Document:

Agreement of Purchase and Sale, dated as of August 2, 2010

 Exhibit 10.11 

 
  

 
 AGREEMENT OF PURCHASE AND SALE

 BY AND BETWEEN 

THE REALTY ASSOCIATES FUND VI, L.P. 

AND 

IIT ACQUISITIONS LLC 
  

			
	Date:	  	August 2, 2010
		
	Property:	  	 Portland Industrial Portfolio

Portland, Oregon

  

 
  

 AGREEMENT OF PURCHASE AND SALE 

THIS AGREEMENT OF PURCHASE AND SALE (the “Agreement”) is made and entered into as of the 2nd day of August, 2010,
by and between THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership (hereinafter referred to as “Seller”), and IIT ACQUISITIONS LLC, a Delaware limited liability company (hereinafter referred to as
“Purchaser”). 
 In consideration of the mutual promises, covenants and agreements hereinafter set forth and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 

ARTICLE I. 

Sale of Property 

1.1. Sale of Property. Seller hereby agrees to sell, assign and convey to Purchaser and Purchaser agrees to purchase from
Seller, all of Seller’s right, title and interest in and to, the following: 
 1.1.1. Land and
Improvements. Those certain parcels of real property, more particularly described on Exhibit A attached hereto and incorporated herein by reference thereto (the “Land”) together with all improvements located thereon
(the “Improvements”). 
 1.1.2. Leases. All leases, subleases, licenses and other
occupancy agreements, together with any and all amendments, modifications or supplements thereto and any guarantees thereof, hereinafter referred to collectively as the “Leases,” being more particularly described on
Exhibit E attached hereto, and all prepaid rent attributable to the period following the Closing, and subject to Section 4.2.4 below, the security deposits under such Leases (collectively, the “Leasehold
Property”). 
 1.1.3. Real Property. All rights, privileges and easements appurtenant to
Seller’s interest in the Land and the Improvements, if any, including, without limitation, all of Seller’s right, title and interest, if any, in and to all minerals, water and mineral and water rights and all easements, licenses, covenants
and other rights-of-way or other appurtenances used in connection with the beneficial use and enjoyment of the Land and the Improvements (the Land, the Improvements and all such easements and appurtenances are sometimes collectively referred to
herein as the “Real Property”). 
 1.1.4. Personal Property. All personal property
(including equipment), if any, owned by Seller and located on the Real Property as of the date hereof, all plans and specifications and as-built drawings for the Improvements and equipment in Seller’s possession or control, all inventory owned
by Seller, if any, located on the Real Property on the date of Closing (hereinafter defined), and all fixtures (if any) owned by Seller and located on the Real Property as of the date hereof (the “Personal Property”). 

 

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 1.1.5. Intangible Property. All non-exclusive trademarks and
trade names, if any, used or useful in connection with the Real Property, but only to the extent that the same are not trademarks or trade names of Seller or any of Seller’s affiliated companies (collectively, the “Trade
Names”), together with the Seller’s interest, if any, in and to any service, equipment, supply and maintenance contracts described on Exhibit K attached hereto (the “Contracts”) which are considered Assigned
Contracts (as defined in Section 4.4) hereunder, guarantees, licenses, approvals, certificates, permits and warranties relating to the Real Property, to the extent assignable (collectively, the “Intangible Property”).
The Real Property, the Leasehold Property, the Personal Property, the Trade Names and the Intangible Property are sometimes collectively hereinafter referred to as the “Property.” 

1.2. Excluded Property. It is hereby acknowledged by the parties that Seller shall not convey to Purchaser claims relating
to (a) any real property tax refunds or rebates for periods prior to the Closing, (b) existing insurance claims, and (c) any existing claims against tenants of the Property, which claims shall be reserved by Seller. Claims reserved by
Seller against tenants shall be subject to Section 4.2 of this Agreement. 
 ARTICLE II. 

Purchase Price 

2.1. Purchase Price. The purchase price for the Property shall be TWENTY EIGHT MILLION AND NO/100 DOLLARS ($28,000,000.00)
(the “Purchase Price”). The Purchase Price, as adjusted by all prorations as provided for herein, shall be paid to Seller by Purchaser at Closing, as herein defined, by wire transfer of immediately available federal funds.

 ARTICLE III. 

Deposit 

3.1. Initial Deposit. Within two (2) business days after the Effective Date, as defined in Section 16.4 of
this Agreement and as a condition precedent to the formation of this Agreement, Purchaser shall deposit ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) (the “Initial Deposit”) with Chicago Title Insurance Company, Suite 1700, 2001
Bryan Street, Dallas, Texas 75201, Attention: Ellen Schwab (the “Escrow Agent”) in immediately available federal funds, the receipt of which is hereby acknowledged by Escrow Agent’s execution hereof. If Purchaser shall fail to
deposit the Initial Deposit within the time period provided for above, Seller may at any time prior to the deposit of the Initial 

 

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Deposit, terminate this Agreement, in which case this Agreement shall be null and void ab initio and in such event Escrow Agent shall immediately deliver to Seller all copies of this
Agreement in its possession and thereafter, neither party shall have any further rights or obligations to the other hereunder, except as otherwise set forth in this Agreement. As used herein, the term “Deposit” means the Initial
Deposit, together with all interest accrued thereon. 
 3.2. Application of Deposit. If the Closing occurs, the
Deposit shall be paid to Seller and credited against the Purchase Price at Closing. If the Closing does not occur in accordance with the terms hereof, the Deposit shall be held and delivered as hereinafter provided. 

3.3. Interest Bearing. The Deposit shall (i) be held in an interest-bearing escrow account by Escrow Agent in an
institution as directed by Purchaser and reasonably acceptable to Seller and (ii) include any interest earned thereon. To allow the interest bearing account to be opened, Purchaser’s and Seller’s tax identification or social security
numbers are set forth below their signatures. 
 3.4. Escrow Agent. Escrow Agent is executing this Agreement to
acknowledge Escrow Agent’s responsibilities hereunder, which may be modified only by a written amendment signed by all of the parties. Any amendment to this Agreement that is not signed by Escrow Agent shall be effective as to the parties
thereto, but shall not be binding on Escrow Agent. Escrow Agent shall accept the Deposit with the understanding of the parties that Escrow Agent is not a party to this Agreement except to the extent of its specific responsibilities hereunder, and
does not assume or have any liability of the performance or non-performance of Purchaser or Seller hereunder to either of them. Additional provisions with respect to the Escrow Agent are set forth in Article XVI. 

3.5. Independent Consideration. In addition to the Deposit, Purchaser has, concurrently with its execution hereof,
delivered to Seller a check in the amount of ONE HUNDRED AND NO/100 DOLLARS ($100.00) (the “Independent Contract Consideration”), which amount Seller and Purchaser agree has been bargained for as consideration for Seller’s
execution and delivery of this Agreement. The Independent Contract Consideration is in addition to and independent of any other consideration or payment provided for in this Agreement and is non-refundable in all events. 

ARTICLE IV. 

Closing, Prorations and Closing Costs 

4.1. Closing. The closing of the purchase and sale of the Property shall occur on or before 3:00 p.m. Eastern time on or
before Friday, October 1, 2010 and shall be held through escrow with Escrow Agent such that Seller, Purchaser and their attorneys need not be physically present and may deliver documents by overnight courier or other means.
“Closing” shall be deemed to have occurred when the Title Company has been instructed by both parties to release escrow and to record the Deed. Time is hereby made of the essence. The date of Closing is referred to in this Agreement
as the “Closing Date.” 
  

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 4.2. Prorations. All matters involving prorations or adjustments to be made in
connection with Closing and not specifically provided for in some other provision of this Agreement shall be adjusted in accordance with this Section 4.2. Except as otherwise set forth herein, all items to be prorated pursuant to this
Section 4.2 shall be prorated as of midnight of the day immediately preceding the Closing Date, with Purchaser to be treated as the owner of the Property, for purposes of prorations of income and expenses, on and after the Closing Date.
 
 4.2.1. Taxes. Except to the extent payable directly by nondelinquent tenants under the
Leases, real estate and personal property taxes and special assessments, if any, shall be prorated as of the Closing Date. Seller shall pay all real estate and personal property taxes and special assessments attributable to the Property for the
period up to, but not including, the Closing Date. If the real estate and/or personal property tax rate and assessments have not been set for the year in which the Closing occurs, then the proration of such taxes shall be based upon the rate and
assessments for the preceding tax year and such proration shall be adjusted in cash between Seller and Purchaser upon presentation of written evidence that the actual taxes paid for the year in which the Closing occurs, differ from the amounts used
in the Closing in accordance with the provisions of Section 4.2.5 hereof. All taxes imposed due to a change of use of the Property after the Closing Date shall be paid by the Purchaser or by tenants pursuant to the Leases. Special
assessments for local improvements installed prior to the Effective Date shall be prorated at Closing to the extent not clearly payable by tenants pursuant to the Leases. If any taxes which have been apportioned shall subsequently be reduced by
abatement, the amount of such abatement, less the cost of obtaining the same and after deduction of sums payable to tenants under Leases or expired or terminated Leases, shall be equitably apportioned between the parties hereto. 

4.2.2. Insurance. There shall be no proration of Seller’s insurance premiums or assignment of
Seller’s insurance policies. Purchaser shall be obligated (at its own election) to obtain any insurance coverage deemed necessary or appropriate by Purchaser. 

4.2.3. Utilities. Purchaser and Seller hereby acknowledge and agree that the amounts of all telephone,
electric, sewer, water and other utility bills, trash removal bills, janitorial and maintenance service bills and all other operating expenses relating to the Property and allocable to the period prior to the Closing Date shall be determined and
paid by Seller before Closing, if possible, or shall be paid thereafter by Seller or adjusted between Purchaser and Seller immediately after the same have been determined. Seller shall attempt to have all utility meters read as of the Closing Date.
Purchaser shall cause all utility services not in the name of a tenant to be placed in Purchaser’s name as of the Closing Date. If permitted by the applicable utilities, all utility deposits in Seller’s name that are required to be
maintained after Closing shall be assigned to Purchaser as of the Closing Date and Seller shall receive a credit therefor at Closing. 
  

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 4.2.4. Rents. Rents (including, without limitation, estimated
pass-through payments, payments for common area maintenance reconciliations and all additional charges payable by tenants under the Leases, (collectively, “Rents”) collected by Seller prior to Closing shall be prorated as of the
Closing Date. During the period after Closing, Purchaser shall deliver to Seller Rents accrued but uncollected as of the Closing Date for the three (3) months prior to Closing, to the extent subsequently collected by Purchaser; provided,
however, Purchaser shall apply Rents received at or after Closing first to payment of Rents due for the month of the Closing, then to Rents due for periods from and after the Closing Date, and thereafter up to three (3) months of delinquent
Rents owed to Seller. Notwithstanding the foregoing, “true up” payments received from tenants attributable to a year-end reconciliation of actual and budgeted pass-through payments shall be allocated between Seller and Purchaser in
accordance with their respective period of ownership as set forth in Section 4.2.5 below. Seller shall have the right, after Closing, to proceed against tenants for Rents allocable to the period of Seller’s ownership of the
Property, so long as Seller takes no action that could result in termination of any Lease without the prior written consent of Purchaser in each instance, which may be withheld in Purchaser’s sole and absolute discretion. Purchaser agrees that
it shall use commercially reasonable efforts to collect all pass-through rents payable by tenants for the year of Closing and for any delinquent Rents for the three (3) months prior to Closing (provided, however, that Purchaser shall have no
obligation to institute legal proceedings, including an action for unlawful detainer, against a tenant owing delinquent Rents or to terminate any Lease). The amount of any unapplied security deposits under the Leases held by Seller in cash at the
time of Closing shall be credited against the Purchase Price; accordingly, Seller shall retain the actual cash deposits. If any deposits are in the form of a letter of credit or other non-cash security, Seller shall assign Seller’s interest, if
any, in and to any such deposit at Closing at no cost to Seller. 
 4.2.5. Calculations. For
purposes of calculating prorations, Purchaser shall be deemed to be in title to the Property, and, therefore entitled to the income therefrom and responsible for the expenses thereof for the entire day upon which the Closing occurs. All such
prorations shall be made on the basis of the actual number of days of the month which shall have elapsed as of the day of the Closing and based upon the actual number of days in the month and a three hundred sixty-five (365) day year. The
amount of such prorations shall be initially performed at Closing but shall be subject to adjustment in cash after the Closing as and when complete and accurate information becomes available, if such information is not available at the Closing.
Seller and Purchaser agree to cooperate and use their best efforts to make such adjustments no later than sixty (60) days after the Closing (or as soon thereafter as may be practicable, with respect to common area maintenance and other
additional rent charges (including pass-throughs for real estate and personal property taxes and special assessments) payable by tenants under leases). Except as set forth in this Section 4.2, all items of income and expense which accrue
for the period prior to the Closing will be for the account of Seller and all items of income and expense which accrue for the period on and after the Closing will be for the account of Purchaser. The provisions of Section 4.2 shall
survive the Closing. 
  

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 4.2.6. Leasing Commissions and Leasing Costs. Seller shall be
responsible for and shall pay at or before Closing, or shall escrow at Closing with Escrow Agent under escrow instructions reasonably acceptable to Purchaser, all leasing commissions and tenant improvement costs or allowances therefor due and
payable by the landlord with respect to Leases executed prior to the Effective Date, including without limitation, any leasing commissions earned but deferred as to payment and commissions, tenant improvements or other leasing costs payable for
lease renewals or extensions that a tenant has exercised under its existing Lease prior to the Effective Date. Purchaser shall be responsible for all leasing commissions and tenant improvement costs or allowances therefor attributable to any new
leases executed after the Effective Date and the renewal or expansion of any existing Lease exercised by the tenant or otherwise entered into after the Effective Date. If Seller has, prior to the Closing, paid any leasing commissions or other
leasing costs which are Purchaser’s responsibility hereunder, Seller will receive a credit for same from Purchaser at the Closing. 

4.2.7. Prepaid Items. Prepaid fees, if any, for licenses which are transferred to the Purchaser at the
Closing shall be apportioned between the Seller and the Purchaser at the Closing. 
 4.2.8. Declaration
Assessments. Any periodic assessments and other periodic charges paid by Seller under any private declaration affecting the Property shall be prorated between Seller and Purchaser at the Closing. 

4.2.9. Free Rent Credit. At Closing, Seller shall provide a credit to Purchaser against the Purchase Price
in the amount of $3,598.00 for the basic rent abatement described in Section 1.03 of the First Amendment to Lease with Moso Graphics, LLC, which amount is equal to the product of $116.06 per day, times the number days from the Closing Date of
October 1, 2010 through October 31, 2010. If the Closing Date occurs after October 1, 2010, the amount of the credit shall be adjusted accordingly. 

4.3. Closing Costs. Seller shall pay the basic title premium for the Owner’s Policy and the cost of the Existing
Survey (as hereinafter defined). Purchaser shall pay the cost of any endorsements to the Owner’s Policy and the cost of the Survey and any update or other changes requested by Purchaser to the Survey, including the cost of any ALTA Table A
items or other certifications. Purchaser shall also pay all costs associated with Purchaser’s due diligence, except as otherwise set forth herein. Each party shall be responsible for its own attorney’s fees. Any fees or costs of Escrow
Agent shall be shared equally between Purchaser and Seller. 
  

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 4.4. Contracts. Unless Purchaser terminates this Agreement prior to the
expiration of the Feasibility Period, then on or before the expiration of the Feasibility Period, Purchaser shall provide Seller with written notice of the Contracts Purchaser elects to assume (the “Assigned Contracts”). If
Purchaser fails to deliver such assumption notice, then Purchaser shall be deemed to have elected to assume all of the Contracts. If Purchaser elects not to terminate this Agreement during the Feasibility Period, Purchaser acknowledges that Assigned
Contracts will include, regardless of whether listed in Purchaser’s assumption notice, all Contracts, if any, which are not terminable on thirty (30) or less days notice, without cause and without penalty or fee to Seller. Seller shall
deliver a termination notice at the Closing as to all Contracts not constituting Assigned Contracts, but Purchaser will be responsible for any charges due under such Contracts until the effective date of termination. Notwithstanding anything in this
Section 4.4 to the contrary, Seller agrees that all property management and leasing agreements entered into by Seller shall be terminated, effective as of the Closing Date, at the sole cost and expense of Seller. 

ARTICLE V. 

Purchaser’s Right of Inspection; Feasibility Period 

5.1. Right to Evaluate. Commencing on the Effective Date and continuing until 11:59 p.m. Pacific time on Tuesday,
August 10, 2010 (the “Feasibility Period”), Purchaser and its agents shall have the right during business hours (with reasonable advance notice to Seller and subject to the rights of the tenants in possession), at
Purchaser’s sole cost and expense and at Purchaser’s and its agents’ sole risk, to perform inspections and tests of the Property and to perform such other analyses, inquiries and investigations as Purchaser shall deem necessary or
appropriate; provided, however, that in no event shall (i) such inspections or tests unreasonably disrupt or disturb the on-going operation of the Property or the rights of the tenants at the Property, or (ii) Purchaser or
its agents or representatives conduct any physical testing, drilling, boring, sampling or removal of, on or through the surface of the Property (or any part or portion thereof) including, without limitation, any ground borings or invasive testing of
the Improvements (collectively, “Physical Testing”), without Seller’s prior written consent, which consent may be given or withheld in Seller’s sole and absolute discretion. In the event Purchaser desires to conduct any
such Physical Testing of the Property, then Purchaser shall submit to Seller, for Seller’s approval, a written detailed description of the scope and extent of the proposed Physical Testing, which approval may be given or withheld in
Seller’s sole and absolute discretion. If Seller does not approve the Physical Testing or approves only a portion thereof, Purchaser may, at its option, by sending written notice to Seller, elect to, either (i) terminate this Agreement or
(ii) conduct during the Feasibility Period that portion of the Physical Testing approved by Seller, if any, or if Seller disapproves the entire proposed Physical Testing, affirmatively agree to forego any Physical Testing of the Property. In
the event Purchaser terminates this Agreement as aforesaid, the Deposit shall be immediately refunded to Purchaser and this Agreement shall terminate and be of no further force and effect other than the Surviving Termination Obligations (as defined
in Section 16.12). In no event shall Seller be obligated as a condition of this transaction to perform or pay for any environmental remediation of the Property recommended by any such Physical Testing. After making such tests and

  

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inspections, Purchaser agrees to promptly restore the Improvements and surface of the Real Property to its condition prior to such tests and inspections (which obligation shall survive the
Closing or any termination of this Agreement), provided, however that Purchaser shall have no liability with respect to and no obligation to restore the Improvements or the Real Property to the extent of any damage or liability arising from the
Purchaser Liability Exceptions (as hereinafter defined in Section 5.2), so long as Purchaser takes reasonable steps not to exacerbate any condition giving rise to a Purchaser Liability Exception discovered by Purchaser. Prior to
Purchaser entering the Property to conduct the inspections and tests described above, Purchaser shall obtain and maintain, at Purchaser’s sole cost and expense, and shall deliver to Seller evidence of, the following insurance coverage, and
shall cause each of its agents and contractors to obtain and maintain, and, upon request of Seller, shall deliver to Seller evidence of, the following insurance coverage: commercial liability insurance, from an insurer reasonably acceptable to
Seller, in the amount of One Million and No/100 Dollars ($1,000,000.00) combined single limit for personal injury and property damage per occurrence ($2,000,000 in the aggregate), together with umbrella coverage of at least Five Million and No/100
Dollars ($5,000,000.00), such policy to name Seller as an additional insured party, which insurance shall provide coverage against any claim for personal liability or property damage caused by Purchaser or its agents, employees or contractors in
connection with such inspections and tests. Seller shall have the right, in its discretion, to accompany Purchaser and/or its agents during any inspection (including, but not limited to, tenant interviews) provided Seller or its agents do not
unreasonably interfere with Purchaser’s inspection. If Purchaser elects not to terminate this Agreement during the Feasibility Period, Purchaser will continue to have access to the Property until Closing, including, without limitation, the
right to permit Purchaser’s proposed lender to conduct a Phase I Environmental Site Assessment and physical conditions assessment, and the right to perform analyses and inspections, subject in all respects to, and only as and to the extent
permitted above in, this Article V. Purchaser has no right, express or implied, to terminate this Agreement or receive back the Deposit based, directly or indirectly, on any tests, assessments, analyses or inspections conducted by or
on behalf of Purchaser or Purchaser’s lender after the Feasibility Period. 
 5.2. Inspection Obligations and
Indemnity. Purchaser and its agents and representatives shall: (a) not unreasonably disturb the tenants of the Improvements or unreasonably interfere with their use of the Real Property pursuant to their respective Leases; (b) not
unreasonably interfere with the operation and maintenance of the Real Property; (c) not damage any part of the Property or any personal property owned or held by any tenant; (d) not injure or otherwise cause bodily harm to Seller, its
agents, contractors and employees or any tenant; (e) promptly pay when due the costs of all tests, investigations and examinations done with regard to the Property; (f) not permit any liens to attach to the Property by reason of the
exercise of its rights hereunder; (g) restore the Improvements and the surface of the Real Property to the condition in which the same was found before any such inspection or tests were undertaken; (h) not reveal or disclose any
information obtained during the Feasibility Period concerning the Property to anyone outside Purchaser’s organization other than its Authorized Representatives (as defined in Section 15.1) or as

  

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required to be disclosed by law or other regulatory or legal process; (i) not contact or otherwise interview any tenant except in the presence of Seller or one of Seller’s
representatives, or except to the extent otherwise approved by Seller, such approval not to be unreasonably withheld, conditioned or delayed; and (j) not contact any Federal, State or local governmental authority concerning the Property, other
than standard requests for zoning, tax, utility service and similar verification materials and standard requests as part of a customary Phase I environmental investigation. Purchaser shall, at its sole cost and expense, comply with all applicable
federal, state and local laws, statutes, rules, regulations, ordinances or policies in conducting its inspection of the Property and Physical Testing. Purchaser shall, and does hereby agree to indemnify, defend and hold the Seller, its partners,
officers, directors, employees, agents, attorneys and their respective successors and assigns, harmless from and against any and all claims, demands, suits, obligations, payments, damages, losses, penalties, liabilities, costs and expenses
(including but not limited to attorneys’ fees) (collectively, “Claims”) arising out of Purchaser’s or Purchaser’s agents’ actions taken in, on or about the Property in the exercise of the inspection right granted
pursuant to Section 5.1, including, without limitation, (i) claims made by any tenant against Seller for Purchaser’s entry into such tenant’s premises in a manner not permitted to Seller pursuant to such tenant’s
lease or any interference with any tenant’s use or damage to its premises or property in connection with Purchaser’s review of the Property, and (ii) violation of Purchaser’s obligations pursuant to this Section 5.2.
Notwithstanding the foregoing, Purchaser shall have no liability for any Claims related to (i) any loss, liability, cost or expense to the extent arising from, or related to, the negligent or willful acts or omissions of Seller or its
representatives or any tenant of the Property, (ii) any diminution in value of the Property arising from, or related to, matters discovered by Purchaser or its agents, employees or representatives during any inspections undertaken by Purchaser
or its agents, employees or representatives in compliance with the terms of this Agreement, but not otherwise, (iii) any latent defects in the Property discovered by Purchaser or its agents, employees or representatives during any inspections
undertaken by Purchaser or its agents, employees or representatives in compliance with the terms of this Agreement, but not otherwise, and/or (iv) any Hazardous Materials (as hereinafter defined in Section 7.1.11) or regulated
substances which are discovered (but not deposited or spread) in, on, under or about the Property by Purchaser or its agents, employees or representatives during any inspections undertaken by Purchaser or its agents, employees or representatives in
compliance with the terms of this Agreement, but not otherwise (collectively the “Purchaser Liability Exceptions”) so long as, in each case, Purchaser takes reasonable steps not to exacerbate any such condition discovered by
Purchaser. This Section 5.2 shall survive the Closing and/or any termination of this Agreement. 
 5.3. Seller
Deliveries. Seller shall use its reasonable, good faith efforts to deliver to Purchaser or make available at the Property, at Seller’s option, all of the items specified on Exhibit B attached hereto (the
“Documents”) to the extent such items are in Seller’s possession or control; provided, however, except as otherwise expressly set forth in Section 7.1 hereof, Seller makes no representations or
warranties of any kind regarding the accuracy, thoroughness or completeness of or conclusions drawn in the information contained in such 

 

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documents, if any, relating to the Property. Purchaser hereby waives any and all claims against Seller arising out of the accuracy, completeness, conclusions or statements expressed in materials
so furnished and any and all claims arising out of any duty of Seller to acquire, seek or obtain such materials. Notwithstanding anything contained in the preceding sentence, Seller shall not deliver or make available to Purchaser Seller’s
internal memoranda, attorney-client privileged materials, roof or other physical inspection reports, internal appraisals and economic evaluations of the Property, and reports regarding the Property prepared by Seller or its affiliates solely for
internal use or for the information of the investors in Seller. Purchaser acknowledges that any and all of the Documents that are not otherwise known by or available to the public are proprietary and confidential in nature and will be delivered to
Purchaser solely to assist Purchaser in determining the feasibility of purchasing the Property. Purchaser agrees not to disclose such non-public Documents, or any of the provisions, terms or conditions thereof, to any party outside of
Purchaser’s organization other than its Authorized Representatives or as required to be disclosed by law or other regulatory or legal process. Purchaser shall return all of the Documents or certify to Seller its destruction thereof, on or
before five (5) business days after the first to occur of (a) such time as Purchaser notifies Seller in writing that it shall not acquire the Property, or (b) such time as this Agreement is terminated for any reason (other than due to
Seller’s default or the Closing). This Section 5.3 shall survive any termination of this Agreement for a period of two (2) years. 

5.4. Independent Examination. Purchaser hereby acknowledges that it has been, or will have been given, prior to the
termination of the Feasibility Period, a full, complete and adequate opportunity to make such legal, factual and other determinations, analyses, inquiries and investigations as Purchaser deems necessary or appropriate in connection with the
acquisition of the Property. Purchaser is relying upon its own independent examination of the Property and all matters relating thereto and not upon any statements of Seller (excluding the limited matters expressly represented by Seller in
Article VII hereof, in the Deed and in the Non-Foreign Entity Certification (as defined in Section 11.2.5)) or of any officer, director, employee, agent or attorney of Seller with respect to acquiring the Property. Seller shall
not be deemed to have represented or warranted the completeness or accuracy of any studies, investigations and reports heretofore or hereafter furnished to Purchaser. The provisions of this Section 5.4 shall survive Closing and/or
termination of this Agreement. 
 5.5. Termination Right. Purchaser shall have the right at any time during the
Feasibility Period to terminate this Agreement by written notice to Seller, in Purchaser’s sole and absolute discretion. Unless Purchaser provides written notice to Seller before the end of the Feasibility Period that Purchaser desires to
proceed with this transaction, this Agreement shall automatically terminate at the end of the Feasibility Period, subject to the Surviving Termination Obligations (as defined in Section 16.12 herein). In the event of termination under
this Section 5.5, the Deposit shall be delivered to Purchaser by Escrow Agent and thereupon neither party shall have any further rights or obligations to the other hereunder other than the Surviving Termination Obligations. If Purchaser
does timely notify Seller in writing of its election to proceed with this Agreement on or before the expiration of the 

 

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Feasibility Period, time being of the essence, Purchaser will have no further right to terminate this Agreement under this Section 5.5 and this Agreement shall continue in full force
and effect. This is an “all or none” transaction and Purchaser has no right to terminate this Agreement as to any part of the Property. 

5.6. Copies of Reports. As additional consideration for the transaction contemplated herein, Purchaser
agrees that upon termination of this Agreement for any reason except for Seller’s default or Closing, it will provide to Seller, within five (5) business days following a written request therefor, copies of any and all third
(3rd) party reports, tests or studies relating to the
Property in Purchaser’s possession, including but not limited to those involving environmental matters. Notwithstanding any provision of this Agreement, no termination of this Agreement shall terminate Purchaser’s obligations pursuant to
the foregoing sentence. Seller hereby waives and Purchaser disclaims any warranty or representation whatsoever by Purchaser with respect to the contents, accuracy or value of any such items delivered by Purchaser. 

ARTICLE VI. 

Title and Survey Matters 

6.1. Title. Purchaser hereby acknowledges receipt of a title insurance commitment (the “Commitment”) for
an Owner’s Policy of Title Insurance, issued by Chicago Title Insurance Company (the “Title Company”), covering the Real Property, together with a copy of all exceptions set forth therein. Purchaser shall notify Seller before
the expiration of the Feasibility Period in writing of any title exceptions identified in the Commitment which Purchaser reasonably disapproves. Any exception shown in the most recent Commitment in effect as of the end of the Feasibility Period
(whether or not previously objected to by Purchaser) shall be deemed approved by Purchaser and shall constitute a “Permitted Exception” hereunder. Purchaser and Seller hereby agree that (i) all non-delinquent property taxes and
assessments, (ii) the rights of the tenants under the Leases and Approved New Leases, (iii) all matters created by or on behalf of Purchaser, including, without limitation, any documents or instruments to be recorded as part of any
financing for the acquisition of the Property by Purchaser and (iv) the exceptions to title identified on Exhibit D attached hereto, shall constitute “Permitted Exceptions.” Notwithstanding anything to the contrary, any
mortgages or other monetary liens created by Seller against the Property shall not be Permitted Exceptions and shall be removed or terminated on or before Closing. Without Seller’s prior written consent, Purchaser shall not make any application
to any governmental agency for any permit, approval, license or other entitlement for the Property or the use or development thereof prior to Closing. If Purchaser elects to terminate this Agreement, Purchaser shall be responsible for any
cancellation fee due Title Company up to Five Hundred and No/100 Dollars ($500.00) as a result of the actions of Purchaser. 
  

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 6.2. Survey. Seller has provided Purchaser with a copy of Seller’s
existing survey of the Property (the “Existing Survey”). Purchaser shall have the right to request a new survey or an update to the Existing Survey (any such new or updated survey, the “Survey”) during the
Feasibility Period. If the Survey discloses any matters which are unacceptable to Purchaser, in Purchaser’s sole and absolute discretion, Purchaser shall notify Seller in writing no later than the expiration of the Feasibility Period. Any
survey matter shown on the Survey, or on the Existing Survey if a Survey is not obtained, as of the end of the Feasibility Period (whether or not previously objected to by Purchaser) shall be deemed approved by Purchaser and shall constitute a
Permitted Exception hereunder. 
 6.3. Cure of Title or Survey Matters. Seller may agree, prior to the end of the
Feasibility Period, at its sole election, to have any matters shown on the Commitment or any Survey or Existing Survey matters to which Purchaser has objected removed or insured over, if such insurance is acceptable in Purchaser’s sole and
absolute discretion, on or before the Closing Date; provided, however, in no event will Seller be obligated to do so or otherwise to incur costs with respect thereto in the absence of such an agreement. If Purchaser fails, for any or no reason, to
obtain the Survey, Purchaser will be deemed to have waived any requirement set forth in this Agreement regarding the Survey and all matters shown on the Existing Survey or which would be shown on a current survey of the Property had one been
obtained, shall also be considered “Permitted Exceptions.” 
 6.4. New Title Exceptions. If the
Commitment or Survey is updated after the Feasibility Period and reflects a new title or survey exception which would, in the reasonable opinion of a reasonably prudent investor, materially adversely affect title to the Property (a “New
Title Exception”), Purchaser shall, as long as such New Title Exception was not caused or created by Purchaser, have the right to object to same by delivery of written notice to Seller (the “New Title Objection Notice”) on
or before the earlier of the Closing Date or five (5) business days following the date Purchaser receives the updated Commitment or Survey. If Purchaser fails to timely deliver the New Title Objection Notice, Purchaser will be deemed to have
waived such New Title Exception and same will be considered a Permitted Exception hereunder. Seller has no obligation to cure any New Title Exception, but if Seller timely receives a New Title Objection Notice and fails to provide the Title Company
with such affidavits, indemnities, bonds or other assurances necessary for the Title Company to issue the Title Policy without exception for such New Title Exception, then Purchaser shall have the right to terminate this Agreement by delivery of
written notice to Seller and the Title Company on or before the Closing Date. If Purchaser timely delivers such termination notice, the Deposit shall be delivered to Purchaser and thereupon neither party shall, subject to the Surviving Termination
Obligations, have any further rights or obligations to the other hereunder. If Purchaser shall fail to timely notify Seller in writing of its election to terminate this Agreement on or before the Closing Date, time being of the essence, the
termination right described in this Section 6.4 shall be immediately null and void and of no further force or effect, the Closing will occur as scheduled and the Permitted Exceptions will include all uncured New Title Exceptions.

  

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 ARTICLE VII. 

Representations and Warranties of the Seller 

7.1. Seller’s Representations. Seller represents and warrants that the following matters are true and correct as of
the Effective Date and, as a condition of Closing, these matters will be true and correct at Closing. 

7.1.1. Authority. Seller is a limited partnership, duly organized, validly existing and in good standing
under the laws of the State of Delaware. This Agreement has been duly authorized, executed and delivered by Seller, is the legal, valid and binding obligation of Seller, and does not, to the best of Seller’s knowledge, violate any provision of
any agreement or judicial order to which Seller is a party or to which Seller or the Property is subject. All documents to be executed by Seller which are to be delivered at Closing, will at the time of Closing (i) be duly authorized, executed
and delivered by Seller, (ii) be legal, valid and binding obligations of Seller, and (iii) not violate, to the best of Seller’s knowledge, any provision of any agreement or judicial order to which Seller is a party or to which Seller
is subject. 
 7.1.2. Foreign Person; Prohibited Person. Seller is not a foreign person within the
meaning of Section 1445(f) of the Internal Revenue Code. Seller is not a Prohibited Person (as defined below). To the best of Seller’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Seller,
none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person. To the best of Seller’s knowledge, the Property is not the property of, or
beneficially owned by, a Prohibited Person. To the best of Seller’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Seller, the Property is not the proceeds of specified unlawful activity as defined
by 18 U.S.C. §1956(c)(7). “Prohibited Person” means any of the following: (a) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing (effective September 24, 2001) (the “Executive Order”); (b) a person or entity owned or controlled by, or acting for or on behalf of any person or entity that is listed in the Annex to, or is otherwise subject to the
provisions of, the Executive Order; (c) a person or entity that is named as a “specially designated national” or “blocked person” on the most current list published by the U.S. Treasury Department’s Office of Foreign
Assets Control (“OFAC”) at its official website, http://www.treas.gov/offices/enforcement/ofac; (d) a person or entity that is otherwise the target of any economic sanctions program currently administered by OFAC; or (e) a
person or entity that is affiliated with any person or entity identified in clause (a), (b), (c) and/or (d) above. 

7.1.3. No Default. The execution and delivery of this Agreement, and consummation of the transaction
described in this Agreement, will not, to the best of Seller’s knowledge, constitute a default under any contract, lease, or agreement to which Seller is a party and relating to the Property. 

 

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 7.1.4. No Suits; Compliance with Law. Except as disclosed in
the Documents, to the best of Seller’s knowledge, there is no action, suit or proceeding pending or threatened against Seller and affecting the Property, in any court or before or by and federal, state, or municipal department, commission,
board, bureau or agency or other governmental instrumentality. Except as disclosed in the Documents, to the best of Seller’s knowledge, Seller has received no written notice from any governmental authority of any material noncompliance of the
Property with applicable laws, rules or regulations. 
 7.1.5. No Bankruptcy. No petition in
bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is
pending against or contemplated (or, to the best of Seller’s knowledge, threatened) by or against Seller or any general partner of Seller. 

7.1.6. Tenant Leases and Contracts. 

(a) To the best of Seller’s knowledge, Seller has provided or will provide Purchaser with access to complete copies
of all Leases and all amendments, guaranties and other documents relating thereto. To the best of Seller’s knowledge, the rent roll attached hereto as Exhibit E is the form of rent roll that Seller uses in the ordinary course of its
business with respect to the Property, but Seller does not warrant the accuracy of any information set forth therein. To the best of Seller’s knowledge, Seller has not entered into any Leases other than the Leases shown on the rent roll
attached hereto as Exhibit E. Except as disclosed in the Documents, to the best of Seller’s knowledge, Seller has not received from any tenant under a Lease at the Property any written notice to terminate the tenant’s Lease.

 (b) To the best of Seller’s knowledge, Seller has provided or will provide Purchaser with access to
complete copies of the Contracts. 
 (c) To the best of Seller’s knowledge, Seller has not entered into any
leasing commission agreements which would be binding upon Purchaser or the Property, except as shown on the list attached hereto as Exhibit L. 

7.1.7. Employees. There are no employees of Seller employed in connection with the use, management,
maintenance or operation of the Property whose employment will continue after the Closing Date. There is no bargaining unit or union contract relating to any employees of Seller. 

7.1.8. Hazardous Materials. Except as disclosed in the Documents, to the best of Seller’s knowledge,
Seller has not received written notice from any governmental authority alleging that the Property is not in full compliance with Environmental Laws (as defined below). “Environmental Law” means any law, including requirements under

  

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permits, licenses, consents and approvals, relating to pollution or protection of human health or the environment, including those that relate to emissions, discharges, releases or threatened
releases, or the generation, manufacturing, processing, distribution, use, treatment, storage, disposal, transport, or handling, of Hazardous Materials. “Hazardous Materials” means those materials that are regulated by or form the
basis of liability under any Environmental Law, including: (a) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic
substance; (b) any petroleum or petroleum derived substance or waste; (c) any asbestos or asbestos-containing material; (d) any polychlorinated biphenyl (PCB) or PCB-containing or urea-formaldehyde-containing material or fluid;
(e) any radioactive material or substance, including radon; (f) any lead or lead based paints or materials; and (g) any mold, fungi, yeast or other similar biological agents that may have an adverse effect on human health. 

7.2. Seller’s Knowledge. For purposes of this Agreement and any document delivered at Closing, whenever the phrases
“to the best of Seller’s knowledge”, “to the current, actual, conscious knowledge of Seller” or the “knowledge” of Seller or words of similar import are used, they shall be deemed to refer to the current, actual,
conscious knowledge only, and not any implied, imputed or constructive knowledge, without any independent investigation having been made or any implied duty to investigate, of David Buxbaum and John Powell and Seller represents that the foregoing
are those employees of TA Associates Realty with the responsibility for overseeing the sale, management and operation of the Property. Such individuals have no personal liability under this Agreement or otherwise with respect to the Property.

 7.3. Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Purchaser
acknowledges that Purchaser shall not be entitled to rely on any representation made by Seller in this Article VII to the extent, prior to or at Closing, Purchaser shall have or obtain actual knowledge of any information that was
contradictory to such representation or warranty; provided, however, if Purchaser determines prior to Closing that there is a breach of any of the representations and warranties made by Seller above, then Purchaser may, at its option,
by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter
thereafter. In the event Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Purchaser, and neither Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other
than under Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and
delivered by Seller to Purchaser, to the extent that, prior to the Closing, Purchaser has actual knowledge of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates, as a result of
Purchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and
warranties untrue or incorrect, and Purchaser nevertheless consummates the transaction contemplated by this Agreement. 
  

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 7.4. Survival. The express representations and warranties made in this
Agreement by Seller shall not merge into any instrument or conveyance delivered at the Closing; provided, however, that any action, suit or proceeding with respect to the truth, accuracy or completeness of such representations and
warranties shall be commenced, if at all, on or before the date that is nine (9) months after the Closing Date and, if not commenced on or before such date, thereafter shall be void and of no force or effect. 

ARTICLE VIII. 

Representations and Warranties of Purchaser 

8.1. Purchaser represents and warrants to Seller that the following matters are true and correct as of the Effective Date.
References to “Purchaser’s knowledge” or words of similar import herein or in the Closing Documents, shall mean only the current, actual conscious knowledge, and not any implied, imputed or constructive knowledge, without any
independent investigation having been made or any implied duty to investigate, of Tom McGonagle and Andrea Karp, who shall have no personal liability under this Agreement or otherwise with respect to this transaction or the Property. 

8.1.1. Authority. Purchaser is a limited liability company, duly organized, validly existing and in good
standing under the laws of the State of Delaware. This Agreement has been duly authorized, executed and delivered by Purchaser, is the legal, valid and binding obligation of Purchaser, and does not, to Purchaser’s knowledge, violate any
provision of any agreement or judicial order to which Purchaser is a party or to which Purchaser is subject. All documents to be executed by Purchaser which are to be delivered at Closing, at the time of Closing will be duly authorized, executed and
delivered by Purchaser, at the time of Closing will be legal, valid and binding obligations of Purchaser, and at the time of Closing will not violate, to Purchaser’s knowledge, any provision of any agreement or judicial order to which Purchaser
is a party or to which Purchaser is subject. 
 8.1.2. Bankruptcy or Debt of Purchaser. Purchaser
has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition by Purchaser’s creditors, suffered the appointment of a receiver to take possession of
all, or substantially all, of Purchaser’s assets, suffered the attachment or other judicial seizure of all, or substantially all, of Purchaser’s assets, admitted in writing its inability to pay its debts as they come due or made an offer
of settlement, extension or composition to its creditors generally. 
  

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 8.1.3. ERISA Compliance. Purchaser has informed Seller and
Purchaser hereby represents and warrants to Seller that, so long as the shares of Industrial Income Trust Inc. constitute publicly offered securities under applicable plan asset regulations, Purchaser is not a “plan” nor a plan
“fiduciary” nor an entity holding “plan assets” (as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended, and its applicable regulations as issued by the Department of Labor and the
Internal Revenue Service, “ERISA”) nor an entity whose assets are deemed to be plan assets under ERISA and that Purchaser is acquiring the Property for Purchaser’s own personal account and that, so long as the shares of
Industrial Income Trust Inc. constitute publicly offered securities under applicable plan asset regulations, the Property shall not constitute plan assets subject to ERISA upon conveyance of the Property by Seller and the closing of this Agreement
between Purchaser and Seller. Seller shall not have any obligation to close the transaction contemplated by this Agreement if the transaction for any reason constitutes a prohibited transaction under ERISA or if Purchaser’s representation is
found to be false or misleading in any respect. The foregoing representation and warranty shall survive the Closing. 

8.1.4. No Financing Contingency. It is expressly acknowledged by Purchaser that this transaction is not
subject to any financing contingency, and no financing for this transaction shall be provided by Seller. 

8.1.5. Prohibited Person. Purchaser is not a Prohibited Person. To Purchaser’s knowledge, except for
third-party persons who hold direct or indirect ownership interests in Purchaser, none of Purchaser’s affiliates or parent entities is a Prohibited Person. To Purchaser’s knowledge, except for third-party persons who hold direct or
indirect ownership interests in Purchaser, the Property is not the property of or beneficially owned by a Prohibited Person. To Purchaser’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Purchaser,
the Property is not the proceeds of specified unlawful activity as defined by 18 U.S.C. § 1956(c)(7). 
 8.2.
Purchaser’s Acknowledgment. Purchaser acknowledges and agrees that, except as expressly provided in this Agreement or in the Deed, Seller has not made, does not make and specifically disclaims any representations, warranties,
promises, covenants, agreements or guaranties of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to (a) the nature, quality or condition of the
Property, including, without limitation, the water, soil and geology, (b) the income to be derived from the Property, (c) the suitability of the Property for any and all activities and uses which Purchaser may conduct thereon, (d) the
compliance of or by the Property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body, including, without limitation, the Americans with Disabilities Act and any rules and regulations
promulgated thereunder or in connection therewith, (e) the habitability, merchantability or fitness for a particular purpose of the Property, or (f) any other matter with respect to the Property, and specifically that, except as provided
herein, Seller has not made, does not make and specifically disclaims any representations regarding solid waste, as defined by the U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261, or the disposal or existence, in or on the
Property, of any hazardous substance, as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and all applicable state laws, and 

 

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regulations promulgated thereunder. Purchaser further acknowledges and agrees that, except as expressly provided in this Agreement or in the Deed, having been given the opportunity to inspect the
Property, Purchaser is relying solely on its own investigation of the Property and not on any information provided or to be provided by Seller. Purchaser further acknowledges and agrees that any information provided or to be provided with respect to
the Property was obtained from a variety of sources and that Seller has not made any independent investigation or verification of such information. Purchaser further acknowledges and agrees that, except as expressly provided in this Agreement or
in the Deed, and as a material inducement to the execution and delivery of this Agreement by Seller, the sale of the Property as provided for herein is made on an “AS IS, WHERE IS” CONDITION AND BASIS “WITH ALL FAULTS.”
Purchaser acknowledges, represents and warrants that Purchaser is not in a significantly disparate bargaining position with respect to Seller in connection with the transaction contemplated by this Agreement; that Purchaser freely and fairly agreed
to this acknowledgment as part of the negotiations for the transaction contemplated by this Agreement; that Purchaser is represented by legal counsel in connection with this transaction and Purchaser has conferred with such legal counsel concerning
this waiver and that Purchaser has assets in excess of $5,000,000. Notwithstanding anything herein to the contrary, in no event shall Seller have any liability for any breach of a representation, warranty, covenant and/or indemnity set forth
herein or in any of the closing documents other than the Deed and the Non-Foreign Entity Certification in excess of Eight Hundred Fifty Thousand and No/100 Dollars ($850,000.00) in the aggregate for all claims, including court costs and reasonable
attorneys’ fees for enforcement. The provisions of this Section 8.2 shall survive Closing and/or termination of this Agreement. 

8.3. Purchaser’s Release. Purchaser on behalf of itself and its successors and assigns waives its right to recover
from, and forever releases and discharges, Seller, Seller’s affiliates, Seller’s investment manager, property manager, the partners, trustees, shareholders, beneficiaries, directors, officers, employees, attorneys and agents of each of
them, and their respective heirs, successors, personal representatives and assigns from any and all demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses known or
unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with (i) the physical condition of the Property, (ii) the condition of title to the Property, (iii) the presence on, under or about the Property
of any hazardous or regulated substance, (iv) the Property’s compliance with any applicable federal, state or local law, rule or regulation, or (v) any other aspect of the Property; provided, however, this release does not apply to
Seller’s breach of any of the representations and warranties of Seller set forth in Article VII or in the Deed or the Non-Foreign Entity Certification or Seller’s breach after Closing of any of the post-closing proration adjustment
provisions set forth in Article IV. The terms and provisions of this Section 8.3 shall survive Closing and/or termination of this Agreement. 
  

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 8.4. Survival. The express representations and warranties made in this
Agreement by Purchaser shall not merge into any instrument of conveyance delivered at the Closing; provided, however, that any action, suit or proceeding with respect to the truth, accuracy or completeness of all such representations and warranties
(except for the representation and warranty set forth in Section 8.1.3) shall be commenced, if at all, on or before the date that is six (6) months after the Closing Date and, if not commenced on or before such date, thereafter
shall be void and of no force or effect. The representation and warranty set forth in Section 8.1.3 hereof shall survive Closing and/or termination of this Agreement. 

ARTICLE IX. 

Seller’s Interim Operating Covenants. 

9.1. Operations. Seller agrees to continue to operate, manage and maintain the Improvements through the Closing Date in the
ordinary course of Seller’s business, in accordance with Seller’s present practice, subject to ordinary wear and tear and further subject to Article XII of this Agreement. 

9.2. Maintain Insurance. Seller agrees to maintain until the Closing Date fire and extended coverage insurance on the
Property and liability insurance, which are at least equivalent in all material respects to the insurance policies covering the Real Property and the Improvements as of the Effective Date. 

9.3. Personal Property. Seller agrees not to transfer or remove any Personal Property from the Improvements after the
Effective Date except for repair or replacement thereof. Any items of Personal Property replaced after the Effective Date shall be promptly installed prior to Closing and shall be of substantially similar quality to the item of Personal Property
being replaced. 
 9.4. No Sales. Except for the execution of tenant Leases pursuant to Section 9.5,
Seller agrees that it shall not convey or encumber any interest in the Property to any third party. 
 9.5. Tenant
Leases. Seller shall not, from and after the date which is five (5) business days prior to the expiration of the Feasibility Period, (i) grant any consent or waive any material rights under the Leases, (ii) terminate any
Lease, or (iii) enter into a new lease, modify an existing Lease or renew, extend or expand an existing Lease in each case without the prior written approval of Purchaser (an “Approved New Lease”), which in each case shall not
be unreasonably withheld, conditioned or delayed, and which shall be deemed granted if Purchaser fails to respond to a request for approval within five (5) business days after receipt of the request therefor together with a summary of lease
terms and credit information of the proposed tenant. In the event that Seller shall enter into, modify, renew, grant concessions or terminate a Lease prior to the date which is five (5) business days prior to the expiration of the Feasibility
Period, it shall promptly notify Purchaser in writing thereof and shall include a copy of such document entered into by Seller by the date which is the earlier of (i) within five (5) business days of such occurrence or (ii) the
expiration of the Feasibility Period. 
  

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 9.6. Contracts. Without Purchaser’s prior written approval, which shall
not be unreasonably withheld, conditioned or delayed, Seller shall not enter into any new (or extend, amend, renew or replace any existing) Contract affecting the Property or which would be binding upon Purchaser upon its acquisition of the
Property; provided, however, (i) Seller may enter into service or similar contracts without Purchaser’s approval if such contract is entered into in the ordinary course of Seller’s business and is terminable without penalty or premium
on not more than 30 days notice from the owner of the Property and is disclosed promptly in writing to Purchaser; and (ii) Seller may enter new Leases as provided in Section 9.5. 

ARTICLE X. 

Closing Conditions. 

10.1. Conditions to Obligations of Seller. The obligations of Seller under this Agreement to sell the Property and
consummate the other transactions contemplated hereby shall be subject to the satisfaction of the following conditions on or before the Closing Date except to the extent that any of such conditions may be waived by Seller in writing at Closing.

 10.1.1. Representations, Warranties and Covenants of Purchaser. All representations and
warranties of Purchaser in this Agreement shall be true and correct in all material respects as of the Closing Date, with the same force and effect as if such representations and warranties were made anew as of the Closing Date and Purchaser shall
have performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by Purchaser prior to the Closing Date. 

10.2. Conditions to Obligations of Purchaser. The obligations of Purchaser under this Agreement to purchase the Property
and consummate the other transactions contemplated hereby shall be subject to the satisfaction of the following conditions on or before the Closing Date, except to the extent that any of such conditions may be waived by Purchaser in writing at
Closing. 
 10.2.1. Representations, Warranties and Covenants of Seller. All representations and
warranties of Seller in this Agreement or in the Closing Documents shall be true and correct in all material respects as of the Closing Date, with the same force and effect as if such representations and warranties were made anew as of the Closing
Date and Seller shall have performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by Seller prior to and on the Closing Date. Notwithstanding the foregoing, no
change in circumstances or status of the tenants (e.g., defaults, bankruptcies or other adverse matters relating to such tenant) occurring after the end of the Feasibility Period, shall permit Purchaser to terminate this Agreement or constitute
grounds for Purchaser’s failure to close in accordance with the terms hereof. 
  

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 10.2.2. Tenant Estoppels and SNDAs. Purchaser shall have
received a Tenant estoppel certificate substantially in the form attached hereto as Exhibit C (or, if different, the form and content required under the applicable Lease) from (a) Vertis, Inc., Johnstone Supply, Inc., YoCream
International, Inc., Best Manufacturers, and Portland Adventist (the “Major Tenants”) and (b) such other tenants who, together with the Major Tenants, occupy at least eighty percent (80%) of the leased rentable square
footage of the Property (“Required Estoppel Amount”); provided, however, if Purchaser has not notified Seller in writing of the failure of the conditions set forth in this Section 10.2.2 prior to 5:00 p.m. Eastern time
on that day that is three (3) Business Days prior to Closing, these conditions shall be deemed satisfied. Notwithstanding the foregoing, at Seller’s sole option, Seller may extend the Closing Date for up to an additional thirty
(30) days in order to satisfy the foregoing requirement in which event Seller shall deliver notice of such extension to Purchaser not less than two (2) business days prior to the then existing Closing Date. In no event shall Seller be
obligated to deliver updates to any of the tenant estoppel certificates, unless the tenant estoppel certificate is dated more than thirty (30) days before the Closing Date. Seller will deliver Purchaser copies of the signed tenant estoppels
promptly following Seller’s receipt and, if Purchaser fails to deliver a written objection notice to Seller within three (3) business days following the date of delivery, such signed tenant estoppels will be deemed approved by Purchaser.
Purchaser acknowledges that the tenants may use a form of tenant estoppel certificate attached to their Lease or may modify the form attached hereto, and Purchaser agrees not to unreasonably withhold approval of such substitute or modified tenant
estoppel certificate as long as same complies with the estoppel requirements in the applicable Lease. Seller shall not be in default for failure to deliver any required tenant estoppel certificate, it being agreed that Purchaser’s sole remedy
for such failure shall be to terminate this Agreement and receive a refund of the Deposit. In addition, Seller shall use reasonable efforts to obtain and deliver to Purchaser promptly after receipt, a written estoppel certificate from any
owners’ association governing any of the Property or any party under a reciprocal easement agreement affecting the Property in substantially the form delivered by Purchaser to Seller during the Feasibility Period. The signed certificates from
such owners’ associations (or other entity) are collectively referred to herein as the “Other Estoppels.” Seller will deliver copies of the signed Other Estoppels to Purchaser promptly following receipt. Purchaser agrees that
neither Seller nor its property manager shall be required to incur any expense or liability nor shall Seller have any obligation to declare a default or otherwise threaten or pursue any remedy for the failure of any association (or other entity) to
deliver any Other Estoppel. Purchaser acknowledges and agrees that, notwithstanding anything herein to the contrary, the execution or delivery of any Other Estoppel shall not be a condition to Purchaser’s obligation to proceed to the
Closing nor shall the failure, for any or no reason, to receive any Other Estoppel entitle Purchaser to 
  

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terminate this Agreement or receive back the Deposit. Seller shall require its property manager to request the tenants to execute and deliver any subordination, non-disturbance and attornment
agreements (each a “SNDA”) requested by Purchaser’s mortgage lender – it being agreed, however, that Seller or it property manager shall not be required to incur any expense or liability nor shall Seller have any
obligation to declare a default or otherwise threaten or pursue any remedy for a tenant’s failure to deliver any such SNDA. Purchaser acknowledges and agrees that, notwithstanding anything herein to the contrary, the execution or delivery of
any SNDA shall not be a condition to Purchaser’s obligation to proceed to the Closing nor shall the failure, for any or no reason, to receive any SNDA entitle Purchaser to terminate this Agreement or receive back the Deposit. 

10.2.3. Title Policy. Upon recordation of the Deed and payment of the title insurance premiums, the Title
Company shall be irrevocably committed to issue to Purchaser an Owner’s Policy of Title Insurance subject only to the Permitted Exceptions. 

10.2.4. Possession of the Property. Delivery by Seller of possession of the Property, subject to the
Permitted Exceptions and the rights of tenants under the Leases and Approved New Leases. 
 If any condition specified in this
Section 10.2 is not satisfied on or before the Closing Date through no breach by Purchaser, Purchaser may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived at the
Closing and proceed to Closing without adjustment or abatement of the Purchase Price, or (b) terminate this Agreement by written notice thereof to Seller, in which case the Deposit shall be returned to Purchaser, and Seller shall pay all of the
cancellation charges, if any, of Escrow Agent and Title Company. In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Seller hereunder, Buyer may pursue any of its remedies under
Section 13.1 or otherwise available under law or equity. 
 ARTICLE XI. 

Closing 

11.1. Purchaser’s Closing Obligations. Purchaser, at its sole cost and expense, shall deliver or cause to be delivered
to Seller at Closing the following: 
 11.1.1. The Purchase Price, after all adjustments are made at the
Closing as herein provided, by wire transfer or other immediately available federal funds, which amount shall be received in escrow by the Title Company at or before 3:00 p.m. Eastern Time. 

11.1.2. A blanket conveyance and bill of sale, substantially in the form attached hereto as Exhibit G (the
“General Assignment”), duly executed by Purchaser, conveying and assigning to Purchaser the Personal Property, the Contracts, the records and plans, and the Intangible Property. 

 

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 11.1.3. Written notice addressed generally to all tenants of the
Property executed by Purchaser (i) acknowledging the sale of the Property to Purchaser, (ii) acknowledging that Purchaser has received and is responsible for any security deposits identified in the rent roll, and (iii) indicating that
rent should thereafter be paid to Purchaser and giving instructions therefor, substantially in the form attached hereto as Exhibit H. 

11.1.4. Evidence reasonably satisfactory to Seller and the Title Company that the person executing the Closing
Documents on behalf of Purchaser has full right, power and authority to do so. 
 11.1.5. A closing
statement duly executed by Purchaser setting forth the Purchase Price and any adjustments thereto. 

11.1.6. Such other documents as may be reasonably necessary or appropriate to effect the consummation of the
transactions which are the subject of this Agreement. 
 11.2. Seller’s Closing Obligations. Seller, at its
sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: 
 11.2.1. A
special warranty deed (the “Deed”) in recordable form duly executed and acknowledged by Seller conveying to Purchaser the Land and Improvements described on Exhibit A in fee simple, subject only to the Permitted Exceptions,
substantially in the form attached hereto as Exhibit F. 
 11.2.2. The General Assignment, duly
executed by Seller, conveying and assigning to Purchaser the Personal Property, the Contracts, the records and plans, and the Intangible Property. 

11.2.3. Written notice addressed generally to all tenants of the Property executed by Seller (i) acknowledging
the sale of the Property to Purchaser, (ii) acknowledging that Purchaser has received and is responsible for any security deposits identified in the rent roll, and (iii) indicating that rent should thereafter be paid to Purchaser,
substantially in the form attached hereto as Exhibit H. 
 11.2.4. Evidence reasonably
satisfactory to Purchaser and the Title Company that the person executing the Closing Documents on behalf of Seller has full right, power and authority to do so. 

11.2.5. A certificate duly executed by Seller substantially in the form attached hereto as Exhibit I
(“Non-foreign Entity Certification”) certifying that Seller is not a “foreign person” as defined in Section 1445 of the Internal Revenue Code of 1986, as amended. 

 

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 11.2.6. The following items, to the extent in Seller’s
possession: (i) all keys and combinations to locks for all doors and spaces which may be locked (whether occupied or not) in the Improvements; and (ii) all original (to the extent available, otherwise copies of) Leases, Contracts, permits,
books, records, tenant files, tenant database, operating reports, plans and specifications and other materials reasonably necessary to the continuity of operation of the Property – the foregoing items may be delivered at the Property and not at
the Closing. 
 11.2.7. A closing statement duly executed by Seller setting forth the Purchase Price and
any adjustments thereto. 
 11.2.8. Such other documents as may be reasonably necessary or appropriate to
effect the consummation of the transactions which are the subject of this Agreement. 
 ARTICLE XII. 

Risk of Loss. 

12.1. Condemnation and Casualty. If, on or prior to the Closing Date, all or any portion of the Property is taken by
condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof.
If such condemnation or casualty is “Material” (as hereinafter defined), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller’s
notice, or the Closing Date, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except
with respect to the Surviving Termination Obligations. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but (x) Seller shall assign, without recourse, and turn over to Purchaser all of the
insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs actually incurred (or, if such have not been awarded, all of its right, title and interest therein) payable with respect
to such fire or other casualty or condemnation including any rent abatement or rent loss insurance for such casualty or condemnation and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase
Price except for a credit in the amount of the applicable insurance deductible. 
 12.2. Condemnation Not
Material. If the condemnation is not Material, then the Closing shall occur without abatement of the Purchase Price and, after deducting Seller’s reasonable costs and expenses actually incurred in collecting any award, Seller shall
assign, without recourse, all remaining awards or any rights to collect awards to Purchaser on the Closing Date. 
  

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 12.3. Casualty Not Material. If the Casualty is not Material, then the Closing
shall occur without abatement of the Purchase Price except for a credit in the amount of the applicable deductible and Seller shall not be obligated to repair such damage or destruction and Seller shall assign, without recourse, and turn over to
Purchaser all of the insurance proceeds net of any costs of repairs and net of reasonable collection costs actually incurred (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or such
casualty including any rent abatement insurance for such casualty. 
 12.4. Materiality. For purposes of this
Article XII (i) with respect to a taking by eminent domain, the term “Material” shall mean any taking whatsoever, regardless of the amount of the award or the amount of the Property taken, excluding, however, any taking
solely of (x) subsurface rights or takings for utility easements or right of way easements, if the surface of the Property, after such taking, may be used in the same manner, as reasonably determined by Purchaser, as though such rights had not
been taken, or (y) one lease of less than five percent (5%) of the rentable square feet for a term of less than five years, and (ii) with respect to a casualty, the term “Material” shall mean any casualty such that
the cost of repairs are greater than Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00). 
 ARTICLE XIII.

 Default 

13.1. Default by Seller. In the event the Closing and the transactions contemplated hereby do not occur as provided herein
by reason of the default of Seller, Purchaser may elect, as the sole and exclusive remedy of Purchaser, to (i) terminate this Agreement, receive the Deposit from the Escrow Agent, and in such event Seller shall not have any other liability
whatsoever to Purchaser hereunder other than with respect to the Surviving Termination Obligations, or (ii) enforce specific performance of Seller’s obligation to convey the Property, without adjustment to, or credit against the Purchase
Price except as provided for in this Agreement; provided, however, if Seller’s default hereunder makes specific performance of the Agreement unavailable (i.e., not merely impracticable or inconvenient) because Seller intentionally sold or
conveyed the Property to anyone other than Purchaser (or its permitted assignee) prior to Closing in breach of this Agreement, then, in addition to the return of the Deposit to Purchaser, Seller shall reimburse Purchaser for all third party costs
and expenses actually incurred by Purchaser in connection with this transaction, not to exceed $50,000 in the aggregate, and such return of the Deposit and reimbursement of costs and expenses to Purchaser shall be Purchaser’s sole and exclusive
remedies in connection with such default. Purchaser shall be deemed to have elected to terminate this Agreement (as provided in subsection (i) above) if Purchaser fails to deliver to Seller written notice of its intent to file a cause of action
for specific performance against 
  

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Seller on or before fifteen (15) days after written notice of termination from Seller or fifteen (15) days after the originally scheduled Closing Date, whichever shall occur first, or
having given Seller notice, fails to file a lawsuit asserting such cause of action within sixty (60) days after the originally scheduled Closing Date. Notwithstanding the foregoing, nothing contained herein shall limit Purchaser’s remedies
at law or in equity, as to the Surviving Termination Obligations or Purchaser’s right to recover attorneys’ fees and expenses as provided in Section 16.16. 

13.2. Default by Purchaser. IN THE EVENT THE CLOSING AND THE TRANSACTIONS CONTEMPLATED HEREBY DO NOT OCCUR
AS PROVIDED HEREIN BY REASON OF ANY DEFAULT OF PURCHASER, PURCHASER AND SELLER AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE DAMAGES WHICH SELLER MAY SUFFER. THEREFORE, PURCHASER AND SELLER HEREBY AGREE A REASONABLE ESTIMATE OF
THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT PURCHASER DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY IS AND SHALL BE, AS SELLER’S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY), A SUM EQUAL TO THE DEPOSIT.
UPON SUCH DEFAULT BY PURCHASER, SELLER SHALL HAVE THE RIGHT TO RECEIVE THE DEPOSIT FROM THE ESCROW AGENT AS ITS SOLE AND EXCLUSIVE REMEDY AND THEREUPON THIS AGREEMENT SHALL BE TERMINATED AND NEITHER SELLER NOR PURCHASER SHALL HAVE ANY FURTHER RIGHTS
OR OBLIGATIONS HEREUNDER EXCEPT WITH RESPECT TO THE SURVIVING TERMINATION OBLIGATIONS. THE AMOUNT OF THE DEPOSIT SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES FOR PURCHASER’S DEFAULT AND FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY, ALL
OTHER CLAIMS TO DAMAGES OR OTHER REMEDIES BEING HEREBY EXPRESSLY WAIVED BY SELLER. THE PAYMENT OF THE DEPOSIT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER.
NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN SHALL LIMIT SELLER’S REMEDIES AT LAW OR IN EQUITY AS TO THE SURVIVING TERMINATION OBLIGATIONS. THE PARTIES HAVE SET FORTH THEIR INITIALS BELOW TO INDICATE THEIR AGREEMENT WITH THE
LIQUIDATED DAMAGES PROVISION CONTAINED IN THIS SECTION. 
  

					
	  	 		 	  
	SELLER’S INITIALS	 		 	PURCHASER’S INITIALS

  

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 ARTICLE XIV. 

Brokers 

14.1. Brokers. Purchaser and Seller each represents and warrants to the other that it has not dealt with any person or
entity entitled to a brokerage commission, finder’s fee or other compensation with respect to the transaction contemplated hereby other than Eastdil Secured (“Broker”). Seller will be responsible for, and shall indemnify and
hold Purchaser harmless with respect to, the commission owed Broker. Broker shall be paid only upon the Closing of the purchase and sale contemplated hereby pursuant to a separate agreement. Purchaser hereby agrees to indemnify, defend, and hold
Seller harmless from and against any losses, damages, costs and expenses (including, but not limited to, attorneys’ fees and costs) incurred by Seller by reason of any breach or inaccuracy of the Purchaser’s (or its nominee’s)
representations and warranties contained in this Article XIV. Seller hereby agrees to indemnify, defend, and hold Purchaser harmless from and against any losses, damages, costs and expenses (including, but not limited to, attorneys’ fees
and costs) incurred by Purchaser by reason of any breach or inaccuracy of Seller’s representations and warranties contained in this Article XIV. Seller and Purchaser agree that it is their specific intent that no broker shall be a party
to or a third party beneficiary of this Agreement or the Deposit, that no broker shall have any rights or cause of action hereunder, and further that the consent of a broker shall not be necessary to any agreement, amendment, or document with
respect to the transaction contemplated by this Agreement. The provisions of this Article XIV shall survive the Closing and/or termination of this Agreement. 

ARTICLE XV. 

Confidentiality 

15.1. Confidentiality. Purchaser expressly acknowledges and agrees that the transactions contemplated by this Agreement,
the Documents that are not otherwise known by or readily available to the public and the terms, conditions and negotiations concerning the same shall be held in the strictest confidence by Purchaser and shall not be disclosed by Purchaser except to
its legal counsel, surveyor, title company, broker, accountants, consultants, officers, partners, directors, managers, members and shareholders, prospective partners and any prospective lenders, prospective managers, financial partners or any other
persons acting by or for Purchaser and each of their respective agents, consultants and representatives (the “Authorized Representatives”), and except and only to the extent that such disclosure may be necessary for its performance
hereunder or required by law or other regulatory or legal process. Purchaser agrees that it shall instruct each of its Authorized Representatives to maintain the confidentiality of such information and at the request of Seller, to promptly inform
Seller of the identity of each such Authorized Representative. Purchaser further acknowledges and agrees that, unless and until the Closing occurs, all information and materials obtained by Purchaser in connection with the Property that are not
otherwise known by or readily available to the public will not be disclosed by Purchaser to any third persons (other than to its Authorized Representatives) without the prior written consent of Seller, except to the extent that such disclosure are
required by law or other regulatory or legal process, including, without limitation, applicable securities laws. If the transaction contemplated by this Agreement does not occur for any reason whatsoever, Purchaser shall promptly return to Seller,
and shall instruct its Authorized Representatives to return to Seller, all copies and originals of all Documents provided to Purchaser by Seller. 

 

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Nothing contained in this Section 15.1 shall preclude or limit either party from disclosing or accessing any information otherwise deemed confidential under this
Section 15.1 in connection with the party’s enforcement of its rights following a disagreement hereunder or in response to lawful process or subpoena or other valid or enforceable order of a court of competent jurisdiction or any
filings with Authorities required by reason of the transactions provided for herein. The provisions of this Section 15.1 shall survive any termination of this Agreement. 

15.2. Post Closing Publication. Notwithstanding the foregoing, each party shall have the right to announce the acquisition
of the Property in newspapers and real estate trade publications (including “tombstones”) publicizing the purchase, provided that any public announcement of the transaction shall be made using only such information as is customarily found
in public announcements of such transactions. The provisions of this Section 15.2 shall survive Closing and/or any termination of this Agreement. 

ARTICLE XVI. 

Miscellaneous 

16.1. Notices. Any and all notices, requests, demands or other communications hereunder shall be deemed to have been duly
given if in writing and if transmitted by hand delivery with receipt therefor, by electronic mail delivery of a PDF copy (with confirmation by hard copy), by overnight courier, or by registered or certified mail, return receipt requested, first
class postage prepaid (notices by facsimile shall not be effective until also delivered by another of the foregoing methods), addressed as follows (or to such new address as the addressee of such a communication may have notified the sender thereof)
(the date of such notice shall be the date of actual delivery to the recipient thereof): 
  

			
	To Purchaser:	  	ITT Acquisitions LLC
		  	c/o Industrial Income Trust Inc.
		  	518 17th Street, 17th Floor
		  	Denver, Colorado 80202
		  	Attention: Tom McGonagle
		  	Telephone: 303-226-9891
		  	Facsimile: 303-645-4501
		  	Email: tmcgonagle@industrialincome.com
		
	With copies to:	  	Joshua J. Widoff
		  	General Counsel
		  	Industrial Income Trust Inc.
		  	518 17th Street, 17th Floor
		  	Denver, Colorado 80202
		  	Telephone: 303-869-4600
		  	Facsimile: 303-869-4602
		  	Email: jwidoff@dividendcapital.com

 

 - 28 - 

			
		  	and
		
		  	Brownstein Hyatt Farber Schreck, LLP
		  	410
17th Street, Floor 22
		  	Denver, Colorado 80202
		  	Attn: Lynda A. McNeive
		  	Telephone: (303) 223-1129
		  	Fax No.: (303) 223-1111
		  	Email: lmcneive@bhfs.com
		
	To Seller:	  	c/o TA Associates Realty
		  	28 State Street, 10th Floor
		  	Boston, Massachusetts 02109
		  	Attn: David Buxbaum
		  	Telephone: (617) 476-2700
		  	Fax No.: (617) 476-2799
		  	Email: buxbaum@tarealty.com
		
	with copies to:	  	c/o TA Associates Realty
		  	1301 Dove Street, Suite 860
		  	Newport Beach, California 92660-2440
		  	Attn: John Powell
		  	Phone No.: (949) 852-2030
		  	Fax No.: (949) 852-2031
		  	E-mail: jpowell@tarealty.com
		
		  	and
		
		  	Stutzman, Bromberg, Esserman & Plifka,
		  	A Professional Corporation
		  	2323 Bryan Street, Suite 2200
		  	Dallas, Texas 75201
		  	Attn: Kenneth F. Plifka
		  	Phone: (214) 969-4900
		  	Fax No.: (214) 969-4999
		  	email: plifka@sbep-law.com

  

 - 29 - 

			
	To Escrow Agent:	  	Chicago Title Insurance Company
		  	2001 Bryan Street, Suite 1700
		  	Dallas, Texas 75201
		  	Attn: Ellen Schwab
		  	Telephone No.: (214) 965-1670
		  	Fax No.: (214) 965-1629
		  	Email: schwabe@ctt.com

 16.2.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal, substantive laws of Oregon, without regard to the conflict of laws principles thereof. 

16.3. Headings. The captions and headings herein are for convenience and reference only and in no way define or limit the
scope or content of this Agreement or in any way affect its provisions. 
 16.4. Effective Date. This Agreement
shall be effective upon delivery of this Agreement fully executed by the Seller and Purchaser, which date shall be deemed the Effective Date hereof. Either party may request that the other party promptly execute a memorandum specifying the Effective
Date. 
 16.5. Business Days. If any date herein set forth for the performance of any obligations of Seller or
Purchaser or for the delivery of any instrument or notice as herein provided should be on a Saturday, Sunday or legal holiday, the compliance with such obligations or delivery shall be deemed acceptable on the next business day following such
Saturday, Sunday or legal holiday. As used herein, the term “legal holiday” means any state or Federal holiday for which financial institutions or post offices are generally closed in the state where the Property is located or the state
where Escrow Agent is located. 
 16.6. Counterpart Copies. This Agreement may be executed in two or more
counterpart copies, all of which counterparts shall have the same force and effect as if all parties hereto had executed a single copy of this Agreement. Executed copies hereof may be delivered by PDF or email, and, upon receipt, shall be deemed
originals and binding upon the parties hereto. Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by PDF or email, the parties will use their best efforts to deliver originals as promptly as
possible after execution. 
 16.7. Binding Effect. This Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns. 
 16.8. Assignment. Except to an affiliate of
Purchaser, Purchaser shall not have the right to assign the Agreement without Seller’s prior written consent, which consent may be given or withheld in Seller’s sole and absolute discretion. Purchaser shall in no event be released from any
of its obligations or liabilities hereunder as a result of any assignment. 
  

 - 30 - 

 
Purchaser shall have the right to assign this Agreement to a Section 1031 exchange intermediary subject to the terms of Section 16.20 hereof. Whenever reference is made in this
Agreement to Seller or Purchaser, such reference shall include the successors and assigns of such party under this Agreement. 

16.9. Interpretation. This Agreement shall not be construed more strictly against one party than against the other merely
by virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Seller and Purchaser have contributed substantially and materially to the preparation of this Agreement. 

16.10. Entire Agreement. This Agreement and the Exhibits attached hereto contain the final and entire agreement between the
parties hereto with respect to the sale and purchase of the Property and are intended to be an integration of all prior negotiations and understandings. Purchaser, Seller and their agents shall not be bound by any terms, conditions, statements,
warranties or representations, oral or written, not contained herein. No change or modifications to this Agreement shall be valid unless the same is in writing and signed by the parties hereto. Each party reserves the right to waive any of the terms
or conditions of this Agreement which are for their respective benefit and to consummate the transaction contemplated by this Agreement in accordance with the terms and conditions of this Agreement which have not been so waived. Any such waiver must
be in writing signed by the party for whose benefit the provision is being waived. 
 16.11. Severability. If any
provision of this Agreement is determined to be unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law. If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute
a part of this Agreement, and the remaining portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement. 

16.12. Survival. Except as otherwise specifically provided for in Sections 5.1, 5.2, 5.3, 5.4,
7.3, 7.4, 8.2, 8.3, 12.1, 14, 15.1, 16.15, 16.16, 16.20, 16.21 and any other provision of this Agreement which requires observance or performance after Closing, whether or not
there is an express survival provision (collectively, the “Surviving Termination Obligations”), the provisions of this Agreement and the representations and warranties herein shall not survive after the conveyance of title and
payment of the Purchase Price but be merged therein. 
 16.13. Exhibits. Exhibits A through L
attached hereto are incorporated herein by reference. 
 16.14. Time. Time is of the essence in the performance of
each of the parties’ respective obligations contained herein. 
  

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 16.15. Limitation of Liability. The obligations of Seller are binding only on
Seller’s interest in the Property (including the proceeds of sale) and shall not be personally binding upon, nor shall any resort be had to, any other assets of Seller nor the private properties of any of the partners, officers, directors,
shareholders or beneficiaries of Seller, or of any partners, officers, directors, shareholders or beneficiaries of any partners of Seller, or of any of Seller’s employees or agents. All documents to be executed by Seller shall also contain the
foregoing exculpation. The provisions of this Section 16.15 shall survive Closing and/or any termination of this Agreement. 

16.16. Prevailing Party. Should either party employ an attorney to enforce any of the provisions hereof (whether before or
after Closing, and including any claims or actions involving amounts held in escrow), the non-prevailing party in any final judgment agrees to pay the other party’s reasonable expenses, including reasonable attorneys’ fees and expenses in
or out of litigation and, if in litigation, trial, appellate, bankruptcy or other proceedings, expended or incurred in connection therewith, as determined by a court of competent jurisdiction. The provisions of this Section 16.16 shall
survive Closing and/or any termination of this Agreement. 
 16.17. Escrow Agreement. 

16.17.1. Instructions. Purchaser and Seller each shall promptly deposit a copy of this Agreement executed by
such party (or either of them shall deposit a copy executed by both Purchaser and Seller) with Escrow Agent, and, upon receipt of the Deposit from Purchaser, Escrow Agent shall immediately execute this Agreement where provided below. This Agreement,
together with such further instructions, if any, as the parties shall provide to Escrow Agent by written agreement or as instructions for Closing, shall constitute the escrow instructions. If any requirements relating to the duties or obligations of
Escrow Agent hereunder are not acceptable to Escrow Agent, or if Escrow Agent requires additional instructions, the parties hereto agree to make such deletions, substitutions and additions hereto as counsel for Purchaser and Seller shall mutually
approve, which additional instructions shall not substantially alter the terms of this Agreement unless otherwise expressly agreed to by Seller and Purchaser. 

16.17.2. Real Estate Reporting Person. Escrow Agent is hereby designated the “real estate reporting
person” for purposes of Section 6045 of Title 26 of the United States Code and Treasury Regulation 1.6045-4 and any instructions or settlement statement prepared by Escrow Agent shall so provide. Upon the consummation of the transaction
contemplated by this Agreement, Escrow Agent shall file Form 1099 information return and send the statement to Seller as required under the aforementioned statute and regulation. Seller and Purchaser shall promptly furnish their federal tax
identification numbers to Escrow Agent and shall otherwise reasonably cooperate with Escrow Agent in connection with Escrow Agent’s duties as real estate reporting person. 

 

 - 32 - 

 16.17.3. Liability of Escrow Agent. The parties acknowledge
that the Escrow Agent shall be conclusively entitled to rely, except as hereinafter set forth, upon written instruction from Purchaser or Seller as to how the Deposit (which, for purposes of this Section shall be deemed to also include any other
escrowed funds held by the Escrow Agent pursuant to this Agreement) should be disbursed. Any notice sent by Seller or Purchaser (the “Notifying Party”) to the Escrow Agent shall be sent simultaneously to the other noticed parties
pursuant to Section 16.1 herein (the “Notice Parties”). Notice by either party may be given by its attorneys. If the Notice Parties do not object to the Notifying Party’s notice to the Escrow Agent within ten
(10) days after the Notice Parties’ receipt of the Notifying Party’s written instructions to the Escrow Agent, the Escrow Agent shall be able to rely on the same. If the Notice Parties send, within such ten (10) days, written
notice to the Escrow Agent disputing the Notifying Party’s certificate, a dispute shall exist and the Escrow Agent shall hold the Deposit as hereinafter provided. The parties hereto hereby acknowledge that Escrow Agent shall have no liability
to any party on account of Escrow Agent’s failure to disburse the Deposit if a dispute shall have arisen with respect to the propriety of such disbursement and, in the event of any dispute as to who is entitled to receive the Deposit, disburse
them in accordance with the final order of a court of competent jurisdiction, or to deposit or interplead such funds into a court of competent jurisdiction pending a final decision of such controversy. The parties hereto further agree that Escrow
Agent shall not be liable for failure of any depository and shall not be otherwise liable except in the event of Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall be reimbursed on an equal basis by Purchaser and
Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the Deposit. The obligations of Purchaser and Seller, respectively, with respect to the Escrow Agent are intended to be binding only on such party
and its assets and shall not be personally binding upon, nor shall any resort be had to, the private properties of any of the partners, officers, directors, shareholders or beneficiaries of such party, or of any partners, officers, directors,
shareholders or beneficiaries of any partners of such party, or of any of its employees or agents. 
 16.18. No
Recording. Neither this Agreement nor any memorandum or short form hereof shall be recorded or filed in any public land or other public records of any jurisdiction, by either party and any attempt to do so may be treated by the other party
as a breach of this Agreement. 
 16.19. Waiver of Trial by Jury. The respective parties hereto shall and hereby
do waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Agreement, or for the enforcement of any remedy
under any statute, emergency or otherwise. 
  

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 16.20. Section 1031 Exchange. Purchaser may, without Seller’s
consent, assign this Agreement to a qualified intermediary in order to facilitate a like-kind exchange transaction, which includes the Property, pursuant to Section 1031 of the Internal Revenue Code. Seller further agrees to reasonably
cooperate with Purchaser in effecting such transaction, provided that any such exchange transaction, and the related documentation, shall: (i) not require Seller to expend any additional funds or execute any contract, make any commitment, or
incur any obligations, contingent or otherwise, to third parties which would expand Seller’s obligations beyond this Agreement, (ii) not delay the Closing or the transaction contemplated by this Agreement, (iii) not release Purchaser
or otherwise affect Purchaser’s obligation to perform in accordance with the terms hereof or any liability of the parties to one another under the terms of this Agreement, and (iv) not include Seller’s acquiring title to any property
which is not the subject of this Agreement. Further, Purchaser shall indemnity Seller from and against all liability arising out of such cooperation (including reasonable attorneys’ fees) which indemnity shall survive any closing hereunder or
termination of this Agreement and it shall be Purchaser’s responsibility to determine whether the exchange property and the transaction qualifies as an exchange of property of “like kind’ within the meaning of the Internal Revenue
Code, and Purchaser shall be solely responsible for the tax consequences to Purchaser of the exchange, it being agreed that Seller shall have no obligation or liability to Purchaser in connection therewith. The respective obligations of Seller and
Purchaser under this Section 16.20 shall survive the Closing and shall not be merged therein. 
 16.21. 8-K
Requirements. After the Closing, at the request of Purchaser and at Purchaser’s expense, Seller shall make available to Purchaser the historical financial information in Seller’s possession regarding the operation of the Property
to the extent required by Purchaser (as a publicly-traded real estate investment trust) in order to prepare stand-alone audited financial statements for such operations and in accordance with generally accepted accounting principles, as of the end
of the fiscal year 2009 and any required subsequent date or period, and to cooperate (at Purchaser’s expense) with Purchaser and any auditor engaged by Purchaser for such purpose. Seller shall, without liability, recourse or cost to Seller,
provide to Purchaser’s designated independent auditor a representation letter regarding the books and records of the Property in substantially the form of Exhibit J attached hereto and made a part hereof (the “Audit Inquiry
Letter”). Purchaser and, by its joinder below, Industrial Income Trust Inc. (“IIT”), hereby acknowledge and agree that (a) Purchaser and IIT shall be solely liable to pay and shall reimburse Seller, within five
(5) business days following Seller’s request, for all third-party, out-of-pocket costs and expenses incurred by Seller in assisting Purchaser at Purchaser’s request under this Section (such assistance, the “Audit
Assistance”), including all such costs incurred to review, research and complete the Audit Inquiry Letter; (b) Seller’s performance of any Audit Assistance shall be solely as an accommodation to Purchaser and Seller shall have no,
and Seller is hereby fully released and discharged from, any and all liability or obligation with respect to the Audit Assistance, any filings (the “SEC Filings”) made by Purchaser or IIT with the United States Securities and
Exchange Commission (“SEC”) and the Audit Inquiry Letter; and (c) Purchaser and IIT hereby, jointly and severally, agree to indemnify, protect, defend and hold Seller, its partners and their respective members, officers,
directors, shareholders, participants, affiliates, employees, representatives, investors, agents, successors and assigns (each an “Indemnified Party” and collectively, the 

 

 - 34 - 

 
“Indemnified Parties”) harmless from and against any and all costs, expenses, losses, liabilities, damages, claims, demands, allegations or actions (collectively,
“Losses”) actually asserted against or actually incurred by any Indemnified Party as a result of or otherwise arising in connection with the Audit Assistance, the SEC Filings and/or the Audit Inquiry Letter; provided, that
Losses shall specifically exclude any Losses proximately resulting from the gross negligence or willful misconduct of an Indemnified Party. 

16.22. Oregon Disclosure. THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING
STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL
ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, AND
SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND
BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF
NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. 

[Signatures on following pages.] 
  

 - 35 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal on the
date or dates set forth below. 
  

									
	SELLER:
	
	 THE REALTY ASSOCIATES FUND VI, L.P.,

a Delaware limited partnership

		
	By:	 	 Realty Associates Fund VI, LLC,

its general partner

			
		 	By:	 	 Realty Associates Advisors LLC,

its manager

				
		 		 	By:	 	 Realty Associates Advisors Trust,

its manager

				
		 		 	By:	 	/s/ James P. Raisides
		 		 	Name:	 	James P. Raisides
		 		 	Title:	 	Sr. Vice President
		
	By:	 	 Realty Associates Fund VI Texas Corporation,

a Texas corporation,
 general
partner

			
		 	By:	 	/s/ James P. Raisides
		 	Name:	 	James P. Raisides
		 	Title:	 	Sr. Vice President

  

																	
		 		 		 		 		 		 		 	Seller’s Tax ID No.: ______________________

  

 - 36 - 

											
	PURCHASER:
	
	 IIT ACQUISITIONS LLC,

a Delaware limited liability company

		
	By:	 	 IIT Real Estate Holdco LLC,

Its Sole Member

			
		 	By:	 	 Industrial Income Operating Partnership LP,

Its Sole Member

				
		 		 	By:	 	 Industrial Income Trust Inc.,

Its General Partner

					
		 		 		 	By:	 	/s/ Dwight L. Merriman
		 		 		 	Name:	 	Dwight L. Merriman
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	Purchaser’s Tax ID No.: ____________

IIT has executed this Agreement in its corporate capacity solely for the purpose of evidencing its consent and agreement to the terms of
Section 16.21 of this Agreement. 
  

			
	IIT:
	
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	/s/ Dwight L. Merriman
	Name:	 	Dwight L. Merriman
	Title:	 	Chief Executive Officer

  

 - 37 - 

 The Escrow Agent hereby executes this Agreement for the sole purpose of acknowledging
receipt of the Initial Deposit and its responsibilities hereunder and to evidence its consent to serve as Escrow Agent in accordance with the terms of this Agreement and that the person signing below is authorized to bind Escrow Agent. 

 

			
	ESCROW AGENT:
	
	CHICAGO TITLE INSURANCE COMPANY
		
	By:	 	Ellen Schwab
	Name:	 	Ellen Schwab
	Title:	 	Comm. Escrow Officer
		
	Date:	 	August 4, 2010

  

 - 38 - 

 LIST OF EXHIBITS AND SCHEDULES 

 

					
	Exhibit A	  	-	  	Legal Description
	Exhibit B	  	-	  	Due Diligence Documents to be Delivered by Seller
	Exhibit C	  	-	  	Form of Tenant Estoppel Certificate
	Exhibit D	  	-	  	Permitted Exceptions
	Exhibit E	  	-	  	Lease Schedule
	Exhibit F	  	-	  	Form of Special Warranty Deed
	Exhibit G	  	-	  	Form of General Assignment and Bill of Sale
	Exhibit H	  	-	  	Form of Notice Letter to Tenants
	Exhibit I	  	-	  	Form of Non-Foreign Entity Certificate
	Exhibit J	  	-	  	Form of Audit Inquiry Letter
	Exhibit K	  	-	  	List of Contracts
	Exhibit L	  	-	  	List of Leasing Commission Agreements

 EXHIBIT A 

LEGAL DESCRIPTION 

PARCEL 1: 
 That portion of Block
4, A.P. INDUSTRIAL PARK, situated in Section 16, Township 1 North, Range 2 East of the Willamette Meridian, in the City of Portland, County of Multnomah and State of Oregon, more particularly described as follows: 

Beginning at the Southwest corner of said Block 4; thence North 0° 06’ 00” East along the West line of Block 4, a distance of 266.43 feet;
thence South 72° 31’ 50” East a distance of 307.02 feet; thence South 0° 06’ 00” West a distance of 266.43 feet; thence North 72° 31’ 50” West a distance of 307.02 feet to the point of beginning. 

EXCEPTING THEREFROM those portions deeded to the Purex Corporation by instrument recorded June 29, 1978 in Book 1275, Page 1497, being described as
follows: 
 Tract A: A portion of Block 4, A.P. INDUSTRIAL PARK, situated in Section 16, Township 1 North, Range 2 East of the Willamette
Meridian, in the City of Portland, County of Multnomah and State of Oregon, more particularly described as follows: 
 Commencing at the
Southwest corner of said Block 4; thence South 72° 31’ 50” East along the South line of said Block 4 a distance of 307.03 feet to the most Westerly Southeast corner of said Block 4 and the point of beginning of the tract herein to be
described; thence along the arc of a 446.78 foot radius curve to the right, through a central angle of 7° 56’ 20” an arc distance of 62.17 feet (the chord bears North 68° 21’ 00” West 62.12 feet); thence North 64°
21’ 50” West 24.81 feet; thence along the arc of a 586.19 foot radius curve to the left, through a central angle of 8° 10’ 00” an arc distance of 83.55 feet (the chord bears North 68° 26’ 50” West 83.48 feet) to
a point of tangency; thence North 72° 31’ 50” West 117.74 feet to a point of curvature; thence along the arc of a 371.76 foot radius curve to the left, through a central angle of 25° 09’ 00” an arc distance of 163.18 feet
(the chord bears North 74° 41’ 12” East 161.88 feet); thence North 60° 53’ 43” East 83.93 feet; thence along the arc of a 275.44 foot radius curve to the right, through a central angle of 9° 32’ 15” an arc
distance of 45.80 feet (the chord bears North 64° 43’ 47” East 45.80 feet) to a point in the most Westerly East line of said Block 4; thence South 0° 06’ 00” West along said East line a distance of 202.53 feet to the
point of beginning. 
 Tract B: A portion of Block 4, A.P. INDUSTRIAL PARK, situated in Section 16, Township 1 North, Range 2 East of the
Willamette Meridian, in the City of Portland, County of Multnomah and State of Oregon, more particularly described as follows: 
 Beginning at
the Southwest corner of said Block 4; thence North 0° 06’ 00” East along the West line of said Block 4 a distance of 40.00 feet; thence South 72° 31’ 50” East, parallel with the South line of said Block 4, a distance of
84.87 feet to a point of curvature; thence along the arc of a 371.76 foot radius curve to the right, through a central angle of 8° 57’ 48” an arc distance of 58.16 feet (the chord bears South 82° 46’ 48” West 57.36 feet);
thence South 72° 50’ 13” West a distance of 24.47 feet to the point of beginning. 
  

 EXHIBIT A - PAGE 1 OF 5 

 PARCEL 2: 

A tract of land being a portion of Block 7, SIVERS INDUSTRIAL PARK, in the City of Portland, County of Multnomah and State of Oregon, more particularly
described as follows: 
 Commencing at the Southeast corner of said Block 7; thence along the Easterly line of said Block 7, North 28°
27’ 55” East 419.33 feet to true point of beginning of the tract herein described; thence North 62° 16’ 43” West 109.69 feet; thence North 66° 50’ 38” West 328.11 feet; thence North 26° 51’ 46”
West 119.06 feet to a point on the Southeasterly right-of-way line of Ainsworth Circle as shown on the plat of said SIVERS INDUSTRIAL PARK, said point also being on the arc of a 316.48 foot radius curve; thence along said right-of-way line, and from
a tangent bearing of North 76° 21’ 55” East, along said curve to the left through a central angle of 47° 54’ 00”, an arc distance of 264.58 feet to a point of tangency; thence continuing along said right-of-way line North
28° 27’ 54” East 110.00 feet; thence South 71° 22’ 27” East 436.41 feet to a point on the Easterly line of said Block 7; thence along said Easterly line South 28° 27’ 55” West 455.35 feet to the true point
of beginning. 
 PARCEL 3: 

Parcel 2, PARTITION PLAT NO. 1994-70, in the City of Portland, County of Multnomah, State of Oregon. 

TOGETHER WITH those easement rights as set forth in that certain Declaration of Easement for SIVERS AIRPORT CENTER 1, recorded October 23, 1998, Fee
No. 98190653. 
 PARCEL 4: 

Parcel 2, PARTITION PLAT NO. 1992-87, in the City of Portland, County of Multnomah and State of Oregon. 

EXCEPT that portion of said Parcel 2 lying Northerly of a line parallel and 43.00 feet Southerly (when measured at right angles) to the most Northerly
North line of said Parcel 2. 
 TOGETHER WITH access rights over Parcel 1 of said Partion Plat, as set forth on the recorded plat. 

 

 EXHIBIT A - PAGE 2 OF 5 

 TOGETHER WITH an access easement dated July 9, 2003 and recorded September 3, 2003 Recorder’s
No. 2003-207083 and a drainage easement dated August 25, 2003 and recorded September 3, 2003 Recorder’s No, 2003-207084. 

PARCEL 5: 
 A tract of land
situated in the South one-half of Section 16, Township 1 North, Range 2 East, of the Willamette Meridian, in the City of Portland, County of Multnomah and State of Oregon, being more particularly described as follows: 

Commencing at the Southwest corner of the George M. Long Donation Land Claim, situated in said Section 16; thence North 0° 06’ 00”
West, a distance of 2273.64 feet to a point; thence North 89° 54’ 00” East, a distance of 518.82 feet to a point; thence North 58° 46’ 54” East, a distance of 123.89 feet to a point in the centerline of a slough; thence
along said slough the following courses and distances: South 70° 08’ 59” East, 462.81 feet; South 75° 04’ 00” East, 155.00 feet; South 84° 05’ 00” East 146.00 feet; South 89° 50’ 00” East,
286.00 feet; and South 87° 04’ 30” East, a distance of 356.24 feet to a point of nontangent curvature in the Westerly line of NE 92nd Avenue (50 feet wide); thence Southerly, along said Westerly line, along the arc of a 2839.79 foot
radius curve to the right, through a central angle of 1° 46’ 10”, an arc distance of 87.70 feet to a point of tangency; thence South 16° 15’ 47” West, along said Westerly line, a distance of 266.88 feet to the point of
beginning of the tract herein to be described; thence South 89° 33’ 30” West, a distance of 255.00 feet to a point; thence North 0° 26’ 30” West, a distance of 360.92 feet to a point in the centerline of said slough;
thence North 89° 50’ 00” West, along said centerline, a distance of 247.14 feet to a point; thence South 5° 01’ 00” West, a distance of 249.60 feet to a point; thence North 83° 45’ 55” West, a distance of
302.27 feet to a point; thence North 73° 53’ 05” West, a distance of 262.20 feet to a point; thence South 16° 06’ 55” West, a distance of 60.00 feet to a point; thence South 28° 53’ 05” East, a distance of
70.00 feet to a point; thence South 16° 06’ 55” West, a distance of 54.82 feet, more or less, to a point of nontangent curvature in the northerly line of NE Marx Drive; thence Easterly, along said Northerly line along the arc of a
335.81 foot radius curve to the right, an arc distance of 170.67 feet, more or less, to a 5/8” diameter iron rod at a point of tangency; thence South 50° 11’ 00” East, along said Northerly line, a distance of 636.66 feet to a
point of curvature; thence Southeasterly, along said Northerly line, along the arc of a 353.33 foot radius curve to the left, through a central angle of 36° 42’ 13”, an arc distance of 226.34 feet to a point of tangency; thence South
86° 53’ 13” East along said Northerly line, a distance of 110.98 feet to a point in the Westerly line of said NE 92nd Avenue; thence North 3° 06’ 47” East, along said Westerly line, a distance of 77.72 feet to a point of
curvature; thence Northeasterly along said Westerly line, along the arc of a 597.96 foot radius curve to the right, through a central angle of 13° 09 00”, an arc distance of 137.24 feet to a point of tangency; thence North 16° 15’
47” East, along said Westerly line, a distance of 322.45 feet to the point of beginning. 
  

 EXHIBIT A - PAGE 3 OF 5 

 EXCEPTING THEREFROM any part thereof lying Southerly of the centerline of the Columbia Slough, said
centerline being described as follows: 
 Beginning at a point North 03° 06’ 47” East 36.11 feet from the Southeast corner of the
above described tract of land; thence North 85° 30’ 00” West 123.98 feet; thence North 64° 15’ 00” West 230.00 feet; thence North 43° 30’ 00” West 210.00 feet; thence North 56° 45’ 00” West
215.00 feet; thence North 34° 15’ 00” West 145.00 feet; thence North 57° 55’ 00” West 175.00 feet; thence South 81° 45’ 00” West 62.00 feet to the West line of the above described tract. 

PARCEL 6: 
 A tract of land
situated in the South one-half of Section 16, Township 1 North, Range 2 East, of the Willamette Meridian, in the City of Portland, County of Multnomah and State of Oregon, more particularly described as follows: 

All of that portion of said Section 16 lying Northerly of NE Marx Drive, Southerly of the centerline of the Columbia Slough (a.k.a. “first
unnamed slough”), Westerly of NE 92nd Drive, and Easterly of the Westerly line of a tract of land conveyed to HOWCO Investment Corporation, an Oregon corporation and T&W Equipment Co., an Oregon corporation, by Deed recorded
December 26, 1979 In Book 1408, Page 869, Records of Multnomah County, which Westerly line is described as follows: 
 Beginning at a point
on the Northerly line of NE Marx Drive from which the intersection of the Westerly line of NE 92nd Drive with the Northerly line of said NE Marx Drive which bears Easterly, along said Northerly line along the arc of a 335.81 foot radius curve to
right, an arc distance of 165 feet, more or less to a 5/8 inch diameter iron rod at a point of tangency; and South 50° 11’ 00” East, along said Northerly line, a distance of 636.66 feet to a point of curvature; and Southeasterly, along
said Northerly line, along the arc of a 353.33 foot radius curve to the left, through a central angle of 36° 42’ 13”, an arc distance of 226.34 feet to a point of tangency; and South 86° 53’ 13” East, along said Northerly
line, a distance of 110.98 feet to a point in the Westerly line of NE 92nd Avenue; thence, from said point of beginning North 16° 06’ 55” East, a distance of 62 feet, more or less, to a point in the centerline of the Columbia Slough.

 TOGETHER WITH easements for access and utilities recorded July 16, 1996 in Document No. 96-107571, Records of Multnomah County,
Oregon. 
  

 EXHIBIT A - PAGE 4 OF 5 

 PARCEL 7: 

A tract of land situated in the South one-half of Section 16, Township 1 North, Range 2 East of the Willamette Meridian, in the City of Portland,
County of Multnomah and State of Oregon, more particularly described as follows: 
 Commencing at the Southwest corner of the George M. Long
Donation Land Claim, situated in said Section 16; thence North 0° 06’ 00” West, a distance of 2273.64 feet to a point; thence North 89° 54’ 00” East, a distance of 518.82 feet to the point of beginning of the tract
to be herein described; thence North 58° 46’ 54” East, a distance of 123.89 feet to a point in the centerline of a slough; thence South 70° 08’ 59” East, along said centerline, a distance of 462.81 feet to a point; thence
South 75° 04’ 00” East along said centerline, a distance of 155.00 feet to a point; thence South 84° 05’ 00” East, along said centerline, a distance of 146.00 feet to a point; thence South 89° 50’ 00” East,
along said centerline, a distance of 38.86 feet to a point that bears (along said centerline) North 89° 50’ 00” West, 247.14 feet and North 87° 04’ 30” West 356.24 feet from a point of non-tangent curvature in the
Westerly line of NE 92nd Avenue; thence South 5° 01’ 00” West, leaving said centerline, a distance of 249.60 feet to a point; thence North 83° 45’ 55” West, a distance of 302.27 feet to a point; thence North 73°
53’ 05” West, a distance of 262.20 feet to a point; thence South 16° 06’ 55” West, a distance of 60.00 feet to a point; thence South 28° 53’ 05” East, a distance of 70.00 feet to a point; thence South 16°
06’ 55” West, a distance of 54.82 feet, to a point of non-tangent curvature in the North line of NE Marx Drive; thence Westerly 80.47 feet, along the arc of a 335.81 foot radius non-tangent curve to the left, through a central angle of
13° 43’ 45” (the long chord of 80.27 feet bears North 86° 10’ 07” West); thence South 86° 58’ 00” West, a distance of 222.25 feet along the Northerly line of NE Marx Drive to a point in the East line of
Tract “A”, Plat of “A.P. Industrial Park”; a duly recorded plat recorded in Book 1199, Page 60, Plat Records of Multnomah County, Oregon; thence North 0° 06’ 00” West a distance of 469.06 feet along the East line of
said Tract “A”, and the extension thereof, to the point of beginning. 
 TOGETHER WITH a non-exclusive right to use the road set forth
in that Easement for Roadway Agreement recorded January 14, 1983 in Book 1639, Page 660 and recorded March 28, 1983 in Book 1654, Page 590, Multnomah County Deed Records. 

TOGETHER WITH easements for access and utilities recorded July 16, 1996 in Document No. 96-107571, Records of Multnomah County, Oregon.

  

 EXHIBIT A - PAGE 5 OF 5 

 EXHIBIT B 

DUE DILIGENCE DOCUMENTS 

TO BE DELIVERED OR MADE AVAILABLE BY SELLER 

Existing Title Policy 

CC&R’s/REA’s if applicable 

Existing ALTA Survey 
 Existing Environmental
Report(s) - Phase I, Phase II, etc. 
 Seismic Report, if applicable 

As-Built Drawings (Hard copy & electronic) 

Architectural Drawings (Hard copy & electronic) 

Mechanical, Electrical, Plumbing, Sprinkler/Fire Protection Drawings and Specifications 

Certificates of Occupancy and/or Substantial Completion (shell & tenant) 

Warranties & Guaranties (HVAC, Roof, Elevator, Other) 

Governmental Permits, Notices, Reports, Citations, Compliance / Non-Compliance & Correspondence 

Documents from any Governmental authority pertaining to the property 

Annual Inspection Reports (elevator, HVAC, roof, fire pump, sprinkler) for last 24 months 

Recent Inspection Reports (fire department, building inspections, zoning, if applicable) 

Leases, Amendments & Subleases 
 Rent
Commencement Letters 
 Tenant Correspondence 

Summary of any Proposed Leases 
 List of Personal
Property 
 Tenant Financial Statements 

Tenant Contact List 
 Detailed Rent Roll
(including expiration summary, security deposits, options, etc.) 
 Historical Operating Statements (24 months) 

General and/or Tenant Ledgers (2007, 2008, 2009 & YTD) 

Aged Receivables/Delinquency Report 
 Annual
Expense Reconciliation (current and prior year) 
 Year-end Trial Balance 

Summary of Capital Expenditures and Major Repairs for last 24 months 

Current Year Tax Valuation 
 Tax Bills (previous
two years) 
 History of Tax Protests, if any (including original and final valuations) 

Pending Tax Protests, if any 
  

 EXHIBIT B - PAGE 1 OF 1 

 Seller’s Issuance of Insurance Claims or Letter Stating None 

Tenant Insurance Certificates 
  

 EXHIBIT B - PAGE 2 OF 1 

 EXHIBIT C 

TENANT ESTOPPEL CERTIFICATE 

                      
                                         
                  (the “Tenant”) hereby certifies to THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership (the
“Owner”) and ITT ACQUISITIONS LLC, a Delaware limited liability company, its and successors or assigns (“Purchaser”) and its Lenders (as defined below) as follows: 

The undersigned Tenant understands that Purchaser or its assigns intends to purchase certain real property and improvements, which
includes the Premises (the “Property”). In connection with the purchase by Purchaser, Purchaser has requested that the Tenant complete this tenant certificate (the “Tenant Certificate”) with the appropriate
information as it pertains to the Tenant’s lease and to agree to the requirements set forth herein. 
 The undersigned Tenant hereby
certifies to and agrees with Owner and Purchaser as to the following: 
 1. Pursuant to that certain Lease dated
                    , 20     (the “Lease”), Tenant leases approximately
                                        
square feet of space (the “Premises”). The Lease, as amended, modified and supplemented, is in full force and effect, and represents the entire agreement between Tenant and Owner for the Premises. The Lease constitutes the entire
agreement between Owner and Tenant with respect to the Premises and there are no amendments, modifications or supplements to the Lease, whether oral or written, except as follows (include the date of each amendment, modification or supplement):
                                         
                                   
                                        
                                         
                                       . A true and
correct copy of the Lease, as amended, modified and supplemented, is attached hereto as Exhibit A. 
 2. The term of the
Lease began on
                                         
                   ,                     
and will end on
                                        ,
20    . 
 3. The Lease does/does not provide for an option to extend the term of the Lease
for
                                        
years. Except as expressly provided in the Lease, Tenant does not have any right or option to renew or extend the term of the Lease, to lease other space at the Property, nor any right to purchase all or any part of the Premises or the Property.

 4. Tenant has neither sent nor received any notice of default under the Lease which remains uncured and to the best of
Tenant’s knowledge, neither Tenant nor Owner has committed any breach under the Lease, which alone or with the passage of time, the giving of notice, or both would constitute a default thereunder, except as follows:
                                         
                                         
          
                                         
                                         
                  . To the best of Tenant’s knowledge, no claim, controversy, dispute, quarrel or disagreement exists between Tenant and Owner.

  

 EXHIBIT C - PAGE 1 OF 2 

 5. Tenant is currently paying [Base Monthly] Rent under the Lease in the amount of
$                                        
and estimated monthly pass throughs in the amount of
                                        .
Monthly installments of rent have been paid through
                                        .
Tenant is not entitled to any periods of free rent, partial rent, rebate of rental payments or any other type of rental concession. Tenant has no claim or defense against Owner under the Lease and is asserting no offsets or credits against the rent.

 6. Tenant has not prepaid any rent or other charges under the Lease to Owner other than the following:
                                        
                                         
                                         
                                         
                                         
                                         
       . 
 7. A cash security deposit in the amount of
$                                        
has been paid to Owner under the Lease, and Tenant has not given Owner any other security or similar deposit. 
 8. Tenant has
accepted possession of and is in full occupancy of the Premises, and has not sublet or assigned Tenant’s leasehold interest; all improvements required to be made by Owner, if any, have been completed to the full satisfaction of Tenant, and any
tenant improvement allowances required by the Lease, if any, to be made by Owner have been paid in full to the satisfaction of Tenant, except for the
following:                                       
                                         
                                         
                                       .

 This Tenant Estoppel Certificate is made to Purchaser in connection with the prospective purchase by Purchaser or
Purchaser’s assignee of the Property. This Tenant Estoppel Certificate may be relied on by Purchaser, and any other party who acquires an interest in the Premises in connection with such purchase and any person or entity which may finance such
purchase (each, a “Lender”). 
 Dated this
                     day of
                    , 201  . 

 

			
	[NAME OF TENANT]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 EXHIBIT C - PAGE 2 OF 2 

 EXHIBIT D 

PERMITTED EXCEPTIONS 
  

	1.	Real estate taxes for the year of Closing and subsequent years, a lien not yet due and payable and all general and special assessments. 

 

	2.	Rights of tenants pursuant to unrecorded leases listed on the Rent Roll. 

  

	3.	Local, state and federal laws, ordinances or governmental regulations, including, but not limited to, building and zoning laws, ordinances and regulations, now or
hereafter in effect relating to the Property. 

  

	4.	Additional exceptions to be added subject to, and in accordance with, Article VI of the Agreement. 

 

 EXHIBIT D - PAGE 1 OF 1 

 EXHIBIT E 

LEASE SCHEDULE 

[Please see rent roll attached hereto] 
  

	NOTE:	The rent roll has been attached for reference purposes only and Seller does not represent the accuracy thereof except as specifically set forth in Article VII of
this Agreement. 

  

 EXHIBIT E - PAGE 1 OF 1 

 EXHIBIT F 

FORM OF SPECIAL WARRANTY DEED 
  

					
		 		 	THIS SPACE RESERVED FOR RECORDER’S USE
		 		 	 
		 		 	 
		 		 	 
	After recording return to:	 	 	 	  
	  
	 	 	 	  
	 518
17th Street,
17th Floor

Denver, CO 80202
	 		 	 
			 
	Until a change is requested all tax statements shall be sent to the following address:	 		 	 
	  
	 		 	 
	  
	 		 	 
	  
	 		 	 
			 
	Date:                     , 2010	 		 	 
		 		 	 
		 		 	 

SPECIAL WARRANTY DEED 

The Realty Associates Fund VI, L.P., a Delaware limited partnership (“Grantor”), for and in consideration of the sum of Ten and No/100
Dollars ($10.00) and other good and valuable consideration in hand paid, the receipt and sufficiency of such consideration being hereby acknowledged, hereby conveys and specially warrants to
                                         
                    (“Grantee”), the following described real property situated in the County of Multnomah, State of Oregon (the
“Land”), together with all improvements, structures and fixtures located thereon, and together with all rights, privileges and easements appurtenant to the Land and said improvements, including, without limitation, all of
Grantor’s right, title and interest, if any, in and to all minerals, water and mineral and water rights and all easements, licenses, covenants and other rights-of-way or other appurtenances used in connection with the beneficial use and
enjoyment of the Land and such improvements; the Land is legally described as: 
 See attached Exhibit A for legal
description. 
 Said property is free and clear of all encumbrances created by, through or under Grantor except for those matters listed on
Exhibit B attached hereto and incorporated herein. 
  

 EXHIBIT F - PAGE 1 OF 4 

 The true consideration for this conveyance is
$                                         
                   . (Here comply with requirements of ORS 93.030) 

APN:
                                         
                    
 BEFORE SIGNING OR
ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007,
AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE
PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO
VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300,
195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. 

[SIGNATURE ON FOLLOWING PAGE] 
  

 EXHIBIT F - PAGE 2 OF 4 

 IN WITNESS WHEREOF, this Deed has been executed by Grantor to be effective as of the
                 day of                     ,
201  . 
  

									
	GRANTOR:
	
	 THE REALTY ASSOCIATES FUND VI, L.P.,

a Delaware limited partnership

		
	By:	 	 Realty Associates Fund VI LLC,

a Massachusetts limited liability company,

general partner

			
		 	By:	 	 Realty Associates Advisors LLC,

a Delaware limited liability company,
 Manager

				
		 		 	By:	 	 Realty Associates Advisors Trust,

a Massachusetts business trust,

Manager

					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 
		
	By:	 	 Realty Associates Fund VI Texas Corporation,

a Texas corporation,
 general
partner

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 EXHIBIT F - PAGE 3 OF 4 

 THE STATE OF
                     § 
 COUNTY
OF                            § 

On                     ,
201  , before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
                   , a
                                         
                    of Realty Associates Advisors Trust, in its capacity as the manager of Realty Associates Advisors LLC, in its capacity as the
manager of Realty Associates Fund VI LLC, in its capacity as general partner of THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument. 
 WITNESS my hand and official seal. 

 

					
	(SEAL)	 		 	  
		 		 	Notary Public in and for the said State

 THE STATE OF
                     § 
 COUNTY
OF                            § 

On                     ,
201  , before me, the undersigned, a Notary Public in and for said State, personally appeared
                                         
                   , a
                                         
                    of Realty Associates Fund VI Texas Corporation, in its capacity as general partner of THE REALTY ASSOCIATES FUND VI, L.P., a
Delaware limited partnership, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

WITNESS my hand and official seal. 
  

					
	(SEAL)	 		 	  
		 		 	Notary Public in and for the said State

  

 EXHIBIT F - PAGE 4 OF 4 

 EXHIBIT G 

GENERAL ASSIGNMENT AND BILL OF SALE 

THIS GENERAL ASSIGNMENT AND BILL OF SALE (the “Bill of Sale”) is made as of the
                 day of                     , 201_ by:
(i) THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership (“Seller”), and
                                        
(ii)                                        
                     , a
                                         
                    (“Purchaser”). 

KNOW ALL MEN BY THESE PRESENTS: 

Concurrently with the execution and delivery hereof, pursuant to a certain Agreement of Purchase and Sale dated
                    , 201   (the “Agreement”) between Seller and Purchaser, Seller is conveying to Purchaser
all of Seller’s right, title and interest in and to the real property described on Exhibit A attached hereto and made a part hereof (the “Land”) and in and to the building, parking areas and other structures and
improvements located on the Land (collectively, the “Improvements”) located in Portland, Oregon. The Land and the Improvements are hereinafter sometimes collectively referred to as the “Property.” 

It is the desire of Seller to hereby sell, assign, transfer, convey, set-over and deliver to Purchaser all of Seller’s right, title
and interest in and to the Assigned Property (as hereinafter defined). 
 1. Bill of Sale and Assignment. 

Seller does hereby sell, assign, transfer, set-over and deliver unto Purchaser, its successors and assigns, subject to the
limitations contained in Section 8.2 of the Agreement, all right, title and interest of Seller in and to: 

a. All personal property (including equipment), if any, owned by Seller and located on the Property as of the date hereof,
all plans and specifications and as-built drawings for the Improvements and equipment in Seller’s possession or control, all inventory owned by Seller, if any, located on the Property on the date hereof, and all fixtures (if any) owned by
Seller and located on the Property as of the date hereof (the “Personal Property”); 
 b. All
non-exclusive trademarks and trade names, if any, used or useful in connection with the Property, but only to the extent that the same are not trademarks or trade names of Seller or any of Seller’s affiliated companies (collectively, the
“Trade Names”); 
 c. Seller’s interest, if any, in and to any Assigned Contracts (as
defined in the Agreement), guarantees, licenses, approvals, certificates, permits and warranties relating to the Property, to the extent assignable (collectively, the “Intangible Property”); 

 

 EXHIBIT G - PAGE 1 OF 4 

 d. All leases, subleases, licenses and other occupancy agreements, together
with any and all amendments, modifications or supplements thereto and any guarantees thereof (the “Leases”) demising space in or otherwise similarly affecting or relating to the Property and more particularly described on Exhibit
E to the Agreement, and all prepaid rent attributable to the period after the date hereof, and all security deposits thereunder (collectively, the “Leasehold Property”); subject, however to the rights of Seller set forth in
Section 4.2.4 of the Agreement to rents under the leases assigned hereby attributable to the period prior to the date hereof. 

TO HAVE AND TO HOLD the Personal Property, the Trade Names, the Intangible Property, the Leases and the Leasehold Property (collectively,
the “Assigned Property”) unto Purchaser, its successors and assigns, forever. 
 2. Assumption.

 Purchaser accepts the foregoing assignment and assumes and agrees to be bound by and to perform and observe
all of the obligations, covenants, terms and conditions to be performed or observed by the lessor under the Leases arising on or after the date hereof. 

3. Limitation of Liability. 

The obligations of Seller and Purchaser are intended to be binding, respectively, only on such party and its assets and
shall not be personally binding upon, nor shall any resort be had to, the private properties of any of the partners, officers, directors, shareholders or beneficiaries of such party, or of any partners, officers, directors, shareholders or
beneficiaries of any partners of such party, or of any of its employees or agents. 
 4. Exclusions from Personal
Property. 
 It is hereby acknowledged by the parties that the Assigned Property shall not include claims
relating to any real property tax refunds or rebates relating to periods prior to the date hereof, existing insurance claims and any existing claims against tenants of the Property, which claims are hereby reserved by Seller to the extent set forth
in Section 1.2 of the Agreement. 
 5. Counterpart Copies. 

This Bill of Sale may be executed in two or more counterpart copies, all of which counterparts shall have the same force
and effect as if all parties hereto had executed a single copy of this Bill of Sale. 
  

 EXHIBIT G - PAGE 2 OF 4 

 IN WITNESS WHEREOF, the parties have caused this Bill of Sale to be executed as of the date
first written above. 
  

									
	SELLER:
	
	 THE REALTY ASSOCIATES FUND VI, L.P.,

a Delaware limited partnership

		
	By:	 	 Realty Associates Fund VI LLC,

a Massachusetts limited liability company,

general partner

			
		 	By:	 	 Realty Associates Advisors LLC,

a Delaware limited liability company,
 Manager

				
		 		 	By:	 	 Realty Associates Advisors Trust,

a Massachusetts business trust,

Manager

					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 

  

									
	By:	 	 Realty Associates Fund VI Texas Corporation,

a Texas corporation,
 general
partner

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 EXHIBIT G - PAGE 3 OF 4 

			
	PURCHASER:
	
	 
	a	 	 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 EXHIBIT G - PAGE 4 OF 4 

 EXHIBIT H 

NOTICE LETTER TO TENANTS 

                      
  , 201   
 CERTIFIED MAIL, 

RETURN RECEIPT REQUESTED 
 Dear Tenant:

 We are pleased to advise you that the building in which your premises are located at
                                         
       , has been sold by THE REALTY ASSOCIATES FUND VI, L.P. to
                                         
                    (the “Purchaser”) effective as of the date set forth above. Your lease agreement has been assigned to and accepted
by Purchaser and Purchaser has agreed to assume all responsibility for the security deposit currently held under your lease, such deposit being in the amount of
$                            . 

All future correspondence relating to your tenancy, as well as rent checks and other charges, should be made payable to
                                 and mailed to
                     c/o                 . 

The Purchaser looks forward to working with you in the operation of this Property. 

 

 EXHIBIT H - PAGE 1 OF 3 

									
	Very truly yours,
	
	SELLER:
	
	 THE REALTY ASSOCIATES FUND VI, L.P.,

a Delaware limited partnership

		
	By:	 	 Realty Associates Fund VI LLC,

a Massachusetts limited liability company,

general partner

			
		 	By:	 	 Realty Associates Advisors LLC,

a Delaware limited liability company,
 Manager

				
		 		 	By:	 	 Realty Associates Advisors Trust,

a Massachusetts business trust,

Manager

					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 

  

									
	By:	 	 Realty Associates Fund VI Texas Corporation,

a Texas corporation,
 general
partner

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 EXHIBIT H - PAGE 2 OF 3 

			
	PURCHASER:
	
	 
	a	 	 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 EXHIBIT H - PAGE 3 OF 3 

 EXHIBIT I 

NON-FOREIGN ENTITY CERTIFICATE 

Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the
transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership
(“Transferor”), the undersigned hereby certifies on behalf of Transferor: 
  

	 	1.	Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax
Regulations); 

  

	 	2.	Transferor’s U.S. employer identification number is
                                        ;
and 

  

	 	3.	Transferor’s office address is: 

  

	 	  	c/o TA Realty Associates 

	 	  	28 State Street, 10th Floor 

	 	  	Boston, Massachusetts 02109. 

  

	 	4.	The Transferor is not a “disregarded entity” (as that term is defined in the Code and the Income Tax Regulations promulgated thereunder).

 Transferor understands that this certification may be disclosed to the Internal Revenue Service and that any
false statement made within this certification could be punished by fine, imprisonment, or both. 
 Under penalties of perjury
the undersigned declares that he has examined this certification and that to the best of his knowledge and belief it is true, correct and complete, and the undersigned further declares that he has the authority to sign this document on behalf of the
Transferor. 
  

 EXHIBIT I - PAGE 1 OF 2 

 Dated:
                        , 201   

 

									
	TRANSFEROR:
	
	 THE REALTY ASSOCIATES FUND VI, L.P.,

a Delaware limited partnership

		
	By:	 	 Realty Associates Fund VI LLC,

a Massachusetts limited liability company,

general partner

			
		 	By:	 	 Realty Associates Advisors LLC,

a Delaware limited liability company,
 Manager

				
		 		 	By:	 	 Realty Associates Advisors Trust,

a Massachusetts business trust,

Manager

					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 

  

					
	By:	 	 Realty Associates Fund VI Texas Corporation,

a Texas corporation,
 general
partner

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 EXHIBIT I - PAGE 2 OF 2 

 EXHIBIT J 

FORM OF AUDIT INQUIRY LETTER 
  

	
	[Auditor]
	  
	  

 Dear Sirs: 

We are writing at your request to confirm our understanding that your audit of the Statement of Revenue and Certain Expenses for the year
ended                             , 20    , was made for the purpose of
expressing an opinion as to whether the statement of operating income presents fairly, in all material respects, the results of operations of [INSERT NAME AND ADDRESS OF PROJECT] (the “Project”) in conformity with generally accepted
accounting principles. 
 Certain representations in this letter are described as being limited to matters that are material.
Items are considered material if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would be changed
or influenced by the omission or misstatement. An omission or misstatement that is monetarily small in amount could be considered material as a result of qualitative factors. 

The following representations are made exclusively to the auditor of the Project. In connection with your [INSERT DATE] audit we confirm,
to our actual knowledge, with respect to our daily operations and without independent inquiry or investigation, the following representations made during your audit: 

A. We have made available to you all financial records and related data concerning this Project which are in our possession. 

B. We are not aware of any: 
  

	 	1.	Irregularities involving any member of management or employees that could have a materially adverse effect on the statement of operating income.

  

	 	2.	Notices of violations of laws or regulations, the effects of which should be considered for disclosure in the financial statements or as a basis for recording a loss
contingency. 

  

	 	3.	Material events that have occurred subsequent to
                    , 20     that would require material adjustment to the statement of operating income.

  

 EXHIBIT J - PAGE 1 OF 2 

 C. There are no material transactions that have not been properly recorded in the accounting
records underlying the financial statements. 
 This letter has been executed by the undersigned subject to the terms of
Section 16.21 of that certain Purchase and Sale Agreement dated July 30, 2010, by and between the undersigned and an affiliate of Industrial Income Trust Inc. 

 

			
	SELLER:
	
	                           
                                         
                                 ,
	a	 	 

			
		
	By:	 	 
	Name:	 	 
	Title:	 	                             
                                         
                 ]

  

 EXHIBIT J - PAGE 2 OF 2 

 EXHIBIT K 

LIST OF CONTRACTS 

PROPERTY: JOHNSTONE SUPPLY 
  

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M
	Facilities Service Group	  	Roof Drain Cleaning	  	M-to-M

  

 EXHIBIT K - PAGE 1 OF 6 

 PROPERTY:
87TH AVE BUILDING 

 

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Facilities Services Grp	  	Roof Drain Cleaning	  	M-to-M
	Capitol Electric, Inc.	  	Exterior Lighting Inspections	  	M-to-M
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M

  

 EXHIBIT K - PAGE 2 OF 6 

 PROPERTY: AIRPORT CENTER I 

 

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Alert Security Asset Protection	  	Security Patrols	  	M-to-M
	The Brickman Group	  	Landscaping Services	  	M-to-M
	Capitol Electric, Inc.	  	Exterior Lighting Inspections	  	M-to-M
	Coast Pavement Services	  	Parking Lot Sweeping Service	  	M-to-M
	Columbia Cross Connection	  	Backflow testing	  	M-to-M
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M
	Facilities Services Grp	  	Roof Drain Cleaning/Exterior Window Washing	  	M-to-M
	Millennium Building Services	  	Pressure Washing Services	  	M-to-M
	McKinstry	  	HVAC Maintenance	  	30-day terminable

  

 EXHIBIT K - PAGE 3 OF 6 

 PROPERTY: AIRPORT CENTER II 

 

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Advantage Protection, Inc	  	Fire Alarm Monitoring	  	24 mo
	Alert Security Asset Protection	  	Security Patrols	  	M-to-M
	The Brickman Group	  	Landscaping Services	  	M-to-M
	Capitol Electric, Inc.	  	Exterior Lighting Inspections	  	M-to-M
	Coast Pavement Services	  	Parking Lot Sweeping Service	  	M-to-M
	Columbia Cross Connection	  	Backflow Testing	  	M-to-M
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M
	Facilities Services Grp	  	Roof Drain Cleaning/Exterior Window Washing	  	M-to-M
	Millennium Building Services	  	Pressure Washing Services	  	M-to-M
	Patriot Fire Protection	  	Sprinkler Testing	  	M-to-M

  

 EXHIBIT K - PAGE 4 OF 6 

 PROPERTY: AIRPORT PARK WEST 

 

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Alert Security Asset Protection	  	Security Patrols	  	M-to-M
	The Brickman Group	  	Landscaping Services	  	M-to-M
	Capitol Electric, Inc.	  	Exterior Lighting Inspections	  	M-to-M
	Coast Pavement Services	  	Parking Lot Sweeping Service	  	M-to-M
	Columbia Cross Connection	  	Backflow Testing	  	M-to-M
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M
	Facilities Services Grp	  	Roof Drain Cleaning/Exterior Window Washing	  	M-to-M
	Hunter-Davisson, Inc.	  	HVAC - Preventive Maintenance	  	M-to-M
	Millennium Building Services	  	Pressure Washing Services	  	M-to-M
	Patriot Fire Protection	  	Sprinkler Testing	  	M-to-M
	Protech	  	Fire Alarm Monitoring	  	M-to-M

  

 EXHIBIT K - PAGE 5 OF 6 

 PROPERTY: AIRPORT PARK 

 

					
	 VENDOR
	  	 SERVICE
	  	TERM
	Alert Security Asset Protection	  	Security Patrols	  	M-to-M
	The Brickman Group	  	Landscaping Services	  	M-to-M
	Capitol Electric, Inc.	  	Exterior Lighting Inspections	  	M-to-M
	Coast Pavement Services	  	Parking Lot Sweeping Service	  	M-to-M
	Columbia Cross Connection	  	Backflow Testing	  	M-to-M
	Columbia Drain	  	Storm Drains/Catch Basin Cleaning	  	M-to-M
	Facilities Services Grp	  	Roof Drain Cleaning/Exterior Window Washing	  	M-to-M
	Pacific Pressure Washing	  	Pressure Washing Services	  	M-to-M
	Protech	  	Fire Alarm Monitoring	  	M-to-M

  

 EXHIBIT K - PAGE 6 OF 6 

 EXHIBIT L 

LIST OF LEASING COMMISSION AGREEMENTS 

NONE 
  

 EXHIBIT L - PAGE 1 OF 1Loan Agreement dated as of August 31, 2010

 Exhibit 10.12 

LOAN AGREEMENT 

between 
 IIT 1905
RAYMOND AVENUE LLC, a Delaware limited liability company 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

Dated as of August 31, 2010 
  

					
		  		  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  		  	

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	ARTICLE 1.	  	DEFINITIONS	  	1
			
	1.1  	  	DEFINED TERMS	  	1
	1.2  	  	EXHIBITS INCORPORATED	  	6
			
	ARTICLE 2.	  	LOAN	  	6
			
	2.1  	  	LOAN	  	6
	2.2  	  	LOAN FEE	  	6
	2.3  	  	LOAN DOCUMENTS	  	6
	2.4  	  	EFFECTIVE DATE	  	6
	2.5  	  	MATURITY DATE	  	6
	2.6  	  	CREDIT FOR PRINCIPAL PAYMENTS	  	6
	2.7  	  	ACCOUNT	  	6
	2.8  	  	[Intentionally Omitted.]	  	6
	2.9  	  	FULL REPAYMENT AND RELEASE OF LIEN	  	6
	2.10  	  	REQUIRED REPAIRS	  	7
	2.11  	  	EARLY TERMINATION OF DHL LEASE	  	7
	2.12  	  	CASH SWEEP FOLLOWING TERMINATION OF DHL LEASE	  	7
	2.13  	  	DHL HOLDBACK	  	7
			
	ARTICLE 3.	  	DISBURSEMENT	  	8
			
	3.1  	  	CONDITIONS PRECEDENT	  	8
	3.2  	  	ACCOUNT, PLEDGE AND ASSIGNMENT, AND DISBURSEMENT AUTHORIZATION	  	8
	3.3  	  	BORROWER’S FUNDS ACCOUNT, PLEDGE AND ASSIGNMENT	  	9
	3.4  	  	DISBURSEMENTS	  	9
	3.5  	  	FUNDS TRANSFER DISBURSEMENTS	  	9
			
	ARTICLE 4.	  	INTENTIONALLY OMITTED	  	9
			
	ARTICLE 5.	  	INSURANCE	  	10
			
	5.1  	  	TITLE INSURANCE	  	10
	5.2  	  	PROPERTY INSURANCE	  	10
	5.3  	  	FLOOD HAZARD INSURANCE	  	10
	5.4  	  	LIABILITY INSURANCE	  	10
	5.5  	  	OTHER COVERAGE	  	10
	5.6  	  	GENERAL	  	10
			
	ARTICLE 6.	  	REPRESENTATIONS AND WARRANTIES	  	11
			
	6.1  	  	AUTHORITY/ENFORCEABILITY	  	11
	6.2  	  	BINDING OBLIGATIONS	  	11
	6.3  	  	FORMATION AND ORGANIZATIONAL DOCUMENTS	  	11
	6.4  	  	NO VIOLATION	  	11
	6.5  	  	COMPLIANCE WITH LAWS	  	11
	6.6  	  	LITIGATION	  	11
	6.7  	  	FINANCIAL CONDITION	  	11
	6.8  	  	NO MATERIAL ADVERSE CHANGE	  	12
	6.9  	  	[Intentionally Omitted.]	  	12
	6.10	  	REPORTS	  	12
	6.11	  	TAX LIABILITY	  	12
	6.12	  	UTILITIES	  	12
	6.13	  	COMPLIANCE	  	12
	6.14	  	AMERICANS WITH DISABILITIES ACT COMPLIANCE	  	12
	6.15	  	BUSINESS LOAN	  	12

  

					
		  	-i-	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  		  	

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	 	  	Page
			
	6.16  	  	TAX SHELTER REGULATIONS	  	12
			
	ARTICLE 7.	  	INTENTIONALLY OMITTED	  	12
			
	ARTICLE 8.	  	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPECIAL PURPOSE ENTITY STATUS	  	13
			
	8.1    	  	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPECIAL PURPOSE ENTITY (“SPE”) STATUS	  	13
			
	ARTICLE 9.	  	COVENANTS OF BORROWER	  	14
			
	9.1    	  	EXPENSES	  	14
	9.2    	  	ERISA COMPLIANCE	  	15
	9.3    	  	LEASING	  	15
	9.4    	  	APPROVAL OF LEASES	  	15
	9.5    	  	INCOME TO BE APPLIED TO DEBT SERVICE	  	15
	9.6    	  	SUBDIVISION MAPS	  	15
	9.7    	  	OPINION OF LEGAL COUNSEL	  	15
	9.8    	  	FURTHER ASSURANCES	  	15
	9.9    	  	ASSIGNMENT	  	15
	9.10  	  	MANAGEMENT AND LEASING OF PROPERTY	  	16
	9.11  	  	MANAGER	  	16
	9.12  	  	DERIVATIVE DOCUMENTS	  	16
	9.13  	  	PROPERTY TRANSFERS	  	16
	9.14  	  	EQUITY TRANSFERS	  	16
	9.15  	  	CERTIFICATES OF OWNERSHIP	  	18
	9.16  	  	COMPLETION OF DHL TENANT IMPROVEMENTS	  	18
	9.17  	  	ACCESS EASEMENT	  	18
			
	ARTICLE 10.	  	REPORTING COVENANTS	  	18
			
	10.1  	  	FINANCIAL INFORMATION	  	18
	10.2  	  	BOOKS AND RECORDS	  	19
	10.3  	  	[Intentionally Omitted.]	  	19
	10.4  	  	LEASING REPORTS	  	19
			
	ARTICLE 11.	  	DEFAULTS AND REMEDIES	  	19
			
	11.1  	  	DEFAULT	  	19
	11.2  	  	ACCELERATION UPON DEFAULT; REMEDIES	  	21
	11.3  	  	DISBURSEMENTS TO THIRD PARTIES	  	21
	11.4  	  	[Intentionally Omitted.]	  	21
	11.5  	  	[Intentionally Omitted.]	  	21
	11.6  	  	REPAYMENT OF FUNDS ADVANCED	  	21
	11.7  	  	RIGHTS CUMULATIVE, NO WAIVER	  	21
			
	ARTICLE 12.	  	MISCELLANEOUS PROVISIONS	  	22
			
	12.1  	  	INDEMNITY	  	22
	12.2  	  	FORM OF DOCUMENTS	  	22
	12.3  	  	NO THIRD PARTIES BENEFITED	  	22
	12.4  	  	NOTICES	  	22
	12.5  	  	ATTORNEY-IN-FACT	  	22
	12.6  	  	ACTIONS	  	22
	12.7  	  	RIGHT OF CONTEST	  	22
	12.8  	  	RELATIONSHIP OF PARTIES	  	23

  

					
		  	-ii-	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  		  	

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	 	  	Page
	            12.9  	  	DELAY OUTSIDE LENDER’S CONTROL	  	23
	12.10	  	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT	  	23
	12.11	  	IMMEDIATELY AVAILABLE FUNDS	  	23
	12.12	  	LENDER’S CONSENT	  	23
	12.13	  	LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION	  	23
	12.14	  	CAPITAL ADEQUACY	  	24
	12.15	  	[Intentionally deleted.]	  	24
	12.16	  	LENDER’S AGENTS	  	24
	12.17	  	TAX SERVICE	  	24
	12.18	  	WAIVER OF RIGHT TO TRIAL BY JURY	  	24
	12.19	  	SEVERABILITY	  	25
	12.20	  	HEIRS, SUCCESSORS AND ASSIGNS	  	25
	12.21	  	TIME	  	25
	12.22	  	HEADINGS	  	25
	12.23	  	GOVERNING LAW	  	25
	12.24	  	USA PATRIOT ACT NOTICE COMPLIANCE	  	25
	12.25	  	INTEREST PROVISIONS	  	25
	12.26	  	[INTENTIONALLY OMITTED.]	  	25
	12.27	  	COUNTERPARTS	  	25
	12.28	  	[INTENTIONALLY OMITTED.]	  	25
	12.29	  	INTEGRATION; INTERPRETATION	  	26
	12.30	  	TAX SHELTER MATTERS	  	26

  

					
	SCHEDULE 6.6	 	-	  	LITIGATION
	EXHIBIT A	 	-	  	DESCRIPTION OF PROPERTY
	EXHIBIT B	 	-	  	DOCUMENTS
	EXHIBIT C	 	-	  	REQUIRED REPAIRS
	EXHIBIT D	 	-	  	DISBURSEMENT PLAN FOR REQUIRED REPAIRS, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
	EXHIBIT E	 	-	  	TRANSFER AUTHORIZER DESIGNATION

  

					
		  	-iii-	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  		  	

 LOAN AGREEMENT 

This LOAN AGREEMENT (“Agreement”) is entered into as of August 31, 2010, by and between IIT 1905 RAYMOND AVENUE LLC, a Delaware
limited liability company (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”). 

R E C I T A L S 

 

	 	A.	Borrower owns certain real property described in Exhibit A hereto (“Property”). 

 

	 	B.	The Property is improved with an approximately 126,660 square foot industrial building and parking facilities together with all appurtenances, fixtures, and tenant
improvements now or hereafter located on the Property (“Improvements”). Borrower has requested from Lender a loan for the purpose of financing the previous acquisition of the Property and Improvements. 

NOW, THEREFORE, Borrower and Lender agree as follows: 

ARTICLE 1. DEFINITIONS 
  

	1.1	DEFINED TERMS. The following capitalized terms generally used in this Agreement shall have the meanings defined or referenced below. Certain other
capitalized terms used only in specific sections of this Agreement are defined in such sections. 

“Account” - means an account with Lender, account number 4122070451, or, pursuant to Section 2.7 below, another bank
in the name of Borrower or Borrower’s designee. 
 “ADA” - means the Americans with Disabilities Act,
42 U.S.C. §§ 12101, et. seq. as now or hereafter amended or modified. 
 “Affiliate” –
means, as to any specified Person, (a) any Person that directly or indirectly through one or more intermediaries Controls or is Controlled by or is under common Control with such Person, (b) any Person owning or Controlling forty-nine
percent (49%) or more of the outstanding voting securities of or other ownership interests in such Person, (c) if such Person is an individual, any entity for which such Person directly or indirectly acts as an officer, director, partner,
owner employee or member, (d) any entity in which such Person (together with the members of his family if the Person in question is an individual) owns, directly or indirectly through one or more intermediaries an interest in any class of stock
(or other beneficial interest in such entity) of forty-nine percent (49%) or more, or (e) with respect to any Obligor, any other Obligor. 

“Affiliate Transferee” – shall have the meaning ascribed to such term in Section 9.14(b) hereof.

 “Agreement” – shall have the meaning ascribed to such term in the preamble hereto. 

“Appraisal” – shall mean the appraisal used by Lender in approving the Loan. 

“Approved Lease Form” – means a standard lease form approved by Lender or other form acceptable to Lender.

 “Approved Lease” – means any Lease that (i) has been approved by Lender as to (A) form and
content, (B) the creditworthiness of the tenant, and (C) economic terms; and (ii) is for a term of at least three (3) years unless otherwise approved by Lender. A Lease shall be deemed, without Lender’s express approval
thereof, to be an Approved Lease if it is either: (i) a Lease existing as of the Effective Date, or (ii) satisfies the following requirements: (A) it is on the Approved Lease Form, if any, without any material changes; (B) such
Lease is not a Major Lease; (C) it is for a term of at least three (3) years; and (D) such Lease has a Net Effective Rent not materially less favorable than the Net Effective Rent used in the financial proforma contained in the
Appraisal used by Lender in approving this Loan, which equates to $7.87 per rentable square foot. A Lease shall also be 

 

			
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deemed, without Lender’s express approval thereof, to be an Approved Lease if it is an existing Approved Lease which is renewed or expanded pursuant to the express provisions contained in
the existing Approved Lease; provided, however, if the rental rate or other economic terms for the renewal or expansion are based upon the market rate, or similar concept, at the time of renewal or expansion, then the deemed approval thereof as an
Approved Lease shall not be applicable. Lender may condition its approval of a specific Lease or a form of Lease on, among other things, the inclusion therein of estoppel, subordination, attornment and mortgagee protections and may require that the
tenant under a Lease execute and deliver to Lender a tenant estoppel certificate and subordination, nondisturbance and attornment agreement (or, if Lender so requires, an SNDA) reasonably satisfactory to Lender. 

“Bankruptcy Code” – means the Bankruptcy Reform Act of 1978 (11 U.S.C. § 101-1330) as now or hereafter
amended or recodified. 
 “Borrower” – means IIT 1905 Raymond Avenue LLC, a Delaware limited liability
company. 
 “Borrower’s Funds” – means all funds of Borrower deposited with Lender pursuant to the
terms and conditions of this Agreement, including, without limitation, funds deposited under any of Sections 2.10, 2.11, 2.12 and 2.13 below. 

“Borrower’s Funds Account” – means the account with Lender into which all funds deposited with Lender pursuant
to this Agreement shall be placed. 
 “Business Day” – means a day of the week (but not a Saturday, Sunday
or holiday) on which the offices of Lender are open to the public for carrying on substantially all of Lender’s business functions. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be
to calendar days. 
 “Constituent Entity” – means any (i) general partner of Borrower or Guarantor,
and (ii) corporation, limited liability company, partnership, trust, or other type of business organization included in the signature for Borrower or Guarantor that is contained in any of the Loan Documents or where consent, approval or other
authorization is required for Borrower’s or Guarantor’s execution of any Loan Documents. 

“Contractor” – means a contractor who will construct all or any portion of the Tenant Improvements. 

“Control” or “Controlling” – means, with respect to any Person, either (i) ownership, directly
or indirectly, of forty-nine percent (49%) or more of all equity interests in such Person, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through
the ownership of voting securities, by contract or otherwise. 
 “Deed of Trust” – means that certain Deed
of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing of even date herewith executed by IIT 1905 Raymond Avenue LLC, a Delaware limited liability company, as grantor, to Chicago Title Insurance Company, as
trustee, for the benefit of Lender, as beneficiary, as hereafter amended, supplemented, replaced or restated. 

“Default” – shall have the meaning ascribed to such term in Section 11.1. 

“DHL” – means Air Express International USA, Inc., an Ohio corporation dba DHL Global Forwarding. 

“DHL Lease” – means that certain Lease dated as of June 30, 2010, between Borrower and DHL, as same may be
amended or modified in accordance with the terms of the Loan Documents. 
 “Effective Date” – means the
date that the Loan Documents are unconditionally executed and delivered by Borrower and Lender. 
 “Environmental
Report” means that certain Phase I Environmental Site Assessment report, prepared by Blackstone Consulting LLC, dated June 1, 2010, covering the Property. 

 

			
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	02941-0345/LEGAL18900961.3	  	

 “Expense Reimbursements” – shall mean expense reimbursements actually
received by Borrower under Approved Leases. 
 “GAAP” – shall mean generally accepted accounting principles
in the United States set forth in the statements and interpretations, as codified, of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States,
that are applicable to the circumstances as of the date of determination, subject, however, to the matters addressed in Section 6.7 hereof. 

“Gross Operating Income” – shall mean the sum of any and all amounts, payments, fees, rentals, additional rentals,
expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property) discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on
behalf of or credited to Borrower from any person with respect to Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property. Gross Operating Income shall be computed on a cash basis and
shall include for each quarterly statement all amounts actually received in such quarter whether or not such amounts are attributable to a charge arising in such quarter. 

“Gross Rents” – shall mean the rental payments actually received from Approved Leases on the Property and
Improvements in accordance with GAAP (but modified to exclude the straight-line recognition of rents and mark-to-market adjustments). 

“Guarantor” – means Industrial Income Operating Partnership LP, a Delaware limited partnership. 

“Hazardous Materials” – shall have the meaning given to such term in that certain Hazardous Materials Indemnity
Agreement (Unsecured) of even date herewith from Borrower and Indemnitor to Lender. 
 “Holdco” – shall
mean IIT Real Estate Holdco LLC, a Delaware limited liability company. 
 “IIT” – shall mean Industrial
Income Trust, Inc., a Maryland corporation. 
 “Improvements” – shall have the meaning ascribed to such
term in Recital B, together with any Tenant Improvements. 
 “Indebtedness” – means all
principal, interest and other charges payable by Borrower to Lender pursuant to the Note and all other sums which may be payable by Borrower to Lender pursuant to the other Loan Documents. 

“Indemnitor” – means Industrial Income Operating Partnership LP, a Delaware limited partnership, and any other
Person who, or which, in any manner, is or becomes obligated to Lender under any indemnity now or hereafter executed in connection with respect to the Loan (collectively or severally as the context thereof may suggest or require). 

“Interest Holder” – shall have the meaning ascribed to such term in Section 9.14(b). 

“Leases” – shall mean all lease agreements of the Property and Improvements, or any portion thereof, and all other
agreements of any kind relating to the use or occupancy of the Property and Improvements, or any portion thereof, whether now existing or entered into after the date hereof. 

“Leasing Commissions” – means any and all commissions payable to independent third party real estate brokers who
were involved in the execution of each Approved Lease after the Effective Date. 
 “Lender” – means WELLS
FARGO BANK, NATIONAL ASSOCIATION. 
 “Loan” – means the maximum principal sum that Lender agrees to lend
and Borrower agrees to borrow pursuant to the terms and conditions of this Agreement: SEVEN MILLION FIVE HUNDRED SIXTY THOUSAND AND NO/100THS DOLLARS ($7,560,000.00). 

 

			
	LOAN AGREEMENT - Page 3	  	Loan No. 1002863
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 “Loan Documents” – means those documents, as hereafter amended,
supplemented, replaced or modified, properly executed and in recordable form, if necessary, listed in Exhibit B as Loan Documents. 

“Major Leases” – shall mean (i) the DHL Lease and (ii) any Lease with any other tenant where the leased
premises include 7,500 net rentable square feet or more in the Property and Improvements. 
 “Management
Agreement” – means that certain Management Agreement by and between Borrower and Manager. 

“Manager” – means the Person engaged by Borrower, and who shall be acceptable to Lender, for the management, leasing
and operation of the Property and Improvements. Lender acknowledges and agrees that CB Richard Ellis Inc., the Manager engaged by Borrower as of the Effective Date, is acceptable to Lender. 

“Material Adverse Effect” – means a material adverse effect upon (i) the business or financial position or
results of operation of Borrower, (ii) the ability of Borrower to perform, or of Lender to enforce, any of the Loan Documents, (iii) the Property and Improvements or the value thereof, or (iv) the ability of the Guarantor to perform
under the Guaranty. 
 “Maturity Date” – means September 1, 2015. 

“Net Effective Rent” – means, as for any Approved Lease, the base annual rent payable under such Lease, as reduced
for any amounts paid by Borrower directly to or on behalf of tenant for the purpose of inducing the tenant to enter into the Approved Lease, including without limitation, an excessive tenant improvement allowance (as reasonably determined by Lender
in approving such Lease), moving expenses, free rent periods or abatements or lease buyouts. 
 “Non-Borrower
Grantor” – not applicable. 
 “Note” – means that certain Promissory Note of even date
herewith, in the original principal amount of the Loan, executed by Borrower and payable to the order of Lender, as hereafter amended, supplemented, replaced or modified. 

“Obligor” – means any of Borrower or Guarantor. 

“Other Related Documents” – means those documents, as hereafter amended, supplemented, replaced or modified from
time to time, properly executed and in recordable form, if necessary, listed in Exhibit B as Other Related Documents. 

“Participant” – shall have the meaning ascribed to such term in Section 12.13. 

“Permitted Operating Expenses” – means the following expenses: (i) taxes and assessments imposed upon the
Property to the extent that such taxes and assessments are required to be paid by Borrower and are actually paid or accrued for by Borrower; (ii) bond assessments to the extent that such assessments are required to be paid by Borrower and are
actually paid or accrued for by Borrower; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake) and liability insurance carried in connection with the Property to the extent that such premiums are required
to be paid by Borrower and are actually paid or accrued for by Borrower, provided, however, if any, insurance is maintained as part of a blanket policy covering the Property and other properties, the insurance premiums included in this subparagraph
shall be the premiums fairly allocable to the Property; (iv) operating expenses incurred by Borrower for the management, operation, cleaning, leasing, maintenance and repair of the Property, including reasonable reserves, as determined by
Borrower in its reasonable discretion. Permitted Operating Expenses shall not include any interest or principal payments on the Loan, payments on the Swap Contract or any allowance for depreciation. The foregoing notwithstanding, for purposes of
Permitted Operating Expenses, (i) property management fees shall not exceed the greater of (A) the property management fees used in the financial proforma in the Appraisal (which Appraisal as of the Effective Date uses two percent
(2%) for property management fees), (B) the actual amount of property management fees, and (C) the amount equal to three percent (3%) (prorated on an annual basis) of the Gross Rents and Expense Reimbursements for the applicable
period; and (ii) project reserves shall not exceed the sum of $0.20 per rentable square feet per year in the Property and Improvements. 
  

			
	LOAN AGREEMENT - Page 4	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 “Permitted Transfers” – shall mean a Transfer permitted under
Section 9.13(b) or Section 9.14(b) hereof. 
 “Person” – means any individual, sole
proprietorship, corporation, general partnership, limited partnership, limited liability company, joint venture, association, joint-stock company, bank, trust, land trust, estate, association, joint stock company, unincorporated organization, any
federal, state, county or municipal government (or any agency or political subdivision thereof), endowment fund or any other form of entity. 

“Prohibited Equity Transfer” – shall have the meaning ascribed to such term in Section 9.14 hereof.

 “Prohibited Property Transfer” – shall have the meaning ascribed to such term in
Section 9.13 hereof. 
 “Property” – shall have the meaning ascribed to such term in
Recital A. 
 “Required Repairs” – shall mean those repairs to the Property identified on
Exhibit C. 
 “Reserve Percentage” – shall have the meaning ascribed to such term in the Note.

 “Restricted Party” – shall mean each of (i) Borrower, (ii) Holdco, (iii) Guarantor, and
(iv) any shareholder, general partner, member or non-member manager, or any direct legal or beneficial owner of Borrower or Guarantor. 

“Secured Obligations” – shall have the meaning ascribed to such term in the Deed of Trust. 

“SNDA” – shall have the meaning ascribed to such term in Section 3.1(f) hereof. 

“Subdivision Map” – shall have the meaning ascribed to such term in Section 9.6. 

“Swap Contract” means (a) the separate interest rate swap transaction entered into by Borrower and Lender identified
as Trade Number 697737 with a trade date of August 31, 2010 and (b) any replacement interest rate swap transaction entered into by Borrower pursuant to Section 11.1(p) below, in each case together with all documents and agreements
relating thereto, including any ISDA Master Agreement, Schedule and/or Confirmation, together with all modifications, extensions, renewals and replacements thereof. 

“Tenant Improvements” – means each Lender approved tenant improvement project requested by Borrower with respect to
Borrower’s obligations therefor under an Approved Lease. Lender acknowledges and agrees that the Tenant Improvements to be constructed by DHL pursuant to the DHL Lease are approved by Lender. 

“Title Company” – means Chicago Title Insurance Company. 

“Title Policy” – means the standard Washington promulgated form of extended coverage Loan Policy of Title Insurance
as issued by the Title Company. 
 “Transfer” – shall mean any sale, installment sale, exchange, mortgage,
pledge, hypothecation, assignment, encumbrance or other transfer, conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise (excluding Leases permitted under this Agreement). 

 

	1.2	EXHIBITS INCORPORATED. All exhibits, schedules or other items attached hereto are hereby incorporated into this Agreement by such attachment for all
purposes. 

 ARTICLE 2. LOAN 

 

	2.1	 LOAN. By and subject to the terms of this Agreement, Lender agrees to lend to Borrower and Borrower agrees to borrow from Lender the
principal sum of SEVEN MILLION FIVE HUNDRED SIXTY THOUSAND AND 

  

			
	LOAN AGREEMENT - Page 5	  	Loan No. 1002863
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NO/100THS DOLLARS ($7,560,000.00), said sum to be evidenced by the Note of even date herewith. The Note shall be secured, in part, by the Deed of Trust, of even date herewith, encumbering certain
real property and improvements as legally defined therein. Amounts disbursed to or on behalf of Borrower pursuant to the Note shall be used to finance the Property and Improvements and to pay costs and fees in connection with the closing of the Loan
in accordance with a settlement statement approved by Borrower and Lender. Lender shall not be required to make any disbursements of the Loan after the initial disbursement of the Loan. 

 

	2.2	LOAN FEE. Borrower shall pay to Lender from the proceeds of the Loan, at Loan closing, a loan fee in the amount of $56,700.00. 

 

	2.3	LOAN DOCUMENTS. Borrower shall deliver to Lender concurrently with this Agreement each of the documents, properly executed and in recordable form, as
applicable, described in Exhibit B as Loan Documents, together with those documents described in Exhibit B as Other Related Documents. 

 

	2.4	EFFECTIVE DATE. The date of the Loan Documents is for reference purposes only. The Effective Date of the parties’ obligations under this Agreement
and the other Loan Documents shall be the date that the Loan Documents are unconditionally executed and delivered by Borrower and Lender, and Borrower’s and Lender’s rights and obligations under the Loan Documents shall not be effective
until the Effective Date. 

  

	2.5	MATURITY DATE. At the Maturity Date all sums due and owing under this Agreement and the other Loan Documents shall be repaid in full. All payments due to
Lender under this Agreement, whether at the Maturity Date or otherwise, shall be paid in immediately available funds. 

  

	2.6	CREDIT FOR PRINCIPAL PAYMENTS. Any payment made upon the outstanding principal balance of the Loan shall be credited as of the Business Day received,
provided such payment is received by Lender no later than 2:00 p.m., California time and constitutes immediately available funds. Any principal payment received after said time or which does not constitute immediately available funds shall be
credited upon such funds having become unconditionally and immediately available to Lender. 

  

	2.7	ACCOUNT. Borrower shall maintain the Account at all times while the Loan remains outstanding. Borrower shall have the right to establish the Account at a
bank other than Lender, provided (a) Borrower gives Lender at least thirty (30) days’ notice of such change, (b) such other bank is reasonably acceptable to Lender and (c) if Lender so requires, Borrower and such other bank
enter into Lender’s standard agreements for the creation and perfection of Lender’s security interest in the Account. 

  

	2.8	[Intentionally Omitted.] 

  

	2.9	FULL REPAYMENT AND RELEASE OF LIEN. Upon receipt of all sums owing and outstanding under the Loan Documents, Lender shall issue a full release and
reconveyance of lien covering the Property and Improvements from the lien of the Deed of Trust and any other Loan Document; provided, however, that all of the following conditions shall be satisfied at the time of, and with respect to,
such release and reconveyance of lien: (a) Lender shall have received all escrow, closing and recording costs, the costs of preparing and delivering such release and reconveyance of lien and any sums then due and payable under the Loan
Documents; and (b) Lender shall have received a written release satisfactory to Lender of any set aside letter, letter of credit or other form of undertaking which Lender has issued to any surety, governmental agency or any other party in
connection with the Loan and/or the Property and Improvements. Lender’s obligation to make further disbursements under the Loan shall terminate as to any portion of the Loan undisbursed as of the date of issuance of such full release of lien,
and any commitment of Lender to lend any undisbursed portion of the Loan shall be canceled. 

  

	2.10	REQUIRED REPAIRS. Promptly following the Effective Date, and in all events by the date that is nine (9) months after the Effective Date, Borrower
shall complete the Required Repairs identified on Exhibit C. On the Effective Date, Borrower shall pay to Lender, from the proceeds of the Loan, Borrower’s Funds in the amount of Eighty Two Thousand Five Hundred and No/00ths Dollars
($82,500.00), which Lender shall hold in Borrower’s Funds Account for disbursement to Borrower as provided in Exhibit D following Borrower’s completion of the Required Repairs. 

 

			
	LOAN AGREEMENT - Page 6	  	Loan No. 1002863
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	2.11	EARLY TERMINATION OF DHL LEASE. If DHL exercises its right under Section 1A.6 of the DHL Lease to terminate the DHL Lease prior to its stated
expiration, the cancellation fee payable by DHL under the terms of Section 1A.6 (the “Cancellation Fee”) shall be paid by DHL directly to Lender and deposited by Lender in Borrower’s Funds Account. Borrower shall take such
commercially reasonable actions as may be necessary to cause DHL to pay the Cancellation Fee directly to Lender. If, despite such actions, DHL pays the Cancellation Fee to Borrower, Borrower shall receive and hold the Cancellation Fee in trust for
Lender and shall, within three (3) Business Days after receipt, pay the Cancellation Fee to Lender for deposit in Borrower’s Funds Account. The Cancellation Fee shall thereafter be held by Lender in Borrower’s Funds Account and either
(a) disbursed by Lender to Borrower, on and subject to the terms and conditions of this Agreement, for application to the costs of Tenant Improvements and to Leasing Commissions for Approved Leases as provided in Exhibit D or
(b) if a Default has occurred and is continuing, if requested by Borrower or if the Maturity Date occurs, applied to the outstanding principal balance of the Loan. If the Cancellation Fee is disbursed to Borrower pursuant to item (a) of
the preceding sentence, and any portion of the Cancellation Fee remains undisbursed after the Improvements have been fully leased under Approved Leases and all costs of Tenant Improvements and all Leasing Commissions have been paid, such funds shall
either be applied to the outstanding principal balance of the Loan or released to Borrower, at Lender’s sole discretion. Anything to the contrary in this Agreement or the Note notwithstanding, no prepayment fee shall be payable by Borrower in
respect of the application of the Cancellation Fee to the outstanding principal balance of the Loan (but Borrower shall remain obligated to pay all fees, charges and other costs that result from such prepayment under any swap, derivative, foreign
exchange or hedge transaction or arrangement (or other similar transaction or arrangement howsoever described or defined) entered into by Borrower and Lender in connection with the Loan, including the Swap Contract). 

 

	2.12	CASH SWEEP FOLLOWING TERMINATION OF DHL LEASE. If DHL exercises its right under Section 1A.6 of the DHL Lease to terminate the DHL Lease prior to its
stated expiration, all Rent (as such terms is defined in the DHL Lease) thereafter received by Borrower from or on behalf of DHL and until new Approved Leases for substantially all of the space in the Improvements have been entered into shall, to
the extent such Rent exceeds the sum of (a) Permitted Operating Expenses payable from such Rent or, with respect to taxes, assessments and insurance, accruing, on a monthly basis plus (b) interest, principal and other amounts from time to
time owing from Borrower to Lender under the Note and other Loan Documents plus (c) amounts from time to time owing under the Swap Contract plus (d) costs of Leasing Commissions and Tenant Improvements for Approved Leases plus
(e) capital improvement expenses approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, within five (5) Business Days of the end of the applicable calendar month, be paid to Lender and held by Lender
in Borrower’s Funds Account. Rent held by Lender in Borrower’s Funds Account shall be either (a) disbursed by Lender to Borrower, on and subject to the terms and conditions of this Agreement, for application to the costs of Tenant
Improvements and to Leasing Commissions for Approved Leases as provided in Exhibit D or (b) if a Default has occurred and is continuing, if requested by Borrower or if the Maturity Date occurs, applied to the outstanding principal
balance of the Loan. If Rent held by Lender in Borrower’s Funds Account is disbursed to Borrower pursuant to item (a) of the preceding sentence, and any portion of such Rent remains undisbursed after the Improvements have been fully leased
under Approved Leases and all costs of Tenant Improvements and all Leasing Commissions have been paid, such funds shall either be applied to the outstanding principal balance of the Loan or released to Borrower, at Lender’s sole discretion.
Anything to the contrary in this Agreement or the Note notwithstanding, no prepayment fee shall be payable by Borrower in respect of the application under this Section 2.12 of Rent paid by DHL to the outstanding principal balance of the Loan
(but Borrower shall remain obligated to pay all fees, charges and other costs that result from such prepayment under any swap, derivative, foreign exchange or hedge transaction or arrangement (or other similar transaction or arrangement howsoever
described or defined) entered into by Borrower and Lender in connection with the Loan), including the Swap Contract. 

  

	2.13	 DHL HOLDBACK. Pursuant to the Deed of Trust, Borrower has assigned to Lender, in each case only with respect to the “Holdback”
as therein defined, all right, title and interest of Borrower in, to and under (a) that certain Agreement for Assignment and Assumption of Purchase and Sale Agreement dated as of June 21, 2010 between Borrower and DHL and (b) that
certain Escrow Agreement dated June 30, 2010 among Borrower, DHL and Chicago Title Insurance Company (“Escrow Agent”). If, under any circumstances whatsoever, all or any portion of the Holdback becomes payable to Borrower, the
Holdback shall be paid by Escrow Agent directly to Lender and deposited by Lender in Borrower’s Funds Account. Borrower shall take such commercially reasonable actions as may be necessary to cause Escrow Agent to pay the Holdback, or so much
thereof as may be payable to 

  

			
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Borrower, directly to Lender. If, despite such actions, Escrow Agent pays all or any portion of the Holdback to Borrower, Borrower shall receive and hold the Holdback or so much thereof as has
been paid to Borrower in trust for Lender and shall, within three (3) Business Days after receipt, pay the Holdback, or so much thereof as has been paid to Borrower to Lender for deposit in Borrower’s Funds Account. The Holdback or so much
thereof as has been paid to Borrower and deposited with Lender shall be applied by Lender to the outstanding principal balance of the Loan. Anything to the contrary in this Agreement or the Note notwithstanding, no prepayment fee shall be payable by
Borrower in respect of the application of the Holdback or any portion thereof to the outstanding principal balance of the Loan (but Borrower shall remain obligated to pay all fees, charges and other costs that result from such prepayment under any
swap, derivative, foreign exchange or hedge transaction or arrangement (or other similar transaction or arrangement howsoever described or defined) entered into by Borrower and in connection with the Loan), including the Swap Contract.

 ARTICLE 3. DISBURSEMENT 

 

	3.1	CONDITIONS PRECEDENT. Lender’s obligation to make any disbursements or take any other action under the Loan Documents shall be subject at all times
to satisfaction of each of the following conditions precedent and, as applicable, those in Exhibit D hereto: 

  

	 	(a)	There shall exist no Default under Section 11.1(a) of this Agreement, or Default under Section 11.1(b) of this Agreement which Lender
determines, in its reasonable judgment, would have a Material Adverse Effect, or any other Default as defined in any of the other Loan Documents or in the Other Related Documents, or event, omission or failure of condition, which would constitute a
Default after notice or lapse of time, or both; and 

  

	 	(b)	[Intentionally Omitted.]; and 

  

	 	(c)	Lender shall have received all Loan Documents, other documents, instruments, policies, and forms of evidence or other materials requested by Lender under the terms of
this Agreement or any of the other Loan Documents; and 

  

	 	(d)	Lender shall have received and approved in form and substance satisfactory to Lender: (i) a property condition report for the Property and Improvements;
(ii) an environmental questionnaire, if Lender requires same, and environmental site assessment with respect to the presence, if any, of Hazardous Materials on the Property and Improvements; (iii) evidence of all necessary or appropriate
approvals for the operation of the Property and Improvements from all applicable governmental agencies; and (iv) copies of any initial study, negative declaration, mitigated negative declaration, environmental impact report, notice of
determination or notice of exemption prepared, adopted, certified or filed by or with any governmental agency in connection with the Property and Improvements; and 

 

	 	(e)	Lender has received and approved the DHL Lease; and 

  

	 	(f)	Lender has received a subordination agreement; acknowledgment of lease assignment, estoppel, attornment and nondisturbance agreement (“SNDA”), in form
and substance acceptable to Lender, from DHL; and 

  

	 	(g)	Borrower shall have paid to Lender from Loan proceeds, to be held by Lender in the Borrower’s Funds Account and disbursed as provided in Section 2.10 above
and Exhibit D, Eighty Two Thousand Five Hundred and No/00ths Dollars ($82,500.00); and 

  

	 	(h)	[Intentionally Omitted.]; and 

  

	 	(i)	Borrower shall have purchased and consummated the Swap Contract. 

  

	3.2	 ACCOUNT, PLEDGE AND ASSIGNMENT, AND DISBURSEMENT AUTHORIZATION. The proceeds of the Loan and Borrower’s Funds, when qualified for
disbursement, shall be deposited into the Account or otherwise 

  

			
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disbursed to or for the benefit or account of Borrower under the terms of this Agreement; provided, however, that any direct disbursements from the Loan which are made by means of
wire transfer, shall be subject to the provisions of that certain Section entitled Funds Transfer Disbursements. Disbursements hereunder may be made by Lender upon the written request of any person who has been authorized by Borrower
to request such disbursements until such time as written notice of Borrower’s revocation of such authority is received by Lender at the address shown in Exhibit D. As additional security for Borrower’s performance under the
Loan Documents, Borrower hereby irrevocably pledges and assigns to Lender all monies at any time deposited in the Account. 

  

	3.3	BORROWER’S FUNDS ACCOUNT, PLEDGE AND ASSIGNMENT. Except as otherwise provided in this Agreement, all of the Borrower’s Funds which are deposited
with Lender by Borrower shall be placed in the Borrower’s Funds Account with, and controlled by, Lender for disbursement under this Agreement. As additional security for Borrower’s performance under the Loan Documents, Borrower hereby
irrevocably pledges and assigns to Lender all monies at any time deposited in the Borrower’s Funds Account. 

  

	3.4	DISBURSEMENTS. Borrower’s Funds shall be disbursed in accordance with the terms and conditions of whichever of Section 2.10, 2.11, 2.12 and 2.13
is applicable and Exhibit D. All disbursements shall be held by Borrower in trust and applied by Borrower solely for the purposes for which the funds have been disbursed. Lender has no obligation to monitor or determine Borrower’s
use or application of the disbursements. 

  

	3.5	FUNDS TRANSFER DISBURSEMENTS. Borrower hereby authorizes Lender to disburse the proceeds of any Loan(s) made by Lender or its Affiliate pursuant to the
Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in that certain Exhibit entitled Transfer Authorizer Designation. Borrower agrees to be bound by any transfer request:
(i) authorized or transmitted by Borrower; or, (ii) made in Borrower’s name and accepted by Lender in good faith and in compliance with these transfer instructions, even if not properly authorized by Borrower. Borrower further agrees
and acknowledges that Lender may rely solely on any bank routing number or identifying bank account number or name provided by Borrower to effect a wire or funds transfer even if the information provided by Borrower identifies a different bank or
account holder than named by the Borrower. Lender is not obligated or required in any way to take any actions to detect errors in information provided by Borrower. If Lender takes any actions in an attempt to detect errors in the transmission or
content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, Borrower agrees that no matter how many times Lender takes these actions Lender will not in any situation be liable for failing to
take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between Lender and Borrower. Borrower
agrees to notify Lender of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after Lender’s confirmation to Borrower of such transfer. Lender will, in its
sole discretion, determine the funds transfer system and the means by which each transfer will be made. Lender may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization,
(ii) require use of a bank unacceptable to Lender or prohibited by government authority, (iii) cause Lender to violate any Federal Reserve or other regulatory risk control program or guideline, or (iv) otherwise cause Lender to
violate any applicable law or regulation. Lender shall not be liable to Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which
Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of the Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or
failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Lender’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (a) any
claim for these damages is based on tort or contract, or (b) Lender or Borrower knew or should have known the likelihood of these damages in any situation. Lender makes no representations or warranties other than those expressly made in this
Agreement. 

 ARTICLE 4. INTENTIONALLY OMITTED 

 

			
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 ARTICLE 5. INSURANCE 

Borrower shall, while any obligation of Borrower or any Guarantor under any Loan Document remains outstanding, maintain at Borrower’s sole expense,
the following policies of insurance in form and substance satisfactory to Lender. Capitalized terms used in this Article shall have the same meaning as such terms are commonly and presently defined in the insurance industry. 

 

	5.1	TITLE INSURANCE. A Title Policy, together with any endorsements which Lender may require, insuring Lender, in the principal amount of the Loan, of the
validity and the priority of the lien of the Deed of Trust upon the Property and Improvements, subject only to matters approved by Lender in writing. During the term of the Loan, Borrower shall deliver to Lender, within five (5) days of
Lender’s written request, such other endorsements to the Title Policy as Lender may reasonably require. 

  

	5.2	PROPERTY INSURANCE. An All Risk – All Peril/Special Form Property Insurance policy, including without limitation, theft coverage, terrorism coverage
and such other coverages and endorsements, including rental loss coverage, workers compensation coverage, professional liability coverage and earthquake insurance, as Lender may require, insuring Lender against damage to the Property and
Improvements in an amount acceptable to Lender. Such coverage should adequately insure any and all Loan collateral, whether such collateral is onsite, stored offsite or otherwise. Lender shall be named on the policy as Mortgagee and named under a
Lender’s Loss Payable Endorsement and Standard Mortgage Clause Endorsement (in forms acceptable to Lender). Such insurance shall be in an amount equal to 100% of the full insurable value/replacement cost of the Improvements with a deductible no
greater than $100,000. 

  

	5.3	FLOOD HAZARD INSURANCE. A policy of flood insurance if any portion of the Improvements are located now or at any time while the Loan is outstanding in a
federally designated “special flood hazard area” in an amount required by Lender, but in no event more than the maximum limit available under the National Flood Insurance Act. 

 

	5.4	LIABILITY INSURANCE. A policy of Commercial General Liability insurance on an occurrence basis, with a combined limit of not less than $2,000,000 in the
aggregate and per occurrence, insuring against liability for injury and/or death to any person and/or damage to any property occurring on the Property. 

  

	5.5	OTHER COVERAGE. Borrower shall provide to Lender evidence of such other reasonable insurance in such reasonable amounts as Lender may from time to time
request against such other insurable hazards which at the time are commonly insured against for property similar to the subject Property located in or around the region in which the subject Property is located. Such coverage requirements may include
but are not limited to coverage for earthquake, acts of terrorism, business income, delayed business income, rental loss, sink hole, soft costs, tenant improvement or environmental. 

 

	5.6	GENERAL. Borrower shall provide to Lender insurance certificates or other evidence of coverage in form acceptable to Lender, with coverage amounts,
deductibles, limits and retentions as required by Lender. All insurance policies shall provide that the coverage shall not be cancelable or materially changed without 10 days prior written notice to Lender of any cancellation for nonpayment of
premiums, and not less than 30 days prior written notice to Lender of any other cancellation or any modification (including a reduction in coverage). Lender shall be named under a Lender’s Loss Payable Endorsement and Standard Mortgage Clause
Endorsement (in forms acceptable to Lender) on all insurance policies which Borrower actually maintains with respect to the Property. All insurance policies shall be issued and maintained by insurers approved to do business in the state in which the
Property is located and must have an A.M. Best Company financial rating and policyholder surplus of “A-VI” or better. 

  

			
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 ARTICLE 6. REPRESENTATIONS AND WARRANTIES 

As a material inducement to Lender’s entry into this Agreement, Borrower represents and warrants to Lender as of the Effective Date and continuing
thereafter that: 
  

	6.1	AUTHORITY/ENFORCEABILITY. Borrower is in compliance with all laws and regulations applicable to its organization, existence and transaction of business
and has all necessary rights and powers to own and operate the Property and Improvements as contemplated by the Loan Documents. 

  

	6.2	BINDING OBLIGATIONS. Borrower is authorized to execute, deliver and perform its obligations under the Loan Documents, and such obligations shall be valid
and binding obligations of Borrower. 

  

	6.3	FORMATION AND ORGANIZATIONAL DOCUMENTS. Borrower has delivered to Lender all formation and organizational documents of Borrower, Holdco, Guarantor and
IIT, and each of their respective Constituent Entities, and all such formation and organizational documents remain in full force and effect and have not been amended or modified since they were delivered to Lender. Borrower shall not and shall not
allow Holdco, Guarantor and IIT and any of their respective Constituent Entities to amend, supplement or restate any of such formation and organizational documents if it would have a material adverse effect on the ability of the Borrower or
Guarantor, as applicable, to perform, or of Lender to enforce, any of the Loan Documents. Borrower shall immediately provide Lender with copies of any amendments, supplements or restatements of the formation or organizational documents.

  

	6.4	NO VIOLATION. Borrower’s execution, delivery, and performance under the Loan Documents do not: (a) require any consent or approval not
heretofore obtained under any partnership agreement, operating agreement, articles of incorporation, bylaws or other document; (b) violate any governmental requirement applicable to the Property and Improvements or any other statute, law,
regulation or ordinance or any order or ruling of any court or governmental entity; (c) conflict with, or constitute a breach or default or permit the acceleration of obligations under any agreement, contract, lease, or other document by which
the Borrower is or the Property and Improvements are bound or regulated; or (d) violate any statute, law, regulation or ordinance, or any order of any court or governmental entity. 

 

	6.5	COMPLIANCE WITH LAWS. Borrower has, and at all times shall have obtained, all permits, licenses, exemptions, and approvals necessary to construct, occupy,
operate and market the Property and Improvements, and shall maintain compliance with all governmental requirements applicable to the Property and Improvements and all other applicable statutes, laws, regulations and ordinances necessary for the
transaction of its business, and shall require its lessees or licensees to do the same. The Property and Improvements are a single legal parcel lawfully created in full compliance with all subdivision laws and ordinances, and is properly zoned for
the stated use of the Property and Improvements as disclosed to Lender at the time of execution hereof. Borrower shall not initiate or acquiesce to a zoning change of the Property and Improvements without prior notice to, and prior written consent
from Lender. Furthermore, Borrower shall not allow changes in the stated use of the Property and Improvements from that disclosed to Lender at the time of execution hereof without prior notice to, and prior written consent from, Lender.

  

	6.6	LITIGATION. Except as disclosed in Schedule 6.6 attached hereto, there are no claims, actions, suits, or proceedings pending, or to
Borrower’s knowledge threatened, against Borrower or affecting the Property or Improvements that could have a material adverse effect on the Borrower or Property. 

 

	6.7	 FINANCIAL CONDITION. The financial statements of Borrower (including operating statements for the Property and Improvements) and
Guarantor heretofore and hereafter delivered to Lender by Borrower or Guarantor are or will, as of the date set forth on such statement, (i) be materially complete and correct, (ii) present fairly and accurately the financial condition of
such party, (iii) disclose all liabilities that are required by GAAP to be reflected or reserved against, and (iv) be prepared in accordance with the same accounting standard used by Borrower, IIT or Guarantor to prepare the financial
statements delivered to and approved by Lender in connection with the making of the Loan, or other accounting standards approved by Lender. Since the date of such financial statements, there has been no material adverse change in such financial
condition, nor has any asset or properties reflected on such financial statement been sold, transferred, assigned mortgaged, pledged or encumbered which would have a Material Adverse Effect, except as previously disclosed in writing by Borrower, IIT
or Guarantor to Lender. Notwithstanding the use of GAAP, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value
option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for

  

			
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financial liabilities. Therefore, the amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any
premium or discount. Borrower acknowledges and agrees that Lender may request and obtain additional information from third parties regarding any of the above, including, without limitation, credit reports. 

 

	6.8	NO MATERIAL ADVERSE CHANGE. There has been no material adverse change in the financial condition of Borrower and/or Guarantor since the dates of the
latest financial statements furnished to Lender and, except as otherwise disclosed to Lender in writing, Borrower has not entered into any material transaction which is not disclosed in such financial statements and which could have a material
adverse effect on Borrower or the Property. 

  

	6.9	[Intentionally Omitted.] 

  

	6.10	REPORTS. To the best of Borrower’s knowledge, all reports, documents, instruments and written information delivered by Borrower or Guarantor to
Lender in connection with the Loan, as of the date delivered: (i) are correct in all material respects and sufficiently complete to give Lender accurate knowledge of their subject matter thereof; and (ii) do not contain any material
misrepresentation of a material fact or omission of a material fact which omission makes the provided information misleading in any material respect. 

  

	6.11	TAX LIABILITY. Borrower has filed all required federal, state, county and municipal tax returns and has paid all taxes and assessments owed and payable,
and Borrower has no knowledge of any basis for any additional payment with respect to any such taxes and assessments. 

  

	6.12	UTILITIES. All utility services, including, without limitation, gas, water, sewage, electrical and telephone, necessary for the operation and occupancy of
the Property and Improvements are available at or within the boundaries of the Property. 

  

	6.13	COMPLIANCE. Borrower is familiar with and in compliance with all governmental requirements for the ownership, occupancy and operation of the Property and
Improvements and will conform to and comply with all governmental requirements. 

  

	6.14	AMERICANS WITH DISABILITIES ACT COMPLIANCE. The Improvements have been designed and constructed and completed, and will hereafter be maintained, and any
Construction Improvements will be designed, constructed and maintained, in strict accordance and full compliance with all of the requirements of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327,
42 U.S.C. § 12101, et. seq., as same may be amended from time to time. Borrower shall be responsible for all ADA compliance costs. 

  

	6.15	BUSINESS LOAN. The Loan is a business loan transaction in the stated amount solely for the purpose of carrying on the business of Borrower and none of the
proceeds of the Loan will be used for the personal, family, household or agricultural purposes of the Borrower. 

  

	6.16	TAX SHELTER REGULATIONS. Neither Borrower, any Guarantor, any Non-Borrower Grantor, nor any subsidiary of any of the foregoing intends to treat the Loan
or the transactions contemplated by this Agreement and the other Loan Documents as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). If Borrower, or any other party to the Loan determines
to take any action inconsistent with such intention, Borrower will promptly notify Lender thereof. If Borrower so notifies Lender, Borrower acknowledges that Lender may treat the Loan as part of a transaction that is subject to Treasury Regulation
Section 301.6112-1, and Lender will maintain the lists and other records, including the identity of the applicable party to the Loan as required by such Treasury Regulation. 

ARTICLE 7. INTENTIONALLY OMITTED 
  

			
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 ARTICLE 8. REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING 

SPECIAL PURPOSE ENTITY STATUS 
  

	8.1	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPECIAL PURPOSE ENTITY (“SPE”) STATUS. Borrower hereby represents, warrants and covenants to
Lender, with regard to Borrower, as follows: 

  

	 	(a)	Limited Purpose. The sole purpose to be conducted or promoted by Borrower since its organization is to engage in the following activities: (i) to
acquire, own, hold, lease, operate, manage, maintain, develop and improve, the Property and Improvements; (ii) to enter into and perform its obligations under the Loan Documents; (iii) to sell, transfer, service, convey, dispose of,
pledge, assign, borrow money against, finance, refinance or otherwise deal with the Property and Improvements to the extent permitted under the Loan Documents; and (iv) to engage in any lawful act or activity and to exercise any powers
permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

 

	 	(b)	Limitations on Debt, Actions. Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management
or operation of Borrower, Borrower shall not (i) guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person or hold out its credit as being available to pay the obligations of any
other Person; (ii) engage, directly or indirectly, in any business other than as required or permitted to be performed under this Section; (iii) incur, create or assume any indebtedness or liabilities other than (A) the Loan;
(B) interest rate swap transaction; (C) taxes applicable to the Property or Improvements; and (D) unsecured trade payables incurred in the ordinary course of its business that are related to the ownership and operation of the Property
and Improvements not to exceed two percent (2%) of the outstanding balance of the Loan, and which is not evidenced by a note and which must be paid within sixty (60) days and which are otherwise expressly permitted under the Loan
Documents; (iv) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that Borrower may invest in those investments permitted under the Loan Documents; (v) to the
fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary course of Borrower’s business; (vi) buy or hold evidence of indebtedness
issued by any other Person (other than cash or investment-grade securities); (vii) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity;
(vii) own any asset or property other than the Property and Improvements and incidental personal property necessary for the ownership or operation of the Property and Improvements; or (viii) take any material action without the unanimous
written approval of all members of Borrower. 

  

	 	(c)	 Separateness Covenants. In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with
any Affiliate, Borrower represents and warrants that in the conduct of its operations since its organization has and will continue to observe the following covenants (collectively, the “Separateness Provisions”): (i) maintain
books and records and bank accounts separate from those of any other Person; (ii) maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (iii) comply with all organizational
formalities necessary to maintain its separate existence; (iv) hold itself out to creditors and the public as a legal entity separate and distinct from any other entity; (v) maintain separate financial statements, showing its assets and
liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person except that Borrower’s assets may be included in a consolidated financial statement of its Affiliate so
long as appropriate notation is made on such consolidated financial statements to indicate the separateness of Borrower from such Affiliate and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other
obligations of such Affiliate or any other Person, except as contemplated by the Loan Documents; (vi) prepare and file its own tax returns separate from those of any Person to the extent required by applicable law, and pay any taxes required to
be paid by applicable law; (vii) allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates; (viii) not enter into any transaction with any Affiliate, except on an arm’s-length basis on terms
which are intrinsically fair and no less favorable than would be available for 

  

			
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unaffiliated third parties, and pursuant to written, enforceable agreements; (ix) conduct business in its own name, and to the extent Borrower uses stationery, invoices or checks, use
separate stationery, invoices and checks bearing its own name; (x) not commingle its assets or funds with those of any other Person; (xi) not assume, guarantee or pay the debts or obligations of any other Person; (xii) correct any
known misunderstanding as to its separate identity; (xiii) not permit any Affiliate to guarantee or pay its obligations (other than limited guarantees and indemnities set forth in the Loan Documents); (xiv) not make loans or advances to
any other Person; (xv) pay its liabilities and expenses out of and to the extent of its own funds; (xvi) [intentionally omitted]; (xvii) maintain adequate capital in light of its contemplated business purpose, transactions and
liabilities; provided, however, that the foregoing shall only apply to the extent that there is positive net cash flow at the Property after the payment of all Permitted Operating Expenses and other property expenses (including costs of Tenant
Improvements, Leasing Commissions and capital expenditures), any amounts owing under the Swap Contract, and any debt service on the Loan, and shall not require any equity owner to make additional capital contributions to Borrower; and
(xviii) cause the managers, officers, employees, agents and other representatives of Borrower to act at all times with respect to Borrower consistently and in furtherance of the foregoing and in the best interests of Borrower.

 Failure of Borrower to comply with any of the covenants contained in this Section or any other covenants
contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 
  

	 	(d)	SPE Covenants in Borrower Organizational Documents. Borrower agrees not to amend, modify or otherwise change its organizational documents with respect to
the provisions of this Section without the prior written consent of the Lender. 

 ARTICLE 9. COVENANTS OF
BORROWER 
  

	9.1	EXPENSES. Borrower shall immediately pay Lender upon demand all actual out-of-pocket costs and expenses incurred by Lender in connection with:
(a) the preparation of this Agreement and all other Loan Documents contemplated hereby; (b) any modifications and amendments, if any, of this Agreement or any of the other Loan Documents if such modifications and amendments are required
under Section 9.17 below or as a result of a request of Borrower, Borrower’s default or changed circumstances affecting Borrower or the Property or Improvements; (c) the processing of any Borrower requests made hereunder and under any
of the other Loan Documents; (d) the enforcement or satisfaction by Lender of any of Borrower’s obligations under this Agreement and the other Loan Documents; or (e) otherwise protecting Lender’s interests under this Agreement
and any other Loan Document, including, without limitation, in connection with any “work-out” of the Loan or any bankruptcy, insolvency, receivership, reorganization, rehabilitation, liquidation or other similar proceeding in respect of
any Loan Party or an assignment by any Loan Party for the benefit of its creditors. For all purposes of this Agreement, Lender’s costs and expenses shall include, without limitation, all appraisal fees, cost engineering, inspection fees, legal
fees and expenses, accounting fees, environmental consultant fees, auditor fees, UCC filing fees and/or UCC vendor fees, flood certification vendor fees, tax service vendor fees, and the cost to Lender of any title insurance and endorsement
premiums, title surveys, release and notary fees. Borrower recognizes and agrees that formal written appraisals of the Property and Improvements by a licensed independent appraiser may be required by Lender’s internal procedures and/or federal
regulatory reporting requirements on an annual and/or specialized basis and that Lender may, at its option, require inspection of the Property and Improvements by an independent supervising architect and/or cost engineering specialist: (i) upon
completion of all Tenant Improvements; and (ii) at least annually thereafter; however such appraisals shall be obtained at Lender’s sole cost other than (A) the Appraisal obtained in connection with approval of the Loan,
(B) appraisals obtained by reason of any regulatory requirements imposed on Lender, and (C) any appraisal obtained during the existence of a Default. If any of the services described above are provided by an employee of Lender,
Lender’s costs and expenses for such services shall be calculated in accordance with Lender’s standard charge for such services, provided such charges are reasonable and comparable to the charges that would otherwise be charged by a third
party. 

  

	9.2	 ERISA COMPLIANCE. Borrower shall at all times comply with the provisions of ERISA with respect to any retirement or other employee
benefit plan to which it is a party as employer, and as soon as possible after Borrower knows, or has reason to know, that any Reportable Event (as defined in ERISA) with respect to any

  

			
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such plan of Borrower has occurred, it shall furnish to Lender a written statement setting forth details as to such Reportable Event and the action, if any, which Borrower proposes to take with
respect thereto, together with a copy of the notice of such Reportable Event furnished to the Pension Benefit Guaranty Corporation. 

  

	9.3	LEASING. Borrower shall use its commercially reasonable efforts to maintain all leasable space in the Property leased at no less than fair market rental
rates. 

  

	9.4	APPROVAL OF LEASES. Borrower shall not execute any Leases for all or any part of the Property and Improvements unless same is an Approved Lease. Except
for Approved Leases, Lender shall approve or disapprove any proposed Lease submitted by Borrower within ten (10) days after Borrower has submitted to Lender (i) a written request for approval, (ii) the proposed form of Lease (with any
changes from the Approved Lease Form, if any, marked or redlined), and (iii) financial and background information regarding the proposed tenant and such other information reasonably requested by Lender. If Lender rejects any request for
approval, notice of such rejection shall include the specified reasons for rejection. If Lender fails to approve a Lease or to reject the Lease with a specific list of reasons for such rejection within the ten (10) day period provided in this
paragraph, such Lease shall be deemed approved if Borrower’s request for approval contained in conspicuous type (larger than any other type in the request) the statement, “THIS IS A REQUEST FOR APPROVAL OF A TENANT LEASE—RESPONSE
REQUIRED WITHIN TEN DAYS.” 

  

	9.5	INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall apply all Gross Operating Income from the Property and Improvements first to the payment of Permitted
Operating Expenses and the payment of amounts owing on the Swap Contract and accrued interest and outstanding principal on the Loan before using Gross Operating Income for any other purpose. In no event shall any Gross Operating Income be
distributed to any partner, venturer, member or equity investor of Borrower during the existence of a Default. 

  

	9.6	SUBDIVISION MAPS. Prior to recording any final map, plat, parcel map, lot line adjustment or other subdivision map of any kind covering any portion of the
Property (collectively, “Subdivision Map”), Borrower shall submit such Subdivision Map to Lender for Lender’s review and approval, which approval shall not be unreasonably withheld. Within ten (10) Business Days after
Lender’s receipt of such Subdivision Map, Lender shall provide Borrower written notice if Lender disapproves of said Subdivision Map. Lender shall be deemed to have approved the Subdivision Map if such notice is not provided to Borrower. Within
five (5) Business Days after Lender’s request, Borrower shall execute, acknowledge and deliver to Lender such amendments to the Loan Documents as Lender may reasonably require to reflect the change in the legal description of the Property
resulting from the recordation of any Subdivision Map. In connection with and promptly after the recordation of any amendment or other modification to the Deed of Trust recorded in connection with such amendments, Borrower shall deliver to Lender,
at Borrower’s sole expense, a title endorsement to the Title Policy in form and substance satisfactory to Lender insuring the continued first priority lien of the Deed of Trust. Subject to the execution and delivery by Borrower of any documents
required under this Section, Lender shall, if required by applicable law, sign any Subdivision Map approved, or deemed to be approved, by Lender pursuant to this Section. 

 

	9.7	OPINION OF LEGAL COUNSEL. Borrower shall provide, at Borrower’s expense, an opinion of legal counsel in form and content satisfactory to Lender to
the effect that: (a) upon due authorization, execution and recordation or filing as may be specified in the opinion, each of the Loan Documents shall be legal, valid and binding instruments, enforceable against the makers thereof in accordance
with their respective terms; (b) the Deed of Trust creates the lien it purports to create on the Property and Improvements and irrevocably assigns the lessor’s interest in the leases described therein; (c) the interest rate terms do
not violate any applicable usury laws; and (d) such other matters required by Lender. 

  

	9.8	FURTHER ASSURANCES. Upon Lender’s request and at Borrower’s sole cost and expense, Borrower shall execute, acknowledge and deliver any other
instruments and perform any other acts necessary, desirable or proper, as determined by Lender, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any liens created by the Loan Documents.

  

	9.9	 ASSIGNMENT. Without the prior written consent of Lender and except as otherwise provided with respect to Permitted Transfers, Borrower
shall not assign Borrower’s interest under any of the Loan Documents, or in any monies due or to become due thereunder, and any assignment without such consent shall be void. In this regard,

  

			
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Borrower acknowledges that Lender would not make this Loan except in reliance on Borrower’s expertise, reputation, prior experience in developing and constructing commercial real property,
Lender’s knowledge of Borrower, and Lender’s understanding that this Agreement is more in the nature of an agreement involving personal services than a standard loan where Lender would rely on security which already exists.

  

	9.10	MANAGEMENT AND LEASING OF PROPERTY. Without the prior written consent of Lender, Borrower shall not enter into any agreement providing for the management,
leasing or operation of the Property or Improvements. Borrower and Manager and any third party leasing broker shall execute an assignment and subordination agreement in form and substance acceptable to Lender collaterally assigning the Management
Agreement and any leasing agreement and subordinating the Management Agreement and any leasing agreement and any fees payable thereunder to the Loan. Lender acknowledges and agrees that the existing Management Agreement with CB Richard Ellis Inc. is
approved by Lender subject to Lender’s receipt of an acceptable assignment and subordination agreement with respect to such Management Agreement. 

  

	9.11	MANAGER. Borrower warrants, represents and agrees that it shall cause the Manager to operate, administer, manage and lease the Property and Improvements
in a commercially first class manner. Borrower warrants and represents that the Manager has expertise in operating, managing, administering and leasing office building properties similar to the Property and Improvements. Borrower acknowledges that
Manager’s expertise was a substantial inducement to Lenders in making the Loan. Any substitute management company shall be of comparable quality and expertise and shall be subject to Lender’s prior written approval. In addition, Borrower
covenants and agrees that in no event shall Borrower amend, modify, assign or terminate the terms and provisions of the Management Agreement (nor any of its rights thereunder) without the Lender’s prior written consent. Borrower covenants and
agrees to promptly provide to Lender a copy of any such amendment, modification, assignment or termination. Borrower further agrees that, upon the request of Lender, Borrower shall promptly terminate Manager, as the property management company, and
engage a replacement property management company reasonably acceptable to Lender. 

  

	9.12	DERIVATIVE DOCUMENTS. Upon receipt from Lender, Borrower shall execute promptly all documents evidencing the Swap Contract. 

 

	9.13	PROPERTY TRANSFERS. 

  

	 	(a)	Prohibited Property Transfers. Borrower shall not cause or permit any Transfer of all or any part of or any direct or indirect legal or beneficial
interest in the Property or Improvements (collectively, a “Prohibited Property Transfer”), including, without limitation, (i) a lease of all or a material part of the Property for any purpose other than actual occupancy by a
space tenant; and (ii) the Transfer of all or any part of Borrower’s right, title and interest in and to any Lease or Lease payments. 

  

	 	(b)	Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer:
(i) a Permitted Transfer or other Transfer, which is expressly permitted under this Agreement; (ii) a Lease which is permitted under the terms of the Loan Documents; and (iii) the sale of inventory in the ordinary course of business.

  

	9.14	EQUITY TRANSFERS. 

  

	 	(a)	 Prohibited Equity Transfers. Borrower shall not cause or permit any Transfer of any direct or indirect legal or beneficial interest in a
Restricted Party (collectively, a “Prohibited Equity Transfer”), including without limitation, (i) if a Restricted Party is a corporation, any merger, consolidation or other Transfer of such corporation’s stock or the
creation or issuance of new stock in one or a series of transactions; (ii) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any merger or consolidation or the change, removal,
resignation or addition of a general partner, managing member or non-member manager or the Transfer 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 limited partnership interests; (iii) 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 any profits or proceeds relating to such 

  

			
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membership interest, or the Transfer of a non-managing membership interest or the creation or issuance of new non-managing membership interests; or (iv) if a Restricted Party is a trust, any
merger, consolidation or other Transfer of any legal or beneficial interest in such Restricted Party or the creation or issuance of new legal or beneficial interests. 

 

	 	(b)	Permitted Equity Transfers. Notwithstanding the foregoing or any other provision hereunder to the contrary, the following equity transfers shall be
permitted and shall not be deemed Prohibited Equity Transfers (and each shall be permitted hereunder without the consent of Lender or the payment of any assumption fee), provided, (x) any of the applicable conditions set forth in this
Section 9.14(b) are complied with by Borrower, and (y) Borrower pays all of Lender’s reasonable out of pocket costs and expenses in connection therewith. 

 

	 	(1)	a Transfer by holders of direct or indirect interests in Borrower (each an “Interest Holder”) as of the Effective Date (including, without limitation,
those interests held, directly or indirectly, by IIT or Guarantor) to another Person who is not an Interest Holder, provided, however, that (i) after taking into account any prior Transfers pursuant to this sentence, whether to the proposed
transferee or otherwise, no such Transfer (or series of Transfers) shall result in a change of Control of Borrower or the day to day operations of the Property, (ii) Borrower shall give Lender notice of such Transfer together with copies of all
instruments effecting such Transfer reasonably requested by Lender, not less than thirty (30) days after the date of such Transfer; and (iii) no Default shall have occurred and is continuing; 

 

	 	(2)	any Transfer or issuance, from time to time, of (i) any securities in IIT, or (ii) any operating partnership units in Guarantor, provided, however, that IIT
and Guarantor shall continue to (x) Control (as defined in clause (ii) in the definition of Control) directly or indirectly, the Borrower and the day to day operations of the Property on the date of such Transfer and (y) own,
directly or indirectly, at least 25% of all equity interests in Borrower; 

  

	 	(3)	(i) any Transfer or issuance from time to time, of the shares of stock or assets in IIT or Guarantor, (ii) any Transfer by operation of law resulting from the
merger, consolidation, or non-bankruptcy reorganization of IIT or Guarantor, (iii) the listing of the securities in IIT or Guarantor on a national securities exchange, (iv) the conversion of IIT or Guarantor, or any subsidiary thereof,
into an “open end fund”, or (v) the transfer of the Property from Borrower to an Affiliate of Borrower that is owned and controlled in substantially the same manner as Borrower is owned and controlled on the Effective Date and with
the equivalent or better financial condition than that of Borrower (“Affiliate Transferee”) provided that (x) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of
Borrower and (y) the Affiliate Transferee executes assumption documentation reasonably required by Lender (it being understood and agreed that no assumption fee shall be payable in connection with any such assumption); provided, however, that,
to the extent that any Transfer under clauses (i) or (ii) above results in a change in Control of IIT or Guarantor, as applicable, then the Loan shall be due and payable sixty (60) days after such Transfer and Borrower
shall pay all Indebtedness to Lender on or before the end of such sixty (60) day period; and 

  

	 	(4)	subject to clause (3) above, a Transfer of shares or other securities of IIT or any of its Affiliates, which are listed on any national securities exchange.

  

	 	(c)	SPE Status. Nothing contained in this Section shall be construed to permit any Transfer which would result in a breach of any representation, warranty or
covenant of Borrower under Section 9.13 of this Agreement. 

  

	9.15	CERTIFICATES OF OWNERSHIP. Borrower shall deliver to Lender, at any time and from time to time (provided there is no Default, no more than once in a 12
month period), not more than five (5) days after Lender’s written request therefor, a certificate, in form acceptable to Lender, signed and dated by Borrower, listing the names of all persons and entities holding direct or indirect legal
or beneficial interests in the Property and Improvements or any Restricted Party and the type and amount of each such interest; provided, however, such certificate shall not be required to list the names of any limited partners or non-managing
members. 

  

			
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	9.16	COMPLETION OF DHL TENANT IMPROVEMENTS. Promptly following completion of the Tenant Improvements currently under construction by or for DHL under the terms
of the DHL Lease, Borrower shall obtain and deliver to Lender copies of (a) the estoppel certificate to be delivered by DHL to Borrower pursuant to Section 9.3 of Exhibit B to the DHL Lease and (b) the architect’s certificate of
substantial completion of such tenant improvements to be delivered to Borrower by DHL pursuant to Section 4 of that certain Escrow Agreement dated June 30, 2010, among DHL, Borrower and Chicago Title Insurance Company.

  

	9.17	ACCESS EASEMENT. Borrower shall use its best efforts to, on or before October 31, 2010 (the “Access Easement Deadline”), (a) obtain and
record a valid, binding, appurtenant, perpetual and insurable access easement from King County Drainage District No. 1 (the “Drainage District”), in the Drainage District’s standard form or another form reasonably acceptable to
Lender, granting the right to construct, use and maintain a bridge for access and the extension of utilities to the Property across the portion of Spring Brook Creek located adjacent to the Property, as contemplated by the development approvals for
the Property and in satisfaction of all applicable requirements of law (the “Access Easement”), and (b) cause the Title Company to incorporate the Access Easement as an insured parcel in the Title Policy and as one of the easements
covered by the access and contiguity endorsements to the Title Policy, either by endorsement or in another manner satisfactory to Lender (in either case, the “Title Endorsement”). Promptly following the recordation of the Access Easement,
Borrower shall execute and deliver to Lender such amendments to the Loan Documents as Lender may reasonably require, in form and substance satisfactory to Lender, in order to incorporate the Access Easement into the legal description of the Property
in the Loan Documents and to subject the Access Easement to the lien of the Deed of Trust. 

 ARTICLE 10.
REPORTING COVENANTS 
  

	10.1	FINANCIAL INFORMATION. Borrower shall deliver to Lender, as soon as available, but in no event later than ninety (90) days after Borrower’s
fiscal year end, a current unaudited financial statement (including, without limitation, an income and expense statement and a balance sheet) certified (if Lender so requests) by Borrower. Upon request from Lender, Borrower shall deliver to Lender
within forty five (45) days after each calendar quarter end (other than year end statements, which shall be provided within ninety (90) days of year end) unaudited quarterly financial statements and any other financial information
reasonably requested by Lender, consistent with the standard financial statements of IIT and/or, as applicable, other SPE’s (as defined in Section 8.1 above) directly or indirectly owned or controlled by IIT for the following persons and
entities: 

 Borrower 

Borrower shall make available to Lender, as soon as available, but in no event later than ninety (90) days after IIT’s fiscal
year end (and 60 day after each fiscal quarter end), IIT’s current financial statements, which shall include all financial information typically available with respect to a publicly traded Real Estate Investment Trust, including, without
limitation, 10Qs and 10Ks. Except as otherwise agreed to by Lender, all such financial information shall be prepared in accordance with GAAP consistently applied. 
  

	10.2	BOOKS AND RECORDS. Borrower shall maintain complete books of account and other records for the Property and Improvements and for disbursement and use of
the proceeds of the Loan and Borrower’s Funds, and the same shall be available for inspection and copying by Lender upon reasonable prior notice. 

  

	10.3	[Intentionally Omitted.] 

  

	10.4	LEASING REPORTS. Upon Lender’s request, Borrower shall deliver to Lender, within forty-five (45) days after each fiscal quarter end or 60 days
of the year end, rent rolls and/or such other leasing information as Lender shall request with respect to the Property and Improvements, each in form and substance satisfactory to Lender. 

 

			
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 ARTICLE 11. DEFAULTS AND REMEDIES 

 

	11.1	DEFAULT. The occurrence of any one or more of the following shall constitute an event of default (“Default”) under this Agreement and the
other Loan Documents: 

  

	 	(a)	Monetary. Borrower’s failure to pay (i) any principal or interest payments under the Note when due, (ii) any other sums required by any of
the Loan Documents to be paid on the Maturity Date, or (iii) any other sums payable under any of the Loan Documents when due, and such failure continues for ten (10) days after written notice from Lender to Borrower of such failure; or

  

	 	(b)	Performance of Obligations. Borrower’s failure to perform any obligation in addition to those in Section 11.1(a) above under any of the
Loan Documents, and the continuation of such failure for forty-five (45) days after written notice thereof from Lender to Borrower; provided, however, that if a different cure period is provided herein or in any of the other Loan
Documents for the remedy of such failure, Borrower’s failure to perform will not constitute a Default until such date as the specified cure period expires; provided, however, if such failure cannot be cured or remedied with such 45 day period
or other applicable period, but Borrower has commenced the cure or remedy of such failure within such applicable period and thereafter diligently and continuously prosecutes such cure or remedy, then Borrower shall be entitled to a reasonable period
of time (not to exceed 120 days) to cure or remedy such failure; or 

  

	 	(c)	Use. The prohibition, enjoining or interruption of Borrower’s right to use or lease the Property for a continuous period of more than thirty
(30) days; or 

  

	 	(d)	Liens, Attachment; Condemnation. (i) The recording of any lien against the Property or Improvements or the giving to Borrower of any notice of unpaid
claims for work, material or specially fabricated items or of a contractual retainage claim relating to the Property or Improvements and the continuance of such lien claim or notice unless Borrower shall have, within thirty (30) days after such
recordation or notice thereof or five (5) days after Lender’s demand therefor, whichever first occurs, either (A) contests same in a manner and with such assurances thereof that are reasonably acceptable to Lender,
(B) discharges, releases or satisfies same, (C) provides for payment thereof in a manner satisfactory to Lender, or (ii) the condemnation, seizure or appropriation of, or occurrence of an uninsured casualty (except if Borrower is able
to restore same at its sole expense and for which such funds have been deposited into the Borrower’s Funds Account) with respect to any material portion of the Property or Improvements (provided, however, that the condemnation of a material
portion of the Property or Improvements shall not constitute a Default if and so long as no other Default exists and the Loan is repaid in full within one hundred twenty (120) days after the date of the condemnation); or (iii) the
sequestration or attachment of, or any levy or execution upon any of the Property or Improvements, any other collateral provided by Borrower under any of the Loan Documents, any monies in the Account or in the Borrower’s Funds Account, or any
substantial portion of the other assets of Borrower, which sequestration, attachment, levy or execution is not released, expunged or dismissed prior to the earlier of thirty (30) days or the sale of the assets affected thereby; or

  

	 	(e)	Representations and Warranties. Any representation, warranty, certificate or other written statement (financial or otherwise) made or furnished by or, in
the case of any financial statements of Borrower or Guarantor, on behalf of Borrower or Guarantor, to Lender under or in connection with any of the Loan Documents shall be false, incorrect, incomplete or misleading in any material respect when made
or furnished; or 

  

	 	(f)	Voluntary Bankruptcy; Insolvency; Dissolution. (i) The filing of a petition by Borrower for relief under the Bankruptcy Code, or under any other
present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law; (ii) the filing of any pleading or an answer by Borrower in any involuntary proceeding under the Bankruptcy Code or other debtor relief law
which admits the jurisdiction of the court or the petition’s material allegations regarding Borrower’s insolvency; (iii) a general assignment by Borrower for the benefit of creditors; or (iv) Borrower applying for, or the
appointment of, a receiver, trustee, custodian or liquidator of Borrower or any of its property; or 

  

			
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	 	(g)	Involuntary Bankruptcy. The failure of Borrower to effect a full dismissal of any involuntary petition under the Bankruptcy Code or under any other debtor
relief law that is filed against Borrower or in any way restrains or limits Borrower or Lender regarding the Loan, the Property or the Improvements, prior to the earlier of the entry of any court order granting relief sought in such involuntary
petition, or ninety (90) days after the date of filing of such involuntary petition; or 

  

	 	(h)	Guarantors. The occurrence of any of the events specified in Section 11.1(f) or 11.1(g) as to Guarantor; or 

 

	 	(i)	Change In Management or Control. Guarantor shall not be operated by an experienced professional advisory firm (or have internal management similar to what
an advisory firm provides) regularly engaged in the operation and advisement of real estate investment trusts similar in experience and expertise to IIT; or 

 

	 	(j)	Loss of Priority. The failure at any time of the Deed of Trust to be a valid first lien upon the Property and Improvements or any portion thereof, other
than as a result of any release or partial release of the Deed of Trust with respect to all or any portion of the Property and Improvements pursuant to the terms and conditions of this Agreement; or 

 

	 	(k)	[Intentionally Omitted.]. 

  

	 	(l)	Transfer. If a Transfer, other than a Permitted Transfer, occurs without Lender’s prior written approval; or 

 

	 	(m)	Transfer of Assets. The sale, assignment, pledge, hypothecation, mortgage or transfer of assets of Guarantor other than in the ordinary course of business
of said entity or in connection with a Permitted Transfer; or 

  

	 	(n)	Default Unsecured Indemnity Agreement. The occurrence of a default under that certain Hazardous Materials Indemnity Agreement (Unsecured) executed by
Borrower and Guarantor, together as indemnitor, in favor of Lender, and dated of even date herewith, including without limitation, indemnitor’s failure to perform any covenant, condition or obligation thereunder; or 

 

	 	(o)	Default Under Guaranty. The occurrence of a default under any guaranty now or hereafter executed in connection with the Loan, including without
limitation, Guarantor’s failure to perform any covenant, condition or obligation thereunder; or 

  

	 	(p)	 Default Under or Termination of Swap Agreement. (i) The occurrence of a default by Borrower that continues after expiration of all
applicable notice and cure periods under a swap, derivative, foreign exchange or hedge transaction or arrangement (or similar transaction or arrangement howsoever described or defined) at any time entered into by Borrower in connection with the
Loan, including without limitation the Swap Contract; or (ii) a termination event with respect to Borrower under a swap, derivative, foreign exchange or hedge transaction or arrangement (or similar transaction or arrangement howsoever described
or defined) at any time entered into by Borrower in connection with the Loan, including without limitation the Swap Contract. The foregoing notwithstanding, a termination event as described in clause (ii) of this Section 11.1(p) shall not
constitute a Default if and so long as (x) no other Default exists under the Loan Documents, (y) Borrower has paid when due all amounts owing under such swap, derivative, foreign exchange or hedge transaction or arrangement (or similar
transaction or arrangement howsoever described or defined), including without limitation the Swap Contract, by reason of such termination event and (z) within five (5) Business Days after the date on which such swap, derivative, foreign
exchange or hedge transaction or arrangement (or similar transaction or arrangement howsoever described or defined), including without limitation the Swap Contract, in fact terminates (1) Borrower enters into a replacement Swap Contract
approved by Lender as to counterparty, notional amount, term, fixed rate of interest to be paid to Borrower and such other matters as Lender may reasonably deem material, such approval not to be unreasonably withheld (provided that Borrower’s
obligations under a replacement Swap Contract shall not (unless such 

  

			
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replacement Swap Contract is with Lender) be secured by a lien on or security interest in any of the Subject Property, the Leases and Rents or the Collateral (as defined in the Deed of Trust) and
Lender’s approval or disapproval shall conclusively be deemed reasonable to the extent based on the underwriting criteria with respect to the Swap Contract and the protection afforded to Borrower and Lender by the Swap Contract used by Lender
in making the Loan) and (2) if required by Lender, Borrower executes such additional instruments as Lender may reasonably require in order to perfect a security interest in such replacement Swap Contact; or 

 

	 	(q)	Other Bankruptcy. The occurrence of an event specified in Sections 11.1(f) and 11.1(g) herein as to any general partner or managing
member of Borrower or Guarantor; or 

  

	 	(r)	Termination of DHL Lease. The termination of the DHL Lease for any reason whatsoever other than (i) the timely and valid exercise by DHL of its right
under Section 1A.6 of the DHL Lease to terminate the DHL Lease prior to its stated expiration, (ii) as permitted by clause (iv) of Section 3.5 of the Deed of Trust or (iii) pursuant to the exercise of a right of termination
in the DHL Lease as the result of casualty or condemnation ; or 

  

	 	(s)	Failure to Deposit Funds. Borrower’s failure to pay or cause to be paid to Lender the Cancellation Fee under Section 2.11, Rent under
Section 2.12 or the Holdback under Section 2.13 when and as required by such provisions, and such failure continues for five (5) days. 

  

	11.2	ACCELERATION UPON DEFAULT; REMEDIES. Upon the occurrence of any Default specified in this Article 11, Lender may, at its sole option, declare all
sums owing to Lender under the Note, this Agreement and the other Loan Documents immediately due and payable. Upon such acceleration, Lender may, in addition to all other remedies permitted under this Agreement and the other Loan Documents and at
law or equity, apply any sums in the Account and Borrower’s Funds Account to the sums owing under the Loan Documents and any and all obligations of Lender to fund further disbursements under the Loan shall terminate. 

 

	11.3	DISBURSEMENTS TO THIRD PARTIES. Upon the occurrence of a Default occasioned by Borrower’s failure to pay money to a third party as required by this
Agreement, Lender may but shall not be obligated to make such payment from the Loan proceeds, Borrower’s Funds, or other funds of Lender. If such payment is made from proceeds of the Loan or from Borrower’s Funds, Borrower shall
immediately deposit with Lender, upon written demand, an amount equal to such payment. If such payment is made from funds of Lender, Borrower shall immediately repay such funds upon written demand of Lender. In either case, the Default with respect
to which any such payment has been made by Lender shall not be deemed cured until such deposit or repayment (as the case may be) has been made by Borrower to Lender. 

 

	11.4	[Intentionally Omitted.] 

  

	11.5	[Intentionally Omitted.] 

  

	11.6	REPAYMENT OF FUNDS ADVANCED. Any funds expended by Lender in the exercise of its rights or remedies under this Agreement and the other Loan Documents
shall be payable to Lender upon demand, together with interest at the rate applicable to the principal balance of the Note from the date the funds were expended. 

 

	11.7	RIGHTS CUMULATIVE, NO WAIVER. All Lender’s rights and remedies provided in this Agreement and the other Loan Documents, together with those granted
by law or at equity, are cumulative and may be exercised by Lender at any time. Lender’s exercise of any right or remedy shall not constitute a cure of any Default unless all sums then due and payable to Lender under the Loan Documents are
repaid and Borrower has cured all other Defaults. No waiver shall be implied from any failure of Lender to take, or any delay by Lender in taking, action concerning any Default or failure of condition under the Loan Documents, or from any previous
waiver of any similar or unrelated Default or failure of condition. Any waiver or approval under any of the Loan Documents must be in writing and shall be limited to its specific terms. 

 

			
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 ARTICLE 12. MISCELLANEOUS PROVISIONS 

 

	12.1	INDEMNITY. BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS FROM AND
AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER MAY INCUR AS A DIRECT OR INDIRECT
CONSEQUENCE OF: (a) THE PURPOSE TO WHICH BORROWER APPLIES THE LOAN PROCEEDS; (b) THE FAILURE OF BORROWER TO PERFORM ANY OBLIGATIONS AS AND WHEN REQUIRED BY THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (c) ANY FAILURE AT ANY TIME
OF ANY OF BORROWER’S REPRESENTATIONS OR WARRANTIES TO BE TRUE AND CORRECT; OR (d) ANY ACT OR OMISSION BY BORROWER, CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIAL SUPPLIER, ENGINEER, ARCHITECT OR OTHER
PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY OR IMPROVEMENTS; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS, OR LEGAL
OR OTHER EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. BORROWER SHALL IMMEDIATELY PAY TO LENDER UPON DEMAND ANY
AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD
HARMLESS ANY INDEMNITEE SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE OR PARTIAL RELEASE OF THE DEED OF TRUST. 

  

	12.2	FORM OF DOCUMENTS. The form and substance of all documents, instruments, and forms of evidence to be delivered to Lender under the terms of this Agreement
and any of the other Loan Documents shall be subject to Lender’s approval and shall not be modified, superseded or terminated in any respect without Lender’s prior written approval. 

 

	12.3	NO THIRD PARTIES BENEFITED. No person other than Lender and Borrower and their permitted successors and assigns shall have any right of action under any
of the Loan Documents. 

  

	12.4	NOTICES. All notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the
appropriate party at the address set forth on the signature page of this Agreement and as specified in Exhibit D (subject to change from time to time by written notice to all other parties to this Agreement). All communications shall be
deemed served upon delivery of same, or if mailed, upon the first to occur of receipt or the expiration of three (3) Business Days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of
Borrower or Lender at the address specified; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery
shall be deemed receipt of such communication. 

  

	12.5	ATTORNEY-IN-FACT. Borrower hereby irrevocably appoints and authorizes Lender, as Borrower’s attorney-in-fact, which agency is coupled with an
interest, to execute and/or record in Lender’s or Borrower’s name any notices, instruments or documents that Lender deems appropriate to protect Lender’s interest under any of the Loan Documents. 

 

	12.6	ACTIONS. Borrower agrees that Lender, in exercising the rights, duties or liabilities of Lender or Borrower under the Loan Documents, may commence, appear
in or defend any action or proceeding purporting to affect the Property, the Improvements, or the Loan Documents and Borrower shall immediately reimburse Lender upon demand for all such expenses so incurred or paid by Lender, including, without
limitation, reasonable attorneys’ fees and expenses and court costs. 

  

	12.7	 RIGHT OF CONTEST. Borrower may contest in good faith any claim, demand, levy or assessment (other than mechanic’s and
materialmen’s lien claims which must be handled as specified in Section 4.11) by any person 

 

			
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other than Lender which would constitute a Default if: (a) Borrower pursues the contest diligently, in a manner which Lender determines is not prejudicial to Lender, and does not impair the
rights of Lender under any of the Loan Documents; and (b) Borrower deposits with Lender any funds or other forms of assurance which Lender in good faith determines from time to time appropriate to protect Lender from the consequences of the
contest being unsuccessful. Borrower’s compliance with this Section shall operate to prevent such claim, demand, levy or assessment from becoming a Default. 

 

	12.8	RELATIONSHIP OF PARTIES. The relationship of Borrower and Lender under the Loan Documents is, and shall at all times remain, solely that of borrower and
lender, and Lender neither undertakes nor assumes any responsibility or duty to Borrower or to any third party with respect to the Property or Improvements, except as expressly provided in this Agreement and the other Loan Documents.

  

	12.9	DELAY OUTSIDE LENDER’S CONTROL. Lender shall not be liable in any way to Borrower or any third party for Lender’s failure to perform or delay in
performing under the Loan Documents (and Lender may suspend or terminate all or any portion of Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results directly or indirectly from, or is based
upon, the action, inaction, or purported action, of any governmental or local authority, or because of war, rebellion, insurrection, strike, lock-out, boycott or blockade (whether presently in effect, announced or in the sole judgment of Lender
deemed probable), or from any Act of God or other cause or event beyond Lender’s control. 

  

	12.10	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. If any attorney is engaged by Lender to enforce or defend any provision of this Agreement, any of the
other Loan Documents or Other Related Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, Borrower shall immediately pay to Lender, upon demand, the amount of all
reasonable attorneys’ fees and expenses and all costs incurred by Lender in connection therewith, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Note as
specified therein. 

  

	12.11	IMMEDIATELY AVAILABLE FUNDS. Unless otherwise expressly provided for in this Agreement, all amounts payable by Borrower to Lender shall be payable only in
United States currency, immediately available funds. 

  

	12.12	LENDER’S CONSENT. Wherever in this Agreement there is a requirement for Lender’s consent and/or a document to be provided or an action taken
“to the satisfaction of Lender”, it is understood by such phrase that Lender shall exercise its consent, right or judgment in a reasonable manner given the specific facts and circumstance applicable at the time. If Lender’s consent or
approval is required under Sections 6.3 (Formation and Organizational Documents), 6.5 (Compliance with Laws). 9.10 (Management and Leasing of Property), 9.11 (Manager), above, Borrower will request such consent or approval in writing with a
conspicuous statement that failure to timely respond will constitute approval of the item being submitted. Failure by Lender to respond by either approving or disapproving the item submitted within ten (10) days (or other applicable period
specifically set forth in this Agreement) after receipt of the request for consent or approval and all information required for the evaluation of such request shall constitute Lender’s approval of the item submitted for approval.

  

	12.13	 LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION. Except during the existence of a Default, Lender, at Lender’s sole cost,
may elect, at any time, to sell or assign all or any portion (not less than $5,000,000.00) of its rights and obligations under the Loan Documents, and that any such sale or assignment may be to one or more commercial banks or financial institutions
(a “Participant”), with Borrower’s prior written approval, not to be unreasonably withheld or delayed; provided, however, during the existence of a Default, Lender shall not be required to obtain the approval of Borrower for
any sale or assignment of all or any portion of Lender’s rights and obligations under the Loan Documents to a Participant. If Lender sells or assigns any portion of its rights and obligations under the Loan Documents, Lender will remain the
sole administrative agent for the Loan. Borrower agrees that Lender, at its sole expense, may elect, at any time, to grant participations in all or any portion of Lender’s rights and obligations (but with limited voting rights, if any) under
the Loan Documents to a Participant. Borrower further agrees that Lender, at its sole expense, may disseminate to any such actual or potential purchaser(s), assignee(s) or participant(s) all documents and information (including, without limitation,
all financial information) which has been or is hereafter provided to or known to Lender with respect to: (i) the Collateral and their operation; (ii) any party connected with the Credit Facility (including, without limitation, the

  

			
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Borrower, Holdco, Guarantor or IIT); and/or (iii) any lending relationship other than the Credit Facility which Lender may have with any party connected with the Credit Facility; provided
however, any such actual or potential purchaser(s), assignee(s) or participant(s) must agree in writing to keep all such information confidential other than as may be required by applicable law or court order. In the event of any such sale,
assignment or participation, Lender and the parties to such transaction shall share in the rights and obligations of Lender as set forth in the Loan Documents only as and to the extent they agree among themselves. In connection with any such sale,
assignment or participation, Borrower further agrees that the Loan Documents shall be sufficient evidence of the obligations of Borrower to each purchaser, assignee, or participant, and upon written request by Lender, Borrower, at Lender’s sole
cost, shall enter into such amendments or modifications to the Loan Documents as may be reasonably required in order to evidence any such sale, assignment or participation. THE INDEMNITY OBLIGATIONS OF BORROWER UNDER THE LOAN DOCUMENTS SHALL ALSO
APPLY WITH RESPECT TO ANY PURCHASER, ASSIGNEE OR PARTICIPANT. 

 Anything in this Agreement to the contrary
notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Agreement, including this Section, Lender may at any time and from time to time pledge and assign all or any portion of its rights under all or
any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release Lender from its obligations thereunder. 
  

	12.14	CAPITAL ADEQUACY. If Lender determines that compliance with any change in any law or regulation or with any guideline or request from any central bank or
other governmental agency (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by Lender, or any corporation controlling Lender, as a consequence of, or with reference to,
Lender’s or such corporation’s commitments or its making or maintaining advances below the rate which Lender or such corporation controlling Lender could have achieved but for such compliance with such change (taking into account the
policies of Lender or corporation with regard to capital), then Borrower shall, from time to time, within forty (40) calendar days after written demand by Lender pay to Lender the additional amounts sufficient to compensate Lender or such
corporation controlling Lender to the extent that Lender reasonably determines such increase in capital is allocable to Lender’s obligations hereunder. If Lender becomes entitled to claim any additional amounts pursuant to this subsection,
Lender shall provide Borrower with not less than sixty (60) days notice specifying in reasonable detail the event by reason of which it is has become so entitled and the additional amount required to fully compensate Lender for such additional
cost or reduced amount together with a certificate as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower (which certificate shall be conclusive in the absence of manifest error).

  

	12.15	[Intentionally deleted.] 

  

	12.16	LENDER’S AGENTS. Lender may designate an agent or independent contractor to exercise any of Lender’s rights under this Agreement and any of the
other Loan Documents. Any reference to Lender in any of the Loan Documents shall include Lender’s agents, employees or independent contractors. 

  

	12.17	TAX SERVICE. Lender is authorized to secure, at Borrower’s expense, a tax service contract with a third party vendor which shall provide tax
information on the Property and Improvements satisfactory to Lender. 

  

	12.18	WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 

  

			
	LOAN AGREEMENT - Page 24	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

	12.19	SEVERABILITY. If any provision or obligation under this Agreement and the other Loan Documents shall be determined by a court of competent jurisdiction to
be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal,
or unenforceable provision had never been a part of the Loan Documents, provided, however, that if the rate of interest or any other amount payable under the Note or this Agreement or any other Loan Document, or the right of
collectability therefor, are declared to be or become invalid, illegal or unenforceable, Lender’s obligations to make advances under the Loan Documents shall not be enforceable by Borrower. 

 

	12.20	HEIRS, SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided under the terms and conditions of this Agreement, the terms of the Loan Documents
shall bind and inure to the benefit of the heirs, successors and assigns of the parties. 

  

	12.21	TIME. Time is of the essence of each and every term of this Agreement. 

 

	12.22	HEADINGS. All article, section or other headings appearing in this Agreement and any of the other Loan Documents are for convenience of reference only and
shall be disregarded in construing this Agreement and any of the other Loan Documents. 

  

	12.23	GOVERNING LAW. This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of Washington, except to the
extent preempted by federal laws. Borrower and all persons and entities in any manner obligated to Lender under the Loan Documents consent to the jurisdiction of any federal or state court within the State of Washington having proper venue and also
consent to service of process by any means authorized by Washington or federal law. 

  

	12.24	USA PATRIOT ACT NOTICE COMPLIANCE. The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all
financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, Lender (for itself and/or as Agent for all
Lenders hereunder) may from time-to-time request, and Borrower shall provide to Lender, Borrower’s name, address, tax identification number and/or such other identification information as shall be necessary for Lender to comply with federal
law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product.

  

	12.25	INTEREST PROVISIONS. Borrower hereby represents that this Loan is for commercial use and not for personal, family or household purposes. It is the
specific intent of the Borrower and Lender that this Note bear a lawful rate of interest, and if any court of competent jurisdiction should determine that the rate herein provided for exceeds that which is statutorily permitted for the type of
transaction evidenced hereby, the interest rate shall be reduced to the highest rate permitted by applicable law, with any excess interest heretofore collected being applied against principal or, if such principal has been fully repaid, returned to
Borrower on demand. 

  

	12.26	[INTENTIONALLY OMITTED.] 

  

	12.27	COUNTERPARTS. To facilitate execution, this document may be executed in as many counterparts as may be convenient or required. It shall not be necessary
that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making
proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without
impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

 

	12.28	[INTENTIONALLY OMITTED.] 

  

			
	LOAN AGREEMENT - Page 25	  	Loan No. 1002863
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	12.29	INTEGRATION; INTERPRETATION. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. THIS INSTRUMENT MAY BE AMENDED ONLY BY AN INSTRUMENT IN WRITING EXECUTED BY THE PARTIES
HERETO. Any reference in any of the Loan Documents to the Property or Improvements shall include all or any part of the Property or Improvements. Any reference to the Loan Documents includes any amendments, renewals or extensions now or
hereafter approved by Lender in writing. 

  

	12.30	TAX SHELTER MATTERS. 

  

	 	(a)	Tax Shelter Regulations. Neither Borrower, any Guarantor, nor any subsidiary of any of the foregoing intends to treat the Loan or the transactions
contemplated by this Agreement and the other Loan Documents as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). If Borrower, or any other party to the Loan determines to take any action
inconsistent with such intention, Borrower will promptly notify Lender thereof. If Borrower so notifies Lender, Borrower acknowledges that Lender may treat the Loan as part of a transaction that is subject to Treasury Regulation
Section 301.6112-1, and Lender will maintain the lists and other records, including the identity of the applicable party to the Loan as required by such Treasury Regulation. 

 

	 	(b)	Confidentiality. Notwithstanding anything to the contrary set forth herein or in any other written or oral understanding or agreement to which the parties
hereto are parties or by which they are bound, the parties hereto acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of discussions between the
parties to the tax treatment and tax structure of the transactions contemplated by the Loan Documents (and any related transactions or arrangements), and (ii) each party (and each of its employees, representatives, or other agents) may disclose
to any and all persons as required, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Loan Documents and all materials of any kind (including opinions or other tax analyses) that are provided
to such party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulations Section 1.6011-4; provided, however, that each party recognizes that the privilege each has to maintain, in its sole discretion, with
regard to the confidentiality of a communication relating to the transactions contemplated by the Loan Documents, including a confidential communication with its attorney or a confidential communication with a federally authorized tax practitioner
under Section 7525 of the Internal Revenue Code, is not intended to be affected by the foregoing. 

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT
ENFORCEABLE UNDER WASHINGTON LAW. 
 IN WITNESS WHEREOF, Borrower and Lender have signed this Agreement. 

[The remainder of this page intentionally left blank; signature pages follow.] 

 

			
	LOAN AGREEMENT - Page 26	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

			
	“LENDER”
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	a national banking association
		
	By:	 	  

	Name:	 	Alison M. Gallagher
	Title:	 	Vice President
	
	Lender’s Address:
	
	WELLS FARGO BANK , NATIONAL ASSOCIATION
	Real Estate Group (AU# 03037)
	4643 South Ulster Street
	Suite 1400
	Denver, CO 80237
	Attention: Maria Sepulveda
	Loan #1002863

  

			
	LOAN AGREEMENT - Page S-1	  	Loan No. 1002863
	02941-0345	  	

									
	“BORROWER”
	
	 IIT 1905 RAYMOND AVENUE LLC,

a Delaware limited liability company

		
	By:	  	 IIT Real Estate Holdco LLC,

a Delaware limited liability company,
 its Sole
Member

			
		  	By:	  	Industrial Income Operating
		  		  	Partnership LP,
		  		  	a Delaware limited partnership,
		  		  	its Sole Member
				
		  		  	By:	  	Industrial Income Trust Inc.,
		  		  		  	a Maryland corporation,
		  		  		  	its General Partner
					
		  		  		  	By:	  	  

		  		  		  	Name:	  	Thomas G. McGonagle
		  		  		  	Title:	  	Chief Financial Officer
	
	Borrower’s Address:
	
	c/o Dividend Capital
	518 Seventeenth Street
	Suite 1700
	Denver, CO 80202
	Attention: General Counsel

  

			
	LOAN AGREEMENT - Page S-2	  	Loan No. 1002863
	02941-0345	  	

 SCHEDULE 6.6 - LITIGATION 

NONE 
  

			
	SCHEDULE 6.6, Litigation – Solo Page	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 EXHIBIT A - DESCRIPTION OF PROPERTY 

Exhibit A to LOAN AGREEMENT between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, as “Borrower”, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as “Lender”, dated as of August 31, 2010. 
 All that certain real property located in
the County of King, State of Washington, described as follows: 
 PARCEL A: 

THAT PORTION OF GOVERNMENT LOT 13, SECTION 24, TOWNSHIP 23 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, MORE PARTICULARLY
DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 24; 

THENCE NORTH 87°18’57” WEST ALONG THE SOUTH LINE THEREOF 44.27 FEET TO THE WESTERLY MARGIN OF A 40.00 FOOT WIDE RIGHT OF WAY FOR
SPRINGBROOK CREEK AS DESCRIBED UNDER KING COUNTY RECORDING NUMBER 9412231106 AND THE TRUE POINT OF BEGINNING; 
 THENCE NORTH
37°00’42” WEST ALONG SAID WESTERLY MARGIN 4.90 FEET; 
 THENCE NORTH 55°28’15” WEST 77.73 FEET; 

THENCE NORTH 52°24’00” WEST 186.51 FEET; 

THENCE NORTH 54°03’57” WEST 286.58 FEET; 

THENCE NORTH 35°11’09” WEST 148.78 FEET; 

THENCE NORTH 23°44’21” WEST 85.39 FEET TO A CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 75.78 FEET; 

THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 59°07’34” AN ARC DISTANCE OF 78.20 FEET; 

THENCE NORTH 50°08’30” EAST 114.42 FEET; 

THENCE NORTH 51°45’16” EAST 72.30 FEET; 

THENCE NORTH 59°39’11” EAST 96.54 FEET TO A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 114.57 FEET; 

THENCE NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 45°50’57” AN ARC DISTANCE OF 91.68 FEET; 

THENCE NORTH 13°48’14” EAST 114.90 FEET TO A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 294.26 FEET; 

THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 36°45’26” AN ARC DISTANCE OF 188.78 FEET; 

THENCE NORTH 23°47’30” WEST 102.20 FEET; 

THENCE NORTH 28°32’10” WEST 64.18 FEET; 

THENCE NORTH 20°51’33” WEST 61.80 FEET TO A POINT ON THE NORTH LINE OF SAID GOVERNMENT LOT 13 AS SAID LINE IS SHOWN ON A RECORD OF SURVEY
BY R.F. HILLPOINTER AS RECORDED UNDER KING COUNTY RECORDING NUMBER 8910069012, SAID POINT BEARS NORTH 87°26’45” WEST 422.35 FEET FROM THE NORTHEAST CORNER OF LOT 13; 

THENCE NORTH 87°26’45” WEST ALONG SAID NORTH LINE 412.93 FEET; 

THENCE SOUTH 02°46’03” WEST 1327.46 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 24 WHICH BEARS NORTH 87°18’57” WEST
FROM THE TRUE POINT OF BEGINNING; THENCE SOUTH 87°18’57” EAST ALONG SAID SOUTH LINE 836.83 FEET TO THE TRUE POINT OF BEGINNING; 

(ALSO KNOWN AS LOT 1 OF CITY OF RENTON LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, RECORDED UNDER RECORDING NUMBER 9508039005). 

PARCEL B: 
 A NON-EXCLUSIVE EASEMENT FOR
PEDESTRIAN AND VEHICULAR ACCESS, UTILITIES AND RELATED FIXTURES AND EQUIPMENT OVER LOT 2 OF SAID LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, AS DISCLOSED BY NON-EXCLUSIVE ACCESS AND UTILITIES EASEMENT RECORDED UNDER KING COUNTY RECORDING NUMBER
9603151187 AND ACCESS EASEMENT MODIFICATION AGREEMENT RECORDED UNDER KING COUNTY RECORDING NUMBER 9712180258. 
  

			
	EXHIBIT A, Description of Property	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 PARCEL C: 

A NON-EXCLUSIVE EASEMENT FOR SECONDARY FIRE ACCESS OVER PROPERTY ADJOINING ON THE WEST AS DISCLOSED BY INSTRUMENT RECORDED UNDER KING COUNTY RECORDING
NUMBER 9712121176; 
 PARCEL D: 
 A
NON-EXCLUSIVE EASEMENT FOR TELECOMMUNICATION LINES OR COURSES OVER LOT 2 OF SAID LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, AS DISCLOSED BY INSTRUMENT RECORDED UNDER KING COUNTY RECORDING NUMBER 9712180254. 

PARCEL E: 
 A NON-EXCLUSIVE EASEMENT FOR
UTILITIES AND FIXTURES RELATED TO WATER LINES OR COURSES OVER LOT 2 OF SAID LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, AS DISCLOSED BY INSTRUMENT RECORDED UNDER KING COUNTY RECORDING NUMBER 9712180255. 

PARCEL F: 
 A NON-EXCLUSIVE EASEMENT FOR
UTILITIES AND FIXTURES RELATED TO GAS LINES OR COURSES OVER LOT 2 OF SAID LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, AS DISCLOSED BY INSTRUMENT RECORDED UNDER KING COUNTY RECORDING NUMBER 9712180256. 

PARCEL G: 
 A NON-EXCLUSIVE EASEMENT FOR
UTILITIES AND FIXTURES RELATED TO POWER LINES OR COURSES OVER LOT 2 OF SAID LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, AS DISCLOSED BY INSTRUMENT RECORDED UNDER KING COUNTY RECORDING NUMBER 9712180257. 

 

			
	 EXHIBIT A, Description of Property
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 EXHIBIT B - DOCUMENTS 

Exhibit B to LOAN AGREEMENT between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, as “Borrower”, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as “Lender”, dated as of August 31, 2010 (“Agreement”). 
  

	1.	Loan Documents. The documents listed below and amendments, modifications and supplements thereto which have received the prior written consent of Lender,
together with any documents executed in the future that are approved by Lender and that recite that they are “Loan Documents” for purposes of this Agreement are collectively referred to herein as the Loan Documents.

  

	 	1.1	This Agreement. 

  

	 	1.2	Promissory Note of even date herewith in the original principal amount of the Loan made by Borrower payable to the order of Lender. 

 

	 	1.3	Deed of Trust with Absolute Assignment of Leases and Rents Security Agreement and Fixture Filing of even date herewith executed by Borrower, as grantor, to Chicago
Title Insurance Company, as trustee, for the benefit of Lender, as beneficiary. 

  

	 	1.4	UCC Financing Statement (Form UCC-1), naming Borrower, as debtor, and Lender, as secured party. 

 

	 	1.5	Assignment and Subordination of Property Management Agreement dated on or about the date hereof, executed by Borrower and Manager in favor of Lender.

  

	 	1.6	Company Certificate of even date herewith with respect to Borrower. 

  

	 	1.7	Company Certificate of even date herewith with respect to IIT Real Estate Holdco LLC. 

 

	 	1.8	Partnership Certificate of even date herewith with respect to Industrial Income Operating Partnership LP. 

 

	 	1.9	Corporation Certificate of even date herewith with respect to Industrial Income Trust Inc. 

 

	2.	Other Related Documents (Which Are Not Loan Documents): 

  

	 	2.1	Limited Guaranty of even date herewith executed by Guarantor in favor of Lender. 

 

	 	2.2	Hazardous Materials Indemnity Agreement (Unsecured) dated of even date herewith executed by and between Borrower and Guarantor, together as indemnitor, and Lender.

  

	 	2.3	Transfer Authorizer Designation dated of even date herewith, executed by Borrower for the benefit of Lender. 

 

	 	2.4	Opinions of Borrower’s and Guarantor’s Legal Counsel, dated as of the date of closing, executed by Brownstein Hyatt Farber Schreck, LLP as to matters of
Delaware law and Cairncross & Hempelmann, P.S. as to matters of Washington law. 

  

			
	 EXHIBIT B, Documents - Page 1
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 EXHIBIT C - REQUIRED REPAIRS 

Exhibit C to LOAN AGREEMENT between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, as “Borrower”, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as “Lender”, dated as of August 31, 2010. 
  

	 	1.	Asphalt pavement repairs. 

  

	 	2.	Sidewalk repairs. 

  

	 	3.	Pruning of overgrown vegetation. 

  

	 	4.	Roof deficiency repairs. 

  

	 	5.	Fall-protection screens at smoke hatches/skylights. 

  

			
	 EXHIBIT C, Required Repairs
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 EXHIBIT D - DISBURSEMENT PLAN FOR REQUIRED REPAIRS, 

TENANT IMPROVEMENTS AND LEASING COMMISSIONS 

Exhibit D to LOAN AGREEMENT between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, as “Borrower”, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as “Lender”, dated as of August 31, 2010. 
  

	1.	Timing of Disbursement. Unless another provision of this Agreement specifies otherwise, Borrower shall, as a condition to a disbursement under this
Exhibit D, submit to: 

  

					
		 	 Wells Fargo Bank, National Association

Minneapolis Loan Center
 608 2nd Avenue South

 11th Floor
 Minneapolis, MN 55402

 Attention: Melissa Henschell
	  	

 a written itemized statement requesting disbursement of funds, signed by Borrower
(“Application for Payment”) setting forth: 
  

	 	1.1	a description of any work performed, material supplied and/or costs incurred or due for which disbursement is requested (which, with respect to Tenant Improvements (as
opposed to Required Repairs and Leasing Commissions), shall be by line item (“Item”) as shown in a budget of such detail as Lender may reasonably require (“Disbursement Budget”); and 

 

	 	1.2	the total amount incurred, expended and/or due for each requested disbursement less prior disbursements, if any. 

Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with
all the conditions precedent to a disbursement specified in this Agreement. Lender shall disburse funds within five (5) Business Days of receipt of all of required information from Borrower which is in form and substance reasonably acceptable
to Lender. 
  

	2.	Lender’s Right to Condition Disbursements. In addition to any applicable conditions in Section 3.1 of the Loan Agreement, Lender shall have the right
to condition any disbursement for Tenant Improvements, Leasing Commissions or Required Repairs upon Lender’s receipt and approval of the following, as applicable: 

 

	 	2.1	for Tenant Improvements and Leasing Commissions only, Lender’s written approval of the applicable Tenant Improvements or Leasing Commissions, such approval not to
be unreasonably withheld; 

  

	 	2.2	for Tenant Improvements only, the Application for Payment and an itemized requisition for payment of construction costs; 

 

	 	2.3	for Tenant Improvements and Leasing Commissions only, bills, invoices, receipts and reasonable documents evidencing the total amount expended, incurred or due for any
requested disbursement and, for Required Repairs, the information specified in Section 3 below; 

  

	 	2.4	for Tenant Improvements and Required Repairs only, if required by Lender, Lender’s internal inspector’s periodic certifications of the state of construction;

  

	 	2.5	for Required Repairs and Tenant Improvements only, waivers and releases of any mechanics’ lien, equitable lien claim or other lien claim rights (provided, however,
such waivers and releases shall not be required for work for which a contractor or supplier would not typically provide a lien waiver); 

  

			
	 EXHIBIT D, Disbursement Plan - Page 1
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

	 	2.6	for Tenant Improvements only, evidence of Borrower’s compliance with such other disbursement requirements as Lender may reasonably deem appropriate to the Tenant
Improvements in question, consistent with Lender’s standard practices; 

  

	 	2.7	any other document, requirement, evidence or information that Lender may reasonably request under any provision of the Loan Documents and for which Lender will use
reasonable efforts to request all additional documents at the same time; and 

  

	 	2.8	for Tenant Improvements only, if required by Lender, Lender shall have received a Down-Date Endorsement or other title report dated within five (5) days of the
requested disbursement from the Title Company showing no state of facts objectionable to Lender (including, without limitation, a showing that title to the Property is vested in Borrower and that no claim for mechanics’ or materialmen’s
liens has been filed against the Property or Improvements). 

 Borrower acknowledges that Borrower’s failure
to comply with the above timing may result in disbursement delays and Borrower hereby consents to all such delays. 
  

	3.	Disbursement of the Cost of Required Repairs. Borrower’s Funds deposited with Lender for Required Repairs pursuant to Section 2.10 on or prior to the
Effective Date shall be disbursed to Borrower in their entirety in two (2) disbursements. The first disbursement shall be in the amount set forth in an Application for Payment with respect to work theretofore performed, accompanied by invoices
or bills for the amount requested and such other information and items as may be required under Section 2 above with respect to Required Repairs. The second disbursement shall be made upon Borrower’s request accompanied by a statement that
the Required Repairs are complete and, if Lender so requires, after an inspection as provided in Section 2.4 above and shall include all funds deposited pursuant to Section 2.10 and not previously disbursed, even if the actual cost of the
Required Repairs is less than such amount. 

  

	4.	Periodic Disbursement of Tenant Improvements Costs. As construction progresses as to each Tenant Improvements project for space which has been leased to tenants
pursuant to executed Approved Leases, Borrower’s Funds, if any, held in the Borrower’s Fund’s Account and available under Section 2.11, 2.12 or 2.13 of the Loan Agreement for application to Tenant Improvement costs shall be
periodically disbursed into the Account or to or for the benefit or account of the Borrower for each particular Tenant Improvements project approved by Lender up to the per square foot amount to be paid or reimbursed by Borrower for Tenant
Improvement costs pursuant to the Approved Lease, less prior disbursements therefor. The final disbursement for each applicable Tenant Improvements project shall be subject to the following: (i) completion of construction of such Tenant
Improvements project in accordance with the requirements of the Approved Lease and governmental requirements; (ii) a Certificate of Final Completion, signed by Borrower and the Contractor, in form and substance acceptable to Lender, has been
delivered to and approved by Lender; and (iii) if Lender so requires, Lender has received the following endorsements to the Title Policy in form and content satisfactory to Lender: a Down-Date Endorsement and other endorsements amending the
mechanic’s and materialmen’s lien coverage and, if applicable, deleting or updating the pending disbursements clause. If the total cost for the completion of any particular Tenant Improvements project is not approved by Lender, if cost
overruns occur, or if any other event causes the amount approved by Lender to be insufficient to complete the construction of such Tenant Improvements project, then Lender shall not be required to make any further disbursements under this Agreement
until Borrower shall have paid such costs thereof out of Borrower’s equity until such differential is reduced to zero; provided however, if the cumulative amount of Tenant Improvement Costs under this section for which Borrower could have been
funded for new and renewal Approved Leases including the Approved Lease under consideration is greater than the actual amount funded for such costs, then Borrower shall be entitled to request funding of such difference for the Tenant Improvement
costs for such applicable new or renewal Approved Lease, if it exceeds the otherwise permitted amount. 

 The
disbursements outlined in Paragraph 4 above are specifically conditioned upon receipt and approval by Lender of a construction contract and plans and specifications concerning the construction of the applicable Tenant Improvements.
Lender shall approve or disapprove any proposed construction contract and any plans and specifications within ten (10) days after Borrower has submitted the same to Lender with a written request for approval. If Lender rejects any request for
approval, notice of such rejection shall include the specific reasons for 
  

			
	 EXHIBIT D, Disbursement Plan - Page 2
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 
the rejection. If Lender fails to approve any construction contract or plans and specifications or to reject the same with a specific list of reasons for such rejection within the ten
(10) day period provided in this paragraph, such construction contract or plans and specifications, as the case may be, shall be deemed approved if Borrower’s request for approval contained in conspicuous type (larger than any other type
in the request) the statement, “THIS IS A REQUEST FOR APPROVAL OF A CONSTRUCTION CONTRACT OR PLANS AND SPECIFICATIONS—RESPONSE REQUIRED WITHIN TEN DAYS.” 
  

	5.	Periodic Disbursement of Leasing Commission Expense. Borrower’s Funds, if any, held in the Borrower’s Fund’s Account and available under
Section 2.11, 2.12 or 2.13 of the Loan Agreement for application to Leasing Commissions shall be periodically disbursed into the Account or to or for the benefit or account of the Borrower for the payment of Leasing Commissions as required for
Approved Leases executed on or after the date hereof, but never in excess of the amount approved by Lender. Disbursements for Leasing Commissions shall be made only when such are then due and payable for Approved Leases executed on and after the
date hereof. If the Leasing Commissions for any Approved Lease exceed the amount therefor approved by Lender, then Lender shall not be required to make any further disbursements under this Agreement until Borrower shall have paid such costs thereof
out of Borrower’s equity until such differential is reduced to zero; provided however, if the cumulative amount of Leasing Commission expenses under this section for which Borrower could have been funded for new and renewal Approved Leases
including the Approved Lease under consideration is greater than the actual amount funded for such expenses, then Borrower shall be entitled to request funding of such difference for the Leasing Commission expenses applicable to such new or renewal
Approved Lease, if it exceeds the otherwise permitted amount. 

  

			
	 EXHIBIT D, Disbursement Plan - Page 3
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 EXHIBIT E - TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 

Exhibit E to LOAN AGREEMENT between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, as “Borrower”, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, as “Lender”, dated as of August 31, 2010. 
 [The form of Transfer
Authorizer Designation follows this cover page.] 
  

			
	 EXHIBIT E, Transfer Authorizer Designation - Cover Page
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

 TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 

 ̈  NEW     ̈ 
 REPLACE PREVIOUS
DESIGNATION     ̈  ADD     ̈  CHANGE    
 ̈  DELETE LINE NUMBER               

The following representatives of IIT 1905 Raymond Avenue LLC (“Borrower”) are authorized to request the disbursement of Loan Proceeds
and initiate funds transfers for Loan Number 1002863 dated August     , 2010 between Wells Fargo Bank, National Association (“Bank”) and Borrower. Bank is authorized to rely on this Transfer
Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information may have changed. 

 

							
	 	  	 Name
	  	 Title
	  	 Maximum Wire

Amount1

	 1.
	  		  		  	
	 2.
	  		  		  	
	 3.
	  		  		  	
	 4.
	  		  		  	
	 5.
	  		  		  	

  

	
	Beneficiary Bank and Account Holder Information

1. 
  

			
	Transfer Funds to (Receiving Party Account Name):
	
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	 	Receiving Bank Routing (ABA) Number
		
	Maximum Transfer Amount:	 	
	
	Further Credit Information/Instructions:

2. 
  

			
	Transfer Funds to (Receiving Party Account Name):
	
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	 	Receiving Bank Routing (ABA) Number
		
	Maximum Transfer Amount:	 	
	
	Further Credit Information/Instructions:

3. 
  

	
	Transfer Funds to (Receiving Party Account Name):

 

	1
	 Maximum Wire Amount may not exceed the Loan amount. 

 

			
	Transfer Authorizer Designation - Page 1	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

			
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	 	Receiving Bank Routing (ABA) Number
		
	Maximum Transfer Amount:	 	
	
	Further Credit Information/Instructions:

Date:                     ,
20     
 [The remainder of this page intentionally left blank; signature page follows.] 

 

			
	Transfer Authorizer Designation - Page 2	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3	  	

									
	“BORROWER”
	
	 IIT 1905 RAYMOND AVENUE LLC,

a Delaware limited liability company

		
	By:	 	IIT Real Estate Holdco LLC,
		 	a Delaware limited liability company,
		 	its Sole Member
			
		 	By:	 	Industrial Income Operating
		 		 	Partnership LP,
		 		 	a Delaware limited partnership,
		 		 	its Sole Member
				
		 		 	By:	 	Industrial Income Trust Inc.,
		 		 		 	a Maryland corporation,
		 		 		 	its General Partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 

			
	 Transfer Authorizer Designation - Page 3 
	  	Loan No. 1002863
	02941-0345/LEGAL18900961.3

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