advice in connection with the Property. 
 (d) Notwithstanding anything to the contrary contained herein,
Lender is not undertaking the performance of (i) any obligations under the Leases; or (ii) any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other
documents. 
 (e) By accepting or approving anything required to be observed, performed or fulfilled or to be given to Lender
pursuant to this Agreement, the Mortgage, the Note or the other 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, Lender 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
Lender. 
  

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 (f) Borrower recognizes and acknowledges that in accepting this Agreement, the Note, the
Mortgage and the other Loan Documents, Lender is expressly and primarily relying on the truth and accuracy of the representations and warranties set forth in Article 4 of this Agreement without any obligation to investigate the Property and
notwithstanding any investigation of the Property by Lender; that such reliance existed on the part of Lender prior to the date hereof, that the warranties and representations are a material inducement to Lender in making the Loan; and that Lender
would not be willing to make the Loan and accept this Agreement, the Note, the Mortgage and the other Loan Documents in the absence of the warranties and representations as set forth in Article 4 of this Agreement. 

Section 20.8. Publicity. 

All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public which
refers to the Loan, Lender, Banc of America Securities LLC, or any of their Affiliates shall be subject to the prior written approval of Lender, not to be unreasonably withheld. Lender shall be permitted to make any news, releases, publicity or
advertising by Lender or its Affiliates through any media intended to reach the general public which refers to the Loan, the Property, Borrower, Borrower Principal and their respective Affiliates without the approval of Borrower or any such Persons.
Borrower also agrees that Lender may share any information pertaining to the Loan with Bank of America Corporation, including its bank subsidiaries, Banc of America Securities LLC and any other Affiliates of the foregoing, in connection with the
sale or transfer of the Loan or any Participations and/or Securities created. 
 Section 20.9. Conflict; Construction
of Documents; Reliance. 
 In the event of any conflict between the provisions of this Agreement and any of the other
Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan
Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the
Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies
available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in
Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the
business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 

Section 20.10. Entire Agreement. 

This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions
contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written between Borrower and Lender are superseded by the terms of this Agreement and the other Loan Documents. 

 

 -105- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

					
	BORROWER:
	
	FIRST STATES INVESTORS 239, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sonya A. Huffman

		 	Name:	 	 Sonya A. Huffman

		 	Title:	 	 Vice President

	
	BORROWER PRINCIPAL:
	
	Acknowledged and agreed to with respect to its obligations set forth in Article 4, Article 13, Article 15 and Article 18 hereof:
	
	FIRST STATES GROUP, L.P., a Delaware limited partnership
		
	By:	 	 /s/ Sonya A. Huffman

		 	Name:	 	 Sonya A. Huffman

		 	Title:	 	  

 

					
	LENDER:
	
	BANK OF AMERICA, N.A., a national banking association
		
	By:	 	 /s/ [Signature Illegible]

		 	Name:	 	  

		 	Title:	 	 Principal

 

 -107- 

 EXHIBIT A 

Annual Budget 

 EXHIBIT B 

Borrower Equity Ownership Structure 

 EXHIBIT C 

Form of Assignment of Management Agreement 

 EXHIBIT D 

Existing Operations and Maintenance Program 

 EXHIBIT E 

Form of Tenant Direction Letter 

 SCHEDULE I 

REQUIRED REPAIRS 

Defined terms used in this Schedule I, but not otherwise defined in this Agreement, shall have the meanings set forth in the Property
Condition Report. 
 (a) The aluminum panel sidewall finishes have faded. Borrower shall pressure wash/scrape,
prime and repaint all affected areas in the Short Term. Borrower shall repeat this work every five (5) years. 

(b) Building One roof leaks at IRMA roof on the south side. Borrower shall replace the Roof and install ballasted EPDM
with concrete window washing track in the Short Term. 
 (c) IVI discovered that there are several open building
and fire code violations on file with the Novato Fire District. Borrower shall hire an expeditor service to research and clear all open violations, and all such open violations shall be cleared, in the Immediate Term. 

(d) IVI discovered that there may be sprinkler heads at the Subject that are subject to recall, such as Star and Central.
They are located at 775 San Marin Drive (Building One). Borrower shall arrange for the locations to be determined by the Fire Marshal. Repairs of all such locations shall be completed in the Immediate Term. 

 SCHEDULE II 

REPLACEMENTS 

NONE

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