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Exhibit 10.54  

Douglas Emmett 1996, LLC  

 
  MODIFICATION AGREEMENT    
    (Long Form)    
    

        This Modification Agreement ("Agreement") is made as
of                        , 2006, by and among
Douglas Emmett 1996, LLC, a limited liability company organized under the laws of the State of Delaware ("Borrower"); each of the lenders that is
a signatory hereto identified under the caption "LENDERS" on the signature pages hereto (individually, a "Lender" and, collectively, the
"Lenders"); and EUROHYPO AG, NEW YORK BRANCH, as agent for the Lenders (in such capacity, together with its successors in such capacity, the
"Administrative Agent"). 

Factual Background  

        A.    Borrower,
the Lenders and the Administrative Agent are parties to that certain Loan Agreement dated as of August 25, 2005 (said Loan Agreement, as Modified and in
effect from time to time, being herein called the "Loan Agreement"; and except as otherwise herein expressly provided, all terms defined in the Loan
Agreement are being used herein as defined therein), whereby the Lenders made Loans to Borrower. 

        B.    The
Loans are evidenced by, and repayable with interest thereon in accordance with certain Notes and secured by the Deeds of Trust encumbering the Projects referred to in
the Loan Agreement which have not heretofore been released (the "Existing Projects") and the other Security Documents. 

        C.    Douglas
Emmett Realty Advisors, a California corporation ("DERA") guaranteed certain obligations of Borrower in accordance
with a Borrower's Manager's Limited Indemnity and Guarantee dated August 25, 2005. 

        D.    As
of the date of this Agreement, and prior to giving effect to the modifications herein, the outstanding principal balance of the Loans is $215,000,000. In connection
with the modifications provided for herein, upon the IPO Closing Time described below, the maximum outstanding principal balance of the Loans will be increased to $270,800,000, and certain other
modifications as described herein shall be made to the terms of the Loans. 

        E.    Borrower
has represented to the Agent and the Lenders that the "Formation Transactions" (as described in that certain Amendment No. 2 to
Form S-11 filed on September 20, 2006 with the United States Securities and Exchange Commission(1))
(the "Original S-11") have been consummated. Those transactions include, among other things, an initial public offering (the
"IPO") of shares in Douglas Emmett, Inc., a Maryland corporation (the "REIT"), as part of a
series of transactions that are intended to qualify as a Permitted Reorganization and a Permitted Public REIT Transfer. Pursuant to those transactions, Douglas Emmett Properties LP, a Delaware limited
partnership (the "OP"), is the operating partnership and principal subsidiary of the REIT; Borrower's Member, through a merger with a directly or
indirectly wholly-owned subsidiary of the OP pursuant to an Agreement and Plan of Merger (the "Borrower's Member Merger Agreement"), in which Borrower's
Member is the surviving entity, and other contribution transactions involving the REIT or its subsidiaries, has become a directly or indirectly wholly-owned Subsidiary of the OP; Borrower's Manager,
through a merger with a directly or indirectly wholly-owned subsidiary of the REIT pursuant to an Agreement and Plan of Merger (the "Borrower's Manager Merger
Agreement"), in which Borrower's Manager is not the surviving entity, and other contribution transactions involving the REIT or its subsidiaries, has transferred its general
partnership interest in Borrower's Member to Douglas Emmett Management, LLC, a Delaware limited 

1

 

liability
company ("New General Partner"); Borrower's Manager has resigned as the non-member manager of Borrower and of any existing
subsidiaries of Borrower or Borrower's Member that are limited liability companies, and Douglas Emmett Management, Inc., a Delaware corporation ("New Borrower's
Manager"), a wholly-owned subsidiary of the REIT, has been appointed as the new non-member manager of Borrower and of any existing subsidiaries of Borrower or
Borrower's Member that are limited liability companies; and the Property Management Agreement for each Existing Project with Douglas, Emmett and Company, a California corporation, has been terminated
and new property management agreements for each Existing Project have been entered into with New General Partner. Borrower's Member Merger Agreement, Borrower's Manager Merger Agreement and the other
documents entered into in connection with the Formation Transactions are collectively referred to herein as the "Reorganization Documents." The date and
time as of which the proceeds of the IPO have been received by the REIT is sometimes referred to herein as the "IPO Closing Time." 

	(1)
	If
a further amendment to the S-11 is filed before this Escrow Delivery Letter Agreement becomes effective, this reference may be adjusted to refer to that further
amendment. 

        F.     Borrower,
the Lenders and the Administrative Agent entered into that certain escrow delivery letter agreement, dated as of September    , 2006 (the
"Escrow Delivery Letter"), pursuant to which certain documents (including this Agreement) were deposited with counsel to the Administrative Agent in
escrow, pending the IPO Closing Time and the satisfaction of certain conditions set forth in such Escrow Delivery Letter. 

        G.    Borrower,
the Lenders and the Administrative Agent now wish to modify the Loan Agreement and other Loan Documents as set forth below. 

Agreement  

        Therefore, Borrower, the Lenders and the Administrative Agent agree effective upon the IPO Closing Time as follows: 

        1.    Reaffirmation of Loan.    Borrower reaffirms all of its obligations under the Loan
Documents, and Borrower acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Notes or any other Loan Document. 

        2.    Reserved.    

        3.    Modification of Loan Documents.    Effective upon the IPO Closing Time, the Loan
Documents are hereby amended, and additional agreements are hereby made with respect to the Loans, as follows: 

        (a)    Modified Loan Agreement and Loan Documents.    All references to the Loan Agreement in
the Loan Agreement or in any other Loan Documents shall mean the Loan Agreement as modified by this Modification Agreement. In addition to the documents identified in the Loan Agreement, the Loan
Documents shall include, without limitation, this Agreement and the documents delivered pursuant to Sections 2, 3 and 9(c) of the Escrow Delivery Letter. 

        (b)    Modification to Allocated Loan Amounts, Appraisal Amounts and Title Insurance
Amounts.    Schedules 1.01(1), 1.01(3) and 1.01(9), attached to the Loan Agreement are hereby amended and restated in
their entireties by Amended and Restated Schedules 1.01(1), 1.01(3) and 1.01(9) attached to this
Agreement. Such Amended and Restated Schedules 1.01(1), 1.01(3) and 1.01(9) set forth, respectively,
revised Allocated Loan Amounts, Appraisal Amounts and Title Policy amounts for each Project. 

        (c)    Modification to Proportionate Shares and Commitments of the
Lenders.    Schedule 1.01(4) attached to the Loan Agreement is hereby amended and restated in its entirety by  Amended and
Restated Schedule 1.01(4) attached to this Agreement. Such Amended and Restated
Schedule 1.01(4) sets forth the revised Proportionate Shares and Commitments of the Lenders. 

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        (d)    Additional Definitions.    The following additional definitions are hereby added to the
Loan Agreement: 

          (i)  "Additional Note A" shall mean those certain notes denominated "Additional Advance Note A" dated as of the date
hereof, executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $31,794,871.79, as the same may be Modified from time to time. 

         (ii)  "Additional Note B" shall mean those certain notes denominated "Additional Advance Note B" dated as of the date
hereof, executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $20,825,641.03, as the same may be Modified from time to time. 

        (iii)  "Additional Note C" shall mean those certain notes denominated "Additional Advance Note C" dated as of the date
hereof, executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $3,179,487.18, as the same may be Modified from time to time. 

        (iv)  Reserved. 

         (v)  Reserved. 

        (vi)  Reserved. 

       (vii)  "Modification Agreement" shall mean the Modification Agreement entered into by Borrower, the Administrative Agent and
the Lenders party thereto effective as of the IPO Closing Time. 

      (viii)  Reserved. 

        (ix)  "OP" means Douglas Emmett Properties, LP, a Delaware limited partnership. All references in the Loan Documents to the
Operating Partnership shall mean the OP. 

         (x)  "REIT" means Douglas Emmett, Inc., a Maryland corporation. All references in the Loan Documents to the Permitted
Public REIT shall mean the REIT. 

        (e)    Additional Definitions from Modification Agreement.    The following terms which are
defined in this Modification Agreement (and the definitions thereof set forth herein) are hereby added to the Loan Agreement: 

          (i)  "Additional
Advance" 

         (ii)  "Additional
Advance Notice" 

        (iii)  Reserved

        (iv)  Reserved

         (v)  Reserved

        (vi)  "IPO
Closing Date Commitments" 

       (vii)  "IPO
Closing Date Advance" 

      (viii)  "IPO
Closing Date Commitment Percentage" 

        (ix)  "IPO
Closing Time" 

         (x)  "Pre-IPO
Outstanding Balance" 

        (xi)  Reserved.

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       (xii)  Reserved.

      (xiii)  Reserved.

      (xiv)  "New
Borrower's Manager" 

       (xv)  "New
General Partner" 

        (f)    Amendments to Certain Definitions.    The definitions of the following terms in the
Loan Agreement are hereby amended and restated in their entireties as follows: 

          (i)  Reserved.

         (ii)  Reserved.

        (iii)  "Douglas Emmett Realty Funds" shall mean Douglas Emmett Joint Venture, Douglas Emmett Realty Fund 1995, Douglas Emmett
Realty Fund 1996, Douglas Emmett Realty Fund 1997, Douglas Emmett Realty Fund 1998, Douglas Emmett Realty Fund 2000, Douglas Emmett Realty Fund 2002 and Douglas Emmett Realty Fund 2005, each
Co-Borrower, and their respective Subsidiaries. 

        (iv)  "Note A" shall mean, collectively, (i) those certain notes denominated "Note A" dated concurrently with
the original Loan Agreement (or notes denominated Note A dated September 7, 2005, given in substitution for certain of such original notes or replacement notes given in substitution for
certain of such notes in accordance with the Escrow Delivery Agreement), executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $122,507,122.51,
as the same may be Modified from time to time, and (ii) each Additional Note A. Each Note A shall constitute a "Note" for all purposes under this Agreement and the other Loan
Documents. 

         (v)  "Note B" shall mean, collectively, (i) those certain notes denominated "Note B" dated concurrently with the
original Loan Agreement (or notes denominated Note B dated September 7, 2005, given in substitution for certain of such original notes or replacement notes given in substitution for
certain of such notes in accordance with the Escrow Delivery Agreement), executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $80,242,165.24, as
the same may be Modified from time to time, and (ii) each Additional Note B. Each Note B shall constitute a "Note" for all purposes under this Agreement and the other Loan
Documents. 

        (vi)  "Note C" shall mean, collectively, (i) those certain notes denominated "Note C" dated concurrently with
the original Loan Agreement (or notes denominated Note C dated September 7, 2005, given in substitution for certain of such original notes or replacement notes given in substitution for
certain of such notes in accordance with the Escrow Delivery Agreement), executed by Borrower to the order of the Lender named therein, in the aggregate original principal amount of $12,250,712.25, as
the same may be Modified from time to time, and (ii) each Additional Note C. Each Note C shall constitute a "Note" for all purposes under this Agreement and the other Loan
Documents. 

       (vii)  "Qualified Successor Entity" shall mean a Permitted Public REIT Subsidiary of the REIT (other than the OP). 

      (viii)  "Stated Maturity Date" means August 31, 2012, subject to Section 2.10. 

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        (g)    Modifications to certain References.    The following references in the Loan Documents
are hereby replaced as follows: 

          (i)  Each
reference in the Loan Documents to Douglas, Emmett & Company as the Property Manager is hereby replaced with a reference to Douglas Emmett
Management, LLC, a Delaware limited liability company. 

         (ii)  Each
reference in the Loan Documents to DERA as Borrower's Manager is hereby replaced with a reference to Douglas Emmett Management, Inc., a Delaware
corporation. Each reference to Borrower's Manager shall mean Douglas Emmett Management, Inc., a Delaware corporation, until such time as a new Borrower's Manager is appointed as permitted by
the Loan Agreement. 

        (iii)  Each
reference in the Loan Documents to DERA as the sole general partner of Borrower's Member is hereby replaced with a reference to Douglas Emmett
Management, LLC, a Delaware limited liability company, and each reference to the general partner of Borrower's Member shall mean Douglas Emmett Management, LLC, a Delaware limited
liability company, until such time as a new general partner of Borrower's Member is admitted as permitted by the Loan Agreement. 

        (iv)  Each
reference in the Loan Documents to DERA in its capacity as guarantor pursuant to the Guarantor Documents is hereby replaced with a reference to the OP. Each
reference in the Loan
Documents to "Borrower's Manager's Limited Indemnity and Guarantee" shall mean and refer to the Limited Indemnity and Guarantee delivered by the OP effective upon the IPO Closing Time. 

         (v)  For
purposes of the following provisions of the Loan Agreement, the term "Borrower Party" shall include, without limitation, the OP: the definitions of "ERISA
Affiliate," "ERISA Event," "Material Adverse Effect," and "Plan," and Sections 7.02, 7.06, 7.07, 7.30, 7.33, 8.03, 9.16 and 12.01(c) of the Loan Agreement. 

        (vi)  The
references to "Borrower Party" in Section 12.02(a) of the Loan Agreement are hereby replaced with "Bankruptcy Party." 

       (vii)  The
following Schedules attached to the Loan Agreement are hereby supplemented or amended and restated (as set forth below): 

        (A)  Reserved. 

        (B)  Schedules 7.05, 7.11 and  7.22 are hereby amended and restated as set forth in Amended and Restated
Schedules 7.05,  7.11, and 7.22 attached hereto. 

      (viii)  The
"Primary Credit Facility" referred to in the Loan Agreement shall mean the primary revolving credit facility under which the Permitted REIT (directly or through
its Operating Partnership or another Permitted REIT Subsidiary) obtains financing for its general purposes. 

        (ix)  The
reference to "Secured Capital" in the Loan Agreement is hereby revised to "Eastdil Secured Capital and affiliates." 

         (x)  The
parties acknowledge that the Stub Interest Period ended on (but did not include) September 1, 2005. Accordingly, Section 2.10 of the Loan Agreement is
hereby amended and restated in its entirety to read as follows: 

"Notwithstanding
anything to the contrary contained in this Agreement, (i) the Outstanding Principal Amount under all Notes shall become automatically due and payable on September 1,
2010 if on or prior to such date the Borrower has not paid to 

5

 

the
Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to five (5) basis points (0.05%) times the Outstanding Principal Amount under
all Notes as of September 1, 2010 or if on such date an Event of Default exists and (ii) the Outstanding Principal Amount under all Notes shall become automatically due and payable on
September 1, 2011 if on such date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to five
(5) basis points (0.05%) times the Outstanding Principal Amount under all Notes as of September 1, 2011 or if on such date an Event of Default exists." 

        4.    Modification to DSCR for Project
Releases.    Section 2.09(a)(v) of the Loan Agreement is hereby modified to replace
"1.50-to-1.00" with "1.35-to-1.00." 

        5.    Understandings Concerning Hedge Arrangements.    Notwithstanding anything to the
contrary set forth in the Loan Agreement or the other Loan Documents, the Aggregate Notional Amount as to which Borrower's obligations set forth in  Section 8.19 of the Loan Agreement shall apply
shall be an amount equal to the outstanding principal balance of the Loans as of the date of this
Agreement, without giving effect to any of the Additional Advances made pursuant to this Agreement, whether on or after the IPO Closing Time; provided, however, that in the event the Outstanding
Principal Amount is reduced below such amount, the Aggregate Notional Amount as to which Borrower's obligations set forth in Section 8.19 of the
Loan Agreement shall apply shall not exceed the Outstanding Principal Amount. For purposes of Section 8.19 of the Loan Agreement only, the
All-In Rate shall be determined pursuant to clause (i) of the first sentence of the definition of All-In Rate. In all other respects, Borrower's obligations set forth in  Section 8.19 of the
Loan Agreement shall remain in full force and effect. Notwithstanding the foregoing, Borrower or the Other Swap Pledgor may
transfer the Hedge Agreements to the OP or any Permitted REIT Subsidiary substantially concurrently with or following the IPO Closing Time so long as (i) the OP or such Permitted REIT
Subsidiary assumes the obligations under the Hedge Agreements and indemnifies the Other Swap Pledgor party thereto from any obligations thereunder arising from and after such assumption (unless the
Other Swap Pledgor is released by the Counterparty thereto from its obligations thereunder); (ii) the OP or such Permitted REIT Subsidiary assumes and ratifies all of the obligations of the
Other Swap Pledgor under the Hedge Agreement Pledge and delivers such documents and takes such other steps as are deemed reasonably necessary by the Administrative Agent to preserve, protect and
maintain, and to assure the first priority of, the security interests arising thereunder from and after such assumption; (iii) prior to such transfer, the Third Party Counterparty thereto
confirms that such transfer is permitted and that any acknowledgment previously delivered to the Administrative Agent will remain in effect after such transfer; and (iv) all documentation
relating to the foregoing is delivered to the Administrative Agent within ten (10) Business Days after such documentation is fully executed and delivered by the parties thereto. 

        6.    Modification to DSCR for Restoration following
Casualty.    Section 10.03(c)(iv) of the Loan Agreement is hereby modified to replace
"1:50[sic]:1.00" with "1.35-to-1.00." 

        7.    Modifications to Cross-Default Provision relating to Guaranteed Line of
Credit.    Section 12.01(m) of the Loan Agreement shall not apply if the obligations under the applicable
Guarantee thereof furnished by a Borrower or any Subsidiary of the Borrower in conformity with Section 9.04(h) of the Loan Agreement are secured,
in compliance with Section 9.02(k) of the Loan Agreement, exclusively by Liens on one or more Excluded Projects, and the obligations under such
Guarantee are non-recourse to the Borrower and its Subsidiaries (except for "carve-outs" for the Borrower's or such Subsidiary's fraud, misrepresentation, misappropriation and
other exceptions-from-non-recourse with respect to the acts of such Borrower or Subsidiary customary in the real estate finance industry). In addition, to the
extent that Section 12.01(m) of the Loan Agreement does apply, it shall not be an Event of Default under the Loans unless and until the obligor
under the Guaranteed Line of Credit has failed to cure 

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an
event of default under the Guaranteed Line of Credit following applicable notice and cure periods thereunder. 

        8.    Effect of Consummation of IPO Transactions.    It is agreed that the REIT is the
Permitted Public REIT described in the Loan Agreement; the OP is the Operating Partnership described in the Loan Agreement; the transactions described in the Final S-11 include
transactions which comprise the Permitted Reorganization and the Permitted Public REIT Transfer; and that Borrower shall have no further right, from and after the IPO Closing Time, to consummate any
other Permitted Reorganization or Permitted Public REIT Transfer, except for transfers which are permitted under Section 9.03 of the Loan Agreement following a Permitted Public REIT Transfer,
the changes to Borrower's Manager that are permitted under Section 14.31(a) of the Loan Agreement, the changes to its fiscal year permitted under  Section 14.31(b)
 of the Loan Agreement, the dissolution of the Borrower's Member and changes in the Property Manager or management arrangements
for the Projects that are permitted under Section 14.31(d)of the Loan Agreement (provided that it is understood for both of these purposes that
all references therein to the Permitted Public REIT shall mean and refer to the REIT). Effective upon the IPO Closing Time, (i) the provisions of the Loan Agreement which permit transfers to or
acquisitions of interests in Borrower by a Permitted Private REIT or a Permitted Private REIT Subsidiary shall be of no further force or effect; (ii) all references in the Loan Agreement to a
"Permitted REIT" shall mean the REIT; and (iii) there shall be only one Permitted Public REIT, which shall be the REIT. 

        9.    Participation by DERA or Named Principals Going Forward.    It is understood and agreed
that the references to the Named Principals in the following provisions of the Loan Documents shall be of no further force or effect: the definitions of "Immaterial Subsidiary," "Permitted Public
REIT" and "Principals," and Sections 9.03(a)(iii), 9.03(b), 9.03(c), 9.04(e), 9.04(f), 9.04(g), 9.15 and 12.01(s). 

        10.    Release of DERA and Douglas, Emmett & Company.    The Administrative Agent and
the Lenders hereby release (i) DERA from any and all obligations and liabilities under the Guarantor Documents arising from and after the IPO Closing Time and (ii) Douglas
Emmett & Company from any and all obligations and liabilities under the Property Manager's Consents arising from and after the IPO Closing Time. 

        11.    Reserved.    

        12.    Reserved.    

        13.    Ratification of Liens.    Each of the Deeds of Trust and other Security Documents is
modified to secure payment and performance of the Obligations of Borrower under the Loan Documents as modified and supplemented pursuant to this Agreement, in addition to all other Obligations stated
therein to be secured therein. 

        14.    Additional Advances.    

        (a)   The
outstanding balance of the Loans immediately prior to the IPO Closing Time is $215,000,000 (the "Pre-IPO Outstanding
Balance"). 

        (b)   On
the date on which the IPO Closing Time occurs, each Lender having an IPO Closing Date Commitment (as defined below) severally agrees to make an additional advance to
Borrower (each such loan, an "IPO Closing Date Advance") in an amount identified in Amended and Restated
Schedule 1.01(4) as the "IPO Closing Date Commitment" of such Lender in accordance with the terms and conditions set
forth in this Section 14. The "IPO Closing Date Commitment Percentage" means, as to any Lender at
any time, the percentage equivalent of such Lender's IPO Closing Date Commitment divided by the IPO Closing Date Commitments of all Lenders at such time. 

        (c)   Reserved.

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        (d)   Reserved.

        (e)   The
IPO Closing Date Advances (collectively, "Additional Advances") made by each Lender having an IPO Closing Date
Commitment shall be evidenced by the Additional Note A, Additional Note B or Additional Note C, as applicable, delivered to such Lender. Once repaid or prepaid, Borrower may not
reborrow any Additional Advance. 

        (f)    Additional Advance Notice.    Each Additional Advance shall be made upon the irrevocable written notice
(including notice via facsimile confirmed immediately by a telephone call) of Borrower in the form of Exhibit Aattached hereto (an
"Additional Advance Notice") as more fully provided below: 

        (i)    Rate and Terms.    Each Additional Advance shall be a Loan, and shall bear interest and otherwise be subject to
the terms and conditions that apply to all other Loans. 

        (ii)    Timing of Notice.    Each Additional Advance Notice shall be submitted to and received by the Administrative
Agent prior to 9:00 a.m. (New York time) (A) at least three (3) Business Days prior to the specified borrowing date, in the case of Eurodollar Loans; and (B) at least two
(2) Business Days prior to the specified borrowing date, in the case of Base Rate Loans. Notwithstanding the foregoing, in the case of the Additional Advance Notice delivered in connection with
the IPO Closing Date Advance, the time of day by which such notice shall be delivered shall be prior to 12:00 noon (California time). 

        (iii)    Contents of Notice.    Each Additional Advance Notice shall set forth the following information with respect
to the Loan subject thereto: 

        (A)  a
single, specific borrowing date, which shall be a Business Day; 

        (B)  a
single, exact amount for the Loan, which for any Eurodollar Loan, shall be in an aggregate minimum principal amount of $1,000,000 or any multiple of $100,000 in excess
thereof (or such lesser amount as shall then constitute the remaining amount of the IPO Closing Date Commitments); 

        (C)  whether
the Loan is to be made as a Eurodollar Loan or a Base Rate Loan; and 

        (D)  if
the Loan is to be made as a Eurodollar Loan, the applicable Interest Period. If an Additional Advance Notice shall fail to specify the applicable Interest Period for
any Eurodollar Loan requested, such Loan will be made as a Eurodollar Loan with a one month Interest Period. 

        (g)    Notice to Lenders.    Upon receipt of an Additional Advance Notice conforming with the terms of this  Section 14, the
Administrative Agent shall promptly notify each Lender thereof and of the amount of such Lender's IPO Closing Date Commitment
Percentage of the Loan described therein. 

        (h)    Funding of Commitments.    

          (i)  Each
Lender shall make the amount of its IPO Closing Date Commitment Percentage of the IPO Closing Date Advances available to the Administrative Agent for the account
of Borrower on the date on which the IPO Closing Time occurs. In furtherance of the foregoing, provided that the Borrower shall have provided to the Administrative Agent prior to 9:00 A.M. New
York time on the Business Day before the date on which the IPO Closing Time is scheduled to occur (the "Scheduled Closing Date"), unconditional
authorization for closing and funding on the Scheduled Closing Date (including all such authorizations required pursuant to Section 10 of the Escrow Delivery Letter), the Administrative Agent
shall provide telephonic or electronic notification thereof to the Lenders on the date the unconditional authorization is received, and each Lender shall initiate by 9:30 a.m. (New York time)
the 

8

 

wire
transfer of its respective IPO Closing Date Commitment Percentages of the IPO Closing Date Advances to the Administrative Agent for the account of Borrower on the Scheduled Closing Date in
Dollars immediately available to the Administrative Agent, and shall otherwise use commercially reasonable efforts to make such funds available to the Administrative Agent for the account of Borrower
on the Scheduled Closing Date, with the objective that the Administrative Agent shall have received such funds by such time as to be in a position to make such funds available to Borrower (provided
all conditions to funding set forth herein and in the Escrow Delivery Letter have been satisfied) on or prior to 12:00 noon (New York time) on the Scheduled Closing Date, by wire transferring to such
account or accounts as shall have been designated to it by Borrower the aggregate of the amounts made available to the Administrative Agent by the Lenders. The Borrower acknowledges that (except for
the obligations of the Lenders to initiate wires as provided herein) no assurances have been made by the Lenders or the Administrative Agent that funds necessarily will be available to Borrower by any
specific time. If the Borrower provides the above-referenced authorization to the Administrative Agent at least one (1) Business Day before the Scheduled Closing Date, and if for any reason the
IPO Closing Time does not occur on the Scheduled Closing Date, the Administrative Agent shall return any funds received from any Lender to such Lender, and the Borrower shall be responsible for all
costs and expenses that result from the fundings by the Lenders (including interest for the day in question, unless such funds are returned by the time on such day by which a payment would be required
to be made pursuant to Section 4.01(a) of the Loan Agreement in order to avoid the accrual of interest for such day, and costs and expenses of the type referred to in Article V of the
Loan Agreement). All amounts to be funded pursuant to this Section shall be funded in Dollars. 

         (ii)  Reserved. 

        (i)    Reserved.    

        (j)    Reserved.    

        (k)    Reserved.    

        15.    Modifications of Certain Provisions of the Loan Agreement.    The following provisions
of the Loan Agreement are hereby modified as follows: 

        (a)   The
first sentence of Section 7.10 of the Loan Agreement is hereby deleted. The third sentence of  Section 7.10 of the Loan Agreement is hereby
replaced by the following: "The sole manager of Borrower is New Borrower's Manager. The sole general
partner of Borrower's Member is New General Partner." 

        (b)   The
second sentence of Section 7.11 of the Loan Agreement is hereby replaced by the following: "Neither Borrower
nor Borrower's Member has any Subsidiaries except for those shown on Schedule 7.11." 

        (c)   The
second sentence of Section 7.14 of the Loan Agreement is hereby replaced by the following: "The Borrower and
the New Borrower's Manager were organized in the State of Delaware, and the Borrower's Member was organized in the State of California." 

        (d)   In  Section 7.22 of the Loan Agreement, the reference to "Douglas, Emmett & Company Delinquency/Aging
Report
(Summarized) dated 7/20/2005" is hereby replaced by "Douglas, Emmett & Company Delinquency/Aging Report (Summarized)
dated                        , 2006". 

        (e)   In
Section 7.26 of the Loan Agreement, the reference to the Property Management Agreement shall be to the Property
Management Agreement between Borrower [or Co-Borrower] and New General Partner in effect as of the IPO Closing Time. 

9

 

        (f)    Sections 7.35 and 7.37 of the Loan Agreement are hereby deleted. 

        16.    Certain Acknowledgments.    Administrative Agent and the Lenders hereby acknowledge and
agree as follows: 

        (a)   The
Formation Transactions and the other elements of the Permitted Reorganization (including, without limitation, modifications to the organizational documents of the
Borrower Parties in effect as of the IPO Closing Time) are approved to the extent required by the Loan Documents. 

        (b)   The
transfer of Equity Interests in any existing Subsidiary of Borrower to Borrower's Member or any other Permitted Public REIT Subsidiary will not require the consent
of the Administrative Agent or the Lenders. The transfer of Equity Interests in any existing Subsidiary of Borrower's Member (other than Borrower) to any other Permitted Public REIT Subsidiary will
not require the consent of the Administrative Agent or the Lenders. 

        17.    Incorporation.    This Agreement shall form a part of each Loan Document, and all references in any Loan
Document to a given Loan Document shall mean that document as hereby modified. 

        18.    No Prejudice; Reservation of Rights.    This Agreement shall not prejudice any rights or remedies of the
Administrative Agent or the Lenders under the Loan Documents, as modified hereby. 

        19.    No Impairment.    Except as specifically hereby amended, the Loan Documents shall each remain unaffected by
this Agreement and all such documents shall remain in full force and effect. Nothing in this Agreement shall impair the Liens of the Deeds of Trust or other Security Documents. The Deeds of Trust as
hereby amended shall remain deeds of trust with power of sale, creating first Liens encumbering each Project. 

        20.    Integration.    The Loan Documents, including this Agreement, the Escrow Delivery Letter and the documents
delivered concurrently herewith pursuant to the Escrow Delivery Letter: (a) integrate all the terms and conditions mentioned in or incidental to the Loan Documents; (b) supersede all
oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreement with respect to the terms and
conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties. If there is any conflict between the terms, conditions and provisions of this
Agreement and those of any other agreement or instrument, including any of the other Loan Documents, the terms, conditions and provisions of this Agreement shall prevail. 

        21.    Miscellaneous.    This Agreement and any attached consents or exhibits requiring signatures may be executed in
counterparts (and delivered via facsimile or through electronic delivery of a pdf file), and all such counterparts and documents delivered via facsimile or through electronic delivery of a pdf file
shall constitute but one and the same document. If any court of competent jurisdiction determines any
provision of this Agreement or any of the other Loan Documents to be invalid, illegal or unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect
as though the invalid, illegal or unenforceable portion had never been a part of the Loan Documents. This Agreement shall be governed by the laws of the State of California, without regard to the
choice of law rules of that State. 

[Signature
Pages Follow] 

10

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

	 	BORROWER:
	

 	

DOUGLAS EMMETT 1996, LLC, a Delaware limited liability company
	

 	

By:	

Douglas Emmett Management, Inc., a Delaware corporation, its Manager
	

 	

 	

By:	

    
 William Kamer
 Chief Financial Officer

	LENDERS
	

 	
NOTE A-1 LENDER:
	

 	

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	

 	

By:	
 	

Babson Capital Management Inc.
	 	Its:	 	Authorized Agent
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE A-2 LENDER:
	

 	

METROPOLITAN LIFE INSURANCE COMPANY, A NEW YORK CORPORATION
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE A-3 LENDER:
	

 	

WACHOVIA BANK, NATIONAL ASSOCIATION
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE A-4 LENDER:
	

 	

HYPO REAL ESTATE BANK INTERNATIONAL AG
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-1 LENDER, NOTE B-2A LENDER, NOTE B-9B LENDER AND NOTE B-10B LENDER:
	

 	

EUROHYPO AG, NEW YORK BRANCH
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-2B LENDER:
	

 	

BAYERISCHE LANDESBANK, NEW YORK BRANCH
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-3 LENDER:
	

 	

HYPOTHEKENBANK IN ESSEN AG
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-4 LENDER:
	

 	

LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-5 LENDER:
	

 	

LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-6 LENDER:
	

 	

LANDESBANK SACHSEN GIROZENTRALE
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-7 LENDER:
	

 	

LRP LANDESBANK RHEINLAND-PFALZ
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-8 LENDER:
	

 	

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	

 	

By:	
 	

Babson Capital Management Inc.
	 	Its:	 	Authorized Agent
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-9A LENDER:
	

 	

PB CAPITAL CORPORATION
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-10A LENDER:
	

 	

PB (USA) REALTY CORPORATION
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE B-11 LENDER:
	

 	

PNC BANK, NATIONAL ASSOCIATION
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE C-1 LENDER:
	

 	

BARCLAYS CAPITAL REAL ESTATE INC.
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
NOTE C-2 LENDER:
	

 	

EUROHYPO AG, NEW YORK BRANCH
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	
 	

 

	

 	
ADMINISTRATIVE AGENT:
	

 	

EUROHYPO AG, NEW YORK BRANCH, as Administrative Agent
	

 	

By:	
 	

              
 Name:

Title:
	

 	

By:	
 	

              
 Name:

Title:

QuickLinks

MODIFICATION AGREEMENT (Long Form)QuickLinks
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Exhibit 10.55  

Douglas Emmett 1997, LLC  

 
  MODIFICATION AGREEMENT    
    (Long Form)    
    

        This Modification Agreement ("Agreement") is made as
of                        , 2006, by and among Douglas Emmett
1997, LLC, a limited liability company organized under the laws of the State of Delaware ("Borrower"); Westwood Place Investors, LLC, a
Delaware limited liability company ("Westwood Place Borrower"); each of the lenders that is a signatory hereto identified under the caption "LENDERS" on
the signature pages hereto (individually, a "Lender" and, collectively, the "Lenders"); and EUROHYPO AG,
NEW YORK BRANCH, as agent for the Lenders (in such capacity, together with its successors in such capacity, the "Administrative Agent"). 

Factual Background  

        A.    Borrower,
Westwood Place Borrower, the Lenders and the Administrative Agent are parties to that certain Loan Agreement dated as of August 25, 2005 (said Loan
Agreement, as Modified and in effect from time to time, being herein called the "Loan Agreement"; and except as otherwise herein expressly provided, all
terms defined in the Loan Agreement are being used herein as defined therein), whereby the Lenders made Loans to Borrower and Westwood Place Borrower. 

        B.    The
Loans to Borrower and Westwood Place Borrower are evidenced by, and repayable with interest thereon in accordance with certain Notes and secured by (i) in the
case of Loans to Borrower, the Deeds of Trust encumbering the Projects referred to in the Loan Agreement which have not heretofore been released and (ii) in the case of the Loans to Westwood
Place Borrower, the Deed of Trust encumbering the Westwood Place Project, and the other Security Documents entered into by Borrower or the Westwood Place Borrower, respectively. The foregoing Projects
and Westwood Place Project are referred to herein collectively as the "Existing Projects." 

        C.    Douglas
Emmett Realty Advisors, a California corporation ("DERA") guaranteed certain obligations of Borrower and Westwood
Place Borrower in accordance with a Borrower's Manager's Limited Indemnity and Guarantee dated August 25, 2005. 

        D.    As
of the date of this Agreement, and prior to giving effect to the modifications herein, the outstanding principal balance of the Loans is $425,000,000. In connection
with the modifications provided for herein, upon the IPO Closing Time described below, the maximum outstanding principal balance of the Loans will be increased to $531,800,000, and certain other
modifications as described herein shall be made to the terms of the Loans. 

        E.    Borrower
has represented to the Agent and the Lenders that the "Formation Transactions" (as described in that certain Amendment No. 2 to
Form S-11 filed on September 20, 2006 with the United States Securities and Exchange Commission(1))
(the "Original S-11") have been consummated. Those transactions include, among other things, an initial public offering (the
"IPO") of shares in Douglas Emmett, Inc., a Maryland corporation (the "REIT"), as part of a
series of transactions that are intended to qualify as a Permitted Reorganization and a Permitted Public REIT Transfer. Pursuant to those transactions, Douglas Emmett Properties LP, a Delaware limited
partnership (the "OP"), is the operating partnership and principal subsidiary of the REIT; Borrower's Member, which is also the sole member of Westwood
Place Borrower, through a merger with a directly or indirectly wholly-owned subsidiary of the OP pursuant to an Agreement and Plan of Merger (the "Borrower's Member Merger
Agreement"), in which Borrower's Member is the surviving entity, and other contribution transactions 

1

 

involving
the REIT or its subsidiaries, has become a directly or indirectly wholly-owned Subsidiary of the OP; Borrower's Manager, through a merger with a directly or indirectly wholly-owned
subsidiary of the REIT pursuant to an Agreement and Plan of Merger (the "Borrower's Manager Merger Agreement"), in which Borrower's Manager is not the
surviving entity, and other contribution transactions involving the REIT or its subsidiaries, has transferred its general partnership interest in Borrower's Member to Douglas Emmett
Management, LLC, a Delaware limited liability company ("New General Partner"); Borrower's Manager has resigned as the non-member
manager of Borrower and of any existing subsidiaries of Borrower or Borrower's Member other than Westwood Place Borrower that are limited liability companies, and Douglas Emmett
Management, Inc., a Delaware corporation ("New Borrower's Manager"), a wholly-owned subsidiary of the REIT, has been appointed as the new
non-member manager of Borrower and of any existing subsidiaries of Borrower or Borrower's Member other than Westwood Place Borrower that are limited liability companies; and the Property
Management Agreement for each Existing Project with Douglas, Emmett and Company, a California corporation, has been terminated and new property management agreements for each Existing Project have
been entered into with New General Partner. Borrower's Member Merger Agreement, Borrower's Manager Merger Agreement and the other documents entered into in connection with the Formation Transactions
are collectively referred to herein as the "Reorganization Documents." The date and time as of which the proceeds of the IPO have been received by the
REIT is sometimes referred to herein as the "IPO Closing Time." 

	(1)
	If
a further amendment to the S-11 is filed before this Escrow Delivery Letter Agreement becomes effective, this reference may be adjusted to refer to that further
amendment. 

        F.     Borrower,
Westwood Place Borrower, the Lenders and the Administrative Agent entered into that certain escrow delivery letter agreement, dated as of September
    , 2006 (the "Escrow Delivery Letter"), pursuant to which certain documents (including this Agreement) were deposited with counsel to the
Administrative Agent in escrow, pending the IPO Closing Time and the satisfaction of certain conditions set forth in such Escrow Delivery Letter. 

        G.    Borrower,
Westwood Place Borrower, the Lenders and the Administrative Agent now wish to modify the Loan Agreement and other Loan Documents as set forth below. 

Agreement  

        Therefore, Borrower, Westwood Place Borrower, the Lenders and the Administrative Agent agree effective upon the IPO Closing Time as follows: 

        1.    Reaffirmation of Loan.    Borrower and Westwood Place Borrower reaffirm all of their
respective obligations under the Loan Documents, and Borrower and Westwood Place Borrower acknowledge that they have no claims, offsets or defenses with respect to the payment of sums due under the
Notes or any other Loan Document. 

        2.    Reserved.    

        3.    Modification of Loan Documents.    Effective upon the IPO Closing Time, the Loan
Documents are hereby amended, and additional agreements are hereby made with respect to the Loans, as follows: 

        (a)    Modified Loan Agreement and Loan Documents.    All references to the Loan Agreement in
the Loan Agreement or in any other Loan Documents shall mean the Loan Agreement as modified by this Modification Agreement. In addition to the documents identified in the Loan Agreement, the Loan
Documents shall include, without limitation, this Agreement and the documents delivered pursuant to Sections 2, 3 and 9(c) of the Escrow Delivery Letter. 

        (b)    Modification to Allocated Loan Amounts, Appraisal Amounts and Title Insurance
Amounts.    Schedules 1.01(1), 1.01(3) and 1.01(9), attached to the Loan Agreement are hereby amended and restated in
their entireties by Amended and Restated Schedules 1.01(1), 1.01(3) and 1.01(9) attached to this
Agreement. Such Amended and Restated Schedules 1.01(1), 1.01(3) and 1.01(9) set forth, 

2

 

respectively,
revised Allocated Loan Amounts, Appraisal Amounts and Title Policy amounts for each Project. 

        (c)    Modification to Proportionate Shares and Commitments of the
Lenders.    Schedule 1.01(4) attached to the Loan Agreement is hereby amended and restated in its entirety by  Amended and
Restated
Schedule 1.01(4) attached to this Agreement. Such Amended and Restated Schedule 1.01(4) sets forth the revised
Proportionate Shares and Commitments of the Lenders. 

        (d)    Additional Definitions.    The following additional definitions are hereby added to the
Loan Agreement: 

          (i)  "Additional Note A" shall mean those certain notes denominated "Additional Advance Note A" dated as of the date
hereof, executed by Borrower and Westwood Place Borrower to the order of the Lender named therein, in the aggregate original principal amount of $60,854,700.83, as the same may be Modified from time
to time. 

         (ii)  "Additional Note B" shall mean those certain notes denominated "Additional Advance Note B" dated as of the date
hereof, executed by Borrower and Westwood Place Borrower to the order of the Lender named therein, in the aggregate original principal amount of $39,859,829.06, as the same may be Modified from time
to time. 

        (iii)  "Additional Note C" shall mean those certain notes denominated "Additional Advance Note C" dated as of the date
hereof, executed by Borrower and Westwood Place Borrower to the order of the Lender named therein, in the aggregate original principal amount of $6,085,470.11, as the same may be Modified from time to
time. 

        (iv)  "Allocated Loan Percentage" means at any time with respect to any Project a percentage determined by multiplying one
hundred percent (100%) by a fraction, the numerator of which is the Allocated Loan Amount for such Project and the denominator of which is the Allocated Loan Amounts for all Projects which, at such
time, are collateral for the Loans. 

         (v)  Reserved. 

        (vi)  Reserved. 

       (vii)  "Modification Agreement" shall mean the Modification Agreement entered into by Borrower, Westwood Place Borrower, the
Administrative Agent and the Lenders party thereto effective as of the IPO Closing Time. 

      (viii)  "Project-Specific Deferred Funding Allocable Share" shall mean, with respect to any Project at any time, a percentage
determined by multiplying one hundred percent (100%) by a fraction, the numerator of which is the Allocated Loan Percentage for such Project and the denominator of which is the
aggregate of the Allocated Loan Percentages for all Projects which, at such time, are collateral for the Loans. 

        (ix)  "OP" means Douglas Emmett Properties, LP, a Delaware limited partnership. All references in the Loan Documents to the
Operating Partnership shall mean the OP. 

         (x)  "REIT" means Douglas Emmett, Inc., a Maryland corporation. All references in the Loan Documents to the Permitted
Public REIT shall mean the REIT. 

        (e)    Additional Definitions from Modification Agreement.    The following terms which are
defined in this Modification Agreement (and the definitions thereof set forth herein) are hereby added to the Loan Agreement: 

          (i)  "Additional
Advance" 

3

 

         (ii)  "Additional
Advance Notice" 

        (iii)  "Allocated
Loan Percentage" 

        (iv)  "Deferred
Funding Advance" 

         (v)  "Deferred
Funding Commitment Percentage" 

        (vi)  "IPO
Closing Date Commitments" 

       (vii)  "IPO
Closing Date Advance" 

      (viii)  "IPO
Closing Date Commitment Percentage" 

        (ix)  "IPO
Closing Time" 

         (x)  "Pre-IPO
Outstanding Balance" 

        (xi)  Reserved

       (xii)  Reserved

      (xiii)  Reserved

      (xiv)  "New
Borrower's Manager" 

       (xv)  "New
General Partner" 

        (f)    Amendments to Certain Definitions.    The definitions of the following terms in the
Loan Agreement are hereby amended and restated in their entireties as follows: 

          (i)  Reserved. 

         (ii)  Reserved. 

        (iii)  "Douglas Emmett Realty Funds" shall mean Douglas Emmett Joint Venture, Douglas Emmett Realty Fund 1995, Douglas Emmett
Realty Fund 1996, Douglas Emmett Realty Fund 1997, Douglas Emmett Realty Fund 1998, Douglas Emmett Realty Fund 2000, Douglas Emmett Realty Fund 2002 and Douglas Emmett Realty Fund 2005, each
Co-Borrower, and their respective Subsidiaries." 

        (iv)  "Note A" shall mean, collectively, (i) those certain notes denominated "Note A" dated concurrently with
the original Loan Agreement (or notes denominated Note A dated September 7, 2005, given in
substitution for certain of such original notes or replacement notes given in substitution for certain of such notes in accordance with the Escrow Delivery Agreement), executed by Borrower or Westwood
Place Borrower to the order of the Lender named therein, in the aggregate original principal amount of $242,165,242.18, as the same may be Modified from time to time, and (ii) each Additional
Note A. Each Note A shall constitute a "Note" for all purposes under this Agreement and the other Loan Documents. 

         (v)  "Note B" shall mean, collectively, (i) those certain notes denominated "Note B" dated concurrently with the
original Loan Agreement (or notes denominated Note B dated September 7, 2005, given in substitution for certain of such original notes or replacement notes given in substitution for
certain of such notes in accordance with the Escrow Delivery Agreement), executed by Borrower or Westwood Place Borrower to the order of the Lender named therein, in the aggregate original principal
amount of $158,618,233.62, as the same may be Modified from time to time, and (ii) each Additional Note B. Each Note B shall constitute a "Note" for all purposes under this
Agreement and the other Loan Documents. 

        (vi)  "Note C" shall mean, collectively, (i) those certain notes denominated "Note C" dated concurrently with
the original Loan Agreement (or notes denominated Note C dated 

4

 

September 7,
2005, given in substitution for certain of such original notes or replacement notes given in substitution for certain of such notes in accordance with the Escrow Delivery
Agreement), executed by Borrower or Westwood Place Borrower to the order of the Lender named therein, in the aggregate original principal amount of $24,216,524.20, as the same may be Modified from
time to time, and (ii) each Additional Note C. Each Note C shall constitute a "Note" for all purposes under this Agreement and the other Loan Documents. 

       (vii)  "Qualified Successor Entity" shall mean a Permitted Public REIT Subsidiary of the REIT (other than the OP). 

      (viii)  "Stated Maturity Date" means August 31, 2012, subject to Section 2.10. 

        (g)    Modifications to certain References.    The following references in the Loan Documents
are hereby replaced as follows: 

          (i)  Each
reference in the Loan Documents to Douglas, Emmett & Company as the Property Manager is hereby replaced with a reference to Douglas Emmett
Management, LLC, a Delaware limited liability company. 

         (ii)  Each
reference in the Loan Documents to DERA as Borrower's Manager is hereby replaced with a reference to Douglas Emmett Management, Inc., a Delaware
corporation. Each reference to Borrower's Manager shall mean Douglas Emmett Management, Inc., a Delaware corporation, until such time as a new Borrower's Manager is appointed as permitted by
the Loan Agreement. 

        (iii)  Each
reference in the Loan Documents to DERA as the sole general partner of Borrower's Member is hereby replaced with a reference to Douglas Emmett
Management, LLC, a Delaware limited liability company, and each reference to the general partner of Borrower's Member shall mean Douglas Emmett Management, LLC, a Delaware limited
liability company, until such time as a new general partner of Borrower's Member is admitted as permitted by the Loan Agreement. 

        (iv)  Each
reference in the Loan Documents to DERA in its capacity as guarantor pursuant to the Guarantor Documents is hereby replaced with a reference to the OP. Each
reference in the Loan Documents to "Borrower's Manager's Limited Indemnity and Guarantee" shall mean and refer to the Limited Indemnity and Guarantee delivered by the OP effective upon the IPO Closing
Time. 

         (v)  For
purposes of the following provisions of the Loan Agreement, the term "Borrower Party" shall include, without limitation, the OP: the definitions of "ERISA
Affiliate," "ERISA Event," "Material Adverse Effect," and "Plan," and Sections 7.02, 7.06, 7.07, 7.30, 7.33, 8.03, 9.16 and 12.01(c) of the Loan Agreement. 

        (vi)  The
references to "Borrower Party" in Section 12.02(a) of the Loan Agreement are hereby replaced with "Bankruptcy Party." 

       (vii)  The
following Schedules attached to the Loan Agreement are hereby supplemented or amended and restated (as set forth below): 

        (A)  Reserved. 

        (B)  Schedules 7.05, 7.11 and  7.22 are hereby amended and restated as set forth in Amended and Restated
Schedules 7.05,  7:05A, 7.11, 7.11A,  7.22and 7.22A attached hereto. 

      (viii)  The
"Primary Credit Facility" referred to in the Loan Agreement shall mean the primary revolving credit facility under which the Permitted REIT (directly or through
its 

5

 

Operating
Partnership or another Permitted REIT Subsidiary) obtains financing for its general purposes. 

        (ix)  The
reference to "Secured Capital" in the Loan Agreement is hereby revised to "Eastdil Secured Capital and affiliates." 

         (x)  The
parties acknowledge that the Stub Interest Period ended on (but did not include) September 1, 2005. Accordingly, Section 2.10 of the Loan Agreement is
hereby amended and restated in its entirety to read as follows: 

"Notwithstanding
anything to the contrary contained in this Agreement, (i) the Outstanding Principal Amount under all Notes shall become automatically due and payable on September 1,
2010 if on or prior to such date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to five (5) basis
points (0.05%) times the Outstanding Principal Amount under all Notes as of September 1, 2010 or if on such date an Event of Default exists and (ii) the Outstanding Principal Amount
under all Notes shall become automatically due and payable on September 1, 2011 if on such date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the
benefit of the Lenders an extension fee equal to five (5) basis points (0.05%) times the Outstanding Principal Amount under all Notes as of September 1, 2011 or if on such date an Event
of Default exists." 

        4.    Modification to DSCR for Project
Releases.    Section 2.09(a)(v) of the Loan Agreement is hereby modified to replace
"1.50-to-1.00" with "1.35-to-1.00." 

        5.    Understandings Concerning Hedge Arrangements.    Notwithstanding anything to the
contrary set forth in the Loan Agreement or the other Loan Documents, the Aggregate Notional Amount as to which Borrower's obligations set forth in  Section 8.19 of the Loan Agreement shall apply
shall be an amount equal to the outstanding principal balance of the Loans as of the date of this
Agreement, without giving effect to any of the Additional Advances made pursuant to this Agreement, whether on or after the IPO Closing Time; provided, however, that in the event the Outstanding
Principal Amount is reduced below such amount, the Aggregate Notional Amount as to which Borrower's obligations set forth in Section 8.19 of the
Loan Agreement shall apply shall not exceed the Outstanding Principal Amount. For purposes of Section 8.19 of the Loan Agreement only, the
All-In Rate shall be determined pursuant to clause (i) of the first sentence of the definition of All-In Rate. In all other respects, Borrower's obligations set forth in  Section 8.19 of the
Loan Agreement shall remain in full force and effect. Notwithstanding the foregoing, Borrower or the Other Swap Pledgor may
transfer the Hedge Agreements to the OP or any Permitted REIT Subsidiary substantially concurrently with or following the IPO Closing Time so long as (i) the OP or such Permitted REIT
Subsidiary assumes the obligations under the Hedge Agreements and indemnifies the Other Swap Pledgor party thereto from any obligations thereunder arising from and after such assumption (unless the
Other Swap Pledgor is released by the Counterparty thereto from its obligations thereunder); (ii) the OP or such Permitted REIT Subsidiary assumes and ratifies all of the obligations of the
Other Swap Pledgor under the Hedge Agreement Pledge and delivers such documents and takes such other steps as are deemed reasonably necessary by the Administrative Agent to preserve, protect and
maintain, and to assure the first priority of, the security interests arising thereunder from and after such assumption; (iii) prior to such transfer, the Third Party Counterparty thereto
confirms that such transfer is permitted and that any acknowledgment previously delivered to the Administrative Agent will remain in effect after such transfer; and (iv) all documentation
relating to the foregoing is delivered to the Administrative Agent within ten (10) Business Days after such documentation is fully executed and delivered by the parties thereto. 

6

 

        6.    Modification to DSCR for Restoration following
Casualty.    Section 10.03(c)(iv) of the Loan Agreement is hereby modified to replace
"1:50[sic]:1.00" with "1.35-to-1.00." 

        7.    Modifications to Cross-Default Provision relating to Guaranteed Line of
Credit.    Section 12.01(m) of the Loan Agreement shall not apply if the obligations under the applicable
Guarantee thereof furnished by a Borrower or the Westwood Place Borrower or any Subsidiary of the Borrower or the Westwood Place Borrower in conformity with  Section 9.04(h) of the Loan Agreement
are secured, in compliance with Section 9.02(k) of
the Loan Agreement, exclusively by Liens on one or more Excluded Projects, and the obligations under such Guarantee are non-recourse to the Borrower or the Westwood Place Borrower and
their respective Subsidiaries (except for "carve-outs" for the Borrower's or the Westwood Place Borrower's or their respective Subsidiary's fraud, misrepresentation, misappropriation and
other exceptions-from-non-recourse with respect to the acts of such Borrower or the Westwood Place Borrower or Subsidiary customary in the real estate finance
industry). In addition, to the extent that Section 12.01(m) of the Loan Agreement does apply, it shall not be an Event of Default under the Loans
unless and until the obligor under the Guaranteed Line of Credit has failed to cure an event of default under the Guaranteed Line of Credit following applicable notice and cure periods thereunder. 

        8.    Effect of Consummation of IPO Transactions.    It is agreed that the REIT is the
Permitted Public REIT described in the Loan Agreement; the OP is the Operating Partnership described in the Loan Agreement; the transactions described in the Final S-11 include
transactions which comprise the Permitted Reorganization and the Permitted Public REIT Transfer; and that Borrower shall have no further right, from and after the IPO Closing Time, to consummate any
other Permitted Reorganization or Permitted Public REIT Transfer, except for transfers which are permitted under Section 9.03 of the Loan Agreement following a Permitted Public REIT Transfer,
the changes to Borrower's Manager that are permitted under Section 14.31(a) of the Loan Agreement, the changes to its fiscal year permitted under  Section 14.31(b)
 of the Loan Agreement, the dissolution of the Borrower's Member and changes in the Property Manager or management arrangements
for the Projects that are permitted under Section 14.31(d)of the Loan Agreement (provided that it is understood for both of these purposes that
all references therein to the Permitted Public REIT shall mean and refer to the REIT). Effective upon the IPO Closing Time, (i) the provisions of the Loan Agreement which permit transfers to or
acquisitions of interests in Borrower by a Permitted Private REIT or a Permitted Private REIT Subsidiary shall be of no further force or effect; (ii) all references in the Loan Agreement to a
"Permitted REIT" shall mean the REIT; and (iii) there shall be only one Permitted Public REIT, which shall be the REIT. 

        9.    Participation by DERA or Named Principals Going Forward.    It is understood and agreed
that the references to the Named Principals in the following provisions of the Loan Documents shall be of no further force or effect: the definitions of "Immaterial Subsidiary," "Permitted Public
REIT" and "Principals," and Sections 9.03(a)(iii), 9.03(b), 9.03(c), 9.04(e), 9.04(f), 9.04(g), 9.15 and 12.01(s). 

        10.    Release of DERA and Douglas, Emmett & Company.    The Administrative Agent and
the Lenders hereby release (i) DERA from any and all obligations and liabilities under the Guarantor Documents arising from and after the IPO Closing Time and (ii) Douglas
Emmett & Company from any and all obligations and liabilities under the Property Manager's Consents arising from and after the IPO Closing Time. 

        11.    Westwood Place Now Joint and Several.    Borrower and Westwood Place Borrower hereby
agree that: (i) Borrower and Westwood Place Borrower are (subject to Section 14.23 of the Loan Agreement) jointly and severally liable for
all of the obligations of the Borrower and the Westwood Place Borrower set forth in the Loan Agreement and the other Loan Documents; (ii) the occurrence of any Event of Default shall be a
Westwood Place Event of Default; (iii) the Obligations which are secured by all Security Documents shall include both the Obligations of the Borrower under the Loan Documents and the
Obligations of the Westwood Place Borrower under the Loan Documents to which it is a party]. 

7

 

Borrower
and Westwood Place Borrower shall execute such documents and take such actions as may be requested by the Administrative Agent further to confirm the foregoing. The applicable provisions
governing the recourse and exceptions therefrom applicable to the Borrower with respect to both the Loans made to the Borrower and the Loans originally made to the Westwood Place Borrower shall be as
set forth in Section 14.23(a) (and not Section 14.23(b) of the Loan Agreement). The Pledge
Agreement, and the Liens granted to Administrative Agent thereunder, are hereby terminated and of no further force or effect, and the Administrative Agent shall, at the Borrower's sole cost and
expense, execute such documents and take such other actions as may be necessary to confirm such termination or to terminate any financing statement relating to the collateral covered thereby. 

        12.    Reserved.    

        13.    Ratification of Liens.    Each of the Deeds of Trust and other Security Documents is
modified to secure payment and performance of the Obligations of Borrower and Westwood Place Borrower under the Loan Documents as modified and supplemented pursuant to this Agreement, in addition to
all other Obligations stated therein to be secured therein. 

        14.    Additional Advances.    

        (a)   The
outstanding balance of the Loans immediately prior to the IPO Closing Time is $425,000,000 (the "Pre-IPO Outstanding
Balance"). 

        (b)   On
the date on which the IPO Closing Time occurs, each Lender having an IPO Closing Date Commitment (as defined below) severally agrees to make an additional advance to
Borrower (each such loan, an "IPO Closing Date Advance") in an amount identified in Amended and Restated
Schedule 1.01(4) as the "IPO Closing Date Commitment" of such Lender in accordance with the terms and conditions set
forth in this Section 14. The "IPO Closing Date Commitment Percentage" means, as to any Lender at
any time, the percentage equivalent of such Lender's IPO Closing Date Commitment divided by the IPO Closing Date Commitments of all Lenders at such time. 

        (c)   At
any time on or subsequent to the date on which the IPO Closing Time occurs, each Lender having a Deferred Funding Commitment (as defined below) severally agrees, on
the terms and conditions hereinafter set forth in this Section 14, to advance from time to time loans to Borrower (each such loan, a
"Deferred Funding Advance"), in an aggregate amount not to exceed (subject to adjustment pursuant to  Section 14(j) of this Agreement) the
amount identified in Amended and Restated
Schedule 1.01(4) as the "Deferred Funding Commitment" of such Lender. The Deferred Funding Commitments of all Lenders
having Deferred Funding Commitments on the date hereof (prior to any Deferred Funding Advances, if any, made on the date hereof) shall equal $100,250,000. Subject to adjustment pursuant to  Section 14(j) of this Agreement, the "Deferred Funding Commitment Percentage" means, as to any
Lender at any time, the percentage equivalent of such Lender's Deferred Funding Commitment divided by the Deferred Funding Commitments of all Lenders at such time. 

        (d)   Notwithstanding
anything to the contrary contained in this Agreement, not more than $50,000,000 in Deferred Funding Advances (or such lesser sum as shall then represent
the Deferred Funding Commitments of the Lenders having Deferred Funding Commitments) shall be advanced by all Lenders having Deferred Funding Commitments in the aggregate from and after
December 31, 2006. The Deferred Funding Commitments of the Lenders having Deferred Funding Commitments shall expire, and be of no further force and effect, if not drawn on or before the first
anniversary date of the date on which the IPO Closing Time occurs. 

        (e)   The
IPO Closing Date Advances and Deferred Funding Advances (collectively, "Additional Advances") made by each Lender
having an IPO Closing Date Commitment or Deferred Funding Commitment, respectively, shall be evidenced by the Additional Note A, 

8

 

Additional
Note B or Additional Note C, as applicable, delivered to such Lender. Once repaid or prepaid, Borrower may not reborrow any Additional Advance. 

        (f)    Additional Advance Notice.    Each Additional Advance shall be made upon the irrevocable written notice
(including notice via facsimile confirmed immediately by a telephone call) of Borrower in the form of Exhibit Aattached hereto (an
"Additional Advance Notice") as more fully provided below: 

        (i)    Rate and Terms.    Each Additional Advance shall be a Loan, and shall bear interest and otherwise be subject to
the terms and conditions that apply to all other Loans. 

        (ii)    Timing of Notice.    Each Additional Advance Notice shall be submitted to and received by the Administrative
Agent prior to 9:00 a.m. (New York time) (A) at least three (3) Business Days prior to the specified borrowing date, in the case of Eurodollar Loans; and (B) at least two
(2) Business Days prior to the specified borrowing date, in the case of Base Rate Loans. Notwithstanding the foregoing, in the
case of the Additional Advance Notice delivered in connection with the IPO Closing Date Advance, the time of day by which such notice shall be delivered shall be prior to 12:00 noon (California time). 

        (iii)    Contents of Notice.    Each Additional Advance Notice shall set forth the following information with respect
to the Loan subject thereto: 

        (A)  a
single, specific borrowing date, which shall be a Business Day; 

        (B)  a
single, exact amount for the Loan, which for any Eurodollar Loan, shall be in an aggregate minimum principal amount of $1,000,000 or any multiple of $100,000 in excess
thereof (or such lesser amount as shall then constitute the remaining amount of the Deferred Funding Commitments); 

        (C)  whether
the Loan is to be made as a Eurodollar Loan or a Base Rate Loan; and 

        (D)  if
the Loan is to be made as a Eurodollar Loan, the applicable Interest Period. If an Additional Advance Notice shall fail to specify the applicable Interest Period for
any Eurodollar Loan requested, such Loan will be made as a Eurodollar Loan with a one month Interest Period. 

        (g)    Notice to Lenders.    Upon receipt of an Additional Advance Notice conforming with the terms of this  Section 14, the
Administrative Agent shall promptly notify each Lender thereof and of the amount of such Lender's IPO Closing Date Commitment
Percentage or Deferred Funding Commitment Percentage (as applicable) of the Loan described therein. 

        (h)    Funding of Commitments.    

          (i)  Each
Lender shall make the amount of its IPO Closing Date Commitment Percentage of the IPO Closing Date Advances available to the Administrative Agent for the account
of Borrower on the date on which the IPO Closing Time occurs. In furtherance of the foregoing, provided that the Borrower shall have provided to the Administrative Agent prior to 9:00 A.M. New
York time on the Business Day before the date on which the IPO Closing Time is scheduled to occur (the "Scheduled Closing Date"), unconditional
authorization for closing and funding on the Scheduled Closing Date (including all such authorizations required pursuant to Section 10 of the Escrow Delivery Letter), the Administrative Agent
shall provide telephonic or electronic notification thereof to the Lenders on the date the unconditional authorization is received, and each Lender shall initiate by 9:30 a.m. (New York time)
the wire transfer of its respective IPO Closing Date Commitment Percentages of the IPO Closing Date Advances to the Administrative Agent for the account of Borrower on the Scheduled Closing Date in
Dollars immediately available to the Administrative Agent, and shall 

9

 

otherwise
use commercially reasonable efforts to make such funds available to the Administrative Agent for the account of Borrower on the Scheduled Closing Date, with the objective that the
Administrative Agent shall have received such funds by such time as to be in a position to make such funds available to Borrower (provided all conditions to funding set forth herein and in the Escrow
Delivery Letter have been satisfied) on or prior to 12:00 noon (New York time) on the Scheduled Closing Date, by wire transferring to such account or accounts as shall have been designated to it by
Borrower the aggregate of the amounts made available to the Administrative Agent by the Lenders. The Borrower acknowledges that (except for the obligations of the Lenders to initiate wires as provided
herein) no assurances have been made by the Lenders or the Administrative Agent that funds necessarily will be available to Borrower by any specific time. If the Borrower provides the above-
referenced authorization to the Administrative Agent at least one (1) Business Day before the Scheduled Closing Date, and if for any reason the IPO Closing Time does not occur on the Scheduled
Closing Date, the Administrative Agent shall return any funds received from any Lender to such Lender, and the Borrower shall be responsible for all costs and expenses that result from the fundings by
the Lenders (including interest for the day in question, unless such funds are returned by the time on such day by which a payment would be required to be made pursuant to Section 4.01(a) of
the Loan Agreement in order to avoid the accrual of interest for such day, and costs and expenses of the type referred to in Article V of the Loan Agreement). All amounts to be funded pursuant
to this Section shall be funded in Dollars. 

         (ii)  Each
Lender shall make the amount of its Deferred Funding Commitment Percentage of the Loan described in any Additional Advance Notice available to the Administrative
Agent for the account of Borrower by 12:00 p.m. (New York time) on the borrowing date specified therein in Dollars immediately available to the Administrative Agent. Unless, in the case of any
Deferred Funding Advance, any applicable condition specified in this Section 14 has not been satisfied, such funds shall then be made available
to Borrower by the Administrative Agent by wire transferring to such account as shall have been designated to it by Borrower the aggregate of the amounts made available to the Administrative Agent by
the Lenders (in like funds as received by the Administrative Agent). All amounts to be funded pursuant to this Section shall be funded in Dollars. 

        (i)    Frequency of Borrowings.    No more than one (1) Additional Advance Notice on account of any Deferred
Funding Advance may be given in any calendar month. 

        (j)    Effect of Deferred Funding Commitments on Allocated Loan Amounts.    

          (i)  Upon
the IPO Closing Time, the Allocated Loan Amounts shall be increased to the amounts set forth in Amended and Restated
Schedule 1.01(4) attached to this Modification Agreement to reflect the allocation of the outstanding principal balances of the Loans after giving effect to the IPO
Closing Date Advances. 

         (ii)  Upon
the making of each Deferred Funding Advance pursuant hereto, the Allocated Loan Amount for each Project shall be increased by an amount equal to such Deferred
Funding Advance multiplied by the Project-Specific Deferred Funding Allocable Share for such Project as determined immediately prior to such advance. 

        (iii)  If
any Project is released in accordance with Section 2.09 of the Loan Agreement prior to the advance to
Borrower of the full amount of the Deferred Funding Commitments, the Deferred Funding Commitments of the Lenders shall be reduced in the aggregate by an amount equal to that Project's Project-Specific
Deferred Funding Allocable Share, as determined immediately prior to such release, of the portion of the Deferred Funding Commitments which, as determined immediately prior to such release, have not
been funded. 

10

 

        (k)    Conditions to Each Additional Advance.    The obligation of each Lender to make any Deferred Funding Advance is
subject to the satisfaction of the following conditions precedent: 

        (i)    Additional Advance Notice.    The Administrative Agent shall have received an Additional Advance Notice in
compliance with the terms of this Section 14; 

        (ii)    Representations and Warranties.    The representations and warranties made by Borrower, the OP and the other
Borrower Parties contained in the Loan Documents shall be true and correct on and as of the date such Additional Advance is made, with the same effect as if made on and as of such date; 

        (iii)    No Existing Default.    No Event of Default shall exist or shall result from the making of such Additional
Advance; 

        (iv)    Title Insurance.    If required by the Administrative Agent, the Title Company shall have issued (at
Borrower's expense) an endorsement to the Title Policy which insures the priority of such Additional Advance over all items other than Permitted Title Exceptions. 

Each
Additional Advance Notice submitted by Borrower hereunder shall constitute a representation and warranty by Borrower hereunder, as of the date of such notice and as of the date of the making of
the corresponding Additional Advance, that the conditions in this Section 14 have been satisfied. 

        15.    Modifications of Certain Provisions of the Loan Agreement.    The following provisions
of the Loan Agreement are hereby modified as follows: 

        (a)   The
first sentence of Section 7.10 and Section 7.10A of the
Loan Agreement is hereby deleted. The third sentence of Section 7.10 of the Loan Agreement is hereby replaced by the following: "The sole manager
of Borrower is New Borrower's Manager. The sole general partner of Borrower's Member is New General Partner." 

        (b)   The
second sentence of Section 7.11 of the Loan Agreement is hereby replaced by the following: "Neither Borrower
nor Borrower's Member has any Subsidiaries except for those shown on Schedule 7.11." 

        (c)   The
second sentence of Section 7.14 of the Loan Agreement is hereby replaced by the following: "The Borrower and
the New Borrower's Manager were organized in the State of Delaware, and the Borrower's Member was organized in the State of California." 

        (d)   In
Section 7.22 and Section 7.22A of the Loan Agreement,
the reference to "Douglas, Emmett & Company Delinquency/Aging Report (Summarized) dated 7/20/2005" is hereby replaced by "Douglas, Emmett & Company Delinquency/Aging Report (Summarized)
dated                        , 2006". 

        (e)   In  Section 7.26 of the Loan Agreement, the reference to the Property Management Agreement shall be to the
Property
Management Agreement between Borrower and New General Partner in effect as of the IPO Closing Time. In Section 7.26A of the Loan Agreement, the
reference to the Property Management Agreement shall be to the Property Management Agreement between Westwood Place Borrower and New General Partner in effect as of the IPO Closing Time. 

        (f)    Sections 7.35 and 7.37 of the Loan Agreement are hereby deleted.  Sections 7.35A and 7.37A of the Loan Agreement are hereby deleted. 

        16.    Certain Acknowledgments.    Administrative Agent and the Lenders hereby acknowledge and
agree as follows: 

        (a)   The
Formation Transactions and the other elements of the Permitted Reorganization (including, without limitation, modifications to the organizational documents of the
Borrower Parties in effect as of the IPO Closing Time) are approved to the extent required by the Loan Documents. 

11

 

        (b)   The
transfer of Equity Interests in any existing Subsidiary of Borrower to Borrower's Member or any other Permitted Public REIT Subsidiary will not require the consent
of the Administrative Agent or the Lenders. The transfer of Equity Interests in any existing Subsidiary of Borrower's Member (other than Borrower) to any other Permitted Public REIT Subsidiary will
not require the consent of the Administrative Agent or the Lenders. 

        17.    Incorporation.    This Agreement shall form a part of each Loan Document, and all references in any Loan
Document to a given Loan Document shall mean that document as hereby modified. 

        18.    No Prejudice; Reservation of Rights.    This Agreement shall not prejudice any rights or remedies of the
Administrative Agent or the Lenders under the Loan Documents, as modified hereby. 

        19.    No Impairment.    Except as specifically hereby amended, the Loan Documents shall each remain unaffected by
this Agreement and all such documents shall remain in full force and effect. Nothing in this Agreement shall impair the Liens of the Deeds of Trust or other Security Documents. The Deeds of Trust as
hereby amended shall remain deeds of trust with power of sale, creating first Liens encumbering each Project. 

        20.    Integration.    The Loan Documents, including this Agreement, the Escrow Delivery Letter and the documents
delivered concurrently herewith pursuant to the Escrow Delivery Letter: (a) integrate all the terms and conditions mentioned in or incidental to the Loan Documents; (b) supersede all
oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreement with respect to the terms and
conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties. If there is any conflict between the terms, conditions and provisions of this
Agreement and those of any other agreement or instrument, including any of the other Loan Documents, the terms, conditions and provisions of this Agreement shall prevail. 

        21.    Miscellaneous.    This Agreement and any attached consents or exhibits requiring signatures may be executed in
counterparts (and delivered via facsimile or through electronic delivery of a pdf file), and all such counterparts and documents delivered via facsimile or through electronic delivery of a pdf file
shall constitute but one and the same document. If any court of competent jurisdiction determines any provision of this Agreement or any of the other Loan Documents to be invalid, illegal or
unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of the Loan
Documents. This Agreement shall be governed by the laws of the State of California, without regard to the choice of law rules of that State. 

[Signature
Pages Follow] 

12

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

	 	BORROWER:
	

 	

DOUGLAS EMMETT 1997, LLC, a Delaware limited liability company
	

 	

By:	

Douglas Emmett Management, Inc., a Delaware corporation, its Manager
	

 	

 	

By:	

    
 William Kamer
 Chief Financial Officer
	

 	
WESTWOOD PLACE BORROWER:
	

 	

WESTWOOD PLACE INVESTORS, LLC, a Delaware limited liability company
	

 	

By:	

DOUGLAS EMMETT REALTY FUND 1997, A CALIFORNIA LIMITED PARTNERSHIP, its Manager
	

 	

 	

By:	

Douglas Emmett Management, LLC, a Delaware limited liability company, its General Partner
	

 	

 	

 	

By:	

Douglas Emmett Management, Inc., a Delaware corporation, its Manager
	

 	

 	

 	

 	

By:	

    
 William Kamer
 Chief Financial Officer

	LENDERS
	

 	
NOTE A-1 LENDER:
	

 	

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	

 	

By:	

Babson Capital Management Inc.
	 	Its:	Authorized Agent
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE A-2 LENDER:
	

 	

METROPOLITAN LIFE INSURANCE COMPANY, A NEW YORK CORPORATION
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE A-3 LENDER:
	

 	

WACHOVIA BANK, NATIONAL ASSOCIATION
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE A-4 LENDER:
	

 	

HYPO REAL ESTATE BANK INTERNATIONAL AG
	

 	

By:	

 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-1 LENDER, NOTE B-2A LENDER, NOTE B-9B LENDER AND NOTE B-10B LENDER:
	

 	

EUROHYPO AG, NEW YORK BRANCH
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-2B LENDER:
	

 	

BAYERISCHE LANDESBANK, NEW YORK BRANCH
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-3 LENDER:
	

 	

HYPOTHEKENBANK IN ESSEN AG
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-4 LENDER:
	

 	

LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-5 LENDER:
	

 	

LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-6 LENDER:
	

 	

LANDESBANK SACHSEN GIROZENTRALE
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-7 LENDER:
	

 	

LRP LANDESBANK RHEINLAND-PFALZ
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-8 LENDER:
	

 	

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	

 	

By:	

Babson Capital Management Inc.
	 	Its:	Authorized Agent
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-9A LENDER:
	

 	

PB CAPITAL CORPORATION
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-10A LENDER:
	

 	

PB (USA) REALTY CORPORATION
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE B-11 LENDER:
	

 	

PNC BANK, NATIONAL ASSOCIATION
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE C-1 LENDER:
	

 	

BARCLAYS CAPITAL REAL ESTATE INC.
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
NOTE C-2 LENDER:
	

 	

EUROHYPO AG, NEW YORK BRANCH
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:
	

[signatures continued on next page]
	

 	

 	

 

	

 	
ADMINISTRATIVE AGENT:
	

 	

EUROHYPO AG, NEW YORK BRANCH, as Administrative Agent
	

 	

By:	

    
 Name:

Title:
	

 	

By:	

    
 Name:

Title:

QuickLinks

MODIFICATION AGREEMENT (Long Form)

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